TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

MDKA has also formed a joint venture with Tsinghan in February 2021 yesterday, to immediately start the development process and construction of the AIM project in Morowali which is targeted for completion in the fourth quarter of 2022. "As a result of the strategic review, the Wetar mining location has switched to Pit Partolang in the fourth quarter of 2020, which is expected to increase copper production from 5,000 tons in 2020 to 14,000-17,000 tons in 2021," Adi explained to Kontan.co.id, Friday (16/4). Furthermore, throughout the first quarter of 2021, MDKA has been able to carry out the production process from the remediation process or repair of the heap leach at the Tujuh Bukit gold mine. This remediation process has been carried out...

Begini penjelasan Merdeka

Copper Gold (MDKA) soal

kinerja pada 2020

Reporter: Benedicta Prima | Editor: Yudho Winarto

K

INERJA PT Merdeka Copper Gold Tbk (MDKA) sepanjang 2020 mengalami tekanan. Pendapatan emiten ini tercatat turun 19,94% secara tahunan (yoy) men-jadi US$ 321,86 juta, begitu pun dengan laba bersih yang turun 48,9% yoy menjadi US$ 36,19 juta.

Sekretaris Perusahaan MDKA Adi Adriansyah Sjoekri menjelaskan penu-runan pendapatan mayoritas dikarenakan oleh berjalannya proses strategic review di tambang Wetar untuk proses integarasi dengan proyek Acid Iron Metal (AIM) yang telah selesai di akhir 2020.

MDKA juga telah membentuk joint venture dengan Tsinghan di Februari 2021 kemarin, untuk segera memulai proses pengembangan dan pembangunan proyek AIM di Morowali yang ditargetkan selesai di kuartal IV-2022.

"Sebagai hasil strategic review, lokasi pertambangan Wetar telah beralih ke Pit Partolang di kuartal IV-2020, yang di-ekspektasikan bisa meningkatkan produksi tembaga dari 5.000 ton di 2020 menjadi 14.000-17.000 ton di 2021," jelas Adi kepada Kontan.co.id, Jumat (16/4).

Lebih lanjut, sepanjang kuartal I-2021 MDKA telah bisa melakukan proses produksi dari proses remediasi atau perbaikan heap leach di tambang emas Tujuh Bukit. Proses remediasi ini sudah dilakukan...

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Daily News Update Page 3 This remediation process has been carried

out since the fourth quarter of 2020 and is expected to be completed at the end of the second quarter of 2021.

Meanwhile, in 2021 MDKA targets to produce 100,000-120,000 ounces of gold. As well as in Tujuh Bukit, MDKA also continued the pre-feasibility study of the potential for copper projects in Tujuh Bukit which contained massive resources, namely 8.7 million tons of copper and 28 million ounces of gold.

Proses remediasi ini sudah dilakukan sejak kuartal IV-2020 dan diharapkan selesai di akhir kuartal II-2021.

Adapun di tahun 2021 MDKA menargetkan bisa memproduksi 100.000-120.000 ounces emas. Selain di Tujuh Bukit, MDKA juga terus melanjutkan kegiatan pre-feasibility study potensi proyek tembaga di Tujuh Bukit yang mengandung sumber daya yang masif yaitu 8,7 juta ton tembaga dan 28 juta ounces emas.

Great! Coal Prices Soared 8%

Throughout This Week

Putu Agus Pransuamitra, CNBC Indonesia

C

OAL prices rocketed to the highest level in more than 2 years this week. China, the world's largest coal consumer, has provided good news this week which has brought coal prices closer to US$ 90/ton. According to Refinitiv data, the price of thermal coal for ICE Newcastle's July contract shot up nearly 8 percent this week to US$ 89.45/ton.

Panda Country recorded impressive economic growth in the first quarter of 2021, and this year it is predicted to be high.

China's statistical bureau reported that GDP grew 18.3% compared to the same period the previous year (year -on-year/yoy) in the first 3 months of this year. The market consensus gathered by Reuters estimates that Panda Country's Gross Domestic Product (GDP) in the first three months of 2021 will grow 19% YoY.

Top! Harga Batu Bara Meroket

8% Sepanjang Pekan ini

Putu Agus Pransuamitra, CNBC Indonesia

H

ARGA batu bara meroket ke level tertinggi dalam lebih dari 2 tahun terakhir di pekan ini. China, konsumen batu bara terbesar di dunia memberikan kabar baik di pekan ini yang membuat harga batu bara mendekati level US$ 90/ton.

Melansir data Refinitiv, harga batu bara termal ICE Newcastle kontrak Juli melesat nyaris 8% di pekan ini ke US$ 89,45/ton. Negeri Panda mencatat pertumbuhan ekonomi yang impresif di kuartal I-2021, dan sepanjang tahun ini pun diprediksi akan tinggi.

Biro statistik China melaporkan PDB tumbuh 18,3% dibandingkan periode yang sama tahun sebelumnya (year-on-year/ yoy) di 3 bulan pertama tahun ini. Konsensus pasar yang dihimpun Reuters memperkirakan Produk Domestik Bruto (PDB) Negeri Panda pada tiga bulan pertama 2021 tumbuh 19% YoY.

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Daily News Update Page 4 Although lower than projected, the 18.3%

figure remains the highest record in the history of economic growth in China. Even higher than in the 2000s, when China began to attract the world's attention with double-digit economic growth almost every quarter.

Meanwhile, the International Monetary Fund (IMF) released the April edition of the World Economic Outlook releasing its latest projections for economic growth. In the report, the IMF revised this year's global economic growth to 6%. compared to the projection given in January of 5.5%. China's GDP is also predicted to increase to 8.4% this year, from 8.1% previously. China is the largest coal consumer in the world, when the economy revives, demand for coal will certainly increase.

Launching Worldometer data, China's coal consumption per year reaches 4.3 trillion tons, or 50.4% of total world coal consumption.

With the large amount of Chinese consumption, the movement of coal will be sensitive to the Chinese economy.

India is in second place, but far below China with annual consumption of 966 billion tonnes, or 11.3% of total world consumption.

The increase in the ICE Newcastle reference coal price is still supported by the Chinese benchmark coal price which is also considered expensive. Last week Qinhuangdao thermal coal prices rose 7% and brought it to the level of RMB 748/ton. These prices are well above the govern-ment's target price range of RMB 500 - RMB 570/ton.

Meski lebih rendah dari proyeksi, tetapi angka 18,3% tetap menjadi rekor tertinggi sepanjang sejarah pencatatan pertumbuhan ekonomi di China. Bahkan lebih tinggi dibandingkan pada dekade 2000-an, kala China mulai menarik perhatian dunia dengan pertumbuhan ekonomi dua digit hampir setiap kuartalnya.

