TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

Pilarmas Investindo Sekuritas analyst Okie Setya Ardiastama explained that the impact of the lockdown could certainly affect supply and demand for commodity prices. In the short and medium term, he sees the potential for CPO prices to be consolidated considering that currently the largest producer of CPO, namely Malaysia, is doing a lockdown and also the biggest consumer of CPO itself is doing a lock-down.

"We see the price has the potential to strengthen again where the demand for coal itself is still high and currently the world's coal supply has the potential to be hampered. So that is the trigger for the increase in the reference coal price," explained Okie, Tuesday (1/6).

However, Okie sees that the movement of CPO and coal commodity prices will not be reflected in their share prices in the second quarter of 2021.

Supply-demand diprediksi

terganggu akibat lockdown,

begini prospek saham

komoditas

Reporter: Benedicta Prima | Editor: Tendi Mahadi

M

ALAYSIA, Australia dan India menerap-kan kebijamenerap-kan lockdown terkait kasus Covid-19. Ketiganya merupakan negara dengan pengaruh besar terhadap supply-demand

crude palm oil (CPO) dan batubara.

Malaysia merupakan produsen besar CPO, sedangkan India merupakan negar a importir CPO terbesar kedua setelah Tiongkok. Sedangkan meski hanya negara bagian Victoria, Australia yang member-lakukan lockdown, negara kanguru ini dikenal sebagai pemasok batubara.

Analis Pilarmas Investindo Sekuritas Okie Setya Ardiastama menjelaskan dampak dari

lockdown tersebut tentunya dapat

mem-pengaruhi supply maupun demand dari harga komoditasnya. Dalam jangka pendek maupun menengah dia melihat harga CPO berpotensi terkonsolidasi mengingat saat ini produsen terbesar CPO yaitu Malaysia me-lakukan lockdown dan juga konsumen ter-besar dari CPO sendiri melakukan lockdown. "Kami melihat harga berpotensi kembali menguat dimana kebutuhan dari batubara sendiri masih tinggi dan saat ini supply batubara dunia berpotensi terhambat. Sehingga hal tersebut yang menjadi trigger naiknya harga batubara acuan," jelas Okie, Selasa (1/6).

Namun Okie melihat pergerakan harga komoditas CPO dan batubara ini belum akan terefleksi pada harga sahamnya di kuartal II-2021.

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Daily News Update Page 4 This refers to the movement of the last few

weeks which is considered contrary to commodity prices.

"However, we see that the appreciation of commodity prices can be reflected in the issuer's financial performance," he added. Investors can look at stocks based on CPO and coal in the short and medium term. Seeing the financial performance in the second quarter is potentially better than last year, this is in line with commodity prices.

Okie still maintains a buy rating on shares in the CPO and coal sectors. Stocks that are recommended to buy include LSIP with a target price of Rp. 1,435, SIMP of Rp. 960, AALI of Rp. 11,325 and ITMG of Rp. 14,500. Okie recommends holding for ADRO shares with a target price of Rp 1,220 and PTBA of Rp 2,370.

Hal ini mengacu pada pergerakan beberapa pekan terakhir yang dinilai bertolak belakang dari harga komoditasnya.

"Namun kami melihat apresiasi terhadap harga komoditas dapat terefleksikan pada kinerja keuangan emiten," imbuhnya. Investor dapat mencermati saham-saham berbasis CPO maupun batubara dalam jangka waktu pendek maupun menengah. Melihat kinerja keuangan pada kuartal dua ini berpotensi lebih baik dibandingkan tahun lalu, hal ini sejalan dengan harga komoditas.

Okie masih mempertahankan rating beli pada saham-saham sektor CPO dan batu-bara. Saham yang direkomendasikan beli antara lain LSIP dengan target harga Rp 1.435, SIMP Rp 960, AALI Rp 11.325 dan ITMG Rp 14.500. Okie merekomendasikan

hold untuk saham ADRO dengan target

harga Rp 1.220, dan PTBA Rp 2.370.

No Day Without a Record, Coal

to 10-Year Highest Level

Tirta, CNBC Indonesia

T

HERE is not a day without setting a record for coal prices. In trading last weekend, the price of the black stone broke its highest level in the last decade. The price of the Newcastle ICE thermal coal futures contract closed at US$ 118.9/ton, up 3.48% from the previous trading period. In the past week, the price of the June coal futures contract has increased by 10.19%.

Tiada Hari Tanpa Rekor, Batu

Bara ke Level 10 Tahun

Tertinggi

T

IADA hari tanpa cetak rekor bagi harga batu bara. Pada perdagangan akhir pekan lalu harga si batu hitam tembus level tertingginya dalam satu dekade terakhir. Harga kontrak futures (berjangka) batu bara termal ICE Newcastle ditutup di US$ 118,9/ton atau naik 3,48% dari periode perdagangan sebelumnya. Dalam sepekan lalu harga kontrak Juni batu bara ber-jangka tersebut sudah naik 10,19%.

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Daily News Update Page 5 Currently, the price of coal is at its highest

level since September 2011. In addition, the price of coal also posted a 5-week gain in a row with a total of 39%.

Coal prices in recent weeks have even shot up despite a surge in cases of the corona virus disease (Covid-19) in various countries, especially India, which is one of the biggest consumers of coal.

Since mid-April, the number of Covid-19 cases in India has skyrocketed by more than 200,000 cases per day. Even the peak of more than 400,000 cases per day in early May.

But the good news this week is that the addition of Covid-19 cases in India has fallen to below 200,000 per day.

It is feared that the supply from China will be tighter due to the plum rain or the rainy season in China which triggers the soaring coal price. Usually in the June-July period, heavy rains will flush the northern China region where there are many coal mines there.

The extreme rainy season risks disrupting coal production and distribution. In addition, during the rainy season there are often power outages in the mining area. It is also positively correlated with the number of incidents of mining accidents in China.

The government cites recent flooding incidents at coal mines in Xinjiang and Shanxi as a reminder to the sector. This factor causes the price of coal to continue to rise.

This is because when demand for the power generation sector increases but supply is inadequate, local coal prices fly. The fantastic increase in China's coal prices also boosted the prices of other coals, one of which was ICE Newcastle.

Saat ini harga batu bara berada di level tertingginya sejak September 2011. Selain itu, harga batu bara juga membukukan penguatan dalam 5 pekan beruntun dengan total 39%.

