Jakarta, October 30, 2024 – PT Bukit Asam Tbk (PTBA), a member of MIND ID Group, has maintained a strong performance in the third quarter of 2024, due to the revenue increase and operational efficiency. During this period, the company recorded a net profit of IDR 3.23 trillion and an EBITDA of IDR 5.65 trillion amidst various challenges.The company has successfully increased revenue by 11 percent year-on-year, reaching IDR 30.66 trillion. By September 30, 2024, the company’s total assets were IDR 40.15 trillion.
The total sales from January to September this year reached 31.28 million tons, reflecting a 16 percent year-on-year increase. Coal exports during this period totaled 14.29 million tons, an increase of 27 percent year-on-year, compared to 11.25 million tons in the same period last year.
Meanwhile, the realization of the Domestic Market Obligation (DMO) was 16.98 million tons, growing 8 percent compared to 15.76 million tons in the third quarter of 2023. As of September 2024, the company’s coal production reached 32.97 million tons, marking a 3 percent year-on-year increase. Rail transport realization reached 26.42 million tons, an increase of 11 percent year-on-year.
Strong performance has been achieved despite various challenges, including corrections in coal prices and market fluctuations. The average index price of coal, ICI-3, has corrected approximately 14 percent year-on-year, from USD 86.32 per ton in the third quarter of 2023 to USD 74.59 per ton in the third quarter of 2024. Similarly, the average Newcastle coal index price has decreased by 28 percent year-on-year to USD 133.89 per ton from USD 185.45 per ton in the third quarter of 2023.
Consequently, PTBA continues to maximize domestic market potential and export opportunities to maintain its strong performance. The company is also consistently prioritizing cost leadership across all business lines, enabling optimal implementation of sustainable efficiencies. This is reflected in the reduction of cash costs per ton year-on-year, from IDR 853,000 to IDR 835,000.
Furthermore, the company hopes for the prompt realization of the establishment of the Management Institution Partners (Mitra Instansi Pengelola/MIP), which is expected to bring a positive impact to PTBA's financial performance.
The Progress of Development Projects
Development on the Renewable Energy Initiatives
The global energy transition is currently underway with governments targeting net-zero emissions by 2060. PTBA has a vision to become a world-class energy company that is environmentally conscious. As part of this commitment, the company is diversifying its business into the field of new and renewable energy.
On October 24, 2024, PTBA launched a pilot plant for Wood Pellets from the Red Kaliandra tree in Tanjung Enim, South Sumatra. The Wood Pellets are biomass which is one of the mixtures for co firing in coal-fired power plants. This pilot plant is the continuation of the company’s biomass cultivation initiative program which was started in 2023. To date, the pilot plant is able to produce 200 kg per hour.
To date, PTBA has established a solar power plant at Soekarno-Hatta Airport in collaboration with PT Angkasa Pura II (Persero), which has been fully operational since October 2020. This solar power plant has a maximum capacity of 241 kilowatt-peak (kWp) and is installed at the Airport Operation Control Center (AOCC).
In addition to its partnership with Angkasa Pura II, PTBA was collaborating with Jasa Marga Group for the development of solar power plants along toll roads. A solar power plant with a capacity of 400 kWp on the Bali-Mandara Toll Road has been completed and was inaugurated on September 21, 2022. Another collaboration was also made with PT Semen Baturaja Tbk (SMBR). Together with PT Semen Baturaja Tbk, PTBA built solar power plants with a capacity of 23.07 kWp and has a commercial operation date (COD) in June 2023.
Coal Downstreaming
Collaborating with the National Research and Innovation Agency (BRIN), PTBA has initiated a pilot project for the conversion of coal into Artificial Graphite and Anode Sheets for lithium-ion (Li-ion) battery raw materials. The soft launch of this pilot project took place at the Tanjung Enim Industrial Area on July 15, 2024.
This pilot project for the conversion of coal into Artificial Graphite and Anode Sheets represents a significant breakthrough in the downstream processing of coal. The development of coal into Artificial Graphite and Anode Sheets demonstrates PTBA's commitment to supporting government policies that promote the downstream processing of coal, enhance national energy security, and advance the electric vehicle industry domestically.
Coal Transportation Projects
PTBA has commenced the construction of a new coal handling facility to enhance coal transport capacity via Tanjung Enim - Keramasan railway line. This initiative was marked by a groundbreaking ceremony held in Tanjung Enim on December 30, 2023.
Together with PT Kereta Api Indonesia (Persero) or PT KAI, the two companies have built the facility of coal transportation along the Tanjung Enim - Keramasan route to increase the capacity to 20 million tons per year. PT KAI is responsible for preparing the infrastructure for the railway transport, while the docking facilities at Keramasan are being constructed by PT Kereta Api Logistik (Kalog).
Carbon Management
To support the government in achieving its net-zero emissions target by 2060, PTBA has implemented several programs to facilitate decarbonization.
In addition to the implementation of Good Mining Practices, the company has adopted Eco Mechanized Mining, which involves replacing fossil fuel-powered mining equipment with electric alternatives. Some electric-powered equipment already utilized by PTBA includes the Electric Excavator type Shovel PC-3000, 100-ton hybrid Dump Trucks (Diesel and Electric), and electric-based Mining Pumps. PTBA has also operated electric buses at the Tarahan Port and Tanjung Enim Mining Unit. The company has implemented an E-Mining Reporting System, which allows for real-time and online production reports, thereby minimizing the need for conventional monitoring methods that rely on fossil fuels.
Hence, PTBA is developing constructed wetlands to eliminate pollutants such as heavy metals and neutralize acid mine drainage.
These decarbonization programs are part of PTBA's carbon management roadmap through 2060, which will be continuously implemented and developed across all company’s divisions to achieve optimal results.
