PT Indonesia Morowali Industrial Park (PT IMIP) has reported a total production of Nickel Pig Iron (NPI) commodities in the IMIP industrial area amounting to 4.76 million tons, which were exported to China and several other countries.In addition to reporting the production of various commodities in the IMIP area, PT IMIP also provided updates on its total accumulated investments, work plans for the coming year, and the development of a solar power plant (PLTS) scheduled for 2025.IMIP has already exported NPI to China and several other countries, contributing foreign exchange earnings of USD 14.45 billion, or approximately IDR 232.6 trillion (at an exchange rate of IDR 16,100), during the period from January to November 2024.The Communications Director of PT IMIP, Emilia Bassar, stated that NPI (Nickel Pig Iron) is an iron product with nickel content below 15%. Although its sulfur and phosphorus content is higher than that of ferronickel (FeNi), this commodity remains a key export product of the IMIP industrial area."For NPI alone, we have produced a total of 4.76 million tons, and then 4.2 million tons of stainless steel. This is a substantial amount for the total production of commodities produced in the IMIP Industrial Area over the past 11 years," said Emilia Bassar, Director of Communications at PT Indonesia Morowali Industrial Park, during a press briefing in West Jakarta on Wednesday (December 18).Over the past 11 years, Emilia explained that the IMIP industrial area has also produced various other commodities, such as 4.2 million tons of stainless steel slab, 2 million tons of hot rolling steel coil, and 1.4 million tons of cold rolling steel coil.Other products include 821,000 tons of Mixed Hydroxide Precipitate (MHP), 750,000 tons of electrolytic aluminum, 140,000 tons of electrolytic nickel, and 600,000 tons of nickel iron wires.Furthermore, Emilia mentioned that the IMIP area is currently home to around 60 tenant companies, both domestic and international. Some of the companies already operating include PT Sulawesi Mining Investment, PT Indonesia Guang Ching Nickel and Stainless Steel Industry, and PT Indonesia Tsinghan Stainless Steel.“We have over 60 tenants such as PT Yong Wang Indonesia, PT Oracle Nickel Industry, and PT Detian Coking Indonesia. Additionally, there are construction projects like PT Green Eco Nickel and PT Chengtok Lithium Indonesia,” Emilia added.As the area continues to develop, the investment value in PT IMIP has been steadily increasing. By August 2024, the accumulated investment reached US$ 34.3 billion, or around IDR 552.5 trillion, a rise of USD 4.2 billion compared to 2023.In addition to contributing foreign exchange and increasing investments, PT IMIP also contributes to state revenues through taxes. In 2023, the company paid taxes totaling USD 1.16 billion.IMIP has also seen a significant increase in workforce absorption. In 2024, the number of workers in the Morowali area reached 84,859, a sharp increase from 35,952 workers in 2020."Every time a new factory is completed, the average increase in workers can reach 1,000 people per month," explained Emilia.In the coming year, PT IMIP will prioritize three strategic issues: accelerating nickel downstreaming, strengthening the electric vehicle battery raw material cluster, and developing power plants based on New and Renewable Energy (EBT)."We have also operated over 130 electric dump trucks as part of our commitment to supporting environmental sustainability," Emilia concluded.Furthermore, IMIP announced plans to prepare power plants based on New and Renewable Energy (EBT). IMIP is committed to promoting the use of clean energy, with one of its tenants already operating a Gas-Fired Power Plant (PLTGU). IMIP plans to develop a solar power plant (PLTS) next year.