Harga batu bara dalam beberapa pekan terakhir bahkan masih melesat naik meski terjadi lonjakan kasus penyakit virus corona (Covid-19) di berbagai negara terutama India, yang merupakan salah satu konsumen terbesar batu bara.

Sejak pertengahan April lalu, penambahan jumlah kasus Covid-19 di India meroket lebih dari 200.000 kasus per hari. Bahkan puncaknya lebih dari 400.000 kasus per hari pada awal Mei lalu.

Namun kabar baiknya di pekan ini penam-bahan kasus Covid-19 di India sudah turun ke bawah 200.000 per hari.

Suplai dari China yang dikhawatirkan akan semakin ketat akibat plum rain atau musim penghujan di China yang menjadi pemicu melesatnya harga batu bara. Biasanya pada periode Juni-Juli, hujan lebat akan meng-guyur wilayah China bagian utara di mana banyak tambang batu bara di sana.

Musim penghujan yang ekstrim tersebut berisiko mengganggu produksi hingga distribusi batu bara. Selain itu saat musim hujan terjadi sering ada pemadaman listrik di area tambang. Hal ini juga berkorelasi positif dengan jumlah insiden kecelakaan tambang di China.

Pemerintah mengutip insiden banjir baru-baru ini di tambang batu bara di Xinjiang dan Shanxi sebagai pengingat bagi sektor tersebut. Faktor inilah yang membuat harga batu bara terus mengalami kenaikan.

Pasalnya saat permintaan untuk sektor pembangkit listrik meningkat tetapi pasokan tak memadai sehingga harga batu bara lokal terbang. Kenaikan fantastis harga batu bara China juga mendongkrak harga batu bara lain salah satunya adalah ICE Newcastle.

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Daily News Update Page 6 It's not just thermal coal whose price has

gone up. Metallurgical coal prices also rose. China's imported coking coal prices have hit a record premium of over US$140/ton over Australian prices this month due to China's ban on supplies from Australia. But the gap is starting to narrow with mine maintenance expected to tighten supply. Chinese steelmakers have struggled to find alternatives as imports from their biggest source have stalled since the unofficial ban on Australian coal took effect in October. Coal prices in recent weeks have even shot up despite a surge in cases of the corona virus disease (Covid-19) in various countries, especially India, which is one of the biggest consumers of coal.

Since mid-April, the number of Covid-19 cases in India has skyrocketed by more than 200,000 cases per day. Even the peak of more than 400,000 cases per day in early May. But the good news this week is that the addition of Covid-19 cases in India has fallen to below 200,000 per day.

(twg/twg)

Tidak hanya batu bara termal saja yang harganya naik. Harga batu bara metalurgi juga ikut naik. Harga impor batu bara kokas China telah mencapai rekor premium di atas US$ 140/ton di atas harga Australia bulan ini karena larangan China atas pasokan dari Australia.

Namun kesenjangan tersebut mulai menyempit dengan pemeliharaan tambang yang diperkirakan akan memperketat pasokan. Produsen baja China selama ini terus berjuang mencari alternatif karena impor dari sumber terbesarnya terhenti sejak larangan tidak resmi atas batu bara Australia berlaku pada bulan Oktober. Harga batu bara dalam beberapa pekan terakhir bahkan masih melesat naik meski terjadi lonjakan kasus penyakit virus corona (Covid-19) di berbagai negara terutama India, yang merupakan salah satu konsumen terbesar batu bara.

Sejak pertengahan April lalu, penambahan jumlah kasus Covid-19 di India meroket lebih dari 200.000 kasus per hari. Bahkan puncaknya lebih dari 400.000 kasus per hari pada awal Mei lalu. Namun kabar baiknya di pekan ini penambahan kasus Covid-19 di India sudah turun ke bawah 200.000 per hari. (twg/twg)

Slightly slumped, Antam's gold

price is Rp961 thousand per gram

Reporter: Sapto Andika Candra/Editor: Gita Amanda

A

NTAM's gold price dropped slightly today, after having stayed at its highest point throughout 2021 at Rp 965 thousand per gram until last Monday (31/5). On Wednesday (2/6), Antam's gold price was recorded at Rp 961 thousand per gram.

Merosot Tipis, Harga Emas

Antam Rp961 Ribu per Gram

Reporter: Sapto Andika Candra/Redaksi: Gita Amanda

H

ARGA emas Antam merosot tipis hari ini, setelah sempat bertahan di titik tertinggi sepanjang tahun 2021 di angka Rp 965 ribu per gram hingga Senin (31/5) lalu. Pada Rabu (2/6) ini, harga emas Antam tercatat di angka Rp 961 ribu per gram.

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Daily News Update Page 7 Despite the decline today, Antam's gold

price trend from April to early June tends to continue to climb. With an increasing trend, it is not impossible for Antam's gold price to return to its previous record position, which was reached on August 7, 2020 at Rp 1.065 million per gram.

Moreover, in the world market itself, the selling price of gold has penetrated the psychological figure of 1,900 US dollars per troi ounce. World gold prices rose again driven by the risk of higher inflation. This makes the precious metal ogled again as a hedging asset.

Quoted by Reuters, world gold prices on Tuesday (1/6) trading yesterday, corrected to 1,902.05 US dollars per troi ounce. Meanwhile, gold futures were sold at 1,905 US dollars per troi ounce. Whereas in yesterday's trading, the world gold price had reached its highest point at 1,916.4 US dollars per troi ounce.

Reflecting on the dynamics of 2020, the world gold price, which was in the range of 1,900 US dollars per troi ounce, could trigger domestic prices to penetrate one million rupiah per gram.

However, it seems that the domestic market is still waiting and see with future developments. The price of gold in Indonesia is heavily influenced by move-ments in world gold prices, which are also easily influenced by economic sentiment. The price of gold itself has jumped 23 percent in just 2020 alone, as a result of the hectic interest of investors to make gold a hedging asset. But in 2021, the conditions could be different. The increase that occurred last year cannot be used as a raw benchmark for this year.

Meanwhile, Antam's buyback or gold buyback price also fell by Rp 4,000, to Rp 871 thousand per gram. The selling price and buyback price...

Kendati mengalami penurunan pada hari ini, tren harga emas Antam sejak April hingga awal Juni ini cenderung terus menanjak. Dengan tren yang terus meningkat, bukan tidak mungkin harga emas Antam kembali mendekati posisi rekor sebelumnya, yang tercapai pada 7 Agustus 2020 dengan Rp 1,065 juta per gram.

