i

biaya
biaya
biaya
biaya

penambangan emas
pengupasan OB
pengolahan emas
angkut ke pelabuhan

biaya csr
akusisi emas
pembelian peralatan
eksplorasi
bangun kantor + infrastruktur
jaminan reklamasi
asumsi working capital
salvage value
TAHUN
total prod
prod cu
prod ag
prod mo
stripping ratio
overburden
selling price ($)
gr cu
gr ag
gr mo
royalty (-)
NET REVENUE
salvage value (+)
debt interest (-)
depreciation (-)
amortization (-)
depletion (-)
BIAYA PENAMBANGAN
BIAYA PENGUPASAN OB
BIAYA PENGOLAHAN BB
BIAYA INVENTORI
operating cost (-)
NET INCOME BEFORE TAX

$5/ton
$6/ton
$8/ton
$5/ton

0
5.00
6
8
5

$
$
$
$

1
5.10
6.24
8.16
5.15

3,000,000 /tahun
7,000,000
28,750,000
7,000,000
12,500,000
5,750,000
10%
8,000,000
0

bcm/ton

1
15,000,000
174600
2,000,000
4

tax (-)
NET INCOME AFTER TAX
depreciation (+)
amortization (+)
depletion (+)
borrowed (+)
principal payment (-)
working capital (-)
working capital return (-)
BIAYA AKUSISI EMAS
BIAYA PEMBEBASAN LAHAN
BIAYA BELI ALAT
BIAYA EKSPLORASI
BIAYA INFRASTRUKTUR
BIAYA JAMINAN REKLAMASI
capital cost (-)
CASH FLOW

$
$
$
$

2
5.20
6.49
8.32
5.30

$
$
$
$

3
5.31
6.75
8.49
5.46

$
$
$
$

4
5.41
7.02
8.66
5.63

$
$
$
$

5
5.52
7.30
8.83
5.80

$
$
$
$

6
5.63
7.59
9.01
5.97

metode depresiasi : declining balance switching to straight line

laju depresiasi : 1.5/n
metode deplesi : cost depletion
setengah dari capital cost

2,000,000 1,000,000 1,000,000 1,000,000 1,000,000

4
5
5
5
5

perusahaan emas golden pit

cadangan 8,000,000
produksi 2 jt di tahun 1 dan 2, sisanya rata (empat tahu
stripping ratio 4bcm/ton tahun 1 dan 2 sisanya 5bcm/to
kadar emas setelah proses pengolahan 0.8 ppm
harga jual emas 6500/ounce ESKALASI 3%
biaya yang harus dikeluarkan
OPERATING COST (itu loh yg /tahun gitu)
biaya penambangan emas
biaya ngupas overburden
biaya pengolahan emas
biaya pengangkutan
csr perusahaan

production * 5

TAHUN
production (ton)
stripping ratio
overburden (bcm)
production emas (gr)
production emas (ton)
production emas (ounce)
harga emas tereskalasi 3%
GROSS REVENUE
royalti
NET REVENUE
salvage value
debt interest (-)
depreciation (-)
amortization (-)
depletion (-)
OPERATING COST
biaya penambangan

overburden * 5

biaya ngupas overburden

production * 8

biaya pengolahan emas

production emas * 5
liat ini per ton per apa nih

biaya pengangkutan

1 TON COAL = 4 BCM OB

tinggal dikali
production * ppm
konversi aja
konversi aja
barang yg dijual * harga

urus operating cost dulu

dibungain dari duit yg dipinjem
th selanjutnya dikurangin yg dibayar

biaya csr

setengah TOTAL CAPITAL COST

borrow/tahun cicil
10% capital cost

TOTAL OPERATING COST

NET INCOME BEFORE TAX
TAX
NET INCOME AFTER TAX
depreciation (-)
amortization (-)
depletion (-)
borrowed (+)
principal payment
working capital
working capital returns
CAPITAL COST
akuisisi emas
pembebasan lahan
eksplorasi
jaminan reklamasi
pembelian alat
kantor + infrastruktur
TOTAL CAPITAL COST
CASH FLOW
PRESENT VALUE
NPV
IRR
BCR
PVR
PAYBACK PERIOD

