January 21, 2009
BMA production cut
Mitsubishi Corporation has announced the production cut on BMA as follows.
BMA(*) production for the second quarter of the Australian financial year 2009(AFY 2009) increased versus all comparative periods due to the recovery from the flood events in Queensland, Australia. In the meantime, BMA coal has deferred some sales to the long term contract customers and shipments for the same period were impacted by weaker demand.
However, this did not impact on the metallurgical coal production in the first half of AFY2009. Demand for metallurgical coal is expected to be weaker for the second half of the AFY 2009. As a result, sales for the AFY 2009 will be slightly lower than in the AFY 2008.
BMA will opportunistically adjust production at its metallurgical coal operations during the second half of the AFY 2009. As a result, production for the second half of the AFY 2009 is expected to be approximately 10-15 per cent below the current capacity.
* BMA is a joint venture coking coal outfit in which Mitsubishi Corporation holds 50% interest through its subsidiary Mitsubishi Development Pty Ltd (Headquarters : Sydney Australia).The remaining 50% interest is held by BHP Billiton.
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Mitsubishi Corporation
Telephone:+81-3-3210-2171 / Facsimile:+81-3-5252-7705