PT Vale Indonesia Tbk. (INCO) is seeking a loan of USD 1.2 billion to kick-start a new mining block development project next year. This move to secure funding through a bank loan follows a credit rating upgrade from S&P Global Ratings, which raised INCO's rating to BB+ with a stable outlook, up from BB earlier this month."For the loan, it is currently in process, and the BB+ credit rating upgrade from S&P Global Ratings is a significant boost to our credibility," said INCO's Head of Corporate Communications, Vanda Kusumaningrum, when contacted on Wednesday (Dec 18, 2024). Vanda mentioned that the company has been developing three new mines in the Pomalaa, Morowali, and Sorowako blocks.According to INCO's data, the mining development project in Morowali is expected to be completed in Q4 2025, with an additional production capacity of 3.84 million tons of saprolite per year. By the end of this year, the Morowali mining development project, with a capital expenditure of USD 399 million, has reached 35% completion.Next, INCO is also pursuing the development of a new mining block in Pomalaa, which is expected to add an annual production of 28.15 million tons of saprolite and limonite. The capital expenditure for this new mining block is USD 1 billion, with operations expected to begin in Q2 2026. The Pomalaa mining project is currently 22% complete. Meanwhile, the new mining block in Sorowako requires an investment of about USD 257 million, with an expected additional annual production of 11.5 million tons of limonite. This project is expected to be completed by Q3 2026."Considering the large investment value, loans are one of the ways PT Vale is financing these mining development projects," said the company.As previously reported, INCO recorded a significant decline in net profit from January to September 2024, falling to USD 51.1 million. This decline was primarily due to lower revenue as a result of the drop in average nickel selling prices. According to its financial report as of September 30, 2024, INCO's net profit for the first nine months of 2024 dropped 78.55% year-on-year (YoY) from USD 238.27 million in the same period of 2023. The sharp decline in net profit was in line with the decrease in INCO's revenue by the end of September 2024.INCO's revenue fell by 24.45% YoY to US$708.5 million from US$937.8 million in the same period last year. This revenue was mainly driven by sales to Vale Canada Limited (VCL) and Sumitomo Metal Mining Co. Ltd. (SMM), both of which are related parties. Sales to VCL reached USD 562.9 million by the end of September, while sales to SMM totaled USD 145.65 million.Rizky Putra, Chief Financial Officer of Vale Indonesia, explained that the company has faced challenges, particularly due to the continued decline in nickel prices through Q3 2024. "This decrease was mainly caused by lower realized prices of nickel matte, along with a one-time effect from the maintenance of the coal grinding facility in September, which led to higher consumption of HSFO to replace coal usage," Rizky said in an official statement on Thursday (Oct 31, 2024).INCO reported an average realized price of USD 13,262 per ton for the first nine months of 2024, which was 29% lower than USD 18,596 per ton in the same period of 2023. At the same time, INCO's nickel production volume increased by 6% YoY from 51,644 tons to 52,783 tons. Similarly, the company's sales volume reached 53,429 tons, a 5.93% YoY increase from 50,435 tons in January-September 2023.

PT Bumi Resources Mineral Tbk. (BRMS) announced that as of the third quarter of 2024, it has recorded a revenue of US$ 108.5 million. This figure marks a remarkable 231% year-on-year (yoy) increase.Dileep Srivastava, the Independent Director and Corporate Secretary of BUMI, stated that gold prices are projected to remain high throughout this year and into early 2025 amid ongoing geopolitical tensions."BRMS is in a strong position to continue its solid performance," he told CNBC Indonesia on Thursday (December 12).Dileep continued, stating that the increase in production at the second plant in Palu last year has boosted gold production to 45,366 ounces by the third quarter of this year. This achievement has already surpassed the total production for 2023, which was 23,270 ounces, including third-quarter production of 18.6 thousand ounces."An 8.8% QoQ increase highlights the strong operational momentum of the company," he added.Additionally, BRMS reported higher mineral resource estimates for River Reef and Hill Reef in Palu. Certified by AMC Consultants (Australia), this estimate shows 4.2 million ounces of gold resources with a grade of 4.9 g/t, with 89% designated for underground mining. This strengthens BRMS's long-term growth potential.Furthermore, BRMS's flagship mine in Central Sulawesi, which holds reserves of 34.1 million ounces and resources of 40.2 million ounces with an average grade of 3.2 - 3.5 g/t, remains at the core of the company's growth strategy.The company is currently operating two plants with a combined processing capacity of 4,500 tons per day and plans to expand with a heap leach facility with a capacity of 4,000 tons per day, scheduled for the first quarter of 2025.Additionally, the commencement of underground mining at Block-1 Poboya, with a target grade of 4.9 g/t, is projected to increase gold production to 145.4 koz by 2027, a 165.6% increase.Beyond CPM, BRMS holds 126.1 million tons of untapped reserves in Banten, Aceh, and Gorontalo, which is four times larger than CPM's reserves. The company's flagship asset, Gorontalo Minerals, is expected to begin operations in 2026 with a capacity of 2,000 tons per day to process gold (average grade 1.69 g/t), which will further enhance the company's long-term growth potential.Dileep added that, for stock valuation, they are estimating a fair value for BRMS shares at Rp 550 per share."Based on the annualized 9M24 PBV of 5.2x, this represents a 40% discount compared to AMMN," he concluded.

