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%. Chief executive Nick von Schirnding said Bumi would “continue to relentlessly cut costs.”
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.