TABLE OF CONTENTS. Syndication of Banking Willl Fund Freeport Smelter Sindikasi Perbankan Bakal Danai Smelter Freeport.

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IMA-Daily Update No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12.

Syndication of Banking Will Fund Freeport Smelter Sindikasi Perbankan Bakal Danai

Only Reaching 43%, Merdeka Copper (MDKA) Will Revise the Target of Capital Expenditures Absorption

Baru Mencapai 43%, Merdeka Copper (MDKA) Akan Revisi Target Penyerapan Belanja Modal

Minister of Finance and Directorate General of Taxation Give Award to Adaro Energy

Menkeu dan Ditjen Pajak Beri Award Ke Adaro Energy

KPPU will only examine the alleged nickel cartel price KPPU Baru akan Meneliti Dugaan Kartel Harga Nikel

Drop 52%, Golden Energy Mines Earn Million

Anjlok 52%, Golden Energy Mines Raih Laba Bersih US$ 45,53 Juta

China's Copper Production Touches the Highest Record Produksi Tembaga China Sentuh Rekor Tertinggi

The Price of Coal Burns Again, But...

Harga Batubara Membara Lagi sih, Tapi...

Indonesia's competition watchdog looks into nickel sector after cartel complaint

Indonesia hopes for environmental nod soon for battery grade nickel plants

Japan’s Sumitomo Targeting to Operates Pomalaa Nickel Mines in 2020

Chinese seaborne thermal coal deals being canceled, delayed amid import curb

Barrick seeks to eclipse $1.5bn asset sales target, eyes more copper

pocketed external funding related to the construction of a copper concentrate purification facility (smelter) located in Gresik, East Java. Syndication of domestic and foreign banks that will finance the construction of the smelter. The smelter investment is around US$ 2.7 billion with a capacity of 2 million tons of concentrate. Freeport Indonesia spokesperson Pratama said the funding discussion was in the finalization stage. But he did not want to disclose the number of banks and the value of funds that would be disbursed. "In the near future there will be a signing," said Riza in Jakarta, Monday (11/18/2019). Riza explained that the smelter construction continues even though it has not yet obtained a loan from banks. Because the government continues to monitor the progress of the smelter construction which is evaluated every six months.

He revealed that the smelter financing is still supported by internal funds. "Funding, for the time being is still from Freeport," he explained.

Freeport Orias Deputy President Director Petrus Moedak previously said that the loan amount is expected to be able to finance the entire project. But he could not disclose the loan tenor because it was still simulated. "We don't have a loan now. Balance sheets clean," he said.

Orias said funding from this banking institution had to get approval from sha holders in this case PT Inalum (Persero). The request will be submitted...

Syndication of Banking Will

Fund Freeport Smelter

Rangga Prakoso/MPA

immediately pocketed external funding related to the construction of a copper concentrate purification facility (smelter) located in Gresik, East Java. Syndication of domestic and foreign banks that will finance the construction of the smelter. The smelter investment is around US$ 2.7 billion with a capacity of 2 million tons of concentrate.

reeport Indonesia spokesperson Riza Pratama said the funding discussion was in the finalization stage. But he did not want to disclose the number of banks and the value of funds that would be disbursed. "In the near future there will be a signing," said

za in Jakarta, Monday (11/18/2019). Riza explained that the smelter construction continues even though it has not yet obtained a loan from banks. Because the government continues to monitor the progress of the smelter construction which

He revealed that the smelter financing is still supported by internal funds. "Funding, for the time being is still from Freeport," he

Freeport Orias Deputy President Director Petrus Moedak previously said that the loan cted to be able to finance the entire project. But he could not disclose the loan tenor because it was still simulated. "We don't have a loan now. Balance sheets

Orias said funding from this banking institution had to get approval from share-holders in this case PT Inalum (Persero).

Sindikasi Perbankan Bakal

Danai Smelter

Rangga Prakoso/

P

T FREEPORT Indonesia segera mengantongi pendanaan eksternal terkait pembangunan fasili tas pemurnian (

tembaga yang berlokasi di Gresik, Jawa Timur. Sindikasi perbankan dalam dan luar negeri yang bakal membiayai pembangunan

tersebut. Adapun investasi

US$ 2,7 miliar dengan kapasitas mencapai 2 juta ton konsentrat.

Juru bicara Freeport Indonesia Riza Pratama mengatakan pembahasan pendanaan dalam tahap finalisasi. Namun dia belum mau membeberkan jumlah bank serta nilai dana yang bakal dikucurkan. "Dalam waktu dekat ada signing," kata Riza di Jakarta, Senin (18/11/2019).

Riza menerangkan pembangunan

berjalan meski belum mengantongi pinjaman dari perbankan. Pasalnya pemerintah terus memonitor progres pembangunan

yang dievaluasi setiap enam bulan. Dia mengungkapkan pembiayaan

sampai saat ini masih ditopang dari dana internal. "Pendanaan sementara masih dari Freeport," terangnya.

Wakil Direktur Utama Freeport Orias Petrus Moedak sebelumnya menuturkan besaran pinjaman yang diharapkan nantinya dapat membiayai seluruh proyek. Namun dia belum bisa membeberkan tenor pinjaman tersebut lantaran masih disimulasikan. "Kami tidak punya pinjaman

Balance sheet clean," ujarnya.

Orias menuturkan pendanaan dari lembaga perbankan ini harus mendapat persetujuan dari pemegang saham dalam hal

Inalum (persero). Permohonan itu akan disampaikan...

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Sindikasi Perbankan Bakal

Smelter Freeport

Rangga Prakoso/MPA

Indonesia segera mengantongi pendanaan eksternal terkait pembangunan fasili tas pemurnian (smelter) konsentrat tembaga yang berlokasi di Gresik, Jawa Timur. Sindikasi perbankan dalam dan luar negeri yang bakal membiayai pembangunan smelter tersebut. Adapun investasi smelter ini sekitar US$ 2,7 miliar dengan kapasitas mencapai 2

Juru bicara Freeport Indonesia Riza Pratama mengatakan pembahasan pendanaan dalam tahap finalisasi. Namun dia belum mau membeberkan jumlah bank serta nilai dana yang bakal dikucurkan. "Dalam waktu dekat ," kata Riza di Jakarta, Senin

Riza menerangkan pembangunan smelter terus berjalan meski belum mengantongi pinjaman dari perbankan. Pasalnya pemerintah terus memonitor progres pembangunan smelter yang dievaluasi setiap enam bulan.

Dia mengungkapkan pembiayaan smelter ai saat ini masih ditopang dari dana internal. "Pendanaan sementara masih dari

Wakil Direktur Utama Freeport Orias Petrus Moedak sebelumnya menuturkan besaran pinjaman yang diharapkan nantinya dapat membiayai seluruh proyek. Namun dia belum bisa membeberkan tenor pinjaman tersebut lantaran masih disimulasikan. "Kami tidak punya pinjaman sekarang.

," ujarnya.

Orias menuturkan pendanaan dari lembaga perbankan ini harus mendapat persetujuan dari pemegang saham dalam hal ini PT Permohonan itu akan

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IMA-Daily Update

The request will be submitted after obtaining the certainty of the banking institution that will finance it.

He believes the shareholders will agree because the loan scheme does not need to inject funds to finance the smelter. But he said shareholders remained involved in the payment of loan interest. "The US$ 3 billion loan is from a syndicate of banks. There is not one bank," he said.

The Freeport Smelter is located in the Gresik industrial area, East Java (Java Integrated Industrial and Port Estate/ JIIPE). The smelter design built is now integrated with slime anode purification facilities. The slime anode smelter capacity reaches 6,000 tons. The addition of the slime anode facility made th

investment swell to US$ 2.7 billion from the previous US$ 2.1 billion.

In the construction of the slime anode smelter, PT Smelting became a supplier of around 2,000 tons of slime anode. Slime anode is a by-product of refining copper concentrate. Since the beginning of 2017, slime anodes have been included in the type of minerals that must be purified domestically. Therefore given until 2022 to complete the smelter.♦

Only Reaching 43%, Merdeka

Copper (MDKA) Will Revise the

Target of Capital Expenditures

Absorption

P

T MERDEKA Copper Gold Tbk (MDKA) has

absorbed capital expenditure (capex) of US$ 70 million so far this year.

