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10 Nov 2023, 09:00 AM

Perdana Karya Perkasa (PKPK) Acquires 14.9 Million Shares of Deli Pratama Batubara

PT Perdana Karya Perkasa Tbk (PKPK) is set to acquire shares owned by PT Deli Pratama Batubara (DPB) in PT Bhakti Harapan Sentosa (BHS). The company plans to take over 14.9 million DPB shares.In its concise prospectus on Wednesday (1/11/2023), PKPK management stated its intention to purchase 14,991,000 shares, equivalent to 99.94% of the total fully paid-up and placed capital in BHS owned by DPB, amounting to IDR 165 billion. The funding for this acquisition will come from the unused portion of the public offering (rights issue).DPB holds the controlling shares directly in the company, as per the Shareholders List issued by PT Raya Saham Registra as of October 30, 2023. DPB owns 890,051,418 shares, constituting 74.17% of the total fully paid-up and placed capital in the company.Thus, DPB, as the seller in the transaction plan, is the controlling shareholder of PKPK, making this an Affiliated Transaction in accordance with OJK regulations under POJK 42/POJK.04/2020.BHS has a subsidiary, namely PT Tri Oetama Persada (TOP), with a 70% ownership stake in the fully paid-up and placed capital of TOP. TOP holds a Mining Business License for Production Operations (IUPOP) covering a 10,000-hectare coal mine. The Transaction Plan does not result in a change of control, either directly over BHS or indirectly over TOP.PKPK management has considered that the transaction plan could contribute by increasing the investment value of shares and yielding better returns for the company. They will seek approval from shareholders in an Extraordinary General Meeting (EGM) scheduled for December 15, 2023.Image source: PKPKSource: Karya Perkasa PKPK Akuisisi 149 Juta Saham Deli Pratama Batubara
10 Nov 2023, 08:00 AM

PT Vale Indonesia's Divestment and Contract Extension Under Evaluation

Dunia Energi
The discussion regarding the divestment and contract extension of PT Vale Indonesia Tbk (INCO) has now reached the Ministry of State Owned Company (BUMN) led by Erick Thohir. The Ministry of Energy and Mineral Resources (ESDM) claims to have completed the evaluation, which was their responsibility.Arifin Tasrif, the Minister of ESDM, emphasized that discussions on divestment and contract extensions have been completed on their end. The next steps involve finalizing the process with the Ministry of BUMN, which will execute the divestment through Mineral Industry Indonesia (MIND ID)."It's just a finalization with the Ministry of BUMN. If it's from the Ministry of ESDM, it's not an issue anymore. As for the extension regarding their land, it's our concern, but the business matters are there (Ministry of BUMN)," said Arifin during an interview at the Ministry of ESDM on Thursday (26/10).Earlier, Arifin revealed that Vale agreed to release 14% of its shares, an increase from the initial 11%."The last percentage is 11 + 3. So, with this 14%, MIND ID composition will be increase" he said.Divestment is a crucial requirement for Vale, currently in the process of extending its contract, which is set to expire in 2025. The obligation to divest 51% of shares is carried out progressively by the central government, local governments, SOEs, regional SOEs, or national private business entities. If there are no interested parties, the divestment offer is conducted through the Indonesia Stock Exchange to manage the extension of Vale's Contract of Work after December 29, 2025. This aligns with Article 147 of Government Regulation No. 96 of 2021 concerning the Implementation of Mineral Mining Business Activities, where PT Vale is required to divest an additional 11% of its shares.The valuation of the divestment share price is calculated based on a fair market value without taking into account mineral reserves, except those that can be mined during the contract extension period of the Special Mining Business License (IUPK).However, it has been revealed that MIND ID also desires control over Vale's shares, as they believe that the 14% shares do not include control rights.Image source: Dunia EnergiSource: www.dunia Final Divestasi Vale Indonesia Ada Di Tangan Erick Thohir
09 Nov 2023, 12:00 PM

