TABLE OF CONTENTS€¦ · "We are counting again, they are still proposing," said Sujatmiko. Ramai...

IMA-Daily Update Page 1

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Many RKAB revisions, the Ministry of EMR continues to pursue coal production targets in 2020 Ramai revisi RKAB, Kementerian ESDM tetap kejar target produksi batubara di 2020 Adaro Energy (ADRO) Revised Production Target and Capex for 2020 Adaro Energy (ADRO) Revisi Target Produksi dan Capex Tahun 2020 Semester I 2020 Timah Loss of Rp390 Billion Semester I 2020 Timah Rugi Rp390 Miliar Signs of Improving United Tractors Heavy Equipment Sales Tanda-Tanda Membaiknya Penjualan Alat Berat United Tractors Contract expires in 2022, Adaro prepares extension documents Kontrak Habis di 2022, Adaro Siapkan Dokumen Perpanjangan After depressed in Semester I, Timah (TINS) is still confident in improving its performance in the remainder of 2020 Usai tertekan di semester I, Timah (TINS) masih yakin perbaiki kinerja di sisa 2020 Smelters likely to be finished late because of lockdowns: Freeport Weather and the Covid-19 pandemic factors affect Adaro Energy's (ADRO) operational performance Faktor cuaca dan pandemi Covid-19 pengaruhi kinerja operasional Adaro Energy (ADRO) Timah looks for partners to develop rare earth metals Timah Cari Mitra Kembangkan Logam Tanah Jarang Underground Mining Is the Future of Freeport Indonesia Tambang Bawah Tanah Jadi Masa Depan Freeport Indonesia For the continuation of PKP2B, the Minister of EMR gave a signal that he would issue an IUPK

Kontan Bisnis Dunia Energi Investor Daily CNBC Indonesia Kontan The Jakarta Post Kontan Dunia Energi Media Indonesia Kontan

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Demi kelanjutan PKP2B, Menteri ESDM beri sinyal akan terbitkan IUPK Adaro Energy (ADRO) Continues to Boost Production in Maruwai Concession Adaro Energy (ADRO) Terus Pacu Produksi Konsesi Maruwai Rising 2% last week, coal prices returned to above US$ 50 Melesat 2% Pekan Lalu, Harga Batu Bara Kembali ke Atas US$ 50 Huge Indonesia mine resumes operations after lockdown protest Global gold production to grow 2.5% by 2029 – report Mining costs up 16% due to COVID-19 - McKinsey Coal India's fuel supply to power sector drops about 20% in April-July Australia remains world’s second largest gold producer AfriTin produces first tin concentrate, revenue in spite of difficult times Coking coal futures growth increasingly global: traders

Bisnis CNBC Indonesia Borneo Bulletin Mining.com Kitco News The Economic Times Australian Mining Mining Weekly S&P Global Platts

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Many RKAB revisions, the Ministry of EMR continues to

pursue coal production targets in 2020

Reporter: Ridwan Nanda Mulyana | Editor: Tendi Mahadi

THERE are many companies that have

submitted a revised 2020 Work Plan and Budget (RKAB) to change their coal production plans. Even so, the Ministry of Energy and Mineral Resources (MEMR) is still unwavering and is still pursuing the coal production target at the level of 550 million tons.

EMR Ministry's Coal Development and

Business Director Sujatmiko said a number of companies had proposed changes in production. However, those changes vary. Some have proposed cutting production, while others are asking for additional production quotas this year.

With that consideration, he said, the government will still set national coal production at 550 million tonnes throughout 2020. "We are currently discussing, some (proposed) to increase,

some to decrease. So national production does not change, 550 million tonnes," said Sujatmiko when met after attending a joint hearing with Commission VII DPR RI a few days ago.

Unfortunately, he was still reluctant to reveal how many companies had proposed an increase or decrease in production, and how many changes in volume he had proposed. "We are counting again, they are still proposing," said Sujatmiko.

Ramai revisi RKAB, Kementerian ESDM tetap kejar

target produksi batubara di 2020

Reporter: Ridwan Nanda Mulyana | Editor: Tendi Mahadi

ADA banyak perusahaan yang telah meng-

ajukan revisi Rencana Kerja dan Anggaran Biaya (RKAB) tahun 2020 untuk mengubah rencana produksi batubara. Kendati begitu, Kementerian Energi dan Sumber Daya Mineral (ESDM) masih bergeming dan tetap mengejar target produksi batubara di level 550 juta ton.

Direktur Pembinaan dan Pengusahaan Batubara Kementerian ESDM Sujatmiko mengatakan, sejumlah perusahaan telah mengajukan perubahan produksi. Namun, perubahan itu bervariasi. Ada yang meng-ajukan pemangkasan produksi, sebagian lainnya justru meminta tambahan kuota produksi di tahun ini.

Dengan pertimbangan itu, katanya, peme-rintah masih tetap mematok produksi batubara nasional sebesar 550 juta ton sepanjang 2020. "Sedang kita bahas, ada yang (mengajukan) naik, ada yang turun. Jadi produksi nasional nggak berubah, 550 juta ton," kata Sujatmiko saat ditemui selepas menghadiri Rapat Dengar Pen-dapat bersama Komisi VII DPR RI beberapa hari lalu.

Sayangnya, dia masih enggan untuk membeberkan berapa perusahaan yang mengajukan kenaikan maupun penurunan produksi, dan berapa perubahan volume yang diajukannya. "Lagi kita hitung, kan mereka masih mengajukan," sebut Sujatmiko.


Contacted separately, Executive Director of the Indonesian Coal Mining Association (APBI) Hendra Sinadia assessed that the production target of 550 million tons of coal could be achieved this year. But on the other hand, he reminded that commodity prices were getting depressed and burdening some coal producers.

Especially for companies that produce 4,200 kcal/GAR calorie coal whose selling price for Free on Board (FOB) is already below the cost of production. "With the price index continuing to decline, roughly part of the coal produced is below the production cost," he said when contacted by Kontan.co.id, Sunday (30/8).

For companies that already have a sales commitment (long term), he continued, will still meet sales demand according to target.

But it is different with spot sales which are definitely affected. So that companies with medium and large scale production can still survive. "But for the small scale it will be more difficult to survive," said Hendra.

Referring to the previous Kontan.co.id report, in early July, APBI pushed for a decline in national coal production by around 15%-20%. According to Hendra, it is necessary to encourage production cuts in response to the continuing downward trend in prices due to oversupply conditions.

"Our view as an association is that to encourage prices to strengthen, steps to reduce production need to be considered because of the widening oversupply conditions. Oversupply in the market has occurred long before Covid-19, but has widened with the spread of Covid-19," he explained.

However, a number of companies responded differently to the push to reduce production. Hendra said that...

Dihubungi terpisah, Direktur Eksekutif Asosiasi Pertambangan Batubara Indonesia (APBI) Hendra Sinadia menilai, target produksi 550 juta ton batubara bisa jadi bakal tercapai di tahun ini. Namun di sisi lain, dia mengingatkan bahwa harga komo-ditas semakin tertekan dan memberatkan sebagian produsen batubara.

Khususnya bagi perusahaan yang mem-produksi batubara kalori 4.200 kcal/GAR yang harga jual Free on Board (FOB) sudah di bawah ongkos produksi. "Dengan index harga terus turun, secara kasar sebagian dari batubara yang diproduksi sudah di bawah ongkos produksi," ungkapnya saat di-hubungi Kontan.co.id, Minggu (30/8).

Bagi perusahaan yang sudah memiliki komitmen penjualan (long term), sambung-nya, tetap akan memenuhi permintaan penjualan sesuai target.

Tapi lain halnya dengan penjualan spot yang pasti terdampak. Sehingga perusahaan dengan skala produksi menengah dan besar sementara ini masih bisa bertahan. "Tapi bagi yang skala kecil akan lebih sulit ber-tahan," kata Hendra.

Merujuk pada pemberitaan Kontan.co.id sebelumnya, pada awal Juli lalu, APBI men-dorong adanya penurunan produksi batu-bara nasional sekitar 15%-20%. Menurut Hendra, dorongan pengurangan produksi perlu dilakukan dalam menyikapi tren harga yang terus turun akibat kondisi oversupply.

"Pandangan kami sebagai asosiasi, untuk mendorong harga agar menguat, langkah pengurangan produksi perlu dipertim-bangkan karena kondisi oversupply yang makin melebar. Oversupply di pasar sudah terjadi jauh sebelum Covid-19, namun makin melebar dengan penyebaran covid-19," jelasnya.

Meski demikian, dorongan pengurangan produksi ini disikapi berbeda oleh sejumlah perusahaan. Hendra bilang,...


Hendra said that each company has its own considerations so that there are those who stick with the production plan at the beginning of the year, some will reduce production, but some want to increase it.

Hendra bilang, setiap perusahaan memiliki pertimbangannya masing-masing sehingga ada yang tetap dengan rencana produksi di awal tahun, ada yang akan menurunkan produksi, namun ada juga yang ingin meningkatkannya.

Adaro Energy (ADRO) Revised Production Target and Capex for

2020 M. Nurhadi Pratomo

PT ADARO Energy Tbk. cut production targets and planned capital expenditures for the 2020 period.

Adaro Energy Corporate Secretary Mahardika Putranto said the company is revising its coal production guidelines to 52 million to 54 million tons by 2020. The target is 10 percent lower than the previous company stated.

"We are taking this step because our priority is maintaining healthy margins and not only pursuing production volume growth," he said in an online public expose, Friday (28/8/2020).

For the record, Adaro Energy reported coal production of 27.29 million tonnes in the first half of 2020. That number is down 4 percent compared to the same period last year.

The pressure on coal prices made the issuer coded ADRO share also revise its operational EBITDA target to US$ 600 million-US$ 800 million by 2020. The company said it would continue to exercise discipline and cost efficiency.

Adaro Energy Chief Financial Officer Lie Luckman said that the company has also revised its capital expenditure (capex) target for the 2020 period. ADRO has reduced...

Adaro Energy (ADRO) Revisi Target Produksi dan Capex

Tahun 2020 M. Nurhadi Pratomo

PT ADARO Energy Tbk. memangkas target produksi dan rencana belanja modal untuk periode tahun 2020.

Sekretaris Perusahaan Adaro Energy Mahardika Putranto mengatakan perseroan merevisi panduan produksi batu bara menjadi 52 juta ton-54 juta ton pada 2020. Target itu 10 persen lebih rendah dari yang disampaikan oleh perseroan sebelumnya.

“Langkah ini kami lakukan karena prioritas kami menjaga margin yang sehat dan tidak hanya mengejar pertumbuhan volume produksi,” ujarnya dalam paparan publik daring, Jumat (28/8/2020).

Sebagai catatan, Adaro Energy melaporkan produksi batu bara 27,29 juta ton pada semester I/2020. Jumlah itu turun 4 persen dibandingkan dengan periode yang sama tahun lalu.

Tekanan harga batu bara membuat emiten berkode saham ADRO itu jugar merevisi target EBITDA operasional menjadi US$600 juta-US$800 juta pada 2020. Perseroan menyata-kan akan terus melakukan disiplin dan efisiensi terhadap biaya.

Chief Financial Officer Adaro Energy Lie Luckman mengungkapkan perseroan juga merevisi target belanja modal atau capital expenditure (capex) periode 2020. ADRO menurunkan...

https://www.bisnis.com/user/448/m..nurhadi.pratomo

https://www.bisnis.com/topic/3999/capex


ADRO has reduced its plan from US$ 350 million - US$ 400 million to US$ 200 million - US$ 250 million.

"We are doing this revision very carefully," he explained.

Luckman emphasized that the capex revision does not sacrifice the productivity of the tools. The company tries to reduce spending on equipment that is still needed in the long term.

"We stil l do maintenance rela ted to production and capex for the essential long term," he added.

ADRO reported the realization of the capex of U$ 115 million in the first semester of 2020. The realization was down 53 percent compared to US$ 245 million in the same period last year.

Capital expenditures during the first half of this year were primarily for the purchase and replacement of heavy equipment as well as the development of Adaro MetCoal Companies (AMC). ADRO is recorded to have generated free cash flow of U$ 312 million in the first semester of 2020. Editor: Aprianto Cahyo Nugroho

ADRO menurunkan rencana dari US$350 juta-US$400 juta menjadi US$200 juta-US$250 juta.

“Revisi ini kami lakukan dengan sangat hati-hati,” jelasnya.

Luckman menegaskan revisi capex tidak mengorbankan produktivitas alat-alat. Perseroan mencoba mengurangi penge-luaran alat-alat yang memang masih dibutuhkan dalam jangka waktu panjang.

“Maintenance yang terkait dengan produksi dan capex untuk jangka panjang yang esensial tetap masih kami lakukan,” imbuhnya.

ADRO melaporkan realisasi capex U$115 juta pada semester I/2020. Realisasi itu turun 53 persen dibandingkan dengan US$245 juta periode yang sama tahun lalu.

Belanja modal sepanjang paruh pertama tahun ini ditujukan terutama untuk pem-belian dan penggantian alat berat serta pengembangan Adaro MetCoal Companies (AMC). ADRO tercatat menghasilkan arus kas bebas senilai U$312 juta pada semester I/2020. Editor : Aprianto Cahyo Nugroho

Semester I 2020 Timah Loss of Rp390 Billion

Rio Indrawan

PT TIMAH Tbk (TINS) suffered losses

during the first six months of this year of

up to Rp390 billion, compared to the same

period in 2019 which recorded a net profit

of Rp205.3 billion.