Throughout this year, Merdeka Copper has budgeted capital expenditure of US$ 160 million.

The request will be submitted after obtaining the certainty of the banking

He believes the shareholders will agree because the loan scheme does not need to inject funds to finance the smelter. But he said shareholders remained involved in the payment of loan interest. "The US$ 3 billion loan is from a syndicate of banks. There is

The Freeport Smelter is located in the area, East Java (Java Integrated Industrial and Port Estate/ JIIPE). The smelter design built is now integrated with slime anode purification facilities. The slime anode smelter capacity reaches 6,000 tons. The addition of the slime anode facility made the smelter investment swell to US$ 2.7 billion from

In the construction of the slime anode smelter, PT Smelting became a supplier of around 2,000 tons of slime anode. Slime product of refining copper Since the beginning of 2017, slime anodes have been included in the type of minerals that must be purified domestically. Therefore given until 2022 to

Permohonan itu akan disampaikan setelah mendapatkan kepastian lembaga perbankan yang akan membiayai.

Dia menyakini pemegang saham akan menye tujui lantaran dengan skema pinjaman itu tidak perlu menyun tikkan dana un tuk pembiayaan smelter. Namun dia menyebut pemegang saham tetap andil dalam pem bayaran bunga pinjaman. "Pinjaman US$ 3 miliar itu dari sindikasi perbankan. Tidak satu bank," ujarnya.

Smelter Freeport berlokasi di kawasan

industri Gresik, Jawa Timur (Java Integrated Industrial and Port Estate/JIIPE). Desain

smelter yang dibangun kini terintegrasi

dengan fasilitas pemurnian anoda slime. Kapasitas smelter anoda slime itu mencapai 6.000 ton. Penambahan fasilitas anoda slime itu membuat investasi

menjadi US$ 2,7 miliar dari sebelumnya US$ 2,1 miliar.

Dalam pembangunan

itu, PT Smelting menjadi pemasok anoda slime sekitar 2.000 ton.

rupakan produk samping dari pemurnian konsentrat tembaga. Sejak awal 2017 lalu, anoda slime masuk dalam jenis mineral yang harus dimurnikan di dalam negeri. Oleh sebab itu diberi waktu hingga 2022 untuk menyelesaikan smelter.

Only Reaching 43%, Merdeka

Copper (MDKA) Will Revise the

Target of Capital Expenditures

Copper Gold Tbk (MDKA) has absorbed capital expenditure (capex) of US$ 70

Throughout this year, Merdeka Copper has budgeted capital expenditure of US$ 160 million.

Baru Mencapai 43%, Merdeka

Copper (MDKA) Akan Revisi Target

Penyerapan Belanja Modal

P

T MERDEKA Copper Gold Tbk (

menyerap bela nja m odal atau expenditure (capex) sebesar sepanjang tahun ini.

Sepanjang tahun ini, Merdeka Copper meng anggarkan belanja modal US$ 160 juta.

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Permohonan itu akan disampaikan setelah mendapatkan kepastian lembaga perbankan

Dia menyakini pemegang saham akan menye-tujui lantaran dengan skema pinjaman itu tidak perlu menyun tikkan dana un tuk . Namun dia menyebut pemegang saham tetap andil dalam pem-bayaran bunga pinjaman. "Pinjaman US$ 3

ar itu dari sindikasi perbankan. Tidak satu

Freepor t berlokasi di kawasan industri Gresik, Jawa Timur (Java Integrated Industrial and Port Estate/JIIPE). Desain yang diban gun kini terintegrasi dengan fasilitas pemurnian anoda slime. Kapasitas smelter anoda slime itu mencapai 6.000 ton. Penambahan fasilitas anoda slime itu membuat investasi smelter membengkak menjadi US$ 2,7 miliar dari sebelumnya US$

Dalam pembangunan smelter anoda slime itu, PT Smelting menjadi pemasok anoda slime sekitar 2.000 ton. Anoda slime me-rupakan produk samping dari pemurnian konsentrat tembaga. Sejak awal 2017 lalu, anoda slime masuk dalam jenis mineral yang harus dimurnikan di dalam negeri. diberi waktu hingga 2022

smelter.♦

Baru Mencapai 43%, Merdeka

Copper (MDKA) Akan Revisi Target

Penyerapan Belanja Modal

Copper Gold Tbk (MDKA) telah menyerap bela nja m odal atau c apital (capex) sebesar US$ 70 juta

Sepanjang tahun ini, Merdeka Copper meng-anggarkan belanja modal US$ 160 juta.

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IMA-Daily Update

Merdeka Copper Company Secretary Adi Adriansyah Sjoekri explained, a capex of US$ 25 million was used to increase gold and silver production capacity at the Tujuh Bukit Oxide. Then US$ 15 million was allocated for gold and copper porphyry deposit exploration activities in Tujuh Bukit Porphyry.

Merdeka Copper also allocated US$ 30 million to support the operation and expansion of the copper mine on Wetar Island, Southwest Maluku. "One of these capex uptakes is to increase production capacity at the Tujuh Bukit mine, Banyuwangi, to eight million tons per year," Adi said, Friday (11/15).

Although the realization of absorption of new capital expenditure was only 43% of the original plan, Adi said, all expansion projects were still going according to plan. Therefore, Merdeka Copper will revise the capex absorption target.

But Adi could not confirm the amount. According to him, the increase in gold production capacity affected the performance of Merdeka Copper's production.

The realization of Merdeka Copper gold production has exceeded the initial target of the year, which is 180,000 ounces (Oz). "It's positive. Now we have updated the target to be 200,000 Oz until the end of the year," said Adi.

This increased capacity has an

Merdeka Copper's financial performance, in addition to encouraging an increase in gold prices. The revenue of this mineral mining issuer grew 50% year on year to US$ 324.28 million in the third quarter of 2019. Merdeka Copper was able to obtain profit of US$ 66.18 million in the period, up 24.60% yoy. Next year, Adi predicts, the company will continue growth thanks to this capacity increase.

Merdeka Copper Company Secretary Adi Adriansyah Sjoekri explained, a capex of US$ 25 million was used to increase gold and silver production capacity at the Tujuh Bukit Oxide. Then US$ 15 million was ld and copper porphyry deposit exploration activities in Tujuh

Merdeka Copper also allocated US$ 30 million to support the operation and expansion of the copper mine on Wetar Island, Southwest Maluku. "One of these ase production capacity at the Tujuh Bukit mine, Banyuwangi, to eight million tons per year," Adi said, Friday (11/15).

Although the realization of absorption of new capital expenditure was only 43% of the original plan, Adi said, all expansion re still going according to plan. Therefore, Merdeka Copper will revise the

But Adi could not confirm the amount. According to him, the increase in gold production capacity affected the performance of Merdeka Copper's production.

he realization of Merdeka Copper gold production has exceeded the initial target of the year, which is 180,000 ounces (Oz). "It's positive. Now we have updated the target to be 200,000 Oz until the end of the

This increased capacity has an effect on Merdeka Copper's financial performance, in addition to encouraging an increase in gold prices. The revenue of this mineral mining issuer grew 50% year on year to US$ 324.28 million in the third quarter of 2019. Merdeka Copper was able to obtain a net profit of US$ 66.18 million in the period, up 24.60% yoy. Next year, Adi predicts, the company will continue growth thanks to

Sekretaris Perusahaan Merdeka Copper Adi Adriansyah Sjoekri menjelaskan, capex sebesar US$ 25 juta

peningkatan kapasitas produksi emas dan perak di Tujuh Bukit Oxide. Lalu US$ 15 juta dialokasikan untuk kegiatan eksplo rasi endapan porfiri emas dan tembaga di Tujuh Bukit Porphyry.

Merdeka Copper juga mengalokasikan US$ 30 juta untuk menunjang operasional serta ekspansi tambang tembaga di Pulau Wetar, Maluku Barat Daya. "Salah satu serapan capex ini untuk meningkatkan kapasitas produksi di tambang Tujuh Bukit, Banyuwangi, menjadi delapan juta ton per tahun," kata Adi, Jumat (15/11).

Meski realisasi penyerapan capex baru 43% dari rencana awal, Adi mengatakan, semua proyek ekspansi masih berjalan sesuai rencana. Karena itu, Merdeka Copper akan merevisi target penyerapan capex.

