IMA-Daily Update Page 1

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Here's the strategy of Bukit Asam (PTBA) to pursue production targets for the rest of this year Begini strategi Bukit Asam (PTBA) untuk kejar target produksi di sisa tahun ini Medco (MEDC) Opens IPO Opportunities for Metal Mining Subsidiary Medco (MEDC) Buka Peluang IPO Anak Usaha Tambang Logam Freeport Mine Production is Only 60 Percent in Transition Period Produksi Tambang Freeport Cuma 60 Persen di Masa Transisi Adaro Energy (ADRO) focuses on pursuing production targets at the end of the year, see the strategy Adaro Energy (ADRO) fokus kejar target produksi di akhir tahun, simak strateginya Here's the Performance Record of the Bakrie Group Mining Companies in Semester I 2020 Begini Catatan Kinerja Perusahaan Tambang Milik Grup Bakrie di Semester I 2020 Timah (TINS) believes that the improvement in global tin prices will be positive for performance Timah (TINS) yakin perbaikan harga timah global akan positif terhadap kinerja Construction of Smelters to Hoist Industrial Competitiveness Pembangunan Smelter Kerek Daya Saing Industri Progress of PTBA and China Huadian Collaboration PLTU Already 50 Percent Progres PLTU Kolaborasi PTBA dan China Huadian Sudah 50 Persen Last week, 4% drop, uncertain coal price fate Pekan Lalu Drop 4%, Nasib Harga Batu Bara Tak Tentu

Kontan Bisnis CNN Indonesia Kontan Dunia Tambang Kontan Media Indonesia Bisnis CNBC Indonesia

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Freeport does a balancing act as world’s biggest gold mine grapples with covid-19 Newcrest leverages Eriez HydroFloat tech to help boost Cadia output China reportedly orders halt to imports of Australian coal Poland's JSW to focus solely on coking coal Evolution seeks approval for Cowal underground project S. Korea's coal use for power generation dips 7% in 2019 US East Coast thermal coal exports rise in August: Census

Mining.com Int'l Mining The Guardian Mining Weekly Australian Mining The Korea Herald S&P Global Platts

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Here's the strategy of Bukit Asam (PTBA) to pursue production

targets for the rest of this year Reporter: Dimas Andi | Editor: Herlina

Kartika Dewi

PT BUKIT Asam Tbk (PTBA) is optimistic

that it can pursue the revised coal production target to 25.1 million tons this year. This state-owned company will also focus on maintaining its financial condition amid the uncertainty of the global coal market.

PTBA Corporate Secretary Apollonius Andwie C. said, one of PTBA's strategies to boost production is through optimization of mine design while maintaining coal supply levels.

"In terms of sales, we continue to make massive penetration in potential new markets, both domestic and export, as well as maintain the existing market," he said, Friday (9/10).

For information, PTBA's coal production fell 7.03 (yoy) to 11.9 million tons in the first semester of 2020. PTBA coal sales also decreased by 6.7% (yoy) to 12.5 million tonnes, consisting of export sales of 5.2 million tonnes and domestic sales of 7.3 million tonnes.

PTBA management is also trying to maintain financial performance in the remainder of this year. You do this by applying operational excellence along the supply chain in order to obtain optimal levels of efficiency.

PTBA pays high attention to the conditions of its obligations or liabilities during this year. If traced,...

Begini strategi Bukit Asam (PTBA) untuk kejar target produksi di sisa tahun ini

Reporter: Dimas Andi | Editor: Herlina Kartika Dewi

PT BUKIT Asam Tbk (PTBA) optimistis

bisa mengejar target produksi batubara yang telah direvisi menjadi 25,1 juta ton pada tahun ini. Emiten pelat merah ini juga bakal fokus menjaga kondisi keuangannya di tengah ketidakpastian pasar batubara global.

Sekretaris Perusahaan PTBA Apollonius Andwie C. mengatakan, salah satu strategi PTBA untuk mendongkrak hasil produksi adalah melalui optimalisasi desain tambang sembari tetap menjaga tingkat persediaan batubara.

“Sedangkan dari sisi penjualan, kami terus melakukan penetrasi masif pada pasar-pasar baru yang potensial, baik domestik maupun ekspor, serta mempertahankan pasar eksisting,” ungkap dia, Jumat (9/10).

Sebagai informasi, produksi batubara PTBA turun 7,03 (yoy) menjadi 11,9 juta ton di semester I-2020. Penjualan batubara PTBA juga turun 6,7% (yoy) menjadi 12,5 juta ton yang terdiri dari penjualan ekspor sebesar 5,2 juta ton dan penjualan domestik sebesar 7,3 juta ton.

Manajemen PTBA juga berupaya menjaga kinerja keuangan di sisa tahun ini. Caranya dengan menerapkan keunggulan operasi di sepanjang rantai pasok guna mendapatkan tingkat efisiensi yang optimal.

PTBA menaruh perhatian yang tinggi pada kondisi kewajiban atau liabilitasnya sepanjang tahun ini. Jika ditelusuri,...

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If traced, the MIND ID subsidiary has a liability value of Rp. 10.92 trillion in the first semester of 2020, an increase of 42.37% compared to the position of liabilities at the end of last year of Rp. 7.67 trillion.

Pollo explained that the increase in PTBA's liabilities during the first six months of 2020 was due to the dividend debt of Rp. 3.6 trillion, whose payment schedule fell in July. If you do not take into account the dividend payable, PTBA's liability position could actually be lower than last year's results.

"This shows that PTBA is capable of managing debt well," he said.

Jika ditelusuri, anak usaha MIND ID ter-sebut memiliki nilai liabilitas sebesar Rp 10,92 triliun di semester I-2020 atau naik 42,37% dibandingkan posisi liabilitas di akhir tahun lalu sebesar Rp 7,67 triliun.

Pollo menjelaskan, kenaikan liabilitas PTBA sepanjang enam bulan pertama 2020 lebih disebabkan adanya utang dividen sebesar Rp 3,6 triliun yang jadwal pembayarannya jatuh pada Juli kemarin. Jika tidak mem-perhitungkan utang dividen tersebut, maka posisi liabilitas PTBA sebenarnya bisa lebih rendah dibandingkan hasil di tahun lalu.

“Ini menunjukkan bahwa PTBA mampu melakukan pengelolaan utang dengan baik,” tandas dia.

Medco (MEDC) Opens IPO

Opportunities for Metal Mining Subsidiary

Lorenzo Anugrah Mahardhika

ENERGY issuer belonging to the Panigoro

family conglomerate, PT Medco Energi Internasional Tbk. (MEDC) opens the opportunity for its subsidiary PT Amman Mineral Nusa Tenggara (AMNT) to become an issuer on the Indonesia Stock Exchange.

Anthony R. Mathias, Director of Planning & Finance/Independent Director of Medco Energi Internasional said that the company has failed to conduct an initial public offering (IPO) for Amman Mineral this year . However, the opportunity for corporate action will open again in 2021.

"The opportunity for an IPO in 2021 is still open. However, we still need to see the right market situation," he said in a video conference on Friday night (9/10/2020).

Medco (MEDC) Buka Peluang

IPO Anak Usaha Tambang Logam

Lorenzo Anugrah Mahardhika

EMITEN energi milik konglomerat Keluarga

Panigoro, PT Medco Energi Internasional Tbk. (MEDC) membuka peluang anak usaha-nya PT Amman Mineral Nusa Tenggara (AMNT) untuk menjadi emiten di Bursa Efek Indonesia.

Anthony R. Mathias, Direktur Perencanaan & Keuangan/Direktur Independen Medco Energi Internasional mengatakan pihaknya urung melakukan penawaran umum perdana saham atau initial public offering (IPO) untuk Amman Mineral pada tahun ini. Namun, peluang aksi korporasi itu akan kembali terbuka pada 2021.

"Peluang untuk IPO pada 2021 masih terbuka. Tetapi, kami masih perlu melihat situasi pasar yang tepat,” katanya dalam video conference pada Jumat malam (9/10/2020).

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However, Mathias said that his party was still reviewing this possibility. Medco is also waiting for the right momentum to bring Amman Mineral to the trading floor.

To note, PT AMNT operates the Batu Hijau copper and gold mine in the Sumbawa Islands and has access to several exploration prospects and the discovery of large reserves in Elang.

Development Phase 7 at PT Amman Mineral Nusa Tenggara (AMNT) begins accessing productive ore with increased production starting April 2020. In the first semester of 2020 AMNT produced 106 million pounds of copper and 37 kilo ounces of gold.

