EMAS Begins Ore-Feeding Operations at the Pani Gold Mine
EMAS Begins Ore-Feeding Operations at the Pani Gold Mine
17 Nov 2025, 03:26 PM 599

PT Merdeka Gold Resources Tbk (EMAS) announced that ore feeding at the Pani Gold Mine, Pohuwato Regency, Gorontalo Province officially began on November 12, 2025. This marks the start of the processing plant’s operational phase and a key milestone in EMAS’s transition toward its first gold pour, targeted for the first quarter of 2026.EMAS President Director Boyke Poerbaya Abidin said ore feeding marks a new chapter for EMAS as it moves from construction into operations. “We are grateful the project is progressing as planned toward first gold production in early 2026. This is the result of our entire team’s hard work and stakeholder support. We are committed to operating the mine safely, efficiently, and sustainably, delivering real benefits for investors and the community,” Boyke said in a press release in Jakarta, Monday (November 17, 2025).As of the end of October 2025, construction of the Pani Gold Mine had reached 83% completion, covering key facilities such as the heap leach pad, ADR plant, and supporting infrastructure. As part of its commitment to climate action and emissions reduction, EMAS has signed an agreement with PLN to use electricity from renewable sources through the Renewable Energy Certificate (REC) scheme.The Pani gold mine has ore reserves of 190 million tons containing approximately 4.8 million ounces of gold, derived from a Mineral Resource Estimate of 292.4 million tons containing more than 7 million ounces of gold.“Pani will become one of the largest primary gold mines in Indonesia. The project is designed as a low-cost mine with a long operating life,” Boyke continued.Boyke further stated that as part of the MDKA Group, EMAS plays a strategic role in strengthening Merdeka’s multi-metal portfolio. The success of Pani will solidify EMAS’s position as a leading national gold producer, while enhancing Merdeka’s contribution to the development of a responsible national mining industry.Disciplined construction, the application of environmentally friendly technologies, and a commitment to responsible mining practices position EMAS to generate long-term value. With the project on schedule and significant resource potential, EMAS is optimistic it will deliver a meaningful contribution to the Merdeka Group and create long-term value for shareholders and all stakeholders.

MIND ID Accelerates Bauxite Downstreaming, Expands SGAR Smelter Phase II
MIND ID Accelerates Bauxite Downstreaming, Expands SGAR Smelter Phase II
16 Nov 2025, 03:43 PM 390

MIND ID is strengthening bauxite downstreaming as the raw material for aluminum to reinforce Indonesia’s position as a key player in the global clean-energy supply chain.One of the bauxite downstreaming projects to be expanded is the Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan, a collaboration between PT Aneka Tambang Tbk (ANTAM) and PT Indonesia Asahan Aluminium (Inalum).The refining facility has a production capacity of 1 million tons of alumina per year by utilizing domestic bauxite reserves. The alumina produced by SGAR becomes the main feedstock for Inalum’s aluminum production in Kuala Tanjung.MIND ID is also said to be expanding the SGAR Phase II project with an additional 1 million tons of alumina per year, along with a new Aluminum Smelter in Mempawah with a capacity of 600,000 tons per year.MIND ID Corporate Secretary Pria Utama said the company remains committed to driving bauxite downstreaming that not only strengthens the national industry but also supports Indonesia’s energy transition targets.As the manager of national strategic minerals, from total bauxite reserves of 198.43 million tons, the MIND ID Group produced 1.33 million tons in 2024.“We are striving consistently to support the realization of a better future for civilization. This integrated bauxite downstreaming is one of the keys to accelerating Indonesia’s energy transition,” Pria said in an official statement, Sunday (Nov 16, 2025).Moreover, aluminum is a key material in energy-transition technologies thanks to its light weight, corrosion resistance, and recyclability. A 1 MW solar panel facility requires about 21 tons of aluminum for frames and mounting systems.In addition, aluminum plays an important role in wind turbine production—forming blade structures and main frames—and accounts for up to 30% of the total weight of electric-vehicle (EV) batteries and electric-car body components.“MIND ID is committed not only to exploring natural resources but also to ensuring their value addition all the way to strategically valuable products. We believe sustainable industrialization will be the foundation of Indonesia’s future progress,” he concluded.

