STRATEGIC ALLIANCE TO ACCELERATE PRODUCTION · 2 PT u ourc nra T Laporan Tahunan 2018 DAFTAR ISI...

PT Bumi Resources Minerals Tbk

STRATEGIC ALLIANCE TO ACCELERATE PRODUCTIONLAPORAN TAHUNAN 2018 ANNUAL REPORT

Setelah melalui proses penyelarasan berbagai aspek bisnis sejak dua tahun terakhir, di awal tahun 2018 Perseroan bersama mitra strategis berhasil merealisasikan kesepakatan kerja sama untuk pengembangan proyek tambang timah hitam dan seng di Dairi, Sumatera Utara. Aliansi ini sekaligus meningkatkan likuiditas Perseroan dan membuka peluang pendanaan yang lebih kuat untuk mengakselerasi penyelesaian proyek tambang emas di Palu dan tembaga & emas di Gorontalo. Kami berkeyakinan akan dapat menyelesaikan tahap konstruksi di Palu dan diharapkan akan mulai memasuki tahap produksi komersial pertamanya pada akhir tahun 2019 dan terus meningkat pada tahun-tahun berikutnya.

After going through the process of aligning various business aspects

in the last two years, at the beginning of 2018, the Company and its

strategic partners succeeded in realizing a cooperation agreement

for development of a zinc and lead mining projects in Dairi, North

Sumatra. This alliance improved the Company’s liquidity and opened

up stronger funding opportunities to accelerate completion of

a gold mining in Palu and a copper & gold mining projects in

Gorontalo. We believe that we will be able to complete the

construction phase in Palu and expect to commence the first

commercial production by the end of 2019 and continue to

increase in the following years.

STRATEGIC ALLIANCE TO ACCELERATE PRODUCTION

2 PT Bumi Resources Minerals TbkLaporan Tahunan 2018

DAFTAR ISIContentsSTRATEGIC ALLIANCE TO 1 ACCELERATE PRODUCTION

Visi dan Misi 4Vision and Mission Sekilas Bumi Resources Minerals 5About Bumi Resources Minerals

Ikhtisar 6Highlights Ikhtisar Keuangan dan Operasional 6Financial and Operational Highlights Ikhtisar Cadangan Bijih dan 7 Sumberdaya MineralOre Reserves and Mineral Resources Highlights Ikhtisar Saham 9Stock Highlights Peristiwa Penting 2018 10Events Highlights 2018

Profil Perusahaan 12Company Profile Profil Perusahaan 14Company Profile Struktur Organisasi 17Organization Structure Portofolio Aset 18Assets Portfolio

Laporan Manajemen 20Management Report Laporan Dewan Komisaris 20Report from the Board of Commissioners Profil Dewan Komisaris 24Board of Commissioners’ Profile Laporan Direksi 26Report from the Board of Directors Profil Direksi 32Board of Directors’ Profile Manajemen Senior 35Senior Managements Anggota Komite Audit 38Audit Committee’s Member

Tinjauan Operasional 40Operational Review Dairi Prima Mineral 42Citra Palu Minerals 44Gorontalo Minerals 46

Pembahasan dan Analisis Manajemen 48Management’s Discussion and Analysis Tinjauan Industri dan Prospek Usaha 50Industry Overview and Business Prospects Pembahasan dan Analisis Manajemen 60Tentang KeuanganManagement Discussion and Analysis of the Financial Results

Tinjauan Manajemen 70Management Review Sumber Daya Manusia 72Human Resources Teknologi Informasi 76Information Technology Keselamatan, Kesehatan Kerja 80 dan Lingkungan (K3L)Occupational Health, Safety and Environment (OHSE)

Tata Kelola Perusahaan 92Corporate Governance Laporan Tata Kelola Perusahaan 94Corporate Governance Report

Tanggung Jawab Sosial Perusahaan 148Corporate Social Responsibility

Perbendaharaan Kata Terminologi 160 Pertambangan Mineral serta Unit PengukuranGlossary of Mineral Mining and Measurement

Pertanggungjawaban 162 Laporan Tahunan 2018Responsibility for the Annual Report 2018

Laporan Keuangan Konsolidasian 164Consolidated Financial Statements

Laporan ini berisi pernyataan-pernyataan yang dapat dianggap sebagai pandangan masa depan (forward looking

statements) sehingga hasil-hasil nyata yang didapatkan Perseroan, pelaksanaan atau pencapaian-pencapaiannya dapat

berbeda dari hasil yang diperoleh melalui pandangan masa depan yang antara lain merupakan perubahan ekonomi

nasional, regional, dan internasional, perubahan nilai tukar valuta asing, perubahan harga, perubahan kompetisi Perseroan,

perubahan peraturan perundang-undangan, prinsip-prinsip akuntansi, kebijakan serta pedoman serta perubahan asumsi

yang digunakan dalam membuat pandangan masa depan.

This report contains statements that may be considered forward looking statements thereby the Company’s concrete

results, its implementation and achievements may be differed from the forward looking statements that among others

include the changes of national, regional and international economics, changes in foreign exchange rates, changes in prices,

changes in the Company’s competition, changes in Regulatory, accounting principles, policies as well as guidelines and

changes in assumption used in providing the forward looking statements.

Sangkalan dan Batasan Tanggung Jawab:Disclaimer and Liability Limitations:


Ikhtisar Highlights

Profil Perusahaan Company Profile

Laporan Manajemen Management Report

Tinjauan Operasional Operational Review

Pembahasan dan Analisis Manajemen Management’s Discussion and Analysis

Tinjauan Manajemen Management Review

Tata Kelola Perusahaan Good Corporate Governance

Tanggung Jawab Sosial Perusahaan Corporate Social Responsibility

VISI DAN MISIVision and Mission

4

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PT Bumi Resources Minerals TbkLaporan Tahunan 2018

Vision

Mission

Values

VISI

MISI

NILAI-NILAI

Menjadi perusahaan pertambangan mineral terkemuka di Asia.

To be a leading minerals mining company in Asia.

Memberikan imbal balik terbaik di industrinya kepada para pemangku kepentingan melalui pengembangan dan pengoperasian bisnis pertambangan mineral.

To deliver industry-leading returns for our stakeholders by developing and operating mineral mining businesses.

Visi dan Misi baru Perseroan telah ditetapkan oleh Direksi dan disetujui Dewan Komisaris pada tahun 2018

Vision and Mission of the Company had been determined by the Board of Directors and approved by Board of

Commissioners in 2018

• Taat terhadap hukum• Selalu bertindak dengan niat baik• Berperilaku sesuai etika• Menolak korupsi, kolusi, dan nepotisme• Menegakkan nama Perusahaan

• Abide by the rule• Always act in good faith• Behave in an ethical manner• Reject corruption, collusion, and

nepotism• Uphold the name of the Company

IntegritasIntegrity

• Berusaha untuk unggul• Membuat janji hanya atas hal yang

dapat dipenuhi• Berkomitmen kepada pelanggan

• Strive for excellence• Promise only what can deliver• Be committed to customers

KeunggulanExcellence

• Menghargai hidup manusia• Menjaga lingkungan• Berkomitmen untuk keberlangsungan

masyarakat sekitar

• Cherish human life• Protect the environment• Commit to the sustainable of

community

Keselamatan dan LingkunganSafety and Environment

• Kesempatan kerja yang sama• Penempatan orang yang sesuai di

suatu pekerjaan/posisi • Mengakui prestasi dan kesuksesan

rekan kerja• Bertindak secara profesional

• Equal opportunity employment• Best suited person for a job/position• Recognize achievement and success

of peers• Behave in a professional manner

ProfesionalismeProfesionalism

Catatan | Note

5PT Bumi Resources Minerals Tbk2018 Annual Report

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Laporan Manajemen Management

Report

Tinjauan Operasional

Operational Review

Pembahasan dan Analisis Manajemen

Management’s Discussion and

Analysis

Tinjauan Manajemen

Management Review

Tata Kelola Perusahaan

Good Corporate Governance

Tanggung Jawab Sosial Perusahaan

Corporate Social Responsibility

SEKILAS BUMI RESOURCES MINERALS

About Bumi Resources Minerals

PT Bumi Resources Minerals

Tbk (“BRMS” atau “Perseroan”)

adalah perusahaan tambang

mineral yang tercatat di Bursa

Efek Indonesia.

Saat ini Perseroan memiliki 3 aset utama yang sudah memasuki tahap konstruksi, yaitu Dairi Prima Mineral, berlokasi di Dairi, dekat Sidikalang, Sumatera Utara (penambangan seng dan timah hitam), Gorontalo Minerals, berlokasi di kabupaten Bone Bolango, Provinsi Gorontalo (penambangan tembaga dan emas), dan Citra Palu Minerals di Provinsi Sulawesi Tengah (penambangan emas dan molibdenum).

Pada tahun 2018, Perseroan telah menuntaskan proses aliansi strategis dengan NFC China untuk pengembangan proyek Dairi.

Setelah memperoleh Izin konstruksi selama 3 tahun dan Izin Produksi selama 30 tahun untuk proyek tambang emas di Palu, pada tahun 2018 Perseroan memulai konstruksi dan diharapkan Perseroan akan mulai produksi bijih pertama dari lokasi tambang Poboya pada akhir tahun 2019.

