PT RMK Energy Tbk (RMKE) successfully loaded 946 vessels with a total volume capacity of 7.5 million tons of coal as of October 2024, an increase of 18.9% year-on-year (yoy) compared to the same period last year, which was 6.3 million tons of coal.The company's President Director, Vincent Saputra, stated that the increase in service volume was supported by performance in October 2024, where RMKE managed to load the highest volume ever during its operations with 1.1 million tons of coal in a month."With this volume, RMKE has achieved 75.1% of its service volume target for this year," he said in a statement to the media on Friday, November 22.Vincent continued, RMKE also succeeded in improving operational efficiency by maintaining unloading timeliness for trains at an average of 3 hours and 40 minutes, as well as reducing its fuel consumption ratio, which decreased by 10.8% yoy to 0.8 tons per liter.In the coal sales segment, RMKE also managed to sell 2.31 million tons of coal by October 2024, an increase of 16.5% yoy, achieving 66.0% of its coal sales target for this year.In terms of exports and local sales, they contributed 67% and 33% respectively to the total sales volume. Most of RMKE's coal sales volume comes from third-party coal mines, while its in-house mining production still contributes 32% to the total sales volume.Vincent mentioned that the trend of increasing service volume and coal sales is supported by the growth in coal demand during the second half of the year, especially in the export market."Although coal prices tend to decline or stabilize, the growth in coal sales volume still outpaces and compensates for the impact of price normalization," Vincent added.Further, Vincent mentioned that the increased demand for coal in the second half of this year has become a positive catalyst for RMKE, especially as the winter season approaches at the end of the year.“We see RMKE's monthly operational performance, particularly in the services segment, continuing to improve significantly, especially in October 2024," concluded Vincent.

PT Bumi Resources Minerals Tbk. (BRMS) will soon release its audited third-quarter financial report for this year. Independent Director and Corporate Secretary of BUMI, Dileep, said that the financial results will show positive quarter-on-quarter (qtq) and year-on-year (yoy) growth."The strong financial results are due to increased gold production and higher gold selling prices," he said in a brief message to CNBC Indonesia on Friday (22/11).He also revealed that in the second week of December 2024, BRMS will publish the JORC Reserve Data from its gold mine site in Poboya, Palu."This data has been assessed and completed by the AMC Mining Consultant from Perth, Australia," he said.The data will include mineral reserves with higher gold content from the underground prospects. These higher-grade underground reserves will indicate strong production growth in the future.As additional information, the gold mining subsidiary of the Bakrie Group reported a net profit of USD 10.66 million for the third quarter, which represents a 65% increase compared to the same period last year, which was USD 6.47 million.This net profit achievement was supported by total revenue soaring by 294% to USD 32.74 million, compared to USD 8.32 million in the same period of 2022.BRMS's revenue from gold sales also surged by 340% to USD 31.74 million in Q3 2023, compared to USD 7.22 million in the same period last year. Meanwhile, revenue from mining consulting services remained at USD 1 million, slightly down from USD 1.1 million previously.BRMS President Director Agus Projosasmito said the positive production performance was due to the operation of the second gold plant, which continues to ramp up towards full capacity. BRMS's gold production reached 511 kg or equivalent to 16,437 ounces in the first 9 months of 2023. This represents a 328% increase compared to the same period last year."We hope to continue increasing our gold production in line with the second plant reaching full capacity in Q4 2023," he explained in an official statement on Tuesday (31/10).Meanwhile, BRMS's subsidiary, PT Citra Palu Minerals (CPM), completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022. CPM also operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu.In the first 9 months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.The average gold price (average selling price/ASP) for BRMS in Q3 2023 reached USD 1,914 per troy ounce, up 6% compared to USD 1,805 per troy ounce in the same period last year.On the balance sheet side, BRMS recorded debts to creditors amounting to USD 57.23 million as of Q3 2023. This debt has decreased compared to Q3 2022, which was USD 94.78 million.The company's debt-to-equity ratio (DER) stood at 0.06 times, lower than the previous ratio of 0.10 times.