Sementara itu, Dana Moneter International (International Monetary Fund/IMF) merilis World Economic Outlook edisi April merilis proyeksi terbaru pertumbuhan ekonomi. Dalam laporan tersebut, IMF merevisi pertumbuhan ekonomi global tahun ini menjadi 6%. dibandingkan dengan proyeksi yang diberikan bulan Januari lalu yang sebesar 5,5%.

PDB China juga diprediksi naik menjadi 8,4% sepanjang tahun ini, dari sebelumnya 8,1%. China merupakan konsumen terbesar batu bara di dunia, ketika perekonomian bangkit, permintaan batu bara tentunya juga akan meningkat.

Melansir data Worldometer, konsumsi batu bara China per tahun mencapai 4,3 triliun ton, atau 50,4% dari total konsumsi batu bara dunia.

Dengan besarnya konsumsi China tersebut, maka pergerakan batu bara akan sensitif dengan perekonomian Negeri Tiongkok. India berada di tempat kedua, tetapi jauh di bawah China dengan konsumsi per tahun 966 miliar ton, atau 11,3% dari total konsumsi dunia.

Kenaikan harga batu bara acuan ICE Newcastle masih didukung dengan harga batu bara acuan China yang juga terbilang masih mahal. Minggu lalu harga batu bara termal Qinhuangdao naik 7% dan mem-bawanya ke level RMB 748/ton.

Harga tersebut berada jauh di atas rentang target harga pemerintah di RMB 500 - RMB 570/ton.

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Daily News Update Page 5 As the largest coal consumer in the world,

the increase in Chinese coal prices has also affected global coal prices. China, which is now more pro-Indonesian coal, has even signed a cooperation agreement to import 200 million tons of coal this year, higher than the usual 140 million tons. CNBC INDONESIA RESEARCH TEAM (pap/pap)

Sebagai konsumen batu bara terbesar di dunia, kenaikan harga batu bara China membuat harga batu bara global juga terimbas naik. China yang sekarang lebih pro terhadap batu bara RI bahkan sudah menandatangani kerja sama untuk meng-impor 200 juta ton batu bara tahun ini, lebih tinggi dari biasanya 140 juta ton. TIM RISET CNBC INDONESIA (pap/pap)

Becoming a Talk of the Mining

World, Kobexindo Tractors Boss

Reveals the Advantages of the

Mercedes-Benz AXOR Truck

By: Kormen Barus

P

T KOBEXINDO Tractors Tbk (IDX: “KOBX”), a solution provider for mining and non-mining heavy equipment needs, completes its product line in the form of AXOR Mercedes-Benz Trucks. The latest product is marketed through the company's grandson / indirect subsidiary, namely PT Eurotruk Transindo (ET). “In 2020 we have inaugurated the Eurotruk service and spare parts center in Samarinda for Mercedes Benz ACTROS and AROCS Trucks. Then at the end of 2020, Eurotruk was officially appointed as a dealer for sales, service and spare parts (Dealer 3S) for the Banjarmasin area," Said Andry B. Limawan President Director of PT Kobexindo Tractors Tbk.

In addition, Eurotruk now serves sales of all types of Mercedes Benz AXOR from mining, logistics, tractor head, construction applications and provides the best after-sales service guarantees to customers including the availability of spare parts and optimal service.

Jadi Perbincangan Dunia

Pertambangan, Bos Kobexindo

Tractors Beberkan Keunggulan

Truk Mercedes-Benz AXOR

Oleh : Kormen Barus

P

T KOBEXINDO Tractors Tbk (BEI: “KOBX”) penyedia solusi kebutuhan alat berat pertambangan dan non-pertambangan melengkapi jajaran produknya berupa Truck Mercedes-Benz AXOR. Adapun produk terbaru ini dipasarkan melalui cucu per-usahaan/indirect subsidiary yakni PT Eurotruk Transindo (ET).

“Di tahun 2020 kami telah meresmikan pusat servis dan suku cadang Eurotruk di Samarinda untuk produk Truck Mercedes Benz ACTROS dan AROCS. Kemudian pada akhir tahun 2020, Eurotruk resmi ditunjuk sebagai dealer untuk penjualan, servis dan suku cadang (Dealer 3S) untuk area Banjarmasin,” Ungkap Andry B. Limawan Direktur Utama PT Kobexindo Tractors Tbk. Ditambahkan, Eurotruk kini melayani penjualan semua jenis tipe Mercedes Benz AXOR dari aplikasi mining, logistik, tractor head, kontruksi dan memberikan jaminan layanan purna jual terbaik kepada pelanggan meliputi ketersediaan sparepart dan layanan service yang optimal.

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Daily News Update Page 6 Eurotruk Transindo is a subsidiary of PT

Kobexindo Equipment (KOBE) (a sub-sidiary of KOBX), which is the official dealer for Mercedes-Benz commercial vehicles, including for sales, after-sales services, provision of spare parts. Mercedes-Benz and component service. As a 3S dealer, ET provides spare parts & service services through the Company's branches in Kalimantan and several mining representatives such as Berau, Malinau, Melak, Tanjung Selor, and Meulaboh. ET, which is headquartered in Kobexindo Tower, Jakarta, has also received an award from Mercedes-Benz for the "The Best in Truck After-Sales" dealer category. This is proof of the Company's commitment to always provide the best through a management system that is oriented towards customer satisfaction.

Recently, ET succeeded in selling a Mercedez-Benz AXOR type 4843K with mining specifications equipped with a 35 m2 coal dump to a mining contractor company in Kalimantan.

Besides being equipped with safety standards, the Mercedes Benz Axor 4843K is equipped with safety standards such as the Anti-lock Braking System (ABS), LED Daytime Running Lamp (DRL), Differential Lock, Constant Throttle Valve Engine Brake to produce a stronger engine braking effect.

This Mercedes Benz Axor 4843K carries the OM 457 LA type engine, 6 cylinder with a maximum power of 428 HP and a maximum torque of 2,100 Nm and other advantages of the transmission used Automated Manual (AMT) with 12 acceleration forward and 4 acceleration reverse.

Eurotruk Transindo merupakan anak perusahaan dari PT Kobexindo Equipment (KOBE) (entitas anak KOBX) yang menjadi dealer resmi untuk Mercedes-Benz commer-cial vehicle, termasuk untuk kegiatan pen-jualan (sales), layanan purna jual (services), penyediaan suku cadang (spare part) Mercedez-Benz serta jasa servis komponen. Sebagai dealer 3S, ET memberikan pelayanan suku cadang & jasa layanan servis melalui cabang Perseroan di Kalimantan dan beberapa perwakilan tambang seperti Berau, Malinau, Melak, Tanjung Selor, dan Meulaboh.

ET yang berkantor pusat di Kobexindo Tower, Jakarta tersebut juga telah mendapat penghargaan dari Mercedes-Benz untuk kategori "The Best in Truck After-Sales" dealer. Hal tersebut merupakan bukti komit-men Perseroan untuk selalu memberikan yang terbaik melalui sistem manajemen yang berorientasi kepada kepuasan pelanggan.

