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Bumi Resources expects higher coal sales in 2017
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Trucks pass a coal mining site in East Kalimantan. (Antara/Wahyu Putro A)
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ublicly listed coal mining company Bumi Resources projects its sales to increase by 5 percent to 7 percent this year to around 94 million tons thanks to a brighter outlook for the commodity's price as well as deals with several counterparts.
The Bakrie family-controlled company estimates its coal sales reached 87.7 million tons last year, which would mark an increase of 10.6 percent over 2015, according to the firm's statement.
As much as 60 percent of [this year's] sales volume had been agreed and it was hoped that that figure could increase to 75 percent by the end of the first quarter through the finalization of several annual contracts with Japanese counterparts, Bumi Resources director and corporate secretary Dileep Srivastava wrote in the statement.
(Read also: Bumi refuels certainty with bankruptcy shield plea)
The company expects coal prices to rise by at least 30 percent this year from an average of US$42.1 per ton last year.
Bumi estimates it achieved $101.6 million in net profit last year following a loss of more than $2billion in the previous year. (bbn)
