Merdeka Gold (EMAS) Obtains USD 350 Million Loan to Fund Pani Gold Mine Project
Merdeka Gold (EMAS) Obtains USD 350 Million Loan to Fund Pani Gold Mine Project
08 Dec 2025, 07:48 AM 180

PT Merdeka Gold Resources Tbk (EMAS) announced several operational and financial milestones related to the development of the Pani Gold Mine in Pohuwato, Gorontalo Province.Its subsidiaries, PT Pani Bersama Tambang (PBT), PT Puncak Emas Tani Sejahtera (PETS), and PT Gorontalo Sejahtera Mining (GSM) have completed a USD 350 million Revolving Credit Facility (RCF) to support the final stage of mine construction and production readiness in early 2026.In parallel, commissioning of the Adsorption, Desorption & Recovery (ADR) facility is progressing on schedule, marking a key step toward the first gold pour in the first quarter of 2026.The USD 350 million RCF, signed on December 4, 2025 with a consortium of domestic and international lenders, complements the IDR 4.9 trillion (USD 280 million) funding raised from EMAS’s Initial Public Offering (IPO) in September 2025.This facility strengthens the company’s liquidity amid capital expenditures that had reached USD 208.7 million as of September 30, 2025, ensuring robust financial capacity to complete construction and transition to the commercial phase.Proceeds from the RCF will be used to refinance subsidiary loans, support working capital needs during commissioning and early operations, and finance ongoing development of the Pani Gold Mine.After ore crushing began on November 12, 2025, the ADR facility entered its energization phase on December 1, 2025, initiating a staged commissioning sequence covering mechanical, electrical, and water systems.All commissioning stages are targeted for completion before the end of December 2025, enabling the first reagent irrigation in early January 2026 as the final step before gold production begins.EMAS President Director Boyke Poerbaya Abidin said that progress on the ADR facility is a significant milestone in Pani’s transition to the production phase.“We remain on track to achieve the first gold pour in early 2026. With a strong funding structure, disciplined execution, and high ESG standards, we are confident Pani will become a major contributor to the Merdeka Group and national gold output, while delivering long-term value for shareholders and stakeholders,” he said in an official statement on Monday (December 8, 2025).As of end-September 2025, construction progress at the Pani Gold Mine had reached 83% on key infrastructure, including the heap leach pad, ore processing facilities, and the ADR plant, which is now nearly complete.Mining activities began on October 1, 2025; the Ore Preparation Plant (OPP) is fully operational, and 150 kV electricity from PLN’s renewable energy sources started flowing on the same day.The Pani operation is designed for phased capacity expansion. The first stage uses a heap leach method with a processing capacity of 7 million tonnes of ore per year.This will be followed by a Carbon-in-Leach (CIL) process targeted to start up in 2028. At full capacity, the Pani Gold Mine is expected to reach peak production of around 500,000 ounces of gold per year.Pani is one of Indonesia’s largest primary gold resources, with ore reserves of 190 million tonnes containing 4.8 million ounces of gold.EMAS is developing the Pani Gold Mine with strict environmental standards, community empowerment, and strong ESG practices to support job creation, local economic growth, and long-term development in Pohuwato.

Digital Transformation in the Mining Sector Boosts Production by Up to 20 Percent
Digital Transformation in the Mining Sector Boosts Production by Up to 20 Percent
03 Dec 2025, 06:29 AM 145