PT Bumi Resources Minerals Tbk

(“BRMS” or “The Company”) is

minerals mining company, which

is listed in the Indonesian Stock

Exchange.

Currently, the Company has 3 main assets entering the construction stage, namely Dairi Prima Mineral, located in Dairi, near Sidikalang, North Sumatera (zinc and lead mines), Gorontalo Minerals, located in Bone Bolango Regency, Gorontalo Province (copper & gold mines), and Citra Palu Minerals, in Central Sulawesi (gold and molibdenum mines).

In 2018, the Company has completed the process of strategic alliance with NFC China for development of Dairi project.

After obtaining a 3-year construction permit and 30-year production permit for Palu gold mine, in 2018 the Company started construction and it is expected that the Company will start the first ore production from Poboya mine site at the end of 2019.


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IKHTISAR KEUANGAN DAN OPERASIONALFinancial and Operational Highlights

Ikhtisar KeuanganFinancial Highlights

(dalam USD) (in USD)

2016 2017 2018Beban Bunga dan Keuangan 107,655,218 9,591,083 44,798 Interest & Finance Charges(dalam USD) (in USD)

Kas & Setara Kas 2,679,915 5,247,380 8,205,883 Cash & Cash Equivalents

Kas yang Dibatasi Penggunaannya - - 32,625,000 Restricted Deposit

Pinjaman kepada Pihak ke-3 Loan to 3rd Parties

Utang Jangka Panjang 90,373,408 99,774,985 144,929 Long Term Loan

Utang Jangka Pendek 190,961,331 53,995,367 53,995,367 Short-term Loan

Utang Lain-lain Pihak Ke-3 1,389,157 58,277,643 32,312,822 Other Payables to 3rd Parties

Ekuitas 637,723,051 564,312,994 518,949,601 Equity

Rasio Utang terhadap Ekuitas(1) 0.44 0.38 0.17 Debt to Equity Ratio(1)

Rasio Utang Bersih Terhadap Ekuitas(2) 0.44 0.37 0.09 Net Debt to Equity Ratio(2)

Catatan: (1) Rasio Utang terhadap Ekuitas = Pinjaman kepada Pihak ke-3/Ekuitas. | Debt to Equity Ratio = Loan to 3rd Parties/Equity.Notes: (2) Rasio Utang Bersih terhadap Ekuitas = (Pinjaman kepada Pihak ke-3 – Kas yang Dibatasi Penggunaannya – Kas & Setara Kas)/Ekuitas. Net Debt to Equity Ratio = (Loan to 3rd parties – Restricted Deposit – Cash & Cash Equivalents)/Equity.

Rasio Utang terhadap EkuitasDebt to Equity Ratio

Pinjaman kepada Pihak Ke-3 (ribu USD) Loan to 3rd Parties (thousand USD)

Rasio Utang Bersih terhadap EkuitasNet Debt to Equity Ratio

Beban Bunga dan Keuangan (dalam ribuan USD)Interest & Finance Charges (in thousand USD)

2016

0.44

2017

0.38

2018

0.17

2016

282,724

2017

212,048

2018

86,453

2016

0.44

2017

0.37

2018

0.09

2016

107,655

2017

9,591

2018

45


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KAWASANSite

KOMBINASI CADANGAN (1)Combined Reserves (1)

Anjing HitamTerbukti I Proven 4.95 Mt at 14.8% Zn, 9.1% Pb, 11.5 Ag g/t

Terkira I Probable 0.93 Mt at 11.3% Zn, 7.0% Pb, 10.1 Ag g/t

Lae Jahe Terkira I Probable 5.17 Mt at 8.4% Zn, 4.5% Pb, 3.3 Ag g/t

Total Cadangan I Total Reserves 11.05 Mt at 11.5% Zn, 6.8% Pb, 7.5 Ag g/t

Cadangan Bijih dan Sumberdaya Mineral Seng dan Timah Hitam, di Lokasi Dairi Prima MineralZinc and Lead Ore Reserves and Mineral Resources in the Area of Dairi Prima Mineral

Catatan:(1) Berdasarkan laporan estimasi cadangan bijih dari Mining Plus Pty.

Ltd. Bulan Februari 2011 dan model estimasi yang dilakukan oleh CSA Global (Australia) bulan Oktober 2010, sesuai JORC 2004.

Notes:(1) Based on ore reserves estimation report from Mining Plus Pty.

Ltd. in February 2011 and the estimation model provided by CSA Global (Australia) in October 2010, accordance with JORC 2004.

KAWASANSite

KOMBINASI SUMBERDAYA MINERAL (1)Combined Minerals Resources (1)

Anjing Hitam 8.11 Mt at 14.6% Zn, 9.1% Pb, and 12 Ag g/t

Lae Jahe 16.18 Mt at 8.2% Zn, 4.5% Pb

Base Camp (shale hosted) 0.49 Mt at 5.5% Zn, 5.7% Pb, and 10 Ag g/t

Base Camp (carbonate hosted) 0.34 Mt at 4.2% Zn, 4.0% Pb, and 20 Ag g/t

Total Sumberdaya Mineral I Total Mineral Resources 25.12 Mt at 10.1% Zn, 6.0% Pb

CITRA PALU PROJECT

TONASE BIJIH (2)Ore Tonnage (2)

MINERAL KADARGrade

KANDUNGAN LOGAMMetal Content

100% Equity (1)100% Equity (1)

(‘000 tons) (‘000 tons)

Sumberdaya Mineral Mineral Resources 7,900 7,660 Gold 4.33 g/tonne 1.1 MOZ 1.06 MOZ

Cadangan | Reserves 3,940 3,800 Gold 5.38 g/tonne 0.61 MOZ 0.59 MOZ

Sumberdaya Mineral Emas di Lokasi Citra Palu MineralsGold Mineral Resources in the Area of Citra Palu Minerals

Catatan:(1) Tonase (dalam ekuitas) yang dimaksud adalah merupakan bagian

dari kepemilikan saham efektif Perseroan sebesar 96,97% di CPM.(2) Berdasarkan hasil estimasi dan dilaporkan mengikuti standar

pelaporan Komite Cadangan Mineral Indonesia (KCMI) edisi tahun 2011 yang ditandatangani oleh Competent Person Indoensia (CPI).

Notes:(1) The tonnage (in equity) measured in accordance with the

Company’s effective share holding of 96.97% in CPM. (2) Estimated and reported base on the standard reporting of

Mineral Reserves Committee of Indonesia (KCMI) ed.2011, which was signed by the Competent Person Indonesia (CPI).

IKHTISAR CADANGAN BIJIH DAN SUMBER DAYA MINERALOre Reserves and Mineral Resources Highlights


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Estimasi Cadangan Bijih Sungai Mak, Berdasarkan Klasifikasi KCMI 2011, SNI 2011 dan JORC 2004Sungai Mak Ore Reserves Estimation, in Accordance with the classification in KCMI 2011, SNI 2011 and JORC 2004

TIPE BIJIHOre Type

Range % Cu

Tonase (Juta Ton)

KADAR LOGAMMetal Grade

KANDUNGAN LOGAMMetal Content

KLASIFIKASI CADANGAN

BIJIHOre Reserves Classification

Cu (%) Au g/t Ag g/t Cu (kton)Au

(koz)Ag

(koz)

Low Grade 0.2-0.45 37.4 0.32 0.17 1.02 93 121 871

TerkiraProbable

Medium Grade 0.45-0.08 37.4 0.61 0.31 1.57 183 239 1,426

High Grade > 0.80 31 1.27 0.54 2.39 337 399 1,986

Total(1) 105.4 0.7 0.33 1.62 613 759 4,283

Catatan:(1) Laporan estimasi cadangan bijih Sungai Mak diselesaikan oleh

tim PT GM dan ditandatangani oleh Competent Person Indonesia (CPI) Iwan Munajat (CPI-019; AusIMM 306293) tanggal 17 Maret 2014.

Notes:(1) Sungai Mak ore reserves estimation report were completed by

PT GM team and signed by Competent Person Indonesia (CPI) Iwan Munajat (CPI-019; AusIMM 306293) on 17 March 2014.

Sumberdaya Mineral Tembaga dan Emas di Gorontalo MineralsCopper and Gold Mineral Resources in the Area of Gorontalo Minerals

SITE | Domains CoG Million Tons (Mt) Cu (%) Au (g/t) Ag (g/t)

Sungai Mak 0.2 g/t Au & 0.2% Cu 173.4 0.52 0.30 1.51

Cabang Kiri 0.2 g/t Au & 0.2% Cu 151.0 0.40 0.55 -

Motombo North 0.5 g/t Au 4.0 1.04 2.57 55.12

Motombo East 0.5 g/t Au 6.1 0.33 1.12 29.92

Kayubulan 0.3 g/t Au 66.2 0.52 0.29 -

Total Sumberdaya Mineral(1)Total Mineral Resources(1) 400.6 0.48 0.43 1.66

Catatan:(1) Sumberdaya mineral kelima Prospek telah diestimasi dan

dilaporkan mengikuti standar pelaporan Komite Cadangan Mineral Indonesia (KCMI) edisi tahun 2011 yang ditandatangani oleh Competent Person Indoensia (CPI). Khusus untuk Prospek Sungai Mak dan Cabang Kiri, pelaporan estimasi ini adalah pembaharuan pelaporan estimasi JORC (edisi 2004) yang dilaporkan oleh SRK-Australia tahun 2012.

