PT Bumi Resources Mineral Tbk. (BRMS) announced that as of the third quarter of 2024, it has recorded a revenue of US$ 108.5 million. This figure marks a remarkable 231% year-on-year (yoy) increase.Dileep Srivastava, the Independent Director and Corporate Secretary of BUMI, stated that gold prices are projected to remain high throughout this year and into early 2025 amid ongoing geopolitical tensions."BRMS is in a strong position to continue its solid performance," he told CNBC Indonesia on Thursday (December 12).Dileep continued, stating that the increase in production at the second plant in Palu last year has boosted gold production to 45,366 ounces by the third quarter of this year. This achievement has already surpassed the total production for 2023, which was 23,270 ounces, including third-quarter production of 18.6 thousand ounces."An 8.8% QoQ increase highlights the strong operational momentum of the company," he added.Additionally, BRMS reported higher mineral resource estimates for River Reef and Hill Reef in Palu. Certified by AMC Consultants (Australia), this estimate shows 4.2 million ounces of gold resources with a grade of 4.9 g/t, with 89% designated for underground mining. This strengthens BRMS's long-term growth potential.Furthermore, BRMS's flagship mine in Central Sulawesi, which holds reserves of 34.1 million ounces and resources of 40.2 million ounces with an average grade of 3.2 - 3.5 g/t, remains at the core of the company's growth strategy.The company is currently operating two plants with a combined processing capacity of 4,500 tons per day and plans to expand with a heap leach facility with a capacity of 4,000 tons per day, scheduled for the first quarter of 2025.Additionally, the commencement of underground mining at Block-1 Poboya, with a target grade of 4.9 g/t, is projected to increase gold production to 145.4 koz by 2027, a 165.6% increase.Beyond CPM, BRMS holds 126.1 million tons of untapped reserves in Banten, Aceh, and Gorontalo, which is four times larger than CPM's reserves. The company's flagship asset, Gorontalo Minerals, is expected to begin operations in 2026 with a capacity of 2,000 tons per day to process gold (average grade 1.69 g/t), which will further enhance the company's long-term growth potential.Dileep added that, for stock valuation, they are estimating a fair value for BRMS shares at Rp 550 per share."Based on the annualized 9M24 PBV of 5.2x, this represents a 40% discount compared to AMMN," he concluded.

The Statistics Indonesia (BPS) stated that the mineral downstreaming policy through smelting and processing facilities in West Sumbawa, West Nusa Tenggara, has the potential to boost long-term economic growth."The two mining companies in the area have hired a significant number of workers and boosted the economy in West Nusa Tenggara," said Wahyudin, Head of BPS West Nusa Tenggara, in Mataram on Tuesday.Wahyudin explained that if the smelter facility owned by PT Amman Mineral Nusa Tenggara is able to process not only mining products from West Sumbawa but also from other regions, the economic impact would be even greater.He cited the example of the nickel smelter in Bantaeng, South Sulawesi. Although the region does not have nickel mines, the smelter is able to process nickel produced from other areas."NTB already has mines and a smelter, so why not take advantage of resources from other areas? That’s what we are developing," said Wahyudin.He further explained that the establishment of a smelter in a region has a multiplier effect on the local community, such as the proliferation of restaurants, accommodations, and transportation services.Although there has been a decline in revenue from concentrate exports, the smelter that processes raw materials into higher-value products can increase the added value of natural resources. This, in turn, impacts the increase in regional income from the mining sector.Local governments receive taxes and levies from the smelter's operations, as well as royalties and profit-sharing from natural resources."The smelter is still targeting some market share overseas, which will later affect state revenue," Wahyudin added.Statistics Indonesia (BPS) reported that the export value of West Nusa Tenggara Province in November 2024 experienced a sharp decline of 97.78 percent compared to October 2024 due to the cessation of concentrate exports by Amman Mineral.In November 2024, the export value of commodities from West Nusa Tenggara amounted to just USD 5.56 million, supported by the export of fish and shrimp worth USD 2.87 million or 51.67%, fruits worth USD 1.12 million or 20.08%, and jewelry worth USD 900,254 or 16.19%.

