Far East Gold unearths high-grade copper and gold mineralisation at Sentul in East Java
Far East Gold unearths high-grade copper and gold mineralisation at Sentul in East Java
18 Oct 2023, 08:00 AM 4283

Far East Gold Ltd (ASX:FEG) has identified high-grade copper and gold mineralisation at the Sentul prospect within the company’s Trenggalek Copper Gold Project in East Java, Indonesia, during field mapping of planned drill targets.The ASX-lister’s recently-completed surface sampling at the project indicated significant copper and gold readings from several rock assays within the East Sentul and West Sentul vein systems.Investors have reacted positively to the news, with Far East Gold shares up about 8.82% at AUD 0.19 in late morning trading.Historically-speakingQuartz veins at the Sentul prospect are up to 10-15 metres wide and more than 5 kilometres of collective strike length has been identified to date.Previous drilling tested about 650 metres of strike length, which is less than 20% of the total defined vein system.A total of 36 drill holes for 4,696.2 metres have been completed, intersecting two principal, sub-parallel vein systems identified as the East Sentul and West Sentul zones, which remain open in all directions.Significant historical intercepts from the West Sentul zone include:TRDD004 - 9.65 metres at 4.51 g/t gold and 8 g/t silver, including 2 metres at 17.2 g/t gold and 13 g/t silver from 111.35 metres and a further 10.75 metres at 3.62 g/t gold and 9 g/t silver, including 1 metre at 7.34 g/t gold and 10 g/t silver from 127.95 metres; andTRDD002 - 6.65 metres at 3.29 g/t gold and 10 g/t silver, including 1 metre at 11.7 g/t gold, 18 g/t silver from 49.35 metres.Consistent with past reportingThe results of the Sentul mapping are consistent with historical exploration but they also suggest the potential for high-grade gold and silver mineralisation within the vein systems associated with discrete structural zones.Notably, a grab sample taken at surface and marked as GI004294 at West Sentul returned an assay of 0.84% copper with 1.6 g/t gold and 79 g/t silver, while the grab sample at GI000701 contained high-grade gold with an assay of 20.8 g/t gold and 9.7 g/t silver.At GI04289, also at West Sentul, assay of 7.1 g/t gold, 161 g/t silver and 0.32% copper is consistent with the high-grade gold and silver assays reported from historical drilling.Rock samples from GI004289, where assays returned 7.1 g/t gold and 0.32% copper.Potentially new discoveryAt the East Sentul vein, two surface grab samples indicate the occurrence of high-grade gold mineralisation not intersected by previous drilling.A sample of quartz breccia from the northeastern extend of the vein marked as GI004297 returned assay of 10.7 g/t gold with associated lead and zinc enrichment.This site is close to the historical drillhole TRDD015, which intersected quartz breccia from 10.75-13.50 metres and 16.70-18.20 metres downhole.The gold and copper explorer plans to conduct a more thorough sampling here for high-grade mineralisation within discrete, structurally-controlled zones.Additionally, detailed sampling will also be carried out at the GI000701 site, where rock samples of massive crystalline to chalcedonic quartz assayed 20.8 g/t gold.Rock sample from GI000701, where assay returned 20.8 g/t gold.Another prospective areaFar East Gold also carried out a scout drill program at the Buluroto prospect, about 800 metres northwest of Sentul.The rock sampling here highlighted locally high-grade gold with significant copper.Historical exploration at Buluroto indicated highly anomalous gold with significantly elevated copper, arsenic and antimony within a poorly defined zone of crackle breccia and quartz stockwork up to 75 metres wide.Eleven drill holes totalling 1,380.4 metres have been completed in the past, with standout intercepts including:TRDD025 - 24.5 metres at 0.49 g/t gold, 0.21% copper and 16 g/t molybdenum from 138.5 metres; andTRDD037 - 13.7 metres at 3.2 g/t gold and 60 g/t silver from 13.4 metres, including 2.0 metres at 8.7 g/t gold and 48 g/t silver.Image source: www.fareast.goldSource: www.au.investing.com/Far East Gold Unearths Highgrade Copper And Gold Mineralisation At Sentul In East Java

