Indonesia’s Coal Reserves Still at 31.95 Billion Tons

Indonesia’s Coal Reserves Still at 31.95 Billion Tons

29 Jul 2025, 17:20 PM
Merdeka Copper (MDKA) Reports 67% Progress on Pani Gold Project
Merdeka Copper (MDKA) Reports 67% Progress on Pani Gold Proj...
12 Aug 2025, 02:15 AM
New Board of Directors and Commissioners of PT Vale Indonesia Announced
New Board of Directors and Commissioners of PT Vale Indonesi...
28 Jul 2025, 17:13 PM
BUMI Proposes IDR 721 Billion Bond to Acquire Australian Gold Mine
BUMI Proposes IDR 721 Billion Bond to Acquire Australian Gol...
23 Sep 2025, 11:07 AM
Merdeka Gold’s Pani Project Set to Begin Production Early 2026
Merdeka Gold’s Pani Project Set to Begin Production Early 20...
26 Sep 2025, 11:10 AM
UNTR’s Doup Project to Boost Gold Production Beyond 400koz by FY28F; Overall Transaction Outlook P...
UNTR’s Doup Project to Boost Gold Production Beyond 400koz by FY28F; Overall Transaction Outlook P...
16 Sep 2025, 02:30 PM 236

UNTR, through its subsidiary Danusa Tambang Nusantara (DTN), has signed a conditional sale and purchase agreement (SPA) with J Resources Nusantara (PSAB) to acquire 100% of Arafura Surya Alam (ASA) for USD 540 million. The transaction is expected to be fully funded with internal cash and completed by Dec-25, so the risk of a lower FY25F dividend payout ratio (DPR) is limited, given a cash balance of IDR 15 trillion.ASA holds an IUPOP mining permit for the Doup Project—an open-pit gold concession covering 4,000 ha in North Sulawesi with estimated resources/reserves of 3.1/1.6 Moz (ore grade 1.28 g/t). The acquisition implies an EV/resource valuation of USD 174/oz versus the prior-deal average of USD 150/oz (Fig. 2).Doup to lift combined production to >400 kozThe Doup Project is currently under construction and is estimated to require an additional USD 400 million in capex to start production in FY28F. At full capacity, the mine is projected to produce 140–155 koz per year, taking UNTR’s combined gold output to >400 koz in FY28F. The project will use a Carbon-in-Leach (CIL) process with an expected recovery rate of ~90% and AISC guidance of USD 1.5–1.6k/oz (with USD 7 million in sustaining capex). Based on our base-case assumptions (Fig. 3; ASP USD 3,600), the Doup Project is expected to contribute IDR 3.3 trillion to UNTR’s FY28F net profit, while the combined gold business contributes around IDR 10 trillion (~50%) to FY28F net profit, all else equal.Maintain Hold with a higher SOTP-based TP of IDR 27,000/shareWe adjust our FY25F earnings estimate by +5% to reflect divestment gains from BBM and PJU in 2Q25. We also incorporate the Doup Project into our SOTP at acquisition cost for now, pending progress toward production. We view the acquisition positively as it aligns with management’s long-term vision to diversify away from coal, while the renewed focus on TSR also appears to be taking shape.Execution risk is seen as limited given UNTR’s track record operating Martabe. Accordingly, we raise our TP to IDR 27,000 (from IDR 24,000) but maintain Hold, as the Doup acquisition and TSR focus seem largely priced in after the recent share-price rally (+27% from the Jun-25 lows). Key risks include soft coal prices, which could compress TTA margins and lower Pama volumes.

PT Merdeka Gold Resources Tbk Officially Launches IPO to Support Pani Gold Project in Gorontalo
PT Merdeka Gold Resources Tbk Officially Launches IPO to Support Pani Gold Project in Gorontalo
16 Sep 2025, 04:48 AM 773

