15.06.2012 - Bumi sees CIC debt repayment, refinancing pact in Aug. or Sept.
U.K.-listed, Indonesian-based coal producer Bumi PLC aims to unveil its debt repayment and refinancing plan with China Investment Corp., or CIC, in August or September and still expects to achieve a decent average thermal-coal selling price for the year, despite the recent price rout. Spot thermal-coal prices have dropped significantly since the beginning of the year--nearly 20% for thermal-coal export prices from South Africa's Richards Bay Coal Terminal--due to weaker-than-expected Chinese demand growth, stagnant European coal demand, and a boom in U.S. shale gas that has lowered U.S. coal demand...............................................Full Article: Source
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