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Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
 COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to 39 million tones, despite high levels of rainfall, according to the statement posted in its website.
Bumi plc’s primary activity is to explore, mine and process coal and other minerals through its 85% holding in Berau Coal and 32% holding in Bumi Resources, which owns 87% of Bumi Resource Minerals (BRM), a diversified mining group with a pipeline of projects spanning a number of base and precious metals.
Production cost of sales at PT Bumi Resources of $45/tone, driven by higher fuel input costs and PT Berau production costs of $35/tone. Bumi PLC expected to produce 86 million tons of coal this year, up from 77 million, when posting its first interim results.PT Bumi Resources set to grow to 66 million tons, from 60 million tons in 2010 and PT Berau on track to produce 20 million tons, from 17 million tons in 2010.
"I am pleased to report that we have delivered a strong performance for the first half of the year. Despite high levels of rainfall in the first quarter, a significant amount of the shortfall was made up in the second quarter. Higher volumes in the second half, coupled with record coal prices, should ensure a strong overall performance for 2011.
In terms of delivering on our strategy, I am pleased to report that we have made good progress in building a first rate management team in place at Bumi plc, focused on delivering operational excellence and enhancing shareholder value across the group. Our projected production growth is a clear differentiator in the industry, with PT Berau and PT Bumi Resources on track to meet their production targets over the medium term," Chief Executive Officer ,Ari Hudaya Bumi PLC said in a statement.
Review of the six months ended June 30 2011
The report further said, Bumi's operating profit for the period was $62 million, with underlying earnings of $54 million. According to report, strong demand for thermal coal, driven by increased consumption levels from Asia, particularly India, resulted in supportive demand conditions overall. Approximately 90% of total coal sales went to exports, with around 10% to domestic Indonesian sales.
Average Free-On-Board (FOB) selling prices for the Group were 33% higher than the prior period, more than offsetting production costs of sales, which increased by 18%. Cost pressures were mainly due to a 13% increase in the stripping ratio, greater distances from the coal mined to the coal processing plant, higher fuel prices, and higher contractor costs.
The Group is embarking on a major expansion of production at its existing mines in both PT Berau and PT Bumi Resources. Capital expenditure for 2011 is expected to be $106 million for PT Berau and $310 million for PT Bumi Resources, on a 100% basis, according to BUMI.
PT Berau Coal
Despite high levels of rainfall PT Berau produced 9.0 million tonnes of coal, a 41% increase over the prior period, and recorded sales of 9.6 million tonnes of coal.
PT Berau's average selling price for the period was $75/tonne. Production costs at PT Berau were $35/tonne. The average stripping ratio for the period was 9.5.
In terms of sales by destination, 36% of sales went to China, 16% to Taiwan, 11% to India and 21% to the rest of Asia, with the remaining 16% sold domestically into Indonesia. PT Berau's first half sales were split 77% contracted priced, 20% contracted index-linked and 3% contracted unpriced, the statement said.
Kaltim Prima Coal (KPC)
The largest operation within PT Bumi Resources is Kaltim Prima Coal (KPC), which operates in east Kalimantan. KPC's two mines are Sangatta and Bengalon.
KPC produced 18.3 million tonnes of coal in the first half, a slight decrease over the prior period. The second quarter production in 2011 of 10 million tonnes represented a 21% increase over the first quarter production. KPC's average selling price of $97/tonne was 36% higher than the first half of 2010.
Production costs of coal mined at KPC were $47/tonne against $39/tonne in the prior period. The average stripping ratio for the period was 13.2, according to statement posted in website of BUMI.
Arutmin Indonesia
PT Bumi Resources' second largest mine, produced 11.5 million tonnes of coal in the first half, slightly higher over the prior period. Arutmin's average selling price of $81.5/tonne was 32% higher than the first half of 2010.
Production cost of sales at Arutmin were $40/tonne against $33/tonne in the prior period. The average stripping ratio for the period was 10.2.
PT Bumi Resources' ( KPC & Arutmin) first half sales were split 95% contracted priced and 5% contracted unpriced. In terms of sales by destination, 21% of coal sales went to Japan, 15% to India, 13% to China, 27% to the rest of Asia, 8% to Europe, and 16% domestically into Indonesia, said the report.
BUMI’s eye view, the current turmoil in financial markets, thermal coal prices are currently forecast to remain strong over the short and medium term, with higher levels of demand forecast from Asia as well as Europe. India in particular is expected to increase its level of thermal coal imports over the next few years with a major planned increase in electricity capacity addition. China's electricity demand is also expected to grow significantly with thermal coal the major beneficiary. In Japan, following the nuclear accident earlier this year, thermal coal's share of generating capacity is expected to increase.
On the supply side, capacity has been restricted. In Australia, delays to port and particularly rail infrastructure have hampered levels of thermal coal exports and South African exports have been impacted by rail infrastructure issues. Heavy rainfall in the Kalimantan province of Indonesia during the first half of 2011 affected levels of thermal coal exports, though conditions have recently improved.
With one of the strongest growth profiles in the industry over the next few years, Bumi expects to be a major beneficiary of the strong market conditions and high pricing for thermal coal.
To see complete details of Bumis' performance click here
Source: BUMI PLC
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Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
Thursday, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
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- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Planning Commission, India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
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