PT Merdeka Gold Resources Tbk (MGR), a subsidiary of PT Merdeka Copper Gold Tbk (IDX: MDKA), has officially entered the capital market with the launch of its Initial Public Offering (IPO).The company has secured in-principle approvals from the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) and issued its Brief Prospectus on Monday (September 8, 2025).In this IPO, MGR is offering up to 1.62 billion ordinary shares, equivalent to 10% of the issued and fully paid-up capital after the IPO. The offering is estimated to raise approximately IDR 4.88 trillion.The bookbuilding period runs from September 8–10, 2025, the public offering will take place on September 17–19, and the shares are scheduled to be listed on September 23, 2025.Three underwriters have been appointed for the offering: Indo Premier Sekuritas, Trimegah Sekuritas Indonesia Tbk, and Sinarmas Sekuritas.Net proceeds from the IPO, after deducting issuance costs, will be used to support working capital for MGR’s subsidiaries engaged in gold ore mining and processing, as well as to repay part of the company’s borrowings.MGR President Director Boyke Poerbaya Abidin emphasized that the IPO aligns with the company’s long-term strategy. The Pani Gold Project has an estimated resource potential of 7 million ounces of gold and is designed as a long-life, low-cost mine.“With sustainable mining practices and consistent ESG implementation, we are confident this project will create value for shareholders while driving economic development in Gorontalo and across Indonesia,” he said.The Pani Gold Project is targeted to become one of the largest primary gold mines in the country. In the initial phase, a heap leach facility with a capacity of 7 million tonnes of gold ore per year is expected to commence operations in December 2025, reaching peak production of 140,000–150,000 ounces of gold per year during 2026–2030.Subsequently, a Carbon-in-Leach (CIL) facility will be developed in stages from 2029–2032 with a capacity of 12 million tonnes per year, producing up to 355,000 ounces of gold annually.As of June 2025, construction of the heap leach facility had reached 67% completion and remains on schedule to begin initial production in the first quarter of 2026. Funding requirements for this initial phase have also been fully secured.At full operation, the Pani Gold Project is projected to achieve peak production of 500,000 ounces of gold per year, making it a new growth engine for MDKA’s performance and an important contributor to Indonesia’s gold industry.

Aneka Tambang Enters a New Phase in Gold Downstreaming
Aneka Tambang Enters a New Phase in Gold Downstreaming
15 Sep 2025, 02:14 PM 956

