Samindo Resources Posts 53% Surge in Net Profit Through Q3 2026

PT Samindo Resources Tbk (MYOH), an Indonesian coal mining services company, reported a net profit of USD 17.47 million for the first nine months of 2026, marking a 53% increase from USD 11.42 million in the same period last year."The profit achievement was 17% above the company's target of USD 14.89 million," Samindo Resources Corporate Secretary Ahmad Zaki Natsir said in an official statement issued in Jakarta on Monday.Ahmad Zaki attributed the 53% increase in net profit through September 2026 to the company's strong operational execution, including improved heavy equipment availability, favorable weather conditions, and effective cost management across its mining operations.The growth was also supported by higher productivity across the company's core mining services, including overburden removal, coal getting, and coal hauling, all of which consistently exceeded their operational targets for the year."With additional heavy-duty dump trucks now in operation and an increase in contract volumes of 1 million bank cubic meters (bcm) for overburden removal and 1 million tonnes of coal from our main client, we are highly optimistic that this positive growth trend will continue through the end of 2026," Ahmad Zaki added.He explained that overburden removal reached 28.32 million bank cubic meters (bcm) during the first nine months of 2026, up 23% from 23.04 million bcm in the same period last year. The figure also exceeded the company's operational target of 25.59 million bcm by 11%.Meanwhile, coal production volume increased 11% to 4.20 million tonnes between January and September 2026, compared with 3.76 million tonnes in the first nine months of 2025, exceeding the company's target by 13%.Coal hauling operations also recorded positive growth, with transported volumes reaching 18.24 million tonnes, up from 17.71 million tonnes in the corresponding period last year and exceeding the company's operational target.According to Ahmad Zaki, the above-target operational performance was supported by more favorable mining conditions, including fewer hours of rainfall, shorter hauling distances within the mining pits, improved heavy equipment availability, and the company's continued achievement of zero fatalities.Samindo Resources is an investment holding company primarily focused on providing coal mining services through its six subsidiaries.

AMMN Doubles Processing Plant Capacity to 85 Million Tonnes per Year

PT Amman Mineral Internasional Tbk (AMMN) has expanded its ore processing capacity from approximately 40 million tonnes to 85 million tonnes per year. The expansion adds around 45 million tonnes of annual processing capacity, representing a 112.5% increase from its previous capacity.In its third-quarter 2026 performance report, published through a regulatory disclosure, AMMN stated that the capacity expansion is intended to support ore processing from Phase 8 of the Batu Hijau mine and the Elang project, which is currently under development.Before the expansion, AMMN's ore processing capacity stood at approximately 40 million tonnes per year. Following the upgrade, the concentrator's ore processing capacity has increased to approximately 85 million tonnes annually.Management reported that commissioning of the expanded facilities is progressing as planned, with the first ore processed at the expanded concentrator in mid-August 2026."We have expanded our concentrator plant to increase ore processing input capacity to approximately 85 million tonnes per year. This additional capacity will support future ore processing from Batu Hijau Phase 8 and Elang to meet growing demand for our products. Commissioning is progressing as planned, with the first ore processed at the concentrator in mid-August 2026," management stated in the report.The expansion forms part of AMMN's strategy to sustain production at the Batu Hijau mine while preparing processing infrastructure for the future development of the Elang project.In terms of operational performance, AMMN processed 32 million tonnes of ore during the January–September 2026 period, up 38% from 23 million tonnes in the same period last year.The increase in ore processing also contributed to higher copper concentrate production. During the first nine months of 2026, concentrate output reached 580,713 dry metric tonnes, an 87% year-on-year increase.Copper production contained in concentrate reached 332 million pounds, up 129% compared with the same period last year. Meanwhile, gold production contained in concentrate surged 616% to 541,337 ounces.The concentrator expansion also supports AMMN's plans for the Elang mine development. The company is targeting a Final Investment Decision (FID) for the project in 2027, with first ore production expected in 2031 or 2032.Meanwhile, the Batu Hijau mine is expected to remain operational until 2031 or 2032. Processing of stockpiled ore is projected to continue until 2033 or 2034, potentially extending beyond that period.With its concentrator capacity expanded to 85 million tonnes per year, AMMN is strengthening its processing capabilities to support long-term production from Batu Hijau Phase 8 and the future development of the Elang mine.

