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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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Tuesday, 30 August 11
FAUJI CEMENT CONSUMED MORE THAN 1 MILLION TONS OF LOCAL COAL
Cooper Minerals Inc.based in Vancouver, BC, Canada, is a junior exploration company engaged in the acquisition, exploration and development of miner ...
Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
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- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
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