The bitter feud between Bumi’s co-founders hasn’t affected the coal miner’s performance, as the firm today announced it had met 2012 production targets and cut quarterly costs.
The London-listed firm, co-founded by Nat Rothschild and the Indonesian Bakrie family, said it mined 15% more coal in the fourth quarter, helping it hit a full-year production target of 21 million tonnes. In the last three months, the company also cut production costs by 19% to $36.1 per tonne and. Chief executive Nick von Schirnding said Bumi would “continue to relentlessly cut costs across the group.”
The Indonesian firm has been plagued by uncertainty at the top since a dispute led to Nat Rothschild’s exit from the board last October. Rothschild is calling for the removal of 12 of the 14 board members.
A shareholder vote on Rothschild’s proposal is set for February 21st. Bumi shares were up 4.8p to 389.9p.