Apalagi, di pasar dunia sendiri harga jual emas sudah tembus angka psikologis 1.900 dolar AS per troi ons. Harga emas dunia naik lagi didorong risiko inflasi yang lebih tinggi. Hal ini membuat logam mulia kembali dilirik sebagai aset lindung nilai.

Dikutip Reuters, harga emas dunia pada perdagangan Selasa (1/6) kemarin, ter-koreksi ke angka 1.902,05 dolar AS per troi ons. Sementara emas berjangka dijual di harga 1.905 dolar AS per troi ons. Padahal pada perdagangan kemarin, harga emas dunia sempat mencapai titik tertinggi di angka 1.916,4 dolar AS per troi ons.

Berkaca pada dinamika tahun 2020 lalu, harga emas dunia yang berada di rentang 1.900-an dolar AS per troi ons bisa memicu harga di dalam negeri tembus sejuta rupiah per gram.

Namun sepertinya pasar dalam negeri masih wait and see dengan perkembangan ke depan. Harga emas di Indonesia memang banyak dipengaruhi pergerakan harga emas dunia, yang juga mudah terpengaruh sentimen ekonomi.

Harga emas sendiri telah melonjak 23% hanya dalam tahun 2020 saja, sebagai akibat ramainya minat investor menjadikan emas sebagai aset lindung nilai. Namun tahun 2021 ini, kondisinya bisa berbeda. Pening-katan yang terjadi tahun lalu tidak bisa dijadikan patokan mentah untuk tahun ini. Sementara itu harga buyback atau pem-belian kembali emas oleh Antam juga ikut turun Rp 4.000, menjadi Rp 871 ribu per gram. Harga jual dan harga buyback...

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Daily News Update Page 8 The selling price and buyback price shown

in this news are the official prices at the Pulo Gadung Precious Metals Gold Boutique, Jakarta, quoted from the official website.

Gold is known as a safe haven or the safest investment instrument. But it should be understood that if you are interested in investing in gold, intend for the long term. Because gold has a fairly high difference in selling and buyback prices. Like today, there is a difference of Rp 90 thousand per gram between the selling and buying prices.

The following is a list of Antam's gold bullion prices by weight:

0.5 grams: Rp 530,500 1 gram: Rp 961,000 2 grams: Rp 1,862,000 3 grams: Rp 2,768,000 5 grams: Rp 4,580,000 10 grams: Rp 9,105,000 25 grams: Rp 22,637,000 50 grams: Rp 45,195,000 100 grams: Rp 90,312,000 250 grams: Rp 225,515,000 500 grams: Rp 450,820,000 1 kg: Rp 901.600.000.

Harga jual dan harga buyback yang ditampilkan dalam berita ini merupakan harga resmi di Butik Emas Logam Mulia Pulo Gadung Jakarta, dikutip dari situs resminya.

Emas memang dikenal sebagai safe haven atau instrumen investasi paling aman. Namun perlu dipahami bahwa bila Anda berminat berinvestasi emas, niatkan untuk jangka panjang. Karena emas memiliki selisih harga jual dan buyback yang cukup tinggi. Seperti hari ini, ada selisih Rp 90 ribu per gram antara harga jual dan belinya.

Berikut adalah daftar harga emas batangan Antam sesuai beratnya:

0,5 gram: Rp 530.500 1 gram: Rp 961.000 2 gram: Rp 1.862.000 3 gram: Rp 2.768.000 5 gram: Rp 4.580.000 10 gram: Rp 9.105.000 25 gram: Rp 22.637.000 50 gram: Rp 45.195.000 100 gram: Rp 90.312.000 250 gram: Rp 225.515.000 500 gram: Rp 450.820.000 1 kg: Rp 901.600.000.

Bukit Asam Wins 2 Awards at

the Global Good Governance

Award

Rahajeng KH, CNBC Indonesia

P

T BUKIT Asam Tbk (PTBA) won two prestigious international awards at the same time organized by Cambridge IFA at the International Global Good Governance Awards (3G Awards) on Tuesday (25/5/ 2021).

Bukit Asam Raih 2 Penghargaan

di Global Good Governance

Award

Rahajeng KH, CNBC Indonesia

P

T BUKIT Asam Tbk (PTBA) meraih dua penghargaan bergengsi level internasional sekaligus yang diselenggarakan oleh Cambridge IFA dalam ajang International Global Good Governance Awards (3G Awards) pada Selasa (25/5/2021).

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Daily News Update Page 9 The two awards are the 3G Championship

Award in Corporate Governance Reporting 2021 and the 3G ESG Championship Award for Indonesia in 2021.

In this award the Good Governance assessment emphasizes the importance of sustainable growth in a global context that includes concepts, policies, and practices. Good Governance is not only about making the right decisions, but also the process of making decisions that prioritizes trans-parency, accountability, and fairness. PTBA Corporate Secretary Apollonius Andwie C in his official broadcast said his party appreciated the award given to the company in implementing ESG (Environ-mental, Social, Governance). According to him, PTBA has always been fully committed to its development and imple-mentation.

Currently, the ESG rating issued by MSCI, PTBA is at the BBB level in 2020 (one of the highest in the industry), and will target A level in the 2021 assessment. The achievement of this rating will later support PTBA's business transformation efforts, particularly as a guarantee for funding assistance in the development of the company's strategic initiatives.

As for the assessment of Good Governance, it emphasizes five pillars, namely transparency, social responsibility, sustainability, impact, and innovation. The award, which was pioneered by Cambridge IFA, is held to promote the best practices of good governance from individuals, governments, public institutions, private companies, to non-governmental organiza-tions.

The 3G awards were first held in 2016 in Turkey, and to date have distributed 150 awards. (rah/rah)

Dua penghargaan tersebut adalah 3G Championship Award in Corporate Governance Reporting 2021 dan 3G ESG Championship Award untuk Indonesia di 2021.

Pada penghargaan ini penilaian Good Governance menekankan pentingnya per-tumbuhan berkelanjutan dalam konteks global yang mencakup konsep, kebijakan, hingga praktiknya. Good Governance bukan hanya tentang mengambil keputusan dengan tepat, tetapi juga proses dalam pengambilan keputusan yang mengutamakan trans-paransi, akuntabilitas, serta keadilan.

