PT Petrindo Jaya Kreasi Tbk, hereby conveys the latest development in relation to the company's performance in 2024 based on its audited financial statements.As a fully integrated company in the mining, infrastructure, and mining services and EPC sectors, Petrindo managed to close 2024 by recording a total revenue of USD 801.7 million, or a significant increase of 719 percent compared to the previous year. The revenue in 2024 is the company’s highest revenue of all time.Meanwhile, total net profit attributable to owners of the parent entity reached USD 160.8 million (basic earnings per share: USD 0.014), or an increase of more than 929% when compared to the previous year's figure of USD 15.6 million (basic earnings per share: $ 0.001).Meanwhile, retained earnings increased from negative 36.7 million at the end of 2023 to positive USD 124.1 million at the end of 2024, which is the first time the company has recorded a positive amount in the company's history since its inception in 2008, which allows the company to distribute dividends for the 2024 financial year to its shareholders. Along with an increase in revenue, the company also managed to diversify its revenue sources from 100 percent of coal sales in 2023 to only 34 percent of coal sales in 2024, followed by 31 percent, 31 percent, and 4 percent from mining services, EPC contractors, and other services, respectively, in 2024.In terms of minerals, the company has also managed to diversify its revenue sources from 100 percent thermal coal in 2023 to only 54 percent thermal coal in 2024, followed by 26 percent, 10 percent, and 9 percent from gold/copper, metallurgical coal, and oil/gas in 2024."We believe that 2024 is an important momentum for the company in realizing Petrindo's vision to become an integrated energy and mineral company by creating sustainable growth and value for all stakeholders," said Michael, President Director of PT Petrindo Jaya Kreasi Tbk.Building sustainable growth through diversification & synergies The company’s achievement was obtained due to the successful implementation of its business strategy of diversification and synergy as the two main pillars of Petrindo's business strategy. Through its diversification strategy, Petrindo completed the acquisition of PT Petrosea Tbk (Petrosea) and PT Multi Tambangjaya Utama (MUTU), which is a thermal coal mining and bituminous metallurgical company located in Central Kalimantan, which is adjacent to the mining area of PT Tamtama Perkasa (TP), another subsidiary of the company.Since being acquired by Petrindo, MUTU has started to produce metallurgical coal as a tangible result of the company's exploration and sustainable investment in the development of its subsidiaries. The completion of the two acquisitions also complements Petrindo's business lines, ranging from mine ownership, mining services/EPC contractor and infrastructure, to port and shipping services, including mineral trading as a fully integrated value chain.In addition, through a strategy of building synergy, Petrosea has signed a mining infrastructure development service agreement, which includes the construction of a hauling road for PT Daya Bumindo Karunia (DBK), part of one of the company's subsidiaries, in June 2024. The development of DBK is the implementation of Petrindo's long-term strategy in its efforts to expand into the metallurgical coal business, as part of the diversification of the company's portfolio to strengthen its position as a holding company in the mining industry other than thermal coal. All operational activities and construction of the facility will be funded by the company's capital and credit facilities from PT Bank Negara Indonesia (Persero) Tbk which the company obtained on December 23, 2024. In 2024, Petrosea also signed a mining service agreement with the company's subsidiaries, namely TP, MUTU, and PT Borneo Bangun Banua, part of one of the company's subsidiaries, for the removal of overburden and coal mining in Central Kalimantan.The diversification strategy is also carried out by developing mining into other mineral sectors, namely gold and its derivative minerals through PT Intam, part of one of the company's subsidiaries, which is a mining license holder in West Nusa Tenggara with an area of around 18,500 hectares which is carrying out intensive exploration activities. The development into other minerals and coal has added to the large and diversified resource/reserves and is a competitive advantage for Petrindo.Petrindo and its subsidiaries focus on three business lines: mine ownership business line, in thermal coal, high-calorie coal (metallurgy), gold and its derivative minerals and silica sand; mining services business line in the form of multidisciplinary services of integrated mining contracts and EPC; and infrastructure services business line & others through Petrosea Offshore Supply Base (POSB) and Intermediate Stockpile (ISP).

