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
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
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
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
