INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion

INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion

01 Dec 2025, 08:00 AM
After Acquiring a Gold Mine, UNTR Now Establishes a New Nickel Company
After Acquiring a Gold Mine, UNTR Now Establishes a New Nick...
03 Dec 2025, 04:15 AM
Bumi Resources (BUMI) Accelerates Diversification, Targeting 50% Non-Coal Revenue by 2031
Bumi Resources (BUMI) Accelerates Diversification, Targeting...
01 Dec 2025, 06:43 AM
Merdeka Gold (EMAS) Obtains USD 350 Million Loan to Fund Pani Gold Mine Project
Merdeka Gold (EMAS) Obtains USD 350 Million Loan to Fund Pan...
08 Dec 2025, 07:48 AM
Nickel and Steel Become the Main Contributors to the Trade Balance Surplus
Nickel and Steel Become the Main Contributors to the Trade B...
01 Dec 2025, 06:46 AM
Sinar Terang Mandiri (MINE) Goes Public, Funds Earmarked for Nickel Mine Development
Sinar Terang Mandiri (MINE) Goes Public, Funds Earmarked for Nickel Mine Development
10 Mar 2025, 03:34 PM 4479

PT Sinar Terang Mandiri Tbk (MINE) became the 9th company to officially list its shares through an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) on Monday (March 10, 2025). MINE opened at IDR 270, with a market capitalization reaching IDR 1.103 trillion. MINE's stock price surged by up to 25% from the initial price of IDR 216. According to Ivo Wangarry, the President Director of PT Sinar Terang Mandiri Tbk, the funds raised from the IPO will be used for the development of nickel mining operations. "The funds from this IPO will mostly be allocated for capital expenditures, particularly for the purchase of heavy equipment. This will help us capture greater opportunities in the nickel mining sector," said Ivo in his presentation at the IDX building in Jakarta on Monday (March 10, 2025).In addition to capital expenditures for heavy equipment, Ivo mentioned that the company will also be expanding into several mining projects in the future.In 2025, the company is running two mining projects: one in Halmahera, North Maluku, operated by PT Weda Bay Nickel, and another in Morowali, Central Sulawesi, through PT Hengjaya Mineralindo.According to the prospectus on the e-ipo.co.id website, MINE reported a year-on-year (YoY) revenue growth of 40.8% as of August 31, 2024, reaching IDR 1.36 trillion, compared to IDR 968.05 billion the previous year, on August 31, 2023. Meanwhile, the company’s net profit saw an increase of 278.3%, reaching IDR 165.65 billion, up from IDR 59.52 billion in the previous period.As of 10:30 AM WIB, MINE's stock continued to move, with transaction frequency reaching 1,938 times, a trading volume of 781,200 shares, and a transaction value of IDR 210.9 billion. Ivo claimed that MINE's IPO was oversubscribed by up to 25 times.

TBS Energi (TOBA) Releases 90 Percent of Shares in Its Coal Mining Subsidiary
TBS Energi (TOBA) Releases 90 Percent of Shares in Its Coal Mining Subsidiary
09 Mar 2025, 03:10 PM 5425

PT TBS Energi Utama Tbk (TOBA) has sold 90 percent of its coal mining business subsidiary shares.TOBA has indirectly divested PT Toba Bara Energi (TBAE), a subsidiary of PT Minahasa Cahaya Lestari (MCL), to PT Kalibiru Sulawesi Abadi (KSA).KSA is a company affiliated with Hilmi Panigoro and Benny Setiawan, who purchased two power plant assets from TOBA."We hereby announce that the MCL transaction has been completed based on the Share Transfer Deed dated March 5, 2025, which has been signed by TBAE as the Seller and KSA as the Buyer," wrote Alvin Firman Sunanda, Director of TBS Energi Utama, in a public disclosure on the Indonesia Stock Exchange (IDX) on Friday (March 7, 2025).The divestment of the subsidiary was approved by TOBA's shareholders during the Independent Shareholders General Meeting held on November 14, 2024.TOBA's management confirmed that this share transfer transaction will not negatively impact the company's operations, legal status, financial condition, or business continuity.On Friday (March 7, 2025), TOBA's shares rose 1.14 percent to a price of IDR 354, with a transaction value reaching IDR 3.39 billion.TOBA's trading volume reached 9.57 million shares, with 1,600 transactions. Over the past month, the shares of the company owned by Luhut Binsar Pandjaitan have decreased by 6.35 percent, and have corrected by 23.71 percent over the past three months. 

