TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

In the midst of high price increases, the company consistently applies cost efficiency in a disciplined manner to maximize profitability from the momentum of rising coal prices, resulting in solid financial performance despite the prolonged pandemic and slowing down of mining activities due to continuous extreme rains.

Harga Batu Bara US$103,2/Ton, Laba Bersih Indo Tambangraya

Melonjak Naik

Yurika

P

T INDO Tambangraya Megah Tbk. (ITM/

ITMG) membukukan laba bersih sebesar US$475,57 juta pada tahun 2021, naik 1.104,9% dari capaian tahun 2020 yang sebesar US$39,47 juta.

Peningkatan ini dipicu kenaikan harga batu bara yang signifikan dan strategi manajemen biaya yang efisien dan berhati-hati. Sepan- jang tahun lalu ITM juga telah membuktikan komitmennya terhadap nilai-nilai ESG (Environmental, Social and Corporate Governance) melalui berbagai inisiatif.

Mulianto, Direktur Utama ITM, mengungkapkan kenaikan harga batu bara di tahun 2021 disebabkan oleh berangsur kembalinya kehidupan normal dari puncak situasi pandemi, yang mendorong pemulihan ekonomi global, terutama di China sebagai produsen sekaligus konsumen batu bara terbesar.

Akibatnya, permintaan batu bara meningkat sedangkan pasokan tidak dapat mengimbangi permintaan karena disebabkan beberapa faktor seperti cuaca buruk dan masalah logistik.

“Sepanjang tahun 2021, ITM mampu memperoleh rata-rata harga jual batu bara sebesar US$103,2 perton,” ungkap Mulianto, Selasa (1/3/2022).

Di tengah kenaikan harga yang tinggi, perseroan secara konsisten tetap menerapkan efisiensi biaya secara disiplin guna memaksimalkan profitabilitas dari momentum kenaikan harga batu bara sehingga membuah- kan kinerja keuangan yang solid sekalipun pandemi berkepanjangan dan melambatnya kegiatan penambangan akibat hujan ekstrim yang terus-menerus.

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The combination of these factors allowed ITM to achieve US$885 million in EBITDA in 2021, up 373% from the previous year.

Meanwhile net profit increased from US$38 million in 2020 to US$475 million in 2021. Earnings per share was recorded at US$0.4.

Throughout 2021, ITM produced 18.2 million tons of coal in the midst of bad weather and extreme rains. Meanwhile net sales in 2021 were recorded at US$2.1 billion and gross profit margin increased from 17 percent last year to 44 percent with sales volume of 20.1 million tons, which were marketed to China (5.5 million tons), Indonesia (4, 7 million tons), Japan (3.1 million tons), the Philippines (1.8 million tons), Bangladesh (1.3 million tons), Thailand (1.2 million tons), and other countries in East Asia, Southeast, South and Oceania.

Until the end of 2021, the company's total assets were recorded at US$1.7 billion with a total equity of US$1.2 billion. The company also has a strong cash and cash equivalents position of US$691 million.

Mulianto explained, this year the company targets a production volume of 17.5-18.8 million tons and a sales volume of 20.5- 21.5 million tons.

"From the sales volume target, 17 percent of the selling price has been set, 48 percent refers to the coal price index, 2 percent of the selling price has not been determined and the remaining 33 percent has not been sold," he said. (RA)

Kombinasi faktor-faktor tersebut memung- kinkan ITM memperoleh EBITDA sebesar US$885 juta pada tahun 2021, naik 373%

dari tahun sebelumnya. Sedangkan laba bersih naik dari US$38 juta pada tahun 2020 menjadi US$475 juta pada tahun 2021. Adapun laba bersih per saham dibukukan sebesar US$0,4.

Sepanjang tahun 2021, ITM memproduksi batu bara aebanyak 18,2 juta ton di tengah cuaca buruk dan hujan ekstrim. Sedangkan penjualan bersih 2021 tercatat sebesar US$2,1 miliar dan marjin laba kotor naik dari 17% tahun lalu menjadi 44% dengan volume penjualan sebanyak 20,1 juta ton, yang dipasarkan ke China (5,5 juta ton), Indonesia (4,7 juta ton), Jepang (3,1 juta ton), Filipina (1,8 juta ton), Bangladesh (1,3 juta ton), Thailand (1,2 juta ton), dan negara-negara lain di Asia Timur, Tenggara, Selatan serta Oseania.

Sampai dengan akhir tahun 2021, total aset perusahaan tercatat sebesar US$1,7 miliar dengan total ekuitas sebesar US$1,2 miliar.

Perusahaan juga memiliki posisi kas dan setara kas yang kuat sebesar US$691 juta.

Mulianto menjelaskan, tahun ini perusahaan menargetkan volume produksi aebanyak 17,5-18,8 juta ton dan volume penjualan sebesar 20,5-21,5 juta ton.

“Dari target volume penjualan tersebut, sebanyak 17% harga jualnya telah ditetapkan, 48% mengacu pada indeks harga batu bara, 2% harga jualnya belum ditetapkan dan sisa 33% belum terjual,”

ujarnya. (RA)

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Coal Price Touches US$305/Ton, New Record!

Hidayat Setiaji, CNBC Indonesia

C

OAL prices 'fly'. The development of conflict in Europe is a factor driving the price of the black stone.

Yesterday, the price of coal on the Newcastle (Australia) ICE market closed at US$ 305.45/ton. Soaring 21.45% at the same time is the highest record since at least 2008.

Coal prices are undergoing a positive trend. In the last month, the price of this commodity 'fly' 58.68% point-to-point.

The prospect of increasing demand will support the increase in coal prices. The Russo-Ukrainian conflict caused the supply of natural gas in Europe to be threatened.

The country of the Red Bear is the supplier of about 35% of the gas needs in the Blue Continent. The war, plus various sanctions for Russia, will put those supplies in jeopardy.

Therefore, coal will be looked at again as a primary energy source to replace natural gas. Germany has opened a discussion about this.

To reduce dependence on natural gas from Russia, the German government plans to extend the 'service period' of coal-fired power plants. Previously, the Panzer State had a plan to retire coal-fired power plants by 2030.

"Developments in the last few days have shown us all that energy policy is not only about the economy and the environment.

But also security. We must...

Harga Batu Bara Sentuh US$305/Ton, Rekor Baru!

Hidayat Setiaji, CNBC Indonesia

H

ARGA batu bara 'terbang'. Perkembangan konflik di Eropa menjadi faktor pendorong harga si batu hitam.

Kemarin, harga batu bara di pasar ICE Newcastle (Australia) ditutup di US$ 305,45/

ton. Melesat 21,45% sekaligus menjadi rekor tertinggi setidaknya sejak 2008.

Harga batu bara sedang menjalani tren positif. Dalam sebulan terakhir, harga komoditas ini 'terbang' 58,68% secara point- to-point.

Prospek peningkatan permintaan akan menjadi penopang kenaikan harga batu bara.

Konflik Rusia-Ukraina menyebabkan pasokan gas alam di Eropa terancam.

Negeri Beruang Merah adalah pemasok sekitar 35% kebutuhan gas di Benua Biru.

Perang, plus berbagai sanksi bagi Rusia, akan membuat pasokan itu terancam seret.

Oleh karena itu, batu bara akan kembali dilirik sebagai sumber energi primer peng- ganti gas alam. Jerman sudah membuka wacana soal ini.