Timah's negative performance was due to

the drop in tin selling price until June 2020.

Semester I 2020 Timah Rugi Rp390 Miliar

Rio Indrawan

PT TIMAH Tbk (TINS) menderita

kerugian sepanjang enam bulan pertama pada tahun ini hingga Rp390 miliar, dibanding periode yang sama 2019 yang membukukan laba bersih Rp205,3 miliar.

Kinerja negatif Timah disebabkan harga jual logam timah yang anjlok hingga Juni 2020.


Timah's revenue in the first semester of this year was recorded at Rp7.9 trillion, a significant decrease compared to the same period in 2019 of Rp9.7 trillion.

Listi Witanni, Timah's Project Management Officer, said tin sales in the first half of 2020 were only 31,508 tons. It grew slightly compared to last year with the same period of 31,000 tons. Even though sales are growing, unfortunately it is not followed by metal prices in markets that are hit by the corona virus pandemic. The average selling price of the metal in the free market LMA also fell.

In the second quarter of 2020, the average price of refined tin was US$ 16,087 per ton, or decreased by 3.97% compared to the first quarter of 2020 at US$ 16,753 per ton and fell 13.3% compared to December 2019 with US$ 18,569 per metric ton.

"In terms of profit and loss, until the second quarter of 2020 it was negative, minus Rp390 billion," said Listi, Friday (28/8).

Listi said the company's losses began in January 2020 which was minus Rp191 billion. But losses continued to decrease in February to minus Rp140 billion, in March to minus Rp83 billion, and in April to only minus Rp70 billion.

In May 2020 the company actually made a profit of Rp43 billion and in June 2020 it increased again to Rp50 billion.

Meanwhile, the assets experienced a decline compared to 2019. In the first semester of this year, Timah's total assets were recorded at Rp18.3 trillion, down 12% from the previous position of Rp20.3 trillion.

Timah's accounts payable also grew quite high in the first semester, reaching 57.8% from Rp1.9 trillion at the end of 2019 to Rp3 trillion in June 2020.

Pendapatan Timah pada semester I tahun ini tercatat Rp7,9 triliun, turun signifikan dibanding periode yang sama 2019 sebesar Rp9,7 triliun.

Listi Witanni, Project Management Officer Timah mengatakan penjualan logam timah pada semester I 2020 hanya 31.508 ton. Tumbuh tipis dibandingkan tahun lalu dengan periode yang sama yakni 31.000 ton. Meskipun penjualannya tumbuh sayang tidak diikuti dengan harga logam di pasaran yang tertekan pandemi virus corona. Harga jual rata-rata logam di pasar bebas LMA juga turun.

Pada kuartal II 2020, harga rata-rata logam

timah US$16.087 per ton atau turun 3,97

% dibandingkan kuartal I 2020 US$16.753

per ton dan anjlok 13,3 % dibandingkan

Desember 2019 US$18.569 per metrik ton.

“Dari sisi laba rugi, sampai kuartal II 2020

memang masih tercatat negatif, minus Rp

390 miliar,” kata Listi, Jumat (28/8).

Listi mengatakan, kerugian perusahaan

mulai terjadi sejak Januari 2020 yang

minus Rp 191 miliar. Tapi kerugian terus

berkurang pada Februari yang minus Rp

140 miliar, Maret minus Rp 83 miliar, dan

April hanya minus Rp 70 miliar.

Pada Mei 2020 perusahaan justru meraup

laba Rp 43 miliar dan Juni 2020 naik lagi

jadi Rp 50 miliar.

Sedangkan dari aset alami penurunan

dibandingkan tahun 2019. Pada semester I

tahun ini jumlah aset Timah tercatat

Rp18,3 triliun turun 12% dari posisi

sebelumnya Rp20,3 triliun.

Utang usaha Timah juga tumbuh cukup

tinggi di semester I ini mencapai 57,8%

dari Rp1,9 triliun pada akhir 2019 menjadi

Rp3 triliun pada Juni 2020.


Then in terms of liabilities, the position in the first semester of 2020 was recorded at Rp13.5 trillion. The amount has decreased when compared to the end of 2019 which was recorded at Rp15.1 trillion.

"Liabilities decreased due to loan payments to banks," said Listi. (RI)

Kemudian dari sisi liabilitas, posisi di semester I 2020 tercatat Rp 13,5 triliun. Jumlahnya turun jika dibandingkan akhir 2019 yang tercatat Rp 15,1 triliun.

“Liabilitas turun ini karena ada pembayaran pinjaman ke bank,” kata Listi. (RI)

Signs of Improving United Tractors Heavy Equipment Sales

Parluhutan Situmorang

PT UNITED Tractors Tbk (UNTR) is projected to recover next year because it will be supported by gold mine production which is estimated to increase, as well as the operation of power plants. Meanwhile, the operational performance of all the company's businesses until July 2020 is in line with expectations. In fact, some businesses are growing faster than expected.

United Tractors noted that the sales volume of Komatsu heavy equipment improved in July 2020 to 85 units, up 11.8% from the previous month. The company also recorded an increase in coal sales volume by 20.6%.

Meanwhile, coal production volume decreased 4% and gold decreased 18.8% compared to the previous month.

Danareksa Sekuritas analyst Stefanus Darmagiri revealed that this realization made the company's total sales of Komatsu heavy equipment drop 55.8% to 938 units by July 2020.

Coal production volume decreased by around 11% to 65.2 million tonnes until July 2020.

Tanda-Tanda Membaiknya Penjualan Alat Berat United

Tractors Parluhutan Situmorang

PT UNITED Tractors Tbk (UNTR) di-

proyeksikan pulih tahun depan karena bakal didukung oleh produksi tambang emas yang diperkirakan meningkat, serta pengoperasian pembangkit listrik. Sedangkan realisasi kinerja operasional seluruh bisnis perseroan hingga Juli 2020 sesuai ekspektasi. Bahkan, beberapa bisnis tumbuh lebih pesat dari perkiraan.

United Tractors mencatat bahwa volume penjualan alat berat Komatsu membaik pada Juli 2020 menjadi 85 unit atau naik 11,8% dari bulan sebelumnya. Perseroan juga mencatat peningkatan volume pen-jualan batu bara sebesar 20,6%.

Sedangkan volume produksi batu bara turun 4% dan emas turun 18,8% di-bandingkan bulan sebelumnya.

Analis Danareksa Sekuritas Stefanus Darmagiri mengungkapkan, realisasi ter-sebut membuat total penjualan alat berat Komatsu perseroan turun 55,8% menjadi 938 unit hingga Juli 2020.

Volume produksi batu bara turun sekitar 11% menjadi 65,2 juta ton sampai Juli 2020.


"This achievement has made sales of Komatsu heavy equipment and the company's coal production reflect 63% and 60% of this year's total target," wrote Stefanus in his latest research.

Despite showing improvement, he chose to revise United Tractors' operational and financial performance targets this year. The decline in the target is in line with the downward revision of the coal production volume target by PT Pamapersada by 16.2% to 110 million tonnes with overburden removal being cut to 810 million bcm.

Previously, coal production was targeted to be stable at the level of 131 million tons. Likewise, gold production was revised down to 256-300 thousand oz or down 26.8-37.8% from last year's acquisition. The target was revised down from the original projection of 360 thousand oz.

According to Stefanus, the decline in this target was triggered by the Covid-19 pandemic which resulted in a decrease in the company's gold mining utilization to only 50% of the total active workforce.

The company stated that its gold mine is expected to return to normal in October and November this year. However, the company's gold production will remain low until the third quarter of this year. However, the increase in the average selling price could help the company avoid further decline in profits this year.

Based on the realization of operating performance until July 2020, Stefanus has revised down the sales volume of Komatsu heavy equipment by United Tractors from 2,000 units to 1,500 units this year. The estimated coal production volume has been cut from 131 million tons to 110 million tons.

“Pencapaian tersebut membuat penjualan alat berat Komatsu dan produksi batu bara perseroan telah merefleksikan 63% dan 60% dari total target tahun ini,” tulis Stefanus dalam riset terbaru.

Meski menunjukkan peningkatan, dia memilih untuk merevisi turun target kinerja operasional dan keuangan United Tractors tahun ini. Penurunan target tersebut sejalan dengan revisi turun target volume produksi batu bara oleh PT Pamapersada sebesar 16,2% menjadi 110 juta ton dengan overburden removal di-pangkas menjadi 810 juta bcm.

Sebelumnya, produksi batu bara di-targetkan stabil di level 131 juta ton. Begitu juga dengan produksi emas direvisi turun menjadi 256-300 ribu oz atau turun 26,8- 37,8% dari perolehan tahun lalu. Target tersebut direvisi turun dari proyeksi semula mencapai 360 ribu oz.

Menurut Stefanus, penurunan target tersebut dipicu pandemi Covid-19 yang berimbas terhadap penurunan utilisasi tambang emas perseroan menjadi hanya 50% dari total tenaga kerja yang masih aktif.

Perseroan menyebutkan bahwa tambang emas miliknya diperkirakan kembali normal pada Oktober dan November tahun ini. Namun, produksi emas perseroan akan tetap rendah hingga kuartal III tahun ini. Meski demikian, kenaikan rata-rata harga jual bisa membantu perseroan terhindar dari penurunan lebih dalam keuntungan tahun ini.

Berdasarkan realisasi kinerja operasioan hingga Juli 2020, Stefanus merevisi turun volume penjualan alat berat Komatsu oleh United Tractors dari 2.000 unit menjadi 1.500 unit tahun ini. Perkiraan volume produksi batu bara dipangkas dari 131 juta ton menjadi 110 juta ton.


Meanwhile, the estimated coal sales volume is maintained at 9.3 million tons. Meanwhile, the estimated gold production volume was cut from 360 thousand oz to 300 thousand oz.

Meanwhile, the target average selling price has been revised upward from US$ 1,400 per oz to US$ 1,600 per oz. The reduction in operational targets prompted Danareksa Sekuritas to revise United Tractors' net profit target this year from Rp 8.15 trillion to Rp 7.6 trillion. The revenue estimate was also cut from Rp 74.96 trillion to Rp 65.61 trillion.

However, the target price for UNTR's share was revised up from Rp 26,000 to Rp 29,000. This is in line with the rising trend in the selling price of gold. The target price assumes a decrease in profits from the coal mining contractor business.

The target also considers commencing the operation of the Tanjung Jati power plant by the end of 2021. The target implies an estimated PE of around 10.6 times by 2021.

A similar view was expressed by Mirae Asset Sekuritas Indonesia analyst Hariyanto Wijaya. According to him, United Tractors' operational performance until July 2020 has met expectations. The coal contractor business has met expectations, equivalent to 57.1% for overburden and 56.5% for coal production by July 2020.

Meanwhile, sales of Komatsu heavy equipment, coal sales, and gold production were respectively 64.1%, 70.2% and 66.4%.

"This achievement has exceeded our estimates. However, we have no intention of revising United Tractors' operational performance targets this year,” wrote Hariyanto in his research.

Sedangkan estimasi volume penjualan batu bara dipertahankan sebanyak 9,3 juta ton. Adapun perkiraan volume produksi emas dipangkas semula 360 ribu oz menjadi 300 ribu oz.

Sedangkan target rata-rata harga jual direvisi naik dari US$ 1.400 per oz menjadi US$ 1.600 per oz. Pemangkasan target operasional tersebut mendorong Dana-reksa Sekuritas untuk merevisi turun target laba bersih United Tractors tahun ini dari Rp 8,15 triliun menjadi Rp 7,6 triliun. Estimasi pendapatan juga dipangkas dari Rp 74,96 triliun menjadi Rp 65,61 triliun.

Meski demikian, target harga saham UNTR direvisi naik dari Rp 26.000 menjadi Rp 29.000. Hal ini sejalan dengan tren kenaikan harga jual emas. Target harga tersebut telah mengasumsikan penurunan keuntungan dari bisnis kontraktor penam-bangan batubara.

Target tersebut juga telah mempertim-bangkan dimulainya pengoperasian pem-bangkit listrik Tanjung Jati pada akhir tahun 2021. Target tersebut mengimplikasikan perkiraan PE sekitar 10,6 kali pada 2021.

Pandangan hampir senada diungkapkan analis Mirae Asset Sekuritas Indonesia Hariyanto Wijaya. Menurut dia, realisasi kinerja operasional United Tractors hingga Juli 2020 sudah sesuai ekspektasi. Bisnis kontraktor batu bara sudah sesuai ekspek-tasi atau setara dengan 57,1% untuk overburden dan mencapai 56,5% untuk produksi batu bara hingga Juli 2020.

Sedangkan pejualan alat berat Komatsu, penjualan batu bara, dan produksi emas dengan realisasi masing-masing 64,1%, 70,2%, dan 66,4%.

“Pencapaian tersebut telah melampaui perkiraan kami. Namun, kami belum berniat merevisi target kinerja operasional United Tractors tahun ini,” tulis Hariyanto dalam risetnya.


He also mentioned that gold mining will be the engine for United Tractors' financial performance growth in 2021. This is supported by the company's estimated gold production recovery in 2021 to reach 350 thousand oz, compared to this year's target of 255-300 thousand oz. The gold selling price is predicted to remain good next year.

