Jakarta, March 8, 2024 – PT Bukit Asam Tbk (PTBA), a member of the MIND ID Mining BUMN Holding, has managed to sustain good performance in 2023.The Company managed to record revenue of Rp38.5 trillion and gross profit of Rp9.2 trillion in 2023. After deducting operating costs, PTBA reported a net profit of Rp6.1 trillion. As of December 31, 2023, the total assets of the Company were Rp38.8 trillion.
PTBA was successful in increasing operational performance during 2023. PTBA's total coal production from January to December 2023 reached 41.9 million tons, increased 13 percent from 37.1 million tons in 2022. This production result exceeded the 41 million tons target set at the beginning of 2023.
This increase in production was followed by an increase in coal sales volume to 37.0 million tonnes, an increase of 17 percent compared to the previous year. The company reported export sales of 15.6 million tons, a 25% increase from 2022. Meanwhile, domestic sales were 21.4 million tons, representing a 12 percent annual growth (year on year).
This year's challenges for the company include coal price corrections and market fluctuations.
The average ICI-3 coal price was corrected by approximately 34 percent from USD 127.8 per ton in January-December 2022 to USD 84.8 per ton on an annual basis.
Meanwhile, the Cost of Goods Sold experienced an increase, including components of royalty fees, rail transportation and mining services.
Therefore, PTBA continued to strive to maximize domestic market potential as well as export opportunities in order to maintain excellent performance. The Company also consistently prioritized cost leadership in every line, allowing for the most effective implementation of sustainable efficiency.
Apart from that, the Company expected that the establishment of a Management Agency Partner (MIP) would be realized soon and would have a positive impact on PTBA’s financial performance.
Company Target 2024
In planning, the Company observes the latest market developments and anticipates various dynamic factors. In 2024, PTBA targets coal production of 41.3 million tons, sales of 43.1 million tons, and transportation of 33.7 million tons.
Development Project Progress
Coal Downstreaming
PTBA is committed to supporting government policies that encourage coal downstreaming and maintain national energy security. Collaboration with many stakeholders is established to promote increased added value of coal. This includes collaboration with the National Research & Innovation Agency (BRIN) and various universities.
The Company has provided land for downstream industries development in collaboration with potential partners. In addition, PTBA has allocated special coal reserves for downstream projects, ensuring that the downstream industry's coal needs are met.
Steam Power Plant
The Sumsel-8 Mine Mouth Steam Power Plant (2x660 MW) has achieved Commercial Operation Date (COD) status effective on October 7, 2023.
This steam power plant applies Supercritical Steam Generator technology which is efficient and environmentally friendly, as well as Flue Gas Desulfurization (FGD) technology to reduce exhaust gas emissions. Also known as PLTU Tanjung Lalang, this plant supplies electricity to PLN for public purposes in the Sumatran Electricity System.
Renewable Energy Development
The energy transformation is happening across the globe. With the government targets to achieve Net Zero Emissions by 2060 and PTBA’s vision of becoming a world-class energy company that cares about the environment, PTBA is diversifying its business into new and renewable energy (NRE) industry.
The Company has so far built a solar power plant at Soekarno-Hatta Airport in collaboration with PT Angkasa Pura II (Persero), which has been fully operating since October 2020. The solar power plant, which has a maximum capacity of 241 kilowatt-peak (kWp), is installed in the Airport Operation Control Center Building (AOCC). PTBA is also collaborating with Jasa Marga Group to build solar power plant on toll roads. On September 21, 2022, solar power plant with a capacity of 400 kWp was constructed and inaugurated on the Bali-Mandara Toll Road.
Currently, PTBA is also exploring opportunities to develop hydrogen-based NRE both for its own purposes and supporting future partnerships in PTBA's transportation and production business chain system.
Coal Transportation Project
PTBA had started construction of a new coal handling facility to increase coal transportation capacity along the Tanjung Enim - Keramasan railway line. On December 30, 2023, the groundbreaking procession was held in Tanjung Enim.
The construction of coal transportation facility of Tanjung Enim - Keramasan link, which has a capacity of 20 million tons per year, is part of PTBA's collaboration with PT Kereta Api Indonesia (Persero) or KAI. PT KAI is constructing the facilities and infrastructure for rail transportation, while PT Kereta Api Logistik (Kalog) is building the dock facilities in Keramasan.
Carbon Management
To support the Government in achieving the Net Zero Emission target by 2060, PTBA implements Good Mining Practice including decarbonization programs.
PTBA’s total reclamation area as of December 2023 is 2,222.08 hectares (ha). Meanwhile, the total area designated for rehabilitation of Watershed Areas as of December, 2023 is 5,199.18 ha.
In addition to land revegetation, PTBA has implemented a number of other decarbonization programs. From an operational standpoint, the company utilizes Eco Mechanized Mining, replacing mining equipment that consumes fossil fuels with electricity. PTBA has used a variety of electricity-powered tools, including the PC-3000 Shovel Electric Excavator, a 100 Ton hybrid Dump Truck (Diesel and Electric), and an Electric-based Mining Pump. PTBA has also run electric buses at Tarahan Port and Tanjung Enim Mining Unit.
The company also implements E-Mining Reporting System, which is a real time and online production reporting system to minimize the need for conventional fuel-based monitoring.
These decarbonization programs are part of PTBA's carbon management roadmap until 2060 which will be implemented and developed sustainably in every line of the company to provide optimal results.
