Indonesian Adaro’s 2014 coal production rises 8% on year, beats own forecast

日期:2015-01-31 18:27:02
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Indonesian coal miner Adaro Energy said Friday that production rose by 8% year on year to touch 56.21 million mt in 2014 even as coal prices continued to be pressured by weak demand.

Adaro expects production in 2015 to be around 56 million-58 million mt.

In the fourth quarter of 2014, the produced 14.45 million mt of coal, up 6% from a year ago. For the whole of 2014, it had forecast coal production at 54 million-56 million mt.

Adaro said that a drop in oil prices, coupled with a depreciation of currencies of key coal exporting countries against the dollar, led to a decline in international coal prices, including the higher-ash Australian 5,500 kcal/kg NAR material, in Q4 2014.

The price of Newcastle 5,500 kcal/kg NAR coal fell about 5% in Q4 to $52.50/mt FOB as of December 31, 2014, Platts data showed.

The company sold about 14.65 million in Q4 2014, driven by demand from Indonesia and India.

“Indian coal imports are expected to continue to grow in 2015 due to lower-than-forecast domestic supply and continued demand growth,” the company said in its quarterly report.

While Indonesia was the top customer for Adaro’s coal, accounting for 22% of its total sales, India accounted for 15% and China 10%, the company said.

Adaro expects coal cash cost to range over $31-33/mt for 2015, excluding royalty payments to the Indonesian government.

The company has mines in the South Kalimantan province and produces coal with heating value of 4,000-5,000 kcal/kg GAR. Platts assessed FOB Kalimantan 5,000 kcal/kg GAR coal at $46.75/mt Thursday.

Source: Platts

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