TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

As of the first quarter of 2021, Vale Indonesia produced 15,198 metric tons (MT) of nickel in matte, down 8% and 14%, respectively, compared to production in the fourth quarter of 2020 and the first quarter of 2020. The production in the fourth quarter of last year reached 16,445 MT while production in the first quarter of 2020 was 17,614 MT.

The decline in production was triggered by a decrease in maintenance activities.

Throughout 2021, the company targets production of up to 64 thousand MT. The company also intends to rebuild one of the electric furnaces.

This year, Vale Indonesia has allocated a capital expenditure (capex) of US$ 130 million. The budget will be used for the reconstruction of furnace 4 and renovation of heavy mining equipment as well as mine development.

Prospects for 2021

Previously, BRI Danareksa Sekuritas analyst Stefanus Darmagiri revealed that the nickel business will continue to shine in the future, despite a drop in the selling price of this commodity in 2020.

However, in 2021, nickel selling price is expected to recover and increase, so that Vale Indonesia's net profit this year is expected to be better.

Expectations of a better selling price prompted BRI Danareksa Sekuritas to revise the average nickel selling price target this year from US$ 17 thousand per ton to US$ 18 thousand per ton.

Meanwhile, the projected average selling price of nickel in 2022 is maintained at US$

18 thousand per ton.

The improving prospects for Vale Indonesia, according to him, are also supported by a number of projects. The company is currently holding a feasibility study for...

Hingga kuartal I-2021, Vale Indonesia memproduksi 15.198 metrik ton (MT) nikel dalam matte, menurun masing- masing 8% dan 14% dibandingkan dengan produksi pada kuartal IV-2020 dan kuartal I-2020. Adapun produksi pada kuartal IV tahun lalu mencapai 16.445 MT sementara produksi pada kuartal I-2020 sejumlah 17.614 MT.

Penurunan produksi tersebut dipicu oleh penurunan pada aktivitas pemeliharaan.

Sepanjang 2021, perseroan menargetkan produksi hingga 64 ribu MT. Perseroan turut berniat membangun kembali salah satu tanur listrik.

Tahun ini, Vale Indonesia mengalokasikan belanja modal (capital expenditure/capex) US$ 130 juta. Anggaran tersebut akan digunakan untuk pembangunan kembali furnace 4 dan peremajaan alat berat tambang serta pengembangan tambang.

Prospek 2021

Sebelumnya, analis BRI Danareksa Seku- ritas Stefanus Darmagiri mengungkapkan, bisnis nikel tetap bersinar ke depan, meskipun terjadi penurunan harga jual komoditas tersebut pada 2020.

Namun, pada 2021, harga jual nikel diperkirakan pulih dan meningkat, sehingga laba bersih Vale Indonesia tahun ini di- harapkan lebih baik.

Ekspektasi harga jual yang lebih baik mendorong BRI Danareksa Sekuritas merevisi naik target rata-rata harga jual nikel tahun ini dari US$ 17 ribu per ton menjadi US$ 18 ribu per ton. Sedangkan proyeksi rata-rata harga jual nikel tahun 2022 dipertahankan sebesar US$ 18 ribu per ton.

Membaiknya prospek Vale Indonesia, menurut dia, juga didukung oleh sejumlah proyek. Perseroan sedang menggelar tahap studi kelayakan...

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The company is currently holding a feasibility study for the RKEF processing facility in Bahodopi, Central Sulawesi. The company also collaborates with partners from China to build NPI and HPAL processing facilities made from nickel liomite in Pomalaa, Southeast Sulawesi.

The delay in the construction of the electric furnace 4 will be the most crucial thing for the company this year. According to Stefanus, Vale Indonesia's management indicated that the construction was delayed from its original target in May 2021 due to the Covid-19 pandemic. This was triggered by the difficulty of sending materials from abroad due to the pandemic. With this delay, the company is recalculating its estimated nickel in matte production volume this year.

Meanwhile, the solid nickel selling price prompted BRI Danareksa Sekuritas to revise Vale Indonesia's net profit target for 2021 from US$ 132 million to US$ 152 million. Likewise, the revenue estimate was revised up from US$ 928 million to US$ 983 million.

This upward revision is in line with the increase in the average nickel selling price target from US$ 17 thousand per ton to US$ 18 thousand per ton, with the nickel in matte sales volume estimated at 70 thousand tons.

The projection of Vale Indonesia's financial performance in 2022 was also revised up, namely the net profit was revised up from US$ 178 million to US$ 181 million. The revenue projection is maintained at US$

1.05 billion. The company is estimated to sell 75 thousand tons of nickel in matte with an estimated average selling price of US$ 18 thousand per ton. Editor: Jauhari Mahardhika

Perseroan sedang menggelar tahap studi kelayakan fasilitas pemrosesan RKEF di Bahodopi, Sulawesi Tengah. Perseroan juga menggandeng mitra dari Tiongkok untuk membangun fasilitas pemrosesan NPI dan HPAL berbahan baku nikel liomite di Pomalaa, Sulawesi Tenggara.

Adapun tertundanya pembangunan electric furnace 4 akan menjadi hal paling krusial bagi perseroan tahun ini. Menurut Stefanus, manajemen Vale Indonesia mengindikasikan bahwa pembangunannya mundur dari target semula Mei 2021 akibat pandemi Covid-19. Hal ini dipicu sulitnya pengiriman bahan material dari luar negeri akibat pandemi. Dengan penundaan tersebut, perseroan sedang menghitung ulang perkiraan volume produksi nikel dalam matte tahun ini.