PT Vale & Huayou Reaffirm Commitment to Climate-Aligned Technology at COP30
PT Vale & Huayou Reaffirm Commitment to Climate-Aligned Technology at COP30
16 Nov 2025, 03:40 PM 442

At the world’s largest climate forum, PT Vale Indonesia Tbk (“PT Vale”), as part of Mining Industry Indonesia (MIND ID), delivered a strong narrative on Indonesia’s journey toward a low-carbon future. PT Vale emphasized Indonesia’s position not only as a leading global nickel supplier, but as a leader in the development of sustainable critical minerals. In the talk show session “Emerging Technologies to Respond to Climate Change” at the Indonesia Pavilion at COP30, PT Vale outlined how technology, responsible mining practices, and strategic downstream partnerships—particularly with Huayou Indonesia—are shaping a new chapter in the electric-vehicle battery ecosystem.The session brought together a prominent panel representing Indonesia’s nickel industry value chain. The discussion opened with a video address from the Ministry of Environment and Forestry delivered by Hanifah Dwi Nirwana, Acting Deputy for Waste, Hazardous Waste, and Hazardous Materials Management, who underscored Indonesia’s commitment to strengthening environmental governance as the foundation of industrial transformation. This was followed by remarks from Amsor, Director of Hazardous and Non-Hazardous Waste Management, who highlighted the importance of regulatory integrity, enhanced transparency, and alignment with international sustainability standards to realize the national green-industry agenda.From the industry side, PT Vale’s Director and Chief Sustainability & Corporate Affairs Officer, Budiawansyah, clearly laid out the company’s climate ambitions. He emphasized that PT Vale’s Sorowako operations are undergoing significant technological transformation to achieve a 33% absolute emissions reduction by 2030 and a 50% reduction in product-carbon intensity for nickel—ambitious targets driven by innovations such as heat recovery, off-gas utilization, ore-dewatering optimization, and electrification of processing infrastructure. These initiatives not only cut emissions but also improve operational efficiency, projected to deliver significant annual energy savings and CO₂ reductions.For Budiawansyah, decarbonization is not a slogan but an organizational mandate.“Our message at COP30 is very clear,” he said.“Responsible, climate-aligned growth is a pillar of our strategy. Through innovation and collaboration—including our strategic downstream partnership with Huayou—we are committed to delivering low-carbon nickel that meets global stakeholder expectations,” he continued.A similar sentiment was conveyed by Huayou Indonesia’s Director of Public Affairs, Stevanus, who stressed how Huayou’s technological innovations not only boost operational efficiency but also significantly reduce carbon emissions.“We are deploying new technological innovations across advanced hydrometallurgical processes—from waste-heat recovery that can meet more than 70% of the project’s electricity needs, to self-flow ore slurry, CO₂ solidification, electrification, and waste reutilization,” said Stevanus.“With all these measures, we can reduce more than 2 tCO₂e per ton of nickel,” he explained.He added that the PT Vale–Huayou partnership reflects a shared mission to accelerate cleaner, more efficient processing of battery materials.“By combining Huayou’s hydrometallurgical innovation with PT Vale’s ESG foundations, we are helping position Indonesia as a global benchmark for low-carbon battery materials,” he concluded.The panel’s perspectives were further enriched by Harita Nickel’s Vice President of HSE, Aladin Sianipar, who emphasized the importance of circularity and waste reutilization in the industry’s decarbonization journey. Together, the speakers delivered a powerful message: Indonesia’s nickel industry is undergoing one of the largest transformations in its history, propelled by collaboration among government, upstream operators, midstream processors, and downstream technology leaders.On the same occasion, PT Vale also highlighted its ESG progress by presenting its latest Sustainalytics ESG Risk Rating of 23.7—the best score in the company’s history—placing PT Vale among the top performers in the global diversified metals & mining category. This achievement reinforces PT Vale’s credibility as a responsible nickel supplier in a sector increasingly scrutinized for its environmental impacts. PT Vale affirmed that global trust can only be earned through consistency—transparent reporting, strong governance, operational discipline, and long-term investment aligned with global climate expectations.From Belém, Brazil—thousands of kilometers from Sorowako, Bahodopi, Pomalaa, and Morowali, the locations at the core of Indonesia’s nickel leadership—PT Vale’s presence at COP30 carried a clear message: Indonesia’s critical minerals are shaping the future of global decarbonization, and Indonesia is determined to lead with ambition and accountability. Through strategic partnerships, clean-energy-based processing routes, and a strong commitment to ESG excellence, PT Vale is contributing to the transformation of the nickel ecosystem, where innovation drives climate outcomes and Indonesia becomes a responsible strategic force in the world’s clean-energy transition.Closing the discussion, the panelists offered an optimistic and visionary note. Indonesia’s success in the global EV supply chain will not be determined solely by resource endowment or production volume, but by the values embedded in its industrial development: sustainability, transparency, technological excellence, and robust collaboration. The PT Vale–Huayou partnership now stands as a model for how industry players can work together to deliver positive climate impact, strengthening Indonesia’s position on the global stage at a time when responsible supplies of critical minerals are increasingly essential.

