ITM reports lower coal reserves at end 2012

By Edgar Subroto

IDX-listed coal miner PT Indo Tambangraya Megah (ITM), a unit of Thai energy conglomerate Banpu Plc, reported its total coal reserves of 389.7 million tons as of the end of 2012, a decrease compared to the figure at the end of the prior year of 416.8 million tons.

The change in the marketable coal reserves was mainly the result of depletion of coal reserves from coal sales in 2012, the company said. It reported that its coal sales in 2012 reached 27.19 million tons, up from the previous year of 24.7 million tons.

ITM has 5 coal units, namely PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Kitadin and PT Bharinto Ekatama which are located in East Kalimantan and PT Jorong Barutama Greston in South Kalimantan.

The company?s total resources were also down to 1.596 billion tons at ending 2012, from 1.63 billion tons in prior year.

Editing by Adianto P. Simamora