Affirming Indonesia's leadership in the global energy transition, President Prabowo Subianto witnessed the signing of a strategic collaboration between PT Vale Indonesia Tbk (INCO) and GEM Co Ltd in Beijing, China, during his visit to strengthen business relations between Indonesia and China.The project, valued at USD 1.4 billion and utilizing High-Pressure Acid Leaching (HPAL) technology, is located in Central Sulawesi and aims to become a net-zero nickel processing plant, with an annual production of at least 60,000 tons of nickel in the form of Mixed Hydroxide Precipitate (MHP)—a key component for energy storage system (ESS) batteries.This investment includes the development of a USD 40 million research and development center for knowledge transfer and the development of local Indonesian talent, USD 30 million for an ESG Compound encompassing green landscapes, employee dormitories, domestic water supply, and waste treatment, and USD 10 million for commitments to community development and public facilities.President Prabowo’s presence at this event demonstrates Indonesia's commitment to advancing a green economy and building a downstream industry that meets global demand for high-value, sustainable MHP.“We in Indonesia and Southeast Asia feel that we want to continue collaborating in synergy with the resurgence of China as a major global force. We want to be part of this resurgence, not only as an economic power but also as part of a strong civilization,” he said.Therefore, Prabowo emphasized, China’s entrepreneurial spirit in Indonesia has become a key element in strengthening economic cooperation between the two countries.“We must set an example that this collaboration is the path to be taken and nurtured. We welcome and will work hard to provide a favorable atmosphere for investments coming into Indonesia,” he stated.Driving Global and National Goals Through Sustainable MHP ProductionDesigned as a net-zero project, this facility will produce MHP with environmentally friendly practices and the latest technology for sustainable nickel processing. Through cross-market international collaboration, this project strengthens Indonesia's central role in the global transition to clean energy.“Our vision for the HPAL Project is to set a new global standard in sustainable MHP production,” said PT Vale CEO Febriany Eddy.This project is not merely about MHP production—it serves as a model of responsible resource management that benefits both Indonesia and the world.“By integrating advanced technology, environmentally friendly practices, and a commitment to net-zero production, we are shaping a future where Indonesia is recognized as a leader in sustainable industry development,” she added.Boost Economic Growth and Empower Local CommunitiesAligned with the Indonesian government’s economic growth target of 8%, this HPAL Project is designed to create jobs, attract new investments, and enhance local economic growth in surrounding communities. The project will act as a catalyst for economic activities, helping uplift local communities while strengthening Indonesia's global reputation as a sustainable industrial force.Empowering Indonesian Workforce Through Innovation and Knowledge TransferA pillar of this project is the plan to establish a research center focused on HPAL technology development, empowering Indonesian professionals through technology transfer and skills development. Enhancing education, skills, and technical capacity will ensure that Indonesian talent is ready to drive the next wave of industrial growth.Setting New Standards in ESG ExcellenceThe project is expected to become a net-zero MHP processing plant. PT Vale and GEM’s dedication to environmental preservation and sustainable development reflects a shared vision of responsible resource management, in line with global sustainability standards. This project demonstrates to the world that Indonesia's nickel industry is ready to meet the challenges of the green energy transition while upholding the highest environmental standards.GEM Chairman Xu Kaihua emphasized the global significance of this project.“PT Vale is a world-class company that prioritizes strong ESG principles. We are proud to partner with PT Vale to provide raw materials that support the global shift towards renewable energy,” he stated.The HPAL Project, he continued, is a vital collaboration that combines sustainable material processing expertise with Indonesia's abundant resources. This project is not only a step toward a cleaner future but also lays the foundation for deeper cross-border cooperation on green innovation.“Together with PT Vale, GEM will implement a net-zero emissions concept, advanced technology, and high ESG standards in the project design, creating a world-class green park with green nickel resources, local technology, and local talent, to process laterite nickel ore directly into battery materials, promoting the upgrade of Indonesia's nickel industry from conventional stainless steel to new energy, and maintaining Indonesia's global competitiveness in nickel resources,” he concluded.

