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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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Saturday, 03 September 11
FEW SHIPS REPORTED FIXED FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued the upward trend during last week with BDI up by about 13 pct closing at 1,740 points and cape index up ...
Saturday, 03 September 11
TNPL TO BUY 240K MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure 240,000 MT +/- 5 percent of non-coking imported coal with ...
Friday, 02 September 11
CAPESIZE DEMAND LIFTS DRY BULK MARKET ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what proves to be the best week of the year for Capesize owners, strong demand has helped propel the dry bulk market to new highs yesterday. The ...
Thursday, 01 September 11
EWP TO BUY 195KT OF VIETNAM COAL
COALspot.com - Korea Midland Power (KOMIPO) has issued an International open bidding for 490kt of sub bituminous coal, according to a bid invitation ...
Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry ...
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- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
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