Indonesia's coal mining giant PT Bumi Resources Tbk. (BUMI) is optimistic about meeting its production target, buoyed by the anticipated El-Nino weather phenomenon.

BUMI's Director, Dileep Srivastava, who was interviewed by local media Bisnis, highlighted the potential for increased coal production due to the expected dry weather associated with this year's El-Nino.

"There is talk of drier weather during the rainy season because of this year's El-Nino," Srivastava said during the interview on July 18. He further emphasized that there were no changes to BUMI's production guidance of 75 million to 80 million tonnes for 2023.

However, specific coal production and sales figures for the first half of 2023 have not been disclosed.

Srivastava noted that BUMI had exceeded its domestic market obligation (DMO) target, which requires allocating 25% of production for the domestic market.

BUMI's coal production in the first quarter of 2023 reached 16 million tonnes. During this period, BUMI generated revenues of $454.8 million, indicating a year-on-year increase of 30.01% compared to $349.87 million. The revenue growth was driven by coal export sales amounting to $333.23 million, while domestic coal sales reached $115.82 million.

(Writing by Alex Guo  Editing by Emma Yang)
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