INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion

INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion

01 Dec 2025, 08:00 AM
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Antareja Mahada Makmur Secures Coal Mining Services Contract from PT Dizamatra
Antareja Mahada Makmur Secures Coal Mining Services Contract from PT Dizamatra
06 Oct 2025, 03:03 PM 846

PT Antareja Mahada Makmur (AMM), a member of PPA (PT Putra Perkasa Abadi), has once again been entrusted to carry out coal mining operations for PT Dizamatra Powerindo, located in Lahat, South Sumatra.This mandate adds to the list of IUP-holding companies partnering with AMM in 2025. Earlier, in June 2025, AMM was entrusted with an eight-year long-term nickel project contract from PT Vale Indonesia Tbk at Block 1 Bahodopi, Central Sulawesi. This was followed in July 2025 by a five-year nickel project contract from PT Kembar Emas Sultra.For the Dizamatra Powerindo project, AMM has been assigned a contract volume of 100 million bank cubic meters. Mining operations will begin in early 2026, with a phased production target ramping up to 7 million tons of coal per year. The coal output is intended not only for export markets but also to supply PT Priamanaya Energy’s Keban Agung mine-mouth coal-fired power plant with a capacity of 2 × 135 MW.As the mining contractor, AMM will manage several core activities at the Dizamatra site, including overburden removal, coal getting, coal hauling, and ROM management.In conducting its operations, AMM reaffirms its commitment to consistently implementing Good Mining Practice (GMP). This is done to ensure an operational mining ecosystem that is not only safe for its workers but also responsible toward the environment surrounding the operational site.“We greatly appreciate the trust given by PT Dizamatra Powerindo to AMM. We are ready to deliver the best services in line with good mining principles, while serving as a benchmark for the mining environment in Lahat, South Sumatra. Project transition and preparations will commence immediately, and we hope every stage proceeds safely and according to plan as we move into the initial operational phase in early 2026. AMM’s presence at the Dizamatra site marks an important milestone for us to keep developing a business that delivers broad benefits, including for nearby communities,” said Muhammad Affan, Director of Business Development at PPA Group.Through this project, AMM underscores its commitment not only to delivering superior operational performance, but also to making a tangible contribution to local economic growth and strengthening the role of the mining sector in supporting national development.

INCO's Nickel Production Target Expected to Boost Performance in Second Half of 2025
INCO's Nickel Production Target Expected to Boost Performance in Second Half of 2025
06 Oct 2025, 07:07 AM 2073