PT Merdeka Copper Gold Tbk (MDKA) is set to begin operations at the Pani Gold Mine project, located in Pohuwato, Gorontalo. This project is said to have a mineral resource of 6.9 million ounces of gold.The Chief of External Affairs of PT Merdeka Copper Gold, Boyke Abidin, stated that with such a mineral resource, the Pani Gold Mine is expected to produce up to 300,000 ounces of gold per year. At its peak, production could reach up to 500,000 ounces annually."God willing, our mine in Pani, with the resource of 6.9 million ounces, is expected to produce 300,000 ounces per year. This is roughly equivalent to the production of mid-to-large scale mining companies. It’s no longer small but mid-to-large scale," Boyke said during an interview in Jakarta, as quoted on Tuesday (17/12/2024).Boyke also targeted the commissioning of the Pani Gold Mine project to be completed by the end of 2025, with the first gold production expected to begin in early 2026."Everything is still progressing according to plan. It is still on schedule so far. In the future, Pani will employ around 2,000 workers. In accordance with regulations, we are required to hire local people," he said.According to Boyke, the recruitment of workers for the Pani Gold Mine project is an important part of the company's commitment to empower the local community, in line with applicable regulations. The local people referred to are those who hold an ID card from the district surrounding the mine or, at the furthest, from Gorontalo Province."This is our commitment to start recruitment and training in January. We will recruit and then train so that the local community gains the necessary skills to work in mining, just like other Indonesians who are already accustomed to working in the sector," he explained.

The Statistics Indonesia (BPS) stated that the mineral downstreaming policy through smelting and processing facilities in West Sumbawa, West Nusa Tenggara, has the potential to boost long-term economic growth."The two mining companies in the area have hired a significant number of workers and boosted the economy in West Nusa Tenggara," said Wahyudin, Head of BPS West Nusa Tenggara, in Mataram on Tuesday.Wahyudin explained that if the smelter facility owned by PT Amman Mineral Nusa Tenggara is able to process not only mining products from West Sumbawa but also from other regions, the economic impact would be even greater.He cited the example of the nickel smelter in Bantaeng, South Sulawesi. Although the region does not have nickel mines, the smelter is able to process nickel produced from other areas."NTB already has mines and a smelter, so why not take advantage of resources from other areas? That’s what we are developing," said Wahyudin.He further explained that the establishment of a smelter in a region has a multiplier effect on the local community, such as the proliferation of restaurants, accommodations, and transportation services.Although there has been a decline in revenue from concentrate exports, the smelter that processes raw materials into higher-value products can increase the added value of natural resources. This, in turn, impacts the increase in regional income from the mining sector.Local governments receive taxes and levies from the smelter's operations, as well as royalties and profit-sharing from natural resources."The smelter is still targeting some market share overseas, which will later affect state revenue," Wahyudin added.Statistics Indonesia (BPS) reported that the export value of West Nusa Tenggara Province in November 2024 experienced a sharp decline of 97.78 percent compared to October 2024 due to the cessation of concentrate exports by Amman Mineral.In November 2024, the export value of commodities from West Nusa Tenggara amounted to just USD 5.56 million, supported by the export of fish and shrimp worth USD 2.87 million or 51.67%, fruits worth USD 1.12 million or 20.08%, and jewelry worth USD 900,254 or 16.19%.

