Indika Energy Establishes New Subsidiary, PT Bima Invi Sinergi Alami (BISA)

Indika Energy Establishes New Subsidiary, PT Bima Invi Sinergi Alami (BISA)

28 Jan 2026, 05:40 AM
MIND ID’s IDR 60 Trillion Downstreaming Projects Expected to Create Thousands of Jobs
MIND ID’s IDR 60 Trillion Downstreaming Projects Expected to...
27 Jan 2026, 05:40 AM
PPA Implements Indonesia’s First Private Network for the Mining Sector
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31 Jan 2026, 05:44 AM
Merdeka Gold Resources (EMAS) Moves Closer to Gold Production at the Pani Gold Mine
Merdeka Gold Resources (EMAS) Moves Closer to Gold Productio...
27 Jan 2026, 05:39 AM
ANTAM, IBC, and Huayou Partner to Strengthen Nickel Downstreaming and Build Indonesia’s Integrated...
ANTAM, IBC, and Huayou Partner to Strengthen Nickel Downstre...
30 Jan 2026, 06:29 AM
SRTG Increases Stake in MDKA
SRTG Increases Stake in MDKA
13 Dec 2024, 02:39 PM 5294

PT Saratoga Investama Sedaya Tbk (SRTG), Increase Stake in PT Merdeka Copper Gold Tbk (MDKA) by 53.36 Million Shares on December 13, 2024.As a result, Saratoga's ownership in the gold mining company increased from 18.96% to 19.18%. "The purpose of this transaction is for investment, with direct ownership status," said Juan Akbar Indraseno, Corporate Secretary of Saratoga Investama Sedaya (SRTG), in a statement on Friday (December 13, 2024).Juan revealed that the purchase of 53.36 million MDKA shares was made by the company at a price of Rp 2,273 per share. As a result, Saratoga spent Rp 121.29 billion for the acquisition of these MDKA shares.After the share purchase, according to Juan, the company, together with PT Provident Capital Indonesia, is committed to maintaining control of Merdeka Copper Gold (MDKA).Throughout the first nine months of 2024, Saratoga recorded solid performance, with a net gain from investments in shares and other securities amounting to Rp 5.02 trillion. This figure contrasts with the same period last year (year-on-year/yoy), which saw a loss of Rp 12.87 trillion.The blue-chip stocks owned by SRTG include PT Tower Bersama Infrastructure Tbk (TBIG), PT Merdeka Copper Gold Tbk (MDKA), and PT Alamtri Resources Indonesia Tbk (ADRO). The company also holds investments in growing companies such as PT Mitra Pinasthika Mustika Tbk (MPMX), PT Provident Investasi Bersama Tbk (PALM), PT Samator Indo Gas Tbk (AGII), and PT Nusa Raya Cipta Tbk (NRCA).SRTG's investment gains from January to September 2024 primarily came from blue-chip stocks, which reached Rp 5.5 trillion, compared to a loss of Rp 12.25 trillion in the previous period. Meanwhile, investments in growing companies still recorded a loss of Rp 312.64 billion, an improvement compared to the previous loss of Rp 548.34 billion.In addition, investments in digital technology stocks showed a greater loss, increasing from Rp 51.48 billion in the first nine months of 2023 to a loss of Rp 164.41 billion in January-September 2024.In addition to profits from stock investments, SRTG also earned dividend and interest income amounting to Rp 1.66 trillion, as well as other income of Rp 13.45 billion. After deducting operating expenses and other costs, SRTG was able to record a profit before tax of Rp 6.36 trillion, compared to a loss of Rp 11.4 trillion in the same period last year.Saratoga’s (SRTG) profit for the current period attributable to the company’s owners amounted to Rp 5.22 trillion for the first nine months of 2024, a significant increase compared to the loss of Rp 10.6 trillion in the same period in 2023.

