Astra Group mining issuer, PT United Tractors Tbk. (UNTR) recorded an increase in annual  gold and nickel sales volume throughout January-February 2025.In UNTR's monthly report, UNTR management explained that the company's gold sales volume through Agincourt Resources and Sumbawa Jutaraya reached 37,770 GEOs ( gold equivalent ounces ) during the January-February 2025 period.On a monthly basis, UNTR's gold sales volume in February 2025 jumped from 18,000 GEOs in January 2025 to 20,000 GEOs in February this year.UNTR also recorded nickel sales reaching 360,589 wet metric tons throughout January-February 2025. These sales consisted of 98,000 wmt saprolite and 263,000 wmt limonite.Meanwhile, on an annual basis, UNTR's nickel sales rose 121.16% to 260,589 wmt in the first two months of 2025, compared to the same period in 2024 of 163,043 wmt.UNTR President Director Frans Kesuma said in his annual report that gold prices continued to rise and reached their highest level in history at USD 2,690 per troy ounce in October 2024.By the end of the year, the price of gold closed at USD 2,648 per troy ounce in December 2024, up 30.2% compared to the price in January 2024 of USD 2,034."The increase in gold prices was triggered by geopolitical tensions, continued demand from central banks, US monetary easing by lowering interest rates which weakened the dollar and lowered US bond yields," said Frans.On the other hand, he continued, nickel prices did not show significant movement with an average price of USD 16,814 per ton in 2024. Nickel prices had touched a high of USD 19,587 per ton in May 2024, but then fell again.Throughout 2024, nickel prices fell by 4.1%, from US$16,104 per ton in January 2024 to USD 15,445 per ton in December 2024."Nickel mining production and production from Indonesian nickel smelters have increased very high, causing oversupply and impacting on falling prices," he said.

Analysts assess that the global investment trend in the copper mining sector will focus on increasing production in producing countries.This is inseparable from copper mines in producing countries that continue to age without new mines to replace them. Therefore, greenfield copper projects or mining in locations that have never been explored are considered promising.Referring to the latest Wood Mackenzie analysis shows a significant shift in capital allocation strategies in the copper mining sector. According to the analysis, the shift in investment trends in increasing copper production is driven by three factors.First, increasing non-discretionary capital expenditure requirements. Second, the continued need for a strong balance sheet to weather potential market volatility. Third, a growing focus on copper for growth and diversification strategies.The analysis highlights that share buybacks are becoming less attractive at current valuations. In fact, 2024 turns out to be the low point for buyback volumes among large mining companies, with notional returns dropping to negative levels for many companies.James Whiteside, Wood Mackenzie's Corporate Head of Metals and Mining, said share buybacks were no longer attractive. Instead, a shift to production growth was more promising."Diversified companies seeking relevance through big payouts are not being rewarded, but according to copper miners, investing in production growth is paying off," Whiteside said in a statement quoted Friday (4/4/2025).Greenfield copper projects are starting to offer the most attractive returns for capital investment, he said. However, not every mining company has a growth opportunity path.Wood Mackenzie estimates that major copper companies will accelerate their reinvestment efforts over the next three years, in aggregate exceeding 100% of their operating cash flow.Whiteside added that for some companies, embracing growth-oriented risk is now the optimal strategy."Our analysis shows that growth in the right commodities is profitable, while higher variable payouts are not beneficial for companies struggling for relevance," he said.Moreover, demand for copper from electrification is expected to increase significantly in the coming years. The high demand has also caused copper prices to reach an all-time high in May 2024, above USD 5 per pound.Whiteside concluded that mining companies are entering a new era of capital discipline. The market response to this different approach will influence the long-term capital allocation decisions of large mining companies."Companies that can effectively balance growth investments with shareholder returns will likely emerge as winners in this changing landscape," he said.

