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
PT Gag Nickel Resumes Operations After Receiving Green Proper
PT Gag Nickel Resumes Operations After Receiving Green Proper
08 Sep 2025, 04:29 AM 366

PT Gag Nikel has officially started its operations as of Wednesday, September 3, 2025. This was confirmed by Tri Winarno, the Director General of Minerals and Coal (Minerba) at the Ministry of Energy and Mineral Resources (ESDM)."As far as I know, it has. As of Wednesday, September 3," said Tri when met at the ESDM Ministry on Monday (September 8, 2025).Tri added that the performance evaluation of the nickel mining company has shown positive results. PT Gag Nikel successfully achieved a green rating in the Corporate Performance Rating Program in Environmental Management (Proper)."As per Proper, it got a green. A green rating means that, if Proper has black, red, blue, green, and gold, green means it has complied with all environmental governance regulations, plus it has community empowerment programs," Tri explained.The Proper assessment for PT Gag Nikel involved several ministries, including the Ministry of Environment and Forestry (KLHK), the ESDM Ministry, and the Ministry of Marine Affairs and Fisheries (KKP)Previously, the Ministry of Energy and Mineral Resources (ESDM) had temporarily halted the operations of PT Gag Nikel Indonesia, a subsidiary of PT Aneka Tambang Tbk that holds a Contract of Work (KK) on Gag Island, Raja Ampat, Papua.The suspension was triggered by alleged mining activities that had the potential to damage the ecosystem around the operational area. PT Gag Nikel itself began operating under a KK signed during the 1997–1998 period.In 2017, the company obtained an operational production permit and secured an environmental impact analysis (Amdal) document from the government.

MIND ID Targets 21.4% Emissions Reduction in Mining Sector as Part of Decarbonization Push
MIND ID Targets 21.4% Emissions Reduction in Mining Sector as Part of Decarbonization Push
03 Sep 2025, 02:37 AM 420

MIND ID, aims to reduce greenhouse gas emissions by 21.4% against the business-as-usual scenario, equivalent to 6.6 million tons of CO2e by 2030, through national decarbonization efforts.To achieve this target, four main scenarios have been formulated and consistently implemented across its holding members: conversion to low-carbon fuels, operational efficiency, increased use of renewable energy, and utilization of renewable energy certificates.Several tangible steps already realized in low-carbon fuel conversion include the use of B35 in PT Aneka Tambang Tbk's mining equipment, which successfully reduced emissions by approximately 13,000 tons of CO2e in 2024.Furthermore, operational efficiency is being implemented by PT Bukit Asam Tbk through the use of an electric-powered bucket wheel excavator at its coal handling facility in Tanjung Enim, reducing emissions by approximately 5,200 tons of CO2e. More than 99 percent of the energy currently used by PT Indonesia Asahan Aluminium (Inalum) is sourced from the Asahan Hydropower Plant's renewable energy.PT Timah Industri has also operated a 300-kilowatt peak rooftop solar power plant, reducing emissions by approximately 300 tons of CO2e per year. MIND ID President Director, Maroef Sjamsoeddin, stated that the company, along with all members of the MIND ID Group, will consistently enhance mineral resource management and downstream processing while prioritizing sustainability."For MIND ID, sustainability is not just an addition, but a tangible manifestation of the spirit of Mining for Indonesia and the World. This commitment is realized through concrete efforts to reduce emissions while maintaining environmental balance," he said at MINDialogue 2025 recently.Maroef stated that the MIND ID Group also continues to study the utilization of carbon offsets, carbon trading, and the use of Renewable Energy Certificates as part of long-term initiatives in its decarbonization strategy.“We believe there is still significant room for MIND ID to make greater contributions. Through decarbonization, we aim to provide tangible support in achieving national climate targets and meet global expectations for Indonesia’s green minerals,” he concluded.