Notes:(1) The mineral resources from the five Prospects have been

estimated and reported to comply with the standard reporting of Mineral Reserves Committee of Indonesia (KCMI) ed.2011, which was signed by the Competent Person Indonesia (CPI). Particularly for Sungai Mak and Cabang Kiri Prospects, the reporting estimates is a renewal of reporting estimation of JORC (2004 edition) reported by SRK-Australia in 2012.

IKHTISAR CADANGAN BIJIH DAN SUMBER DAYA MINERALOre Reserves and Mineral Resources Highlights


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Grafik Pergerakan Harga Saham dan Volume Perdagangan Saham di Tahun 2018Highlights of the Price Movement and Trading Volume of the Company’s Share in 2018

Pergerakan Harga Saham PerseroanPrice Volatility of the Company’s Shares

HARGA SAHAMShare Price

2018 TERTINGGIHighestTERENDAH

LowestPENUTUPAN

Closing

RATA-RATA HARIAN DALAM LOT

Volume

Triwulan I | Quarter 1 102 65 84 308,906,158

Triwulan II | Quarter 2 87 60 65 40,582,412

Triwulan III | Quarter 3 76 51 64 50,575,186

Triwulan VI | Quarter 4 63 50 50 15,403,106

KRONOLOGIChronology

DESKRIPSIDescription

Penawaran Umum Saham Perdana | Initial Public Offering 9 December 2010

Harga Penawaran (Rp) | IPO Price (Rp) Rp635

Harga Pelaksanaan Waran (Rp) | Warrant Exercise Price (Rp) Rp625

Jangka Waktu Ditempatkan Pelaksanaan Waran | Warrant Exercise Period 09 June 2011-07 December 2012

Jumlah Waran Diterbitkan | Warrant Issued 2.200.000.000

Saham Ditempatkan dan Disetor Penuh | Issued and Paid Up Shares 25,570,150,644

Penerbitan Saham Tanpa Hak Memesan Efek Terlebih Dahulu | Rights Issue 22 June 2017

Harga Pelaksanaan | Exercise Price Rp84

Saham Ditempatkan dan Disetor Penuh I Issued and Paid Up Shares 36,752,306,258

VolumeVolume

Harga PenutupanClosing Price

120

100

80

60

40

2,400,000,000

2,000,000,000

1,600,000,000

1,200,000,000

800,000,000

400,000,000

0

BRMSHarga (Rupiah) Volume

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

IKHTISAR SAHAMStock Highlights


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PERISTIWA PENTING 2018Event Highlights 2018

MARET MARCH

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PT Bumi Resources Minerals Tbk (“BRMS” atau “Perseroan”) melaporkan bahwa Perseroan telah menandatangani perjanjian untuk pembelian 20% saham milik PT Aneka Tambang Tbk di PT Dairi Prima Mineral (“DPM”).

PT Bumi Resources Minerals Tbk (“BRMS” or “The Company”) reported that the Company had signed an agreement to purchase 20% PT Aneka Tambang Tbk’s shares in PT Dairi Prima Mineral (“DPM”).

10

APRIL APRIL

MEI MAYPerseroan menyelenggarakan Rapat Umum Pemegang Saham (RUPS) Tahunan dan RUPS Luar biasa pada tanggal 14 Mei 2018 bertempat di The Bridge Function Room, Kompleks Apartemen Taman Rasuna, Jl. H.R. Rasuna Said, Kuningan, Jakarta Selatan.

NFC China telah memberikan konfirmasi atas persetujuan rencana akuisisi 51% saham PT Dairi Prima Mineral milik Perseroan senilai US$198,9 juta.

NFC China has confirmed the approved of the plan to acquire 51% shares of PT Dairi Prima Mineral for USD198.9 million.

The Company held the Annual General Meeting of Shareholders (GMS) and the Extraordinary GMS on May 14, 2018 in The Bridge Function Room, Taman Rasuna Apartment Complex, Jl. H.R. Rasuna Said, Kuningan, South Jakarta.

PT Bumi Resources Minerals TbkLaporan Tahunan 2018


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NOVEMBER NOVEMBER

OKTOBER OCTOBER

SEPTEMBER SEPTEMBER

DESEMBER DECEMBERPemaparan Publik Tahunan yang diadakan untuk menjelaskan kinerja keuangan dan operasi terkini kepada semua Pemegang Saham, bertempat di The Bridge Function Room, Kompleks Apartemen Taman Rasuna, Jl. H.R. Rasuna Said, Kuningan, Jakarta Selatan.

Perseroan melaporkan bahwa, anak usahanya PT Citra Palu Minerals, telah mengimplementasikan tindakan Keselamatan, Kesehatan Kerja dan Lingkungan (“K3L”) dalam usaha penanggulangan gempa bumi di Palu, Sulawesi Tengah.

BRMS melaporkan bahwa Perseroan telah berhasil menyelesaikan proses divestasi 51% saham PT Dairi Prima Mineral kepada China Nonferrous Metal Industry’s Foreign Engineering & Construction Co. Ltd. (“NFC China”) dan juga Perseroan berhasil menyelesaikan akuisisi 20% saham PT Dairi Prima Mineral dari PT Aneka Tambang Tbk.

Perseroan yang tergabung dalam Emergency Response Team (ERT) Kementerian Energi dan Sumber Daya Mineral (“ESDM”) bersama 120 perusahaan tambang termasuk 7 perusahaan Kelompok Usaha Bakrie (KUB) menerima penghargaan dari Menteri ESDM Ignasius Jonan atas partisipasi dalam aksi kemanusiaan bencana gempa bumi dan tsunami di Palu dan Donggala.Annual Public Exposure was held to disclose the

Company’s latest financial & operational results to all Shareholders, located in The Bridge Function Room, Taman Rasuna Apartment Complex, Jl. H.R. Rasuna Said, Kuningan, South Jakarta.

The Company reported that its subsidiary, PT Citra Palu Minerals, had implemented Health, Safety and Environment (OHSE) actions to respond to the earthquake in Palu, Central Sulawesi.

BRMS reported that the Company successfully completed the 51% divestment process of PT Dairi Prima Mineral to the China Nonferrous Metal Industry’s Foreign Engineering & Construction Co. Ltd. (“NFC China”) and the Company also succeeded in completing the acquisition of 20% stake in PT Dairi Prima Mineral from PT Aneka Tambang Tbk.

The Company as a member of Ministry of Energy Mineral Resources Emergency Response Team (ERT) along with 120 mining companies including 7 Bakrie Business Group companies, received an award from the Minister of Energy Mineral Resources Ignasius Jonan for participating in earthquake and tsunami humanitarian action in Palu and Donggala.


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PROFIL PERUSAHAANCompany Profile

Profil Perusahaan 14Company Profile Struktur Organisasi 17Organization Structure Portofolio Aset 18Assets Portfolio


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Sejak awal berdirinya, Perseroan adalah perusahaan di Indonesia yang memiliki portofolio aset tambang mineral terdiversifikasi. Aset-aset Perseroan meliputi tembaga, emas, seng, timah hitam dan logam berharga lainnya yang tersebar di berbagai kawasan di Indonesia.

Nama proyek, lokasi proyek dan jenis prospek mineral bahan tambang yang tengah dan akan dikembangkan oleh Perseroan adalah sebagai berikut:

Since its inception, The Company operates a diversified mineral mining portfolio in Indonesia. The Company’s assets include copper, gold, zinc, lead and other valuable metals spreading across areas in Indonesia.

The names of the projects, their locations and types of prospective mine minerals being and to be developed by the Company are as follows:

NAMA PROYEK DAN DAERAH PROSPEKProject Name and Prospect Site

PROSPEK TAMBANGMine Prospects

Dairi Prima Mineral(Anjing Hitam, Lae Jahe dan Base Camp)

Seng dan Timah HitamZinc and Lead

Citra Palu Minerals(Poboya, Malala)

Emas dan MolybdenumGold and Molybdenum

Gorontalo Minerals(Sungai Mak, Cabang Kiri, Motomboto East, Motomboto North, Kayubulan)

Tembaga, Emas dan PerakCopper, Gold and Silver


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Struktur Grup Usaha dan Struktur Kepemilikan Anak PerusahaaanGroup Business Structure and Subsidiary Structure

35.73% 13.23% 22.86% 8.02% 20.16%

PT Bumi Resources Tbk.

Wexler Capital Pte. Ltd.

1st Financial Company Limited

Fountain CityInvestment. Ltd. Public

100%

80%

96.97%49%

PT Bumi Resources Minerals Tbk.