President Prabowo Subianto has approved the proposal for the first stage of downstreaming list for 2025 submitted by the National Downstream and Energy Resilience Task Force.Through this project, downstream activities are prioritized for 21 projects in 26 mining commodity sectors worth USD 40 billion (IDR 659.2 trillion).Head of the National Downstream and Energy Resilience Task Force, Bahlil Lahadalia, outlined 21 priority projects in the early stages, including a crude oil storage facility on Nipah Island, Batam. The project aims to increase domestic crude oil supplies for 30 days.In addition, there are other priority projects, such as the construction of an oil refinery with a capacity of 500 thousand barrels."This will be one of the biggest ones in the future, in order to encourage better energy security," Bahlil, who is also Minister of Energy and Mineral Resoiurces (ESDM), said on Monday, March 3, 2025.Bahlil said the government plans to restart the coal gasification project into dimethyl ether (DME) in three locations in Sumatra and Kalimantan.He said the project aims to process low-calorie coal to reduce imports of liquefied petroleum gas (LPG).Then, another priority project is the process of adding value to copper, nickel and bauxite commodities.In addition to the mineral, coal, oil and gas sectors, priority downstream activities also target the agriculture, fisheries and forestry sectors.Meanwhile, Minister of Investment and Downstreaming, Rosan P. Roeslani, said that the Daya Anagata Nusantara Investment Management Agency (BPI Danantara) will support downstreaming projects, especially in financing them.

State-owned Mining Industry Holding Company MIND ID through PT Indonesia Asahan Aluminium (Inalum) and PT Aneka Tambang Tbk (Antam) is further strengthening the integration of the national aluminium supply chain.Smelter Grade Alumina Refinery (SGAR) has entered phase II construction to complement SGAR Phase I, which has a production capacity of 1 million tons of alumina per year and is targeted to start full operations in the first quarter of 2025. With this development, the total alumina production capacity in Mempawah, West Kalimantan, will reach 2 million tons per year.The SGAR Phase II project is currently in the preparation stage for the completion of the Bankable Feasibility Study ( BFS) and Final Investment Decision (FID), which is targeted for completion in 2025. These two documents will be the basis for starting the Engineering, Procurement, and Construction (EPC) process.As part of the downstream strategy, Inalum will also build a new aluminum smelter to absorb the alumina produced, while strengthening the national aluminum industry supply chain.Director of Portfolio and Business Development of MIND ID, Dilo Seno Widagdo, said that this project is a strategic step to increase the added value of Indonesian minerals. With stronger integration, this project will answer the national aluminum needs which currently reach 1.2 million tons per year. "We see the national aluminum needs continue to increase. Therefore, we are strengthening the supply and supply chain to support the industrialization of the Indonesian manufacturing sector in the future," said Dilo as quoted in a written statement, Tuesday (1/4/2025)Dilo added that with an increasingly solid aluminum supply chain ecosystem, the MIND ID Group will strengthen bauxite reserve exploration to ensure the sustainability of raw material supply. "National bauxite reserves are currently recorded at 158.83 million tons, while production needs will continue to increase in the future," he explained.In addition to strengthening the industry, the development of SGAR Phase II is also expected to have a positive impact on the national economy. This project has the potential to contribute to economic growth of up to 5.5 percent by 2025, while also encouraging increased investment, employment absorption, and economic equality in the regions."This is in line with President Prabowo Subianto's Asta Cita, which targets the Indonesian economy to become more sovereign and grow stronger towards Golden Indonesia," he concluded.Inalum President Director, Ilhamsyah Mahendra said, the first shipment of alumina from Mempawah to INALUM's aluminum smelter in Kuala Tanjung, North Sumatra, is expected to take place at the end of April 2025. "We are grateful that all processes in the field are running very well, and we are in the stage of reaching 100% capacity. We hope that by the end of April, the first alumina can be sent to the Kuala Tanjung site," said Ilham.Meanwhile, Ilham explained that INALUM's aluminum smelter currently has an aluminum production capacity of up to 275,000 tons per year. All production results are prioritized to meet domestic aluminum needs. "With the SGAR Phase II expansion plan, domestic aluminum needs will be supplied more by domestic minerals, in order to strengthen Indonesia's mineral resilience," said Ilham.

PT Vale Indonesia Tbk (PT Vale) is currently developing two High-Pressure Acid Leach (HPAL) smelter projects in Bahodopi, Central Sulawesi, and Morowali, Southeast Sulawesi.These smelters are expected to produce a total of 180,000 tons of HPAL nickel and are targeted for completion by 2027.PT Vale’s Director & Chief Operation and Infrastructure Officer, Abu Ashar, stated that both smelters utilize HPAL technology. The Bahodopi smelter will have a production capacity of up to 60,000 tons of nickel."Meanwhile, the Morowali smelter will be capable of producing up to 120,000 tons," Abu Ashar said during a media gathering at a fast-breaking event in Makassar on Friday (March 21, 2025).These two strategic national projects require an investment of up to USD 9 billion, or approximately IDR 130 trillion.Abu Ashar explained that construction in Bahodopi is already 80% complete and is expected to be fully operational by the end of this year.Meanwhile, the Morowali smelter is currently at 18% completion and is projected to be finished by the fourth quarter of 2026.He emphasized that PT Vale is not only developing mining projects but also laying the foundation for Indonesia’s future in the global electric vehicle and green energy ecosystem.