PT Vale Indonesia Tbk (INCO), part of Indonesia’s state mining holding MIND ID, posted solid operational fundamentals in the first half of 2025.Nickel output rose consistently, with Q2 2025 production up 12% from the previous quarter. Cumulatively, first-half production was 2% higher than the same period in 2024.This increase was driven by proactive maintenance and other operational enhancements. These measures ensured INCO could maintain production continuity and the quality of the nickel matte produced.2025 Nickel Production TargetVale Indonesia targets total 2025 production of around 71,234 metric tons (t) of nickel in matte. This is higher than last year’s level and reflects management’s confidence in capturing global demand.In Q2 2025, nickel matte shipments rose to 18,023 tons, up from 17,096 tons in Q1 2025. The volume uptick shows the company’s ability to meet market needs and maximize available production capacity.The average realized price of nickel matte in Q2 2025 was USD 12,091 per ton, slightly higher than USD 11,932 per ton in the prior quarter.The price increase, combined with higher shipment volumes, had a positive impact on revenue, which reached USD 220.2 million, up 7% from USD 206.5 million in the previous quarter.Financial Performance and Net ProfitINCO maintained EBITDA of USD 40 million and booked a positive net profit of USD 3.5 million for Q2 2025. This performance reflects operational efficiency amid global market dynamics and nickel price fluctuations.Optimism is also building heading into H2 2025. The company aims to optimize production to capitalize on market momentum, supported by still-competitive nickel prices.Market Sentiment and Stock RecommendationBRI Danareksa Sekuritas analysts Erindra Krisnawan and Wilastita Muthia Sofi note that although domestic equities were pressured by foreign outflows, relatively inexpensive index valuations provide a positive cushion for INCO shares.BRI Danareksa rates INCO a Buy with a target price of IDR 4,700 per share, about 19.29% upside from the current IDR 3,940. INCO’s market cap stands at IDR 41.53 trillion, up 8.84% year-to-date and 11.93% in the past three months.Strategic Project SupportOne of INCO’s key catalysts is the collaboration between Danantara Indonesia and China-listed GEM Limited. The agreement centers on building a High-Pressure Acid Leach (HPAL) smelting facility with capacity of 66,000 tons of nickel per year in mixed hydroxide precipitate (MHP).The project, worth USD 1.42 billion, will involve INCO alongside other global partners. This strategic project is expected to lift medium- to long-term production growth and strengthen INCO’s position in the global nickel supply chain.Work Plan and Budget (RKAB) SupportBeyond HPAL, positive sentiment also comes from approval of INCO’s Work Plan and Budget (RKAB). The approval allows the company to sell 2.2 million tons of saprolite ore from the Bahodopi mine in Central Sulawesi starting July 2025.Saprolite ore sales are expected to provide an additional boost to INCO’s H2 2025 financial performance. This underpins potential profit improvement in the second half, supported by firm global demand.Industry Outlook and Nickel PricesThe moderate increase in nickel matte prices contributed to higher INCO revenue and profit. In Q2 2025, the realized price of USD 12,091 per ton reflects a stable trend supportive of financial performance.Nickel mining is expected to remain a leading sector, with nickel serving as a hedge against market volatility. With domestic catalysts and strategic projects, INCO has a strong footing to navigate global fluctuations.Maintenance Strategy and Production OptimizationINCO’s success in sustaining operational performance is also supported by maintenance strategies and production optimization. The company continues to improve efficiency, conduct routine plant maintenance, and manage a resilient supply chain.This strategy ensures continuity of nickel matte deliveries, fulfillment of production targets, and sustainable revenue growth.H2 2025 Plans and OutlookThe second half of 2025 is expected to be pivotal for INCO. With the HPAL project, RKAB approval, and stable nickel price trends, the company could post stronger profit growth than in the first half.Analysts view INCO as strategically positioned to capture global market opportunities while strengthening long-term financial fundamentals. H2 performance will be a key indicator for investors assessing INCO’s prospects.INCO’s operational and financial results in H1 2025 show a positive trend, supported by maintenance strategy, higher production volumes, and strategic projects.A higher nickel production target, together with relatively stable nickel prices, forms a key catalyst for profit growth.With support from the HPAL project, RKAB, and solid global demand prospects, INCO is expected to strengthen in H2 2025.Investors are advised to watch this momentum as an opportunity to consider INCO shares as a leading asset in the nickel mining sector.

Abadi Nusantara (PACK) Acquires Two Mining Companies in North Konawe
Abadi Nusantara (PACK) Acquires Two Mining Companies in North Konawe
01 Oct 2025, 02:45 PM 986

PT Abadi Nusantara Hijau Investama Tbk. (PACK), through two of its subsidiaries, announced share acquisition transactions in two mineral mining companies in North Konawe, Southeast Sulawesi.According to the disclosure, PACK’s subsidiaries—PT Adhi Prakarsa Raya (APR) and PT Sumber Cahaya Raya (SCR), each 99.998% owned by the company—signed Share Sale and Purchase Agreements (SSPAs) with Denway Development Limited on September 26, 2025.The transactions cover the transfer of 240 shares of PT Konutara Sejati (KS) to SCR and 276 shares of PT Karyatama Konawe Utara (KKU) to APR. The transfers became effective upon issuance of the Acknowledgment Letter of Notification of Corporate Data Changes by the Ministry of Law and Human Rights on September 29, 2025.PACK President Director Magdalena Veronika explained that full payment for the acquisitions will be completed no later than January 31, 2026, or as otherwise mutually agreed by the parties.“Full payment obligations for the share transfers above shall be fulfilled no later than January 31, 2026, or at another time agreed by SCR, APR, and Denway Development Limited,” Magdalena said in the disclosure on Tuesday (September 30, 2025).Magdalena emphasized that these transactions do not have a material impact on the company’s operations, legal standing, or financial condition. In addition, the transactions do not constitute affiliated transactions or conflicts of interest, but are categorized as material transactions under OJK regulations.Previously, PACK announced a plan for strategic corporate actions to be submitted for approval at an Extraordinary General Meeting of Shareholders (EGMS) on September 25, 2025.On the agenda, the company proposed a change in business activities from printing manufacturing to a holding company. Operational focus would be directed to subsidiaries, particularly in mineral trading.In parallel, the company also plans to issue Mandatory Convertible Bonds (MCB) into new shares via a Rights Issue (PMHMETD). The MCBs are prepared to convert into up to 35 billion new shares, with the rights issue proceeds to finance minority acquisitions in PT Konutara Sejati and PT Karyatama Konawe Utara through PT Sumber Cahaya Raya and PT Adhi Prakarsa Raya.The acquisition value amounts to USD 68.7 million for a 30% stake in PT Konutara Sejati and USD 100.08 million for a 34.5% stake in PT Karyatama Konawe Utara. An independent valuation report states that the transactions are material because their value is more than 4,384.94% of the company’s equity as of June 2025.Even so, management stressed that the transactions are conducted at fair value and do not constitute affiliated transactions. The company also emphasized that the Rights Issue will strengthen its capital structure, reduce the debt-to-equity ratio, and increase operational capacity.However, shareholders who do not exercise their rights may be diluted by up to approximately 95.58%. In this case, PT Eco Energi Perkasa, as the controlling shareholder, will act as a standby buyer for any unsubscribed shares from public shareholders.