GEMS Records 50.7 Million Tons of Coal Production in 2024
GEMS Records 50.7 Million Tons of Coal Production in 2024
08 Mar 2025, 03:11 PM 4269

PT Golden Energy Mines Tbk. (GEMS) achieved coal production of 50.7 million tons in 2024.According to its official statement, GEMS recorded coal production of 50.7 million tons in 2024, an increase of 10% from 2023, which was 46.1 million tons. Meanwhile, the overburden removal (OB) or soil stripping by GEMS reached 265.2 million bank cubic meters (bcm), a decrease from 2023, which was 275.8 million bcm.For sales, GEMS recorded coal sales of 51.9 million tons throughout the last year. This sales figure represents an 11% increase compared to 2023, which was 46.9 million tons.GEMS' coal sales were dominated by exports, accounting for 63% of total sales in 2024. Of the export sales, 45% went to China, 11% to India, and 7% to other countries. Meanwhile, domestic sales accounted for 37% of the company's total sales, amounting to 19.1 million tons.Additionally, GEMS reported a net profit of USD 473.8 million, equivalent to IDR 7.65 trillion (using the Jisdor exchange rate of IDR 16,157 per USD as of December 31, 2024) in 2024.This net profit represents an 8.6% decline compared to 2023, where GEMS' net profit was recorded at USD 518.38 million.The decrease in net profit was primarily due to a decline in GEMS' operating revenue, which dropped to USD 2.7 billion (equivalent to IDR 43.71 trillion), a 6.77% decrease from 2023, which stood at USD 2.9 billion.

Kreasi Jaya Invests IDR 120.37 Billion to Boost Stake in Petrosea
Kreasi Jaya Invests IDR 120.37 Billion to Boost Stake in Petrosea
07 Mar 2025, 04:01 PM 4016

PT Kreasi Jasa Persada has increased its shareholding in PT Petrosea Tbk. (PTRO). PT Kreasi Jasa Persada purchased 39,718,000 common shares of PTRO at a purchase price of IDR 3,030.66 per share through two transaction stages on March 4, 2025, and March 5, 2025. This information was conveyed by the company in its press release in Jakarta yesterday.CUAN's CEO, Michael, explained that the purchase of PTRO shares is aimed at business development and increasing the company's assets. "This will provide greater value to the company's stakeholders in the future," he said.Thus, the total investment made by the controlling entity of PTRO amounts to approximately IDR 120.37 billion. After the effective transaction, the number of shares held by CUAN’s business entity, which also controls PTRO, increases to 4.22 billion shares, or 41.91% of the voting rights. "This purchase is in line with the company's business development plan," Michael added.Previously, PTRO secured a mining services contract worth approximately IDR 4.03 trillion. PTRO’s Corporate Secretary, Anto Broto, stated that the company had signed a mining services agreement with PT Bara Prima Mandiri and PT Niaga Jasa Dunia on February 26, 2025. Under this agreement, PTRO acts as the mining services contractor, BPM holds the mining business operation permit (IUP-OP), and NJD is the company designated by BPM to operate the mine. "This agreement will be effective from the term sheet's effective date, November 5, 2024, until December 31, 2032," said Anto.Anto explained that this new contract is part of the company’s efforts to increase revenue and provide a better return on investment to shareholders. As is known, the estimated overburden production from this project will reach 135.46 million BCM, and coal production is expected to be 7.53 million tons. "This will positively impact the company’s sustainability, as well as improve the company’s financial and operational performance," he added.Throughout 2024, PT Petrosea Tbk. recorded a decline in net profit. The net profit attributable to the parent entity owners was USD 9.69 million, which represents a 20.74% YoY decrease from USD 12.2 million in 2023. PTRO posted revenues of USD 690.81 million, a 19.59% YoY increase from USD 577.61 million in 2023. PTRO’s revenues came from construction and engineering (USD 299.17 million), mining (USD 290.15 million), services (USD 34.62 million), others (USD 2.68 million), and coal sales (USD 64.17 million).Based on its clients, the largest sources of PTRO’s revenue in 2024 were PT Freeport Indonesia (USD 166.09 million), PT Kideco Jaya Agung (USD 125.97 million), and BP Berau Ltd. (USD 69.39 million). At the same time, PTRO’s direct operating expenses increased from USD 495.51 million in 2023 to USD 600.52 million in 2024. Additionally, PTRO incurred selling and administrative expenses of USD 51.62 million, interest and financial expenses of USD 25.89 million, and final tax expenses of USD 9.71 million.