President Director of PT Freeport Indonesia (PTFI) Tony Wenas announced that the company is prepared to commence gold bar production in the second week of December 2024. This inaugural production will be facilitated by the Precious Metal Refinery (PMR) facility located in Gresik, East Java.“In compliance with its Special Mining Business License and as part of the government's downstreaming program, PTFI has completed the smelter and PMR and is ready to produce gold bars, which will start in the second week of December,” Tony said during a press conference at a hotel in Menteng, Central Jakarta, on Thursday, November 7, 2024.The initial production is projected to yield between 50 and 60 tons of gold bars annually. The production process will utilize anode mud sourced from PT Smelting. “The estimated annual production capacity of the PMR is between 50 and 60 tons, depending on the ore grade,” he explained.In addition to gold, PTFI's PMR could also refine silver and produce platinum group metals, specifically platinum and palladium, from the processing of anode mud. The annual production targets for these metals are 200 tons for silver, 30 kilograms for platinum, and 375 kilograms for palladium.According to him, the PMR has an annual anode mud input capacity of 3,000 tons. “All 3,000 tons of annual anode mud will be refined at the PMR,” Tony added.For the inaugural production in December, PTFI aims to produce 500 kilograms of gold bars. The company plans to gradually increase production until the PMR can fully support the Indonesian government's initiative to bolster domestic gold bar reserves.Subsequently, PTFI will supply up to 30 tons of gold annually to PT Aneka Tambang Tbk (Antam), as stipulated in a gold metal sales agreement signed between the two companies on Thursday, November 7, 2024. The signing of the five-year futures agreement was also attended by State-Owned Enterprises Minister Erick Thohir and Deputy Minister of Energy and Mineral Resources Dadan Kusdiana.

Jérôme Baudelet, CEO of nickel company Eramet Indonesia, has predicted that in the next 10 years, Indonesia will become the world’s largest nickel producer following significant increase in production volume in recent times.According to Eramet data, Indonesia supplied 55 percent of the world’s total nickel production in 2023, significantly increasing the world’s dependence on Indonesia’s nickel supply.“We strongly believe that Indonesia will continue to be the center of global nickel production in the next 10 years. As much as 70 percent of global nickel production will come from Indonesia within that period,” Baudelet said in a statement on Thursday, November 7, 2024.He cited that the Weda Bay Nickel, Eramet’s joint venture with Tsingshan, also shows rapid growth in production. By 2024, Weda Bay Nickel’s nickel production will reach 32 million tons in accordance with the production quota set in the Work Plan and Budget (RKAB).Undersupply of nickel oreBaudelet highlighted the undersupply of nickel ore in Indonesia this year. The surge in nickel ore imports from the Philippines further strengthens this indication.Based on Statistic Indonesia (BPS) data, Indonesia imported around 7 million tons of nickel ore from the Philippines in the first 10 months of 2024, compared to only 374,454 tons for the whole of 2023. According to the statistics, nearly 60 percent of the imports have been shipped to the port of Weda Bay.Although imports still account for a small portion of Indonesia’s total nickel consumption, high demand has pushed nickel ore prices higher than the minimum benchmark price (MSP) set by the Indonesian government.“This nickel ore supply shortage is creating market tension in Indonesia, despite the fact that the global nickel market is still oversupplied with finished nickel products. However, it should be noted that this oversupply is relatively small, estimated at around 60,000 tons, equivalent to about one week of consumption,” Baudelet said.Growth potentialEramet is optimistic about the future of nickel production in Indonesia. With abundant resource potential in Weda Bay, the Eramet joint venture aims to increase production to 60-65 million tons per year in the medium term.“With the support of abundant natural resources in the long term, we are committed to maintaining a balance of supply. We don’t want to produce more than the market needs,” Baudelet said.He emphasized the importance of innovation and sustainability in natural resource management.“Indonesia is a top priority for Eramet in its nickel business development. Eramet wants to be part of the growth of the global nickel industry and provide positive benefits to the Indonesian economy. We continue to strive to establish strategic partnerships with companies, both from Europe and Indonesia, to support the growth of nickel industry in Indonesia,” he concluded.