Untuk mengurangi ketergantungan terhadap gas alam dari Rusia, pemerintah Jerman berencana memperpanjang 'masa bakti' pembangkit listrik bertenaga batu bara.

Sebelumnya, Negeri Panser punya rencana untuk mempensiunkan pembangkit listrik batu bara pada 2030.

"Perkembangan dalam beberapa hari terakhir menunjukkan kepada kita semua bahwa kebijakan energi bukan hanya soal ekonomi dan lingkungan. Melainkan juga keamanan. Kita harus...

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But also security. We must change our dependence on energy imports from one country," said Olaf Scholz, Chancellor of Germany, as quoted by Reuters.

Robert Hebeck. Germany's economy minister said the government was considering extending the use of coal-fired power plants beyond the retirement target by 2030. "Discussions and deliberation are not taboo. Germany's goal is to choose a country that will supply energy sources,"

said Hebeck, also reported by Reuters.

CNBC INDONESIA RESEARCH TEAM (aji/aji)

Kita harus mengubah ketergantungan kita terhadap impor energi dari satu negara,"

tegas Olaf Scholz, Kanselir Jerman, seperti dikutip dari Reuters.

Robert Hebeck. Menteri Ekonomi Jerman, menyatakan pemerintah mempertimbang- kan untuk memperpanjang penggunaan pembangkit listrik bertenaga batu bara lebih lama dari target pensiun pada 2030.

"Diskusi dan deliberasi bukanlah hal yang tabu. Tujuan Jerman adalah memilih negara yang akan memasok sumber energi," sebut Hebeck, juga diberitakan Reuters. TIM RISET CNBC INDONESIA (aji/aji)

MIND ID Group Records Reclamation Realization of

931.25 Hectares in 2021

Author: Thomas Mola

S

OE Holding Mining Industry MIND ID, or Mining Industry Indonesia, which consists of PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero) and PT Timah, recorded the realization of the reclamation obligation of 931.25 hectares along 2021. Meanwhile, until 2021, the total reclamation area is 5,814 hectares.

MIND ID Director of Institutional Relations, Dany Amrul Ichdan said: “The reclamation of MIND ID members is a reflection of the commitment to implementing good governance and operational practices. The reclamation carried out is part of the mining operational cycle of the MIND ID Group and will continue to be carried out throughout operational activities.”

Grup MIND ID Catat Realisasi Reklamasi 931,25 Hektar pada

2021

Author: Thomas Mola

B

UMN Holding Industri Pertambangan MIND ID, atau Mining Industry Indonesia, yang beranggotakan di antaranya PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero) dan PT Timah, mencatat realisasi kewajiban reklamasi seluas 931,25 hektar di sepanjang tahun 2021. Sedangkan sampai dengan tahun 2021, tercatat total area reklamasi seluas 5.814 hektar.

Direktur Hubungan Kelembagaan MIND ID, Dany Amrul Ichdan mengatakan: “Rekla- masi Anggota MIND ID merupakan refleksi atas komitmen pelaksanaan tata kelola dan praktik operasional yang baik. Reklamasi yang dilakukan adalah bagian dari siklus operasional penambangan Grup MIND ID dan akan terus dilakukan di sepanjang kegiatan operasional.”

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As a natural resource management company, MIND ID Group is aware of changes in the landscape in mining and mineral processing activities. Therefore, reclamation and biodiversity are material aspects that are of concern to the MIND ID Group. The precautionary principle is applied in every activity to minimize operational impacts.

MIND ID Group's reclamation policy refers to Law no. 3 of 2020 concerning Amendments to Law Number 4 of 2009 concerning Mineral and Coal Mining. MIND ID Group is committed to carrying out its reclamation and post-mining obligations with a 100% success rate. The company also complies with placing a reclamation and/or post-mining guarantee fund in accordance with applicable regulations.

MIND ID Group's total reclamation and/or post-mining guarantee fund was recorded at Rp799.33 billion.

In addition to the annual reclamation obligation, the MIND ID Group seeks to provide added value by incorporating aspects of community economic improvement in the company's reclamation concept. At PT Bukit Asam Tbk, some of the ex-mining land at the Air Laya Mine is allocated to become a fish pond area to support food security.

Now the area of ponds cultivated by the 25 fostered reaches 2.5 ha. In 2021, fish production from this pond will be in the form of catfish, tilapia, gourami, catfish, and baung seeds with total sales of Rp 582 million.

Meanwhile at PT Timah Tbk, an ex-mining area of 17.7 hectares is being prepared as an agro-tourism location called Kampong Reclamation Selinsing. The tourist area which will be managed professionally by the Village-Owned Enterprise has various facilities that can attract tourists.

Sebagai perusahaan pengelola sumber daya alam, Grup MIND ID menyadari adanya perubahan bentang alam pada aktivitas pertambangan dan pengolahan mineral.

Karena itu reklamasi dan keanekaragaman hayati merupakan aspek material yang menjadi perhatian Grup MIND ID. Prinsip kehati-hatian diterapkan di setiap kegiatan untuk meminimalisir dampak operasional.

Kebijakan reklamasi Grup MIND ID mengacu kepada UU no. 3 tahun 2020 tentang Perubahan Atas UU Nomor 4 Tahun 2009 tentang Pertambangan Mineral dan Batu Bara. Grup MIND ID berkomitmen melak- sanakan kewajiban reklamasi dan pascatambang dengan tingkat keberhasilan 100%.

Perusahaan juga patuh untuk menempatkan dana jaminan reklamasi dan/atau pascatambang sesuai ketentuan yang berlaku.

Total dana jaminan reklamasi dan/atau pascatambang Grup MIND ID tercatat sebesar Rp799,33 miliar.

Selain kewajiban reklamasi yang dilaksana- kan setiap tahun, Grup MIND ID berupaya memberikan nilai tambah dengan me- masukkan aspek peningkatan ekonomi masyarakat pada konsep reklamasi perusahaan. Di PT Bukit Asam Tbk, sebagian lahan bekas tambang di Tambang Air Laya dialokasikan menjadi areal tambak ikan untuk mendukung ketahanan pangan.

Kini luas lahan tambak yang diusahakan oleh 25 binaan mencapai 2,5 ha. Pada 2021, hasil produksi ikan dari tambak ini berupa benih Ikan Lele, Nila, Gurami, Patin, dan Baung dengan total penjualan sebesar Rp582 juta.

Sedangkan di PT Timah Tbk, lahan bekas tambang seluas 17,7 hektar sedang dipersiapkan sebagai lokasi agrowisata bernama Kampong Reklamasi Selinsing.

Kawasan wisata yang akan dikelola profesional oleh Badan Usaha Milik Desa ini memiliki berbagai fasilitas yang dapat menarik wisatawan.

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What is interesting is that this tourist area is supported by a solar power plant (PLTS) with a capacity of 10 kwp to support regional operations.

In the future, the MIND ID Group will also measure carbon sequestration from reclamation activities carried out as a form of commitment to decarbonization. Apart from reclamation obligations, MIND ID Group also participates in other tree planting programs. At PT Inalum (Persero), from 2015 to 2021, 590,413 trees have been planted in an area of 1,056 hectares located in 7 districts around the Lake Toba area.

