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Indonesia is currently becoming one of the strongest emerging market in terms of economic growth. This achievement requires supporting facility such as transportation infrastructure, manufacture, etc. Such rapid growth will not last long if not sustained by an adequate supply of electricity. In order to meet the target, the government established some power plants which one of them is Naga coal-fired station in Aceh. In the end of 2017, PT. Bagan Ekuitas Losari (BEL) has successfully signed a Memorandum of Understanding (MoU) with PLTU Naga to provide an amount of 600.000 tons per year. Therefore, PT. Tirta Bara Unity (TBU) as a mining contractor of PT. Bagan Ekuitas Losari was assigned to enhance the yearly production capacity of coal from 120.000 tons to 600.000 tons with overburden removal of 192.000 bcm to2.600.000 bcm with stripping ratio of 4.1. For such increasing, the question is how TBU can finance the project with a limited cash flow due to the high number of long-term receivables. Should they provide fully owned capital, fully rent, or lease from financial institution? How’s the financial analysis that can be indicator of the chosen alternative? By identifying and analyzing all aspect, particularly in terms of financial aspect, the best decision can be determined. Keywords—increasing production; financial analysis; coal mining contractor; balance sheet; scenario analysis

Investment Feasibility Analysis of a Coal Project Related to Improvement Production Capacity