Indonesia’s Coal Reserves Still at 31.95 Billion Tons

Indonesia’s Coal Reserves Still at 31.95 Billion Tons

29 Jul 2025, 17:20 PM
Merdeka Copper (MDKA) Reports 67% Progress on Pani Gold Project
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12 Aug 2025, 02:15 AM
New Board of Directors and Commissioners of PT Vale Indonesia Announced
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28 Jul 2025, 17:13 PM
Aneka Tambang (ANTM) Reports Exploration Outcomes After IDR 176.95 Billion Investment in Gold and Ba...
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11 Oct 2025, 05:53 AM
Cokal Completes Trial Coal Shipments to Indonesia
Cokal Completes Trial Coal Shipments to Indonesia
07 Oct 2025, 06:21 AM
Aneka Tambang (ANTM) Reports Exploration Outcomes After IDR 176.95 Billion Investment in Gold and Ba...
Aneka Tambang (ANTM) Reports Exploration Outcomes After IDR 176.95 Billion Investment in Gold and Ba...
11 Oct 2025, 05:53 AM 103

PT Aneka Tambang Tbk. (ANTM), or Antam, reported its gold, nickel, and bauxite exploration results for the third quarter of 2025.For exploration across the three commodities, the company incurred unaudited expenditures of IDR 176.95 billion.“This exploration activity is carried out to ensure sufficient potential of the company’s strategic mineral resources and reserves,” Antam’s management wrote in an information disclosure on Saturday (October 11, 2025).For gold, exploration continues at Pongkor, West Java, focusing on drilling that includes in-mine drilling (underground) and deep drilling (surface).For nickel, exploration activities were conducted in North Konawe and Pomalaa, Southeast Sulawesi. Exploration was also carried out at the mining business license (IUP) area of Antam’s subsidiary PT Sumberdaya Arindo (PT SDA) in Buli, North Maluku.Management explained that activities in North Konawe included geological mapping, core sampling, core logging, grid measurement and re-measurement, installation of pre-drill and post-drill stakes, resistivity surveys, single-tube drilling, sample preparation, laboratory analysis, and support activities.In Pomalaa, activities included geological mapping, core sampling, core logging, grid measurement and re-measurement, installation of survey stakes, single-tube drilling, as well as preparation and laboratory work.Meanwhile, in Buli by PT SDA, activities included core logging, measurement and installation of Benchmark (BM) stakes, installation of survey stakes, re-measurement, and drilling.Bauxite exploration was also carried out in Tayan, Landak, and Mempawah–Toho, West Kalimantan.In Tayan, exploration comprised test-pit excavation, measurement and installation of BM stakes, measurement of test-pit grid lines, and construction of trial pits.In Landak, activities included land identification, geological mapping, trial-pit excavation, measurement with installation of BM stakes, and measurement of test-pit grid lines.Lastly, in Mempawah–Toho, activities included land identification, geological mapping, trial-pit sampling, measurement of polygon grids/lines, and construction of trial pits.Antam’s mineral exploration, conducted through the Geomin Unit, is carried out with integrity and encompasses area surveys, geological exploration, geophysical exploration, geodetic surveys, drilling, physical and chemical analytical testing, as well as mineral resource and reserve estimation, all supported by an integrated Geographic Information System (GIS).

Signed by Prabowo: Key Points of the Latest Mining Government Regulation
Signed by Prabowo: Key Points of the Latest Mining Government Regulation
09 Oct 2025, 06:44 AM 47