Freeport to Operate 'Kucing Liar' Underground Mine in 2028
Freeport to Operate 'Kucing Liar' Underground Mine in 2028
12 Dec 2024, 02:34 PM 7201

PT Freeport Indonesia (PTFI) aims to begin operations at the Kucing Liar underground mine in 2028. This mine, seen as the 'future' of Freeport, is expected to have a production capacity of 90,000 tons of ore per day.Anton Priatna, Vice President of Underground Engineering at Freeport Indonesia, emphasized that the company is currently continuing its development efforts to increase copper and gold production through the Kucing Liar underground mine.“We plan to mine Kucing Liar starting in 2028. The target is 90,000 tons per day,” explained Anton when met in Tembagapura, as quoted on Thursday (December 11, 2024).As is well known, Freeport Indonesia currently relies on copper and gold production from its underground mines. Before Kucing Liar becomes operational in 2028, production is currently sourced from the Grasberg Block Cave (GBC), Big Gossan, and Deep Mill Level Zone (DMLZ) underground mines.Through these mines, Anton said, Freeport is targeting a production of 220,000 to 230,000 tons of concentrate ore per day."By 2029, production will increase with the operation of the Kucing Liar underground mine to 240,000 tons per day," he explained.He noted that the proven reserves from the underground mines currently amount to around 29 billion pounds of copper and 24 million ounces of gold, which is expected to last until 2041.Meanwhile, based on the ore resource data from the exploration area, Freeport’s reserves are estimated to contain approximately 48 billion pounds of copper and 58 million ounces of gold.“To ensure that these figures are accurate in the areas we currently hold, we need to conduct exploration, which will take 5-10 years. That’s why the period beyond 2041 is something we need to focus on because without it, this cannot be proven, even though we can continue operating until 2061,” Anton explained.

These 3 New Mines Are Key to DOID’s Strategy
These 3 New Mines Are Key to DOID’s Strategy
10 Dec 2024, 01:05 PM 3994

PT Delta Dunia Makmur Tbk (DOID) hopes that the various mining acquisition efforts undertaken by the company will positively impact its performance next year.Referring to the financial report for the first half of 2024, this coal mining contractor faced weakening financial performance. As of June 2024, DOID recorded a decline in revenue from USD 857.07 million to USD 854.98 million.DOID also reported a loss of USD 26.58 million, or approximately IDR 432.03 billion, compared to a profit of USD 4.92 million in the same period of 2023.Referring to separate statements, the Group reported a net loss due to a decrease in operating profit and a foreign exchange loss of USD 12 million from the weakening of IDR and AUD, without impacting cash flow. The foreign exchange loss is an unrealized loss resulting from accounting treatment.Despite the declining financial performance, DOID’s Director, Dian Sofia Andyasuri, remains optimistic that the company's mining acquisitions will provide a positive outlook for its future business."We are optimistic, we have already made 3 acquisitions that are progressing well. Of course, once the acquisitions are completed, and we are very disciplined in this process, all of this will reflect in EBITDA from producing acquisitions. This will contribute to us next year," Dian said during a Public Expose in Jakarta on Tuesday (10/12/2024).Further, DOID’s Director, Iwan Fuad Salim, mentioned that the results of the acquisition of the U.S.-based anthracite coal mine Atlantic Carbon Group, Inc. (ACG) would be visible in the third quarter of 2024."The results will be included in the financial statements that we will publish for Q3," Iwan said.Additionally, the acquisition of the copper mine in Australia, 29Metals, is expected to be completed within two weeks. However, Iwan noted that the results of this investment will not be included in the company’s consolidated financial statements."Our expectation is that, since this is an equity investment, we will get returns from it, but not in the form of consolidation in the financial statements," added Iwan.Furthermore, the acquisition of BUMA International's controlling stake in one of the largest metallurgical coal mines in Australia, Dawson, is targeted to be completed in the first half of 2025.If on schedule, the results of this acquisition will also begin to appear in the third-quarter financial report of 2025.

