Inalum Prepares US $ 7 Billion Capex
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PT Indonesia Asahan Aluminum / Inalum (Persero) as the holding company of the BUMN Mining Industry prepared a capital expenditure budget (capital expenditure / capex) this year worth US $ 7 billion.
The fund is allocated for three major projects, namely coal downstreaming worth US $ 3.1 billion, Grade Alumina Refinery (SGAR) purification and mineral processing (smarter) projects worth US $ 850 million, and building a copper smelter worth US $ 3 billion.
"Of the total capex, a maximum of 30% or around US $ 2.1 billion comes from equity, which is equivalent to Rp. 24 trillion," said Inalum President Director Budi Gunadi Sadikin at the Break Fast with the Editor in Chief of Mass Media in Jakarta.
Budi Gunadi Sadikin
Budi explained, coal downstreaming is a coal gasification project to produce synthetic natural gas (syngas) in the form of a mixture of carbon monoxide, hydrogen, methane, carbon dioxide and other gases. He added, the US $ 3.1 billion project located in Tanjung Enim, South Sumatra is targeted to be commercial operation date / COD in the quarter I-2023.
The construction of a copper smelter worth US $ 3 billion, according to Budi Sadikin, is a project that is being worked on by PT Freeport Indonesia (PTFI) in Gresik with a construction period of 2.5 years.
Smelter In Gresik East Java
"There will be two smelters in addition to copper smelters, we will build a precious metal refinery and it must be completed by 2022," he said.
The smelter, said Budi, will convert copper into copper concentrate which was once exported.
Copperslab
"From copper concentrate it becomes copper cathode and slime anode. The copper cathode then becomes copper wire and copperslab. While the slime anode becomes gold and silver. "In the previous Gresik there was a smelter, but it only arrived at the slime mode," he said.
Regarding the SGAR project, Budi Sadikin said, the project would convert bauxite with a value of US $ 34 per ton to US $ 500 per ton and eventually become aluminum with a value of US $ 1,900 per ton.
"So far, we have cheap exports and imports are more expensive, in large quantities as well. Then it is definitely a deficit (trade balance). If this project is realized, our gross domestic product (GDP) rises not in a matter of percentages, but a large multiple. I promise that BUMN Minister Rini Soemarno must finish this year, "he said.
Budi also explained a number of large projects being worked on by the Mining Mining Holding Company, namely coal downstreaming to mine mouth electricity worth US $ 1.7 billion, with a capacity of 2X620 MW in Tanjung Enim.
"I tried to calculate the evaluation. A 214,600 MW capacity power plant requires 5 million tons of coal per year. Electricity is sold at US $ 5 cents per kwh. So, instead of selling coal, if it is converted into electricity, the value will increase by 200%. The project has already begun to be done, completed in 2022, "said Budi.
Another project, according to him, is Feronikel Haltim (F 3FH) that PT Antam is working on. The project is intended to convert nickel worth US $ 35 per ton, to ferronickel worth US $ 12,000 per ton. The project located in Tanjung Buli, East Halmahera has an investment value of US $ 458 million.
Product of Feronikel
"This has already begun. Once the factory has finished in August, we realize that the electricity is not available. So, we are looking to get electricity, but this project must start, "said Budi.
Positive impact
Budi Sadikin stressed that the existence of Mining BUMN Holding had many positive impacts. As of December 2018, the value of holding assets in charge of PT Aneka Tambang (Antam) Tbk (ANTM), PT Bukit Asam Tbk (PTBA) and PT Timah Tbk (TINS) reached Rp 167 trillion, up 79 percent compared to December 2017 which amounted to Rp 93.2 trillion. While cash reached Rp. 23.4 trillion, up 28% from December 2017 which amounted to Rp. 18.3 trillion.
In line with that, the debt position reached Rp. 73.1 trillion, up 422% compared to the period of December 2017 which was only Rp. 14 trillion.
"The equity value reached Rp. 75.9 trillion, up 15% from the December 2017 period of Rp. 66 trillion," he said.
Furthermore, the debt to equity ratio (DER) reaches 96%, compared to the December period which reached 21%.
"The ratio of debt to profit before interest, tax, depreciation, and amortization (or debt to EBITDA) reached 3.94 times compared to the period of December 2017 which was only 1.1 times," he said.
