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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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- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Ministry of Transport, Egypt
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Planning Commission, India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
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