Dosen Pembimbing : Dr. Aryanti Virtanti Anas.

, ST, MT
Tanggal Pengumpulan : 11 Desember 2017

TUGAS BESAR ANALISIS INVESTASI TAMBANG

Menghitung NPV, IRR, DAN PBP

TRI ANGGA BAYU PUTRA

D621 15 011

DEPARTEMEN TEKNIK PERTAMBANGAN

FAKULTAS TEKNIK
UNIVERSITAS HASANUDDIN

GOWA
2017
[Type here]

TUGAS ANALISIS INVESTASI TAMBANG

A coal mine with a nearly exhausted deposit intends to mine remaining

(20,000,000 + (last 3 digits of student ID x 100,000) tons of coal reserves. Within
exploration phase, the company had spent USD 150,000. For pre-development
phase, the company spent USD 175,000 for the land and the buildings around
the sites. The company initially buys USD 3,000,000 worth of equipment that are
considered to have lifetime of 10 years. The operating cost is USD 0.35 per ton.
The coal is sold for USD 55 per ton for the first three years, and the price is
escalated by 2.5% for the fourth and following years.
For its 10 years of mining life, the company decides to hire (last 2 digits
of student ID + 50) employees. For the top management, the salary is USD 2,500
monthly, while for the middle management, the salary is USD 1,500. The low
management has salary of USD 720, and operators have salary of USD 400
monthly. The marketing expense is considered to be 5% of total cost, and general
and administrative expense is 3% of total cost.
Capital structure of the company consists of 60% equity and 40% of long
term debt. The interest is 6% /year. For the first 5 years, the company uses
straight line to calculate the depreciation of which remains residual (salvage)
value $10,000. Then, by the 6th year, the company decides to use double
declining balance. Depletion (15% for coal) as tax deduction is applied since the
1st year. Income tax on taxable income is 50%/year. Determine NPV, IRR, and
PBP!
[Type here]

JAWABAN :

Diketahui : Reserves : 21100000

Exploration Cost : 150000
Pre-Developement : 175000
Equipment Cost : 3000000
Operation Cost : 0,35 $/ton
Coal Price : 55
Employes : 61
Top Managements : 2500/month
Middle Managements : 1500/month
Low Managements : 750/month
Operators : 400/month

Marketing
Administrative : 60%
Equity : 40%
Long-Term Debt : 5%
Interest : 10000%
Salvage Value : 15%
Depletion : 348150000
Pendapatan : 832658750
[Type here]

Tabel Depresiasi
Tahun 1 2 3 4 5 6 7 8 9 10
Laju depresiasi 0.2 0.2 0.2 0.2 0.2 0.4 0.4 0.4 0.4 0.4
Nilai Buku 3,000,000 2,400,000 1,920,000 1,536,000 1,228,800 983,040 589,824 353,894 212,336 117,402
Nilai Depresiasi 2,400,000 1,920,000 1,536,000 1,228,800 983,040 589,824 353,894 212,336 127,402 70,441