According to Budi Sadikin, Inalum until the end of December 2018 posted revenue of Rp 7.8 trillion, up 34% compared to the same period the previous year. The company recorded a net profit of Rp 1.3 trillion (up 10%), EBITDA of Rp 2.3 trillion (growing 23%), and EBITDA margin of 29.52% (down 8%).
Of the three companies under the auspices of the Mining BUMN Holding, Antam posted the highest revenue, namely Rp. 24.2 trillion. However, the highest net profit was achieved by PT BA of Rp 5.1 trillion, followed by Antam Rp 706 billion, and PT Timah Rp 550 billion.
Minister of BUMN Satisfied
On that occasion, SOE Minister Rini Soemarno expressed satisfaction with the achievement of Inalum's performance as a Mining BUMN Holding.
"Alhamdulillah, so far so good, everything is according to the set target," said Rini.
According to Rini, the main task of establishing Mining BUMN Holding is to carry out downstream mining products in order to obtain added value.
"Don't just export raw materials. We have to process it into goods, so we get a lot of high value added, "said Rini.
Rini exemplifies coal. These commodities should not only be exported or only made as fuel for electricity generation.
"In the long run, we have to think about the impact of the pollution. In China, many coal plants have been closed. I ask PT BA to immediately realize downstream, "said the Minister of BUMN.
IN INDONESIA
Inalum Siapkan Capex US$ 7 Miliar
PT Indonesia Asahan Aluminium/ Inalum (Persero) selaku Induk Perusahaan (Holding) BUMN Industri Pertambangan menyiapkan anggaran belanja
modal (capital expenditure/capex) tahun ini senilai US$ 7 miliar. Dana tersebut dialokasikan untuk tiga proyek besar, yakni hilirisasi batu bara senilai US$ 3,1
miliar, proyek pemurnian dan pengolahan mineral (smelter) Grade Alumina Refinery (SGAR) senilai US$ 850 juta, dan pembangunan smelter tembaga senilai US$ 3 miliar.
“Dari total capex tersebut, maksimum 30% atau sekitar US$ 2,1 miliar berasal dari equity, itu setara dengan Rp 24 triliun,” kata Direktur Utama Inalum Budi
Gunadi Sadikin dalam acara Buka Puasa Bersama Pemimpin Redaksi Media Massa di Jakarta.
Budi menjelaskan, hilirisasi batu bara merupakan proyek gasifikasi batu bara untuk menghasilkan gas alam sintetis atau synthetic natural
gas (syngas) berupa campuran gas karbon monoksida, hidrogen, metana, karbon dioksida, dan gas-gas lainnya. Dia menambahkan, proyek senilai US$ 3,1 miliar yang berlokasi di Tanjung Enim, Sumatera Selatan itu ditargetkan beroperasi secara komersial (commercial operation date/ COD) pada kuartal
I-2023.
Adapun pembangunan smelter tembaga senilai US$ 3 miliar, menurut Budi Sadikin, adalah proyek yang sedang dikerjakan PT Freeport Indonesia (PTFI) di Gresik dengan masa konstruksi 2,5 tahun.
“Nanti ada dua smelter selain smelter tembaga, kami membangun untuk precious metal refinery dan harus selesai pada 2022,” tutur dia.
Smelter tersebut, kata Budi, akan mengubah tembaga menjadi konsentrat tembaga yang dulunya diekspor.
“Dari copper concentrate menjadi copper cathode dan anode slime. Copper cathode kemudian menjadi copper wire dan copperslab. Sedangkan anode slime menjadi emas dan perak. Di Gresik sebelumnya sudah ada smelter, tapi hanya sampai di anode slime,” papar dia.
Mengenai proyek SGAR, Budi Sadikin mengungkapkan, proyek tersebut akan mengubah bauksit yang nilainya US$ 34 per ton menjadi US$ 500 per
ton dan akhirnya menjadi aluminium dengan nilai US$ 1.900 per ton.
“Jadi, selama ini kita ekspornya murah dan impor lebih mahal, dalam jumlah besar pula. Maka sudah pasti defisit (neraca perdagangan). Kalau proyek ini direalisasikan, produk domestik bruto (PDB) kita naiknya bukan dalam hitungan persentase, tapi kelipatan besar. Saya janji kepada Menteri BUMN Rini Soemarno harus tahun ini selesai,” ujar dia.
Budi juga memaparkan sejumlah proyek besar yang sedang dikerjakan BUMN Holding Pertambangan, yakni hilirisasi batu bara menjadi listrik
mulut tambang senilai US$ 1,7 miliar, dengan kapasitas 2X620 MW di Tanjung Enim.
