2010 coal sales 79 percent contracted, ITM says

IDX-listed coal mining firm PT Indo Tambangraya Megah (ITM) said that its 2010 coal sales plan of 23 million tonnes (MT) has been 79 percent contracted and 64 percent priced.

The company's 2010 sales target of 23 MT is around 10 percent higher that this eyar's sales plan of 20.5 MT, the company said last week in a presentation.

The company added it planned to spend US$189 million of capital expenditure from 2010 to 2015 to expand and develop infrastructure at its mines, including underground development in Indominco and Trubaindo coal mines, East Kalimantan.

The company also plans to build the new conveyor in East Block in Indominco mine.

As per Jan-September period ITM has sold 13.8 MT with majority of production sold to Japan (3.2 MT); Taiwan (1.7 MT); China (1.7 MT); India (1.6 MT), Thailand and The Philippine (1.4 MT each).

Average selling price for nine month this year is US$75.2 per tonnes, higher compared to last year's same period of $68.8 per tonne.

ITM, which is a unit of Thai energy firm Banpu PCL, has five coalmines in East and South Kalimantan, namely: Indominco Mandiri, Jorong Barutama Greston, Kitadin, Trubaindo Mining and Bharinto Ekatama. (denny)