PT J Resources Asia Pasifik Tbk. (PSAB) has reported promising new gold prospects in the North Sulawesi mining area, operated by its subsidiary, with positive economic indications. The company revealed that the new gold prospect has the potential to support a processing plant with a mill throughput capacity of 1.3 million tons of ore per year.“This prospect is expected to produce between 70,000 to 100,000 ounces of gold annually, or approximately 2 to 3 tons per year, over a period of more than 10 years,” said PSAB President Director Edi Permadi in an official statement on Monday (November 11, 2024).Edi added that the company is currently evaluating the potential scale of its gold exploration target, determining processing methods, and conducting preliminary economic analysis for this new prospect.The follow-up program is a continuation of the initial exploration conducted throughout 2023. “With this positive development, the company hopes to quickly proceed with the drilling program and other development initiatives so that this prospect can become a viable and economically feasible mine,” he said.PT J Resources Asia Pasifik Tbk. (PSAB) has carried out several key programs, including detailed geological mapping, rock sampling, spectral analysis, gold resource modeling, exploration target estimation, gold inventory simulation, preliminary metallurgical studies, and initial economic analysis.The modeling and exploration target estimation for the main Oboy vein indicate a target range of 10 million to 15 million tons, with gold grades ranging from 1.5 grams per ton to 2.5 grams per ton.Exploration targets for the two other veins, Odik and Mangkasep, show a potential range of 7 million to 10 million tons, with gold grades ranging from 1 gram per ton to 3 grams per ton. According to PSAB’s report, the company has tested 959 kilograms of gold-bearing ore samples, representing five different ore types. Early metallurgical testing results have shown positive outcomes.“Given the substantial exploration potential and relatively high grades, this prospect holds great promise for development into an economically viable gold mine,” he said.According to its financial report, PT J Resources Asia Pasifik Tbk. (PSAB) posted a net profit of USD 10.08 million for the first half of 2024. This positive performance contrasts sharply with the loss of USD 18.32 million attributable to the parent entity during the same period in 2023. The company’s net profit was driven by strong sales, which totaled US$130.14 million, a 125.85% year-on-year (YoY) increase compared to USD 57.62 million in the first half of 2023. PSAB's largest gold sales were made to Metalor Technologies Singapore Pte. Ltd. and PT Aneka Tambang Tbk. (ANTM), which accounted for 83% and 12% of total sales, respectively, amounting to USD 108.66 million and USD 15.72 million.

Baru Gold Corp. (TSX-V:BARU) and its subsidiary PT Tambang Mas Sangihe announced the signing of a non-binding Letter of Intent for an investment with Thriveni Earthmovers, an established Indian mining company operating in gold, iron, manganese, and coal across India, Africa, and Indonesia.A private company with revenue of approximately US$500 million in 2022 to 2023, Thriveni is interested in investing in becoming an equity investor and provider of mining services on the Sangihe project in Indonesia.Baru Gold said Thriveni has the capability to rapidly bring the project into production.Before making a formal offer, Thriveni will conduct due diligence."Since I started at Baru in 2017, the value of gold has more than doubled – and in the last three months alone the price increased up to 15%. With this sustained and recent rapid increase in the value of gold, the company is receiving many investment inquiries,” Baru Gold CEO Terry Filbert said in a statement.“The company’s board of directors and management are all personally and professionally vested in the success of the Sangihe project and are determined to see a profitable outcome for shareholders.”

