PTBA suspends export to RP, diverts to HK

IDX-listed coal mining firm PT Bukit Asam Tbk (PTBA) has decided to suspend its export to the Philippines (RP) pending improvement in security condition in that country?s water territory, and will divert the export cargo to Hong Kong, Kontan reported on Monday.

The paper quoted PTBA Corporate Secretary Joko Pramono as saying that the company was supposed to make shipment to the Philippines in May, but with the approval of the buyer, the company decided to suspend it until August due to security condition following reject hijacking of coal barges by the Abu Sayaff rebel group. ?We?ll reschedule the export (to the Philippines) to August,? he said, adding that as PTBA has obtained approval from the end buyer for the export suspension, the company would not loss the Philippines customer.

Joko, however, did not disclose the export volume to the Philippines and Hong Kong.

Export accounted for 47 percent of PTBA?s sales volume last year, with domestic market accounted for the remainder. This year, the company aims to boost sales volume by 51 percent to 29.17 million tons by among others expanding export markets. PTBA plans to export coal to new export markets including Bangladesh, Myanmar, and Pakistan. (*)