Corporate Secretary PTBA Apollonius Andwie C dalam siaran resminya mengata-kan pihaknya mengapresiasi penghargaan yang diberikan kepada perusahaan dalam penerapan ESG (Environmental, Social, Governance). PTBA menurutnya selalu ber-komitmen penuh dalam pengembangan dan penerapannya.

Saat ini ESG rating yang dikeluarkan oleh MSCI, PTBA adalah di level BBB di tahun 2020 (salah satu yang tertinggi di industri sejenis), dan akan menargetkan level A di penilaian tahun 2021. Dengan tercapainya rating tersebut nantinya akan mendukung upaya transformasi bisnis PTBA, khususnya sebagai jaminan dalam bantuan pendanaan dalam Pengembangan inisiatif-inisiatif strategis perusahaan.

Adapun untuk penilaian Good Governance menekankan lima pilar, yakni transparansi, tanggung jawab sosial, keberlanjutan, dampak-nya, dan inovasi. Penghargaan yang di-pelopori oleh Cambridge IFA ini diseleng-garakan untuk mempromosikan praktik tata Kelola terbaik (good governance) mulai dari individu, pemerintah, lembaga public, per-usahaan swasta, hingga lembaga swadaya masyarakat.

Penghargaan 3G awards diselenggarakan pertama kali pada 2016 di Turki, dan hingga saat ini sudah membagikan sebanyak 150 penghargaan. (rah/rah)

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Pamapersada Assists Orphans

Scholarship in South Kalimantan

By: Ahmad Nabhani

H

ELPING the world of education for outstanding and underprivileged students, PT Pamapersada Nusantara ADRO District through Baitul Ma'al Amanah PAMA (BMAP) provided scholarships for students achievement and school-age orphans during the laying of the first stone for the construction of the Orphans Palace in Balangan Regency, South Kalimantan. "Scholarship recipients are selected through a strict procedure with a direct survey to the residence of each student," said CSR Manager of PT Pamapersada, Ono Karno in Balangan, last week.

He said this assistance is a routine activity as a form of social responsibility of PAMA employees in addition to religious programs carried out through the company's corporate social responsibility (CSR) funds. BMAP PAMA provides educational assistance with outstanding scholarships and tuition assistance to 160 orphaned students from junior high school to high school level in Balangan Regency. In addition to educational assistance, corporate social responsibility is also in the form of donations to orphans at the Nurul Yaqin Orphanage in Inan Village and the Nurul Iman Kalahi Orphanage as many as 82 people with a total of 242 children and a total fund of Rp. Through this selection, said Ono, accompanied by Khalif Khusaifi as the daily executor of BMAP, it is hoped that the scholarship will be right on target and useful.

Pamapersada Bantu Beasiswa

Yatim Piatu di Kalsel

Oleh: Ahmad Nabhani

B

ANTU dunia pendidikan bagi siswa ber-prestasi dan tidak mampu, PT Pama-persada Nusantara Distrik ADRO melalui Baitul Ma’al Amanah PAMA (BMAP) mem-berikan beasiswa bagi siswa berprestasi dan anak yatim piatu usia sekolah saat peletakan batu pertama pembangunan Istana Anak Yatim Piatu di Kabupaten Balangan, Kalsel.

”Penerima beasiswa dipilih melalui prosedur ketat dengan survei langsung ke kediaman masing-masing siswa," kata Manager CSR PT Pamapersada, Ono Karno di Balangan, pekan lalu.

Dikatakannya, bantuan ini merupakan kegiatan rutin sebagai wujud tanggung jawab sosial karyawan PAMA selain program keagamaan yang dilaksanakan melalui dana corporate social respon-sibility (CSR) perusahaan. BMAP PAMA memberikan bantuan pendidikan beasiswa berprestasi dan bantuan biaya pendidikan kepada 160 siswa anak yatim piatu tingkat SMP hingga SMA sederajat di Kabupaten Balangan.

Selain bantuan pendidikan, tanggung jawab sosial perusahaan juga berupa santunan anak yatim piatu di Panti Asuhan Nurul Yaqin Desa Inan dan Panti Asuhan Nurul Iman Kalahiyang sebanyak 82 orang dengan total 242 anak dan total dana sebesar Rp41.300.000. Melalui seleksi tersebut ungkap Ono didampingi oleh Khalif Khusaifi sebagai pelaksana harian BMAP itu diharapkan beasiswa tersebut bisa tepat sasaran dan bermanfaat.

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Daily News Update Page 11 The coal mining company's commitment to

the orphanage care program is also evidenced by the participation of PT PAMA through CSR activities by contributing funds of Rp. 100 million for infrastructure assistance for the construction of the Orphans Palace in Balangan Regency. Scholarship assistance for orphaned outstanding students and assistance from the Palace of Orphans from PT PAMA were received directly by the Regent of Balangan H Abdul Hadi and at the same time providing scholarship assistance from the Regent of Balangan to orphans symbolically as beneficiaries.

"Thanks to PT PAMA's concern and we hope that similar programs can be imple-mented by other companies operating in Balangan Regency," said the Regent.

He said, hopefully this activity can improve the quality of life and the quality of human resources, especially orphans and increase the value of charity worship for provisions in the hereafter.

Komitmen perusahaan pertambangan batu bara ini terhadap program peduli anak yatim piatu juga dibuktikan dengan partisipasi PT PAMA melalui kegiatan CSR dengan turut berkontribusi dana sebesar Rp100 juta untuk bantuan sarana prasarana pem-bangunan Istana Anak Yatim Piatu di Kabupaten Balangan.

Bantuan beasiswa bagi siswa berprestasi yatim piatu dan bantuan Istana Yatim Piatu dari PT PAMA diterima langsung Bupati Balangan H Abdul Hadi dan sekaligus pemberian bantuan beasiswa dari Bupati Balangan kepada anak yatim piatu secara simbolis sebagai penerima manfaat.

”Terima kasih atas kepedulian PT PAMA dan program serupa diharapkan bisa dilaksana-kan perusahaan lain yang beroperasi di Kabupaten Balangan," ucap Bupati.

Dikatakannya, semoga dengan kegiatan ini dapat meningkatkan kualitas hidup dan kualitas sumber daya manusia khususnya anak yatim piatu dan menambah nilai amal ibadah untuk bekal di akhirat kelak.

Pertamina: Coal Gasification

Will Not Make Subsidies Swell

P

RESIDENT Director of PT Pertamina (Persero) Nicke Widyawati said that his party was trying to prevent the coal gasification project from making the energy subsidy budget swell.

