PTRO Secures IDR 9.3 Trillion Mining Contract
Fri 24 Jul 2026, 11:02 AM
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PT Petrosea Tbk (PTRO) has secured two coal mining services contracts from Indonesian companies PT Pesona Bara Cakrawala (PBC) and PT Cakrawala Bara Persada (CBP), both indirect subsidiaries of PT Singaraja Putra Tbk (SINI), with a combined contract value of IDR 9.3 trillion.
PTRO Corporate Secretary Anto Broto said the agreements were signed on Thursday (23 July 2026).
"On 23 July 2026, the company signed coal mining services agreements with two coal mining companies in Indonesia," Anto said in a disclosure to the Indonesia Stock Exchange (IDX) on Friday (24 July 2026).
PBC holds a Production Operation Mining Business Licence (IUP-OP) in Kapuas Regency, Central Kalimantan.
Under the agreement, Petrosea will undertake the project for the life of the mine, with estimated overburden removal of 189 million bank cubic metres (BCM) and coal production of 42 million tonnes.
The PBC contract is valued at approximately IDR 7.7 trillion, calculated based on the Indonesian Coal Index (ICI) prevailing on the agreement's signing date.
CBP also holds a Production Operation Mining Business Licence (IUP-OP) in Kapuas Regency, Central Kalimantan. The contract will likewise run for the life of the mine, with estimated overburden removal of 40 million BCM and coal production of 8 million tonnes.
The CBP contract is valued at around IDR 1.6 trillion, also based on the Indonesian Coal Index (ICI) at the time the agreement was signed.
Under both agreements, Petrosea will act as the mining services contractor. The scope of work includes overburden removal and hauling, rock fragmentation, and coal mining operations.
"The company will act as the mining services contractor, with the scope of work including overburden removal and hauling, rock fragmentation, and coal mining operations," the company said.
PTRO's management said the contracts are expected to have a positive impact on the company's business continuity while strengthening its financial and operational performance.
The company also noted that PBC and CBP are affiliated parties, as both are indirectly controlled subsidiaries of SINI.
Petrosea further stated that the transactions are exempt from certain requirements under Financial Services Authority (OJK) Regulation No. 42/POJK.04/2020 on Affiliated Party Transactions and Conflict of Interest Transactions.
Referring to Article 8 of the regulation, listed companies are exempt from the requirements under Article 4 paragraph (1) if affiliated party transactions are conducted in the ordinary course of business, generate revenue, and are carried out on a routine, recurring, and/or continuous basis.
Petrosea also confirmed that the transactions do not involve any conflict of interest as defined under OJK Regulation No. 42/POJK.04/2020.
Accordingly, the company said the agreements are only required to be disclosed in its annual report or annual financial statements.
PTRO shares declined in Friday's trading. As of 3:16 p.m. Jakarta time, the stock traded at IDR 4,730 per share, down 180 points, or 3.67%, from the previous close.
During the session, PTRO shares rose as high as IDR 4,970 before reversing course. Selling pressure later pushed the stock to an intraday low of IDR 4,640.
Ahead of the market close, the shares recovered part of their losses, trading in the IDR 4,700–IDR 4,780 range before finishing the session at IDR 4,730 per share.
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