MIND ID continues to strengthen digital transformation in the national mining sector through smart-mining initiatives. One strategic implementation can be seen at PT Bukit Asam Tbk (PTBA), which is developing end-to-end digital integration from operational activities to corporate information systems. This transformation is making coal-mining activities in Indonesia more efficient and safer, while also increasing value added and contributions to the state.PTBA’s digitalization is carried out through a framework that unifies Operational Technology (OT) and Information Technology (IT), so all processes can be monitored in real time, measured, and connected within a single digital ecosystem. Through the Corporate Information System for Enterprise Application (CISEA) platform, various processes—from production, hauling, and workplace safety to mine-equipment maintenance—are now managed in an integrated manner based on unified data.MIND ID Corporate Secretary, Pria Utama, stated that digital transformation is a vital foundation for the company in strengthening the national coal industry. With the latest digital technologies, the company can monitor mining activities in real time, optimize workflows, and increase production output. The implementation of digitalization has even proven capable of boosting coal production by up to 20% compared to the period before the digital transformation was implemented.Digitalization also forms the basis for MIND ID to raise coal production from 41 million tons to 100 million tons as an effort to meet national energy needs and support downstreaming programs.“Through this digital transformation, we are striving to make the mining sector a key pillar of the nation’s progress,” he said.Pria explained that through the CISEA platform, PT Bukit Asam now operates more than one hundred digital modules used by over seven thousand employees, with a data-capture rate reaching 70% of total operational activities. The system has integrated sensors, automation devices, heavy-equipment monitoring, and machine-learning-based analytics. With this approach, mining processes can be controlled with greater precision, including in mine planning, production-equipment scheduling, and energy and emissions monitoring.This digital transformation also strengthens environmental governance by providing systems for water-quality monitoring, land rehabilitation, and digital control of operational areas. Through automation and transparent data, PTBA ensures operations adhere to good mining practice principles.Pria Utama emphasized that mine digitalization is a major leap for the future of national mining because it can reduce production costs, increase productivity, and ensure higher safety standards.“MIND ID believes that the future of Indonesia’s mining lies in the ability to optimize technology. We are not only increasing productivity, but also building a mining foundation that is more modern, responsible, and ready for Indonesia’s future,” he concluded.

After Acquiring a Gold Mine, UNTR Now Establishes a New Nickel Company
After Acquiring a Gold Mine, UNTR Now Establishes a New Nickel Company
03 Dec 2025, 04:15 AM 315

PT United Tractors Tbk. (UNTR) announced the establishment of a nickel industry entity, PT Nusantara Industri Nikel Lestari (NINL). The company was founded by UNTR’s subsidiaries that are directly or indirectly 100% owned.Citing the public disclosure, specifically PT Danusa Tambang Nusantara (DTN) and PT Energia Prima Nusantara (EPN). NINL’s establishment is set forth in Deed of Establishment No. 125 dated 21 November 2025 and has been approved by the Decree of the Minister of Law of the Republic of Indonesia No. AHU0103497.AH.01.01.TAHUN 2025 dated 2 December 2025.DTN holds 9,990,000,000 NINL shares, equivalent to 99.90% ownership. Meanwhile, EPN holds 10,000,000 NINL shares, or 0.10%.“NINL will engage in the manufacture of basic non-ferrous metals and the wholesale trade of metals and metal ores,” said United Tractors Corporate Secretary, Ari Setiyawan, in the public disclosure quoted on Wednesday (3/12/2025).He further explained that NINL’s establishment is a continuation of the UNTR Group’s steps to diversify its business activities through controlled subsidiaries by developing operations in nickel mineral services and processing.“The equity participation of DTN and EPN in NINL has no material impact on the Company’s current operations, legal standing, or financial condition,” Ari said.UNTR is known for actively expanding into the minerals and renewable energy sectors. Previously, the Astra Group subsidiary announced the acquisition of shares in two gold-mining entities through its subsidiaries. The transactions were carried out on 12 September 2025 with an enterprise value of USD 540 million, or around IDR 8.85 trillion.United Tractors (UNTR) has also added to its portfolio in new and renewable energy (NRE). One example is the development of the Besai Kemu Minihydro Power Plant (PLTM) in Way Kanan, Lampung.The Besai Kemu PLTM is operated by PT Energia Prima Nusantara (EPN) and PT Uway Energi Perdana (UEP), both UNTR subsidiaries. This run-of-river plant has a capacity of 2 × 3.5 MW and can generate around 33.4 GWh of electricity per year, which is supplied to PT PLN (Persero) as the single offtaker.With that capacity, the Besai Kemu PLTM can supply electricity equivalent to the needs of 16,000 to 22,000 households annually. This is seen as part of the company’s efforts to promote domestic NRE development.

