Macmahon Holdings Limited (ASX: MAH) (Macmahon or the Company) is pleased to confirm that it has extended its appointment by PT Agincourt Resources (PTAR) as the mining contractor for the Martabe gold project in North Sumatra, Indonesia.  Macmahon has been working to support PTAR at the Martabe mine site since 2016 and in that time our workforce on site has grown to over 600. The scope for Macmahon on the next stage of development will involve open cut mining activities including drilling, loading, hauling and mine site development.  The contract extension commences on 1 April 2023 for a seven-year period with the option to extend for a further two years. It is expected to generate revenue of US$350 million in the first seven years, adding to Macmahon’s secured order book.   The Company’s FY23 underlying earnings guidance of $105 million to $125 million remains unchanged. Contract extension capital expenditure is included in the FY23 sustaining capex budget. However, prepayments relating to FY24 sustaining capex in the amount of $4 million have been made to secure long lead time FY24 equipment deliveries.  Macmahon will continue to integrate safety, environmental and social considerations into our operations at Martabe and looks forward to continuing this work in partnership with PTAR and the local communities on all these areas.  The contract value of the successful extension at Martabe and other recent contract awards in FY23 total approximately $2.5 billion which exceeds Macmahon’s FY23 order book run off. As a result, the Company is better positioned to strategically pursue low capital intensity opportunities. CEO and Managing Director Michael Finnegan said:  “We are delighted to be re-appointed by PTAR as the mining contractor for its Martabe  gold project and believe this reflects the significant efficiencies delivered on the project. Since 2016 we have built, and continue to build, a strong relationship with the PTAR team and look forward to being part of the further successful development of the mine. I would like to thank our Macmahon team at the Martabe project in Indonesia. Their continued dedication and support are what makes this project successful.” Source: https://www.listcorp.com/asx/mah/macmahon-holdings-limited/news/macmahon-extends-contract-for-the-martabe-gold-project-2856137.html

SOROWAKO. U.S. carmaker Ford Motor Co signed a final investment agreement with PT Vale Indonesia, and China's Zhejiang Huayou Cobalt on Thursday to build a $4.5 billion nickel processing plant in Indonesia's Southeast Sulawesi. The high-pressure acid leaching (HPAL), located in Pomalaa where Vale operates a nickel mine, is expected to produce 120,000 tonnes a year of mixed hydroxide precipitate, material extracted from nickel ore that is used in batteries for electric vehicles. Indonesia, which has the biggest nickel reserves in the world, has been trying to develop downstream industries for the metal, with ambitions to eventually produce batteries and electric vehicles.Vale and Huayou commenced construction of the plant in November and commercial operation is expected to start in 2026. Febriany Eddy, chief executive of Vale Indonesia, said the deal is unique as it brings the U.S. automaker into an upstream nickel business. She said Vale has a 30% stake in the project with the remainder being controlled by Ford and Huayou. "Ford can help ensure that the nickel that we use in electric vehicle batteries is mined, produced within the same ESG standards as part of our business around the world," Christopher Smith, Ford's chief government affairs officer, said at the signing. The investment is Ford's first in the Southeast Asian country. Indonesia's government has since 2020 banned exports of unprocessed nickel ore to ensure supply for existing and potential investors. The government is currently courting global EV makers such as Tesla and China's BYD Group to invest in the country. Source: https://english.kontan.co.id/news/ford-vale-indonesia-huayou-sign-deal-for-us-45-billion-ev-battery-material-plant

The BUMN mining holding, PT Mineral Industri Indonesia (Persero) or MIND ID, recently injected capital into PT Timah (Persero) Tbk (TINS) through a share investment. Based on the disclosure of information on the Indonesia Stock Exchange (IDX), the share investment transaction by MIND ID in TINS took place on March 21, 2023. MIND ID bought 4,841,053,951 Series B shares of the tin producer previously owned by PT Indonesia Asahan Aluminum (Persero) at a price of Rp 1,828.57 per share. Thus, the transaction value of the investment in shares by MIND ID reached IDR 8.85 trillion.The composition of TINS shareholders has also changed. Prior to March 21, 2023, 65% of TINS shares or the equivalent of 4.84 million shares were held by Inalum while the remaining 35% or the equivalent of 2.61 million shares were held by the community or the public. After March 21, 2023, MIND ID officially controls 65% of TINS shares, while the rest is still owned by the public. "The Government of the Republic of Indonesia has included capital in the form of equity participation in PT Mineral Industri Indonesia, a State-Owned Enterprise whose aim is to function as a strategic holding company for mining-related businesses," wrote MIND ID Main Director Hendi Prio Santoso. in the disclosure of information, Tuesday (28/3).In previous news, MIND ID is undergoing a transformation and splitting off after previously being named Inalum. Since 2017, MIND ID has carried out two corporate functions, namely as a holding and aluminum smelting operation. With this transformation, MIND ID will focus more on strategic holding companies. In this case, MIND ID focuses on increasing the effectiveness of strategic activities and focuses on efficiency and increasing added value between holding members, managing risk management, supervising the operational activities of holding members, and so on. Meanwhile, TINS as a member of MIND ID experienced a 14.29% year on year (YoY) revenue decline to IDR 12.5 trillion in 2022. TINS's net profit also eroded 20% YoY to IDR 1.04 trillion.Source: https://industri.kontan.co.id/news/mind-id-tambah-modal-untuk-timah-tins-sebanyak-rp-885-triliun