The Ministry of Energy and Mineral Resources (ESDM) is set to approve the exploration plan submitted by PT Timah Tbk. (TINS) in the former Koba Tin mining area, which falls under a Special Mining Business License Area (WIUPK). Tri Winarno, the Director General of Mineral and Coal at ESDM, confirmed that the ministry has completed its review of the permit application from the company. He expects the approval to be issued next week."As far as I know, it’s nearly done, everything is in order. So, the approval should be granted by next week at the latest," Tri said during a meeting at the ESDM Ministry in Jakarta on Friday, November 22, 2024.PT Timah Tbk. (TINS) will focus its exploration efforts on the Merbuk and Kinari blocks, located within the mining ring of Central Bangka.Tri Winarno, the Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources (ESDM), stated that the prospects for the former Koba Tin mine—once a joint venture between Malaysia Smelting Corporation (MSC) Berhad and PT Timah (TINS)—remain promising. MSC Berhad held a 75% majority stake in PT Koba Tin.“The tin grade was once the same as nickel at 1.5%, but now it can still be sold down to 0.9%, similar to the leftover tin from mining,” he said.Previously, the government handed over the management of the former Koba Tin land to TINS and three BUMDs (state-owned enterprises), forming a consortium called PT Timah Bemban Babel in September 2013. However, the consortium dissolved. TINS decided to withdraw from managing the mine because the government had not made a decision regarding the mine's status, which was planned to become a WIUPK (Special Mining Business Permit Area) after the Koba Tin contract for the 41,344.26-hectare area ended in 2013.Recently, through the decision letter of the Minister of Energy and Mineral Resources (ESDM) No. T-67/MB.04/MEM.B/2024 dated February 1, 2024, the former PT Koba Tin land was handed over to TINS for further management. TINS has since applied for an exploration permit to assess the tin ore potential in the Special Mining Business Permit Area (WIUPK) of the former PT Koba Tin. TINS President Director Ahmad Dani Virsal said the exploration is being carried out to evaluate the remaining tin potential in the area once mined by PT Koba Tin. "That’s what we will evaluate, and if there’s still potential, we will request from the government to manage it ourselves," said Dani when met in Jakarta on Friday (22/11/2024).

PT Indika Energy Tbk (INDY) has the potential to generate up to USD 3 billion, or approximately IDR 47.59 trillion, from its gold business. The company's transition towards a sustainable business model, balancing its coal and non-coal revenues at a 50%-50% ratio, is expected to occur by 2028.The substantial revenue will be derived from the Awak Mas mine, managed by its subsidiary, PT Masmindo Dwi Area, in South Sulawesi, which has resource potential of 2.29 million ounces, with a potential reserve of 1.45 million ounces and a grade of 1.33 g/t. Currently, the mine is in the development phase, including land acquisition for 1,400 hectares and construction. The company, led by Arsjad Rasjid, aims for the gold mine, with a total concession area of 14,390 hectares, to begin production in the second half of 2026, with an output of 100,000 ounces per year. The license for the mine has already been renewed until 2050.Purbaja Pantja, Director & Group Chief Investment Officer of Indika Energy, revealed that the Awak Mas mine has the potential to generate significant revenue for INDY, given its potential reserves of around 1.5 million ounces."If we multiply the 1.5 million ounces (of reserves) by USD 2,000 per ounce, the revenue could reach around USD 3 billion, which we could generate until the mine life ends," he said during a public presentation on Wednesday (20/11/2024).This revenue estimate assumes that Indika Energy does not discover new reserves that can be further explored. Regarding the mine life, Purbaja projects that the Awak Mas mine will have a lifespan of 15 years, with a cash cost of around USD 1,000 per ounce."So, with the current gold price around USD 2,600 per ounce, we should be able to make a substantial profit," Purbaja added.Furthermore, the development of the Awak Mas mine has already received funding support from several major banks, both local and regional, such as Mandiri, BNI, UOB, DBS, and Bank Bukopin."Our investment in Awak Mas is the largest. To date, the investment has reached around USD 238.9 million since we started investing in 2018, and it is estimated that the total investment will reach USD 429 million by 2026," he said.Another mineral business that contributes to INDY's revenue outside of coal is bauxite and nickel. The company mines bauxite in Ngabang, Landak, West Kalimantan, through its subsidiary, Mekko Mining, with a production capacity of 1 million tons per year.Purbaja mentioned that the bauxite mine has resources of 30 million tons and reserves of 5.7 million tons, with a production volume of 200,000 dry metric tons up to 9M24. The total investment made in the bauxite project has reached USD 1.7 million, including acquisitions.Indika