Tapi Adi belum bisa memastikan besaran nya. Menurut dia, pening

produksi emas berpengaruh pada kinerja produksi Merdeka Copper.

Realisasi produksi emas Merdeka Copper telah melampaui target awal tahun, yakni sebesar 180.000 ounces (Oz). "Sudah positif. Kini kami update

200.000 Oz hingga akhir tahun," ucap Adi. Peningkatan kapasitas ini berpengaruh pada kinerja keuangan Merdeka Copper, di samping dorongan kenaikan harga emas. Pendapatan emiten tambang mineral ini tumbuh 50% year on year

juta di kuartal III-2019.

Merdeka Copper mampu memperoleh laba bersih sebesar US$ 66,18 juta pada periode tersebut, naik 24,60% yoy. Tahun depan, Adi memprediksi, perusahaan

neruskan pertumbuhan berkat pening katan kapasitas ini.

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Sekretaris Perusahaan Merdeka Copper Adi Adriansyah Sjoekri menjelaskan, capex sebesar US$ 25 juta digunakan untuk peningkatan kapasitas produksi emas dan perak di Tujuh Bukit Oxide. Lalu US$ 15 juta dialokasikan untuk kegiatan eksplo-rasi endapan porfiri emas dan tembaga di Tujuh Bukit Porphyry.

Merdeka Copper juga mengalokasikan US$ unjang operasional serta ekspansi tambang tembaga di Pulau Wetar, Maluku Barat Daya. "Salah satu serapan capex ini untuk meningkatkan kapasitas produksi di tambang Tujuh Bukit, Banyuwangi, menjadi delapan juta ton per tahun," kata Adi, Jumat (15/11).

i realisasi penyerapan capex baru 43% dari rencana awal, Adi mengatakan, semua proyek ekspansi masih berjalan sesuai rencana. Karena itu, Merdeka Copper akan merevisi target penyerapan

Tapi Adi belum bisa memastikan besaran-nya. Menurut dia, peningkatan kapasitas produksi emas berpengaruh pada kinerja produksi Merdeka Copper.

Realisasi produksi emas Merdeka Copper telah melampaui target awal tahun, yakni sebesar 180.000 ounces (Oz). "Sudah

update targetnya jadi

akhir tahun," ucap Adi. Peningkatan kapasitas ini berpengaruh pada kinerja keuangan Merdeka Copper, di samping dorongan kenaikan harga emas. Pendapatan emiten tambang mineral ini

year on year jadi US$ 324,28

2019.

opper mampu memperoleh laba bersih sebesar US$ 66,18 juta pada periode tersebut, naik 24,60% yoy. Tahun depan, Adi memprediksi, perusahaan akan me-neruskan pertumbuhan berkat

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pening-IMA-Daily Update

Adi hopes, the gold mining capacity of 8 million tons per year can be fully utilized in 2020. But, Adi is still keeping the revenue and net profit target next year.

Because the price of gold that is sensitive to the company's business is difficult to predict. Therefore, Merdeka Copper will maintain the operational costs of production. Next year, use will focus on porphyry studies at the Tujuh Bukit mine, Banyuwangi, East Java.

The reason, Merdeka Copper will develop porphyry deposit resources containing copper and gold. So far, Merdeka Copper noted that these resources reached 300 million tons of content with 0.8% copper content. This study is to get more measurable reserves.

The exploration was carried out through underground hole drilling which so far reached 1.8 km. "Until the second quarter of next year we are targeting to reach 2.8 km with a final target of 5 km," said Adi. Reporter: Nur Qolbi, Editor: Herry Prasetyo

Minister of Finance and

Directorate General of Taxation

Give Award to Adaro Energy

By: Ahmad Nabhani

F

INANCE Minis ter Sri Mulyani Indra wati

accompanied by Director General of Tax Suryo Utomo presented the award to the Head of Ta Division of PT Adaro Energy Tbk (Adaro), Jul Seventa Tarigan as one of The Most Tax

Corporate a t the 20 19 Tempo Country Contributor Awards.

Jul Seventa Tarigan in his press release here on Monday (11/18) said, as a national company, Adaro is committed to continue to contribute to the development and progress of the Indonesian economy through taxes and royalties.

Adi hopes, the gold mining capacity of 8 tons per year can be fully utilized in 2020. But, Adi is still keeping the revenue

Because the price of gold that is sensitive to the company's business is difficult to predict. Therefore, Merdeka Copper will perational costs of production. Next year, use will focus on porphyry studies at the Tujuh Bukit mine,

The reason, Merdeka Copper will develop porphyry deposit resources containing copper and gold. So far, Merdeka Copper noted that these resources reached 300 million tons of content with 0.8% copper content. This study is to get more

e exploration was carried out through underground hole drilling which so far reached 1.8 km. "Until the second quarter of next year we are targeting to reach 2.8 km with a final target of 5 km," said Adi. Reporter: Nur Qolbi, Editor: Herry Prasetyo

Adi berharap, kapasitas penambangan emas sebesar 8 juta ton per tahun dapat dimanfaatkan secara penuh pada 2020. Tapi, Adi masih merahasiakan target pendapatan dan laba bersih tahun depan. Pasalnya, harga emas yang sensitif ter hadap bisnis perusahaan ini sulit

diprediksi. Karena itu, Merdeka Copper akan menjaga biaya operasional produksi. Tahun depan, penggunaan akan fokus pada studi porfiri di tambang Tujuh Bukit, Banyuwangi, Jawa Timur.

Pasalnya, Merdeka Copper akan mengem bangkan sumber daya endapan po

mengandung tembaga dan emas. Sejauh ini, Merdeka Copper mencatat sumber daya tersebut mencapai 300 juta ton kandungan dengan kadar 0,8% tembaga. Studi ini untuk mendapatkan cadangan yang lebih terukur. Eksplorasi tersebut dijalankan

pengeboran lubang bawah tanah yang sejauh ini mencapai 1,8 km. "Hingga kuartal

depan kami targetkan mencapai 2,8 km dengan tar get akhir 5 km," ucap Adi. Reporter: Nur Qolbi, Editor: Herry Prasetyo

Minister of Finance and

Directorate General of Taxation

Give Award to Adaro Energy

Ahmad Nabhani

Minister Sri Mulyani Indra wati accompanied by Director General of Tax Suryo Utomo presented the award to the Head of Tax Division of PT Adaro Energy Tbk (Adaro), Jul Seventa Tarigan as one of The Most Tax-Friendly Corporate a t the 20 19 Tempo Country

Jul Seventa Tarigan in his press release here on Monday (11/18) said, as a national company, mitted to continue to contribute to the development and progress of the Indonesian economy through taxes and royalties.

Menkeu dan Ditjen Pajak Beri

Award Ke Adaro Energy

Oleh: Ahmad Nabhani

M

ENTERI Keuangan Sri Mulyani Indrawati

didampingi Direktur Jenderal Pajak Suryo Utomo menyerahkan penghargaan kepada Head of Tax Division PT Adaro Energy Tbk (Adaro), Jul Seventa Tarigan sebagai salah satu The Most Tax-Friendly Corporate pada acara Tempo Country Contributor Awards 2019.

Jul Seventa Tarigan dalam siaran persnya di Jakarta, Senin (18/11) menuturkan, sebagai perusahaan nasional, Adaro berkomitmen untuk terus berkontribusi bagi pembangunan dan kemajuan ekonomi Indonesia melalui pajak dan royalti.

Page 6

harap, kapasitas penambangan emas sebesar 8 juta ton per tahun dapat dimanfaatkan secara penuh pada 2020. Tapi, Adi masih merahasiakan target pendapatan dan laba bersih tahun depan. Pasalnya, harga emas yang sensitif ter-hadap bisnis perusahaan ini sulit untuk diprediksi. Karena itu, Merdeka Copper akan menjaga biaya operasional produksi. Tahun depan, penggunaan akan fokus pada studi porfiri di tambang Tujuh Bukit, Banyuwangi, Jawa Timur.

