Th3 J0urn4l 0f Min3r4l 3c0n0mics

Inv3stm3nt F34sibility 4n4lysis f0r M4king Inv3stm3nt D3cisi0n in Nick3l Mining

Y 4 s 3 r (D621 09 273)

*Mining 3ngin33ring, 3ngin33ring F4culty, H4s4nuddin Univ3rsity

R3c0mm3nd3d Cit4ti0n: Y4s3r (2012) Inv3stm3nt F34sibility 4n4lysis f0r m4king Inv3stm3nt D3cisi0n in Nick3l Mining, Th3 J0urn4l 0f Min3r4l 3c0n0mics: 1 4rticl3 14 Y4s3r (2012) 4n4lis4 K3l4y4k4n Inv3st4si D4l4m P3ng4mbil4n K3putus4n Inv3st4si p4d4 P3rt4mb4ng4n Nik3l, Jurn4l 3k0n0mi Min3r4l: 1 4rtik3l 14

4n4lis4 K3l4y4k4n Inv3st4si D4l4m P3ng4mbil4n K3putus4n Inv3st4si p4d4 Us4h4 P3rt4mb4ng4n Nik3l
Y 4 s 3 r (D621 09 273)
S4RI Inv3st4si di bid4ng us4h4 p3rt4mb4ng4n m3rup4k4n inv3st4si y4ng b3risik0 b3s4r, s3hingg4 s3ti4p k3putus4n y4ng di4mbil p3rlu dl4kuk4n 4n4lis4 inv3st4si t3rl3bih d4hulu. Su4tu k4ji4n 4n4lisis k3l4y4k4n inv3st4si us4h4 p3rt4mb4ng4n ini b3rtuju4n untuk m3ng3t4hui k3l4y4k4n us4h4 d4n k3m4mpu4n inv3st4si d4l4m m3mb3rik4n k3untung4n t3rh4d4p juml4h m0d4l y4ng dit4n4m d4l4m s3bu4h p3rus4h44n y4ng b3rg3r4k d4l4m s3kt0r p3rt4mb4ng4n nik3l. 4d4pun 4n4lis4 k3l4y4k4n inv3st4si d4l4m p3ng3mb4ng4n

us4h4 p3rt4mb4ng4n ini dik4ji d3ng4n m3nggun4k4n 4sp3k-4sp3k studi k3l4y4k4n us4h4 p3rt4mb4ng4n n4mun m3nitikb3r4tk4n p4d4 s3gi 3k0n0mi y4itu 4sp3k p4s4r d4n

p3m4s4r4n, 4sp3k t3knis pr0duksi d4n t3kn0l0gis, 4sp3k m4n4j3m3n d4n sumb3r d4y4 m4nusi4, 4sp3k hukum d4n l3g4lit4s, s3rt4 4sp3k k3u4ng4n d4n 3k0n0mi. D4ri lim4 4sp3k t3rs3but d4p4t ditunjukk4n b4hw4 r3nc4n4 p3ng3mb4ng4n us4h4 d4l4m s3bu4h p3rus4h44n y4ng b3rg3r4k d4l4m us4h4 p3rt4mb4ng4n d4p4t dit3rim4 d4n l4y4k s3b4g4i t3mp4t untuk b3rinv3st4si. K4t4 Kunci : 4n4lis4, Inv3st4si , K3l4y4k4n, P3ng3mb4ng4n, P3rt4mb4ng4n Nik3l

4BSTR4CT Inv3stm3nt in th3 mining busin3ss is 4 big inv3stm3nt risk. th3r3f0r3, 3v3ry d3cisi0n n33ds t0 b3 d0n3 in 4dv4nc3 0f inv3stm3nt 4n4lysis. R3vi3w 0f mining inv3stm3nt f34sibility 4n4lysis 4ims t0 d3t3rmin3 th3 f34sibility 0f th3 busin3ss 4nd inv3stm3nt c4p4biliti3s in pr0viding b3n3fits t0 th3 4m0unt 0f c4pit4l inv3st3d in 4 c0mp4ny 3ng4g3d in nick3l mining s3ct0r. Th3 f34sibility 4n4lysis 0f inv3stm3nt in mining is studi3d by using 4sp3cts 0f mining f34sibility studi3s which f0cus3d 0n 3c0n0mic 4sp3cts th4t is: m4rk3t 4nd m4rk3ting 4sp3cts, t3chnic4l pr0ducti0n 4nd t3chn0l0gic4l 4sp3cts, m4n4g3m3nt 4nd hum4n r3s0urc3s, l3g4l 4sp3cts 4nd l3g4lity, 4s w3ll 4s fin4nci4l 4nd 3c0n0mic 4sp3cts. 0f th3s3 fiv3 4sp3cts c4n b3 sh0wn th4t th3 busin3ss d3v3l0pm3nt pl4n in 4n 3nt3rpris3 3ng4g3d in mining is 4cc3pt4bl3 4nd f34sibl3 4s 4 pl4c3 t0 inv3st. K3yw0rds: 4n4lysis, Inv3stm3nt, F34sibility, D3v3l0pm3nt, Mining Nick3l.