The Titan Group is preparing to take its infrastructure services business entity, PT Titan Infra Sejahtera (TIS), public on the Indonesia Stock Exchange (BEI). TIS plans to conduct an Initial Public Offering (IPO) in 2025.TIS is an infrastructure service provider operating in South Sumatra Province. TIS has two subsidiaries, namely PT Servo Lintas Raya (SLR) and PT Swarnadwipa Dermaga Jaya (SDJ).SLR operates 118 kilometers (km) of road for the transportation of commodity materials, also known as hauling. Meanwhile, SDJ operates a port on the Musi River for shipping the commodities that are transported.President Director of SLR and SDJ, Victor B. Tanuadji, emphasized that the core business of TIS is in infrastructure. Victor is confident that TIS will be well-received by the market when it goes public and will remain attractive to investors who are concerned with environmental issues."This is purely infrastructure; there are no mining activities within TIS," Victor stressed in a written statement received by Kontan.co.id on Monday (December 16).For information, TIS is part of Titan Infra Energy. As a group, Titan Infra Energy has three business lines: energy infrastructure, energy services, and energy resources.In the energy infrastructure business line, Titan Infra Energy, through TIS, is involved in integrated logistics services via SLR and cargo port services through SDJ.Director of Operations at Titan Infra Energy, Suryo Suwignjo, is optimistic about the growth prospects for TIS. As an example of its financial performance, last year TIS recorded an EBITDA of US$100 million. "This year, we are optimistic that this figure will increase," said Suryo.Suryo explained that TIS's revenue is directly related to the volume of key commodities being transported, namely coal, which passes through the hauling road operated by SLR and is shipped via SDJ.He gave an example that this year, the amount of coal transported and shipped by TIS reached 21 million tons, a 16% increase compared to 18 million tons in 2023. Next year, the volume is projected to rise to 27 million tons.However, Suryo has not yet disclosed the exact number of shares that TIS will offer to the public in the upcoming IPO. "In accordance with exchange regulations, at a minimum, we will offer 10% of the shares," Suryo explained.On the other hand, Victor revealed the prospects for TIS going forward. Starting this year, PT Bukit Asam Tbk (PTBA) has begun shipping its coal production through TIS's hauling route and coal port. Victor said this development brings a fresh wind for TIS.Victor is confident that the amount of PTBA’s coal passing through TIS's roads will continue to increase year by year, especially with coal prices remaining relatively stable at around US$125 per ton.TIS has also taken steps to anticipate potential bottlenecks in the transportation route due to the surge in transport and shipping volumes. This year, TIS has expanded its port facilities from two to three ports, with five conveyors.Next year, TIS plans to add one more conveyor. Victor is optimistic about TIS's prospects in the future, in line with Sumatra's position as the second-largest coal producer in Indonesia.South Sumatra (Sumsel), where TIS operates, is the largest contributor to coal production on the island of Sumatra. The coal reserves in Sumsel amount to 9.3 billion tons, or about 25% of Indonesia's total national coal reserves of 37.6 billion tons.The concentration of coal mining in Sumsel is located in three regions: Muara Enim, Lahat, and Ogan Komering Ulu. In Muara Enim alone, there are at least 29 mining business licenses issued by the government.This year, the South Sumatra Energy and Mineral Resources (ESDM) Office targets coal production to reach 131 million tons. This presents a growth opportunity for TIS.Moreover, as coal reserves in Kalimantan begin to deplete and production costs rise, South Sumatra is expected to gain more attention. "This is the space that will shape the future for TIS," Victor concluded.

