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Tuesday, January 3, 2012

PT Bumi is bullish on Indian steam coal demand

Tuesday, 03 Jan 2012

PT Bumi Resources, Indonesia’s largest coal miner by output, is targeting a 14% increase in coal production and sales volume this year on strong demand from India.

Mr Dileep Srivastava investor relations director at Bumi Resources said that the company aimed to have 75 million tonnes of coal production and sales this year, up from an estimated 66 million tonnes in 2011.

Mr Dileep said Bumi Resources expected the coal market to continue strengthening with increasing demand from India and Indonesia, followed by China and other markets.

He said “There will be growth in China still, but it is just nominal growth. The bulk of the growth will come from India because they have a lot of the start up power plants.”

He estimated that 15% of the company’s sales this year would come from India.

Mr Dileep did not elaborate on sales data from India for last year or 2010 but described the potential for the New Year as “significant.”

PT Bumi Resources has a long term contract to supply 10.8 million tonnes of coal annually to TATA Power for two power plants in India, and it is likely to start shipping this year.


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