Bumi leaps on mining contract

Mining firm Bumi leapt into the top spot on the FTSE 250 on Friday after reportedly signing a contract to sell 50m metric tons of coal.

According to Dow Jones Newswires, the coal will be sold at an average price of $80 per ton this calandar year.

The publisher has reported that the firm's Resource Director, Dileep Srivastava, said: "The sales contract is 67% of our 75-million-ton output guidance for 2012."

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

He is also reported to have said that the company has plans this year to spend $350m on capital expenditure.

The firm's share price rose 10.12% to 359.10p by 15:15.

NR