P3ND4HULU4N Us4h4 P3rt4mb4ng4n d3w4s4 ini s3m4kin b3rk3mb4ng p3s4t, k4r3n4 s3iring d3ng4n m3ningk4tny4 k3butuh4n m4sy4r4k4t duni4 4k4n b4r4ng-b4r4ng y4ng m3ng4ndung unsur b4h4n g4li4n. Inv3st4si di s3kt0r p3rt4mb4ng4n m3mpuny4i r3sik0 cukup tinggi k4r3n4 4d4 k3tid4kp4sti4n k3b3r4d44n sumb3rd4y4 min3r4l. B3r4ngk4t d4ri m4s4l4h t3rs3but m4k4 studi k3l4y4k4n us4h4 t4mb4ng p3rlu dil4kuk4n untuk m3n3k4n r3sik0 k3g4g4l4n. P3lu4ng untuk m3ng3mb4ngk4n us4h4 dibid4ng p3rt4mb4ng4n di Ind0n3si4 ini m4sih t3rbuk4 cukup lu4s k4r3n4 m4sih b4ny4k d43r4h-d43r4h y4ng m3ng4ndung b4h4n g4li4n y4ng b3lum di m4ksim4lk4n. 0l3h k4r3n4 itu, ini m3rup4k4n p3lu4ng y4ng cukup m3nj4njik4n b4gi p4r4 inv3st0r untuk m3nginv3st4sik4n d4n4 m3r3k4 untuk m3ningk4tk4n s3kt0r industri p3rt4mb4ng4n. M3nurut Sugih4rt0 (2002), d4l4m m3l4kuk4n inv3st4si s3ti4p p3rus4h44n umumny4 4k4n b3rus4h4 4g4r p3rlu4s4nny4 d4p4t b3rk3mb4ng s3su4i d3ng4n tuju4n p3rus4h44n y4itu untuk m3nd4p4tk4n l4b4 s3b3s4r-b3s4rny4 untuk k3l4ngsung4n hidup p3rus4h44n. S3hingg4 s3b3r4p4 l4m4 p3ng3mb4li4n d4n4, y4ng dit4n4m di pr0y3k t3rs3but m3nj4di s4ng4t p3nting. 4rtiny4, s3b3lum p3rus4h44n m3n4n4mk4n inv3st4si untuk p3rlu4s4n us4h4 b4ru, m4k4 t3rl3bih d4hulu p3rlu dik3t4hui 4p4k4h pr0y3k 4t4u inv3st4si y4ng 4k4n dil4kuk4n d4p4t m3ng3mb4lik4n u4ng y4ng t3l4h diinv3st4sik4n d4l4m pr0y3k t3rs3but, d3ng4n j4ngk4 w4ktu t3rt3ntu. S3l4in itu 4g4r d4p4t m3lih4t 4p4k4h inv3st4si y4ng dij4l4nk4n d4p4t m3mb3rik4n k3untung4n fin4nsi4l l4inny4 s3p3rti y4ng dih4r4pk4n. Studi K3l4y4k4n Bisnis (SKB) m3rup4k4n k3gi4t4n y4ng d4p4t m3nj4w4b p3rt4ny44n-p3rt4ny44n t3rs3but p4d4 s3bu4h p3rus4h44n y4ng b3rg3r4k d4l4m s3ct0r p3rt4mb4ng4n. k4r3n4 SKB 4d4l4h su4tu k3gi4t4n y4ng m3mp3l4j4ri s3c4r4 m3nd4l4m t3nt4ng su4tu us4h4 4t4u bisnis y4ng 4k4n dij4l4nk4n, d4l4m r4ngk4 m3n3ntuk4n l4y4k 4t4u tid4k us4h4 t3rs3but dij4l4nk4n d3ng4n m3ng4n4lisis b3rb4g4i m4c4m 4sp3k. N4mun inv3st4si t3rs3but jug4 h4rus m3mp3rh4tik4n k0ndisi-k0ndisi dibid4ng 3k0n0mi, hukum, p0litik, bud4y4, k34m4n4n, p3ril4ku d4n p3rub4h4n lingkung4n m4sy4r4k4t k4r3n4 s3ring k4li t3rj4di k3tid4kp4sti4n y4ng d4p4t m3ng4kib4tk4n 4p4 y4ng sud4h dir3nc4n4k4n m3nj4di tid4k t3rc4p4i.

RUMUS4N M4S4L4H P3rumus4n m4s4l4h y4ng di4ngk4t 4d4l4h b4g4im4n4 4n4lisis studi k3l4y4k4n inv3st4si us4h4 p3rt4mb4ng4n d4n k3m4mpu4n inv3st4siny4 d4l4m m3mb3rik4n

k3untung4n t3rh4d4p juml4h m0d4l y4ng dit4n4m. Studi ini 4k4n m3nitikb3r4tk4n p4d4 p3n3ntu4n l4y4kny4 inv3st4si.

K3R4NGK4 P3MIKIR4N S4l4h s4tu s3kt0r industri y4ng b3rk3mb4ng p3s4t d3w4s4 ini 4d4l4h bisnis s3kt0r p3rt4mb4ng4n. M3lih4t b3s4rny4 sumb3r d4y4 4l4m l0g4m m4upun n0nl0g4m y4ng 4d4 di Ind0n3si4, us4h4 ini m3mpuny4i p3lu4ng y4ng cukup b3s4r untuk t3rus dik3mb4ngk4n d4n p3rk3mb4ng4n t3rs3but s3iring d3ng4n m3ningk4tny4 k3butuh4n 4k4n b4r4ng-b4r4ng y4ng m3ng4ndung unsur b4h4n-b4h4n h4sil p3rt4mb4ng4n. D4l4m m3nj4l4nk4n su4tu us4h4 s3b4ikny4 dir3nc4n4k4n d3ng4n m4t4ng d4ri b3rb4g4i 4sp3k y4ng m3mp3ng4ruhi y4itu 4sp3k p4s4r d4n p3m4s4r4n, 4sp3k t3knis pr0duksi d4n t3kn0l0gis, 4sp3k m4n4j3m3n d4n sumb3r d4y4 m4nusi4, 4sp3k hukum d4n l3g4lit4s, 4sp3k lingkung4n, s3rt4 4sp3k k3u4ng4n d4n 3k0n0mi.. S30r4ng inv3st0r y4ng b4ik t3ntuny4 tid4k 4k4n t3rg3s4-g3s4 d4l4m m3l4ks4n4k4n g4g4s4nny4, s3b3lum y4kin t3nt4ng untung ruginy4 us4h4 y4ng dir3nc4n4k4n. Tind4k4n y4ng dil4kuk4nny4 4d4l4h d3ng4n m3ng4d4k4n 4n4lisis k3l4y4k4n us4h4 4t4u pr0y3k d3ng4n m3nggun4k4n Studi K3l4y4k4n Bisnis (SKB) untuk m3n3liti 4p4k4h us4h4 y4ng dir3nc4n4k4n s3c4r4 t3knis, 3k0n0mis d4n k0m3rsi4l cukup m3nguntungk4n? d4n l4y4k 4t4u tid4k untuk dil4ks4n4k4n. S3c4r4 singk4t d4p4t diilustr4sik4n d4l4m g4mb4r 1 b3rikut:

G4mb4r 1. K3r4ngk4 P3mikir4n

T3L44H PUST4K4 Studi K3l4y4k4n Us4h4 P3rt4mb4ng4n Studi k3l4y4k4n s3l4in m3rup4k4n s4l4h s4tu k3w4jib4n n0rm4tif y4ng h4rus dip3nuhi d4n pr4sy4r4t untuk m3mp3r0l3h IUP 0p3r4si Pr0duksi. S3sungguhny4 4p4bil4 dip4h4mi s3c4r4 b3n4r, studi k3l4y4k4n m3rup4k4n d0kum3n p3nting y4ng b3rgun4 b4gi b3rb4g4i pih4k, khususny4 b4gi p3l4ku us4h4, p3m3rint4h, d4n inv3st0r 4t4u p3rb4nk4n. H4l l4in y4ng h4rus dip4h4mi 4d4l4h, studi k3l4y4k4n buk4n h4ny4 m3ngk4ji s3c4r4 t3knis, 4t4u m3mbu4t pr3diksi/ pr0y3ksi 3k0n0mis, jug4 m3ngk4ji 4sp3k n0nt3knis l4inny4, s3p3rti 4sp3k s0si4l, bud4y4, hukum, d4n lingkung4n. Studi k3l4y4k4n s3l4in b3rgun4 d4l4m m3ng4mbil k3putus4n j4di 4t4u tid4kny4 r3nc4n4 us4h4 p3n4mb4ng4n itu dij4l4nk4n, jug4 b3rgun4 p4d4 s44t k3gi4t4n itu j4di dil4ks4n4k4n, y4itu: 1. D0kum3n studi k3l4y4k4n b3rfungsi s3b4g4i 4cu4n p3l4ks4n44n k3gi4t4n, b4ik 4cu4n k3rj4 di l4p4ng4n, m4upun 4cu4n b4gi st4f m4n4j3m3n di d4l4m k4nt0r; 2. B3rfungsi s3b4g4i 4l4t k0ntr0l d4n p3ng3nd4li4n b3rj4l4nny4 p3k3rj44n; 3. S3b4g4i l4nd4s4n 3v4lu4si k3gi4t4n d4l4m m3ngukur pr3st4si p3k3rj44n, s3hingg4 4p4bil4 dit3muk4n k3nd4l4 t3knis 4t4upun n0nt3knis, d4p4t s3g3r4 dit4nggul4ngi 4t4u dic4rik4n j4l4n k3lu4rny4; 4. B4gi p3m3rint4h, d0kum3n studi k3l4y4k4n, m3rup4k4n p3d0m4n d4l4m m3l4kuk4n p3ng4w4s4n, b4ik y4ng m3ny4ngkut k0ntr0l r34lis4si pr0duksi, k0ntr0l k3s3l4m4t4n d4n k3s3h4t4n k3rj4, k0ntr0l p3ng3nd4li4n 4sp3k lingkung4n, d4n l4in-l4in. 4d4pun 4sp3k-4sp3k y4ng m3nj4di k4ji4n d4l4m studi k3l4y4k4n p3rt4mb4ng4n 4d4l4h: 1. 4sp3k k4ji4n t3knis, m3liputi: 1. K4ji4n h4sil 3kspl0r4si, b3rk4it4n d3ng4n 4sp3k g30l0gi, t0p0gr4fi, sumur uji, p4rit uji, p3mb0r4n, ku4lit4s 3nd4p4n, d4n juml4h c4d4ng4n; 2. H4sil k4ji4n d4t4-d4t4 3kspl0r4si t3rs3but, s3b4g4i d4t4 t3knis d4l4m m3n3ntuk4n pilih4n sist3m p3n4mb4ng4n, 4p4k4h t4mb4ng t3rbuk4, t4mb4ng b4w4h t4n4h, 4t4u

c4mpur4n. D4l4m p3r3nc4n44n sist3m p3n4mb4ng4n dil4kuk4n jug4 k4ji4n 4sp3k t3knis l4inny4, m3liputi:
o o o o o o

K4ji4n g30t3knik d4n hidr0l0gi; K4ji4n p3milih4n j3nis d4n k4p4sit4s sl4t pr0duksi; Pr0y3ksi pr0duksi t4mb4ng d4n umur t4mb4ng; J4dw4l p3n4mb4ng4n, b3rk4it4n d3ng4n sist3m shift k3rj4; T4t4 l3t4k s4r4n4 ut4m4 d4n s4r4n4 p3nunj4ng; P3ny3di44n infr4stukturt4mb4ng, m3liputi p3mbu4t4n k4nt0r, p3rum4h4n, j4l4n, d4n l4in-l4in,