Indonesian President Prabowo Subianto has officially signed a new regulation for the mineral and coal (minerba) sector. The rule is set out in Government Regulation (PP) No. 39 of 2025, the Second Amendment to PP No. 96 of 2021 on the Implementation of Mineral and Coal Mining Business Activities.The new regulation was enacted and took effect on September 11, 2025. It brings several important changes to the management of national mineral and coal resources.In PP No. 39 of 2025, the first change concerns the award of Mining Business Permit Areas (WIUP) for metallic minerals and coal, which can now be granted via auction and via priority allocation.Priority allocation is now aimed at:a. Cooperatives, small and medium enterprises (SMEs), or businesses owned by religious mass organizations.b. State-owned enterprises (BUMN), regional-owned enterprises (BUMD), or private businesses for the purpose of expanding access to higher education and strengthening the autonomy and excellence of universities.c. BUMN and private businesses for value-add/downstreaming purposes.The minister sets out a plan for awarding metallic mineral and coal WIUP on a priority basis that must include at least:a. WIUP locationb. WIUP area sizec. Commodity typeMeanwhile, WIUP for non-metallic minerals, certain types of non-metallic minerals, and rocks are obtained by submitting an area application.This is set out in Article 17 of PP No. 39 of 2025.Under the previous rule, WIUP for metallic minerals and coal could only be obtained via auction; there was no priority allocation for WIUP.As for WIUP for non-metallic minerals, certain non-metallic minerals, and rocks, these are still obtained via an area application—no change.WIUP Area Limits for Cooperatives and SMEsPP No. 39 of 2025 inserts a new provision on the maximum WIUP area for metallic minerals and coal for cooperatives and SMEs, mass organizations, BUMN–BUMD, and private entities collaborating with universities. This is set out in Article 26F.Article 26F (1):(1) The maximum WIUP area for metallic minerals or coal for cooperatives and SMEs is:a. up to 2,500 hectares for metallic mineral WIUP; orb. up to 2,500 hectares for coal WIUP.Article 26F (2):(2) The maximum WIUP area for metallic minerals or coal for businesses owned by religious mass organizations is:a. up to 25,000 hectares for metallic mineral WIUP; orb. up to 15,000 hectares for coal WIUP.Article 26F (3):(3) The maximum WIUP area for metallic minerals or coal for BUMN, BUMD, and private businesses collaborating with universities is:a. up to 25,000 hectares for metallic mineral WIUP; orb. up to 15,000 hectares for coal WIUP.Article 26F (4):(4) The maximum WIUP area for metallic minerals or coal for BUMN and private businesses for value-add/downstreaming is:a. up to 25,000 hectares for metallic mineral WIUP; orb. up to 15,000 hectares for coal WIUP.Applies to WIUPK as wellSimilar provisions apply to Special Mining Business Permit Areas (WIUPK). The new regulation inserts seven new articles between Articles 75 and 76, including one on priority allocation of metallic mineral or coal WIUPK by the minister.The maximum WIUPK areas granted on a priority basis for cooperatives, SMEs, mass organizations, BUMN, BUMD, and private entities collaborating with universities are set out in Article 75F, as follows:(1) The maximum WIUPK area for metallic minerals or coal for cooperatives and SMEs is:a. up to 2,500 hectares for metallic mineral WIUPK; orb. up to 2,500 hectares for coal WIUPK.(2) The maximum WIUPK area for metallic minerals or coal for businesses owned by religious mass organizations is:a. up to 25,000 hectares for metallic mineral WIUPK; orb. up to 15,000 hectares for coal WIUPK.(3) The maximum WIUPK area for metallic minerals or coal for BUMN, BUMD, and private businesses collaborating with universities is:a. up to 25,000 hectares for metallic mineral WIUPK; orb. up to 15,000 hectares for coal WIUPK.In addition, two articles, Article 91A and Article 91,  are inserted between Articles 91 and 92, reading as follows:Article 91ABUMN, BUMD, cooperatives, or businesses receiving priority WIUPK as referred to in Article 75(2) must submit IUPK applications to the Minister through the OSS System managed by the central government in accordance with the applicable laws and regulations.Article 91BIUPK applications as referred to in Article 91A are as follows:a. BUMN, BUMD, or private businesses receiving priority metallic mineral or coal WIUPK must meet the requirements under the laws and regulations on risk-based business licensing.b. Cooperatives must apply for IUPK issuance by fulfilling the following requirements:1. Administrative:a) application letter;b) Business Identification Number (NIB) covering mining activities in metallic minerals or coal;c) cooperative management structure;d) list of cooperative members;2. Technical:a) list of mining personnel; andb) statement from the cooperative’s management on having experienced mining and/or geology experts;3. Environmental: a statement of willingness to comply with environmental protection and management laws and regulations; and4. Financial:a) proof of placing a performance bond for exploration activities;b) proof of payment of data information compensation; andc) a tax clearance letter in accordance with tax regulations.c. SMEs must apply for IUPK issuance by fulfilling the following requirements:1. Administrative:a) application letter;b) NIB covering mining activities in metallic minerals or coal;c) management structure; andd) list of shareholders and beneficial owners;2. Technical:a) list of mining personnel; andb) statement from management on having experienced mining and/or geology experts;3. Environmental: a statement of willingness to comply with environmental protection and management laws and regulations; and4. Financial:a) proof of placing a performance bond for exploration activities;b) proof of payment of data information compensation; andc) a tax clearance letter in accordance with tax regulations.Radioactive MineralsPP No. 39 of 2025 also regulates the undertaking and utilization of radioactive minerals, as set out in the amended Article 18, which reads:(1) The undertaking and utilization of radioactive minerals shall be carried out for radioactive minerals obtained from:a. Radioactive mineral WIUP; orb. Radioactive by-products from processing and/or refining.(2) Radioactive minerals originating from radioactive by-products of processing and/or refining as referred to in paragraph (1)(b) may be used as a new energy source.(3) Further provisions on the use of radioactive minerals as a new energy source as referred to in paragraph (2) shall be regulated in a Ministerial Regulation.Under the previous regulation, it only stated: “The undertaking and utilization of radioactive minerals within a radioactive mineral WIUP shall be carried out in accordance with the laws and regulations.”Rare Earth ElementsPP No. 39 of 2025 also adds a new provision on the utilization of rare earth commodities, set out in Article 18A. These commodities are prioritized for the development of priority industries domestically. Further provisions will be set out in a Ministerial Regulation.The full text of Article 18A:(1) The undertaking and utilization of rare earth commodities are derived from:a. Metallic mineral WIUP as referred to in Article 17(1)(b); orb. By-products of processing and/or refining of metallic minerals.(2) Rare earth commodities as referred to in paragraph (1) are prioritized for the development of priority industries domestically.(3) Further provisions on the utilization of rare earth commodities for priority industries domestically as referred to in paragraph (2) shall be regulated in a Ministerial Regulation.