This activity involves the Forestry Service/

KPH/NGO/Community Group/Forest Farmer Group/TNI/Polri. In 2022, Inalum plans to plant 308,148 trees, consisting of 130,000 trees (260 Ha) for the Inalum Lake Toba Watershed Conservation Program and 178,148 trees (445.37 Ha) for the Natural Resources Management Service Program in collaboration with PJT1.

The MIND ID Group pays attention to sustainability aspects in every operational activity in accordance with one of the company's Sustainability Roadmaps, namely Smart Operation.

"The company is consistent in carrying out this effort with hard work in accordance with applicable regulations, both MoEF and MEMR," said Dany.

"The MIND ID Group also strives to meet ICMM (International Council on Mining and Metals) standards as a form of commitment to operational governance in accordance with world-class standards," he added. Editor : Thomas Mola

Yang menarik adalah kawasan wisata ini disokong oleh Pemangkit Listrik Tenaga Surya (PLTS) berkapasitas 10 kwp untuk mendukung operasional kawasan.

Ke depannya Grup MIND ID juga akan melakukan pengukuran serapan karbon dari aktivitas reklamasi yang dilakukan sebagai wujud komitmen dekarbonisasi. Di luar kewajiban reklamasi, Grup MIND ID juga berpartisipasi kepada program- program penanaman pohon lainnya. Di PT Inalum (Persero), tahun 2015 – 2021 telah dilakukan penanaman pohon sebanyak 590.413 pohon di area seluas 1,056 hektar yang terletak di 7 kabupaten di sekitar wilayah Danau Toba.

Kegiatan in melibatkan Dinas Kehutanan/

KPH/LSM/Kelompok Masyarakat/

Kelompok Tani Hutan/TNI/Polri. Tahun 2022 Inalum merencanakan penanaman pohon sebanyak 308.148 pohon yang terdiri atas 130.000 pohon (260 Ha) merupakan Program Inalum Konservasi DTA Danau Toba dan 178.148 pohon (445,37 Ha) adalah Program Jasa Penge- lolaan SDA bekerjasama dengan PJT1.

Grup MIND ID memperhatikan aspek keberlanjutan dalam setiap kegiatan operasional sesuai dengan salah satu Peta Jalan Keberlanjutan perusahaan yakni Smart Operation.

“Perusahaan konsisten menjalankan upaya ini dengan kerja keras sesuai dengan regulasi yang berlaku baik KLHK dan KESDM,” ujar Dany.

“Grup MIND ID juga berupaya memenuhi standar ICMM (International Council on Mining and Metals) sebagai wujud komitmen tata kelola operasional yang sesuai dengan standar kelas dunia”

tambahnya. Editor : Thomas Mola

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United Tractors Net Profit Grows 88%

By: Ahmad Nabhani

I

N 2021, PT United Tractors Tbk (UNTR) posted a net profit of Rp 10.279 trillion, up 88% compared to 2020 which was recorded at Rp 5.632 trillion. This result catapulted basic earnings per share to Rp2,756, compared to the end of 2020 of only Rp1609. The information was conveyed by the company in an audited financial report in Jakarta, yesterday.

The company revealed that the profit was supported by a 32% increase in net income to Rp79.46 trillion. If you look at per business unit, revenue in the Construction Machinery sector increased by 70% to Rp.

22.8 trillion compared to Rp. 13.4 trillion in the same period in 2020. As for the subsidiary engaged in mining contractors, PAMA posted a net income of Rp. 33.2 trillion or increased by 14% compared to the same period in 2020.

PAMA recorded a 1% increase in coal production volume from 114.6 million tonnes to 116.2 million tonnes, as well as a 3% increase in overburden removal work volume from 825.0 million bcm to 852.1 million bcm. Meanwhile, its coal mining subsidiary, PT Tuah Turangga Agung, recorded coal sales in 2021 reaching 9 million tons including 2.4 million tons of metallurgical coal, or down by 3% from the same period in 2020 of 9.3 million tons.

However, in line with the increase in the average selling price of coal, the revenue of the Coal Mining business unit increased by 44% from the same period in 2020 to Rp13.7 trillion. On the gold mining subsidiary, PT Agincourt Resources, which operates...

Laba Bersih United Tractors Tumbuh 88%

Oleh: Ahmad Nabhani

D

I TAHUN 2021, PT United Tractors Tbk (UNTR) membukukan laba bersih Rp10,279 triliun atau naik 88% dibandingkan tahun 2020 yang tercatat senilai Rp5,632 triliun.

Hasil itu melambungkan laba per saham dasar menjadi Rp2.756, bandingkan dengan akhir tahun 2020 hanya Rp1609. Informasi tersebut disampaikan perseroan dalam laporan keuangan telah audit di Jakarta, kemarin.

Perseroan mengungkapkan, laba itu ditopang kenaikan pendapatan bersih sebesar 32%

menjadi Rp79,46 triliun. Jika lihat per unit usaha, pendapatan bidang Mesin Konstruksi naik sebesar 70% menjadi Rp22,8 triliun dibandingkan Rp13,4 triliun pada periode yang sama tahun 2020. Adapun anak usaha yang bergerak dibidang kontraktor pertambangan, PAMA membukukan pendapatan bersih Rp33,2 triliun atau naik sebesar 14% dibandingkan periode yang sama tahun 2020.

PAMA mencatat peningkatan volume produksi batu bara sebesar 1% dari 114,6 juta ton menjadi 116,2 juta ton, serta peningkatan 3%

volume pekerjaan pemindahan tanah dari 825,0 juta bcm menjadi 852,1 juta bcm.

Sedangkan anak usaha tambang batu bara, PT Tuah Turangga Agung membukukan penjualan batu bara pada tahun 2021 mencapai 9 juta ton termasuk 2,4 juta ton batu bara metalurgi, atau turun sebesar 3% dari periode yang sama tahun 2020 sebesar 9,3 juta ton.

Namun, seiring dengan meningkatnya rata- rata harga jual batu bara, pendapatan unit usaha Pertambangan Batu Bara meningkat sebesar 44% dari periode yang sama di tahun 2020 menjadi Rp13,7 triliun. Pada sisi anak usaha tambang emas, PT Agincourt Resources yang mengoperasikan...

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which operates the Martabe gold mine in South Tapanuli, recorded gold sales from the Martabe gold mine of 330 thousand ounces, an increase of 3% from the same period in 2020 of 320 thousand ounces.

Along with the increase in sales volume and the average selling price of gold, the net income of the gold mining business unit increased by 19%, to Rp8.3 trillion.

This year, UNTR predicts sales to grow 20% year on year.

The company admits that it is optimistic that the business prospects this year will be brighter because there are many needs for heavy equipment in almost all business sectors, starting from mining, construction, to agribusiness. United Tractors Corporate Secretary, Sara K Loebis, as quoted in cash once said, the business prospect in 2022 is estimated to be still positive, with the need for heavy equipment in almost every sector.

yang mengoperasikan tambang emas Martabe di Tapanuli Selatan membukukan penjualan emas dari tambang emas Martabe sebanyak 330 ribu ons, naik sebesar 3% dari periode yang sama tahun 2020 sebesar 320 ribu ons.

Seiring dengan meningkatnya volume penjualan dan rata-rata harga jual emas, pendapatan bersih unit usaha pertambangan emas meningkat sebesar 19%, menjadi Rp8,3 triliun. Tahun ini, UNTR memprediksi penjualan tumbuh 20% year on year.

