Investasi dan Kelayakan Ekonomi Tambang Andesit PT Gunung Lagadar Abadi di Desa Lagadar, Kecamatan Marga Asih Kabupaten Bandung, Provinsi Jawa Barat

Raden David Meisya Pratama putra, Zaenal Zaenal, Sri Widayati

Abstract


Abstract. PT Gunung lagadar abadi runs in mining sector of andesite quarry at Lagadar Village, Marga Asih district, Bandung Regency, West Java Province so on the implementation needs investment analysis and advisability based on economic study to see whether the mining activity is feasible to run based on economic aspect. It needs economic analysis based on the concept of discounted cash flow analysis, the sensitivity of analysis also needed to consider things in arranging the economic model. In determination of the economic advisability in andesite production, PT Gunung Lagadar Abadi uses some parameters such as net present value (NPV), internal rate of return (IRR), payback period (PBP) and the sensitivity to NPV value caused by the changing of the selling price and production cost. Discounted cash flow analysis is the analysis related to the investment which counts the value of time from money and counted discount rate with weighted average cost of capital method with the value of 10.69%. The result of the analysis using Discounted Cash Flow (DCF) analysis method from PT Gunung Lagadar Abadi project under the parameters determining the economic feasibility of the mine can be said feasible to run with the value obtained Net Present Value of Rp. 33.856.215.680 Internal Rate of Return is 96.5%, with Payback Period is 11 months. Sensitivity assessment towards NPV value caused by the changing of the selling rate and production cost in PT Gunung Lagadar Abadi which assumes the income escalation and cost escalation are 2%, 4%, 6%, 8%, dan 14%, 16%, 18%, 20%, 22%, 24%, 26%, 28%, so the net present value shows how sensitive the value based on the parameter of production cost and selling rate. At the time when the selling rate drops down up to 9.98 % and production cost above 28.41%, so this project will 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 Gunung Lagadar Abadi merupakan perusahaan yang akan melakukan penambangan andesit di Desa Lagadar, Kecamatan Marga Asih, Kabupaten Bandung, Provinsi Jawa Barat sehingga pada pelaksanaannya perlu dilakukan analisis investasi dan kelayakan berdasarkan kajian ekonomi untuk melihat apakah kegiatan pertambangan tersebut layak untuk dilakukan berdasarkan aspek ekonomi. Diperlukan analisis keekonomian yang berdasarkan konsep aliran kas diskonto (discounted cash flow analysis) serta analisis sensitivitas untuk mempertimbangkan hal – hal dalam penyusunan model ekonomi. Parameter yang digunakan pada penentuan kelayakan ekonomi dalam produksi andesit PT Gunung Lagadar Abadi adalah Net Present Value (NPV), Internal Rate of Return (IRR), Payback Periode (PBP) dan sensitivitas terhadap nilai NPV akibat perubahan harga jual dan biaya produksi. Analisis Discounted Cash Flow (DCF) merupakan analisis yang berhubungan dengan investasi yang memperhitungkan nilai waktu dari uang dan discount rate yang dihitung dengan metode Weighted Average Cost of Capital dan didapat nilai sebesar 10,69%. Hasil pengkajian dengan menggunakan metode analisis Discounted Cash Flow (DCF) dari proyek yang sedang dijalankan PT Gunung Lagadar Abadi berdasarkan parameter – parameter penentuan kelayakan ekonomi tambang dapat dikatakan layak untuk dijalankan dengan  nilai yang didapat Net Present Value yaitu Rp. 33.856.215.680 Internal Rate of Return yaitu 96,5%, dengan Payback Periode yaitu 11 bulan. Penilaian sensitivitas terhadap nilai NPV akibat perubahan harga jual dan biaya produksi di PT Gunung Lagadar Abadi yang berasumsi eskalasi pendapatan dan eskalasi biaya sebesar 2%, 4%, 6%, 8%, dan 14%, 16%, 18%, 20%, 22%, 24%, 26%, 28% sehingga nilai Net Present Value yang dihasilkan dapat menunjukan seberapa sensitif nilai yang didapatkan dari parameter biaya produksi dan harga jual. Ketika harga jual menurun diatas 9,98% dan biaya produksi naik diatas 28,41%, maka proyek ini akan rugi.

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


Keywords


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

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