Petrindo Records All-Time High Revenue and Profit with Further Business Diversification and Sustaina...
Petrindo Records All-Time High Revenue and Profit with Further Business Diversification and Sustaina...
07 Mar 2025, 03:58 PM 4233

PT Petrindo Jaya Kreasi Tbk, hereby conveys the latest development in relation to the company's performance in 2024 based on its audited financial statements.As a fully integrated company in the mining, infrastructure, and mining services and EPC sectors, Petrindo managed to close 2024 by recording a total revenue of USD 801.7 million, or a significant increase of 719 percent compared to the previous year. The revenue in 2024 is the company’s highest revenue of all time.Meanwhile, total net profit attributable to owners of the parent entity reached USD 160.8 million (basic earnings per share: USD 0.014), or an increase of more than 929% when compared to the previous year's figure of USD 15.6 million (basic earnings per share: $ 0.001).Meanwhile, retained earnings increased from negative 36.7 million at the end of 2023 to positive USD 124.1 million at the end of 2024, which is the first time the company has recorded a positive amount in the company's history since its inception in 2008, which allows the company to distribute dividends for the 2024 financial year to its shareholders. Along with an increase in revenue, the company also managed to diversify its revenue sources from 100 percent of coal sales in 2023 to only 34 percent of coal sales in 2024, followed by 31 percent, 31 percent, and 4 percent from mining services, EPC contractors, and other services, respectively, in 2024.In terms of minerals, the company has also managed to diversify its revenue sources from 100 percent thermal coal in 2023 to only 54 percent thermal coal in 2024, followed by 26 percent, 10 percent, and 9 percent from gold/copper, metallurgical coal, and oil/gas in 2024."We believe that 2024 is an important momentum for the company in realizing Petrindo's vision to become an integrated energy and mineral company by creating sustainable growth and value for all stakeholders," said Michael, President Director of PT Petrindo Jaya Kreasi Tbk.Building sustainable growth through diversification & synergies The company’s achievement was obtained due to the successful implementation of its business strategy of diversification and synergy as the two main pillars of Petrindo's business strategy. Through its diversification strategy, Petrindo completed the acquisition of PT Petrosea Tbk (Petrosea) and PT Multi Tambangjaya Utama (MUTU), which is a thermal coal mining and bituminous metallurgical company located in Central Kalimantan, which is adjacent to the mining area of PT Tamtama Perkasa (TP), another subsidiary of the company.Since being acquired by Petrindo, MUTU has started to produce metallurgical coal as a tangible result of the company's exploration and sustainable investment in the development of its subsidiaries. The completion of the two acquisitions also complements Petrindo's business lines, ranging from mine ownership, mining services/EPC contractor and infrastructure, to port and shipping services, including mineral trading as a fully integrated value chain.In addition, through a strategy of building synergy, Petrosea has signed a mining infrastructure development service agreement, which includes the construction of a hauling road for PT Daya Bumindo Karunia (DBK), part of one of the company's subsidiaries, in June 2024. The development of DBK is the implementation of Petrindo's long-term strategy in its efforts to expand into the metallurgical coal business, as part of the diversification of the company's portfolio to strengthen its position as a holding company in the mining industry other than thermal coal. All operational activities and construction of the facility will be funded by the company's capital and credit facilities from PT Bank Negara Indonesia (Persero) Tbk which the company obtained on December 23, 2024. In 2024, Petrosea also signed a mining service agreement with the company's subsidiaries, namely TP, MUTU, and PT Borneo Bangun Banua, part of one of the company's subsidiaries, for the removal of overburden and coal mining in Central Kalimantan.The diversification strategy is also carried out by developing mining into other mineral sectors, namely gold and its derivative minerals through PT Intam, part of one of the company's subsidiaries, which is a mining license holder in West Nusa Tenggara with an area of around 18,500 hectares which is carrying out intensive exploration activities. The development into other minerals and coal has added to the large and diversified resource/reserves and is a competitive advantage for Petrindo.Petrindo and its subsidiaries focus on three business lines: mine ownership business line, in thermal coal, high-calorie coal (metallurgy), gold and its derivative minerals and silica sand; mining services business line in the form of multidisciplinary services of integrated mining contracts and EPC; and infrastructure services business line & others through Petrosea Offshore Supply Base (POSB) and Intermediate Stockpile (ISP).