also has a portfolio in the nickel business through its subsidiary, PT Rockgeo Energi Nusantara. As of 9M24, the production volume from the nickel mine has reached 9,000 wet metric tons (wmt) of nickel ore, with a total investment of around USD 9 million. Delayed beyond 2025Aziz Armand, Vice President Director & Group CEO of Indika Energy, added that the company now targets balancing its coal and non-coal business revenues by 2028, a shift from the previous commitment of 2025.The delay in this target is attributed to both external and internal factors that have hindered Indika. However, the company remains optimistic that the target can be achieved by 2028. "We are committed to achieving net-zero emissions before 2050, or at the latest by 2050," said Aziz.Indika’s transition to reduce its exposure to the coal business is reflected in its ownership of two green businesses, which are involved in the renewable energy sector through Emits and nature-based solutions via Indika Nature, as well as the electric vehicle business, including production, distribution, and rental of electric vehicles.In the coal business, Indika indicated that coal production will likely remain flat through the end of 2024, after the company aggressively ramped up production activities in recent months. "So, (coal production) is now being held back. Because, contractors might take a break in December since everyone has been productive. So, insyaallah, we will achieve our RKAB target in 2024," added Aziz.This signal is also related to the weakening of coal prices, which has impacted Indika’s performance throughout the January-September 2024 period. INDY reported revenue of USD 1.78 billion, down 22.4% from USD 2.29 billion, and net profit fell by 63.3%, from USD 93.83 million to USD 34.40 million.Mining and Property Analyst at NH Korindo Sekuritas Indonesia, Axell Ebenhaezer, stated that, on a year-on-year basis, the performance of coal companies has generally declined due to the drop in Average Selling Price (ASP) as a result of weakening global coal prices."Looking at the short-term outlook, in the fourth quarter of 2024, coal prices should rise slightly because coal supply is projected to decrease with the onset of the rainy season. Therefore, the performance of coal companies in the last quarter of this year should improve on a quarterly basis," he said to Investor Daily recently.

The mining holding company MIND ID is currently awaiting approval for an overseas direct investment (ODI) from the Chinese government regarding the continuation of the HPAL smelter project, a joint venture between PT Aneka Tambang Tbk. (ANTM) and the consortium of Contemporary Amperex Technology Co. (CATL). MIND ID President Director Hendi Prio Santoso revealed that the company is waiting for the ODI approval from the Chinese government related to the continuation of the HPAL smelter project in collaboration with PT Aneka Tambang Tbk. (ANTM) and the CATL consortium.Hendi said that the state-owned mining holding company wants to ensure that the downstream nickel ore project for battery production continues, along with several other global partners, including CATL. "We are still waiting for the ODI approval from their government [China]," said Hendi when met in Jakarta on Thursday (21/11/2024).On the other hand, Hendi stated that Antam's capital expenditure (capex) plan for this project will be allocated starting next year. As previously reported, the company with the stock code ANTM has appointed BNP Paribas China as the lead arranger to secure banking financing for the nickel smelter project in partnership with the CATL consortium. Antam's Business Development Director, I Dewa Bagus Wirantaya, said the company is currently evaluating the capacity of lenders that will finance the smelter project together with CATL. Dewa hopes that financing certainty from lenders will be secured by the end of this year. This way, the smelter construction project can proceed next year. “We are currently in the due diligence process, selecting banks, both foreign and Himbara [state-owned banks], and we will combine both,” said Dewa when met after ANTM's Extraordinary General Meeting of Shareholders (RUPSLB) in Jakarta on Wednesday (13/11/2024).The plan is for Antam to take a loan for 60% of the funding, with the remaining portion to be covered by the company's equity. The share distribution between ANTM and the CATL affiliate for the RKEF smelter and industrial area at PT Feni Haltim (FHT) will be 40% and 60%, respectively.Meanwhile, Antam's ownership in the HPAL smelter has decreased to 30%, with the remaining stake held by CATL’s affiliate. As is known, the collaboration between Antam and CATL has an investment value of US$5.8 billion, or approximately Rp90.50 trillion (assuming an exchange rate of Rp15,605 per US dollar). The project spans from the upstream mining area, RKEF plant and industrial zone, HPAL plant, battery material plant, battery cell plant, to the battery recycling plant. "It is hoped that by the end of 2024, all of this can be realized well, so that the first phase of construction can take place in the following months," he said.