MBMA Provides IDR 1.77 Trillion in Capital for Nickel Smelter Project
MBMA Provides IDR 1.77 Trillion in Capital for Nickel Smelter Project
03 Sep 2025, 02:37 AM 459

PT Merdeka Battery Materials Tbk (MBMA) has officially disbursed funding to its affiliated entity, PT Merdeka Tsingshan Indonesia (MTI), through a Mudharabah contract mechanism.Through an information disclosure to the IDX, this transaction effectively took place on August 28, 2025. In the agreement, MBMA disbursed Mudharabah financing funds totaling IDR 1.77 trillion from the proceeds of the Mudharabah Sukuk issuance after deducting applicable emission costs."The Mudharabah Financing Funds will be used by MTI for the purpose of replacing funds obtained from loan facilities by paying a portion of the loan principal whose funds have been used to finance capital expenditures, construction costs, and project operational costs," as quoted in the IDX information disclosure, Tuesday (September 2, 2025).MBMA's management affirmed that this transaction is an affiliated transaction because MTI is a controlled company of the issuer.Regarding the ownership structure, MTI is a controlled company of MBMA through PT Batutua Prima International (BPI). BPI itself holds an 80% stake in MTI, thereby strengthening MBMA's position in the development of the nickel supply chain and the electric vehicle battery ecosystem.In line with this news, MBMA's share price rose by 2.9% to IDR 426 per share. Its market capitalization reached IDR 47.04 trillion.

MDKA’s Gold Subsidiary PT Pani Bersama (PAMA) Set for September IPO
MDKA’s Gold Subsidiary PT Pani Bersama (PAMA) Set for September IPO
03 Sep 2025, 02:25 AM 1374

PT Pani Bersama Jaya, a subsidiary of PT Merdeka Copper Gold Tbk (MDKA) which owns a giant gold mine, listing on the Indonesia Stock Exchange (IDX) through an Initial Public Offering (IPO) is gaining momentum. The corporate action is reportedly set to roll out starting in September 2025.According to a report by Katadata.co.id, this entity is set to go public on the Indonesia Stock Exchange (IDX), offering 120 million lots of shares. However, it remains unclear what stock ticker will be used by this subsidiary of PT Merdeka Copper Gold Tbk (MDKA).Based on data obtained by Katadata.co.id, Pani Bersama Jaya is currently in the Pre-Effective stage for its initial public offering (IPO). The company is said to be opening the book-building period in the first and second weeks of September.Currently, the company is reportedly awaiting approval from the Financial Services Authority (OJK) to proceed with the IPO. The shares will be offered at a maximum price range of IDR 1,500 per share during the IPO.If calculated, Pani, which manages the giant gold mine project in Gorontalo, could potentially raise a maximum of IDR 18 trillion in fresh funds. However, other reports suggest that PAMA will release 120 million shares at a maximum price of IDR 1,200, bringing the total funds collected to IDR 1.45 trillion.Katadata.co.id has sought confirmation from MDKA management regarding the news of Pani's IPO. However, as of the time of publication, the confirmation submitted to MDKA's GM Corporate Communication, Tom Malik, has not been responded to.According to the Q2 2025 activity report, management stated that the development of the Pani Gold Project is on schedule, with a completion rate reaching 67% by the end of the quarter. Detailed engineering plans and procurement processes have been completed. Meanwhile, contractors are currently installing processing infrastructure and electrical systems.Currently, the port facility is operational, and the construction of fuel storage facilities has also been completed. Operational trials are targeted for late 2025, with the first gold production expected to commence in Q1 2026.Meanwhile, copper production from the Wetar Mine this quarter reached 1,854 tons with a total cash cost of USD 3.35 per pound,an AISC of USD 4.75 per pound, and an ASP of USD 4.23 per pound.Profile of Pani Gold ProjectThe Pani Gold Project in Gunung Pani, Pohuwato Regency, Gorontalo, is being developed by PT Merdeka Copper Gold Tbk to become one of the largest primary gold mines in Indonesia and the Asia Pacific. This project boasts reserves of over 7 million ounces of gold with an estimated mine life spanning several decades.Based on the official website of Merdeka Group, leveraging its experience in managing the Tujuh Bukit Gold Mine in Banyuwangi, the Merdeka Group aims to optimize the potential of an area known as a gold-producing region since the 19th century. This project is managed through several subsidiaries that handle mining operations, processing, and the construction of supporting infrastructure.In the initial phase, the company will utilize the heap leach method with a processing capacity of up to 7 million tons of ore per year and a production target of approximately 140 thousand ounces of gold per year. Subsequently, the Merdeka Group will build a carbon-in-leach (CIL) facility with an initial capacity of 7.5 million tons per year, targeted to increase to 12 million tons per year by 2030.When both facilities are fully operational, the total combined capacity is projected to reach 19 million tons per year, with a potential peak production of up to 500 thousand ounces of gold per year. Project preparations are reported to be on schedule. The company has completed detailed engineering design, procurement of main equipment, and heap leach method trials.In addition, the construction of supporting infrastructure, such as fuel storage facilities, a port, and an electrical substation, is underway. PLN is scheduled to supply main power in 2025, while the on-site metallurgical laboratory will commence operations in early 2025.The first gold processing is targeted for late 2025, with commercial production likely to begin in early 2026.