PT Aneka Tambang Tbk (ANTM), or Antam, is preparing to open a new chapter in its gold business amid Mining Industry Indonesia’s (MIND ID) push to accelerate downstreaming of natural resources.Antam is expediting a strategic project to build a gold minting plant at the Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java, located near Freeport’s copper smelter. Through this facility, doré bullion from Freeport will be refined into pure gold and then minted into Antam-branded gold bars.Antam’s Director of Finance and Risk Management, Arianto Sabtonugroho, said the investment value for this facility reaches USD 70 million, or around IDR 1.1 trillion. The plant is targeted to begin operations in the fourth quarter of 2027 and will be capable of producing up to 5 million pieces of minted precious-metal bars, coins, and industrial gold annually. The facility will also provide direct access to pure gold feedstock with a fineness of 99.99%.“This is related to our strategic project, namely the construction of a new gold processing manufacturing plant in Gresik, which will add to our existing gold manufacturing capacity currently handled at our Pulo Gadung plant,” Arianto said at Public Expose Live 2025, quoted Monday (15/9).In the first half of 2025, the majority of Antam’s gold supply still came from imports, accounting for 78%, while the remaining 22% was sourced domestically, including from PT Freeport Indonesia (PTFI). However, Freeport’s supply is not in the form of finished gold bars, but doré bullion—semi-processed gold that still requires refining.Previously, Antam purchased 30 tonnes of gold from Freeport’s plant in Gresik, East Java, worth USD 12.5 billion or around IDR 195.7 trillion. This was undertaken to promote downstreaming and resource-based industrialization, which is among the government’s 17 priority programs. It also aims to increase the production of minted gold pieces that Antam sells to the public.Deputy Minister of Energy and Mineral Resources (ESDM) Yuliot Tanjung said late last year that this synergy—collaboration among MIND ID’s subsidiaries—can have a positive impact on the national economy. Previously, Antam had to import gold valued at up to USD 12 billion or IDR 188.46 trillion (exchange rate: IDR 15,705 per US dollar).Downstreaming of Antam’s gold provides layered benefits to the national economy. The government will no longer have to rely on imports of pure gold, as domestic needs can be met at home. Moreover, refining and minting into gold bars will take place in Indonesia, which can help bolster the national gold industry.MIND ID also stated that the synergy between the two companies will result in foreign-exchange savings. The country will no longer need to import Antam’s precious-metal feedstock, and this step also demonstrates tangible results from the government’s downstreaming program. Furthermore, MIND ID said it is ready to participate in the formation of a bullion bank through Antam.Antam Supports a Bullion BankAlongside its move to build a gold minting plant, Antam is also ready to take part in the bullion bank ecosystem. This is being done to support a more inclusive and sustainable gold investment ecosystem to strengthen economic resilience.President Prabowo Subianto inaugurated the bullion bank in February 2025. He expressed hope that the launch of the Gold Bank would add value to the utilization of natural resources.“Our wealth is vast, our potential is great—our management must be smarter, more meticulous, more prudent, and more transparent,” Prabowo said at the launch of the Gold Bank on Wednesday (26/2).Recognizing this potential, Antam declared its full support for establishing Indonesia’s Bullion Bank and stands ready to participate in the ecosystem by providing high-quality precious-metal gold products. This support is also Antam’s strategy to expand access and strengthen public trust in gold as an investment instrument.Antam’s precious-metal products are known for assured purity, personalization options to meet investor needs, and production at facilities certified by the London Bullion Market Association (LBMA).With the presence of a bullion bank, gold services are projected to expand further, encompassing deposits, financing, trading, and custody. In line with this, Antam has partnered with Pegadaian and PT Bank Syariah Indonesia Tbk (BRIS), or BSI, for the distribution of physical and digital gold to strengthen service reach across various market segments.“Pegadaian and BSI are our key partners as wholesale and corporate customers. We will also fully support the bullion bank ecosystem for physical and digital gold trading,” said former Antam President Director Nico Kanter in February 2025.Antam’s contribution to establishing a bullion bank paves a new path for the national gold industry. No longer limited to producing gold bars, Antam now positions itself as part of a financial ecosystem that promotes literacy and access to gold investment for the broader public. People will find it easier to access internationally standardized gold products, making gold a safe and profitable investment instrument.Thus, gold becomes not only a symbol of prosperity but also a safe and rewarding investment choice for the future.Antam’s Gold Sales SurgeBased on its financial report, the issuer under the holding company Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara) recorded sales of IDR 59.01 trillion in January–June 2025, up from IDR 23.18 trillion in the same period the previous year (yoy), a jump of 154.57%.By segment, gold sales in the first half of 2025 soared 163% year-on-year to IDR 49.53 trillion, equivalent to 84% of the company’s total revenue. Antam recorded total gold production of 438 kg or 14,082 troy oz, relatively stable compared to the previous year’s gold production of 440 kg or 14,146 troy oz.In addition, management said this MIND ID member booked the highest quarterly gold sales in its history in the second quarter of 2025 at 15,566 kg or 500,459 troy oz. This figure rose 76% from sales in the same period last year of 8,857 kg or 284,759 troy oz.Sales growth in the second quarter propelled first-half 2025 gold sales to 29,305 kg or 942,178 troy oz, up 84% from 15,969 kg or 513,415 troy oz in the previous half-year.These achievements led Antam to book a net profit of IDR 4.69 trillion in the first half of 2025, up 202.58% compared with net profit of IDR 1.55 trillion in the same period of 2024.