The Titan Group is preparing to take its infrastructure services business entity, PT Titan Infra Sejahtera (TIS), public on the Indonesia Stock Exchange (BEI). TIS plans to conduct an Initial Public Offering (IPO) in 2025.TIS is an infrastructure service provider operating in South Sumatra Province. TIS has two subsidiaries, namely PT Servo Lintas Raya (SLR) and PT Swarnadwipa Dermaga Jaya (SDJ).SLR operates 118 kilometers (km) of road for the transportation of commodity materials, also known as hauling. Meanwhile, SDJ operates a port on the Musi River for shipping the commodities that are transported.President Director of SLR and SDJ, Victor B. Tanuadji, emphasized that the core business of TIS is in infrastructure. Victor is confident that TIS will be well-received by the market when it goes public and will remain attractive to investors who are concerned with environmental issues."This is purely infrastructure; there are no mining activities within TIS," Victor stressed in a written statement received by Kontan.co.id on Monday (December 16).For information, TIS is part of Titan Infra Energy. As a group, Titan Infra Energy has three business lines: energy infrastructure, energy services, and energy resources.In the energy infrastructure business line, Titan Infra Energy, through TIS, is involved in integrated logistics services via SLR and cargo port services through SDJ.Director of Operations at Titan Infra Energy, Suryo Suwignjo, is optimistic about the growth prospects for TIS. As an example of its financial performance, last year TIS recorded an EBITDA of US$100 million. "This year, we are optimistic that this figure will increase," said Suryo.Suryo explained that TIS's revenue is directly related to the volume of key commodities being transported, namely coal, which passes through the hauling road operated by SLR and is shipped via SDJ.He gave an example that this year, the amount of coal transported and shipped by TIS reached 21 million tons, a 16% increase compared to 18 million tons in 2023. Next year, the volume is projected to rise to 27 million tons.However, Suryo has not yet disclosed the exact number of shares that TIS will offer to the public in the upcoming IPO. "In accordance with exchange regulations, at a minimum, we will offer 10% of the shares," Suryo explained.On the other hand, Victor revealed the prospects for TIS going forward. Starting this year, PT Bukit Asam Tbk (PTBA) has begun shipping its coal production through TIS's hauling route and coal port. Victor said this development brings a fresh wind for TIS.Victor is confident that the amount of PTBA’s coal passing through TIS's roads will continue to increase year by year, especially with coal prices remaining relatively stable at around US$125 per ton.TIS has also taken steps to anticipate potential bottlenecks in the transportation route due to the surge in transport and shipping volumes. This year, TIS has expanded its port facilities from two to three ports, with five conveyors.Next year, TIS plans to add one more conveyor. Victor is optimistic about TIS's prospects in the future, in line with Sumatra's position as the second-largest coal producer in Indonesia.South Sumatra (Sumsel), where TIS operates, is the largest contributor to coal production on the island of Sumatra. The coal reserves in Sumsel amount to 9.3 billion tons, or about 25% of Indonesia's total national coal reserves of 37.6 billion tons.The concentration of coal mining in Sumsel is located in three regions: Muara Enim, Lahat, and Ogan Komering Ulu. In Muara Enim alone, there are at least 29 mining business licenses issued by the government.This year, the South Sumatra Energy and Mineral Resources (ESDM) Office targets coal production to reach 131 million tons. This presents a growth opportunity for TIS.Moreover, as coal reserves in Kalimantan begin to deplete and production costs rise, South Sumatra is expected to gain more attention. "This is the space that will shape the future for TIS," Victor concluded.

