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| Coal. |
PT
Bumi Resources Tbk (BUMI) which is a subsidiary of the Bakrie Group's
mining sector, is targeting sales of coal by 78 million tons. The first half of 2013 sales contract has been reached by 38 million tons.
However, the problem lies in the coal commodity prices are still depressed. "This year we think the world coal prices will remain depressed following restrictions on coal imports by China," said Director and Corporate Secretary of EARTH, Dileep Srivastava after the General Meeting of Shareholders (AGM) at the JW Luwansa EARTH, Jakarta, Friday (28/6).
He estimates, for world coal prices remain in the range of USD 70 per metric ton. This means that the possibility of the price still at the lowest level.
World coal prices slowed last year to $ 81.5 per metric ton from USD 92.3 million metric tons. So of course the company's revenue shrank five percent to USD 3.8 billion from USD 4 billion.
"Therefore, the company suffered a loss due to derivative transactions cumulatively valued at USD 344.86 million from USD 66.06 million profit," he closed.
However, the problem lies in the coal commodity prices are still depressed. "This year we think the world coal prices will remain depressed following restrictions on coal imports by China," said Director and Corporate Secretary of EARTH, Dileep Srivastava after the General Meeting of Shareholders (AGM) at the JW Luwansa EARTH, Jakarta, Friday (28/6).
He estimates, for world coal prices remain in the range of USD 70 per metric ton. This means that the possibility of the price still at the lowest level.
World coal prices slowed last year to $ 81.5 per metric ton from USD 92.3 million metric tons. So of course the company's revenue shrank five percent to USD 3.8 billion from USD 4 billion.
"Therefore, the company suffered a loss due to derivative transactions cumulatively valued at USD 344.86 million from USD 66.06 million profit," he closed.
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