“Our market coverage for minted precious-metal bars is 100% within Indonesia—the domestic market—where nearly 70% is distributed through wholesale partners, and the remainder through Antam’s direct channels, including physical retail boutiques as well as online channels and the Antam Logam Mulia digital app,” said Arianto.Antam’s OutlookMining analysts view Antam’s prospects as increasingly bright, provided corporate governance remains strong. Good corporate governance (GCG) is considered key for this state-owned miner to maintain the continuity of its rapidly improving performance.Ferdy Hasiman, a researcher at Alpha Research Database Indonesia and a mining observer, noted that gold imports add cost burdens for Antam. However, the availability of doré bullion from Freeport can reduce these costs by easing dependence on imports.He argued that Antam’s downstreaming efforts through the construction of the gold minting facility will not only produce intermediate products but also meet domestic industrial needs. Ferdy believes this situation benefits both Antam—by reducing import costs—and Freeport, whose products are absorbed by the domestic market.Although domestic gold absorption currently stands at around 22%, he projected substantial room for Antam to increase local uptake. He said the scale of absorption will be determined by Antam’s ability to expand production capacity.“But in my view this is very attractive for the domestic market, because the output from the gold minting facility is not just intermediate product—it is directly absorbed by domestic industry for processing and so forth,” Ferdy told Katadata.co.id, Monday (15/9).Since joining the MIND ID holding, Ferdy said Antam’s profits have surged from the hundreds of billions of rupiah to more than IDR 1.55 trillion. He said cooperation with Freeport is seen as more efficient, as it can reduce production costs while strengthening the domestic gold supply chain. In his view, gold downstreaming can boost Antam’s sales, widen profit margins, and reinforce its position as one of the most promising state-owned miners going forward.“That is what is expected from Antam. As for concessions and so on, I believe the state will provide strong backing for Antam—but what’s most important now is management,” Ferdy said.Mohammad Faisal, Executive Director of the Center of Reform on Economic (CORE), assessed that the 30-tonne gold sales-and-purchase agreement between Antam and Freeport is a concrete step in promoting gold downstreaming. The agreement aims not merely to rely on raw materials, but to process them into value-added products that can be marketed as semi-finished or finished goods.“And this should also potentially develop gold derivatives and, ideally, help the growth of the bullion bank,” Faisal told Katadata.co.id, Monday (15/9).In addition, J.P. Morgan expects Antam’s performance to improve starting in August with volumes around 4 tonnes, approaching the first-half average of 5 tonnes. Fundamentally, ASEAN Metals, Indo Auto & Consumer Research analysts at J.P. Morgan, Benny Kurniawan and Henry Wibowo, also foresee Antam’s financial prospects remaining solid.The company is projected to book around IDR 9 trillion in net profit in 2025, in line with internal estimates of IDR 8.6 trillion and far above the market consensus of IDR 6.8 trillion. With a pace of IDR 2 trillion per quarter in the second half of this year, Antam is believed to be able to sustain its momentum despite volatility in July.J.P. Morgan maintains an overweight rating on ANTM with a target price of IDR 3,850 per share. Antam is seen as supported by two main catalysts: rising volumes in gold processing and trading, and resilience in the nickel ore business, which could improve following 2024 permit issuances. “ANTM’s valuation is set at 10.5x average FY2025/2026 earnings, below the three-year average of 12x to account for potential execution risks,” wrote J.P. Morgan’s ASEAN Metals, Indo Auto & Consumer Research analysts, Benny Kurniawan and Henry Wibowo, in their report, quoted Monday (15/9).As for today’s trading session, Monday (15/9), ANTM shares have surged by 128.20% year to date (ytd). ANTM traded in the range of IDR 3,430 – IDR 3,530 per share, with market capitalization reaching IDR 83.87 trillion.Mirae Asset Sekuritas upgraded its recommendation on Aneka Tambang (ANTM) shares to trading buy, with a new target price of IDR 4,000 per share. The target reflects a 2025F P/E valuation of 10.0x, in line with the three-year average. The target for ANTM shares is driven by positive gold price momentum expected to continue through the third quarter of 2025, which could support ANTM’s performance.Mirae Asset also believes the rising gold trend will provide room for ANTM’s earnings to beat market expectations. The latest target price is based on revised profit projections in line with the company’s solid financial performance throughout the year, as reflected in its strengthening share price.“The company’s ability to maintain resilient cash costs, coupled with strong sales from both its gold and nickel-ore segments, underpins the bullish outlook for ANTM shares,” said Mirae Asset Sekuritas Indonesia analyst Muhammad Farras Farhan, quoted Monday (15/9).