Sementara itu, solidnya harga jual nikel mendorong BRI Danareksa Sekuritas untuk merevisi naik target laba bersih Vale Indonesia tahun 2021 dari US$ 132 juta menjadi US$ 152 juta. Begitu juga dengan perkiraan pendapatan direvisi naik dari US$ 928 juta menjadi US$ 983 juta.

Revisi naik tersebut sejalan dengan di- naikkannya target rata-rata harga jual nikel dari US$ 17 ribu per ton menjadi US$

18 ribu per ton, dengan volume penjualan nikel dalam matte diperkirakan mencapai 70 ribu ton.

Proyeksi kinerja keuangan Vale Indonesia tahun 2022 juga direvisi naik, yaitu laba bersih direvisi naik dari US$ 178 juta menjadi US$ 181 juta. Proyeksi pendapatan dipertahankan sebesar US$ 1,05 miliar. Perseroan diestimasi menjual sebanyak 75 ribu ton nikel dalam matte dengan perkiraan rata-rata harga jual US$

18 ribu per ton. Editor : Jauhari Mahardhika

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The government raises its coal production target, ITMG is the

beneficiary issuer

Reporter | Editor: Avanty Nurdiana

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T INDO Tambangraya Megah Tbk (ITMG) will benefit from the government's decision to raise the national coal production target this year. ITMG is expected to book an increase in volume this year.

The government increased coal production by 13.6% to 625 million tonnes. "This plan is positive for ITMG's revenue. We think the government's decision will allow ITMG to increase its sales volume to 23 million tons, 3.8% higher than our 2021 assumption of 22.2 million tons," wrote AnalisMaybank Kim Eng Sekuritas Isnaputra Iskandar in research 22 April 2021.

Maybank Kim Eng explained that every increase in ITMG's coal sales volume in 2021 by 0.5 million tons would increase ITMG's revenue in 2021 by 4.3%. ITMG this year also benefited from the increase in average selling price (ASP).

ITMG has increasingly bright prospects if the international coal ASP remains at US$

90-US$ 95 per ton. "About 60% of ITMG's coal sales volume in 2021 has been priced based on the benchmark coal price of US$

90-US$ 95 per ton," said Isnaputra in the research. This price is much higher than the calculation of Maybank Kim Eng, which estimates that it is at US$ 76-US$ 77 per ton.

So, if the remaining 40% is valued based on the normalized coal price of US$ 75 per tonne ton, the Maybank ASP ITMG calculation in 2021 could reach US$ 71.4 per year. This figure is 9% higher than our assumption of US$ 65.5 per tonne.

Pemerintah kerek target produksi batubara, ITMG jadi

emiten yang diuntungkan

Reporter | Editor: Avanty Nurdiana

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T INDO Tambangraya Megah Tbk (ITMG) akan diuntungkan dengan keputusan pemerintah untuk menaikkan target produksi batubara nasional di tahun ini. ITMG diperkirakan bisa membukukan kenaikan volume pada tahun ini.

Pemerintah menaikkan produksi batubara sebesar 13,6% hingga 625 juta ton. "Rencana ini positif untuk pendapatan ITMG. Kami pikir keputusan pemerintah memungkinkan ITMG meningkatkan volume penjualan menjadi 23 juta ton, lebih tinggi 3,8% dari asumsi 2021 kami sebesar 22,2 juta ton," tulis Analis May- bank Kim Eng Sekuritas Isnaputra Iskandar dalam riset 22 April 2021.

Maybank Kim Eng menjelaskan, setiap kenaikan volume penjualan batubara ITMG tahun 2021 sebesar 0,5 juta ton akan mening-katkan pendapatan ITMG tahun 2021 sebesar 4,3%.

ITMG pada tahun ini juga diuntungkan dari kenaikan harga jual rata-rata alias average selling price (ASP).

ITMG kian memiliki prospek yang cerah jika ASP batubara internasional bertahan di US$

90-US$ 95 per ton. "Sekitar 60% volume penjualan batubara ITMG di tahun 2021 telah ditentukan harga berdasarkan harga batubara patokan US$90-US$95 per ton," kata Isnaputra dalam riset. Harga ini jauh lebih tinggi dari hitungan Maybank Kim Eng yang memperkirakan di harga US$ 76-US$ 77 per ton.

Nah, jika 40% sisanya dihargai berdasarkan harga batubara yang dinormalisasi yakni di US$ 75 per ton ton maka hitungan Maybank ASP ITMG di tahun 2021 bisa mencapai US$

71,4 per tahun. Angka ini lebih tinggi 9%

dari asumsi kami sebesar US$ 65,5 per ton.

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"For every 1% change in international coal prices, we estimate ITMG's revenue in 2021 will change 4.7%," explained Isnaputra in his research.

Apart from looking at the price of coal, ITMG was also influenced by the movement of higher world oil prices. "We are not worried about the increase in brent oil prices to US$ 66 per barrel or 10%

higher than our assumption for 2021, namely at US$ 60 per barrel," said Isnaputra.

Because currently, Maybank Kim Eng Sekuritas' calculation of coal prices is at US$ 75 per ton, still lower than the current level of US$ 90-US$ 95 per ton. "We estimate ITMG's revenue will increase by 11.3% for every 5% increase in coal prices and a 10% increase in oil prices," said Isnaputra.

For this reason, Maybank Kim Eng Sekuritas still maintains the recommendation of ITMG shares for BUY with the target price unchanged at Rp 15,000 per share. This is because ITMG has a high exposure to sea transportation. In 2020, 82% of ITMG sales volume will be transported by sea.

In 2021, Maybank Kim Eng Sekuritas projects ITMG revenue to be US$ 1.45 billion from 2020 of US$ 1.18 billion.