Based on Bisnis record, PT AMNT's IPO plan has been around for a long time. In fact, there were reports that the entity was eyeing fresh funds of US$ 600 million through an initial public offering of shares.

Meanwhile, in mid-February 2020 the company sold 10 percent of its subsidiary, PT Amman Mineral International (AMI), by signing a sale and purchase agreement with PT Sumber Mineral Citra Nusantara (SMCN).

To note, PT AMI has direct control over 82.2 percent of ownership of PT AMNT. The agreement is worth US$ 200 million which the company will fully receive at the latest in the first quarter of 2021.

The company explained that PT SMCN had made an advance payment for the agreement amounting to US$ 10 million on April 7, 2020.

In addition, the company also sold option rights to SMCN to buy an additional 10 percent of shares at an option price of US$ 10 million, which was paid depending on the timing of PT AMNT's IPO.

Meski demikian, Mathias menyatakan pihaknya masih terus mengkaji kemung-kinan ini. Medco juga tengah menanti momentum yang tepat untuk membawa Amman Mineral ke lantai bursa.

Untuk diketahui, PT AMNT mengoperasikan tambang tembaga dan emas Batu Hijau di Kepulauan Sumbawa dan memiliki akses terhadap beberapa prospek eksplorasi dan temuan cadangan yang besar di Elang.

Pengembangan Fase 7 di PT Amman Mineral Nusa Tenggara (AMNT) mulai meng-akses bijih produktif dengan peningkatan produksi mulai April 2020. Pada semester I/2020 AMNT menghasilkan 106 juta pon tembaga dan 37 kilo ounce emas.

Berdasarkan catatan Bisnis, rencana IPO PT AMNT telah mengemuka sejak lama. Bahkan, sempat beredar kabar bahwa entitas itu mengincar dana segar US$600 juta lewat penawaran umum perdana saham.

Adapun, pada medio Februari 2020 per-seroan telah menjual 10 persen saham entitas anak usahanya, PT Amman Mineral Internasional (AMI), dengan menanda-tangani perjanjian jual beli dengan PT Sumber Mineral Citra Nusantara (SMCN).

Untuk diketahui, PT AMI memiliki pengen-dalian langsung atas 82,2 persen kepe-milikan atas PT AMNT. Perjanjian itu senilai US$200 juta yang akan diterima perseroan sepenuhnya paling lambat pada kuartal I/2021.

Perseroan menjelaskan bahwa PT SMCN telah melakukan pembayaran uang muka atas perjanjian tersebut sebesar US$10 juta pada 7 April 2020.

Selain itu, perseroan juga menjual hak opsi kepada SMCN untuk membeli tambahan 10 persen saham dengan harga opsi US$10 juta yang dibayarkan tergantung pada waktu pelaksanaan IPO PT AMNT.

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On the other hand, apart from PT AMNT, the issuer coded MEDC shares also had a chance to put forward a plan to bring PT Medco Power Indonesia to the market. However, until now there has been no clear certainty regarding the details of the plan. Editor: Hafiyyan

Di sisi lain, selain PT AMNT, emiten berkode saham MEDC itu juga sempat mengemukakan rencana untuk membawa PT Medco Power Indonesia melantai di bursa. Namun, hingga saat ini belum ter-dapat kepastian jelas terkait detail rencana tersebut. Editor : Hafiyyan

Freeport Mine Production is

Only 60 Percent in Transition Period

PT FREEPORT Indonesia Director Claus Wamafma said that its mine production in Mimika Regency, Papua, is around 60 percent in the middle of the transition from open pit mining to underground.

It is estimated, Freeport production will return to normal in 2022 or 2023. "Today, we have made a transition from an open pit mine to an underground mine. Freeport mine production is currently not at normal capacity. Production is only 60 percent," he said, quoting Antara, Sunday (11/10).

With a production capacity of 60 percent, said Claus, the company's revenue will be affected. This includes an impact on the allocation of partnership funds disbursed to local communities through the Amungme and Kamoro Community Empowerment Foundation (YPMAK).

"If our production is only 60 percent, this fund will automatically be disrupted. In fact, the one percent fund will also be disrupted until our mining conditions return to normal. Because, during the transition period, there are no more mining activities above. Everything goes down to prepare the area and infrastructure," he added.

Produksi Tambang Freeport

Cuma 60 Persen di Masa Transisi

DIREKTUR PT Freeport Indonesia Claus

Wamafma menyebut produksi tambangnya di Kabupaten Mimika, Papua, sekitar 60 persen di tengah masa transisi dari tambang terbuka ke bawah tanah.

Diperkirakan, produksi Freeport kembali normal pada 2022 atawa 2023 mendatang. "Hari ini, kami sudah transisi dari tambang terbuka ke tambang bawah tanah. Produksi tambang Freeport sekarang ini tidak dalam kapasitas normal. Produksinya baru 60%," ujarnya, mengutip Antara, Minggu (11/10).

Dengan kapasitas produksi 60 persen, kata Claus, maka pendapatan perusahaan pun terpengaruh. Termasuk juga berdampak pada alokasi dana kemitraan yang dikucur-kan kepada masyarakat lokal melalui Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro (YPMAK).

"Kalau produksi kami hanya 60 persen, otomatis dana ini akan terganggu. Bahkan, dana satu persen juga akan terganggu sampai kondisi tambang kami kembali normal. Sebab, selama masa transisi, tidak ada lagi kegiatan penambangan di atas. Semua turun ke bawah untuk menyiapkan area dan infrastruktur," imbuh dia.

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Even so, Freeport VP Government Relations Johny Lingga said that currently Freeport mine production in Tembagapura, Mimika, is stil l continuing amid the Covid -19 pandemic.

"Everything is going according to the targets and plans set by the company, of course by prioritizing the Covid -19 protocol. Production continues to run smoothly, there are no obstacles," explained Johny.

Indeed, he admitted, there were obstacles when there was an interruption and strike of employees at Mile 7 2. Employees demanded the provision of buses for temporary work leave in Timika and payment of incentives during the Covid-19 pandemic.

"During the strike, production was stopped for four days. Now that it is back to normal, there will be no more problems with fellow employees," he explained.

Previously, the management of PT Freeport Indonesia together (YPMAK) was invited by the Mimika Regent Eltinus Omaleng to discuss the continuation of the management of the partnership fund, which is popularly known as the one percent fund.

The partnership fund is calculated as one percent of the gross revenue from the sale of Freeport products (ore) before deducting taxes and other cost components.

Partnership funds have been disbursed by Freeport Indonesia since 1996 for the purpose of empowering indigenous communities around the mining area, namely the Amungme and Kamoro Tribe, as well as five kinship tribes in Mimika Regency, Papua. (bir)

Pun demikian, VP Government Relations Freeport Johny Lingga menuturkan saat ini produksi tambang Freeport di Tembaga-pura, Mimika, masih terus berjalan di tengah pandemi covid-19.

"Semua berjalan sesuai dengan target dan rencana yang ditetapkan perusahaan, tentu dengan mengedepankan protokol covid-19. Produksi tetap jalan lancar, tidak ada kendala," terang Johny.

Memang, dia mengakui , sempat ada hambatan saat terjadi pemalangan dan mogok karyawan di Mile 72. Karyawan menuntut penyediaan bus untuk cuti kerja sementara di Timika dan pembayaran insentif selama pandemi covid-19.

"Saat pemogokan itu produksi sempat terhenti selama empat hari. Kalau sekarang sudah normal kembali, sudah tidak ada lagi persoalan dengan rekan-rekan karyawan," jelasnya.

Sebelumnya, manajemen PT Freeport Indonesia bersama (YPMAK) diundang oleh Bupati Mimika Eltinus Omaleng guna membicarakan kelanjutan pengelolaan dana kemitraan atau yang populer dikenal sebagai dana satu persen.

Dana kemitraan itu dihitung satu persen dari pendapatan kotor hasil penjualan produk (bijih tambang) Freeport sebelum dikurangi dengan pajak dan komponen biaya lainnya.

Dana kemitraan dikucurkan Freeport Indonesia sejak 1996 silam untuk tujuan pemberdayaan masyarakat asli sekitar area pertambangan, yaitu Suku Amungme dan Kamoro, serta lima suku kekerabatan di Kabupaten Mimika, Papua. (bir)

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Adaro Energy (ADRO) focuses on pursuing production targets at

the end of the year, see the strategy

Reporter: Dimas Andi | Editor: Herlina Kartika Dewi

PT ADARO Energy Tbk (ADRO) is

optimistic that it can meet its operational performance targets by the end of the year despite the uncertain global coal market conditions.