ABMM Eyes Opportunities in Gold Mining
ABMM Eyes Opportunities in Gold Mining
07 Mar 2025, 03:55 PM 3843

PT ABM Investama Tbk. (ABMM) is exploring opportunities for diversification by acquiring a gold mine. ABM Investama Director Hans Christian Manoe stated that ABMM is currently eyeing potential gold mines for acquisition. "We are slowing down for now, but if there is an acquisition opportunity this year, we will take it," said Hans during ABMM’s Media Gathering in Jakarta on Thursday (March 6, 2025).He further explained that ABMM is unlikely to acquire a gold mine outright at 100%. According to him, ABMM plans to enter the gold mining sector gradually as a minority shareholder, with an ownership stake of around 25%-30%. "Once we are able to increase our ownership, we will. But initially, it might be a small stake," he added.However, Hans did not disclose the location of the gold mine ABMM is targeting for acquisition.Hans also mentioned that ABMM aims to have a diversified EBITDA composition by 2030, where not all of it will come from coal, but also from the company’s non-coal business segments. On the other hand, he emphasized that ABMM currently has a policy of not entering the nickel business.Recently, ABMM, through its subsidiary, announced plans to acquire shares in PT Piranti Jaya Utama for USD 57 million, equivalent to IDR 939.36 billion (based on an exchange rate of IDR 16,480 per USD). The acquisition transaction was conducted by ABMM’s subsidiary PT Reswara Minergi Hartama (RWA).On March 3, 2025, Reswara Minergi Hartama signed a Share Purchase Agreement (PPJB) for shares in PT Piranti Jaya Utama (PJU). The acquisition agreement consists of two transactions. First, Reswara Minergi Hartama signed a PPJB with PT Tuah Turangga Agung (TTA) for the purchase of 100% of TTA’s shares in PT Borneo Berkat Makmur (BBM). TTA is a subsidiary of PT United Tractors Tbk. (UNTR). BBM directly holds a 60% stake in Piranti Jaya Utama.Second, Reswara Minergi Hartama signed a PPJB with Borneo Prima Pte Ltd, Edward Sumarli, and Herry Hermawanto for their ownership stakes in PT Borneo Berkat Sentosa (BBS). BBS is a direct shareholder of Piranti Jaya Utama with a 40% stake.

MIND ID Reshuffles Board of Commissioners and Directors
MIND ID Reshuffles Board of Commissioners and Directors
04 Mar 2025, 03:29 PM 4728