Perseroan mengaku optimis prospek bisnis di tahun ini makin cerah karena banyak kebutuhan alat berat di hampir semua sektor bisnis, yakni mulai dari tambang, konstruksi, hingga agribisnis. Sekretaris Perusahaan United Tractors, Sara K Loebis seperti dikutip kontan pernah bilang, prospek bisnis di 2022 diperkirakan masih positif, dengan masih banyaknya kebutuhan alat berat di hampir setiap sektor.

Indo Tambangraya (ITMG) Sells 20.1 Million Tons of Coal

Throughout 2021

Reporter: Akhmad Suryahadi | Editor:

Tendi Mahadi

P

T INDO Tambangraya Megah Tbk (ITMG) recorded sales of 20.1 million tons of coal throughout 2021. This number decreased by 5.18% from sales volume in 2020 which reached 21.2 million tons.

This coal is marketed to China (5.5 million tons), Indonesia (4.7 million tons), Japan (3.1 million tons), the Philippines (1.8 million tons), Bangladesh (1.3 million tons), Thailand (1.2 million tons), ...

Indo Tambangraya (ITMG) Jual 20,1 Juta Ton Batubara

Sepanjang Tahun 2021

Reporter: Akhmad Suryahadi | Editor:

Tendi Mahadi

P

T INDO Tambangraya Megah Tbk (ITMG) mencatatkan penjualan 20,1 juta ton batubara sepanjang 2021. Jumlah ini menurun 5,18% dari volume penjualan pada tahun 2020 yang mencapai 21,2 juta ton.

Batubara ini dipasarkan ke China (5,5 juta ton), Indonesia (4,7 juta ton), Jepang (3,1 juta ton), Filipina (1,8 juta ton), Bangladesh (1,3 juta ton), Thailand (1,2 juta ton),...

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and other countries in East, Southeast, South Asia and Oceania.

ITMG recorded production of 18.2 million tons of coal in the midst of bad weather and extreme rains. This realization decreased slightly by 1.08% from the previous year's production of 18.4 million tons.

Despite the declining sales volume, throughout 2021 ITMG was able to obtain an average selling price or average selling price (ASP) of coal of US$ 103.2 per ton. In the midst of solid price increases, ITMG consistently applies cost efficiency in a disciplined manner to maximize profitability from the momentum of rising coal prices, resulting in solid financial performance.

Mulianto, President Director of Indo Tambangraya Megah, said the increase in coal prices last year was inseparable from the gradual return to normalcy of life from the peak of the pandemic situation. This encourages global economic recovery, especially in China as the largest coal producer and consumer.

As a result, demand for coal increased while supply could not keep pace with demand due to several factors such as bad weather and logistical problems.

The combination of these factors led to the solid performance of ITMG. ITMG recorded revenues of US$ 2.07 billion, up 75.18%

from revenue in 2020 of US$ 1.18 billion.

ITMG earned US$885 million in EBITDA in 2021, up 373% from the previous year.

Meanwhile, net profit rose from US$ 38 million in 2020 to US$ 475 million in 2021.

This means that ITMG's net profit shot up 1.104%.

As a result, the basic attributable earnings per share rose to US$ 0.43 from the previous US$ 0.04.

dan negara-negara lain di Asia Timur, Tenggara, Selatan serta Oseania.

ITMG mencatatkan produksi sebanyak 18,2 juta ton batubara di tengah cuaca buruk dan hujan ekstrim. Realisasi ini menurun tipis 1,08% dari produksi tahun sebelumnya sebesar 18,4 juta ton.

Meskipun volume penjualan menurun, sepanjang tahun 2021 ITMG mampu mem- peroleh rata-rata harga jual atau average selling price (ASP) batubara sebesar US$ 103,2 per ton. Di tengah kenaikan harga yang solid, ITMG secara konsisten tetap menerapkan efisiensi biaya secara disiplin guna memaksimalkan profitabilitas dari momentum kenaikan harga batubara, sehingga mem- buahkan kinerja keuangan yang solid.

Mulianto, Direktur Utama Indo Tambangraya Megah mengatakan, kenaikan harga batubara di tahun lalu tidak terlepas dari berangsur normalnya kehidupan dari puncak situasi pandemi. Ini mendorong pemulihan ekonomi global, terutama di China sebagai produsen sekaligus konsumen batubara terbesar.

Akibatnya, permintaan batubara meningkat sedangkan pasokan tidak dapat mengimbangi permintaan karena disebabkan beberapa faktor seperti cuaca buruk dan masalah logistik.

Kombinasi faktor-faktor tersebut bermuara pada kinerja ITMG yang solid. ITMG mencatatkan pendapatan senilai US$ 2,07 miliar, naik 75,18% dari pendapatan pada 2020 sebesar US$ 1,18 miliar.

ITMG memperoleh EBITDA sebesar US$ 885 juta pada tahun 2021, naik 373% dari tahun sebelumnya. Sedangkan laba bersih naik dari US$ 38 juta pada tahun 2020 menjadi US$

475 juta pada tahun 2021. Ini berarti, laba bersih ITMG melesat 1.104%.

Alhasil, Laba bersih per saham dasar yang dapat diatribusikan naik menjadi US$ 0,43 dari sebelumnya US$ 0,04.

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This year, ITMG targets a production volume of 17.5 million tons -18.8 million tons and a sales volume of 20.5 million tons -21.5 million tons. Of the sales volume target, as much as 17% of the selling price has been determined, 48% refers to the coal price index, 2% of the selling price has not been determined, and the remaining 33% has not been sold.

Mulianto said, ITMG's target is to become a leading Indonesian energy company that is greener and smarter. This transformation will drive the business.

The first is mining which includes coal, minerals and other related mining activities as the main business. The second is energy services, which include mining, trading and natural capital solutions in order to derive more value from the Company's established energy operations.

"Lastly is the renewable business and others related to investment in renewable energy and other energy technologies to capture future energy trends," explained Mulianto, Tuesday (1/3).

Tahun ini, ITMG menargetkan volume produksi sebanyak 17,5 juta ton -18,8 juta ton dan volume penjualan sebesar 20,5 juta ton - 21,5 juta ton. Dari target volume penjualan tersebut, sebanyak 17% harga jualnya telah ditetapkan, 48% mengacu pada indeks harga batubara, 2% harga jualnya belum ditetapkan, dan sisa 33% belum terjual.

Mulianto mengatakan, target ITMG adalah menjadi perusahaan energi Indonesia terdepan yang lebih hijau dan cerdas.

Transformasi ini akan menggerakkan bisnis.

Pertama adalah pertambangan yang mencakup batubara, mineral, dan kegiatan pertambangan terkait lainnya sebagai bisnis utama. Kedua adalah jasa energi yang mencakup jasa pertambangan, perdagangan, dan solusi modal alam guna mendapatkan nilai lebih dari operasi energi Perusahaan yang telah mapan.

“Terakhir adalah bisnis terbarukan dan lain- lain yang berkaitan dengan investasi energi terbarukan dan teknologi energi lainnya untuk menangkap tren energi masa depan,”

terang Mulianto, Selasa (1/3).

Unstoppable! Tin Prints All Time Record

Robertus Andrianto, CNBC Indonesia

T

HE WORLD tin price was unstoppable and recorded the highest price ever.

Market participants are also optimistic that tin prices will continue to strengthen throughout 2022.