President Director of PT Merdeka Copper Gold Tbk (MDKA), Albert Saputra, announced that the Pani Gold Mine in Pohuwato Regency, Gorontalo, is targeted to begin operations in the first quarter of 2026. He shared this during a media gathering in South Jakarta on Thursday (March 20, 2025).Albert stated that in its initial phase, the mine is expected to contribute approximately 80,000 to 100,000 ounces of gold production per year for MDKA."In the early stage, Pani is projected to contribute around 80,000–100,000 ounces, give or take. We are aiming to start production in the first quarter of 2026," said Albert.He added that as the mining project progresses, the company’s capital expenditure (Capex) this year will remain focused on completing the Pani Gold Mine and the HPAL project under Merdeka Battery Materials (MBMA).The operation of the Pani Gold Mine is expected to significantly boost the company’s gold production."As mentioned earlier, additional production will come from the Pani project once it is completed in 2026," Albert explained.The Pani Gold Mine is projected to become one of the largest primary gold mines in Indonesia. Based on the Feasibility Study (FS) and drilling results since 2022, the mine contains an estimated 303.1 million tons of ore, with a total gold content reaching 6.9 million ounces.

PT Amman Mineral Internasional (AMMAN), through its subsidiary PT Amman Mineral Nusa Tenggara, which operates gold and copper mining in West Sumbawa Regency, West Nusa Tenggara, has announced plans to commence its first copper cathode production soon."The first copper cathode is expected to be produced by the end of March 2025," said AMMAN President Director Alexander Ramlie in a statement from Mataram on Thursday.Ramlie stated that the expansion project continues to progress under strict safety standards to ensure the long-term reliability of the facility.According to him, the smelter's operational component testing is still ongoing, with the successful production of the first copper anode on February 12, 2025."As we transform from a concentrate producer to a copper cathode and gold bullion producer, the company faces technical challenges, including optimizing processes and equipment performance, which are crucial for a smooth transition to full-scale operations," Ramlie added.Throughout 2024, AMMN recorded a significant increase in mining productivity and the production of copper, gold, and concentrate—each exceeding performance guidance by 6%, 7%, and 6%, respectively.This year also marks a historic milestone for gold production at Batu Hijau, West Sumbawa, primarily driven by high-grade ore from Phase 7.Furthermore, Ramlie highlighted that ongoing efficiency efforts have maintained the company’s position as one of the world’s lowest-cost copper producers."By integrating operations, fostering a renewed corporate culture, and leveraging advanced digital capabilities, we are strengthening the foundation for sustainable growth and long-term value creation," he concluded.