Mining Industry Indonesia (MIND ID) has reshuffled its board of commissioners and directors, with one of the new commissioners being Agung Setya Imam Effendi, the Deputy Head of the National Intelligence Agency (BIN).The changes to MIND ID’s board of commissioners were observed on its official website, accessed in Jakarta on Tuesday, following the Annual General Meeting of Shareholders (AGMS) held on Monday (March 3).The new composition of the board of commissioners includes Main Commissioner Fuad Bawazier; Independent Commissioners Agung Setya Imam Effendi, Nugroho Widyotomo, and Pamitra Wineka; Other Commissioners Astera Primanto Bhakti, Grace Natalie, and Tri Winarno.With this reshuffle, several commissioners from the 2023 fiscal year’s Annual General Meeting of Shareholders (RUPST) were replaced, including Independent Commissioners Muhammad Munir and Nicolaus Teguh Budi Harjanto.Among the new names in the board of commissioners is Agung Setya Imam Effendi. He is a graduate of the Police Academy (Akpol) in 1988. In addition to joining PT Mineral Industri Indonesia (MIND ID), he has also served as the Deputy Head of the National Intelligence Agency (BIN) since October 18, 2024.Another new independent commissioner is Nugroho Widyotomo, a 1983 graduate of the Military Academy in Magelang and a member of the Infantry Corps (Kopassus). His experience includes roles such as Secretary General of the National Defense Council of the Republic of Indonesia, Commander of the Infantry Training Center (Danpussenif Kodiklatad), Commander of the Sriwijaya Military Region (Pangdam II/Sriwijaya), and several other senior military and advisory positions.A further new addition to the board is Tri Winarno. He holds a Bachelor’s degree in Mining Engineering from UPN Veteran Yogyakarta, a Master’s in Geological Engineering from Gadjah Mada University (UGM), and a Doctorate in Mining Engineering from Freiberg Technische Universitat Bergakademie, Germany. Tri also serves as the Director General of Minerals and Coal at the Ministry of Energy and Mineral Resources (ESDM) since September 20, 2024.In addition to the reshuffle of the board of commissioners, there was also an update to the executive team. Fuad Bawazier, the Main Commissioner of MIND ID, confirmed that Maroef Sjamsoeddin has been appointed as the new President Director of MIND ID, replacing Hendi Prio Santoso.The latest structure of the MIND ID board of directors is as follows President Director Maroef Sjamsoeddin; Deputy President Director Dany Amrul Ichdan; Director of Portfolio and Business Development Dilo Seno Widagdo; Finance Director Akhmad Fazri; Director of Risk Management and HSSE Nur Hidayat UdinMaroef Sjamsoeddin is a retired Air Marshal of the Indonesian Air Force and previously served as the President Director of Freeport Indonesia in 2015. Before his tenure at Freeport, he was the Deputy Head of the National Intelligence Agency (BIN) from 2011 to 2014.

Freeport Indonesia Plants 50 Thousand Mangroves in Gresik
Freeport Indonesia Plants 50 Thousand Mangroves in Gresik
02 Mar 2025, 03:15 PM 4184

PT Freeport Indonesia has planted 50,000 mangrove trees around its smelter operation area in the Special Economic Zone (KEK) of Gresik, East Java. This tree planting initiative aims to preserve the coastal ecosystem while supporting the National Mangrove Rehabilitation Acceleration Program. "A total of 50,000 mangrove seedlings were planted from September 2024 to February 2025. This activity is part of our efforts to support the rehabilitation and restoration of mangrove ecosystems in Indonesia," said Aripin Buman, Vice President of Business Process Smelting & Refining Smelter at Freeport Indonesia, in a written statement quoted on Sunday (March 2, 2025).He explained that the company has partnered with the Gresik District Environmental Agency and Wahana Edukasi Harapan Alam Semesta (Wehasta) through a conservation cooperation program. The mangrove planting activities began in September 2024 in Tajungwidoro Village with 15,000 seedlings, followed by Banyuwangi Village with 10,000 seedlings, Bedanten Village with 10,000 seedlings, Manyar Sidomukti Village with 3,000 seedlings, and concluded in Karangrejo Village with 12,000 seedlings. To mark the completion of the 50,000 mangrove planting program, PTFI planted 2,000 mangrove seedlings in Karangrejo Village, Manyar, Gresik, on Saturday (February 22, 2025), coinciding with the National Waste Care Day (HPSN) 2025.Additionally, HPSN 2025 included various activities such as Plogging Fun, a healthy walking activity while collecting waste, and socialization on waste management, attended by 122 elementary school students from Karangrejo Village and 100 PTFI Smelter employees through the Employee Volunteer Program.Aripin emphasized that mangroves are the first line of defense for coastal and river ecosystems. Mangroves protect the land from abrasion and sea waves, provide an important habitat for flora and fauna, and improve air quality while offering a source of income for local communities. "This mangrove planting program aims to mitigate the impact of climate change, improve community welfare, and create a more sustainable ecosystem," he said.Zaini, a resident of Tajungwidoro Village, mentioned that the mangrove planting program carried out by PTFI Smelter has had a significant impact on the surrounding community. "The planting program from PTFI has been very beneficial for our villagers. One of the benefits is preventing further coastal erosion. Another benefit is providing employment for those who were previously unemployed, increasing their income," said Zaini.