Petrosea Expands EPC Footprint to Pakistan with USD 26 Million Mining Project
Petrosea Expands EPC Footprint to Pakistan with USD 26 Million Mining Project
08 Oct 2025, 04:54 AM 202

Indonesian engineering and mining services company Petrosea (PTRO) has signed an initial implementation agreement with Reko Diq Mining Company, marking its first engineering, procurement, and construction (EPC) venture in Pakistan.Under the Limited Notice to Proceed, Petrosea and its wholly owned subsidiary Petrosea Solutions Pakistan will provide EPC services for the Reko Diq gold and copper mining project, one of the world’s largest of its kind located in Balochistan, Pakistan.The USD 26.2 million (approximately IDR 432 billion) contract covers the construction of concrete foundations for the dry plant, wet plant, and non-process infrastructure, along with detailed earthworks. The project is expected to run for about ten months.“The signing of this agreement represents Petrosea’s business expansion and the development of our EPC services beyond Indonesia, supporting diversified and sustainable growth,” said Michael Kurniawan, President Director of Petrosea, in a statement on Wednesday.Petrosea, which has operated for more than five decades, offers integrated services across the mining and energy value chain, from EPC and offshore engineering to logistics. The company recently diversified its portfolio through Hafar Group, focusing on offshore EPCI services in the non-coal sector.

PT Stargate Pacific Resources Opens Tender for Nickel Mining Services
PT Stargate Pacific Resources Opens Tender for Nickel Mining Services
08 Oct 2025, 04:44 AM 331

PT Stargate Pasific Resources (“PT SPR”) announced the opening of a prequalification invitation for nickel mining service work. To meet its nickel mining production targets, PT Stargate Pasific Resources (“PT SPR”) hereby invites local and national nickel mining service companies interested in partnering with PT SPR to register for the Tender, with the project overview as follows (hereinafter referred to as the “Tender”).A. Project Name: Nickel Mining Services Cooperation TenderB. Scope of Work:1. Types of Work:1. Waste Removal (land clearing, removal of topsoil, excavation, and hauling of waste material);2. Ore Getting (excavation and loading of nickel ore—limonite and saprolite);3. Ore Handling (loading and hauling nickel ore from the stockpile to barges/barging);4. Quarry Mining;5. Haul Road Maintenance;6. Other supporting mining activities.2. Work Location: Lameruru, Molore, and Molore Pantai Villages, Langgikima District, North Konawe Regency, Southeast Sulawesi Province.1. Waste Removal (land clearing, removal of topsoil, excavation, and hauling of waste material);2.Ore Getting (excavation and loading of nickel ore—limonite and saprolite);3. Ore Handling (loading and hauling nickel ore from the stockpile to barges/barging);4. Quarry Mining;5. Haul Road Maintenance;6. Other supporting mining activities.3. Work Period:C. Work Period: January 2025 – January 2030Tender Registration: No later than 20 days.D. General Requirements:1. Possess a valid Mining Services Business License (IUJP) with sub-categories covering the Types of Work listed in point B.1 above.2. Have a solid track record in nickel mining service projects in North Konawe Regency, Southeast Sulawesi (“Work Location”).3. Have sufficient heavy equipment units and personnel that meet the standards and qualifications set by PT SPR.4. Willing and ready to commence mining service work at the Location.5. Work to commence in January 2026.6. Consistently fulfill—and have a good record of fulfilling—compliance obligations in nickel mining, including but not limited to reporting, permitting, operational and mining safety, environmental protection, community empowerment and social responsibility, as well as other obligations stipulated by applicable laws and regulations.The tender registration is open for 20 days from the date of announcement. Interested companies may send a stamped letter of interest along with a complete company profile by email to Mr. Wahyu Indra at wahyuindra@aspire.id and Ms. Frieschika Atshiilah at frieschika.atshiilah@aspire.id.For companies that register in accordance with the requirements, SPR will provide the tender documents to be reviewed and completed before submitting an official proposal.Proposals submitted will be evaluated in line with the company’s requirements and needs. SPR aims for this tender process to result in a partner capable of supporting the sustainable operation of the nickel mine in North Konawe.