PT Vale Invests IDR 6.3 Trillion in Pomalaa Mine Project, Targets 2027 Completion

PT Vale Indonesia Tbk (INCO) reported that the carrying value of its Pomalaa mine development project reached USD 383.5 million (approximately IDR 6.3 trillion) as of September 2026. The nickel mining project, part of the company's broader business expansion, was 89% complete and is scheduled for completion in 2027.According to the company's interim financial statements as of September 30, 2026, the carrying value of the Pomalaa mine development project increased from USD 339.17 million at the end of 2025. Over the same period, project completion progress rose from 60% to 89%.PT Vale recorded additions of USD 119.86 million to the Pomalaa mine development project between January and September 2026. Following asset reclassifications totaling USD 75.52 million, the project's carrying value stood at USD 383.50 million at the end of September.Beyond mining development, PT Vale also reported progress on its Pomalaa High Pressure Acid Leach (HPAL) nickel processing project. In its third-quarter 2026 performance report, the company stated that Lines 1 and 2 had achieved their first mechanical completion milestones.The achievement marks an important step in PT Vale's downstream development strategy. Through the HPAL project, the company aims to expand its nickel processing operations and strengthen its position in the nickel value chain, reducing its reliance on raw material and intermediate product sales.Business activity in Pomalaa also increased significantly. PT Vale reported nickel ore sales of 1.90 million wet metric tonnes (wmt) during the first nine months of 2026, up from 278,745 wmt in the same period a year earlier.In the third quarter of 2026 alone, nickel ore sales from Pomalaa reached 1.31 million wmt, compared with 495,601 wmt in the second quarter. The increase reflects growing nickel ore sales activity across the company's Pomalaa operations.Overall, PT Vale's construction-in-progress assets reached USD 1.13 billion as of September 2026, up from USD 906.45 million at the end of 2025. These assets include several mine development projects and supporting operational facilities.In addition to Pomalaa, the Bahodopi mine development project is nearing completion. PT Vale reported a project carrying value of USD 220.77 million, with construction progress reaching 99% and completion targeted for 2026.Meanwhile, the Sorowako Limonite mine development project recorded a carrying value of US$87.95 million and was 53% complete, with completion expected in 2027. The company is also developing the Bahodopi capacity expansion project, which has a carrying value of USD 45.87 million and is 43% complete.These projects highlight PT Vale's substantial investment requirements as it works to strengthen mining capacity and expand its downstream nickel operations. The company remains committed to advancing strategic projects as part of its long-term growth strategy.