Tabel Cash Flow

Tahun 1 2 3 4 5 6 7 8 9 10

pendapatan 116,050,000 116,050,000 116,050,000 116,050,000 116,050,000 118,951,250 118,951,250 118,951,250 118,951,250 118,951,250
(-)Biaya Operasi 738,500 738,500 738,500 738,500 738,500 738,500 738,500 738,500 738,500 738,500
Employes Salary 451,200 451,200 451,200 451,200 451,200 451,200 451,200 451,200 451,200 451,200
Gross Income 114,860,300 114,860,300 114,860,300 114,860,300 114,860,300 117,761,550 117,761,550 117,761,550 117,761,550 117,761,550
(-)Depresiasi 2,400,000 1,920,000 1,536,000 1,228,800 983,040 589,824 353,894 212,336 127,402 70,441
Pendapatan Kena
112,460,300 112,940,300 113,324,300 113,631,500 113,877,260 117,171,726 117,407,656 117,549,214 117,634,148 117,691,109
Pajak
(-)Deplesi 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750 1,740,750
Pendapatan Kena
110,719,550 111,199,550 111,583,550 111,890,750 112,136,510 115,430,976 115,666,906 115,808,464 115,893,398 115,950,359
Pajak
(-)Bunga 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980
Pendapatan Kena
110,711,570 111,191,570 111,575,570 111,882,770 112,128,530 115,422,996 115,658,926 115,800,484 115,885,418 115,942,379
Pajak
(-)Principal 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000
Pendapatan Kena
110,578,570 111,058,570 111,442,570 111,749,770 111,995,530 115,289,996 115,525,926 115,667,484 115,752,418 115,809,379
Pajak
(-)Pajak 55,289,285 55,529,285 55,721,285 55,874,885 55,997,765 57,644,998 57,762,963 57,833,742 57,876,209 57,904,689
Net Income 55,289,285 55,529,285 55,721,285 55,874,885 55,997,765 57,644,998 57,762,963 57,833,742 57,876,209 57,904,689
(+)Depresiasi 2,400,000 1,920,000 1,536,000 1,228,800 983,040 589,824 353,894 212,336 127,402 70,441
(+)Deplesi 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750 1,674,750
(+)Bunga 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980 7,980
(+)Principal 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000 133,000
(+)Cash Flow 59,505,015 59,265,015 59,073,015 58,919,415 58,796,535 60,050,552 59,932,587 59,861,808 59,819,341 59,790,861
[Type here]

A. NPV

Interest Rate = 6%

Accumulated
Year CF DF DCF
DCF
0 -116,050,000 1 -116050000 -116050000
1 59,505,015 0.9434 56137031.15 -59912968.85
2 59,265,015 0.89 52745863.35 -7167105.499
3 59,073,015 0.8396 49597703.39 42430597.9
4 58,919,415 0.7921 46670068.62 89100666.52
5 58,796,535 0.7473 43938650.61 133039317.1
6 60,050,552 0.705 42335639.16 175374956.3
7 59,932,587 0.6651 39861163.75 215236120
8 59,861,808 0.6274 37557298.46 252793418.5
9 59,819,341 0.5919 35407067.89 288200486.4
10 59,790,861 0.5584 33387216.53 321587702.9

NPV = $ 321587702.9

B. PBP

Accumulated DCF Year 2

PBP =1+( )
Accumulated DCF Year 3
7167105.499
= 1 + ( 42430597.93 )

= 0,831086389 Years

B. IRR

NPV1
Discount Rate = 50%

Year CF DF DCF Accumulted DCF

0 -116,050,000 1 -116050000 -116050000
1 59,505,015 0.6667 39671993.5 -76378006.5
[Type here]

2 59,265,015 0.4444 26337372.7 -50040633.83

3 59,073,015 0.2963 17503334.3 -32537299.49
4 58,919,415 0.1975 11636584.5 -20900715.03
5 58,796,535 0.1317 7743503.66 -13157211.37
6 60,050,552 0.0878 5272438.47 -7884772.901
7 59,932,587 0.0585 3506056.35 -4378716.55
8 59,861,808 0.039 2334610.52 -2044106.03
9 59,819,341 0.026 1555302.86 -488803.1665
10 59,790,861 0.173 10343818.9 9855015.709

NPV2
Discount Rate = 60%

Year CF DF DCF Accumulted DCF

0 -116,050,000 1 -116050000 -116050000
1 59,505,015 0.625 37190634.4 -78859365.63
2 59,265,015 0.3906 23148914.9 -55710450.77
3 59,073,015 0.2441 14419723 -41290727.8
4 58,919,415 0.1526 8991102.73 -32299625.08
5 58,796,535 0.0954 5609189.44 -26690435.64
6 60,050,552 0.0596 3579012.9 -23111422.74
7 59,932,587 0.0373 2235485.5 -20875937.23
8 59,861,808 0.0233 1394780.13 -19481157.1
9 59,819,341 0.0146 873362.377 -18607794.73
10 59,790,861 0.0091 544096.831 -18063697.9

1
IRR = 1 + ( )(2 1 )
(1 2 )

= 53.52989606%