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Monday, 27 August 12
BUMI BOOKS $322.1 MILLION NET LOSS IN 1H 2012 IN SPITE OF 8.6 PERCENT INCREASE IN SALES REVENUE
 PT Bumi Resources Tbk, the single largest coal producer and exporter in Indonesia announces its first half financial report for the period Jan-Jun 2012, based on a limited audit review.
According to company’s announcement, Bumi books $322.1 million net loss compared with a net income of $231.7 million in the same period last year. This is in spite of a sales revenue increase by 8.6 percent to $1,946.4 million in H1’12 vs $1,792.4 million in H1’11.
Sales volume of BUMI increased by 10.4 percent to 32.3 million tons vs 29.3 million tons in H1’11. The figures exclude 30 percent of coal sales attributable to Tata Power as per the new accounting policy adopted wef 1 Jan’11, the announcement said.
The sales volume constitutes 99.4 percent of 32.5 m tons of coal mined in H1’12 compared with 98 percent of coal mined of 29.9 m tons in the same period last year.
The announcement further said that, the higher throughput ratio this year implies that sales growth exceeded H1’11 growth in production and we consider this crucial to achieve higher efficiency and lower inventory. It also underscores the company’s ability to meet market demand at the right time, with the appropriate mix and at a price above market average.
The average selling price of BUMI realized in H1’12 is $88.45/ton. This price is 3.2 percent lower than the average price of $91.26/ton realized in H1’11 but still higher than the level expected by the market and significantly above the price we realized of $71.0/ton in 2010, $63.1 in 2009, $73.3 in 2008 and $44.0 in 2007.
Gross margin declined because we fully amortized stripping expenses based on the H1’12 stripping ratio of 11. Company said in its announcement. We expect the strip ratio to fall to level of ca 10 by this year end. This would enable us improve margins significantly in the second half of this year.
BUMI’s production cash costs rose by 9.2 percent to $48.7/ton compared with $44.6/ton in H1’11. According to company, production cash costs rose mainly due to increase in fuel, maintenance and equipment leasing.
In the meantime, the operating expenses of company increased by 48 percent to $314.9 million compared with $188.0 million in H1’11 mainly due to full amortization of project development expenditure in line with the additional accounting standard (PSAK 16) implemented from 1 Jan’2012, the report said.
The announcement further said that, there is also an increase in 3rd party outsourcing expenses. To partially offset the price decline, Bumi was able to reduce selling expenses by 6.2 percent to $131.4 million in the first half of 2012 compared with $139.6 million in H1’11. This was possible mainly due to a reduction in Glencore’s commission to 2.5 percent (from 4 percent) on Arutmin sales through them wef Oct’11. Consequentially, the operating income declined by 48.2 percent to $239.2 million compared with $461.4 million in H1’11.
According to company, a pre-tax loss of $269.3 million was, however, recorded because of the following key factors:-
1) Equity in Net Income from NNT sharply declined due to lower copper and gold outputs in relation to the on-going phase 6 development in the Batu Hijau mine site.
2) A forex loss of $50.3 million was booked (compared with a forex gain of $80.9 million in H1’11 or a negative swing of $131.2 million) arising mainly from the quarterly revaluation of VAT refundable from the Government of Indonesia due to the weakening Rupiah.
3) Earlier recorded derivative gains of $212.3 million in H1’11 reversed into a loss of $145.8 million in H1’12, a negative swing of $358.1 million.
Company’s target over the next 2 years
Deleveraging, to a debt to EBITDA level of ca 1x over the next 2 years
Settle CIC's tranche 2 ($600 million) and tranche 3 ($700 million) at the earliest
Crossing 100 million tons per annum coal production in 2014 leading to significant rise in EBITDA reinforcing the deleveraging process
Monetising additional assets to strengthen cash flow and accelerate their development and accelerate developing process
Reducing interest charges on existing loans expeditiously
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Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
Wednesday, 29 August 12
SECOND HAND VESSELS IN HIGH DEMAND DESPITE SUMMER SEASON - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite the slow summer season, ship owners appear to be rather keen in acquiring some modern second hand tonnage at "knock-down" prices. ...
Monday, 27 August 12
OVER 200 FOREIGN COMPANIES AND ENERGY MAJORS EXPECTED AT 2ND MOGP SUMMIT IN YANGON
Singapore based CMT and Machinery & Solutions Co. Ltd (M&S) announce that the 2nd MOGP Summit will be held on 3-6 September at the Sedona ho ...
Sunday, 26 August 12
SOUTH AFRICAN COAL OVERVIEW
South Africa's indigenous energy resource base is dominated by coal.
Internationally, coal is the most widely used primary fuel, accounting for ...
Saturday, 25 August 12
FREIGHT RATES ARE EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - This week the indices showed some signs of improvement will all the segments moving up except for the handy size.
The BDI was marg ...
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- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
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