Pasalnya, Merdeka Copper akan mengem-bangkan sumber daya endapan porfiri yang mengandung tembaga dan emas. Sejauh ini, Merdeka Copper mencatat sumber daya tersebut mencapai 300 juta ton kandungan dengan kadar 0,8% tembaga. Studi ini untuk mendapatkan cadangan yang lebih terukur. Eksplorasi tersebut dijalankan melalui

geboran lubang bawah tanah yang sejauh ini mencapai 1,8 km. "Hingga kuartal-II tahun depan kami targetkan mencapai 2,8 km dengan tar get akhir 5 km," ucap Adi. Reporter: Nur Qolbi, Editor: Herry Prasetyo

Menkeu dan Ditjen Pajak Beri

Award Ke Adaro Energy

Ahmad Nabhani

Keuangan Sri Mulyani Indrawati didampingi Direktur Jenderal Pajak Suryo Utomo menyerahkan penghargaan kepada Head of Tax Division PT Adaro Energy Tbk (Adaro), Jul Seventa Tarigan sebagai salah satu The Most Friendly Corporate pada acara Tempo

Contributor Awards 2019.

Jul Seventa Tarigan dalam siaran persnya di Jakarta, Senin (18/11) menuturkan, sebagai perusahaan nasional, Adaro berkomitmen untuk terus berkontribusi bagi pembangunan dan kemajuan ekonomi Indonesia melalui pajak dan

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IMA-Daily Update

"In 2018 Adaro has contributed to the country totaling 721 million US dollars (378 million US dollars in royalties and 343 million US dollars in taxes)," he said. The Director General of Taxes has also confirmed one of its subsidiaries, PT Adaro Indonesia as the WP Certain Criteria (WP Obedient) for the period January 1, 2018 to December 31, 2019.

The Director of Counseling, Services and Public Relations at the Ministry of Finance's Tax Directorate General, Hestu Yoga Seksama said, to qualify as WP Compliant, a series of stringent regulatory criteria must be met.

Including compliance with tax payments and financial statements of unqualified status for the past three years. "Besides, WP has never committed a tax crime in the last five years," said Hestu Yoga.

KPPU will only examine the

alleged nickel cartel price

Rio Indrawan

T

HE BUSINESS Competition Supervisory Commission (KPPU) began conducting research on the alleged cartel of low

nickel ore prices complained of by national nickel producers.

Guntur Saragih, KPPU Commissioner, said that until now no party had officially reported the alleged cartel. In fact, to conduct an investigation, there are stages that must be passed including an official report. However, based on the results of monitoring that have been carried out by KPPU, then with the initiative of KPPU it is decided that research will be carried out as an advanced stage of monitoring.

2018 Adaro has contributed to the country totaling 721 million US dollars (378 million US dollars in royalties and 343 million US dollars in taxes)," he said. The Director General of Taxes has also confirmed one of its subsidiaries, PT Adaro he WP Certain Criteria (WP Obedient) for the period January 1, 2018 to

The Director of Counseling, Services and Public Relations at the Ministry of Finance's Tax Directorate General, Hestu Yoga Seksama said, to qualify as WP series of stringent regulatory

Including compliance with tax payments and financial statements of unqualified status for the past three years. "Besides, WP has never committed a tax crime in the last five years," said Hestu Yoga.♦

"Tahun 2018 Adaro telah memberikan kontribusi kepada negara senilai total 721 juta dolar AS (378 juta dolar AS dalam bentuk royalti dan 343 juta dolar AS dalam bentuk pajak)," ujarnya.

Dirjen Pajak juga telah mengukuhkan salah satu anak perusahaan yakni PT A Indonesia sebagai WP Kriteria Tertentu (WP Patuh) untuk periode 1 Januari 2018 sampai 31 Desember 2019.

Direktur Penyuluha n, Pela ya nan da n Hubungan Masyarakat Direktorat Jenderal Pajak Kementerian Keuangan, Hestu Yoga Seksama mengatakan, untuk memenu

sebagai WP Patuh, serangkaian kriteria aturan yang ketat dalam pelaporan pajak harus dipenuhi.

Termasuk kepatuhan terhadap pembayaran pajak dan laporan keuangan status wajar tanpa pengecualian selama tiga tahun terakhir. "Selain itu WP tidak pernah melakukan tindak pidana perpajakan dalam lima tahun terakhir," ucap Hestu Yoga.♦

KPPU will only examine the

alleged nickel cartel price

Competition Supervisory Commission (KPPU) began conducting research on the alleged cartel of low-grade nickel ore prices complained of by national

Guntur Saragih, KPPU Commissioner, said that until now no party had officially e alleged cartel. In fact, to conduct an investigation, there are stages that must be passed including an official report. However, based on the results of monitoring that have been carried out by KPPU, then with the initiative of KPPU it is esearch will be carried out as an advanced stage of monitoring.

KPPU Baru akan Meneliti

Dugaan Kartel Harga Nikel

Rio Indrawan

K

OMISI Pengawas Persai nga n Usa ha (KPPU) mulai melakukan penelitian terhadap dugaan kartel harga bijih nikel berkadar rendah yang

produsen nikel nasional.

Guntur Saragih, Komisioner KPPU, mengata kan sampai sekarang belum ada pihak yang secara resmi melaporkan dugaan kartel tersebut. Padahal untuk melakukan penyidikan ada tahapan yang harus dilalui termasuk laporan resmi.

berdasarkan hasil monitoring yang sudah dilakukan KPPU, maka dengan inisiatif KPPU diputuskan akan dilakukan penelitian sebagai tahap lanjutan monitoring.

Page 7

ahun 2018 Adaro telah memberikan kontribusi kepada negara senilai total 721 juta dolar AS (378 juta dolar AS dalam bentuk royalti dan 343 juta dolar AS dalam bentuk

Dirjen Pajak juga telah mengukuhkan salah satu anak perusahaan yakni PT Adaro Indonesia sebagai WP Kriteria Tertentu (WP Patuh) untuk periode 1 Januari 2018 sampai

Direktur Penyuluha n, Pela ya nan da n Hubungan Masyarakat Direktorat Jenderal Pajak Kementerian Keuangan, Hestu Yoga Seksama mengatakan, untuk memenuhi syarat sebagai WP Patuh, serangkaian kriteria aturan yang ketat dalam pelaporan pajak harus

Termasuk kepatuhan terhadap pembayaran pajak dan laporan keuangan status wajar tanpa pengecualian selama tiga tahun terakhir. pernah melakukan tindak pidana perpajakan dalam lima tahun terakhir,"

KPPU Baru akan Meneliti

Dugaan Kartel Harga Nikel

Rio Indrawan

Persaingan Usaha (KPPU) mulai melakukan penelitian terhadap dugaan kartel harga bijih nikel berkadar rendah yang dikeluhkan produsen nikel nasional.

Guntur Saragih, Komisioner KPPU, mengata-kan sampai sekarang belum ada pihak yang secara resmi melaporkan dugaan kartel tersebut. Padahal untuk melakukan penyidikan ada tahapan yang harus dilalui termasuk laporan resmi. Namun demikian berdasarkan hasil monitoring yang sudah dilakukan KPPU, maka dengan inisiatif KPPU diputuskan akan dilakukan penelitian sebagai tahap lanjutan monitoring.

(8)

IMA-Daily Update

"We KPPU have decided the nickel case to become a research. We are tasking the Deputy for Advocacy Policy Prevention, to conduct research," Guntur said at a press conference at the KPPU Office, Jakarta, Monday (11/18).

Meidy Katrin Lengkey, Secretary General of the Indonesian Nickel Mining Association (APNI), said the alleged nickel carte been reported to the Business Competition Supervisory Commission (KPPU).

The meeting was indeed held with nickel producers, it's just that the audience is only hearing or exchanging information related to nickel governance. "If it's official, the report has a form that is filled in to the reporting section," said Guntur.

KPPU does not specify the research period but KPPU will periodically receive research report after 30 working days. If from the results of the research found evidence or information is strong enough then the next stage will be carried out the investigation. "Every 30 working days, there will be reporting. We will see if there can be a follow up, "said Guntur.

In this research stage, KPPU will summon all parties related to the issue of

prices and smelter industry players, including those from the government itself. M. Zul Firmansyah, KPPU's Economic Director, said that in this study the initial study was a regulatory problem. "Especially regarding nickel ore pricing is still in the form of processed, so that until now previous research has been monitoring early identification of issues that are popul the community," explained Zul.