Belum lama ini, ET berhasil menjual Mercedez-Benz AXOR tipe 4843K dengan spesifikasi pertambangan yang dilengkapi dengan coal dump 35 m2 kepada salah-satu perusahaan kontraktor pertambangan di Kalimantan.

Mercedes Benz Axor 4843K selain dilengkapi dengan standard keamanan seperti Anti-lock Braking System (ABS), LED Daytime Running Lamp (DRL), Differential Lock, Constant Throttle Valve Engine Brake untuk menghasilkan efek pengereman mesin yang lebih kuat.

Mercedes Benz Axor 4843K ini mengusung tipe engine OM 457 LA, 6 cylinder dengan menghasilkan tenaga maksimum 428 HP dan torsi maksimum 2.100 Nm dan keunggulan lainnya pada transmisi yang di-gunakan Automated Manual (AMT) dengan 12 percepatan maju dan 4 percepatan mundur.

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Daily News Update Page 7 "By increasing the product line we have, it

will provide comprehensive solutions needed by customers, both from the mining and non-mining segments. So that we will be able to maximize existing opportunities and be supported by after-sales service and the willingness of spare parts to maximize our customer satisfaction," added Andry B Limawan. PT Kobexindo Tractors Tbk (IDX issuer code: KOBX) was founded in 2002 and on July 5 2012 conducted an Initial Public Offering on the Indonesia Stock Exchange with the issuer code "KOBX". The Company is - the exclusive partner and distributor of heavy equipment brands DOOSAN Excavator (South Korea), DAEWOO Truck (South Korea), NHL TEREX Truck (China), JUNGHEINRICH Electric Reach Truck (Germany), HAKO Sweeper (Germany), Mercedez-Benz AXOR truck and FOTON-DAIMLER Truck (China). KOBX currently has 12 branch offices in major cities in Indonesia.

“Dengan bertambahnya jajaran produk yang kami miliki, akan memberikan solusi menyeluruh yang dibutuhkan oleh pelanggan, baik itu dari segmen pertam-bangan maupun non-pertampertam-bangan. Sehingga akan dapat memaksimalkan peluang-peluang yang ada dan didukung oleh layanan purna jual dan kesediaan sparepart untuk memaksimalkan kepuasan pelanggan kami,” Tambah Andry B Limawan.

PT Kobexindo Tractors Tbk (Kode emiten BEI: KOBX) berdiri sejak 2002 dan pada 5 Juli 2012 melakukan Initial Public Offering di Bursa Efek Indonesia dengan kode emiten “KOBX”. Perseroan adalah - mitra dan distributor eksklusif alat berat merk DOOSAN Excavator (Korea Selatan), DAEWOO Truck (Korea Selatan), NHL TEREX Truck (China), JUNGHEINRICH Electric Reach Truck (Jerman), HAKO Sweeper (Jerman), Mercedez-Benz AXOR truck dan FOTON-DAIMLER Truck (China). KOBX saat ini memiliki 12 kantor cabang di kota-kota besar di Indonesia.

Merdeka Copper Buyback 1%

Shares, Maximum Rp530 Billion

Lona Olavia

G

OLD, silver, copper and mineral mining company PT Merdeka Copper Gold Tbk (MDKA) plans to buy back as much as 229,033,658 shares or a maximum of 1% of the paid-up capital in the company. The funds allocated for this buyback are a maximum of Rp 530 billion, including brokerage fees and other fees.

Merdeka Copper Buyback 1%

Saham Maksimal Rp 530 Miliar

Lona Olavia

E

MITEN pertambangan emas, perak, tembaga dan mineral PT Merdeka Copper Gold Tbk (MDKA) berencana melakukan pembelian kembali (buyback) sebanyak-banyaknya 229.033.658 saham atau paling banyak 1% dari modal disetor dalam perseroan. Adapun dana yang dialokasikan untuk buyback ini maksimum sebesar Rp 530 miliar, termasuk biaya perantara pedagang efek dan biaya lainnya.

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Daily News Update Page 8 "One of the considerations for carrying out

a buyback is to provide flexibility that allows the company to maintain stock price stability if the price does not reflect value or performance," said management in the prospectus submitted through the disclosure of information on the Indonesia Stock Exchange (IDX), Saturday (17/4). In addition to increasing the stability of the company's stock price, this buyback is also carried out in the context of implementing a long-term incentive (LTI) program for employees, directors, and board of commissioners of the company, so that the company's subsidiaries can spur their performance.

Meanwhile, this buyback will be carried out from the date the company obtained approval from the company's shareholders through the EGMS on May 25, 2021 and within a period of no later than 18 months or not later than November 25, 2022. Last year, MDKA shareholders agreed to buyback as much as 2% of the total issued and fully paid capital with a maximum allocation of funds of Rp 568 billion which will be implemented in stages up to a maximum of 18 months after the approval of the buyback at the EGMS. Currently, the share ownership of MDKA by the community is 44.79%.

Meanwhile, the offering price for share repurchase will refer to Article 10 and Article 11 POJK 30/2017. The share buyback process will be carried out through the stock exchange as well as outside the stock exchange. PT Indo Premier Sekuritas has been appointed to buy back shares through the stock exchange.

The company can use the share buyback for several things. Among other things,...

“Pertimbangan melakukan buyback salah satunya adalah untuk memberi fleksibilitas yang memungkinkan perusahaan menjaga stabilitas harga saham jika harga tersebut tidak mencerminkan nilai atau kinerja,” ujar manajemen dalam prospektus yang di-sampaikan melalui keterbukaan informasi Bursa Efek Indonesia (BEI), Sabtu (17/4). Selain untuk meningkatkan stabilitas harga saham perseroan, buyback ini juga dilakukan dalam rangka pelaksanaan program insentif jangka panjang atau Long Term Incentive (LTI) bagi karyawan, direksi, dewan komisaris perseroan, sehingga anak perusahaan perseroan dapat memacu kinerjanya.

Adapun, pembelian kembali ini akan dilak-sanakan terhitung sejak tanggal perseroan memperoleh persetujuan dari pemegang saham perseroan melalui RUPSLB pada 25 Mei 2021 mendatang dan dalam jangka waktu selambat-lambatnya 18 bulan atau selambat-lambatnya sampai dengan tanggal 25 November 2022.

Tahun lalu, para pemegang saham MDKA menyepakati buyback sebanyak-banyak-nya 2% saham dari seluruh modal di-tempatkan dan disetor penuh dengan alokasi dana maksimal Rp 568 miliar yang akan dilaksanakan secara bertahap sampai paling lama 18 bulan sejak disetujuinya buyback dalam RUPSLB. Saat ini porsi kepemilikan saham MDKA oleh masya-rakat sebesar 44,79%.