Freeport to Invest IDR 101.57 Trillion in Kucing Liar Mining Project

PT Freeport Indonesia (PTFI) is reviewing the operational timeline for its Kucing Liar underground mining project in the Grasberg mining complex, Central Papua. The company has invested approximately USD 1.6 billion (IDR 29.02 trillion) as of September 30, 2026, and plans to allocate an additional US$4 billion (IDR 72.55 trillion) in capital expenditure through 2033.According to the third-quarter 2026 earnings report released by its parent company, Freeport-McMoRan (FCX), on October 27, 2026, development of the Kucing Liar mine has been underway since 2022. The project forms part of PTFI's long-term strategy to sustain large-scale mining operations in the Grasberg mineral district."The timing of the project's commencement of operations remains under review," FCX management stated in the report.Despite the ongoing review, PTFI's long-term mining plan targets a production ramp-up at Kucing Liar beginning around 2030. The underground mine is designed to process approximately 130,000 metric tonnes of ore per day."PTFI's long-term mining plan includes ramping up production at Kucing Liar beginning around 2030, with a design capacity of approximately 130,000 metric tonnes of ore per day," management stated.At full capacity, Kucing Liar is expected to produce approximately 750 million pounds of copper and 735,000 ounces of gold annually. The additional output is expected to support the continuity of large-scale mining operations across the Grasberg complex.In terms of investment, PTFI had spent approximately USD 1.6 billion (IDR 29.02 trillion) on the development of Kucing Liar as of the end of September 2026. The company estimates that an additional USD 4 billion (IDR 72.55 trillion) will be required through 2033.This brings the total investment already made and projected for the project to approximately USD 5.6 billion (IDR 101.57 trillion).Management expects the remaining capital expenditure to average approximately USD 500 million (IDR 9.07 trillion) annually through 2033.The development of Kucing Liar is one of PTFI's strategic projects aimed at maintaining long-term copper and gold production as mining operations across the Grasberg complex continue to evolve. Under normal operating conditions, PTFI's underground mines collectively have the capacity to produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold annually.With its planned production capacity, Kucing Liar is expected to become a significant addition to PTFI's underground mining portfolio, supporting sustained mineral production in the Grasberg complex over the long term.

BRMS Completes Access Development for Poboya Underground Gold Mine

PT Bumi Resources Minerals Tbk (BRMS) is accelerating the development of its underground gold mine in Poboya, Palu, Central Sulawesi, following the completion of the mine access portal. According to Kabarbursa on September 16, 2026, the company aims to increase processing capacity and gold production to support its performance in 2027 and 2028.BRMS President Director and Chief Executive Officer Agus Projosasmito said the completion of pushback operations at Poboya in July is expected to boost gold production from its open-pit mine in the second half of 2026."We are very pleased with our operational progress. Despite macroeconomic factors that may affect gold prices and demand in the domestic market, we believe BRMS's fundamentals remain strong. Pushback operations at Poboya, Palu, were successfully completed last July. As a result, gold production from our open-pit mine is expected to increase in the second half of 2026," Agus said in a written statement.Agus added that increased processing capacity and the availability of high-grade ore from the underground mine are key components of the company's production growth plans over the next two years."The newly constructed gold processing plant, with a capacity of 2,000 tonnes per day, along with high-grade ore from the underground mining area, will enable us to continue increasing gold production in 2027 and 2028," Agus said.According to project data released by BRMS, its subsidiary PT Citra Palu Minerals (CPM) has developed more than 975 meters of underground tunnels extending from the mine access portal. The tunnels have reached a depth of approximately 140 meters below the surface.The first ventilation facility has been completed, while the second remains under construction and is scheduled for completion in the first half of 2027. Once the supporting infrastructure is in place, CPM aims to begin mining gold ore grading more than 3.2 grams per tonne by mid-2027.BRMS also targets the completion of its processing plant expansion, increasing capacity from 500 to 2,000 tonnes of ore per day, by early 2027. The expansion forms part of the company's broader development plan for underground gold mining operations at Poboya.In exploration activities, another BRMS subsidiary, PT Gorontalo Minerals (GM), is operating four drilling rigs at the Cabang Kiri East copper prospect in Gorontalo, Sulawesi. The company plans to increase the number of drilling rigs to seven in 2027, deploying them across three mining sites.GM expects to announce its copper mineral resource results in the first half of 2027, marking further progress in BRMS's exploration activities beyond the Poboya gold project.Financially, BRMS recorded revenue of USD 95.79 million in the first half of 2026, down from USD 120.84 million in the same period a year earlier. The company reported net profit of USD 13.28 million for the six-month period.Gold sales during the first six months of 2026 totaled 21,091 troy ounces, equivalent to 656 kilograms, at an average selling price of USD 4,400 per troy ounce. Meanwhile, silver sales reached 44,258 troy ounces, or 1,377 kilograms, at an average price of USD 67.44 per troy ounce.In the second quarter of 2026, BRMS faced challenges in domestic gold sales due to oversupply and discount requests from local buyers. These conditions limited sales to approximately 70% of the company's total gold production during the period.According to the company, the issue has been addressed through a sales agreement between PT Citra Palu Minerals and PT Aneka Tambang Tbk (ANTM), effective from late June 2026 through June 2028. The agreement is intended to secure buyers for the majority of monthly gold production at competitive prices.The completion of pushback operations at the River Reef site is also expected to support a recovery in production during the second half of 2026. This development allows the company to resume mining higher-grade gold ore from its open-pit operations.On Wednesday, September 16, 2026, BRMS shares closed at IDR 735 per share, up IDR 5 or 0.68% from the previous closing price. The stock opened at IDR 730 and traded between IDR 715 and IDR 740 during the session.According to trading data reported by Kabarbursa, BRMS recorded a trading volume of 2.02 million lots, with a total transaction value of IDR 146.6 billion and an average trading price of IDR 727 per share.