Cita Mineral Investindo (CITA) Increases Capital in Kalimantan Aluminium Industry
Cita Mineral Investindo (CITA) Increases Capital in Kalimantan Aluminium Industry
02 Sep 2025, 05:22 PM 797

PT Cita Mineral Investindo Tbk (CITA) has increased its paid-up capital and issued capital in PT Kalimantan Aluminium Industry (KAI).In an information disclosure to the Indonesia Stock Exchange (IDX) on August 29, 2025, KAI issued 1,896,312 new shares with a nominal value of IDR 1,896,312,000,000.CITA subscribed to 237,039 of these new shares for a total nominal value of IDR 237,039,000,000, equivalent to USD 14,557,461. Other shareholders also participated proportionally based on their respective ownership stakes in the new share issuance.As a result, KAI's shareholder composition now consists of PT Alamtri Indo Aluminium with 4,817,435 shares (65%) or a value of IDR 4,817,435,000,000; Aumay Mining Pte. Ltd with 1,667,574 shares (22.5%) or a value of IDR 1,667,574,000,000; and CITA with 926,430 shares (12.5%) or a value of IDR 926,430,000,000.The transaction carried out by CITA is part of a series of transactions for the company's capital injection into KAI throughout 2025."CITA has injected a total capital of IDR 419,250,000,000 in the current year. This amount represents 5.5% of the company's equity as of December 31, 2024, which was IDR 7,621,208,264,673," stated Cita Mineral Investindo Director, Yusak Lumba Pardede, in an information disclosure on Monday (September 1, 2025).CITA's management added that the purpose of this transaction is one of the company's steps to support KAI's aluminum smelter project located in the Kalimantan Industrial Park Indonesia, Bulungan Regency, North Kalimantan.Through this smelter, CITA contributes to the downstreaming program by creating added value for alumina products and closing the gap between aluminum supply and demand."There are no unfavorable impacts on the company's operational activities, legal standing, financial condition, or business continuity as a result of this transaction," Yusak concluded.

KLH Has Issued Environmental Approvals for Over 400 Mining Permits
KLH Has Issued Environmental Approvals for Over 400 Mining Permits
02 Sep 2025, 02:35 AM 405

The Ministry of Environment and Forestry (KLH) has issued more than 400 environmental approvals for mining activities across Indonesia."Based on our data, we have issued environmental approvals for over 400 mining permits today. With such cooperation, there is still much we need to do. Certainly, support from the private sector like MIND ID is very important," explained Minister of Environment Hanif Faisol at the MINDialogue event in Jakarta, quoted on Tuesday (September 2, 2025).Although MIND ID is currently responsible for managing only about 30% of the country’s mining operations, Minister Hanif expressed strong appreciation for the state-owned mining holding company’s efforts in conducting its operations in compliance with national regulations.Environment Minister Hanif Faisol also emphasized the importance of environmentally conscious economic development, as mandated by Article 33, Paragraph 4 of the 1945 Constitution. “Indonesia’s economy must be run in a sustainable and environmentally responsible manner. This is a constitutional mandate,” he asserted.According to Hanif, the number of business entities registered in the KLH’s Environmental Impact Assessment (AMDAL) system has exceeded 5 million units. As a result, monitoring environmental permit compliance remains a major challenge, largely due to limitations in human resources and technological capacity."Imagine, with a total of only 1,100 environmental inspectors, we must be able to ensure environmental feasibility for almost 5 million business units based on our AMDAL system," he said.Out of approximately 5 million business units, over two million fall into the medium to high-risk categories, requiring UKL-UPL and AMDAL documents. According to his analysis, one environmental inspector must guide and oversee over a thousand business units. "It is not possible to implement perfectly," he concluded.