Baru Gold Advances Production Readiness - Designs, Prepares for Construction of Automated Gold Produ...
Baru Gold Advances Production Readiness - Designs, Prepares for Construction of Automated Gold Produ...
30 Sep 2025, 06:35 AM 884

Baru Gold Corp. (BARU: TSX.V | BARUF: OTCQB) (“Baru”) and its subsidiary PT. Tambang Mas Sangihe (“TMS” or the “Company”) are pleased to report progress in advancing its production readiness at the Sangihe Gold Project while awaiting approval for the upgrade to production operations.The Company has successfully concluded a competitive bid and tender for the design and construction of an Electrowinning Elution Column Plant.An Electrowinning Elution Column Plant is a modern gold recovery facility that automates the extraction of gold from leach solutions. Gold adsorbed onto resin is first separated in an elution column to produce a concentrated gold-bearing solution, which then passes through electrowinning cells where an electrical current deposits pure metallic gold onto cathodes. The process is fully automated, highly efficient, environmentally friendly, and delivers excellent recovery rates.A leading Indonesian engineering and construction company was awarded the contract to design and assemble the plant, which will be manufactured locally in Indonesia. Producing the plant domestically supports the local economy while reducing costs and delivery times. The electrowinning system is inexpensive costing only a few hundred thousand dollars and can become fully operational within several months.This strategic decision was led by Baru’s Chief Operating Officer, Sri Darmawan, who brings over 30 years of experience working with some of the largest gold mining companies in North Sulawesi. His extensive knowledge of regional conditions, proven technologies for similar ore bodies, and understanding of local contractor capabilities was instrumental in selecting a cost-effective, high-quality solution.Mr. Terrence Filbert, CEO of Baru Gold, commented, “We are making excellent progress as we prepare for the transition to production operations. While awaiting the remaining approvals for Production Operations, we are effectively using this time to lay the groundwork for rapid implementation. I am preparing for operational readiness while conserving capital, ensuring that once the necessary approvals are granted, the Company can commence gold production without delay.Key Highlights of the Production Plant DesignLocal Supply Chain: Plant construction and manufacturing will be done within Indonesia, enabling short construction and delivery timeframes while supporting local industries and economy.Scalable Output: Initial capacity to support production of 1,500 ounces of gold per month, with the ability to double output to 3,000 ounces.Modular Growth: Each plant is modular in design, meaning individual plants can be expanded to increase output as needed.Expandable Footprint: Multiple plants can be built across the mining area, giving Baru the ability to rapidly scale production capacity in step with ore extraction.Operational Efficiency: The Modular Growth and Expandable Footprint design minimize upfront capital costs and allows for streamlined installation and commissioning.Lower Operating Expenses: Electrowinning uses electricity to recover gold directly, eliminating the need for costly reagents.Environmentally Friendly: By avoiding reagent-heavy processes, electrowinning reduces chemical consumption and waste generation, minimizing environmental impacts.

