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INDONESIA'S PT BUMI RESOURCES EXPECTING US$940 MLN IN 2004 SALES.
JAKARTA, March 1 Asia Pulse - Mining company PT Bumi Resources (BR) (JSX:BUMI) expects its sales revenue in 2004 to rise to about US$940 million from US$450 million last year.
BR Financial Director Eddie Subari said the increase was possible because BR's financial report would be combined with the financial report of PT Kaltim Prima Coal (KPC). Last year, BR acquired 100 per cent of KPC shares.
Apart from that, the coal price at the moment was very good, he said.
He said he was optimistic the coal price would remain strong as coal demand in the international market, especially in China, was high.
The coal price in the international spot market at the moment had reached US$45 per ton compared with last year when the price was US$28 per ton.
"Coal supply in the international market is currently limited as coal consumption is very high while coal exports from China have decreased sharply," said Eddie.
Meanwhile, KPC's coal production last year declined due to a strike by its workers. But in 2004, KPC was expected to optimize its production so that the consolidated sales revenue (from both companies) in 2004 would increase to as much as US$940 million.
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Source: HighBeam Research, INDONESIA'S PT BUMI RESOURCES EXPECTING US$940 MLN IN 2004 SALES.