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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, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
Wednesday, 03 August 11
DRY BULK MARKET SINKS TO THREE-MONTH LOWS, BUT CAPESIZES COULD TURN THINGS AROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on falling this week, on the back of slow cargo demand amid the summer season. Yesterday, the BDI (Baltic Dry Index), the i ...
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- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- PTC India Limited - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
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