PROYEK LAYAK

pit

an 2, sisanya rata (empat tahun sisa)

ahun 1 dan 2 sisanya 5bcm/ton
es pengolahan 0.8 ppm
nce ESKALASI 3%

rkan
yg /tahun gitu)
5/ton
5/bcm
8/ton
8/ton
3,000,000/tahun

CAPIPTAL COST
DEPLESI
AMORTISASI

DEPRESIASI

0
bcm/ton

6500

5
per ton
5
per bcm
8
per ton
5
per ton

1
2,000,000
4
8,000,000
1,600,000
1.60
56,438
6,695
377,855,088
(26,449,856.16)
351,405,232

2
2,000,000
4
8,000,000
1,600,000
1.60
56,438
6,896
389,190,741
(27,243,351.84)
361,947,389

3
1,000,000
5
5,000,000
800,000
0.80
28,219
7,103
200,433,231
(14,030,326.20)
186,402,905

-2700000
-10312500
-3208333.33333333
-1,750,000

-2160000
-7734375
-3208333.33333333
-1,750,000

-1620000
-5800781.25
-3208333.33333333
-875,000

5.100
(10,200,000)
5.200
(41,600,000)
8.160
(16,320,000)
5.150
(8.240)
(3,000,000)

5.202
10,404,000
5.408
(43,264,000)
8.323
(16,646,400)
5.305
(8.487)
###

5.306
5,306,040
5.624
(28,121,600)
8.490
(8,489,664)
5.464
(4.371)
(3,000,000)

(71,120,008.24)
262,314,390.27
(91,810,036.59)
170,504,353.67
-10312500
-3208333.33333333
-1750000

(52,506,408.49)
294,588,271.97
(103,105,895.19)
191,482,376.78
-7734375
-3208333.33333333
-1750000

(34,305,228.37)
140,593,562.28
(49,207,746.80)
91,385,815.48
-5800781.25
-3208333.33333333
-875000

-6750000

-6750000

-6750000

33,750,000.00
(6,750,000.00)

7,000,000
6,500,000
7,000,000
5,750,000
28,750,000
12,500,000
-67,500,000
-40,500,000

148,483,520.34

172,039,668.45

74,751,700.90

($40,500,000.00)

$132,574,571.73

$137,148,970.38

$53,206,784.19

$421,269,719.32 dari
368% dari
$11.40 dari
$10.40 dari
0.31 dari

cash flow
cash flow
present value
present value
cash flow

METODE DEPRESIASI = DB -> SL

ROYALTI 7%
LAJU DEPRESIASI 1.5/N
PAJAK 35%
DEPLESI = COST DEPLETION
SALVAGE VALUE DI AKHIR 8,000,000
SETENGAH DARI CAPITAL COST DAPET DARI PINJAMAN BANK
DIBALIKIN 5 TAHUN DENGAN BUNGA 8% TAHUN

ST

asumsi working capita

akuisisi emas
pembebasan lahan
eksplorasi
jaminan reklamasi
pembelian alat
kantor + infrastruktur

4
1,000,000
5
5,000,000
800,000
0.80
28,219
7,316
206,446,228
(14,451,235.99)
191,994,992

7,000,000
6,500,000
7,000,000
5,750,000
28,750,000
12,500,000

5
1,000,000
5
5,000,000
800,000
0.80
28,219
7,535
212,639,615
(14,884,773.07)
197,754,842

6
1,000,000
5
5,000,000
800,000
0.80
28,219
7,761
219,018,804
(15,331,316.26)
203,687,487
8,000,000

-1080000
-540000
-5800781.25
-5800781.25
-5800781.25
-3208333.33333333 -3208333.33333333 -10083333.3333333
-875,000
-875,000
-875,000
5.412
5,412,161
5.849
(29,246,464)
8.659
(8,659,457)
5.628
(4.502)
(3,000,000)

5.520
5,520,404
6.083
(30,416,323)
8.833
(8,832,646)
5.796
(4.637)
###

5.631
5,630,812
6.327
(31,632,975)
9.009
(9,009,299)
5.970
(4.776)
(3,000,000)