Meanwhile, ITMG's net profit in 2021 is estimated to be US$ 157 million from US$

56 million in 2020.

On Monday (26/4) ITMG shares closed down 1.86% to Rp 11,850 per share.

"Untuk setiap perubahan 1% harga batubara internasional, kami memperkirakan pendapatan ITMG di tahun 2021 akan berubah 4,7%," terang Isnaputra dalam riset.

Selain melihat harga batubara, ITMG juga dipengaruhi dari pergerakan harga minyak dunia yang naik lebih tinggi. "Kami tidak khawatir dengan kenaikan harga minyak brent menjadi US$ 66 per barel atau 10%

lebih tinggi dari asumsi kami untuk tahun 2021 yakni di US$ 60 per barel," ujar Isnaputra.

Sebab saat ini, hitungan Maybank Kim Eng Sekuritas harga batubara ada di US$ 75 per ton, masih lebih rendah dari level saat ini di US$ 90-US$ 95 per ton. "Kami memperkirakan pendapatan ITMG akan meningkat 11,3% untuk setiap kenaikan 5% harga batubara dan kenaikan 10% harga minyak," tutur Isnaputra.

Untuk itu, Maybank Kim Eng Sekuritas masih mempertahankan rekomendasi saham ITMG untuk BUY dengan target harga tidak berubah yakni di Rp 15.000 per saham. Sebab ITMG memiliki eksposure tinggi dari angkutan laut. Pada tahun 2020, 82% volume penjualan ITMG diangkut menggunakan angkutan laut.

Pada tahun 2021, Maybank Kim Eng Sekuritas memproyeksikan pendapatan ITMG bisa menjadi US$ 1,45 miliar dari tahun 2020 sebesar US$ 1,18 miliar.

Sedangkan laba bersih ITMG pada tahun 2021 diperkirakan menjadi US$ 157 juta dari US$ 56 juta pada tahun 2020.

Pada Senin (26/4) saham ITMG ditutup turun 1,86% menjadi Rp 11.850 per saham.

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Adaro Energy Distributes USD146.8 Million Dividend,

99% of Profit!

Aditya Pratama, Journalist

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T ADARO Energy Tbk (ADRO) agreed to use fiscal 2020 profit of USD147 million for certain purposes. USD146.8 million or 99%

of the profit will be used to pay cash dividends and the remaining USD110.8 thousand will be allocated as retained earnings.

The decision to distribute dividends is decided at the Annual General Meeting of Shareholders (AGMS) in Jakarta on Monday (26/4/2021). The AGMS is held electronically with certain restrictions on physical attendance by the Board of Commissioners, the Board of Directors and the shareholders and proxies of Adaro Energy's shareholders.

"We maintain our commitment to provide return for shareholders by distributing cash dividends on a regular basis, which reaches USD146.8 million for 2020," said President Director and Chief Executive Officer of Adaro Energy Garibaldi Thohir in a written statement, Tuesday (27/4/2021).

He added that the Covid-19 pandemic will greatly affect the coal industry in 2020 and cause a significant decline in coal demand and prices.

"Although we expect a more positive outlook in 2021, we will continue to focus on improving operational excellence, cost control and efficiency in order to overcome industry volatility," he said.

In addition, the shareholders agreed to reappoint all members of the Board of Directors of the Company for the following five years, effective from...

Adaro Energy Tebar Dividen USD146,8 Juta, 99% dari Laba!

Aditya Pratama, Jurnalis

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T ADARO Energy Tbk (ADRO) menyetujui untuk menggunakan laba tahun fiskal 2020 sebesar USD147 juta untuk keperluan tertentu. Sebesar USD146,8 juta atau 99%

dari laba akan digunakan untuk membayar dividen tunai dan sisanya sebesar USD110,8 ribu akan dialokasikan sebagai laba ditahan.

Keputusan pembagian dividen ini diputus- kan dalam Rapat Umum Pemegang Saham Tahunan (RUPST) di Jakarta pada Senin (26/4/2021). RUPST diselenggarakan secara elektronik dengan pembatasan tertentu terhadap kehadiran secara fisik oleh Dewan Komisaris, Direksi dan pemegang saham maupun kuasa pemegang saham Adaro Energy.

"Kami menjaga komitmen untuk memberi- kan pengembalian pemegang saham dengan membagikan dividen tunai secara berkala, yang mencapai USD146,8 juta untuk tahun 2020," ujar Presiden Direktur dan Chief Executive Officer Adaro Energy Garibaldi Thohir dalam keterangan tertulis, Selasa (27/4/2021).

Dia menambahkan, pandemi Covid-19 sangat mempengaruhi industri batu bara pada tahun 2020 dan menyebabkan penurunan signifikan terhadap permintaan maupun harga batu bara.

"Walaupun kami memperkirakan prospek yang lebih positif pada tahun 2021, kami akan terus berfokus untuk meningkatkan ke- unggulan operasional, pengendalian biaya dan efisiensi dalam rangka mengatasi volatilitas industri," kata dia.

Selain itu, para pemegang saham menyetujui untuk menunjuk kembali seluruh anggota Direksi Perseroan untuk periode lima tahun berikutnya, efektif sejak..

