• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Indonesia’s state mining firms start recovering as coal price rises, govt revises non-tax revenue from mineral and coal industry

The Indonesian government revised the initial target of the revenue from mineral and coal industry due to the COVID-19 pandemic

by Yas
23/11/2020
in Business, Economics, Indonesia
Reading Time: 3 mins read
0

JAKARTA, INDONESIA — The COVID-19 has severely hurt almost all business sectors — the mining sector is no exception.

Irwandy Arif, a special staff for the minister at Indonesia’s Ministry of Energy and Mineral Resources, earlier in June said that if the pandemic continues until the end of the year, state revenue from the mining sector is projected to decrease by 20 per cent.

CNBC Indonesia reported that the government has revised the target of non-tax revenue from the mineral and coal sector from over Rp 40 trillion to Rp 31.4 trillion due to the pandemic.

Irwandy added that some of the mining projects have been halted by the COVID-19. The realisation of the investment in this industry reached 37.3 per cent of the target as of October this year.

Indonesia’s state mining firms have started recovering in Q3 2020

However, Indonesia’s state tin miner PT Timah Tbk showed an improved financial performance in the third quarter of the year (Q3 2020) as the company’s operational cash flow rose from Rp 3.17 trillion in Q2 to Rp 4.84 trillion in the said quarter, Detik reported.

Another indicator is the company’s EBITDA (earnings before interest, tax, depreciation, and amortization) in Q3, which stood at Rp 850.36 billion, up from Rp 338.72 billion in Q2.

Diversified miner PT Aneka Tambang Tbk (ANTM) booked a net profit of Rp 835.78 billion in the third quarter, up 30.28 per cent year-on-year.

Gold has been the company’s main contributor for the past nine years as 72 per cent of the company’s sale is from the precious metal, Kontan reported.

Coal price reached above US$65 per ton, CNBC reported on 22 November. On 18 November, coal price hit US$63 in the trading session that day — the highest since April.

As of October, Indonesia’s coal export reached 232.3 million tons of coal—58 per cent of the target—Coordinating Minister for the Economy Airlangga Hartarto said, as reported in The Jakarta Post.

Vaccine trials give some hopes to the coal sector

According to Kiwoom Sekuritas Indonesia analyst Sukarno Alatas, most of the commodities’ prices tend to be stronger than those in Q2. The price of gold only dropped in Q1.

He added that several commodities such as tin, coal, nickel, and gold will still continue to strengthen, thanks to economic recovery and the possible future availability of a COVID-19 vaccine.

Pharmaceutical companies are busy developing vaccines for the illness that has claimed around 1.3 million worldwide.

The successful stories of clinical trials from Modena, Pfizer, and BioNTech have helped to boost commodities’ prices for the past two weeks.

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

US tells vaccinated people in high COVID risk areas to mask again
AFP

White House says US COVID emergency status to end 11 May

31/01/2023
Editorial

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

31/01/2023
258 BTO flats and 168 resale flats returned to HDB due to non-fulfillment of Minimum Occupation Period
Politics

Desmond Lee files Ministerial Motion to affirm commitment on affordable public housing in Singapore

31/01/2023
Keppel O&M’s involvement in Brazil’s massive corruption scandal
Business

Keppel Offshore & Marine paid fines and damages of US$65 million to Brazilian authorities over corruption case

30/01/2023
Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit
Malaysia

Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit

30/01/2023
TikToker alleges being “thrown in airport jail” for going on a 10 hours day trip to Changi Airport
Comments

TikToker alleges being “thrown in airport jail” for going on a 10 hours day trip to Changi Airport

30/01/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

US tells vaccinated people in high COVID risk areas to mask again

White House says US COVID emergency status to end 11 May

31/01/2023

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

31/01/2023
258 BTO flats and 168 resale flats returned to HDB due to non-fulfillment of Minimum Occupation Period

Desmond Lee files Ministerial Motion to affirm commitment on affordable public housing in Singapore

31/01/2023
Keppel O&M’s involvement in Brazil’s massive corruption scandal

Keppel Offshore & Marine paid fines and damages of US$65 million to Brazilian authorities over corruption case

30/01/2023
Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit

Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit

30/01/2023
TikToker alleges being “thrown in airport jail” for going on a 10 hours day trip to Changi Airport

TikToker alleges being “thrown in airport jail” for going on a 10 hours day trip to Changi Airport

30/01/2023
Workers’ Party Sengkang MPs receives a “mountain of rice pack” from public after donation call for needy families in CNY

Workers’ Party Sengkang MPs receives a “mountain of rice pack” from public after donation call for needy families in CNY

30/01/2023
Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

30/01/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
15

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
59

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
49

...

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« Oct   Dec »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz