Borneo?s AKT to produce 1.8m tons if price recovers
Monday, September 8 2014 - 01:08 AM WIB
IDX-listed coking coal producer PT Borneo Lumbung Energi & Metal Tbk said its subsidiary PT PT Asmin Coalindo Tuhup (AKT) has been targeted to produce 1.8 million tons of hard coking coal this year if coal price recovers.
The company said in a filing with the Indonesia Stock Exchange Friday that given the lingering downturn in the global coal market, the management believes that lowering production and delaying expansion programs are appropriate.
Borneo said that AKT?s output as of end of July of this year reached 860,726 metric tons.
?If the coal price recovers, then the company will consider of increasing production again,? it said in a statement. Borneo said that the Directorate General of Mineral and Coal has only approved the company?s production for this year at 1.02 million tons.
Editing by Reiner Simanjuntak