International MineralsCompany LLC (“IMC”)

PT Citra Palu Minerals(“Citra Palu”)

PT Gorontalo Minerals(“Gorontalo”)

PT Dairi Prima Mineral(“Dairi”)

Legend:

Holding Companies

Operating/Developing Companies

Investment Holding Companies


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Struktur Pemegang Saham Perseroan Per 31 Desember 2018Composition of the Company’s Shareholders as of December 31, 2018

35,73%

13,23%22,86%

8,02%

20,16%

Struktur Grup Usaha dan Struktur Kepemilikan Anak PerusahaaanGroup Business Structure and Subsidiary Structure

NAMA PERUSAHAANName of the Company

LOKASI USAHA Business Location

KEGIATAN USAHABusiness Line

KEPEMILIKAN EFEKTIFEffective Ownership

TAHUN PENYERTAANYear of Investment

PT Citra Palu Minerals (“CPM”)

Sulawesi, Indonesia

Pertambangan Tembaga dan EmasCopper and Gold Mining

96.97% 2010

PT Multi Capital (“MC”) Jakarta, Indonesia Perdagangan | Trading 99.90% 2010

PT Multi Daerah Bersaing (“MDB”)

Jakarta, Indonesia Investasi | Investment 99.99% 2010

International Minerals Company LLC (“IMC”)

Delaware, USA Investasi | Investment 100.00% 2010

PT Gorontalo Minerals (“GM”)

Gorontalo, Indonesia

Pertambangan Tembaga, Emas dan PerakCopper, Gold and Silver Mining

80.00% 2010

Calipso Investment Pte. Ltd (“Calipso”)

Singapura Investasi | Investment 99.99% 2010

PT Sarkea Prima Minerals

Aceh, Indonesia Pertambangan | Mining 100.00% 2010

Herald Resources Ltd (“Herald”)

Australia Pertambangan Seng dan Timah HitamZinc and Lead Mining

99.99% 2010

Gain and Win Pte. Ltd. Singapura Investasi | Investment 100.00% 2010

PT Dairi Prima Mineral (“DPM”)

Dairi, Indonesia Pertambangan Seng dan Timah HitamZinc and Lead Mining

49% 2010

Lemington Investments Pte. Ltd

SingapuraSingapore

Entitas Bertujuan Khusus Special Purpose Company

99.99% 2010

PT Bumi Resources Tbk

Wexler Capital Pte. Ltd.

1st Financial Company Limited

Fountain City Investment, Ltd.

Public



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STRUKTUR ORGANISASIOrganization Structure

General Meeting of Shareholders

Internal Audit andRisk Management

President Director

Directors

Audit Committee

Remuneration andNomination Committee

Board of Commissioners

Board of Directors

Chief Executive Officer

Chief InvestorRelations Officer

Chief OperatingOfficer

Chief FinancialOfficer

Tax TechnicalServicesInvestor

RelationsCorporate

Legal HR Services

AccountingHealth,

Safety andEnvironment

Public Relations and

CommunicationsCompliance

Recruitment &OrganizationalDevelopment

Treasury InformationTechnologyCorporateSecretary

Budget andController

ExternalAffairs

Payroll ProjectDevelopment

Procurement Business Units

Chief Legal Officer/Corporate Secretary

Chief HumanResource Officer


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PORTOFOLIO ASETAssets Portfolio

DAIRI PRIMA MINERAL

Stake : 49%Type : Zinc and LeadReserves (100%) : 11 mio ton ore (Anjing Hitam &

Lae Jahe)Grade : 11.5% Zn, 6.8% Pb,

7.5 g/t AgResources (100%) : 25 mio ton ore

(Anjing Hitam, Lae Jahe & Base Camp)

Grade : 10.1% Zn, 6.0% PbStatus : Construction

Catatan | Notes:(1) Sesuai dengan divestasi progresif untuk 49,0% mulai dari akhir tahun setelah dimulainya produksi di proyek Gorontalo Subject to progressive divestment 49.0% beginning from the end of the year after commencement of production at

the Gorontalo Project.(2) Berdasarkan standar laporan Komite Cadangan Mineral Indonesia (KCMI) edisi tahun 2011. According to Komite Cadangan Mineral Indonesia (KCMI) 2011 edition reporting standards.


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CITRA PALU MINERALS

Stake : 96.97%Type : Gold and

MolybdenumReserves (100%) : 3.9 mio ton ore

(Poboya)Grade : 5.3 g/t AuResources (100%) : 7.9 mio ton ore

(Poboya)Grade : 4.3 g/t AuStatus : Construction

GORONTALO MINERALS

Stake : 80%(1)

Type : Copper and GoldReserves (100%) : 105.4 mio ton ore

(Sungai Mak)(2)

Grade : 0.70% Cu, 0.33 g/t AuResources (100%) : 400.6 mio ton ore

(Sungai Mak, Cabang Kiri, Motomboto North, Motomboto East & Kayubulan)(2)

Grade : 0.48% Cu, 0.43% g/t AuStatus : Construction


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Saptari HoedajaKomisaris Utama President Commissioner

LAPORAN DEWAN KOMISARISReport from the Board of Commissioners

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Para Pemegang Saham yang Terhormat,

Pertama-tama kami ingin mengucapkan puji dan syukur ke hadirat Allah Rabb Semesta Alam karena atas seizin-Nya, PT Bumi Resources Minerals Tbk. (“Perseroan”) dapat terus melangkah maju, menyelesaikan tahap demi tahap pengembangan proyek Dairi di Palu, dan Gorontalo menuju produksi komersial sesuai rencana. Perkenankanlah kami menyampaikan laporan pengawasan Dewan Komisaris atas pengelolaan dan perkembangan usaha Perseroan untuk tahun yang berakhir pada 31 Desember 2018.

PANDANGAN ATAS KONDISI EKSTERNALPada tahun 2018, perekonomian dunia mengalami beberapa kali perlambatan, terutama oleh kebijakan moneter Amerika Serikat (“AS”) dan ketegangan dagang antara AS dengan Tiongkok. Belum bisa diprediksi kapan dan bagaimana solusi penyelesaiannya. Hal ini menimbulkan kekhawatiran akan memicu kembali krisis global di masa mendatang.

Kondisi ini berpengaruh pada harga logam dasar sebagai dampak dari melemahnya permintaan industri dan manufaktur terutama dari Tiongkok. Indeks harga logam dan mineral Bank Dunia turun hingga sekitar 10% akibat melemahnya permintaan global, penguatan dolar AS, serta eskalasi perang dagang antara AS dan Tiongkok. Namun demikian, para pelaku pasar optimis bahwa kondisi saat ini hanya merupakan respons pasar yang bersifat jangka pendek.

PENILAIAN ATAS KINERJA DIREKSI

Dewan Komisaris mengapresiasi upaya Direksi dan tim manajemen atas keberhasilannya dalam menuntaskan proses divestasi 51% saham PT Dairi Prima Mineral (“DPM”) pada bulan September 2018, sehingga Perseroan berhasil memperkuat struktur neracanya dan melanjutkan pengembangan ketiga proyek Perseroan ke tahap berikutnya.

Keberhasilan transaksi divestasi ini juga memungkinkan Perusahaan untuk bekerjasama dengan NFC China (sebagai 51% pemegang saham di DPM) untuk mempercepat produksi seng & timah hitam dari DPM.

Dear Shareholders,

First of all, we would like to praise the God Rabb of the Universe, and letting PT Bumi Resources Minerals Tbk. (the “Company”) continue to move ahead, and complete the development of the Dairi at Palu, and Gorontalo projects, which are heading towards commercial production as planned. We are pleased to deliver the supervisory report of the Board of Commissioners regarding the development and management of the Company for the financial year ended December 31, 2018.

EXTERNAL ENVIRONMENTIn 2018, the global economy experienced a slowdown, especially in relation to the United States (“US”) monetary policy and the trade tensions between the US and China. Such trade challenge was still in full swing, raising fears that it may re-trigger a global crisis.

The condition has affected base metal prices. This was mainly caused by the weakening demand for base metal, especially from China. The World Bank’s metal and mineral price index fell by around 10% due to the weakening global demand, the strengthening US dollar, and the escalating trade war between the US and China. Nonetheless, the market remains optimistic that the current condition is only a short-term market response.

PERFORMANCE ASSESSMENT OF THE BOARD OF DIRECTORSThe Board of Commissioners appreciates the efforts made by the Board of Directors and the management team for its success in completing the divestment process of 51% of shares in PT Dairi Prima Mineral (“DPM”) in September, 2018, in the effort to strengthen the Company’s balance sheet structure and continue the development of the Company’s three projects.

The successful divestment also allowed the Company to team up with NFC China (as the 51% Shareholder in DPM) to accelerate the zinc & lead production from DPM.


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PANDANGAN ATAS RENCANA PENGEMBANGAN USAHADireksi telah menyampaikan rencana kerjanya, apabila tidak ada halangan yang berarti, PT Citra Palu Minerals (“CPM”) sudah dapat memproduksi emas pada awal tahun depan. Sedangkan DPM dan PT Gorontalo Minerals (“GM”) dijadwalkan untuk memproduksi seng dan tembaga masing-masing pada tahun 2021 dan 2022 atau lebih awal. Dewan Komisaris mendukung penuh rencana bisnis yang disusun Direksi dan meyakini bahwa ketiga proyek tersebut akan menjadi pilar pertumbuhan Perseroan di masa mendatang.

PELAKSANAAN TUGAS PENGAWASANSepanjang tahun 2018, Dewan Komisaris antara lain telah memberikan persetujuan rencana divestasi 51% saham DPM kepada NFC dan akuisisi 20% saham PT Antam di DPM yang diusulkan Direksi. Selain itu, Dewan Komisaris mengevaluasi pencapaian kinerja triwulanan Perseroan, kemajuan proses perizinan dan prakonstruksi proyek Palu dan Gorontalo, rencana kerja manajemen serta agenda lain, dan memberikan pendapat, rekomendasi serta persetujuan bila diperlukan.

