Bumi?s previews H1 2010 estimated results

Tuesday, July 13 2010 - 09:38 AM WIB

Jakarta, 13 July 2010--PT. Bumi Resources Tbk. previewed its operating results in KPC/Arutmin Indonesia (AI) for Jan ? Jun 2010 and is pleased to indicate an outperform on sales and production volumes and price with a lower strip ratio and higher closing inventory compared with the same period in 2009 ? in spite of challenging weather conditions.

Production Related Q2'10 Q2'09 Change 1H'10 1H'09 Change
Overbuden Removed (BMC) 160.8 165.2 2.7% 314.2 311.9 0.74%
Coal Mined (mt) 15.2 14.7 3.4% 30.2 26.8 12.69%
Coal Conveyed (mt) 14.9 13.5 10.37% 31.3 25.9 20.85%
Strip Ratio 10.6 11.2 5.36% 10.4 11.6 10.34%
Sales Related
Coal Sales (mt) 15.1 14.3 5.59% 31.0 25.6 21.09%
Average Selling Price ($/ton) 71.6 60.1 19.13% 67.1 66.4 1.05%
Closing Coal Stock (M Tons)
KPC 3.5 1.7 105.88%
Arutmin 1.0 1.9 47.37%
Total Closing Stock 4.5 3.6 25%
Source: PT Bumi Resources, Tbk

FOB Price Changes (KPC/AI)
Oct/Dec 2009 $ 58.0/ton
Jan/Mar 2010 $ 62.7/ton
Apr/Jun 2010 (E) $ 71.6/ton
Apr/Jun 2009 $ 60.1/ton

Key Highlights
Sales of 31 million tons up 22% vs just 25.6 million tons in H109. Q1'10 was a record breaking quarter at 16 million tons up ca 42% vs just 11.3 million tons in Q1'09.

KPC achieved a record load out of 3.96 million tons in June 2010 ? previous best was in August 2009 at 3.80 million tons.

Loading capacity in Sangatta port has been upgraded by 67% to 7,500 tons/hour over May/Jun?10 compared with earlier 4,500 tons/hour. Presently, they are able to do 6200 tph but they should soon reach full capacity of 7500 tph over H2'10.

Lower strip ratio and fuel prices signal softer production cash costs.

Deleveraging and unlocking value is of the highest priority in BUMI. Beginning with the non preemptive issue closing latest 30 September 2010 and formation of Bumi Resources Minerals (BRM) to manage and develop the non energy assets.

Company is on track to achieve FY 2010 guidance of:
Sales > 64 million tons
Production > 67 million tons
Price > $67/ton fob
Sales Outlook for July 2010 ? ca 5.5 million tons

Annual General Meeting/Extraordinary General Meeting of Shareholders was held on 24 June 2010 in Jakarta. The quorum was 75.81%. All resolutions were approved.

Responding to public controversies regarding the alleged connection between the Group and Gayus, the tax official already arrested by the police, BUMI issued a company statement on 4 June 2010 (and 7 & 9 June 2010) reminding the public to use logic and to demand facts when digesting wild speculation and rumors in the media (posted on our website).

This was also reiterated in the address to shareholders in the AGM on 24 June 2010. Our subsidiary, PT Bumi Resources Minerals (BRM) will separately announce their own capital raising plans in due course. (end of edited release)

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