KAJIAN REAL OPTION VALUATION RENCANA PENAMBANGAN DENGAN METODE RESUING PADA URAT BIJIH EMAS TIPIS DI TAMBANG EMAS PONGKOR

• Main Author: Rahman Ardhiansyah, Mohammad
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/64910
• Institution: Institut Teknologi Bandung

Underground gold mining conducted by PT Antam UBPE Pongkor found a thin ore. From the previous research, technically using resuing method to mine the ore. From the 4 ore thin veins in the Mine of Handak Mine, technically recomended to mine 2 ores of negative ore, ie CGT 1 ore and CGT 2 ore. By performing good mine planning, internal risks can be predicted to control production and operation costs. This study examines the economic feasibility of mining resuing for CGT 1 and CGT 2 by considering several aspects of the risk that may occur. Economically, the review of discounted cash flow shows that mining plan is profitable. However, the study did not pay attention to the fluctuation of the selling price of gold as the main commodity. Then a method is needed to quantify the external risk. The method of real option valuation is one method of economic evaluation that accommodates the risk of selling price fluctuations. The real option method is adapted from research on the stock market called the financial option. The calculation of option value can use binomial lattice method. By using the real option method, management flexibility can be accommodated which includes the decision to wait for a favorable situation to start mining. In this research, technical planning on 2 thin gold ore at Handak Gudang Mine is recommended to be mined using real option valuation method.