PT Trimegah Bangun Persada Tbk (NCKL), also known as Harita Nickel, has posted impressive financial results for the third quarter of 2024, with net profit growth driven by a substantial increase in revenue.For the 9M24 period, Harita Nickel recorded revenues of IDR 20.3 trillion, an 18.02% increase compared to IDR 17.2 trillion in the same period last year. This growth was primarily driven by the strong performance of the company’s two key segments: nickel processing, which contributed IDR 17.7 trillion, up by 19.59%, and nickel mining, which generated IDR 2.6 trillion, a slight increase from IDR 2.4 trillion in 2023.Harita Nickel has announced that Chinese nickel trading company Lygend Resources & Technology Co Ltd was its largest buyer in Q3 2024, with transactions reaching IDR 10.8 trillion. This marks a significant 55.14% increase from IDR 7 trillion in the same period last year.Other major contributors included Ningbo Lygend Wisdom Co Ltd and Glencore International AG, with transactions valued at IDR 4.11 trillion and IDR 2.7 trillion, respectively. Although the cost of revenue increased to IDR 13.71 trillion, Harita Nickel (NCKL) posted an 8.65% increase in gross profit, which reached IDR 6.66 trillion.After accounting for various obligations, the company reported a net profit of IDR 6 trillion for the period, reflecting a 7.14% increase. Net profit attributable to the parent entity's shareholders grew by 4.09%, reaching IDR 4.8 trillion. This solid performance highlights Harita Nickel’s ability to maintain profitability despite rising operational costs.As an integrated nickel mining and processing company, Harita Nickel (NCKL) continues to strengthen its position by operating two major mines. The first is the TBP mine, followed by the PT Gane Tambang Sentosa (GTS) mine. Both of these mines play a crucial role in supplying nickel ore to the company's rotary kiln electric furnace (RKEF) smelter and High Pressure Acid Leaching (HPAL) refinery.Harita Nickel (NCKL) has set an ambitious production target of 120,000 tons of nickel content in ferronickel from its MSP and HJF smelters. For low-grade nickel ore, the company is relying on its two HPAL refineries—Halmahera Persada Lygend (HPL) and Obi Nickel Cobalt (ONC)—with a production target of 80,000 to 85,000 tons of nickel content in Mixed Hydroxide Precipitate (MHP).Lukito Gozali, Head of Investor Relations for Harita Nickel, revealed that ONC has reached full capacity as of August 2024. “We are committed to maximizing production according to our installed capacity, and even exceeding our targets,” he said.This strong production outlook underscores Harita Nickel’s ongoing efforts to scale up its operations and meet both domestic and global demand for nickel.In addition to its primary products, Harita Nickel (NCKL) is exploring the development of downstream products such as Nickel Sulfate and Cobalt Sulfate, which are essential for electric vehicle (EV) batteries. This innovation reflects the company’s ambition to become a key player in the renewable energy sector, particularly in the growing EV market.With total assets reaching IDR 51.69 trillion and a well-managed liability ratio, Harita Nickel (NCKL) continues to strengthen its position as a leader in the global nickel mining sector. Obi Island, which serves as the company’s operational hub, stands not only as a testament to Indonesia's abundant resource potential but also as a symbol of the country’s economic transformation towards a green energy future.