Mining contractor PT Putra Perkasa Abadi (PPA) recorded an overburden material production of 303.36 million BCM from January to November 2024, exceeding the target set for November of 296.15 million BCM.Adri Thanada, Head of Corporate Communication at PPA, said in a statement in Jakarta on Sunday that PPA projects its overburden production will reach 333.35 million BCM by the end of 2024.He mentioned that with its commitment to sustainability and innovation, PPA aims to become the second-largest mining contractor in Indonesia in the near future."In 2025, PPA will add several new projects. We are optimistic that next year, our overburden production will exceed 400 million BCM," said Adri.Meanwhile, mineral production, including coal and nickel, from January to November 2024 reached 64.27 million tons. This figure includes 60.57 million tons of coal and 3.7 million tons of nickel ore.By the end of 2024, PPA expects its coal and nickel production to reach 70.5 million tons, representing a 5% growth compared to the 2023 achievement of 66.8 million tons."This achievement underscores the operational efficiency and PPA’s ability to consistently meet the needs of our partners," said Adri Thanada.This milestone also cements PPA as one of the largest mining contractors for both minerals and coal in Indonesia, with 12,000 employees and operations across 14 coal and nickel mining companies throughout the country.Adri added that 2024 has been a "Golden Year" for PPA, as the company has won various national and international awards. PPA received the top award for the third time at the Good Mining Practices Award 2024, organized by the Ministry of Energy and Mineral Resources’ Directorate General of Mineral and Coal (Ditjen Minerba).Additionally, PPA received the Subroto Award for mining safety technology innovation and was named the Overall Winner at the 21st Indonesia Fire and Rescue Challenge.Furthermore, the Emergency Response Team (ERT) Garuda Rescue Nusantara, representing PPA, achieved impressive results at the Mining Emergency Response Competition (MERC) 2024 in Langley Park, Perth, Australia.Various other awards were also received in the fields of social welfare and environmental sustainability.Adri emphasized that PPA upholds the principle of Safe and Strong Operational Performance as the main foundation for delivering the best service.“We continue to innovate and create a positive impact, not only for the industry but also for the community and the environment. PPA is committed to setting new standards in sustainable mining practices. We also hope to be a source of blessings by quickly contributing to ESDM’s disaster preparedness initiatives whenever a natural disaster occurs,” added Adri.Under the coordination of ESDM’s disaster preparedness program, PPA's ERT is actively involved in humanitarian missions during disasters in Indonesia. Notably, the ERT has been directly involved in responding to the floods in Mahakam Hulu, East Kalimantan, the eruption of Mount Lewotobi in NTT, and the floods in Sukabumi, West Java.

PT J Resources Asia Pasifik Tbk. (PSAB) aims to complete its Doup gold mine project by 2026. The project is estimated to require an investment of around US$400 million. J Resources' President Director, Edi Permadi, stated that the project's timeline has recently been revised to be completed within the next 24 months. The company has already spent US$70 million of its capital expenditure from internal cash reserves."With the significant recovery we are seeing, and the conservation efforts, we have revised the timeline to 24 months from now," Edi said after a public expose in Jakarta on Friday (December 13, 2024).Nevertheless, Edi emphasized that the company is still working to ensure that the mine can begin commercial operations by the end of 2025. According to him, PSAB has completed land acquisition for most of the mining area.As of October 2024, the Doup reserves are estimated at 38.2 million tons with a grade of 1.28 grams per ton, amounting to approximately 1.6 million ounces of gold. Meanwhile, the plant design is expected to reach a capacity of 3 million tons per year with Gravity-Flotation-POX-CIL, with a mine life of 14 years and a stripping ratio of 4.3:1.With that processing technology, PSAB targets gold recovery to be in the range of 91%, and annual production to reach between 140,000 and 