In late February, fourteen workers died after a coal mine collapsed in China, trapping them. Among the world’s deadliest, coal mines in China are reminiscent of an age gone by, with much of the globe recognizing the wide-ranging harmful impacts of producing and consuming fossil fuels. Yet, China’s dependence on and high coal production signals a disconnect with this awareness. This disconnect mirrors the policies of the other major fossil fuel producers and consumers, including the United States, India, and Japan, who, along with China, refused to sign onto a coal phaseout pledge at the 2021 COP26 Climate Conference. The continued production and usage of coal make improvements in industry-related human rights and energy security impossible. The coal miners’ deaths and China’s weak energy security are symptoms of an issue that may begin to affect the other major producers and consumers. Despite various countries around the world making pledges to combat climate change and transition to clean energy, China doesn’t seem to agree — or at least refuses to acknowledge the critical impact its coal sector has on the environment. Instead, it has expanded production, generating 220 million metric tonnes a year of extra coal, a nearly six per cent rise from last year. The country already mines and burns more coal than the rest of the world combined, and it isn’t predicted to slow down, either. Expectations are high that China needs even more coal to fuel its economic recovery, slowed down by its “no-tolerance” policy towards COVID-19, renewed outbreaks, and a worsening real-estate crisis. What’s more, recent increases in the price of coal due to an export ban on coal from Indonesia illustrate the volatility of the energy source in terms of energy security. China had been importing coal from Indonesia to keep up with domestic demand, which the export ban threatened its ability to meet. Given the heightened attention placed on environmental regulation policies, countries can no longer outsource their demand to other coal-producing countries, explaining in part China’s increased production. In fact, three new mines were approved on February 21, requiring a total investment of $3.8 billion USD and producing a staggering 19 million tonnes of coal per year. With the recent COP26 discussions earlier this fall, it may surprise many that China has decided to ramp up its production and usage of a material that has significant negative effects on the environment. After all, China and the United States agreed to work together to achieve the 1.5°C temperature target, which would require emissions cuts, transitions to clean energy, and de-carbonization. Yet, even this was only achieved after intense discussion, with the absolute refusal of China to “phase out” the use of coal, instead finally adopting the phrase “phase down” as an alternative. “Carbon peak and carbon neutrality cannot be realized overnight,” Xi Jinping stated in a speech at the World Economic Forum. In addition to its environmental impact, coal as an industry poses numerous issues related to both safety and human rights. Chinese coal mines, specifically, are known to be some of the world’s deadliest, with poor safety standards and frequently suffering from explosions and gas leaks. Recent findings from the National Mine Safety Administration showed that some mining companies still have “weak safety development concepts, inadequate learning from accidents, inadequate investigation and management of potential safety risks, and weak basic safety management.”The aforementioned environmental degradation and pollution issues also have immediate impacts on communities. In mining areas, the industry has polluted water supplies and radically transformed the landscape by littering the ground with toxic gangue — the worthless material from which ore is mined. The toxic smoke from burning coal is well known to cause health problems, with the true severity of the impact becoming increasingly understood as scientists continue to learn more about its effects. In 2015, researchers at Berkeley Earth, an environmental research organization, found air pollution contributed to 1.6 million premature deaths per year. Energy security is another risk plaguing China’s economy. Such a high reliance on coal creates an inability to cope with inevitable fluctuations in supply and shortages. Faced with doubling coal prices last September, “Blackouts followed as China’s [utility companies] ran flat out to meet strong demand.” Environmental phenomena, including heavy rains and flooding earlier in the year, also hindered China’s ability to mine more to keep up with demand. Put together, the two create a situation whereby the country’s energy grid is highly vulnerable and insecure. Workers sort coal as part of the production process. “Sorting coal out of waste stone” by LHOON is licensed under CC BY-SA 2.0.So, is there a solution? Models and analyses show