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Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE


Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than a year ago, the company's president director said on Thursday.

Bukit Asam has agreed to supply PT Indonesia Power, a unit of state electricity firm PT Perusahaan Listrik Negara (PLN), between 5.5 million tonnes and 6.1 million tonnes of coal with a heating value of 5,000 kcal/kg gross as-received (GAR) at 685,000 rupiah ($73.68) per tonne, CIF, president director Sukrisno said.

Indonesia's third-largest listed coal miner by market value said it would supply the coal to the 3,400-MW Suralaya power plant in West Java between now and the end of this year.

The price was 22.5 percent lower than 884,000 rupiah per tonne set in 2009.

"The price in 2009 was above the market price because we managed to reach a deal when coal prices were still high in around September 2008," said a Bukit Asam official, who declined to be quoted by name.

"Although 2010 price is lower than last year, it is still above the current market price," the official said.

Bukit Asam has said it expects last year's revenue to amount to 9 trillion rupiah, up from 7.2 trillion rupiah in 2008 as it managed to negotiate for higher prices.

Bukit Asam, with a market capitalisation of just over $4 billion, expects its sales volume to rise to 15.6 million tonnes in 2010 from an estimated 12.8 million tonnes last year on a growing demand from China and India.($1 = 9,297 Rupiah)
Source: Reuters



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