PT Aneka Tambang Tbk (ANTM) and PT Indonesia Asahan Aluminium (Inalum) have successfully completed Phase I of their Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan. As part of their ongoing commitment to downstream development, the two companies, which are both members of the state-owned mining holding MIND ID, have confirmed they will proceed with Phase II of the SGAR project, aiming for an alumina production target of 2 million tons.Chief Operating Officer (COO) of Antam, I Dewa Wirantaya, stated that for Phase II, the company is continuing its partnership with Inalum, reinforcing the synergies within the state-owned enterprise (BUMN) group under MIND ID. Regarding the progress of Phase II, Dewa confirmed that the project is currently at the Bankable Feasibility Study (BFS) stage, which is a critical step in assessing the project's viability."We are currently continuing our collaboration with Inalum to complete the Bankable Feasibility Study (BFS)," said I Dewa Wirantaya, Chief Operating Officer (COO) of Antam, in a statement quoted on Monday, November 18.Dewa added that Antam expects the BFS to be completed by the first half of 2025, after which the project will move forward to the Final Investment Decision (FID) stage.Regarding the progress of SGAR Phase I, Dewa noted that the commissioning process has been completed, and the refinery is expected to begin commercial operations in the first quarter of 2025.Furthermore, Dewa explained that while there is potential for third-party collaboration, Antam and Inalum will need to await the results of the BFS to determine the viability and success of the project before making any decisions."Regarding third-party involvement, we are waiting for the results of the Bankable Feasibility Study (BFS) to see which parties, whether external or overseas, might be interested in collaborating and joining the SGAR Phase II project," said Dewa Wirantaya, COO of Antam.For context, the Smelter Grade Alumina Refinery (SGAR) project is owned by PT Borneo Alumina Indonesia (PT BAI), a subsidiary of PT Indonesia Asahan Aluminium (Inalum) and PT Aneka Tambang Tbk (Antam), both of which are part of the state-owned mining holding MIND ID.The Smelter Grade Alumina Refinery (SGAR) in Mempawah officially began operations with the inauguration of its first bauxite injection ceremony, which was conducted by President Joko Widodo (Jokowi) on Tuesday, September 24.

Deputy Minister of Energy and Mineral Resources (ESDM) Yuliot has acknowledged that Indonesia continues to rely on imports of nickel ore, including from the Philippines, in order to extend the lifespan of the country’s increasingly depleting domestic nickel reserves.Deputy Minister of Energy and Mineral Resources (ESDM) Yuliot has clarified that nickel ore imports by mineral processing plants, or smelters, in Indonesia are essentially a business strategy adopted by individual industry players.On the other hand, he emphasized that these corporate actions can simultaneously benefit the long-term utilization of Indonesia’s domestic nickel resources.“When they source from external resources, it helps preserve our own domestic reserves, ensuring that we can make use of local resources for a longer period,” said Yuliot during the 24th ASEAN Senior Officials Meeting on Minerals (ASOMM) in Sanur, Bali, on Monday (November 18).the Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources, Tri Winarno, also pointed out that importing nickel is not a problem, especially when Indonesia is the world’s largest nickel producer.This perspective underscores a pragmatic approach to resource management, balancing both imports and the preservation of local reserves to ensure sustainable growth in the industry.Deputy Minister of Energy and Mineral Resources (ESDM) Yuliot further emphasized that importing nickel is not an issue, as it allows Indonesia to better manage its domestic reserves. “So, there’s no problem with imports, because it helps us maintain our reserves. There’s no issue with importing nickel,” he stated firmly.According to data from kumparan, Indonesia's nickel reserves stand at 21 million tons, accounting for 24% of the world’s total reserves. In 2023, the country produced 1.8 million metric tons of nickel, securing its position as the world’s largest producer, with a 50% share of global production.Meanwhile, the Central Statistics Agency (BPS) reported that Indonesia’s total nickel imports for the first quarter of 2024 (January to March) amounted to 227,015 metric tons.Nickel ore and concentrates are classified under HS Code 26040000. According to recent data, Indonesia’s largest source of nickel imports is the Philippines, with a total of 217,450 metric tons imported in March 2024.In addition to the Philippines, other significant suppliers of nickel to Indonesia include Taiwan, with 9,554 metric tons, and Singapore, with 10.5 metric tons. Smaller quantities also come from Brazil, China, and New Caledonia.Previously, former Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif confirmed that Indonesia still relies on foreign nickel supplies. One of the reasons for this is that many Nickel Producers' Work Plans and Cost Budgets (RKAB) have yet to be approved, affecting the availability of domestic production.The Nickel Producers' Work Plans and Cost Budgets (RKAB) are prepared for a three-year production period. According to former Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif, as of early June 2024, the Directorate General of Mineral and Coal (Minerba) had approved RKABs for 470 companies, with a total production target of 240 million tons.However, Arifin noted that the nickel production from these companies still falls short of meeting domestic industrial needs, particularly for nickel processing plants or smelters that are not integrated with mining operations. "Currently, there are 450-470 companies with approved RKABs for nickel, and the number keeps growing every day. Ultimately, the total is expected to reach around 700 companies," said Arifin Tasrif, former Minister of Energy and Mineral Resources (ESDM), during an interview at the Directorate General of Oil and Gas (Ditjen Migas) office, Ministry of ESDM, on Friday, June 7.

