Bumi's 1Q10 number, to be released end of May, should trigger consensus upgrade.
See the results from Batu Hijau below. Pretax profit up by a whopping 535%
US$mn 2010 2010 y-o-y
Sales 620 220 181%
COGS 125 112
Amortization 37 28
PBT 407 64 535%
Comment from NEM US 1Q10 notes below
Batu Hijau - Equity gold and copper production during the first quarter at Batu Hijau in Indonesia were 88,000 ounces and 76 million pounds, respectively, at costs applicable to sales of $215 per ounce and $0.67 per pound, respectively. Equity gold and copper production were in line with expectations and costs applicable to sales were slightly better than expected due to lower mining costs and a lower allocation of costs to gold. Copper and gold produced increased 79% and 181% in the first quarter of 2010 from 2009, respectively, due to higher throughput and grade as a result of mining in the bottom of Phase 5. Costs applicable to sales decreased 25% and 47% for copper and gold, respectively, in the first quarter of 2010 from 2009 due to higher production and lower mining costs.
The Company expects 2010 equity gold and copper production at Batu Hijau to decrease to between 365,000 and 400,000 ounces, and to between 270 and 295 million pounds, respectively, due to the 2009 7% share divestiture completed in March 2010. The Company's current economic interest at Batu Hijau is 48.5%. The Company continues to expect 2010 costs applicable to sales of between $265 and $285 per ounce and $0.75 and $0.85 per pound.
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