3. K4ji4n p3milih4n sist3m p3ng0l4h4n b4h4n g4li4n. 2. 4sp3k k4ji4n n0nt3knis, m3liputi: 1. K4ji4n p3r4tur4n p3rund4ng-und4ng4n y4ng t3rk4it 4sp3k k3t3n4g4k3rj44n, 4tur4n K3, sist3m p3rp4j4k4n d4n r3tribusi, 4tur4n 4dministr4si p3l4p0r4n k3gi4t4n t4mb4ng, d4n l4in-l4in; 2. K4ji4n 4sp3k s0si4l bud4y4 d4n 4d4t isti4d4t m4sy4r4k4t s3t3mp4t, m3liputi k4ji4n 4sp3k hukum 4d4t y4ng b3rl4ku, p0l4 p3ril4ku d4n k3bi4s44n m4sy4r4k4t s3t3mp4t. 3. K4ji4n p4s4r d4n P3m4s4r4n D4l4m m3l4kuk4n k4ji4n t3rh4d4p 4sp3k p4s4r d4n p3m4s4r4n m3nurut Sub4gy0 (2008: 65) p3rlu di4d4k4n p3n3liti4n t3rh4d4p b3b3r4p4 h4l y4ng p3rlu dip3rh4tik4n y4itu P3rmint44n, P3n4w4r4n, Pr0y3ksi p3rmint44n d4n p3n4w4r4n, Pr0y3ksi p3nju4l4n, Pr0duk (b4r4ng/j4s4), S3gm3nt4si p4s4r, Str4t3gi d4n impl3m3nt4si p3m4s4r4n. B3rk4it4n d3ng4n supply 4nd d3m4nd, d4p4t di4n4lisis d4ri k4r4kt3ristik p4s4r, p0t3nsi, d4n p3s4ing p4s4r (m3l4lui 4n4lisis t3rh4d4p k3butuh4n p4s4r d4n supply y4ng t3l4h b3rj4l4n, m4upun d4ri 4n4lisis substitusi pr0duk). S3l4in itu h4l y4ng p4ling p3nting 4d4l4h k4r4kt3ristik d4n st4nd4ris4si pr0duk di p4s4r4n. 4. K4ji4n k3l4y4k4n 3k0n0mis 4d4l4h p3rhitung4n t3nt4ng k3l4y4k4n 3k0n0mis, b3rup4 3stim4si-3stim4si d3ng4n m3mp3rgun4k4n b3b3r4p4 m3t0d3 p3nd3k4t4n. M3nurut K4smir d4n J4kf4r (2007: 97), d4l4m 4sp3k k3u4ng4n d4n 3k0n0mi t3rd4p4t 3n4m krit3ri4 y4ng bi4s4 digun4k4n untuk m3n3ntuk4n k3l4y4k4n su4tu us4h4 4t4u inv3st4si, y4itu P4yb4ck p3ri0d (PP), N3t

Pr3s3nt V4lu3 (NPV), 4v3r4g3 R4t3 0f R3turn (4RR), Int3rn4l R4t3 0f R3turn (IRR), Pr0fibility Ind3x (PI), s3rt4 b3rb4g4i r4si0 k3u4ng4n s3p3rti r4si0 likuidit4s, s0lv4bilit4s, 4ktivit4s, d4n pr0fit4bilit4s. 5. K4ji4n k3l4y4k4n lingkung4n, b3rb3ntuk 4MD4L d4n UKL-UPL. K4ji4n lingkung4n untuk industri p3rt4mb4ng4n m3rup4k4n k3gi4t4n y4ng w4jib 4MD4L, k4r3n4 b4ik d4ri sisi int3nsit4s, ru4ng lingkup k3gi4t4n, m4upun d4ri sisi 0p3r4si0n4l d4n p3ng0l4h4n b4h4n g4li4n m3rup4k4n k3gi4t4n-k3gi4t4n y4ng d4p4t m3nimbulk4n d4mp4k s3rius t3rh4d4p lingkung4n. M3nc3rm4ti ur4i4n di 4t4s, m3mb3rik4n g4mb4r4n b4hw4 studi k3l4y4k4n p3rt4mb4ng4n m3rup4k4n studi y4ng cukup k0mpl3ks, 0l3h k4r3n4 itu h4rus dil4kuk4n s3c4r4 c3rm4t d4n int3gr4tif d4ri s3ti4p 4sp3k y4ng b3rhubung4n l4ngsung d3ng4n k3gi4t4n p3n4mb4ng4n. K4r3n4 k3gi4t4n p3n4mb4ng4n 4d4l4h s4l4h s4tu k3gi4t4n y4ng m3mpuny4i s3nsitivit4s s4ng4t tinggi, t3rut4m4 y4ng b3rk4it4n d3ng4n m4s4l4h 3k0n0mi. B3rinv3st4si di s3kt0r us4h4 p3rt4mb4ng4n m3rup4k4n inv3st4si y4ng p4d4t m0d4l d4n s4ng4t b3r3sik0. 0l3h k4r3n4 itu, s3b4ikny4 dil4kuk4n k4ji4n-k4ji4n b3rup4 studi k3l4y4k4n bisnis (SKB) y4ng m3nd4l4m d4l4m p3ng4mbil4n k3putus4n untuk b3rinv3st4si d4l4m p3ng3mb4ng4n us4h4 p3rt4mb4ng4n.

P3ng3rti4n Studi K3l4y4k4n bisnis d4l4m Us4h4 P3rt4mb4ng4n M3nurut Um4r (2005: 8) studi k3l4y4k4n bisnis m3rup4k4n p3n3liti4n t3rh4d4p r3nc4n4 bisnis y4ng tid4k h4ny4 m3ng4n4lisis l4y4k 4t4u tid4k l4y4k bisnis dib4ngun, t3t4pi jug4 p4d4 s44t di0p3r4si0n4lk4n s3c4r4 rutin d4l4m r4ngk4 p3nc4p4i4n k3untung4n y4ng m4ksim4l untuk w4ktu y4ng tid4k dit3ntuk4n.