Head of Corporate Communication of PT Adaro Energy Tbk Febriati Nadira said, although the challenges in the coal market are still quite tough, they are sure that the fundamentals in the coal and energy sectors will remain strong in the long term.

This is supported by development activities in Asian countries which inevitably make the need for coal as energy to continue to increase.

ADRO until the first semester of 2020 has produced 27.90 million tons of coal, down 4% (yoy). ADRO coal sales also shrank 6% (yoy) to 27.13 million tonnes.

The fluctuation of global coal prices has prompted ADRO to revise its production guidelines this year to a range of 52 million to 54 million tons.

Febriati continued, reflecting on the current conditions, ADRO will focus on maintaining healthy margins and sustainable supply of coal to customers.

"We will also keep abreast of market developments by continuing to carry out operational activities as planned in the company's mines," she said, Friday (9/10).

Adaro Energy (ADRO) fokus kejar target produksi di akhir

tahun, simak strateginya Reporter: Dimas Andi | Editor: Herlina

Kartika Dewi

PT ADARO Energy Tbk (ADRO) optimistis

bisa memenuhi target kinerja operasionalnya hingga akhir tahun nanti terlepas dari kondisi pasar batubara global yang masih di-liputi ketidakpastian.

Head of Corporate Communication PT Adaro Energy Tbk Febriati Nadira menyampaikan, meski tantangan di pasar batubara masih cukup berat, pihaknya yakin fundamental di sektor batubara dan energi tetap kokoh dalam jangka panjang.

Hal ini didukung oleh aktivitas pembangunan di negara-negara kawasan Asia yang mau tak mau membuat kebutuhan batubara sebagai energi bakal terus meningkat.

ADRO hingga semester I-2020 telah mem-produksi 27,90 juta ton batubara atau turun 4% (yoy). Penjualan batubara ADRO juga menyusut 6% (yoy) menjadi 27,13 juta ton.

Fluktuasi harga batubara global lantas mem-buat ADRO merevisi panduan produksi di tahun ini menjadi kisaran 52 juta ton-54 juta ton.

Febriati melanjutkan, dengan berkaca pada kondisi saat ini, ADRO akan fokus untuk mempertahankan marjin yang sehat dan keberlanjutan pasokan batubara kepada para pelanggan.

“Kami juga akan terus mengikuti perkem-bangan pasar dengan tetap menjalankan kegiatan operasi sesuai rencana di tambang-tambang milik perusahaan,” ungkap dia, Jumat (9/10).

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In addition, to anticipate market uncertainty, ADRO has diversified through the Adaro Mining pillar by entering into the coking coal business. This business line is managed by a subsidiary of ADRO, namely PT Adaro Metcoal Companies.

ADRO management also has no plans to issue bonds in the near future. ADRO really considers market conditions and the company's needs in carrying out these corporate actions.

ADRO will focus more on efforts to increase the operational excellence of its core business and increase operational efficiency and productivity. This is done to maintain business in the midst of coal price fluctuations that cannot be controlled by each company.

"We are also focused on maintaining our cash position and maintaining a solid financial position in the midst of difficult situations that impact large parts of the global economy," he added.

For the record, ADRO has a liability value of US$ 2.69 billion per semester I-2020 or a decrease of 1% (yoy).

Di samping itu, untuk mengantisipasi ketidakpastian pasar, ADRO telah melakukan diversifikasi melalui pilar Adaro Mining dengan masuk ke bisnis batubara kokas. Lini bisnis ini dikelola oleh anak usaha ADRO yaitu PT Adaro Metcoal Companies.

Manajemen ADRO juga belum memiliki rencana untuk menerbitkan obligasi dalam waktu dekat. ADRO sangat mempertimbang-kan kondisi pasar maupun kebutuhan perusahaan dalam melakukan aksi korporasi tersebut.

ADRO akan lebih fokus pada upaya peningkatan keunggulan operasional bisnis inti serta meningkatkan efisiensi dan produktivitas operasi. Hal ini dilakukan untuk mempertahankan bisnis di tengah fluktuasi harga batubara yang tidak dapat dikontrol oleh tiap perusahaan.

“Kami juga fokus menjaga posisi kas dan mempertahankan posisi keuangan yang solid di tengah situasi sulit yang berdampak terhadap sebagian besar perekonomian global,” imbuh dia.

Sekadar catatan, ADRO memiliki nilai l iabilitas sebesar US$ 2,69 miliar per semester I-2020 atau turun 1% (yoy).

Here's the Performance Record

of the Bakrie Group Mining Companies in Semester I 2020

Author: Edo Fernando, Editor: Faris Primayudha

THE BAKRIE Group is a business giant in

Indonesia that is engaged in various industries ranging from mining to retail. As a giant business group that...

Begini Catatan Kinerja

Perusahaan Tambang Milik Grup Bakrie di Semester I 2020

Penulis : Edo Fernando, Editor : Faris Primayudha

BAKRIE Group merupakan raksasa bisnis

di Indonesia yang bergerak dalam berbagai industri mulai dari pertambangan hingga ritel. Sebagai grup usaha raksasa yang...

IMA-Daily Update Page 10

As a giant business group that is often in the spotlight and a barometer of the country's industry, how are the performance of a number of companies owned during 2020, especially in the midst of a pandemic?

Bumi Resources Minerals

The mining industry, especially those engaged in gold, has become one of the Bakrie Group's largest sources of income during the company's existence. By relying on PT Bumi Resources Minerals Tbk (BMRS), the management of the gold mine owned by the company is in fact also affected by the pandemic.

Based on the company's financial statements announced for the first half of 2020, Bumi Resources Minerals's revenue has decreased. The amount is known to have decreased by 13.85 percent from USD2.96 million in the same period last year, to USD2.55 million for this year period.

What's interesting is that Bumi Resources Minerals' net profit has actually increased. The amount is a slight increase of 0.50 percent, namely from USD950.59 thousand last year to USD955.39 thousand for the first semester of this year.

As much as 16 percent of the company's revenue of around USD408.32 thousand was recorded from gold commodities produced by its subsidiary, PT Citra Palu Minerals.

Even though it has decreased year to year, during this year's pandemic, Bumi Resources Minerals' performance ha s experienced a number of significant improvements. This is also supported by the sale of gold products.

Bumi Resources

Then there is PT Bumi Resources Tbk (BUMI) which is engaged in the coal mining industry. Perhaps, among others,...

Sebagai grup usaha raksasa yang kerap menjadi sorotan serta barometer industri tanah air, bagaimana kinerja sejumlah per-usahaan yang dimiliki selama tahun 2020 ini, khususnya di tengah pandemi?

Bumi Resources Minerals

Industri pertambangan khususnya yang bergerak di komoditas emas, menjadi salah satu sumber pendapatan terbesar dari Grup Bakrie selama perusahaan itu berdiri. Dengan mengandalkan PT Bumi Resources Minerals Tbk (BMRS), pengelolaan tambang emas yang dimiliki perusahaan nyatanya juga terdampak oleh pandemi.

Berdasarkan laporan keuangan perusahaan yang diumumkan untuk semester pertama tahun 2020 ini, pendapatan Bumi Resources Minerals mengalami penurunan. Jumlahnya diketahui menurun sebanyak 13,85 persen dari USD2,96 juta pada periode yang sama tahun lalu, menjadi USD2,55 juta untuk periode tahun ini.

Yang menarik adalah laba bersih yang didapatkan Bumi Resources Minerals justru mengalami peningkatan. Jumlah kenaikan-nya tipis sebesar 0,50 persen yakni dari USD950,59 ribu di tahun lalu menjadi USD955,39 ribu untuk semester pertama tahun ini.

Sebanyak 16 persen pendapatan perusahaan yang sekitar USD408,32 ribu itu dicatatkan dari komoditas emas yang dihasilkan oleh anak usahanya yakni, PT Citra Palu Minerals.

Meski secara year to year mengalami penurunan, namun selama masa pandemi tahun ini, kinerja Bumi Resources Minerals mengalami sejumlah perbaikan yang cukup signifikan. Hal ini juga didukung dari pen-jualan produk emas.

Bumi Resources

Kemudian ada PT Bumi Resources Tbk (BUMI) yang bergerak di industri tambang batubara. Mungkin di antara yang lainnya,...

IMA-Daily Update Page 11

Perhaps, among others, Bumi Resources

was under the most pressure during the

first semester of 2020.