Freeport Commits to Reclaiming Former Grasberg Mine
Freeport Commits to Reclaiming Former Grasberg Mine
10 Dec 2024, 01:04 PM 5822

PT Freeport Indonesia (PTFI) aims to reclaim approximately 920 hectares of the Grasberg mine, which has been inactive since April 2020. The company, which is part of the State-Owned Enterprises (SOEs) Mining Industry Holding, has allocated USD 200,000 per hectare for the reclamation process.Sena Indra Wiraguna, Manager of Grasberg Surface Mine Engineering at PT Freeport Indonesia, stated that the company has set aside approximately USD 200,000 per hectare for reclamation. This amount is an average, as the cost per hectare varies."Some are USD 180,000, some are USD 250,000. So, USD 200,000 is the average," Sena explained during a visit to the Grasberg mine in Tembagapura, Timika, Papua, on Tuesday (10/12/2024).Sena explained that the company has developed a reclamation plan for the 920 hectares of Grasberg mine, which is expected to be completed by 2041. The reclamation targets are submitted to the Ministry of Energy and Mineral Resources (ESDM) every five years.As of this year, Freeport has already completed reclamation on approximately 570 hectares. "We’ve reclaimed around 570 hectares, which is more than 60% of the 920 hectares," Sena explained.In fact, Sena mentioned, the company has an annual reclamation target over five-year periods, which is submitted to the Ministry of ESDM. For example, this year, Freeport targeted 65 hectares of post-production reclamation."In 2025, we aim for 25 hectares, and in 2026, 35 hectares. This will conclude by 2026, after which we will submit another five-year reclamation plan," Sena added.For context, the Grasberg mine has been operated by PT Freeport Indonesia since 1990 and was officially closed in April 2020.According to Sena, during its 30 years of operation, the Grasberg mine produced 1.4 million tons of concentrate and removed 3.4 billion tons of overburden.

PT Agincourt Resources Receives Award from the Ministry of Energy and Mineral Resources
PT Agincourt Resources Receives Award from the Ministry of Energy and Mineral Resources
06 Dec 2024, 04:04 PM 3631

PT Agincourt Resources, the operator of the Martabe gold mine, has won two "Tambang Menyejahterakan Masyarakat" (Tamasya) awards from the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources (ESDM)."We are committed to creating added value and positive impacts for all stakeholders, supporting community and local economic development, while contributing to long-term sustainable improvements in quality of life," said Ruli Tanio, Vice President Director of PT Agincourt Resources, in a statement received in Medan on Friday.The company also received seven awards at the 2024 Indonesian Sustainable Development Award (ISDA), recognizing its flagship programs for community development and empowerment that support the achievement of the Sustainable Development Goals (SDGs).Ruli stated that these awards are concrete evidence of the company’s ongoing efforts and contributions to community welfare, environmental sustainability, and economic growth, particularly in achieving SDGs related to goals two and thirteen."The Tamasya Award and ISDA are a great motivation for us to continue innovating and making greater contributions to community empowerment, in collaboration with stakeholders to achieve sustainable development goals," Ruli said.The Tamasya Award, held on November 26, 2024, as part of the closing ceremony of the Minerba Expo, saw PT Agincourt Resources win two awards in the categories of planning and implementation in the field of economic independence.The awards were received directly by the Director of Agincourt Resources, Noviandri. The company also participated in the Minerba Expo, showcasing culinary products developed by the company’s community initiatives.The company received four gold awards for its programs supporting women's groups through culinary and makeup artist training, revitalizing traditional "lubuk larangan" (fish conservation areas), coaching talented young athletes in the local community, and improving education quality through infrastructure development. Additionally, a Silver award was given for the media capacity-building program and the Agincourt Resources Olympics.At the ISDA, held on November 28, 2024, PT Agincourt Resources won the platinum award for its efforts in tackling stunting (malnutrition) through the "Bapak Asuh Anak Stunting" (BAAS) program, revitalizing integrated health posts (posyandu), and providing mobile healthcare services.Rohani Simbolon, Manager of Community Development at Agincourt Resources, explained that the company works in collaboration with the South Tapanuli Health Office, Batang Toru Health Center, and other local authorities to address stunting.The three key programs being implemented include revitalizing posyandu, which now operates in 14 villages, the BAAS program, and mobile healthcare services through free medical outreach to villages far from health facilities."We understand that stunting is a nutritional problem that has various impacts and affects the future generation. Addressing stunting requires not only curative actions but also preventive and sustainable measures," said Rohani.PT Agincourt Resources continues to enhance its stunting intervention programs by encouraging the posyandu it has supported to develop innovative programs and establish a peer educator-based community to ensure the sustainability of the programs.One resident of Batang Toru Subdistrict, Tetty Lanna Sari Hasibuan, who has benefited from the BAAS program, shared her experience: "This program is excellent because every two weeks, my child is checked by a pediatrician and receives milk and vitamins as prescribed at the Batang Toru Posyandu."

