Several issuers have reported exploration results in the first three months of 2024. One of them is PT Merdeka Battery Materials Tbk (MBMA).The company currently has several asset portfolios. Namely, the Sulawesi Cahaya Mineral nickel mine (SCM mine), rotary kiln-electric furnace smelters (RKEF smelters), nickel matte converters, and acid iron metal projects.            MBMA also has several downstream development projects. These include a high-pressure acid leach (HPAL) processing facility and the Indonesia Konawe Industrial Park (IKIP), an industrial estate focused on battery raw materials.During the first quarter of this year, MBMA completed exploration at the SCM mine in Konawe, Southeast Sulawesi for IDR 24.2 billion (equivalent to USD 1.5 million). It consisted of life-of-mine resource determination drilling and related test work.The exploration work was carried out by PT Sulawesi Cahaya Mineral. The test methods are diamond drilling, geological mapping, sampling, and geophysical surveys.The selection of the test area to be explored is an area close to the current mining pit and following the future mining plan.The exploration result is that 165 drill holes have been completed with a total of 4,175 meters during the period.According to MDKA management, the diamond drilling (DD) program will continue using 15 drill rigs for resource/infill and exploration drilling. Geophysical surveys and geological mapping will continue to be conducted by MDKA. The aim is to determine the next exploration drilling target.Image source: KONTAN / Akmalal HamdhiSource: https://investasi.kontan.co.id/news/sepanjang-kuartal-i-2024-mkda-sudah-menuntaskan-165-pengeboran-di-areal-eksplorasi 

PT Singaraja Putra Tbk (SINI) has the potential to reap huge revenues from the coal mine that will be operated by one of its subsidiaries, PT Pasir Bara Prima (PBP). PBP has partnered with PT Petrosea Tbk (PTRO) as the mining service contractor to develop the coal mine.The cooperation between PBP and PTRO was agreed upon through the signing of the Mining Services Agreement Term Sheet between the two parties on March 27, 2024. The scope of work includes overburden excavation and coal stripping.Estimated overburden production reaches 240 million Bank Cubic Meters (BCM) and coal production of 26 million tons for nine years, from 2024 to December 31, 2032. In the disclosure of information released on the Indonesia Stock Exchange (IDX) on April 4, 2024, SINI's Corporate Secretary conveyed the estimated revenue that could potentially be achieved from the operation of the coal mine.The PBP operation is planned to produce coal with GAR 5,000 quality and has the potential to generate total revenue for nine years of USD 1.95 billion. Assuming the current market price of USD 75 per ton and the rupiah exchange rate against the US dollar of IDR 15,500, the value is equivalent to IDR 30 trillion.The forecast is also achieved with a projected production volume of 26 million tons for nine years (2024 - 2032). "Therefore, the company is very optimistic that it will get a large positive contribution to support the continuity of the company's business and the interests of all stakeholders," said SINI's disclosure.In coal mining activities, SINI and its subsidiaries claim to fulfill all important aspects such as technical, safety, environmental, social, and other aspects. "The existence of this partnership is an important milestone achievement. In carrying out coal mining operations, the company and its subsidiaries focus on selecting contractors who are professional and credible in their fields," said the Corporate Secretary of SINI.Previously, on Wednesday (3/4), Petrosea's management announced the signing of a term sheet for a mining services agreement with PT Pasir Bara Prima, a subsidiary of PT Singaraja Putra Tbk (SINI). This partnership is related to overburden stripping and coal production in the mine area located in Kapuas Tengah, Kapuas, Central Kalimantan with a value of approximately USD 511.45 million.The estimated overburden is 240 million BCM and coal production is 26.4 million tons for nine years until 2032. To illustrate, if converted at the current exchange rate of IDR 15,850 per US dollar, the contract value obtained by PTRO is equivalent to IDR 8.1 trillion.Meanwhile, the movement of SINI and PTRO shares increased before the stock exchange was on a long Eid holiday. On Friday (5/4), SINI's price soared 9.73% to IDR 620 per share. Meanwhile, PTRO rose 2.05% to IDR 4,480 per share.  Image source: doc. PetroseaSource: https://investasi.kontan.co.id/news/potensi-raih-rp-30-triliun-singaraja-sini-gandeng-ptro-garap-tambang-batubara 

