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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
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