National Coal Production in 2023 Potentially Exceed Target
National Coal Production in 2023 Potentially Exceed Target
13 Oct 2023, 12:00 PM 4877

National coal production this year is projected to increase. Director of Coal Business Development at the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources, Lana Saria, revealed that currently the process of revising the Work Plans and Expenditure Budgets (RKAB) for mining companies is still ongoing. From existing applications as of July 2023, coal production is predicted to increase from the national production target set at 694.5 million tons. "With the planned revision of the RKAB or changes to coal production from the RKAB at the beginning of 2023, it is predicted that it will increase to approximately 32 million tons," said Lana to Kontan, Monday (9/10). However, Lana confirmed that the government has no plans to revise the national coal production target this year. The Ministry of Energy and Mineral Resources noted that coal production until August 2023 was 500.83 million tons or 72.11% of the national coal production plan of 694.50 million tons. Meanwhile, based on production realization data up to October 2023, production was recorded at 567.20 million tons or 81.67% of the national coal production plan of 694.50 million tons. Lana explained that there were a number of challenges in production activities during the first nine months of this year, including increasing coal production costs, fluctuations or rising and falling trends in coal prices and bad weather factors in several regions in Indonesia.Image source: KONTAN/MuradiSource: www.industri.kontan.co.id/Produksi Batubara Nasional Tahun 2023 Berpotensi Melebihi Target

Electric vehicles are fueling Indonesia’s green IPO boom
Electric vehicles are fueling Indonesia’s green IPO boom
13 Oct 2023, 08:00 AM 5209

