Bumi secures contracts to sell 60 million tons of coal

Indonesia’s largest coal producer PT Bumi Resources has signed contracts to sell 59.4 million tons of coal at the prices of between US$40.9 and $46 per ton this year.

           

Company Vice President for Corporate Finance Harya M. Hidayat said on Tuesday that the amount was the total volume the company had secured under contracts signed as of March this year.

           

The amount would further rise if the company was able to secure more contracts in the following months.

           

“We can divulge the figures. What is clear is that the contract volume until the end of this year could be more than 59.6 tons,” Harya said.

           

Last year, the firm produced 50.7 million tons. Of the total, the company sold 50 million tons and kept the remaining 0.7 million tons as inventory.

           

The company sells its coal to the domestic market and export markets such as , South Korea, Japan, Taiwan, and Hong Kong . It produces the coal at the East Kalimantan mines owned by subsidiaries PT Arutmin and PT Kaltim Prima Coal.

           

The company has targeted to raise its output to 90 million tons in 2010. (Godang)