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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, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
Friday, 19 August 11
INDIA IMPORTS LESS INDONESIAN COAL THAN CHINA IN JULY
COALspot.com - Indonesia shipped 31.30 Million tons of coal in July 2011, up by 10.69 percent compared to June's export of about 28.27 ...
Thursday, 18 August 11
INDONESIAS PROPOSED LOW GRADE COAL EXPORT BAN WILL NOT HAVE A SIGNIFICANT IMPACT ON INDIA - MISWIN MAHESH
COALspot.com - The Indonesian government is currently in the process of drafting a new regulation that could ban the export of low-grade coal by Jan ...
Thursday, 18 August 11
MARUBENI ACQUIRED 42.86% OF YTL JAWA POWER
COALspot.com - Marubeni Corporation (Marubeni) has completed the acquisition of 42.86 percent of the shares of YTL Jawa Power Holdings BV from YTL P ...
Wednesday, 17 August 11
CME LAUNCHES ARGUS COKING COAL SWAP FUTURES
COALspot.com - Argus media reported that, leading exchange CME Group will list an Australian coking coal swap futures contract for trading on the Ny ...
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- Mercator Lines Limited - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
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- Agrawal Coal Company - India
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- Trasteel International SA, Italy
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
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- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
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- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
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- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
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- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
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- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
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- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
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