Domain Revives BBM Coking Coal Project
ASX-listed Cokal Limited has signed a financing package of no less than A$67 million for the development of its BBM coking coal project in Central Kalimantan with Domain International Holdings Limited, a Xiamen-based company.
Bayan Resources & Full Consolidation of Kangaroo Resources
Share price of Kangaroo Resources Ltd (KRL), a company listed on Australia Stock Exchange (ASX) with coal assets in East Kalimantan, surged by 100% in the past few days following rumours about tender offer of shares by Bayan Resources (BYAN), which is already the largest shareholder.
Revisiting Delta Dunia Makmur
Shares of Delta Dunia Makmur (DOID), parent company of coal mining contractor BUMA, opened higher by 5% Monday (May 7) on broad market sentiment and reports about US$1 billion contract awarded by PT Indonesia Pratama, subsidiary of Bayan Resources (BYAN).
Innovative Auction of Mining Areas
Minister of energy and mineral resources Ignasius Jonan has issued Decree No. 1805.K/30/Mem/2018 about Compensation Price for Data and Information on Mining Concession (WIUP) and Special Mining Concession (WIUPK) for 16 blocks auctioned off to investors. The government expects to collect Rp4.09 trillion from this auction, the first in the country.
Investment in AMNT Weighs on Medco Bottom Line
PT Medco Energi Internasional Tbk (MEDC) booked net profit of US$21.63 million only in the first quarter of 2018, crashed 50% from the corresponding period last year due to, among others, lower contribution from its investment in gold-copper mining company PT Amman Mineral Nusa Tenggara (previously Newmont Nusa Tenggara).
Those Benefited from Mineral Ore Export: Cita Mineral
Other than Aneka Tambang (ANTM), bauxite miner PT Cita Mineral Investindo Tbk (CITA) is the clear winner of the government’s decision to resume export of mineral ores early last year. This Company reported 254% jump year-on-year in sales revenue for the first quarter of 2018.
Gross Split Gets a Boost, Implications?
Steadily criticized by some, including oil and gas players, the government announced outcome of the most recent auction round of oil and gas exploration blocks today. Four out of five oil and gas blocks auctioned off through direct offer scheme were granted to investors using the gross split scheme.
PLN in The First Quarter: Push It to The Limit
While politicians busy talking about the controversial conversation between state-owned enterprises minister Rini Soemarno and PLN CEO Sofyan Basir, let’s talk about financials of the state-owned electricity provider PT Perusahaan Listrik Negara (PLN), which recorded net loss of Rp6.5 trillion in the first quarter of 2018 against profit of Rp506.3 billion in the corresponding period last year.
Bright Spots of First Quarter: Bayan Resources
Unlike major coal producers, Bayan Resources (BYAN) reported strong sales revenue growth of 118% to US$408 million in the first quarter of 2018. The company, controlled by Dato Low Tuck Kwong, reported net profit of US$121.82 million in the quarter, skyrocketed 130% from the corresponding period last year.
ExxonMobil’s Acquisition of Federal Oil from MPMX
PT Mitra Pinasthika Mustika (MPMX) Tbk is set to bag US$436 million from divestment of its shares in PT Federal Karyatama, a lubricant producer, to ExxonMobil. This is a very interesting deal because ExxonMobil valued PT Federal Karyatama more than six times equity as at Dec 31, 2017.