Kajian Analisis Ekonomi Tambang Menggunakan Metode Discounted Cash Flow pada Pertambangan Batubara PT Pasir Prima Coal Indonesia, Desa Mentawir, Kecamatan Sepaku, Kabupaten Penajam Paser Utara, Provinsi Kalimantan Timur

Abstract

Abstract. PT Pasir Prima Coal Indonesia is a company that continues to pursue mining activities after being non-active due to the declining selling price of coal. PT Pasir Prima Coal Indonesia is a company located in Mentawir Village, Sepaku Subdistrict, North Penajam Paser Regency, East Kalimantan Province. So that mining activities that will be continued need to be analyzed investment and economic feasibility of mine to see whether the mining activity is feasible to run based on economic aspect. The purpose of this research is to know the required capital cost, analyze the feasibility of the project in terms of economy, and determine the value of project sensitivity to the selling price and production cost. To conduct investment analysis and economic feasibility, data such as investment cost, production cost, profit gross from coal product sale owned by PT Pasir Prima Coal Indonesia. After data is collected, data processing is done using economic calculation methods. Based on data on mining business needs. PT PPCI requires funds for fixed capital costs including fixed capital and working capital for 3 months amounting to Rp.698,920,192,287. The results of the study with the Discounted Cash Flow method produced Pay Back Period values for 2 years 11 months. Net Present Value value is Rp. 939,963,255,475, and the value of Internal Rate of Return of 69.22%. Based on the sensitivity analysis, a decrease in the selling price of coal of more than 14.47% from the initial price will cause a negative NPV or loss. Meanwhile, an increase in production costs of more than 20.47% will cause a negative NPV or loss.

Keywords: Net Present Value (NPV), Internal Rate of Return (IRR) and Pay Back Period (PBP), Discounted Cash Flow (DCF), and sensitivity analysis

Abstrak.PT Pasir Prima Coal Indonesia merupakan perusahaan yang tetap meneruskan aktivitas pertambangan setelah non-aktif akibat harga jual batubara yang menurun. PT Pasir Prima Coal Indonesia merupakan perusahaan yang terletak di Desa Mentawir, Kecamatan Sepaku, Kabupaten Penajam Paser Utara, Provinsi Kalimantan Timur. Sehingga kegiatan pertambangan yang akan dilanjutkan perlu dilakukan analisis investasi dan kelayakan ekonomi tambang untuk melihat apakah kegiatan pertambangan tersebut layak untuk dijalankan berdasarkan aspek ekonomi. Tujuan dari penelitian ini di antaranya untuk mengetahui capital cost yang dibutuhkan, menganalisis kelayakan proyek dari segi ekonomi, serta menentukan nilai sensitivitas proyek terhadapa harga jual dan biaya produksi. Untuk melakukan analisis investasi dan kelayakan ekonomi dibutuhkan data seperti biaya investasi, biaya produksi, profit gross dari penjualan produk batubara milik PT Pasir Prima Coal Indonesia. Setelah data dikumpulkan, pengolahan data dilakukan menggunakan metode-metode perhitungan ekonomi. Berdasarkan data kebutuhan usaha pertambangan. PT PPCI membutuhkan dana untuk biaya modal tetap meliputi modal tetap dan modal kerja selama 3 bulan sebesar Rp.698.920.192.287. Hasil pengkajian dengan metode Discounted Cash Flow menghasilkan nilai PBP selama 2 tahun 11 bulan. Nilai Net Present Value sebesar Rp939.963.255.475, dan nilai Internal Rate of Return sebesar 72,02%. Berdasarkan analisis sensitivitas, penurunan harga jual batubara lebih dari 14,47% dari harga awal akan menyebabkan nilai NPV negatif atau rugi. Sedangkan, kenaikan biaya produksi lebih dari 20,47% akan menyebabkan nilai NPV negatif atau rugi.

Kata Kunci: Net Present Value (NPV), Internal Rate of Return (IRR) dan Pay Back Period (PBP), Discounted Cash Flow (DCF), dan analisis sensitivitas.