The Panigoro family company PT Amman Mineral Internasional Tbk (AMMN) reported an exploration expenditure of USD 6.38 million or equivalent to IDR 101.26 billion during the first quarter of 2024 (jisdor exchange rate of IDR 15,873).  AMMN's management stated in the disclosure of information that during the first quarter, its subsidiary PT Amman Mineral Nusa Tenggara (AMNT) carried out exploration activities in IUPK Blocks I, II, and III located in Sumbawa."There are no exploration activities in Block IV, Lampui," said management, quoted on Friday (12/4/2024). During the first quarter, AMMN incurred total exploration costs of USD 6.38 million.  In more detail, the total cost was USD 3.18 million for Block I Batu Hijau with the results of 30 drill holes, including those that have been completed and those that are still in process with a total of 14,561.6 meters.Furthermore, USD 2.61 million was used for exploration activities in Elang Block II. The result was 11 holes of core drilling totaling 4,893 meters.  The third is Block III Rinti for USD 590,000 with exploration results of core drilling of 2 drill holes including those completed or ongoing, totaling 1,374 meters.On the other hand, Amman Mineral International President Director Alexander Ramlie said AMMN's production target is driven by high-grade fresh ore from phase 7 that will be mined and processed.  By 2024, AMMN expects to produce 833,000 dry metric tons of concentrate. "The concentrate is projected to contain 456 million pounds of copper and slightly more than 1 million ounces of gold," Alexander said on Wednesday (27/3/2024).In more detail, AMMN targets gold production of 1,009-kilo ounces of gold and copper production of 456 million pounds throughout 2024. Meanwhile, Adjusted C1 cost was recorded at USD 0.35 per pound.Image source: Bisnis.comSource: https://market.bisnis.com/read/20240412/192/1756971/amman-mineral-ammn-eksplorasi-3-iupk-habiskan-rp10126-miliar 

PT RMK Energy (RMKE), through its subsidiary PT Royaltama Multi Komoditi Nusantara (RMKN), has established a collaboration with PT Atlas Resource (ARII), through its subsidiary PT Gorby Putra Utama (GPU), on coal trading with an operational cooperation (KSO) and offtake mechanism.RMKE Energy President Director Vincent Saputra said several strategies have been prepared to achieve this year’s targets, including collaboration with mining producers in South Sumatra to increase coal sales volume.Besides collaboration, RMKE is also optimizing in-house coal production and good cost control management amidst high rainfall challenges in the first quarter of this year.“The biggest challenge in the first quarter of this year is the very high rainfall, but we are still optimistic about increasing coal sales volume through collaboration with ARII and several potential mines in South Sumatra,” Vincent said on Monday, March 25, 2024.Vincent added that this collaboration would also improve the group's financial performance through collaboration with Rantai Mulia Kencana and RMKO. “We will continue such collaborations in the future by providing integrated logistics solutions to mining producers in South Sumatra,” he said.ARII is one of the coal producers in Indonesia, with concession land totaling more than 200,000 Ha. Exploration and coal production activities are coordinated through six hubs, one of which is the Mutara Hub. The management of the Mutara Hub is carried out by the company’s subsidiary, including GPU, which has 4,395 hectares of land.In this collaboration agreement, RMKE will conduct free-on-board (FOB) barge coal transactions produced from GPU’s coal mining concession area in Beringin Makmur 2 Village, Rawas Ilir District, North Musi Rawas Regency, South Sumatra. The traded coal amounts to 600,000 metric tons (MT) or 50,000 MT of coal per month, shipped through the Sriwijaya Bara Logistic Jetty, Pulai Gading Village, Bayung Lencir District, Musi Banyuasin Regency, South Sumatra.With this collaboration, RMKE and ARII can improve their operational performance with facilities built by RMKO through investments from Rantai Mulia Kencana. Through this collaboration, RMKE can increase its revenue from coal sales.  Image source: Bisnis / Husnul Iga PuspitaSource: https://indonesiabusinesspost.com/risks-opportunities/rmke-energy-atlas-resources-collaborate-in-coal-trading/ 