195,000 ounces per year. Once the project is in commercial operation, PSAB is expected to generate additional revenue of around US$3 billion, assuming gold prices continue to strengthen. On the other hand, Edi is confident that the project will receive financial support from banks or other financial institutions. He argues that the Doup project has competitive reserves. "We are quite confident with the improved recovery, as it is very attractive," he said.Previously, PSAB achieved a positive profit of US$4.45 million by the end of September 2024. This was a turnaround from the same period last year when the company had posted a loss of USD 13.40 million. The key driver of the profit was the strong sales performance, which grew faster than the cost of goods sold. PSAB reported sales of USD 173.86 million, an 86.79% increase year-on-year (YoY).PSAB's gold and silver sales were made to four parties: Metalor Technologies Singapore Pte., Ltd; PT Aneka Tambang Tbk. (ANTM); Beijing Fuhaihua Import and Export Corp Ltd; and Transamine Far East Limited. Sales of gold and silver to Metalor Technologies reached US$150 million, an increase of 81.29% YoY, accounting for 82.27% of the company’s total sales. Sales to ANTM also more than doubled, reaching US$15.82 million, up from USD 6.17 million, contributing 9.10% of PSAB’s total sales.PSAB reported cash at the end of September 2024 of USD 14.94 million, up 154.74% YoY from USD 5.86 million. The total assets of the company, owned by Jimmy Budiarto, were recorded at USD 878.54 million in September 2024, a slight increase of 2.33% compared to the end of 2023. Liabilities also rose slightly by 1.5%, to USD 482.68 million, while equity was recorded at USD 395.85 million, a 3.37% increase from the end of 2023.

PT Saratoga Investama Sedaya Tbk (SRTG), Increase Stake in PT Merdeka Copper Gold Tbk (MDKA) by 53.36 Million Shares on December 13, 2024.As a result, Saratoga's ownership in the gold mining company increased from 18.96% to 19.18%. "The purpose of this transaction is for investment, with direct ownership status," said Juan Akbar Indraseno, Corporate Secretary of Saratoga Investama Sedaya (SRTG), in a statement on Friday (December 13, 2024).Juan revealed that the purchase of 53.36 million MDKA shares was made by the company at a price of Rp 2,273 per share. As a result, Saratoga spent Rp 121.29 billion for the acquisition of these MDKA shares.After the share purchase, according to Juan, the company, together with PT Provident Capital Indonesia, is committed to maintaining control of Merdeka Copper Gold (MDKA).Throughout the first nine months of 2024, Saratoga recorded solid performance, with a net gain from investments in shares and other securities amounting to Rp 5.02 trillion. This figure contrasts with the same period last year (year-on-year/yoy), which saw a loss of Rp 12.87 trillion.The blue-chip stocks owned by SRTG include PT Tower Bersama Infrastructure Tbk (TBIG), PT Merdeka Copper Gold Tbk (MDKA), and PT Alamtri Resources Indonesia Tbk (ADRO). The company also holds investments in growing companies such as PT Mitra Pinasthika Mustika Tbk (MPMX), PT Provident Investasi Bersama Tbk (PALM), PT Samator Indo Gas Tbk (AGII), and PT Nusa Raya Cipta Tbk (NRCA).SRTG's investment gains from January to September 2024 primarily came from blue-chip stocks, which reached Rp 5.5 trillion, compared to a loss of Rp 12.25 trillion in the previous period. Meanwhile, investments in growing companies still recorded a loss of Rp 312.64 billion, an improvement compared to the previous loss of Rp 548.34 billion.In addition, investments in digital technology stocks showed a greater loss, increasing from Rp 51.48 billion in the first nine months of 2023 to a loss of Rp 164.41 billion in January-September 2024.In addition to profits from stock investments, SRTG also earned dividend and interest income amounting to Rp 1.66 trillion, as well as other income of Rp 13.45 billion. After deducting operating expenses and other costs, SRTG was able to record a profit before tax of Rp 6.36 trillion, compared to a loss of Rp 11.4 trillion in the same period last year.Saratoga’s (SRTG) profit for the current period attributable to the company’s owners amounted to Rp 5.22 trillion for the first nine months of 2024, a significant increase compared to the loss of Rp 10.6 trillion in the same period in 2023.

