Bukit Asam to Raise Coal Price for Power Plant by 13%
PT Tambang Batubara Bukit Asam, the company that controls more than a quarter of Indonesia's coal reserves, will raise prices of the fuel sold to a power plant in Banten province by 13 percent. The mining company's shares rose.
Bukit Asam will charge the Suralaya power plant in Banten 617,900 rupiah ($67) for every metric ton of coal, up from 544,750 rupiah a ton, it said in a statement filed to the Indonesia Stock Exchange.
"We have agreed on the new prices for July-to-December delivery," Nurtimah Tobing, the head of investor relations, said in a phone interview in Jakarta.
Record prices for coal burned by power stations prompted Bukit Asam to increase the amount it charges its biggest customer for the third time this year. Bukit Asam rose 3.5 percent to 16,400 rupiah in Jakarta trading, the highest in a week.
Bukit Asam has contracts to sell 2.8 million tons of coal from July through December this year to the Suralaya power plant.
Power-station coal prices at Australia's Newcastle port, a benchmark for Asia, jumped 5.8 percent to $172.1 a ton in the week ended June 27, the fifth consecutive weekly record.
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