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effective from the end of the AGMS until the close of the Company's AGMS in 2026, with the following composition:

- President Director: Garibaldi Thohir - Vice President Director: Christian Ariano

Rachmat

- Director: Chia Ah Hoo

- Director: M. Syah Indra Aman - Director: Julius Aslan

The shareholders also approved the amendments to the articles of association of the Company to be adjusted to POJK No.15/POJK.04/2020 regarding the Plan and Implementation of the General Meeting of Shareholders for Public Companies.

efektif sejak akhir RUPST sampai penu- tupan RUPST Perseroan tahun 2026, dengan komposisi berikut:

- Presiden Direktur: Garibaldi Thohir - Wakil Presiden Direktur: Christian Ariano

Rachmat

- Direktur: Chia Ah Hoo

- Direktur: M. Syah Indra Aman - Direktur: Julius Aslan

Para pemegang saham juga menyetujui perubahan terhadap anggaran dasar Perseroan untuk disesuaikan dengan POJK No.15/POJK.04/2020 mengenai Rencana dan Penyelenggaraan Rapat Umum Pemegang Saham untuk Perusahaan Terbuka.

Profit of Vale Indonesia (INCO) Q1/2021 Shines, Check its

Share Recommendations

Author: Finna U. Ulfah

M

INERAL mining issuer, PT Vale Indonesia Tbk., Recorded performance growth in the first quarter of 2021, both in terms of revenue and profit. How is the share recommendation?

INCO's profit and revenue in the first three months of 2021 were below analyst estimates. Based on Bloomberg consensus, INCO's net profit in the first quarter of 2021 is projected to be at US$ 37.5 million, while revenue is US$ 210 million.

On the trading floor, on Monday (26/4/

2021) INCO's shares parked at the level of Rp4,310, up 3.86 percent.

Laba Vale Indonesia (INCO) Kuartal I/2021 Moncer, Cek

Rekomendasi Sahamnya

Author: Finna U. Ulfah

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MITEN pertambangan mineral, PT Vale Indonesia Tbk., mencatatkan pertumbuhan kinerja pada kuartal I/2021, baik dari sisi pendapatan maupun laba. Bagaimana rekomendasi sahamnya?

Perolehan laba dan pendapatan INCO pada tiga bulan pertama 2021 berada di bawah estimasi analis. Berdasarkan konsensus Bloomberg, laba bersih INCO pada kuartal I/2021 diproyeksi berada di posisi US$

37,5 juta, sedangkan pendapatan sebesar US$210 juta.

Di lantai bursa, pada perdagangan Senin (26/4/2021) saham INCO parkir di level Rp4.310 naik 3,86 persen.

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Of the 25 Bloomberg consensus analysts who reviewed INCO, 17 analysts recommend buying, 7 analysts recommending a hold, and 1 other analyst recommending selling.

INCO's target price is at the level of Rp 6,308.82 per share. This level reflects a potential increase of 46.4 percent over INCO's current position.

Based on the company's financial report, the issuer coded INCO shares posted revenues of US$ 206.5 million in the first quarter of 2021. The acquisition was an increase of 18.2 percent compared to the acquisition in the first quarter of 2020 of US$ 174.65 million.

However, the company's cost of revenue tends to be stable at US$ 154.81 million in the first quarter of 2021 compared to US$

154.17 million in the first quarter of 2020.

From that, profit for the period attributable to owners of the parent company INCO in the first quarter of 2021 was US$ 33.69 million. This achievement was up 16.35 percent compared to quarter I/2020 profit of US$ 28.95 million.

However, net cash flow generated from operating activities in the first three months of 2021 was US$ 39.11 million, down 50.2 percent from US$ 78.69 million in Q1/2020.

On the other hand, INCO's total liabilities at the end of the first quarter of 2021 were in the position of US$ 272.82 million, lower than the position at the end of 2020 of US$

294.27 million.

The total liabilities consist of US$ 123.44 million long-term liabilities and US$

149.38 million short-term liabilities.

Meanwhile, total assets increased to US$

2.32 billion at the end of Q1/2021 compared to the position at the end of 2020 of US$ 2.31 billion.

Dari 25 analis konsensus Bloomberg yang mengulas INCO, sebanyak 17 analis mere- komendasikan beli, 7 analis merekomen- dasikan hold, dan 1 analis lainnya mereko- mendasikan jual.

Target harga INCO di level Rp6.308,82 per saham. Level itu mencerminkan potensi kenaikan 46,4 persen daripada posisi INCO saat ini.

Berdasarkan laporan keuangan perseroan, emiten berkode saham INCO itu membukukan pendapatan sebesar US$206,5 juta pada kuartal I/2021. Perolehan itu naik 18,2 persen dibandingkan dengan perolehan kuartal I/2020 sebesar US$

174,65 juta.

Kendati demikian, beban pokok pendapatan perseroan cenderung stabil menjadi sebesar US$154,81 juta pada kuartal I/2021 dibandingkan dengan US$154,17 juta pada kuartal I/2020.

Dari itu, laba periode berjalan yang dapat diatribusikan kepada pemilik entitas induk INCO pada kuartal I/2021 sebesar US$

33,69 juta. Pencapaian itu naik 16,35 persen dibandingkan dengan laba kuartal I/2020 sebesar US$28,95 juta.

Namun, arus kas bersih yang dihasilkan dari aktivitas operasi pada tiga bulan pertama 2021 sebesar US$39,11 juta, turun 50,2 persen daripada US$78,69 juta pada kuartal I/2020.

Di sisi lain, total liabilitas INCO pada akhir kuartal I/2021 di posisi US$272,82 juta, lebih rendah daripada posisi akhir 2020 sebesar US$294,27 juta.

Total liabilitas itu terdiri atas US$123,44 juta liabilitas jangka panjang dan US$

149,38 juta liabilitas jangka pendek.

Sementara itu, total aset naik menjadi US$2,32 miliar pada akhir kuartal I/2021 dibandingkan dengan posisi akhir 2020 sebesar US$2,31 miliar.

