In addition to the distribution of dividends, the meeting also approved the Board of Directors' Annual Report on the Condition and Operations of the Company for the 2020 Financial Year; ratified the Annual Report including the Financial Report for the Partnership and Community Development Program for the 2020 Financial Year; determined the Company's Board of Directors and Board of Commissioners Bonuses for the 2020 Financial Year and Salary/ Honorarium as well as the Facilities and Other Incentives for the 2021 Financial Year; appointed a public accounting firm to audit the Company's Financial Statements and the Financial Statements of the Partnership and Community Development Program for the 2021 Financial Year; and approved Amendments to the Articles of Association of the Company in line with the issuance of the Financial Services Authority Regulation No. 15/POJK.04/2020.

As the final agenda, the AGMS approved changes in the Company's management's composition, including appointing :

·         Suryo Eko Hadianto : President Director

·         Dwi Fatan Lilyana : Director of Human Resource

·         Farida Thamrin : Director of Finance and Risk Management

·         Suhedi : Director of Operations and Production

The inaugurated officials replaced Arviyan Arifin, Joko Pramono, Adib Ubaidillah, Mega Satria, and Hadis Surya Palapa. The Nomenclature of positions within the Company has also changed in order to align and improve the effectiveness of coordination in the internal Mining Industry Holding (MIND ID).

PTBA's Performance Throughout 2020

Amid weakening coal prices and the Covid-19 pandemic, PT Bukit Asam Tbk still scored a positive performance. The Company was able to record revenues of IDR 17.3 trillion with a net profit of IDR 2.4 trillion. The Company's assets were recorded to remain strong at IDR 24.1 trillion, with the composition of cash equivalents and time deposits over three months amounting to IDR 5.5 trillion or 23% of total assets.

Throughout 2020, the Company also won a number of prestigious awards, including Program Penilaian Peringkat Kinerja Perusahaan Dalam Pengelolaan Lingkungan (PROPER) in the Gold category for the Tanjung Enim Mining Unit and PROPER in the Gold category for the Tarahan Port Unit, Best BUMN Corporate Governance in the 2020 BUMN Award, TOP CSR Award 2020 (5 stars), 2020 National Level Sustainable Climate Village Program for Pelakat Village, Indonesia Most Trusted Companies in the Good Corporate Governance Award 2020, and Gold Category for Asia Sustainability Reporting Rating 2020.

In addition, Bukit Asam carried out a buyback of 6.3 million shares from 17 March 2020 to 16 June 2020 at a purchase price of IDR1,987/share.

PTBA's Targets in 2021

The Company aims to increase its coal production volume from 24.8 million tons in 2020 to 29.5 million tons in 2021. The Company also targets an increase in coal sales from 26.1 million tons in 2020 to 30.7 million tons in 2021.

Progress of Development Projects

Coal Gasification

The issuance of Presidential Regulation No. 109/2020, which was signed on November 17, 2020, by President Joko Widodo, marked the inclusion of two PTBA projects in the list of National Strategic Projects. The first one is the Company's coal gasification project, and the second one is the Bukit Asam Coal-Based Industrial Estate (BACBIE), both located in Tanjung Enim, South Sumatra.

PTBA, Pertamina, and Air Products are optimistic that the coal DME development project can go ahead as planned to start operating in the second quarter of 2024. A Cooperation Agreement between PTBA, Pertamina, and Air Products Chemical Inc was also signed on February 11, 2021.

Development of Coal Activated Carbon

One manifestation of PTBA's commitment to downstream and increasing the added value of coal is activated carbon from coal raw materials. At the end of 2020, PTBA has signed a Head of Agreement (HoA) with Activated Carbon Technologies PTY, LTD (ACT) based in Australia, which has stated its commitment as an offtaker of a long-term activated carbon product. The development of an activated carbon factory in the Tanjung Enim Industrial Estate (BACBIE) is planned to produce 12,000 tons of activated carbon per year by processing 60,000 tons of coal per year.

Sumsel-8 Mine Mouth Coal-Fired Power Plant

Sumsel-8 mine-mouth coal-fired power plant with a capacity of 2x620 MW is a PTBA strategic project with a value of US $ 1.68 billion. This PLTU is part of the government's 35,000 MW project developed by PTBA through PT Huadian Bukit Asam Power (PT HBAP) as an Independent Power Producer (IPP). PT HBAP is a consortium between PTBA and China Huadian Hongkong Company Ltd. The PLTU project development progress, which will require 5.4 million tons of coal per year, has reached 72%. This power plant is expected to be fully operational by March 2022.

Development of Solar Power Plants (PLTS)

The Company's business expansion to the new and renewable energy sector has also begun to roll. One of the evidences is the Commercial Operation Date PLTS(CoD) at Soekarno Hatta Airport in collaboration with PT Angkasa Pura II (Persero). This PLTS became fully operational on October 1, 2020.

This PLTS cooperation has encouraged PTBA and AP II to explore the development of PLTS in a number of other airports managed by AP II. The PLTS, in collaboration with PTBA and AP II, is in the form of a 720 solar panel system with photovoltaics with a maximum capacity of 241 kilowatt-peaks (kWp) and is installed in the Airport Operation Control Center (AOCC) Building.

PLTS Developments in Ex-Mining Sites in Ombilin and Tanjung Enim

PTBA plans to develop PLTS in the Company's post-mining sites in Ombilin, West Sumatra, and Tanjung Enim, South Sumatra, each with a capacity of 200 MW. Currently, PLTS is in the discussion stage with PLN to become an Independent Power Producer (IPP) and is targeted to start operating in 2022.

Coal Transportation Capacity Development with Pelindo II

PTBA signed a Head of Agreement (HoA / Master Agreement) with PT Pelabuhan Indonesia II

(Persero) to develop the capacity of transporting coal and/or other commodities through rivers and ports in South Sumatra. This coal transportation development cooperation is carried out to create the economic corridor of South Sumatra as a national energy storehouse.

Coal Transportation Project

PTBA, in collaboration with PT Kereta Api Indonesia (Persero), is developing railways for coal transportation with a capacity of 72 million tons/year by 2025, including a new line consisting of:

·         Tanjung Enim – Northward: The line is set to carry 20 million tons per year. The new Kramasan Port facility, which PT KAI builds, is expected to operate in 2024. Besides, a 5 million tons/year capacity railway has been successfully operated at the Kertapati Port since the first quarter of 2020. The capacity will be increased to 7 million tons per year by the third quarter of 2021.