Straits? Sebuku coalmine production down on heavy rains
Tuesday, July 30 2002 - 11:36 PM WIB
Australian mining company Straits Resources Limited on Tuesday reported April-June quarter coal production of 448,000 tonnes from its Sebuku mine in South Kalimantan, lower than previous year?s corresponding quarter production of 494,000 tonnes. Half-year production amounted to 915,000 tonnes.
The company said in its quarterly report the drop was due to heavy rains in June.
The company reported coal sales for the June quarter of 2002 totalled 370,000 tonnes.
Spot prices softened during the quarter and now appear to have stabilized. A large proportion of Sebuku?s revenue for the remainder of 2002 will be derived from term contracts, protecting Sebuku from the weaker spot market, said the company.
Straits controls 80 percent stakes of PT. Bahari Cakrawala Sebuku, which runs Sebuku coalmine. (alex)