MIND ID Emphasizes Green Nickel Transformation to Strengthen Indonesia’s Position in the Global Cr...
MIND ID Emphasizes Green Nickel Transformation to Strengthen Indonesia’s Position in the Global Cr...
02 Dec 2025, 06:12 AM 143

At the COP30 UN Climate Change Conference, the MIND ID Group emphasized that the future of Indonesia’s nickel industry can only be sustainable if it is built on a green foundation and low-carbon technologies. PT Vale Indonesia Tbk, part of MIND ID, stated that the transition to green nickel is key for Indonesia to strengthen its position as a global player in critical minerals in the energy-transition era.In a COP30 panel discussion, PT Vale Indonesia Tbk’s Director and Chief Sustainability and Corporate Affairs Officer, Budi Awansyah, stressed that Indonesia’s contribution to the global climate agenda cannot be measured merely by the size of its critical-mineral reserves. What matters more is how the nickel industry is managed with environmental and sustainability standards that meet global expectations.Budi noted that Indonesia holds more than 40 percent of the world’s nickel reserves, making it a strategic hub in the electric-vehicle and battery supply chain. However, he said public perceptions of mining remain colored by concerns over landscape change and pressure on forests. Therefore, transforming into a green industry must be a consistent and measurable priority.Addressing COP30 participants, Budi underscored that smelters are among the largest emitters in the extractive industry. Thus, if Indonesia wants to lead the global critical-minerals ecosystem, the national nickel industry must first demonstrate leadership through low-carbon operations, energy efficiency, and tighter governance.According to Budi, PT Vale Indonesia Tbk has implemented various decarbonization measures, ranging from the use of clean energy such as hydropower, improvements in smelter efficiency, waste-heat optimization, to the utilization of CO gas and hydrogen in production processes. Vale has also recorded tangible environmental performance: total water use of 8,498.94 megaliters with an intensity of 0.12 megaliters per ton of nickel, as well as the reuse of 510 m³ of water at the Lamella Gravity Settler facility as feedstock for a ferrous-sulfate solution.On waste management, the company successfully repurposed 1,453 tons of hazardous waste (B3) and 377,964 tons of non-hazardous nickel slag into construction materials and mine-road surfacing. For this consistency, Vale received the PROPER Gold award from the Ministry of Environment and Forestry, making it the only integrated nickel-mining company to receive the highest distinction in 2024.“Achievements such as recycled-water use, responsible waste management, and the PROPER Gold award prove that the low-carbon transformation is not just rhetoric, but already a reality on the ground,” Budi said.In his presentation, Budi also highlighted Vale’s sustainability score dropping to 23.7, the lowest score in the history of global smelter operations. According to him, this shows that the low-carbon transformation is not mere rhetoric but has been tangibly implemented in the company’s operations. He added that this achievement aligns with MIND ID’s vision to position Indonesia as a regional leader in a globally competitive green-nickel industry.Through the COP30 forum, the MIND ID Group reiterated that Indonesia’s strength in critical minerals lies not only in resource availability, but in its ability to build supply chains that meet international standards, aligned with Net Zero Emissions targets and the Nationally Determined Contribution (NDC).With the momentum of COP30, MIND ID affirmed that Indonesia is ready to take further steps as a country that is not only rich in strategic minerals, but also committed to leading the global critical-minerals market through low-carbon technologies, sustainable operations, and an increasingly integrated green-nickel ecosystem.

INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion
INCO Prepares Three Nickel Smelter Projects Worth IDR 138.3 Trillion
01 Dec 2025, 08:00 AM 479

