Bumi completes buying 20% stake in Arutmin

Publicly-listed PT Bumi Resources Tbk announced Tuesday it had completed the transaction to purchase another 20 percent shares in South Kalimantan based coal producer PT Arutmin Indonesia from PT Ekakarsa Yasakarya Indonesia.

Following the transaction, Bumi is currently owned a 99.99 percent shares in Arutmin, while local firm PT Amara Bangun Cesta holds the remaining 0.01 percent.

In 2001, Bumi purchased an 80 percent shares in Arutmin from Australian mining giant BHP Billiton.

Arutmin is planning to produce 18 million tons of coal in 2004, much higher than last year?s production of 14 million tons. (Robert)