The battery unit of Tsingshan Holding Group Co., the world’s top nickel producer, plans to build a plant in Indonesia, the latest in a series of Chinese investments that will help the Southeast Asian nation step up from commodities production to more lucrative processing and manufacturing.REPT BATTERO Energy Co.’s first overseas battery factory could be housed alongside Tsingshan’s existing operations in Weda Bay and may begin operating as soon as next year. The intention is to steal a march on rivals planning new capacity elsewhere and take advantage of its parent for raw materials and infrastructure. Locating in Indonesia could also head off concerns over trade frictions that threaten to disrupt exports from China.“Many battery manufacturers are building factories and ramping up in Europe and North America, but we expect their capacity will only operate from around 2026 or after,” Jason Hong, US general manager of REPT, said in an interview. “We want to get ahead of them with the factory in Indonesia.”China is one of Indonesia’s top investors, spending more than USD 7 billion there last year, with much of the cash deployed on building out processing facilities for the nation’s abundant reserves of raw materials. Jakarta has ambitions to develop as a hub for electric vehicles, a sector in which China leads in sales. Indonesia is the world’s biggest miner of nickel and No. 2 for cobalt, ingredients crucial to EV battery production.REPT began by selling batteries for energy storage systems but has since expanded to carmakers, including Stellantis NV, Li Auto Inc., and SAIC Motor Corp. It ranked as China’s No. 9 in terms of EV battery installations in the first two months of 2024, up from No. 11 last year, according to China Automotive Battery Innovation Alliance.New ListingThe company was listed in Hong Kong in December when EV sales growth slowed after a period of rapid expansion. REPT warned last month that its net loss in 2023 could be as much as 2 billion yuan (USD 277 million), or four times worse than the previous year, due to lower prices, delayed payments from customers, and the costs of expansion.China’s dominance in EVs and the processing of many critical minerals has drawn scrutiny from trade officials in the US and European Union. Hong said policy uncertainty is potentially an issue for the company, and putting a factory in Indonesia could help mitigate the threat. But no final agreements have been reached, and REPT could consider other Southeast Asian locations too, the company added.The US is keen to develop supply chains that don’t rely on China, while Jakarta is lobbying for closer trade ties with Washington to ensure its exports can benefit from the green subsidies available in the Biden administration’s Inflation Reduction Act. The two countries are also partners in a landmark climate finance pact.“Labor and power costs in Indonesia are similar to China,” said Hong. “Tsingshan has comprehensive infrastructure built, and its extensive experience in the country would help with budget estimates,” he said. “We also have a good relationship with the Indonesian government, which is supportive of new energy sectors.”Still, Indonesia isn’t without risks. For one, the nation’s power supply is heavily reliant on coal, the dirtiest fossil fuel, which could raise environmental concerns among buyers and investors. A deadly explosion at a Tsingshan nickel plant in January has also unnerved some of REPT’s customers.“We did have clients concerned about how we can prevent this from happening again,” Hong said. “They are attaching great importance to this matter.” Image source: Mining.com / Tsingshan Holding GroupSource: https://www.mining.com/web/tsingshan-unit-plans-indonesian-battery-plant-as-trade-frictions-mount/ 

National mining company PT J Resources Asia Pacific (PSAB) has taken an important step in reducing carbon emissions by launching the first two units of electric trucks at the J Resources office, Bakan Site, Bolaang Mongondow Regency, North Sulawesi. These two electric trucks, with a carrying capacity of 70 tons, will officially operate at J Resources Site Bakan and only take 90 minutes to be fully charged at the electric charging station.The unveiling of the electric trucks is the result of a collaboration between PT J Resources Asia Pacific (PSAB) and mining contractor PT Samudera Mulia Abadi (SMA).JRBM President Director Anang Rizkani Noor stated that this partnership marks a historic step, making this the first and only electric truck launch in Indonesia.Noor also thanked the local government, especially the Bolaang Mongondow and South Bolaang Mongondow governments, for their continued support in facilitating the successful operations of J Resources in the area.With the launch of this first electric truck, PT J Resources Asia Pacific (PSAB) proves its commitment to adopting environmentally friendly solutions and moving towards a sustainable future in the mining industry.Previously, the company has switched from fuel oil (BBM) to electricity for the operations of two of its subsidiaries, namely the Bakan site (PT J Resources Bolaang Mongondow) and Doup site (PT Arafura Surya Alam).With the change in energy sources at the two sites and the use of electric trucks, PSAB managed to reduce carbon emissions by 54% per year compared to the use of fuel oil.The two carbon emission reduction measures are part of PSAB's achievements in Scope 1 and Scope 2 of the ESG (Environment, Social, and Governance) Protocol, whose annual achievement measurements the company began implementing this year. These two carbon emission reduction initiatives are the company's contribution to realizing net zero emissions in Indonesia by 2060.The initiative to change energy sources at two sites and use two electric trucks can reduce carbon emissions by 54% per year compared to carrying out these activities using fuel energy sources.In doing so, PSAB has set a new standard in the mining industry and is leading the transformation to a sustainable and environmentally friendly future. Image source: Bolmora.com / PIKIRAN RAKYAT BMRSource: https://bolmora.com/03/2024/76274/pt-j-resources-pimpin-perubahan-dengan-pengurangan-emisi-karbon-sebesar-54-persen/ 

