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Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
 PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned subsidiary, PT Bukit Makmur Mandiri Utama (“BUMA”).
The Company recorded an improved volume of 25% QoQ to 65.0 million bcm and revenue increased by 49% QoQ to US$160 million on the back of coal price recovery that continued to strengthen at the beginning of 2021.
According to the report, overburden removal volume for 1Q 2021 was 65.0 million bcm, 25% higher from 52.1 million bcm recorded in 4Q 2020. Coal production was 12.7 million tonnes in 1Q 2021, 10% higher compared to 11.4 million tonnes in 4Q 2020. Volume recovery was visible in 1Q 2021, despite being affected by heavier rainfall and ramp up challenges. The Company is on track to meet volume target for the year.
The report further noted that, Net revenues for 1Q 2021 was US$160 million, 49% higher QoQ than US$108 million recorded in 4Q 2020. EBITDA was US$31 million for 1Q 2021, a 149% increase compared to US$13 million in 4Q 2020. Coal price recovery has led to higher rates despite volume not fully recovered yet. However, the Company incurred upfront costs related to recovery ramp up efforts and higher costs due to certain challenging work area. Therefore, EBITDA margin was impacted at 21.8%.
Net loss of US$26 million was recorded for 1Q 2021 compared to US$19 million net loss in previous quarter, given the Company incurred certain refinancing cost in 1Q 2021.
th report says, free cash flows generation was at US$13 million and operating cash flows was at US$27 million in 1Q 2021. This is mainly the result of ramp up activities that require upfront expenditures and transaction costs related to refinancing. Total capital expenditure spent was US$14 million for 1Q 2021. The Company expects higher capex spending for the year as we prepare for incremental volumes. Net debt5) was US$452 million as of March 31st, 2021 and the Company’s consolidated net debt to EBITDA ratio was 3.4x.
Given the strong recovery in coal price at the beginning of 2021, gradual volume recovery is expected for the rest of 2021 on the back of coal market improvement. The Company shall remain focused on securing new contracts, liquidity preservation, optimization of existing assets and cost reduction to gain momentum and seize opportunities as market recovers.
In January 2021, BUMA entered into an extension agreement with IPR on its mine located in Tabang, the Kutai Kartanegara Regency, Province of East Kalimantan. The agreement extends the existing contract to December 2031, and includes a significant expansion of the work entailed, providing additional volume of over 650 million bcm of overburden removal, over 210 million tonnes of coal to be extracted and over 75 million tonnes of coal to be hauled.
In June 2021, BUMA also signed a new contract with Adaro for its Tutupan Mine Operation, located in Tabalong Districts, South Kalimantan and Barito Selatan Districts, Central Kalimantan. The term of the contract is until December 2025. Total volume of the contract is over 234 million bcm of overburden removal and over 44 million tonnes of coal to be extracted. Average annual production is expected to be within the range of 30- 70 million bcm of overburden removal and 5.0 – 12.0 million tonnes of coal.
On 10 February 2021, BUMA successfully issued a US$400 million 7.75% 5NC2 Senior Notes due 2026 (“Senior Notes 2026”). Concurrently, a tender offer and consent solicitation were completed in order to align terms of BUMA’s US$350 million 7.75% Senior Notes due 2022 (“Senior Notes 2022”) with that of Senior Notes 2026. Following transactions above, bank loans were fully settled, and full redemption of Senior Notes 2022 were completed by 31 March 2021.
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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Metalloyd Limited - United Kingdom
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- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
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- GMR Energy Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
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- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
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- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
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- Heidelberg Cement - Germany
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- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Planning Commission, India
- Mercator Lines Limited - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
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- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
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- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
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- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
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- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
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- Kapuas Tunggal Persada - Indonesia
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- Siam City Cement - Thailand
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