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Straits chief Milan Jerkovic attributed the 327% profit increase (compared to 2005) to the strength of its coal, copper and gold operations.
“The company continues to outperform on the back of our diversified minerals strategy. The outstanding financial result is testimony to the success of the strategy, and we anticipate further growth as we expand current operations and bring new projects onstream,” he said.
The Sebuku thermal coal operation contributed strongly to the record earnings result with half-yearly sales of 1.75 million tonnes - a record first-half result.
“With Sebuku performing so well, the company is now targeting sales of 3.5Mt for the full year,” Jerkovic said.
“In addition, we have been able to boost the resource by more than 40Mt to 73Mt since the start of the year, which significantly extends the life of operations and provides the potential to lift production rates further.”
Straits is also progressing plans to list the company’s energy related assets, headed by the Sebuku operations, into a separate vehicle on the Singapore Stock Exchange.
Straits controls and operates the Sebuku coal mine, the Whim Creek copper operation in Western Australia, the Tritton copper mine in New South Wales, and the Mt Muro gold mine in Indonesia.
