Arutmin will contribute about $32 million to Bumi?s revenue

The South Kalimantan-based coal producer PT Arutmin Indonesia is expected to contribute about US$32 million to total revenues of the widely diversified PT Bumi Resources, which acquired the majority stake of the coal producer?s stake late last year.

Bumi?s finance director Eddie J. Soebari said in Jakarta last week that he was optimistic that the acquisition of the coal-mining company would turn around Bumi?s balance sheet in 2001 to positive from negative position in 2000.

Bumi acquired Arutmin?s 80 percent stake in November last year from BHP Mineral Exploration Inc. The company obtained loan of US$103.9 million to finance the acquisition.

PT Arutmin operates two open-cut energy coalmines, Senakin and Satui in South Kalimantan, Indonesia, which produce about 11 million tons of energy coal, mainly for export to Asian markets.

BHP Billiton Energy Coal will continue to market 75 per cent of the current coal production under a Marketing Services Agreement with PT Arutmin. (*)