Indonesian miner PT Merdeka Copper Gold aims to produce 100,000 to 120,000 ounces of gold from its Tujuh Bukit mine this year and 14,000 to 16,000 metric tons of copper from its Wetar mine, the company said on Thursday.Its nickel subsidiary, PT Merdeka Battery Materials, is expected to produce 85,000 to 92,000 tons of nickel in nickel pig iron and up to 55,000 tons of nickel in matte, it said in a statement.Image source: Mining.com / Merdeka Copper GoldSource: https://www.mining.com/web/indonesias-merdeka-sets-gold-copper-production-targets-for-2024/ 

Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) has taken significant steps forward in the development of the BKM copper project by securing early partnerships with its preferred project execution partners.The appointments of PT Rexline Engineering Indonesia and Beijing Research Institute of Mining and Metallurgy (BGRIMM) are aimed at optimizing project integration and ensuring accuracy in cost estimation.Chief executive Darryn McClelland said the company's approach to project execution for BKM has "evolved" by taking into consideration the feedback from the independent technical expert (ITE) and the 2023 feasibility study.PT Rexline will work on the comprehensive engineering design of materials handling and non-process related infrastructure, providing cost estimation for all construction execution excluding scope related to project bulk earthworks and mine operations.BGRIMM has been engaged to deliver engineering for solvent extraction, electrowinning, water treatment (SX-EW), and reagent preparation process infrastructure, with the collaboration aiming to build on the past successful partnership in the feasibility study update.Optimization efforts for BKM include the proposed improvement of the heap leach facility location and detailed modeling of a new facility layout.McClelland said, "Effective project execution in the mining industry remains a priority focus, and it is essential that we advance the BKM project in a manner that optimizes management of risk for all stakeholders."Involving EPC partners early significantly reduces project execution risk and aligns with key requirements outlined in the ITE feedback during the debt financing process."He said that the news on the project earthworks contractor engagement will be provided in due course."The positive trajectory of copper prices and growing market optimism regarding copper's supply/demand dynamics underscore the strategic significance and inherent value of our assets."Our advanced projects and high-quality JORC-compliant copper resources at both projects are attracting significant inbound interest, and with the mobilization of execution partners, the BKM copper cathode project takes a further step towards financing and production."Shareholders should expect further updates as our efforts intensify." Image source: Asiamet ResourcesSource: https://www.proactiveinvestors.co.uk/companies/news/1044221/asiamet-resources-appoints-engineering-partners-for-bkm-1044221.html 

