Tahun 0 1 2 3

(+)Revenue Cu 117.0000 122.8500 128.99250

(+)Revenue Mo 12.0000 12.3600 12.73080
(+)Revenue 129.0000 135.2100 141.72330
(-) Royalty Cu 4.6800 4.9140 5.15970
(-) Royalty Mo 0.5400 0.5562 0.57289
(-) Royalty -5.2200 -5.4702 -5.73259
(-)Oprating Cost Min 55.8000 61.3800 67.51800
(-)Oprating Cost Mill 29.2800 30.7440 32.28120
(-)Oprating Cost -85.0800 -92.1240 -99.79920
(-)Depresiasi -20.0000 -20.0000 -20.00000
(-)Amortisasi -1.6000 -1.6000 -1.60000
(-)Interest -3.0000 -2.3000 -1.50000
Taxable Income 14.1000 13.7158 13.09151
Taxable 30% 4.2300 4.1147 3.92745
Net Income 9.8700 9.6011 9.16406
(+)Depresiasi 20.0000 20.0000 20.00000
(+) Amortisasi 1.6000 1.6000 1.60000
(-) Payment -7.5000 -7.5000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 23.9700 23.7011 23.26406
npv 748.33989982713100%
7,483,399.00
irr 12.444334581%
variabel 20% 0% -20%
operating mining -35127510.09264 7483398.99827 50094308.0892
oprating milling -12483881.84783 7483398.99827 27450679.8444
tax -3140532.06959 7483398.99827 18107330.0661
interest 10%
 4 5 6
135.4421 142.2142 149.3249 60000000
13.1127 13.5061 13.9113 50000000
148.5548 155.7203 163.2362
40000000
5.4177 5.6886 5.9730
0.5901 0.6078 0.6260 30000000

-6.0078 -6.2963 -6.5990 20000000

74.2698 81.6968 89.8665 10000000
33.8953 35.5900 37.3695
0
-108.1651 -117.2868 -127.2360 -25% -20% -15% -10% -5% 0% 5% 10%
-20.0000 -20.0000 -20.0000 -10000000
-1.6000 -1.6000 -1.6000 -20000000
-0.8000
-30000000
11.9820 10.5372 7.8012
3.5946 3.1612 2.3404 -40000000

8.3874 7.3760 5.4609 operating mi ni ng operating mi l l i ng

20.0000 20.0000 20.0000
1.6000 1.6000 1.6000
-7.5000

22.4874 28.9760 27.0609

 60000000

50000000

40000000

30000000

20000000

10000000

0
-10% -5% 0% 5% 10% 15% 20% 25%
-10000000

-20000000

-30000000

-40000000
perating mi ni ng operating mi l l i ng Tax
interest 10%
Tahun 0 1 2 3
(+)Revenue Cu 117.00000 122.85000 128.99250
(+)Revenue Mo 12.00000 12.36000 12.73080
(+)Revenue 129.00000 135.21000 141.72330
(-) Royalty Cu 4.68000 4.91400 5.15970
(-) Royalty Mo 0.54000 0.55620 0.57289
(-) Royalty -5.22000 -5.47020 -5.73259
(-)Oprating Cost Min 55.80000 61.38000 67.51800
(-)Oprating Cost Mill 29.28000 30.74400 32.28120
(-)Oprating Cost -85.08000 -92.12400 -99.79920
(-)Depresiasi -20.00000 -20.00000 -20.00000
(-)Amortisasi -1.60000 -1.60000 -1.60000
(-)Interest -3.00000 -2.30000 -1.50000
Taxable Income 14.10000 13.71580 13.09151
Taxable 30% 4.23000 4.11474 3.92745
Net Income 9.87000 9.60106 9.16406
(+)Depresiasi 20.00000 20.00000 20.00000
(+) Amortisasi 1.60000 1.60000 1.60000
(-) Payment -7.50000 -7.50000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 23.97000 23.70106 23.26406
npv 748.33989982713100%
7,483,399.00
irr 12.444334581%