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In terms of operational performance, INCO recorded nickel production in the first quarter of 2021 of 15,198 tons. The volume of production is 14 percent lower than the acquisition for the same period last year of 17,614 tons.

Meanwhile, when compared to the fourth quarter of 2020, production also fell 8 percent from the position of 16,445 tons.

President Director of Vale Indonesia Nico Kanter said that the decline in production was due to maintenance activities. Despite the decline, Nico assessed that the company still managed to maintain its operational performance amid the Covid- 19 pandemic.

"In the first quarter of 2021, the company managed to maintain operational reliability after our efforts to deal with the Covid-19 pandemic were increasingly focused. We are grateful for this achievement," said Nico as quoted from his official statement, Monday (19/4/2021).

Meanwhile, in 2021 the company targets nickel production to reach 64,000 tons.

This target is also lower than the realization of 2020 production of 72,237 tons.

The company plans to rebuild one of the electric furnaces or furnace 4, which was delayed last year.

For information, INCO postponed the furnace renovation project 4, which was originally planned to run in the fourth quarter of 2020, to be implemented in May 2021. Editor: Hafiyyan

Dari sisi kinerja operasional, INCO mencatatkan produksi nikel pada kuartal I/2021 sebesar 15.198 ton. Volume roduksi tersebut lebih rendah 14 persen dibandingkan dengan perolehan periode yang sama tahun lalu sebesar 17.614 ton.

Sementara itu, jika dibandingkan dengan kuartal IV/2020 produksi juga turun 8 persen dari posisi 16.445 ton.

Presiden Direktur Vale Indonesia Nico Kanter mengatakan bahwa penurunan produksi tersebut terjadi karena adanya aktivitas pemeliharaan. Kendati menurun, Nico menilai perseroan tetap berhasil mempertahankan kinerja operasionalnya di tengah pandemi Covid-19.

“Pada kuartal I/2021, perseroan berhasil mempertahankan keandalan operasionalnya setelah upaya kami menangani pandemi Covid-19 yang semakin terarah.

Kami bersyukur atas pencapaian ini,” ujar Nico dikutip dari keterangan resminya, Senin (19/4/2021).

Adapun, pada 2021 perseroan menargetkan produksi nikel sebesar 64.000 ton.

Target tersebut juga lebih rendah daripada realisasi produksi 2020 sebesar 72.237 ton.

Perseroan merencanakan membangun kembali salah satu tanur listrik atau furnace 4 yang sempat tertunda pada tahun lalu.

Untuk diketahui, INCO menunda proyek peremajaan furnace 4 yang semula di- rencanakan berjalan pada kuartal IV/2020, menjadi akan dilaksanakan pada Mei 2021.

Editor : Hafiyyan

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There is a Covid Tsunami in India, Coal Prices Remain Strong

Tirta Citradi, CNBC Indonesia

T

HE PRICE of thermal coal futures for ICE Newcastle slightly strengthened at the beginning of this week, Monday (26/4/

2021). However, the increasing number of infections and deaths due to Covid-19 in India is cause for concern.

The contract price for coal that was actively traded increased 0.18% to US$

85.7/ton. Over the past week, coal prices fell 3.38% on a point-to-point basis. The price of the black stone was forced to drop below US$ 90/ton.

In just one month the average daily case of Covid-19 infection in India jumped by 7x. A month ago the average daily case of Covid- 19 infection in India was recorded at 44,000 cases. But now the figure is approaching 300 thousand cases per day.

It is not only infection cases that are increasing. The death rate due to Covid-19 has also shot up. In the span of a month, the daily Covid-19 death toll in India has jumped nearly 10x.

To reduce the spread of the corona virus, the capital city of New Delhi implemented a six-day lockdown. Likewise with the State of Maharashtra, which includes Mumbai (the center of the financial industry in India). Several countries have also closed travel routes to and from India, such as Australia, Britain, Canada and the United Arab Emirates.

The lockdown policy in India of course has consequences. As one of the countries with...

Ada Tsunami Covid di India, Harga Batu Bara Tetap Kuat

Tirta Citradi, CNBC Indonesia

H

ARGA batu bara termal berjangka ICE Newcastle menguat tipis di awal pekan ini, Senin (26/4/2021). Namun angka kasus infeksi dan kematian akibat Covid-19 di India yang terus melesat patut untuk di- khawatirkan.

Harga kontrak batu bara yang aktif di- transaksikan naik 0,18% ke US$ 85,7/ton.

Sepanjang pekan lalu, harga batu bara turun 3,38% secara point-to-point. Harga si batu hitam terpaksa lengser ke bawah US$

90/ton.

Hanya dalam satu bulan rata-rata kasus harian infeksi Covid-19 di India melonjak sampai 7x. Sebulan lalu rata-rata kasus infeksi harian Covid-19 di India tercatat mencapai 44 ribu kasus. Namun sekarang angkanya sudah mendekati 300 ribu kasus per hari.

Tidak hanya kasus infeksi saja yang meningkat. Angka kematian akibat Covid-19 juga ikut melesat. Dalam kurun waktu sebulan, angka kematian harian Covid-19 di India melonjak hampir 10x.

Untuk menekan penyebaran virus corona, ibu kota New Delhi menerapkan lockdown selama enam hari. Begitu pula dengan Negara Bagian Maharashtra, yang di dalam- nya mencakup Mumbai (pusat industri keuangan di India). Beberapa negara juga telah menutup rute perjalanan dari dan ke India, seperti Australia, Inggris, Kanada, dan Uni Emirat Arab.

Kebijakan lockdown di India tentu saja memiliki konsekuensi. Sebagai salah satu negara dengan...

