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31 Oct 2012 07:00
Bumi plc ("Bumi" or the "Company") 31 October 2012For Immediate Release Interim Management Statement Production Report for Q3 2012
Bumi today issues its Production Report for the third quarter ended 30 September 2012.1
On 25 October 2012, PT Bumi Resources informed the Indonesian Stock Exchange that it had requested an audit of its quarterly financial information for the period ended 30 September 2012, and that the audit would take up to 3 months from 30 September. Therefore, Bumi plc's Q3 interim management statement does not contain information relating to PT Bumi Resources for the third quarter.
Highlights
* Third quarter coal mined for PT Berau 5.5 million tonnes, up 4% over Q3 2011 * Lower realised prices for PT Berau, down 17% quarter-on-quarter * 2012 production target of 21 million tonnes of coal for PT Berau.
Long Haul Holdings Proposals
Following receipt of the Proposals by Long Haul Holdings on 11 October 2012, the Bumi plc Board ("the Board") requested that the independent non-executive Directors of Bumi review the Proposals and report to the Board. The independent non-executive Directors will be considering each of the Proposals on their own merits, and the Board has appointed Rothschild Group to evaluate each of the three proposals on the basis of, inter alia, their value for shareholders, and deliverability and report to the independent directors and subsequently to the Board.
Separately, the independent investigation commissioned by the Board into alleged financial irregularities in Bumi's Indonesian operations, especially in relation to PT Bumi Resources, in which Bumi has a 29% interest, continues. The Board confirms that it will not make any recommendations regarding the Proposals until the investigation is appropriately advanced. A further announcement on the above matters will be made in due course.
For enquiries, please contact:
Bumi plc: +44 (0) 20 7201 7507Nick von SchirndingFinsbury: +44 (0) 20 7251 3801Ed Simpkins
1 All numbers are stated on a 100 per cent basis
BerauCoal
Berau Coal mined 5.5 million tonnes of coal in the third quarter, 4% higher than in Q3 2011. Berau's operations in the third quarter were impacted by a higher stripping ratio (10.1 bcm per tonne) which impacted costs. The third quarter average selling price per tonne was $71.3, which is 17% lower than the same period in 2011. The second half of the third quarter saw further declines in thermal coal pricing, particularly for sub-bituminous coal, which fell below $70/tonne. Berau is forecast to mine 21 million tonnes for 2012.
Berau Coal Q3 2012 Q3 2011 Q2 2012 Q3 12 v Q3 11 Coal mined (mt) 5.5 5.3 5.5 4% Sales (mt) 4.8 5.5 5.3 (12%) FOB average selling price 71.3 86.4 75.2 (17%)($/t) Production cost of sales ($ 41.1 38.7 41.0 6%/t) Stripping ratio (bcm/t)1 10.1 9.8 10.2 3%
1 Bank cubic metres (bcm) of overburden removed per tonne of coal mined
Production Report for the Third Quarter ended 30 September 2012 (unaudited)
Bumi plc Q3 Q4 Q1 Q2 Q3 9 9 interest MTHS MTHS 2011 2011 2012 2012 2012 2011 2012 Coal mined Berau Coal Lati mt 76.2% 3.0 2.7 2.1 2.8 2.9 8.1 7.8 Binungan mt 76.2% 1.1 1.4 1.2 1.4 1.4 3.2 4.0 Sambarata mt 76.2% 1.1 1.0 0.8 1.3 1.3 3.0 3.4 Total mt 76.2% 5.3 5.1 4.1 5.5 5.5 14.3 15.1 Kaltim Prima Coal Sangatta mt 19.0% 10.5 9.4 7.3 8.0 N/A 26.9 N/A Bengalon mt 19.0% 1.5 1.2 1.0 1.5 N/A 3.4 N/A Total mt 19.0% 12.0 10.7 8.4 9.5 N/A 30.3 N/A Arutmin Senakin mt 20.4% 0.9 1.5 1.6 1.5 N/A 3.3 N/A Satui mt 20.4% 1.0 1.3 1.6 1.0 N/A 2.9 N/A Batulicin mt 20.4% 1.1 1.0 0.8 0.5 N/A 2.7 N/A Mulia mt 20.4% 1.2 1.1 1.0 0.5 N/A 3.9 N/A Kintap (West Mulia) mt 20.4% - 0.1 0.3 0.8 N/A 0.0 N/A Asam Asam mt 20.4% 1.5 2.1 1.9 2.3 N/A 4.5 N/A Sarongga mt 20.4% - 0.3 0.2 0.4 N/A 0.0 N/A Total mt 20.4% 5.8 7.4 7.5 7.2 N/A 17.3 N/A Average realised prices Berau Coal $/ 86.4 89.1 78.3 75.2 71.3 78.9 74.9 t Kaltim Prima Coal $/ 100.4 100.8 100.4 91.1 N/A 97.8 N/A t Arutmin $/ 88.0 83.9 82.9 74.6 N/A 83.8 N/A t Sales volumes Berau Coal mt 5.5 5.0 4.6 5.3 4.8 15.0 14.6 Kaltim Prima Coal mt 10.8 11.0 9.0 9.3 N/A 29.4 N/A Arutmin mt 5.6 6.6 6.8 7.1 N/A 16.1 N/ANotes:
All figures are stated on a 100 per cent basis.
Bumi has an 85 per cent stake in PT Berau, which in turns owns a 90 per cent interest in Berau Coal.
Bumi has a 29 per cent stake in PT Bumi, which in turn owns a 65 per cent stake in KPC and a 70 per cent stake in Arutmin.
The weighted average realised price per tonne of coal sold is calculated by dividing the consolidated sales (on a Free On Board (FOB) basis) for the coal products by the sales volumes for the coal products for the periods presented. These weighted average realised prices fluctuate based upon changes in the product mix of the sales of the coal products.
Certain figures in the table above have been rounded.
N/A - not available
Forward-looking statement
This announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Company operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Company's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Company cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Company's actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Company's results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules and the Listing Rules or any applicable law or regulation, the Company expressly disclaims any obligation or undertaking publicly to review or confirm analysts' expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Disclosure and Transparency Rules
This Interim Management Statement ('IMS') and Production Report is prepared to meet the requirements of the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority ('FSA') to provide additional information to shareholders. The IMS and Production Report should not be relied on for any other purpose or by any other party.
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