Minister Bahlil Urges Freeport to Purchase Copper Concentrate from Amman Mineral
Minister Bahlil Urges Freeport to Purchase Copper Concentrate from Amman Mineral
14 Nov 2025, 05:48 AM 641

Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia has asked PT Freeport Indonesia to purchase copper concentrate from PT Amman Mineral Nusa Tenggara (AMNT).“Yesterday I asked Mr. Tony (PT Freeport Indonesia President Director Tony Wenas)—Mr. Tony met with me, and I requested that Amman and Freeport engage in B2B (business-to-business) communication so that Freeport can buy their material to be processed at Freeport’s smelter at an economical price,” Bahlil said when met at the ESDM Ministry Office in Jakarta, Friday.However, Bahlil continued, the Ministry of ESDM cannot intervene further, because the sale and purchase of concentrate is a matter between businesses.“The government is merely a regulator, and it shouldn’t interfere in business-to-business matters,” he said.The statement relates to the relaxation of copper concentrate exports for PT Amman Mineral Nusa Tenggara (AMNT) for six months while waiting for the completion of smelter repairs.Bahlil explained that the force majeure at Amman Mineral’s smelter occurred before the landslide incident at the Grasberg Block Cave (GBC) mine site.Amman Mineral’s smelter operations were temporarily halted since the end of July 2025 due to force majeure, while the wet ore mud slide at Freeport’s GBC occurred on September 8, 2025.“Amman submitted (the relaxation request) before the accident at Freeport occurred,” Bahlil said.Amman Mineral has received an export recommendation letter for copper concentrate from the ESDM Ministry on Saturday (Nov 1).The permit is valid for six months, or until April 2026, with a total quota of 480,000 dry metric tons.On the other hand, Freeport’s smelter is not operating because it has not received concentrate supply, as Freeport suspended its mining operations after the wet ore mud slide occurred in the underground mining area of the Grasberg Block Cave (GBC) Extraction 28–30 Panel, Tembagapura, Mimika Regency, Central Papua, on September 8, 2025.

ARCI Forms Joint Venture for Geothermal Project
ARCI Forms Joint Venture for Geothermal Project
14 Nov 2025, 01:46 AM 440