PT Merdeka Copper Gold Achieved Highest MSCI Rating in indonesia

PT Merdeka Copper Gold Tbk (PT MCG), the parent company of PT Bumi Suksesindo (PT BSI), has emerged as the holder of the highest MSCI ESG (Environment, Social, and Governance) rating in Indonesia.MSCI upgraded the ESG rating of this gold mining company located in Desa Sumberagung, Pesanggaran District, Banyuwangi, East Java, as of October 2023, elevating it from BBB to A.With an MSCI rating of A, PT MCG automatically stands out as the mining company with the highest rating for metals and minerals in Indonesia.It's important to note that MSCI Inc. is an international research, data, and technology institution with over 50 years of experience, guiding the global investment community in understanding and analyzing the key drivers of risk, profit, and building more effective portfolios.As stated on MSCI's official website, the ESG rating aims to measure the management of financially relevant risks and opportunities. The measurement is based on a rule-based methodology to identify the outperformance or underperformance of an industry based on ESG risk exposures and how well the industry manages its risks compared to others.President Director of PT BSI, Adi Adriansyah Sjoekri, expressed pride in this achievement. Particularly noteworthy is the fact that in September, PT BSI also received four awards for the implementation of good mining practices at the GMP (Good Mining Practice) Award 2023. These awards were in the categories of Technical Mining Management (Primary), Mining Conservation (Primary), Environmental Mining Protection (Primary), and Standardization and Mining Services Efforts (Primary).Adi encouraged all employees to continue improving so that the achievements of PT BSI and PT MCG continue to grow in the future.As part of PT MCG, PT BSI is also proud of this achievement, especially since PT BSI serves as a role model for other sites and projects owned by PT MCG."Let us continue to contribute to running this mining operation to the best of our ability. We build a safe and comfortable working environment by consistently applying the GREATNESS company values (Growth, Respect, Accountability, Collaboration, Excellence, Safety, Sustainability)," he said on Thursday (2/11/2023).The implementation of ESG principles is one of the solutions to global demands for the implementation of good corporate governance, making it a crucial factor for investors in effectively and efficiently conducting environmentally conscious mining operations."Our achievements in ESG and GMP are strong evidence of our commitment to Good Corporate Governance," said Adi.Image source: MDKASource: MSCI Perusahaan Tambang PT Merdeka Copper Gold Tertinggi Di Indonesia
09 Nov 2023, 09:00 AM

