Mitra Investindo (MITI) Partners With CNEC INA to Develop Silica Mine

PT Mitra Investindo Tbk (MITI) has signed a memorandum of understanding (MoU) with PT CNEC Engineering Indonesia (CNEC INA) to develop a silica sand mining project. The cooperation covers three concessions owned by MITI subsidiaries, as well as other concessions to be owned by the company in the future.

CNEC INA is an Indonesian subsidiary under China Nuclear Engineering & Construction Corporation, a Chinese state-owned enterprise. The collaboration between the two companies covers mineral resource development, technical services, and other strategic partnerships.

“The main objective of this MOU is to establish a mutually beneficial framework for cooperation between the Company and CNEC INA for the successful implementation of all stages of the Silica Project development,” Mitra Investindo President Director Andreas Tjahjadi said in an information disclosure to the Indonesia Stock Exchange (IDX) on Wednesday (30/9/2026).

The scope of development begins with the pre-project stage, including sampling, exploration, and feasibility studies. The cooperation also covers pre-project assessments, engineering and technical services, development studies, and strategic involvement after the project.

Andreas hopes the cooperation framework can serve as an umbrella for the implementation of the silica project development, ensuring that each stage of the work is carried out on schedule and professionally.

Nevertheless, MITI stressed that the signing of the MoU would not have a material impact on the company's operations, financial condition, or business continuity.

“This MOU does not establish a legal partnership relationship, joint venture, or binding financial commitment between the Parties,” Andreas said.

The cooperation adds to MITI's efforts to develop its silica business. Previously, on May 28, 2024, the company signed a strategic cooperation agreement with Interra Resources Ltd, a Singapore-based company listed on the Mainboard of the Singapore Exchange (SGX).

At the time, MITI and Interra Resources announced plans to develop, manage, and operate silica concessions, including silica-based downstream industries such as solar panel manufacturing. The cooperation also included the establishment of a joint venture with foreign investment status.

In the second trading session on Wednesday (30/9/2026), at 2:08 p.m. Jakarta time, MITI shares rose 7.35% from IDR 272 to IDR 292. Based on IDX trading data, the company's market capitalization reached Rp1.09 trillion, with a trading volume of 21.48 million shares, transaction value of IDR 6.31 billion, and 3,631 transactions.

Source: https://swa.co.id/read/477890/mitra-investindo-miti-gandeng-cnec-ina-kembangkan-tambang-silika

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