BUMI Targets 78 Million Tons of Coal Production in 2024
BUMI Targets 78 Million Tons of Coal Production in 2024
05 Dec 2024, 08:28 AM 5331

PT Bumi Resources Tbk (BUMI) has revised its coal production projection for this year downward, citing heavy rainfall at its subsidiaries' mines.Bumi Resources Corporate Secretary, Dileep Srivastava, estimates that BUMI's coal production for this year will be between 76-78 million tons. This is lower than the company's initial guidance of 78-82 million tons."The high rainfall levels in South Kalimantan, market factors, and a decline in production at Arutmin contributed to this adjustment," Dileep said, as quoted on Thursday (5/12/2024).As of Q3 2024, BUMI has produced 57.3 million tons of coal. This figure includes 42.9 million tons from PT Kaltim Prima Coal (KPC) and 14.4 million tons from PT Arutmin Indonesia.In the same period, BUMI reported revenue of USD 926.9 million, down 21% compared to USD 1.17 billion in the same period in 2023. This decline was attributed to a 13% drop in benchmark coal prices.BUMI's average free-on-board (FOB) coal price was USD 73.7 per ton. Coal prices at KPC, with higher calorific value, reached USD 78.7 per ton, while coal from Arutmin's mining areas sold at USD 58.2 per ton.Nevertheless, BUMI successfully reduced its cost of revenue by 24%, from USD 1.09 billion to USD 833.3 million. This helped increase the company's gross profit by 19% to USD 93.6 million."The strip ratio decreased by 14%, leading to a 13% reduction in overburden removal to 500.9 million bank cubic meters (bcm)," Dileep added.In the first nine months of 2024, Bumi Resources reported a net profit of USD 122.9 million, a significant 111% increase compared to USD 58.2 million in the same period in 2023.

MIND ID seeks House’s support on smelter construction restriction, mineral yield quotas
MIND ID seeks House’s support on smelter construction restriction, mineral yield quotas
04 Dec 2024, 08:25 AM 3789

State-owned mining holding company, MIND ID, seeks support from the Energy Commission XII of the House of Representatives (DPR) to limit the construction of new smelters in Indonesia over concerns of oversupply of mining products in the global market.MIND ID President Director, Hendi Prio Santoso, said that oversupply of mining products in the global marketwill ultimately depress commodity prices.“If there is oversupply, like what has happened in ferronickel, the price will fall. This is detrimental, because oversupply occurs unintentionally and becomes uncontrolled to the point of the sales price is unable to cover production costs,” Hendi told a hearing with the House’s Commission XII on Wednesday, December 4, 2024.In addition to smelter restrictions, Hendi also requested permission to build a Steam Power Plant (PLTU) specifically for MIND ID’s own consumption. Thismeasure is taken to meet the energy needs of 5 gigawatts to support the construction of the smelter in the future.“We ask for permission to be given the liberty to provide electricity for our own needs because the construction of the smelter requires a large energy supply, while this need is not covered in the National Electricity Supply Business Plan (RUPTL),” he cited.Hendi also highlighted the importance of setting production quotas for critical and strategic minerals. He reminded that Indonesia had experienced major losses due to the flood of tin supplies in the global market, which caused tin prices to fall significantly.“Excessive production without considering global supply-demand is detrimental to the country. We must ensure that the mineral production quota does not exceed world demand so that price stability is maintained,” he said.Support from Commission XII, according to Hendi, is very much needed considering the role of this institution as a supervisor and mentor of the mining sector. He expressed hope that good collaboration can help maintain the balance of the global market while protecting national interests.

