IBP unable to meet 2008 coal output target

East Kalimantan coal miner PT Insani Bara Perkasa (IBP), a subsidiary of IDX-listed firm PT Resources Alam Indonesia (RAI, has failed to meet its 2008 coal output target. It only produced around 700,000 tons as against the target of 1.3 million.

RAI?s Director Luiyianto Yamin told petromindo.com Monday that IBP has targeted to produce around 2.6 million tons of coal this year, but declined to give details reasons behind the declining production in 2008.

The company?s 2008 coal revenue reached Rp338.4 billion (1US$ = Rp 11,320), a 512% increase compared to 2007 revenue of Rp 55.3 billion, he said.

IBP exports 90 percent of its production through traders to Asian markets such as India, Japan, Malaysia, Thailand and the Philippines while the balance goes to domestic market, he said.

IBP, which is a coal contract of work (CoW) holder, has mineable reserves of around 19 million tons with CV ranges from 5,200-6,300Kcal/kg. (denny)