Indonesia Hands Over Seized Tin Smelters to State Miner
Indonesia Hands Over Seized Tin Smelters to State Miner
07 Oct 2025, 06:59 AM 86

Indonesia's government has taken decisive action in its tin industry by transferring six seized tin smelters to state-owned miner PT Timah. This strategic move represents a significant shift in the country's approach to resource management and signals a broader crackdown on illegal mining activities. The handover, valued between 6-7 trillion rupiah (USD 362-422 million), marks a critical turning point for Indonesia's tin sector.The Strategic Handover: Assets and ValueThe transferred assets include six tin smelting facilities previously operated by private companies, approximately 680 metric tonnes of refined tin, and 108 units of heavy equipment for mining operations. The total estimated value reaches 6-7 trillion rupiah (USD 362-422 million), according to official statements following the handover ceremony in October 2025.These facilities, once operated by private entities including PT Refined Bangka Tin (formerly one of the largest private operators), are now under state control through PT Timah, a subsidiary of state mining holding company MIND ID.Why is Indonesia cracking down on illegal tin mining?The Indonesian government's crackdown stems from significant economic and environmental concerns that have plagued the tin sector for years.Economic Losses and Resource ProtectionAuthorities estimate losses of approximately 300 trillion rupiah from illegal mining activities across various commodities, with tin being a significant contributor to these losses. The illicit operations have effectively bypassed state royalty and tax systems while exploiting national resources.Unregulated mining threatens the sustainability of Indonesia's tin reserves through unplanned extraction and wasteful practices that fail to maximize resource utilization. Environmental damage from illegal operations has caused substantial degradation in mining regions, particularly in fragile coastal areas and offshore locations in the Bangka Belitung Islands.President Prabowo Subianto has personally championed this initiative, emphasizing that stopping illegal mining is crucial for protecting national resources and ensuring the state receives proper economic benefits from its natural wealth. During the handover ceremony in October 2025, he reiterated his commitment to tackling illegality in the country's sprawling commodities sector.Market stabilization represents another key motivation, as controlling production helps stabilize global tin prices and secure Indonesia's position as a major producer in international markets.What is the significance of Bangka Belitung in global tin production?Indonesia's Tin HeartlandThe Bangka Belitung Islands Province represents the epicenter of Indonesia's tin industry, with a history of mining industry evolution stretching back to colonial times.The province's strategic importance explains why the government has focused enforcement efforts there, including shutting down approximately 1,000 illegal mining operations in the region. These islands, located off the east coast of Sumatra, have been shaped both economically and environmentally by centuries of tin extraction.The seized smelting facilities in Bangka Belitung represent a substantial portion of Indonesia's tin processing capacity, making their transfer to state ownership particularly significant for future production and export patterns.How will PT Timah operate the seized smelters?Operational Timeline and ExpectationsPT Timah plans to integrate these assets into its existing operations through a carefully phased approach over the next several months.1.Technical Assessment: Currently evaluating facilities to determine necessary upgrades2.Operational Start: Expected to begin production in early 20263.Production Focus: Manufacturing of refined tin ingots for domestic and export markets4.Revenue Projection: Potential to generate 4.6 trillion rupiah annually once fully operational5.Employment: Will create additional jobs in the regionThe state-owned company aims to implement more sustainable and regulated mining practices while maximizing production efficiency and environmental compliance. The additional smelting capacity will significantly expand PT Timah's production capabilities, potentially strengthening Indonesia's position in global tin markets.Technical upgrades to the seized facilities will likely focus on improving energy efficiency, reducing emissions, and implementing modern safety standards. This modernization process will require substantial investment but should yield improved operational performance once completed.What challenges does Indonesia face in implementing these changes?Social and Economic TensionsThe transition has not been without friction, as communities dependent on small-scale mining face economic disruption.Small-scale miners have demonstrated against PT Timah's pricing policies, with protests occurring outside company offices. These demonstrations highlight the economic vulnerability of communities dependent on informal mining activities.Law enforcement authorities have responded to these protests with security measures, including using tear gas and water cannons to disperse protesters outside PT Timah's office. These confrontations underscore the social tensions created by industry restructuring.Economic displacement remains a significant concern, as many local residents previously depended on small-scale mining operations for their livelihoods. Without adequate transition support, these communities face potential hardship as operations consolidate under state control.Supply chain disruptions may temporarily affect global tin supplies as the industry reorganizes. International buyers and manufacturers reliant on Indonesian tin will need to adapt to new sourcing patterns and potential short-term constraints.Market adaptation will require industry stakeholders to adjust to new regulatory frameworks, potentially leading to increased compliance costs and changed business models for companies operating in the sector.How might this affect global tin markets?Market Implications and Price TrendsThe restructuring of Indonesia's tin sector has already begun influencing global markets, with potential long-term implications for pricing and supply patterns.Price increases have been observed, with tin prices rising 5% in October 2025 as traders anticipate supply constraints resulting from Indonesia's government mining intervention. This upward pressure could persist through the transition period as markets adjust to new production patterns.Export patterns may show a reduction in Indonesian tin exports in the short term while seized facilities undergo assessment and integration into PT Timah's operations. Once fully operational, more controlled and possibly more consistent export volumes can be expected.Supply concentration under state-owned entities may affect market dynamics, potentially giving Indonesia greater ability to influence global tin prices through coordinated production decisions. This consolidation could reduce the price volatility previously caused by numerous small producers operating independently.Quality standards may improve under regulated production, benefiting end-users requiring consistent material specifications. PT Timah's established quality control systems could be extended to the newly acquired facilities, potentially enhancing Indonesia's reputation