Straits post record 2006 coal sales

STRAITS Asia Resources has reached its target, announcing record full-year coal sales of 3.53 million tonnes from its coal operations in Indonesia.

Staff Reporter

The company’s Sebuku coal mine performed as expected, with the coal sales of 3.53Mt a 21% increase over 2005 sales of 2.91Mt.

Straits Asia CEO David Toms said it was another strong result from the coal marketing and production divisions after significant sales increases in 2004 and 2005.

The Indonesian coal operations sold 1.04Mt in the quarter ended December 31, 2006, an increase of 18% over the same period in 2005.

Toms said the recent performance put Straits Asia in a great position to achieve further production and sales growth in 2007, during a period of robust demand and pricing for its products.

“This record is a reflection of the hard work and efforts of all employees and contractors involved in delivering another record year of production and sales for shareholders,” Toms said.

In December, the company received approval to extend the existing Sebuku coal mine project over an area with additional resources of close to 32Mt.

The move has boosted the total resources at Sebuku from 71Mt to 103Mt.

Straits Asia Resources was formed as a subsidiary of Straits Resources in November this year, with a focus on acquiring and developing mining related projects to service Asian markets. Straits Asia Resources is listed in Singapore.

Shares in Straits Resources were up 3c to $3.51 in afternoon trade yesterday.