Mining Companies Poised to Accelerate Asset Acquisitions in 2026

Inorganic expansion via mining acquisitions looks set to be a popular route for mining issuers in 2026.

Several issuers have already announced plans to acquire additional mining assets. PT Aneka Tambang Tbk (ANTM), for example, is exploring gold-mine acquisitions through two schemes: government assignment or purchasing minority stakes in joint ventures so they can be consolidated.

Beyond Indonesia, ANTM has also set its sights on assets overseas, including in the Middle East and Kazakhstan.

PT Darma Henwa Tbk (DEWA) is likewise exploring opportunities to acquire mines, though details have yet to be disclosed. Management says DEWA is conducting studies and assessing risk mitigation for the plan.

Meanwhile, PT J Resources Asia Pasifik Tbk (PSAB) has decided to extend the deadline for its planned acquisition of PT J Resources Nusantara’s (JRN) shares in PT Arafura Surya Alam (ASA)—operator of the Doup Gold Mine—from PT Danusa Tambang Nusantara (DTN), a subsidiary of PT United Tractors Tbk (UNTR), moving it from December 23, 2025 to March 23, 2026.

BRI Danareksa fundamental analyst Abida Massi Armand says acquisition activity is expected to intensify in 2026, especially for critical minerals and gold, in line with coal issuers diversifying to align portfolios with the global energy transition.

Issuers are seen favoring acquisitions over greenfield exploration because they offer proven reserves, shorter time-to-market, and faster contribution to company cash flow.

“The key advantages include eliminating geological exploration failure risk and easing asset integration into existing operational structures,” Abida said on Monday (Dec 29, 2025).

Korea Investment & Sekuritas Indonesia (KISI) Head of Research Muhammad Wafi notes that by acquiring other mines, issuers can obtain new reserves instantly without navigating cumbersome permitting.

Wafi also believes capex needs for issuers planning acquisitions will increase in 2026. However, this should not be an issue since companies ready to acquire typically have strong cash flows.

Planned acquisitions will also spur some issuers to tap various funding sources, such as bank loans, bond issuance, and rights issues.

“Liquidity isn’t the problem; the challenge lies in finding new assets available for purchase,” Wafi said, Monday (Dec 29, 2025).

Abida adds that amid the acquisition trend, issuers must watch multidimensional risks, especially regulatory compliance—such as data accuracy in the three-year RKAB system and the complex legal aspects of transferring mining licenses (IUP). Implementing Environmental, Social, and Governance (ESG) standards is also crucial.

“Additionally, commodity-price volatility due to potential global oversupply demands precise timing so that acquired assets still deliver optimal economic value for shareholders,” he stated.

Abida’s recommendations for issuers planning acquisitions are generally positive, with a target price for ANTM at IDR 4,100 per share, supported by the strong outlook for the gold sector. Meanwhile, UNTR’s share price target is set at IDR 32,000.

Separately, Wafi says investors can monitor UNTR, ANTM, PSAB, and DEWA, with respective target prices of IDR 32,000 per share, IDR 4,000 per share, IDR 720 per share, and IDr 700 per share.

Source: https://investasi.kontan.co.id/news/tren-emiten-mengakuisisi-aset-tambang-diprediksi-ramai-pada-2026

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