as a reliable supplier.Investor confidence may increase due to greater regulatory clarity, potentially attracting more structured investment to the sector. The transition from fragmented illegal operations to regulated state management could reduce risk perceptions associated with Indonesian tin production.As the world's second-largest tin producer, Indonesia's policy shifts have significant implications for global supply chains, particularly in electronics manufacturing where tin is a critical component for soldering and circuit board production.What broader resource governance trends does this represent?Indonesia's Resource Nationalism StrategyThis action aligns with Indonesia's broader approach to natural resource management, reflecting a comprehensive strategy to increase state control and domestic value creation.Expanded state control has been evident across multiple sectors, with similar seizures occurring in palm oil plantations and nickel mines. This pattern demonstrates President Prabowo's commitment to addressing illegal resource extraction across all commodity classes.Value chain integration represents a key policy goal, with Indonesia focusing on developing downstream processing capabilities rather than simply exporting raw materials. This approach aims to capture more value domestically from the country's abundant natural resources.Export restrictions have been implemented in various commodity sectors, limiting raw material exports to encourage domestic processing. These policies reflect Indonesia's determination to move beyond its historical role as a mere supplier of unprocessed resources.Foreign investment regulations have become stricter for international mining companies operating in Indonesia. The government has consistently pushed for increased local ownership, technology transfer, and domestic processing commitments from foreign investors.Environmental enforcement has increased across mining operations, with greater scrutiny of mining's ecological impact. This regulatory tightening aims to address the environmental damage caused by decades of poorly controlled extraction activities.These policies reflect Indonesia's determination to maximize domestic benefits from its natural resources while addressing historical challenges with illegal extraction and environmental damage. The approach aligns with similar resource nationalism trends seen in other resource-rich nations seeking greater sovereignty over their natural wealth.What are the environmental implications of regulated tin mining?Sustainability and Ecological ImpactProperly regulated mining under PT Timah's management could address several environmental concerns that have long plagued Indonesia's tin sector.Reduced land degradation is possible through controlled mining practices that minimize unnecessary landscape disruption. Strategic mine planning can limit the geographic footprint of operations while maximizing resource extraction.Water management improvements could reduce the impact on local water systems, with better oversight of water usage and contamination prevention. Regulated operations typically implement more sophisticated water treatment and recycling systems than informal mining activities.Rehabilitation requirements represent an important advantage of formal operations, which must include land restoration plans as part of their mining permitting process. These commitments can help reverse some of the environmental damage caused by previous unregulated mining.Emissions control measures can be better implemented in regulated smelting processes. Modern pollution control technologies can significantly reduce harmful emissions compared to older or improvised smelting operations.Proper waste management for mining byproducts and processing chemicals reduces the risk of environmental contamination. Regulated operations must comply with waste disposal requirements that informal operators typically ignore.Environmental improvement ultimately depends on PT Timah implementing best practices and the government maintaining strong oversight of operations. The company's mine reclamation efforts will be a critical factor in determining whether the industry's consolidation delivers genuine ecological benefits alongside economic gains.FAQ: Indonesia's Tin Industry TransformationWhat prompted Indonesia to seize these tin smelters?The seizures resulted from a corruption probe that identified illegal mining activities causing significant state losses and environmental damage. Court rulings authorized the confiscation of these assets from companies operating outside regulatory frameworks after investigations revealed widespread non-compliance with mining laws and licensing requirements.How important is tin to Indonesia's economy?Tin represents a significant export commodity for Indonesia, which ranks as the world's second-largest producer. The sector provides substantial employment, particularly in the Bangka Belitung Islands, and contributes meaningfully to export revenues. Tin has historically been one of Indonesia's strategic mineral resources, with applications ranging from electronics to packaging.Will this action affect global tin supplies?Market analysts anticipate some short-term supply constraints as operations transition to state control, potentially supporting higher prices. However, long-term production may stabilize once PT Timah fully integrates these facilities into its operations. The timing and efficiency of this integration will determine the duration and severity of any market disruptions.What other commodities is Indonesia applying similar policies to?Indonesia has implemented comparable measures in nickel mining and palm oil production, reflecting a comprehensive approach to strengthening state control over strategic natural resources across multiple sectors. These actions form part of a broader critical minerals strategy that aims to increase domestic value addition and state revenues from natural resources.Conclusion: Reshaping Indonesia's Resource GovernanceIndonesia's transfer of seized tin smelters to PT Timah represents more than just an anti-corruption measure—it signals a fundamental shift in how the country manages its valuable mineral resources. By consolidating control under state ownership, the government aims to address historical challenges with illegal mining while maximizing economic returns from the tin sector.This approach aligns with broader trends in resource-rich nations seeking greater sovereignty over their natural wealth. For Indonesia, the challenge now lies in balancing effective regulation with economic development, particularly in communities traditionally dependent on mining activities.The transition creates both opportunities and challenges. On one hand, increased state control could improve environmental compliance, provide more stable employment, and ensure greater economic benefits flow to public coffers. On the other hand, communities dependent on small-scale mining face economic disruption, and the efficiency of state-run operations remains to be proven.As PT Timah prepares to operate these newly acquired facilities in early 2026, the global tin market will be watching closely to see how production volumes and export patterns evolve. The success of this initiative will ultimately be measured by its ability to generate sustainable economic benefits while addressing the environmental and social challenges that have long plagued Indonesia's mining regions.