PT Bumi Resources Tbk (BUMI) scored a net profit of USD 1.16 billion, sporting a 138% year-on-year (yoy) increment  from USD 488.6 million in 2021. Reaching said number was made possible by 80% surge in coals sales in the global market. Dileep Srivastava, Director of Bumi Resourves, revealed that the revenue was recorded at USD 8.53 billion, 57% yoy higher than USD 5.41 billion, whereas its gross profit grew 74% yoy to USD 2.40 billion from USD 1.38 billion.“The sales volume was 69.4 metric tons (MT), decreasing 12% yoy from 79 MT in 2021. The realisation of coal price, however, rose to USD 121 per ton from the initial USD 67.4 per ton,” Srivastava further added in the information disclosure quoted today (29/3). The operating profit shifted up 86% yoy to USD 2.06 billion from USD 1.11 billion. The profit margin was approximately 24.2% from the previous 20.5%, and the profit attributable to the parent entity reached USD 525.3 million, soaring 213% yoy or USD 357.3 million higher than USD 168 million in 2021. The volume of coals in mines was reportedly declining as well to 71.9 MT from the initial 78.8 MT, because yearlong rain (La Nina). (LK/ZH)Source: https://www.idnfinancials.com/news/46448/victorious-bumi-recorded-shift-profit

Deputy for Strategic Downstreaming at the Ministry of Investment/BKPM Heldy Satrya Putera revealed that Indonesia is aiming to be named as the world's top two stainless steel producing countries and the world's top five EV (electric vehicle) battery producing countries through nickel downstreaming. In the webinar "Strategy for Reaching the 2023 Investment Target by Encouraging Downstream Production" which was monitored online in Jakarta, Wednesday, Heldy said nickel downstream was prioritized for two industries, namely stainless steel and the electric vehicle battery raw material industry."The priority for nickel is how to make stainless steel and batteries (EV). We have calculated how much added value is generated, how much global demand there is, investment needs, impact on GDP, employment and exports that can be increased," he said. In the presentation material he presented, it was noted that for the stainless steel industry, the government is aiming for added value of up to 9.5 times with global demand in 2045 reaching up to 365 billion US dollars. Meanwhile for the EV battery industry, the added value is estimated to reach 67 times with a potential global demand of US$5.91 trillion. On the other hand, nickel downstream for the two sectors until 20240 has a potential investment value of up to US$127.9 billion, contributes to US$43.2 billion to GDP, absorbs 357 thousand workers, and exports potential of up to US$81 billion. Heldy explained that high added value from downstream was one of the main considerations for the government to encourage nickel downstreaming. Another consideration is that nickel commodity itself is one of Indonesia's main leading commodities. In fact, as many have mentioned, Indonesia has the largest nickel reserves in the world which can actually be utilized domestically.Apart from that, very promising demand in the future is considered to be another consideration to continue to support the downstream mineral commodity. Heldy explained that the nickel downstream that had been carried out had had a significant impact on the achievement of investment realization in recent years. He explained that investment realization in the base metal and metal goods industry has continued to increase after the ban on exports and downstream nickel was implemented. On the export side, downstream nickel has succeeded in boosting national export performance from only US$3 billion in 2017 to US$29 billion in 2022 for exports of nickel downstream products. "Now it is over US$30 billion, meaning that our exports have increased more than 10 times from downstream business results," he said.Source: https://www.antaranews.com/berita/3461859/ri-mau-jadi-produsen-stainless-steel-dan-baterai-ev-dari-hilirisasi

