Inalum Ready to Face Production Decline
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PT Inalum (Persero) is ready to face a significant production decline after owning 51% of PT Freeport Indonesia. President Director Inalum Budi Gunadi Sadikin said that the peak of Freeport Indonesia's production in the Grasberg open pit will occur this year. After 2018, mining will move to a underground mine that is currently under development.
Grasberg open pit, the world biggest gold mine
"So, 2018 peak production in the open pit [Grasberg open pit] because it has come down. Below it's a lot of gold. Fortunately it will be great, but this year is up, "he said.
According to him, currently underground mining production is still very small. But it will continue to increase every year. He estimates that underground mine production levels will equal Grasberg's production levels by 2022. That is, during 2019 to 2021 there will be a decline in production.
"EBITDA still exists because there is still stock, but it is small. By 2019 [EBITDA] is the lowest. "
In addition, Inalum is continuing to negotiate with Rio Tinto in connection with Rio Tinto's participation rights purchase plan of 40% at PT Freeport Indonesia. Budi said, the price range is obtained from the research of several banks. According to him, the results of counting one bank with another not too far away.
"Range [price range] is set. In all analyst research such as Deutsche Bank, HSBC, Credit Suisse, Morgan Stanley it has been written in detail. Not much different. "
He asserted, his side negotiate intensively to get the best price. Moreover, the government is targeting an agreement regarding Freeport Indonesia divestment to be obtained in April 2018, He said, the more loans will be easier for Inalum to take over 40% of Rio Tinto's participation rights in Freeport Indonesia. However, he is still reluctant to disclose any party who gave the loan in the transaction.
Based on Deutsche Bank's market research released February 13, 2018, it would be quite natural that Rio Tinto release its participating rights above US $ 3.3 billion.
"We thought out [from Grasberg] for a value above US $ 3.3 billion would be a worthy result for Rio Tinto," the Deutsche Bank research said.
Previously, valuations on Freeport Indonesia's shares had occasionally surfaced. However, its value often changes due to long time spans. Initially, Rio Tinto's share was not counted in Freeport Indonesia's 51% divestment process. The divestment process focuses on acquiring Freeport-McMoRan shares.
IN INDONESIA
According to him, currently underground mining production is still very small. But it will continue to increase every year. He estimates that underground mine production levels will equal Grasberg's production levels by 2022. That is, during 2019 to 2021 there will be a decline in production.
"EBITDA still exists because there is still stock, but it is small. By 2019 [EBITDA] is the lowest. "
In addition, Inalum is continuing to negotiate with Rio Tinto in connection with Rio Tinto's participation rights purchase plan of 40% at PT Freeport Indonesia. Budi said, the price range is obtained from the research of several banks. According to him, the results of counting one bank with another not too far away.
"Range [price range] is set. In all analyst research such as Deutsche Bank, HSBC, Credit Suisse, Morgan Stanley it has been written in detail. Not much different. "
He asserted, his side negotiate intensively to get the best price. Moreover, the government is targeting an agreement regarding Freeport Indonesia divestment to be obtained in April 2018, He said, the more loans will be easier for Inalum to take over 40% of Rio Tinto's participation rights in Freeport Indonesia. However, he is still reluctant to disclose any party who gave the loan in the transaction.
Based on Deutsche Bank's market research released February 13, 2018, it would be quite natural that Rio Tinto release its participating rights above US $ 3.3 billion.
"We thought out [from Grasberg] for a value above US $ 3.3 billion would be a worthy result for Rio Tinto," the Deutsche Bank research said.
Previously, valuations on Freeport Indonesia's shares had occasionally surfaced. However, its value often changes due to long time spans. Initially, Rio Tinto's share was not counted in Freeport Indonesia's 51% divestment process. The divestment process focuses on acquiring Freeport-McMoRan shares.
IN INDONESIA
Inalum Siap Hadapi Penurunan Produksi
PT Inalum (Persero) siap untuk menghadapi penurunan produksi yang signifikan setelah memiliki 51% saham PT Freeport Indonesia. Direktur Utama Inalum Budi Gunadi Sadikin mengatakan bahwa puncak produksi Freeport Indonesia di tambang terbuka Grasberg akan terjadi pada tahun ini. Setelah 2018, penambangan akan beralih ke tambang bawah tanah yang saat ini masih dalam tahap pengembangan.
“Jadi, 2018 peak production [puncak produksi] di open pit [tambang terbuka Grasberg] karena sudah sampai bawah. Di bawah itu banyak emasnya. Untungnya akan besar, tetapi tahun ini habis," katanya.
Menurutnya, saat ini produksi tambang bawah tanah masih sangat kecil. Namun akan terus meningkat setiap tahun. Dia memperkirakan, tingkat produksi tambang bawah tanah akan menyamai tingkat produksi Grasberg mulai 2022. Artinya, sepanjang 2019 hingga 2021 akan terjadi penurunan produksi.
“EBITDA masih tetap ada karena masih ada stok, tetapi kecil. Pada 2019 [EBITDA] paling rendah.”
Selain itu, Inalum masih terus bernegosiasi dengan Rio Tinto terkait dengan rencana pembelian hak partisipasi Rio Tinto sebesar 40% di
PT Freeport Indonesia. Budi menuturkan, rentang harga tersebut diperoleh dari hasil riset beberapa bank. Menurutnya, hasil penghitungan satu bank dengan yang lainnya tidak terlalu jauh.
“Range [rentang] harga sudah diset. Di semua analyst research seperti dari Deutsche Bank, HSBC, Credit Suisse, Morgan Stanley itu sudah ditulis secara rinci. Tidak banyak beda."
Dia menegaskan, pihaknya bernegosiasi secara intensif untuk mendapatkan harga terbaik. Apalagi pemerintah menargetkan kesepakatan terkait divestasi Freeport Indonesia bisa diperoleh pada April 2018, Dia menyatakan, semakin banyak pinjaman akan semakin mudah bagi Inalum untuk mengambil alih 40% hak partisipasi Rio Tinto di Freeport Indonesia. Namun, dia masih enggan mengungkapkan pihak mana saja yang menberi pinjaman dalam transaksi tersebut.
Berdasarkan riset pasar Deutsche Bank yang dirilis 13 Februari 2018, akan cukup wajar apabila Rio Tinto melepas hak partisipasinya tersebut di atas US$3,3 miliar.
“Kami berpikir keluar [dari Grasberg] untuk nilai di atas US$3,3 miliar akan menjadi hasil yang layak bagi Rio Tinto,” tulis riset Deutsche Bank tersebut.
Sebelumnya, valuasi atas saham Freeport Indonesia pernah beberapa kali muncul ke permukaan. Namun, nilainya sering berubah karena adanya rentang waktu yang panjang. Awalnya, bagian Rio Tinto tidak masuk hitungan dalam proses divestasi 51% Freeport Indonesia. Proses divestasi fokus pada pengambilalihan saham Freeport-McMoRan.
Bisnis Indonesia, Page-30, Thursday, March 22, 2018
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