The losses experienced by Bumi Resources,

which are listed in the financial statements

for the first semester of 2020, are known

to have reached USD86.1 million. Even

though last year in the same period, the

company was able to record a net profit of

USD80.7 million.

The main factor is that Bumi Resources'

revenue during the first six months of 2020

continues to experience pressure. The total

revenue that the company managed to get

was only USD1,971.9 million. And on the

other hand, the company's cost of revenue

also decreased to USD1,733.8 million, from

the previous USD1,867.1 last year.

The drop in income was caused by none

other than the realization of the global coal

price which continues to experience strong

pressure due to the pandemic outbreak.

Darma Henwa

Meanwhile, PT Darma Henwa Tbk (DEWA),

which is engaged in mining contractor

services, has yet to release a financial

report for the first half of 2020. However,

based on existing records for the first

quarter of this year, the company managed

to increase revenue.

Darma Henwa recorded an increase in

income of 24 percent, namely to USD81.98

million in the first quarter of this year,

from the previous period of only USD66.11

million.

Mungkin di antara yang lainnya, adalah Bumi Resources yang paling banyak meng-alami tekanan selama periode semester pertama tahun 2020 ini.

Kerugian yang dialami Bumi Resources yang tercantum pada laporan keuangan periode semester pertama tahun 2020 ini diketahui mencapai angka USD86,1 juta. Padahal pada tahun lalu di periode yang sama, perusahaan mampu mencatatkan laba bersih sebesar USD80,7 juta.

Faktor utamanya adalah karena penda-patan Bumi Resources sepanjang enam bulan pertama tahun 2020 ini, terus meng-alami tekanan. Jumlah pendapatan yang berhasil didapat perusahaan hanya sebesar USD1.971,9 juta Dan di sisi lain beban pokok pendapatan perusahaan juga turut merosot menjadi USD1.733,8 juta, dari yang sebelumnya USD1.867,1 di tahun lalu.

Jebloknya pendapatan itu tak lain karena disebabkan oleh realisasi harga batubara global yang terus mengalami tekanan kuat akibat dari adanya wabah pandemi.

Darma Henwa

Sementara itu untuk PT Darma Henwa Tbk (DEWA) yang bergerak di jasa kontraktor pertambangan, hingga saat ini belum merilis laporan keuangan untuk semester pertama tahun 2020 ini. Namun ber-dasarkan catatan yang ada untuk kuartal pertama tahun ini, perusahaan berhasil meningkatkan pendapatan.

Darma Henwa mencatatkan kenaikan pendapatan sebanyak 24 persen, yakni menjadi sebesar USD81,98 juta kuartal pertama tahun ini, dari periode sebelum-nya yang hanya sebesar USD66,11 juta.

IMA-Daily Update Page 12

Timah (TINS) believes that the improvement in global tin prices will be positive for performance Reporter: Dimas Andi | Editor: Wahyu T.

Rahmawati

PT TIMAH Tbk (TINS) still has hopes that

its business performance will improve in the rest of this year. Moreover, global tin commodity prices have shown a strengthening trend in recent times.

As quoted by Bloomberg, the three-month tin contract price on the London Metal Exchange (LME) was at the level of US$ 18,270 per ton on Friday (9/10), an increase of 6.37% (ytd). The upward trend in global tin prices began to occur in the second quarter of this year. In fact, in mid-March, global tin prices fell to the level of US$ 13,000 per ton.

Timah Corporate Secretary Muhammad Zulkarnaen said the increase in tin prices would have a major impact, especially on TINS revenue. This is because the increase in prices reflects that demand in the tin market has started to improve even though during the Covid-19 pandemic.

"Our production and sales follow the demand in the market, so when prices are stable, our performance tends to rise as expected," he said, Friday (9/11).

However, Zulkarnaen has not been able to reveal the description of the realization of TINS 'operational and financial performance until the third quarter of 2020. However, he gave a signal that TINS is currently in a positive and healthy trend from a financial perspective. It is not impossible that TINS can reduce the net losses experienced throughout 2020.

Timah (TINS) yakin perbaikan harga timah global akan positif

terhadap kinerja Reporter: Dimas Andi | Editor: Wahyu T.

Rahmawati

PT TIMAH Tbk (TINS) masih menaruh

harapan bahwa kinerja bisnisnya akan mem-baik di sisa tahun ini. Terlebih lagi, harga komoditas timah global menunjukkan tren penguatan dalam beberapa waktu terakhir.

Sebagaimana dikutip Bloomberg, harga timah kontrak tiga bulanan di London Metal Exchange (LME) berada di level US$ 18.270 per ton pada Jumat (9/10) lalu atau me-ningkat 6,37% (ytd). Tren kenaikan harga timah global mulai terjadi memasuki kuartal kedua tahun ini. Padahal, di pertengahan Maret lalu harga timah global sempat jatuh ke kisaran level US$ 13.000 per ton.

Sekretaris Perusahaan Timah Muhammad Zulkarnaen mengatakan, kenaikan harga timah bakal sangat berdampak terutama bagi pendapatan TINS. Sebab, kenaikan harga tersebut mencerminkan bahwa per-mintaan di pasar timah sudah mulai mem-baik kendati dalam masa pandemi Covid-19.

“Produksi dan penjualan kami mengikuti permintaan di pasar, sehingga saat harga stabil maka kinerja kami cenderung naik sesuai harapan,” kata dia, Jumat (9/11).

Tapi, Zulkarnaen belum bisa mengungkap-kan gambaran realisasi kinerja operasional maupun keuangan TINS hingga kuartal III-2020. Namun, ia memberi sinyal bahwa saat ini TINS sedang berada dalam tren yang positif dan sehat dari sisi keuangan. Bukan tidak mungkin TINS bisa mengurangi kerugian bersih yang dialami sepanjang tahun 2020 berjalan.

IMA-Daily Update Page 13

Just so you know, the performance of TINS

per first semester is not satisfactory. This

company lost Rp 390.07 billion after

achieving a net profit of Rp 205.29 billion

in the first semester of last year. The

income of the MIND ID subsidiary also fell

18.48% (yoy) to Rp 7.97 trillion in the first

semester ago.

In terms of operational performance, TINS

tin ore production fell 47.3% (yoy) to

24,990 tonnes in the first half of 2020,

while the company's tin metal production

fell 26.2% (yoy) to 27,833 tonnes. Quarter

three coins, TINS refined tin sales volume

also fell 0.3% (yoy) to 31,508 tons.

Previously, TINS management said that on

a monthly basis, PT Timah's bottom line

performance had improved. For example,

in January, TINS experienced a net loss of

Rp. 191 billion, but this value continued to

fall to Rp. 70 billion in April. TINS can even

score a net profit of Rp 43 billion and Rp

50 billion in May and June.

Zulkarnaen added that with the trend of

improvement in tin prices, his party is

trying to refocus on increasing export

sales. "Of course this is taking into account

future tin market conditions," he added.

TINS exports tin metal products to various

regions such as Japan, Singapore, Korea,

the United States, to the continent of

Europe.

Asal tahu saja, kinerja TINS per semester pertama kurang memuaskan. Perusahaan

ini merugi sebesar Rp 390,07 miliar usai meraih laba bersih sebesar Rp 205,29

miliar di semester satu tahun lalu. Pendapatan anak usaha MIND ID tersebut

juga merosot 18,48% (yoy) menjadi Rp 7,97 triliun di semester satu silam.

Dari sisi kinerja operasional, produksi bijih

timah TINS turun 47,3% (yoy) menjadi 24.990 ton di semester I-2020, sedangkan

produksi logam timah perusahaan turun 26,2% (yoy) menjadi 27.833 ton. Setali tiga

uang, volume penjualan logam timah TINS juga turun 0,3% (yoy) menjadi 31.508 ton.

Sebelumnya, manajemen TINS menyebut

bahwa secara bulanan kinerja bottom line PT Timah membaik. Contohnya, di bulan

Januari lalu TINS mengalami kerugian bersih sebesar Rp 191 miliar, namun nilai

tersebut terus turun hingga ke level Rp 70 miliar di bulan April. TINS bahkan bisa

mencetak laba bersih sebesar Rp 43 miliar dan Rp 50 miliar di bulan Mei dan Juni.

Zulkarnaen menambahkan, dengan adanya tren perbaikan harga timah, pihaknya

berupaya kembali fokus meningkatkan penjualan ekspor. “Tentunya ini dengan

mempertimbangkan kondisi pasar timah ke depan,” imbuhnya. TINS mengekspor

produk logam timah ke berbagai kawasan seperti Jepang, Singapura, Korea, Amerika

Serikat, hingga benua Eropa.

