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Jumat, 12 Agustus 2011

Borneo Lumbung (BORN IJ; CP: IDR1,320; Not rated) - BNP Paribas

Key issues
ƒ One of Borneo’s biggest challenges is whether the company is able to ramp up production from 3.6m tonnes to 15m tonnes by 2016. The availability of heavy equipment has become a major issue, management said. It needs an average of 18-24 months delivery time for some heavy equipment.
ƒ Borneo’s challenging transportation route through the Barito River, given the occasional low water levels on the upper north part of the river during dry season, is likely to halt coal shipments. Management is considering an alternative transportation route through the Mahakam River as well as storing up coal in the middle part of the river’s ISPs, which enables Borneo to continually ship coal.

Questions raised
ƒ What is Borneo's capex this year? Around USD197.5m, of which USD172.3m is to purchase mining equipment, and the rest for the infrastructure expansion. ƒ What is management’s projection on production volume for this year and next year? This year's production will be around 3.6mt, and expect 4.6mt in 2012.
ƒ Does Borneo have its own heavy equipment unit? Yes. Borneo owns its heavy equipment rental company, PT Borneo Mining Services.

Current view
ƒ Not rated.

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