These factors prompted Mirae Asset Sekuritas to maintain UNTR's share price with a target price of Rp 26,000. However, the share recommendation was revised down to buy trading.

The price target considers the decline in United Tractors' net profit to Rp 8.12 trillion this year compared to last year's achievement of Rp 11.31 trillion. Revenue is also estimated to decrease from Rp 84.43 trillion to Rp 66.95 trillion.

Previously, United Tractors, which is a subsidiary of PT Astra International Tbk (ASII), stated that the company will focus on the gold mining business as a means of supporting performance growth. The company opens the possibility of acquiring a gold mine again, if it is in accordance with the company's characteristics.

President Director of United Tractors Frans Kesuma said the gold mining business segment carried out by PT Agincourt Resources greatly contributed to the company's performance throughout 2019. The contribution of Agincourt, which operates the Martabe gold mine in South Tapanuli, North Sumatra, is one of the pillars that keeps the company's performance maintained.

"In the future, the gold mining business will become one of the company's focuses, so that one of the company's growth depends on gold," said Frans. Editor: Gora Kunjana ([email protected])

Dia juga menyebutkan bahwa tambang emas akan menjadi mesin pertumbuhan kinerja keuangan United Tractors pada 2021. Hal ini didukung perkiraan pulihnya produksi emas perseroan tahun 2021 mencapai 350 ribu oz, dibandingkan target tahun ini mencapai 255-300 ribu oz. Harga jual emas yang di-prediksi tetap baik tahun depan.

Berbagai faktor tersebut mendorong Mirae Asset Sekuritas untuk mempertahankan harga saham UNTR dengan target harga Rp 26.000. Namun, rekomendasi sahamnya di-revisi turun menjadi trading buy.

Target harga tersebut mempertimbangkan penurunan laba bersih United Tractors men-jadi Rp 8,12 triliun tahun ini dibandingkan pencapaian tahun lalu senilai Rp 11,31 triliun. Pendapatan juga diperkirakan turun dari Rp 84,43 triliun menjadi Rp 66,95 triliun.

Sebelumnya, United Tractors yang merupa-kan anak usaha PT Astra International Tbk (ASII) menyatakan bahwa perseroan akan fokus pada bisnis tambang emas sebagai salah satu penunjang pertumbuhan kinerja. Perseroan membuka kemungkinan kembali mengakuisisi tambang emas, apabila sesuai dengan karakteristik perseroan.

Presiden Direktur United Tractors Frans Kesuma mengatakan, segmen usaha pertam-bangan emas yang dijalankan oleh PT Agincourt Resources sangat berkontribusi signifikan bagi kinerja perseroan sepanjang 2019. Kontribusi Agincourt yang meng-operasikan tambang emas Martabe di TapanuliSelatan, Sumatera Utara, menjadi salah satu penopang yang membuat kinerja perseroan tetap terjaga.

“Ke depan, bisnis tambang emas ini menjadi salah satu fokus perseroan, sehingga pertumbuhan perseroan salah satunya bergantung dari emas,” kata Frans. Editor : Gora Kunjana ([email protected])


Contract expires in 2022, Adaro prepares extension documents

Anisatul Umah, CNBC Indonesia

COAL mining contracts or commonly known as Coal Mining Concession Work Agreement (PKP2B) of PT Adaro Indonesia, a subsidiary of PT Adaro Energy Tbk (ADRO), will expire on October 1, 2022.

Even though it is still two years away, Adaro said that it is currently preparing a number of documents to meet the requirements for contract extension to a Special Mining Business License (IUPK).

Adaro's Corporate Legal Counsel, Sylvia Trianasari Tambunan, said that when referring to the applicable regulations, the actual submission can be no later than one year before the contract ends.

"So Adaro's PKP2B will indeed end in October 2022. We are currently preparing (documents) the requirements that must be met for the application for the extension of the PKP2B. In accordance with the applicable regulations, no later than one year Adaro's application for extension before the PKP2B ends," she said at the conference. press virtually, Friday (28/08/ 2020).

She further said that after all the requirements are completed, Adaro will immediately apply for an extension.

"After we have fulfilled all the require-ments, we will immediately apply for an extension of the PKP2B," she explained.

Based on data from the Ministry of Energy and Mineral Resources (MEMR) there are currently seven mining contracts that will expire soon until 2025. Among them,...

Kontrak Habis di 2022, Adaro Siapkan Dokumen Perpanjangan

Anisatul Umah, CNBC Indonesia

KONTRAK tambang batu bara atau biasa dikenal dengan nama Perjanjian Karya Pengusahaan Pertambangan Batu Bara (PKP2B) PT Adaro Indonesia, anak usaha PT Adaro Energy Tbk (ADRO), akan habis pada 1 Oktober 2022.

Meski masih dua tahun lagi, Adaro meng-ungkapkan kini sedang menyiapkan sejumlah dokumen untuk memenuhi persyaratan perpanjangan kontrak menjadi Izin Usaha Pertambangan Khusus (IUPK).

Corporate Legal Counsel Adaro Sylvia Trianasari Tambunan mengatakan bila meng-acu pada aturan yang berlaku, pengajuan sebenarnya bisa paling lambat satu tahun sebelum kontrak berakhir.

"Jadi memang PKP2B Adaro akan berakhir pada Oktober 2022. Ini kami sedang siapkan segera (dokumen) persyaratan yang harus dipenuhi untuk permohonan perpanjangan PKP2B tersebut. Sesuai dengan peraturan yang berlaku, paling lambat pengajuan perpanjangan Adaro satu tahun sebelum PKP2B berakhir," paparnya dalam konferensi pers secara virtual, Jumat, (28/08/2020).

Lebih lanjut ia mengatakan setelah segala persyaratan selesai, Adaro akan segera meng-ajukan perpanjangan.

"Setelah segala persyaratan dapat kami penuhi, maka kami akan segera mengajukan perpanjangan PKP2B," jelasnya.

Berdasarkan data dari Kementerian Energi dan Sumber Daya Mineral (ESDM) saat ini ada tujuh kontrak tambang yang akan segera berakhir sampai tahun 2025. Di antaranya,...


Among them, PT Arutmin Indonesia, PT Kendilo Coal Indonesia, PT Kaltim Prima Coal, PT Multi Harapan Utama, PT Adaro Indoesia, PT Kideco Jaya Agung, and PT Berau Coal.

Currently, there are three coal companies that have submitted mining operational contract extensions which will then change to a permit regime because mining

contracts will expire in the near future. The three companies are:

1. PT Arutmin Indonesia

The coal mining contract or known as the Arutmin Coal Mining Concession Work Agreement (PKP2B) will expire on November 1, 2020. Arutmin has submitted an operational extension as stated in the Letter of the President Director of PT Arutmin Indonesia no.1036/AI/X/2019

dated 24 October 2019. The Arutmin mine area reaches 57,107 hectares.

2. PT Kaltim Prima Coal

The KPC contract will expire on December 31, 2021. The company has submitted an extension through the Letter of the President Director of PT KPC No. L-188/BOD-MD.1.7.5/III/2020 dated March 30, 2020. The area of KPC's coal mine reaches 84,938 Ha.

3. PT Multi Harapan Utama

The MHU contract will expire on April 1, 2022. The company has submitted an extension through the Letter of the President Director of PT MHU no. 262/OL/MHU-BOD/VI/2020 dated 29 June 2020. (*)

Di antaranya, PT Arutmin Indonesia, PT Kendilo Coal Indonesia, PT Kaltim Prima Coal, PT Multi Harapan Utama, PT Adaro Indoesia, PT Kideco Jaya Agung, dan PT Berau Coal.

Saat ini ada tiga perusahaan batu bara yang telah mengajukan perpanjangan kontrak operasional tambang yang kemudian akan berubah menjadi rezim

izin karena kontrak tambang akan ber-akhir dalam waktu dekat. Tiga perusahaan tersebut adalah :

1. PT Arutmin Indonesia

Kontrak tambang batu bara atau dikenal dengan nama Perjanjian Karya Peng-usahaan Pertambangan Batu Bara (PKP2B) Arutmin akan berakhir pada 1 November 2020. Arutmin telah mengajukan perpan-jangan operasional tertuang dalam Surat

Presiden Direktur PT Arutmin Indonesia no.1036/AI/X/2019 tanggal 24 Oktober 2019. Adapun luas tambang Arutmin men-capai 57.107 Ha.

2. PT Kaltim Prima Coal

Kontrak KPC akan berakhir pada 31 Desember 2021. Perusahaan telah meng-ajukan perpanjangan melalui Surat Presiden Direktur PT KPC No.L-188/BOD-MD.1.7.5/III/2020 tanggal 30 Maret 2020.

Adapun luas tambang batu bara KPC men-capai 84.938 Ha.

3. PT Multi Harapan Utama

Kontrak MHU akan berakhir pada 1 April 2022. Perusahaan telah mengajukan per-panjangan melalui Surat Presiden Direktur PT MHU no. 262/OL/MHU-BOD/VI/2020 tanggal 29 Juni 2020. (*)


After depressed in Semester I, Timah (TINS) is still confident in

improving its performance in the remainder of 2020

Reporter: Dimas Andi | Editor: Tendi Mahadi

THE PERFORMANCE of PT Timah Tbk was actually quite disappointing during the first semester due to a net loss of Rp 390.07 billion. However, the management of the issuer coded as TINS shares believes there is still room for performance improvement in the remainder of 2020.

Director of Finance Timah Wibisono said, the opportunity to improve performance for TINSremains open. Indeed, in the last semester TINS suffered a net loss which cumulatively reached Rp 390.07 billion.

However, if viewed on a monthly basis, slowly but surely TINS's bottom line performance is starting to improve. For example, in January, TINS suffered a net loss of Rp. 191 billion. TINS's net loss value continued to decline until last April amounting to Rp 70 billion. In fact, in May and June TINS managed to generate net profit of Rp 43 billion and Rp 50 billion, respectively.

According to him, one of the factors for improving TINS performance is the cost of raw materials which has been successfully suppressed periodically.

He said TINS used a formula based on the global average price of tin in a certain time when it wanted to determine the cost of raw materials. In certain cases, it is somewhat less profitable for TINS because they are late in experiencing the decline in raw material costs due to the effect of the correction in global tin prices.

Usai tertekan di semester I, Timah (TINS) masih yakin

perbaiki kinerja di sisa 2020 Reporter: Dimas Andi | Editor: Tendi Mahadi

KINERJA PT Timah Tbk sebenarnya tergolong mengecewakan sepanjang semester satu lalu lantaran mengalami rugi bersih mencapai Rp 390,07 miliar. Namun, manajemen emiten bersandi saham TINS tersebut meyakini masih ada ruang perbaikan kinerja di sisa tahun 2020.

Direktur Keuangan Timah Wibisono menyebut, peluang perbaikan kinerja bagi TINS tetap terbuka. Memang, di semester lalu TINS lalu menderita kerugian bersih yang secara akumulatif mencapai Rp 390,07 miliar.

Namun, jika dilihat secara bulanan, pelan tapi pasti kinerja bottom line TINS mulai membaik. Sebagai contoh, di bulan Januari lalu TINS mengalami kerugian bersih sebesar Rp 191 miliar. Nilai kerugian bersih TINS terus turun hingga bulan April lalu sebesar Rp 70 miliar. Bahkan, di bulan Mei dan Juni TINS berhasil mencetak laba bersih masing-masing sebesar Rp 43 miliar dan Rp 50 miliar.

Menurutnya, salah satu faktor perbaikan kinerja TINS adalah biaya bahan baku yang berhasil ditekan secara berkala.

Dia berujar, TINS menggunakan formula yang didasari oleh harga rata-rata timah global dalam waktu tertentu ketika hendak menentukan biaya bahan baku. Dalam beberapa kasus tertentu, hal itu agak kurang menguntungkan TINS lantaran mereka terlambat merasakan penurunan biaya bahan baku akibat efek koreksi harga timah global.

https://pusatdata.kontan.co.id/quote/TINS

https://pusatdata.kontan.co.id/quote/TINS


"So when the tin price dropped to US$ 16,000 per ton, our raw material costs were still referring to the old price when it was still high. But now finally the cost can be reduced," he said in a virtual public expose, Friday (28/8).

In addition, TINS' capital to rise was also evident from the improvement in operating cash flow in the first semester of 2020 to Rp 3.17 trillion. In fact, in the same semester in the previous year, the issuer's operating cash flow was in the negative area of Rp 3.33 trillion.

These results indicate that TINS 'financial condition is still relatively healthy. Thus, TINS can make it easier to make various efforts to repay loans to banks or other financing institutions.

Evidently, TINS's short-term debt position in the first semester managed to drop 37% (yoy) to Rp 5.56 trillion. "Going forward, we will continue to strive to reduce our exposure to borrowing costs," said Wibisono.

With a solid cash flow, it is hoped that TINS will be able to book a net profit in the following months. As a result, the net losses found in the previous months can be compensated.

“Jadi waktu harga timah sempat anjlok ke level US$ 16.000 per ton, biaya bahan baku kami masih mengacu di harga yang lama ketika masih tinggi. Tapi sekarang akhirnya biaya tersebut bisa ditekan,” ungkapnya dalam paparan publik virtual, Jumat (28/8).

