30th Jun 2014 14:48
LONDON (Alliance News) - Asia Resource Minerals PLC Monday said it has continued to lower its production costs and it remains on track to produce its target 26 million tonnes of coal in the full year 2014.
The Indonesian thermal coal producer said earlier in the year that their production costs fell to USD38 per tonne in its first quarter from a high of USD40 per tonne in the fourth quarter.
On Monday, the company said its year-to-date costs from the start of April have fallen further to USD37.20 per tonne, and the company is on track to meet its production targets.
"We are aiming to make continued progress on costs for the remainder of the year with reductions in fuel costs and contracting amongst other areas," Chief Executive Amir Sambodo said in a statement.
Asia Resource Minerals shares were down 47% to 73.00 pence on Monday as the company carried out part of a previously announced return to shareholders.
When the company separated from Bumi PLC in March, it committed to return at least USD400 million of cash to shareholders. In May, the company said it now plans to return USD465 million to shareholders through a B share scheme.
By Tom McIvor; [email protected]; @TomMcIvor1
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