MINE Secures Two Mining Support Service Contracts, Reports Revenue Growth
MINE Secures Two Mining Support Service Contracts, Reports Revenue Growth
01 Sep 2025, 05:47 PM 204

PT Sinar Terang Mandiri Tbk (MINE/STM) recorded a 12.46% increase in business revenue to IDR 1.15 trillion in the first half of 2025, up from IDR 1.02 trillion in the same period last year. This achievement is in line with STM's increased operational activities across several projects, as well as contributions from new contracts secured at the beginning of this year.President Director of PT Sinar Terang Mandiri Tbk, Ivo Wangarry, stated that this performance realization serves as an important foundation for STM in maintaining business sustainability and ensuring a positive contribution to shareholders and all stakeholders."We are maintaining growth momentum and strengthening STM's position as a strategic partner in the mining support services sector, while also reaffirming the continuous trust placed in STM. Our expansion strategy and enhanced operational capabilities are expected to continue supporting business growth," said Ivo in his official statement on Monday (September 1).The revenue growth in H1 2025 was further supported by securing two new contracts: one with PT Sulawesi Cahaya Mineral (SCM), covering the management of mining support services and material transportation (hauling services); and the second contract is the Sampala Project with PT Erabaru Timur Lestari for the construction of an 8 KM hauling road. These two contracts further expand STM's business portfolio and solidify its position as a trusted partner in the mining support services industry.This business expansion also explains STM's increased investment in H1 2025, in the form of additional heavy equipment, supporting infrastructure, and new workforce. In line with these steps, STM's asset value rose by 24.5% to IDR 2 trillion as of June 30, 2025, from IDR 1.61 trillion last year.The increase in operational scale also affected the cost structure. Labor costs increased by 33.09% to IDR 161.64 billion from IDR 121.45 billion last year. Cost of goods sold reached IDR 929.59 billion from the previous IDR 768.81 billion. This resulted in STM recording a net profit for the current period of IDR 116.99 billion in H1 2025, compared to IDR 145.54 billion in H1 2024.STM's business expansion is also reflected in the increased depreciation expense for fixed assets, which rose to IDR 155.46 billion from IDR 89 billion in the same period last year. This increase occurred in line with the natural depreciation of heavy equipment that has been in use for a certain period. This condition reflects the high utilization rate of STM's operational assets in supporting various projects, while also affirming STM's experience and capabilities in consistently providing mining support services."We view the increase in costs from expansion not as a burden, but as a strategic investment, both in strengthening human resources and adding heavy equipment. With greater capacity, STM is increasingly ready to manage new projects while increasing future productivity," said Ivo.Ivo added that the new projects successfully secured, such as the contract with PT Sulawesi Cahaya Mineral and the Sampala Project, further reinforce the trust of strategic partners in STM's capabilities to deliver high-quality services."These new contracts are clear proof of market recognition for STM's capabilities. We are optimistic that the presence of these large-scale projects will strengthen our portfolio and open up greater growth opportunities for STM in the future," said Ivo.With the achievement of H1 2025 performance, increased investment in human resources, asset growth, and additional new contracts, the Company is optimistic it can maintain business continuity and provide long-term added value. STM will continue its expansion strategy and capability strengthening to support sustainable growth in the mining support services industry.

ARCI’s Profit Projected to Reach IDR 2 Trillion Next Year
ARCI’s Profit Projected to Reach IDR 2 Trillion Next Year
01 Sep 2025, 04:04 AM 1163

The net profit of Rajawali Group's gold issuer, PT Archi Indonesia Tbk (ARCI), is rumored to surge to IDR 2 trillion by 2026. According to information from sources familiar with the plan, ARCI aims for a net profit of IDR 2 trillion, driven by potential gold production and rising gold prices affecting the Average Selling Price (ASP).This information aligns with news that ARCI has begun working on the advanced underground mining of Pit Kopra. Based on the latest statement, the company announced it has partnered with PT Macmahon Indonesia for the development of the Pit Kopra underground mine.Management stated that this mining contract would have a positive impact on ARCI's business continuity while enhancing the company's financial and operational performance.On the other hand, global gold prices are also currently increasing. Bloomberg data shows the movement of gold prices, with COMEX gold currently at USD 3,539/troy ounce and spot gold at IDR 3,471/troy ounce.2025 Production TargetARCI itself targets a 25% increase in gold production throughout 2025 compared to last year. For context, throughout 2024, ARCI recorded gold production of 93,400 troy ounces and sales of 97,000 troy ounces.ARCI President Director Rudy Suhendra, in a public expose last June, stated that financial performance in 2025 would significantly improve, supported by increased production and the prospect of global gold prices."Several analysts have mentioned that gold prices could reach USD 4,000/troy ounce. If gold prices can reach that position, it is not impossible that this year's net profit could be 10 times higher than the previous year," said Rudy in mid-June, quoted on Monday (September 1, 2025).In line with the established targets, ARCI reported significant progress in exploration activities.ARCI recorded high-grade gold ore findings in Q3 2024, specifically 60 grams per ton with a thickness of 36 meters at a depth of 178–214 meters.Rudy Suhendra explained that the existing Pit Kopra mine has now entered the initial phase of underground mining. The company has also identified potential for further underground mining development.As for Araren Pit, which was previously affected by a landslide, is expected to resume operations in 2025, following the completion of repairs to the damaged infrastructure.