PT Vale Indonesia Tbk (PT Vale) or INCO has outlined three key projects that will be the company’s focus next year.President Director of PT Vale Indonesia, Bernardus Irmanto, said the first project involves building supporting infrastructure for the Indonesia Growth Project (IGP) Pomalaa in Kolaka Regency, Southeast Sulawesi.The second is the Bahodopi nickel refining project located in Morowali, Central Sulawesi, developed together with China’s battery materials manufacturer GEM Co., Ltd.And the third is the Sorowako nickel refining project in East Luwu, South Sulawesi, established in partnership with Zhejiang Huayou Cobalt.“One is in Pomalaa, the second in Bahodopi, and the third in Sorowako. These three projects have strategic value from various angles,” Bernardus said when met recently.He confirmed that smelters using High Pressure Acid Leach (HPAL) technology will be built at all three sites, with a total investment of USD 9 billion, equivalent to IDR 138.3 trillion (at IDR 15,730 per USD).“We expect the products from the HPAL plants we’re building to be absorbed by the market and become materials for electric-vehicle batteries,” he added.Even so, he acknowledged this year’s nickel oversupply, so Vale will first conduct several studies to mitigate development risks.“PT Vale must conduct certain assessments to reduce development risk. We need to understand the market well and use that knowledge to drive the company’s activities,” he explained.He also said the company has begun selling saprolite nickel ore from the Bahodopi and Pomalaa blocks in the third quarter of 2025.“And we’ve started to see the benefits—there will be an additional revenue stream for PT Vale in 2025. Besides nickel matte from Sorowako, there will also be ore sales from Bahodopi and Pomalaa. This is, in my view, an extraordinary upside,” he said.Once the 2026 Work Plan and Budget (RKAB) is approved and agreed upon, Vale will also begin mining and selling ore from Pomalaa.“This is while we wait for the HPAL plants currently under construction to be completed. In Pomalaa and Bahodopi we mine both saprolite and limonite,” he said.“The limonite will be supplied to the HPAL plants we’re building with our partners, while the saprolite will be sold to the market. So that becomes an additional revenue stream for the company,” he added.He is targeting the three smelters to be completed gradually by the third quarter of next year.“Hopefully, for example, we can complete the Pomalaa HPAL in Q3 2026, followed by Bahodopi, and lastly the Sorowako HPAL,” he concluded.

Nickel and Steel Become the Main Contributors to the Trade Balance Surplus
Nickel and Steel Become the Main Contributors to the Trade Balance Surplus
01 Dec 2025, 06:46 AM 145

Statistics Indonesia (BPS) reported that animal/vegetable fats and oils, fuel oil (BBM), iron and steel, nickel products, and footwear were the main contributors to Indonesia’s trade surplus from January to October 2025.BPS Deputy for Distribution and Services Statistics, Pudji Ismartini, explained that animal/vegetable fats and oils contributed USD 28.12 billion in trade gains, fuel oil USD 22.59 billion, iron and steel USD 15.79 billion, nickel products USD 7.39 billion, and footwear USD 5.47 billion.Cumulatively, Indonesia’s trade balance from January to October 2025 posted a surplus of USD 35.88 billion. This figure rose by USD 10.98 billion compared with the same period last year (year-on-year/YoY).“Indonesia’s trade balance has recorded a surplus for 66 consecutive months since May 2020. The surplus during January–October 2025 was supported by a non-oil and gas surplus of USD 51.51 billion, while oil and gas commodities still recorded a deficit of USD 15.63 billion,” Pudji said in Jakarta, Monday, December 1, 2025, as quoted by Antara.Pudji said total exports in January–October 2025 reached USD 234.04 billion, up 6.96 percent compared with USD 218.82 billion in the same period last year.She explained that Indonesia’s top three export destinations are China, the United States, and India, with combined contributions to total non-oil and gas exports reaching 41.84 percent.Export value to China reached USD 52.45 billion or 23.51 percent, to the United States USD 25.56 billion or 11.46 percent, and to India USD 15.32 billion or 6.87 percent.Furthermore, exports to China were dominated by iron and steel, fuel oil, and nickel products. Meanwhile, exports to the United States were dominated by machinery and electrical equipment, apparel and accessories (knitted), and footwear.Meanwhile, Indonesia’s import value in January–October 2025 reached USD 198.16 billion, an increase of 2.19 percent compared with the same period last year. The main contributors still came from the non-oil and gas sector, with imports of USD 171.61 billion, up 4.95 percent. Oil and gas imports fell 12.67 percent to USD 26.56 billion.From the usage perspective, the main increase in imports occurred in capital goods, reaching USD 40.55 billion, up 18.67 percent compared with the same period last year.The agency noted that over the 10 months of 2025, China was the primary country of origin for Indonesia’s non-oil and gas imports with a value of USD 70.19 billion or 40.9 percent, followed by Japan at USD 12.17 billion or 7.09 percent, and the United States at USD 8.17 billion or 4.76 percent.