PT Archi Indonesia Tbk (ARCI) has announced the formation of a new joint venture to develop a geothermal project with energy company PT Ormat Geothermal Indonesia.According to a disclosure to the Indonesia Stock Exchange (IDX), the joint venture is named PT Toka Tindung Geothermal, with Archi holding 5% and Ormat 95%.“The purpose of establishing the Joint Venture Company is to collaborate on the joint development of exploration drilling programs and the design, procurement, financing, construction, testing, commissioning, ownership, management, operation, and maintenance of geothermal facilities,” the filing stated on Thursday (11/13/2025).The project will be located within the mining concession areas of Archi’s subsidiaries, PT Meares Soputan Mining and PT Tambang Tondano Nusajaya.Archi’s management stated that this step is expected to have a positive impact on the company’s and its subsidiaries’ business sustainability. The project is considered to have strong prospects for future production and sales of geothermal-based electricity.As is known, beyond the gold business, this Peter Sondakh–affiliated issuer is also exploring renewable energy opportunities through its subsidiary PT Toka Tindung Geothermal (TTG). The company is currently processing environmental permits to develop a geothermal project.For reference, PT TTG is a joint venture between ARCI and PT Ormat Geothermal Indonesia established in 2024. TTG obtained a geothermal permit in June 2025 for a project in Bitung City with a target capacity of 40 megawatts (MW).

SUN Energy Drives Green Mining Transformation in the Mining Sector
SUN Energy Drives Green Mining Transformation in the Mining Sector
13 Nov 2025, 01:43 AM 477

SUN Energy is strengthening its role as a strategic partner in supporting the decarbonization of Indonesia’s mining sector through the implementation of a green mining concept.This concept is an operational approach to mining that emphasizes energy efficiency, emissions reduction, and environmental responsibility.The initiative includes deploying Solar Power Plants (PLTS) combined with Battery Energy Storage Systems (BESS), as well as synergy among business units within the SUN Group ecosystem.1. SUN Energy has implemented clean-energy solutions at 15 mine sitesSUN Energy CEO Jefferson Kuesar said that to date, the company has implemented clean-energy solutions at more than 15 mining locations in Indonesia.These include the first integrated solar project with a containerized BESS in Indonesia with PT Cipta Kridatama, as well as a Solar PV Roll-Up project at PT Berau Coal.“Transitioning to green mining is not just about switching energy sources; it’s about building a new foundation for an efficient, low-emission, and long-term resilient industry. Through innovation in clean and low-emission energy technologies, SUN Energy and our business ecosystem are ready to be a catalyst for transforming Indonesia’s mining industry toward a greener, more sustainable future,” he said.2. Most mine areas still rely on gensetsHe explained that most mining areas in Indonesia operate off-grid and still rely on diesel generator sets as their primary energy source.“This dependence drives very high fuel consumption, reaching 25–40 percent of total operating costs, and even approaching 50 percent in mining areas with high energy intensity,” he noted.3. Integrated PLTS–BESS designed specifically for off-grid regionsSUN Energy offers an integrated PLTS–BESS solution specifically designed for off-grid regions.This system not only ensures a reliable 24-hour power supply, but also significantly reduces fuel consumption and energy logistics costs.“Solar energy generated during the day can be stored and used again at night, creating more stable and cost-efficient mining operations,” he said.

PTBA Secures IDR 3.56 Trillion Loan from Three State-Owned Banks
PTBA Secures IDR 3.56 Trillion Loan from Three State-Owned Banks
13 Nov 2025, 01:39 AM 414

PT Bukit Asam Tbk (PTBA), a member of the MIND ID state-owned mining holding, is committed to safeguarding national energy security by continuously expanding its coal production capacity along with its logistics infrastructure functions.“Through one of our strategic pillars—business optimization, specifically the logistics pillar—PTBA places increasing coal transport capacity as a top priority,” said Bukit Asam President Director Arsal Ismail in an official statement, Thursday (November 13, 2025).1. Projection to increase PTBA’s coal transport capacityTo boost coal transport capacity, PTBA is accelerating the development of strategic projects for the Coal Handling Facility (CHF) and Train Loading Station (TLS) 6–7 on the Tanjung Enim–Kramasan coal rail corridor.“We hope this project will increase PTBA’s existing coal transport capacity by 20 million tons per year, enabling the company to strengthen its contribution to national energy security,” Arsal said.2. PTBA secures funding from three state-owned banksTo finance these development projects, PTBA obtained loan facilities totaling IDR 3.56 trillion from three state-owned banks: PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Rakyat Indonesia (Persero) Tbk.“These facilities will fund the Tanjung Enim–Kramasan Coal Transport Development Project, a key effort by PTBA to reinforce coal logistics infrastructure from upstream to downstream,” Arsal added.3. Funding reflects SOE synergyPTBA Director of Finance and Risk Management, Una Lindasari, emphasized that cooperation with the three Himbara banks reflects synergy among state-owned enterprises in supporting national energy infrastructure development.“This funding not only strengthens the company’s capital structure but also accelerates completion of strategic projects that will improve PTBA’s coal supply-chain efficiency,” Una said.Through the Tanjung Enim–Kramasan Coal Transport Project, PTBA is committed to optimizing production targets to reinforce the company’s role in realizing national energy security.