This is because a number of studies have shown that the cost of gasification of coal to produce dimethyl ether (DME) requires a large amount of money.

Pertamina: Gasifikasi Batu Bara

Tak Buat Subsidi Bengkak

D

IREKTUR Utama PT Pertamina (Persero) Nicke Widyawati mengatakan pihaknya tengah mengupayakan agar proyek gasifikasi batu bara tak membuat anggaran subsidi energi membengkak. Pasalnya, sejumlah kajian memang me-nunjukkan biaya gasifikasi batu bara untuk menghasilkan dimetil eter (DME) mem-butuhkan biaya yang besar.

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Daily News Update Page 12 "The government also said that we should

not, like before, convert from kerosene to LPG, this then the subsidy will increase. This is what we also avoid, so that we correctly calculate the costs from upstream to downstream," she said in a meeting at the House of Representatives Commission VII, Monday (31 /5).

Nicke said that one of Pertamina's efforts was to cooperate with various parties to ensure low-cost upstream to downstream products.

On the upstream side, Pertamina cooperates with domestic coal companies such as PT Adaro Energy Tbk and PT Indika Energy Tbk to ensure the supply of raw materials.

Second, cooperating with several companies so that they can convert coal into syngas to dimethyl ether efficiently. Third, utilize the infrastructure that the company already has in the distribution process.

"So we don't divide upstream, midstream, downstream so that the price or profitability is not large. So we arrange it in such a way. Because the government has warned that there should be no increase in subsidies," she explained.

Pertamina, continued Nicke, is also reviewing various technical aspects to reduce the cost of producing coal into DME. One of them is related to which infra-structure needs to be added or use the existing one.

"So from this we don't need to build new infrastructure. We can use the existing infrastructure but we replace the non-steel one so it doesn't take a big investment. We can still use the ships, pipes, and terminals," she explained.

"Pemerintah pun menyampaikan jangan sampai seperti sebelumnya kita melakukan konversi dari minyak tanah ke LPG, ini kemudian subsidinya meningkat. Ini yang kami hindari juga, sehingga kita hitung betul biaya dari hulu ke hilir," ujarnya dalam rapat di Komisi VII DPR, Senin (31/5).

Nicke menuturkan salah satu upaya yang telah dilakukan Pertamina adalah bekerja sama dengan berbagai pihak untuk men-jamin produk hulu ke hilir rendah biaya. Di sisi hulu, Pertamina bekerja sama dengan perusahaan batu bara domestik seperti PT Adaro Energy Tbk dan PT Indika Energy Tbk untuk menjamin pasokan bahan baku.

Kedua, menggandeng beberapa perusaha-an agar dapat mengubah batu bara menjadi syngas hingga dimetil eter dengan efisien. Ketiga memanfaatkan infrastruktur yang telah dimiliki perusahaan dalam proses distribusi.

"Jadi kita tidak pecah-pecah upstream, midstream, downstream ini supaya harga-nya atau profitabilitas tidak besar. Jadi kita atur sedemikian rupa. Karena pemerintah wanti-wanti jangan sampai ada kenaikan subsidinya," jelasnya.

Pertamina, lanjut Nicke, juga tengah meng-kaji berbagai aspek teknis untuk dapat menekan biaya produksi batu bara menjadi DME. Salah satunya terkait infra-struktur mana saja yang perlu ditambah atau menggunakan yang sudah ada.

"Sehingga dari ini kita tidak perlu mem-bangun infrastruktur baru. Kita bisa meng-gunakan infrastruktur yang ada tetapi yang non steel-nya ini kemudian kita ganti sehingga tidak memakan investasi yang besar. Kapal, Pipa, dan juga terminal itu masih bisa kita gunakan," jelasnya.

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Daily News Update Page 13 Nicke also ensured that if the efficiency

continues to make coal gasification not cheaper or equal to the cost of importing LPG, the project will continue to be carried out to reduce Indonesia's current account deficit (CAD).

"Because 70 percent of LPG is imported today. So we are looking for substitutes whose goods are domestic and many are owned by Indonesia. Even later the price will be the same as imported LPG, this will affect the CAD. Because it is produced domestically, it will also provide a good multiplier effect for growth investment, employment and the national economy," she concluded. (hrf/age)

Nicke juga memastikan, jika nantinya efisiensi tersebut tetap membuat gasifikasi batu bara tak bisa lebih murah atau sama dengan biaya impor LPG, proyek tersebut akan tetap dijalankan untuk menekan defisit neraca transaksi berjalan (current account

deficit/CAD) Indonesia.

"Karena 70 persen LPG hari ini impor. Sehingga kami mencari substitusi yang barangnya ada di dalam negeri dan banyak dimiliki Indonesia. Even nanti harganya pun sama dengan impor LPG ini berpengaruh terhadap CAD. Karena diproduksi dalam negeri sehingga juga akan memberikan multiplier effect baik bagi pertumbuhan inves-tasi, penyerapan tenaga kerja dan pereko-nomian nasional," pungkasnya. (hrf/age)

Revealed! These are the facts

that make coal prices hard to

beat

O

NE word that can describe the current price of coal is 'resilient'. After dropping nearly 6%, the price of ICE Newcastle thermal coal has shot up again.

In yesterday's trading, the price of the thermal coal futures contract closed 2.81% to US$ 115.25/ton. The highest record price of coal this year is at US$ 118.9/ton. This position is also the highest level in almost a decade. If you look at the trend in the last 10 years, the pattern of coal prices is similar to that of 2016.

Terkuak! Ini Fakta yang Bikin

Harga Batu Bara Susah

Dibanting

S

ATU kata yang tepat menggambarkan harga batu bara saat ini adalah 'tahan banting'. Usai anjlok hampir 6% harga batu bara termal ICE Newcastle kembali melesat. Pada perdagangan kemarin, harga kontrak

futures (berjangka) batu bara termal ditutup

melesat 2,81% ke US$ 115,25/ton. Rekor tertinggi harga batu bara tahun ini berada di US$ 118,9/ton.

Posisi tersebut juga menjadi level tertinggi dalam hampir satu dekade terakhir. Apabila melihat tren dalam 10 tahun terakhir, maka pola harga batu bara seperti tahun 2016 silam.

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Daily News Update Page 14 After experiencing pressure and a

down-trend in five years along with the fall in the price of crude oil in the market, the black stone managed to record an epic comeback and rebound.