P3ng3rti4n Inv3st4si S3c4r4 umum, inv3st4si 4d4l4h p3n4n4m4n m0d4l (b4ik m0d4l t3t4p m4upun m0d4l tid4k t3t4p) y4ng digun4k4n d4l4m pr0s3s pr0duksi untuk m3mp3r0l3h k3untung4n su4tu p3rus4h44n. M3nurut H4lim (2005: 4) inv3st4si p4d4 h4kik4tny4 m3rup4k4n p3n3mp4t4n s3juml4h d4n4 p4d4 s44t ini d3ng4n h4r4p4n untuk m3mp3r0l3h k3untung4n di m4s4 m3nd4t4ng.

P3ng3rti4n 4lir4n K4s (C4sh Fl0w)

S3ti4p usul4n p3ng3lu4r4n m0d4l s3l4lu m3ng4ndung du4 m4c4m 4lir4n k4s y4itu 4lir4n k4s k3lu4r n3tt0 (n3t 0utfl0w 0f c4sh) y4itu y4ng dip3rluk4n untuk inv3st4si b4ru d4n 4lir4n k4s m4suk n3tt0 t4hun4n (n3t 4nnu4l infl0w 0f c4sh) y4itu s3b4g4i h4sil d4ri inv3st4si b4ru t3rs3but, s3ring pul4 dis3but n3t c4sh pr0cc3ds 4t4u pr0cc3ds.

M3T0D3 4N4LISIS 0bj3k 4n4lisis 0bj3k 4n4lisis m3nitikb3r4tk4n p4d4 s3bu4h studi lit3r4tur t3nt4ng k3l4y4k4n inv3st4si d4l4m duni4 p3rt4mb4ng4n nik3l di ind0n3si4 di tinj4u d4ri 4sp3k-4sp3k y4ng b3rhubung4n d3ng4n s3gi 3k0n0misny4. M3t0d3 4n4lisis D4t4 1. 4n4lisis 4sp3k-4sp3k D4l4m Studi K3l4y4k4n 4. 4sp3k P4s4r d4n P3m4s4r4n, m3mb4h4s m3ng3n4i s3gm3nt4si d4n t4rg3t p4s4r, juml4h p3rmint44n d4n p3n4w4r4n t3rh4d4p pr0duk, ku4lit4s d4n sp3sifik4si pr0duk, m3t0d3 p3n3t4p4n h4rg4, d4n pr0m0si. b. 4sp3k T3knis Pr0duksi d4n T3kn0l0gis, m3mb4h4s m3ng3n4i d3skripsi pr0duk, p3n3ntu4n l0k4si, d4n l4y 0ut f4silit4s. c. 4sp3k M4n4j3m3n d4n Sumb3r D4y4 M4nusi4, m3mb4h4s m3ng3n4i struktur 0rg4nis4si, j0b d3scripti0n, sist3m k0mp3ns4si, pr0gr4m p3ng3mb4ng4n k4ry4w4n, s3rt4 Sist3m Inf0rm4si M4n4j3m3n (SIM) d. 4sp3k Hukum d4n L3g4lit4s m3mb4h4s p3rizin4n d4l4m m3nj4l4nk4n us4h4 p3rt4mb4ng4n nik3l. 3. 4sp3k K3u4ng4n d4n 3k0n0mi, m3mb4h4s m3ng3n4i p3nyusun4n m0d4l k3rj4 d4n m0d4l inv3st4si.

P3MB4H4S4N 4sp3k-4sp3k K3l4y4k4n 1. 4n4lisis 4sp3k P4s4r d4n P3m4s4r4n S3gm3n d4n t4rg3t p4s4r y4ng dituju 0l3h P3rus4h44n-P3rus4h44n p3rt4mb4ng4n nik3l Ind0n3si4 b3b3r4p4 N3g4r4 m4ju y4ng industri-industriny4 m3mbutuhk4n b4h4n b4ku nik3l m4tt3 y4ng tinggi di n3g4r4-n3g4r4 4si4 s3p3rti Chin4, J3p4ng d4n Indi4. B3b3r4p4 p3rus4h44n jug4 l4ngsung m3m4s4rk4n 0r3 y4ng m3ng4ndung nik3l d3ng4n c4r4 di 3skp0r k3lu4r n3g3ri t4np4 m3l4lui pr0s3s p3ng0l4h4n. P3rus4h44n-P3rus4h44n p3rt4mb4ng4n nik3l k3b4ny4k4n b3r4d4 di k4w4s4n Ind0n3si4 timur s3p3rti PT V4l3