United Tractors (UNTR) Acquires PSAB Gold Mine in IDR 8.85 Trillion Deal
United Tractors (UNTR) Acquires PSAB Gold Mine in IDR 8.85 Trillion Deal
15 Sep 2025, 12:19 PM 1059

PT United Tractors Tbk (UNTR) announced its plan to acquire shares in two gold mining entities through its subsidiaries. The transaction was conducted on September 12, 2025, with an enterprise value of USD 540 million, or approximately IDR 8.85 trillion.In this transaction, PT Danusa Tambang Nusantara (DTN), a subsidiary of UNTR, signed a Conditional Sale and Purchase Agreement with PT J Resources Nusantara Tbk (PSAB). The agreement covers the purchase of a 99.99996% stake in PT Arafura Surya Alam (ASA), which is engaged in gold mining.Additionally, PT Energia Prima Nusantara (EPN), another UNTR subsidiary, also signed a similar agreement with Jimmy Budiarto. EPN plans to purchase a 0.00004% stake in ASA and a 0.2% stake in PT Mulia Bumi Persada (MBP) owned by Jimmy, where MBP is a company jointly owned by ASA and Jimmy.The enterprise value of USD 540 million includes the share purchase, the value of the shareholder loan from JRN to ASA, and will be adjusted based on ASA's balance sheet conditions at the time of the transaction's completion. The completion process is targeted to be no later than December 23, 2025, or another time as agreed upon by the parties."The purpose of this Transaction Plan is to expand the company's business in the mineral sector," as stated in the IDX information disclosure, quoted on Monday (September 16, 2025).Furthermore, the Astra group issuer has a hedging strategy in place to maintain the stability of gold selling prices from its mining business line. With this strategy, the company hopes to minimize the risk of commodity price fluctuations in the global market.

Bukit Asam (PTBA) Actively Pursues Coal Downstreaming Projects
Bukit Asam (PTBA) Actively Pursues Coal Downstreaming Projects
12 Sep 2025, 12:53 PM 545

PT Bukit Asam Tbk (PTBA) is actively diversifying its business by working on several downstream projects derived from coal products.The Director of Downstream and Diversification Products, Turino Yulianto, stated that PTBA recently started a project to develop Potassium Humate by utilizing low-calorie coal products.For this project, PTBA is partnering with Gadjah Mada University (UGM) for research purposes.Since it is still in the pilot plant phase, PTBA's current potassium humate production is only around 150 tons per year.However, if further developed, there is potential to increase its production capacity to 235,000 tons per year.Turino admitted that the potassium humate product has already garnered significant interest from agricultural and plantation businesses, such as PTPN and PT Agrinas.He stated during a public expose on Thursday (September 11) that they could fully commercialize this product within the next few months.In addition, PTBA is also developing the downstream processing of coal into Artificial Graphite.This is a coal derivative product that can support the electric vehicle battery ecosystem. PTBA is collaborating with the National Research and Innovation Agency (BRIN) on this project.PTBA has the capability to produce 200 tons of Artificial Graphite per month. However, for the current pilot plant scale, PTBA's Artificial Graphite production is set at 41 tons per month.Furthermore, since last year, PTBA has been working on a Wood Pellet development project from the Kaliandra Merah plant, located in the company's post-mining area in Tanjung Enim, South Sumatra.UPN Veteran Yogyakarta is also a partner for PTBA in this project.For the initial phase, PTBA is producing 96 tons of Wood Pellets per month.This product is used as an alternative biomass source to support carbon emission reduction, especially in mining areas.When contacted separately, Korea Investment & Sekuritas Indonesia Analyst Muhammad Wafi said that coal downstreaming is an important strategy for PTBA to anticipate the trend of declining commodity prices."These projects have the potential to be long-term catalysts for PTBA, as they can reduce dependence on raw coal prices," he said on Thursday (September 11).Nevertheless, this expansion also presents challenges in terms of funding and execution of the downstream projects themselves. The downstream projects are expected not to become a burden on PTBA's cash flow.Therefore, PTBA must pay attention to factors such as strategic partners, project economics, and the speed of the project's progress. If managed well, downstreaming will be a turning point for PTBA's performance.Wafi also recommended a "trading buy" for PTBA shares with a target price of IDR 2,800 per share.