At that time, the price of coal had broken below US$ 50/ton in April 2016. However, in less than six months, the price of coal broke through the level of US$ 100/ton. The same is happening now. Due to the Covid-19 pandemic, the price of the stone fell to below US$ 50/ton last August. Then in May 2021, the price broke US$ 100/ton. The increase in coal prices cannot be separated from sentiment in the market and also the role of China. The trend of the depreciation of the US dollar made some investors flee their money to non-cash assets which are expected to be a hedge against the threat of high inflation.

One of the concerns is commodities. Post-crisis, when macroeconomic policies are set loose (accommodative) there is usually a phenomenon of pent-up demand. This helped lift the price performance of various commodities and gave rise to a commodity boom cycle.

In addition to these sentiments, the condition of China's thin coal supply in the midst of continued economic expansion also made coal prices rise.

So far, domestic demand has not been met by domestic supply. In addition, local coal prices are already 'exorbitant' and tend to erode utility companies' profits.

As a result, China loosened its import policy, except with Australia because it was still at odds. As a result, it is difficult for China to get supplies of coking coal which is widely used for the steel industry in its country at low prices. On the other hand, seasonally, China has entered the period of the rainy season (Plum Rain Season).

Setelah mengalami tekanan dan downtrend dalam lima tahun seiring dengan jatuhnya harga minyak mentah di pasar, si batu hitam berhasil mencatatkan epic comeback dan

rebound.

Saat itu harga batu bara sempat tembus ke bawah US$ 50/ton pada April 2016. Namun dalam waktu singkat kurang dari enam bulan harga batu bara tembus level US$ 100/ton. Hal yang sama juga terjadi sekarang. Akibat pandemi Covid-19 harga si batu legam sempat melorot ke bawah US$ 50/ton pada Agustus silam. Kemudian pada Mei tahun 2021, harga tembus US$ 100/ton.

Kenaikan harga batu bara tak lepas dari sentimen di pasar dan juga peranan China. Tren depresiasi dolar AS membuat sebagian investor melarikan uangnya ke aset non-cash yang di-harapkan dapat menjadi lindung nilai (hedging) terhadap ancaman inflasi yang tinggi.

Salah satu yang menjadi perhatian adalah komoditas. Pasca krisis, ketika kebijakan makroekonomi di set longgar (akomodatif) biasanya ada fenomena pent up demand. Hal ini turut mengangkat kinerja harga berbagai komoditas dan memunculkan siklus

commodity boom.

Selain sentimen tersebut, kondisi pasokan batu bara China yang tipis di tengah ekspansi perekonomian yang terus berlanjut juga membuat harga batu bara terkerek naik. Selama ini kebutuhan domestik kurang bisa dipenuhi pasokan dalam negeri. Ditambah lagi harga batu bara lokal yang sudah 'selangit' dan cenderung menggerus laba perusahaan utilitas. Alhasil China melonggar-kan kebijamelonggar-kan impornya, kecuali dengan Australia karena masih bersitegang.

Akibatnya China sulit mendapat pasokan batu bara kokas yang banyak digunakan untuk industri baja di negaranya dengan harga miring. Di sisi lain secara musiman, China sudah memasuki periode musim penghujan (Plum Rain Season).

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Daily News Update Page 15 In June-July usually heavy rains will fall on

northern China where many coal mines are there. Heavy rains have the potential to cause flooding.

If this happens in accordance with the government's wishes, mining operations and distribution activities will be hampered, causing coal prices to increase. The increase in local coal prices will also raise global coal prices because China is one of the world's largest coal consumers along with the world. When the price of Newcastle coal rose, the Indonesian reference coal price (HBA) was also pushed up. There is a high chance that the June HBA will break US$ 90/ton. CNBC INDONESIA RESEARCH TEAM (twg/twg)

Pada bulan Juni-Juli biasanya hujan lebat akan mengguyur China bagian utara di mana banyak tambang batu bara ada di sana. Hujan lebat berpotensi menyebabkan banjir. Jika ini terjadi sesuai dengan waning pemerintahnya maka aktivitas operasional tambang dan distribusinya menjadi ter-hambat sehingga membuat harga batu bara semakin naik.

Kenaikan harga batu bara lokal akan turut mengerek harga batu bara global karena China merupakan salah satu konsumen terbesar batu bara dunia bersama dunia. Ketika harga batu bara Newcastle terkerek naik maka harga batu bara acuan (HBA) RI juga ikut terdorong. Besar peluang HBA Juni tembus US$90/ton. TIM RISET CNBC INDONESIA (twg/twg)

Vale Verde completes Serrote copper mine build

MINING.com Editor

P

RIVATELY held Mineração Vale Verde (MVV) and funding partner Appian Capital Advisory have completed construction of the Serrote copper-gold project in Alagoas, Brazil, ahead of schedule and under budget.

At full capacity, the mine will produce on average 22,000 tonnes per year of copper at a time when the metal price is trading at record highs and in an environment where the gold price could set another record by December.

The focus is now on the transition to steady-state operations and the ramp-up over the second half of 2021, with operational readiness workstreams, employee training programs and risk management workshops well advanced, according to an MVV press release. MVV’s first shipment of concentrate is targeted for November.

MVV had in February secured a $140 million project finance debt facility, the largest independent greenfield mining project finance transaction announced since the beginning of 2020 and the onset of covid-19.

Serrote will produce an average of about 22,000 tonnes per annum of copper-equivalent over an initial 14-year mine life from a low-strip, open-pit mine supplying a 4.1 million tonnes per year processing plant.

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Daily News Update Page 16 This initial mine plan is underpinned by total mineral reserves of 52.7 million tonnes grading 0.6% copper and 0.1 grams per tonne gold.

MVV is now working towards unlocking more upside by defining a larger mine plan based on the 108.9 million tonnes measured and indicated resource at Serrote and developing strategies to extract value through the known oxide resource and nearby satellite deposits currently being drilled and expanded.

The current copper outlook further enhances the attractive economics of the project, with MVV expected to produce at an all-in sustaining cash cost of $1.41 per lb. copper and generate annual earnings before interest, tax, depreciation and amortisation margins above 60%. Critical copper supplies

Completion of the mine comes days after Ivanhoe Mines (TSX: IVN) declared the start of production at its Kamoa-Kakula project in the Democratic Republic of Congo (DRC), a significant development for the copper market. Most of the current top producing mines are decades old. Except for rare exceptions such as SolGold’s Cascabel in Ecuador and Anglo American’s Quellaveco project in Peru, there haven’t been significant discoveries in many years.

