Indonesia’s Bumi hit by charges

- April 5th, 2010

PT Bumi Resources (BUMI.JK), Indonesia’s top coal producer, reported a fourth-quarter loss as it took a hefty charge for mine stripping, and the outlook for this year may hinge on how it handles tax and debt issues.

PT Bumi Resources (BUMI.JK), Indonesia’s top coal producer, reported a fourth-quarter loss as it took a hefty charge for mine stripping, and the outlook for this year may hinge on how it handles tax and debt issues.

The press release is quoted as saying:

Analysts said Bumi’s outlook could depend on resolving a dispute with authorities over alleged tax evasion, as well as progress in talks on an equity swap deal with sovereign fund, China Investment Corp. Indonesian tax authorities allege Bumi and its two coal units, PT Kaltim Prima Coal and PT Arutmin Indonesia, owe about 2.1 trillion rupiah ($232 million) in tax.

Click here to access the entire press release

Click here to access PT Bumi Resources Corporate Site

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