Sementara harga penawaran atas pem-belian kembali saham akan mengacu kepada pasal 10 dan Pasal 11 POJK 30/2017. Proses buyback saham akan dilakukan melalui bursa serta di luar bursa. PT Indo Premier Sekuritas telah ditunjuk untuk melakukan pembelian kembali saham melalui bursa.

Perseroan dapat menggunakan saham buyback untuk beberapa hal. Antara lain,...

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Daily News Update Page 9 Among other things, the implementation of

the share ownership program by employees and/or directors as well as the board of commissioners, resale through the stock exchange and outside the stock exchange, is withdrawn by means of a reduction in capital. The Company can also carry out the conversion of equity securities and other purposes as long as it

is in accordance with applicable regulations.

"The company estimates that the imple-mentation of the repurchase of the company's shares will not cause a decrease in the company's revenue," said manage-ment.

At the end of 2020, the mining issuer belonging to conglomerate Garibaldi 'Boy' Thohir and Edwin Soeryadjaya recorded a net profit attributable to the parent entity of US$ 36.19 million, down 48.9% compared to the end of 2019 of US$ 70.83 million.

The corrected profit is in line with the decline in operating income by 19.94% from US$ 402.04 million in the 2019 period to US$ 321.86 million in the following year. The decline was due to the decline in sales of gold, silver and cathode copper for export, which fell from US$ 389.44 million to US$ 344.45 million. Meanwhile, domestic sales fell from US$ 23.65 million to US$ 3.89 million.

In terms of liabilities, the company has liabilities of US$ 365.96 million, dominated by short-term liabilities of US$ 192.22 million. Meanwhile, equity was recorded at US$ 563.65 million. The cash held by Merdeka Copper Gold at the end of the 2020 period was recorded at US$ 51.03 million.

Meanwhile, Ciptadana Sekuritas analyst Thomas Radityo in his research on April 16, 2021 maintained Merdeka Copper Gold's future revenue projection.

Antara lain, pelaksanaan program kepe-milikan saham oleh karyawan dan atau direksi serta dewan komisaris, penjualan kembali baik melalui bursa maupun di luar bursa, ditarik kembali dengan cara pengu-rangan modal. Perseroan juga dapat melaksanakan konversi efek bersifat ekuitas dan keperluan lainnya sepanjang sesuai ketentuan yang berlaku.

"Perseroan memperkirakan pelaksanaan pembelian kembali saham perseroan tidak akan menimbulkan dampak penurunan terhadap pendapatan perseroan,” ujar manajemen.

Akhir tahun 2020, emiten tambang milik konglomerat Garibaldi ‘Boy’ Thohir dan Edwin Soeryadjaya ini mencatat laba bersih yang dapat diatribusikan kepada entitas induk sebesar US$ 36,19 juta, turun 48,9% dibandingkan akhir tahun 2019 sebesar US$ 70,83 juta.

Terkoreksinya laba ini sejalan dengan penurunan pendapatan usaha sebanyak 19,94% dari US$ 402,04 juta di periode 2019 menjadi US$ 321,86 juta di tahun berikutnya. Penurunan disebabkan oleh penjualan emas, perak dan tembaga katoda untuk diekspor tercatat turun dari US$ 389,44 juta menjadi US$ 344,45 juta. Sementara penjualan domestik turun dari US$ 23,65 juta menjadi US$ 3,89 juta. Dari sisi liabilitas, perseroan memiliki kewajiban sebesar US$ 365,96 juta di-dominasi oleh kewajiban jangka pendek yaitu sebesar US$ 192,22 juta. Sementara itu, ekuitas tercatat sebesar US$ 563,65 juta. Adapun kas yang dimiliki Merdeka Copper Gold pada akhir periode 2020 tercatat sebesar US$ 51,03 juta.

Sementara, Analis Ciptadana Sekuritas Thomas Radityo dalam risetnya pada 16 April 2021 mempertahankan proyeksi pendapatan Merdeka Copper Gold ke depan.

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Daily News Update Page 10 Ciptadana estimates MDKA's revenue this

year will be around US$ 332 million with a net profit of US$ 70 million.

At the end of March 2021, Merdeka Copper recorded a gold reserve of 32.8 million ounces and 8.9 million tons of copper. Thomas said the data outperformed Ciptadana's projections, where MDKA's gold reserves were 28 million tons of gold ounces and 8.8 million tons of copper. Therefore, Thomas still maintains MDKA's Sum Of The Parts (SOTP) valuation of US$ 5.8 billion which translates into a target price of Rp 3,900 per share. Moreover, he assessed that there would be improve-ments in the copper segment in line with the improving price of copper. This is also supported by the favorable long-term outlook and by the boom in electric vehicle manufacturing.

"We also make MDKA as Ciptadana's top pick in the metal sector. We also provide a buy recommendation with a target price of Rp 3,900 per share, which means that it has a potential upside that is profitable, namely 76.5%," he said. Editor: Fajar Widhi

Ciptadana memperkirakan pendapatan MDKA pada tahun ini akan berkisar US$ 332 juta dengan laba bersih US$ 70 juta. Akhir Maret 2021, tercatat cadangan emas Merdeka Copper masih sebesar 32,8 juta ons dan 8,9 juta ton tembaga. Thomas menyebut, data tersebut mengungguli proyeksi Ciptadana di mana cadangan emas MDKA sebesar 28 juta ton ons emas dan 8,8 juta ton tembaga.

Oleh karena itu, Thomas masih memper-tahankan valuasi Sum Of The Parts (SOTP) MDKA sebesar US$ 5,8 miliar yang di-terjemahkan menjadi target harga senilai Rp 3.900 per saham. Apalagi, ia menilai akan ada perbaikan pada segmen tembaga seiring dengan harga tembaga yang juga akan membaik. Hal tersebut juga didukung oleh prospek jangka panjang yang meng-untungkan dan dengan ledakan manu-faktur kendaraan listrik.

“Kami juga menjadikan MDKA sebagai top pick Ciptadana pada sektor metal. Kami pun memberikan rekomendasi beli dengan target harga Rp 3.900 per saham yang berarti punya potensi upside menguntung-kan, yakni 76,5%,” katanya. Editor : Fajar Widhi

Supporting companies in the metal

sector depends on the prospect of

rising nickel & copper prices

Reporter: Danielisa Putriadita | Editor: Wahyu T. Rahmawati

N

ICKEL and copper prices have the potential to continue strengthening throughout this year. Metal sector companies that have more business in these two commodities will benefit more.

Penyokong emiten sektor logam

bergantung pada prospek

kenaikan harga nikel & tembaga

Reporter: Danielisa Putriadita | Editor: Wahyu T. Rahmawati

H

ARGA nikel dan tembaga berpotensi lanjut menguat di sepanjang tahun ini. Emiten sektor logam yang memiliki lebih banyak bisnis di kedua komoditas tersebut akan lebih diuntungkan.