IMA-Daily Update Page 14

Construction of Smelters to Hoist Industrial Competitiveness

M ILHAM RAMADHAN AVISENA | Economy

THE MINISTRY of Industry (MoI)

continues to boost the competitiveness of the national industry through downstream minerals. One of them is by encouraging the construction of a smelter or refining facility for PT Freeport Indonesia in the Java Integrated Industrial and Port Estate (JIIPE) Industrial Estate in Gresik, East Java.

"There are many downstream products that can be pursued so that later in Indonesia there can be factories that will use the refined products from Freeport. The added value can continue to be encouraged," said Minister of Industry (MoI) Agus Gumiwang Kartasasmita in a written statement yesterday.

PT Freeport Indonesia is an affiliated mining company of the US mining company Freeport-McMoran and a member of the state-owned (SOE) mining industry holding company, Mining Industry Indonesia (MIND ID).

"The company is building copper refineries as raw material for the automotive industry, electronics industry, cables, air conditioning factories, construction of electrical installations, to electric vehicles," said the Minister of Industry.

The Minister of Industry has reviewed the location of the PT Freeport Indonesia smelter project in the JIIPE Gresik Industrial Estate, which was built on 100 hectares of land and a supporting area of 120 hectares.

Pembangunan Smelter Kerek Daya Saing Industri

M ILHAM RAMADHAN AVISENA | Ekonomi

KEMENTERIAN Perindustrian (Kemen-

perin) terus mendongkrak daya saing industri nasional melalui hilirisasi mineral.

Salah satunya dengan mendorong pem-bangunan smelter atau fasilitas pemurnian

PT Freeport Indonesia di Kawasan Industri Java Integrated Industrial and Port Estate

(JIIPE) di Gresik, Jawa Timur.

“Banyak produk hilirisasi yang bisa dikejar

agar nantinya di Indonesia bisa ada pabrik pabrik yang akan menggunakan hasil

pemurnian dari Freeport. Nilai tambahnya bisa terus didorong,” kata Menteri

Perindustrian (Menperin) Agus Gumiwang Kartasasmita dalam keterangan tertulis,

kemarin.

PT Freeport Indonesia merupakan per-

usahaan tambang afiliasi dari perusahaan tambang asal Amerika Serikat Freeport-

McMoran dan anggota holding industri pertambangan badan usaha milik negara

(BUMN), Mining Industry Indonesia (MIND ID).

“Perusahaan tersebut sedang membangun

pemurnian tembaga sebagai bahan baku industri otomotif, industri elektronik,

kabel, pabrik AC, konstruksi instalasi listrik, hingga kendaraan listrik,” sebut

Menperin.

Menperin telah meninjau lokasi proyek

smelter PT Freeport Indonesia di Kawasan Industri JIIPE Gresik yang dibangun di

lahan 100 hektare serta supporting area seluas 120 hektare.

IMA-Daily Update Page 15

The refinery to increase the metal content is projected to become the largest copper processing plant in the world.

"However, currently MIND ID as the holding for the state-owned mining industry informs that smelter construction is experiencing obstacles due to the impact of the Covid-19 pandemic on contractor mobility in the field," said the Minister of Industry.

During the visit, the Minister of Industry was received directly by the President Director of PT Berkah Kawasan Manyar Sejahtera (BMKS) Bambang Soetiono and the President Director of PT Freeport Indonesia Clayton Allen Wenas.

Bambang Setiono said JIIPE is the first integrated area in Indonesia with a total area of 3,000 hectares, consisting of industrial areas, multipurpose ports, commercial areas and housing.

"Apart from being equipped with sufficient util ities and infrastructure, the JIIPE Industrial Estate is also integrated with a port with a depth of -16 meters below sea level so that large vessels with a capacity of 100,000 DWT (dead weight tonnage) can load and unload at JIIPE Port," said Bambang.

It will be used as a SEZ

Meanwhile, to continue to encourage the competitiveness of industries located in JIIPE, the government is also making various efforts, including reviewing the proposed JIIPE Industrial Zone to be designated as a special economic zone (SEZ), as well as a study of the proposed reduction in gas prices for the JIIPE power plant.

In following up on this study, the Ministry of Industry has carried out an internal discussion of proposals to reduce gas prices for industrial estates with proposals to reduce gas prices for other industries.

Fasilitas pemurnian untuk meningkatkan kandungan logam tersebut diproyeksikan menjadi tempat pengolahan tembaga terbesar di dunia.

“Namun, saat ini MIND ID sebagai holding industri pertambangan BUMN menginfor-masikan bahwa pembangunan smelter tengah mengalami kendala akibat dampak pandemi covid-19 terhadap mobilitas kontraktor di lapangan,” ujar Menperin.

Dalam kunjungan tersebut, Menperin diterima langsung oleh Direktur Utama PT Berkah Kawasan Manyar Sejahtera (BMKS) Bambang Soetiono dan Direktur Utama PT Freeport Indonesia Clayton Allen Wenas.

Bambang Setiono mengatakan JIIPE adalah kawasan terintegrasi pertama di Indonesia dengan total area 3.000 hektare, yang terdiri atas kawasan industri, pelabuhan multipurpose, area komersial , dan perumahan.

“Selain dilengkapi dengan sarana prasarana utilitas yang cukup, Kawasan Industri JIIPE juga terintegrasi dengan pelabuhan ber-kedalaman -16 meter di bawah permukaan laut sehingga kapal besar dengan kapasitas 100.000 DWT (dead weight tonnage) dapat melakukan bongkar muat di Pelabuhan JIIPE,” ujar Bambang.

Dijadikan KEK

Sementara itu, untuk terus mendorong daya saing industri yang berlokasi di JIIPE, pemerintah juga sedang melakukan ber-bagai upaya, antara lain melakukan kajian usulan Kawasan Industri JIIPE ditetapkan sebagai kawasan ekonomi khusus (KEK), sekaligus kajian usulan penurunan harga gas untuk power plant JIIPE.

Dalam menindaklanjuti kajian tersebut, Kemenperin telah melakukan pembahasan internal usulan penurunan harga gas untuk kawasan industri dengan usulan penurunan harga gas bagi industri yang lain.

IMA-Daily Update Page 16

"Currently, we are also in the stage of collecting data on industrial areas that require a reduction in gas prices," said the Minister of Industry.

According to the plan, the JIIPE Industrial Estate will also develop solar panels as an alternative to electricity supply with renewable energy. The solar panels will be built fl oating over the seven reservoirs and on the roof of the factory. (Medcom/ Ant/E-3)

“Saat ini juga dalam tahap pendataan kawasan-kawasan industri yang mem-butuhkan penurunan harga gas,” kata Menperin.

Menurut rencana, di Kawasan Industri JIIPE sekaligus akan dikembangkan panel surya sebagai alternatif pasokan listrik dengan energi terbarukan. Panel surya akan dibangun secara fl oating di atas tujuh embung dan di atas atap pabrik. (Medcom/ Ant/E-3)

Progress of PTBA and China Huadian Collaboration PLTU

Already 50 Percent M. Nurhadi Pratomo

PT BUKIT Asam Tbk. targets the Sumsel-8

Steam Power Plant to operate commer-cially by 2022.

Bukit Asam Company Secretary Apollonius Andwie C said the company has a cooperation project with a foreign investor, China Huadian. The two of them are collaborating in building a steam power plant (PLTU) Sumsel-8 with a capacity of 2x620 MW.

Apollonius said the project was ongoing and progress had reached around 50 percent. According to him, PLTU Sumsel-8 is targeted to operate commercially starting in the first quarter of 2022.

"This collaboration will certainly have a very good impact on the company," he told Bisnis, last weekend.

He explained that the issuer coded PTBA shares continues to seek business opportunities to increase added value and expand the company's business. The coal producer stated that...

Progres PLTU Kolaborasi PTBA dan China Huadian Sudah 50

Persen M. Nurhadi Pratomo

PT BUKIT Asam Tbk. menargetkan Pem-

bangkit Listrik Tenaga Uap Sumsel-8 dapat beroperasi secara komersial pada 2022.

Sekertaris Perusahaan Bukit Asam Apollonius Andwie C mengungkapkan per-seroan memiliki proyek kerja sama dengan investor asing, China Huadian. Keduanya berkolaborasi dalam membangun pem-bangkit listrik tenaga uap (PLTU) Sumsel-8 dengan kapasitas 2x620 MW.