Inc0, tbk di s0r04k0 PT 4nt4m P0m4l44 di k0l4k4 d4n puluh4n p3rus4h44n-p3rus4h44n k3cil. Untuk ku4lit4s pr0duk y4ng diju4l t3rg4ntung p3rmint44n d4ri p3l4ngg4n. D4n untuk p3n3t4p4n h4rg4 ju4l P3rus4h44n-P3rus4h44n p3rt4mb4ng4n m3mp3r0l3h k3untung4n r4t4-r4t4 s3b3s4r 30% d4ri h4rg4 b3li n4mun t3rg4ntung d4ri k0ndisi l4p4ng4n. N4mun k3untung4n itu tid4k m3n3t4p s3iring d3ng4n p3rk3mb4ng4n t3kn0l0gi y4ng digun4k4n d4l4m m3mpr0duksi nik3l. S3b4g4i M3l4lui PT Int3rn4ti0n4l Nick3l Ind0n3si4 Tbk (INC0), p3rus4h44n p3ngh4sil t3rd3p4n d4l4m n3g3ri y4ng dim4n4 untuk t4hun ini m3nt4rg3tk4n pr0duksi nik3l m3nj4di 120 ribu m3tric t0n p3r t4hun, 4t4u l3bih b3s4r dib4ndingk4n t4hun l4lu y4ng s3b3s4r 73 ribu m3tric t0n. K3gun44n nik3l 4nt4r4 l4in Untuk m3l4pisi b4r4ng y4ng t3rbu4t d4ri b3si, t3mb4g4, b4j4 k4r3n4 nik3l m3mpuny4i sif4t k3r4s, t4h4n k0r0si d4n mud4h m3ngkil4p jik4 dig0s0k. digun4k4n untuk m3mbu4t b4j4 t4h4n k4r4t (st4il3ss st3ll) Untuk m3mbu4t 4li4s3 d3ng4n t3mb4g4 d4n b3b3r4p4 l0g4m l4in s3p3rti M0n3l (Ni, Cu, F3). Digun4k4n untuk m3mbu4t instrum3n tr4nmisi listrik Nikr0m(Ni,F3,Cr). Digun4k4n s3b4g4i k4w4t p3m4n4s 4lnik0 (4l, Ni, f3, C0) Untuk m3mbu4t m4gn3t. P4linit d4n Inv4r y4itu p4du4n nik3l y4ng m3mpuny4i k03fisi3n mu4i y4ng s4m4 d3ng4n g3l4s y4ng digun4k4n s3b4g4i k4w4t listrik y4ng dit4n4m d4l4m k4c4, mis4lny4 p4d4 b0l4m l4mpu pij4r. S3rbuk nik3l digun4k4n s3b4g4i k4t4lis4t0r, mis4lny4 p4d4 hidr0g3n4nsi (p3m4d4t4n) miny4k k3l4p4, jug4 p4d4 cr4cking miny4k bumi.Untuk itu, b3rd4s4rk4n 4n4lisis p4s4r d4n p3m4s4r4n m4k4 us4h4 p3rt4mb4ng4n nik3l l4y4k s3b4g4i t3mp4t b3rinv3st4si. 2. 4sp3k T3knis Pr0duksi d4n T3kn0l0gis D4l4m m3mpr0duksi nik3l, r4t4-r4t4 p3rus4h44n p3rt4mb4ng4n nik3l Ind0n3si4 m3n3r4pk4n syst3m t4mb4ng t3rbuk4, b4ik 0p3n pit, 0p3n c4st. D4l4m pr0s3s p3n4mb4ng4n nik3l y4ng dil4kuk4n d3ng4n c4r4 m3ngup4s t4n4h p3nutup d3ng4n 4l4t b3r4t b3rup4 bulld0z3r 4t4u Scr4p3r, k3mudi4n dig4li d3ng4n syst3m t4ngg4 (B3nching syst3m) dimul4i d4ri b4w4h k34t4s d3ng4n m3nggun4k4n 4l4t b3r4t y4ng umumny4 b3rup4 p0w3r sh0v3l, 4t4u wh33l l04d3r. P3n4mb4ng4n b4ru dil4kuk4n s3t3l4h t4n4h p3nutup t3rkup4s d4n 0r3 d4p4t di b0ngk4r, b4ik d3ng4n m3nggun4k4n drilling 4nd bl4sting m4upun h4ny4 m3nggun4k4n 4l4t b3r4t t3rg4ntung b4tu4n induk nik3l t3rs3but. P3mu4t4n dil4kuk4n s3t3l4h 0r3 t3rl3p4s d4ri b4tu4n indukny4 l4lu di4ngkut k3 st0ckfil. Pr0s3s s3t3l4h di st0ckfil3 4d4l4h pr0s3s p3mis4h4n nik3l d4ri min3r4l-min3r4l p3ng0t0r y4ng dis3but min3r4l pr0c3ssing y4ng t3rdiri 4t4s scr33ning, k0ns3nt4rti0n d4n m3t4lurgi.

Ku4lit4s nik3l y4ng dih4silk4n b3rb3d4-b3d4 t3rg4ntung p3rmint44n k0nsum3n. P3rus4h44n-p3rus4h44n k3cil m3n4mb4ng 0r3 nik3l t4np4 m3l4kuk4n pr0c3ssing s3d4ngk4n p3rus4h44n p3ngh4sil nik3l t3rb3s4r s3p3rti PT V4l3 Inc0, PT 4nt4m PT NHM m3l4kuk4n prcs0ssing d4n m3ngh4silk4n pr0duk b3rup4 f3rr0nik3l d4n nik3l m4tt3. Pr0duksi d4n ku4lit4s nik3l ti4p t4hun d4p4t b3rk3mb4ng s3j4l4n d3ng4n p3rk3mb4ng4n t3kn0l0gi. B3rs4rk4n 4n4lisis t3knis pr0duksi d4n t3kn0l0gi m4k4 us4h4 p3rt4mb4ng4n nik3l l4y4k s3b4g4i t3mp4t b3rinv3st4si. 3. 4sp3k M4n4j3m3n d4n Sumb3r D4y4 M4nusi4 P3rus4h44n-P3rus4h44n p3rt4mb4ng4n nik3l k3b4ny4k4n m3miliki r3nc4n4 4t4u pl4nning m4n4j3m3n y4ng t3l4h dip3rsi4pk4n d4n dip3rhitungk4n d4ri inv3st4si y4ng t3l4h di4ngg4rk4n p3rus4h44n s3p3rti p3n3t4p4n t4rg3t p3nju4l4n s3ti4p t4hunny4. D4l4m 0rg4nis4si, r4t4-r4t4 p3rus4h44n ini m3ng4nut struktur 0rg4nis4si v3rtik4l s3d3rh4n4 y4ng p3rint4h k3rj4ny4 b3r4s4l d4ri tingk4t4n struktur p4ling 4t4s (Dir3ktur Ut4m4) d4n dit3rusk4n k3 struktur dib4w4hny4 (M4n4j3r p3nju4l4n d4n b4gi4n 4dministr4si), s3rt4 p3nug4s4n d4n tug4s k4ry4w4nny4 di4tur s3b4g4im4n4 d4l4m 4sp3k sumb3r d4y4 m4nusi4. P3rus4h44n-P3rus4h44n p3rt4mb4ng4n nik3l jug4 m3l4kuk4n p3ng4r4h4n (Dir3cting) d4n p3ng4w4s4n (C0ntr0ling) untuk m3ng4w4si s3rt4 m3ng4n4lis4 kin3rj4 k4ry4w4n. Jik4 t3rj4di p3nurun4n, m4k4 4k4n dil4kuk4n p3mbin44n k3mb4li s3rt4 dic4ri p3ny3b4b d4n s0lusiny4. P3rus4h44n-P3rus4h44n p3rt4mb4ng4n jug4 t3l4h m3nggun4k4n sist3m inf0rm4si m4n4j3m3n (SIM) y4ng s3d3rh4n4 gun4 m3nyimp4n inf0rm4si-inf0rm4si y4ng dibutuhk4n 0l3h m4n4j3r. Untuk itu, b3rd4s4rk4n 4n4lisis m4n4j3m3n d4n sumb3r d4y4 m4nusi4 l4y4k untuk dil4ks4n4k4n. 4. 4sp3k Hukum d4n L3g4lit4s P3rus4h44n-P3rus4h44n p3rt4mb4ng4n m3rup4k4n su4tu b3ntuk us4h4 p3rs3r04n t3rb4t4s y4ng t3ntuny4 t3l4h m3miliki sur4t-sur4t izin y4ng l3ngk4p d4n v4lid untuk m3ndirik4n p3rus4h44n ini, s3p3rti 4kt4 P3ndiri4n PT, T4nd4 D4ft4r P3rus4h44n, Sur4t K3t3r4ng4n D0misili P3rus4h44n, Sur4t Izin Us4h4 P3rt4b4ng4n, Sur4t W4jib P4j4k.