PT Freeport Indonesia (PTFI) aims to begin operations at the Kucing Liar underground mine in 2028. This mine, seen as the 'future' of Freeport, is expected to have a production capacity of 90,000 tons of ore per day.Anton Priatna, Vice President of Underground Engineering at Freeport Indonesia, emphasized that the company is currently continuing its development efforts to increase copper and gold production through the Kucing Liar underground mine.“We plan to mine Kucing Liar starting in 2028. The target is 90,000 tons per day,” explained Anton when met in Tembagapura, as quoted on Thursday (December 11, 2024).As is well known, Freeport Indonesia currently relies on copper and gold production from its underground mines. Before Kucing Liar becomes operational in 2028, production is currently sourced from the Grasberg Block Cave (GBC), Big Gossan, and Deep Mill Level Zone (DMLZ) underground mines.Through these mines, Anton said, Freeport is targeting a production of 220,000 to 230,000 tons of concentrate ore per day."By 2029, production will increase with the operation of the Kucing Liar underground mine to 240,000 tons per day," he explained.He noted that the proven reserves from the underground mines currently amount to around 29 billion pounds of copper and 24 million ounces of gold, which is expected to last until 2041.Meanwhile, based on the ore resource data from the exploration area, Freeport’s reserves are estimated to contain approximately 48 billion pounds of copper and 58 million ounces of gold.“To ensure that these figures are accurate in the areas we currently hold, we need to conduct exploration, which will take 5-10 years. That’s why the period beyond 2041 is something we need to focus on because without it, this cannot be proven, even though we can continue operating until 2061,” Anton explained.

PT Agincourt Resources, the operator of the Martabe gold mine, has won two "Tambang Menyejahterakan Masyarakat" (Tamasya) awards from the Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources (ESDM)."We are committed to creating added value and positive impacts for all stakeholders, supporting community and local economic development, while contributing to long-term sustainable improvements in quality of life," said Ruli Tanio, Vice President Director of PT Agincourt Resources, in a statement received in Medan on Friday.The company also received seven awards at the 2024 Indonesian Sustainable Development Award (ISDA), recognizing its flagship programs for community development and empowerment that support the achievement of the Sustainable Development Goals (SDGs).Ruli stated that these awards are concrete evidence of the company’s ongoing efforts and contributions to community welfare, environmental sustainability, and economic growth, particularly in achieving SDGs related to goals two and thirteen."The Tamasya Award and ISDA are a great motivation for us to continue innovating and making greater contributions to community empowerment, in collaboration with stakeholders to achieve sustainable development goals," Ruli said.The Tamasya Award, held on November 26, 2024, as part of the closing ceremony of the Minerba Expo, saw PT Agincourt Resources win two awards in the categories of planning and implementation in the field of economic independence.The awards were received directly by the Director of Agincourt Resources, Noviandri. The company also participated in the Minerba Expo, showcasing culinary products developed by the company’s community initiatives.The company received four gold awards for its programs supporting women's groups through culinary and makeup artist training, revitalizing traditional "lubuk larangan" (fish conservation areas), coaching talented young athletes in the local community, and improving education quality through infrastructure development. Additionally, a Silver award was given for the media capacity-building program and the Agincourt Resources Olympics.At the ISDA, held on November 28, 2024, PT Agincourt Resources won the platinum award for its efforts in tackling stunting (malnutrition) through the "Bapak Asuh Anak Stunting" (BAAS) program, revitalizing integrated health posts (posyandu), and providing mobile healthcare services.Rohani Simbolon, Manager of Community Development at Agincourt Resources, explained that the company works in collaboration with the South Tapanuli Health Office, Batang Toru Health Center, and other local authorities to address stunting.The three key programs being implemented include revitalizing posyandu, which now operates in 14 villages, the BAAS program, and mobile healthcare services through free medical outreach to villages far from health facilities."We understand that stunting is a nutritional problem that has various impacts and affects the future generation. Addressing stunting requires not only curative actions but also preventive and sustainable measures," said Rohani.PT Agincourt Resources continues to enhance its stunting intervention programs by encouraging the posyandu it has supported to develop innovative programs and establish a peer educator-based community to ensure the sustainability of the programs.One resident of Batang Toru Subdistrict, Tetty Lanna Sari Hasibuan, who has benefited from the BAAS program, shared her experience: "This program is excellent because every two weeks, my child is checked by a pediatrician and receives milk and vitamins as prescribed at the Batang Toru Posyandu."