Alleged cartel practices behind the cheap nickel purchase price by smelters because this low purchase price clearly does not comply with the Mineral Reference Price (HPM) set by the government. So far,

"We KPPU have decided the nickel case to become a research. We are tasking the y for Advocacy Policy Prevention, to conduct research," Guntur said at a press conference at the KPPU Office, Jakarta,

Meidy Katrin Lengkey, Secretary General of the Indonesian Nickel Mining Association (APNI), said the alleged nickel cartel had been reported to the Business Competition Supervisory Commission (KPPU).

The meeting was indeed held with nickel producers, it's just that the audience is only hearing or exchanging information related to nickel governance. "If it's official, ort has a form that is filled in to the reporting section," said Guntur.

KPPU does not specify the research period but KPPU will periodically receive research report after 30 working days. If from the results of the research found evidence or s strong enough then the next stage will be carried out the investigation. "Every 30 working days, there will be reporting. We will see if there can be a

In this research stage, KPPU will summon all parties related to the issue of nickel prices and smelter industry players, including those from the government itself. M. Zul Firmansyah, KPPU's Economic Director, said that in this study the initial study was a regulatory problem. "Especially regarding nickel ore pricing is still in the form of processed, so that until now previous research has been monitoring early identification of issues that are popular in

Alleged cartel practices behind the cheap nickel purchase price by smelters because this low purchase price clearly does not comply with the Mineral Reference Price

So far,...

“Kami KPPU sudah memutuskan kasus nikel menjadi penelitian. Kami tugaskan bagian Deputi Pencegahan Kebijakan Advokasi, untuk melakukan penelitian,” kata Guntur dalam konferensi pers di Kantor KPPU, Jakarta, Senin (18/11).

Meidy Katrin Lengkey, Sekretaris Jenderal Asosiasi Pertambangan Nikel Indonesia (APNI), mengatakan dugaan kartel nikel sudah dilaporkan ke Komisi Pengawas Persaingan Usaha (KPPU).

Pertemuan memang sempat dilakukan dengan para produsen nikel, hanya saja sifatnya hanya audiensi atau bertukar informasi terkait tata kelola nikel. “Kalau resmi pelaporan itu ada form yang diisi ke bagian pelaporan,” ungkap Guntur.

KPPU tidak menetapkan jangka

penelitian namun secara berkala KPPU akan menerima laporan hasil penelitian setelah 30 hari kerja. Jika dari hasi

ditemukan bukti atau informasi cukup kuat maka baru akan dilakukan tahap selanjutnya yakni penyidikan.

“Setiap 30 hari kerja, nanti ada pelaporan. Nanti kami lihat apakah bisa ada tindak lanjut,” kata Guntur.

Dalam tahap penelitian i

memanggil semua pihak yang berhubungan dengan masalah harga nikel serta pelaku industri smelter ter masuk dari unsur pemerintah sendiri.

M. Zul Firmansyah, Direktur Ekonomi KPPU, menyatakan dalam penelitian ini telaah awal adalah adanya permasa

“Terutama terkait pricing nikel ore masih bentuk olahan, sehingga sampai sekarang penelitian sebelumnya ada monitoring identifi kasi awal i su yan g populer di masyarakat,” jelas Zul.

Dugaan praktik kartel di balik harga beli nikel murah oleh smelter lantaran harga beli rendah ini jelas-jelas tidak mematuhi Harga Patokan Mineral (HPM) yang telah ditetapkan pemerintah.

Page 8

ah memutuskan kasus nikel menjadi penelitian. Kami tugaskan bagian Deputi Pencegahan Kebijakan Advokasi, untuk melakukan penelitian,” kata Guntur dalam konferensi pers di Kantor KPPU, Jakarta, Senin (18/11). Meidy Katrin Lengkey, Sekretaris Jenderal

si Pertambangan Nikel Indonesia (APNI), mengatakan dugaan kartel nikel sudah dilaporkan ke Komisi Pengawas Persaingan Usaha (KPPU).

Pertemuan memang sempat dilakukan dengan para produsen nikel, hanya saja sifatnya hanya audiensi atau bertukar kait tata kelola nikel. “Kalau resmi pelaporan itu ada form yang diisi ke bagian pelaporan,” ungkap Guntur.

KPPU tidak menetapkan jangka waktu penelitian namun secara berkala KPPU akan menerima laporan hasil penelitian setelah 30 hari kerja. Jika dari hasil penelitian tersebut ditemukan bukti atau informasi cukup kuat maka baru akan dilakukan tahap selanjutnya

“Setiap 30 hari kerja, nanti ada pelaporan. Nanti kami lihat apakah bisa ada tindak

Dalam tahap penelitian ini KPPU akan memanggil semua pihak yang berhubungan dengan masalah harga nikel serta pelaku industri smelter ter masuk dari unsur

Zul Firmansyah, Direktur Ekonomi KPPU, menyatakan dalam penelitian ini telaah awal adanya permasalahan regulasi. “Terutama terkait pricing nikel ore masih bentuk olahan, sehingga sampai sekarang sebelumnya ada monitoring identifi kasi awal i su yan g populer di

Dugaan praktik kartel di balik harga beli smelter lantaran harga jelas tidak mematuhi Harga Patokan Mineral (HPM) yang telah ditetapkan pemerintah. Selama ini...

(9)

IMA-Daily Update

So far, the purchase price of nickel by smelters is too cheap, which is around Rp. 300 thousand per ton. This cond makes nickel producers prefer to sell nickel abroad rather than to domestic smelters. (RI)

Drop 52%, Golden Energy Mines

Earns Net Profit of US$45.53

Million

Nabil Al Faruq

P

T GOLDEN Energy Mines Tbk (GEMS) posted profit for the period attributable to owners of the parent company of US$ 45.53 million as of the third quarter of 2019, a 52.79% drop compared to the same period last year of US$ 96.45 million. Golden Energy Management reve

company recorded a decrease in net sales of US$ 752.17 million, down 1.94% from the same period the previous year of US$ 767.06 million.

"Our gross profit also dropped to US$ 248.14 million compared to US$ 289.18 million in the same period last y Golden Energy management said in an official statement here on Monday (11/18). According to Golden Energy management, the company's operating profit was reduced by 43.36% to US$ 77.31 million compared to the same period last year of US$ 136.50 million. The decrease was due to an increase in selling expenses from US$ 101.64 million to US$ 120.85 million.

Golden Energy's income before income tax (PPh) shrank 46.72% from US$ 131.74 million to US$ 70.18 million.

assets,...

So far, the purchase price of nickel by smelters is too cheap, which is around Rp. 300 thousand per ton. This condition makes nickel producers prefer to sell nickel abroad rather than to domestic

Selama ini harga beli nikel oleh smelter terlalu murah, yakni sekitar Rp300 ribu per ton. Kondisi tersebut membuat para produsen nikel lebih memilih menjual nikel ke luar negeri ketimbang ke smelter dalam negeri. (RI)

Drop 52%, Golden Energy Mines

Earns Net Profit of US$45.53

Energy Mines Tbk (GEMS) posted profit for the period attributable to owners of the parent company of US$ 45.53 million as of the third quarter of 2019, a 52.79% drop compared to the same period last year of US$ 96.45 million. Golden Energy Management revealed, the company recorded a decrease in net sales of US$ 752.17 million, down 1.94% from the same period the previous year of US$

"Our gross profit also dropped to US$ 248.14 million compared to US$ 289.18 million in the same period last year," Golden Energy management said in an official statement here on Monday (11/18). According to Golden Energy management, the company's operating profit was reduced by 43.36% to US$ 77.31 million compared to the same period last year of n. The decrease was due to an increase in selling expenses from US$ 101.64 million to US$ 120.85 million. Golden Energy's income before income tax (PPh) shrank 46.72% from US$ 131.74 million to US$ 70.18 million. In total

Anjlok 52%, Golden Ene

Raih Laba Bersih US$45,53 Juta

Nabil Al Faruq

P

T GOLDEN Energy Mines Tbk (GEMS) membukukan laba periode berjalan yang dapat diatribusikan kepada pemilik entitas induk sebesar US$ 45,53 juta hingga kuartal III-2019, anjlok 52,79% dibanding kan periode sama tahun lalu US$ 96,45 juta.

Manajemen Golden Energy mengungkap kan, perseroan mencatatkan penurunan pada penjualan neto sebesar US$ 752,17 juta, turun 1,94% dari periode sama tahun sebelumnya Rp US$ 767,06 juta.

