LONDON Feb 12 Bumi Plc, the
London-listed Indonesian coal mining group riven by a
shareholder dispute, said it met its 2012 production targets and
cut quarterly production costs, an area on which it said it
would continue to focus.
The company said on Tuesday that it mined 15 percent more
coal in the fourth quarter, helping it meet its full-year
production target of 21 million tonnes.
Coal sales at PT Berau Coal Energy, in which Bumi
owns an 85 percent stake, came in at 6.5 million tonnes in the
last three months of the year, up 30 percent on the same period
Realised thermal coal prices dropped 31 percent in the
fourth quarter compared to the year-earlier period, which the
company said it partially offset by cutting its production cost
of sales by 19 percent to $36.1 per tonne.
"We will continue to relentlessly cut costs across the
group," Chief Executive Nick von Schirnding said in a statement.
Bumi was co-founded by now feuding parties financier Nat
Rothschild and Indonesia's politically connected Bakrie family.
Shareholders are due to vote on Feb. 21 on proposals tabled by
Rothschild as part of his effort to counter a plan by the
Bakries to unwind the group.
Schirnding, who has warned that backing Rothschild's plan
would lead to a stalemate and value destruction at the company,
said Bumi had found ways to reduce fuel usage and that
initiatives to change the long-term cost structure of the
business were underway.