Borneo sold 1.5 million tonnes of coking coal in H1

Indonesia-listed coking coal producer PT Borneo Lumbung Energi & Metal Tbk said on Thursday that its mine under its subsidiary PT Asmin Koalindo Tuhup (AKT) in Central Kalimantan sold 1.5 million tonnes of coking coal during first semester of 2011.

Average coal selling price during the period reached US$253 per tonne, up compared to the same period last year of $185 per tonne, the company said.

Coal output during first semester reached 1.7 million tonnes.

The company?s unaudited net profit during H1 2011 soars compared to the same period of last year to Rp 826.8 billion.

Borneo sells all its coal to overseas market including to General Nice and Zhonglian Resources Company, which will buy 1 million tonnes each until September 2011.

AKT has commenced commercial production since September 2009. Total coal sales volume reached 1.65 million tonnes in 2010.

The company is targeting to produce only 3.6-3.8 million tonnes of coal this year, although the production capacity has been increased to 5 million tonnes per annum. (denny)