EVALUASI EKONOMI PADA PROYEK PERTAMBANGAN EMAS BAWAH TANAH METODE CUT AND FILL DI PT XYZ DENGAN MENGGUNAKAN METODE REAL OPTION PENDEKATAN BINOMIAL LATTICE

• Main Author: Anindya Jati Anggit Suka, Fidya
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/48480
• Institution: Institut Teknologi Bandung

The economic evaluation of mining project is needed to evaluate the economic feasibility and potential profits before mining production begins. Generally, economic evaluation is carried out using the Discounted Cash Flow (DCF) method. However, the DCF method has disadvantages such as the level of risk represented by the discount rate is static and doesn’t accommodate the management flexibility. Therefore, the Real Option Valuation (ROV) method is needed to overcome these disadvantages. First of all, the economic evaluation of the underground cut and fill gold mining project in PT XYZ is carried out by the DCF and sensitivity analysis. The purpose is obtaining the economic indicator of DCF analysis such as Net Present Value (NPV) and Internal Rate of Return (IRR). While sensitivity analysis evaluates the parameter that most affected the economic value of the project. Then the parameter will be analyzed using the binomial lattice approach of the ROV method. Furthermore, the economic evaluation results of the DCF and ROV methods will be compared. The result of the sensitivity analysis shows that selling price is the parameter that most affecting the economic value. Other than that, the result of the economic evaluation using the DCF and ROV methods show that the project is economically feasible. However, the ROV method performs better than the DCF method by considering the uncertainty of the sale price. The ROV method provides the option of delaying the start of the project for one year to get added value.