PENERAPAN TATA KELOLA DAN KINERJA KOMITE DEWAN KOMISARIS

Dewan Komisaris melaksanakan fungsinya dibantu oleh Komite Audit dan Komite Nominasi dan Remunerasi (“KNR”). Dewan Komisaris berpendapat bahwa Komite Audit telah bekerja dengan baik sesuai ketentuan Tata Kelola Perusahaan yang Baik (“GCG”). Komite Audit mengadakan rapat berkala dengan manajemen, Departemen Audit Internal (“DAI”) dan Auditor Ekstenal untuk membahas laporan keuangan triwulanan, rencana audit tahunan dan laporan hasil audit internal, pelaksanaan audit Laporan Keuangan oleh Kantor Akuntan Publik yang independen, mengkaji efektivitas pengendalian internal dan manajemen risiko, mengkaji rencana divestasi, dan isu-isu lainnya.

Komite Nominasi dan Remunerasi (“KNR”) telah melakukan peninjauan kembali serta kajian terhadap remunerasi yang diberikan kepada Direksi dan Dewan Komisaris Perseroan, berikut entitas anak Perseroan. Komite telah melakukan

BUSINESS DEVELOPMENT PLAN

The Board of Directors has submitted its work plan that PT Citra Palu Minerals (“CPM”) is expected to start producing gold at the beginning of next year, if there are no significant obstacles. Meanwhile, DPM and PT Gorontalo Minerals (“GM”) are scheduled to start producing zinc and copper in 2021 and 2022, respectively, or earlier. The Board of Commissioners fully supports the business plans prepared by the Board of Directors and believes that the three projects will be the catalysts for the Company’s future growth.

SUPERVISORY REPORTDuring 2018, the Board of Commissioners had approved the plan to divestment 51% of DPM shares to NFC and to acquire 20% of PT Antam’s shares in DPM as proposed by the Board of Directors. In addition, the Board of Commissioners had evaluated the Company’s quarterly performance, the mine related licenses & permits progress, the pre-construction stage of Palu and Gorontalo projects, and the management work plans, as well as provided insights, recommendations and approvals, as required.

CORPORATE GOVERNANCE AND PERFORMANCE OF THE COMMITTEES UNDER THE BOARD OF COMMISSIONERSThe Board of Commissioners is assisted by the Audit Committee and the Nomination and Remuneration Committee (“KNR”). The Board of Commissioners believes that the Audit Committee performed its duties well and in accordance with Good Corporate Governance (“GCG”) provisions. The Audit Committee held regular meetings with the management, the Internal Audit Department (“DAI”) and the External Auditors to discuss quarterly financial statements, the annual audit plan and internal audit reports, the audit of Financial Statements conducted by independent Public Accountant, review of the effectiveness of internal control and risk management, and review of the divestment plan.

The Nomination and Remuneration Committee (“KNR”) reviewed the remuneration provided to the Board of Directors and the Board of Commissioners of the Company and its subsidiaries. The Committee also reviewed the

LAPORAN DEWAN KOMISARISReport from the Board of Commissioners


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kajian terhadap kinerja Dewan Komisaris dan Direksi pada masing-masing entitas anak Perseroan.

PENILAIAN MENGENAI EFEKTIVITAS WHISTLEBLOWING SYSTEMPerseroan memiliki mekanisme sistem pelaporan atas pelanggaran etika yang disebut “Speak-Up System”. Keberadaan Speak-Up System disosialisasikan melalui buku Pedoman Perilaku yang dibagikan kepada seluruh insan Perseroan. Menurut pandangan Dewan Komisaris, saat ini Speak-Up System sudah berjalan dengan baik dan efektif. Dewan Komisaris terus memantau dan mengevaluasi mekanisme penanganan dan penyelesaian masalah oleh Komite Perilaku Perusahaan dan memberikan saran-saran perbaikan jika diperlukan.

APRESIASIAkhirnya, atas nama Dewan Komisaris, Saya menyampaikan terima kasih kepada para pemegang saham dan seluruh pemangku kepentingan atas dukungan dan kepercayaan yang diberikan, yang kiranya menjadi penyemangat bagi seluruh insan Perseroan untuk tetap fokus menuju tahap produksi komersial dalam waktu dekat. Kami sampaikan penghargaan kepada Direksi, tim manajemen dan seluruh karyawan yang yang telah menunjukkan kerja keras, loyalitas dan dedikasinya sehingga Perseroan dapat melewati tahun 2018 dengan baik. Semoga Perseroan dapat memberikan hasil terbaik bagi seluruh pemangku kepentingan di masa mendatang.

performance of the Board of Commissioners and the Board of Directors at each of the Company’s subsidiaries.

ASSESSMENT OF THE WHISTLEBLOWING SYSTEMThe Company has a reporting system mechanism for ethical violations called the “Speak-Up System”. The Speak-Up System is socialized through the Code of Conduct manual, which is shared with all the employees of the Company. The Board of Commissioners believes that the Speak-Up System is running efficiently and effectively. The Board of Commissioners continues to monitor and evaluate the mechanisms for problem handling by the Company’s Behavior Committee and provides improvement recommendation, as required.

APPRECIATIONFinally, on behalf of the Board of Commissioners, I would like to express my gratitude to all of the Company’s shareholders and stakeholders for their support and trust. Their loyalty has been an encouragement for all of the Company’s employees, spurring them to focus on moving toward the commercial production phase. Our appreciation also goes to the Board of Directors, the management team, and all the employees whose hard work, loyalty and dedication allowed the Company to succeed in 2018. We are confident that the Company will continue to provide the best possible outcomes for its stakeholders in the future.

Jakarta, April 2018

Saptari Hoedaja Komisaris Utama

President Commissioner


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PROFIL DEWAN KOMISARISBoard of Commissioners’ Profile


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Saptari HoedajaKomisaris Utama President Commissioner

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Warga Negara Indonesia, berusia 59 tahun, lahir di Jakarta, 30 Mei 1959. Beliau meraih gelar Sarjana Teknik Mesin dari Institut Teknologi Bandung (ITB).

Diangkat sebagai Komisaris Utama Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Saat ini beliau juga menjabat di Perusahaan sebagai Direktur Utama PT Bumi Resources Tbk (2001-sekarang), dan sebagai Komisaris Utama PT Energi Mega Persada Tbk (2011-Sekarang).

An Indonesian citizen, 59 years old, born in Jakarta, May 30, 1959. He holds a Bachelor’s degree in Mechanical Engineering from Bandung Institute of Technology (ITB).

He appointed as the Company’s President Commissioner based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bumi Resources Minerals Tbk. No. 144 dated August 22, 2017.

Currently, he serves as President Director of PT Bumi Resources Tbk (2001-present) and President Commissioner of PT Energi Mega Persada Tbk (2011-present).

Gories MereKomisaris Independen Independent Commissioner

Warga negara Indonesia, berusia 64 tahun, lahir di Medan, 17 November 1954. Beliau adalah lulusan Sekolah Tinggi Ilmu Kepolisian (STIK-PTIK) dan Akademi Angkatan Bersenjata Republik Indonesia (AKABRI) Kepolisian.

Diangkat sebagai Komisaris Independen Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Saat ini beliau juga menjabat sebagai Ketua Komite Audit, Ketua Nominasi dan Remunerasi di Perusahaan. Pernah menjabat sebagai Kepala Badan Narkotika Nasional (BNN) tahun 2009, Wakil Kabareskrim pada tahun 2005, dan beberapa posisi penting lainnya di Kepolisian RI. Pangkat terakhir di Kepolisian sebelum pensiun adalah Komisaris Jenderal Polisi.

An Indonesian citizen, 64 years old, born in Medan, November 17, 1954. He is a graduate of STIK-PTIK Police Academy and Indonesian Armed Forces Academy (AKABRI).

He appointed as the Company’s Independent Commissioner based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bumi Resources Minerals Tbk. No. 144 dated August 22, 2017.

Currently, he serves as Chairman of Audit Committee and Chairman of Nomination and Remuneration Committee of the Company. He served as Head of National Anti-Narcotics Agency (BNN) in 2009, Deputy Kabareskrim in 2005 and several other key positions in the Indonesian Police. His last rank in the Police before retirement was Commissioner General of Police.

Warga Negara Indonesia, berusia 46 tahun, lahir di Jakarta, 13 Juni 1972. Winston Yusuf memperoleh gelar Sarjana dari Santa Monica College (California, USA).

Diangkat sebagai Komisaris Independen Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Saat ini beliau juga menjabat sebagai anggota Komite Nominasi dan Remunerasi di Perusahaan. Pernah menjabat sebagai Direktur di PT Graha Citra Boga (2012-2016) dan Direktur Manager di PT Eastland Development (sejak 2010).

An Indonesian citizen, 46 years old, born in Jakarta, June 13, 1972. Winston Yusuf earned a Bachelor’s degree from Santa Monica College (California, USA).

He appointed as the Company’s Independent Commissioner based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bumi Resources Minerals Tbk. No. 144 dated August 22, 2017.

Currently, he serves as a member of the Company’s Nomination and Remuneration Committee. He served as Director of PT Graha Citra Boga (2012-2016) and Director Manager of PT Eastland Development (since 2010).