A subsidiary of Delta Dunia Makmur, PT Bukit Teknologi Digital (BTech), has partnered with The University of Queensland (UQ) to enhance innovation and sustainability in the mining sector.BTech's President Director, Endang Veronica, stated that this collaboration marks an important milestone in the company's journey to deliver cutting-edge technological solutions for the mining industry."Collaboration with The University of Queensland strengthens our commitment to innovation and sets new standards for reliability and sustainability in the industry," said Endang, as quoted on Sunday (November 17).This partnership will focus on developing a framework for Asset Health Indicators, which will provide accurate estimates of the Remaining Useful Life (RUL) of critical heavy equipment components. This will enhance maintenance efficiency, reduce unexpected downtime, and lower repair costs.The University of Queensland was chosen due to its status as a leading research university with a strong focus on high-quality, cross-disciplinary global collaborations with both public and private organizations.The university's School of Mechanical and Mining Engineering has deep expertise in mining-related research, particularly in the areas of RUL and Predictive Maintenance.Earlier, Delta Dunia Group also signed an umbrella agreement with the university on September 20, 2024, as part of a broader initiative to strengthen research and innovation collaboration between Indonesia and Australia.This collaboration is expected to provide significant benefits for stakeholders in both countries, accelerating progress in sustainable mining practices and technological innovation.

The Director of PT TBS Energi Utama Tbk. (TOBA), Juli Oktarina, confirmed that the operations of the company's three coal mines will cease by 2027 at the latest. This closure is due to the depletion of the mines' reserves (fully mined out) and is part of TBS's strategic move to achieve its Carbon Neutrality target by 2030."The reserves are already depleted, and we do not have new mines yet. That’s why we are confident that by 2027, all operations will cease. However, the timing won't be the same for all of them. Some will be fully mined out by 2025, others by 2026, and the last one by 2027. So, all three mines will be fully mined out by 2027," explained Juli.The three coal mines are PT Adimitra Baratama Nusantara (ABN), PT Trisensa Mineral Utama (TMU), and PT Indomining (IM).Juli acknowledged that the closure of these mines will impact the company’s cash flow, especially since the majority of revenue is still reliant on the mining business. However, due to the company's commitment to reducing carbon emissions, TBS is transitioning its business toward green energy in the future.This shift to a green business model will require significant investment, particularly in infrastructure development. At the Extraordinary General Meeting (EGM) held in Jakarta on Thursday, November 14, 2024, independent shareholders approved the divestment of two coal-fired power plant (PLTU) assets, each with a capacity of 200 MW, operated by subsidiaries PT Minahasa Cahaya Lestari (MCL) and PT Gorontalo Listrik Perdana (GLP).Juli mentioned that the company has found a buyer, PT Kalibiru Sulawesi Abadi (KSA), for a transaction value of USD 144.8 million, which is higher than the company’s initial investment of USD 87.4 million.This move will help offset the EBITDA loss from the coal power plants and allow the company to reinvest in its green energy initiatives, aligning with its sustainability goals."Strategically, we want to recycle the earnings from our mining business and the coal power plant business into three key segments: renewable energy, electric vehicles, and waste management. The corporate actions we are taking, including this divestment, are crucial steps in executing the strategy we communicated several years ago," Juli concluded.