EVALUASI EKONOMI PROYEK PERTAMBANGAN EMAS BAWAH TANAH SHRINKAGE STOPING PADA PT XYZ DENGAN MENGGUNAKAN METODE REAL OPTION

• Main Author: Pradhana Yudhanto, Pamursito
• Format: Final Project
• Language: Indonesia
• Subjects: Karya Umum
• Online Access: https://digilib.itb.ac.id/gdl/view/49249
• Institution: Institut Teknologi Bandung

An Investment is an activity that aims to obtain more value or future profits from the amount of capital spent. The company evaluates the economics of the project in order to know the expected value added that can be obtained as the objectives of the investment itself. The company must be able to carry out assessments and evaluations in terms of the economics of a project to be invested. The most commonly used method is the discounted cash flow (DCF) method which is an economic evaluation method used to estimate the value of investment returns based on future cash flows. In the process, it is known that there are limitations such as the lack of attention to the elements of uncertainty and management flexibility. Real option valuation (ROV) offers a way to deal with those limitations. The ROV assessment does not replace the presence of DCF but as an addition to filling gaps that are not accommodated by DCF. The purpose of this research is to assess the economic viability of the results of mine planning and design using the discounted cash flow (DCF) method, evaluate parameters that are sensitive to changes in net present value (NPV), assess economic viability with the real option valuation (ROV) method , and compare the NPV results from the DCF and ROV methods. Based on the analysis of the DCF method it was known that the project should not be accepted with the most sensitive parameter making up cash flow is the selling price of gold. However, the results of the ROV method shows that the Strategic NPV value is relatively good and provide information on the right time to start mining which is a year after the calculation. During the process of completing the real option, information was found that the greater the value of the uncertainty being reviewed, the greater the value of the option obtained. Through the results of this real option it is concluded that project investment should be postponed and wait until the value of assets rises in the future.