PT Bumi Resources Tbk (BUMI) has revised its coal production projection for this year downward, citing heavy rainfall at its subsidiaries' mines.Bumi Resources Corporate Secretary, Dileep Srivastava, estimates that BUMI's coal production for this year will be between 76-78 million tons. This is lower than the company's initial guidance of 78-82 million tons."The high rainfall levels in South Kalimantan, market factors, and a decline in production at Arutmin contributed to this adjustment," Dileep said, as quoted on Thursday (5/12/2024).As of Q3 2024, BUMI has produced 57.3 million tons of coal. This figure includes 42.9 million tons from PT Kaltim Prima Coal (KPC) and 14.4 million tons from PT Arutmin Indonesia.In the same period, BUMI reported revenue of USD 926.9 million, down 21% compared to USD 1.17 billion in the same period in 2023. This decline was attributed to a 13% drop in benchmark coal prices.BUMI's average free-on-board (FOB) coal price was USD 73.7 per ton. Coal prices at KPC, with higher calorific value, reached USD 78.7 per ton, while coal from Arutmin's mining areas sold at USD 58.2 per ton.Nevertheless, BUMI successfully reduced its cost of revenue by 24%, from USD 1.09 billion to USD 833.3 million. This helped increase the company's gross profit by 19% to USD 93.6 million."The strip ratio decreased by 14%, leading to a 13% reduction in overburden removal to 500.9 million bank cubic meters (bcm)," Dileep added.In the first nine months of 2024, Bumi Resources reported a net profit of USD 122.9 million, a significant 111% increase compared to USD 58.2 million in the same period in 2023.

State-owned mining holding company, MIND ID, seeks support from the Energy Commission XII of the House of Representatives (DPR) to limit the construction of new smelters in Indonesia over concerns of oversupply of mining products in the global market.MIND ID President Director, Hendi Prio Santoso, said that oversupply of mining products in the global marketwill ultimately depress commodity prices.“If there is oversupply, like what has happened in ferronickel, the price will fall. This is detrimental, because oversupply occurs unintentionally and becomes uncontrolled to the point of the sales price is unable to cover production costs,” Hendi told a hearing with the House’s Commission XII on Wednesday, December 4, 2024.In addition to smelter restrictions, Hendi also requested permission to build a Steam Power Plant (PLTU) specifically for MIND ID’s own consumption. Thismeasure is taken to meet the energy needs of 5 gigawatts to support the construction of the smelter in the future.“We ask for permission to be given the liberty to provide electricity for our own needs because the construction of the smelter requires a large energy supply, while this need is not covered in the National Electricity Supply Business Plan (RUPTL),” he cited.Hendi also highlighted the importance of setting production quotas for critical and strategic minerals. He reminded that Indonesia had experienced major losses due to the flood of tin supplies in the global market, which caused tin prices to fall significantly.“Excessive production without considering global supply-demand is detrimental to the country. We must ensure that the mineral production quota does not exceed world demand so that price stability is maintained,” he said.Support from Commission XII, according to Hendi, is very much needed considering the role of this institution as a supervisor and mentor of the mining sector. He expressed hope that good collaboration can help maintain the balance of the global market while protecting national interests.