JAKARTA - PT Kaltim Prima Coal (KPC), a subsidiary of PT Bumi Resources Tbk (BUMI) is reportedly looking for partners to work on a coal downstream project.

As quoted from Kontan.co.id on Wednesday (18/9), Surya Herjuna, Director of Coal Business Development at the Ministry of Energy and Mineral Resources (ESDM) said that a new cooperation plan had been obtained for the KPC project. "Currently, only in the East Kutai project is there a cooperation plan. We have not received the legality, it is still in the process," he said.

Meanwhile, Dileep Srivastava, Director and Corporate Secretary of BUMI, said that the certainty of KPC's plan to work on coal downstream will be announced at the end of this year.

In the Financial Report for Semester I 2024, KPC is a joint venture, where 51% of its shares are owned by BUMI, 30% are owned by Bhira Investment Limited, and 19% are owned by Mountain Netherlands Investment BV. The initial investment value of this issuer in KPC was recorded at US$322.26 million.

BUMI's revenue was recorded at US$2595.84 million, down compared to the same period last year of US$886.27 million. Operating profit was US$12.31 million, down from US$68.32 million, and net profit rose to US$84.91 million from US$81.82 million.

Coal export sales to third parties were recorded US$378.34 million, down from US$599.37 million, coal sales in the domestic market were US$156.34 million, down from US$271.05 million. Gold sales to third parties were US$60.04 million, up from US$14.83 million, and Silver was US$1.22 million, from previously zero. (LK/LM)