Selain itu, modal TINS untuk bangkit juga terlihat dari membaiknya arus kas operasi di semester I-2020 menjadi Rp 3,17 triliun. Padahal, di semester yang sama di tahun sebelumnya arus kas operasi emiten tersebut berada di area negatif Rp 3,33 triliun.

Hasil ini menandakan kondisi keuangan TINS masih tergolong sehat. Dengan demikian, TINS bisa menjadi lebih mudah dalam melakukan berbagai upaya pelunasan pinjaman kepada perbankan atau lembaga pembiayaan lainnya.

Terbukti, posisi utang jangka pendek TINS di semester satu berhasil turun 37% (yoy) menjadi Rp 5,56 triliun. “Ke depan, kami akan terus berupaya untuk mengurangi eksposur terhadap biaya pinjaman,” kata Wibisono.

Dengan adanya arus kas yang solid, di-harapkan TINS dapat membukukan laba bersih di bulan-bulan berikutnya. Alhasil, kerugian bersih yang didapati pada bulan-bulan terdahulu bisa terkompensasi.

Smelters likely to be finished late because of lockdowns: Freeport Norman Harsono | The Jakarta Post

THE DEVELOPMENT of two metal smelters by gold and copper mining firm PT Freeport Indonesia (PTFI) has fallen well behind schedule because of the pandemic-related lockdowns. The company expects them to come onstream one year late.

The copper concentrate smelter – one of only two being developed in Indonesia – reached a 5.9 percent completion rate in July, below the targeted 10.5 percent, according to the Energy and Mineral Resources Ministry’s mining director general, Ridwan Djamaluddin.


Meanwhile, the company’s gold and silver smelter had reached 9.79 percent completion, below the 14.3 percent target, he said during a hearing with House of Representatives legislators and Freeport Indonesia on Thursday.

The government, he continued, expected Freeport to finish construction by 2023, despite the company’s previous requests to extend the deadline to 2024, as the new Coal and Mineral Mining Law mandates all metal ore must be processed domestically by 2023.

“We will follow the prevailing law,” Ridwan said.

Freeport deputy president director Jenpino Ngabdi stated on Thursday that project

contractors based abroad were unable to finish project designs, finalize prices and procure equipment due to international lockdowns.

“Due to COVID-19, delays have been ongoing for around nine months,” he said. “We ask to be given a relaxation to complete the smelter in 2024.”

Freeport Indonesia has disbursed $290 million for the smelters as of July, mostly for land clearance. The combined investment value for the two smelters is $3 billion.

The projects, both located in Gresik, East Java, are among dozens of smelters being developed in Indonesia as the country, which relies heavily on mining for export revenue, ramps up plans to downstream the mining industry.

In May, Freeport also stated that it would operate the Grasberg mine in Papua, the world’s biggest gold mine, with a “skeletal team” after a rise in coronavirus infections in the area, according to Reuters report.

Weather and the Covid-19 pandemic factors affect Adaro Energy's (ADRO) operational

performance Reporter: Dimas Andi | Editor: Handoyo

PT ADARO Energy Tbk (ADRO) recorded

unsatisfactory operational performance throughout the first semester of 2020. Evidently, ADRO coal production fell 4% (yoy) to 27.29 million tonnes. At the same time, ADRO's coal sales volume decreased 6% (yoy) to 27.13 million tonnes.

Faktor cuaca dan pandemi Covid-19 pengaruhi kinerja operasional Adaro Energy

(ADRO) Reporter: Dimas Andi | Editor: Handoyo

PT ADARO Energy Tbk (ADRO) men-catatkan kinerja operasional yang kurang memuaskan sepanjang semester I-2020. Terbukti, produksi batubara ADRO turun 4% (yoy) menjadi 27,29 juta ton. Di saat yang sama, volume penjualan batubara ADRO turun 6% (yoy) menjadi 27,13 juta ton.

https://pusatdata.kontan.co.id/quote/ADRO


ADRO's coal sales portfolio in the first semester was dominated by E4700 and E4900 which was supported by solid demand for this type of coal. The Southeast Asian market contributed 47% to ADRO's coal sales in the first semester with Indonesia and Malaysia as the largest portion owners.

In addition, 27% of ADRO's coal sales went to East Asia, 14% to India, 14% to China, and 1% to other countries including New Zealand, Pakistan and Europe.

Furthermore, ADRO's overburden stripping decreased 19% (yoy) to 103.01 million bank cubic meters (bcm) in the first semester. This result is in accordance with the company's guidance to reduce strip ratio this year, while in the last semester ADRO's strip ratio was 3.77.

ADRO actually scored a solid performance in the first quarter. However, conditions changed in the second quarter due to the long rainy season in the operating area. Not to mention, the decline in demand occurred due to the weakening of the global economy due to the lockdown which was the result of the Covid-19 pandemic.

As a result, specifically in the second quarter of 2020, ADRO's coal production and sales respectively reached 12.88 million tons and 12.74 million tons, down 13% (yoy) and 17% (yoy). ADRO's overburden removal in the second quarter also decreased 19% (yoy) to 53.25 million bcm with a realized strip ratio of 4.13 times.

"Adaro Energy's operations are affected by the prolonged rainy season which lasts until June with higher than usual volume of rainfall and rainy hours," said ADRO Management in a written statement quoted by Kontan, Sunday (30/8).

Portofolio penjualan batubara ADRO di semester satu didominasi oleh E4700 dan E4900 yang didukung oleh permintaan yang solid untuk jenis batubara ini. Pasar Asia Tenggara berkontribusi 47% terhadap penjualan batubara ADRO di semester satu dengan Indonesia dan Malaysia sebagai pemilik porsi terbesar.

Selain itu, 27% penjualan batubara ADRO ditujukan ke Asia Timur, 14% ke India, 14% ke China, dan 1% ke negara lainnya termasuk Selandia Baru, Pakistan, dan Eropa.

Lebih lanjut, pengupasan lapisan penutup ADRO turun 19% (yoy) menjadi 103,01 juta bank cubic meter (bcm) di semester satu lalu. Hasil tersebut sesuai dengan panduan perusahaan untuk menurunkan nisbah kupas di tahun ini, sedangkan di semester satu lalu nisbah kupas ADRO sebesar 3,77 kali.

ADRO sebenarnya sempat mencetak kinerja yang solid di kuartal pertama lalu. Namun, kondisi berubah di kuartal kedua seiring musim hujan yang panjang di wilayah operasi. Belum lagi, penurunan permintaan terjadi karena melemahnya ekonomi global akibat karantina wilayah (lockdown) yang merupakan imbas dari pandemi Covid-19.

Alhasil, khusus di kuartal II-2020, produksi dan penjualan batubara ADRO masing-masing mencapai 12,88 juta ton dan 12,74 juta ton atau turun 13% (yoy) dan 17% (yoy). Pengupasan lapisan penutup ADRO di kuartal kedua juga turun 19% (yoy) menjadi 53,25 juta bcm dengan realisasi nisbah kupas sebesar 4,13 kali.

“Operasi Adaro Energy terdampak oleh musim hujan berkepanjangan yang ber-langsung hingga bulan Juni dengan volume curah hujan dan jam hujan yang lebih tinggi daripada biasanya,” ungkap Manajemen ADRO dalam keterangan tertulis yang di-kutip Kontan, Minggu (30/8).


The lockdown policy due to Covid -19 affected many ADRO customers because electricity demand in customer countries was weakening. Apart from the negative impact of the pandemic, uncertainty in import policies in several countries has put more pressure on the coal market, which is already unbalanced.

Given the difficult market conditions, ADRO revised several of its guidance components in 2020, such as coal production of around 52 million tonnes - 54 million tonnes, operational EBITDA of US$ 600 million-US$ 800 million, and capital expenditure of US$ 200 million-US$ 250 million.

The ADRO strip ratio guide in 2020 is still maintained at 4.30 times.

Meanwhile, the new target for coal production fell by around 10% compared to the results in 2019 which was mainly driven by a decrease in thermal coal production. "In addition, ADRO can determine the volume scale more precisely thanks to the strategy to sell directly to users," said ADRO Management.

The operational EBITDA Guidelines were also adjusted to reflect the decrease in estimated average selling price as a result of lower global coal prices.

Kebijakan lockdown akibat Covid-19 ber-dampak terhadap banyak pelanggan ADRO karena permintaan listrik di negara-negara para pelanggan melemah. Selain dampak negatif pandemi, ketidakpastian kebijakan impor di beberapa negara semakin mem-berikan tekanan terhadap pasar batubara yang memang sudah tidak seimbang.

Mengingat kondisi pasar yang sulit, ADRO merevisi beberapa komponen panduannya di tahun 2020 seperti produksi batubara sekitar 52 juta ton-54 juta ton, EBITDA operasional US$ 600 juta-US$ 800 juta, dan belanja modal US$ 200 juta-US$ 250 juta.

Adapun panduan nisbah kupah ADRO di tahun 2020 masih dipertahankan sebesar 4,30 kali.

Sementara itu, target baru untuk produksi batubara turun sekitar 10% dibandingkan hasil di tahun 2019 yang terutama didorong oleh penurunan produksi batubara termal. “Selain itu, ADRO dapat menentukan skala volume dengan lebih tepat berkat strategi untuk menjual langsung ke pengguna,” sebut Manajemen ADRO.

Panduan EBITDA operasional pun disesuai-kan untuk mencerminkan penurunan esti-masi harga jual rata-rata yang diakibatkan oleh penurunan harga batubara global.

Timah looks for partners to develop rare earth metals

Rio Indrawan

PT TIMAH Tbk (TINS) is still ambitious to be able to develop rare earth minerals in Bangka Belitung. This time Timah implemented a different strategy, namely developing rare earths together with partners.

Timah Cari Mitra Kembangkan Logam Tanah Jarang

Rio Indrawan

PT TIMAH Tbk (TINS) masih berambisi untuk bisa mengembangkan mineral logam tanah jarang (rare earth) di Bangka Belitung. Kali ini Timah menjalankan strategi berbeda yakni mengembangkan tanah jarang bersama dengan mitra.


Abdullah Umar, Corporate Secretary of Timah, said that so far, most of the rare earth reserves are contained in the PT Timah concession area, but the manage-ment is not optimal, it tends to be left behind. This is because the rare earth management technology has not yet been mastered. By involving partners, it is hoped that development can be more optimal.

"We are in the process of looking for partners. because it is related to hi-tech,” Abdullah said in the middle of a press conference at the public expose, Friday (28/8).

He further explained that to be able to produce rare earths is not arbitrary. Unlike mining on other minerals. It takes an advanced process that is not simple. This is not yet mastered by Timah.

"We have the resources, only how to process this. The process is not just oxidation, but how to pick up the highest chain is for the metal. To become a magnetic material and so on," said Abdullah.

Last year Timah actually conducted a feasibility study (FS) and the design of a monazite-type rare earth mineral project factory. Monazite is one of the rare earth minerals, a part of tin business activities. Since 2015, Timah has started to utilize this future mineral.

Monazite in the form of oxide, has a very important role in the needs of future industries such as superconductors, lasers, electronic optics, LED and iPAD applications, glass and ceramics. Rare earth metals are able to produce neomagnets, which are magnets that have a better magnetic field than ordinary magnets.

Abdullah Umar, Sekretaris Perusahaan Timah, mengatakan selama ini cadangan rare earth banyak terkandung di wilayah konsensi PT Timah, hanya saja penge-lolaannya tidak maksimal justru cenderung tertinggal. Ini lantaran masih belum dikuasasinya teknologi pengelolaan rare earth. Dengan melibatkan mitra diharap-kan pengembangan bisa menjadi lebih optimal.

“Kami sedang proses mencari partner. karena kaitannya dengan hitech,” kata Abdullah disela konferensi pers public expose, Jumat (28/8).

Lebih lanjut dia menjelaskan bahwa untuk bisa memproduksi rare earth memang tidak sembarangan. Tidak seperti melaku-kan penambangan pada mineral lainnya. Butuh proses lanjutan yang tidak seder-hana. Hal ini yang belum dikuasai oleh Timah.

“Kami punya resources-nya, cuma bagai-mana memproses ini. Prosesnya bukan hanya oksidasi, tapi bagaimana memilih sampai rantai yang tertinggi adalah untuk logamnya. Untuk menjadi bahan magnet dan seterusnya,” kata Abdullah.

Timah pada tahun lalu sebenarnya telah melakukan studi kelayakan (feasibility study/FS) dan desain pabrik proyek mineral tanah jarang jenis monasit . Monasit merupakan salah satu mineral tanah jarang, ikutan dari kegiatan pengusahaan timah. Sejak 2015, Timah mulai memanfaatkan mineral masa depan tersebut.

Monazit dalam bentuk oksida, memiliki peranan yang sangat penting dalam kebutuhan industri masa depan seperti superkonduktor, laser, optik elektronik, aplikasi LED dan iPAD, kaca dan juga keramik. Logam tanah jarang mampu menghasilkan neomagnet yaitu magnet yang memiliki medan magnet yang lebih baik dari magnet biasa.


In metallurgical applications, the addition of rare earths is used in the manufacture of high strength low alloy (HSLA) high carbon, super alloy and stainless steels. This is because rare earth metals have the ability to resist heat.

Rare earth metals are added to magnesium and aluminum alloys which significantly increase the strength and hardness of the alloys.