On Tuesday (1/3/2022) at 16.00 WIB, the world tin price was recorded at US$

45,710/ton, up 1.07% compared to yesterday's closing price.

Tak Terbendung! Timah Cetak Rekor Sepanjang Masa

Robertus Andrianto, CNBC Indonesia

H

ARGA timah dunia tak terbendung dan mencatatkan rekor harga tertinggi sepanjang masa. Pelaku pasar pun optimistis harga timah akan terus menguat sepanjang tahun 2022.

Pada Selasa (1/3/2022) pada pukul 16.00 WIB harga timah dunia tercatat US$

45.710/ton, naik 1,07% dibandingkan dengan harga penutupan kemarin.

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Fitch Solution revised the projection of the average tin price in 2022 to US$ 42,000/ton from the previous US$ 32,500/ton. This projection is also higher than the average tin price in 2021 of US$ 31,172/ton.

Fitch Solution raised its projection for the average tin price due to the slow global supply of tin due to Covid-19. On the other hand, demand recovery grew faster than supply.

The tight supply of tin in the world was affected by the decline in production in Malaysia and Indonesia. Combined, the two contribute 30% of the world's refined tin production.

Meanwhile, the rapid recovery in demand was mainly due to tin being used in electronics via solders and semiconductors.

Demand is skyrocketing from the medical sector and the use of personal devices due to mobility restrictions.

Future demand for tin will also increase from photovoltaic cells, which are the main component in making solar panels.

The supply tightness starts to ease at the end of 2022 and this should start to stabilize prices. But prices will continue to climb higher over the years as demand will continue to be strong and further outpace supply. (ras/vap)

Fitch Solution merevisi proyeksi rata-rata harga timah pada tahun 2022 menjadi US$

42.000/ton dari sebelumnya US$ 32.500/

ton. Proyeksi ini juga lebih tinggi dibandingkan dengan rata-rata harga timah pada tahun 2021 sebesar US$ 31.172/ton.

Fitch Solution menaikkan proyeksi rata-rata harga timah karena melihat lambatnya pasokan timah global karena Covid-19. Di sisi lain, pemulihan permintaan tumbuh lebih cepat dibandingkan pasokan.

Pasokan ketat timah dunia terimbas dari penurunan produksi di Malaysia dan Indonesia. Jika digabung, keduanya menyum- bang 30% produksi timah olahan dunia.

Sementara itu, pemulihan permintaan yang cepat terutama karena timah digunakan dalam elektronik melalui solder dan semi- konduktor. Permintaan melejit dari sektor medis dan penggunaan perangkat pribadi karena pembatasan mobilitas.

Permintaan timah ke depan juga akan meningkat dari sel fotovoltaik, yang merupakan komponen utama membuat panel surya.

Keketatan pasokan mulai mereda pada akhir 2022 dan ini akan mulai menstabilkan harga.

Tetapi harga akan terus naik lebih tinggi selama bertahun-tahun karena permintaan akan terus kuat dan semakin melampaui pasokan. (ras/vap)

Performance Exceeds Expectations, UNTR Shares

Revised Up to Rp 31,400

Parluhutan Situmorang

T

HE REALIZATION of the financial performance of PT United Tractors Tbk (UNTR) throughout 2021 has impressed a number of analysts.

Kinerja Lampaui Ekspktasi, Saham UNTR Direvisi Naik ke

Rp 31.400

Parluhutan Situmorang

R

EALISASI kinerja keuangan PT United Tractors Tbk (UNTR) sepanjang 2021 mengesankan sejumlah analis.

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This achievement prompted RHB Sekuritas to revise up UNTR's financial performance and share price targets.

RHB Sekuritas revised up UNTR's share price target from Rp 29,400 to Rp 31,400 with a recommendation to keep buying.

The target price reflects the company's net profit realization last year of 10.28 trillion, equivalent to 107% of the target set by RHB Sekuritas.

RHB Sekuritas analyst Ryan Santoso said United Tractirs also showed impressive heavy equipment sales of 260 units per month. Likewise, the profit margins from coal mining contractors are quite impressive with overburden removal reaching 852 million bcm or an increase of 3.3% from the achievement in 2020.

In terms of margins, he said, United Tractors managed to score a net profit margin of 12.9% or the highest in the last three years with an average of 12.4%. The company also recorded a net cash of Rp 24.1 trillion, compared to the end of 2020 position of Rp 8 trillion. This condition creates an opportunity for the company to aggressively expand this year.

Regarding the company's business prospects, RHB Sekuritas said that the increase in the selling price of coal will be the main catalyst for the company's financial performance and shares. Based on data, the selling price of Newcastle coal has risen to 61.4% so far this year which is expected to continue. This was triggered by the increasing geopolitical tension between Russia and Ukraine.

Not only that, according to Ryan Santoso, the company will also benefit from the gold mining business. As is well known, this segment is the main factor in boosting profit margins throughout 2021. Mean- while, the selling price of gold has shown an increasing trend in the last few months.

Raihan tersebut mendorong RHB Sekuritas untuk merevisi naik target kinerja keuangan dan harga saham UNTR.

RHB Sekuritas merevisi naik target harga saham UNTR dari Rp 29.400 menjadi Rp 31.400 dengan rekomendasi dipertahankan beli. Target harga tersebut merefleksikan realisasi laba bersih perseroan tahun lalu senilai 10,28 triliun setara dengan 107%

dari target yang ditetapkan RHB Sekuritas.

Analis RHB Sekuritas Ryan Santoso mengatakan, United Tractirs juga menunjukkan penjualan alat berat yang sangat mengesankan mencapai 260 unit per bulan. Begitu juga dengan margin keuntungan dari kontraktor penambangan batubara cukup mengesankan dengan overburden removal mencapai 852 juta bcm atau naik 3,3% dari raihan tahun 2020.

Dari sisi margin, dia mengatakan, United Tractors berhasil mencetak margin keuntungan bersih (net margin) sebesar 12,9%

atau tertinggi dalam tiga tahun terakhir dengan rata-rata 12,4%. Perseroan juga mencatatkan kas bersih Rp 24,1 triliun, dibandingkan posisi akhir 2020 senilai Rp 8 triliun. Kondisi ini membuat peluang bagi perseroan untuk gencar ekspansi tahun ini.

Terkait prospek bisnis perseroan, RHB Sekuritas menyebutkan, kenaikan harga jual batu bara akan menjadi katalis utama terhadap kinerja keuangan dan saham perseroan. Berdasarkan data harga jual batubara Newcastle telah naik mencapai 61,4% sepanjang tahun ini yang diharapkan berlanjut. Hal ini dipicu atas peningkatan tensi geopolitik Rusia dengan Ukraina.

Tidak hanya itu, menurut Ryan Santoso, perseroan juga akan diuntungkan dari bisnis pertambangan emas. Sebagaimana diketahui segmen ini menjadi faktor utama pen- dongkrak margin keuntungan sepanjang 2021. Sedangkan harga jual emas menunjukkan tren peningkatan dalam beberapa bulan terakhir.

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These various factors prompted RHB Sekuritas to revise the company's revenue target for 2022 from Rp 78.29 trillion to Rp 83.25 trillion. Likewise, the net profit target was revised up from Rp 10.54 trillion to Rp 11.57 trillion. In 2021, the company earned revenue and net profit of Rp 79.46 trillion and Rp 10.28 trillion, respectively.

