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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 $33/tonne in the prior period. The average stripping ratio for the period was 10.2.
PT Bumi Resources' ( KPC & Arutmin) first half sales were split 95% contracted priced and 5% contracted unpriced. In terms of sales by destination, 21% of coal sales went to Japan, 15% to India, 13% to China, 27% to the rest of Asia, 8% to Europe, and 16% domestically into Indonesia, said the report.
BUMI’s eye view, the current turmoil in financial markets, thermal coal prices are currently forecast to remain strong over the short and medium term, with higher levels of demand forecast from Asia as well as Europe. India in particular is expected to increase its level of thermal coal imports over the next few years with a major planned increase in electricity capacity addition. China's electricity demand is also expected to grow significantly with thermal coal the major beneficiary. In Japan, following the nuclear accident earlier this year, thermal coal's share of generating capacity is expected to increase.
On the supply side, capacity has been restricted. In Australia, delays to port and particularly rail infrastructure have hampered levels of thermal coal exports and South African exports have been impacted by rail infrastructure issues. Heavy rainfall in the Kalimantan province of Indonesia during the first half of 2011 affected levels of thermal coal exports, though conditions have recently improved.
With one of the strongest growth profiles in the industry over the next few years, Bumi expects to be a major beneficiary of the strong market conditions and high pricing for thermal coal.
To see complete details of Bumis' performance click here
Source: BUMI PLC
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Friday, 29 July 11
5300 ADB COAL WILL BE AT US$ 60/TON IN THIS QUARTER - RAIN
COALspot.com - PT Resource Alam Indonesia Tbk (KKGI) seeing the average selling price of its coal for the third quarter of this year will increase t ...
Thursday, 28 July 11
PTBA'S COAL PRICES UP IN H1 2011
COALspot.com - Bukit Asam’s coal prices in the second half of 2011 will expected to be higher than the first half of this year, said Sukrisno, ...
Thursday, 28 July 11
RESOURCE ALAM 1H PROFIT SURGES 208 PERCENT
Indonesia's tenth largest coal miner in term of concessions, PT Resource Alam Indonesia (KKGI), part of Rain Group, today reported a skyrocket net ...
Thursday, 28 July 11
DRY BULK MARKET EDGES FURTHER DOWN ON ADDED PRESSURE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Baltic Dry Index (BDI), an indicator of dry bulk freight rates has reached new lows this week, with yesterday’s session ending further dow ...
Wednesday, 27 July 11
BLACKSTONE TO INVEST INR 5,000 MILLION (APPRX. US$ 111 MILLION) IN VISA POWER
Press Release - The Blackstone Group (NYSE: BX) today announced that it will be investing INR 5,000 million (c. USD 111 million) in VISA Power ...
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- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- The University of Queensland
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
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