Inalum Set to Finalize Acquisition of Antam’s Bauxite Mine by 2030
Inalum Set to Finalize Acquisition of Antam’s Bauxite Mine by 2030
29 Sep 2025, 04:48 AM 1230

PT Indonesia Asahan Aluminium (Inalum) is preparing strategic steps to strengthen its aluminium raw material supply. The state-owned company plans to acquire a bauxite mine owned by PT Aneka Tambang Tbk (Antam) in West Kalimantan before 2030.“We are currently in the due diligence process to acquire one of Antam’s IUPs that is closest to PT BAI (Borneo Alumina Indonesia),” said Inalum President Director Melati Sarnita, as quoted by Antara, Monday (September 29, 2025).Melati explained that MIND ID, the state mining holding, is targeting Inalum to own its own bauxite mine by 2030. Discussions between Inalum and Antam are ongoing regarding the proposed acquisition.PT BAI, located in Mempawah, West Kalimantan, is a company that processes bauxite ore into alumina, the primary feedstock for aluminium. BAI itself is a subsidiary of Inalum and Antam, and operates the Smelter Grade Alumina Refinery (SGAR).MIND ID President Director Maroef Sjamsoeddin affirmed his ambition to increase national aluminium production capacity from 275 thousand tons per annum (ktpa) to 900 ktpa by 2029. To support this target, SGAR Phase II is being prepared with an additional 1 million tons of alumina per year.In addition, Antam is building a washed bauxite facility in Mempawah with a capacity of 1.47 million tons per year to reinforce bauxite ore supply.“Bauxite, alumina, and aluminium are critical raw materials that support Indonesia’s sustainable manufacturing and renewable energy industries,” Maroef said.3 Major Plans by Inalum to Advance Aluminium DownstreamingPT Indonesia Asahan Aluminium (Inalum) is undertaking three major corporate initiatives to develop the national aluminium downstream industry. These include optimizing the Kuala Tanjung Smelter to increase production capacity; constructing a second Smelter Grade Alumina Refinery in West Kalimantan; and planning a new aluminium smelter.In line with this, Inalum has signed a Heads of Agreement (HoA) with energy and commodities company Vitol for the offtake of the second smelter project, at the World Osaka Expo 2025. Inalum has also strengthened strategic global cooperation with Tiberius and Panasonic on developing the Indonesian aluminium market in Japan.Inalum President Director Melati Sarnita said that the potential for aluminium downstreaming in Indonesia remains very high and requires commitment from many stakeholders. Given this large potential, Inalum is opening opportunities for all parties wishing to collaborate with the company in developing Indonesia’s bauxite–alumina–aluminium commodity ecosystem.“Indonesia has extraordinary potential in the aluminium sector, especially with the government’s accelerated downstream agenda. For Inalum, this cooperation is not merely about capital. It is a long-term commitment to build a low-carbon aluminium industry, support the clean energy transition, and create new jobs and markets,” Melati said, Friday (September 26, 2025).Mineral Downstreaming DevelopmentMIND ID Corporate Secretary Pria Utama stated that opening global partnerships is part of MIND ID’s unified effort to deliver greater economic contribution to Indonesia.The more global investors that contribute to mineral downstreaming, the greater the economic benefits for Indonesia—in terms of job creation and the added value generated in the future.“Indonesia’s mineral mining industry has vast development potential. We are working to ensure that the impact of aluminium downstreaming is optimized and meets the expectations mandated by the Government—namely, achieving Indonesia Emas 2045,” Pria Utama said.

Inalum Reveals Plans to Build New Smelter
Inalum Reveals Plans to Build New Smelter
28 Sep 2025, 11:35 AM 1748

PT Indonesia Asahan Aluminium (Inalum) is undertaking three major corporate actions to advance the downstream development of Indonesia’s aluminium industry. First, optimizing the Kuala Tanjung Smelter with a target to increase production capacity.Second, the construction of a second Smelter Grade Alumina Refinery (SGAR) in West Kalimantan. Third, the planned development of a new aluminium smelter.“Indonesia has extraordinary potential in the aluminium sector, especially with the government’s accelerated downstreaming agenda,” said Inalum President Director Melati Sarnita, quoted Sunday (September 28, 2025).1. Accelerating global partnershipsTo realize the above corporate actions, the MIND ID subsidiary is also stepping up global cooperation.MIND ID Corporate Secretary Pria Utama stated that global partnerships are being pursued to develop mineral downstreaming. The expectation is that these efforts will deliver greater economic benefits for Indonesia, both in terms of job creation and the added economic value generated in the future.“Indonesia’s mineral mining industry has significant development potential. We are working to ensure that the impacts of aluminium downstreaming are optimized and can meet the expectations mandated by the Government—namely, toward Indonesia Emas 2045,” said Pria Utama.2. Partnering with European companiesA recent example of the company’s global cooperation is the signing of a Heads of Agreement (HoA) with Netherlands-based energy and commodities company Vitol, related to the offtake for the second smelter project.The signing took place on the sidelines of the World Osaka Expo 2025. Melati said Inalum also entered into a strategic collaboration with Tiberius together with Panasonic regarding the development of the market for Indonesian aluminium in Japan.“For Inalum, this collaboration is not merely about capital. There is a long-term commitment to building a low-carbon aluminium industry, supporting the clean energy transition, and at the same time creating new jobs and markets,” said Melati.3. Driving the sustainability of Indonesia’s aluminium supplyFollowing the signing, Inalum held discussions and business-matching sessions on potential collaboration to ensure the sustainability of Indonesia’s aluminium supply chain and industry.These activities were carried out together with Tiberius and Panasonic.

