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first_imgTopics : “The effects of the [COVID-19] pandemic continue to be felt, impacting prices and demand in some of our markets,” Srivastava said in an official statement on Monday.The miner’s coal sales volume rose 3 percent to 21.5 million tons in the first quarter, but higher sales were offset by a 6 percent drop in prices to US$49 per ton, said Srivastava. Prior to the pandemic, Bumi expected coal prices to remain between $51 and $53 per ton.Bumi booked a $35.1 million loss in this year’s first quarter, down from $48.5 million in profit in the same period last year, the company’s latest financial report shows. To alleviate the impacts of the pandemic, Bumi is also looking into metal mining and chemical production. Through subsidiary PT Bumi Resources Minerals (BRMS), the company plans to intensify its gold mining in Palu, Central Sulawesi, and zinc mining in Dairi, North Sumatra, starting next year, according to Srivastava.The firm also plans to become one of the coal suppliers to a multi-billion dollar coal-to-methanol processing plant in East Kalimantan. Methanol is commonly used in biodiesel production.The plant, being developed by affiliated financing firm Bakrie Capital Indonesia (BCI), is estimated to require 6 million tons of coal each year once operational in 2024.“There is strong momentum for this project, which will produce high-value methanol from abundant, low-value coal reserves,” said BCI chief executive officer Adika Nuraga Bakrie, in a joint statement on May 15.Developing downstream mining industries is part of the government’s vision to capitalize on Indonesia’s underground wealth.The government, through the new Mining Law, even plans to guarantee mining permit extensions for coal miners that develop downstream operations.Bumi recorded a 97 percent drop in profit last year, one of the steepest among coal miners publicly listed on the Indonesia Stock Exchange (IDX).The company’s profits this year were also pinched by rising production costs, as the company raised its strip ratio – the volume of waste material removed to obtain a given volume of coal – to produce higher quality coal. Production costs rose 38 percent year-on-year (yoy) to $238.17 million in the first quarter. Raising its strip ratio contrasts with Bumi’s competitors PT Adaro Energy and PT Bukit Asam, Indonesia’s first and second most profitable coal miners last year, which lowered their strip ratios to cut costs.center_img Indonesia’s most productive coal miner PT Bumi Resources has lowered its sales target for 2020 after its profits dipped into the negative in the first quarter this year, amid continued global market pressures.The publicly listed firm aims to sell up to 90 million tons of coal this year, down from an initial target of 93 million tons, the firm’s corporate secretary Dileep Srivastava told The Jakarta Post on Tuesday.The lower sales target follows weakening coal prices and demand, particularly from partially-locked down India, Indonesia’s second largest coal buyer.last_img read more

first_imgWilmington, Oh. — The National Weather Service says sustained south to southwest winds from 15 to 25-miles-per-hour, with gusts up to 35-miles-per-hour, are expected from late morning through the end of the day.Because of a lack of green vegetation, the winds will lead to an increasedthreat of fire growth and spread. Outside burning is notrecommended. There’s more information online.last_img

first_imgThe very polarizing Age Restriction Rule that David Stern and the NBA employed several years ago is great, not only for young athletes, but also the NCAA itself, and it would be a huge mistake to change things back to the way they were.Many talking heads argue that forcing players to go to college, a choice usually favored to the alternative (a year in Europe a la Brandon Jennings or the NBA’s Developmental League), only puts an unnecessary yearlong moratorium on the inevitable move to the professional level. Well, those who believe that idea are very wrong. The rule is necessary and incredibly beneficial to all parties involved.In terms of the NCAA, with the current age limit rule in place, programs have the opportunity to offer scholarships to great players that would normally bypass college and enter the professional ranks. Imagine LeBron James in Tar Heel powder blue or Kobe Bryant posting up in Rupp Arena. A program can gain more exposure with players who are forced to attend at least one year of college like, say, John Wall and Michael Beasley, even if the players only stay for that year (which can only do good things for recruiting). Also, as the presence of such talent vastly improves the school’s chances for success, they stand to make even more money, which is another plus.Money, as in most things in life, is important because it goes towards building and maintaining a successful college basketball program. And the schools that reach the Final Four stand to make a lot of it.The schools are rumored to front a big chunk of money for a mandatory Final Four party that costs around $32,000 and for hotel rooms for fans and the players. However, the money they receive on the back end from TV revenue, merchandise sales and contributions from alumni who have confidence in their programs more than likely make up for what they must dish out.But if you once again allow high school athletes to bypass the NCAA, the pool of players that colleges can pick from diminishes, which will reduce the amount of teams that have a legitimate shot to make a splash in the NCAA tournament and do well for their schools and conferences.In terms of the athletes themselves, the experience that the majority of young basketball players garner in college is essential to their future success.One year of college can do a lot for a burgeoning basketball talent. Two of the top young players in the NBA, Derrick Rose and Kevin Durant, can attest to that, as their No. 1 overall selections likely would not have occurred if they had entered the draft straight from high school.Granted, there are exceptions to this rule. LeBron James, for one, was probably ready for the NBA after grammar school. Kobe Bryant was such an incredible talent that a year or two of college basketball likely wouldn’t have better prepared him for the professional level.But those are arguably two of the best players ever to step on a basketball court. There are certainly a lot more Kwame Browns and Leon Smiths than LeBron James.Aside from what players learn and how they can improve on the court, a year of college experience allows young athletes to mature before reaching the confusing and pressure-filled lifestyle of a celebrity.Everyone should agree that avoiding situations like the one that befell Leon Smith, who was drafted out of high school in the first round by the San Antonio Spurs in 1999, would be best. After failing to achieve any type of success with the Spurs and then the Dallas Mavericks, Smith tried to commit suicide, obviously succumbing to the pressures forced upon him by the NBA.College programs are filled with people ready to impart advice about how to handle life as a public figure. Kids are also able to take finance classes in order to learn how to manage their money once they become high-paid athletes.These are essential skills for a young player to have a successful career on and off the court.Recently, the NBA has instituted a new program for rookies called the Rookie Transition Program. The program consists of a six-day crash course dedicated to teaching the incoming athletes the ins-and-outs of life as a professional basketball player.There are mandatory courses offered, among a spate of other subjects, in finance, character building and media training that the rookies can take. But are six days enough for players to fully grasp their new lifestyles?Let the debate ensue. However, it seems that a year of basketball-ability and character-driven maturation, under the guidance of knowledgeable head coaches and other university officials, likely better serves the athletes.In an interview last week, Kentucky head coach John Calipari explained that he gives a speech to all of his players who decide to make the jump to the NBA. He explained that he sits each one of them down and gives them the “money” talk, which includes a demand that they save the very first million they make, no matter what, in place of buying inane material possessions.As simple as the plan may sound, it’s possible that these athletes may have not thought of such an idea, and it’s that type of guidance the young players who stand to face these inscrutable pressures absolutely need.last_img read more

first_img– Advertisement – FORT ST. JOHN, B.C. – The Senior Boys Soccer team is off to Vancouver on Wednesday to compete at Provincials. They will play Thursday, Friday and Saturday. The full schedule and results can be found online at https://bcsssc-com.webs.com.You can watch the boys play through the webcast at http://bcss.tv. The Senior Girls Volleyball team is heading into their final full week of practices before their Provincials in Penticton. The girls leave next Wednesday the 28th and will play Thursday, Friday, Saturday.Senior Boys volleyball wrapped up last week with a fun game against the Senior Girls. Shout out to Grade 12 players Michael McDermott, Thomas Taylor, Earl Concepcion, Jerald Cosme and Sheldon Maris, we are proud to have you as a part of the Grizzlies Family!last_img read more