Oct 6, 2010

Harum Energy up 4,81% on trading debut

Publicly listed coal mining company PT Harum Energy Tbk (HRUM) rose 4.81% to Rp5,450 per share on the trading debut today.
The company sold 500 million shares into the market at Rp5,200 per share, enabling to snap Rp2.6 trillion cash.
As of June 2010, the realization for coal production of Harum Energy achieved 50% of this year’s target.
Harum Energy President Director Ray Gunara said that the achievement is contributed by E Block’s production in the second quarter at the mine site owned by PT Mahakam Sumber Jaya (MSJ), a subsidiary of Harum Energy.
“Out of this year’s target by 7.4 million tons coal, we have reached out near 50% of the target [3.7 million tons]. The figure can not be disclosed yet. Later,” he said.
The target of 7.4 million ton is an accumulation of 5.2 million tons from MSJ’s output and 2.2 million tons from PT Santan Batubara (SB)’s output.
SB is a subsidiary of Harum Energy by controlling 50% shares, while the rest is taken over by a coal-mining contractor, PT Petrosea Tbk (PTRO) that is owned 98% shares by PT Indika Energy Tbk (INDY).
Harum Energy targets to produce 10 million tons coal by 2011 and 13 million tons by 2012.
MSJ is also set up to produce 7.5 million tons coal as well as SB by 2.5 million in 2010. In 2011, both MSJ and SB are targeted to contribute 9million tons coal 4 million tons coal each.

Disclosure: No position at the stock mentioned above.  

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