(35,493,764.98)
(36,728,569.61)
(38,011,467.50)
145,537,112.82
150,602,157.97
156,916,905.34
(50,937,989.49)
(52,710,755.29)
(54,920,916.87)
94,599,123.33
97,891,402.68
101,995,988.47
-5800781.25
-5800781.25
-5800781.25
-3208333.33333333 -3208333.33333333 -10083333.3333333
-875000
-875000
-875000
-6750000

-6750000
6750000

77,965,008.75

81,257,288.10

85,236,873.89

$49,548,172.54

$46,107,567.49

$43,183,652.98

ANALISIS
NPV
IRR dengan i = 12%
bcr
pvr
payback period

produksi awal 2 juta

dikalo 0.8 = 1.6 juta gram
1.6 ton
35274

sumsi working capital 10% dari capital cost

DEPRESIASI
year
type
DB rate
adjusted basis
depreciation
DEPLESI
year
adjusted basis
removed coal
recoverable coal
depletion

1
DB
0.25
41,250,000
10,312,500.00

DB

41,250,000 SL
2
3
DB
0.25
0.25
30,937,500 23,203,125.00
7,734,375.00
5,800,781.25

Cuma si akukuisisi 7 juta itu

1
2
7,000,000
5,250,000
2,000,000
2,000,000
8,000,000
6,000,000
1750000
1750000

3
3,500,000
1,000,000
4,000,000
875000

6,875,000.00
4
SL

5
SL

0.3333333333
17,402,343.75
5,800,781.25

4
2,625,000
1,000,000
3,000,000
875000

SL
0.3333333333 0.3333333333
17,402,343.75
17402343.75
5,800,781.25
5,800,781.25

5
1,750,000
1,000,000
2,000,000
875000

6
875,000
1,000,000
1,000,000
875000

cu

TAHUN
production (n)
cu ton
mo ton
ag ton
mo ounce
ag ounce
stripping ratio
overburden
selling price ($) cu
selling price ($) mo
selling price ($) ag
GROSS REVENUE cu
GROSS REVENUE mo
GROSS REVENUE ag
royalty cu
royalty mo
royalty (-) ag
NET REVENUE
salvage value (+) GAADAA
debt interest (-)
depreciation (-)
amortization (-)
depletion (-)
HARGA PENAMBANGAN
BIAYA PENAMBANGAN
MILLING COST
STRIPPING OB
operating cost (-)
NET INCOME BEFORE TAX
tax (-)
NET INCOME AFTER TAX
depreciation (+)
amortization (+)

0.0430555556
45.0
780.0
550.0
ton
ounce
ounce

1
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
45.90
803.40
572.00
8,014,140.00
309,250,773.59
880,714,177.20
(320,565.60)
(15,462,538.68)
(33,026,781.65)
1,246,788,976.71

(6,000,000.00)
-10833333
(3,166,666.67)
0
5
5.1
76500000
7
105000000
4
4.04
30,300,000.0
(211,800,000.0)
1,014,988,976.71
(304,496,693.01)
710,492,283.70
10833333.3333333
3166666.66666667

depletion (+)
borrowed (+)
principal payment (-)
working capital (-)
working capital return (-)
EKSPLORASI
BEBAS LAHAN
REKLAMASI
ALAT
KANTOR
RUMAH KARYAWAN
capital cost (-)
CASH FLOW
PRESENT VALUE

0
60,000,000
-10,000,000
-9350000
15000000
8,500,000
5,000,000
30,000,000
20,000,000
15,000,000
-93500000
-42,850,000
($42,850,000.00)

CAPITAL COST
EKSPLORASI
BEBAS LAHAN
REKLAMASI
ALAT
KANTOR
RUMAH KARYAWAN
WORKING CAPITAL ASUMSI 10%

NPV
IRR

15,000,000 AMORTISASI
8,500,000 AMORTISASI
5,000,000 AMORTISASI
30,000,000 DEPRESIASI
20,000,000 DEPRESIASI
15,000,000 DEPRESIASI

