DEWA Reveals GMR IPO Plans and Exploration Progress at Aceh Gold and Copper Mine
Tue 11 Aug 2026, 15:59 PM
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PT Darma Henwa Tbk (DEWA) is continuing its expansion in gold and copper mining. Through its subsidiary, PT Gayo Mineral Resources (GMR), DEWA is carrying out field work for the second phase of exploration at a gold and copper mine located in Gayo Lues, Aceh.
Darma Henwa Director Ricardo Silaen said GMR’s gold and copper mine exploration is divided into three stages. The project is currently carrying out field work for the second stage, while the third stage is expected to be completed in 2027.
However, Ricardo has yet to disclose details on the investment value or the production schedule and targets for the project.
“To be more optimal and comprehensive, the investment value and production targets can be disclosed once the third phase of exploration and all studies are completed, so that the Company can maximize the existing potential,” Ricardo told Kontan.co.id on Sunday (August 9, 2026).
GMR has a concession covering 34,500 hectares. One of several deposit areas identified based on the first phase of exploration is located in Tengkereng Atas.
Based on a valuation conducted by a Public Appraisal Services Office (KJJP), the gold and copper mining project has a gross asset value of around IDR 7 trillion.
In terms of valuation, the figure will still depend on the results of exploration and additional resources and reserves that can subsequently be confirmed. Infrastructure development, mine development, and a processing plant will be carried out in subsequent stages after the third phase of exploration is completed and the required investment has been determined.
“GMR is still in the exploration stage and is a greenfield project. At present, the Company cannot provide an estimate of the capex requirement until GMR begins production because the exploration process and feasibility study are still underway. Regarding the production target, the Company will provide information to the public in due course,” Ricardo said.
Previously, information circulated that DEWA would explore opportunities to raise funds in the capital market through an initial public offering (IPO) of GMR shares. The corporate action is one of the funding options to develop the gold and copper mine being developed by GMR.
Responding to the news, Ricardo stressed that DEWA is still considering various funding alternatives for GMR’s development, including an IPO option. However, the decision regarding an IPO will depend on the results of the study and future funding requirements.
“For this fundraising, it will be carried out after the third phase of exploration and all studies are completed, or after 2027,” Ricardo stressed.
Expansion Strategy in Mining Services
While continuing exploration of GMR’s gold and copper mine, DEWA is also expanding its mining services business. Not only focusing on PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia, DEWA is now also providing mining services for PT Sebuku Sejaka Coal (SSC).
The new SSC project began operations in August 2026. SSC is a coal mine on Laut Island, South Kalimantan, which can produce up to 5 million tons of coal and 55 million bcm of waste removal, depending on the Work Plan and Budget (RKAB). The estimated volume is equivalent to around 40% of DEWA’s total waste removal volume in 2025.
Overall, the estimated value of the SSC contract reaches Rp22 trillion. “We are optimistic that the new contract from Sebuku Sejaka Coal will significantly drive production volume and revenue growth going forward,” Ricardo said.
To support its business agenda, DEWA has allocated capital expenditure (capex) of IDR 2.4 trillion for 2026. DEWA had realized capex of IDR 1.5 trillion through the first half of the year, equivalent to 62.5% of this year’s budget.
Ricardo said DEWA’s capex this year will be used to support ongoing mining services projects at KPC and PT Arutmin Indonesia. The two major coal mining companies affiliated with PT Bumi Resources Tbk (BUMI) are DEWA’s main customers.
The majority of DEWA’s capex is being used to add heavy equipment capacity, spare parts and tires, as well as to support information technology and mine digitalization. In addition to KPC and Arutmin, in the second half of 2026 DEWA will also allocate capex to carry out the contract secured from SSC.
“In addition to the remaining capex allocated to KPC and Arutmin, the Company also plans to allocate additional capex separately for Sebuku. The amount and spending at Sebuku will be carried out gradually using several financing options, including vendor financing and other options,” Ricardo said.
Beyond KPC, Arutmin, and SSC, DEWA is continuing its expansion in mining services by targeting new contracts. Ricardo said DEWA is exploring new contracts that could maintain the company’s long-term operational performance and revenue prospects.
However, Ricardo has yet to disclose further details regarding the potential new contracts. “The Company is currently seeking new long-term contracts, which are expected to increase volume and revenue,” Ricardo said.
As part of efforts to strengthen its core business, DEWA recently established three subsidiaries. On July 17, 2026, DEWA established PT DH Listrik, PT DH Infrastruktur, and PT DH Arunika Hospitality.
Ricardo explained that the establishment of the three subsidiaries aims to strengthen supporting functions while improving DEWA’s operational effectiveness.
“Each will have a different focus and role, namely electricity, infrastructure and logistics, and hospitality to support site operational needs,” Ricardo explained.
With more focused management, DEWA can optimize cost efficiency, improve service quality, and strengthen synergies between projects. “For now, this move is part of strengthening the Company’s core business, not an expansion into sectors outside its main business,” Ricardo concluded.
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