Merdeka Gold’s Gold Ore Reserves at Pani Mine Increase by 4.8 Million Ounces
Merdeka Gold’s Gold Ore Reserves at Pani Mine Increase by 4.8 Million Ounces
07 Oct 2025, 06:35 AM 60

PT Merdeka Gold Resources Tbk (“MGR” or “EMAS”) today announced an increase in the Gold Ore Reserve for the Pani Gold Mine in Pohuwato Regency, Gorontalo Province.Based on the latest technical study, the Pani Gold Mine’s Gold Ore Reserve has risen to 4.8 million ounces, 150% higher than the previous 1.9 million ounces, drawn from a Mineral Resource of over 7 million ounces, making it one of the largest primary gold deposits in Indonesia.As previously announced, the Pani Gold Mine commenced mining operations on October 1, 2025 and is targeting first gold production in the first quarter of 2026, with potential peak output of up to 500,000 ounces per year by 2032.“This reserve update underscores the long-term prospects of the Pani Gold Mine. We are confident this achievement will strengthen the company’s growth foundation and deliver added value to all stakeholders,” said Boyke Abidin, President Director of PT Merdeka Gold Resources Tbk.With the increase in gold ore reserves, EMAS reaffirms its commitment to Good Mining Practices, sustainability, and delivering a positive contribution to the national economy. This commitment aligns with the strategy of parent company MDKA, which, through all of its subsidiaries, continues to prioritize high Environmental, Social, and Governance (ESG) standards across every mining operation.

It’s Official, RKAB Validity Set to One Year
It’s Official, RKAB Validity Set to One Year
07 Oct 2025, 06:25 AM 96

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has officially issued Ministerial Regulation (Permen) ESDM No. 17 of 2025 on the Procedures for Preparing, Submitting, and Approving Work Plans and Budgets (RKAB) as well as the Procedures for Reporting the Implementation of Mineral and Coal Mining Business Activities.This regulation was signed by ESDM Minister Bahlil Lahadalia on September 30, 2025. Under the new rule, RKAB submissions must now be made entirely through an integrated information system and will be valid for one year, no longer three years as under the previous regulation.Article 4 paragraph (1) stipulates that holders of Exploration-stage Mining Business Licenses (IUP), Exploration-stage Special Mining Business Licenses (IUPK), Operation Production-stage IUP, Operation Production-stage IUPK, or IUPK as a Continuation of Contract/Agreement Operations must submit an Exploration-stage RKAB or Operation Production-stage RKAB to the Minister or the Governor according to their authority, under the following conditions:a. no later than 30 (thirty) calendar days from the issuance of the Exploration-stage IUP, Exploration-stage IUPK, Operation Production-stage IUP, Operation Production-stage IUPK, or IUPK as a Continuation of Contract/Agreement Operations, including its extension, in the current year; andb. no earlier than October 1 and no later than November 15 each year for the following year’s Exploration-stage IUP, Exploration-stage IUPK, Operation Production-stage IUP, Operation Production-stage IUPK, or IUPK as a Continuation of Contract/Agreement Operations, for approval.Furthermore, Article 19 paragraph (1) states that holders of Exploration-stage IUP or Exploration-stage IUPK are required to prepare and submit a Periodic Report every three (3) months.This includes: implementation of the RKAB, quality of mining wastewater, statistics on mine accidents and hazardous incidents, statistics on occupational diseases, plans and realization of manpower utilization and training costs, implementation of reclamation, and internal audits of the Mineral and Coal Mining safety management system.Meanwhile, holders of Operation Production-stage IUP, Operation Production-stage IUPK, or IUPK as a Continuation of Contract/Agreement Operations must prepare and submit a Periodic Report every three (3) months as referred to in Article 18 paragraph (1) letter a to the Minister or Governor according to their authority, covering reports that include:a. implementation of the RKAB;b. quality of mining wastewater;c. conservation;d. statistics on mine accidents and hazardous incidents;e. statistics on occupational diseases;f. plans and realization of manpower utilization andtraining costs;g. implementation of reclamation;h. implementation of maintenance and servicing ofboundary markers;i. plans and realization of mine water management, andimplementation of geotechnical monitoring;j. plans and realization of mining equipment utilization;k. internal audits of the Mineral and Coal Mining safetymanagement system;l. implementation of tax treatment and/or non-tax staterevenue obligations for holders of IUPK as a Continuationof Contract/Agreement Operations for coal commodities; andm. Development and/or Utilization activities for holders ofIUPK as a Continuation of Contract/Agreement Operationsfor coal commodities.For violations, the government may impose administrative sanctions ranging from temporary suspension to license revocation. During the transition, the government is providing six months to refine the digital RKAB and reporting system.RKABs for 2025 that were approved by the Minister or Governor according to their authority prior to the promulgation of this Ministerial Regulation will remain recognized as the basis for conducting mineral and coal mining business activities in 2025.However, RKABs for 2026 and RKABs for 2027 that were approved by the Minister or Governor prior to the promulgation of this Ministerial Regulation must be resubmitted and adjusted through the information system in accordance with the provisions of this Regulation.Previously, the Ministry of Energy and Mineral Resources (ESDM) targeted that starting October 1, 2025, all RKAB applications for holders of mineral and coal (minerba) mining business permits must be submitted through the MinerbaOne application.Director General of Minerals and Coal at the ESDM Ministry, Tri Winarno, explained that the Ministry is currently socializing the use of the application. The RKAB module in MinerbaOne will be launched as soon as the ministerial regulation is officially issued.“Our hope is that on October 1 this MinerbaOne can truly be used by business actors and by us here to submit the 2026 RKAB,” Tri said during the Socialization of the Implementation of the MinerbaOne Application, quoted Thursday (9/25/2025).Tri explained that companies which have already received RKAB approval are still required to reapply for the 2026 RKAB through MinerbaOne.The ongoing socialization focuses on account creation, filling in feasibility studies (FS), and environmental impact assessments (AMDAL), so that when the RKAB module is officially active, the process can run smoothly.“Our hope is that during this period the socialization and the creation of accounts, followed by completing the FS and AMDAL, can proceed smoothly,” he said.

