Bumi to sell 30 percent of coal mine units

PT Bumi Resources, Indonesia's biggest coal producer, will sell 30 percent of its two coal mining units, PT Arutmin Indonesia and PT Kaltim Prima Coal (KPC).

"The process of selecting strategic investors is ongoing. There are 14 investors being selected," company president Ari S. Hudaya told Petromindo.Com on Tuesday, but he refused to name any of the companies.

Earlier, company finance director Eddie Soebari said Bumi expects an agreement for the sale of some of its stakes in Arutmin and KPC to be signed by mid-December.

The sale should be completed by February next year, he said.

Forty-two local and foreign companies have approached Bumi to buy the stakes, he said. "We'll choose one that can give the best benefit, in terms of operations and market share," Eddie said, as quoted by Bloomberg.

According to Eddie, Bumi has hired Credit Suisse to select a buyer for the mining stakes. (Godang)