PTRO Secures IDR 9.3 Trillion Coal Mining Contract
Wed 12 Aug 2026, 15:45 PM
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PT Petrosea Tbk (PTRO) has secured two new coal mining services contracts with an estimated total value of around IDR 9.3 trillion. The contracts come from PT Pesona Bara Cakrawala (PBC) and PT Cakrawala Bara Persada (CBP), which are indirect subsidiaries of PT Singaraja Putra Tbk (SINI).
The mining services agreements between PTRO, PBC, and CBP were signed on Thursday, July 23, 2026. Both contracts have terms extending for the life of the mines.
Under the new contracts, PTRO will serve as the mining services contractor for two coal projects located in Kapuas Regency, Central Kalimantan.
PTRO Corporate Secretary Anto Broto explained that the scope of PTRO’s work under the contracts includes several key mining activities.
“The Company will act as a mining services contractor, with the scope of work including overburden removal, rock material excavation, and coal mining,” Anto Broto said in an official statement on Thursday, July 23, 2026.
The total estimated value of the PTRO contracts refers to the Indonesian Coal Index (ICI) as of July 23, 2026.
PTRO Secures IDR 7.7 Trillion Contract from PBC Project
One of the contracts secured by PTRO comes from the PBC mining project. The company holds a Mining Business License for Production Operation (IUP-OP) in Kapuas Regency, Central Kalimantan.
For the PBC project, PTRO will handle mining activities with an estimated overburden production volume of 189 million bank cubic meters (BCM).
Meanwhile, estimated coal production from the project reaches 42 million tons. The value of the mining services contract secured by PTRO from PBC is estimated at IDR 7.7 trillion.
From the PBC mining project, SINI projects total revenue of up to USD 2.6 billion, or around IDR 45.6 trillion, over the contract period. The coal produced from the project has a GAR calorific value of 4,200.
PTRO’s Contract from CBP Reaches IDR 1.6 Trillion
In addition to PBC, PTRO has also secured a mining services contract from CBP. The company also holds an IUP-OP in Kapuas Regency, Central Kalimantan.
The CBP project has an estimated overburden production volume of 40 million BCM. Meanwhile, coal production is estimated at 8 million tons over the life of the mine.
For the project, the value of the mining services contract awarded to PTRO reaches around IDR 1.6 trillion.
SINI projects that the CBP mining project can generate total revenue of up to USD 656 million, or around IDR 11.5 trillion, over the contract period. Coal from the CBP project has a GAR calorific value of 5,000.
Based on a disclosure to the Indonesia Stock Exchange on Tuesday, July 21, 2026, SINI projects that the PBC project will begin commercial operations in the fourth quarter of 2026. Meanwhile, the CBP project is targeted to begin commercial operations in the fourth quarter of 2027.
PTRO and SINI Have an Affiliated Relationship
The mining services contracts between PTRO and PBC and CBP also involve an affiliated relationship. PBC and CBP are indirect subsidiaries of SINI through PT Dwi Daya Swakarya.
Each company holds a 60% ownership stake through PT Dwi Daya Swakarya. Under this structure, PBC and CBP are affiliated with PTRO through common shareholders.
SINI President Director Amir Antolis explained that one of SINI’s controllers, Hapsoro, is also an indirect major shareholder of PTRO.
“One of SINI’s controllers (Mr. Hapsoro) is also an indirect Major Shareholder of PTRO,” Amir said in an official statement.
As of the end of June 2026, Hapsoro directly held a 9% stake in SINI. In addition, Hapsoro also held an indirect stake in PTRO through PT Sentosa Bersama Mitra (SBM) of 2.55%.
PTRO Becomes SINI Rights Issue Standby Buyer
The business relationship between PTRO and SINI has also grown closer through a corporate action currently being undertaken by SINI. PTRO has been appointed as the standby buyer in SINI’s IDR 3.61 trillion rights issue.
Through the corporate action, PTRO is projected to acquire around 21.76% to 24.67% of SINI’s issued and paid-up capital after the rights issue is completed.
In addition to serving as standby buyer, PTRO will also sell its subsidiary, PT Kemilau Mulia Sakti (KMS), to SINI in a transaction valued at IDR 1.73 trillion after the rights issue is completed.
KMS has a mine life extending to 2038. SINI projects that coal production from KMS’s concession will be gradually increased from 1 million tons to 5 million tons per year.
SINI management targets KMS revenue of USD 52 million in 2026, rising to USD 158.97 million in 2027. KMS’ revenue contribution is projected at 21.40% and 27.06%, respectively, of the company’s total revenue.
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