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Daily News Update Page 11 Last year, the metal sector was estimated to

be the prima donna in line with rising commodity prices. However, the share price movements of listed companies in this sector did not strengthen solidly. Based on RTI, the share price of PT Aneka Tambang (ANTM) has managed to increase 23% year to date (ytd). Following this, the performance of PT Timah (TINS) also grew 5.39% ytd.

However, the movement of PT Vale Indonesia (INCO) shares declined by 14.71% in the same period. Meanwhile, shares of PT Merdeka Copper Gold (MDKA) were stagnant in the same period.

Although the current price movements of the metal sector have not yet strengthened compactly, Henan Putihrai Sekuritas analyst Meilki Darmawan said that the metal sector business prospect has the potential to perform positively. Meilki views MDKA's share price as stagnant because market players have not reflected the potential increase in average selling prices in 2021, especially in the copper segment.

Meanwhile, Meilki said INCO's share price declined due to negative sentiment related to the nickel smelter furnace repair process. Even though the completion process will be

postponed, Meilki still sees the improvement

process will still be carried out this year. Meilki views that metal companies with exposure to the nickel and copper business have the potential to record positive performance fundamentals in the long term. Although, it is undeniable that nickel prices have the potential to be depressed in the short term because China wants to control nickel prices.

Kompak, an analyst for Samuel Sekuritas Indonesia, Dessy Lapagu, said that the factor pressing the price movement of the metals sector was the weakening nickel and gold prices.

Tahun lalu sektor logam diperkirakan menjadi primadona seiring kenaikan harga komoditas. Namun, pergerakan harga saham emiten di sektor ini tidak kompak menguat. Berdasarkan RTI harga saham PT Aneka Tambang (ANTM) berhasil menguat 23% secara year to date (ytd). Menyusul, kinerja PT Timah (TINS) juga tumbuh 5,39% ytd.

Namun, pergerakan saham PT Vale Indonesia (INCO) menurun 14,71% di periode yang sama. Sementara, saham PT Merdeka Copper Gold (MDKA) stagnan di periode yang sama.

Meski pergerakan harga saham sektor logam saat ini belum kompak menguat, Analis Henan Putihrai Sekuritas Meilki Darmawan mengatakan prospek bisnis sektor logam berpotensi berkinerja positif. Meilki memandang harga saham MDKA stagnan karena pelaku pasar belum merefleksikan potensi kenaikan rata-rata harga jual di 2021, terkhusus di segmen tembaga.

Sementara, Meilki mengatakan harga saham INCO menurun karena terdampak sentimen negatif terkait proses perbaikan furnace smelter nikel. Walaupun proses penyelesaian akan diundur, Meilki tetap melihat proses perbaikan akan tetap di-lakukan di tahun ini.

Meilki memandang emiten sektor logam yang memiliki eksposur bisnis nikel dan tembaga, dalam jangka panjang berpotensi catatkan fundamental kinerja yang positif. Meski, tidak dipungkiri harga nikel ber-potensi tertekan dalam jangka pendek karena Tiongkok ingin melakukan pengen-dalian harga nikel.

Kompak, Analis Samuel Sekuritas Indonesia

Dessy Lapagu mengatakan faktor yang menekan pergerakan harga saham sektor logam adalah harga nikel dan emas yang sedang melemah.

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Daily News Update Page 12 Nickel prices recorded on the London

Metal Exchange quarterly on Friday (16/4) were at US$ 16,363 per ton. The price has decreased 16% since hitting the highest level in February 2021. Meanwhile, spot gold prices have fallen 13% since the price touched the highest level at US$ 2,063 per troi ounce in June 2020 to US$ 1,776 per troi ounce at the end of last week.

Meilki projects that copper prices will continue to strengthen this year. Support for price gains comes from copper consumption in China, which is much needed for green energy infrastructure projects. Meilki projects that the average nickel price this year will be at US$ 17,000 per ton.

Meanwhile, the average copper price this year stands at US$ 9,000 per ton. The price projection tends to be stable from the copper price position at US$ 9,211 per ton at the end of last week.

Meilki projects that the price of gold will tend to decline. This is because business and economic activity have begun to improve and this can drag down the price of gold. "It is difficult for gold to obtain sustainable inflows, the projected average gold price of US$ 1,800 per troi ounce this year," said Meilki.

Among the listed companies in the metal sector, Meilki sees MDKA and ANTM as still attractive for collection this year. "The potential increase in MDKA's net profit is 11% year on year (yoy), while ANTAM has the potential to grow 22% yoy," Meilki said, Friday (16/4).

The potential for profit growth is supported by a higher average selling price in 2021. Meilki recommended buying MDKA with a target price of Rp 3,000 per share. Meilki also recommended buying ANTM at a target price of Rp 2,800 per share.

Tercatat harga nikel dalam London Metal Exchange tiga bulanan, Jumat (16/4) ber-ada di US$ 16.363 per ton. Harga tersebut menurun 16% sejak sentuh level tertinggi di Februari 2021. Sementara, harga emas spot tercatat turun 13% sejak harga sempat sentuh level tertinggi di US$ 2.063 per ons troi pada Juni 2020 menjadi ke US$ 1.776 per ons troi di akhir pekan lalu. Meilki memproyeksikan harga tembaga tetap lanjut menguat di tahun ini. Dukungan penguatan harga berasal dari konsumsi tembaga di China yang banyak dibutuhkan untuk proyek infrastruktur green energy. Meilki memproyeksikan rata-rata harga nikel tahun ini berada di US$ 17.000 per ton.

Sementara, harga rata-rata tembaga di tahun ini berada di US$ 9.000 per ton. Proyeksi harga tersebut cenderung stabil dari posisi harga tembaga yang berada di US$ 9.211 per ton akhir pekan lalu.

Meilki memproyeksikan harga emas akan cenderung menurun. Penyebabnya, aktivitas bisnis dan ekonomi mulai membaik dan bisa menyeret turun harga emas. "Emas sulit mendapatkan arus masuk yang berkelanjutan, proyeksi harga emas rata-rata di US$ 1.800 per ons troi di tahun ini," kata Meilki.

Di antara emiten sektor logam, Meilki melihat MDKA dan ANTM masih menarik untuk dikoleksi di tahun ini. "Potensi kenaikan laba bersih MDKA sebesar 11% year on year (yoy) sedangkan ANTAM berpotensi tumbuh 22% yoy," kata Meilki, Jumat (16/4).

Potensi pertumbuhan laba tersebut di-topang dari rata-rata harga jual yang lebih tinggi di 2021. Meilki merekomendasikan beli MDKA dengan target harga Rp 3.000 per saham. Meilki juga merekomendasikan beli ANTM di target harga Rp 2.800 per saham.

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Daily News Update Page 13 Dessy is also optimistic that metal

commodity prices will rise again this year due to the strong demand. He tends to choose ANTM as the issuer he is championing from the metal sector.