MDKA’s Innovations Pave Way for Mineral Conservation in Indonesia
MDKA’s Innovations Pave Way for Mineral Conservation in Indonesia
03 Dec 2024, 04:06 PM 3718

The Wetar copper mine, which lies in Southwest Maluku, now not only produces copper but also becomes a doorway for mineral conservation innovations. Mining giant Merdeka Copper Gold (MDKA) attributed the mineral conservation efforts to its collaboration with its subsidiary Merdeka Battery Materials (MBMA). MDKA uses the previously unused ore residue from the Wetar copper mine to support the production of battery precursors by MBMA. The collaboration is dubbed the first mineral conservation in Indonesia, and this has helped safeguard the environment at the Wetar mine. MDKA also sets up the so-called acidX iron, metal AIM project that is currently being run by MBMA. The project helps the company to use the remaining mineral content in the Wetar copper mine which naturally cannot be extracted back into copper but still has economic value. The AIM project will operate a concentrator to extract pyrite concentrate, an acid plant, a chlorination roasting plant, and a metal extraction plant.The AIM plant will process high-quality waste ore and pyrite ore originating entirely from the Wetar Copper Mine with a nominal capacity of more than 1 million tons per year. The ore will be transported in open barges from Wetar Island to the IMIP port and then sent to the AIM plant for further processing into various products including sulfuric acid, saturated steam, iron ore pellets, copper sponge, copper cathode, lead-zinc hydroxide, gold doré, and silver.According to Head of Corporate Communications MDKA Tom Malik, the mineral conservation strategy is part of the company’s efforts to support the development of the downstream industry, while also conserving the minerals. "This initiative demonstrates Merdeka group's commitment to driving innovation and sustainability in the mining industry, in line with the government's vision to create more responsible and high-value mining practices," Tom said. The AIM processing facility has a strategic location and can access existing infrastructure and close proximity to future acid and steam buyers, serving downstream players in the electric vehicle (EV) battery value chain. The acid and steam production can also be used in the HPAL (High-Pressure Acid Leach) based nickel processing plant that processes limonite nickel ore from the SCM Nickel Mine (operated by MDKA’s subsidiary Sulawesi Cahaya Mineral to produce mixed hydroxide precipitate (MHP), a precursor material for the EV battery industry.According to Tom, the use of pyrite ore residue also proves the company's commitment to responsible and sustainable mining practices. This innovation not only provides economic added value but also opens up new avenues in environmental management and mineral conservation in Indonesia. The AIM Project is expected to increase production and extend the life of the Wetar copper mine, thus bringing a positive impact on the lives of the surrounding communities. 

ELSA Expansion Strategy Targets Coal and Nickel Mining Exploration
ELSA Expansion Strategy Targets Coal and Nickel Mining Exploration
01 Dec 2024, 03:57 PM 3905