In Indonesia, such as research conducted by the Research and Development Center for Mineral and Coal Technology (Tekmira), there are two types of minerals that contain rare earth metals, namely monazite and senotime. Several areas in Indonesia that contain monazite deposit areas are Bangka-Belitung, Karimata/ Ketapang, Rirang-Tanah Merah.

The government has begun to seriously develop rare earth metal resources by forming an agency that has a special task to conduct studies and use of rare earths.

Yunus Saefulhak, Director of Mineral Business Development at the Directorate General of Mineral and Coal (Minerba), Ministry of Energy and Mineral Resources (MEMR), said that rare earth processing is getting serious attention because the discussion has now crossed ministries and institutions.

The government finally decided that there should be a special agency that focuses on collecting various types of rare earths which are a by-product of other mineral mining activities carried out by various mining companies.

"Actually, there should be a collecting body, maybe a state-owned company (SOEs) will be appointed. Monazite (rare earth) collectors rather than going anywhere are being coordinated by the Coordinating Minister for Maritime Affairs and Investment," said Yunus. (RI)

Dalam aplikasi metalurgi, penambahan logam tanah jarang digunakan dalam pembuatan baja paduan rendah berkekuatan tinggi (High Strength Low Alloy/HSLA) baja karbon tinggi, super alloy dan stainless steel. Hal ini karena logam tanah jarang memiliki kemampuan ketahanan terhadap panas.

Logam tanah jarang yang ditambahkan pada paduan magnesium dan aluminium, akan menambah kekuatan dan kekerasan paduan tersebut secara signifikan.

Di Indonesia, seperti penelitian yang dilaku-kan oleh Pusat Penelitian dan Pengem-bangan Teknologi Mineral dan Batu Bara (Tekmira), terdapat dua jenis mineral yang mengandung logam tanah jarang yakni monazit dan senotim. Beberapa daerah di Indonesia yang mengandung daerah deposit monasit yaitu Bangka-Belitung, Karimata/ Ketapang, Rirang-Tanah Merah.

Pemerintah mulai serius untuk mengem-bangkan sumber daya logam tanah jarang dengan akan dibentuknya suatu badan yang memiliki tugas khusus untuk melakukan kajian serta pemanfatan rare earth.

Yunus Saefulhak, Direktur Pembinaan Peng-usahaan Mineral Ditjen Mineral dan Batu bara (Minerba) Kementerian Energi dan Sumber Daya Mineral (ESDM), mengungkapkan peng-olahan rare earth mendapatkan perhatian serius karena pembahasannya kini sudah sampai lintas kementerian dan lembaga.

Pemerintah akhirnya memutuskan harus ada badan khusus yang fokus untuk mengum-pulkan berbagai jenis rare earth yang merupakan produksi ikutan dari kegiatan tambang mineral lainnya dan dilakukan oleh berbagai perusahaan tambang.

“Sebetulnya harus ada badan pengumpul mungkin akan ditunjuk Badan Usaha Milik Negara (BUMN). Pengumpul monazit (rare earth) dari pada pada pergi kemana-mana sedang dikoordinasikan Menko Kemaritiman dan Investasi,” kata Yunus. (RI)


Underground Mining Is the Future of Freeport Indonesia

SINCE the 2018 acquisition by the Indonesian government through PT Inalum, which increased Indonesia's ownership to 51%, PT Freeport Indonesia (PTFI) has carried out a number of transformations towards the future.

PTFI is now looking to new horizons by building an ambitious underground mining project after completing open pit mining at the Grasberg mine site. There are at least five underground reserves that PTFI can work on in the future.

One of PTFI's large underground mining reserves is the Grasberg Block Cave (GBC) which is a mine reserve just below the Grasberg open pit. In addition, there is the Deep Mill Level Zone (DMLZ) block which has been developed since 2016 and is projected to finish production in 2040.

There is also another underground mining reserve that has not been exploited, namely the Kucing Liar which will only start working on it in 2024 and has a production period of until 2053.

PTFI President Director Tony Wenas revealed that the assumption that Freeport's mining reserves had been completely dredged up before the divest-ment was carried out.

"These are two giant underground mines that we have started to develop since 2004. Namely the GBC and DMLZ mines, which are the two largest underground mines in the world and these will generate revenues of up to US$ 6 billion-US$ 7 billion per year," he explained. Tony in an interview with the program The Nation Metro TV, recently.

Tambang Bawah Tanah Jadi Masa Depan Freeport Indonesia

SEJAK akuisisi pada 2018 oleh pemerintah Indonesia melalui PT Inalum yang mening-katkan kepemilikan Indonesia menjadi 51%, PT Freeport Indonesia (PTFI) telah melaku-kan sejumlah transformasi guna menyong-song masa depan.

PTFI kini menatap cakrawala baru dengan membangun proyek ambisius penambangan bawah tanah setelah menyelesaikan penam-bangan terbuka di lokasi tambang Grasberg. Tak main-main, setidaknya terdapat lima cadangan bawah tanah yang dapat di-kerjakan PTFI ke depan.

Salah satu cadangan tambang bawah tanah yang besar milik PTFI ialah Grasberg Block Cave (GBC) yang merupakan cadangan tambang persis di bawah open pit Grasberg. Selain itu, ada blok Deep Mill Level Zone (DMLZ) yang sudah mulai dikembangkan sejak 2016 dan diproyeksikan baru akan selesai produksi pada 2040 mendatang.

Ada pula cadangan tambang bawah tanah lain yang belum tergarap, yakni Kucing Liar yang baru akan mulai digarap pada 2024 dan memiliki masa produksi hingga 2053.

Direktur Utama PTFI Tony Wenas meng-ungkapkan, tidak benar anggapan bahwa cadangan tambang Freeport telah habis dikeruk sebelum divestasi dilakukan.

“Ini merupakan dua tambang bawah tanah raksasa yang sudah kita mulai kembangkan dari 2004. Yakni tambang GBC dan DMLZ yang merupakan dua tambang bawah tanah ter-besar di dunia dan ini yang akan meng-hasilkan revenue yang mencapai US$6 miliar-US$7 miliar per tahun,” terang Tony dalam wawancara dalam program The Nation Metro TV, baru-baru ini.


He explained that after the PTFI shares divestment, there was no fundamental change in how the company operates. In fact, what happened was a mutually beneficial synergy.

Tony explained that before the divestment, PTFI contributed 60% to the state in the form of taxes, royalties and dividends. However, this figure has now increased to over 70%.

This also has an immediate impact, particularly on the provincial and district governments in Papua where PTFI operates, which enjoy high increases in regional revenues. Especially after the conversion from a work contract to a special mining business license (IUPK).

Tony also said that PTFI remains highly committed to developing Papua and its people so that they can enjoy the fruits of their natural wealth. He also gave an example that one of the current members of the board of directors and nine vice presidents are Papuans. The composition of indigenous Papuan workers at PTFI has also reached 40%.

“We want to show that we are part of Papua here. We have been part of Papua for more than 53 years and our commitment to developing Papua continues in the future," explained Tony.

Underground mine

On that occasion, Tony also revealed that PTFI's future lies in an underground mine. For this reason, currently his party is seriously conducting underground mining. Although it cannot be denied that the impact has resulted in decreased production during the transition period.

However, everything is still according to the production plan. Although production in 2019 and 2020 is low due to the transition to underground mining, it is certain that in 2021 it will begin to increase.

Ia menerangkan pascadivestasi saham PTFI, tidak ada perubahan fundamental dari bagaimana perusahaan beroperasi. Justru yang terjadi ialah sinergi yang saling meng-untungkan.

Tony menerangkan, sebelum divestasi, kontribusi PTFI ke negara sebesar 60% berupa pajak, royalti, dan dividen. Namun, angka tersebut kini telah meningkat menjadi lebih dari 70%.

Hal itu pun memberikan dampak langsung, khususnya bagi pemerintah provinsi dan pemerintah kabupaten di Papua tempat PTFI beroperasi yang menikmati kenaikan tinggi pada pendapatan daerah. Terutama setelah adanya konversi dari kontrak karya ke izin usaha pertambangan khusus (IUPK).

Tony pun menyebut PTFI tetap memiliki komitmen tinggi untuk mengembangkan Papua dan masyarakatnya agar dapat menikmati hasil kekayaan alam mereka. Ia pun mencontohkan salah seorang anggota direksi saat ini serta sembilan vice president dijabat orang asli Papua. Komposisi pekerja asli Papua di PTFI pun telah mencapai 40%.

“Kita ingin menunjukkan bahwa kami di sini merupakan bagian dari Papua. Kita sudah lebih dari 53 tahun menjadi bagian dari Papua dan komitmen kita untuk mem-bangun Papua terus berlanjut ke depan,” terang Tony.

Tambang bawah tanah

Dalam kesempatan itu, Tony juga meng-ungkapkan masa depan PTFI ada di tambang bawah tanah. Untuk itu, saat ini pihaknya secara serius melakukan penambangan di bawah tanah. Meski tidak dapat dimungkiri dampaknya membuat penurunan produksi selama masa transisi.

Namun, semuanya masih sesuai dengan rencana produksi. Meski produksi pada 2019 dan 2020 rendah karena transisi ke tambang bawah tanah, pada 2021 dipastikan sudah mulai meningkat.


For example, this year PTFI will produce around 700 million pounds of copper and around 800 thousand ounces of gold. Meanwhile, in 2021, PTFI will be able to produce 1.4 billion pounds of copper and 1.4 million ounces of gold and in 2022 the production level will return to normal until 2041.

"So that with full production capacity at current prices we can get a revenue of US$ 6 billion-US$ 7 billion per year for PTFI, for dividends to Inalum around US$ 1 billion per year starting from 2022," explained Tony.

He emphasized that PTFI's future is still bright because it still has huge mineral reserves. In fact, according to him, these spare parts will not run out until the PTFI mining permit contract expires in 2041.

For example, the Cat Liar underground mine, which is projected to start in 2024 and will only be completed in 2053, will not be fully exploited because of the mining contract period which is completed in 2041. Unless the government returns to grant more permits for mining more than 2041.

In addition to the Kucing Liar mine, Tony also said that his party had found new reserves under the GBC and DMLZ mines. He predicts that there are 2 billion tonnes of resources, and if further exploration is carried out, it is likely that there will be at least 1 billion tonnes of resource reserves that can be mined in the next 15 years.

"If we are given permission to continue mining after 2041, of course we will carry out further exploration," he said.

Smelter Potential

Currently, apart from working on the construction of an underground mine, PTFI is also continuing the construction of a copper concentrate smelter, known as a smelter. Tony believes that when the smelter is completed it will have a positive impact on PTFI.

Misalnya tahun ini PTFI akan produksi sekitar 700 juta pound tembaga dan sekitar 800 ribu ounce emas. Sedangkan pada 2021 nanti, PTFI sudah bisa produksi 1,4 miliar pound tembaga dan 1,4 juta ounce emas dan pada 2022 tingkat produksinya 100% kembali normal hingga 2041.

“Sehingga bila dengan kapasitas produksi penuh itu dengan harga sekarang kita bisa peroleh revenue US$6 miliar-US$7 miliar per tahun untuk PTFI, untuk dividen ke Inalum sekitar US$1 miliar per tahun dimulai dari 2022,” terang Tony.

Ia menegaskan masa depan PTFI masih cerah karena masih memiliki cadangan mineral yang sangat besar. Bahkan, menurutnya, cadangan tersebut belum akan habis hingga kontrak izin penambangan PTFI berakhir di 2041.

Seperti tambang bawah tanah Kucing Liar yang diproyeksikan akan mulai pada 2024 dan baru akan selesai pada 2053 tidak akan tergarap sepenuhnya karena batasan masa kontrak penambangan yang selesai pada 2041. Terkecuali pemerintah kembali memberikan izin lagi untuk penambangan lebih dari 2041.

Selain tambang Kucing Liar, Tony pun menyebut pihaknya telah menemukan cadangan baru di bawah tambang GBC dan DMLZ. Ia memprediksi terdapat 2 miliar ton sumber daya, dan bila dilakukan eksplorasi lanjutan kemungkinan sedikitnya akan ada 1 miliar ton cadangan sumber daya yang dapat ditambang hingga 15 tahun ke depan.

“Kalau kita diberikan izin untuk melanjutkan penambangan setelah 2041 tentu kita akan melakukan eksplorasi lanjutan,” tuturnya.

Potensi smelter

Saat ini, selain mengerjakan pembangunan tambang bawah tanah, PTFI juga masih meneruskan pembangunan pabrik peleburan konsentrat tembaga atau yang dikenal dengan sebutan smelter. Tony meyakini bila smelter tersebut selesai akan memberikan dampak yang positif bagi PTFI.


He estimates that with the completion of the smelter facility, PTFI will be able to produce around 600 thousand tons of copper cathodes. In addition, the smelter will also have processing precious refineries for gold and silver processing.

Tony projects that the market for copper and gold will still be bright, despite the current global economic conditions due to the Covid-19 pandemic. He sees that the market demand for copper is still high.

One of the reasons is the increasing use of electric cars in the future, which requires a lot of copper as raw material. Likewise the demand for copper from renewable energies such as wind and solar power generation will require a lot of copper.

Likewise with gold products whose prices are getting higher every day, even now it has reached US$ 2 thousand per ounce. Gold products are seen to be needed in the future, it's just that the price level cannot be predicted.

