Bumi Plc, the Indonesian coal miner trying to recover $201 million in missing funds, said output from one of two investments in the Asian nation rose 27 percent.
Production from PT Berau Coal Energy, in which it owns 85 percent, was 7.3 million metric tons in the four months through April, London-based Bumi said today in a statement. Berau’s average sale price of $63.10 a ton was 19 percent lower than a year earlier. The company is on schedule to meet its 2013 production target of 23 million tons, Bumi said.
Bumi reported a net loss of $2.3 billion for last year after taking an impairment charge of $815 million on its Berau holding and $1.4 billion on the value of its 29 percent stake in PT Bumi Resources, Indonesia’s biggest exporter of the fuel.
Bumi has been at the center of a battle for control between co-founders Nathaniel Rothschild, scion of a centuries-old British banking dynasty, and Indonesia’s Bakrie family since the $3 billion deal that brought them together started to sour in late 2011. Bumi and the Bakries announced a deal to unwind their investment in October.
The Bakries proposed exchanging their 23.8 percent of Bumi Plc for 29.2 percent of PT Bumi in a cash-and-share-swap deal, leaving Bumi Plc in control of Berau Coal.
According to the terms of the original deal the cash component was $278 million to buy Bumi Resources stock at 680 rupiah a share. The shares rose as much as 5.9 percent to 540 rupiah in Jakarta today. Bumi stockholders were previously scheduled to vote on the deal at today’s annual general meeting in London.
The Bakrie Group said in a statement yesterday that it had the full amount of funds available to complete the deal and was waiting to hear from the board of Bumi on “how they wish to proceed.”
Bumi said last week it remained in talks with the U.K.’s Financial Conduct Authority to end a two-month suspension of its stock trading in London. Talks with the regulator had focused on work to “enhance its internal systems and controls” at Berau, Bumi said.
Bumi shares, which plunged 69 percent last year, closed at 259.3 pence on April 19, the last day they were traded.