Vale Indonesia: Danantara Interested in Investing in Three Nickel Smelters
Vale Indonesia: Danantara Interested in Investing in Three Nickel Smelters
12 Sep 2025, 12:16 PM 939

Director and Chief Project Officer of PT Vale Indonesia Tbk (INCO), Muhammad Asril, stated that the Investment Management Agency (BPI) Danantara is interested in investing in three of Vale Indonesia's nickel processing facility projects."I can say that the investment opportunity is open, and to my knowledge, there are initial discussions with Danantara to join the three development projects," said Asril in Jakarta, Thursday, September 11, 2025.The first project is being developed in collaboration with Zhejiang Huayou Cobalt—a cobalt, nickel, and lithium producer from China—and Ford Motor Company—a multinational automotive company from the United States—in Pomalaa, Kolaka, Southeast Sulawesi.The second project is located in Sambalagi, Morowali, Central Sulawesi, and is being built with GEM Co., Ltd.—a battery materials manufacturing company from China.Meanwhile, the third project, also established with Zhejiang Huayou Cobalt, is located in Sorowako, East Luwu, South Sulawesi.According to Asril, the involvement of Danantara and other investors in these projects will strengthen the funding base and accelerate the realization of the development. He emphasized the company's commitment to using environmentally friendly energy in the three smelter projects to support decarbonization efforts.He explained that approximately 80 percent of the energy needs for the Pomalaa nickel smelter project are met through heat recovery—a technology to capture waste heat from various production processes for reuse—while the rest comes from liquefied natural gas (LNG).In Sambalagi, Morowali, the project is located within an international green industrial park, with energy supply sourced entirely from renewable sources such as heat recovery, solar panels, and biomass. "In Morowali, 100 percent of the energy is renewable-based and does not use LNG," Asril said.

Construction of Antam-CATL RKEF Smelter to Begin in Late September 2025
Construction of Antam-CATL RKEF Smelter to Begin in Late September 2025
11 Sep 2025, 12:33 PM 924

PT Aneka Tambang Tbk (ANTM) is targeting the construction of its pyrometallurgical nickel smelter, based on the rotary kiln electric furnace (RKEF) technology, to begin at the end of this month in the Feni Haltim (FHT) industrial area.This nickel refinery is part of a joint investment between Antam and a consortium led by the Chinese battery giant, Contemporary Amperex Technology Co Ltd (CATL).CATL's investment is channeled through Ningbo Contemporary Brunp Lygend Co Ltd (CBL), a joint venture with Brunp and Lygend. The latter two companies have expertise in the production of battery raw materials.Director of Finance and Risk Management, Arianto S. Rudjito, said that the company, together with CBL, is currently finalizing the selection of an engineering, procurement, and construction (EPC) contractor for the project. Arianto hopes the process can be completed to move on to the construction phase by the end of this month."[We] will make the first capital injection, with the hope of commencing construction in late September or October," said Arianto during a public expose on Thursday (September 11, 2025).The project, with an investment value reaching USD 1.4 billion, is targeted to be operational by 2027. The plant's capacity is set at 88,000 tons of nickel pig iron (NPI) per year.ANTM holds a 40% stake in the joint venture formed with CBL that controls the smelter, PT Feni Haltim (FHT)."This is in line with the plan where the construction is scheduled for completion in late 2026 and commissioning in 2027," he said.This smelter project is part of CBL's integrated investment with Indonesia Battery Corporation (IBC) under the project code "Dragon."The integrated investment, from upstream mining to electric battery assembly, is estimated to cost up to USD 6 billion, or around IDR 96 trillion.IBC, together with the CBL consortium, has signed a number of joint ventures (JV) at several stages of the EV battery business, from the upstream or nickel mining side, to the midstream, and finally to the downstream in the form of a battery cell factory.In the upstream sector, three joint ventures were formed, including PT Sumber Daya Arindo (SDA), which manages the nickel mine. Antam holds a 51% stake, while the rest is held by CBL's affiliate, Hongkong CBL Limited (HKCBL).Next, a joint venture for the pyrometallurgical plant or RKEF-based smelter and industrial area was established through PT Feni Haltim (FHT), with Antam holding a 40% share.Meanwhile, Antam holds a 30% stake in the joint venture for the hydrometallurgical or high-pressure acid leach (HPAL) plant.Other joint ventures are being worked on by IBC and CBL, including battery raw materials, battery cell assembly, and recycling. IBC tends to have a minority stake in these midstream to downstream collaborations.IBC holds a 30% stake for the battery raw material processing and battery cell assembly projects. Meanwhile, IBC gets a 40% share in the joint venture for battery recycling.