U.S. senators oppose Indonesia FTA that paves way for nickel subsidies

U.S. lawmakers have expressed concern about signing a limited free trade agreement with Indonesia, seeking to block the Southeast Asian nation's critical minerals from benefitting indirectly from subsidies created under the Inflation Reduction Act (IRA).In a letter sent last week to U.S. Trade Representative Katherine Tai, Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and Commerce Secretary Gina Raimondo, a bipartisan group of senators argued that the country's mining and refining industry is dominated by companies from China."Given the extraordinary taxpayer resources at play, we strongly believe that eligibility for the critical minerals credit must prioritize domestic producers and existing free trade agreement partners," such as Canada and Australia, the lawmakers wrote.The senators acknowledged that Indonesia plays a strategic role in the Indo-Pacific region and has the potential to become a partner through the Indo-Pacific Economic Framework for Prosperity, but wrote "if expansion is deemed necessary, it should be directed toward countries with strong labor, human rights and environmental standard."The bipartisan authors of the letter include Sens. Kevin Cramer (R-North Dakota), Joe Manchin (D-West Virginia), Amy Klobuchar (D-Minnesota) and Lisa Murkowski (R-Alaska).Influential U.S. senator Joe Manchin (D-WV) is one of the signatories to the letter opposing a limited free trade agreement with Indonesia. The opposition throws a wrench in the Biden administration's plans to host President Joko Widodo at the White House this month, to coincide with the Indonesian leader's attendance at the Asia-Pacific Economic Cooperation summit in San Francisco.It also stands as a major obstacle for Indonesia's ambitions to leverage its position as the world's largest producer of nickel to be a major hub in the electric-vehicle supply chain. Nickel, along with lithium, and cobalt is a key component in EV batteries. Unlike lithium, which can mostly be sourced domestically, the U.S. will need to import nickel to meet demand.When U.S. Vice President Kamala Harris visited Indonesia in September 2022, she promised Jokowi that Washington will work with Jakarta to build resilient supply chains, including for the critical minerals.Her visit came just after the passage of the USD 430 billion U.S. Inflation Reduction Act, which included a USD 7,500 credit for the purchase of each new clean energy vehicle. Part of a strategy to get more EVs on the road, the credit is conditioned on the critical minerals used being sourced from within the U.S. or a country with which it has a free-trade agreement."It's a demand side incentive that all of the auto companies are lobbying furiously about, at a time when EV sales are slowing," an industry source said.Negotiations are reportedly underway between Washington and Jakarta to sign a limited FTA which would allow Indonesian critical minerals, primarily nickel, to be covered by the subsidies."The idea behind the IRA was that free trade agreement countries have high standards and was a proxy for saying 'let's build up a supply chain outside of China and to do it with allies that have free-trade agreements,'" said Todd Malan, chief external affairs officer at Talon Metals, a Toronto Stock Exchange-listed mining company that focuses on the development of high-grade nickel mines in the U.S."The point of the letter is to say that giving a free trade agreement to Indonesia is just a backdoor for Chinese companies and that U.S. taxpayers should not be giving a subsidy to Chinese miners in Indonesia," he added.Canada and Australia are investing to expand production. Last month, Australian Prime Minister Anthony Albanese said Canberra will double financing for the critical minerals sector with a boost of USD 1.26 billion, as the country looks to reduce reliance on China.Cheap supply from Indonesia may undercut such investments.Luca Giacovazzi, CEO of Australian mining company Wyloo, told Nikkei, "A U.S. free-trade agreement on nickel with Indonesia, would significantly reduce the attractiveness of investing in countries with higher ESG (environmental, social, and corporate governance) standards and leave consumers with no choice but to use dirty nickel."Australian nickel is at a cost disadvantage compared to other jurisdictions like Indonesia, Giacovazzi said, "But it has the world's best environmental standards and, as a U.S. free-trade partner, is an IRA-compliant supplier. If the world wants batteries and EVs to be both affordable and environmentally sustainable, investment in Australian and Canadian production must be encouraged."Image source: ReutersSource: senators oppose Indonesia FTA that paves way for nickel subsidies
09 Nov 2023, 08:00 AM

