Indika Energy Accelerates Awak Mas Gold Mine, Construction Progress Reaches 60.63%
Mon 14 Sep 2026, 09:13 AM
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PT Indika Energy Tbk. (INDY) is accelerating the development of the Awak Mas gold mining project in South Sulawesi. As of the end of June 2026, the project's construction progress had reached 60.63%.
Indika Energy is targeting the Awak Mas gold mine to produce its first gold, or first gold, in the second quarter of 2027.
Indika Energy Senior Vice President and Head of CEO Office, Corporate Communications, and Sustainability Ricky Fernando said the Awak Mas project is currently still under construction.
“As of June 30, 2026, the project's construction progress had reached 60.63% toward the construction completion target,” he told Bisnis, as quoted on Monday (14/9/2026).
Once construction is completed, the project will enter the stage toward operational readiness before moving into the commercial production phase.
The company is targeting first gold in the second quarter of 2027. In its first year of production, Awak Mas is expected to produce around 50,000–70,000 ounces of gold.
With this target, Awak Mas is expected to begin contributing to Indika Energy's financial performance by the end of the second quarter of 2027, in line with the start of gold production.
INDY's New Growth Engine
The development of Awak Mas is part of INDY's strategy to increase the contribution of its non-coal businesses.
The company sees the gold project as having the potential to become one of its new sources of growth once fully operational.
“Once fully operational, we expect this project to become one of the main contributors to our non-coal business line, both in terms of revenue and EBITDA,” Ricky said.
Thus, the success of the Awak Mas project will be one of the key factors in INDY's portfolio diversification. The company is not only pursuing growth from its energy and coal businesses, but is also building exposure to gold, a commodity with different characteristics.
Based on the consolidated financial statements for the six months ended June 30, 2026, INDY posted revenue of USD 1.15 billion, up 19.9% from USD 956.8 million in the same period last year.
In line with the increase in revenue, profit attributable to owners of the parent entity surged to USD 10.2 million, significantly higher than USD 2.2 million in the first half of 2025.
The improved performance was supported by larger contributions from several business units, namely Kideco Jaya Agung (Kideco), Tripatra, Interport Mandiri Utama (Interport), and Indika Indonesia Resources.
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