New Hope?s IBT throughput relatively unchanged, coal production increases

Australian mining firm New Hope Corporation Limited reported on Tuesday that its 50 percent owned coal terminal company PT. Indonesia Bulk terminal (IBT) recorded a slightly increased throughput of 7.2 million tons of coal during the August 2002- July 2003 period, slightly higher than previous period?s throughput of 7.1 million tons.

IBT operates 10 million tons per year capacity deep-water coal terminal in Pulau Laut, South Kalimantan.

New hope said in its report to ASX that the coal handled came from affiliate company PT. Adaro Indonesia and other mining firms.

New Hope also reported that during the period it had managed to reduce IBT?s debts by US$13 million, making the balance by July 31 stood at $52 million.

Meanwhile, New Hope reported that production from its 40.83 percent-owned coal mining company PT. Adaro Indonesia had reached 22.1 million tons during the period, an increase compared to previous period production of 20.2 million tons.

Sales during August 2002-July 2003 was 22.4 million tons, compared to 20.6 million tons previously, with total revenue increased to $506 million from $454 million previously.

New Hope said 60 percent of Adaro?s production went to export market with Asia as major destination. But significant deliveries were undertaken to Europe and the east coat USA, said New Hope.

Adaro, Indonesia?s top coal producer operates huge coal mining in South Kalimantan. (alex)