3,292,426,466.56401 BCR
1672% PVR

OPERATIING COST
SELLING PRICE CU
SELLING PRICE MO
SELLING PRICE AG
ROR

25000000000

20000000000

15000000000

714,492,283.70
$621,297,638.00

0.7
-30
4101597404.1722
3874578860.1995
3525982554.3965
2844833900.9567
4656487027.4263

91.6294
90.6294
0.8
-20
4028887839.40844
3877542143.42664
3645144606.22464
3191045503.93142
4374542792.24105

25000000000

20000000000

15000000000

10000000000

5000000000

0
1

2
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
46.82
827.50
594.88
8,174,422.80
318,528,296.79
915,942,744.29
(326,976.91)
(15,926,414.84)
(34,347,852.91)
1,293,246,708.54

3
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
47.75
852.33
618.68
8,337,911.26
328,084,145.70
952,580,454.06
(333,516.45)
(16,404,207.28)
(35,721,767.03)
1,341,462,001.77

4
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
48.71
877.90
643.42
8,504,669.48
337,926,670.07
990,683,672.22
(340,186.78)
(16,896,333.50)
(37,150,637.71)
1,391,502,169.76

5
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
49.68
904.23
669.16
8,674,762.87
348,064,470.17
1,030,311,019.11
(346,990.51)
(17,403,223.51)
(38,636,663.22)
1,443,437,129.39

-5,000,000
-4,000,000
-3,000,000
-2,000,000
-9027778
-7523148
-6269290
-6269290
(3,166,666.67)
(3,166,666.67)
(3,166,666.67)
(3,166,666.67)
0
0
0
0
5.202
5.30604
5.4121608
5.520404016
78030000
79590600
81182412
82806060.24
105000000
105000000
105000000
105000000
4.0804
4.121204
4.16241604
4.2040402004
30,603,000.0
30,909,030.0
31,218,120.3
31,530,301.5
(213,633,000.0)
(215,499,630.0)
(217,400,532.3)
(219,336,361.7)
1,062,419,264.10
1,111,272,556.96
1,161,665,680.67
1,212,664,810.86
(318,725,779.23)
(333,381,767.09)
(348,499,704.20)
(363,799,443.26)
743,693,484.87
777,890,789.87
813,165,976.47
848,865,367.60
9027777.77777778 7523148.14814815 6269290.12345679 6269290.12345679
3166666.66666667 3166666.66666667 3166666.66666667 3166666.66666667

-10,000,000

-10,000,000

-10,000,000

-10,000,000

745,887,929.31
$563,998,434.26

778,580,604.69
$511,929,385.84

812,601,933.26
$464,607,792.72

848,301,324.39
$421,755,683.01

DEPRESIASIS
CARI STRAIGHT LINE NYA DULU
DEPRESIASI
65,000,000
SL
7,222,222.22
DECRLINING BALANCE
year
type
DB rate
adjusted basis
depreciation

PAYBACK PERIOD

-10
3956178274.64468
3880505426.65378
3764306658.05278
3537257106.90617
4117789726.14319

0.0689685545

0
3883468709.88092
3883468709.88092
3883468709.88092
3883468709.88092
3883468709.88092

1
DB

2
DB

0.17
65,000,000.00
10,833,333.33

0.17
54,166,666.67
9,027,777.78

PROYEK LAYAK
10
20
3810759145.11716
3738049580.3534
3886431993.10806 3889395276.33521
4002630761.70906
4121792813.5372
4229680312.85567 4575891915.83042
3669167504.92189 3472772269.24429

YANG PALING SENSITIF ADALAH AG

DENGAN GRADIEN TERTINGGI

ROR
OPERATING COST

ROR
OPERATING COST
SELLING PRICE AG
SELLING PRICE MO
SELLING PRICE CU

15

6
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
50.68
931.36
695.93
8,848,258.13
358,506,404.27
1,071,523,459.88
(353,930.33)
(17,925,320.21)
(40,182,129.75)
1,497,339,502.56

7
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
51.69
959.30
723.76
9,025,223.29
369,261,596.40
1,114,384,398.27
(361,008.93)
(18,463,079.82)
(41,789,414.94)
1,553,284,721.65

8
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
52.72
988.08
752.71
9,205,727.76
380,339,444.29
1,158,959,774.20
(368,229.11)
(19,016,972.21)
(43,460,991.53)
1,611,351,139.11