that a coal phaseout is unlikely in China, and the country’s refusal to adopt terminology pledging a phaseout at the COP26 summit signals the same. For such commitment to occur, coal-related industries and the general public must benefit from decreased consumption and production. Focusing on other key issues, such as coal use efficiency, implementing carbon capture and storage facilities, and significant investment in renewable energy, is critical. Without improving in these respects and implementing such technologies in the energy industry, phaseout policies will be impossible in the future. Unfortunately, China has not yet moved to take these measures.Although researchers at the Chinese Taiyuan University of Technology conclude that coal is still a source of stable economic and social development for the country, evidence and case studies of phaseouts in other contexts also show positive results. For example, a study done in Germany shows that emissions standards are achievable without immediately eliminating coal entirely and that governments could externalize and redistribute the costs of green energy transformation among other industries. In Canada, employment in a growing renewable energy sector is predicted to outpace coal industry job loss. A full transition away from coal would definitively guarantee industry workers’ safety, but a phaseout simply isn’t a commitment China is willing to make at this time. The German researchers recommend a “smooth and mature transition plan” away from coal instead of a full-fledged phaseout policy. China’s commitment to “phasing down” on the use of coal seems like one at first glance. Yet, the approval of new mines raises questions regarding the government’s true commitment to even this more limited goal. A complete commitment to phasing out coal by China would immediately and drastically increase mine safety, lowering the risk of incidents like the recent collapse, improve energy security, and safeguard the general population and environment. But at this time, it doesn’t make sense for the government to place all of their bets on renewable energy if there is still steady growth through coal, nor is it foremost in their policy agenda to fully follow through on the phase down declaration. At the moment, government models and policies do not consider the “externalities” that are the environmental and safety impacts of the coal industry. And until China invests in alternative energy projects and incorporates emissions-reducing technologies, this inconsideration will remain. Source: https://www.mironline.ca/safe-bet-or-safety-risk-chinas-mixed-relationship-with-coal/

Freeport-McMoRan Inc. and Goldman Sachs Group Inc. share a bullish outlook for copper. They appear to diverge, however, on how much of an impact higher prices would have on supply growth.Goldman analyst Nicholas Snowdon told a copper conference Wednesday that current near-record prices need to go much higher in order to stimulate a supply response. The next day, Freeport boss Richard Adkerson said market tightness “is far beyond a price issue.”So while copper companies like Freeport, the top publicly trader producer, are raking in the cash, there’s not much they can do to significantly accelerate projects given a deterioration of deposit quality and more demanding operating environments, Adkerson said in an interview. That’s a problem, with copper demand set to surge in the clean energy transition.“Even if the price of copper were to double overnight it would still be years before we had significant incremental production coming on,” he said. “The market is going to need it far faster than companies like ours can produce it.”Asked about the impact of China’s recent Covid lockdowns, Adkerson said copper demand from the Asian nation “has remained remarkably strong,” with the company not seeing any issues selling its material to smelters there.Russia’s invasion of Ukraine has less of an impact on copper than other commodities given Russia accounts for less than 5% of global supply. Still, any meaningful disruption can be felt in the current tight market, he said. The big unanswered question is how the war will affect the global economy, and therefore copper demand, going forward. “Nobody has a clear idea right now,” Adkerson said.Unless there’s a significant economic disruption, copper will become scarce as demand picks up from the electric vehicle and renewable energy sectors, Adkerson, 75, said. Scrap and substitution will have to help ease looming shortfalls, he added. Phoenix-based Freeport is doing its bit to lift global production. A new underground operation in Indonesia is ramping up to become the second-largest copper mine in the world, and the company is expanding mines in Arizona and working on new technologies to extract more metal. In Chile, Freeport is deferring a decision on a major investment until there’s greater certainty as the new government prepares to raise taxes. Besides the fiscal situation, Adkerson expressed confidence in Chile as an assembly of elected delegates writes a new constitution.  Asked if the difficulties in building new mines make buying assets more attractive, he said acquisitions aren’t part of Freeport’s fundamental strategy, although if opportunities arose they would be considered. While the focus is on expanding existing mines, “if there was an opportunity that came about where we could create value for shareholders, we are in a position to be able to execute on that,” he said.Source: https://www.bloomberg.com/news/articles/2022-03-31/freeport-ceo-says-copper-tightness-is-far-beyond-a-price-issue

