Bumi, which produces half of the archipelago’s thermal coal exports, is working to advance the new deal with CIC to accelerate its overall debt reduction program, according to Bloomberg News. Bumi officials will swap their $1.3 billion debt, while surrendering a 19% stake in coal-miner unit PT Kaltim Prima Coal, a 42% stake at Bumi Resource Minerals, and $150 million worth of Bumi shares.
