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Double boost for Bumi as debt deal is sealed and output rises
COAL miner Bumi, a venture between Nat Rothschild and Indonesia’s Bakrie family, said it was on track to hit its 2011 output goal after a 35 per cent rise in third-quarter production, with prices ahead of expectations.
The company has been in sharp focus in recent months as Bakrie sought to seal a deal to keep its debts under control.
Meanwhile Bumi yesterday announced the planned repayment of $482m (£305.7m) of short-term investments to part-owned PT Bumi Resources as part of efforts to slash a crippling $3.2bn debt burden.
Bumi said the move, added to the refinancing of a loan from China Investment Corporation (CIC) announced earlier this month, would cut the annual cost of PT Bumi’s debt burden by $100m.