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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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Monday, 22 August 11
NTPC TO IMPORT 16 MILLION TON OF COAL TO BRIDGE THE GAP
COALspot.com - NTPC to import 16 million tons of imported coal, which is equivalent to 23-24 million tons of Indian coal to bridge the gap.
" ...
Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
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- McConnell Dowell - Australia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
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