Mine Investment Analysis [PDF]

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Dosen Pembimbing : Dr. Aryanti Virtanti Anas., ST, MT Tanggal Pengumpulan : 11 Desember 2017



TUGAS BESAR ANALISIS INVESTASI TAMBANG Menghitung NPV, IRR, DAN PBP



TRI ANGGA BAYU PUTRA D621 15 011



DEPARTEMEN TEKNIK PERTAMBANGAN FAKULTAS TEKNIK UNIVERSITAS HASANUDDIN



GOWA 2017



[Type here]



TUGAS ANALISIS INVESTASI TAMBANG A coal mine with a nearly exhausted deposit intends to mine remaining (20,000,000 + (last 3 digits of student ID x 100,000) tons of coal reserves. Within exploration phase, the company had spent USD 150,000. For pre-development phase, the company spent USD 175,000 for the land and the buildings around the sites. The company initially buys USD 3,000,000 worth of equipment that are considered to have lifetime of 10 years. The operating cost is USD 0.35 per ton. The coal is sold for USD 55 per ton for the first three years, and the price is escalated by 2.5% for the fourth and following years. For its 10 years of mining life, the company decides to hire (last 2 digits of student ID + 50) employees. For the top management, the salary is USD 2,500 monthly, while for the middle management, the salary is USD 1,500. The low management has salary of USD 720, and operators have salary of USD 400 monthly. The marketing expense is considered to be 5% of total cost, and general and administrative expense is 3% of total cost. Capital structure of the company consists of 60% equity and 40% of long term debt. The interest is 6% /year. For the first 5 years, the company uses straight line to calculate the depreciation of which remains residual (salvage) value $10,000. Then, by the 6th year, the company decides to use double declining balance. Depletion (15% for coal) as tax deduction is applied since the 1st year. Income tax on taxable income is 50%/year. Determine NPV, IRR, and PBP!



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JAWABAN : Diketahui



:



Reserves



:



21100000



Exploration Cost



:



150000



Pre-Developement



:



175000



Equipment Cost



:



3000000



Operation Cost



:



0,35 $/ton



Coal Price



:



55



Employes



:



61



Top Managements



:



2500/month



Middle Managements



:



1500/month



Low Managements



:



750/month



Operators



:



400/month



Administrative



:



60%



Equity



:



40%



Long-Term Debt



:



5%



Interest



:



10000%



Salvage Value



:



15%



Depletion



:



348150000



Pendapatan



:



