Straits backs profit forecasts

STRAITS Resources has suggested it remains confident of meeting market profit expectations in 2005, while pointing out that the contribution from its mainstay coal business in Indonesia is skewed towards the second half of the year.
Straits backs profit forecasts Straits backs profit forecasts Straits backs profit forecasts Straits backs profit forecasts Straits backs profit forecasts

Coal mining operations at Straits Resources Sebuku coal mine in Indonesia

Staff Reporter

In an interview with corporatefile, CEO Milan Jerkovic cited analysts as forecasting net profits after tax of more than $50 million in 2005 – compared to $16.5 million in 2004.

"We don't provide specific guidance, but we don't have a problem with those numbers at this stage," Straits' CEO said.

Straits' Sebuku thermal coal project in Indonesia yielded 620,000 tonnes of product in the March quarter, with a ramp up to an annualised rate of 3 million tonnes expected to be complete by the second half of 2005.

The company also recently opened the 15-17,000 tonne per annum Whim Creek copper cathode operation and is aiming to develop a 100,000 ounce per annum gold operation at Mt Muro in Indonesia.

Straits also has gold/antimony and salt aspirations.

MiningNews.net

topics

loader