"However, our production plan is likely to be achieved according to the long term investment plan that we have agreed with Inalum until 2041," Tony concluded.

The future of Papua

The divestment of ownership of PTFI shares by the Indonesian government is also a hope for indigenous Papuans to work more at PTFI. Now there are more and more native sons who are occupying strategic positions at PTFI and in terms of composition, there are already 40% local men.

One of them is the Head of Tunnel Development Technician Michael Geddy, who said that many of his colleagues at the manager level are occupied by indigenous Papuans. In fact, according to him, there were some indigenous Papuans who held higher positions.

Ia memperkirakan dengan selesainya fasilitas smelter tersebut PTFI akan dapat mem-produksi sekitar 600 ribu ton katoda tembaga. Selain itu, smelter nantinya juga memiliki pengolahan precious refinery untuk pengolahan emas dan perak.

Tony memproyeksikan market untuk tembaga dan emas masih cerah, terlepas dari kondisi ekonomi global saat ini akibat pandemi covid-19. Ia melihat dari permin-taan pasar akan tembaga masih tinggi.

Salah satu alasan karena semakin umumnya penggunaan mobil listrik di masa depan yang sangat membutuhkan banyak bahan baku tembaga. Begitu juga permintaan tembaga dari energi terbarukan seperti pembangkit tenaga angin dan surya yang akan mem-butuhkan banyak tembaga.

Begitu pula dengan produk emas yang semakin hari harganya semakin tinggi, bahkan saat ini sudah mencapai US$2 ribu per ounce. Produk emas dipandang masih akan dibutuhkan di masa mendatang, hanya saja tidak dapat diprediksi bagaimana tingkat harganya.

“Akan tetapi rencana produksi kita kemung-kinan akan dapat kita capai sesuai long term investment plan yang sudah kita sepakati dengan Inalum hingga 2041,” pungkas Tony.

Masa depan Papua

Divestasi kepemilikan saham PTFI oleh pemerintah Indonesia pun menjadi harapan bagi masyarakat asli Papua untuk dapat lebih banyak berkarya di PTFI. Kini semakin banyak putra asli daerah yang menduduki posisi yang strategis di PTFI dan secara komposisi pekerja pun sudah mencapai 40% putra daerah.

Salah satunya Kepala Teknisi Pengembangan Terowongan Michael Geddy yang menye-butkan sudah banyak rekannya di tingkat manajer yang ditempati warga asli Papua. Bahkan, menurutnya, ada beberapa orang asli Papua yang menduduki jabatan yang lebih tinggi.


"The hope is that with this divestment, many changes that occur for our brothers and sisters in Papua will be given more attention. There are many career opportunities to be able to learn for the brothers in Papua, especially since there are mines in Papua,” explained Michael.

Likewise, Henky Rumbino, who is the Head of PTFI Occupational Health and Safety

who is also one of the 9 Vice Presidents of indigenous Papuans, confirmed the great opportunity that PTFI provides to local people.

Henky said that job opportunities are definitely provided and are no different from other employees. However, every-thing returns to each individual.

"Whether you want to learn or not, if you want to take the opportunity to develop

yourself and be the best or not, it returns to yourself and yourself," said Henky.

(Dro/S2-25)

“Harapannya dengan adanya divestasi ini banyak perubahan yang terjadi untuk saudara-saudara kita di Papua menjadi lebih diperhatikan. Ada banyak kesempatan berkarier untuk bisa belajar bagi saudara-saudara di Papua, apalagi tambang itu ada di Papua,” terang Michael.

Senada dengan itu, Henky Rumbino yang merupakan Kepala Kesehatan dan

Keselamatan Kerja PTFI yang sekaligus salah satu dari 9 Vice President warga asli Papua membenarkan besarnya kesempatan yang diberikan PTFI kepada putra daerah.

Henky menyebut kesempatan kerja pasti diberikan dan tidak berbeda dengan karya-wan lainnya. Namun, semuanya kembali kepada individu masing-masing.

“Mau belajar atau tidak, mau untuk meng-ambil kesempatan itu untuk mengembang-

kan diri dan menjadi yang terbaik atau tidak itu kembali ke pribadi dan diri sendiri,” tutur Henky. (Dro/S2-25)

For the continuation of PKP2B, the Minister of EMR gave a signal

that he would issue an IUPK Reporter: Ridwan Nanda Mulyana | Editor:

Herlina Kartika Dewi

MINISTER of Energy and Mineral

Resources (MEMR) Arifin Tasrif gave a signal that he will issue a Special Mining Business License (IUPK) this year. The reason is, there is a Coal Mining Exploitation Work Agreement (PKP2B) which will soon expire.

Demi kelanjutan PKP2B, Menteri ESDM beri sinyal akan

terbitkan IUPK Reporter: Ridwan Nanda Mulyana | Editor:

Herlina Kartika Dewi

MENTERI Energi dan Sumber Daya

Mineral (ESDM) Arifin Tasrif memberi sinyal akan menerbitkan Izin Usaha Pertambangan Khusus (IUPK) pada tahun ini. Pasalnya, ada satu Perjanjian Karya Pengusahaan Pertambangan Batubara (PKP2B) yang segera habis kontrak.


Arifin said, although Law Number 3 of 2020 or the new Minerba Law is still in a formal review suit at the Constitutional Court (MK), the Ministry of EMR is still conducting an evaluation process for the awarding of IUPK as a contract extension.

"There is no new IUPK yet. Maybe this year there is one that is indeed in process. We are currently clarifying, although there is

still a process in the Constitutional Court," said Arifin at the Joint Working Meeting of Commission VII DPR RI which was held on Wednesday (26/8).

According to Arifin, guaranteeing business continuity is the main consideration why the evaluation of license extensions is being held. Moreover, this will also have an impact on state revenues.

"Even though there is still a process in the Constitutional Court, we also consider that business continuity can be a major consideration. Otherwise, the state will lose its revenue," said Arifin.

At the same time, the Ministry of EMR is also finalizing a draft Government Regulation (PP) as a derivative rule of the new Minerba Law. Arifin targets that the PP can be issued at the end of this year.

"Our team from the (DG) Minerba is working extra to be able to make clarifications with the relevant ministries and institutions, so that the draft can be completed immediately," said Arifin.

For information, the company whose contract expires in the near future is PT Arutmin Indonesia. This subsidiary of PT Bumi Resources Tbk (BUMI) has a mining area of 57,107 ha, and the contract will expire on November 1, 2020. Arutmin has submitted a contract extension to become an IUPK in October 2019.

Arifin mengatakan, meski Undang-Undang Nomor 3 Tahun 2020 atau UU Minerba yang baru masih dalam gugatan uji formil di Mahkamah Konstitusi (MK), tapi Kemen-terian ESDM tetap melakukan proses evaluasi pemberian IUPK sebagai perpan-jangan kontrak.

"IUPK baru ini belum ada. Mungkin tahun ini ada satu yang memang dalam proses. Kita sedang melakukan klarifikasi, meski-pun masih ada proses di dalam MK," kata Arifin dalam Rapat Kerja bersama Komisi VII DPR RI yang digelar Rabu (26/8).

Menurut Arifin, jaminan keberlangsungan usaha menjadi pertimbangan utama mengapa evaluasi perpanjangan izin terus digelar. Apalagi, hal tersebut juga akan berdampak terhadap penerimaan negara.

"Meskipun masih ada proses di dalam MK tapi kami juga meng-consider bahwa kelang-sungan usaha bisa menjadi pertimbangan utama. Karena kalau tidak, negara akan kehilangan pendapatannya," sebut Arifin.

Berbarengan dengan itu, Kementerian ESDM juga sedang merampungkan ran-cangan Peraturan Pemerintah (PP) sebagai aturan turunan dari UU Minerba yang baru. Arifin menargetkan, PP tersebut bisa terbit pada akhir tahun ini.

"Tim kami dari (Ditjen) Minerba sedang kerja ekstra untuk bisa melakukan klarifikasi-klarifikasi dengan kementerian dan lembaga terkait, sehingga rancangannya bisa segera diselesaikan," kata Arifin.

Sebagai informasi, perusahaan yang kontraknya berakhir dalam waktu dekat adalah PT Arutmin Indonesia. Anak usaha dari PT Bumi Resources Tbk (BUMI) itu memiliki wilayah tambang dengan luas 57.107 ha, dan kontraknya akan berakhir pada 1 November 2020. Arutmin sudah mengajukan perpanjangan kontrak menjadi IUPK pada Oktober 2019 lalu.


Referring to Kontan.co.id's report, the Special Staff of the Minister of EMR for the Acceleration of Mineral and Coal Governance Irwandy Arief said that the extension of the PKP2B contract and its continuation as an IUPK would not be given by the government automatically. He said, there was a strict evaluation that would be carried out by the government.

Irwandy said, there are a number of requirements that must first be met by companies holding PKP2B. If it is not fulfilled, then the contract cannot be extended.

"Of course it is not automatic, but through strict requirements. Including considering the track record of company performance and increasing state revenue," said Irwandy, on (21/7).

Meanwhile, in relation to the regulations derived from the new Minerba Law, it is stated that there are three draft PPs that are currently being discussed by the government. Consisting of, first, PP on mineral and coal mining management.

Second, PP related to mining areas. Third, the PP regarding guidance and supervision, which includes, among others, regulations regarding reclamation and post mining.

Merujuk pada pemberitaan Kontan.co.id, Staff Khusus Menteri ESDM Bidang Percepatan Tata Kelola Minerba Irwandy Arief mengatakan, perpanjangan kontrak PKP2B dan kelanjutannya sebagai IUPK tidak akan diberikan pemerintah secara otomatis. Kata dia, ada evaluasi ketat yang akan dilakukan pemerintah.

Irwandy bilang, ada sejumlah persyaratan yang terlebih dulu harus dipenuhi per-usahaan pemegang PKP2B. Jika tidak memenuhi, maka kontrak tersebut bisa tidak diperpanjang.

"Tentunya tidak otomatis, tetapi melalui persyaratan yang ketat. Termasuk mem-pertimbangkan rekam jejak kinerja perusahaan serta peningkatan penerimaan negara," jelas Irwandy, pada (21/7) lalu.

Sedangkan terkait dengan aturan turunan UU Minerba baru, disebutkan bahwa ada tiga Rancangan PP yang sedang dibahas pemerintah. Terdiri dari, pertama, PP tentang pengelolaan pertambangan minerba.

Kedua, PP yang terkait dengan wilayah pertambangan. Ketiga, PP tentang pem-binaan dan pengawasan, yang di dalamnya antara lain terdapat pengaturan perihal reklamasi dan pasca tambang.

Adaro Energy (ADRO) Continues to Boost Production in Maruwai

Concession Finna U. Ulfah

THE COAL mining company, PT Adaro Energy Tbk., Is spurring the contribution of high-calorie coal production through the Lampunut mine in the Maruwai concession, Central Kalimantan.

Adaro Energy (ADRO) Terus Pacu Produksi Konsesi Maruwai

Finna U. Ulfah

EMITEN pertambangan batu bara, PT

Adaro Energy Tbk., memacu kontribusi

produksi batu bara berkalori tinggi melalui

tambang Lampunut di konsesi Maruwai,

Kalimantan Tengah.

https://www.bisnis.com/user/487/finna.u..ulfah

https://www.bisnis.com/topic/910/batu-bara

https://www.bisnis.com/topic/6115/adaro

https://www.bisnis.com/topic/6115/adaro


Adaro Energy Chief Financial Officer Lie Luckman said the company continues to boost its contribution from the non-thermal coal business line as an effort to limit business dependence on low-calorie coal, one of which is through the development of hard coking coal.

He explained that the prospect of hard coking coal is very good considering that this commodity is a major component of steel production that has not been replaced. When compared to thermal coal, hard coking coal reserves are not widely distributed in the world.

Currently, the company has two hard coking coal mining assets, namely from the Lampunut mine managed by a subsidiary of PT Adaro Metcoal Companies (AMC) in the Maruwai concession and mining in Australia through the Kestrel Coal Mine (Kestrel).

To note, after being acquired in 2010, AMC started production of its second mine for the first time in the fourth quarter of 2019, namely the Lampunut mine located in the Maruwai concession. Then, in the second quarter of this year, AMC successfully made its first shipment to Japan from the mine.

"In the future, the contribution of non-thermal coal is targeted to be in the range of 1 million tons, and in the first stage the production capacity will reach 3 million tons. So we continue to strive to increase production from the concession in Central Kalimantan," said Luckman in a virtual public expose, Friday (28/8/2020).

Thus, the business line can contribute higher to the company's overall growth. During the first half of this year, coal sales through AMC amounted to 720,000 tons, up 20 percent from the previous 6 months and 6 percent on a year-on-year (yoy) basis.

Chief Financial Officer Adaro Energy Lie Luckman mengatakan perseroan terus meng-genjot kontribusi dari lini bisnis non batu bara thermal sebagai upaya untuk membatasi ketergantungan bisnis dari batu bara kalori rendah, salah satunya melalui pengembangan batu bara kokas keras (hard cooking coal).

Dia menjelaskan prospek batu bara kokas keras sangat baik mengingat komoditas itu merupakan komponen utama dari produksi baja yang belum tergantikan. Jika diban-dingkan dengan batu bara thermal, cadangan batu bara kokas keras tidak banyak tersebar di dunia.