PT Transcoal Pacific Tbk (TCPI), a shipping company, obtains a credit facility worth IDR 124.44 billion from one of state-owned companies in order to purchase four additional vessels. Erizal Darwis, Director of Transcoal Pacific, relayed the news in the information disclosure quoted today (1/4).“The credit facility agreement was signed yesterday (30/3) and is intended to fund the purchase of two pusher-tugs and two pusher-barges,” Darwin revealed futher.The agreement with the creditor stated that the term of the loan facility will span 78 months. As usual, the interest rate, provision, arrears fine, as well as servicing, commitment, and administrative fees, will be applied to the loan in accordance to the bank’s regulation.The company expects that these additional pusher-tugs and pusher-barges will positively enhance its business. In 2020, TCPI is known to operate 326 units of different types of vessels, including fenders, floating cranes, mother vessels, tugs, and barges. Source: https://www.idnfinancials.com/news/42685/attaining-credit-idr-billion-transcoal-pushers

PT Borneo Indobara has won the 2022 Top CSR Awards organized by Top Business Magazine. The coal mining company operating in Tanah Bumbu, South Kalimantan, won three trophies at once.In fact, the President Director of Borneo Indobara, Bonifasius H was awarded the Top Leader on CSR Commitment. In his speech, Bonifasius said that the corporate social responsibility program that had been carried out so far, was not only realized from the remaining profits, but had become the main commitment of the company's operations from the start.“The community around the mine is one of  our stakeholders  . The regional development program is carried out not from the rest of the profit, but from the beginning we have been working. We believe that better community growth will have an impact on the progress of the company," he explained after receiving the award trophy, in Jakarta, Wednesday (30/3).This subsidiary of the Sinar Mas Group, was awarded an award for having a number of excellent programs. Starting from improving the village economy, by developing agriculture, fisheries, animal husbandry and  home industries , to improving the quality of public health.For example, in Karang Indah Village, Angsana Sub-district, Borneo Indobara, building an Inpatient Plus Health Center, which is equivalent to a type D hospital. So that it is easier for people to get adequate and affordable health services, especially for BPJS Health users.“We are truly committed to contributing to building communities around the mine. If we do the calculations, the CSR costs we have spent in the last two years are equal to 4 percent of  our net profit  ,” explained Bonifasius.For information, the award, which carries the theme “ Being a Responsible Company is the Key Strategy for Business Sustainable Growth  , was  held by involving a number of institutions, such as the Indonesian Governance Professional Association (PaGI), the Indonesian GRC Association, Corebest, the Nawacita Study Institute, the Financial Development Foundation. Micro, GCG consultant, SGL Management, and Business Performance Solutions.The Chairperson of the 2022 TOP CSR Awards, M. Lutfi Handayani said, this award was attended by 850 companies in Indonesia. Then as many as 200 companies participated in the assessment, and 160 companies met the complete assessment.According to him, the Top CSR Awards activity is an assessment and awarding activity in the highest, largest and proudest CSR field in Indonesia. This award is given to companies operating in Indonesia, which are considered successful in implementing effective and quality CSR programs."Top CSR Awards is not just an assessment and awarding activity, but includes a lot of shared learning processes to improve the quality and effectiveness of the company's CSR," explained Lutfi.Source: https://www.tambang.co.id/borneo-indobara-sabet-penghargaan-top-csr-award-2022-28226/

