President Director of PT Bukit Asam Tbk. (PTBA), Arsal Ismail, targets the completion of the Tanjung Enim-Kramasan coal transportation development by Q3 2026. 

Arsal mentioned that the development of this coal transportation project is one of the company's priority programs this year. 

"This coal transportation will increase our production capacity to 20 million metric tons," said Arsal during a hearing with the House of Representatives' Commission VI in Jakarta on Thursday (March 13, 2025). 

Arsal hopes that through this transportation expansion, the company can increase its long-term coal production capacity.

"In its implementation, we are partnering with PT KAI and PT KALOG, and our target is to complete it no later than Q3/2026," he said. 

Previously, Mirae Asset Sekuritas analyst Rizkia Darmawan, in his research, explained that PTBA has allocated a capital expenditure (capex) of IDR 7 trillion, significantly higher than the five-year average capex of IDR 2.5 trillion.

According to Darmawan, this capital expenditure (capex) will be focused on expanding the railway network and coal downstream projects. 

He stated that the downstream project involves converting coal into anode sheets for electric vehicles. 

With cash reserves estimated at IDR 5.7 trillion by the end of 2024, Darmawan forecasts that PTBA will face challenges in financing dividends and capex in 2025. 

These challenges can be overcome, provided PTBA's revenue exceeds expectations in Q4 2024, capex is scheduled gradually or optimized, or additional funding is secured through debt or retained earnings.