PT Freeport (PTFI) increased its share ownership in PT Smelting to 65 percent. This was conveyed by the Main Director of PTFI Tony Wenas, in a joint meeting with Commission VII DPR RI at the DPR Building, Monday (27/3/2023). Tony said that the additional share portion in PT Smelting was the company's effort to obtain a Special Mining Business Permit or IUPK located at the Freeport Papua Mine. Initially, Freeport's share in PT Smelting was only 39.5 percent. The mechanism for increasing the share portion is carried out through an investment of US$250 million which is equivalent to Rp.3.7 trillion (exchange rate of Rp.15,183 per US dollar). With this investment, it is expected that copper smelting capacity can be carried out to 1.3 million tons per year, an increase compared to the previous 300,000 tons."We asked PT Smelting to expand to fulfill its IUPK obligations. With (investment) US$250 million, Freeport's shares in PT Smelting, which are currently 39.5 percent, will increase to 65 percent after the expansion is complete," said Tony Wenas. For information, PT Smelting is a smelter company that processes pure copper. After the agreement is completed, the two plan to develop a new business scheme in 2024. The agreement is carried out by carrying out marketing and product contracts, which include anode mud, sulfuric acid, copper scale, to copper telluride. Tony said, during the transition period, the entire trading process and sales contracts would be carried out by PT Smelting, through PT Freeport. "We are the (majority) shareholders who control PTFI, and this is the progress of PT Smelting's divestment or expansion," continued Tony.Source: https://money.kompas.com/read/2023/03/28/104200226/freeport-tambah-porsi-saham-di-pt-smelting-jadi-65-persen

PT Hengjaya Mineralindo has won a Proper green rating for 2021-2022 in Central Sulawesi Province (Central Sulawesi). Proper (Company Performance Rating Rating Program in Environmental Management) is a form of government policy to improve the company's environmental management performance in accordance with what has been stipulated in laws and regulations. The Proper award is given to companies that demonstrate compliance with environmental management laws and regulations.This award night event took place at Hotel Santika, Jalan Moh Hatta No 18, Lolu Utara Village, East Palu District, Palu City, Monday (27/2/2023) evening. The 2021-2022 Proper was attended by 31 companies, including 22 companies in the energy and oil and gas mining sector, and 9 agro-industry companies. The proper award is given in several categories Gold, Green, Blue and Red. The Head of Mining Engineering (KTT) PT Hengjaya Mineralindo M Ilham said, he was very grateful to be the only nickel mining company that had won an award in the green category. "Hengjaya Mineralindo is very grateful for being the only nickel mining company to receive the green category," said M Ilham. M Ilham added, by obtaining green proper, the Hengjaya Mineralindo company is increasingly motivated in managing the environment in a sustainable manner. The Hengjaya Mineralindo Company strives to increase its achievements to a gold rating.Source: https://palu.tribunnews.com/2023/02/28/pt-hengjaya-mineralindo-jadi-satu-satunya-perusahaan-nikel-yang-raih-proper-hijau-dari-dlh-sulteng

PT Amman Mineral Nusa Tenggara (AMNT) targets copper concentrate production to reach 1.1 million wet metric tons (wmt) in the 2023 Work Plan and Budget (RKAB). AMNT Vice President Corporate Communications Kartika Octaviana said that the production plan had received approval from the Ministry of Energy and Mineral Resources (ESDM). This year's production plan is up 10.97 percent compared to last year's position which was set at 994,209 wmt. Meanwhile, the government signed the agreement to increase production in line with the decision to ban metal mineral exports in June 2023."The approved 2023 concentrate production is 1,103,355 wmt, there is an increase in production which is in accordance with the mine schedule," said Kartika when contacted, Monday (27/3/2023). Meanwhile, the progress of the construction of AMNT's smelter until January 2023 has reached 51.63 percent. The project has absorbed a cost of more than US$507.53 million from a total planned investment of US$982.99 million.AMNT President Director Rachmat Makkasau said the development of the smelter construction proved the company's commitment to completing one of the current national strategic projects (PSN) in the mineral mining sector. This calculation is in accordance with the realization of budget absorption for smelter construction, which includes physical construction and also the purchase of equipment and machinery for operations. "The company continues to work with our business partners to complete the smelter project as soon as possible. Fabrication equipment has started to arrive in early March and equipment installation has begun," said Rachmat. He estimates that the commissioning of the smelter will be carried out in July 2024 and operate at 60 percent capacity in December 2024. Intensive communication with the government to find the best solution to deal with various challenges over the past 3 years has also been continuously carried out by the company. As previously reported, AMNT and PT Macmahon Indonesia have agreed to work together to work on the Batu Hijau mine Phase 8. Seeing the success of the Batu Hijau mining contract and the bright prospects for copper and gold prices, AMNT decided to expand the Batu Hijau mine by opening a pit known as Phase 8. The opening of the Phase 8 pit is expected to extend the mine period to June 2028 in accordance with the mine life stipulated in the AMNT and Macmahon Indonesia contracts. Macmahon Managing Director and CEO Michael Finnegan said, with the new cooperation agreement, Macmahon Indonesia will acquire certain heavy equipment from AMNT with a value of US$35 million or around Rp.525 billion (estimated exchange rate of Rp.15,000 per US dollar), to carry out pit work. Phase 8 and as collateral for third party investors. From this transaction, Macmahon Indonesia will receive a monthly return on investment (ROI) on the cost of capital of 15 percent. In addition, Macmahon Indonesia will also have the opportunity to obtain KPI fees of up to US$5.1 million per six months based on overall project performance. "Furthermore, the continuation of this transaction will require approval from Macmahon shareholders considering AMNT is a substantial shareholder of Macmahon Indonesia," said Finnegan in an official statement, Monday (20/2/2023). For 2023, Macmahon targets revenues to reach around US$1.85 billion - US$1.95 billion, from the previous US$1.6 billion - US$1.7 billion from the Batu Hijau Phase 7 contract cooperation. Meanwhile, the profit before interest target, taxes, and amortization (EBITA) remained in the range of US$105 million - US$125 million. “We look forward to continuing our relationship with AMNT at the highly productive Batu Hijau operation and with a partner who values technology and ESG,” he added. The Batu Hijau mine started production and operations in 2000. Until 2020, Batu Hijau has produced around 8.78 billion pounds of copper and 8.7 million ounces of gold. For information, PT Medco Energi Internasional Tbk. (MEDC) through PT Amman Mineral Nusa Tenggara controlled a 44.3 percent stake in the Australian company Macmahon in 2017. In Indonesia, Macmahon is also the contractor for the Martabe gold mine in North Sumatra with a contract duration of 5 years from January 2016 from PT Agincourt Resources. Meanwhile in Australia, Macmahon became a contractor for a number of mines, including the Tropicana copper and gold mine, the Telfer gold mine and the St. Ives in Western Australia. In addition, Macmahon is also a contractor for the Byerwen coal mine in the Bowen Basin, Queensland Australia.Source: https://ekonomi.bisnis.com/read/20230327/44/1641076/amman-mineral-bidik-produksi-konsentrat-tembaga-11-juta-wmt-tahun-ini