Merdeka Copper Gold recently talked of its ongoing projects, including Indonesia’s one of biggest primary gold mines, which could help the country’s economic growth and energy self-sufficiency.The company -- known by its ticker symbol MDKA -- is currently working on two projects, namely the Pani Gold project in Gorontalo and the Tujuh Bukit Copper Project. As part of the government’s strategy of developing the downstream nickel industry, MDKA has also built a high-pressure acid leach (HPAL) facility. Its subsidiary Merdeka Battery Materials (IDX: MBMA) operates this facility.The Pani Gold Project in Gorontalo will be one of the largest primary gold mines in Indonesia, which is expected to be operational by the end of 2025. With a total mineral resource content of 303.1 million tons of ore containing 6.9 million ounces of gold, this project is predicted to be a low-cost and long-lived gold mine. The feasibility study shows that the Pani Gold Project will be a significant source of income for the Merdeka group in the future, reaching USD 11.4 billion, with EBITDA (earning before interest, taxes, depreciation, and amortization) of USD 7.4 billion during the first 10 years of operation.The Tujuh Bukit Gold Mine is an open pit mine in Banyuwangi, East Java, which digs mineral ore and extracts gold and silver content using an efficient leaching method. This project also entirely runs on renewable energy powered by the Kamojang geothermal plant. Indonesia named this Bumi Suksesindo or BSI-ran project a national vital object for the quality of its mineral resources, which are a strategic asset to the country.The Tujuh Bukit Copper Project is still in the pre-production phase. According to MDKA, this is one of the world’s largest copper projects. It contains a potential of 8.2 million tons of copper and 27.9 million ounces of gold. The development of this underground mine will take place in phases, and boasts great economic benefits. At its peak production, the project will process 24 million tons of ore per year to produce more than 110,000 tons of copper and 350,000 ounces of gold annually for more than 30 years.MDKA’s Corporate Communication Head Tom Malik said that the company would continue to develop the potential of existing resources with a strict environmental-based approach to achieve its goal of operating a world-class mine."MDKA's has a very bright future ahead. We are currently concentrating on opening new operations through the Pani Gold Project in Gorontalo and the Tujuh Bukit Copper Project in Banyuwangi. Both have significant resource reserves, and hold huge potential,” Tom said.MDKA’s subsidiary MBMA seeks to become a leading vertically integrated battery material company by developing major midstream and downstream projects in the value chain. It also continues to develop several HPAL processing plants in partnership with leading global battery material companies. The HPAL facility will process limonite nickel ore from the MBMA’s SCM Mine to produce mixed hydroxide precipitate (MHP), a precursor for the electric vehicle battery industry. The HPAL facility shows MDKA’s commitment to developing Indonesia’s downstream nickel industries. The technology processes nickel ores into high-value derivative products, and plays a role in developing a robust battery value chain.These aforementioned mining projects and the HPAL facilities show MDKA’s commitment to driving Indonesia’s economic growth, domestic processing policy, and its energy self-sufficiency.The success of these projects will have a significant impact on Indonesia, both economically, socially, and environmentally. MDKA also underlined that the government, companies, and community need to work as a team to unlock Indonesia’s goal of becoming a developed and sustainable country."With an excellent track record of resource management that is recognized regionally and internationally, MDKA is ready to face the future with our prestigious projects. Of course, we are committed to comply with the existing regulations and support the government’s downstream industry development policies,” Tom said.

PT Vale Indonesia and its subsidiaries (the Group) announced their unaudited performance results for the Q3 of 2024 (3Q24). PT Vale’s production in 3Q24 and the nine-month period of 2024 (9M24) demonstrated positive performance, reaching a total of 18,008 metric tons (t), marking a 9% increase compared to the previous quarter and 52,783 t, or a 2% year-on-year increase.This positive result can be attributed to an increase in the average nickel ore grade from mining operations, which reached 1.79% (+4% compared to 2Q24), supported by enhanced calcine output generated from prioritizing work scope and optimizing maintenance time at the company’s processing facilities.Alongside the production increase in 3Q24 and 9M24, PT Vale recorded a 1% quarterly and 6% yearly increase in nickel matte shipments, indicating an improvement in operational performance during the period."Regarding nickel matte production at our Sorowako operations, we are optimistic about reaching the target of approximately 70,800 t by the end of 2024. We also intend to make our first ore sales in the fourth quarter of this year (subject to approval of the revised RKAB)," said PT Vale’s Chief Financial Officer, Rizky Putra, in a press release on Wednesday (October 30, 2024).Despite challenges, particularly from continued price declines in 3Q24, the company posted revenue of USD 229.8 million