Feb 2, 2011

Saptaindra FY10 overburden rises 11%

Coal contractor PT Saptaindra Sejati (SIS), wholly owned subsidiary of PT Adaro Energy Tbk (ADRO), posted a 11% increase in overburden removal last year to 128.08 million bank cubic meter (bcm).
In an official statement recently published Adaro Energy, Saptaindra recorded 114.99 million bcm of overburden removal in 2009.
Howewer, coal mined was to be flat at 16 million tons. SIS mined 16.58 million tons of coal in 2010 from 16.37 million tons.
In the fourth quarter of 2010, SIS recorded a 10% increase in overburden removal to 36.19 million bcm from 33.02 million bcm a year earlier. Coal production slumped 42% to 3.14 million tons in 4Q10 from 5.45 million tons a year earlier.
In 4Q10, SIS’s performance was affected by long periods of wet weather conditions at Adaro’s mines and other customers’ mines. 
SIS handled 25% of Adaro Indonesia's coal production, PT Pamapersada Nusantara, Indonesia's largest coal contractor, was responsible for 39% of Adaro Indonesia’s coal. PT Bukit Makmur Mandiri Utama, wholly owned subsidiary of PT Delta Dunia Makmur Tbk (DOID), and PT Rahman Abdijaya were responsible for 19% and 14% respectively. PT Rante Mutiara Insani assisted in the development of the Envirocoal-Wara pit and contributed 2% of Adaro Indonesia’s coal production. 

Disclosure: No position at the stock mentioned above.  

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