When Adaro is bigger than BUMI

Adaro Energy (ADRO) closed 2009 as the biggest coal company in terms of market capitalization with Rp55.3 trillion, bigger than Bumi Resources (Rp47 trillion) even though it produced far less coal and has far smaller assets. The combined market capitalization of six major coal producers listed on IDX is US$22 billion.

BUMI was the most active stock traded on the whole exchange. The company is also the most aggressive in raising new loans. BUMI and ADRO raised over US$5 billion from the debt market in 2009. Combined with Bayan and Indika, coal producers raised lot more loans than any sector in the country.

BUMI stock price surged 166% in 2009, while Adaro skyrocketed by 257%. Third largest coal producer in terms of market cap is Bukit Asam (Rp39.7 trillion), followed by Indo Tambangraya (Rp35.9 trillion), Bayan Resources (Rp18.8 trillion), and Indika Energy (Rp11.6 trillion).  

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