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As one of the countries with the largest population in the world, India is the second largest importer of coal after China.

In 2019, India's coal import volume reached 266.44 million tonnes. With the limitation of economic activity in this country, the need for energy, especially for the industrial and commercial sectors, is threatened to decline.

The need for coal imports has also decreased. This is a threat to producing countries, especially Australia, which lately have moved closer to India due to their enmity with China.

However, China's domestic coal price, which is still relatively expensive, provides a cushion for the continued decline in the global benchmark coal price. Moreover, in the second quarter, electricity demand and consumption in Panda Country is estimated to increase by 9%.

So that sentiment on the worsening of the Covid-19 pandemic in India is still being balanced by Chinese demand which remains strong for a while. The price of the black stone is also difficult to plunge below US$ 80/ton. CNBC INDONESIA RESEARCH TEAM (twg/twg)

Sebagai salah satu negara dengan populasi terbesar di dunia, India merupakan importir batu bara terbesar kedua setelah China.

Pada 2019, volume impor batu bara India mencapai 266,44 juta ton. Dengan adanya pembatasan aktivitas ekonomi di negara tersebut, kebutuhan terhadap energi terutama untuk sektor industri dan komersil terancam menurun.

Kebutuhan akan impor batu bara pun juga menurun. Ini menjadi ancaman bagi negara produsen terutama Australia y ang belakangan ini lebih banyak merapat ke India akibat perseteruannya dengan China.

Namun harga batu bara domestik China yang masih tergolong mahal menjadi bantalan bagi penurunan lanjutan harga batu bara acuan global. Apalagi pada kuartal kedua ini kebutuhan dan konsumsi listrik di Negeri Panda diperkirakan meningkat 9%.

Sehingga sentimen memburuknya pandemi Covid-19 di India masih diimbangi dengan permintaan China yang tetap kuat untuk sementara waktu. Harga si batu legam pun sulit untuk terjun ke bawah US$ 80/ton.

TIM RISET CNBC INDONESIA (twg/twg)

Copper price blasts to 10-year high as Chile strike adds momentum to rally

MINING.COM Staff Writer

T

HE COPPER price climbed to the highest since 2011 as the global recovery from the pandemic extended a rally in metals markets— and as port workers in Chile called a strike.

Copper for delivery in May was up 2% on Monday, with futures at $4.4425 per pound ($9,795 a tonne) on the Comex market in New York.

Top producer Glencore’s shares were up 3.3% on Monday, while Freeport-McMoRan was up 6.6% in New York. Vale, BHP, and Rio Tinto shares were also up around 1.5%, also benefitting from an iron ore price jump.

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Port workers in Chile, which accounts for about a quarter of the world’s copper supply, called a strike for Monday in response to President Sebastian Pinera’s move to block a bill allowing people to make a third round of early withdrawals from their pension funds.

“The threat of covid-19 in nations in South America could hamper the export of key industrial commodities like iron ore and copper,” Gavin Wendt, senior resource analyst at MineLife Pty, told Bloomberg.

Goldman Sachs said recently copper price can surge to $15,000 by 2025.

“Discussions of peak oil demand overlook the fact that without a surge in the use of copper and other key metals, the substitution of renewables for oil will not happen,’ the bank said.

Demand will therefore significantly increase, by up to 900% to 8.7 million tonnes by 2030, the bank estimates. Should this process be slower, demand will still surge to 5.4 million tonnes, or by almost 600%.

“Ripple effects into non-green channels mean the 2020s are expected to be the strongest phase of volume growth in global copper demand in history,” Goldman said in a note.

“The copper market is unprepared for this critical role.”

“The super part of the copper supercycle is happening right now,” Max Layton, managing director for commodities research at Citigroup Global Markets told Bloomberg.

“The bullish outlook is decarbonization-led, and I’m totally onboard with that for the next three to four years, but the super part of this cycle is actually more related to the scale of global stimulus.”

Still, risks to the industrial rally are building in the short term. A rise in coronavirus cases and new variants threatens to derail reopening plans in some regions such as India, while investors are concerned about a possible pullback in Chinese stimulus.

“Prices could become overly extended for industrial uses,” Xiao Fu, head of commodities strategy at BOCI Global Commodities told Bloomberg.

“I’m not in the $15,000 copper camp. There will be some automatic stabilizers before we approach those kinds of levels, and there will be some demand adjustment,” said Xiao.

“And let’s not forget: the pandemic is not over, and cases are still surging in many parts of the world.” (With files from Bloomberg)

JX Nippon Mining to sell stake in Indonesian copper smelter to Freeport

By: Reuters

J

X NIPPON Mining & Metals, a unit of Japan's Eneos Holdings, said on Monday it would sell its 5% stake in Indonesian copper smelter PT Smelting to Freeport-McMoRan Inc for an undisclosed sum after a review of its portfolio.

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The deal will be completed on April 30, a JX Nippon Mining spokesman said.

The Japanese company, which has held the stake since 1996, has decided to exit the company as it aims to concentrate management resources in areas that are more important to JX, it said in a statement.

After the deal, Freeport will own 30% stake in PT Smelting, which is 60.5% owned by Mitsubishi Materials Corp and 9.5% by Mitsubishi Corp.

China set to cap coal consumption, boost domestic oil & gas output in 2021

Author: Analysts Oceana Zhou, Analyst Cindy Liang; Editor: Norazlina Jumaat

C

HINA is set to cap coal consumption in 2021 by reducing it to less than 56% of the country's total energy mix, while planning to boost domestic oil and gas output -- a set of targets that are deemed easy to meet when overall consumer energy demand recovers from the pandemic-induced economy, industry and market analysts said.

