National coal production reached 60.22 million tons by the first quarter of 2011, or approximately 18.43 percent of the 326.65 million ton target set by the government, according to data from the Ministry of Energy and Mineral Resources.
Coal in the first three months was produced by Perusahaan Pemegang Perjanjian Karya Pengusahaan Pertambangan Batubara (PKP2KB), a group of companies holding the coal mining work contracts, with 54.95 million tons, and mining concession holders contributing 5.27 million tons.
The total national coal sales volume was 58.78 million tons. Of this, 46.13 million tons was exported with 12.65 million tons consumed domestically. Coal sales volume in the first quarter of 2011 was lower than production because the government reserved 1.44 million tons.
Data from the Indonesian Coal Mining Association (Asosiasi Pertambangan Batu Bara Indonesia) showed a higher production figure. The Association recorded that, by March 2011, 89 million tons of coal was produced, about 26.17 percent of the year-end target of 340 million tons.
According to calculations of the IFT Research Department, revenues from national coal sales by the end of the first quarter of 2011 reached US$ 7.09 billion or equivalent to Rp 61.69 trillion, assuming an exchange rate of Rp 8,700 per U.S. dollar.
The calculation used the 58.78 million ton sales volume and the average reference price of coal in the first quarter of 2011 at US$ 120.63 per ton.
Based on the first quarter performance report, majority of listed companies booked increases in coal production and sales volumes despite the non-friendly weather. PT Bumi Resources Tbk (BUMI) and PT Adaro Energy Tbk, are the only companies that reported production decreases. Bumi, Indonesia’s largest coal producer, produced 14 million tons of coal in the first quarter, down 6.7 percent from 15 million tons (year-on-year).
The production of Bumi’s two subsidiaries, PT Kaltim Prima Coal and PT Arutmin Indonesia, fell 9.2 percent to 8.2 million tons and 0.5 percent to 6 million tons, respectively.
Bumi’s average selling price in the first quarter was around US $ 80 per ton, making an estimated revenue of US$ 1.2 billion, a 34.2 percent year-on-year (YOY) growth from last year’s US$ 894 million.
Adaro Energy, the second largest producer after Bumi, had a production decline of 6.8 percent to 10.6 million tons from 11.36 million tons. Sales volume fell 4.8 percent to 10.91 million tons. Like Bumi, Adaro’s performance was also saved by the 16.3 percent increase in average selling price. The company gained US$ 757 million in revenues, an 11.7 percent improvement from the US$ 678 million in quarter I.
PT Resources Alam Indonesia Tbk (KKGI), a publicly-listed company, experienced a significant production increase. In the first three months of 2011, the company’s YOY production rose by 83.8 percent to almost 850 thousand tons from around 460 thousand tons. Sales volume jumped by 110 percent to around 828 thousand tons from 394 thousand tons the previous year.
This year, Resources Alam expects to produce 3.55 million tons and sell 3.5 million tons. Based on the first quarter production data, the company already produced 23.8 percent of the target. According to the analysis of IFT Research Department, this is a good achievement considering coal production in the first three months usually only reaches 20 percent of the yearly target.
Resources Alam achieved a first quarter revenue of Rp 371.4 billion, a 121.7 percent year-on-year increase from last year’s Rp 167.5 billion. The company’s net income grew by 275.3 percent to Rp 81.9 billion from Rp 21.8 billion.
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