832658750



Marketing



[Type here] Tabel Depresiasi Tahun



1



2



3



4



5



6



7



8



9



10



0.2



0.2



0.2



0.2



0.2



0.4



0.4



0.4



0.4



0.4



Nilai Buku



3,000,000



2,400,000



1,920,000



1,536,000



1,228,800



983,040



589,824



353,894



212,336



117,402



Nilai Depresiasi



2,400,000



1,920,000



1,536,000



1,228,800



983,040



589,824



353,894



212,336



127,402



70,441



1



2



3



4



5



6



7



8



9



10



Laju depresiasi



Tabel Cash Flow Tahun pendapatan



116,050,000



116,050,000



116,050,000



116,050,000



116,050,000



118,951,250



118,951,250



118,951,250



118,951,250



118,951,250



(-)Biaya Operasi



738,500



738,500



738,500



738,500



738,500



738,500



738,500



738,500



738,500



738,500



Employes Salary



451,200



451,200



451,200



451,200



451,200



451,200



451,200



451,200



451,200



451,200



114,860,300



114,860,300



114,860,300



114,860,300



114,860,300



117,761,550



117,761,550



117,761,550



117,761,550



117,761,550



2,400,000



1,920,000



1,536,000



1,228,800



983,040



589,824



353,894



212,336



127,402



70,441



112,460,300



112,940,300



113,324,300



113,631,500



113,877,260



117,171,726



117,407,656



117,549,214



117,634,148



117,691,109



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



1,740,750



110,719,550



111,199,550



111,583,550



111,890,750



112,136,510



115,430,976



115,666,906



115,808,464



115,893,398



115,950,359



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



110,711,570



111,191,570



111,575,570



111,882,770



112,128,530



115,422,996



115,658,926



115,800,484



115,885,418



115,942,379



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



110,578,570



111,058,570



111,442,570



111,749,770



111,995,530



115,289,996



115,525,926



115,667,484



115,752,418



115,809,379



55,289,285



55,529,285



55,721,285



55,874,885



55,997,765



57,644,998



57,762,963



57,833,742



57,876,209



57,904,689



Net Income



55,289,285



55,529,285



55,721,285



55,874,885



55,997,765



57,644,998



57,762,963



57,833,742



57,876,209



57,904,689



(+)Depresiasi



2,400,000



1,920,000



1,536,000



1,228,800



983,040



589,824



353,894



212,336



127,402



70,441



(+)Deplesi



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



1,674,750



(+)Bunga



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



7,980



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



133,000



59,505,015



59,265,015



59,073,015



58,919,415



58,796,535



60,050,552



59,932,587



59,861,808



59,819,341



59,790,861



Gross Income (-)Depresiasi Pendapatan Kena Pajak (-)Deplesi Pendapatan Kena Pajak (-)Bunga Pendapatan Kena Pajak (-)Principal Pendapatan Kena Pajak (-)Pajak



(+)Principal (+)Cash Flow



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A. NPV Interest Rate = 6% Accumulated



Year



CF



DF



DCF



0



-116,050,000



1



-116050000



-116050000



1



59,505,015



0.9434



56137031.15



-59912968.85



2



59,265,015



0.89



52745863.35



-7167105.499



3



59,073,015



0.8396



49597703.39



42430597.9



4



58,919,415



0.7921



46670068.62



89100666.52



5



58,796,535



0.7473



43938650.61



133039317.1



6



60,050,552



0.705



42335639.16



175374956.3



7



59,932,587



0.6651



39861163.75



215236120



8



59,861,808



0.6274



37557298.46



252793418.5



9



59,819,341



0.5919



35407067.89



288200486.4



10



59,790,861



0.5584



33387216.53



321587702.9



NPV



DCF



= $ 321587702.9



B. PBP



PBP



=1+(



Accumulated DCF Year 2



)



Accumulated DCF Year 3 −7167105.499



= 1 + ( 42430597.93 ) = 0,831086389 Years



B. IRR NPV1 Discount Rate = 50% Year



CF



DF



DCF



Accumulted DCF



0



-116,050,000



1



-116050000



-116050000



1



59,505,015



0.6667



39671993.5



-76378006.5



[Type here]



2



59,265,015



0.4444



26337372.7



-50040633.83



3



59,073,015



0.2963



17503334.3



-32537299.49



4



58,919,415



0.1975



11636584.5



-20900715.03



5



58,796,535



0.1317



7743503.66



-13157211.37



6



60,050,552



0.0878



5272438.47



-7884772.901



7



59,932,587



0.0585



3506056.35



-4378716.55



8



59,861,808



0.039



2334610.52



-2044106.03



9



59,819,341



0.026



1555302.86



-488803.1665



10



59,790,861



0.173



10343818.9



9855015.709



NPV2 Discount Rate = 60% Year



CF



DF



DCF



Accumulted DCF



0



-116,050,000



1



-116050000



-116050000



1



59,505,015



0.625



37190634.4



-78859365.63



2



59,265,015



0.3906



23148914.9



-55710450.77



3



59,073,015



0.2441



14419723



-41290727.8



4



58,919,415



0.1526



8991102.73



-32299625.08



5



58,796,535



0.0954



5609189.44



-26690435.64



6



60,050,552



0.0596



3579012.9



-23111422.74



7



59,932,587



0.0373



2235485.5



-20875937.23



8



59,861,808



0.0233



1394780.13



-19481157.1



9



59,819,341



0.0146



873362.377



-18607794.73



10



59,790,861



0.0091



544096.831



-18063697.9



IRR



= 𝑖1 + (



𝑁𝑃𝑉1



)(𝑖2 − 𝑖1 )



(𝑁𝑃𝑉1 −𝑁𝑃𝑉2 )



= 53.52989606%