Straits reports significant increase in Q1 coal production

Singapore-listed coal miner Straits Asia Resources Limited reported on Tuesday that its first quarter 2011 coal production from Jembayan mine in East Kalimantan and Sebuku in South Kalimantan reached 2.82 million tonnes, significantly higher than last year?s corresponding period production of 2.33 million tonnes.

The company said Jembayan continued to perform consistently with waste movement and coal production slightly above target while Sebuku?s Q1 production was assisted by lower than average rainfall in what is traditionally the wet season.

The company also reported that first quarter 2011 average selling price (ASP) was US$82.16 per tonne, higher than last year?s same period ASP of $71.63 per tonne.

?ASP in the first quarter of 2011 benefited from the proportion of higher value Sebuku coal and the trend towards increased index-linked pricing. International prices were volatile in Q1, ranging from $115/t to $144/t,? the company said, adding that as at 31

March 2011 approximately 60% of the Group?s planned production for 2011 was either unpriced or contracted for delivery under index-linked prices. (alex)