27th Dec 2013 08:33
LONDON (Alliance News) - Asia Resource Minerals PLC Friday said its subsidiary PT Berau has reached its production target for the full year 2013.
The Indonesian thermal coal producer, created as part of the separation of Nat Rothschild's Bumi PLC from the Indonesian Bakrie Group, said PT Berau reached the 23 million tonnes of coal target a week ahead of the end of the year.
The company said PT Berau will now stop producing coal between December 26 and December 31 in line with Indonesian mining regulations but will continue coal hauling and shipping.
Former Bumi shareholders agreed to end a period of infighting for control over parts of the business with the vote earlier this month, and the separation is expected to be completed in late January 2014.
Asia Resource Minerals shares were down 4.2% to 230.00 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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