China's National Energy Administration on April 22 released the annual Energy Work Guidance for 2021, which aims to manage energy security risks and achieve energy transition to meet the targets of peak carbon emissions by 2030 and carbon neutrality by 2060. The guidelines covered energy structure, supply security, energy efficiency, technology innovation and electricity market reform.

Coal accounted for 56.8% of China's total energy consumption of 4.98 billion mt standard coal equivalent in 2020, according to China's 2020 Statistical Communique on National Economic and Social Development released by the National Bureau of Statistics on Feb. 28.

The NEA, the country's top energy planner, aimed to boost the installed capacity of non-fossil power generators, including hydro, wind, solar, biomass and nuclear, to reach 1,100 GW this year. By end-2020, installed capacity of non-fossil power generators stood at 980 GW and is projected to reach 1,120 GW in 2021, according to China Electricity Council.

This suggests that coal power generators' share in energy consumption will further shrink in 2021, given that installed capacity of coal power generators stood at 1,080 GW in 2020 and had taken a 49.1% share of the country's energy consumption, the council's data showed.

The council expects China's total installed capacity to hit 2,370 GW by end-2021, up 7.7%

year on year.

ENERGY CONSUMPTION SET TO RISE IN 2021

The NEA did not set energy consumption targets for 2021, but the volume is widely expected to rise amid the recovery in economic activity this year and despite efforts to reduce energy intensity. In 2020, it set the target to cap consumption at 5 billion mt of standard coal equivalent.

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S&P Global Platts Analytics estimates China's GDP to grow by 8% in 2021, and it expects the country's total energy consumption to be able to increase by up to 4.8% year on year. At these rates, the government is still expected to meet its target of reducing annual energy intensity by 3% this year.

The central government in March set a GDP growth target of above 6% for 2021, compared with growth of 2.3% in 2020. In order to meet the 2060 carbon neutrality target, the government vowed to cut energy consumption per unit of GDP by 13.5% by 2025, while targeting a 3% drop in 2021.

Platts Analytics projects China's oil demand to grow nearly 5% this year after annual demand stayed largely flat in 2020.

Natural gas, on the other hand, is expected to have an average annual growth exceeding 20-30 Bcm during the 14th Five-Year plan (2021-2025) to reach about 350 Bcm in 2021, according to CNPC Economics & Technology Research Institute.

The healthy growth in gas demand is also supported by NEA's target of achieving a clean heating proportion of 70% in the northern region in 2021. Besides, the energy planner said it will study and explore clean heating in the south, and encouraged the development of clean heating in a market way in the Yangtze River Basin and developed areas of the south.

Natural gas is viewed as an efficient energy to meet this target, along with electricity.

BOOST DOMESTIC OUTPUT

Meanwhile, the NEA called for increasing domestic oil, gas reserves and production by maintaining sufficient upstream investment in order to enhance the country's energy supplies.

It set the target for domestic crude production to reach about 196 million mt and natural gas output to hit 202.5 Bcm in 2021.

These represent a 2.3% year-on-year increase in oil production from 191.51 million mt in 2020, and a 7.2% year-on-year rise in gas output from 188.85 Bcm last year.

This target is expected to be met as state-owned giants -- PetroChina, Sinopec, CNOOC -- have been emphasizing domestic production with increasing investments in response, even when oil prices dropped in 2020 and their international peers announced cuts, or caps, to upstream output to shift the focus to green energy.

As a result, China's crude oil output rose 1.4% year on year to 49.18 million mt in Q1, while production in March rose 3.3% on the year to hit a four-year high of 4.04 million b/d, or 17.09 million mt, data from the NBS showed.

Meanwhile, domestic gas production jumped 13.1% to 53.31 Bcm in the same period.

"The growths are sustainable and likely to rise the rest of the year, especially for gas, as more new domestic projects come on stream, like CNOOC's flagship projects in Bohai and South China Sea," a Hong Kong-based analyst said.

S&P Global Platts Analytics estimate China's gas production to hit 208 Bcm in 2021.

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RUSAL starts operations at new No.4 open pit mine at Timan Bauxite in Russia’s Komi Republic

Posted by Paul Moore

R

USAL, the leading global aluminium producer, has begun operations at a new open pit bauxite mine at the Vezhayu-Vorykvinskoye deposit in the Komi Republic, Russia, with reserves of over 14 Mt. The new open pit No. 4 will be the largest at the Sredne-Timansky bauxite mine.

Mining capital works (the preparation works) lasted three years, during which the miners of Timan Bauxite successfully coped with a significant volume of stripping operations which amounted to 19.5 million cubic metres. In addition, treatment facilities were built and put into operation, and the necessary mining equipment and machinery were purchased.

There were significant investments made in the mining capital works at the Vezhayu- Vorykvinskoye deposit amounting to almost RUB2.5 billion, the purchase of new machinery and equipment amounted to about RUB1 billion, and the construction of treatment facilities cost an additional RUB350 million.

The start of operations at open pit No. 4 is a new stage in the development of the mine. It is expected that by 2022, production will be completed at open pits No. 1 and No. 3 of the Vezhayu-Vorykvinskoye deposit. Land reclamation will be carried out after the completion of the planning works. Mining capital works are also continuing at open pit No. 2 of the Verkhne-Shchugorskoye deposit where production will start in 2023.

“The development of the Sredne-Timansky bauxite mine is the basis for a stable supply of bauxite to RUSAL’s alumina refineries in the Urals, and, therefore, a significant part of the company’s supply of its own raw materials. In addition, the commissioning of the new sections will allow Timan Bauxite to contribute to the socio-economic well-being of the region in the long term,” noted Yakov Itskov, Director of Alumina Division at RUSAL. The Timan Bauxite enterprise was founded in December 1992. Ore from its deposits is supplied to RUSAL’s alumina refineries in the Urals.

