19th Nov 2014 09:00
19 November 2014
For Immediate Release
Interim Management Statement
Production Report for Q3 2014
Asia Resource Minerals plc ("ARMS" or "The Company") today issues its Production Report for the third quarter ended 30 September 2014.
Highlights
· Third quarter coal mined for PT Berau 6.5 million tonnes, up 7% over Q3 2013
· Lower released prices for PT Berau, down 9% over Q3 2013
· On track to reach 2014 production target of 24.2 million tonnes
· Production cost of sales for 9 months ended 30 September $37.0/t (Q3 2013: $38.1/t)
Amir Sambodo, Chief Executive Officer of Asia Resource Minerals plc, said: "Despite the continued weakness in thermal coal markets, I am nonetheless pleased to be able to report a solid set of Q3 numbers. We continue to take action to reduce our cost base and remain confident that in overall terms our production cost of sales for the full year will be lower than 2013. At the same time, we remain on track to achieve our production target of 24.2mt."
Production Report
Berau Coal mined 6.5 million tonnes of coal in the third quarter, 7% higher than in Q3 2013. Berau's stripping ratio for the year to date reduced to 8.7, a reduction of 2% over the same period last year. The year to date average selling price was $55.4/t, which is 8% lower than the same period in 2013. Berau is on target to mine 24.2 million tonnes for 2014.
PT Berau: Operating Data | 9 months to 30 Sept 2014 | 9 months to 30 Sept 2013 | Year to 31 Dec 2013 | YTD Q3 14 v YTD Q3 13
|
Coal mined (millions of tonnes) | 18.6 | 17.5 | 23.5 | 6.2%
|
Sales (millions of tonnes) | 18.2 | 17.5 | 23.3 | 4.3%
|
FOB average selling price ($/t) | 55.4 | 60.4 | 59.6 | (8.3%)
|
Production cost of sales ($/t) | 37.0 | 38.1 | 38.6 | (2.8%)
|
Stripping ratio (bcm/t)[1] | 8.7 | 8.8 | 8.8 | (1.6%) |
Summary of key operating data | 9 months to 30 Sept 2014 | 9 months to 30 Sept 2013 | 12 months ended 31 Dec 2013 |
Berau | |||
Coal mined (millions of tonnes) | 18.6 | 17.5 | 23.5
|
Lati | 7.8 | 7.8 | 10.4 |
Binungan | 7.0 | 5.9 | 8.0 |
Sambarata | 3.9 | 3.8 | 5.1 |
Sales (millions of tonnes) |
18.2 |
17.5 |
23.3 |
Production Report for the Third Quarter ended 30 September 2014 (unaudited)
Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Full Year | Q3 | Q3 YTD | ||
2013 | 2013 | 2013 | 2014 | 2014 | 2014 | 2013 | 2014 v 2013 | 2014 v 2013 | ||
Coal Mined | ||||||||||
Berau Coal
| ||||||||||
Lati
| mt | 2.8 | 2.7 | 2.6 | 2.7 | 2.6 | 2.5 | 10.4 | (6.7%) | (0.6%) |
Binungan
| mt | 2.1 | 2.0 | 2.0 | 2.2 | 2.3 | 2.5 | 8.0 | 24.2% | 17.1% |
Sambarata
| mt | 1.3 | 1.3 | 1.3 | 1.2 | 1.2 | 1.4 | 5.1 | 8.7% | 3.0% |
Total
| mt | 6.2 | 6.0 | 5.9 | 6.1 | 6.1 | 6.5 | 23.5 | 7.0% | 6.2% |
Average realised prices | ||||||||||
Berau Coal
| $ | 62.3 | 58.5 | 57.2 | 58.4 | 54.6 | 53.1 | 59.6 | 9.3% | 7.9% |
Sales volumes | ||||||||||
Berau Coal | mt | 6.0 | 6.0 | 5.9 | 6.3 | 5.8 | 6.1 | 23.3 | 2.0% | 5.5%
|
For enquiries, please contact:
Asia Resource Minerals plc
Sean Wade +44 (0) 20 7201 7511 | RLM Finsbury
Ed Simpkins / Charles O'Brien +44 (0) 20 7251 3801 |
Forward-looking statement
This announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Company operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Company's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Company cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Company's actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Company's results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules and the Listing Rules or any applicable law or regulation, the Company expressly disclaims any obligation or undertaking publicly to review or confirm analysts' expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Disclosure and Transparency Rules
This Interim Management Statement ('IMS') and Production Report is prepared to meet the requirements of the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority ('FSA') to provide additional information to shareholders. The IMS and Production Report should not be relied on for any other purpose or by any other party.
[1] Bank cubic metres (bcm) of overburden removed per tonne of coal mined.
All numbers are stated on a 100 per cent basis
Certain figures in the tables above have been rounded
Related Shares:
ARMS.L