Merdeka Gold Resources (EMAS) Allocates USD 11.4 Million for Pani Gold Exploration in 2027

PT Merdeka Gold Resources Tbk (EMAS) approved an exploration budget of USD 11.4 million for 2027, following positive drilling results at the Pani Gold Mine in Pohuwato Regency, Gorontalo. The drilling activities identified indications of gold mineralization across three areas: Pani Deep, Pani Gap Area, and Kolokoa.The drilling results provide a basis for the company to further investigate potential gold mineralization extension and assess opportunities to expand mineral resources surrounding the main Pani deposit.President Director of Merdeka Gold Resources, Boyke P. Abidin, stated that the findings present opportunities for further exploration."Mineralization continues to be identified beyond certain boundaries of the current resource model, while results from other areas indicate additional exploration opportunities surrounding the main Pani deposit," Boyke said in an official statement on Thursday (October 29, 2026).He added that follow-up drilling would be conducted systematically to strengthen the company's mineral resource base and support its long-term growth.At Pani Deep, drilling intersected gold mineralization both within and below the established mineral resource area. One drill intersection returned 193 meters grading an average of 0.94 grams of gold per tonne, including a higher-grade interval of 124.9 meters averaging 1.31 grams of gold per tonne.Additional drilling identified gold mineralization approximately 65 meters below the current mineral resource boundary, suggesting that the Pani gold mineralization system may extend further at depth.Meanwhile, drilling at the Pani Gap Area, located south of the main Pani deposit, identified a broad zone of gold mineralization relatively close to the surface. The mineralized system remains open to the southwest, warranting further exploration and testing.At Kolokoa, the second phase of drilling once again intersected gold mineralization both within and beyond the boundaries of the initial mineral resource announced in June 2026. The company plans to continue drilling to determine the extent and continuity of mineralization, providing a basis for future updates to the area's mineral resource estimate.With the USD 11.4 million exploration budget allocated for 2027, EMAS plans to undertake approximately 50,000 meters of drilling across Pani and several surrounding exploration targets. The program will focus on mineral resource development, testing potential extensions of known mineralization, and evaluating additional exploration targets.The company emphasized that the latest drilling results remain exploration findings and do not yet constitute new mineral resource or ore reserve estimates. Further drilling and technical assessments will be required before mineralization identified beyond the current resource model can be incorporated into future mineral resource estimates