Smelter in Lingga Expected to Employ 10,000 Workers
Smelter in Lingga Expected to Employ 10,000 Workers
11 Sep 2025, 04:30 AM 308

The alumina smelter investment plan by PT Tiansan Indonesia in Dabo Singkep is currently awaiting a decision from the central government. The Regent of Lingga, M. Nizar, reminded that only four months are left to ensure the collaboration proceeds.He explained that the local government has already helped provide 400 hectares of replacement land. Three coordinate points have been submitted to be finalized by the Ministry of Defense."It's just waiting for a resolution from the central government. PT Tiansan's permit is only valid until December," said Nizar on Wednesday (September 10, 2025).According to Nizar, this project has been in process for over three years. If it materializes, the IDR 83 trillion investment will create 10,000 jobs."This isn't just for Lingga; it also supports the President's downstreaming program," he said.The local government has been in intensive communication through House of Representatives Commission I. Even the Director General of the Ministry of Defense is said to have received coordination regarding the smelter's location points."The entry point is with the central government. We hope this is finalized soon," he added.In preparation, PT Tiansan is committed to training the youth of Lingga. A total of 20 people will be sent to China for a two-year training program.The program will continue with an additional 52 people in the second phase and 100 in the third. They are being prepared to fill strategic positions at the plant, for which groundbreaking is targeted soon.“Our young people are being prepared from the outset. This shows the seriousness of the investment,” Nizar said.If all phases proceed smoothly, Lingga could become a new hub for mineral-based industry in Indonesia. The local government is optimistic that the project will significantly reduce poverty in the region.

ITMG Considers Gold Business Opportunities Following Nickel Mine Acquisition
ITMG Considers Gold Business Opportunities Following Nickel Mine Acquisition
10 Sep 2025, 12:11 PM 790

PT Indo Tambangraya Megah Tbk (ITMG) is open to the possibility of business diversification into strategic minerals, particularly domestic gold mining.ITMG President Director Mulianto said that the company is open to managing critical minerals, including bauxite, gold, and copper. However, the realization is currently still in the observation stage."It is still under observation to ensure that we can get assets that are truly in line with our strategy. For ITMG itself, we will focus only on domestic [assets]," said Mulianto during a Public Expose Live, Wednesday (September 10, 2025).Previously, in the first half of 2025, ITMG had diversified into a strategic mineral, namely nickel. This was done through the purchase of a 9.6% stake in PT Adhi Kartiko Pratama Tbk (NICE), an issuer engaged in the nickel mining sector.As part of its diversification strategy, ITMG chose nickel due to its promising long-term growth prospects, as well as nickel's role as a strategic mineral supporting clean energy infrastructure and a key component of stainless steel.Looking ahead, ITMG Director Yulius Kurniawan Gozali said that the company has targeted sales in the range of 26.3 to 27.4 million tons in 2025. In the first semester, the achievement was 11.7 million tons."So the remaining approximately 15 million tons are projected to be sold in the second half of this year," Yulius explained.In terms of performance, the company's revenue throughout the first half of 2025 was recorded at USD 919 million, a correction of 12% due to a 19% decrease in the average selling price of coal (ASP). As a result, ITMG booked a net profit of USD 94 million for the six-month period ending June 30, 2025

Indonesia’s Merdeka Copper Gold Says Its Subsidiary Will Launch USD 300 Million IPO
Indonesia’s Merdeka Copper Gold Says Its Subsidiary Will Launch USD 300 Million IPO
08 Sep 2025, 12:25 PM 753

PT Merdeka Copper Gold Tbk said on Monday its gold mining unit has gained approval from the regulator to launch book building for an initial public offering to raise as much as IDR 4.9 trillion (USD 300.6 million).PT Merdeka Gold Resources plans to offer as much as 1.6 billion shares in the IPO scheduled for September 17-19, it said in a statement.The company will use the proceeds as capital for its gold mining and processing business and for debt payment, the statement said.Its flagship mine in Pani Mountain in Sulawesi is estimated to have 7 million ounces of gold resources.Merdeka Gold Resources is currently constructing a processing facility for the project, scheduled to start operating in the first quarter next year.At its full operation, the Pani gold project is expected to reach peak production of 500,000 ounces of gold.Indo Premier Sekuritas, Trimegah Sekuritas Indonesia and Sinarmas Sekuritas have been hired as underwriters for the IPO. The shares are expected to be listed on Indonesia Stock Exchange on September 23.

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