Darma Henwa (DEWA) Sets Out Expansion Strategy, Allocates IDR 2.4 Trillion in Capex This Year
Sun 09 Aug 2026, 16:48 PM
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PT Darma Henwa Tbk (DEWA) is preparing several expansion measures in the mining services business while continuing exploration of its gold and copper mines. DEWA realized capital expenditure (capex) of IDR 1.5 trillion in the first half of 2026, equivalent to 62.5% of the budget set for this year, which stands at around IDR 2.4 trillion.
Darma Henwa Director Ricardo Silaen said DEWA’s capex this year will be used to support ongoing mining services projects at PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia. The two major coal mining companies affiliated with PT Bumi Resources Tbk (BUMI) are DEWA’s main customers.
The majority of DEWA’s capex is being used to add heavy equipment capacity, spare parts and tires, as well as to support information technology and mining digitalization. In addition to KPC and Arutmin, in the second half of 2026 DEWA will also allocate capex to carry out a contract secured from PT Sebuku Sejaka Coal (SSC).
“In addition to the remaining capex allocated to KPC and Arutmin, the Company also plans to allocate additional capex for Sebuku separately. The amount and spending in Sebuku will be carried out gradually by utilizing several financing options, including vendor financing and other options,” Ricardo told Kontan.co.id on Sunday (Aug. 9, 2026).
The new SSC project began operations in August 2026. SSC is a coal mine on Laut Island, South Kalimantan, which can produce up to 5 million tonnes of coal and 55 million bcm of waste removal, depending on the Work Plan and Budget (RKAB). The estimated volume is equivalent to around 40% of DEWA’s total waste removal volume in 2025.
Overall, the estimated value of the SSC contract reaches IDR 22 trillion. “We are optimistic that the new contract secured from Sebuku Sejaka Coal can significantly drive production volume and revenue growth going forward,” Ricardo said.
DEWA’s Expansion Strategy
Not stopping at KPC, Arutmin and SSC, DEWA is continuing its expansion in mining services by targeting new contracts. Ricardo said DEWA is exploring new contracts that could maintain the company’s long-term operational and revenue prospects.
However, Ricardo has not disclosed further details regarding the potential new contracts. “Currently, the Company is seeking to secure new long-term contracts, which are expected to increase volume and revenue,” Ricardo said.
As part of efforts to strengthen its core business, DEWA recently established three subsidiaries. On July 17, 2026, DEWA established PT DH Listrik, PT DH Infrastruktur and PT DH Arunika Hospitality.
Ricardo explained that the establishment of the three subsidiaries aims to strengthen supporting functions while improving DEWA’s operational effectiveness. “Each will have a different focus and role, namely electricity, infrastructure and logistics, and hospitality to support site operational needs,” Ricardo explained.
With more focused management, DEWA can optimize cost efficiency, improve service quality and strengthen synergies among projects. Ricardo stressed that for now, the move is part of strengthening the core business, rather than expanding into sectors outside its main business.
Gold & Copper Mine Progress
At the same time, DEWA is working on a gold and copper mining project located in Gayo Lues, Aceh. The project is being developed through PT Gayo Mineral Resources (GMR), which holds a concession spanning 34,500 hectares.
Exploration of the GMR gold and copper mine is divided into three stages. The project is currently conducting field work for the second stage, while the third stage is expected to be completed in 2027. However, Ricardo has not disclosed details of the investment value or the schedule and target for starting production at the project.
“To make it more optimal and comprehensive, the investment value and production target can be disclosed once the third-stage exploration process and all studies are completed, allowing the Company to maximize the existing potential,” Ricardo said.
One of several deposit areas already identified based on the first-stage exploration is located in Tengkereng Atas. Based on a valuation conducted by a Public Appraisal Services Office (KJJP), the gold and copper mining project’s gross asset value reached around IDR 7 trillion.
From a valuation perspective, the value will still depend on the exploration results as well as additional resources and reserves that can subsequently be confirmed. Infrastructure development, mine development and the processing plant will be carried out at the next stages after the third-stage exploration is completed and the required investment has been determined.
“GMR is still in the exploration stage and is a greenfield project. For now, the Company cannot provide an estimate of the capex required until GMR reaches production because the exploration process and feasibility study are still ongoing. Regarding the production target, the Company will disclose the information to the public in due course,” Ricardo said.
Previously, reports circulated that DEWA would explore an Initial Public Offering (IPO) opportunity as one of the funding options for developing the GMR gold and copper mine. Responding to the reports, Ricardo stressed that DEWA is still considering various funding alternatives for GMR’s development, including an IPO option.
However, the decision regarding an IPO will depend on the results of the assessment and DEWA’s future funding requirements. “For this fundraising, it will be carried out after the third-stage exploration process and all studies are completed, or after 2027,” Ricardo concluded.
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