Indonesia isn’t exactly a stock trading hotbed. No other Southeast Asian country has a smaller market for equities relative to the size of its economy, according to the International Monetary Fund.So it came as something of a surprise when Indonesia emerged this year as one of the world’s strongest markets for initial public offerings. In a 20-week span alone, companies raised $2.4 billion from first-time stock sales. That’s almost as much as Hong Kong and Singapore combined. Year to date, Indonesia ranks No. 4 globally, trailing only China, the US and the United Arab Emirates.Why the boom? It’s part of the frenetic rush to move away from fossil fuels and into green energy. Indonesia is the world’s No. 1 miner of nickel, a key metal in the production of the batteries needed to power electric vehicles, forklifts and lawnmowers. The country also has significant reserves of cobalt, copper, gold and tin.As a result, Jakarta, Indonesia’s capital and largest city, has seen a flood of interest from foreign investors who’d rarely made trips there before last year. “It was hard to get someone from London, Hong Kong or Singapore to come here,” says Irwanti (many Indonesians are known by a single name), chief investment officer of Schroders Indonesia in Jakarta. “Now some of them have come for a visit three or four times within a year, looking for good ideas.”Indonesia’s rise represents a special challenge for neighboring Singapore because companies in the region are increasingly looking to raise money in their domestic markets. That shift has a disproportionate impact on Singapore, which is a big city but a small nation. Money raised from IPOs has nearly disappeared so far this year, dropping 95% compared with the same period in 2022, to just $18.6 million. With liquidity drying up in the Singapore stock market, even homegrown companies have looked elsewhere. They included some unicorns, or startups valued at $1 billion or more, such as Singapore’s Sea Ltd., an online marketplace that listed in New York.Singapore is fighting to reclaim its market share. Last year the stock exchange, which declined to comment, tried to court Chinese companies seeking alternatives to a US or Hong Kong listing, as well as those looking to raise their profiles in Southeast Asia. Authorities have also set up a S$1.5 billion ($1.1 billion) fund backed by Singapore’s state investment company Temasek Holdings Pte to invest in high-growth companies and IPOs.For now, Indonesia has some powerful advantages. It has a population of about 280 million, the fourth-largest in the world, which provides a base of retail as well as institutional investors. Its $1.3 trillion gross domestic product is the largest in Southeast Asia.In a country blessed with natural resources, the vast bulk of IPOs this year came from expansion-minded metals companies, such as PT Trimegah Bangun Persada, also known as Harita Nickel, the first Indonesian company to process low-grade nickel ore into battery-grade metal. The government is also investing heavily in becoming more of a manufacturer, rather than just a supplier, of raw materials.Indonesia’s strong economy has helped, too. Its GDP is expected to expand 5% in 2023, outpacing the 4.7% growth forecast for Asia, not including Japan. The Indonesian rupiah is the region’s best-performing currency this year after the central bank drove borrowing costs to a four-year high.“That provides the confidence for capital market participants, both domestic and international, to be a part of the growth journey,” says Sunil Khaitan, head of equity capital markets for Southeast Asia at Bank of America Corp. in Singapore. Indonesia is also benefiting from the search for investment alternatives beyond China, which is struggling to revive its economy.Still, the Indonesian IPO market faces challenges. Deals tend to be relatively small. Almost 92% of the 66 listings this year raised less than $100 million, a size unlikely to register on the radar of larger institutional investors.Trading is also limited. Regulators require that only 7.5% of a listing be available to the public for trading. This small “free float” can make stocks volatile and unattractive to investors. Singapore, by contrast, requires 10%; India, 25% within three years of listing; Hong Kong, 25% for smaller companies and 15% for those whose market values are less than HK$10 billion ($1.3 billion). “Indonesia tends to be a lot less liquid than some other markets,” says Bank of America’s Khaitan.Some bankers note that fundraising activity may slow as Indonesia gears up for a general election in February. Although local and foreign players expect market-friendly policies to remain in place, some companies have already put their IPO plans on hold. They include PT Pertamina Hulu Energi, a unit of state-owned energy company Pertamina that had been expected to be one of Indonesia’s biggest IPOs this year. The listing of a 10% stake was projected to raise at least $2.5 billion.Similarly, agriculture company PalmCo postponed an offering to the second quarter of next year to give its parent more time to finalize the integration of four subsidiaries. The company had initially planned to raise as much as $666 million by yearend. “We would need to wait until at least the first quarter of 2024, if not the second quarter, to see the pipeline picking up again,” says Anthonius Sehonamin, managing director and head of integrated corporate bank at Citi Indonesia.Overall, there are signs to suggest Indonesia’s share sales are gaining acceptance outside the country. They’re drawing interest from Masdar, the United Arab Emirates’ main renewables company, regional sovereign wealth funds and international investors.“I can’t think of a better time to be an investment banker in Indonesia,” says Ranju Parambi, head of global banking for Indonesia at UBS Group, the joint-lead manager in four deals that raised a total of about $2 billion this year. “The trajectory is very clear. It is upwards.”Image source: Stock imageSource: www.mining.com/Electric Vehicles Are Fueling Indonesias Green IPO Boom

Bayan Group's subsidiary, PT Fajar Sakti Prima,Wins Good Mining Practice Awards
Bayan Group's subsidiary, PT Fajar Sakti Prima,Wins Good Mining Practice Awards
12 Oct 2023, 12:00 PM 5836

Bayan Group's subsidiary, PT Fajar Sakti Prima, received a prestigious award in the Good Mining Practice Award (GMP) 2023 with the Aditama Category for the Best Award (Tropi) in the Mining Safety Management Aspect.Quoting the disclosure of information submitted by the company, Friday, (06/10/23), the award organized by the Ministry of Energy and Mineral Resources (ESDM) is one of the annual agendas, and appreciation for the achievement of the "Achievement Award for Good Implementation of Mineral and Coal Mining Engineering Principles”.The Good Mining Practice Achievement Award is a form of appreciation from the Government to mineral and coal mining business entities that have successfully implemented good mining practices, as well as a benchmark for the performance of guidance and supervision carried out by the government. The existence of this award is expected to continue to encourage companies to remain consistent in realizing responsible mining business activities.Mineral and coal companies are also expected to remain optimal in managing mineral and coal resources, with an environmental perspective; and prioritizing safety so as to provide maximum benefits for the prosperity of society.Director of PT Fajar Sakti Prima, Bayan Group, Alexander Ery Wibowo, expressed his gratitude for the appreciation to the government, ESDM, for the mining performance of the Bayan Group subsidiary.Alexander emphasized that FSP will continue to strive to create a safe working environment where the Company operates and encourage companies to continue to improve efforts in terms of sustainable mining management.Image Source: CNBC Indonesia TVSource: www.cnbcindonesia.com/Anak Usaha Bayan Raih Penghargaan Good Mining Practice Awards

