Most of Bumi Resources coal sold under contracts

By Cepi Setiadi

IDX-listed giant coal producer PT Bumi Resources Tbk expects that 90 percent of its production in the third quarter would be sold under contracts with buyers.

In the second quarter, 82 percent of production was sold under contract.

Dileep Srivastava, Secretary and Director of PT Bumi Resources Tbk said that the 90 percent target is expected to be achieved in August 2012.

"Currently we are finalizing new contracts to Japan and Taiwan and hopefully it will be done soon, but this is normal procedure of the contract," he told Petromindo.com.

"Apart from that we've got an order from PLN until next June which is quite a lot," he said without telling the amount of the PLN's order.

Dileep reveals that the company produced about 16 million tons in the first quarter.

Dileep, however, didn't disclose the second quarter's production since it is still being counted.

This year, according to Dileep the company targets about 75 million tons output, higher than last year's output which was only 65.9 millions tons.

Editing by Adianto P. Simamora