Medco Group's PT Amman Mineral Internasional Tbk (AMMN) is targeting to produce up to 1 million ounces of gold by 2024, doubling its production from 2023’s 463,000 ounces.President Director of Amman Mineral Internasional Alexander Ramlie said AMMN's production target is driven by fresh high-grade ore from phase 7 that will be mined and processed. In 2024, AMMN expects to produce 833,000 dry metric tons of concentrate."The concentrate is projected to contain 456 million pounds of copper and slightly more than 1 million ounces of gold," Alexander said on Wednesday (27/3/2024).In more detail, AMMN targets 1,009-kilo ounces of gold production and 456 million pounds of copper production throughout 2024. Meanwhile, the Adjusted C1 cost was recorded at USD 0.35 per pound.During 2023, AMMN produced 312 million pounds of copper, a 33% decrease from 2022 production of 464 million pounds. Sales decreased by 33%, down to 304 million pounds from 451 million pounds in the previous year.Meanwhile, AMMN's gold production reached 463 kilo ounces, a 37% decrease from 2022 production of 731 kilo ounces. The gold sales also decreased by 35%, to 455 kilo ounces from 703 kilo ounces in the previous year.Despite the decline in copper and gold sales, the selling prices rose by 6% and 12% respectively. Copper selling price reached USD 3.78 per pound, up from USD 3.56 per pound in 2022. Meanwhile, the selling price of gold reached USD 1,948 per ounce, up from USD 1,737 per ounce in the previous year.AMMN Financial PerformanceBased on the financial report as of December 2023, Amman Mineral Internasional posted a decline in sales to USD 2.03 billion, equivalent to IDR 31.27 trillion (estimated exchange rate of IDR 15,384.61 per US dollar). The achievement fell 28.15% compared to the same period of the previous year, USD 2.83 billion.  AMMN's sales in 2023 were mainly generated by its copper sales of USD 1.14 billion, equivalent to IDR 17.65 trillion, and gold sales of USD 885.45 million, equivalent to IDR 13.62 trillion. Each sale decreased from the realization in 2022 of USD 1.60 billion and USD 1.22 billion.AMMN's management explained that the net sales fell due to the extension of the export license delay from April 1 to July 23, 2023. After obtaining an export permit on July 24, 2023, AMMN accelerated concentrate shipments in Q3/2023 to catch up on lost sales.Alexander Ramlie said the company faced various challenges in 2023, such as bad weather, regulatory changes that negatively impacted the company, and increased compliance costs. Heavy rainfall forced AMMN to produce concentrate from ore stockpiles in the first seven months of 2023, which has a lower grade than fresh ore."The extreme weather had a significant negative impact on AMMN's net profit," he explained in a press release on Wednesday (27/3/2024).In Q4/2023, AMMN recorded its strongest performance of the year, with sales growth of 55% and EBITDA of 60% compared to the previous quarter. By the end of 2023, AMMN sold 312 million pounds of copper, down 33% from the previous year's 464 million tons. Juja gold sales fell to 455,000 troy ounces, a 37% correction from 731,000 troy ounces in 2022.Then, AMMN booked a cost of goods sold of USD 1.13 billion in 2023. The expense decreased compared to the previous year by USD 1.19 billion.  AMMN's net profit attributable to owners of the parent entity was recorded at USD 252.14 million or equivalent to IDR 3.87 trillion. AMMN's net profit fell 76.94% compared to the previous year of USD 1.09 billion.  AMMN's liabilities were recorded at USD 4.46 billion, an increase compared to the end of 2022 of USD 2.88 billion. The details of short-term liabilities were recorded at USD 774.12 million, and long-term liabilities were recorded at USD 3.68 billion.  Meanwhile, its equity stood at USD 4.63 billion, up from USD 3.60 billion at the end of 2022. AMMN's assets were recorded at USD 9.09 billion, drastically higher than 2022's USD 6.49 billion. Image source: Bisnis.com / AmmanmineralSource: https://market.bisnis.com/read/20240331/192/1753990/amman-ammn-targetkan-produksi-emas-1-juta-ons-pada-2024 

Archi Indonesia (ARCI) recorded a net profit of USD 14.56 million throughout 2023. The growth was only 0.06 percent from the previous year's position of USD 14.55 million. Hence, basic earnings per share remained stagnant at around USD 0.0006 from the same period the previous year of USD 0.0006.The revenue from contracts with customers was USD 249.63 million, increasing by 15% from the same position in the previous year at USD 216.47 million. The cost of goods sold was USD 179.86 million, slightly higher than the previous period of USD 156.94 million. The group earned a gross profit of USD 69.76 million, a slight increase from USD 59.53 million.Expenses of sales were at USD 1.09 million, from USD 901.93 thousand. For general and administrative expenses, the total was USD 9.51 million, slightly up from USD 8.69 million. Other operations income was USD 5.14 million, lower than the previous year's USD 11.58 million. As for expenses from other operations, it was USD 8.66 million, a decrease from the previous USD 13.99 million.The operating profit was USD 55.63 million, an improvement from USD 47.52 million. The financial income was USD 186.70 thousand, lower than the previous record of USD 220.82 thousand. The financial expenses were USD 31.27 million, higher than the previous year's USD 20.51 million. The company's share of profit of associates was USD 3.66 million, soaring from the previous year's USD 1.33 million. The profit before income tax expense was USD28.20 million, down from USD 28.57 million.Total income tax expense amounted to USD 13.44 million, decreased from USD 14.03 million. Current year earnings at USD 14.75 million and rose from USD 14.53 million. The total equity was USD 262.62 million, raised from USD 247.75 million. While the total liabilities were at USD 540.95 million, up from USD 470.06 million last year. The company's total assets were USD 803.58 million, a jump from USD 717.81 million.Image source: EmitenNews / Foto - IstimewaSource: https://www.emitennews.com/news/nyaris-stagnan-archi-arci-2023-bukukan-laba-usd1456-juta