XL Axiata (EXCL) aims to become the number one operator in the mining sector
XL Axiata (EXCL) aims to become the number one operator in the mining sector
12 Oct 2023, 08:00 AM 5145

PT XL Axiata Tbk (EXCL) will focus on boosting the enterprise segment, aka business to business (b2b). In fact, EXCL has the ambition to become the largest operator in the mining industry.  XL Axiata Private Network services have been used by several companies. Among them, PT Vale Indonesia Tbk (INCO) and PT Pamapersada Nusantara.For example, EXCL has provided LTE hybrid network services in the area and mining equipment owned by Pamapersada in Sanggata, East Kalimantan.XL Axiata Director Yessie Dianty Yosetya said that apart from INCO and Pamapersada Nusantara, EXCL is currently negotiating with other mining companies.Within the next three years, EXCL has the ambition to become the number one operator in the mining world. For this reason, EXCL will target jumbo-scale mining companies."The definition is that at least 50% of large mines in Indonesia use the XL Axiata network," explained Yessei when met at his office, Monday (9/10).Most recently, EXCL is also targeting green mining-based mining companies through XL Axiata Business Solutions (XLABS) services to reduce carbon emissions.Not only in the mining sector, overall EXCL has served 3,000 companies from various sectors, from finance to SMEs.EXCL also targets government projects or institutions, finance, Fast Moving Consumer Goods (FMCG) to transportation and logistics (translog).XL Axiata targets to become the preferred ICT solutions provider in the FMCG and translog sectors. Moreover, both sectors are in a period of development.Image source: ANTARA FOTO/Galih PradiptaSource: www.investasi.kontan.co.id/Ambisi XL Axiata EXCL Jadi Operator Nomor Satu Di Sektor Pertambangan

Wilton Makmur (SQMI) Reviews Capacity Expansion Plans for the Dore Ciemas Gold Factory
Wilton Makmur (SQMI) Reviews Capacity Expansion Plans for the Dore Ciemas Gold Factory
11 Oct 2023, 12:00 PM 5292

PT Wilton Makmur Indonesia Tbk (SQMI) plans further expansion.SQMI Corporate Secretary Mohammad Noor Syahriel said SQMI plans to increase the processing/input capacity of the company's dore gold factory located in Ciemas, Sukabumi, West Java to the level of 1,500 tons per day, aka tons per day (tpd).Currently, SQMI is reviewing the right time to realize this continued expansion agenda."Initially (capacity expansion) was planned after 2 years of the 500 tpd plant (gold dore plant) operating, then we will upgrade, currently being explored if we do it earlier," Syahriel told Kontan.co.id, Friday (6/10).The Ciemas dore gold factory is a Flotation and Carbon-In-Leach Processing Facility Plant. Commercial production activities at the factory have been ongoing since March 2023.Initially with an input capacity of 250 tpd, then operations were slowly increased until it reached a maximum input capacity of 500 tpd in July 2023. SQMI management has planned to increase input capacity to the level of 1,500 tpd since the start of the project.That is why, SQMI has allocated space to install additional processing capacity of 1,000 tpd at the Ciemas dore gold factory."It has been planned from the start, that's why upgrade slots have been allocated," said Syahriel.Prior to the completion of the Ciemas plant and commercial operations, SQMI's management relied solely on pool leaching activities by subcontractors to maintain the company's revenue sustainability.It is not yet known what impact the full operation of the Ciemas factory facilities will have on SQMI's performance as of the third quarter of 2023. This is because SQMI's interim financial report for the period 30 September 2023 has not yet been published when this writing was written.Throughout January-June 2023, SQMI still posted a net loss for the current period attributable to the owners of the parent entity of IDR 7.96 billion.However, this amount decreased by 41.28% compared to the net loss for the current period attributable to the owners of the parent entity SQMI for the period January-June 2022 which reached IDR 13.57 billion.It is understood that SQMI expenditure on several expense items has decreased. Cost of goods sold, for example, was recorded to have decreased by 14.26 on an annual basis or year-on-year (yoy) from IDR 1.95 billion in January-June 2022 to IDR 1.67 billion in January-June 2023.Meanwhile, total operating expenses fell 42.67% yoy from IDR 14.24 billion in January-June 2022 to IDR 8.16 billion in January-June 2023.In the meantime, SQMI's revenue was recorded to have decreased by 26.09% yoy from IDR 2.62 billion in January-June 2022 to IDR 1.94 billion in January-June 2023.Image source: SQMISource: www.industri.kontan.co.id/Wilton Makmur SQMI Kaji Rencana Ekspansi Kapasitas Pabrik Emas Dore Ciemas