Mining contractor PT Putra Perkasa Abadi (PPA) recorded an overburden material production of 303.36 million BCM from January to November 2024, exceeding the target set for November of 296.15 million BCM.Adri Thanada, Head of Corporate Communication at PPA, said in a statement in Jakarta on Sunday that PPA projects its overburden production will reach 333.35 million BCM by the end of 2024.He mentioned that with its commitment to sustainability and innovation, PPA aims to become the second-largest mining contractor in Indonesia in the near future."In 2025, PPA will add several new projects. We are optimistic that next year, our overburden production will exceed 400 million BCM," said Adri.Meanwhile, mineral production, including coal and nickel, from January to November 2024 reached 64.27 million tons. This figure includes 60.57 million tons of coal and 3.7 million tons of nickel ore.By the end of 2024, PPA expects its coal and nickel production to reach 70.5 million tons, representing a 5% growth compared to the 2023 achievement of 66.8 million tons."This achievement underscores the operational efficiency and PPA’s ability to consistently meet the needs of our partners," said Adri Thanada.This milestone also cements PPA as one of the largest mining contractors for both minerals and coal in Indonesia, with 12,000 employees and operations across 14 coal and nickel mining companies throughout the country.Adri added that 2024 has been a "Golden Year" for PPA, as the company has won various national and international awards. PPA received the top award for the third time at the Good Mining Practices Award 2024, organized by the Ministry of Energy and Mineral Resources’ Directorate General of Mineral and Coal (Ditjen Minerba).Additionally, PPA received the Subroto Award for mining safety technology innovation and was named the Overall Winner at the 21st Indonesia Fire and Rescue Challenge.Furthermore, the Emergency Response Team (ERT) Garuda Rescue Nusantara, representing PPA, achieved impressive results at the Mining Emergency Response Competition (MERC) 2024 in Langley Park, Perth, Australia.Various other awards were also received in the fields of social welfare and environmental sustainability.Adri emphasized that PPA upholds the principle of Safe and Strong Operational Performance as the main foundation for delivering the best service.“We continue to innovate and create a positive impact, not only for the industry but also for the community and the environment. PPA is committed to setting new standards in sustainable mining practices. We also hope to be a source of blessings by quickly contributing to ESDM’s disaster preparedness initiatives whenever a natural disaster occurs,” added Adri.Under the coordination of ESDM’s disaster preparedness program, PPA's ERT is actively involved in humanitarian missions during disasters in Indonesia. Notably, the ERT has been directly involved in responding to the floods in Mahakam Hulu, East Kalimantan, the eruption of Mount Lewotobi in NTT, and the floods in Sukabumi, West Java.

PT J Resources Asia Pasifik Tbk. (PSAB) aims to complete its Doup gold mine project by 2026. The project is estimated to require an investment of around US$400 million. J Resources' President Director, Edi Permadi, stated that the project's timeline has recently been revised to be completed within the next 24 months. The company has already spent US$70 million of its capital expenditure from internal cash reserves."With the significant recovery we are seeing, and the conservation efforts, we have revised the timeline to 24 months from now," Edi said after a public expose in Jakarta on Friday (December 13, 2024).Nevertheless, Edi emphasized that the company is still working to ensure that the mine can begin commercial operations by the end of 2025. According to him, PSAB has completed land acquisition for most of the mining area.As of October 2024, the Doup reserves are estimated at 38.2 million tons with a grade of 1.28 grams per ton, amounting to approximately 1.6 million ounces of gold. Meanwhile, the plant design is expected to reach a capacity of 3 million tons per year with Gravity-Flotation-POX-CIL, with a mine life of 14 years and a stripping ratio of 4.3:1.With that processing technology, PSAB targets gold recovery to be in the range of 91%, and annual production to reach between 140,000 and 195,000 ounces per year. Once the project is in commercial operation, PSAB is expected to generate additional revenue of around US$3 billion, assuming gold prices continue to strengthen. On the other hand, Edi is confident that the project will receive financial support from banks or other financial institutions. He argues that the Doup project has competitive reserves. "We are quite confident with the improved recovery, as it is very attractive," he said.Previously, PSAB achieved a positive profit of US$4.45 million by the end of September 2024. This was a turnaround from the same period last year when the company had posted a loss of USD 13.40 million. The key driver of the profit was the strong sales performance, which grew faster than the cost of goods sold. PSAB reported sales of USD 173.86 million, an 86.79% increase year-on-year (YoY).PSAB's gold and silver sales were made to four parties: Metalor Technologies Singapore Pte., Ltd; PT Aneka Tambang Tbk. (ANTM); Beijing Fuhaihua Import and Export Corp Ltd; and Transamine Far East Limited. Sales of gold and silver to Metalor Technologies reached US$150 million, an increase of 81.29% YoY, accounting for 82.27% of the company’s total sales. Sales to ANTM also more than doubled, reaching US$15.82 million, up from USD 6.17 million, contributing 9.10% of PSAB’s total sales.PSAB reported cash at the end of September 2024 of USD 14.94 million, up 154.74% YoY from USD 5.86 million. The total assets of the company, owned by Jimmy Budiarto, were recorded at USD 878.54 million in September 2024, a slight increase of 2.33% compared to the end of 2023. Liabilities also rose slightly by 1.5%, to USD 482.68 million, while equity was recorded at USD 395.85 million, a 3.37% increase from the end of 2023.