PT United Tractors Tbk (UNTR) recorded an increase in sales of Komatsu heavy equipment during the first two months of 2023. UNTR sold 1,232 units of Komatsu heavy equipment in that period. This number rose 16.4% (YoY) from sales of heavy equipment in the same period the previous year of 1,058 units. Launching the monthly report, Saturday (25/3), the majority of Komatsu's sales were channeled to the mining sector, which reached 63%, followed by sales to the construction and forestry sectors each with 15%. Then, sales to the agribusiness sector amounted to 7%. Meanwhile, Komatsu's market share as of February 2023 is 34%.However, sales of Komatsu heavy equipment experienced a decline in the February 2023 period. Last month's sales were 546 units, a decrease of 20.40% from sales in the January 2023 period which reached 686 units. Just so you know, management projects that Komatsu sales this year will equal or be flat with the realization in 2022, which is in the range of 5,700 units. "This is based on the assumption of coal price movements. Currently it is still appropriate,” said United Tractors Corporate Secretary Sara K. Loebis.Source: https://industri.kontan.co.id/news/per-februari-2023-united-tractors-berhasil-jual-alat-berat-komatsu-1232-unit-1

Arsari Tambang's (AT's) tin metal sales reached 5,342 tons throughout the year 2022, the company's Chief Executive Officer (CEO) Aryo Djojohadikusumo stated. "PT Mitra Stania Bemban is preparing to complete the required documents for the preparation of the RKAB (Work Plan and Budget)," Aryo noted in a statement on Wednesday.AT oversees several tin mining companies: PT Mitra Stania Prima (MSP), PT Mitra Stania Kemingking (MSK), PT Mitra Stania Bemban (MSB), and PT AEGA Prima. Aryo elaborated that PT MSP's tin production last year had reached 3,359 tons, while PT MSK clocked a total production of 1,023 tons, and PT Aega Prima, 960 tons. Aryo remarked that this year, the company is optimistic about tin production increasing again despite the threat of a global economic recession."Other subsidiaries are also continuing exploration programs to increase resources and reserves for the continuation of Arsari Tambang's business to provide foreign exchange to the country," he stated. Indonesia has long been known as one of the world's main tin producers. Most of the mineral resource reserves are located in Bangka Belitung Islands that can be called as the largest tin-producing area in Indonesia. The Bangkinang area, Riau Province, is the other major producer. Moreover, a village in the Riau Islands is the largest tin producer in Indonesia. The village is called Dabo that is located on Singkep Island.The region is also an area that holds extensive tin reserves. Citing the Fitch Solution data, Indonesia is listed as the second-largest tin mining producer in the world after China. In 2021, Indonesia's tin commodity production amounted to 83 thousand tons. This figure was equivalent to 26 percent of the world's total mining production. Meanwhile, according to United States Geological Survey (USGS) data, Indonesia's tin reserves were estimated to reach 800 thousand tons in 2021. This figure also makes Indonesia the second-largest owner of tin reserves in the world after China. Source: https://en.antaranews.com/news/276327/arsari-tambangs-tin-metal-sales-reached-5342-tons-in-2022