9
15,000,000
174,600
10.91
43.650
384,927.525
1,539,710.100
0.5
7,500,000.0
53.78
1,017.72
782.82
9,389,842.31
391,749,627.62
1,205,318,165.17
(375,593.69)
(19,587,481.38)
(45,199,431.19)
1,671,620,141.37

-1,000,000
-6269290
-6269290
-6269290
-6269290
(3,166,666.67)
(3,166,666.67)
(3,166,666.67)
(3,166,666.67)
0
0
0
0
5.6308120963
5.7434283382
5.858296905
5.9754628431
84462181.4448 86151425.073696 87874453.5751699 89631942.6466733
105000000
105000000
105000000
105000000
4.2460806024
4.2885414084
4.3314268225
4.3747410907
31,845,604.5
32,164,060.6
32,485,701.2
32,810,558.2
(221,307,786.0)
(223,315,485.6)
(225,360,154.7)
(227,442,500.8)
1,265,595,759.81
1,320,533,279.22
1,376,555,027.58
1,434,741,683.75
(379,678,727.94)
(396,159,983.77)
(412,966,508.27)
(430,422,505.13)
885,917,031.87
924,373,295.46
963,588,519.30
1,004,319,178.63
6269290.12345679 6269290.12345679 6269290.12345679 6269290.12345679
3166666.66666667 3166666.66666667 3166666.66666667 3166666.66666667

-10,000,000
9350000

885,352,988.66
$382,762,529.12

933,809,252.25
$351,053,486.14

3
DB

4
DB

0.17
45,138,888.89
7,523,148.15

973,024,476.09
$318,083,427.23

5
SL

0.17
37,615,740.74
6,269,290.12

1,023,105,135.42
$290,830,333.56

6
SL

1/5
31,346,450.62
6,269,290.12

30
3665340015.58963
3892358559.56235 BALIKIN NORMAL BARU NGITUNG YANG AG
4240954865.36534 BALIKIN NORMAL BARU NGITUNG YANG MO
4922103518.80517
3292426466.56401 DI NPV 15% DIKALI 0.7 0.8 0.9 DLL

1/5
31,346,450.62
6,269,290.12

7
SL

8
SL

1/5
31,346,450.62
6,269,290.12

9
SL

1/5
###
6,269,290.12

1/5
31,346,450.62
6,269,290.12

PERUSAHAAN CUNCUN ADALAH PERUSAHAAN BATUBARA

stripping ratio 3.5 : 1
harga batubara 58,21/ton
OPERATIING COST
biaya penambangan 5.5/ton
biaya ngupas OB 6.5/bcm
biaya crushing batubara 4/ton
biaya nyuci batubara 5.5/ton
ngangkut ke pelabuhan 3/ton

eskalasi 2%
eskalasi 1.5%

TAHUN
production
stripping ratio
overburden
harga batubara per ton
GROSS REVENUE
royalty
NET REVENUE
salvage value
debt interets (-)
depreciation (-)
amortization (-)
depletion (-)
OPERATING COST
biaya penambangan

58.21

5.5
per ton

biaya ngupas OB
bomat bcm gada SG juga
ekskalasi 2%

6.5
per bcm

biaya crushing

4
per ton

ekskalasi 1.5%

biaya cuci batubara

5.5
per ton

angkut ke pelabuhan

3
per ton

TOTAL OPERATING COST

NET INCOME BEFORE TAX
tax
NET INCOME AFTER TAX
depreciation (+)
amortization (+)
depletion (+)
borrowed (+)

16,650,000

10% DARI TOTAL

CAPITAL COST

principal payment (-)

working capital (-)
working capital return (-)
CAPITAL COST
eksplorasi
jaminan reklamasi
bebas lahan
investasi alat
infrastruktur
TOTAL CAPITAL COST
CASH FLOW

12,500,000
3,500,000
4,750,000
31,000,000
3,750,000
(55,500,000)
(44,400,000)

PRESENT VALUE

(44,400,000)

NPV
IRR
BCR
PVR
PAYBACK PERIOD

(5,550,000)