interest 10%
Tahun 0 1 2 3
(+)Revenue Cu 117.00000 122.85000 128.99250
(+)Revenue Mo 12.00000 12.36000 12.73080
(+)Revenue 129.00000 135.21000 141.72330
(-) Royalty Cu 4.68000 4.91400 5.15970
(-) Royalty Mo 0.54000 0.55620 0.57289
(-) Royalty -5.22000 -5.47020 -5.73259
(-)Oprating Cost Min 44.64000 49.10400 54.01440
(-)Oprating Cost Mill 29.28000 30.74400 32.28120
(-)Oprating Cost -73.92000 -79.84800 -86.29560
(-)Depresiasi -20.00000 -20.00000 -20.00000
(-)Amortisasi -1.60000 -1.60000 -1.60000
(-)Interest -3.00000 -2.30000 -1.50000
Taxable Income 25.26000 25.99180 26.59511
Taxable 30% 7.57800 7.79754 7.97853
Net Income 17.68200 18.19426 18.61658
(+)Depresiasi 20.00000 20.00000 20.00000
(+) Amortisasi 1.60000 1.60000 1.60000
(-) Payment -7.50000 -7.50000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 31.78200 32.29426 32.71658
npv 5009.43080891804000%
50,094,308.09
irr 24.978833861%
 interest 10%
4 5 6 Tahun 0
135.44213 142.21423 149.32494 (+)Revenue Cu
13.11272 13.50611 13.91129 (+)Revenue Mo
148.55485 155.72034 163.23623 (+)Revenue
5.41769 5.68857 5.97300 (-) Royalty Cu
0.59007 0.60777 0.62601 (-) Royalty Mo
-6.00776 -6.29634 -6.59901 (-) Royalty
74.26980 81.69678 89.86646 (-)Oprating Cost Min
33.89526 35.59002 37.36952 (-)Oprating Cost Mill
-108.16506 -117.28680 -127.23598 (-)Oprating Cost
-20.00000 -20.00000 -20.00000 (-)Depresiasi
-1.60000 -1.60000 -1.60000 (-)Amortisasi
-0.80000 (-)Interest
11.98203 10.53719 7.80124 Taxable Income
3.59461 3.16116 2.34037 Taxable 30%
8.38742 7.37603 5.46087 Net Income
20.00000 20.00000 20.00000 (+)Depresiasi
1.60000 1.60000 1.60000 (+) Amortisasi
-7.50000 (-) Payment
(-) Borrowed 30
(-) Capital Cost -130
22.48742 28.97603 27.06087 Cash Flow -100
npv -3512.75100926378000%
(35,127,510.09)
irr -3.187331929%

4 5 6
135.44213 142.21423 149.32494 Column1
13.11272 13.50611 13.91129 20%
148.55485 155.72034 163.23623 -35127510.0926378
5.41769 5.68857 5.97300
0.59007 0.60777 0.62601
-6.00776 -6.29634 -6.59901
59.41584 65.35742 71.89317
33.89526 35.59002 37.36952
-93.31110 -100.94745 -109.26269
-20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000
-0.80000
26.83599 26.87655 25.77454
8.05080 8.06296 7.73236
18.78519 18.81358 18.04217
20.00000 20.00000 20.00000
 1.60000 1.60000 1.60000
-7.50000

32.88519 40.41358 39.64217

 1 2 3 4 5 6
117.00000 122.85000 128.99250 135.44213 142.21423 149.32494
12.00000 12.36000 12.73080 13.11272 13.50611 13.91129
129.00000 135.21000 141.72330 148.55485 155.72034 163.23623
4.68000 4.91400 5.15970 5.41769 5.68857 5.97300
0.54000 0.55620 0.57289 0.59007 0.60777 0.62601
-5.22000 -5.47020 -5.73259 -6.00776 -6.29634 -6.59901
66.96000 73.65600 81.02160 89.12376 98.03614 107.83975
29.28000 30.74400 32.28120 33.89526 35.59002 37.36952
-96.24000 -104.40000 -113.30280 -123.01902 -133.62616 -145.20927
-20.00000 -20.00000 -20.00000 -20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000 -1.60000 -1.60000 -1.60000
-3.00000 -2.30000 -1.50000 -0.80000
2.94000 1.43980 -0.41209 -2.87193 -5.80217 -10.17205
0.88200 0.43194 -0.12363 -0.86158 -1.74065 -3.05161
2.05800 1.00786 -0.28846 -2.01035 -4.06152 -7.12043
20.00000 20.00000 20.00000 20.00000 20.00000 20.00000
1.60000 1.60000 1.60000 1.60000 1.60000 1.60000
-7.50000 -7.50000 -7.50000 -7.50000