PT Agincourt Resources Wins 7 EPSA 2025 Awards, Strengthening Commitment to Sustainable Gold Mining
PT Agincourt Resources Wins 7 EPSA 2025 Awards, Strengthening Commitment to Sustainable Gold Mining
31 Aug 2025, 02:24 AM 518

PT Agincourt Resources (PTAR), mining company behind the Martabe Gold Mine, has once again achieved a remarkable milestone by winning seven awards at the 2025 Eco-Tech Pioneer and Sustainability Award (EPSA) held by the Department of Environmental Engineering, Diponegoro University in Semarang, August 31, 2025.PTAR Environmental Monitoring Superintendent, Bayu Ariyanto, explained that the awards consisted of two gold, three silver, and two bronze medals.According to him, this achievement confirms the company's consistency in balancing environmental, social, and technological interests across all aspects of mining operations."Through innovation and cross-sector collaboration, PTAR is committed to implementing responsible gold mining practices, providing benefits to the surrounding community, while preserving the environment," said Bayu.The seven programs that were appreciated include First, Bagas Silua Gallery (Bronze): a marketing platform for products from 31 MSMEs partnered by Batang Toru and Muara Batang Toru.Second, Utilization of FIBC Waste into Trash Baskets (Perak): managing hundreds of tons of plastic waste since 2020 while creating jobs for the community. Third, Hypobaric Fraction Separator (Gold): technology for refining used oil up to 80% to replace diesel in explosives.Fourth, Jurung Fish Conservation with BioFAD (Bronze): preservation of endemic fish through community collaboration.Fifth, Closed-Loop Energy Reclamation with ITC (Gold): energy efficiency in the rock grinding unit that saves up to 1.36 million kWh of electricitySixth, Optimizing Copper Water Pollution Reduction with Selective Chelator (Silver): reducing mine water pollution by more than 33 tons by 2024.Seventh, Leanslope Pit Ramba Joring Innovation (Silver): redesign of mining roads to reduce diesel consumption, suppress carbon emissions, and improve workplace safety.This success continues a positive trend since 2021, where PTAR has consistently won seven awards each year at the EPSA event.This year, two outstanding innovations that have attracted attention are the use of used oil as an alternative fuel and energy efficiency in mining processing units.In addition to technical aspects, PTAR is also actively engaging the community, one of which is through the Jurung fish conservation program which received appreciation in the Eco-System Protection category."Every department contributes to innovation. Our focus isn't just on operational efficiency, but also on delivering tangible environmental and social benefits," Bayu added.Meanwhile, Wijayanto, S.IP., M.Si., Ph.D., Vice Chancellor for Research, Innovation, Cooperation and Public Communication at Undip, said that EPSA was designed to encourage companies to be more creative in maintaining environmental sustainability.This year's theme, Swarna Lestari Nusantara, reminds us that environmental sustainability is part of the nation's cultural heritage.Similarly, the Head of the Central Java DLHK, Widi Hartanto, said that EPSA has become a benchmark for implementing environmentally friendly innovations in the business sector."Over the past three years, EPSA has proven its commitment to encouraging companies in Central Java to improve efficiency in energy, water, and waste management, as well as biodiversity conservation. The challenges of the climate crisis must be met with real commitment," he stressed.With this achievement, PT Agincourt Resources further strengthens its role not only as a profit-oriented mining company, but also as a pioneer of sustainable innovation that provides social benefits and maintains environmental sustainability.