Winston JusufKomisaris Independen Independent Commissioner

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LAPORAN DIREKSIReport from the Board of Directors

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Para Pemegang Saham yang terhormat,

Puji syukur kami panjatkan ke hadirat Allah Yang Maha Kuasa, karena atas rahmat dan karunia-Nya, PT Bumi Resources Minerals Tbk. (“Perseroan“) telah melalui tahun 2018 dengan sejumlah pencapaian penting untuk segera mencapai tahap produksi komersial sesuai rencana. Direksi Perusahaan bermaksud untuk menjelaskan ringkasan kinerja Perseroan untuk tahun buku yang berakhir pada 31 Desember 2018.

PENCAPAIAN KINERJA TAHUN 2018Pencapaian penting pada tahun 2018 yang menjadi tonggak sejarah bagi Perseroan adalah keberhasilan Perseroan menyelesaikan proses divestasi 51% saham Perseroan di PT Dairi Prima Mineral (“DPM”) kepada China Nonferrous Metal Industry’s Foreign Engineering & Construction Co. Ltd (“NFC China”) senilai USD198 juta di bulan September 2018.

Sebagian dana hasil divestasi saham DPM telah digunakan untuk melunasi pinjaman pihak ketiga sehingga pinjaman jangka panjang turun hampir 100% dari tahun sebelumnya dan hutang lain-lain pihak ketiga turun hampir 45% dari tahun sebelumnya. Beban bunga dan keuangan juga turun hampir 100% dari tahun sebelumnya, dan saldo kas dan deposito yang dibatasi penggunanya meningkat dari $5,2 juta di tahun 2017 menjadi $40,8 juta di tahun 2018. Oleh karenanya Rasio Pinjaman terhadap Modal Perusahaan menjadi semakin baik dari 0,38 di tahun 2017 menjadi 0,17 di tahun 2018.

Dengan pencapaian ini, Perseroan memiliki likuiditas yang lebih kuat yang memungkinkan Perseroan untuk memulai pekerjaan konstruksi tambang dan pengadaan fasilitas pengolahan prospek emas di Palu dan prospek seng di Dairi. Sesuai dengan Izin Konstruksi 3 tahun dan Izin Produksi 30 tahun untuk proyek emas PT Citra Palu Minerals (“CPM”) di Sulawesi Tengah yang telah diperoleh pada akhir tahun 2017 dan Izin Produksi 30 tahun untuk proyek DPM di Sumatera Utara yang diperoleh pada akhir tahun 2017, maka CPM dan DPM diharapkan dapat mulai berproduksi di tahun 2020 dan 2021.

Dear Valued Shareholders,

We would like to express my gratitude to the Allah the mercy full. PT Bumi Resources Minerals Tbk. (the “Company”) has made a number of remarkable achievements in 2018 that have further strengthened our optimism in reaching the commercial production stage as planned. The Board of Directors hereby explains about Company’s performance for the financial year ended December 31, 2018.

PERFORMANCE ACHIEVEMENTS IN 2018The company has achieved an important milestone in year 2018 when it successfully completed the divestment of 51% of its shares in PT Dairi Prima Mineral (“DPM”) to China Nonferrous Metal Industry’s Foreign Engineering & Construction Co. Ltd (“NFC China”) for USD198 million in September 2018.

Part of the proceed from the DPM’s share divestment was need to repay the third party loans. As a result, the company’s long term loan wentdown by almost 100% from the previous year, and other payables to third parties decreased by almost 45% from the previous year. The Company’s interest & finance charges also wentdown by almost 100% from the previous year, and the balance of cash and restricted deposit increased from $5.2 million in 2017 to $40.8 million in 2018. Consequently the Company’s Debt to Equity ratio improved from 0.38 in 2017 to 0.17 in 2018

This achievement has ensured that the Company had improved liquidity positive to commence the mining construction works and to obtain the processing facilities for the gold mine in Palu and the zinc & lead mine in Dairi. The 3-year Construction Permit and the 30-year Production Permit for the gold project at PT Citra Palu Minerals (“CPM”) in Central Sulawesi was obtained at the end of 2017, while the 30-year Production Permit for the DPM project in North Sumatra was obtained at the end of 2017. Therefore, CPM and DPM are expected to start their productions in year 2020 and 2021 respectively.


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Kami bersyukur, PT Gorontalo Minerals (“GM”) juga telah berhasil mendapatkan Izin Konstruksi 3 tahun dan Izin Produksi 30 tahun pada awal tahun 2019 sehingga diharapkan dapat memulai produksinya pada semester kedua tahun 2022.

MENGATASI TANTANGANPada tanggal 28 September 2018, terjadi gempa bumi yang diikuti tsunami melanda pantai Barat Sulawesi Tengah yang mengakibatkan banyak korban jiwa dan kerusakan parah terutama di kota Palu dan Kabupaten Donggala. Kantor pusat CPM dan mess karyawan di tengah Kota Palu ikut mengalami kerusakan fisik. Tetapi seluruh karyawan yang berjumlah 46 orang baik yang berada di kantor Palu, mess dan di lokasi proyek dalam keadaan selamat. Prospek tambang Poboya yang berada cukup jauh dari lokasi gempa tidak mengalami kerusakan yang berarti.

Perseroan segera bergerak melaksanakan aksi tanggap darurat untuk membantu evakuasi korban di seluruh penjuru kota Palu. Perseroan bergabung dalam Emergency Response Team (“ERT”) Kementerian Energi dan Sumber Daya Mineral (“ESDM”) yang didukung oleh 120 perusahaan tambang termasuk di dalamnya 7 perusahaan dari Kelompok Usaha Bakrie (“KUB”). Perseroan menjadi tuan rumah bagi base camp tim ERT yang beranggotakan 372 personel dan didukung 40 unit alat berat.

Tim ERT melakukan evakuasi korban reruntuhan bangunan dan pelayanan kesehatan bagi masyarakat, menyediakan air bersih, vaksinasi, sembako, terpal dan tenda, toilet portabel, serta bantuan renovasi rumah karyawan. Bantuan logistik dan material sebagian besar dikirimkan dari kantor GM di Gorontalo melalui transportasi darat.

We are also grateful that PT Gorontalo Minerals (“GM”) managed to obtain a 3-year Construction Permit and a 30-year Production Permit in early 2019. Consequently the Company is expected to start production in the second half of 2022.

OVERCOMING CHALLENGESOn September 28, 2018, an earthquake followed by a tsunami hit the West Coast of Central Sulawesi resulting in many casualties and severe damage, especially in the city of Palu and the Donggala Regency. The CPM headquarters and the employee basecamp in the center of Palu City suffered damage. Fortunately, all 46 of the Company’s employees in the Palu office, the basecamp and the project site were safe. The prospect of Poboya mine which is located quite far from the earthquake location did not suffer any significant damage.

The Company immediately took emergency response actions to help evacuate the victims throughout the city of Palu. The Company joined the Emergency Response Team (“ERT”) of the Ministry of Energy and Mineral Resources, which was supported by 120 mining companies including 7 companies from the Bakrie Group. The Company became the host for the ERT base camp, which had 372 personnel and was supported by 40 units of heavy equipments.

The ERT team evacuated the victims from the damaged buildings and provided health services, clean water, vaccinations, basic necessities, tarpaulins and tents, and portable toilets. It also helped with house renovations for the Company’s employees and the community in the affected areas. Most donations were sent from the GM’s office in Gorontalo via land.



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RENCANA KE DEPANPerseroan telah memulai pabrikasi mesin pengolahan emas yang menggunakan sistem CIS (“carbon-in-leach system”) dari manufaktur di Tiongkok. Diharapkan, shipment tahap pertama (“batch 1”) sudah masuk ke lokasi CPM di Poboya pada semester pertama di tahun 2019, dan batch 2 pada semester berikutnya di tahun 2019. Kapasitas terpasang produksi adalah 500 ton bijih per hari dan direncanakan akan ditingkatkan hingga kapasitas 2.000 ton per hari dalam dua tahun ke depan. Secara bersamaan, kegiatan pembersihan lahan dan prakonstruksi terus dilakukan untuk persiapan konstruksi tambang bawah tanah.

Pemasangan mesin hingga commissioning (“dry run dan wet run”) diharapkan telah rampung pada minggu kedua bulan September dan mulai memproduksi dore bullion perdana kuartal ke 4 tahun 2019. Proses pemurnian dore bullion akan dilakukan di fasilitas pengolahan milik PT Antam di Jakarta. Dengan demikian, Produksi komersial CPM dapat direalisasikan pada semester pertama 2020 sesuai rencana, disusul produksi pertama DPM di Dairi dan GM di Gorontalo masing-masing pada semester pertama 2021 dan semester kedua 2022.

MEMPERKUAT TATA KELOLAUntuk memastikan seluruh proses bisnis berjalan dengan aman, efektif dan efisien sesuai dengan praktik Tata Kelola Perusahaan yang Baik (“GCG”), Departemen Audit Internal (“DAI”) telah melaksanakan program standarisasi kebijakan dan prosedur operasi baku (“SOP”) perusahaan. Penyusunan dan kegiatan penelaahan atas SOP sangat penting mengingat aktivitas Perseroan pada tahun 2018 semakin meningkat. Di antaranya adalah volume kegiatan pengadaan barang dan jasa bertambah dibandingkan tahun sebelumnya, baik dari sisi nilai pengadaan maupun jenis barang dan atau jasanya.