Apollonius mengatakan proyek ini sedang berlangsung dan progresnya sudah men-capai sekitar 50 persen. PLTU Sumsel-8 menurutnya ditargetkan beroperasi komer-sial mulai kuartal I/2022.

“Kolaborasi ini pastinya membawa dampak yang sangat baik untuk perseroan,” ujarnya kepada Bisnis, akhir pekan lalu.

Dia menjelaskan bahwa emiten berkode saham PTBA itu terus berupaya mencari peluang bisnis untuk meningkatkan nilai tambah dan memperluas bisnis perusahaan. Produsen batu bara itu menyatakan...

IMA-Daily Update Page 17

The coal producer stated that he is always open to collaborating with investors, both domestic and foreign.

As is known, the Sumsel-8 PLTU was built by PT Huadian Bukit Asam Power (HBAP) with an investment of US$ 1.68 billion with a 25 percent equity financing scheme and 75 percent debt. HBAP is a consortium between Bukit Asam with 45 percent ownership and China Huadian Hongkong Company Ltd. 55 percent.

The construction of the Sumsel-8 PLTU has started since June 2018 which is estimated to take 42 months for Unit I and 45 months for Unit II. The total demand for coal is estimated at 5.4 million tons per year.

Editor: Hafiyyan

Produsen batu bara itu menyatakan selalu terbuka untuk bekerja sama dengan para investor baik dalam maupun luar negeri.

Seperti diketahui, PLTU Sumsel -8 dibangun oleh PT Huadian Bukit Asam Power (HBAP) dengan nilai investasi US$1,68 miliar dengan skema pembiayaan ekuitas 25 persen dan utang 75 persen. HBAP merupakan konsorsium antara Bukit Asam dengan persentase kepemilikan 45 persen dan China Huadian Hongkong Company Ltd 55 persen.

Konstruksi PLTU Sumsel-8 telah dimulai sejak Juni 2018 yang diperkirakan me-merlukan waktu selama 42 bulan untuk Unit I dan 45 bulan untuk Unit II. Total kebutuhan batu bara diperkirakan sebesar 5,4 juta ton per tahun. Editor : Hafiyyan

Last week, 4% drop, uncertain

coal price fate Tirta Citradi, CNBC Indonesia

A WEEK ago the price of Newcastle

thermal coal for actively traded contracts dropped significantly by 4.03 percent. Coal

prices closed at US$ 58.4/ton.

Coal prices began to rally in early

September after touching their lowest level at US$ 49.9/ton. After that, the coal price of

the skeleton rose and broke the psychological level of US$ 60/ton.

Last week, coal prices even tasted the US$

60/ton level before dropping in the last two trading days. On a month to date (mtd)

basis, the price of coal was corrected by 5.58%.

Pekan Lalu Drop 4%, Nasib

Harga Batu Bara Tak Tentu Tirta Citradi, CNBC Indonesia

SEPEKAN lalu harga batu bara termal

Newcastle untuk kontrak yang aktif diperdagangkan drop signifikan sampai 4,03%. Harga batu bara ditutup di US$ 58,4/ton.

Harga batu bara mulai reli pada awal September lalu setelah menyentuh level terendahnya di US$ 49,9/ton. Setelah itu harga batu bara merangka naik dan tembus level psikologis US$ 60/ton.

Bahkan pada pekan lalu harga batu bara masih sempat mencicipi level US$ 60/ton sebelum akhirnya melorot pada dua hari perdagangan terakhir. Secara month to date (mtd), harga batu bara terkoreksi 5,58%.

IMA-Daily Update Page 18

Looking at the unstoppable rally starting in the second week of September, the price

correction taking place today should be healthy. In the future, there are several

risks that can boost the price of this jet stone.

One of the factors that had raised coal

prices was the tight domestic supply of China. While China's domestic coal supply

is stil l tight and makes the price uncompetitive, the price of imported

seaborne coal is likely to be held back from further correction.

Currently the Qinhuangdao thermal coal price for 5,500 Kcal/Kg calories is still

above the informal price target range set by the Chinese government.

This makes industry players, including the Panda Country stun company, have the

potential to choose imported coal . Moreover, towards the end of the year the

quota policy will be renewed.

The existence of production cuts which are also coupled with the potential for La Nina

which will cause supply disruptions also boost coal prices. In the future, the price of

leading commodities from Australia and Indonesia is projected to creep up in line

with the recovery in demand.

Even though it happened gradually, the

phenomenon of recovery in coal demand also occurred in India. Total Indian coal

imports in September are estimated at 14.62 million tonnes based on Refinitiv

ship and port tracking data, up from 12.97 million in August.

This is the strongest performance of the world's second-largest coal importer since

April, although imports are still down 6.3% from the 15.61 million tonnes recorded in

September 2019, reported Reuters.

Melihat reli yang tak terhenti mulai pada pekan kedua September, koreksi harga yang terjadi hari ini seharusnya bersifat sehat. Ke depan ada beberapa risiko yang dapat mendongkrak harga batu legam ini.

Salah satu faktor yang sempat mengerek harga batu bara adalah ketatnya pasokan domestik China. Selagi pasokan batu bara domestik China masih ketat dan membuat harganya tidak kompetitif, maka harga batu bara impor lintas laut (seaborne) kemungkinan masih akan tertahan dari koreksi lanjutan.

Saat ini harga batu bara termal Qinhuangdao untuk kalori 5.500 Kcal/Kg masih berada di atas rentang target harga informal yang ditetapkan pemerintah China.

Hal ini membuat para pelaku industri termasuk perusahaan setrum Negeri Panda berpotensi akan memilih batu bara impor. Apalagi jelang akhir tahun kebijakan kuota akan diperbarui.

Adanya pemangkasan produksi yang juga dibarengi dengan potensi La Nina yang menyebabkan disrupsi pasokan juga turut mendongkrak harga batu bara. Ke depan harga komoditas unggulan Australia dan RI ini diproyeksikan bakal merangkak naik seiring dengan pemulihan permintaan.

Kendati terjadi secara gradual, fenomena pemulihan permintaan batu bara juga terjadi di India. Total impor batu bara India pada bulan September diperkirakan mencapai 14,62 juta ton berdasarkan data pelacakan kapal dan pelabuhan Refinitiv, naik dari 12,97 juta pada bulan Agustus.

Ini merupakan kinerja terkuat importir batu bara terbesar kedua dunia itu sejak April, meski impor masih turun 6,3% dari 15,61 juta ton yang tercatat pada September 2019, melansir Reuters.

IMA-Daily Update Page 19

During the first nine months of this year,

imports were estimated at 128.24 million

tonnes, down 17% from 154.8 million in

the same period last year.

India's coal sector has been hit hard by

restrictions on economic activity that were

imposed from March onwards as the

world's second most populous country

struggles to contain the emerging corona-

virus pandemic.

The economy is expected to contract by up

to 10% in the fiscal year starting in April.

That will be India's weakest performance

since 1979, and analysts expect annual

electricity demand to fall for the first time

in nearly four decades.

However, there are some signs of tentative

recovery. Reuters columnist Clyde Russel said power plants grew for the first time in

seven months in September with activity at factories increasing by the most in eight

years due to relaxed lockdowns.

Power generation rose 4.9% in September and was the first monthly increase since

February, according to a Reuters analysis of daily cargo shipments data from federal

network operators. CNBC INDONESIA

RESEARCH TEAM (twg/twg)

Selama sembilan bulan pertama tahun ini, impor diperkirakan mencapai 128,24 juta ton, turun 17% dari 154,8 juta pada periode yang sama tahun lalu.

Sektor batu bara India telah terpukul keras oleh pembatasan aktivitas ekonomi yang diberlakukan mulai Maret dan seterusnya ketika negara terpadat kedua di dunia berjuang untuk mengatasi pandemi virus corona baru yang sedang merebak.

Perekonomian diperkirakan akan ber-kontraksi hingga 10% pada tahun fiskal yang dimulai pada bulan April. Itu akan menjadi kinerja terlemah India sejak 1979, dan analis memperkirakan permintaan listrik tahunan turun untuk pertama kalinya dalam hampir empat dekade.

Namun, ada beberapa tanda pemulihan tentatif. Seorang kolumnis Reuters, Clyde Russel menyebut pembangkit listrik tumbuh untuk pertama kalinya dalam tujuh bulan pada September dengan aktivitas di pabrik meningkat paling tinggi dalam delapan tahun karena adanya relaksasi lockdown.

