UPDATE 1-Thai Banpu to invest $600 mln, sees growth in 2012

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* Aims to develop coal mines in Indonesia, Australia

* Expects 2012 revenue to rise 15-20 pct, higher op profit

* Shares up 0.35 pct, in line with market (Adds quotes, details)

BANGKOK, Jan 20 (Reuters) – Thailand’s top coal miner, Banpu Pcl, said on

Reuters

Friday it aimed to invest $600 million in 2012, mostly to develop coal mines in Indonesia and Australia, and it expected higher operating profit this year.

Banpu, Southeast Asia’s fourth-biggest coal miner, expected 2012 revenue to rise about 15-20 percent due to rising coal sales volume and higher prices, Chief Financial Officer Somruedee Chaimongkol told reporters.

“We already made forward contracts to sell coal, about 40 percent of expected sales this year, with an average price higher than $100 a tonne, which is higher than average prices last year,” she said, adding the budget figure excluded funds for any acquisitions it might make.

Her revenue forecast was better than market expectations. The company is expected to post revenue of 115.8 billion baht ($498 million) for 2012, up 10 percent on the year, according to Thomson Reuters I/B/E/S.

Through its Indo Tambangraya Megah, Banpu owns five mines in Indonesia, the largest revenue contributor. It also has 10 mines in Australia after the acquisition of Centennial Coal and two in China.

The company expected coal sales of 27 million tonnes in Indonesia this year, up from 25 million last year, and aimed for 16 million…

Full story from Reuters at http://goo.gl/HxFNd