BUMI to Acquire 45% Stake in Laman Mining for IDR 984 Billion
BUMI to Acquire 45% Stake in Laman Mining for IDR 984 Billion
12 Nov 2025, 05:50 AM 954

PT Bumi Resources Tbk (BUMI) is reportedly to have paid part of the down payment to acquire a 45% stake in bauxite mining company PT Laman Mining.BUMI signed a term sheet with Laman Mining’s controlling shareholder, PT Supreme Global Investment, on September 25, 2025.The share purchase is valued at USD 59.1 million (around IDR 984.96 billion, using an exchange rate of IDR 16,666 per US dollar).The acquisition will be paid in two tranches. First, USD 20 million as a down payment due by the end of this year.The remaining USD 39.1 million will be paid after both parties sign the conditions precedent to the acquisition. The closing is targeted to be completed by October 30, 2026, at the latest.BUMI Advisor Christopher Fong said the acquisition of Laman Mining is part of the company’s strategy to diversify into a bauxite portfolio.“Bauxite and its downstream plans are part of the company’s diversification strategy, and are in line with the most recent [acquisition] announcement of the gold and copper asset Wolfram Limited in Australia,” Christopher said when contacted on Tuesday (11/11/2025).The Salim–Bakrie–affiliated issuer has just completed the acquisition of 100% of Australian gold and copper miner Wolfram Limited (WFL). The deal involved transactions amounting to AUD 63.5 million (around IDR 698.98 billion).Separately, Christopher said the company will soon announce the financing plan for the Laman Mining stake acquisition. He added that business plans related to the bauxite portfolio will also be disclosed afterward.“The business strategy will be announced shortly after the legal documents are finalized,” Chris said.The acquisition of Laman Mining will serve as the Salim–Bakrie group’s gateway into the alumina business, the refined product of bauxite and a key raw material for aluminum.This move further strengthens BUMI’s non-coal portfolio by securing the bauxite-to-alumina value chain going forward.BUMI also plans to proceed with acquiring the alumina plant project being developed by Laman Mining’s subsidiary, PT Supreme Alumina Indonesia (SAI). BUMI is slated to hold 55% of SAI, with the remainder retained by Laman Mining.According to data from the Directorate General of General Legal Administration (Ditjen AHU) at the Ministry of Law and Human Rights, the controller and beneficial owner of Laman Mining is PT Supreme Global Investment, a Batam-based company in the Riau Islands.Laman Mining has issued and paid-up capital of IDR 85 billion, represented by 85,000 shares at IDR 1,000,000 per share. Its authorized capital is IDR 340 billion, or 340,000 shares.Supreme Global Investment holds 84,440 Laman Mining shares valued at IDR 84.44 billion. PT Supreme Alam Resources holds 560 shares valued at IDR 560 million.Supreme Global Investment is affiliated with Soehendro Gautama, who currently serves as a commissioner. Soehendro holds a majority stake of 80,000 shares in Supreme Global Investment, valued at IDR 80 billion.The remaining shares of the parent company—which also engages in property and construction—are held by Soehartinah Widjaja, the