Bumi Plc reports on Berau, leaves out Arutmin and KPC
Wednesday, October 31 2012 - 11:57 PM WIB
LSX-listed Bumi Plc has recently stated that during the third quarter ending September 31, 2012, its subsidiary Berau Coal managed to produce 5.5 million tons of coal, or up 4 percent over the same period last year, targeting to produce a total of 21 million tons at the end of this year. Prices for Berau's coal, nevertheless is down 17 percent quarter on quarter.
"Berau's operations in the third quarter were impacted by a higher stripping ratio (10.1 bcm per tonne) which impacted costs. The third quarter average selling price per tonne was $71.3, which is 17% lower than the same period in 2011. The second half of the third quarter saw further declines in thermal coal pricing, particularly for sub-bituminous coal, which fell below $70/tonne," the group said in a statement submitted to the exchange.
Bumi has an 85 per cent stake in PT Berau, which in turns owns a 90 per cent interest in Berau Coal. In addition to Berau, Bumi also has a 29 percent stake in PT Bumi, which in turn owns a 65 percent stake in KPC and a 70 percent stake in Arutmin.
The group didn't provide detail of KPC and Arutmin operations.
"PT Bumi Resources informed the Indonesian Stock Exchange that it had requested an audit of its quarterly financial information for the period ended 30 September 2012 , and that the audit would take up to 3 months from 30 September. Therefore, Bumi plc's Q3 interim management statement does not contain information relating to PT Bumi Resources for the third quarter," it explained
Editing by Er Audy Zandri