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Jumat, 19 Agustus 2011

Bumi Resources (BUMI IJ) 1H11 results, from Jayden - CLSA

· Bumi Plc (owner of 29% of Bumi Resources (BUMI IJ)) reported results yesterday. Bumi Resources will report tonight.
· Operational results suggest Bumi Resources is on track to reach its production target of 66Mt this year.
· 1H ASP is in line with our full year estimate of US$91/t, and 2Q11 was higher at US$94/t.
· Cash costs are above our assumption on higher fuel charges and higher strip ratio at 12x vs our assumption of 11x.
· Historically Bumi has produced 45% of its full year target during 1H. Given the improving trend to weather since June, we expect the 66Mt production target (+10% on last year's 60Mt) is achievable
· It has been reported in the local press (Bisnis Indonesia) that the Bumi Plc result implies an NPAT of US$268m at Bumi Resources level. If correct, this is 44% of our full year assumption of US$562m meaning the company is on track to meet earnings forecasts.
· More to come when Bumi Resources releases its detailed results overnight.

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