Lanna's Indonesian operation books profit US$339,000 in 2002

Thai coal miner Lanna Resources plc said Friday that it had posted a profit of US$339,554 in 2002 from East Kalimantan coalmine operated by its subsidiary PT Lanna Harita Indonesia.

The company said operation revenue from its East Kalimantan operations reached $17 million last year.

The company said that Lanna Harita, which had started its coal production and distribution since 2001, had not yet operated at full capacity.

As previously reported, Lanna Harita produced 1.5 million tons of coal in its first commercial production in 2002, or 85 percent of its target due to prolonged land dispute in its mining area.

Following the land dispute, Lanna Harita planned to reduce it coal output to around 1.2 million tons in this year.

Lanna Harita mining site is located near Samarinda, the capital city of East Kalimantan province. Lanna Resources has a 63.33 percent-stake in Lanna Harita, while local company PT Harita Mahakam Mining and Pan United Corporation of Singapore hold 26.67 percent and 10 percent, respectively. (robert)