JAKARTA (Yosefardi) – Investors continued collecting shares of coal giant Bumi Resources (BUMI) this morning, drove further the stock to gain by 5.8% after surging 12.9% on Wednesday (Sept 17).
At 10 am Jakata time, BUMI was traded at Rp540 per share with over 46 million shares exchanged hands. The stock has rebounded 35% from its buttom but still lost 30% year to date.
Meanwhile, other coal stocks, Adaro Energy rose 3.16%, Bumi Resources Minerals increased 2.38%, Bukit Asam climbed 4.58%, and Harum Energy gained 1.54%. While Borneo Lumbung Energi was flat.
Government officers are now disputing whether or not harmonizing royalty rate for coal (read royalty hike for miners operating under Mining Business License/IUP) should be implemented next year.
Energy and mineral resources minister Jero Wacik supports a delay in coal royalty adjustment, while coordinating minister for the economy Hatta Rajasa and finance minister Chatib Basri tend to support the adjustment to be implemented next year.
Tribunnews.com reported, quoting data from energy and mineral resources department of Jambi Province, 331 coal producers have stopped their operations in Jambi due to drastic drop in coal prices.
Currently only 12-14 companies are still producing and selling coal, with coal production reaching 50 million tons. This year, coal sales for Jambi area reached 3.5 million tons, lower than 6.8 million tons in 2012.