The Indonesian and South Korean governments are working together to finalize a Record of Discussion (ROD) for a mining waste recycling project by the end of 2026. The strategic initiative aims to recover critical minerals from mining waste.Yan Abrar, Coordinator of Mineral and Coal Cooperation and Investment at the Ministry of Energy and Mineral Resources' Directorate General of Mineral and Coal, said finalizing the ROD is a current priority. The document will pave the way for detailed technical preparations and project implementation planning."We are currently working to finalize the Record of Discussion, with the goal of completing the process by the end of 2026. Once the ROD is finalized, both parties can proceed with detailed preparations for project activities," Yan said at the Indonesia-Korea Energy Forum (IKEF) held at The Meru Sanur in Denpasar, Bali, as quoted on Thursday, October 29, 2026.The recycling project follows the signing of an implementing agreement between Indonesia's Directorate General of Mineral and Coal and the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) on September 28, 2026.The agreement focuses on developing a recycling system to recover critical minerals from mining waste generated in Indonesia."This was followed by the signing of an implementing agreement between the Directorate General of Mineral and Coal and KOMIR on September 28. The agreement focuses on developing a critical mineral recycling system using mining waste in Indonesia," he explained.The initiative is expected to benefit both countries. For Indonesia, it supports more efficient utilization of secondary resources and improved environmental management. South Korea, meanwhile, will contribute processing technologies, equipment, technical expertise, and experience in circular economy practices."This initiative is highly relevant to both countries. For Indonesia, it can support better utilization of secondary resources, improve environmental management, and introduce appropriate processing technologies. For Korea, it provides an opportunity to contribute technology, technical expertise, equipment, and circular economy experience," Yan added.The Indonesian government hopes the project will serve as a practical and replicable model for future bilateral cooperation, combining mineral recovery, environmental improvements, technology deployment, and institutional capacity building."We hope this project can become a practical and replicable model of Indonesia-Korea cooperation, integrating mineral recovery, environmental improvement, technology application, and institutional capacity building," he said.Meanwhile, Eul Roh, International Cooperation Team Manager at KOMIR's Critical Minerals Department, highlighted Indonesia's significant role in the global nickel supply chain. According to Roh, Indonesia accounts for approximately 43% of global refined nickel production and 67% of global mined nickel production, making it a key contributor to the industry's supply chain.South Korea, on the other hand, is one of the world's major producers of batteries and battery-powered vehicles. However, the country remains heavily dependent on imports for nearly all the metallic minerals required by these industries."The Korean government is preparing a plan to expand its critical minerals list to 10 categories. Nickel is among the highest-priority minerals, alongside lithium and cobalt," Roh said at the forum.He added that South Korea also plans to expand its strategic mineral stockpiles to cover 29 types of minerals, with reserves equivalent to up to 355 days of supply for materials considered most vulnerable to supply disruptions.Roh also acknowledged Indonesia's policy direction, emphasizing that cooperation between the two countries should extend beyond purchasing mineral ores. Instead, the partnership should focus on jointly developing processing capabilities and generating greater added value within Indonesia."The goal is to build a stronger industrial partnership that delivers benefits to both countries," he concluded.

BUMI Acquires Mount Margaret Mining for IDR 400 Billion

PT Bumi Resources Tbk (BUMI) has acquired all shares in Australian mining company Mount Margaret Mining Pty Ltd through its subsidiary, Bumi Resources Australia Pty Ltd (BRA). The transaction, valued at USD22 million, or nearly IDR 400 billion, was completed on October 23, 2026, as part of the company's strategy to diversify its business beyond coal, as reported by Idxchannel.PT Bumi Resources Tbk Director R.A. Sri Dharmayanti explained that BRA is a company incorporated under Australian law and wholly owned by BUMI. Through the transaction, BRA acquired two shares in Mount Margaret, representing 100% of the company's issued shares.In a disclosure on Monday (October 26, 2026), Sri Dharmayanti explained BUMI's ownership of the mining company following the completion of the transaction."Through this transaction, BUMI indirectly owns 100% of Mount Margaret's shares through BRA" said R.A. Sri Dharmayanti, Director of PT Bumi Resources Tbk.Mount Margaret is a copper and gold mining company operating in Queensland, Australia. According to the information provided, the company manages a 3,412-hectare (ha) area with mineral reserves of approximately 13 million tonnes of ore.The reserves contain 0.78% copper and 0.24 grams of gold per tonne. The mining asset is now part of BUMI's business portfolio, indirectly owned through BRA.Sri Dharmayanti described the acquisition of Mount Margaret as a strategic move aligned with the company's transformation plans. The transaction is also part of BUMI's efforts to expand its business beyond coal.In her statement, she outlined the company's expectations regarding the transaction's impact on its operations and shareholders."The transaction will have a positive impact on the company's business activities and provide added value for its shareholders," said R.A. Sri Dharmayanti, Director of PT Bumi Resources Tbk.