16.15800 15.10786 13.81154 12.08965 17.53848 14.47957

Opreting mining
Column2 Column3
0 -20%
7483398.99827131 50,094,308.09
interest 10%
Tahun 0 1
(+)Revenue Cu 117.00000
(+)Revenue Mo 12.00000
(+)Revenue 129.00000
(-) Royalty Cu 4.68000
(-) Royalty Mo 0.54000
(-) Royalty -5.22000
(-)Oprating Cost Min 55.80000
(-)Oprating Cost Mill 29.28000
(-)Oprating Cost -85.08000
(-)Depresiasi -20.00000
(-)Amortisasi -1.60000
(-)Interest -3.00000
Taxable Income 14.10000
Taxable 30% 4.23000
Net Income 9.87000
(+)Depresiasi 20.00000
(+) Amortisasi 1.60000
(-) Payment -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 23.97000
npv 748.33989982713100%
7,483,399.00
irr 12.444334581%

interest 10%
Tahun 0 1
(+)Revenue Cu 117.00000
(+)Revenue Mo 12.00000
(+)Revenue 129.00000
(-) Royalty Cu 4.68000
(-) Royalty Mo 0.54000
(-) Royalty -5.22000
(-)Oprating Cost Min 55.80000
(-)Oprating Cost Mill 23.42400
(-)Oprating Cost -79.22400
(-)Depresiasi -20.00000
(-)Amortisasi -1.60000
(-)Interest -3.00000
Taxable Income 19.95600
Taxable 30% 5.98680
Net Income 13.96920
(+)Depresiasi 20.00000
(+) Amortisasi 1.60000
(-) Payment -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 28.06920
npv 2745.06798443726000%
27,450,679.84
irr 18.627291674%
2 3 4 5 6
122.85000 128.99250 135.44213 142.21423 149.32494
12.36000 12.73080 13.11272 13.50611 13.91129
135.21000 141.72330 148.55485 155.72034 163.23623
4.91400 5.15970 5.41769 5.68857 5.97300
0.55620 0.57289 0.59007 0.60777 0.62601
-5.47020 -5.73259 -6.00776 -6.29634 -6.59901
61.38000 67.51800 74.26980 81.69678 89.86646
30.74400 32.28120 33.89526 35.59002 37.36952
-92.12400 -99.79920 -108.16506 -117.28680 -127.23598
-20.00000 -20.00000 -20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000 -1.60000 -1.60000
-2.30000 -1.50000 -0.80000
13.71580 13.09151 11.98203 10.53719 7.80124
4.11474 3.92745 3.59461 3.16116 2.34037
9.60106 9.16406 8.38742 7.37603 5.46087
20.00000 20.00000 20.00000 20.00000 20.00000
1.60000 1.60000 1.60000 1.60000 1.60000
-7.50000 -7.50000 -7.50000

23.70106 23.26406 22.48742 28.97603 27.06087

2 3 4 5 6
122.85000 128.99250 135.44213 142.21423 149.32494
12.36000 12.73080 13.11272 13.50611 13.91129
135.21000 141.72330 148.55485 155.72034 163.23623
4.91400 5.15970 5.41769 5.68857 5.97300
0.55620 0.57289 0.59007 0.60777 0.62601
-5.47020 -5.73259 -6.00776 -6.29634 -6.59901
61.38000 67.51800 74.26980 81.69678 89.86646
24.59520 25.82496 27.11621 28.47202 29.89562
-85.97520 -93.34296 -101.38601 -110.16880 -119.76208
-20.00000 -20.00000 -20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000 -1.60000 -1.60000
-2.30000 -1.50000 -0.80000
19.86460 19.54775 18.76108 17.65519 15.27515
5.95938 5.86433 5.62833 5.29656 4.58254
13.90522 13.68343 13.13276 12.35864 10.69260
20.00000 20.00000 20.00000 20.00000 20.00000
1.60000 1.60000 1.60000 1.60000 1.60000
-7.50000 -7.50000 -7.50000