The upward revision of the financial performance target is also in line with the upward revision of the forecast for heavy equipment sales in 2022 from 3,499 units to 3,700 units. The average selling price of heavy equipment is predicted to increase which will impact on the increase in profit margins for this business segment.

On the other hand, overburden removal was revised down from 884 million bcm to 860 million bcm. Coal production was revised down from 120 million tons to 117 million tons. On the other hand, the volume of gold production was also revised down from 340 kilo oz to 328 kilo oz. Editor : Parluhutan

Berbagai faktor tersebut mendorong RHB Sekuritas untuk merevisi naik target pendapatan perseroan tahun 2022 dari Rp 78,29 triliun menjadi Rp 83,25 triliun.

Begitu juga dengan target laba bersih direvisi naik dari Rp 10,54 triliun menjadi Rp 11,57 triliun. Tahun 2021, perseroan meraup pendapatan dan laba bersih masing-masing Rp 79,46 triliun dan Rp 10,28 triliun.

Revisi naik target kinerja keuangan juga sejalan dengan revisi naik perkiraan penjualan alat berat tahun 2022 dari 3.499 unit menjadi 3.700 unit. Rata-rata haga jual alat berat diprediksi mengalami peningkatan yang berimbas terhadap kenaikan margin keuntungan dari segmen bisnis tersebut.

Sebaliknya overburden removal direvisi turun dari 884 juta bcm menjadi 860 juta bcm. Produksi batubara direvisi turun dari 120 juta ton menjadi 117 juta ton.

Sebalinya volume produksi emas juga direvisi turun dari 340 kilo oz menjadi 328 kilo oz. Editor : Parluhutan

Russia-Ukraine War: Germany Reduces Gas Imports, Chooses Coal

Author: Faustina Prima Martha

G

ERMANY is preparing to extend its use of coal to reduce its dependence on gas imports from Russia in connection with the Russo-Ukrainian war.

German Deputy Chancellor and Minister of Economy and Energy Robert Habeck said the steam power plant (PLTU) would operate until 2030 - the year Germany targets to stop using fossil fuels - with the main goal being to achieve energy independence through new and renewable energy (EBT).

Perang Rusia-Ukraina: Jerman Kurangi Impor Gas, Pilih Batubara

Author: Faustina Prima Martha

J

ERMAN bersiap memperpanjang peng- gunaan batu bara untuk mengurangi keter- gantungannya terhadap impor gas dari Rusia terkait dengan perang Rusia-Ukraina.

Wakil Kanselir dan Menteri Ekonomi dan Energi Jerman Robert Habeck mengatakan pembangkit listrik tenaga uap (PLTU) akan beroperasi hingga 2030 - tahun di mana Jerman menargetkan untuk menghentikan penggunaan bahan bakar fosil - dengan tujuan besar utama mewujudkan kemandirian energi melalui energi baru terbarukan (EBT).

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“Strengthening energy sovereignty means strengthening our defenses. This means that we must overcome our dependence on imports of fossil fuels from Russia,” said Haber on Monday (28/2/2022) at a dialogue between EU member states.

Germany has made rapid changes in its policy in response to the Ukrainian attack.

Along with a massive increase in the defense budget, Chancellor Olaf Scholz on Sunday announced plans to build two liquefied natural gas (LNG) terminals, marking a long-term transformation of Germany's energy sector.

Prior to the invasion, Scholz stalled the certification process for the Nord Stream 2 gas pipeline, which was built to deliver more gas from Russia directly to Germany and bypassing the gas flow from Ukraine.

Currently, Germany is looking at long-term and short-term strategies to protect its national energy market from the possibility of a sudden cut off of Russian gas flows.

Habeck, who previously served as a representative for the anti-nuclear party, the Green party, even said that he was not

"ideologically opposed" to extending the utilization of Germany's last nuclear reactor, but safety remained a concern.

The economy minister projected that Germany would generate all of its electricity from renewable energy by 2035, 15 years earlier than planned, according to the ministry's official Twitter tweet.

Energy policy re-planning has broad support in Germany's ruling coalition.

Finance Minister Christian Lindner called renewable energy "energy of freedom"

because it would help reduce dependence on Russia and said he supported efforts to encourage the expansion of hydrogen and synthetic fuels. Editor : Rio Sandy Pradana

“Memperkuat kedaulatan energi artinya memperkuat pertahanan kita. Artinya, kita harus mengatasi ketergantungan kita terhadap impor bahan bakar fosil dari Rusia,”

tegas Haber pada Senin (28/2/2022) pada acara dialog antarnegara anggota Uni Eropa.

Jerman telah melakukan perubahan cepat dalam kebijakannya sebagai reaksi atas penye- rangan Ukraina. Bersamaan dengan peningkatan besar-besaran anggaran pertahan, Kanselor Olaf Scholz pada hari Minggu meng- umumkan rencana pembangunan dua terminal liquefied natural gas (LNG), menandai perubahan jangka panjang sektor energi Jerman.

Sebelum invasi terjadi, Scholz menghambat proses sertifikasi jalur pipa gas Nord Stream 2 yang dibangun untuk mengirimkan lebih banyak gas dari Rusia langsung menuju Jerman dan melewati aliran gas dari Ukraina.

Saat ini, Jerman tengah memperhatikan strategi jangka panjang dan jangka pendek untuk mengamankan pasar energi nasional- nya dari kemungkinan terjadinya pemutusan tiba-tiba aliran gas Rusia.

Habeck, yang sebelumnya menjabat sebagai wakil partai anti nuklir, Green party, bahkan mengatakan bahwa dia tidak “menentang secara ideologis” untuk memperpanjang utilisasi reaktor nuklir terakhir Jerman, akan tetapi keselamatan tetap menjadi perhatian.

Menteri ekonomi tersebut memproyeksikan Jerman akan menghasilkan seluruh listriknya dari energi terbarukan pada 2035, 15 tahun lebih awal dari yang direncanakan, berdasarkan cuitan Twitter resmi Kementerian.

Perencanaan ulang kebijakan energi mendapat dukungan luas dalam koalisi yang berkuasa di Jerman. Menteri Keuangan Christian Lindner menyebut energi terbarukan sebagai "energi kebebasan" karena akan membantu mengurangi ketergantungan pada Rusia dan mengatakan dia mendukung upaya untuk mendorong perluasan hidrogen dan bahan bakar sintetis. Editor : Rio Sandy Pradana

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China is still far from the 'Apocalypse' Coal, this is the

proof!

Wilda Asmarini, CNBC Indonesia

I

N THE MIDST of a global campaign to abandon coal because it is considered dirty, the opposite is happening in China. China's energy and coal consumption in 2021 will reach 5.2 billion tons of coal-equivalent energy in 2021, up 5.2% compared to 2020.

This was disclosed by China's National Bureau of Statistics (NBS), as reported by Reuters, Tuesday (01/03/2022).

The growth rate was the highest since 2011, according to Reuters records, based on official data.

NBS also said coal consumption in China rose 4.6% in 2021, also the strongest growth rate in a decade.

The Chinese government has pledged to limit construction in high energy consuming industries and has urged companies to conserve energy and improve efficiency, with soaring use of fossil fuels that could undermine plans to cut carbon emissions.