Bumi Resources Minerals Discovers More Reserves at Proboya Palu Gold Mine

Laman Bumi Resouces Minerals
PT Bumi Resources Minerals Tbk (BRMS), through its subsidiary PT Citra Palu Minerals, has recently discovered additional mineral resources and reserves in Block 1 (Poboya) in Palu, Central Sulawesi.The added mineral resources come from the River Reef prospect, Hill Reef 1 prospect, and a new prospect in Watuputih located west of River Reef. This discovery increases the mineral resources at CPM by 50%, from the previous 28.4 million tons of ore to 42.7 million tons of ore, with an average gold grade of 2.6 g/t.The managed mineral reserves by CPM also see a 38% increase, from the previous 22.8 million tons of ore to 31.5 million tons of ore, with an average gold grade of 2.4 g/t.Agus Projosasmito, the President Director of Bumi Resources Minerals, stated that the additional mineral resources and reserves will extend the production life of the company's gold mine in Poboya, Palu."We also hope to increase our gold production in the second half of 2023 from our newly completed second gold processing facility. This increase in gold production will positively impact the company's financial performance in 2023," he said.Financial Performance in Q3 2023Additionally, the company reported positive financial performance until September 2023. PT Bumi Resources Minerals Tbk recorded growth in revenue and net profit at the end of the third quarter of 2023.The company reported a revenue of USD 32.74 million until September 2023, a 294% increase compared to the same period the previous year, which was USD 8.32 million. This revenue growth led to a 65% year-on-year increase in net profit, reaching USD 10.66 million until September 2023, compared to USD 6.47 million in the same period the previous year.The improved financial performance is supported by the production of 511 kg of gold in the first nine months of 2023. Revenue from gold sales surged by 340%, reaching USD 31.74 million until the end of September 2023, compared to USD 7.22 million in the same period the previous year.Operation of the PlantAgus Projosasmito, the President Director of Bumi Resources Minerals, mentioned that the improved production performance is due to the operation of the second gold plant, which continues to increase toward full capacity."We hope to continue increasing our gold production in line with the second plant, which is expected to reach full capacity in the fourth quarter of 2023," he said.BRMS's subsidiary, PT Citra Palu Minerals (CPM), completed the construction of its second gold plant in Palu in November 2022, with a capacity of 4,000 tons of ore per day. In addition, CPM operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu. In the first nine months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.Performance in H1 2023In the first half of 2023, PT Bumi Resources Minerals Tbk announced significant growth in both revenue and profit. The company reported revenue of USD 15.84 million or approximately IDR 239.01 billion.This revenue increased by 185.93% compared to the same period the previous year, which was USD 5.54 million. Alongside this, the cost of revenue for Bumi Resources Minerals rose to USD 6.93 million compared to June 2022's position of USD 3.12 million.As a result, the company earned a gross profit of USD 8.9 million, still an increase compared to the first half of 2022, which was USD 3.12 million. Operating expenses in this period also increased to USD 3.89 million from USD 2.31 million in the first half of 2022. However, the company's operating profit still grew by 523.13% to USD 5.02 million from USD 804,968 in the first half of 2022.During the first half of 2023, the company recorded other income of USD 217,572. Additionally, the company benefited from income tax of USD 402,765. With these details, the company achieved a net profit attributable to the owner of the parent entity of USD 5.56 million or approximately IDR 83.92 billion.This profit increased by 45.60% compared to the first half of 2022, which was USD 3.82 million. The company's assets as of June 30, 2022, increased to USD 1.1 billion compared to the end of the previous year's position of USD 1.08 billion. Liabilities also increased to USD 134.78 million from USD 125.17 million in December 2022.Gold ProductionAgus Projosasmito, the President Director of Bumi Resources Minerals Tbk, added that the company recorded gold production of 236 kg or 7,611 oz in the first half of this year."Our second plant in Palu is gradually increasing its production capacity. We hope that the plant can reach full capacity of up to 4,000 tons of ore per day in early September 2023," he said.Bumi Resources Minerals' subsidiary, PT Citra Palu Minerals (CPM), recently completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022. In addition, CPM also operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu.In the first half of 2023, both gold plants operated with an average capacity of 1,000 tons of ore per day. However, since July 1, 2023, both plants have increased their operations to around 2,400 tons of ore per day.Image source: Laman Bumi Resouces MineralsSource: Resources Minerals Temukan Tambahan Cadangan Di Tambang Emas Proboya Palu
08 Nov 2023, 12:00 PM

Indonesian Coal companies expect to meet 2023 production goals without revising plans

ANTARA FOTO/Prasetyo Utomo
Several coal companies maintain optimism about achieving their production targets for 2023.These coal firms have affirmed their commitment not to revise their production plans or Budget and Expenditure Work Plans (RKAB) for the year 2023.Dileep Srivastava, the Director of PT Bumi Resources Tbk (BUMI), expresses confidence that the production target for this year can reach between 75 million and 80 million tons. "As of the end of September 2023, we believe our production falls within the range of 55 million tons," mentioned Dileep in a conversation with Kontan on Monday (6/11).The company has opted not to make any alterations to its production plan for this year, citing market dynamics and weather impacts as factors influencing production both to date and until the year's close.Similar sentiments are echoed by PT Bukit Asam Tbk (PTBA), anticipating coal production to reach 41 million tons this year. Niko Chandra, PTBA Corporate Secretary, disclosed that the coal production target for this year represents an 11% increase from the 2022 realization of 37.1 million tons."As of now, we have not submitted a revision for RKAB; total production in Q3-2023 reached 31.9 million tons," affirmed Niko to Kontan on Monday (6/11).Niko explained that coal production during the initial nine months increased by 15.2% from the same period in the previous year, reaching 27.7 million tons.With the increase in production, PTBA's coal sales until Q3-2023 also witnessed a 14.9% year-on-year increase to 27 million tons."The company remains optimistic about sustaining positive performance in alignment with the 2023 year-end target," added Niko.Meanwhile, Director of PT ABM Investama Tbk ( ABMM ) Adrian Erlangga explained that the company's coal production achievements were still in line with the targets set."(Realization) is according to plan. We are not proposing a revision to the RKAB so we are still sticking with the original schedule," said Adrian to Kontan, Monday (6/11).For your information, ABMM is aiming for a production and sales target of around 12.4 million tons this year.Meanwhile, PT Adaro Energy Tbk ( ADRO ) also still adheres to the same production guidelines. This means that there have been no changes to production plans for the remainder of this year."Until now there have been no changes to Adaro's guidance for 2023. Adaro's coal sales target for 2023 is 62 million tons - 64 million tons," said Head of Corporate Communication Adaro Energy Febriati Nadira to Kontan, Monday (6/11).It is recorded that ADRO's coal production until the third quarter of 2023 reached 50.73 million tons. Along with the increase in production, ADRO recorded coal production sales reaching 49.12 million tons.Referring to Minerba One Data Indonesia (MODI), the Indonesian government targets coal production at 694.5 million tons. To date, coal production has reached 635.57 million tons or the equivalent of 91.51% of the target.Image source: ANTARA FOTO/Prasetyo UtomoSource: Tutup Tahun Penambang Batubara Optimistis Target Tercapai
08 Nov 2023, 09:00 AM