28.00522 27.78343 27.23276 33.95864 32.29260

interest 10%
Tahun 0 1 2
(+)Revenue Cu 117.00000 122.85000
(+)Revenue Mo 12.00000 12.36000
(+)Revenue 129.00000 135.21000
(-) Royalty Cu 4.68000 4.91400
(-) Royalty Mo 0.54000 0.55620
(-) Royalty -5.22000 -5.47020
(-)Oprating Cost Min 55.80000 61.38000
(-)Oprating Cost Mill 35.13600 36.89280
(-)Oprating Cost -90.93600 -98.27280
(-)Depresiasi -20.00000 -20.00000
(-)Amortisasi -1.60000 -1.60000
(-)Interest -3.00000 -2.30000
Taxable Income 8.24400 7.56700
Taxable 30% 2.47320 2.27010
Net Income 5.77080 5.29690
(+)Depresiasi 20.00000 20.00000
(+) Amortisasi 1.60000 1.60000
(-) Payment -7.50000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 19.87080 19.39690
npv -1248.38818478299000%
(12,483,881.85)
irr 5.726142757%

operating milling
20% 0
-12483881.8478 7483398.998271
 3 4 5 6
128.99250 135.44213 142.21423 149.32494
12.73080 13.11272 13.50611 13.91129
141.72330 148.55485 155.72034 163.23623
5.15970 5.41769 5.68857 5.97300
0.57289 0.59007 0.60777 0.62601
-5.73259 -6.00776 -6.29634 -6.59901
67.51800 74.26980 81.69678 89.86646
38.73744 40.67431 42.70803 44.84343
-106.25544 -114.94411 -124.40481 -134.70989
-20.00000 -20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000 -1.60000
-1.50000 -0.80000
6.63527 5.20298 3.41919 0.32734
1.99058 1.56089 1.02576 0.09820
4.64469 3.64209 2.39343 0.22914
20.00000 20.00000 20.00000 20.00000
1.60000 1.60000 1.60000 1.60000
-7.50000 -7.50000

18.74469 17.74209 23.99343 21.82914

-20%
27450679.8443726
interest 10%
Tahun 0 1 2
(+)Revenue Cu 117.00000 122.85000
(+)Revenue Mo 12.00000 12.36000
(+)Revenue 129.00000 135.21000
(-) Royalty Cu 4.68000 4.91400
(-) Royalty Mo 0.54000 0.55620
(-) Royalty -5.22000 -5.47020
(-)Oprating Cost Min 55.80000 61.38000
(-)Oprating Cost Mill 29.28000 30.74400
(-)Oprating Cost -85.08000 -92.12400
(-)Depresiasi -20.00000 -20.00000
(-)Amortisasi -1.60000 -1.60000
(-)Interest -3.00000 -2.30000
Taxable Income 14.10000 13.71580
Taxable 30% 4.23000 4.11474
Net Income 9.87000 9.60106
(+)Depresiasi 20.00000 20.00000
(+) Amortisasi 1.60000 1.60000
(-) Payment -7.50000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 23.97000 23.70106
npv 748.33989982713100%
7,483,399.00
irr 12.444334581%