President Xi Jinping has pledged to bring the country's carbon emissions to a peak by 2030 and achieve carbon neutrality by 2060. However, he has not set limits on total energy use or on carbon emission levels.

Despite stringent measures including limiting electricity use in some regions, China's energy intensity - a ratio that measures how much energy is used per unit of economic growth - fell by 2.7% in 2021, compared with a targeted reduction of "around 3%" for this year.

China Masih Jauh dari 'Kiamat' Batu Bara, Ini Buktinya!

Wilda Asmarini, CNBC Indonesia

D

I TENGAH kampanye dunia untuk mening- galkan batu bara karena dianggap kotor, kondisi sebaliknya justru terjadi di China. Konsumsi energi dan batu bara China pada 2021 tercatat mencapai 5,2 miliar ton energi setara batu bara pada 2021, naik 5,2% dibandingkan 2020.

Hal tersebut diungkapkan Biro Statistik Nasional (NBS) China, seperti dilansir dari Reuters, Selasa (01/03/2022).

Laju pertumbuhan tersebut merupakan yang tertinggi sejak 2011, menurut catatan Reuters, berdasarkan data resmi.

NBS juga mengatakan konsumsi batu bara di China naik 4,6% pada 2021, juga merupakan tingkat pertumbuhan terkuat dalam satu dekade.

Pemerintah China telah berjanji untuk membatasi konstruksi di industri yang mengkon- sumsi energi tinggi dan telah mendesak perusahaan untuk menghemat energi dan me- ningkatkan efisiensi, dengan melonjaknya penggunaan bahan bakar fosil yang bisa merusak rencana untuk mengurangi emisi karbon.

Presiden Xi Jinping telah berjanji untuk mem- bawa emisi karbon negara itu ke puncaknya pada tahun 2030 dan mencapai netralitas karbon pada 2060. Namun, ia belum menetap- kan batasan pada penggunaan energi total atau pada tingkat emisi karbon.

Meskipun langkah-langkah ketat termasuk membatasi penggunaan listrik di beberapa wilayah, intensitas energi China - rasio yang mengukur berapa banyak energi yang digunakan per unit dari pertumbuhan ekonomi - turun 2,7% pada tahun 2021, dibandingkan dengan pengurangan yang ditargetkan "sekitar 3%" untuk tahun ini.

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China also approved the expansion of hundreds of coal mines last year, involving an annual capacity increase of about 420 million tonnes. Coal output hit a record high as it seeks to ensure energy supplies following a national electricity shortage.

State planners have ordered coal miners to maximize operations to ensure market supply, and last week said daily coal production had recovered to late 2021 levels.

Analysts fear China is loosening environmental pledges to shore up an economy beset by supply chain disruptions and

"zero-COVID" restrictions.

"Energy security trumps decarbonization ambitions in at least the short to medium term for China and we expect the country's coal demand to continue to increase steadily," said Rystad Energy analyst Justin Jose in a statement. (wia)

China pun telah menyetujui ekspansi ratusan tambang batu bara tahun lalu, yang melibat-kan peningkatan kapasitas tahunan sekitar 420 juta ton. Output batu bara mencapai rekor tertinggi karena berusaha untuk menjamin pasokan energi menyusul kekurangan listrik nasional.

Perencana negara telah memerintahkan penambang batu bara untuk memaksimalkan operasi untuk memastikan pasokan pasar, dan pekan lalu mengatakan produksi batu bara harian telah pulih ke tingkat akhir 2021.

Analis khawatir China melonggarkan janji lingkungan untuk menopang ekonomi yang dilanda gangguan rantai pasokan dan pembatasan "nol-COVID".

"Keamanan energi mengalahkan ambisi dekarbonisasi setidaknya dalam jangka pendek hingga menengah untuk China dan kami memperkirakan permintaan batu bara negara itu akan terus meningkat dengan mantap," kata analis Rystad Energy, Justin Jose, seperti dikutip dari Reuters. (wia)

Copper price rises on Chile’s lean output

MINING.COM Staff Writer

T

HE COPPER price rose on Tuesday after Chile, the biggest copper-producing country, recorded its lowest January output since 2011.

Production tumbled 15% last month from December and 7.5% from January 2021, the bureau of statistics reported Monday, without giving a clear reason for the drop.

Copper for delivery in May rose on the Comex market in New York, touching $4.5850 per pound ($10,087 per tonne), up 2.9% compared to Monday’s closing.

The conflict in Ukraine could also drive copper prices higher, according to an S&P Global report.

Russia is a heavy producer of the metal and the probability of more sanctions against the country is highly likely as the invasion continues.

“Market sources believe the near-certainty that stricter sanctions will be introduced on trade with Russia could further squeeze supplies in global markets that are already tight, with deficits in some cases,” S&P Global says.

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“The metals markets in the short-term remain at the mercy of the Ukraine situation, moving back and forth between risk-off and risk-on dynamic,” said Gianclaudio Torlizzi, a partner at consultancy T-Commodity in Milan. (With files from Reuters and Bloomberg)

Orica sticks with growth predictions as it completes Minova sale

Posted by Daniel Gleeson

O

RICA has completed the sale of its Minova business to the Aurelius Group for A$180 million ($131 million), with A$149 million of cash received at completion factoring in debt and “debt- like items”, as well as confirmed expectations that its first half performance is likely to representing year-on-year growth.

The company announced the planned sale of its rock reinforcement business back in December 2021, with the deal completed on February 28.

Orica additionally said that its first-half 2022 financial year performance, as previously announced at the 2021 full year results in November 2021, was expected to be stronger than the prior corresponding period (pcp). This, it said, reflects the positive momentum leading into the year associated with improved global commodity markets, which will result in volume growth in line with global GDP growth.

“Pricing discipline in contract negotiations is expected to broadly mitigate rising input costs and pass-through lags,” it explained. “Security of supply for Orica’s customers remains a priority in a tightening global ammonium nitrate market due to geopolitical issues and supply chain disruptions, which will result in increased trade working capital.”

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All continuous manufacturing plants have been operating to required available capacity as determined by market demand, Orica said, and two planned turnarounds had been completed in the half year to date, namely the Carseland site-wide turnaround, which commenced in September 2021, was completed in October 2021; and the Yarwun turnarounds for two nitric acid plants, one ammonium nitrate plant and the emulsion manufacturing plant were all successfully completed in November 2021.

Orica Managing Director and CEO, Sanjeev Gandhi, said: “We’ve been able to maintain the positive momentum from the second half last year and remain on track to deliver a stronger first half than the prior corresponding period.

“With our refreshed strategy firmly in place, we are focussed on progressing on our four key business verticals and are well placed to leverage our strengths and seize opportunities in a tightening global market, while continuing to streamline the business.”

China Shunning Russian Coal With Banks Nervous Over Sanctions

Bloomberg News

C

HINESE power plants and steelmakers are looking for alternatives to Russian coal after some domestic banks suggested they avoid purchases due to the mounting sanctions being imposed on Moscow.

Some state-own firms were sent private client notes by the lenders advising them to halt buying Russian coal as tightening global restrictions could cause “unexpected damage” to China’s importers, according to people with knowledge of the matter who asked not to be named as the issues are commercially sensitive.

At least two of China’s largest state-owned banks are limiting financing for Russian commodities. That includes Industrial & Commercial Bank of China Ltd., which has stopped issuing U.S. dollar-denominated letters of credit from its offshore unit for Chinese firms seeking raw materials from Russia. Yuan-denominated credit lines are still available for some clients, however.