PT Pelita Samudera Shipping Tbk (PSSI) will continue to divest its assets and diversify its non-coal cargo transport to keep the business afloat this year. Iriawan Ibarat, President Director of PSSI, mentioned that both strategies had been proven effective in boosting the revenue by 59% year-on-year (yoy) to USD 108.7 million in 2021. This surge also allowed the net profit to soar to USD 25 million.“We will push on and try to maintain our accomplishments in 2021, which were the best achievements we had seen in the company’s history,” Ibarat claimed in the official release received by idnfinancials.com. Until the end of 2021, the expansion of PSSI’s multi-cargo shipping had reached 30% in terms of the transport of non-coal commodities. This encompassed transporting nickels, copper concentrates, cement clinkers, silica sand, steel billets and other metal products.“It also includes answering to the demand for alumina cargo transport made by a state-owned enterprise, PT Indonesia Asahan Aluminium (Inalum) in Q4 2021,” Ibarat further revealed.On a side note, in order to support the business objectives this year, PSSI has prepared the capital expenditure (CapEx) of USD 10 million or IDR 143.5 billion. This CapEx budget is notably lower than the allocation in 2021 that reached USD 21 million. Source: https://www.idnfinancials.com/news/42712/pssi-proceed-asset-divestment-business-diversification

Thiess says it has been awarded a three-year contract renewal to provide mining services at Harum Energy’s Mahakam Sumber Jaya coal mine in East Kalimantan, Indonesia.Under the contract extension, commencing from April 1, 2023, Thiess will continue providing mine design and planning, drill and blast, overburden removal, load and haul, asset maintenance and management, rehabilitation, water management and haul road maintenance services.Thiess Executive Chairman & CEO, Michael Wright, said: “Thiess is proud to continue its longstanding relationship with Harum Energy at MSJ, where we’ve worked with our client to deliver sustainable mining services since the mine was developed in 2008.“This contract enables us to continue our record of delivering certainty for our client, with a clear focus on safe and sustainable production and rehabilitation.”Thiess Executive General Manager – Asia, Cluny Randell, added: “This contract renewal is great recognition of our team’s ability to partner and grow together with our client and deliver long-term performance and productivity gains for Harum Energy.“We look forward to continuing our strong relationship with our client and the community of Kutai Kartanegara, where we’ve worked together during COVID-19 to provide vaccinations for the local communities.”Source: https://im-mining.com/2022/03/30/thiess-wins-three-year-extension-at-harum-energys-mahakam-sumber-jaya-mine/

Bridgestone has launched a new rigid dump truck tyre along with a real-time tyre monitoring system at the AGG1 Aggregates Academy & Expo in Nashville, Tennessee. Its 3-star rigid dump truck tyre is an expansion of its 24.00R35 product portfolio, a line-up specially developed for mid-sized rigid dump trucks to carry hefty loads on flat terrain, often at quarries and mines.The new tyre delivers 8% greater payload capacity along with a deeper tread depth to provide excellent tyre wear and improved traction, the company said. Additionally, the tyre provides a high resistance to cuts and heat as trucks transfer larger hauls between long distances at high speeds.Rob Seibert, President, Off-The-Road Tires, Bridgestone Americas, said: “As demand continues to strengthen in the construction and quarry segments, we remain dedicated to helping maximise productivity for our customers by pairing intelligent products with best-in-class services and integrated technology solutions. We are meeting growing industry demand with a superior product that features new technology and enhanced performance to optimise productivity.”Bridgestone is scheduled to begin production on the new 24.00R35 rigid dump truck tyre with an all-new traction pattern in late 2022, followed by a new hard-rock pattern.The company’s real-time tyre monitoring system, IntelliTire, is now being offered for 49 in or smaller applications. The system uses stem-mounted flow-through external sensors, in addition to internal sensors, to provide critical real-time data such as tyre inflation pressure and temperature to continually monitor the health of each tyre throughout its lifecycle. Transmitting sensor details through a cloud-based system, IntelliTire uses advanced and predictive algorithms to analyse data and issue alerts and customised reports to fleet operators.With its robust smart fleet management technology, IntelliTire allows operators to proactively address tyre issues with automated task lists, increase technician productivity with digital inspections and reporting, and mitigate unplanned maintenance to help reduce downtime and improve driver safety.Source: https://im-mining.com/2022/03/29/bridgestone-launches-new-rigid-dump-truck-tyre-and-real-time-monitoring-system/