Merdeka Copper's Revenue Increases 52.32%
Merdeka Copper's Revenue Increases 52.32%
11 Oct 2023, 09:00 AM 4609

In the first semester of 2023, PT Merdeka Copper Gold Tbk (MDKA) posted operating revenues of USD 520.03 million. This business revenue grew 52.32% year on year (yoy) compared to USD 341.40 million in the same period in 2022. This information was conveyed by the company in a press release in Jakarta, yesterday.Meanwhile, the company's business income is dominated by the sales segment of gold, silver, copper cathodes and ferronickel to third parties in the export market valued at USD 354.63 million, while to third parties in the domestic market it was recorded at USD 166.78 million. In terms of projects, the nickel project contributed USD 350.97 million to overall business revenue, followed by the Tujuh Bukit project contributing USD 98.10 million and the Wetar project contributing USD 68.87 million, and others worth USD 48. 56 million.As revenue increased, cost of revenue also increased 99.96% (yoy) to USD 473.89 million, compared to USD 236.99 million in the same period in 2022. Processing costs were the largest contributor to cost of revenue at USD 513.82 million, followed by mining costs at USD 55.24 million, depreciation costs at USD 44.24 million, amortization costs at USD 10.10 million, and refining costs at USD 701.54 thousand.However, amidst the increase in operating income, the company posted a net loss of USD 49.21 million during semester I-2023, compared to previously posting a profit of USD 96.79 million in the same period in 2022.Image Source: www.neraca.co.idSource: www.neraca.co.id/Pendapatan Merdeka Copper Tumbuh 52.32%

PT Koka Indonesia Builds EV Infrastructure in Morowali
PT Koka Indonesia Builds EV Infrastructure in Morowali
11 Oct 2023, 08:00 AM 5270

PT Koka Indonesia Tbk (Koka) will be listed on the stock exchange as a new issuer in the infrastructure contractor sector. This was achieved after Koka signed a contract worth IDR 81 billion. The contract was used by PT Koka Indonesia to build infrastructure related to electric vehicle (EV) batteries which was carried out with PT Chengtok Lithium Indonesia at the Indonesia Morowali Industrial Park (IMIP) in Morowali, Central Sulawesi.According to PT Koka Indonesia's Director of Finance and Operations, Michael Albert, this project, which will take five months, can strengthen the company's position as a contractor for Chengtok Lithium Indonesia. "Obtaining this contract will strengthen Koka's position as the main contractor for PT Chengtok Lithium Indonesia, while also having a positive impact on Koka's income and finances," said Michael, as reported by Kontan.co.id, on Wednesday (4/10/2023).It is known that in supporting the EV battery manufacturing project, PT Koka has collaborated with Chengtok since 2021. If the EV infrastructure building project by PT Koka runs according to the expected time, the company will continue cooperation with PT Chengtok for a similar project. However, the auction for the project has just been announced at IDR 50 billion.This company is predicted to receive six new contracts by the end of 2023. Most of these contracts will come from the mining manufacturing sector.From these six contracts, PT Koka is optimistic that it can record revenue growth of 40 percent from the previous year until the end of 2023. In addition, net profit growth is estimated to be much greater than this figure.For other information, so far PT Koka Indonesia has set the share price for the initial public offering ( IPO), namely IDR 128 per share, by releasing 715.33 million shares or the equivalent of 25 percent of the capital issued to the public. The plan is that this company will be listed on the Indonesian Stock Exchange (BEI) on October 11 2023.Image source: koka.co.idSource: www.sampaijauh.com/PT Koka Indonesia Bangun Infrastruktur EV Di Morowali