“Saya coba hitung-hitung Valuasinya. Pembangkit listrik berkapasitas 214.600 MW membutuhkan 5 juta ton batu bara per tahun. Listriknya dijual US$ 5 sen per kwh. Jadi, daripada kita jual batu bara, kalau ini diubah menjadi listrik, nilainya naik 200%. Proyeknya sudah mulai dikerjakan, selesainya pada 2022,” ucap Budi.
Proyek lainnya, menurut dia, adalah Feronikel Haltim (F 3FH) yang dikerjakan PT Antam. Proyek tersebut ditujukan untuk mengubah nikel senilai
US$ 35 per ton, menjadi feronikel bernilai US$ 12.000 per ton. Proyek yang berlokasi di Tanjung Buli, Halmahera Timur ini memiliki nilai investasi US$ 458 juta.
“Ini sudah dimulai. Begitu pabriknya sudah selesai Agustus, kita sadar listriknya belum ada. Jadi, kita cari untuk mendapatkan listrik, tapi proyek ini
harus dimulai,” kata Budi.
Dampak Positif
Budi Sadikin menegaskan, keberadaan Holding BUMN Pertambangan memberikan banyak dampak positif. Hingga Desember 2018, nilai aset holding yang membawahkan PT Aneka Tambang (Antam) Tbk (ANTM), PT Bukit Asam Tbk (PTBA), dan PT Timah Tbk (TINS) tersebut mencapai Rp 167 triliun, naik 79% dibanding Desember 2017 yang sebesar Rp 93,2 triliun. Sedangkan kas mencapai Rp 23,4 triliun, naik 28% dari Desember 2017 yang sebesar Rp 18,3 triliun.
Sejalan dengan itu, posisi utang mencapai Rp 73,1 triliun, naik 422% dibanding periode Desember 2017 yang hanya Rp 14 triliun.
“Nilai ekuitas mencapai Rp 75,9 triliun, naik 15% dari periode Desember 2017 yang sebesar Rp 66 triliun," tutur dia.
Selanjutnya rasio utang terhadap ekuitas (debt to equity ratio/DER) mencapai 96%, dibanding periode Desember yang mencapai 21%.
“Rasio utang terhadap laba sebelum bunga, pajak, depresiasi, dan amortisasi (atau debt to EBITDA) mencapai 3,94 kali dibanding periode Desember 2017
yang hanya 1,1 kali,” ujar dia.
Menurut Budi Sadikin, Inalum hingga akhir Desember 2018 membukukan pendapatan Rp 7,8 triliun, naik 34% dibanding periode sama tahun sebelumnya. Perusahaan tersebut mencatatkan laba bersih Rp 1,3 triliun (naik 10%), EBITDA Rp 2,3 triliun (tumbuh 23%) , dan margin EBITDA sebesar 29,52% (turun 8%).
Dari tiga perusahaan yang bernaung di bawah Holding BUMN Pertambangan, Antam membukukan pendapatan tertinggi, yakni Rp 24,2 triliun. Namun, laba bersih tertinggi dicapai PT BA sebesar Rp 5,1 triliun, disusul Antam Rp 706 miliar, dan PT Timah Rp 550 miliar.
Menteri BUMN Puas
Pada kesempatan itu, Menteri BUMN Rini Soemarno menyatakan puas atas capaian kinerja Inalum selaku Holding BUMN Pertambangan.
“Alhamdulillah, so far so good, semua sesuai target yang telah ditetapkan,” ujar Rini.
Menurut Rini, tugas utama pembentukan Holding BUMN Pertambangan adalah melaksanakan hilirisasi produk pertambangan guna mendapatkan
nilai tambah.
“Jangan Iagi kita hanya mengekspor bahan mentah saja. Kita harus olah menjadi barang, sehingga diperoleh banyak value added yang tinggi,” kata Rini.
Rini mencontohkan batu bara. Komoditas tersebut jangan hanya diekspor atau hanya dibuat sebagai bahan bakar pembangkit listrik.
“Dalam jangka panjang, kita harus pikirkan dampak polusinya. Di Tiongkok banyak pembangkit batu bara yang sudah ditutup. Saya minta PT BA segera merealisasikan hilirisasi,” kata Menteri BUMN.
Investor Daily, Page-1, Friday, May-10, 2019
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