Another good note was made by the coal mining company PT Berau Coal. The company, which is located in Berau Regency, has successfully won 2 prestigious awards at the 2022 Public Relations Indonesia Awards (PRIA) on Friday (25/03). Berau Coal set aside hundreds of participating Corporations, Ministries, Institutions and Local Governments.PT Berau Coal has successfully won Gold Winner for two CSR programs. One for the Corporate Social Responsibility Program, Community Base Development Sub category through the Berau Cipta Usaha UMKM Program. Then second, for the Corporate Social Responsibility Program, the Sustainability Business Sub category for the Berau Cocoa Program.PT Berau Coal's Corporate Communication Superintendent , Rudini, who was present at the event explained that this award is a form of appreciation for the company's cooperation, hard work and commitment in making a positive contribution to community development and empowerment and supported by good public relations performance."Alhamdulillah, we were able to improve our achievements at the PR Indonesia Awards 2022. PT Berau Coal won two awards at once and both were awarded the title of Gold Winner . This difficult achievement has certainly spurred our enthusiasm to always be consistent in implementing impactful and sustainable social programs for the community as well as effective communication strategies in delivering these programs,” he explained.Rudini added that the company's achievement in PRIA 2022 is a form of the company's consistency in carrying out its commitment to an impactful and sustainable Corporate Social Responsibility program.This also complements the previous prestigious achievements. At the end of 2021, PT Berau Coal managed to set a new record in the history of the Company's Environmental Management Performance Assessment (PROPER) carried out by the Ministry of Environment and Forestry (KLHK). PT Berau Coal became the first mining company in the PROPER event to receive two awards with the Gold predicate for Site Lati and Site Sambarata. Meanwhile, the Binungan site won the Green Proper. This is inseparable from the social innovation programs (CSR) that the company has run well.Founder and CEO of PR Indonesia, Asmono Wikan, explained that this year there were 782 entries that entered as participants in 10 sub categories. Meanwhile, the judging of MEN 2022 will be carried out by a total of 17 Jury on 16–25 February 2022."The jury at this event consists of PR and CSR experts, PR consultants/agencies, PR associations/organization figures, journalists and senior photographers, design and branding experts, and social media experts," explained Asmono.He also added that the PR Indonesia Awards (PRIA) is the most comprehensive public relations (PR) performance competition in Indonesia organized by PR Indonesia Media Group. ⁣“This agenda is an opportunity to prove themselves, as well as learning and appreciation for public relations who have shown superior performance in bringing their respective organizations/corporations to a higher level. We congratulate all parties who have achieved success in the PRIA 2022 event," said the man who was elected as a member of the Press Council for the 2022-2025 period.These are the Profiles of Two Gold Winner CSR ProgramsBerau Cipta Usaha UMKM is a CSR program under PT Berau Coal's Community Base Development sub-category which aims to support economic recovery in the midst of the Covid-19 pandemic and tourism development in Berau Regency. This program is expected to help create a sustainable and prosperous society.At the beginning of the program, PT Berau Coal together with the local kelurahan government carried out initial mapping and developed a scheme to provide support to MSMEs on the outskirts of Sambaliung. This is one of the tourist spots in the city of Tanjung Redeb, Berau Regency. This program is here to provide the concept of economic management to help increase the income of local MSMEs. At the same time, presenting new tourist attractions that are attractive, neat, hygienic and comply with health protocols for the people of Berau Regency.In the program, PT Berau Coal provides 30 units of sales booths with a good and uniform branding concept. These booths are used for culinary businesses by SMEs. The support booth was also equipped by PT Berau Coal with facilities and infrastructure to support health protocols. In addition, MSME actors also received training related to food hygiene and sanitation as well as providing visitor facilities and icons or landmarks to add to the tourist atmosphere in the Sambaliung outskirts area.In this program, PT Berau Coal cooperates with the Berau Regency Government to realize a common goal of economic recovery and increasing tourism in Berau."We are certainly grateful, this program, which has been running for almost a year, with good collaboration with the Berau Regency Government, can really have an impact on increasing people's income and welfare," said Rudini.From the Berau Cipta Usaha UMKM program, the number of UMKM actors has increased from 15 people to 120 people. This was also followed by an increase in the number of visitors which reached 70-100% on holidays, and an increase in merchant income by more than 300%.