However, Ivanhoe’s achievement was marred a day later by the DRC government announcing another ban on copper concentrate exports, except if companies obtained waivers, something Ivanhoe has applied for but not yet received.

Taken together with ongoing strike action at BHP’s Escondida and Spence copper mines in Chile, it becomes clear the supply side of the equation is under pressure when the unprecedented global stimulus is adding a new layer of demand to already tight fundamentals.

A recent S&P Global analysis of significant copper discoveries between 1990 and 2020 shows that of the 229 deposits discovered in the period, only three were found in the past three years.

Commodity trader and miner Glencore (LON: GLEN) is expected to restart operations at its DRC operation in 2022. Mutanda is the world’s biggest cobalt mine and also produces large amounts of copper.

While copper projects are in the pipeline, producers are also wary of repeating oversupply mistakes of past cycles by speeding up plans at a time when mines are getting a lot trickier and pricier to build. It is but one reason why copper prices have traded near decade highs at above $10,000 a tonne.

According to estimates from CRU Group, the copper industry needs to spend upwards of $100 billion to close what could be an annual supply deficit of 4.7 million metric tonnes by 2030, according to estimates from CRU Group. The potential shortfall could reach 10 million tonnes if no mines get built, commodities trader Trafigura has said.

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Australian commodity outlook shines into 2030

Henry Ballard

D

EMAND for Australia’s key mineral and energy commodities is expected to accelerate towards 2030, according to a report commissioned by the Minerals Council of Australia (MCA).

The Commodity Demand Outlook 2030 report outlined the prospects for nine major commodities and their place in Australia’s future economy.

MCA chief executive officer Tania Constable said the report found Australia placed very positively going forward.

“Australia’s world-leading minerals industry is in a strong position for future success by meeting growing global demand for commodities to power growth, energy generation and decarbonisation,” Constable said.

The report wasn’t solely focused on critical future minerals such as copper, aluminium and zinc, but was also headlined by iron ore and metallurgical coal.

According to the report, seaborne iron ore demand should rise slightly by 2030, from 1504 million tonnes (Mt) in 2019 to 1616 Mt in 2030.

Metallurgical coal should have slightly stronger gains, from 295 Mt in 2019 to 365 Mt in 2030. Constable attributed this to a growth in urban infrastructure.

“Technology-led productivity growth, coupled with rising urbanisation rates, will increase demand for steel – made with iron ore and metallurgical coal – and zinc and copper for housing, factories, city and transport infrastructure,” Constable said.

Critical minerals for renewable and sustainable technology will play a large part over the coming decade, with lithium, aluminium and copper some of the biggest growers.

Lithium demand is expected to grow by more than 300 per cent, from 313,000 tonnes to over 1.4 million tonnes by 2030.

Copper should reach 31.1 Mt in 2030 (up 75 per cent on 2019), while Aluminium will reach 94.7 Mt (up 45.5 per cent).

“Australians are rightly proud of a mining sector which makes a huge contribution to the nation while extracting and processing minerals safely and responsibly,” Constable said. “This report shows that Australians can be equally confident of a positive outlook on the future demand for our world-class minerals.”

Demand for imported coal was expected to increase by 23.5 per cent by 2030, not to be confused with thermal coal consumption which is expected to decline by 2040.

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Peru's mining sector soars 76% in April

By Vladimir Basov

T

HE NATIONAL Institute of Statistics and Informatics of Peru (INEI) announced today that the domestic mining and hydrocarbons sector increased 57.79% in April 2021 compared to the same month of 2020.

INEI said that this increase was driven by a significant improvement in the metallic mining subsector (76.42%) due to the higher production of zinc (681.0%), lead (391.9%), silver (232.5%), gold (48.6%), copper (40.1%) and molybdenum (18.0%).

On the contrary, the hydrocarbons subsector decreased by 8.14% due to the lower level of extraction of crude oil (-20.4%) and natural gas liquids (-7.2%), while natural gas extraction increased by 10.3%.

INEI noted that in April 2020 - the reference period for calculating the variation of the productive sector in April 2021 - most economic activities were suspended, except for essential activities, due to the state of health emergency declared in Peru as a result of the COVID-19 pandemic.

Metso Outotec captures fourth Chinese iron ore pellet plant order in

10 months

Posted by Daniel Gleeson

M

ETSO Outotec has signed yet another contract to deliver its “environmentally sound” pelletising technology with Beijing Shougang International Engineering Technology Co Ltd (BSIET).

The greenfield iron ore pelletising plant to be located in Qingdao, China, will be operated by Qingdao Bangtuo New Materials Technology Co Ltd.

While the order value has not been disclosed, the contract has been booked into the company’s Metals’ June quarter orders received.

Mr Li, General Manager of BSIET’s Metallurgy Division, said: “Plant reliability and sustainable performance are key for all new pelletising plants being built in China. Metso Outotec’s technology has proven its excellence in several plants already, making it a good option for leading-edge pellet plants.

“Fast delivery time is also important. For example, the Bangtuo project will be completed within 17 months, including all steps from engineering to commissioning.”

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Daily News Update Page 19 Metso Outotec’s scope of delivery covers the engineering and design of the indurating system, engineering of the process gas fan system, supply of proprietary equipment, instrumentation and control systems, as well as supervisory services and technical training. The Qingdao Bangtuo plant targets annual production of 4 Mt of pellets, with production expected to start in 2022.

Attaul H Ahmad, Vice President, Ferrous & Heat Transfer business line at Metso Outotec, said: “We’d like to take this opportunity to thank BSIET and our customers in China for their trust in Metso Outotec’s sustainable technology. This is the fourth pellet plant order in China we’ve received within 10 months, doubling our local pellet plant reference base from the four in operation amounting to almost 15 Mt of annual capacity to be built within the next two years.”

Metso Outotec’s traveling grate technology used in the pelletising plants ensures high performance and quality while significantly decreasing energy consumption and emissions, the company says.

Coal India dry fuel offtake jumps 38% in May

S

TATE-owned Coal India Ltd on Tuesday said its coal offtake rose by 38 per cent to 55 million tonnes (MT) in May on the back of revival of fuel demand from the power sector. "Spurred by the revival of coal demand from power sector, Coal India Ltd (CIL) scripted the highest ever coal off-take of 55 million tonnes for the month of May (in any year) so far," the PSU said in a statement.

