Indonesia's Bumi confirms $132/tonne coal deals

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

17 May 2008

Indonesia's largest coal miner, PT Bumi Resources Tbk BUMI.JK, confirmed that it has signed 2008 coal deals with some Japanese utilities at $132 a tonne. Dileep Srivastava said by email that the agreed price was 140 percent above 2007 prices. Traders said on Thursday that the company has negotiated a 120 percent price hike for 2008 thermal coal deliveries to some Japanese utilities.
Two industry sources also said the firm had agreed to sell 5 million tonnes of thermal coal at $132 a tonne to some Japanese utilities, while other Japanese utilities have signed index-linked supply contracts with Bumi at $6 above the globalCOAL benchmark index.

Source: Reuters