Philippines starts coal production
Posted: 31 July 2006
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Forum Energy plc, the AIM-quoted energy group operating in the Philippines, has started producing production from its Naga coal mine development in Central Cebu.
First sales are targeted for August, and a further four shafts at Naga are planned to raise production to around 300,000 tonnes a year by the end of 2008.
´The coal development has been accelerated to take advantage of the infrastructure which has already been put in place,ˇ says the newly-appointed Forum Chief Executive Russell Harvey. ´This will maximise value to shareholders, and at today˙s prices the predicted revenues from Naga based upon conservative production figures will yield approximately $12millionper year by the end of 2008.ˇ
A similar development programme at Dalaguete, our Southern Cebu coal contract, is planned for 2007. This is also anticipated to generate comparable revenues at peak production.
´We see this initial development of our reserves as the start of a continuing revenue generating operation. With this in mind, Forum has already applied for two additional coal production licences in the Naga area,ˇ Harvey added: |