for the quarter.The average realized price was USD 12,948 for the quarter and USD 13,262 per ton for the nine-month period, reflecting a 9% and 29% decline compared to the average realized prices in 2Q24 and 9M23, respectively. Meanwhile, the cost of revenue in 3Q24 slightly increased by 2% compared to 2Q24 but decreased by 3% in 9M24 compared to the cost of revenue in 9M23.In the Q3 of 2024, HSFO consumption increased by 11% compared to the second quarter, offset by lower coal consumption due to a 14-day maintenance of coal milling facilities. During this period, HSFO and coal prices rose by 5% and 9%, respectively, while diesel prices fell by 6%.PT Vale reported an EBITDA of USD 46.9 million for the Q3 of 2024, down from USD 72.4 million in the second quarter. This decline was primarily due to lower realized nickel matte prices and the one-time effect of coal milling maintenance in September, which led to higher HSFO consumption to replace coal use.Additionally, following the issuance of our Special Mining Business License (IUPK), PT Vale began accumulating obligations for Non-Tax State Revenue (PNBP) in the form of a 10% profit share, totaling USD 3.6 million for the 3Q24 period. However, fulfillment of this obligation awaits confirmation from the Ministry of Energy and Mineral Resources (ESDM).“After the divestment was completed in June, the Company is currently undergoing a separation process from Vale Base Metal, involving one-time costs. However, we are conducting a comprehensive transition to ensure a smooth and efficient process. Furthermore, we continue to improve the competitiveness of our Sorowako operations with a cash cost per unit of revenue that remains competitive at USD 9,536 per ton in 9M24," stated Rizky Putra.As of September 30, 2024, the company’s cash and cash equivalents stood at USD 771.2 million, down from USD 832.1 million as of June 30, 2024. In the Q3 of 2024, PT Vale invested USD 82.4 million in capital expenditures, up from USD 61.0 million in the second quarter. This increase was mainly directed toward growth projects for future mine development.PT Vale also announced a significant achievement in its sustainability journey, with a revised ESG (Environmental, Social, and Governance) risk rating of 29.4 from Sustainalytics, placing the company in the Medium ESG Risk category. This marks a substantial improvement from the previous classification.Notably, PT Vale has become the only Indonesian nickel company in the sector to achieve a medium-risk category, further demonstrating its leadership in ESG performance within the nickel mining sector.Additionally, the Company received the Subroto Award, the highest honor awarded by the Ministry of Energy and Mineral Resources, in the community development and empowerment category. This award highlights the Company’s dedication to addressing social issues by utilizing its expertise and resources."The Company remains committed to prioritizing productivity improvement and cost efficiency, ensuring long-term competitiveness while adhering to good mining practices. Our goal is to enhance lives and transform the future together," concluded Rizky Putra.

PT Bukit Asam Tbk (PTBA) recorded a net profit of IDR 3.23 trillion and EBITDA of IDR 5.65 trillion in the Q3 of 2024. This achievement was supported by increased revenue from coal sales.Corporate Secretary of PTBA, Niko Chandra, stated that during this period, the company’s revenue rose by 11% year-on-year (yoy) to IDR 30.66 trillion. As of September 30, 2024, the company’s total assets stood at IDR 40.15 trillion.“This achievement is a result of the positive growth in the company’s operational performance in the Q3 of 2024,” he said in an official statement on Wednesday (October 30).Niko noted that PTBA’s total coal sales from January to September this year reached 31.28 million tons, up 16% year-on-year. In addition, PTBA’s coal exports during this period amounted to 14.29 million tons, an increase of 27% compared to the same period last year, which recorded 11.25 million tons in export sales.Meanwhile, PTBA’s realization of Domestic Market Obligation (DMO) coal reached 16.98 million tons, growing by 8% compared to the 15.76 million tons in the Q3 of 2023.As of September 2024, PTBA’s coal production reached 32.97 million tons, a 3% increase year-on-year. Rail transportation reached 26.42 million tons, up 11% year-on-year.Niko highlighted that PTBA achieved this performance despite various challenges, including coal price corrections and market fluctuations.He mentioned that the average ICI-3 coal price index dropped around 14% year-on-year from USD 86.32 per ton in the Q3 of 2023 to USD 74.59 per ton by the Q3 of 2024.Meanwhile, the average Newcastle coal price index fell 28% year-on-year, reaching USD 133.89 per ton in the Q3 of 2024, down from USD 185.45 per ton in the Q3 of 2023.“Therefore, PTBA continues to strive to maximize domestic market potential as well as export opportunities to maintain its strong performance,” said Niko.Additionally, he explained that the company consistently prioritizes cost leadership across all business lines, enabling continuous efficiency to be implemented optimally. This is reflected in the reduction of cash cost per ton, which decreased from IDR 853,000 to IDR 835,000 year-on-year.“The company hopes that the establishment of the Managing Institution Partner (MIP) can be realized soon and provide positive impacts on PTBA’s financial performance,” added Niko.