Bukit Asam (PTBA) Responds to HBA's Role as New Export Benchmark
Bukit Asam (PTBA) Responds to HBA's Role as New Export Benchmark
02 Mar 2025, 03:09 PM 5743

PT Bukit Asam Tbk (PTBA) supports the government’s policy regarding the implementation of the Coal Reference Price (HBA) as a benchmark for exports starting from March 1, 2025.This state-owned mining company hopes that the HBA policy as an export benchmark will maintain the competitiveness of Indonesia’s coal industry in the international market.PTBA's Corporate Secretary, Niko Chandra, stated that PTBA supports the government’s efforts to create stability in coal prices, protect national interests, and optimize state revenues."Regarding the HBA, PTBA hopes that the determination of the HBA will continue to maintain the competitiveness of Indonesia’s coal industry in the international market," said Niko to Kontan on Saturday (March 1).As known, the Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, revealed that this policy aims to increase Indonesia's independence in determining coal prices in the global market."Until now, our reference coal price has been controlled or determined by other countries. We need to have independence, we need nationalism. We shouldn't let our coal price be determined by others," said Bahlil.Although this policy has been socialized since February 26, 2025, business players are still facing several challenges in its implementation.The Acting Executive Director of the Indonesian Coal Mining Association (APBI), Gita Mahyarani, revealed that many companies still do not understand the implementation mechanism, especially regarding ongoing export contracts."“We want a transition period or grace period if this regulation is applied mandatorily. Renegotiating contracts with buyers takes time and a lengthy process,” said Gita to Kontan on Friday (February 28).Concerns also came from the Executive Director of the Indonesia Mining Association (IMA), Hendra Sinadia. He believes that this policy could pose challenges in convincing overseas buyers.According to him, transactions for Indonesian coal have generally referred to internationally recognized price indices.“In Article 159, paragraph (2) of Government Regulation 96/2021, it is stated that the Minister determines the Coal Benchmark Price (HPB) using market mechanisms or international price indices. Meanwhile, the HBA could be used as the basis for royalty imposition,” explained Hendra.Hendra added that many buyers, especially from China, are still uncertain about this policy. “I’ve heard many concerns from buyers at the 2nd China Coal Import and International Summit in Guangzhou on February 27,” he said.Hendra also highlighted the legal aspect in the implementation of this policy. According to him, sudden changes in regulations could make it difficult for exporters to anticipate the impact.In addition, the technical mechanisms and sanctions for violators have not been explained in detail, which could make potential buyers more cautious about purchasing coal from Indonesia.

Alamtri Resources Indonesia Increases Its Shareholding in ADMR
Alamtri Resources Indonesia Increases Its Shareholding in ADMR
28 Feb 2025, 03:15 PM 4451

PT Alamtri Resources Indonesia Tbk (IDX: ADRO), represented by Christian Ariano Rachmat and Iwan Dewono Budiyuwono in their respective roles as Vice President Director and Director, as the controlling entity of PT Adaro Minerals Indonesia Tbk (IDX: ADMR), has conducted a transaction involving the purchase of 109,000,000 shares, equivalent to 0.266% of ADMR, at a price of Rp 965 per share on February 21, 2025."The purpose of the transaction is to make an additional investment in ADMR with direct ownership status," said Mahardika Putranto, Corporate Secretary of ADRO, in an information disclosure to the Indonesia Stock Exchange (IDX) on Thursday (February 27).After the purchase transaction, PT Alamtri Resources Indonesia Tbk's shareholding in ADMR increased to 34,384,250,000 shares, or 84.105%, compared to the previous holding of 34,275,250,000 shares, or 83.839%.

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