According to Dessy, ANTM has the potential to strengthen performance from the increase in nickel and gold prices. In addition, the downstream focus of smelters and electric batteries can be a fundamental driving factor for ANTM in the long term. Dessy recommends buying ANTM at a target price of Rp 3,230.

Dessy juga optimistis harga komoditas logam akan kembali naik di tahun ini karena permintaan yang masih kuat. Dia cenderung memilih ANTM sebagai emiten yang ia jagokan dari sektor logam.

Menurut Dessy, ANTM memiliki potensi penguatan kinerja dari kenaikan harga nikel dan emas. Selain itu, fokus hilirisasi smelter dan baterai listrik dapat menjadi faktor pendorong fundamental ANTM dalam jangka panjang. Dessy mereko-mendasikan beli ANTM di target harga Rp 3.230.

35 Thousand Freeport

Employees 'Claim' Mutual

Cooperation Vaccine

A

S MANY AS 35 thousand employees of PT Freeport Indonesia and subcontractors and their families have asked the government for clarity regarding the implementation of the covid-19 vaccine in the mutual cooperation scheme.

Vice President for Government Relations of Freeport Indonesia, Jonny Lingga, said that until now Freeport and other private com-panies in Indonesia have not received clarity and certainty when to administer vaccinations even though they have registered.

"We have written, we continue to coor-dinate, even have registered through the Chamber of Commerce and Industry (Kadin), but until now we have not received instructions from the government on how we can get the vaccine. Other private companies have also experienced the same thing," he said quoted from Antara, Monday (19/4).

35 Ribu Karyawan Freeport

'Tagih' Vaksin Gotong Royong

S

EBANYAK 35 ribu karyawan PT Freeport Indonesia dan subkontraktor beserta keluarga meminta kejelasan pemerintah soal implementasi vaksin covid-19 skema gotong royong.

Vice President Bidang Hubungan Peme-rintahan Freeport Indonesia Jonny Lingga mengatakan hingga saat ini Freeport maupun perusahaan-perusahaan swasta lainnya di Indonesia belum mendapatkan kejelasan dan kepastian kapan bisa me-lakukan vaksinasi meski telah mendaftarkan diri.

"Kami sudah bersurat, kami terus melaku-kan koordinasi, bahmelaku-kan sudah mendaftar melalui Kadin (Kamar Dagang dan Industri), tapi sampai sekarang belum juga men-dapatkan petunjuk dari pemerintah bagai-mana kami bisa mendapatkan vaksin itu. Perusahaan-perusahaan swasta yang lain juga mengalami hal yang sama," katanya dikutip dari Antara, Senin (19/4).

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Daily News Update Page 14 He explained that since last February the

management of Freeport Indonesia has lobbied the Ministry of Health and other stakeholders to immediately vaccinate 35 thousand people registered in work areas in Mimika, Jayapura and Jakarta Regencies. "We have written to order 70 thousand doses of vaccine for employees and their families. The 70 thousand doses are assuming one person gets two shots of the vaccine. Our number of employees is now around 35 thousand. If allowed, we want to buy more so we don't get less," said Jonny. Even though he has submitted an application since a long time ago, he said, until now the government has not provided clarity and certainty about when the mutual cooperation vaccine will be started since the end of 2020.

"Since February Freeport has stated its attitude to participate in the mutual aid vaccine, is willing to pay for it ourselves, we have even prepared all the things required to carry out the mutual aid vaccination. We are ready to order any vaccine, because the vaccine from the government is not yet available. The rules are clear, mutual vaccination activities are not allowed to use Sinovac, and all vaccine orders must go through one door, the Ministry of Health," he explained.

According to Jonny, until now the government, through the Ministry of Health, has not provided certainty about when the mutual aid vaccination will be carried out or the availability of vaccines and other techniques.

In this uncertain and uncertain situation, he said that what companies can do to reduce the rate of Covid-19 cases is to implement strict health protocols.

Ia memaparkan sejak Februari lalu mana-jemen Freeport Indonesia sudah melobi Kementerian Kesehatan dan pemangku kepentingan lainnya agar bisa secepatnya melakukan vaksinasi kepada 35 ribu orang terdaftar di area kerja di Kabupaten Mimika, Jayapura dan Jakarta.

"Kami sudah bersurat memesan 70 ribu dosis vaksin untuk karyawan dan keluarga. Jumlah 70 ribu dosis itu dengan asumsi satu orang mendapatkan dua kali suntikan vaksin. Jumlah karyawan kami sekarang sekitar 35 ribu. Kalau diperbolehkan, kami ingin membeli lebih supaya jangan sampai kurang," ujar Jonny.

Meski sudah mengajukan permohonan sejak jauh-jauh, kata dia, hingga kini pemerintah belum memberikan kejelasan dan kepastian soal kapan bakal dimulai vaksin gotong-royong yang diwacanakan sejak akhir 2020 itu.

"Sejak Februari Freeport sudah menyata-kan sikap untuk ikut vaksin gotong-royong, mau biayai sendiri, bahkan kami sudah menyiapkan semua hal yang dipersyarat-kan untuk melakudipersyarat-kan vaksinasi gotong-royong itu. Kami siap saja untuk memesan vaksin manapun, karena vaksin yang dari pemerintah belum tersedia. Aturannya sudah jelas, untuk kegiatan vaksinasi gotong-royong tidak boleh menggunakan Sinovac, dan semua pemesanan vaksin itu harus melalui satu pintu, Kementerian Kesehatan," jelasnya.

Menurut Jonny, hingga kini pemerintah melalui Kemenkes belum memberikan kepastian kapan akan dilaksanakan vaksi-nasi gotong-royong atau ketersediaan vaksinnya dan teknis lainnya.

Dalam situasi yang serba tidak jelas dan tidak pasti itu, dia menyebut yang bisa dilakukan perusahaan untuk menekan laju kasus covid-19 adalah dengan menerapkan protokol kesehatan secara ketat.

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Daily News Update Page 15 Even though it had risen, in the last month,

he stated that the findings of Covid-19 cases among employees, both in the Tembagapura, Kuala Kencana and Portsite Amamapare areas had decreased.

The latest data he received indicated that there were around 260 active cases in Mimika, including in Freeport. No more patients are hospitalized, patients without symptoms and mild symptoms are isolated in barracks at Tembagapura and Mile 38 or are self-isolating at home.

"Now the cure rate for Covid-19 patients in the PT Freeport work area has reached 97 percent. A month ago it had risen, but it has been handled. Overall the handling of the Covid-19 case in Mimika Regency is also getting better," he said. (wel/bir)

Meski sempat naik, namun dalam sebulan terakhir, ia menyatakan temuan kasus covid-19 di kalangan karyawan, baik di wilayah Tembagapura, Kuala Kencana, dan Pelabuhan Portsite Amamapare mengalami penurunan.