PTBA Commercially Launches Sumsel-8 Power Plant

PT Bukit Asam Tbk (PTBA) officially commenced the commercial operation of the Mine Mouth Sumsel-8 Coal Power Plant on October 7, 2023.The Mine Mouth Sumsel-8 Coal Power Plant is a result of a strategic collaboration between PTBA and China Huadian Hongkong Company. The function of this coal power plant is to supply electricity to PLN for public use in the electrical system in Sumatra.PTBA's President Director, Arsal Ismail, explained in a disclosure to the Indonesia Stock Exchange (IDX) that the Mine Mouth Sumsel-8 Coal Power Plant, located in Tanjung Lalang, South Sumatra, has a capacity of 2x660 megawatts (MW)."We hope that the Tanjung Lalang Coal Power Plant can assist PLN in meeting the electricity needs in the Sumatra region and create a multiplier effect for economic growth, contributing to development," Arsal stated.He further detailed that the Mine Mouth Sumsel-8 Coal Power Plant requires an annual supply of 5.4 million tons of coal, with a project investment value of USD 1.68 billion or approximately IDR 26.54 trillion.Arsal also explained that the Mine Mouth Sumsel-8 Coal Power Plant will utilize efficient and environmentally friendly supercritical technology, capable of reducing exhaust gas. Additionally, the coal power plant will implement Flue Gas Desulfurization (FGD) technology to reduce sulfur dioxide emissions from coal power plant exhaust gases.According to information from IDX, Jisman Hutajulu, the Director General of Electricity at the Ministry of Energy and Mineral Resources (ESDM), stated that electricity demand in Sumatra continues to rise."Therefore, the Mine Mouth Sumsel-8 Coal Power Plant plays a crucial role in meeting this increasing demand," clarified Jisman.PTBA's Financial Performance DeclinesIn the latest financial performance report for the third quarter of 2023, PTBA disclosed a net profit of IDR 3.8 trillion at the end of September 2023.However, PTBA's net profit realization experienced a 62% year-on-year decline compared to the same period last year, reaching IDR 10 trillion. In terms of revenue, PTBA recorded a total revenue of IDR 27.7 trillion, representing a 10.84% decrease compared to the same period last year, which amounted to IDR 31.07 trillion.Image source: PTBASource: Asam PTBA Resmi Jalankan PLTU Sumsel 8 Nilai Investasi Capai Rp 26 Triliun
08 Nov 2023, 08:00 AM

