Takeaways from Jakarta — Adaro Energy presented at Citi's Indonesia Investor Conference on Aug.4-5.Below are key takeaways.
Production on track to meet target — Adaro believes it ’s still on track to meet its 2010 production target of 46m tons despite heavy rain in 2Q10 – with June ’s being the heaviest in the past seven years.The company produced 21.6m tons in 1H10 (47%of its 2010 target),compared with 44%of its full year target in 1H09 and 47%in 1H08.
Wara mine off to a good start — The commercial production of low CV coal started in 1Q10 and the shipment to China commenced in May.Wara coal production is now at an average daily rate of 6,000 tons per day or 2m tons per year.Adaro expects to ramp up the production of Wara mine in 2H10 to meet its 2m tons production target for 2010.
Maruwai project — Adaro doesn't expect meaningful production until a couple of years later.Adaro expects substantial capex will be incurred starting late 2011.
Saptaindra — Adaro's coal mining contracting unit is performing well. Saptaindra now accounts for 30%of Adaro's production.Saptaindra is now Adaro's second largest contractor after Pama,overtaking Buma in second position.
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