Data terakhir yang diterimanya, kasus aktif di Mimika termasuk di Freeport tersisa sekitar 260-an orang. Tidak ada lagi pasien yang dirawat di rumah sakit, pasien tanpa gejala dan gejala ringan isolasi di barak di Tembagapura dan Mile 38 atau melakukan isolasi mandiri di rumah.

"Sekarang tingkat kesembuhan pasien covid-19 di area kerja PT Freeport men-capai 97 persen. Sebulan lalu memang sempat naik, namun sudah tertangani. Secara keseluruhan penanganan kasus covid-19 di Kabupaten Mimika juga semakin baik," ujarnya. (wel/bir)

Xie Xie China, because of you

the price of coal breaks US$90

again

Tirta Citradi, CNBC Indonesia

T

HE GOOD news from China succeeded in bringing the price of ICE Newcastle thermal coal futures skyrocketing 8% last week and reaching US$ 92.4/ton. This is the highest price since the end of March. In the first week of April, coal prices tended to experience a correction. Then in the second week of this month, coal prices rose and succeeded in erasing the correction that had occurred in the previous week.

Xie Xie China, Karenamu Harga

Batu Bara Tembus US$90 Lagi

Tirta Citradi, CNBC Indonesia

K

ABAR baik dari China berhasil mem-bawa harga batu bara termal ICE Newcastle berjangka meroket 8% seminggu lalu dan tembus US$ 92,4/ton. Ini merupakan harga tertinggi sejak akhir bulan Maret.

Di minggu pertama bulan April, harga batu bara cenderung mengalami koreksi. Kemudian pada pekan kedua bulan ini, harga batu bara bangkit dan sukses menghapus koreksi yang terjadi di minggu sebelumnya.

(16)

Daily News Update Page 16 As the world's largest coal consumer,

China's economy is said to have grown in double digits in the first quarter of this year. China's economic cake expanded for the fourth straight quarter.

This quarter's gross domestic product (GDP) growth was the highest compared to the previous three quarters. Unmitigated, China's economic output grew 18.3% yoy. This figure is even higher than in the 2000s, when China began to attract the world's attention with double-digit economic growth almost every quarter. For 2021, China's economic growth is predicted to expand more than the annual average in the last decade. According to estimates by the International Monetary Fund (IMF), China's economic growth is predicted to penetrate 8.4% (yoy).

When the economy is in an expansionary phase, the need for electricity and various manufactured products will also increase. Of course this will be a positive catalyst for energy needs, one of which is coal.

In the condition of China's relationship with Australia which is still tense, Indonesia, which also acts as a coal exporter in the world, benefits because the Chinese market is more open to the country's leading export commodities. In addition, local coal prices have not yet recovered to normal levels. Currently, China's benchmark coal price for the Qinhuangdao thermal category is still very far above the government's target.

This is due to tight supply in China while domestic demand is creeping upward in line with positive economic growth.

Sebagai konsumen batu bara terbesar di dunia, ekonomi China disebut tumbuh dobel digit pada kuartal pertama tahun ini. Kue ekonomi China mengembang untuk empat kuartal berturut-turut.

Pertumbuhan produk domestik bruto (PDB) pada kuartal kali ini merupakan yang paling tinggi dibanding tiga kuartal sebelumnya. Tak tanggung-tanggung, output pereko-nomian Negeri Panda tumbuh 18,3% yoy. Angka ini bahkan lebih tinggi dibandingkan pada dekade 2000-an, kala China mulai menarik perhatian dunia dengan pertum-buhan ekonomi dua digit hampir setiap kuartalnya.

Untuk tahun 2021, pertumbuhan ekonomi China diramal bakal mengalami ekspansi lebih dari rata-rata tahunan dalam satu dekade terakhir. Menurut perkiraan Dana Moneter Internasional (IMF) pertumbuhan ekonomi China digadang-gadang bakal tembus 8,4% (yoy).

Ketika ekonomi dalam fase ekspansif, kebutuhan akan listrik dan berbagai produk manufaktur juga akan ikut meningkat. Tentu saja ini akan menjadi katalis positif bagi kebutuhan energi, salah satunya adalah batu bara.

Dalam kondisi hubungan China dengan Australia yang masih diliputi ketegangan, RI yang juga berperan sebagai eksportir batu bara di dunia mendapatkan keuntungan karena pasar China menjadi lebih terbuka bagi komoditas unggulan ekspor Tanah Air tersebut.

Ditambah lagi harga batu bara lokal belum pulih ke level normal. Saat ini harga batu bara acuan China untuk kategori termal Qinhuangdao masih sangat jauh di atas target atas pemerintah.

Hal ini disebabkan karena pasokan di China ketat sementara kebutuhan domestik kian merangkak naik seiring dengan pertum-buhan ekonomi yang positif.

(17)

Daily News Update Page 17 China, which is now more pro-Indonesian

coal, has even signed a cooperation agreement to import 200 million tons of coal this year, higher than the usual 140 million tons. CNBC INDONESIA RESEARCH TEAM (twg/twg)

China yang sekarang lebih pro terhadap batu bara RI bahkan sudah menanda-tangani kerja sama untuk mengimpor 200 juta ton batu bara tahun ini, lebih tinggi dari biasanya 140 juta ton. TIM RISET CNBC INDONESIA (twg/twg)

China's Q1 coal output rises 16% on strong demand for winter

heating

By: Reuters

C

HINA's coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust industrial activity.

China churned out 970.56-million tonnes of coal between January and March, up from 829.91-million tonnes in the same period in 2020, data from the National Bureau of Statistics (NBS) showed on Friday.

Production in March alone was 340.76-million tonnes, down 0.2% on year.

While coronavirus restrictions in the first quarter of this year were less stringent than last year's, output has been curbed by increased safety inspections at coal mines in China following several fatal accidents at mines across the country.

Last year, coal mines were shut in January and February as the coronavirus outbreak forced the government to prolong the Lunar New Year holiday and impose travel restrictions across regions, knocking production during those months.

Coal consumption has meanwhile soared in the first quarter of 2021, driven by a rebounding economy and strong demand for winter heating amid extreme cold weather.

Daily coal use in China's eight costal provinces jumped by 23.8% as of end-March from a year earlier, according to data from the China Coal Transportation and Distribution Association. Power utilities and end users such as steel mills are calling for coal miners to ramp up output to meet increasing demand, traders said.

The statistic bureau on Friday also reported that production of coke, widely used in steelmaking, rose 8.6% on year in January-March to 118.97-million tonnes.

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Fortescue exports 1.5bn tonnes of iron ore

Nickolas Zakharia

F

ORTESCUE Metals Group has shipped more than 1.5 billion tonnes of iron ore from its Pilbara operations since 2003, reaching the milestone three years after hitting its billionth tonne from Port Hedland.

Founder and chairman Andrew Forrest celebrated the achievement during a visit by Prime Minister Scott Morrison to Fortescue’s Christmas Creek operations.

“From the start, Fortescue’s journey has been to unlock the potential of the Pilbara and build Australia’s economy through the export of iron ore to the developing world,” he said.