DEWA Accelerates Expansion, Targets 200 Million BCM in Mining Capacity by 2027

PT Darma Henwa Tbk (DEWA) is targeting an increase in overburden (OB) removal capacity to 200 million bank cubic meters (BCM) in 2027, up around 33.3% from this year's projected level. The target is supported by expanded mining operations, contributions from new contracts, and more efficient use of its own equipment fleet.Amid efforts to expand its mining business, the Bakrie Group-affiliated mining contractor is also diversifying its revenue streams by establishing a new subsidiary in the logistics sector.DEWA Director and Corporate Secretary Mukson Arif Rosyidi said the company established PT DH Logistik on October 22, 2026. Based in South Jakarta, the company will operate in freight forwarding services.In an information disclosure to the Indonesia Stock Exchange (IDX) on October 23, 2026, Mukson explained that DH Logistik's business activities include organizing the shipment and packaging of goods in large volumes by rail, road, sea, and air.“This business activity also covers the delivery of goods, both in bulk and individually, on behalf of clients” Mukson said.According to him, the establishment of the subsidiary is part of a strategy to expand the logistics business, strengthen the corporate structure, and create new long-term revenue streams.DEWA directly owns a 99.9% stake in DH Logistik. However, the company has yet to disclose the investment allocated for the establishment of the subsidiary.Mining Capacity and New Contracts to Support GrowthDEWA's expansion comes as its operational and financial performance continues to grow. In the first nine months of 2026, DEWA recorded net profit of IDR 513.08 billion, up 114.5% from the same period a year earlier. Net revenue reached IDR 5.10 trillion, growing around 9.7% year-on-year.Nevertheless, the profit was also supported by a fair value gain of IDR 229 billion recorded in the second quarter of 2026. Therefore, profit growth needs to be assessed alongside developments in the company's core operating performance.Operationally, the use of its own heavy equipment fleet has become one of the key drivers of improved efficiency. The impact began to emerge after DEWA took over operations at the Bengalon mine in May 2026. The third quarter of 2026 marked the first full quarter in which all the operations in question were managed in-house.In the third quarter of 2026, DEWA's EBITDA reached IDR 626 billion, up 27.5% from the previous quarter. Its EBITDA margin also improved to 33%, from 29.6% in the second quarter of 2026.Cumulatively, EBITDA in the first nine months of 2026 stood at IDR 1.56 trillion, growing 30.7% year-on-year. Performance was also supported by lower rainfall and more efficient fuel consumption.The company estimates that OB removal volume will reach around 150 million BCM in 2026, comprising approximately 139 million BCM from the KPC and Arutmin mines, along with an additional 8 million–10 million BCM from the Sebuku Sejaka Coal (SSC) project. Total material moved is expected to exceed 160 million BCM, compared with 148 million BCM in 2025.DEWA's monthly OB removal capacity has also increased. In September 2026, capacity reached around 14 million BCM, up from 11.9 million BCM in May 2026 and 6.6 million BCM in early 2024. Meanwhile, coal production capacity has reached approximately 1.7 million tons per month.Sebuku Project and New Contract OpportunitiesOne of DEWA's key growth drivers is the SSC project. The company signed a contract worth USD 1.3 billion with a five-year term in June 2026. Coal shipments from the project began in October 2026.For 2026, DEWA is targeting SSC coal production of 800,000–900,000 tons and OB removal of around 8 million - 10 million BCM. In 2027, coal production could increase to around 3 million tons, while OB removal is targeted at 30 million - 35 million BCM, subject to additional production quotas.If it operates at its planned full capacity, SSC could generate around IDR 4 trillion in annual revenue. The project is also expected to add up to approximately 55 million BCM in annual OB removal at full capacity, with rates around 30% higher than the rates the company typically earns.In addition to SSC, DEWA is exploring coal mining contract opportunities in South Sumatra. The company is reportedly in the final bidding stage for four work packages with a combined value of around IDR 17 trillion. The tender winners