Pamapersada bags IDR 8,25 Trillion Loan
Pamapersada bags IDR 8,25 Trillion Loan
10 Oct 2023, 12:00 PM 5164

The subsidiary of PT United Tractors Tbk (UNTR), namely PT Pamapersada Nusantara, is reported to have obtained a loan with a quite fantastic value.According to Bloomberg reports, Pama received a loan worth USD 527.9 million or the equivalent of IDR 8.25 trillion. Pama obtained this loan from a number of Indonesian banks and financial institutions, according to a party who declined to be namedLenders include PT Bank Central Asia Tbk (BBCA), PT Bank Mandiri Tbk (BMRI), PT Bank Permata Tbk (BNLI), PT Bank Rakyat Indonesia Tbk (BBRI), and the Indonesian Export Financing Institution.This loan has a 5 year term with Jibor + 105 basis points (bps). Bloomberg said that this loan would be used for general company purposes.For information, Pama is a subsidiary of UNTR engaged in mining contractors. In terms of operations, Pama recorded a coal production volume of 83.8 million tons during the first 8 months of 2023. This number increased 16.4% from the realization of production in the same period last year, namely 72 million tons.Within the first 8 months of 2023, Pama recorded an overburden (OB) removal volume of 742.6 million bank cubic meters (bcm). The realization increased 22.3% from the realization of OB removal in the same period last year of 607.2 million bcm.In the August 2023 period, Pama production set a record for the highest monthly production this year. OB removal volume in August reached 115.1 million bcm while coal production reached 12.7 million tons.Image source: UNTRSource: www.investasi.kontan.co.id/Anak Usaha United Tractors UNTR Pamapersada Dikabarkan Raih Pinjaman Rp 825 Triliun

Resource Alam (KKGI) Spends USD 2.28 Million for Exploration Activities in 3 Blocks
Resource Alam (KKGI) Spends USD 2.28 Million for Exploration Activities in 3 Blocks
10 Oct 2023, 08:00 AM 5124

A coal mining company listed on the main trading board of the Indonesia Stock Exchange (IDX) since July 1 1991, PT Resource Alam Indonesia Tbk (KKGI) carries out regular monthly reports on the results of its exploration in accordance with regulatory regulations.Referring to the official KKGI statement quoted on Monday (9/10/2023), Agoes Soegiarto, Director of the company, said that his business entity PT Insani Baraperkasa had carried out in-depth exploration in the Handil Bakti Sub Block Area, South Purwajaya Sub Block and Separi Block.Until September 2023, the Company has spent USD 2,285,279 (USD 2.28 Million) for its mining exploration activities.Furthermore, in the future, geological mapping and land acquisition will be carried out for the Loajanan Block to determine potential mining sub-blocks.Then the partial block is still being studied for drilling and the process of borrowing and using part of the block area."All blocks in PT Insani Baraperkasa's PKP2B for the production stage have received approval from the Minister of Energy and Mineral Resources (ESDM)," said Agoes.In terms of performance, Resources Alam Indonesia (KKGI) managed to record net sales of USD 176.59 million until the first semester of 2023 or the period 30 June, meaning that performance managed to increase compared to the same period in 2022 of USD 109.93 million.Meanwhile, net profit for the year attributable to owners of the parent entity was USD 27.38 million, up from net profit for the year of USD 19.97 million.The company's performance report also noted that total liabilities reached USD 58.16 million for the period 30 June 2023, up from total liabilities reaching USD 47.25 million for the period 31 December 2022. KKGI also noted that total assets reached USD 204.14 million until the first semester of 2023.Image source: EmitenNews.comSource: www.emitennews.com/Resource Alam KKGI Rogoh USD228 Juta Untuk Aktivitas Eksplorasi Di 3 Blok

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