Pembangkit listrik naik 4,9% pada Septem-ber dan menjadi peningkatan bulanan pertama sejak Februari, menurut analisis Reuters terhadap data pengiriman muatan harian dari operator jaringan federal. TIM

RISET CNBC INDONESIA (twg/twg)

Freeport does a balancing act as world’s biggest gold mine grapples with covid-19

Reuters

WHEN miners at Indonesia’s giant Grasberg gold and copper mine started testing positive

for coronavirus early in the pandemic, the mountain-top mining complex was quickly locked down with a skeletal staff left in place to maintain production.

IMA-Daily Update Page 20

But as months of travel curbs dragged on, angry workers blockaded the mine for four days in August until the operator – a unit of U.S. miner Freeport McMoRan Inc – relented and let them resume weekly rotations out of the site via a four-hour trek by cable car and bus to towns below.

Now the workers are happier, but health experts fear the greater risk of a new outbreak.

The tensions expose the balancing act to maintain output at full blast while containing covid-19 in mines like Grasberg, the world’s largest gold mine and second-largest copper mine.

“We’ve put the priority and the health of our workers and community at the top of our list,” Freeport McMoRan Chief Executive Richard Adkerson told Reuters. “From the outset, we recognized that (Grasberg) was a particularly vulnerable place due to the size of the workforce” of nearly 30,000 people.

While Freeport has halted some global operations due to the pandemic, production has continued at the 14,000 foot (4,267 metre) -high Grasberg mine despite Indonesia facing one of the worst coronavirus outbreaks in Southeast Asia.

In May, Freeport said it would operate with a “skeletal team” because of a rise in coronavirus cases in the area, including at the workers’ living quarters. Freeport said at the time it was limiting contractors and removing “high-risk” workers but did not specify how many people would be working at the mine.

But the lockdown took a psychological toll on the workers stuck above the clouds at the site since April, some of whom said that they were unable to attend funerals of family members.

“We were frustrated, we wanted to see our families. So we had to protest,” said a worker, speaking from a dormitory shared with four others. He asked not to be named due to fears of losing his job.

Workers who were kept from working the mine were also unhappy because of lost wages.

RISK OF SECOND WAVE?

Grasberg is located in Papua province’s Mimika regency, which has seen a steady rise in coronavirus cases. As of Oct. 8, there had been 1,902 cases in a population of about 224,000, the second-most infected area in Indonesia’s easternmost province.

Five people have died of covid-19 at the mine with 724 confirmed cases as of Sept. 29, according to Mining Industry Indonesia, the state company holding a majority stake in Freeport Indonesia.

Since the protests, workers have returned to a weekly crew-change roster, the local company PT Freeport Indonesia said, with about 400-500 workers leaving and entering the mine daily after temperatures checks and a rapid covid-19 test.

If a rapid test is positive, this would be followed up by a Polymerase Chain Reaction (PCR) test, which experts consider far more accurate.

Before the pandemic, twice as many workers would enter and leave the mine daily, Freeport Indonesia said.

Adkerson said Freeport is treating its employees for coronavirus free of charge at its own medical facilities.

IMA-Daily Update Page 21

Tri Yunis Miko Wahyono, an epidemiologist at the University of Indonesia, said crew changes should be less frequent to limit the risk of spreading the virus.

“The shortest crew change should be two weeks unless a company is willing to pay for PCR tests for every worker every week,” he said.

But that strategy keeps workers on site longer, adding to potential friction with the company.

“EVERYONE WANTS US TO KEEP WORKING”

To help resolve the protests, Freeport Indonesia paid workers compensation of up to 15 million rupiah ($1,010) for working longer than usual, although it said it did not have responsibility for contractors, who make up nearly three quarters of the 29,201 workers.

A Freeport contractor said by telephone he had not received any payment yet, but the issue was being discussed with management and there were no plans for more protests.

Freeport is one of Indonesia’s biggest taxpayers, with direct contributions of more than $16 billion in taxes, royalties, dividends and other payments between 1992 and 2015, according to company data.

The mine is also crucial for Freeport McMoRan, the world’s largest publicly traded copper producer, which made a profit in the second quarter partly due to higher production at Grasberg. Operations at the Indonesian mine are expected to ramp up even further as it transitions from open pit to underground mining.

“Everyone wants us to keep working. The government does, the community does, it’s important for all stakeholders. Even, in the U.S., mining is considered essential,” said Adkerson.

(Reporting by Fathin Ungku and Ernest Scheyder. Additional reporting by Bernadette Christina Munthe in Jakarta and Melanie Burton in Melbourne. Editing by Ed Davies and Raju Gopalakrishnan).

Newcrest leverages Eriez HydroFloat tech to help boost Cadia output Posted by Daniel Gleeson

HAVING installed the first full -scale

HydroFloat™ cells for the recovery of coarse composited copper and gold at Newcrest’s Cadia Valley operation in New South Wales, Australia, in 2018, Eriez is about to help the miner boost output at the operation.

Today, the Newcrest Board approved two projects moving to the execution phase, being Stage 2 of the Cadia Expansion project and the Lihir Front End Recovery project, in PNG.

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The Stage 2 Cadia Expansion project primarily comprises the addition of a second coarse ore flotation circuit in Concentrator 1 (graphic above), using Eriez’s HydroFloat technology, and equipment upgrades in Concentrator 2.

These changes are expected to see plant capacity go from 33 Mt/y to 35 Mt/y, while life of mine gold and copper recoveries could increase by 3.5% and 2.7%, respectively. Alongside this, the company was expecting a A$22/oz ($16/oz) drop in its all-in sustaining costs.

An increase in throughput capacity in Concentrator 2 from 7 Mt/y to 9 Mt/y will be achieved through crushing, grinding, cyclone, pumps and flotation upgrades; while the installation of the second Coarse Ore Flotation circuit on Concentrator 1 and additional upgrades to Concentrator 1 will facilitate an increase in throughput capacity to up to 26 Mt/y, the company said.

“Stage 1, which is already in execution, was designed to maintain production continuity at Cadia through the development of PC2-3 (the next cave development) and increase the processing capacity to 33 Mt/y,” Newcrest said. “Stage 1 comprises an upgrade to the materials handling system and debottlenecking of the Concentrator 1 comminution circuit.”

The rate of ore mined from Cadia is expected to vary over time according to draw rates, cave maturity and cave interaction as further caves are developed, according to Newcrest. From the 2027 financial year onwards, life of mine Cadia mining rates are generally expected to be in the range of 33-35 Mt/y, with an average of 34 Mt/y used for financial evaluation purposes, the company said. Higher mine production rates may be possible, subject to further studies.

At throughput rates of 34 Mt/y, gold recovery improvements from Stages 1 and 2 are expected to achieve LOM gold recoveries of 80.3% and LOM copper recoveries of 85.2% compared to Stage 1 baselines of 76.8% for gold and 82.5% for copper.

The estimated capital cost for Stage 2 is A$175 million, A$5 million lower than the October 2019 estimate, according to Newcrest, which added that timing for delivery remains on schedule, with completion expected late in its 2022 financial year.

The Lihir Front End Recovery project, meanwhile, primarily comprises the installation of flash flotation and additional cyclone capacity, as well as cyclone efficiency upgrades, to improve grinding classification and reduce gold losses through the flotation circuits, Newcrest said.

The flash flotation and cyclone upgrades target the following process improvements:

Implement flash flotation to reduce mineral fines generated from overgrinding and send the higher-grade concentrate stream to the autoclaves; and

Improve cyclone efficiency to achieve a reduction in unliberated coarse mineral particles entering the cyclone overflow, which are not recovered in conventional flotation.

This is projected to result in LOM gold recoveries increasing by 1.2% and incremental LOM gold production increasing by 244,000 oz. It came with an estimated capital cost of A$61 million.

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China reportedly orders halt to imports of Australian coal Industry news sources report that China has told several state-owned steelmakers and

power plants to stop imports with immediate effect Daniel Hurst, @danielhurstbne

CHINA’s customs authorities have told several Chinese state-owned steelmakers and power

plants to stop importing Australian coal, according to two industry newswire services.

The move comes amid ongoing tensions in the relationship between China and Australia and reportedly affects both thermal and coking coal.

S&P Global Platts, which covers energy and commodities markets, cited several unnamed sources as saying Chinese state-owned utilities and steel mills had received the verbal notice to cease the imports “with immediate effect”.

Similarly, Argus Media reported that the order applied to at least some of China’s state-owned steelmakers and power plants – although the publication added it was also aware of some operators that were yet to receive the notice.

Argus cited a Singapore-based trader as speculating that this “might be a case of tightening import quotas rather than a complete ban”.

