Kajian Kelayakan Ekonomi pada Penambangan Batubara PT GHI di Kecamatan Loa Janan Kabupaten Kutai Kartanegara Provinsi Kalimantan Timur

Abstract

Abstract. PT GHI is a coal mining company that is currently conducting a feasibility study by determining the economic feasibility value of the mine. Therefore, research is needed to determine the investment costs and production mining costs, know the Net Present Value (NPV), Discounted Cashflow Rate of Return (DCFROR), Payback Period (PBP), and sensitivity analysis of changes in coal selling prices and production costs on the NPV value. In this research process, an economic feasibility analysis is carried out with the company's coal production plan of 2.168.008,95 tons per year. The data used consists of primary data, namely resources and reserves, mining production, operational work schedules, equipment rental costs, document management costs, infrastructure costs, employee wages, and secondary data used are area accessibility maps, administrative area maps, topographic and geological maps of the area, regional rainfall, bank loan interest rates, as well as regulations PP No. 26 of 2022, Local Regulation No. 4 of 2011 of Samarinda City, and Law No. 36 of 2008. Then, data processing is carried out using the Discounted Cashflow Rate of Return (DCFROR) method to obtain NPV, DCFROR, PBP, and sensitivity analysis results. Based on the results of the economic feasibility analysis, an NPV value of Rp. 2.168.008,95 is obtained, for a minimum DCFROR value of 12.45% obtained based on the Weighted Average Cost of Capital (WACC) calculation, and the obtained DCFROR value is 64.99%. The Payback Period (PBP) is 1.75 years. Based on the calculation results, it is economically declared feasible. In sensitivity analysis, losses can occur if production costs remain constant and selling prices decrease above 37%. Similarly, losses can occur with an increase in production costs above 47.5%.. PT GHI is a coal mining company that is currently conducting a feasibility study by determining the economic feasibility value of the mine. Therefore, research is needed to determine the investment costs and production mining costs, know the Net Present Value (NPV), Discounted Cashflow Rate of Return (DCFROR), Payback Period (PBP), and sensitivity analysis of changes in coal selling prices and production costs on the NPV value. In this research process, an economic feasibility analysis is carried out with the company's coal production plan of 2.168.008,95 tons per year. The data used consists of primary data, namely resources and reserves, mining production, operational work schedules, equipment rental costs, document management costs, infrastructure costs, employee wages, and secondary data used are area accessibility maps, administrative area maps, topographic and geological maps of the area, regional rainfall, bank loan interest rates, as well as regulations PP No. 26 of 2022, Local Regulation No. 4 of 2011 of Samarinda City, and Law No. 36 of 2008. Then, data processing is carried out using the Discounted Cashflow Rate of Return (DCFROR) method to obtain NPV, DCFROR, PBP, and sensitivity analysis results. Based on the results of the economic feasibility analysis, an NPV value of Rp. 2.168.008,95 is obtained, for a minimum DCFROR value of 12.45% obtained based on the Weighted Average Cost of Capital (WACC) calculation, and the obtained DCFROR value is 64.99%. The Payback Period (PBP) is 1.75 years. Based on the calculation results, it is economically declared feasible. In sensitivity analysis, losses can occur if production costs remain constant and selling prices decrease above 37%. Similarly, losses can occur with an increase in production costs above 47.5%.

Abstrak. PT GHI merupakan suatu perusahaan pertambangan batubara yang saat ini sedang menyusun studi kelayakan dengan menentukan nilai kelayakan tambang secara ekonomi. Oleh karena itu, diperlukan pengolahan dan analisis data yang bertujuan untuk mengetahui biaya investasi dan biaya produksi penambangan, mengetahui biaya pendapatan perusahaan, mengetahui nilai Net Present Value (NPV), Discounted Cashflow Rate of Return (DCFROR), Payback Period (PBP), dan analisis sensitivitas perubahan harga jual batubara dan biaya produksi terhadap nilai NPV. Pada penelitian ini dilakukan analisis kelayakan ekonomi dengan target produksi batubara sebesar 1.000.000,00 ton/tahun selama umur tambang 14 tahun. Data yang digunakan terdiri dari data primer, yaitu sumberdaya dan cadangan, produksi batubara, jadwal operasional kerja, biaya sewa peralatan, biaya pengurusan dokumen, biaya infrastruktur, dan biaya upah karyawan. Data sekunder yang digunakan yaitu peta kesampaian daerah, peta administrasi daerah, peta topografi dan geologi daerah, curah hujan daerah, suku bunga pinjaman bank, dan pajak. Pengolahan data dilakukan menggunakan metode Discounted Cashflow Rate of Return (DCFROR) untuk memperoleh NPV, DCFROR, PBP dan analisis sensitivitas. Melalui hasil analisis sensitivitas, dapat diketahui adanya resiko penurunan harga batubara dan kenaikan biaya produksi. Berdasarkan hasil penelitian analisis kelayakan ekonomi, diperoleh nilai NPV sebesar Rp 1.332.691.578.843 lebih besar dari 0 yang menunjukkan bahwa perusahaan memperoleh keuntungan dari investasi yang dilakukan. Serta dengan nilai DCFROR sebesar 64,53,% lebih besar dibandingkan dengan nilai DCFROR minimun hanya sebesar 12,5% yang diperoleh berdasarkan perhitungan Weighted Average Cost of Capital (WACC), maka investasi tersebut memenuhi syarat kelayakan finansial dan mampu memberikan keuntungan yang cukup bagi perusahaan. Dengan waktu pengembalian modal payback period (PBP) selama 1,76 tahun lebih kecil dari umur tambang selama 14 tahun. Pada analisis sensitivitas suatu penambangan dapat mengalami kerugian apabila biaya produksi tetap dan harga jual menurun di atas 37%. Begitu juga saat penambangan mengalami kerugian apabila harga jual tetap dan biaya produksi naik di atas 72%. Berdasarkan hasil perhitungan dan analisis sensitivitas tersebut maka secara ekonomi penambangan ini dapat dinyatakan layak selama umur perusahaan yaitu 14 tahun