Bumi Resources (BUMI) Accelerates Diversification, Targeting 50% Non-Coal Revenue by 2031
Bumi Resources (BUMI) Accelerates Diversification, Targeting 50% Non-Coal Revenue by 2031
01 Dec 2025, 06:43 AM 471

PT Bumi Resources Tbk (BUMI) continues to pursue a business-diversification agenda to reduce its reliance on revenue from thermal coal.Bumi Resources Director Christopher Fong said the company has in fact been pursuing business diversification over the past few years. This is reflected in BUMI’s 2024 consolidated revenue composition, in which non-thermal coal segments contributed 5%, while the remaining 95% still came from thermal coal.With expansion moves such as the acquisition of the Wolfram Limited (WFL) copper and gold mine in Australia and a series of other initiatives, BUMI expects the non-thermal coal contribution to rise to 10% in the near term, or in 2025.“By 2031, we aim to reach a 50:50 composition between coal and non-coal revenues,” he said in a public expose on Monday (1/12/2025).As is known, in early November 2025 BUMI officially owned 100% of WFL after purchasing an additional 400,670 shares (0.32%) for IDR 2.21 billion, or about AUD 200,335. Previously, on 8 October 2025, BUMI had acquired 99.68% of the company.In addition, BUMI plans to issue Sustainable Bonds I BUMI Phase III Year 2025 with a principal amount of IDR 780 billion. Proceeds of IDR 340.88 billion will be used to fund the acquisition of Jubilee Metals Limited, an Australian gold-mining company.A further IDR 333.60 billion from the bond proceeds will be used as a down payment for the planned acquisition of PT Laman Mining, a bauxite mining company in Indonesia.Bumi Resources Director Rio Supin added that the acquisition process for Jubilee Metals Limited has been underway since early 2025. BUMI will acquire up to 65% of the Queensland-based mining company. After that, BUMI has no plans to further increase its stake in Jubilee Metals Limited.“Because our focus is to get the mine operating according to plan,” he said at the same event.As for Laman Mining, BUMI will acquire up to 45% of the company, in line with the initial agreement.Similarly, BUMI is currently focused on completing the initial acquisition steps and has not held further talks with Laman Mining’s owners about increasing the affiliate of the Bakrie Group’s stake.Korea Investment & Sekuritas Indonesia (KISI) Head of Research Muhammad Wafi said the aggressive expansion through acquisitions of several mineral-mining companies could clearly drive BUMI’s long-term transformation.This is because potential revenue from the non-coal segment will grow if each acquired mine reaches optimal operating levels.However, BUMI will still face challenges such as high capital-expenditure needs, leverage risks, and lengthy cash-flow adjustments. “The target of a 50% revenue contribution from the non-coal segment is achievable, but execution and funding need to be monitored,” he noted on Monday (1/12).In general, BUMI’s near-term performance will remain challenging amid uncertainty in the coal industry. BUMI’s coal sales volume could potentially grow in 2026 as long as weather conditions remain favorable and export activities run normally.Wafi also recommends a trading buy on BUMI shares with a target price of IDR 260 per share. At the close on Monday (1/12), BUMI’s share price inched up 0.82% to IDR 246 per share.

DEWA Subsidiary Takes Control of Gayo Mineral Resources in Aceh
DEWA Subsidiary Takes Control of Gayo Mineral Resources in Aceh
28 Nov 2025, 04:26 AM 351

