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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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Sunday, 14 August 11
SUPRAMAX CHARTER RATES SHARPLY UP - CAPT.REDDY
COALspot.com - The BDI ended positive with gains in Cape and Panamax index. The BDI was up by 1.50 pct and the cape and panamax index was up by almo ...
Saturday, 13 August 11
GMR HAS ENTERED INTO CSPA WITH GEMS TO ACQUIRE 30% STAKE
COALspot.com - GMR Infrastructure Investments (Singapore) Pte Ltd, a subsidiary of GMR Infrastructure, has signed conditional sale and purchase agre ...
Friday, 12 August 11
COAL MINERS WILL ALLOW TO CONSTRUCT MINE MOUTH POWER PLANT
COALspot.com - The government is set to draft a regulation to enable construction of steam-fired power plants (PLTU) by coal mining companies for th ...
Friday, 12 August 11
CAPESIZE DEMAND HELPS LIFTING OF DRY BULK MARKET - HELLENIC SHIPPING NEWS
The dry bulk market has recovered a small fraction of its lost ground this week, with higher returns as a result of increased capesize demand. This ...
Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
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- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Australian Coal Association
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- London Commodity Brokers - England
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
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