Adaro Energy (ADRO) Absorbed Capex of IDR 7.3 Trillion by Q3 2023

PT Adaro Energy Indonesia Tbk. (ADRO) has recorded a capital expenditure (capex) absorption of USD 473 million or approximately IDR 7.32 trillion (based on the Jisdor exchange rate on September 30, 2023, of IDR 15,487 per USD) for the first 9 months of 2023.Wrote By ADRO Management that the capital expenditure absorption increased by 71% compared to the same period the previous year, amounting to USD 277 million."The capital expenditure during this period was mainly utilized for the purchase and replacement of heavy equipment and vessels, initial investments in aluminum smelters and their supporting facilities, and infrastructure investments," wrote the management, as quoted on Monday (November 6, 2023).The purchase and replacement of heavy equipment and vessels contributed to a 21% increase in ADRO's fixed assets by the end of the first 9 months of 2023, amounting to USD 1.667 million. These fixed assets account for 16% of the total assets.ADRO's aluminum smelter will be operated by PT Kalimantan Aluminium Industry (KAI), which has selected all main contractors for the construction and installation of the smelter.KAI has completed land clearing for permanent accommodations, coastal jetty breakwater, and the construction of supporting facilities, earthworks, and continued construction of other infrastructure-related facilities.Adaro also reported a 35% increase in net cash outflow from financing activities in the first 9 months of 2023, reaching USD 1.058 billion, mainly due to increased dividend payments. As known, ADRO distributed a cash dividend of USD 1.0 billion to shareholders for the 2022 fiscal year.As of the first 9 months of 2023, ADRO and its subsidiaries (Adaro Group) achieved a sales volume of 49.12 million tons, representing an 11% increase from the same period in 2022. This accomplishment aligns with the FY23 sales volume target set at 62–64 million tons.Similarly, the production volume increased by 12% to 50.73 million tons in the first 9 months of 2023, while the overburden stripping volume rose by 25% to 217.43 million cubic meters in the same period. The stripping ratio stood at 4.29x, reflecting a 12% increase from the first 9 months of 2022 and in line with the set target of 4.2x for the full year 2023.Image source: ADROSource: Energy ADRO Serap Capex Rp73 Triliun Kuartal III2023
08 Nov 2023, 07:00 AM

Bringing Value to Indonesia’s Industrial and Infrastructure Projects, Progesys Continues to Expand...