Saat ini, perseroan memiliki dua aset tambang batu bara kokas keras yaitu dari tambang Lampunut yang dikelola anak usaha PT Adaro Metcoal Companies (AMC) dalam konsesi Maruwai dan tambang di Australia melalui Kestrel Coal Mine (Kestrel).

Untuk diketahui, setelah diakuisisi pada 2010, AMC memulai produksi tambang keduanya untuk pertama kali pada kuartal IV/2019, yakni tambang Lampunut yang berada di dalam konsesi Maruwai. Lalu, pada kuartal kedua tahun ini, AMC berhasil melakukan pengapalan pertama ke Jepang dari tambang itu.

“Ke depan, kontribusi batu bara non thermal ditargetkan bisa di kisaran 1 juta ton, dan pada tahap pertama kapasitas produksi mencapai 3 juta ton. Jadi kami terus mengusahakan meningkatkan produksi dari konsesi di Kalimantan Tengah (Kalteng) itu,” papar Luckman dalam paparan publik virtual, Jumat (28/8/2020).

Dengan demikian, lini bisnis itu bisa mem-berikan kontribusi yang lebih tinggi terhadap pertumbuhan keseluruhan perseroan. Sepanjang paruh pertama tahun ini, penjualan batu bara melalui AMC sebesar 720.000 ton, naik 20 persen dari 6 bulan sebelumnya dan 6 persen secara year-on-year (yoy).


Meanwhile, coal production that can be sold through Kestrel reached 3.1 million tons and sales reached 3.25 million tons in the first semester of 2020, 10 percent lower than the previous 6 months and unchanged yoy.

Overall, the total coal production in the first semester of 2020 was 27.29 million tons, down 4 percent compared to the same period the previous year. Meanwhile, coal sales in the first semester of 2020 were 27.13 million tons, 6 percent lower than the same period the previous year.

On the other hand, Adaro Energy reported a 23 percent decrease in revenue yoy to US$ 1.36 billion in semester I/2020.

The profit attributable to the parent entity was US$ 155.09 million, a 47.75 percent drop compared to US$ 296.85 million in the same period last year.

Management said the condition was due to a decrease in the average selling price of 18 percent and a decline in sales volume. In line with difficult market conditions, the issuer coded ADRO shares also revised its production guidelines to 52 million-54 million tons for the 2020 period.

Lockdown

The company explained that the implementation of lockdowns by a number of coal importing countries to combat Covid-19 resulted in a decrease in industrial electricity demand. As a result, coal demand fell in the first semester of 2020.

President Director and Chief Executive Officer of Adaro Energy Garibaldi Thohir said that he could not deny that the company's performance in the first half of 2020 was not immune from the impact of the decline in coal demand. This condition was caused by the Covid-19 outbreak.

Sementara itu, produksi batu bara yang dapat dijual melalui Kestrel mencapai 3,1 juta ton dan penjualan mencapai 3,25 juta ton pada semester I/2020, lebih rendah 10 persen dari 6 bulan sebelumnya dan tidak berubah secara yoy.

Secara keseluruhan, total produksi batu bara pada semester I/2020 sebesar 27,29 juta ton, turun 4 persen dibandingkan dengan periode yang sama tahun sebelumnya. Sementara itu, penjualan batu bara pada semester I/2020 sebanyak 27,13 juta ton, lebih rendah 6 persen dibandingkan dengan periode yang sama tahun sebelumnya.

Di sisi lain, Adaro Energy melaporkan penurunan pendapatan 23 persen secara yoy menjadi US$1,36 miliar pada semester I/2020.

Adapun laba yang dapat diatribusikan kepada entitas induk adalah US$155,09 juta, anjlok 47,75 persen dibandingkan dengan US$296,85 juta pada periode yang sama tahun lalu.

Manajemen menyebut kondisi itu disebabkan penurunan rata-rata harga jual sebesar 18 persen serta tergerusnya volume penjualan. Seiring dengan kondisi pasar yang sulit, emiten berkode saham ADRO ini juga merevisi panduan produksi menjadi 52 juta-54 juta ton untuk periode 2020.

Lockdown

Perseroan menjelaskan penerapan lockdown oleh sejumlah negara pengimpor batu bara untuk penanggulangan Covid-19 meng-akibatkan penurunan terhadap permintaan listrik industri. Akibatnya, permintaan batu bara pun turun pada semester I/2020.

Presiden Direktur dan Chief Executive Officer Adaro Energy Garibaldi Thohir mengatakan tidak dapat memungkiri kinerja perseroan pada semester I/2020 tidak kebal dari dampak penurunan permintaan batu bara. Kondisi itu disebabkan wabah Covid-19.

https://www.bisnis.com/topic/5275/Kinerja-Emiten


"However, we are still maximizing our efforts to continue to focus on the operati-onal excellence of the company's core business, improve operating efficiency and productivity, safeguard cash, and maintain a solid financial position in the midst of difficult situations that impact most of the business world," he said in an official statement that quoted Sunday (30/8).

Garibaldi said that his party remains confident that the fundamentals of the coal and energy sector will remain strong in the long term, despite facing challenges for some time to come. This prospect is in line with the support of development activities in Asian countries. Editor: Annisa Margrit

“Namun, kami tetap memaksimalkan upaya untuk terus berfokus kepada keunggulan operasional bisnis inti perusahaan, mening-katkan efisiensi dan produktivitas operasi, menjaga kas, serta mempertahankan posisi keuangan yang solid di tengah situasi sulit yang berdampak terhadap sebagian besar dunia usaha,” ujarnya dalam keterangan resmi yang dikutip Minggu (30/8).

Garibaldi menyampaikan pihaknya tetap yakin fundamental sektor batu bara dan energi tetap kokoh dalam jangka panjang meski menghadapi tantangan untuk bebe-rapa waktu ke depan. Prospek itu seiring dengan dukungan aktivitas pembangunan di negara-negara Asia. Editor : Annisa Margrit

Rising 2% last week, coal prices returned to above US$50

Tirta Citradi, CNBC Indonesia

COAL prices started to rebound last week

after plunging below US$ 50/ton to their lowest level in four years. But actually the market is still sluggish due to the Covid-19 pandemic.

On Friday (28/8/2020), the price of Newcastle thermal coal for an active contract was closed at US$ 50.6/ton. Within a week the price of coal rose 2.02%. However, throughout this year, coal prices are still dropping 26.72%.

The drop in coal prices is of course inseparable from weak demand for this commodity. Massive lockdowns implemen-ted in many countries in the world have reduced electricity consumption, especially in the commercial and industrial sectors.

Melesat 2% Pekan Lalu, Harga Batu Bara Kembali ke Atas US$50

Tirta Citradi, CNBC Indonesia

HARGA batu bara mulai rebound pada

pekan lalu setelah anjlok ke bawah US$ 50/ton dan menjadi level terendahnya dalam empat tahun. Namun sejatinya pasar juga masih lesu akibat pandemi Covid-19.

Pada Jumat (28/8/2020), harga batu bara termal Newcastle untuk kontrak yang aktif ditransaksikan ditutup di US$ 50,6/ton. Dalam sepekan harga batu bara naik 2,02%. Namun di sepanjang tahun ini, harga batu bara masih anjlok 26,72%.

Anjloknya harga batu bara tentu tak ter-lepas dari lemahnya permintaan terhadap komoditas ini. Lockdown yang masif diterapkan di banyak negara di dunia membuat konsumsi listrik terutama di sektor komersial dan industri turun.


In the release of its latest report entitled

Global Energy Review 2020, the inter-

national energy agency (IEA) estimates

that global coal demand is projected to fall

by 8% compared to 2019. This is the

sharpest decline since World War II

(WWII).

The IEA estimates that China's coal

demand as its biggest consumer this year

will drop by 5%. Other countries will also

experience a decline in demand for coal,

such as India, which is the second largest

consumer after China.

The slowdown in global economic activity

coupled with high abundance and cheap

gas prices has prompted many countries to

switch from coal to gas.

The Covid-19 pandemic has also been used

as a momentum to boost the market share

of other energy sources that are more

environmentally friendly. This is mostly

done in countries, especially Europe.

Elsewhere in the world, demand for coal

will decline sharply in 2020. Even in

Southeast Asia, the fastest growing region

in recent years, where coal-fired power

generation has been constrained by lower

electricity demand, particularly in Malaysia

and Thailand.

"We also expect a significant reduction in

coal demand in developed countries: by

25% in the United States, about 20% in the

European Union, and 5% to 10% in Korea

and Japan." wrote the IEA in its report.

RESEARCH TEAM CNBC INDONESIA (twg/twg)

Dalam rilis laporan terbarunya yang bertajuk Global Energy Review 2020, badan energi internasional (IEA) memper-kirakan permintaan batu bara global diproyeksikan turun 8% dibanding tahun 2019. Ini merupakan penurunan paling tajam sejak perang dunia kedua (PD II).

IEA memperkirakan permintaan batu bara China sebagai konsumen terbesarnya di tahun ini bakal turun 5%. Penurunan permintaan batu bara juga akan dialami oleh negara-negara lain, seperti halnya India yang menjadi konsumen terbesar kedua setelah China.

Perlambatan aktivitas ekonomi global disertai dengan kelimpahan tinggi dan harga gas yang murah memicu banyak negara beralih dari batu bara ke gas.

Pandemi Covid-19 juga dimanfaatkan sebagai momentum untuk mendongkrak pangsa pasar sumber energi lain yang lebih ramah lingkungan. Hal ini banyak di-lakukan di negara-negara terutama Eropa.

Di belahan dunia lainnya, permintaan batu bara akan menurun tajam pada tahun 2020. Bahkan di Asia Tenggara, wilayah dengan pertumbuhan tercepat dalam beberapa tahun terakhir, di mana pem-bangkit listrik tenaga batu bara dibatasi oleh permintaan listrik yang lebih rendah, terutama di Malaysia dan Thailand.

"Kami juga memperkirakan penurunan permintaan batu bara yang signifikan di negara-negara maju: sebesar 25% di Amerika Serikat, sekitar 20% di Uni Eropa, dan 5% hingga 10% di Korea dan Jepang." tulis IEA dalam laporannya. TIM RISET

CNBC INDONESIA (twg/twg)


Huge Indonesia mine resumes operations after lockdown protest

OPERATIONS have resumed at the world’s biggest gold mine in Indonesia, the company that

runs it said last Saturday, after workers blocked access to the site in protest at being stopped from visiting their families over virus concerns.

The miners at the Grasberg complex in the country’s easternmost Papua region reached an

agreement with the United States (US)-based operator Freeport, which said it would resume bus services for workers to return home.

This week more than 1,000 employees demonstrated at the mine’s main entrance over the decision to cancel bus services to the city of Timika in response to fears about the spread of coronavirus infections.

Many workers had been unable to leave the site – a high-altitude open pit that is also a major copper mine – for six months.

Freeport spokesman Riza Pratama told AFP last Saturday that the roadblock had been removed after a long negotiation period. Several buses departed from the mine late last Friday, carrying some workers who had been granted a leave of absence, said local company

spokesman Kerry Yarangga. These bus services will be run with stringent health protocols including Covid-19 testing, Yarangga said.

Global gold production to grow 2.5% by 2029 – report Valentina Ruiz Leotaud

A REPORT by Fitch Solutions forecasts that the global gold production will increase from

106moz in 2020 to 133moz by 2029, averaging 2.5% annual growth.

According to the report, this result would be an acceleration from the average growth of just

1.2% over 2016-2019.

In the market analyst’s view, Russian gold production will lead the rise with gold output jumping from 11.3moz in 2020 to 15.5moz in 2029. This figure represents an average annual growth of 3.7% during 2020-2029 and would see Russia overtake China as the largest gold miner, accounting for 11.6% of global output by 2029, compared with 10.6% in 2020.

Russia’s growth is being driven by ongoing and expanding US sanctions because the rising risk of state banks being frozen out of dealing in US dollar-denominated assets as bilateral

relations remain strained is pushing the Russian central bank to increase its holdings of gold.

https://www.mining.com/author/valenruizl/

https://www.mining.com/russias-gold-mine-production-growth-to-overtake-chinas-by-2029-report/


However, Fitch says that in the longer term, Russian gold production will be underpinned by at least 21 new mining projects due to come online. At the forefront of this trend is Polyus Gold, whose Natalka project achieved full production in 2019 and has a production capacity of 420-470koz per annum. At the same time, the company is developing the Sukhoi Log, one of the largest untapped goldfields with a potential annual output of 1.7moz.

China’s gold production, on the other hand, is expected to remain roughly stagnant in the next 10 years, with an average annual growth rate of 0.2%, a notable slowdown compared with the average annual growth of 3.1% over the previous decade.

Fitch’s review states that these results are the product of stricter environmental regulations, particularly those around solid waste from gold prospecting, which led to a wave of gold mine closures and output declines in major producing provinces, including Shandong, Jiangxi and Hunan.

Years of intensive gold mining also plays a role in the deceleration, as the activity has resulted in falling reserves and production halts in several areas, including Qinghai and Gansu.

On the other hand, major Chinese firms are expected to ramp up investment in foreign gold mines, as the country’s gold demand growth far outpaces that of production. As an example of this, Fitch highlights Shandong Gold’s purchase of a 50% stake in the Veladero mine in Argentina from Barrick Gold for $960 million.