Glencore to extend Mangoola coal mine

Nickolas Zakharia

T

HE NEW South Wales Government has given Glencore the green light to develop a new open cut mining area at the Mangoola open cut coal mine in the Hunter Valley.

Mangoola is operated by Glencore Coal subsidiary Mangoola Coal Operations.

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The New South Wales Independent Planning Commission (IPC) has approved an additional 52-million tonnes of run-of-mine coal to be extracted from the site over eight years.

Mangoola’s operations are now expected to close in December 2030, adding 13-months to the existing development consent.

A further 145 construction and 80 operational jobs will be provided with the extension, along with ongoing employment for 400 workers.

Glencore has welcomed the approval and stated it would deliver support for the state’s economy.

“Glencore is pleased to note the NSW Independent Planning Commission’s (IPC) determination to grant development consent for our Mangoola Coal continued operations project in the Upper Hunter Valley,” a Glencore spokesperson stated.

“The project has successfully met every step of the NSW environmental assessment requirements and will enable mining to continue for a further five years to 2030.”

The project will support over 60 local companies and provide $129 million in mining royalties.

Air quality concerns were raised about the project, however the IPC concluded that the impacts are “acceptable and the project is in the public interest”.

The IPC stated the Mangoola Coal continued operations project will benefit the local economy.

“Notwithstanding the concerns raised … the commission finds that on balance and when weighed against the impacts under the current policy and regulatory framework, the project would generate net positive social and economic benefits for the local area, Hunter region and to NSW,” the IPC stated.

Four conditions were imposed by the IPC alongside the approval.

This includes a prevention of environmental impacts, standards and performance measures for acceptable environmental performance, regular monitoring and reporting and on-going environmental management of Mangoola.

The Mangoola coal mine produces thermal coal, delivering more than 10 million tonnes of saleable product in 2019.

The Mangoola Coal continued operations project will use the site’s existing infrastructure while also constructing a haul road, water management infrastructure and re-alignment of Wybong Post Office Road.

Mangoola was granted development approval in 2007 under former owners Powercoal and Centennial Coal.

In 2009, Xstrata Coal (now Glencore) acquired the mine, producing first coal in February 2011.

Glencore received National Group Mine of the Year, SEW Eurodrive Coal Mine of the Year and the Flexco Excellence in Mine Safety, OH&S awards for the Mangoola coal handling and preparation plant at the 2019 Australian Mining Prospect Awards.

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India’s biggest coal producer secures first solar PPA

Uma Gupta

C

OAL India Limited, which accounts for around 80% of the country's domestic coal production, has announced it has signed its first power purchase agreement (PPA) for the sale of solar electricity. The coal producer signed the PPA with Gujarat state utility Gujarat Urja Vikas Nigam Ltd (GUVNL) to sell the power generated by the 100 MW solar plant for INR2.20/kWh (€0.024) for 25 years.

In its maiden venture into solar power generation, Coal India secured the 100 MW project in a 500 MW reverse auction conducted by GUVNL which also saw NTPC, Sprng Energy, and Tata Power’s TP Saurya allocated generation capacity at the same price.

With a capital investment of INR442 crore (€48.9 million), Coal India will execute the 100 MW project through a solar engineering, procurement, and construction (EPC) contractor. In a back-to-back arrangement, the coal company had already issued the tender to finalize the EPC company. The project will be executed within a year from the date of placement of the work order, Coal India said in a statement.

The fossil fuel business is following counterpart NLC by entering the solar market.

Coal India Ltd (CIL) this month announced two new business units: CIL Solar PV and CIL Navikarniya Urja, with both intended to capitalize on the growth opportunities in solar. CIL Solar PV Limited will manufacture ingots, wafers, cells and modules.

Russian gold mining giant Polyus reports Q1 2021 production decline

By Vladimir Basov

P

OLYUS, the largest gold producer in Russia and a top 5 gold producer globally, announced Monday that its total gold output amounted to 592 thousand ounces in Q1 2021, compared to 710 thousand ounces in Q4 2020 and 595 thousand ounces in Q1 2020.

The company said that the decline in production compared to Q4 2020 was driven by a seasonal slowdown in production at Alluvials and lower refined gold volumes at Olimpiada, Blagodatnoye and Natalka.

According to Polyus, a decrease in refined gold volumes at Blagodatnoye and Natalka mainly reflects changes in gold in inventory at the refinery. Volumes of ore mined amounted to 16,639 thousand tonnes, down 4% on the previous quarter, reflecting lower ore volumes mined at Olimpiada and Natalka.

Volumes of ore processed increased 7% quarter-on-quarter to 11,126 thousand tonnes, primarily due to the higher processing volumes at Olimpiada, Blagodatnoye and Natalka.

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Recovery rate decreased to 81.6%, compared to 83.9% in the previous quarter, driven by lower recoveries at Olimpiada, Blagodatnoye and Natalka.

Estimated gold sales amounted to $1,017 million, down 32% compared to the previous quarter, with an estimated weighted-average gold selling price of $1,788/oz (down 4% on the fourth quarter of 2020).

The company said that its production target for 2021 remains unchanged and stands at 2.7 million ounces of gold.

Polyus is the largest gold producer in Russia and a top 5 gold producer globally with one of the lowest cost profiles. The company also holds the world’s third largest gold reserves with 61 million ounces of proven and probable gold reserves underpinning its strong growth profile.

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