BUMI to Acquire 45% Stake in Laman Mining for IDR 984 Billion
12 Nov 2025, 05:50 AM
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PT Bumi Resources Tbk (BUMI) is reportedly to have paid part of the down payment to acquire a 45% stake in bauxite mining company PT Laman Mining.BUMI signed a term sheet with Laman Mining’s controlling shareholder, PT Supreme Global Investment, on September 25, 2025.The share purchase is valued at USD 59.1 million (around IDR 984.96 billion, using an exchange rate of IDR 16,666 per US dollar).The acquisition will be paid in two tranches. First, USD 20 million as a down payment due by the end of this year.The remaining USD 39.1 million will be paid after both parties sign the conditions precedent to the acquisition. The closing is targeted to be completed by October 30, 2026, at the latest.BUMI Advisor Christopher Fong said the acquisition of Laman Mining is part of the company’s strategy to diversify into a bauxite portfolio.“Bauxite and its downstream plans are part of the company’s diversification strategy, and are in line with the most recent [acquisition] announcement of the gold and copper asset Wolfram Limited in Australia,” Christopher said when contacted on Tuesday (11/11/2025).The Salim–Bakrie–affiliated issuer has just completed the acquisition of 100% of Australian gold and copper miner Wolfram Limited (WFL). The deal involved transactions amounting to AUD 63.5 million (around IDR 698.98 billion).Separately, Christopher said the company will soon announce the financing plan for the Laman Mining stake acquisition. He added that business plans related to the bauxite portfolio will also be disclosed afterward.“The business strategy will be announced shortly after the legal documents are finalized,” Chris said.The acquisition of Laman Mining will serve as the Salim–Bakrie group’s gateway into the alumina business, the refined product of bauxite and a key raw material for aluminum.This move further strengthens BUMI’s non-coal portfolio by securing the bauxite-to-alumina value chain going forward.BUMI also plans to proceed with acquiring the alumina plant project being developed by Laman Mining’s subsidiary, PT Supreme Alumina Indonesia (SAI). BUMI is slated to hold 55% of SAI, with the remainder retained by Laman Mining.According to data from the Directorate General of General Legal Administration (Ditjen AHU) at the Ministry of Law and Human Rights, the controller and beneficial owner of Laman Mining is PT Supreme Global Investment, a Batam-based company in the Riau Islands.Laman Mining has issued and paid-up capital of IDR 85 billion, represented by 85,000 shares at IDR 1,000,000 per share. Its authorized capital is IDR 340 billion, or 340,000 shares.Supreme Global Investment holds 84,440 Laman Mining shares valued at IDR 84.44 billion. PT Supreme Alam Resources holds 560 shares valued at IDR 560 million.Supreme Global Investment is affiliated with Soehendro Gautama, who currently serves as a commissioner. Soehendro holds a majority stake of 80,000 shares in Supreme Global Investment, valued at IDR 80 billion.The remaining shares of the parent company—which also engages in property and construction—are held by Soehartinah Widjaja, the President Director, with 20,000 shares valued at IDR 20 billion.Laman Mining’s ConcessionsAgustinus Tan, President Director of Laman Mining, views the prospective partnership with BUMI positively for the company’s future mining operations.Agustinus said the company has prepared comprehensive infrastructure to operate the bauxite mine.Laman Mining’s mines are located in Laman Satong Village, Matan Hilir Utara District, and Nanga Tayap, Ketapang, West Kalimantan.Laman Mining’s concession covers 13,575 hectares under an IUP (mining business license). The concession was granted by the government in 2020 and is valid until February 2032.“We have prepared the infrastructure since 2018, long before this,” Agustinus told Bloomberg Technoz, Tuesday (11/11/2025).For example, Laman Mining has built a 14-kilometer haul road connecting the mine area to a barge-loading port in Kuala Tolak Village, west of the mining area.Agustinus also noted that the potential bauxite reserves around Laman Mining’s area are relatively large and suitable for further exploration.“Behind us lies an abundance of untapped mining potential,” he said.Meanwhile, Agustinus added that the company is preparing an alumina plant project with an investment value of around USD 1.5 billion (about IDR 24.99 trillion, assuming IDR 16,666 per US dollar). The project will be undertaken by SAI, with construction targeted to start in Q2 2026.The project is planned to produce 2.4 million tons of alumina per year, with an input capacity of around 7.9 million tons of bauxite per year.He targets phased commercial production one year after the construction period. According to him, that target has become more achievable given recent developments in alumina plant technology.“With the latest technology, production can begin within one year, aside from civil construction,” he said.Bumi Resources OutlookSeveral analysts view BUMI’s recent acquisitions of non-coal mining assets positively toward the end of this year.Yoga Ahmad Gifari, an analyst at Sucor Sekuritas, said these asset purchases will help support the company’s target of achieving 50% EBITDA from non-coal businesses by 2030.“This initiative signals higher margin improvement, long-term assets that will contribute to EBITDA while reducing reliance on thermal coal,” Yoga wrote in a report cited Wednesday (12/11/2025).Additionally, Yoga noted that BUMI could gain around 100,000 oz per year in incremental gold production from Australian mining assets completed this month.He added that BUMI has relatively ample flexibility to issue bonds or debt securities to finance current mineral asset acquisitions, including Laman Mining.“After debt restructuring, BUMI operates with a healthy capital structure (DER 0.5x), providing sufficient room to fund inorganic growth through debt financing,” he said.Samuel Sekuritas analysts Juan Harahap and Hernanda Cahyo also hold a positive view of BUMI’s aggressive acquisitions of metal mineral mines.They see these asset purchases as a new catalyst amid the current downtrend in coal prices.“Along with the potential re-rating of BUMI in line with its diversification into the metal mining sector, we maintain our positive view on the stock,” they wrote in their report.
