BUMI Acquires Australian Mine, Targets Gold Production Starting 2026
Mon 13 Oct 2025, 07:13 AM
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PT Bumi Resources Tbk (BUMI) has officially acquired a majority stake in the Australian mining company Wolfram Limited (WFL). This move marks a strategic expansion by the Bakrie Group issuer into the minerals sector, as part of its transformation into a multi-commodity mining company.
Acquiring Nearly 100% of Shares
BUMI has taken over 126,599,340 shares, equal to approximately 99.68% ownership in Wolfram Limited. The transaction value reached IDR 696.77 billion, equivalent to AUD 6.39 million, which was paid on October 7, 2025.
According to BUMI Director R.A. Sri Dharmayanti, this transaction is part of a plan to acquire 100% of Wolfram’s shares. The remaining 0.32% will be purchased at the end of October 2025 for an additional IDR 2.2 billion.
“As a result, by November 2025, BUMI will become the holder of 100% of WFL’s shares with a total transaction value of IDR 698.98 billion, equivalent to AUD 6.35 million,” wrote Sri Dharmayanti in a disclosure on Wednesday, October 8, 2025.
Gold Production Target Starting June 2026
BUMI Advisor Christopher Fong stated that Wolfram’s mine will begin producing gold in June 2026. Within 12 months of the start of production, output is targeted to reach 75,000 to 100,000 troy ounces of gold per year.
“BUMI shareholders will see positive financial results within one year after production in Australia begins,” he said on Thursday, October 9, 2025.
Toward Commodity Diversification
The Wolfram acquisition is BUMI’s first step to reduce dependence on coal and expand its portfolio into non-coal commodities.
Fong indicated that BUMI will not stop with the Wolfram acquisition alone. Within the next six to twelve months, the company is expected to announce additional non-coal asset acquisitions in Indonesia or Australia.
“We are in the process of transforming BUMI into an integrated, multi-commodity mining company,” he added.
Conclusion
Through this strategic acquisition, BUMI is not only expanding its operational footprint geographically, but also strengthening its business fundamentals in the midst of shifting energy trends and more diverse global commodity demand.
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