President Director, with 20,000 shares valued at IDR 20 billion.Laman Mining’s ConcessionsAgustinus Tan, President Director of Laman Mining, views the prospective partnership with BUMI positively for the company’s future mining operations.Agustinus said the company has prepared comprehensive infrastructure to operate the bauxite mine.Laman Mining’s mines are located in Laman Satong Village, Matan Hilir Utara District, and Nanga Tayap, Ketapang, West Kalimantan.Laman Mining’s concession covers 13,575 hectares under an IUP (mining business license). The concession was granted by the government in 2020 and is valid until February 2032.“We have prepared the infrastructure since 2018, long before this,” Agustinus told Bloomberg Technoz, Tuesday (11/11/2025).For example, Laman Mining has built a 14-kilometer haul road connecting the mine area to a barge-loading port in Kuala Tolak Village, west of the mining area.Agustinus also noted that the potential bauxite reserves around Laman Mining’s area are relatively large and suitable for further exploration.“Behind us lies an abundance of untapped mining potential,” he said.Meanwhile, Agustinus added that the company is preparing an alumina plant project with an investment value of around USD 1.5 billion (about IDR 24.99 trillion, assuming IDR 16,666 per US dollar). The project will be undertaken by SAI, with construction targeted to start in Q2 2026.The project is planned to produce 2.4 million tons of alumina per year, with an input capacity of around 7.9 million tons of bauxite per year.He targets phased commercial production one year after the construction period. According to him, that target has become more achievable given recent developments in alumina plant technology.“With the latest technology, production can begin within one year, aside from civil construction,” he said.Bumi Resources OutlookSeveral analysts view BUMI’s recent acquisitions of non-coal mining assets positively toward the end of this year.Yoga Ahmad Gifari, an analyst at Sucor Sekuritas, said these asset purchases will help support the company’s target of achieving 50% EBITDA from non-coal businesses by 2030.“This initiative signals higher margin improvement, long-term assets that will contribute to EBITDA while reducing reliance on thermal coal,” Yoga wrote in a report cited Wednesday (12/11/2025).Additionally, Yoga noted that BUMI could gain around 100,000 oz per year in incremental gold production from Australian mining assets completed this month.He added that BUMI has relatively ample flexibility to issue bonds or debt securities to finance current mineral asset acquisitions, including Laman Mining.“After debt restructuring, BUMI operates with a healthy capital structure (DER 0.5x), providing sufficient room to fund inorganic growth through debt financing,” he said.Samuel Sekuritas analysts Juan Harahap and Hernanda Cahyo also hold a positive view of BUMI’s aggressive acquisitions of metal mineral mines.They see these asset purchases as a new catalyst amid the current downtrend in coal prices.“Along with the potential re-rating of BUMI in line with its diversification into the metal mining sector, we maintain our positive view on the stock,” they wrote in their report.