Cokal Completes Trial Coal Shipments to Indonesia
Cokal Completes Trial Coal Shipments to Indonesia
07 Oct 2025, 06:21 AM 40

Cokal Limited (CKA), an Australian listed company aiming to become a global metallurgical coal producer, has announced the completion of commercial trial coal shipment sales to PT Dexin Steel Indonesia and PT Detian Coking Indonesia. This marks the company’s first sales since May 2025, signalling a positive shift after a prolonged period of weak market conditions. Cokal has interests in four projects in Central Kalimantan, Indonesia considered prospective for metallurgical coal.The transactions were structured and facilitated by M Resources, leveraging their extensive market reach to secure favourable benchmark-linked pricing for Cokal. While pricing did not achieve full parity, the company considers this a constructive step in broadening domestic sales channels. M Resources’ senior team is collaborating closely with offtake partner INTCO to actively market BBM’s coal and drive long-term value creation for Cokal.The trial shipments also reflect early signs of improvement in overall market conditions. Cokal is currently engaged in advanced discussions for additional sales targeted for delivery in the fourth quarter. These anticipated sales are expected to further strengthen the company’s sales momentum. Domenic Martino, Non-Executive Chairman, authorised the release of this ASX announcement.

Antareja Mahada Makmur Secures Coal Mining Services Contract from PT Dizamatra
Antareja Mahada Makmur Secures Coal Mining Services Contract from PT Dizamatra
06 Oct 2025, 03:03 PM 427

PT Antareja Mahada Makmur (AMM), a member of PPA (PT Putra Perkasa Abadi), has once again been entrusted to carry out coal mining operations for PT Dizamatra Powerindo, located in Lahat, South Sumatra.This mandate adds to the list of IUP-holding companies partnering with AMM in 2025. Earlier, in June 2025, AMM was entrusted with an eight-year long-term nickel project contract from PT Vale Indonesia Tbk at Block 1 Bahodopi, Central Sulawesi. This was followed in July 2025 by a five-year nickel project contract from PT Kembar Emas Sultra.For the Dizamatra Powerindo project, AMM has been assigned a contract volume of 100 million bank cubic meters. Mining operations will begin in early 2026, with a phased production target ramping up to 7 million tons of coal per year. The coal output is intended not only for export markets but also to supply PT Priamanaya Energy’s Keban Agung mine-mouth coal-fired power plant with a capacity of 2 × 135 MW.As the mining contractor, AMM will manage several core activities at the Dizamatra site, including overburden removal, coal getting, coal hauling, and ROM management.In conducting its operations, AMM reaffirms its commitment to consistently implementing Good Mining Practice (GMP). This is done to ensure an operational mining ecosystem that is not only safe for its workers but also responsible toward the environment surrounding the operational site.“We greatly appreciate the trust given by PT Dizamatra Powerindo to AMM. We are ready to deliver the best services in line with good mining principles, while serving as a benchmark for the mining environment in Lahat, South Sumatra. Project transition and preparations will commence immediately, and we hope every stage proceeds safely and according to plan as we move into the initial operational phase in early 2026. AMM’s presence at the Dizamatra site marks an important milestone for us to keep developing a business that delivers broad benefits, including for nearby communities,” said Muhammad Affan, Director of Business Development at PPA Group.Through this project, AMM underscores its commitment not only to delivering superior operational performance, but also to making a tangible contribution to local economic growth and strengthening the role of the mining sector in supporting national development.