PT Elnusa Tbk (ELSA) continues its diversification strategy by expanding beyond the oil and gas sector. This subsidiary of PT Pertamina Hulu Energi is now carrying out an expansion into the mining sector.Most recently, ELSA conducted its first seismic survey in the coal mining concession area of PT Wahana Baratama Mining, a subsidiary of PT Bayan Resources Tbk (BYAN). The mining concession is located in Tanah Laut, South Kalimantan.The President Director of Elnusa, Bachtiar Soeria Atmadja, stated that the seismic survey marks a new step for ELSA in coal mining exploration in Indonesia. “This survey is a significant milestone for Elnusa as proof of our capability in providing superior geoscience survey solutions,” said Bachtiar in a public disclosure on Tuesday (November 26).In a separate interview, Elnusa's Corporate Communication Manager, Jayanty Oktavia Maulina, revealed that the duration of the work in this contract will run from September 23, 2024, to March 15, 2025, with the agreement term valid until June 10, 2025."The scope of this collaboration includes the acquisition of seismic data to support exploration in the coal mining area managed by PT Wahana Baratama Mining," said Jayanty to Kontan.co.id on Sunday (December 1).Jayanty added that this partnership is an initial step to expand ELSA's business portfolio beyond the oil and gas sector, including exploration in coal mining and other mining commodities such as nickel. "This aligns with our diversification strategy to increase contributions from the non-oil and gas sector" Jayanty emphasized.However, Jayanty did not disclose the potential revenue ELSA could generate from this mining exploration segment. What is certain is that, following the collaboration with Wahana Baratama Mining, ELSA is open to exploring potential partnerships with other coal companies or the mineral mining sector.Jayanty explained that strategically, ELSA continues to expand its business portfolio to create new sources of revenue. Going forward, ELSA will focus on strengthening its energy distribution and logistics segment, depot management, and EPC-OM (engineering, procurement, construction & operation maintenance) services.In addition, ELSA is also targeting potential opportunities in the geothermal sector. "We will leverage our competencies in geoscience and exploration to support the development of new fields in Indonesia," said Jayanty.For the remainder of this year, ELSA's main strategy is to strengthen existing operational services, complete strategic projects, and explore new opportunities in both the energy and non-oil and gas sectors."We are optimistic that Elnusa's performance through the end of 2024 will show solid growth," said Jayanty.Meanwhile, both the top line and bottom line of ELSA showed positive growth through Q3 2024. ELSA's revenue grew by 7.46% year-on-year (YoY), rising from IDR 8.98 trillion to IDR 9.65 trillion.In addition, ELSA's net profit increased by 35.57% year-on-year (YoY), rising from IDR 406.60 billion to IDR 551.23 billion as of September 2024. "Until the third quarter of 2024, we have recorded significant growth across various business segments" said Jayanty.In the first nine months of 2024, ELSA has absorbed capital expenditure (capex) amounting to IDR 302 billion. This represents 57.41% of ELSA's capex budget for the year, which is IDR 526 billion.ELSA's capex investments are allocated across various segments, including geophones, mobile welltest & wireline cables for upstream services, fuel tanker vehicles to support energy distribution services, and dredging barges to support upstream business operations.For the remainder of the year, ELSA plans to realize capex investments in several areas, including cementing (CMT) and coiled tubing (CTU) units for upstream services. For the distribution services segment, further investment in fuel tanker vehicles is also planned."The projected capex absorption for ELSA by the end of the year is still on track with the target" Jayanty concluded.

Freeport Wins Award for Its ESG Commitment
Freeport Wins Award for Its ESG Commitment
29 Nov 2024, 04:10 PM 3539

Freeport Indonesia (PTFI) recently won an award at the Investor Daily’s 2024 Environmental, Social and Governance (ESG) Appreciation Night.The award recognized the company’s commitment to implementing ESG principles. “PTFI is committed to the ESG principles, including through our commitment to driving long-term sustainability in the environmental and social aspects,” PTFI’s Senior Vice President GeoEngineering & Environmental Ardhin Yuniar said following the awarding ceremony.The company has adopted a mandatory policy procedure that zeroed in on achieving the environmental and social pillars of ESG. All Freeport Indonesia’s employees and contractors must follow this policy procedure.“This policy procedure covers the environmental pillar, social performance, and diversity, to name a few,” Ardhin said, while adding that the company provided mandatory training to give its employees a better understanding of ESG principles.“We also make reports that will then be audited. Hopefully, this can further improve the ESG-driven corporate culture,” Ardhin said.PTFI had won the “Recognized Commitment ESG Implementation” category that evening. Ardhin has high hopes that the award will motivate the company to become even more committed to ESG principles.“We hope that we can continue abiding by the ESG principles in our operations. We wish to inspire people and the entire PTFI community, including the communities that live near our operations, so they become more aware of environmental and social aspects. We also would like to continue contributing to this nation,”Ardhin said. This marked the second time for Investor Daily to host this awarding ceremony. Investor Daily has partnered with BGK Foundation, which is a community member of the Global Reporting Initiative. BGK Foundation is also a supporting member of the Task Force on Climate-related Financial Disclosure (TCFD). The awarding ceremony’s winners were based on assessments of their ESG adoption. There were seven categories: Appreciated Circular Economy Report, Appreciated Diversity & Inclusivity Report, Most Appreciated ESG Report, Appreciated Governance ESG Report, ESG Recognized Commitment, Appreciated Environmental ESG Report, and Appreciated Social ESG Report.

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