PT Darma Henwa Tbk (DEWA) reported that its subsidiary has officially become the controlling shareholder of PT Gayo Mineral Resources (GMR), a mining company engaged in gold, copper, and other minerals in Gayo Lues, Aceh.Cited from the information disclosure on Friday (Nov 28), DEWA’s subsidiary that is now the controller of GMR is PT Mahadaya Imajinasi Nusantara (MIN). MIN holds 99.75 percent of GMR’s shares, comprising 40,000 series A shares and nearly 63.83 million series B shares. The remaining 0.25 percent of GMR is held by Atlas Energy Investment Ltd.“MIN is a controlled company, 99.75 percent of whose shares are owned by the Company through PT Sabina Mahardika,” said Darma Henwa Director & Corporate Secretary, Mukson Arif Rosyidi, in his statement.Previously, the Ministry of Energy and Mineral Resources (ESDM) had issued a letter approving the change in GMR’s share ownership. The letter was granted based on the Ministry’s evaluation of the administrative, technical, environmental, and financial requirements submitted by GMR.Since 2021, GMR has been recorded as one of Darma Henwa’s affiliated entities. GMR is currently developing an underground copper mine in Gayo. Mineral exploration in Gayo Lues itself focuses on two main prospects: Tengkereng Hulu and Tengkereng Hilir. A JORC-compliant reserve statement is targeted to be published in 2027.Approval of the change in GMR’s shareholder structure will result in GMR’s financial statements being consolidated with DEWA’s financial statements. In 2025, the company is targeting EBITDA of IDR 1.7 trillion. Meanwhile, net profit is projected at IDR 490 billion.DEWA’s shares rose 1.41 percent to IDR 430 on Friday (Nov 28) at 14:55 WIB. According to IDX Mobile, trading volume reached 330 million shares, with a transaction value of IDR 142 billion and 14,900 trades.

TIMAH Prepares a Business Proposal to Secure a Capital Injection from Danantara
TIMAH Prepares a Business Proposal to Secure a Capital Injection from Danantara
27 Nov 2025, 04:26 AM 340

PT Timah Tbk. (TINS) is preparing a business proposal to secure a capital injection from Danantara Indonesia. This move is part of efforts to strengthen its downstream program. PT Timah’s Director of Business Development, Suhendra Yusuf Ratuprawiranegara, said the funds would be directed to its subsidiary, PT Timah Industri, to support downstreaming. “We are likely preparing a business proposal by PT Timah Industri so it can receive an injection or investment from Danantara,” he said in a recent public presentation.He stated that Danantara has expressed a commitment to support the company’s downstream processes and upstream business development. However, there has not yet been an official statement from the super-holding regarding this matter.Previously, PT Timah’s Finance & Risk Management Director, Fina Eliani, said downstream activities have been carried out through the subsidiary PT Timah Industri, which operates in Cilegon, Banten.Fina added that the subsidiary has already produced several derivative products, such as tin chemicals and tin solder.“This year, PT Timah Industri is developing products for key raw materials and tin chemicals,” she said during an incidental public presentation held online on Wednesday (10/15/2025).The new products under development are Ethylhexyl Thioglycolate (EHTG) and TMP Solid, which will serve as primary raw materials in tin-chemical production.PT Timah also received six smelter units and hundreds of heavy equipment items seized in corruption and illegal mining cases within the company’s operating areas.The handover of these assets was conducted in stages, starting from the Attorney General to the Deputy Minister of Finance, then to the CEO of BPI Danantara, and finally to the President Director of PT Timah.

PP Presisi Expands East Indonesia Footprint with New Mining Contracts in East Halmahera
PP Presisi Expands East Indonesia Footprint with New Mining Contracts in East Halmahera
26 Nov 2025, 04:24 AM 393

PT PP Presisi Tbk (PPRE) has again strengthened its existence in the mining service sector by successfully obtaining a new contract for PT Position's Mining Development and Operations Work in Maba Village, East Halmahera, North Maluku. This success further confirms the position of PPRE as a competent and trusted company in integrated mining services.In this project, PPRE will work on a number of main scopes, including clear and grub, topsoil removal, waste removal, ore production limousine, and ore production saprolite. This new contract acquisition adds to the PPRE portfolio in Eastern Indonesia as well as supports the company's expansion strategy in the national mining sector.Vice President Corporate Secretary of PPRE, Mei Elsa Kembaren, said that this achievement is in line with the company's focus on expanding the scope of mining business and increasing market confidence in PPRE."This contract strengthens our steps in presenting effective, safe, and sustainable mining operations. With the support of experience and technology, PPRE is committed to providing the best results through professional resource management," he said.With this additional new contract, PPRE is increasingly optimistic that it can encourage increased operational performance while strengthening its role in the development of the national mining industry.PPRE is committed to providing superior services through the use of appropriate technology, structured project management, and strict work safety standards. All operations are carried out with full responsibility to the environment, in line with the sustainability principles that the company continues to uphold.

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