As coal supplies surged ahead to 55 MT in May, CIL recorded a whopping 15 MT increase in volume terms against comparable month last year, logging close to 38 per cent growth, the statement said.

Even compared to pre-COVID May 2019, the growth was 5.8 per cent when the company's off-take was 52 MT, it said.

With the appetite for coal signalling healthy recovery, CIL's supply to power sector at nearly 44 MT in May this year was up by 41 per cent. The company supplied around 13 MT more to power plants compared to May last year.

Stimulated by increased activity and higher coal consumption, stock at thermal power stations fell by 5 MT in April from that of 28.9 MT at the closure of the last fiscal. However, increased supplies by CIL in May resulted in the coal stock restored to 29 MT at the closure of the last fiscal. However, increased supplies by CIL in May resulted in the coal stock restored to 29 MT at the coal fired plants.

In the ensuing months, the company aims to further increase its supplies.

"Understandably due to COVID-forced lockdown, coal supplies suffered during last year but even then a robust overall 30 MT off-take upsurge during first two months of the current fiscal is an encouraging sign compared to April-May'20. During this period coal off-take to power sector was 23.6 MT more," the company said.

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Daily News Update Page 20 CIL's total coal off-take for April-May was 109.2 MT, clocking a growth of 38 per cent compared to 79 MT in the same period year ago. The supply to power sector registered a 38 per cent growth. The PSU supplied 86.3 MT of coal to power sector during the first two months of the ongoing fiscal compared to 62.7 MT same period a year ago.

Coal India has liquidated 25 MT of coal out of its inventory during April-May period. The company which began FY'22 with close to 100 MT stock at its pitheads reduced it to 74.3 MT at the end of May this year.

CIL produced 42.1 MT in May and 84 MT in April-May period of the current fiscal. The company is confident of ramping up the production even at short notice when the demand peaks to even higher levels especially with the coal seams exposed. CIL has recorded the second highest over burden removal growth of 17 per cent, in more than a decade, last year. Coal India accounts for over 80 per cent of domestic coal output.

Russia is ready supply at least 40 mln tonnes of coking coal to India

I

NDIA asked Russia to supply at least 40 mln tonnes of coking coal annually and Russia is ready to provide this volume, Deputy Energy Minister Anatoly Yanovsky told reporters on the sidelines of the Russian Coal and Mining exhibition.

"We have prepared a draft memorandum of cooperation between the Ministry of Energy of the Russian Federation and the Ministry of Steel Industry of India. While preparing this document, we held several meetings via videoconferencing because of the pandemic and our Indian partners said, that they would like to purchase at least 40 mln tonnes of coking coal from Russia. Of course, we have the opportunity to ensure such supplies," Yanovsky said, noting that coal exports from Russia are growing.

According to him, in 2020, despite losses in coal production, Russia managed to increase exports.

"This year, our exports continue to grow following the results of 4-5 months," the deputy minister said.

Top 10 largest gold mining companies in Q1 2021 - report

By Vladimir Basov

N

EWMONT was the largest gold mining company by production in Q1 2021. Northern Star was a newcomer to the top 10 list, while Polymetal and Kirkland Lake have dropped out of the quarterly ranking.

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Daily News Update Page 21 Kitco ranked the top 10 largest gold mining companies by production in Q1 2021.

Newmont was the top gold producer in Q1 2021. The company’s attributable gold production was in line compared to the prior year quarter, decreasing 2% to 1,455 thousand ounces primarily due to the sale of Red Lake, lower leach pad production and the ramp down of the mill at Yanacocha, lower mill throughput at Nevada Gold Mines, lower ore grade milled at Merian and lower production at Cerro Negro as the site focuses on returning operations to full capacity while managing ongoing Covid-related impacts.

Barrick sits second with 1.1 Moz of gold produced on Q1 2021, a 12% decrease compared to Q1 2020 (1.25 Moz). Production in the latter half of the year is expected to be higher than the first, mainly due to mine sequencing at Nevada Gold Mines, the commissioning of the new leach pad facility at Veladero in Argentina, the ramp-up of underground mining at Bulyanhulu and higher anticipated grades at Lumwana in Zambia.

Russian gold miner Polyus is third with total gold output in Q1 2021 amounted to 592 thousand ounces, which was virtually unchanged compared to 595 thousand ounces in Q1 2020.

AngloGold Ashanti is fourth and produced 588 Koz in Q1 2021, compared with 630 Koz in the same period in 2020. Solid production performances were delivered at AGA Mineração, Serra Grande, Siguiri and Obuasi, more than offset by declines at other mines in the portfolio.

Kinross is fifth with 559 Koz produced in Q1 2021, compared with 567 Koz in Q1 2020. This slight decrease was primarily due to lower production at Tasiast and at Round Mountain, partially offset by higher production at Bald Mountain.

Gold Fields sits sixth. The company said that notwithstanding the impact of COVID-19 on Q1 2021 (particularly impacting Cerro Corona and South Deep), the company’s attributable equivalent gold production was 541 Koz, largely flat compared to Q1 2020.

Including Hope Bay, Agnico Eagle’s payable gold production in the first quarter of 2021 was 517 Koz. Strong operational performance in March has driven record quarterly gold production – Better than forecast performance at LaRonde, Kittila, Meliadine and Meadowbank in March resulted in record payable gold production for Agnico Eagle.

Newcrest gold production in Q1 2021 was 1% lower than in Q1 2020, reflecting the impact of planned shutdown events at Cadia and Lihir. This was partially offset by an increase in gold production at Telfer driven by higher throughput rates and gold recovery improvements. Harmony Gold reentered the top 10 list on ninth place. The sequential increase year-on-year in production was largely due to the successful integration of Mponeng and related assets into the company’s portfolio.

Northern Star Resources entered the top 10 list on tenth place. The company produced 366 Koz of gold in Q1 2021, a 54% increase over Q1 2020, mainly due to the merger with Saracen Mineral Holdings.

Endeavour Mining’s Q1 2021 consolidated production increased by 175 Koz or 102% which was double that of Q1 2020, as a result of the addition of four new mines (Mana, Boungou, Wahgnion and Sabodala-Massawa) since the end of Q1 2020. Endeavour is closely following the top 10 gold mining companies by production landing on eleventh place in Q1 2021.

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Daily News Update Page 22 Polymetal and Kirkland Lake Gold have dropped out of the top 10 largest gold mining companies list in Q1 2021 ranking twelfth and thirteenth, respectively.

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