INCO's Nickel Production Target Expected to Boost Performance in Second Half of 2025
INCO's Nickel Production Target Expected to Boost Performance in Second Half of 2025
06 Oct 2025, 07:07 AM 62

PT Vale Indonesia Tbk (INCO), part of Indonesia’s state mining holding MIND ID, posted solid operational fundamentals in the first half of 2025.Nickel output rose consistently, with Q2 2025 production up 12% from the previous quarter. Cumulatively, first-half production was 2% higher than the same period in 2024.This increase was driven by proactive maintenance and other operational enhancements. These measures ensured INCO could maintain production continuity and the quality of the nickel matte produced.2025 Nickel Production TargetVale Indonesia targets total 2025 production of around 71,234 metric tons (t) of nickel in matte. This is higher than last year’s level and reflects management’s confidence in capturing global demand.In Q2 2025, nickel matte shipments rose to 18,023 tons, up from 17,096 tons in Q1 2025. The volume uptick shows the company’s ability to meet market needs and maximize available production capacity.The average realized price of nickel matte in Q2 2025 was USD 12,091 per ton, slightly higher than USD 11,932 per ton in the prior quarter.The price increase, combined with higher shipment volumes, had a positive impact on revenue, which reached USD 220.2 million, up 7% from USD 206.5 million in the previous quarter.Financial Performance and Net ProfitINCO maintained EBITDA of USD 40 million and booked a positive net profit of USD 3.5 million for Q2 2025. This performance reflects operational efficiency amid global market dynamics and nickel price fluctuations.Optimism is also building heading into H2 2025. The company aims to optimize production to capitalize on market momentum, supported by still-competitive nickel prices.Market Sentiment and Stock RecommendationBRI Danareksa Sekuritas analysts Erindra Krisnawan and Wilastita Muthia Sofi note that although domestic equities were pressured by foreign outflows, relatively inexpensive index valuations provide a positive cushion for INCO shares.BRI Danareksa rates INCO a Buy with a target price of IDR 4,700 per share, about 19.29% upside from the current IDR 3,940. INCO’s market cap stands at IDR 41.53 trillion, up 8.84% year-to-date and 11.93% in the past three months.Strategic Project SupportOne of INCO’s key catalysts is the collaboration between Danantara Indonesia and China-listed GEM Limited. The agreement centers on building a High-Pressure Acid Leach (HPAL) smelting facility with capacity of 66,000 tons of nickel per year in mixed hydroxide precipitate (MHP).The project, worth USD 1.42 billion, will involve INCO alongside other global partners. This strategic project is expected to lift medium- to long-term production growth and strengthen INCO’s position in the global nickel supply chain.Work Plan and Budget (RKAB) SupportBeyond HPAL, positive sentiment also comes from approval of INCO’s Work Plan and Budget (RKAB). The approval allows the company to sell 2.2 million tons of saprolite ore from the Bahodopi mine in Central Sulawesi starting July 2025.Saprolite ore sales are expected to provide an additional boost to INCO’s H2 2025 financial performance. This underpins potential profit improvement in the second half, supported by firm global demand.Industry Outlook and Nickel PricesThe moderate increase in nickel matte prices contributed to higher INCO revenue and profit. In Q2 2025, the realized price of USD 12,091 per ton reflects a stable trend supportive of financial performance.Nickel mining is expected to remain a leading sector, with nickel serving as a hedge against market volatility. With domestic catalysts and strategic projects, INCO has a strong footing to navigate global fluctuations.Maintenance Strategy and Production OptimizationINCO’s success in sustaining operational performance is also supported by maintenance strategies and production optimization. The company continues to improve efficiency, conduct routine plant maintenance, and manage a resilient supply chain.This strategy ensures continuity of nickel matte deliveries, fulfillment of production targets, and sustainable revenue growth.H2 2025 Plans and OutlookThe second half of 2025 is expected to be pivotal for INCO. With the HPAL project, RKAB approval, and stable nickel price trends, the company could post stronger profit growth than in the first half.Analysts view INCO as strategically positioned to capture global market opportunities while strengthening long-term financial fundamentals. H2 performance will be a key indicator for investors assessing INCO’s prospects.INCO’s operational and financial results in H1 2025 show a positive trend, supported by maintenance strategy, higher production volumes, and strategic projects.A higher nickel production target, together with relatively stable nickel prices, forms a key catalyst for profit growth.With support from the HPAL project, RKAB, and solid global demand prospects, INCO is expected to strengthen in H2 2025.Investors are advised to watch this momentum as an opportunity to consider INCO shares as a leading asset in the nickel mining sector.

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