Mitra Murni Perkasa Smelter in Balikpapan Targeted for Full Production by 2026
Mitra Murni Perkasa Smelter in Balikpapan Targeted for Full Production by 2026
28 Sep 2025, 11:29 AM 1550

PT Mitra Murni Perkasa (MMP) Balikpapan is slated to be fully operational to produce nickel matte in 2026.MMP’s Head of Business Development, Amando Kaligis, explained that the smelter is currently in the commissioning stage, which is targeted for completion in the fourth quarter of 2025.“The commissioning phase should take around three to four months, so by the first quarter of 2026 we expect to reach full-scale production,” Amando told the media on Sunday (September 28, 2025).At full production, MMP targets processing 21,000 tons of nickel per year, yielding 27,000–28,000 tons of nickel matte.According to Amando, the nickel matte market is substantial, particularly for exports to China, Japan, and several other countries. Nickel matte is a key component in the raw materials for electric-vehicle batteries.Amando noted that MMP is among the first nickel matte smelters in Indonesia backed 100% by domestic investors, established to support downstreaming that creates added value and jobs.He said the smelter—built in the heart of Balikpapan—has a low-carbon footprint, supported by 2×48 MVA RKEF technology regarded as ESG-friendly.Environmentally responsible operations are also reflected in the use of electricity from the existing PLN grid with RECs, contributing to clean energy and supporting NZE targets.Regarding the current decline in nickel prices, Amando said this reflects corrective dynamics in the global market cycle rather than a sign of structural failure.Key drivers of the price drop include a slowdown in EV demand growth, a surge in supply from RKEF and HPAL technologies, and domestic regulatory adjustments.“In these conditions, operational flexibility—especially the ability to switch output between ferronickel and nickel matte—is crucial for adapting to constantly shifting market conditions,” he said.Amando added that although margins are currently pressured by oversupply, market adjustment or rationalization is expected to unfold gradually.Low production costs in Indonesia provide a competitive edge, particularly amid relatively stable stainless-steel demand and an EV market that is beginning to find equilibrium.

MBMA Increases Nickel Ore Production and Advances Strategic Projects in H1 2025
MBMA Increases Nickel Ore Production and Advances Strategic Projects in H1 2025
28 Sep 2025, 11:18 AM 2298

PT Merdeka Battery Materials Tbk (MBMA) ramped up nickel ore output and advanced its strategic projects in the first half of 2025. Although Nickel Pig Iron (NPI) production declined due to smelter maintenance and a deliberate reduction in High Grade Nickel Matte (HGNM), MBMA continues to strengthen its operational foundations.MBMA President Director Teddy Oetomo disclosed that in the first half of 2025 the company booked revenue of USD 628 million, down 32% year-on-year. Even so, EBITDA fell only 8% to USD 77 million, and—after adjusting for HGNM effects—EBITDA grew 33% year-on-year in the second quarter.“The SCM nickel mine produced 6.9 million wet metric tonnes (wmt) of nickel ore in the first half of 2025, up 78% from a year earlier. This included a 45% increase in limonite output and a 189% increase in saprolite. Despite heavy rainfall, our investments in mining capacity and infrastructure have created stronger, more sustainable operations,” said Teddy Oetomo in a written statement in Surabaya, Saturday (September 27, 2025).He further noted that during the period the Rotary Kiln–Electric Furnace (RKEF) smelter produced 33,045 tonnes of NPI, down 23% year-on-year due to scheduled maintenance. NPI cash costs fell to USD 9,719 per tonne in the second quarter of 2025. MBMA also reduced HGNM production and sales to manage margin volatility.MBMA continues to invest in strategic projects, including the construction of High Pressure Acid Leach (HPAL) facilities with global battery-materials partners. PT ESG New Energy Material’s HPAL plant sold 9,465 tonnes of nickel in the form of Mixed Hydroxide Precipitate (MHP) in the first half of 2025 via Train A operations, while Train B began production at the end of the second quarter of 2025.Construction of the PT Sulawesi Nickel Cobalt (SLNC) HPAL plant is also progressing, with the first train targeted for commissioning in mid-2026. The SLNC HPAL plant—designed for 90,000 tonnes of nickel per year in MHP—has reached 29% completion, with first-train commissioning targeted for mid-2026.In addition, construction of two Feed Preparation Plants (FPP) and a slurry pipeline to deliver limonite ore to HPAL facilities in Morowali is on track, with completion targeted for late 2025 and mid-2026, respectively.Other strategic projects are also proceeding as scheduled, including the Acid Iron Metal (AIM) complex operated by PT Merdeka Tsingshan Indonesia (MTI), comprising a pyrite plant, an acid plant, chloride metal facilities, and a copper cathode plant. The pyrite and acid plants are operating at full capacity, while the other two plants are expected to reach full production by year-end.“We are highly optimistic that the sustained growth in our nickel ore production, together with progress on the HPAL and AIM projects, will be transformative for MBMA,” Teddy Oetomo concluded.