are expected to be announced in November–December 2026.If it wins one or two of the work packages, DEWA could secure an additional OB removal volume of around 30 million BCM. Together with contributions from SSC and expanded in-house operations, the additional work could support the target of approximately 200 million BCM in OB removal capacity in 2027.Another opportunity comes from a nickel mining project in East Halmahera, with a potential volume of around 72 million BCM. The project could commence in the first quarter of 2027, although its implementation remains contingent on approval of the Work Plan and Budget (RKAB).In the long term, DEWA is also targeting opportunities for additional work at the KPC mine. Support from a new, more fuel-efficient fleet could unlock an additional work volume of up to 150 million BCM, although realization will depend on contract developments and operational requirements.Analysts Project Profit Growth, Set Different Price TargetsIncreased capacity, operational efficiency, and opportunities for new contracts have led several analysts to project profit growth for DEWA in 2027. However, financial projections and share price targets vary among research firms.In a research report dated October 21, 2026, UOB Kay Hian analysts Benyamin Mikael and Alden Gabriel Lam projected DEWA's core net profit to reach IDR 1.05 trillion in 2027, a 101.4% year-on-year increase.Despite an improved operational outlook, UOB Kay Hian lowered its price target for DEWA to IDR 780 per share from IDR 1,260 previously. The firm maintained its buy recommendation.The price target adjustment was primarily driven by an increase in the assumed weighted average cost of capital (WACC) to 10.6% from 8.3%, as well as more conservative profit projections due to higher financing and operating costs. UOB also cut its net profit forecasts for DEWA in 2026 and 2027 by 21% and 13.5%, respectively.Meanwhile, BRI Danareksa Sekuritas projected DEWA's net profit to reach IDR 1.64 trillion in 2027, up 142.6% from its 2026 estimate of IDR 676 billion.BRI Danareksa Sekuritas analysts Erindra Krisnawan and Taufan Fadhillah projected the company's revenue to increase from IDR 7.22 trillion in 2026 to IDR 11.78 trillion in 2027. EBITDA is also projected to grow 86.4% to IDR 4.04 trillion.BRI Danareksa Sekuritas set a price target of Rp530 per share for DEWA, with a buy recommendation. The valuation uses the sum-of-the-parts (SOTP) method, which assesses the value of each of the company's businesses or assets.Analysts also believe additional contracts could boost revenue and profitability potential beyond the base-case scenario. However, these projections remain dependent on DEWA's success in winning tenders, increasing work volumes, and maintaining cost efficiency.In addition, potential opportunities in the copper segment and the development of Gayo Mineral's resources could provide additional value over the long term. Nevertheless, these opportunities are not yet fully reflected in analysts' base-case projections.Operational Risks RemainDespite the growth outlook, DEWA continues to face several risks that could affect its ability to meet its 2027 targets. Seasonal rainfall could disrupt mining activities and weigh on overburden (OB) removal volumes, particularly in the fourth quarter of 2026.Other risks include project implementation delays, higher capital expenditure, elevated financing costs, margin declines, and regulatory changes. Failure to secure additional production quotas or new contracts could also limit the planned capacity expansion.Differences in profit projections and price targets from UOB Kay Hian and BRI Danareksa Sekuritas highlight differing assumptions regarding costs, revenue, and the execution of DEWA's expansion plans. Accordingly, projected growth should be distinguished from performance already realized.Through the establishment of DH Logistik, the expansion of in-house operations, and the development of mining contracts, DEWA is seeking to scale up its business while diversifying its revenue sources. However, the logistics subsidiary's financial contribution remains uncertain, as its investment value and revenue targets have not been disclosed.Ultimately, the success of the expansion strategy will depend on contract realization, the achievement of production targets, and the company's ability to maintain efficiency and profitability amid operational and financing risks.