interest 10%
Tahun 0 1 2
(+)Revenue Cu 117.00000 122.85000
(+)Revenue Mo 12.00000 12.36000
(+)Revenue 129.00000 135.21000
(-) Royalty Cu 4.68000 4.91400
(-) Royalty Mo 0.54000 0.55620
(-) Royalty -5.22000 -5.47020
(-)Oprating Cost Min 55.80000 61.38000
(-)Oprating Cost Mill 29.28000 30.74400
(-)Oprating Cost -85.08000 -92.12400
(-)Depresiasi -20.00000 -20.00000
(-)Amortisasi -1.60000 -1.60000
(-)Interest -3.00000 -2.30000
Taxable Income 14.10000 13.71580
Taxable 30% 1.41000 1.37158
Net Income 12.69000 12.34422
(+)Depresiasi 20.00000 20.00000
(+) Amortisasi 1.60000 1.60000
(-) Payment -7.50000 -7.50000
(-) Borrowed 30
(-) Capital Cost -130
Cash Flow -100 26.79000 26.44422
npv 1810.73300661305000%
18,107,330.07
irr 15.858453371%
 interest
3 4 5 6 Tahun
128.99250 135.44213 142.21423 149.32494 (+)Revenue Cu
12.73080 13.11272 13.50611 13.91129 (+)Revenue Mo
141.72330 148.55485 155.72034 163.23623 (+)Revenue
5.15970 5.41769 5.68857 5.97300 (-) Royalty Cu
0.57289 0.59007 0.60777 0.62601 (-) Royalty Mo
-5.73259 -6.00776 -6.29634 -6.59901 (-) Royalty
67.51800 74.26980 81.69678 89.86646 (-)Oprating Cost Min
32.28120 33.89526 35.59002 37.36952 (-)Oprating Cost Mill
-99.79920 -108.16506 -117.28680 -127.23598 (-)Oprating Cost
-20.00000 -20.00000 -20.00000 -20.00000 (-)Depresiasi
-1.60000 -1.60000 -1.60000 -1.60000 (-)Amortisasi
-1.50000 -0.80000 (-)Interest
13.09151 11.98203 10.53719 7.80124 Taxable Income
3.92745 3.59461 3.16116 2.34037 Taxable 30%
9.16406 8.38742 7.37603 5.46087 Net Income
20.00000 20.00000 20.00000 20.00000 (+)Depresiasi
1.60000 1.60000 1.60000 1.60000 (+) Amortisasi
-7.50000 -7.50000 (-) Payment
(-) Borrowed
(-) Capital Cost
23.26406 22.48742 28.97603 27.06087 Cash Flow
npv

irr

3 4 5 6
128.99250 135.44213 142.21423 149.32494
12.73080 13.11272 13.50611 13.91129
141.72330 148.55485 155.72034 163.23623
5.15970 5.41769 5.68857 5.97300
0.57289 0.59007 0.60777 0.62601
-5.73259 -6.00776 -6.29634 -6.59901
67.51800 74.26980 81.69678 89.86646
32.28120 33.89526 35.59002 37.36952
-99.79920 -108.16506 -117.28680 -127.23598
-20.00000 -20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000 -1.60000
-1.50000 -0.80000
13.09151 11.98203 10.53719 7.80124
1.30915 1.19820 1.05372 0.78012
11.78236 10.78383 9.48347 7.02112
20.00000 20.00000 20.00000 20.00000
 1.60000 1.60000 1.60000 1.60000
-7.50000 -7.50000

25.88236 24.88383 31.08347 28.62112

 10%
0 1 2 3
117.00000 122.85000 128.99250
12.00000 12.36000 12.73080
129.00000 135.21000 141.72330
4.68000 4.91400 5.15970
0.54000 0.55620 0.57289
-5.22000 -5.47020 -5.73259
55.80000 61.38000 67.51800
29.28000 30.74400 32.28120
-85.08000 -92.12400 -99.79920
-20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000
-3.00000 -2.30000 -1.50000
14.10000 13.71580 13.09151
7.05000 6.85790 6.54576
7.05000 6.85790 6.54576
20.00000 20.00000 20.00000
1.60000 1.60000 1.60000
-7.50000 -7.50000 -7.50000
30
-130
-100 21.15000 20.95790 20.64576
-314.05320695878100%
(3,140,532.07)
8.963506259%

Tax
20% 0 -20%
-3140532.06958781 7483398.99827131 18,107,330.07
 4 5 6
135.44213 142.21423 149.32494
13.11272 13.50611 13.91129
148.55485 155.72034 163.23623
5.41769 5.68857 5.97300
0.59007 0.60777 0.62601
-6.00776 -6.29634 -6.59901
74.26980 81.69678 89.86646
33.89526 35.59002 37.36952
-108.16506 -117.28680 -127.23598
-20.00000 -20.00000 -20.00000
-1.60000 -1.60000 -1.60000
-0.80000
11.98203 10.53719 7.80124
5.99102 5.26859 3.90062
5.99102 5.26859 3.90062
20.00000 20.00000 20.00000
1.60000 1.60000 1.60000
-7.50000

20.09102 26.86859 25.50062