Adaro Energy’s 9-Month Coal Output Falls 4% as Demand Weakens
PT Adaro Energy’s coal output fell 4 percent in the nine months ending Sept. 30 as slower growth in China cut demand for the power-generating fuel.
The company, Indonesia’s second-biggest coal miner, produced 33.9 million metric tons in the period, compared to 35.3 million tons a year ago, Adaro said in an e-mailed statement yesterday. Output in the third quarter fell 13 percent to 10.9 million tons from 12.5 million tons a year ago because some customers didn’t invoke their options to buy additional supplies at the contracted price, the company said.
“We anticipate to hit the bottom end of our revised 2012 production guidance of 48 million to 51 million tons,” the company said. Sales of the fuel dropped 9.5 percent to 34.7 million tons in the period from 38.3 million tons a year ago.
Adaro Energy revised down capital expenditures to a range of $400 million to $500 million from $650 million to $700 million to preserve cash, the company said.
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