“Laba bruto kami juga turun menj

248,14 juta dibanding US$ 289,18 juta pada periode sama tahun lalu,” demikian manajemen Golden Energy dalam kete rangan resmi di Jakarta, Senin (18/11). Menurut manajemen Golden Energy, laba usaha perseroan tergerus 43,36% menjadi US$ 77,31 juta dibandingkan periode sama tahun silam US$ 136,50 juta. Penurunan tersebut disebabkan kenaikan beban penjualan dari US$ 101,64 juta menjadi US$ 120,85 juta.

Laba sebelum pajak penghasilan (PPh) Golden Energy menyusut 46,72% dari US$ 131,74 juta menjadi US$

total aset,...

Page 9

Selama ini harga beli nikel oleh smelter terlalu murah, yakni sekitar Rp300 ribu per ton. Kondisi tersebut membuat para produsen nikel lebih memilih menjual nikel ke luar negeri ketimbang ke smelter

Anjlok 52%, Golden Energy Mines

Raih Laba Bersih US$45,53 Juta

Nabil Al Faruq

Energy Mines Tbk (GEMS) membukukan laba periode berjalan yang dapat diatribusikan kepada pemilik entitas induk sebesar US$ 45,53 juta hingga 2019, anjlok 52,79% dibanding-riode sama tahun lalu US$ 96,45

Manajemen Golden Energy mengungkap-kan, perseroan mencatatkan penurunan pada penjualan neto sebesar US$ 752,17 juta, turun 1,94% dari periode sama tahun sebelumnya Rp US$ 767,06 juta.

“Laba bruto kami juga turun menjadi US$ 248,14 juta dibanding US$ 289,18 juta pada periode sama tahun lalu,” demikian manajemen Golden Energy dalam kete-rangan resmi di Jakarta, Senin (18/11). Menurut manajemen Golden Energy, laba usaha perseroan tergerus 43,36% menjadi ibandingkan periode sama tahun silam US$ 136,50 juta. Penurunan tersebut disebabkan kenaikan beban penjualan dari US$ 101,64 juta menjadi

Laba sebelum pajak penghasilan (PPh) Golden Energy menyusut 46,72% dari US$ 131,74 juta menjadi US$ 70,18 juta. Secara

(10)

IMA-Daily Update

In total assets, the company obtained US$ 773.04 million as of 30 September 2019, an increase from the 31 December 2018 period which recorded US$ 701.04 million.

Reporting from Investor Daily, Golden Energy Mines is targeting coal production volume this year to be 28 million tons, with a projected sales of 25 million tons.

To support this target, the issuer coded GEMS share budgeted capital expenditure (capex) of US$ 33 million,

compared to last year of US$ 19.8 million. Capex comes from internal cash and bank loans with a composition ranging from 70 80%.

The company has used capex to complete the construction of a 22 km hauling coal hauling road, which in the previous year was only completed for 2 km. In a

the company will increase the capacity of crushing plants and loading conveyors in the mining area of its subsidiary, PT Borneo Indobara (BIB). This was done in order to increase production volume and support the safety of mining operations.

Meanwhile, PT BIB and another subsidiary, PT Barasentosa Lestari (BSL), received a loan worth US$ 32 million from PT Bank Mandiri (Persero) Tbk (BMRI). The loan will be used to pay debts.

The loan has a 3-month London Inter Offered Rate (LIBOR) and 4.25%

rate. Maturity date is August 9, 2024 or has a tenure of five years. "This loan will be used to pay off existing BSL at the Bahrain branch of ICICI Bank," said Golden Energy Mines management.♦

In total assets, the company obtained US$ 773.04 million as of 30 September 2019, an increase from the 31 December 2018 period which recorded US$ 701.04 million.

Reporting from Investor Daily, Golden targeting coal production volume this year to be 28 million tons, with a projected sales of 25 million tons.

To support this target, the issuer coded GEMS share budgeted capital expenditure (capex) of US$ 33 million, an increase $ 19.8 million. Capex comes from internal cash and bank loans with a composition ranging from

70-The company has used capex to complete the construction of a 22 km hauling coal hauling road, which in the previous year was only completed for 2 km. In addition, the company will increase the capacity of crushing plants and loading conveyors in its subsidiary, PT Borneo Indobara (BIB). This was done in order to increase production volume and support the safety of mining operations.

nwhile, PT BIB and another subsidiary, PT Barasentosa Lestari (BSL), received a loan worth US$ 32 million from PT Bank Mandiri (Persero) Tbk (BMRI). The loan

month London Inter-Bank Offered Rate (LIBOR) and 4.25% interest rate. Maturity date is August 9, 2024 or has a tenure of five years. "This loan will be used to pay off existing BSL at the Bahrain branch of ICICI Bank," said Golden Energy

Secara total aset, perseroan memperoleh US$ 773,04 juta per 30 September 2019, meningkat dari periode 31 Desember 2018 yang mencatatkan US$ 701,04 juta.

Dilansir dari Investor Daily, Golden Energy Mines tengah menargetkan volume produksi batu bara tahun i

juta ton, dengan proyeksi penjualan 25 juta ton.

Untuk mendukung target tersebut, emiten berkode saham GEMS ini menganggarkan belanja modal (capital expenditure/capex) sebesar US$ 33 juta, meningkat dibanding kan tahun lalu US$ 19,8 juta. C

dari kas internal dan pinjaman bank dengan komposisi berkisar 70

Perseroan telah menggunakan capex untuk menyelesaikan pembangunan jalan peng angkut batubara (hauling) sepanjang 22 km, yang pada tahun sebelumnya baru terselesaikan sepanjang 2 km. Selain itu, perseroan akan meningkatkan kapasitas mesin penghancur (crushing plant) dan conveyor pemuatan (loading conveyor) di area tambang anak usaha, PT Borneo Indobara (BIB). Ini dilakukan demi meningkatkan volume produksi dan men dukung keamanan operasional tambang. Sementara itu, PT BIB dan anak usaha lainnya, PT Barasentosa Lestari (BSL), mendapatkan pinjaman senilai US$ 32 juta dari PT Bank Mandiri (Persero) Tbk (BMRI). Pinjaman tersebut akan digunakan untuk membayar utang.

Pinjaman tersebut memiliki tingkat bunga London Inter-Bank Offered Rate (LIBOR) 3 bulan dan 4,25%. Jatuh temponya pada 9 Agustus 2024 atau bertenor lima tahun. “Pinjaman ini akan digunakan untuk pelunasan existing BSL pada ICICI Bank cabang Bahrain,” ujar manajemen Gol Energy Mines.♦

Page 10

Secara total aset, perseroan memperoleh US$ 773,04 juta per 30 September 2019, meningkat dari periode 31 Desember 2018 yang mencatatkan US$ 701,04 juta.

Dilansir dari Investor Daily, Golden Energy Mines tengah menargetkan volume produksi batu bara tahun ini sebanyak 28 juta ton, dengan proyeksi penjualan 25 juta

Untuk mendukung target tersebut, emiten berkode saham GEMS ini menganggarkan belanja modal (capital expenditure/capex) sebesar US$ 33 juta, meningkat dibanding-kan tahun lalu US$ 19,8 juta. Capex berasal dari kas internal dan pinjaman bank dengan komposisi berkisar 70-80%.

Perseroan telah menggunakan capex untuk menyelesaikan pembangunan jalan peng-angkut batubara (hauling) sepanjang 22 km, yang pada tahun sebelumnya baru ang 2 km. Selain itu, perseroan akan meningkatkan kapasitas mesin penghancur (crushing plant) dan conveyor pemuatan (loading conveyor) di area tambang anak usaha, PT Borneo Indobara (BIB). Ini dilakukan demi meningkatkan volume produksi dan

men-anan operasional tambang. Sementara itu, PT BIB dan anak usaha lainnya, PT Barasentosa Lestari (BSL), mendapatkan pinjaman senilai US$ 32 juta dari PT Bank Mandiri (Persero) Tbk (BMRI). Pinjaman tersebut akan digunakan untuk membayar utang.

ebut memiliki tingkat bunga Bank Offered Rate (LIBOR) 3 bulan dan 4,25%. Jatuh temponya pada 9 Agustus 2024 atau bertenor lima tahun. “Pinjaman ini akan digunakan untuk pelunasan existing BSL pada ICICI Bank cabang Bahrain,” ujar manajemen Golden

(11)

IMA-Daily Update

China's Copper Production

Touches the Highest Record

Finna U. Ulfah

T

HE COPPER smelter in China does not seem to heed the projected slowdown in the global economy due to the trade war which has also weighed on the prospect of copper demand. China's copper production recorded a record monthly production and the largest daily rate last October.