If confirmed, the move would be another sign of the deteriorating relationship between Australia and its largest trading partner.

China has taken a range of actions against Australian exporters this year, including imposing prohibitive tariffs on barley, suspending imports from five red meat processing plants and launching two trade investigations into wine.

By extending its trade actions to coal and iron ore, China could intensify economic pressure on Australia, which has insisted it won’t be deterred in standing up for its values.

The Australian government infuriated China with its early and vocal calls for a global independent investigation into the origin and early handling of the coronavirus – a step Beijing took as being aimed against it.

Government figures show Australia exported $7.3bn of coal to China in the first six months of this year – up 8% compared with the same period last year. The value of Australian exports of iron ore and concentrates to China rose 16% to $43bn.

Comment has been sought from the trade minister, Simon Birmingham, the Minerals Council of Australia and the Chinese embassy in Australia.

The MCA has previously told Guardian Australia that the resources sector was working to ensure the positive relationship continued but that Covid-19 had had a big impact on energy and steel demand globally.

Its chief executive, Tania Constable, said about a month ago that the drop in energy and steel demand, including in Asia, had “flowed through to depressed thermal and to a lesser extent metallurgical coal demand”.

IMA-Daily Update Page 24

S&P Global Platts reported that the entities told to cease importing Australian coal had included Huaneng Power International, which describes itself as one of the largest listed power producers in China.

They also include Datang International Power Generation Company, another large state-owned power producer; Huadian Power International, a big power producer in the coastal province of Shandong; and Zhejiang Electric Power Co Ltd.

The timeline for the coal ban remains unclear.

Poland's JSW to focus solely on coking coal By Reuters

POLAND's JSW, the European Union's biggest coking coal producer, said it wants to focus

solely on the fuel used in steelmaking and exit the more polluting thermal coal.

Coking coal accounts for 80% of JSW's output, and thermal coal for 20%. Thermal coal, used for power, is struggling to attract investment because of concerns about the environment, but coking coal is still viewed as a strategic mineral.

"JSW will aim to focus 100% on the production of coking coal... Thermal coal is a side effect in our production process," JSW's CFO Radoslaw Zalozinski told Reuters.

JSW has been hit hard by the coronavirus pandemic, as it faced falling demand and numerous Covid-19 infections among miners, forcing it to temporarily close some mines earlier this year.

It hopes to receive 1.75-billion zlotys ($462-million) in financing from state-run fund PFR, but first needs to obtain the approval of its debtholders for increasing the debt.

"This is the condition precedent," Zalozinski said. Banks that have been financing JSW include state-run PKO BP, Pekao and BGK as well as China's ICBC bank .

The European Union's decision to keep coking coal on its list of critical raw materials should have a positive impact on the talks about PFR financing, Zalozinski said.

Talks on other financing options, including new bond or share issues, are out of the question for now.

"I think that the existing debtholders would not react positively if we were to incur additional debt. When it comes to a share issue, I think we would have to wait for a better valuation of the company," Zalozinski said.

Demand for coking coal is rebounding, he said.

"For JSW the rebound in demand is reflected in the price of coking coal - currently it is $140 compared to $100 per ton of premium coal. Is this price sustainable in the long run? We expect it to be, as there were previously unreasonable declines in this market and now we are dealing with a recovery."

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Only three employees of JSW mines have currently tested positive for Covid-19 but the virus is spreading again in Poland and JSW cannot completely rule out that it may be forced to temporarily close mines again.

"We cannot say with certainty that there is no longer any risk of mine closures. We have schools open, autumn and winter are ahead of us. I would not exclude anything," Zalozinski said.

Evolution seeks approval for Cowal underground project Nickolas Zakharia

EVOLUTION Mining has advanced its development of the Cowal underground gold mine in

New South Wales as it seeks approval from the New South Wales Government.

The Cowal underground gold mine has been proposed in addition to the existing Cowal open cut mine, which has a mining approval running until 2032.

In its preliminary September quarter results announcement, the company described its Cowal underground development submission as a “major milestone”.

On September 30 2020, Evolution submitted a significant state development application and the modification 16 development application for Cowal to the New South Wales Department of Planning, Industry and Environment.

“The submission for approval of the Cowal underground mine is another important step towards achieving our objective of producing 350,000 ounces per annum of low-cost gold from this cornerstone operation,” Evolution executive chairman Jake Klein said.

According to Klein, the company has exceeded production expectations in the September quarter, producing 170,021 ounces of gold in the September 2020 quarter with an all-in sustaining cost (AISC) of $1198 per ounce.

“It’s great to start the new financial year with continued positive momentum. Our operations are performing well and it is pleasing to be ahead of where we had planned to be at the end of the first quarter. Most importantly, the business continues to generate sector leading cash flow per ounce and our balance sheet remains strong with net debt reducing even after rewarding shareholders with their 15th consecutive dividend of $153.8 million,” Klein said.

Evolution stated that an environmental impact study — which forms part of the significant state development — will be on public display in mid-October, with its feasibility study for the mine remaining on course.

If the necessary approvals are provided, construction of the underground development could commence as early as 2021 with operations to start in 2023.

IMA-Daily Update Page 26

S. Korea's coal use for power generation dips 7% in 2019 By Yonhap

SOUTH Korea's coal consumption for electricity generation decreased 7 percent in 2019

from a year earlier due to its efforts to cut carbon emissions, a report said Monday.

Asia's fourth-largest economy consumed 94 million tons of coal to generate electricity, compared with 101 million tons a year earlier, according to the report by the Korea Energy Economics Institute.

It marks the second consecutive year of decline. South Korea's coal consumption for power generation rose from 101 million tons in 2016 to 140 million tons in 2017 before going south a year later.

The report, based on data from the International Energy Agency (IEA), also showed global coal consumption for that purpose also falling 1.5 percent on-year to 5.95 billion tons last year.

US coal consumption for power generation shrank 14.7 percent last year, while China's consumption inched up 0.2 percent. Beijing is the world's largest coal consumer.

The South Korean think tank attributed the downturn in coal consumption to a global trend to reduce dependence on coal for electricity generation.

Seoul is seeking to drastically trim its reliance on coal-fired power generation in an effort to help reduce greenhouse gases and fine dust.

Meanwhile, the IEA data showed the world's overall coal consumption dropping 1.2 percent on-year to 5,410 megatons of coal equivalent, with China taking up 53 percent of the total. (Yonhap)

US East Coast thermal coal exports rise in August: Census Author: Tyler Godwin, Editor: Richard Rubin

THERMAL coal exports out of the US East Coast rose slightly in August to 719,518 mt, from

716,435 mt in July, despite exports out of Norfolk, Virginia, falling to a four-month low, according to US Census Bureau data.

Exports from the Baltimore Census district increased to 508,626 mt in August, up from 415,065 mt in July, but down from 533,408 mt in the year-ago month, according to the data released Oct. 6. However, exports out of the Norfolk Census district declined to a four-month low 210,892 mt, down from 301,370 mt in July, but up from 189,366 mt in August 2019.

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The majority of the exports from Baltimore, or 378,568 mt, went to India, up from 75,000 mt in July and 210,900 mt in the year-ago month. It was the most NAPP coal shipped to India from Baltimore since 435,458 mt in April. An additional 130,000 mt of thermal coal went to the Dominican Republic in August, down from 180,000 mt in July.

In August, 70,000 mt of coal was shipped to Morocco from Norfolk, while 60,000 mt went to the Dominican Republic, compared with 65,000 mt and zero in July, respectively. Another 35,088 mt and 33,857 mt went to Brazil and the Netherlands in August, respectively, down from 53,606 mt and 40,348 mt in the previous month.

Cumulative exports out of Baltimore through the first eight months of the year are at 5.27 million mt, down from 7.26 million mt, while exports through August from Norfolk are up on the year at 2.29 million mt, from 1.81 million mt a year earlier.

According to a September report from Norfolk-based shipping agency T. Parker Host, Consol Coal Resources exported 365,427 mt of Northern Appalachia coal in August, compared with zero in July. Coal marketers Xcoal and Javelin Commodities exported 254,728 mt and 199,711 mt of thermal coal off the East Coast, respectively, compared with 124,631 mt and 77,744 mt in July, according to the report.

Despite volumes increasing from Baltimore to India in August, freight rates rose to an eight-month high during the month. Freight rates for a panamax ship going from the East Coast to India averaged $29.16/mt in August, according to S&P Global Platts, up from $28.09/mt in July, but down from $34.08/mt in the year-ago month. It was the highest monthly average since $30.23/mt in December 2019.