PT Saratoga Investama Sedaya Tbk (SRTG), Increase Stake in PT Merdeka Copper Gold Tbk (MDKA) by 53.36 Million Shares on December 13, 2024.As a result, Saratoga's ownership in the gold mining company increased from 18.96% to 19.18%. "The purpose of this transaction is for investment, with direct ownership status," said Juan Akbar Indraseno, Corporate Secretary of Saratoga Investama Sedaya (SRTG), in a statement on Friday (December 13, 2024).Juan revealed that the purchase of 53.36 million MDKA shares was made by the company at a price of Rp 2,273 per share. As a result, Saratoga spent Rp 121.29 billion for the acquisition of these MDKA shares.After the share purchase, according to Juan, the company, together with PT Provident Capital Indonesia, is committed to maintaining control of Merdeka Copper Gold (MDKA).Throughout the first nine months of 2024, Saratoga recorded solid performance, with a net gain from investments in shares and other securities amounting to Rp 5.02 trillion. This figure contrasts with the same period last year (year-on-year/yoy), which saw a loss of Rp 12.87 trillion.The blue-chip stocks owned by SRTG include PT Tower Bersama Infrastructure Tbk (TBIG), PT Merdeka Copper Gold Tbk (MDKA), and PT Alamtri Resources Indonesia Tbk (ADRO). The company also holds investments in growing companies such as PT Mitra Pinasthika Mustika Tbk (MPMX), PT Provident Investasi Bersama Tbk (PALM), PT Samator Indo Gas Tbk (AGII), and PT Nusa Raya Cipta Tbk (NRCA).SRTG's investment gains from January to September 2024 primarily came from blue-chip stocks, which reached Rp 5.5 trillion, compared to a loss of Rp 12.25 trillion in the previous period. Meanwhile, investments in growing companies still recorded a loss of Rp 312.64 billion, an improvement compared to the previous loss of Rp 548.34 billion.In addition, investments in digital technology stocks showed a greater loss, increasing from Rp 51.48 billion in the first nine months of 2023 to a loss of Rp 164.41 billion in January-September 2024.In addition to profits from stock investments, SRTG also earned dividend and interest income amounting to Rp 1.66 trillion, as well as other income of Rp 13.45 billion. After deducting operating expenses and other costs, SRTG was able to record a profit before tax of Rp 6.36 trillion, compared to a loss of Rp 11.4 trillion in the same period last year.Saratoga’s (SRTG) profit for the current period attributable to the company’s owners amounted to Rp 5.22 trillion for the first nine months of 2024, a significant increase compared to the loss of Rp 10.6 trillion in the same period in 2023.

PT Freeport Indonesia (PTFI) aims to begin operations at the Kucing Liar underground mine in 2028. This mine, seen as the 'future' of Freeport, is expected to have a production capacity of 90,000 tons of ore per day.Anton Priatna, Vice President of Underground Engineering at Freeport Indonesia, emphasized that the company is currently continuing its development efforts to increase copper and gold production through the Kucing Liar underground mine.“We plan to mine Kucing Liar starting in 2028. The target is 90,000 tons per day,” explained Anton when met in Tembagapura, as quoted on Thursday (December 11, 2024).As is well known, Freeport Indonesia currently relies on copper and gold production from its underground mines. Before Kucing Liar becomes operational in 2028, production is currently sourced from the Grasberg Block Cave (GBC), Big Gossan, and Deep Mill Level Zone (DMLZ) underground mines.Through these mines, Anton said, Freeport is targeting a production of 220,000 to 230,000 tons of concentrate ore per day."By 2029, production will increase with the operation of the Kucing Liar underground mine to 240,000 tons per day," he explained.He noted that the proven reserves from the underground mines currently amount to around 29 billion pounds of copper and 24 million ounces of gold, which is expected to last until 2041.Meanwhile, based on the ore resource data from the exploration area, Freeport’s reserves are estimated to contain approximately 48 billion pounds of copper and 58 million ounces of gold.“To ensure that these figures are accurate in the areas we currently hold, we need to conduct exploration, which will take 5-10 years. That’s why the period beyond 2041 is something we need to focus on because without it, this cannot be proven, even though we can continue operating until 2061,” Anton explained.