BUMA (PT Bukit Makmur Mandiri Utama)

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Established in 1998, BUMA provides services to Indonesian coal producers across all production stages, including geology and planning, overburden removal, coal mining, coal hauling and reclamation and rehabilitation.

Indonesia has grown to be the world’s largest supplier of seaborne thermal coal. Going forward, we believe Indonesia will maintain its position as the largest coal exporter due to its significant reserves and resources of coal, a low-cost exploration and mining environment, the scalability of infrastructure, and lower freight costs and shorter delivery lead times given its proximity to those markets that will drive growth - China, India and other key Asian importers.

We believe that significant majority of Indonesia’s coal production is outsourced to mining services contractors like us. This, combined with robust demand of coal creates huge opportunities for growth. We believe BUMA is well positioned to capture the opportunities given our reputation for being one of Indonesia’s most reliable and efficient mining services contractors with strong performance track record for meeting contracted production targets and coal delivery obligations as well as proven track record of management team.

We typically enter into long-term operating agreements with coal concession holders, usually within three to 10 years of the date of the agreement. As of December 31, 2010, we provide coal mining services to nine Indonesian coal producers with respect to 11 coal concessions held by them under 15 long-term operating agreements.