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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, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
Friday, 19 August 11
INDIA IMPORTS LESS INDONESIAN COAL THAN CHINA IN JULY
COALspot.com - Indonesia shipped 31.30 Million tons of coal in July 2011, up by 10.69 percent compared to June's export of about 28.27 ...
Thursday, 18 August 11
INDONESIAS PROPOSED LOW GRADE COAL EXPORT BAN WILL NOT HAVE A SIGNIFICANT IMPACT ON INDIA - MISWIN MAHESH
COALspot.com - The Indonesian government is currently in the process of drafting a new regulation that could ban the export of low-grade coal by Jan ...
Thursday, 18 August 11
MARUBENI ACQUIRED 42.86% OF YTL JAWA POWER
COALspot.com - Marubeni Corporation (Marubeni) has completed the acquisition of 42.86 percent of the shares of YTL Jawa Power Holdings BV from YTL P ...
Wednesday, 17 August 11
CME LAUNCHES ARGUS COKING COAL SWAP FUTURES
COALspot.com - Argus media reported that, leading exchange CME Group will list an Australian coking coal swap futures contract for trading on the Ny ...
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- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- PTC India Limited - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Planning Commission, India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Australian Coal Association
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
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