Ministry of Energy and Mineral Resources: All 2026 Coal Mining Work Plans Approved, Production Quota...

The Ministry of Energy and Mineral Resources (ESDM) claimed that the process of issuing the 2027 Work Plan and Budget (RKAB) for coal had been fully completed, with a slight increase in production quotas from the approved quota of 720 million metric tons.Director General of Minerals and Coal at the ESDM Ministry Tri Winarno revealed that the ministry had approved a coal RKAB of around 720 million metric tons, with a slight relaxation added.Tri confirmed that the relaxation granted was relatively small, keeping the approved production quota at around 700 million metric tons.“For 2026, the case is closed. Yes, the minister said there would be a slight relaxation [from around 720 million metric tons],” Tri told reporters in Central Jakarta on Friday night (October 23, 2026).Previously, Energy and Mineral Resources Minister Bahlil Lahadalia revealed that the price of Indonesian high-calorific coal, with a calorific value equivalent of 6,322 kcal/kg GAR, was hovering around USD 154 per metric ton (mt).Bahlil noted that coal prices continued to rise, prompting him to continue increasing production through limited production quota relaxations.“Today, [the price of coal] has reached USD 154 per ton for coal with a calorific value of 6,322, and our hope is indeed for prices to be good, so we can increase production. For now, we will continue to implement limited relaxations to maintain supply and demand,” Bahlil told reporters at the Presidential Palace Complex on Monday (October 19, 2026).It is worth noting that earlier this year, many mineral and coal mining companies complained that they had yet to receive approval for their 2026 RKAB, despite January 2026 already having begun.The ESDM Ministry acknowledged that it had not issued approvals for the 2026 RKAB in early January, amid government plans to cut production of several mining commodities to support prices this year.As a result of the delay, several mining companies were even forced to temporarily suspend their mining operations, preventing them from continuing production.The ESDM Ministry eventually granted mining companies a relaxation allowing them to continue operating for three months, subject to a production limit of 25% of the 2026 RKAB under the three-year version.Separately, the ESDM Ministry set the coal production quota under the 2026 RKAB at around 600 million tons, down from actual production of 817.48 million tons in 2025.Nevertheless, mining companies may apply to revise their RKAB after submitting periodic reports through the second quarter, or no later than July 31 of the current year.For coal, the ESDM Ministry estimated that production would reach 720 million metric tons by the end of 2026.Meanwhile, based on Kpler vessel-tracking data compiled by SX Coal, seaborne coal exports to China reached 12.42 million metric tons in September 2026, down 15.48% month-on-month (mtm) and 32.97% year-on-year (yoy).Overall, Indonesia's seaborne coal exports totaled 36.45 million metric tons in September 2026, edging up 0.52% from the previous month but declining 18.11% yoy.Furthermore, SX Coal recorded India as the second-largest destination for Indonesian coal exports, with a volume of 8.53 million metric tons in September 2026.The figure reportedly rose 22.03% from the previous month but fell 3.63% compared with the same period a year earlier.Meanwhile, Indonesian coal exports to the Philippines reached 3.37 million metric tons in September 2026, up 9.02% from the previous month and 6.97% from a year earlier.Indonesian coal exports to Malaysia reached 1.87 million metric tons in September 2026, down 10.69% month-on-month and 26.02% year-on-year.Coal exports to Vietnam reached 1.86 million metric tons in September 2026, falling 8.37% month-on-month but rising 4.77% year-on-year.