Merdeka Copper (MDKA) & Bumi Resources Minerals (BRMS) Accelerate Expansion
Merdeka Copper (MDKA) & Bumi Resources Minerals (BRMS) Accelerate Expansion
11 Nov 2025, 01:56 AM 572

Gold miners’ expansion strategies are centered on boosting production capacity and asset portfolios, while capitalizing on gold prices at all-time highs.PT Merdeka Copper Gold Tbk. (MDKA), for instance, is developing an underground mine at Tujuh Bukit, Banyuwangi, and the Pani gold project operated by PT Merdeka Gold Resources Tbk. (EMAS) in Gorontalo.Meanwhile, PT Bumi Resources Minerals Tbk. (BRMS) plans to draw a USD 600 million syndicated loan to fund an underground mining project in Palu as well as exploration activities and plant construction.Senior Market Chartist at Mirae Asset Sekuritas, Nafan Aji Gusta Utama, said the expansion moves by the two issuers are expected to strengthen production capacity, asset portfolios, and exploration activities to lift the average selling price (ASP).Nafan also sees the potential rise in gold prices as a major opportunity for mining issuers. Goldman Sachs projects a maximum gold price of up to USD 5,000 per troy ounce by 2026.“So far, BRMS’s fundamentals are quite good and MDKA is expected to follow. The key is that expansion strengthens company performance so it can act as a positive catalyst,” Nafan said, Tuesday (11/11/2025).Based on exploration results and feasibility studies, MDKA’s Tujuh Bukit underground mine is projected to process 24 million tons of ore per year. Annual output is estimated at 110,000 tons of copper and 350,000 ounces of gold.If it operates as planned, the facility could contribute 15% of national copper production. For comparison, PT Freeport Indonesia produces around 600,000 tons of copper per year, while PT Amman Mineral Internasional Tbk. (AMMN) produces 200,000 tons from the Batu Hijau Mine.Tom Malik, Head of Corporate Communication at Merdeka Copper Gold, stated that underground exploration at Tujuh Bukit has been underway since 2018 with an initial investment of USD 200 million. Total development investment is estimated to reach USD 1.5 billion (around IDR 24.99 trillion).“With projected production of 110,000 tons of copper per year from Tujuh Bukit underground, MDKA will position itself as the third-largest copper producer in Indonesia,” he said in Banyuwangi, East Java, last week.In addition, the company’s subsidiary EMAS is developing the Pani gold project, which is expected to begin operations in the first quarter of 2026. To date, EMAS has invested USD 208.7 million in the Pani mine.“Merdeka Group has several large projects underway. Going forward, there will certainly be corporate actions to support their development, including for the Tujuh Bukit underground mine,” Tom Malik added.As of the third quarter of 2025, the Tujuh Bukit gold mine recorded production of 25,338 ounces with an average selling price of USD 3,275 per ounce, generating unaudited revenue of USD 104 million for 3Q25.Meanwhile, the Pani gold project reached 83% completion, with mining started in October and the first ore stacking in November 2025.“The Tujuh Bukit copper project and the Pani gold mine are large-scale growth opportunities that will advance the company,” said Merdeka Copper Gold President Director, Albert Saputro.

Three Key Commodities Supporting Indonesia’s Exports up to Q3 2025
Three Key Commodities Supporting Indonesia’s Exports up to Q3 2025
10 Nov 2025, 04:39 AM 735

Indonesia’s Central Statistics Agency (BPS) reported that exports grew positively from January to September 2025, supported by several key commodities. Three standouts were iron and steel, coal, and crude palm oil (CPO) and its derivatives.BPS Deputy for Distribution and Services Statistics Pudji Ismartini said these three flagship commodities contributed around 28.58 percent of total non-oil and gas exports in the first nine months of 2025. “Cumulatively, iron and steel exports rose 11.81 percent, CPO and its derivatives increased 32.40 percent, while coal exports fell 20.85 percent,” Pudji said at a press conference in Jakarta, Monday, November 3, 2025.From a destination perspective, Pudji noted that China, the United States, and India were Indonesia’s largest export markets, collectively accounting for 41.81% of the nation’s non-oil and gas exports.Exports to China were valued at USD 46.47 billion, dominated by iron and steel (HS72) with a 29.26 percent share and 19.90 percent growth. Exports to the United States reached USD 23.03 billion, led by electrical machinery and equipment (HS85), contributing 18.45 percent and growing 37.59 percent.Meanwhile, exports to India totaled USD 14.02 billion, dominated by mineral fuels (HS27) at 29.42 percent. That figure declined 25.42 percent compared with the same period last year.Overall, Indonesia’s exports reached USD 209.80 billion through September 2025, up 8.14 percent year-on-year. Of that amount, non-oil and gas exports contributed USD 199.77 billion, up 9.57 percent, while oil and gas exports fell 14.09 percent to USD 10.03 billion.Non-oil and gas export performance was driven primarily by manufacturing and agriculture. The manufacturing sector made the largest contribution at 12.58 percent, supported by increases in palm oil, non-ferrous base metals, jewelry, agriculture-based chemical products, as well as semiconductors and electronic components.By sector in September 2025, non-oil and gas exports were dominated by manufacturing at USD 19.90 billion, followed by mining and others at USD 3.16 billion, and agriculture, forestry, and fisheries at USD 0.63 billion.On an annual basis, exports from manufacturing and agriculture increased, while mining still recorded a decline. The positive performance in manufacturing was driven by surging exports of jewelry and precious items, non-ferrous base metals, agriculture-based organic chemicals, semiconductors, and palm oil.

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