Indonesia Miner
Indonesia continuously wooed the global audience with its impressive growth in multiple sectors. From the nation’s rapid post-pandemic growth to its tenacious infrastructure and industry development - added to the Government’s ambitious infrastructure and investment target, Indonesia has certainly positioned itself as a key market for many businesses worldwide.This promising trend is motivating many organizations and Progesys to expand its business in Indonesia. The multidisciplinary project management firm operate in Indonesia since 2012 and commemorated this journey by holding its new office inauguration event today, 7 November 2023, in Jakarta.Riad Faour, President and CEO, Progesys.“Indonesia is on an impressive growth path, and we at Progesys believe in our expertise to contribute to this growth,” said Riad Faour, President & CEO, Progesys in his welcoming remarks at the office inauguration event. “We believe in adding value to our clients, their projects and the communities involved. We are excited about this journey in Indonesia and looking forward to supporting Indonesia project owners in delivering successful projects and achieving their business objectives.” Riad added.Progesys business focuses on delivering industrial and infrastructure projects around the world, the firm distinguished itself by its know-how in management and transition to operations.Rami Faour, Vice President - Business Development, Progesys“Making the client’s vision a successful reality is at the heart of what we do. We serve a wide range of markets that span from our origins in the aluminum industry to energy, hydrocarbons, mining and metals, infrastructure, transportation, and more,” said Rami Faour, Vice President - Business Development, Progesys in his introduction speech at the event. “More importantly, in delivering our services we are committed to working towards building a better future by sharing our know-how on delivering environmentally responsible and sustainable projects.” he added.Progesys’ services include project management, engineering management, construction management, operational readiness, commissioning, ESG practices implementation, industrial programming, and Industry 4.0.Established in Canada in 2003, Progesys has expanded into a strong firm with offices in seven countries. Having managed and commissioned hundreds of facilities across the world, Progesys ensures operability in terms of performance, reliability, safety, and information traceability.Also attending the office inauguration event to support this expansion journey were representatives from Embassy of Canada, Mark Strasser, Senior Trade Commissioner; Francis Despatis, Second Secretary (Commercial) & Trade Commissioner; and Melani Ismael, Trade Commissioner. In addition, the event was also attended by Guillermo Martin Moyano, Director of Economic Affairs, Québec Government office in Singapore, who represented the President of Investissement Québec International, Hubert Bolduc. Marie-Élaine Jacome, Specialist Advisor, Metals, Mines and Forests, Exports at Investment Quebec International, was also present in this office inauguration event, supporting the expansion of Progesys.Mark Strasser, Senior Trade Commissioner, Embassy of CanadaIn his remarks, Mark Strasser, Senior Trade Commissioner, Embassy of Canada said, “We applaud Progesys for their dedication in developing their operations in Indonesia, their relentlessness in pursuing business opportunities and their outstanding efforts to comprehend Indonesian culture and the way business is conducted.”Marie-Élaine Jacome, Specialist Advisor, Metals, Mines and Forests, Exports at Investment Quebec InternationalAlso showcasing support, Hubert Bolduc, President of Investissement Québec International, noted, “ESG factors are essential to meet growing stakeholder expectations, as it contributes to the sustainability of the industry, as well as in mitigating associated risks. Therefore, Investissement Québec International is proud to support a company as Progesys in their growth and its diversification.”Sean Emmond, Chief Representative - Indonesia, Export Development CanadaSean Emmond, Chief Representative - Indonesia, Export Development Canada, also conveyed his support in his welcoming remarks, “The opening of the Progesys Indonesia office marks a great step in the Company’s international expansion. EDC applauds the growing presence of Canadian exporters and investors like Progesys in this dynamic, fast-growing market. EDC looks forward to working closely with Progesys as the Company seeks to develop its business here.”The office inauguration event was officiated with ribbon-cutting ceremony, which was then followed by an office tour for all attendees and media.About ProgesysProgesys is a project management company focused on helping projects reach their full potential. We help project owners achieve their objectives through excellence in project management and an optimal transition to operations. Founded in 2003, the company offers services in project management, engineering management, construction management, operational readiness, commissioning, ESG practices implementation, industrial programming, and Industry 4.0. Progesys provides its expertise to a range of international markets and sectors, from its origins in the aluminum industry to energy, hydrocarbons, mining and metals, infrastructure, transportation and more. Headquartered in Canada with regional offices in USA, Brazil, UAE, Oman, Malaysia, and Indonesia, Progesys has completed capital projects in more than 50 countries. The Progesys team is made up of brilliant, diverse, and passionate people who share common values: Leading by example, being open-minded, valuing life and resources, and upholding moral and ethical principles. For more information, visit or follow Progesys Inc on LinkedIn.Image source: Indonesia MinerSource: Gabrielle Sorensen, Communication & Social Media Coordinator, Progesys
03 Nov 2023, 12:00 PM

Bumi Resources Minerals (BRMS) Q3 Earning of USD 32.74 M

The financial performance of PT Bumi Resources Minerals Tbk (BRMS) is improving. As of the third quarter of 2023, this mineral mining issuer posted revenue of USD 32.74 million.This realization jumped 294% from revenue in the same period the previous year which was only USD 8.32 million.This figure also managed to surpass BRMS' revenue in 2022, which at that time reached USD 11.64 million.Agus Projosasmito, President Director of BRMS, said that BRMS's revenue in this period was driven by the moncernya gold segment, where revenue from the gold segment reached USD 31.74 million or shot up to 340% on an annual basis or year-on-year (yoy).The rest was contributed by mining advisory revenue worth USD 1 million.The subsidiary of PT Bumi Reseources Tbk (BUMI) recorded gold production of 511 kilograms (kg) or equivalent to 16,437 oz in the first nine months of 2023. This number reflects an increase of 328% from the same period last year."The improved production performance is due to the operation of the 2nd gold plant which continues to increase towards full capacity," Agus said, Monday (30/10).BRMS expects to continue to increase gold production in line with the 2nd plant which will reach full capacity in the fourth quarter of 2023.BRMS subsidiary PT Citra Palu Minerals (CPM) has completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022.In addition, CPM also operates a smaller gold mill with a capacity of 500 tons of ore per day in Palu. In the first 9 months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.Image source: BRMSSource: Resources Minerals BRMS Kantongi Pendapatan US 3274 Juta Di Kuartal III 2023


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