Based on the latest National Statistics Bureau data, China's copper smelter produced 868, 000 ton s of copper in O ctober, surpassing record highs in December 2017. In addition, the average daily copper production in China in October reached 28,000 tons, up 17.9% compared to the same period last year and exceeding the record in the previous month.

In fact, the copper market is currently under pressure. Copper prices failed to make progress in 2019 due to slowing growth and consumption due to the unresolved US and China trade wars. Throughout the year 2019, copper has depreciated 2.5%.

Therefore, an increase in supply in the midst of weak demand will only hurt copper prices even more.

Not only China, CRU analyst Charlie Durant estimates that next year will be a year of revival for global copper supply from a decrease in supply this year by 0.8%. It estimates that the growth of global copper supply in 2020 will equal the growth in demand, which is around 1.4%.

"Long-term, more copper supply will be driven from new mining projects," Charli said as quoted by Bloomberg, Monday (11/18/2019).

China's Copper Production

Touches the Highest Record

smelter in China does not seem to heed the projected slowdown in the global economy due to the trade war which has also weighed on the prospect of copper demand. China's copper production recorded a record monthly production and

t October.

Based on the latest National Statistics Bureau copper smelter produced 868, 000 ton s of copper in O ctober, surpassing record highs in December 2017. In addition, the average daily copper production in China in October reached tons, up 17.9% compared to the same period last year and exceeding the

In fact, the copper market is currently under pressure. Copper prices failed to make progress in 2019 due to slowing growth and consumption due to the esolved US and China trade wars. Throughout the year 2019, copper has

Therefore, an increase in supply in the midst of weak demand will only hurt

Not only China, CRU analyst Charlie Durant will be a year of revival for global copper supply from a decrease in supply this year by 0.8%. It estimates that the growth of global copper supply in 2020 will equal the growth in demand, which is around 1.4%.

term, more copper supply will be en from new mining projects," Charli said as quoted by Bloomberg, Monday

Produksi Tembaga China Sentuh

Rekor Tertinggi

Finna U. Ulfah

P

ABRIK peleburan tembaga di China tampak nya tidak mengindahkan proyeksi perlam batan ekonomi global akibat perang dagang yang juga telah membebani prospek per mintaan tembaga. Produksi tembaga China justru mencatatkan rekor produksi bulanan dan laju harian terbesar pada Oktober lalu. Berdasarkan data Biro Stati stik Nasi onal terbaru, pabrik peleburan tembaga China menghasilkan sebanyak 868.000 ton tembaga pada Oktober, melampaui rekor tertinggi pada Desember 2017.

Selain itu, produksi harian rata

di China pada Oktober mencapai 28.000 ton atau naik 17,9% dibandingkan dengan periode yang sama tahun lalu dan melebihi rekor pada bulan sebelumnya.

Padahal, pasar tembaga saat ini berada dalam tekanan. Harga tembaga gagal membuat kemajuan pada 2019 karena melambatnya pertumbuhan dan konsumsi akib

dagang AS dan China yang masih belum terselesaikan. Sepanjang tahun berjalan 2019, tembaga telah terdepresiasi 2,5%.

Oleh karena itu, kenaikan jumlah pasokan di tengah lemahnya permintaan hanya akan semakin melukai harga tembaga.

Tidak hanya China, Analis CRU Charlie Durant memperkirakan bahwa tahun depan menjadi tahun kebangkitan bagi pasokan tembaga global dari penurunan pasokan tahun ini sebesar 0,8%. Pihaknya memperkira kan pertumbuha n pasokan tembaga global pada 2020 akan menyamai pertumbuhan

sekitar 1,4%.

“Jangka panjang, semakin banyak pasokan tembaga yang akan didorong dari proyek proyek pertambangan baru,” ujar Charli seperti dikutip dari Bloomberg, Senin (18/11/2019).

Page 11

Produksi Tembaga China Sentuh

Rekor Tertinggi

Finna U. Ulfah

peleburan tembaga di China tampak-tidak mengindahkan proyeksi perlam-batan ekonomi global akibat perang dagang yang juga telah membebani prospek per-mintaan tembaga. Produksi tembaga China justru mencatatkan rekor produksi bulanan dan laju harian terbesar pada Oktober lalu.

Biro Stati stik Nasi onal terbaru, pabrik peleburan tembaga China menghasilkan sebanyak 868.000 ton tembaga pada Oktober, melampaui rekor tertinggi pada

Selain itu, produksi harian rata-rata tembaga di China pada Oktober mencapai 28.000 ton atau naik 17,9% dibandingkan dengan periode yang sama tahun lalu dan melebihi rekor pada

Padahal, pasar tembaga saat ini berada dalam tekanan. Harga tembaga gagal membuat kemajuan pada 2019 karena melambatnya pertumbuhan dan konsumsi akibat perang dagang AS dan China yang masih belum terselesaikan. Sepanjang tahun berjalan 2019, tembaga telah terdepresiasi 2,5%.

Oleh karena itu, kenaikan jumlah pasokan di tengah lemahnya permintaan hanya akan semakin melukai harga tembaga.

a, Analis CRU Charlie Durant memperkirakan bahwa tahun depan menjadi tahun kebangkitan bagi pasokan tembaga global dari penurunan pasokan tahun ini sebesar 0,8%. memperkira kan pertumbuha n pasokan tembaga global pada 2020 akan menyamai pertumbuhan permintaan, yaitu

“Jangka panjang, semakin banyak pasokan tembaga yang akan didorong dari proyek-proyek pertambangan baru,” ujar Charli seperti

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IMA-Daily Update

Nevertheless, copper supply will also still experience some risk of pressure such as the riots in Chile, a country that supplies around 30% of the world's copper so that it can help prices strengthen.

The Chilean mine is likely to survive protests, he continued, but the flow of material can be disrupted throu

to infrastructure such as roads and ports. In addition, another risk of copper supply is the uncertain political climate in copper rich African countries, he added.

On the other hand, on the demand side, the weakening of the Chinese economy which represents 50% of global copper consumption, will be the main reason for the demand for copper next year still under pressure.

Meanwhile, the use of electric vehicles that look promising for copper demand in the long run, is predicted not to have a significant impact on demand until mid 2020.

Meanwhile, on Monday (11/18/2019) trading up to 14.40 WIB, copper prices on the London exchange moved up 0.18% to US$ 5,853 per ton amid market optimism related to the first stage of US and China trade agreements getting closer to realization.

The US and China are reported to have conducted quite constructive negotiations on Saturday (11/16/2019) led by Chinese Deputy Prime Minister Liu He, US Trade Representative Robert Lightizer, and US Treasury Secretary Steven Mnuc

Ana Noviani

Nevertheless, copper supply will also still some risk of pressure such as the riots in Chile, a country that supplies around 30% of the world's copper so that

The Chilean mine is likely to survive protests, he continued, but the flow of material can be disrupted through damage to infrastructure such as roads and ports. In addition, another risk of copper supply is the uncertain political climate in copper-rich African countries, he added.

On the other hand, on the demand side, the weakening of the Chinese economy which represents 50% of global copper consumption, will be the main reason for the demand for copper next year still

Meanwhile, the use of electric vehicles that look promising for copper demand in the long run, is predicted not to have a icant impact on demand until

mid-on Mmid-onday (11/18/2019) trading up to 14.40 WIB, copper prices on the London exchange moved up 0.18% to US$ 5,853 per ton amid market optimism related to the first stage of US and China ing closer to

The US and China are reported to have conducted quite constructive negotiations on Saturday (11/16/2019) led by Chinese Deputy Prime Minister Liu He, US Trade Representative Robert Lightizer, and US Treasury Secretary Steven Mnuchin. Editor:

Kendati demikian, pasokan tembaga juga masih akan mengalami beberapa risiko tekanan seperti kerusuhan di Chili, negara yang memasok sekitar 30% dari tembaga dunia sehingga dapat membantu harga menguat.

