Indonesia's Bumi raises Borneo coal reserves

JAKARTA, June 9 (Reuters) - Indonesia's largest coal miner PT Bumi Resources Tbk (BUMI.JK) has discovered an additional 442 million tonnes of coal reserves in Borneo island, which will raise its reserves by nearly a third, the firm said on Monday.

The latest discovery will increase Bumi's marketable coal reserves by 31.5 percent to at least 1.844 billion tonnes by August, from 1.402 billion tonnes in October, 2007, it said in a statement.

The coal reserves were found in the mining area of PT Kaltim Prima Coal, one of its coal units.

Bumi, the second-largest company on the Indonesian Stock Exchange by market value, has said it aims to sell 61 million tonnes of coal in 2008 and to produce 64 million tonnes.

Bumi said its coal output in the first quarter rose by 3 percent to 12.8 million tonnes.

Indonesia is the world's largest thermal coal exporter and mining companies have benefited from rising coal prices, helped by demand from China and some supply problems in other producing countries.

Bumi, controlled by the family of Indonesia's chief social welfare minister Aburizal Bakrie through Bakrie & Brothers Tbk (BNBR.JK), said its first-quarter net profit rose to $151.9 million from $80.4 million a year ago.

(Reporting by Harry Suhartono; Editing by Ed Davies)