FUTURE PLANSThe Company has begin manufacturing gold processing machines that use CIS (“carbon-in-leach system”) in China. It is expected that batch 1 will arrive at the CPM location in Poboya in 1H 2019 and batch 2 in 2H 2019. It is planned that the installed production capacity of 500 tons of ore per day will be increased to 2,000 tons per day in the next two years. At the same time, land clearing and pre-construction activities continue to be carried out to make way for underground mining construction.

The engine installation (“dry run and wet run”) is expected to be completed in the second week of September and start producing the first dore bullion in the 4th quarter 2019. The refining process will be carried out at PT Antam’s smelter in Jakarta. Hence, the commercial production of CPM is expected to be realized in the first half of 2020 as planned, followed by the first production of DPM in Dairi and GM in Gorontalo in the first half of 2021 and the second semester of 2022, respectively.

ENFORCING CORPORATE GOVERNANCETo ensure that all business processes run safely, effectively and efficiently as part of suistanable Good Corporate Governance (“GCG”) practice, the Internal Audit Department (“DAI”) implements a standardized program for policies and standard operating procedures (“SOP”). SOP compilation and review are crucial, considering that the Company’s activities in 2018 increased. The procurement of goods and services also increased from the previous year, both in terms of value and type.


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PENGELOLAAN SUMBER DAYA MANUSIADengan dimulainya proses konstruksi pada tahun 2018, Perseroan telah melakukan rekrutmen sejumlah profesional seperti engineer, geologist, dan ahli Keselamatan, Kesehatan Kerja dan Lingkungan (“K3L”) yang memiliki keahlian dan pengalaman mengelola tambang bawah tanah. Selain itu, Perseroan juga akan membutuhkan sejumlah Sumber Daya Manusia (“SDM”) untuk berbagai fungsi pendukung seperti: perizinan, hubungan eksternal, keuangan, hukum, dan sebagainya. Di akhir tahun 2019, Perseroan akan membutuhkan banyak SDM yang berpengalaman dalam proses eksplorasi dan produksi seiring dengan dimulainya produksi CPM dan DPM.

TANGGUNG JAWAB SOSIAL PERUSAHAANPerseroan dan entitas anak selalu berkomitmen untuk senantiasa melaksanakan aktivitas pemberdayaan masyarakat dalam kerangka Rencana Induk Program Pengembangan dan Pemberdayaan Masyarakat (“RIPPPM”).

Alokasi anggaran program disesuaikan dengan kebutuhan masyarakat agar berkelanjutan untuk mencapai masyarakat yang mandiri dan sejahtera. Penggunaan alokasi anggaran dan rencana anggaran biaya (“RAB”) secara transparan disampaikan kepada pemerintah daerah setempat maupun kepada Pemerintah Pusat melalui Dinas Energi dan Sumber Daya Mineral. Total biaya program PPM yang dilaksanakan pada tahun 2018 sebesar USD155.046 termasuk biaya tanggap darurat dan penanggulangan bencana.

HUMAN RESOURCES MANAGEMENTAs the construction process started in 2018, the Company recruited a number of professionals such as engineers, geologists and health, safety and environment (“K3L”) experts with expertise and experience in underground mine management. In addition, the Company will also need a number of employees to fulfill various supporting functions such as: licensing, external relations, finance, law and so forth. At end of 2019, the Company will need many experienced Human Resources (“HR”) in the exploration and production process along with the commencement of production at CPM and DPM.

CORPORATE SOCIAL RESPONSIBILITYThe Company’s is committed to performing community empowerment activities within the framework of the Master Plan for Community Development and Empowerment Program (“RIPPPM”).

The program budget allocation is tailored to the community’s requirements, aiming to help it become sustainably self-sufficient and prosperous. The Company’s budget allocation and budget plan (“RAB”) is transparent. The Company submits its RAB to the local government as well as to the Central Government through the Department of Energy and Mineral Resources. The total cost of the implementation of the PPM programs in 2018 was USD155,046, including the costs of emergency response and disaster management.



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Jakarta, April 2019Direksi

Board of Directors

Suseno KramadibrataDirekturDirector

Fuad HelmyDirekturDirector

Muhammad SulthonDirekturDirector

Febriansyah MarzukiDirektur IndependenIndependent Director

Herwin W. HidayatDirekturDirector

PENGHARGAAN TAHUN 2018Pada tanggal 17 Desember 2018, Perseroan menerima penghargaan dari Kementerian ESDM atas partisipasi Perseroan dalam aksi kemanusiaan bencana gempa dan tsunami di Palu sebagai bagian dari Emergency Reponse Team Kementerian ESDM.

APRESIASIDireksi ingin menyampaikan terima kasih kepada Dewan Komisaris yang telah memberikan dukungan, arahan dan nasihat penting sepanjang tahun 2018, serta kepada Pemegang Saham atas kepercayaan yang telah diberikan. Penghargaan setinggi-tingginya kami sampaikan kepada seluruh insan grup Perseroan yang telah bekerja keras dengan penuh dedikasi dan integritas menghadapi berbagai tantangan yang ada. Semoga Perseroan dapat terus memberikan manfaat yang optimal bagi pemegang saham, karyawan, dan masyarakat luas.

AWARDS IN 2018On December 17, 2018, the Company received an award from the Ministry of Energy & Mineral Resources for the Company’s participation in humanitarian actions during the earthquake and tsunami in Palu as part of Emergency Response Team of Ministry of ESDM.

APPRECIATIONThe Board of Directors would like to express Its gratitude to the Board of Commissioners for their valuable support, direction and advice throughout 2018, as well as the Shareholders for their trust. Our highest appreciation also goes to all the employees of the Company’s group who have worked with dedication and integrity to overcome various challenges. We believe that the Company will continue to provide benefits to its shareholders, its employees and the society for years to come.


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PROFIL DIREKSIBoard of Directors’ Profile


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Suseno KramadibrataDirektur Director

Warga negara Indonesia, berusia 64 tahun, lahir di Jakarta, 25 Februari 1954. Memperoleh gelar Sarjana Teknik Pertambangan dari Institut Teknologi Bandung, Master di Micro Rock Mechanics serta PhD di Rock Cutting dari Western Australia School of Mines dan Curtin University (Australia). Memiliki pengalaman lebih dari 31 tahun dalam operasi penambangan, teknik, dan manajemen dari pekerjaan sebelumnya di Bukit Asam, Rio Tinto, Kaltim Prima Coal dan Adaro.

Diangkat sebagai Direktur Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Saat ini beliau juga menjabat sebagai Chief Operational Officer di Perusahaan, sebagai Direktur di PT Dairi Prima Mineral, dan sebagai Presiden Direktur di PT Citra Palu Minerals.

An Indonesian citizen, 64 years old, born in Jakarta, February 25, 1954. He earned a Bachelor of Mining Engineering from Bandung Institute of Technology, a Masters in Micro Rock Mechanics and a PhD in Rock Cutting from Western Australia School of Mines and Curtin University (Australia). He has more than 31 years of experience in mining, engineering and management operations from his previous positions at Bukit Asam, Rio Tinto, Kaltim Prima Coal and Adaro.

He appointed as the Company’s Director based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bumi Resources Minerals Tbk. No. 144 dated August 22, 2017.

He currently serves as the Company’s Chief Operational Officer, Director of PT Dairi Prima Mineral and President Director of PT Citra Palu Minerals.

Warga negara Indonesia, berusia 46 tahun, lahir di Medan, 02 Agustus 1972. Memperoleh gelar Sarjana Teknik Sipil dari Universitas Trisakti, Jakarta. Memiliki lebih dari 7 tahun pengalaman dalam konsultasi keuangan dan sektor perbankan dari Bank Danamon dan BC Nusantara. Pernah menjabat sebagai VP Business Analysis Division di Bumi Resources sebelum dipromosikan menjadi Direktur & Chief Financial Officer di Bumi Resources Minerals pada tahun 2012.


Saat ini beliau juga menjabat sebagai Chief Financial Officer di Perusahaan, serta menjadi Direktur di PT Dairi Prima Mineral dan Direktur di Gorontalo Minerals.

An Indonesian citizen, 46 years old, born in Medan on August 2, 1972. He earned a Bachelor of Civil Engineering from Trisakti University, Jakarta. He has more than 7 years of experience in financial consulting and banking sectors in Bank Danamon and BC Nusantara. He served as VP of Business Analysis Division at Bumi Resources before being promoted as Director and Chief Financial Officer of Bumi Resources Minerals in 2012.


He currently serves as the Company’s Chief Financial Officer, as well as Director of PT Dairi Prima Mineral and Gorontalo Minerals.

Fuad HelmyDirektur Director

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Febriansyah MarzukiDirektur Independen Independent Director

Warga negara Indonesia, berusia 56 tahun, lahir di Tanjung Karang, 20 Februari 1962. Menerima gelar Sarjana Administrasi Bisnis dari University of Houston Texas, USA). Pernah menjadi Asisten Wakil Kepala Badan Penyehatan Perbankan Nasional (BPPN) selama 6 tahun (1999-2005). Sebelumnya ia adalah Direktur Corporate Finance PT Capitalinc Investment Tbk, dan menjabat sebagai Wakil Presiden Senior di Recapital Investment Group, sebelum ia ditunjuk sebagai Direktur Independen Perseroan.

Diangkat sebagai Direktur Independen Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Saat ini beliau juga menjabat sebagai Chief Internal Audit & Risk Management di Perusahaan.