Merdeka Gold’s Pani Project Set to Begin Production Early 2026
Merdeka Gold’s Pani Project Set to Begin Production Early 2026
26 Sep 2025, 11:10 AM 2785

PT Merdeka Gold Resources Tbk (EMAS) will focus on completing the Pani Gold Project in Pohuwato Regency, Gorontalo, following its official stock-market listing. The company expects gold production from the Gorontalo mine to begin in the near term.EMAS President Director Boyke P. Abidin said the Pani Gold Project continues to show positive progress, with construction now nearly 75% complete. EMAS targets to start mining activities at the project by late 2025. “First gold from Pani is targeted for February or March 2026,” he said on Tuesday (23/9).In the initial phase, EMAS will use a heap-leach processing facility with a capacity of 7 million tonnes per year and a maximum output of around 145,000 troy ounces of gold annually.The company is aiming to produce about 75,000–85,000 troy ounces in 2026 when the Pani Gold Project begins operations early next year. For context, EMAS is part of PT Merdeka Copper Gold Tbk. (MDKA), which operates the Tujuh Bukit mine in Banyuwangi and the Wetar copper mine.Analysts view the outlook for this new market entrant as positive given its imminent transition into production. Liza Camelia, Head of Research at Kiwoom Sekuritas Indonesia, noted that EMAS’s valuation currently hinges on Pani’s future prospects, with reserves approaching 7 million ounces. “Pani has the potential to become one of the largest primary gold mines in the Asia-Pacific,” Liza wrote in a report published Friday (26/9).The Pani Project is targeting 145,000 oz per year at a cash cost of around USD 800/oz and an AISC of USD 990/oz. At present, nameplate capacity is 115,000 oz per year with a cash cost of USD 1,017/oz and an AISC of USD 1,337/oz.Assuming 90% utilization, Liza said Pani’s output could reach 130,000 oz per year, taking MDKA’s total gold production to an estimated 235,000 oz in 2026.Liza projects MDKA’s gold-segment revenue could reach USD 533 million next year, a sharp rise from USD 261 million last year. Average cash costs are also projected to fall to around USD 950/oz. “EMAS remains consolidated, so once in operation it will make a significant contribution to MDKA’s revenue,” she added.

Macmahon Secures AUD 33M Contract for Toka Tindung Underground Mining
Macmahon Secures AUD 33M Contract for Toka Tindung Underground Mining
26 Sep 2025, 02:16 AM 2965

Macmahon Holdings Limited says it has been selected by PT Tambang Tondano Nusajaya, a subsidiary of PT Archi Indonesia Tbk, as the underground services contractor at the Toka Tindung Gold Mine in North Sulawesi, Indonesia.The scope for Macmahon includes all underground exploration mine development services and associated works. The AUD 33 million (USD 21.4 million) contract will commence immediately for an initial 32-month period and key mining equipment required at commencement will be primarily deployed from existing fleet.The company’s FY26 capital expenditure budget remains unchanged.Michael Finnegan, Managing Director and CEO, said: “We are delighted to be selected as the mining contractor at the Toka Tindung Gold Mine, a high-quality asset with significant growth potential. This award reflects our strategic focus on responsibly expanding in Indonesia through long term partnerships with respected companies like PT Archi.“I would like to thank our team for the commitment and effort they have invested over the past two years to build a trusted relationship with PT Archi, one that we look forward to strengthening in the years ahead.”

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