The Chinese coal importers are now waiting for clearer policy signals from Beijing on whether they can resume purchases, while traders are seeking transactions in yuan rather than dollars, according to the people. China has so far been ambiguous on the Russian invasion of Ukraine as it tries to balance its ties to Moscow with its role as a global power.

Unlike some other commodities such as oil, China is not heavily reliant on coal imports, producing around 90% of its needs itself. Of the volumes it does bring in, around 14% came from Russia last year, customs data show. Even so, if China does accept more Russian coal, it will likely weigh on Asian prices.

Russia will need to divert 38% of its coal exports, or 82-million tons, from Europe and Ukraine to China and other Asian countries if the crisis goes on, Bloomberg Intelligence analyst Michelle Leung said in a note.

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Demand from China and India is likely to weaken as they crank up local production, while Indonesia is planning to increase its shipments overseas this year, she said.

China’s benchmark thermal coal futures rose by 2.3% to 789 yuan a ton early Tuesday.

Without supply from Russia, China could look to import more from Indonesia, the world’s top thermal coal shipper. Indonesian coal futures traded in Singapore rose Monday to the highest since November 10.

Peru's mining and hydrocarbons sector expands 4.5% in January - report

By Vladimir Basov

T

HE NATIONAL Institute of Statistics and Informatics of Peru (INEI) announced today that the domestic mining and hydrocarbons sector increased by 4.53% in January 2022 over January 2021.

INEI said that this improvement was a result of the positive performance in both the domestic metallic mining subsector (3.61%) and the hydrocarbons subsector (9.76%).

According to the report, Peru’s metallic mining subsector increased by 3.61% due to the higher production of tin (14.7%), copper (11.4%), gold (4.5%) and molybdenum (0.2%); this was partially offset by lower production of iron (-29.6%), zinc (-13.2%), lead (-1.8%) and silver (-0.2%).

INEI added that the domestic hydrocarbons subsector increased by 9.76% due to the higher extraction of crude oil (20.2%), natural gas (17.6%) and natural gas liquids (0.7%).

Asia’s coal imports decline, but Ukraine crisis will keep prices up

Reuters

A

SIA’s imports of coal slumped in February as prices remained close to record highs for both thermal and coking grades, and the crisis in Ukraine means the cost of the fuel is unlikely to retreat any time soon.

Seaborne imports of all grades of coal across Asia, the top-consuming region for the polluting fuel, fell to 59.27 million tonnes in February from 61.92 million in January, according to port and vessel-tracking data compiled by Refinitiv.

This was the lowest monthly total in Refinitiv data dating back to January 2015, and was also some 13% below the 68.15 million tonnes the continent imported by ship in February 2021.

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A milder winter across north Asia, high prices and the lingering effects of Indonesia’s short- lived export ban for the month of January are the most likely culprits behind the drop in February import volumes.

China, the world’s biggest coal importer, has recorded a weak start to 2022, with February imports of 11.65 million tonnes marginally higher than January’s 11.27 million, but the combined total for the first two months of the year is the lowest Refinitiv has assessed.

Imports in the first two months of 22.92 million tonnes are 46.2% below the 42.58 million recorded in the first two months of last year, according to Refinitiv.

India, the second-biggest importer, brought in 10.93 million tonnes of coal in February, down a touch from January’s 11.06 million. The combined total for the first two months is 31%

adrift of the 31.83 million for the same period in 2021.

Third-ranked Japan imported 12.71 million tonnes in February, down from January’s 15.62 million and a decline of 7% for the first two months of 2022 compared to the same period last year.

South Korea, Asia’s fourth-biggest coal importer, saw arrivals of 7.37 million tonnes in February, down from January’s 10.2 million, but unlike the region’s big three, this was actually a modest 4% gain on the first two months of 2021.

It’s perhaps not surprising that coal imports were lower in Asia at the start of this year, given the winter just ended was milder than the previous winter of 2020-21.

But high prices are also likely to have played a part in the drop in volumes, especially for price sensitive buyers such as India and Pakistan.

Some cargoes delivered across Asia in February would have been bought at spot prices that prevailed in January, when regional benchmarks shot higher as the world’s top exporter of thermal coal, Indonesia, implemented a ban on exports in order to ensure supplies for domestic power plants.

The benchmark Newcastle Index for Australian thermal coal, as assessed by commodity price reporting agency Argus, leapt from $175.25 a tonne at the end of 2021 to a record high of

$264.52 a tonne in the week to Feb. 25.

The crisis in global energy markets created by Russia’s invasion of neighbouring Ukraine last week has seen the Newcastle price climb even higher, with futures traded on the ICE exchange ending at $275 a tonne on Monday.

In the physical market globalCOAL reported the bid/offer component for Newcastle coal at

$287.50 a tonne on Feb. 25, while similar grade South African coal for export at Richards Bay was assessed at $247.50.

Seasonal price retreat postponed?

In more normal circumstances it may be expected that the combination of high prices, lower import volumes and the end of the northern winter would result in downward pressure on prices.

But the crisis in Ukraine has upended normal expectations.

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Russia remains a major coal supplier to Asia, and while sanctions against Moscow have yet to target energy exports, it’s likely that an increasing number of traders, utilities, banks and insurers will effectively self-sanction.

Russia shipped 7.06 million tonnes of coal to customers in Asia in February, down slightly from 7.26 million in January, according to data from commodity consultants Kpler.

Major buyers included China with 1.89 million tonnes in February, South Korea with 1.58 million, Taiwan 879,000 and Japan 831,000, according to Kpler.

If these buyers decide that Russian coal is no longer desirable or feasible to import, this is going to put pressure on supplies from other sources, such as Indonesia, Australia, South Africa and the United States.

Uncertainty is likely to keep coal prices well bid, even as high prices contribute to demand destruction in Asia. (Editing by Richard Pullin)

SWIFT Ban Hits Russian Coal Exports To China

By Charles Kennedy

C

HINESE buyers of coal are having trouble securing financing to buy coal from Russia, the world’s third-largest coal exporter, as China’s banks are wary of sanctions themselves after selected Russian banks were expelled from the SWIFT banking system.

“Most banks have stopped issuing letters of credit after the SWIFT sanctions. As almost all contracts are dollar-denominated, we have no other way to make the payment,” a trader dealing in Russian coal and based in China told Reuters on Tuesday.

Despite the fact that Russia’s large-volume energy exports are not directly targeted by sanctions, the other sanctions already in place—especially the SWIFT ban—is making a growing number of traders in all energy commodities reluctant to deal with Russia, all the more so that banks decline to issue letters of credit in U.S. dollars.

Chinese traders are discussing with Russian coal exporters payments in Chinese yuan, for the first time, according to Reuters’ sources.

There is an option for buyers to use the Chinese banking settlement and clearing system, CIPS, at some point in the future.

Right now, even China is wary of dealing with Russian commodities, according to traders.

“Loading of Russian coal has almost stopped at the moment because of uncertainty over payments given the sanctions,” a market participant told Argus.

Even before the SWIFT ban, Chinese large state-owned banks were reportedly moving to restrict financing for Russian commodities purchases after Russia invaded Ukraine last week.

China is the single largest buyer of Russian coal, while Russia is the second-largest coal supplier to China after Indonesia.

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