“This program has also received full appreciation from the Berau Regency Government. The location of the culinary center on the outskirts of Sambaliung was awarded as the only Food Snack Center that implements the Health Protocol in the context of preventing and controlling Covid-19 by the East Kalimantan Provincial Government and the Sambaliung Village Head was named the Best Trustee in 2021. The results are very satisfying, "added Rudini.Meanwhile, through the CSR program of PT Berau Coal's Sustainability Business sub category , namely, Berau Cocoa, it is hoped that cocoa development can create empowered farmers and a global Berau. Cocoa development in Berau Cocoa begins with mapping local opportunities and potentials in Berau District.Through the Berau Cocoa Program, PT Berau Coal provides assistance to cocoa development from upstream to downstream to cocoa farmers. From there, it is hoped that cocoa will become the leading sector to support the economy of Berau Regency in the future.The cocoa development strategy by PT Berau Coal through Berau Cocoa is divided into three namely plantations , trading and factories . In the plantation section , Berau Cocoa provides assistance to cocoa farmers in assisted villages to cultivate cocoa, manage farmer organization management, encourage farmer participation, and disseminate quality standards for cocoa beans toproduce premium quality cocoa beans. In addition, Berau Cocoa also collaborates with the Regional Government in providing land, seeds, plantation production facilities to technical guidance to farmers.In the trading and factory section , Berau Cocoa seeks to guarantee a market for farmers' crops and explores domestic to international markets as well as preparing downstream cocoa products, namely finished chocolate products in Berau Regency.As a result of the Berau Cocoa program, cocoa development has reached 13 assisted villages with 433 registered partner farmers being educated. Initially there were only 8 assisted villages and 113 partner farmers. The land area has also increased from 13 hectares to 550 hectares. Through the assistance so far, farmers are satisfied with the increase in income so far, which has reached 358%. Its value has exceeded the Berau Regency Minimum Wage (UMK). Berau's cocoa beans have also reached international markets in Asia, Australia and Europe.Berau cocoa has now also won a Geographical Indication (IG) protection certificate from the Directorate General of Intellectual Property of the Regional Office of the Ministry of Law and Human Rights (Kemenkumham) of the Republic of Indonesia.“The Berau Cocoa Program has had a significant impact on the farmers' economy and cocoa development in Berau District. This is also the result of the collaboration of PT Berau Coal with the Government and other parties to advance the Cocoa plantation sector in Berau Regency,” concluded RudinSource: https://www.tambang.co.id/dua-program-csr-berau-coal-raih-gold-winner-di-ajang-public-relation-indonesia-award-2022-28173/

Britishvolt, the UK battery start-up, is becoming a member of forces with a rich Indonesian household because it seems to safe provides of nickel for its big gigafactory in Northumberland. Beneath the settlement, Britishvolt will initially work with the economic conglomerate managed by Bakries to develop a plant able to producing a nickel compound that can be utilized by battery producers.As soon as the nickel sulphate facility has been established the 2 events will take a look at the potential to develop a 15GW gigafactory in Indonesia. “The deal offers us safety of nickel from the most important supply on this planet,” mentioned Timon Orlob, Britishvolt’s chief working officer.Nickel is a key part within the extra highly effective batteries utilized by electrical automobile makers and the struggle in Ukraine has raised recent considerations about safety of provide. Russia is the most important producer of battery-grade nickel, accountable for about 15 per cent of worldwide provide. Fears that provides might be disrupted by western sanctions contributed to a unprecedented spike in nickel costs to greater than $100,000 a tonne that pressured a week-long suspension of buying and selling on the London Metallic Change.Battery producers are actually attempting to safe provides of nickel from different components of the world. Northvolt, the European battery start-up backed by Volkswagen, mentioned final week it will purchase low-carbon nickel for its batteries from Canadian mines owned by Vale.Tesla boss Elon Musk has additionally expressed considerations about future nickel provide, promising big contracts over an extended time frame for firms that may mine the metallic in a sustainable and environmentally