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Drilling has increased the Sebuku resource from 18Mt to 24.9Mt, increasing the mine life by three years to around 7-8 years.
The Sebuku coal was the driving force behind Straits’ half-yearly profit, with increased production and high commodity prices underpinning a $A10.4 million windfall - a 73% increase on the corresponding period last year.
Straits delivered group sales revenue in 2004-05 of $A59.5 million, an increase of $23.5 million on the same period last year, with coal sales from the Sebuku coal mine in Indonesia rising 9% to 1.3Mt, up from 1.24Mt in 2003-4.
Shares in Straits gained 2c (0.9%) during early morning trade to $A2.27.