Indonesian citizen, 56 years old, born in Tanjung Karang, February 20, 1962. Earned a Bachelor of Business Administration degree from University of Houston Texas, USA). He was an Assistant Deputy Head of Indonesian Banking Restructuring Agency (IBRA) for 6 years (1999-2005). Previously, he was Corporate Finance Director of PT Capitalinc Investment Tbk and Senior Vice President of Recapital Investment Group, before he was appointed as the Company’s Independent Director.

He appointed as the Company’s Independent Director based on Deed of Minutes of Extraordinary General Meeting of Shareholders of PT Bumi Resources Minerals Tbk. No. 144 dated August 22, 2017.

Currently, he also serves as the Company’s Chief Internal Audit & Risk Management.

Muhammad SulthonDirektur Director

Warga negara Indonesia, berusia 36 tahun, lahir di Balikpapan, 15 Agustus 1982. Memperoleh gelar Sarjana Hukum dari Universitas Padjajaran, Bandung dan Magister Manajemen dari Universitas Prasetya Mulya, Jakarta. Beliau memulai karirnya di PT Arutmin Indonesia, dan telah memiliki pengalaman profesional lebih dari 13 tahun sebagai Head of Legal Counsel Hukum dan Sekretaris Perusahaan di sektor pertambangan.


Saat ini beliau juga menjabat sebagai Chief Legal Officer dan Corporate Secretary di Perusahaan, serta menjabat sebagai Direktur di PT Gorontalo Minerals dan PT Dairi Prima Mineral.

An Indonesian citizen, 36 years old, born in Balikpapan, August 15, 1982. He earned a Bachelor of Laws degree from Padjajaran University, Bandung and a Masters in Management from Prasetya Mulya University, Jakarta. He began his career at PT Arutmin Indonesia, and has more than 13 years of professional experience as Head of Legal Counsel and Corporate Secretary in the mining sector.


Currently, he also serves as the Company’s Chief Legal Officer and Corporate Secretary, as well as Director of PT Gorontalo Minerals and PT Dairi Prima Mineral.

Herwin Wahyu HidayatDirektur Director

Warga Negara Indonesa, lahir di Jakarta, berusia 46 tahun, 23 November 1972. Memperoleh gelar Sarjana Administrasi Bisnis dari University of Denver (Colorado, USA) dan Master of Business Administration dari Universitas Negeri New York di Buffalo (NY, USA). Berpengalaman lebih dari 14 tahun di sektor keuangan dan Hubungan Investor dari perusahaan yang bergerak di industri minyak dan gas serta pertambangan. Sebelumnya pernah menjadi Corporate Bankers dari ABN Amro dan Citibank.

Diangkat menjadi Direktur Perseroan berdasarkan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Bumi Resources Minerals Tbk. Nomor 144 tanggal 22 Agustus 2017.

Indonesian citizen, born in Jakarta, 46 years old, November 23, 1972. He holds a Bachelor of Business Administration degree from University of Denver (Colorado, USA) and a Master of Business Administration from New York State University in Buffalo (NY, USA). He has more than 14 years of experience in finance and Investor Relations in companies engaged in the oil and gas and mining industries. Previously, he was a Corporate Banker at ABN Amro and Citibank.


PROFIL DIREKSIBoard of Directors’ Profile

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MANAJEMEN SENIORSenior Managements

Makin Perdana KusumaChief Human Resources Officer

Warga Negara Indonesia, berusia 49 tahun, lahir di Kediri, 30 Oktober 1969. Bergabung dengan group sejak tahun 2005 di PT Kaltim Prima Coal sebagai HR Manager dan diangkat menjadi VP-HR di Perseroan (2010). Memiliki beberapa sertifikat berstandar Internasional dan Nasional di bidang Manajemen SDM. Menyelesaikan pendidikan manajemen/perhotelan di dalam dan luar negeri. Memperdalam ilmu strategic management pada tahun 2013 dan menjadi kandidat Doctor bidang Kepemimpinan Keberlanjutan pada Program Doctor of Research in Management – Sustainability and Growth Strategy (DRM-SGS) di Binus Business School sejak awal tahun 2017.

An Indonesian citizen, 49 years old, he was born in Kediri, October 30, 1969. He has joined the group since 2005 at PT Kaltim Prima Coal as HR Manager and then was appointed as VP-HR in the Company in 2010. He holds several international and national standard certifications in HR management. He compleded his higher education in management/hospitality at home and abroad, deepening his knowledge in strategic management in 2013 and being Doctoral candidate in Leadership Sustainability at the Doctor of Research in Management - Sustainability and Growth Strategy (DRM - SGS) program, Binus Business School since early 2017.

Syahrial SuandiHead of HSE & Compliance

Warga negara Indonesia, berusia 56 tahun, lahir di Padang, 20 September 1962. Memiliki pengalaman lebih dari 26 tahun sebagai Senior Geologist dan pimpinan proyek eksplorasi dari Aneka Tambang, Austindo Nusantara Jaya, PT Eastara Melawi Mineral, dan PT Puncakbaru Jayatama (Newcrest Mining Group di Indonesia). Beliau menyelesaikan pendidikan sarjana Teknik Geologi dari Universitas Pakuan Bogor pada Tahun 1990, kemudian mendapatkan gelar Magister Manajemen dari Universitas Krisna Dwipayana pada tahun 2010.

An Indonesian citizen, 56 years old, he was born in Padang, September 20, 1962. He brings with him over 26 years experience as Senior Geologist and head of exploration project from Aneka Tambang, Austindo Nusantara Jaya, PT Eastara Melawi Minerals, and PT Puncakbaru Jayatama (Newcrest Mining Group in Indonesia). He earned his Bachelor’s degree in Geology from Pakuan University Bogor in 1990, then obtained his Master of Management degree from Krisna Dwipayana University in 2010.

Damar KusmayantoHead of Technical Services

Warga negara Indonesia, berusia 47 tahun, lahir di Yogyakarta, 19 November 1971. Memiliki pengalaman lebih dari 22 tahun sebagai Senior Geologist dan pimpinan proyek eksplorasi dari Aneka Tambang, Austindo Resources, dan Mine Serve International (Freeport group). Terdaftar sebagai Competent Person Indonesia (CPI) untuk dapat menerbitkan laporan profesional hasil eksplorasi (emas dan mineral terkait).

An Indonesian citizen, 47 years old, he was born in Yogyakarta, November 19, 1971. Experienced more than 22 years as Senior geologist and exploration project leader from his employments at Aneka Tambang, Austindo Resources, and Mine Serve International (Freeport group). Registered as Competent Person Indonesia (CPI) to publish professional report of exploration result (gold and associated minerals).


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Agung AdiasaHead of Internal Audit

Warga negara Indonesia, berusia 52 tahun, lahir di Kediri, 4 Januari 1966. Memiliki sertifikasi Charter Accountant (CA) yang dikeluarkan oleh the Institut of Indonesian Accountant (IIA). Beliau menyelesaikan pendidikan di Sekolah Tinggi Akuntansi Negara dan melanjutkan ke Program Double Degree Magister Manajemen Universitas Indonesia dan Universitas Pierre Mendez Perancis. Memiliki pengalaman lebih dari 21 tahun di bidang keuangan, manajemen risiko, audit internal, dan tata kelola perusahaan.

An Indonesian citizen, 52 years old, he was born in Kediri, January 4, 1966. He hold Certified Charter Accountant (CA) from the Institute of Indonesian Accountant (IIA). He completed his study at Sekolah Tinggi Akuntansi Negara (the State College of Accountancy) and proceeded to the Double Degree Program of Magister Management at University of Indonesia and the University of Pierre Mendez of France. Having more than 20 years experience in finance, risk management, internal audit, and corporate governance.

Ryno Chandra MulyaGeneral Manager Porcessing Plant, Infrastructure, Utility

Warga negara Indonesia, berusia 47 tahun, lahir di Jakarta, 3 April 1971. Memiliki pengalaman lebih dari 21 tahun terlibat dalam konstruksi, komisioning, dan operasi pabrik dalam industri pertambangan. Sebelum bergabung dengan Perseroan, beliau memiliki pengalaman bekerja di PT Freeport Indonesia, proyek tembaga & emas Rio Tinto Oyu Tolgoi di Mongolia.

An Indonesian citizen, 47 years old, he was born in Jakarta, April 3, 1971. He brings with him over 21 years experience in the plant construction, commisioning and operations within the mining industry. Prior to joining the Company, he has worked at PT Freeport Indonesia, Rio Tinto Oyu Tolgoi copper & gold project in Mongolia.

Haris YusufChief Operating Officer PT Citra Palu Minerals

Warga Negara Indonesia, berusia 55 tahun, lahir di Banyuwangi, 18 Mei 1963. Memiliki pengalaman lebih dari 30 tahun dalam industri penambangan emas, termasuk operasi tambang bawah tanah, konstruksi sipil dan pengujian operasional pabrik. Sebelumnya pernah bekerja di PT Aneka Tambang, Austindo Resources, Gamma Epsilon. Beliau Meraih gelar Sarjana Teknik Geologi dari UPN “Veteran” Yogyakarta dan meraih gelar Magister Teknik Geologi dari Universitas Padjajaran.

An Indonesian citizen, 55 years old, born in Banyuwang

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