delicate means. The Worldwide Power Company reckons demand for nickel might want to develop 19-fold by 2040 if the world desires to hit the targets of the Paris settlement on local weather change.Indonesia’s president Joko Widodo is eager to capitalise on these developments and hopes to make the nation the world’s centre for nickel processing and battery manufacturing.Nonetheless, a lot of the initiatives being developed within the nation use coal-fired electrical energy. Britishvolt mentioned it will deliver its strict environmental, social and governance requirements to the partnership with Bakries & Brothers. It says the proposed nickel sulphate plant will finally be powered by renewable vitality.The billionaire Bakrie household are finest identified within the UK for his or her controversial plan in 2010 to arrange a world class mining group in partnership with British financier Nathaniel Rothschild. Nonetheless, the deal rapidly turned bitter throughout a downturn in commodity markets and Rothschild finally offered out in 2015.Britishvolt has raised about £1.7bn in funding from warehouse supplier Tritax and funding group Abrdn to assemble its manufacturing facility in Blyth. That funding was backed by £100mn from the UK authorities’s Automotive Transformation Fund.The corporate’s shareholders embody Swiss miner and commodity dealer Glencore, which has an settlement to provide Britishvolt with cobalt, one other key battery metallic. Britishvolt hopes to open its manufacturing facility in 2023, though it has but to indicate publicly its personal in-house battery developments.Talking on the FT Commodities Summit in Lausanne final week, Orral Nadjari, founder and chief government of Britishvolt, mentioned he would take a look at all choices to safe battery uncooked supplies, together with funding in junior miners.“The smaller firms are those sat with property,” he mentioned.Source: https://vergexpress.com/britishvolt-teams-up-with-indonesias-bakrie-family-in-nickel-venture/

PT Merdeka Copper Gold Tbk (MDKA) through PT Batutua Tambang Abadi (BTA), PT Hamparan Logistik Nusantara (HLN), and PT Provident Capital Indonesia (PCI) signed a conditional share acquisition agreement which was effective on March 24, 2022.Citing the information disclosure of the Indonesia Stock Exchange (IDX), Monday (28/3/2022), BTA will take part of the new shares to be issued by HLN thereby giving BTA ownership of HLN shares of 55.56 percent of the issued and paid-up capital of HLN . The total transaction for the share share was Rp 5.35 trillion."This transaction is carried out as one of BTA's strategic steps which is expected to provide added value and economic benefits for BTA and also the company in the future," wrote Merdeka Copper Gold 's management .The Company stated that the transaction was a material transaction and an affiliated transaction in accordance with the provisions of Article 6 paragraph (1) of POJK 17/2020; it is mandatory to use an appraiser in determining the fairness of the affiliated transaction in which the fairness of the transaction needs to be announced to the public and the Financial Services Authority (OJK).In this transaction, the company has appointed KJPP Iskandar and Partners as independent appraisers. The independent appraiser concluded that the transaction value was fair.Meanwhile, the affiliation between the company and BTA, PCI and HLN, among others, is that BTA is a controlled company whose shares are owned by PT Merdeka Copper Gold Tbk directly by 99.5 percent. Then there are similarities between BTA's board of commissioners and members of the company's board of directors.In addition, PCI is one of the controllers of the company through indirect share ownership through PT Mitra Daya Mustika and PT Suwarna Arta Mandiri. The company also conveys that there are similarities between the PCI board of directors and the company's board of directors. "HLN is an affiliate of PCI," the company wrote.Previously, HLN recently completed the acquisition of ownership in PT J&P Indonesia (JPI) and PT Jcorps Industri Mineral (JIM) from PT JCorp Cahaya Semesta with HLN owning a 95.3 percent stake in JPI and 99.9 percent in JIM.The acquisition assets consist of various investments by JPI and JIM. JPI controls a 51 percent stake in PT Sulawesi Cahaya Mineral, which holds a development business license (IUP) for one of the world's largest undeveloped nickel resources.In addition, it has minority stakes in two Rotary Klin-Electric Furnace (RKEF) nickel factories operating, including 49 percent in PT Cahaya Smelter Indonesia and 28.4 percent in PT Bukit Smelter Indonesia.JIM also holds majority stakes in companies that have IUP Limestone and hydroelectric projects. JIM also holds a minority stake, namely 32 percent of the Indonesian Konawe Industrial Park.Source: https://www.liputan6.com/saham/read/4923464/anak-usaha-merdeka-copper-ambil-alih-aset-nikel-rp-53-triliun