(2,104,922.21)
14%
0.9525918421
-0.0474081579
7.10

PROYEK TIDAK LAYAK DIJALANKAN

NPV MINUS

a 58,21/ton

eskalasi 5%
CAPITAL COST
DEPLESI
AMORTISASI

DEPRESIASI

ROYALTI 12%

ga ada
eksplorasi
jaminan reklamasi
bebas lahan
investasi alat
infrastruktur

12,500,000
3,500,000
4,750,000
31,000,000
3,750,000

1
500,000
3.5
1,750,000
61.12
30,560,250
(3,667,230)
26,893,020

2
###
3.5
1,750,000
64.18
32,088,263
(3,850,592)
28,237,671

3
750,000
3.5
2,625,000
67.39
50,539,013
(6,064,682)
44,474,332

4
750,000
3.5
2,625,000
70.75
53,065,964
(6,367,916)
46,698,048

(1,332,000)
(4,343,750)
(2,593,750)
0

(1,110,000)
(4,343,750)
(2,593,750)
0

(888,000)
(4,343,750)
(2,593,750)
0

(666,000)
(4,343,750)
(2,593,750)
0

5.5
2,750,000
6.5
11,375,000
4.08
2,040,000
5.5825
2,791,250
3
1,500,000
(20,456,250)
(1,832,730)
0
(1,832,730)
4,343,750
2,593,750
0

5.5
2,750,000
6.5
11,375,000
4.1616
2,080,800
5.6662375
2,833,119
3
1,500,000
(20,538,919)
(348,748)
0
(348,748)
4,343,750
2,593,750
0

5.5
4,125,000
6.5
17,062,500
4.244832
3,183,624
5.7512310625
4,313,423
3
2,250,000
(30,934,547)
5,714,285
(1,714,285)
3,999,999
4,343,750
2,593,750
0

5.5
4,125,000
6.5
17,062,500
4.32972864
3,247,296
5.8374995284
4,378,125
3
2,250,000
(31,062,921)
8,031,627
(2,409,488)
5,622,139
4,343,750
2,593,750
0

dari
dari
dari
dari
dari

(2,775,000)

(2,775,000)

(2,775,000)

(2,775,000)

2,329,770

3,813,752

8,162,499

9,784,639

2,025,887

2,883,745

5,366,976

5,594,399

cash flow
cash flow
present value
present value
cash flow

YA DIBAGI TAHUN AJA

2,593,750
SL

4,343,750

5
750,000
3.5
2,625,000
74.29
55,719,262
(6,686,311)
49,032,951
6200000
(444,000)
(4,343,750)
(2,593,750)
0

6
750,000
3.5
2,625,000
78.01
58,505,225
(7,020,627)
51,484,598

7
750,000
3.5
2,625,000
81.91
61,430,487
(7,371,658)
54,058,828

8
750,000
3.5
2,625,000
86.00
64,502,011
(7,740,241)
56,761,770

(222,000)
(4,343,750)
(2,593,750)
0

(4,343,750)
(2,593,750)
0

(4,343,750)
(2,593,750)
0

5.5
4,125,000
6.5
17,062,500
4.4163232128
3,312,242
5.9250620214
4,443,797
3
2,250,000
(31,193,539)
10,457,912
(3,137,374)
7,320,538
4,343,750
2,593,750
0

5.5
4,125,000
6.5
17,062,500
4.5046496771
3,378,487
6.0139379517
4,510,453
3
2,250,000
(31,326,441)
12,998,658
(3,899,597)
9,099,060
4,343,750
2,593,750
0

5.5
4,125,000
6.5
17,062,500
4.5947426706
3,446,057
6.104147021
4,578,110
3
2,250,000
(31,461,667)
15,659,661
(4,697,898)
10,961,763
4,343,750
2,593,750
0

5.5
4,125,000
6.5
17,062,500
4.686637524
3,514,978
6.1957092263
4,646,782
3
2,250,000
(31,599,260)
18,225,010
(5,467,503)
12,757,507
4,343,750
2,593,750
0

(2,775,000)

(2,775,000)
5,550,000

11,483,038

13,261,560

17,899,263

25,245,007

5,709,100

5,733,339

6,728,996

8,252,637