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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, 09 August 11
DRY BULK MARKET UNABLE TO FIND UPWARD MOMENTUM, SLUMPS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
They same that what goes up must come down and nobody seems to have found a better application of this expression, than the beleguered dry bulk mark ...
Monday, 08 August 11
OIL PRICES ARE SOFTENING, WILL IT INFLUENCE COAL PRICES?
COALspot.com - The current global economic condition is in volatility after a little chance of optimism for economic recovery.
Oil price at ...
Monday, 08 August 11
A SUPRAMAX VESSEL WAS REPORTED FIXED AT $ 12K - VISTAAR
COALspot.com - The BDI was slightly up by about 4 points closed at 1268 points which was supported by cape index which was up 3.14 pct and closed at ...
Saturday, 06 August 11
NTPC IS CONSIDERING TO ENTER INTO 25 YEARS COAL PURCHASE AGREEMENT
Indian, State-run power producer NTPC's present annual consumption is 164 million tonnes, and company is considering long-term agreements abroad to ...
Friday, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
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- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Xindia Steels Limited - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
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