The Indonesian Coal Mining Association (APBI/ICMA) stated that Indonesia has the opportunity to export coal to the United States (US) after President Donald Trump announced that he would increase electricity production from fossil fuels."Indonesia does have a chance [to export to the US] because we export to America, but the amount is not much," said Acting Executive Director of APBI/ICMA Gita Mahyarani when contacted, Wednesday (19/3/2025)."We are still looking at the prospects because so far there has been no significant demand for the US."The opportunity, said Gita, is also accompanied by existing challenges; such as logistics costs due to the distance between Indonesia and the US which is quite far.Gita said that referring to the latest data, the largest coal supplier for the US is Colombia, followed by Canada, because the two countries are relatively closer to Uncle Sam's country.“[The] thing to remember; America is also the country with the largest coal reserves. Are they going to open more coal mines?” he said.On the other hand, coal from the US is also imported to China, although in small quantities or only around 1.4 million tons of higher calorie specification coal ( high CV) for domestic coal needs.In fact, US coal has now entered Indonesia, although in small quantities or around 1% of Indonesia's total metallurgical coal imports for processing plants or  smelters.Citing the latest data from the US Energy Information Administration (EIA) published in February 2025, US coal production from January to September 2024 reached 384,131 tons. This figure is down compared to the same period the previous year which was 437,122 tons. Cumulatively, US coal production in 2023 was 577,954 tons.Meanwhile, cumulative US coal consumption in January-September 2024 was 311,994 tons. This figure is down compared to the same period in 2023 of 325,175 tons.Specifically for power generation, US coal consumption in January-September 2024 reached 284,355 tons, down from the same range the previous year which reached 295,928 tons.Meanwhile, cumulative US coal exports to Indonesia in January-September 2024 were 1.46 million tons, an increase of 149% from the same period the previous year of 588,515 tons.In detail, US steam coal exports to Indonesia throughout the first-third quarter of 2024 were 352,549 tons, up annually from 61,571 tons. Indonesia's metallurgical coal exports in the first nine months of 2024 reached 1,115,391 tons, up annually from 526,944 tons.The US is also recorded as importing 56 tons of coking coal from Indonesia in the first nine months of 2024, up from the same period the previous year which was only 13 tons.Rival ChinaTrump is seeking to counter China's economic gains from coal-fired electricity by authorizing his administration to increase electricity production from the fossil fuel."I am authorizing my administration to immediately begin producing Energy with BEAUTIFUL, CLEAN COAL," Trump wrote in a social media post.It's unclear what Trump meant or how his social media decisions will impact US policy.However, Trump has signed an executive order declaring a national energy emergency and directing the Environmental Protection Agency (EPA) to increase the production and distribution of fossil fuels.Coal accounts for about 15% of electricity generation in the U.S., down from more than 50% in 2000, according to the EIA.The decline of coal-based electricity in the US has been driven by competition from renewable alternatives and cheap natural gas, as well as federal regulations that have raised its operating costs.But Trump could use emergency powers to bring back coal-fired power, repeating a maneuver from his first term, when officials drafted plans to order grid operators to buy power from struggling coal-fired and nuclear plants in an effort to extend their lifespans.Last week, U.S. Interior Secretary Doug Burgum told Bloomberg Television that the U.S. government was considering using emergency powers to restart shuttered coal-fired power plants and stop others from closing.Separately, US Energy Secretary Chris Wright said earlier this month that the administration was working on a “market-based” plan to stem the closure of US coal-fired power plants.As many as 120 U.S. coal-fired power plants are scheduled to close in the next five years in part because of environmental regulations that make them uneconomical, according to the America's Power trade group, which represents utilities and miners such as Peabody Energy Corp. and Core Natural Resources Inc.

The Ministry of Investment and Downstream reveals that the potential downstream of coal could reach USD 31.82 billion (IDR 552.48 trillion) that will come from three types of products, namely Dimethyl Ether (DME), methanol and coke/semi-coke."DME is not the only option in downstreaming. DME itself has been through a long journey, and the challenge is the progress of investors at that time," Deputy Minister of Investment and Downstream, Todotua Pasaribu, said on Tuesday, March 18, 2025.In addition to the large investment value, coal downstreaming is also projected to be able to absorb 23,160 workers, contribute USD 2.26 billion to Gross Domestic Product (GDP), and increase exports to USD 11.3 billion.Todotua cited that DME is a government strategy to reduce dependence on Liquefied Petroleum Gas (LPG) imports, most of which are still subsidized for industrial and public consumption."To reduce the import and use of LPG, one of the strategies taken is to find substitution products," he said.Previously, the government planned to revive the coal gasification project into DME in three locations in Sumatra and Kalimantan. This decision was a direct instruction from President Prabowo Subianto issued on March 3, 2025.Head of the Task Force for Downstreaming and National Energy Security, Bahlil Lahadalia, said that this project aims to process low-calorie coal so that it can be used as a substitution of imported LPG.

President Director of PT Aneka Tambang Tbk (ANTAM) Nico Kanter said that he is increasing the digitalization strategy of gold amidst soaring prices. This is because various global uncertainties, such as the policies of United States President Donald Trump, to inflation make gold a safe haven instrument."We also have to improve our market strategy in gold digitalization," said Nico at the CNBC Indonesia Mining Forum in Jakarta, Tuesday (18/3/2025).He said the price of gold continued to rise in the period 2023-2024, and will continue this year. In fact, the price of gold has reached its latest record today.The price of 1 gram of Antam gold today is listed at IDR 1,745,000/gram bar, or up IDR 4,000.As is known, Antam's Precious Metals Processing and Refining Business Unit (UBPP) presents a digital physical gold investment program through the BRANKAS (Safe Gold Management Plan) program.BRANKAS is a gold depository service offered by UBPP Logam Mulia. This program offers ease, convenience, and transaction security in managing gold assets through the BRANKAS LM service which can be done online with competitive purchase and resale prices (buyback).Currently, ANTAM is developing a mobile application platform for Brankas LM transactions and digital physical gold purchase transactions. This is done to make it easier for customers to transact.