5. 3k0n0mi D4l4m 4n4lisis 4sp3k 3k0n0mi p3rus4h44n y4ng b3rg3r4k d4l4m p3rt4mb4ng4n nik3l di4n4lisis d3ng4n 5 m3t0d3 4n4lisis inv3st4si b3rikut

4. M3t0d3 PP (P4yb4ck P3ri0d) M3t0d3 P4yb4ck P3ri0d (PP) m3rup4k4n t3knik p3nil4i4n t3rh4d4p j4ngk4 w4ktu (p3ri0d3) p3ng3mb4li4n inv3st4si su4tu pr0y3k 4t4u us4h4.

Krit3ri4 p3nil4i4n p4d4 p4yb4ck p3ri0d 4d4l4h : 0 Jik4 P4yb4ck p3ri0dny4 < w4ktu m4ksimum, m4k4 usul4n pr0y3k t3rs3but d4p4t dit3rim4. 0 Jik4 P4yb4ck p3ri0dny4 > w4ktu m4ksimum, m4k4 usul4n pr0y3k t3rs3but dit0l4k. b. M3t0d3 4RR (4v3r4g3 R4t3 0f R3turn) M3rup4k4n c4r4 untuk m3ngukur r4t4-r4t4 p3ng3mb4li4n bung4 d3ng4n c4r4 m3mb4ndingk4n 4nt4r4 r4t4-r4t4 l4b4 s3b3lum p4j4k 34T d3ng4n r4t4-r4t4 inv3st4si.

c. M3t0d3 NPV (N3t Pr3s3nt V4lu3) M3rup4k4n m3t0d3 4n4lisis k3u4ng4n y4ng m3mp3rh4tik4n 4d4ny4 p3rub4h4n nil4i u4ng k4r3n4 f4kt0r w4ktu; pr0y3ksi 4rus k4s d4p4t dinil4i s3k4r4ng (p3ri0d3 4w4l inv3st4si) m3l4lui p3m0t0ng4n nil4i d3ng4n f4kt0r p3ngur4ng y4ng dik4itk4n d3ng4n bi4y4 m0d4l (p3rs3nt4s3 bung4). NPV = T0t4l PV 4lir4n K4s B3rsih T0t4l PV Inv3st4si Krit3ri4 p3nil4i4n NPV 4d4l4h : a. Jik4 NPV > 0, m4k4 inv3st4si dit3rim4. b. Jik4 NPV < 0, m4k4 inv3st4si dit0l4k. d. M3t0d3 IRR (Int3rn4l R4t3 0f R3turn) IRR 4d4l4h tingk4t bung4 y4ng 4k4n dit3rim4 (PV Futur3 Pr0cc3ds) s4m4 d3ng4n juml4h nil4i s3k4r4ng d4ri p3ng3lu4r4n m0d4l (PV C4pit4l 0utl4ys).

K3t3r4ng4n : P1 = Tingk4t bung4 1 P2 = Tingk4t bung4 2 C1 = NPV 1

C2 = NPV 2 Krit3ri4 p3nil4i4n IRR 4d4l4h : 4. Jik4 IRR > d4ri suku bung4 y4ng t3l4h dit3t4pk4n, m4k4 inv3st4si dit3rim4. b. Jik4 IRR < d4ri suku bung4 y4ng t3l4h dit3t4pk4n, m4k4 inv3st4si dit0l4k. 3. M3t0d3 PI (Pr0fit4bilit4s Ind3ks) Ind3ks pr0fit4bilit4s 4d4l4h r4si0 4t4u p3rb4nding4n 4nt4r4 juml4h nil4i s3k4r4ng 4rus k4s s3l4m4 umur 3k0n0misny4 d4n p3ng3lu4r4n 4w4l pr0y3k.

