Thai firm to export RI coal

Thai firm to export RI coal

BANGKOK (AP): Thai power and mining company Banpu PCL says its new coal mining business in Indonesia is on schedule to put out 500,000 tons of coal this fiscal year to export around Asia.

Company President Chanin Vonkusolkit told Dow Jones Newswires in an interview Thursday that revenue for the fiscal year ending in June should climb 15 percent to 4.88 billion baht (US$135 million).

Banpu plans to put an additional $10 million this fiscal year into PT Jorong Barutama Greston, its 95 percent-owned coal mining business in Kalimantan, Chanin said.

"By the end of this fiscal year we expect to have sold 500,000 tons of coal" from Indonesia, Chanin said.

The figure is expected to rise to 1.5 million tons in the next fiscal year, to 2.5 million tons the following year and reach full capacity of 3 million tons in the fiscal year ending in June 2002.

Chanin said that income from selling coal from Indonesia would help offset lower sales revenue at home resulting from Thailand's recession.