Acting Governor of East Kalimantan, Akmal Malik, hopes that mining companies will manage their mining concessions well. Do not let it, said Akmal, threaten life in the future."Nauru, a small country in the Central Pacific, was once rich from mining. But because they didn't manage it for the future, now they're one of the poorest countries in the world," stated Akmal Malik during his visit to the Green House of PT Berau Coal on Tuesday (October 29, 2024).The visit involved planting cocoa seedlings at the Future Development Area, known as Kembang Mapan, which spans a total of 709.9 hectares. According to Akmal, the mining practices of Berau Coal are vastly different from what occurred in Nauru during the 1980s. Berau Coal's approach prioritizes future interests and a transition from mining to agriculture, livestock farming, and fisheries.However, Akmal noted that progressive steps like those taken by Berau Coal are not without challenges. Outside the mining industry, a negative stigma often associates mining with environmental destruction.Referring to examples such as what happened in Nauru. Even though Akmal said, the facts are not like that.Pointing to Berau Coal and other responsible mining companies actively engaged in reforestation and community development."We continue to take concrete actions and positive campaigns to demonstrate that mining can lead to greater prosperity for the people. Mining should lead to a better society and environment for the future," Akmal affirmed.Berau Coal, with a concession area of 108,000 hectares and a workforce of 23,000, exemplifies sustainable development practices. Akmal hopes that Berau Coal and other companies holding IUP (Mining Business Permits) can set examples of sustainable mining practices.Such as enhancing local food security by repurposing former mining lands to cultivate vegetables and fish, thus supporting the community without disrupting local markets."If companies can develop vegetable crops, livestock, and fisheries, they won’t interfere with the local market. Who knows, maybe Berau Coal's presence has even contributed to the inflation in Berau," Akmal said."But it requires effort. I am confident that with collaboration, everything can be achieved. This good synergy must continue," advised Akmal, who also serves as the Director General of Regional Autonomy at the Ministry of Home Affairs.He further requested that Berau Coal continue to assist the local government in controlling inflation and building self-sufficiency. "The company should grow food for its own needs, so it doesn’t impact the local market," he emphasized.Regarding environmental damage attributed to mining, Akmal highlighted that irresponsible parties are often at fault, particularly illegal mining operations."The issue is that some people want to dig but lack the resources to restore the land afterward (illegal mining)," he added.The event concluded with the symbolic handover of 20 livable homes, provided through PT Berau Coal's CSR program, and the distribution of 180,000 cocoa seedlings for the community. The event was attended by PT Berau Coal’s Director of Operations and HSE Arief Wiedhartono, East Kalimantan’s Assistant for Economic Affairs and Development Administration Ujang Rachmad, East Kalimantan's Head of Energy and Mineral Resources Bambang Arwanto, and Acting Regent of Berau Sufian Agus.

The Ministry of Energy and Mineral Resources (ESDM) has reported that investment in mineral downstreaming in North Maluku was recorded at IDR 55 trillion (USD 3.5 billion) in the period of January to September 2024.Deputy ESDM Minister, Yuliot Tanjung, attributed this growth to the downstream processing of nickel and cobalt, which are essential for the electric vehicle ecosystem.“Thanks to downstreaming, North Maluku no longer exports raw nickel ore,” Yuliot said in a statement as quoted on Thursday, October 31, 2024.He also highlighted that the province’s economic growth has soared, reaching 20.49 percent in 2023, making it one of the fastest-growing regions globally.According to data from the Statistics Indonesia (BPS) for 2023, economic growth in North Maluku is primarily driven by downstreaming and processing industries, which accounted for 10.60 percent, followed by mining at 7.97 percent. Other sectors, such as trade and agriculture, contributed 0.72 percwnt and 0.62 percent, respectively.Yuliot noted that Indonesia’s downstreaming program is just the beginning, with plans for subsequent phases, including second, third, and fourth stages of downstreaming.“The Ministry of Energy and Mineral Resources has mapped out industrial pathways to deepen the downstream process and enhance value-added products,” he said.Downstreaming involves transforming raw materials into higher-value final products. In the mining sector, this means not only exporting minerals in their raw form, but also processing them into valuable goods like refined metals and other mineral products.