Krit3ri4 untuk Pr0fit4bilit4s Ind3ks : 4. Pr0y3k dinil4i l4y4k jik4 PI > 4t4u = 1,00, s3b4likny4 b. Dinil4i tid4k l4y4k jik4 PI < 1,00 d4ri 4n4lisis inv3st4si y4ng dil4kuk4n di s3ti4p p3rus4h44n p3rt4mb4ng4n di p3r0l3h b4hw4 inv3st4si l4y4k s3b4g4i t3mp4t inv3st4si.

P3NUTUP K3simpul4n B3rd4s4rk4n h4sil p3mb4h4s4n y4ng t3l4h dip3r0l3h, m4k4 disimpulk4n b4hw4: 1. D4ri k3s3luruh4n 4sp3k y4ng dit3liti, y4itu 4sp3k p4s4r d4n p3m4s4r4n, 4sp3k t3knis pr0duksi d4n t3kn0l0gis, 4sp3k m4n4j3m3n d4n sumb3r d4y4 m4nusi4, 4sp3k hukum d4n l3g4lit4s, s3rt4 4sp3k k3u4ng4n d4n 3k0n0mi m3nunjukk4n b4hw4 r4t4-r4t4 p3rus4h44n p3rt4mb4ng4n nik3l ind0n3si4 p4d4 s44t ini l4y4k s3b4g4i t3mp4t b3rinv3st4si 2. P3ng3mb4ng4n d4n k3m4mpu4n inv3st4si s3bu4h p3rus4h44n d4l4m m3mb3rik4n k3untung4n t3rh4d4p juml4h m0d4l y4ng dit4n4m l4y4k d4n d4p4t dit3rim4, dik4ji d3ng4n 5 m3t0d3 k3l4y4k4n inv3st4si d3ng4n h4sil s3b4g4i b3rikut: 4. M3t0d3 P4yb4ck P3ri0d m3nunjukk4n b4hw4 w4ktu y4ng dip3rluk4n untuk m3nutup inv3st4si b. M3t0d3 4RR (4v3r4g3 R4t3 0f R3turn) m3nunjukk4n tingk4t k3untung4n r4t4-r4t4 y4ng c. M3t0d3 NPV (N3t Pr3s3nt V4lu3) d. M3t0d3 IRR (Int3rn4l R4t3 0f R3turn) 3. M3t0d3 PI (Pr0fit4bilit4s Ind3ks)

S4r4n B3rd4s4rk4n studi lit3r4tur m3ng3n4i 4n4lis4 k3l4y4k4n inv3st4si y4ng t3l4h dil4ks4n4k4n, d4p4t dir3k0m3nd4sik4n p4d4 p4r4 p3l4ku inv3st4si b4hw4 p3rt4mb4ng4n nik3l l4y4k d4n d4p4t dit3rim4 s3b4g4i t3mp4t b3rinv3st4si. D4n s3b4ikny4 p3rus4h44n m3l4ks4n4k4n p3ng3mb4ng4n us4h4 t3rs3but s3su4i d3ng4n r3nc4n4 y4ng t3l4h dibu4t. S3l4in itu p3nulis jug4 m3ny4r4nk4n k3p4d4 s3ti4p p3l4ku p3rt4mb4ng4n 4g4r s3l4lu m3mp3rh4tik4n k0ndisi lingkung4n.

D4FT4R PUST4K4 4bdul H4lim. 2005. 4n4lisis Inv3st4si. S4l3mb4 3mp4t, J4k4rt4. 4hm4d Sub4gy0. 2008. Studi K3l4y4k4n T30ri d4n 4plik4si. PT 3l3x M3di4 K0mputind0, J4k4rt4. Bruc3 J. Sh3rrick, P4ul N. 3lling3r 4nd D4vid 4. Lins (2000) Tim3 V4lu3 0f M0n3y 4nd Inv3stm3nt 4n4lysis,3xpl4n4ti0ns 4nd spr34dsh33t 4pplic4ti0n

4gricultur4l 4nd 4gribisnis firms: V0l. 1.2, p4g3 28-33 (Int3rn4ti0n4l J0urn4l) 3mily J. Bl4nch4rd (2007) F0r3ign Dir3ct Inv3stm3nt, 3nd0g3n0us T4riffs, 4nd Pr3f3r3nti4l Tr4d3 4gr33m3nts, Th3 B.3. J0urn4l 0f 3c0n0mic 4n4lysis & P0licy: V0l. 7: Iss. 1 (4dv4nc3s), 4rticl3. p4g3 7-15 (Int3rn4ti0n4l J0urn4l) Firm4n Muz4khir. 2007. 4n4lisis P3nil4i4n Inv3st4si Bisnis W4r4l4b4 Rit3l Sw4l4y4n P4d4 CV. B4sw4r4 Inv3st4m4. Univ3rsit4s Gun4d4rm4, J4k4rt4. Hus3in Um4r. 2005. Studi K3l4y4k4n Bisnis, 3disi 3. PT Gr4m3di4 Pust4k4 Ut4m4, J4k4rt4. K4smir d4n J4kf4r. 2007. Studi K3l4y4k4n Bisnis, 3disi 2. K3nc4n4, J4k4rt4. K0tl3r, Philip. 2005. M4n4j3m3n P3m4s4r4n, Jilid 2, 3disi 11. Ind3ks, J4k4rt4. L4thif4n Yusuf. 2008. 4n4lisis K3l4y4k4n Inv3st4si Us4h4 PT. Istind0 Mitr4 P3rd4n4. Univ3rsit4s Gun4d4rm4, B3k4si. Sh3rif K4m3l, Din4 R4t3b 4nd M0h4mm3d 3l-T4wil (2009) Th3 Imp4ct 0f Inv3stm3nt 0n 3c0n0mic D3v3l0mpm3nt in 3gypt, Th3 3l3ctr0nic J0urn4l 0n Inf0rm4ti0n Syst3ms in D3v3l0ping C0untri3s: 3jisdc 36. 1, p4g3 14-18 (Int3rn4ti0n4l J0urn4l)