Australia and the US

Australia is expected to see modest production growth over the coming years, supported by a strong project pipeline, rising gold prices and competitive operating costs.

Production Down Under is posed to increase from 11.7moz in 2020 to 14.2moz by 2029, averaging 2.2% annual growth.

OZ Minerals is the company on top of the curve, as it continues to develop its A$916 million Carrapateena copper-gold project, one of the largest mines being built in Australia.

Carrapateena was commissioned in Q4 2019, after which the project will ramp up to steady state production. The mine will be a 4.25mnt per annum copper-gold underground operation, with an estimated life of 20 years. Life of mine average annual production is expected to be 65kt of copper and 67koz of gold.

Finally, Fitch’s report states that the US gold mining sector will continue to attract significant investment activity supported by the country’s history of exploration and known precious metal deposits. Nevada in particular will remain a key location for exploration and development, with both Barrick and Newmont Goldcorp committed to several large-scale projects in the state.


Among these projects are Barrick’s flagship Goldrush project near Cortez, which offers proven and probable reserves of 8.7moz.

At the same time, the world’s second-largest gold producer together with Newmont Corporation – the No. 1 – is building a third shaft at the Turquoise Ridge mine near Winnemucca, which is forecast to increase annual production to more than 500koz a year by 2023.

Barrick is also working with Premier Gold Mines at South Arturo and it expects production to increase in Q419 following the completion of construction activities of Phase 1 open pit and El Niño underground mine.

Mining costs up 16% due to COVID-19 - McKinsey By Michael McCrae

HALF of all miners have decreased their capital costs in 2020 due to COVID-19, said McKinsey.

Last week the consultancy released a study of senior mining executives who were surveyed on how COVID-19 disrupted their operations.

Operating costs have increased by about 16% due to additional infrastructure and transportation costs.

Countries with the highest level of disruption were Brazil, Canada, Chile, South Africa, and the United States. Some of the lowest levels of disruption were Pakistan, Ukraine, Turkey, DRC and Australia.

The authors of the survey found that 75% agreed with the statement that COVID-19 has had a significant impact on mining operations, while 65% say they expect fundamental changes to their operational models.

The survey also finds that the pandemic triggered a decrease in production by about 42 percent, on average, while the planned production reduction for 2020 was roughly 30 percent. Respondents attribute this decrease to a reduction in demand and a limited workforce.

Coal India's fuel supply to power sector drops about 20% in April-July

STATE-owned Coal India's fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-July period of the ongoing fiscal in the wake of slump in coal demand.

https://www.kitco.com/contributors/MichaelMcCrae/

https://www.mckinsey.com/~/media/mckinsey/industries/metals%20and%20mining/our%20insights/minelens%20survey%20confirms%20the%20significant%20impact%20of%20covid%2019%20on%20mining%20operations/minelens-survey-confirms-impact-of-covid-19-on-mining-operations.pdf

https://www.mckinsey.com/~/media/mckinsey/industries/metals%20and%20mining/our%20insights/minelens%20survey%20confirms%20the%20significant%20impact%20of%20covid%2019%20on%20mining%20operations/minelens-survey-confirms-impact-of-covid-19-on-mining-operations.pdf


Coal India Ltd (CIL) had despatched 156.86 MT of fuel in April-July last year, according to the latest data of the coal ministry.

The despatch of coal by CIL in July fell 12.4 per cent to 32.76 MT, from 37.41 MT supply in the corresponding month of the previous fiscal, it said.

The coal despatch by Singareni Collieries Company Ltd (SCCL) almost dropped by 47.2 per cent to 9.68 MT in the first four months of the current financial year, from 18.32 MT of fuel supplied in the corresponding period a year ago.

The coal supply by SCCL last month dropped to 2.40 MT from 4.33 MT in July 2019.

Coal India accounts for over 80 per cent of domestic coal output.

Demand for domestic coal is likely to be subdued in the second quarter of the current financial year due to lower demand from end-user industries amid the COVID-19 pandemic along with high inventory at power stations, India Ratings had said in a report.

The rating agency had said domestic coal production remained subdued for the third consecutive month in June 2020 year-on-year as well as month-on-month due to low power demand and higher inventory at power stations.

Thus, coal offtake reduced in June 2020 year-on-year but improved month-on-month with the gradual relaxation in lockdown norms, it had said.

Australia remains world’s second largest gold producer Salomae Haselgrove

AUSTRALIAN gold production experienced a strong recovery during the June 2020 quarter, with output totalling 85 tonnes, more than 10 per cent above the March quarter.

Gold mining consultant Surbiton Associates outlined this rise in its most recent report, which also showed a record 328 tonnes of gold production in the 2019-2020 financial year.

This was a record for any 12-month period and is worth nearly $25 billion at the average gold price for the period.

Surbiton Associates director doctor Sandra Close said due to global uncertainty and unrest, the interest in the precious metal has never been higher.

“I cannot recall so much interest in gold since the modern boom began almost 40 years ago,” Close said.

“There is a high level of activity overall, from investment, increased capital raisings and initial public offerings, to greater exploration and drilling and a scramble to peg new ground.”

Close said despite this continued period of disruption and uncertainty due to the COVID-19 pandemic, Australian gold production had not been affected, with exploration minimally affected by travel restrictions.

https://www.australianmining.com.au/author/salomae-haselgrove/


According to the United States Geological Survey, Australia remains the world’s second largest gold producer behind China, followed by Russia.

Australia’s largest gold producers for the 2019-2020 financial year were Newcrest Mining’s Cadia, with 843,338 ounces, Newmont’s Boddington with 673,000 ounces, Kirkland Lake’s Fosterville with 664,191 ounces, Newmont’s Tanami with 495,000 ounces and the AngloGold Ashanti and IGO Tropicana joint venture rounded out the top five with 463,556 ounces.

“The Australian gold sector, like the larger iron ore mining industry is producing record export quantities an doing its best to boost our balance of payments,” Close said.

“With production and employment in the mining industry strong, the various resultant taxes are a real boost for Australia in these difficult economic times and Western Australia is receiving record royalty payments too.”

Spot gold prices hit a record on August 6, reaching $US2,067 per ounce and Australian gold prices also reached an all-time high of $2,868 per ounce on the same day.

Volatility remains however, as less than a week later gold prices fell by more than $US100 per ounce in one day.

“As usual, whenever gold prices rise appreciably, forecasts begin to appear and recently prices of $US3000 or even $US4000 per ounce have been bandied about,” Close said.

“These ‘forecasts’ are no more than guesses or perhaps, hopes. I have said it often and shall say it again – no one can really predict the future.”

AfriTin produces first tin concentrate, revenue in spite of difficult times

By: Simone Liedtke, Writer

IN SPITE of difficult times in global markets, Aim-listed mining company AfriTin managed to

produce its first tin concentrate and generate its first revenue from its flagship Uis tin mine, in Namibia, during the financial year ended February 29.

The first production of a saleable tin concentrate was achieved in August 2019.

In the month before, AfriTin completed the Uis Phase 1 pilot plant, consisting of a four-stage crusher and a three-stage dense media separation (DMS) and dewatering circuit.

In addition to tin production, CEO Anthony Viljoen said on August 28 that the Phase 1 pilot plant was a “crucial step” in proving the metallurgical process in the lead-up to the Phase 2 project.

“While our focus remains on ramping up the pilot plant to its design capacity of 500 000 t of ore feed [a year], it is the lessons learned from Phase 1 that will be invaluable when we progress to Phase 2,” he commented.

https://www.miningweekly.com/author.php?u_id=1180

https://www.miningweekly.com/topic/mining

https://www.miningweekly.com/topic/financial

https://www.miningweekly.com/topic/dewatering

https://www.miningweekly.com/topic/project

https://www.miningweekly.com/topic/design


AfriTin also received a strong vote of confidence in the long-term development plan of the mine when it concluded an offtake agreement with Thaisarco, a fellow tin concentrate market player.

As part of the contract signed on August 1, 2019, concentrate produced during the offtake period is to be shipped to Thaisarco, in Thailand, from the Port of Walvis Bay. Thaisarco will pay AfriTin on the basis of actual tin content in the concentrate.

Viljoen said the agreement provides the company with a steady revenue stream.

Meanwhile, the company also recorded its first revenue from the sale of tin concentrate, of

£47 000, in the financial year under review.

With Uis becoming a fully-fledged operation during the year, CFO Robert Sewell said administrative expenses across the group increased to £1.8-million for the year.

He explained that the increase from the prior year’s £1-million, was as a result of the group incurring a full year of office rental costs, an increase in salary costs owing to an increase in head count, given the ramp-up of operations, as well as the one-off issue of shares to new key members of the management team and due diligence costs relating to potential future financing options.

The group’s loss for the year totalled just over £1.8-million, and a basic loss a share from operations was recorded at 0.29p.

Additionally, the start of a preliminary economic assessment for Phase 2 and other exploration and evaluation work resulted in expenditure of £522 000 being capitalised to the exploration and evaluation intangible asset.

Progress continued throughout the year on the Phase 1 pilot plant project and capex on this project amounted to £7.4-million during the year under review, relating to the construction of the processing plant, as well as capitalised ramp-up and project team costs.

As at February 2, the group had cash in the bank of £575 000 with the primary movements reflecting cash used in operations totalling £1.2-million, mainly owing to operating costs incurred, investing cash outflows of £7.7-million mainly owing to capex and £7.8-million of financing cash inflows.

During the year, Sewell noted that a working capital facility of N$38-million (about £1.9-million) was granted to the company by Nedbank Namibia.

At February 28, N$24.7-million (about £1.2-million) had been drawn down on this facility, which has successfully been renewed and increased subsequent to year-end and is due for its yearly review and renewal next in July 2021.

The remaining significant financing cash inflows related to the equity raise in May 2019 and £3.8-million raised through a convertible loan note that matures in May 2021 and can be settled in equity at the company's discretion.

Net proceeds from an equity raise in May 2019 of £2.8-million account for the majority of the movement in the share capital balance for the financial year.


https://www.miningweekly.com/topic/rental

https://www.miningweekly.com/topic/operations


https://www.miningweekly.com/topic/exploration

https://www.miningweekly.com/topic/exploration



https://www.miningweekly.com/topic/construction





Subsequent to the financial year end, the completion of a convertible loan note for just over £2-million on May 5, 2020, an equity subscription of £3-million on August 3, as well as the renewal and increase in the Nedbank Namibia working capital facility, will allow AfriTin to continue the ramp-up of the Uis project, said Sewell.

The convertible loan note matures in May 2021 and can be settled in cash or equity subject to the agreement of both parties.

Based on the recent funding, AfriTin has strengthened its financial position and forecasts indicate that the group will have sufficient working capital for at least the next 12 months.

Coking coal futures growth increasingly global: traders Author: Hector Forster, Editor: Jonathan Loades-Carter

COKING coal derivatives markets are developing liquidity and global trade volumes, with interest in the market seen globally, according to traders at the S&P Global Platts Singapore coking coal conference.

Growth in participants and greater volumes across multiple market segments have helped liquidity and pricing indications on the forward curve, SSY Futures coal derivatives broker Stephanie Idulca said in a webinar at the event.

"We've got quite a full spectrum of entities trading, all with different motivations, all with different views, which has really increased the liquidity we've been seeing in the market " Idulca said.

First and second-tier coking coal producers, financial institutions including banks, funds, international traders, and traders across the regions, along with end-users are active, according to the inter-dealer brokerage. Activity is growing from traders in Singapore along with the US, Europe, India, China and Japan among other locations.

Volumes and open interest have risen this year on the SGX's cleared market, from a weaker 2019.

This is making it easier to find tighter pricing bands and execute forward strips and hedge entire vessel quantities more easily, with options trade looking to pick up, participants said.

The top 10 active coking coal futures participants may make up around 50-60% of the volume, with the balance made up of many other entities, with growth in interest over the past two years, she said.

Diversity has grown in the market and the types and numbers of participants have changed as volumes expanded, said Cheong Jin Yu, director of commodities at Singapore Exchange with responsibility for the coking coal market.

Liquidity in the main cleared premium hard coking coal FOB Australia futures market is helping mange risks for imports into China, said Tao Huang, director of trading group Exen Resources.




https://www.spglobal.com/platts/en/search-results?author=Hector%20Forster

https://www.spglobal.com/platts/en/search-results?editor=Jonathan%20Loades-Carter


Hedging may be harder when the FOB Australia market and CFR China pricing is less correlated, while the price gap this year has been smaller.

"We're using swaps to hedge our existing CFR positions -- it's not the perfect hedge, but it still helps."

Steel mills have increased participation in the coal derivatives market, along with miners interested in hedging margins and several involved in market making.

For end-users, a notable shift in managing coking coal price risk with derivatives has been seen, along with miners with private equity owners, said Myles Perrin, vice president of trading and marketing at trader Square Resources.

Coal and steel margins may be hedged with basis risk and efficiency improved based on trading terms aligned with the liquid TSI premium HCC market, according to the participants.

It may be difficult to trade some coal types such as PCI based on TSI's PHCC benchmark, Perrin said.

Shifting coal price relativities could limit interest and potential for hedging, Exen's Tao said.

Establishing a need for common terms in the chain, and checking historic data may help hedges to be placed appropriately.

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