Tambang Chili kemungkinan aka

dari protes, lanjutnya, tetapi aliran material dapat terganggu melalui kerusakan infrastruktur seperti jalan dan pelabuhan. Selain itu, risiko pasokan tembaga lainnya adalah iklim politik yang tidak pasti di negara

kaya tembaga, tambahnya.

Di sisi lain, dari sisi permintaan, melemah nya ekonomi China yang mewakili 50% dari konsumsi tembaga global, akan menjadi alasan utama permintaan tembaga pada tahun depan masih dalam tekanan. Sementara itu, penggunaan kendaraan listrik yang tampak menjanjikan untuk permintaan tembaga dalam jangka panjang, diprediksi tidak akan memiliki dampak terhadap permintaan yang cukup berarti sampai pertengahan 2020.

Adapun, pada perdagangan Senin (18/11/2019) hingga pukul 14.40 WIB, harga tembaga di bursa London bergerak menguat 0,18% menjadi US$5.853 per ton di tengah optimisme pasar terkait kesepakatan perdagangan AS dan China tahap pertama semakin dekat untuk di realisasikan.

AS dan China dikabarkan kem

kan negosiasi yang cukup konstruktif pada Sabtu (16/11/2019) dipimpin oleh Wakil Perdana Menteri China Liu He, Perwakilan Perdagangan AS Robert Lightizer, dan Menteri Keuangan AS Steven Mnuchin. Editor : Ana Noviani

Page 12

Kendati demikian, pasokan tembaga juga masih akan mengalami beberapa risiko tekanan seperti kerusuhan di Chili, negara yang memasok sekitar 30% dari tembaga dunia sehingga dapat membantu harga

Tambang Chili kemungkinan akan selamat lanjutnya, tetapi aliran material dapat terganggu melalui kerusakan infrastruktur seperti jalan dan pelabuhan. Selain itu, risiko pasokan tembaga lainnya adalah iklim politik yang -negara Afrika yang tembaga, tambahnya.

Di sisi lain, dari sisi permintaan, melemah-nya ekonomi China yang mewakili 50% dari konsumsi tembaga global, akan menjadi alasan utama permintaan tembaga pada tahun depan masih dalam tekanan. Sementara itu, penggunaan kendaraan listrik yang tampak menjanjikan untuk permintaan tembaga dalam jangka panjang, diprediksi tidak akan memiliki dampak terhadap permintaan yang cukup berarti sampai pertengahan 2020.

Adapun, pada perdagangan Senin 019) hingga pukul 14.40 WIB, harga tembaga di bursa London bergerak menguat 0,18% menjadi US$5.853 per ton tengah optimisme pasar terkait kesepakatan perdagangan AS dan China tahap pertama semakin dekat untuk

di-AS dan China dikabarkan kembali melaku-kan negosiasi yang cukup konstruktif pada Sabtu (16/11/2019) dipimpin oleh Wakil Perdana Menteri China Liu He, Perwakilan Perdagangan AS Robert Lightizer, dan Menteri Keuangan AS Steven Mnuchin.

(13)

IMA-Daily Update

The Price of Coal Burns Again,

But...

Tirta Citradi, CNBC Indonesia

C

OAL prices closed higher on Monday trading (11/18/2019). Despite rising prices, coal prices have not been accompanied by significant improvements from the fundamental side.

Coal ICE Newcastle coal prices rose 45 cents or 0.66% to as low as US$ 69.1/ton. Coal prices have risen 3.91% in the past week since Monday last week (11/11/ 2019).

Despite recording an increase, coal prices are still prone to correction. According to the Mirae Asset Securities study, China's coal production in October touched 324.9 million tons.

China's coal production in October increased by 0.2% monthly (month on month) and rose 6.5% over the same period last year (year on year).

The increase in China's coal production gives a bad signal to coal prices because Chinese coal production contributes 46.7% of total global coal production.

Based on data from the six largest power plants in China, coal stocks tend to be flat. Until last week the coal stock in the six power plants was estimated at 16.6 million tons. The amount is down 0.4% compared to last month and fell 2.6% compared to the same period last year.

The lack of positive catalysts ma

price of coal vulnerable to correction and has the potential to continue the pattern of price movements that tend to be sideways. CNBC INDONESIA RESEARCH TEAM (twg/tas)

The Price of Coal Burns Again,

prices closed higher on Monday Despite rising prices, coal prices have not been accompanied by significant improvements

Coal ICE Newcastle coal prices rose 45 cents or 0.66% to as low as US$ 69.1/ton. Coal prices have risen 3.91% in the past week since Monday last week (11/11/

crease, coal prices are still prone to correction. According to the Mirae Asset Securities study, China's coal production in October touched 324.9

China's coal production in October increased by 0.2% monthly (month on r the same period last year (year on year).

The increase in China's coal production gives a bad signal to coal prices because Chinese coal production contributes 46.7%

Based on data from the six largest power a, coal stocks tend to be flat. Until last week the coal stock in the six power plants was estimated at 16.6 million tons. The amount is down 0.4% compared to last month and fell 2.6% compared to

The lack of positive catalysts makes the price of coal vulnerable to correction and has the potential to continue the pattern of price movements that tend to be sideways.

RESEARCH TEAM (twg/tas)

Harga Batubara Membara Lagi

sih, Tapi...

H

ARGA batubara ditutup menguat pada perdagangan Senin kemarin (18/11/2019). Walau naik, harga batubara masih belum dibarengi dengan perbaikan signifikan dari sisi fundamentalnya.

Harga batubara kontrak ICE Newcastle naik 45 sen atau 0,66% ke level US$

Harga batubara telah naik 3,91% dalam sepekan terakhir terhitung sejak Senin pekan lalu (11/11/2019).

Walau mencatatkan kenaikan, harga batu bara masih rawan terkoreksi. Menurut studi Mirae Asset Sekuritas, produksi batubara China di bulan Oktobe

324,9 juta ton.

Produksi batubara China bulan Oktober meng alami kenaikan sebesar 0,2% secara bulanan (month on month) dan naik 6,5% dibanding periode yang sama tahun lalu (

Peningkatan produksi batubara China mem berikan sinyal buruk bagi harga batubara karena produksi batubara China berkontribusi 46,7% terhadap total produksi batubara global.

Berdasarkan data enam pembangkit listrik terbesar di China, stok batubara cenderung flat. Hingga pekan kemarin stok batubara di enam pembangkit tersebut diperkirakan sebesar 16,6 juta ton. Jumlah tersebut turun 0,4% dibanding bulan lalu dan turun 2,6% dibanding periode yang sama tahun lalu. Minimnya katalis positif membuat harga batubara rawan terkoreksi dan berpotensi melanjutkan pola pergerakan harga yang cenderung sideways.

INDONESIA (twg/tas)

Page 13

Harga Batubara Membara Lagi

sih, Tapi...

batubara ditutup menguat pada perdagangan Senin kemarin (18/11/2019). Walau naik, harga batubara masih belum dibarengi dengan perbaikan signifikan dari

Harga batubara kontrak ICE Newcastle naik 45 sen atau 0,66% ke level US$ 69,1/ton. Harga batubara telah naik 3,91% dalam sepekan terakhir terhitung sejak Senin pekan lalu (11/11/2019).

Walau mencatatkan kenaikan, harga batu-bara masih rawan terkoreksi. Menurut studi Mirae Asset Sekuritas, produksi batubara China di bulan Oktober menyentuh level

Produksi batubara China bulan Oktober meng-alami kenaikan sebesar 0,2% secara bulanan

) dan naik 6,5% dibanding periode yang sama tahun lalu (year on year). Peningkatan produksi batubara China

mem-sinyal buruk bagi harga batubara karena produksi batubara China berkontribusi 46,7% terhadap total produksi batubara

Berdasarkan data enam pembangkit listrik terbesar di China, stok batubara cenderung flat. Hingga pekan kemarin stok batubara di m pembangkit tersebut diperkirakan sebesar 16,6 juta ton. Jumlah tersebut turun 0,4% dibanding bulan lalu dan turun 2,6% dibanding periode yang sama tahun lalu. Minimnya katalis positif membuat harga batubara rawan terkoreksi dan berpotensi a pergerakan harga yang