“Today, Fortescue is drawing on the talent and expertise of the entire Fortescue family as we build on our capability as a world-class resources company, rapidly evolving into a green hydrogen and energy producer to drive the global transition away from fossil fuels.

“It is with great pride that we welcomed the Prime Minister to our Pilbara operations in his first visit to the Pilbara region of Western Australia to demonstrate how Fortescue is leading the charge to achieve carbon neutrality by 2030, positioning us as a global leader in addressing the climate change challenge.”

Fortescue’s Pilbara operations were first established in 2003, with its first iron ore shipment disembarking from Port Hedland in 2008.

Over 8000 ships have departed Fortescue’s Herb Elliot Port in Port Hedland since 2008. Fortescue chief executive officer Elizabeth Gaines welcomed the achievement.

“Since our first shipment in 2008, Fortescue has now exported over 1.5 billion tonnes to our customers in China and other markets,” she said.

“We are proud of our significant contribution to the Western Australian and national economies through jobs, investment and the flow of taxes and royalties.

“I would like to thank the entire Fortescue team, including our contractors and suppliers, for their hard work, commitment and contribution to our record performance in the past year and the achievement of this significant milestone.”

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Barrick on track to achieve 2021 production targets

Published by Jessica Casey, Editorial Assistant

B

ARRICK Gold Corp. has reported preliminary 1Q21 sales of 1.09 million oz of gold and 113 million lbs of copper, as well as preliminary 1Q21 production of 1.10 million oz of gold and 93 million lbs of copper, in line with its plan. The company remains on track to achieve 2021 guidance.

The average market price for gold in 1Q21 was US$1794/oz, while the average market price for copper in 1Q21 was US$3.86/lb.

As expected, preliminary 1Q21 gold production was lower than 4Q20, mainly due to mine sequencing at Carlin and Cortez as well as lower grades at Pueblo Viejo, in line with the mine and stockpile processing plan as the development of the expansion project advances. Lower grades and production from Tongon, consistent with the updated extension of the mine life to 2023, were offset by higher grades at Loulo-Gounkoto. As previously guided, the company’s gold production in 2H21 is expected to be higher than 1H21. Accordingly, 1Q21 gold cost of sales per ounce is expected to be slightly higher, total cash costs per ounce are expected to be 2 – 4% higher and all-in sustaining costs per ounce are expected to be 8 – 10% higher than 4Q20.

Preliminary 1Q21 copper production was 22% lower than 4Q20 as expected. Copper sales were 5% higher than the previous quarter as Lumwana sold a portion of its stockpiled concentrate. The company continued to expect its copper production in 2H21 to be stronger than the 1H21, mainly driven by higher grades from Lumwana. 1Q21 copper cost of sales per pound is expected to be 1 – 3% higher and C1 cash costs per pound are expected to be in line with the prior quarter. Copper all-in sustaining costs per pound are expected to be 6 – 8% lower than 4Q20, largely due to the increased sales.

Barrick will provide additional discussion and analysis regarding its 1Q21 production and sales when the company reports its quarterly results before North American markets open on 5 May 2021.

MetRes to acquire mothballed Australian coal mines from Peabody

Energy

T

HE METRES joint venture (JV) between Stanmore Coal and M Resources has agreed to acquire the Millennium and Mavis Downs coal mines in Australia from Peabody Energy.

The JV signed an agreement to purchase the mines, which are currently in care and maintenance, for an upfront cash consideration of nearly $1m (A$1.25m) and a royalty agreement, which is capped at $1m (A$1.25m).

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Daily News Update Page 20 MetRes will also undertake rehabilitation obligations with an investment of around $19.8m (A$25.7m).

The incurred rehabilitation costs of $9.67m (A$12.5m) will be reimbursed by Peabody over a two-year period.

The scope of the deal includes the acquisition of 0.5Mtpa of long-term rail and port capacity and 349 million litres of long-term raw water supply allocation to support a mining restart. It also will also acquire all associated contractual rights and obligations.

In a press statement, Stanmore Coal said: “Restarting the Millennium and Mavis Downs Mine represents a low capital and quick to market investment opportunity in a high-quality metallurgical coal asset, supported by access to existing critical infrastructure.”

With a peak production of up to one million tonnes a year, the mine is slated to restart operations from July and expected to create between 150 and 200 jobs.

According to the JV agreement between M Resources and Stanmore Coal, the latter agreed to provide up to $23.2m (A$30m) in financing to the JV to cover initial working capital requirements.

Stanmore will also provide an additional debt facility of $11.6m (A$15m) to support potential rehabilitation surety obligations.

According to estimates, the two high-quality coking coal assets have Joint Ore Reserves Committee (JORC) resources of 37 million tonnes.

Gold production from top eight companies expected to increase by up

to 3.1% in 2021

Published by Simon Matthis

P

RODUCTION from the world’s eight largest gold producers (Newmont, Barrick, AngloGold, Polyus, Kinross, Gold Fields, Newcrest and Agnico-Eagle) decreased by 6.5% to 25 million ounces (moz) in 2020 due to lower ore grades, sale of assets, lower mill throughput and lower recoveries. Production from the top eight companies is expected to recover and will be between 25-25.75 moz in 2021, which is an increase of up to 3.1% compared with the collective output in 2020 (24.98moz), according to GlobalData, a leading data and analytics company.

The most significant falls in production were observed among the top three companies: Newmont (6.1%), Barrick (12.9%) and AngloGold (7.1%). The collective output from these companies declined to 13.7moz in 2020 from 15moz in 2019.

Vinneth Bajaj, Associate Project Manager at GlobalData, comments: “After a strong first quarter in 2020, Newmont’s production was impacted by lower ore grades at the Ahafo, Yanacocha and Merian mines and the temporary suspension of the Cerro Negro, Yanacocha, Eleonore, Penasquito and Musselwhite mines between March and mid-May. In addition, the sale of Red Lake and Kalgoorlie projects further reduced output.”

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Daily News Update Page 21 For Barrick, several gold mines were forced to cease operations temporarily due to the COVID-19 pandemic, including the Veladero, Pueblo Viejo and Porgera mines. Meanwhile, divestment of African assets by AngloGold was a major factor behind the fall in the company’s output in 2020.

Bajaj continues: “Lower ore grades, sale of assets, lower mill throughput and lower recoveries were key factors affecting production across the remaining major gold producers. For example, lower ore grades at Paracatu, Round Mountain and Chirano mines were behind the drop in production from Kinross, although it was partially offset by higher output from the company’s Bald Mountain and Kupol operations.”

Newcrest’s production was severely affected by the sale of Gosowong mine, which was acquired by Indotan Halmahera in Q2 2020. Lower throughput rates and lower grades at Cadia, Lihir, Red Chris, and Telfer mines, amid a series of planned shutdowns, also impacted the company’s production subsequently.

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