UNTR Revises Plans and Prepares for Up to USD 1 Billion Acquisition
UNTR Revises Plans and Prepares for Up to USD 1 Billion Acquisition
31 Aug 2025, 02:23 AM 1159

PT United Tractors Tbk (UNTR) revised its 2025 overburden volume guidance to 1.18 billion bcm, lower than the initial target of 1.25 billion bcm and implying a 3% year-on-year decrease from the 2024 realization.The downward revision of the mine's overburden and rock removal target was due to poor weather in the first half of 2025, which hampered mining contractor activity. This was revealed by United Tractors management in a recent earnings call with analysts discussing second-quarter 2025 performance."The client's stripping ratio for 2025 is estimated to be around 7.7-7.8 times, which implies coal production of 151-153 million tons, or an increase of 2-3.4% year-on-year from the 2024 realization," Stockbit Sekuritas wrote in a note, quoted on Sunday (August 31, 2025).Meanwhile, UNTR, maintained its 2025 sales guidance for Komatsu-brand heavy equipment at 4,600 units. Sales are projected to remain relatively flat in 2026, before increasing in 2027 as the mining sector enters its heavy equipment replacement cycle.Meanwhile, coal sales volume in 2025 is estimated at 14 million tons, unchanged from initial guidance. Sales volume in 2026 is expected to be flat or slightly higher, with a projected maximum sales volume of 15 million tons.For 2027, UNTR projects an increase in sales volume to 17-18 million tons, in line with the completion of port infrastructure development.Regarding the mineral and gold segments, UNTR maintains its gold and nickel sales guidance for this year at 24 thousand oz of gold and 2 million tons of nickel, respectively.UNTR will focus on the minerals sector rather than the renewable energy sector due to the potential for larger businesses to be acquired. "UNTR is targeting acquisitions worth USD 500 million to USD 1 billion, although management did not specify a timeline," said Stockbit Sekuritas.Overall, according to Stockbit, the points conveyed by UNTR management align relatively with Stockbit's views. "We remain neutral on UNTR. Investors should monitor the progress of the acquisition plan, as a quality and scalable acquisition could be a positive catalyst for UNTR's share price," the securities broker stated.Currently, in the mining contractor sector, Stockbit is more positive on PT Darma Henwa Tbk (DEWA) and PT Petrosea Tbk (PTRO). This assessment is based on the growth drivers of each company.Stock Price Recommendations and TargetsIn the second quarter of 2025, United Tractors (UNTR) posted revenue of IDR 34.26 trillion, relatively flat quarterly (0.0% quarter-on-quarter) but up 6.7% year-on-year (yoy). Cumulatively, revenue for this subsidiary of PT Astra International Tbk (ASII) increased 6.2% year-on-year in the first half of 2025 to IDR 68.52 trillion.UNTR's net profit in the second quarter of 2025 was IDR 4.94 trillion, a 55% quarter-on-quarter increase, but a slight 0.8% year-on-year decline. This brings the company's total net profit for the first half of 2025 to IDR 8.13 trillion, a 14.7% year-on-year decline."UNTR's net profit in the first half of 2025 was still below analyst expectations, reaching 44.7%," wrote Miftahul Khaer, an equity researcher at Kiwoom Sekuritas Indonesia, in his research.Operationally, UNTR's Komatsu heavy equipment sales in the second quarter of 2025 reached 1,343 units, a 3% decrease quarter-on-quarter (QoQ) but a 31.5% increase year-on-year. Total sales for the first half of 2025 reached 2,728 units, a 27.1% increase year-on-year.Coal production in the second quarter of 2025 reached 36 million tons, up 2.7% quarter-on-quarter (QoQ) but down 3.3% year-on-year. Gold sales reached 368,000 ounces, up 19.3% quarter-on-quarter (QoQ) or 33.2% year-on-year. Nickel sales reached 562,000 WMT, up 7% quarter-on-quarter (QoQ) or 12.3% year-on-year."Despite challenges in several segments, UNTR demonstrated resilience in its construction and gold mining business lines, while also facing margin pressure across its operations," Miftahul said.Kiwoom Sekuritas recommends holding UNTR shares. Based on multiple valuation methods (DCF, P/E, and PBV) and a projected decline in net profit, UNTR's target share price for the next 12 months has been revised to IDR 26,775 from IDR 28,725.

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