Correction: Bumi sets 2012 production at 75m tons

By Hiski Darmayana

IDX-listed coal miner PT Bumi Resources targets to produce 75 million tons of coal this year, clarifying an earlier report that set the target at 60 million tons.

"Even if there are adjustments, the figure would end up at around 70 million tons taking into account the adverse market condition," VP Investor Relations and Chief Economist Bumi Resources Achmad Reza Widjaja told petromindo.com in Jakarta.

His remarks were to correct earlier report at petromindo.com that stated Bumi expected full-year's production at 60m, a 40 percent cut from the previous target of 100 million tons.

Achmad added that the company's official target would formally be announced during third-quarter report to be published later in October.

Up to 80 percent of the production are already tied to long-term contracts mostly with buyers from Japan and the rest of East Asia, he said, while the remaining 20 percent would be sold to spot markets.

Turning to 2014, the company is setting a higher production target, at 100 million tons, in line with an estimated recovery in coal market condition.

Editing by Adianto P. Simamora