PT ABM Investama Tbk. (ABMM) is exploring opportunities for diversification by acquiring a gold mine. ABM Investama Director Hans Christian Manoe stated that ABMM is currently eyeing potential gold mines for acquisition. "We are slowing down for now, but if there is an acquisition opportunity this year, we will take it," said Hans during ABMM’s Media Gathering in Jakarta on Thursday (March 6, 2025).He further explained that ABMM is unlikely to acquire a gold mine outright at 100%. According to him, ABMM plans to enter the gold mining sector gradually as a minority shareholder, with an ownership stake of around 25%-30%. "Once we are able to increase our ownership, we will. But initially, it might be a small stake," he added.However, Hans did not disclose the location of the gold mine ABMM is targeting for acquisition.Hans also mentioned that ABMM aims to have a diversified EBITDA composition by 2030, where not all of it will come from coal, but also from the company’s non-coal business segments. On the other hand, he emphasized that ABMM currently has a policy of not entering the nickel business.Recently, ABMM, through its subsidiary, announced plans to acquire shares in PT Piranti Jaya Utama for USD 57 million, equivalent to IDR 939.36 billion (based on an exchange rate of IDR 16,480 per USD). The acquisition transaction was conducted by ABMM’s subsidiary PT Reswara Minergi Hartama (RWA).On March 3, 2025, Reswara Minergi Hartama signed a Share Purchase Agreement (PPJB) for shares in PT Piranti Jaya Utama (PJU). The acquisition agreement consists of two transactions. First, Reswara Minergi Hartama signed a PPJB with PT Tuah Turangga Agung (TTA) for the purchase of 100% of TTA’s shares in PT Borneo Berkat Makmur (BBM). TTA is a subsidiary of PT United Tractors Tbk. (UNTR). BBM directly holds a 60% stake in Piranti Jaya Utama.Second, Reswara Minergi Hartama signed a PPJB with Borneo Prima Pte Ltd, Edward Sumarli, and Herry Hermawanto for their ownership stakes in PT Borneo Berkat Sentosa (BBS). BBS is a direct shareholder of Piranti Jaya Utama with a 40% stake.

Mining Industry Indonesia (MIND ID) has reshuffled its board of commissioners and directors, with one of the new commissioners being Agung Setya Imam Effendi, the Deputy Head of the National Intelligence Agency (BIN).The changes to MIND ID’s board of commissioners were observed on its official website, accessed in Jakarta on Tuesday, following the Annual General Meeting of Shareholders (AGMS) held on Monday (March 3).The new composition of the board of commissioners includes Main Commissioner Fuad Bawazier; Independent Commissioners Agung Setya Imam Effendi, Nugroho Widyotomo, and Pamitra Wineka; Other Commissioners Astera Primanto Bhakti, Grace Natalie, and Tri Winarno.With this reshuffle, several commissioners from the 2023 fiscal year’s Annual General Meeting of Shareholders (RUPST) were replaced, including Independent Commissioners Muhammad Munir and Nicolaus Teguh Budi Harjanto.Among the new names in the board of commissioners is Agung Setya Imam Effendi. He is a graduate of the Police Academy (Akpol) in 1988. In addition to joining PT Mineral Industri Indonesia (MIND ID), he has also served as the Deputy Head of the National Intelligence Agency (BIN) since October 18, 2024.Another new independent commissioner is Nugroho Widyotomo, a 1983 graduate of the Military Academy in Magelang and a member of the Infantry Corps (Kopassus). His experience includes roles such as Secretary General of the National Defense Council of the Republic of Indonesia, Commander of the Infantry Training Center (Danpussenif Kodiklatad), Commander of the Sriwijaya Military Region (Pangdam II/Sriwijaya), and several other senior military and advisory positions.A further new addition to the board is Tri Winarno. He holds a Bachelor’s degree in Mining Engineering from UPN Veteran Yogyakarta, a Master’s in Geological Engineering from Gadjah Mada University (UGM), and a Doctorate in Mining Engineering from Freiberg Technische Universitat Bergakademie, Germany. Tri also serves as the Director General of Minerals and Coal at the Ministry of Energy and Mineral Resources (ESDM) since September 20, 2024.In addition to the reshuffle of the board of commissioners, there was also an update to the executive team. Fuad Bawazier, the Main Commissioner of MIND ID, confirmed that Maroef Sjamsoeddin has been appointed as the new President Director of MIND ID, replacing Hendi Prio Santoso.The latest structure of the MIND ID board of directors is as follows President Director Maroef Sjamsoeddin; Deputy President Director Dany Amrul Ichdan; Director of Portfolio and Business Development Dilo Seno Widagdo; Finance Director Akhmad Fazri; Director of Risk Management and HSSE Nur Hidayat UdinMaroef Sjamsoeddin is a retired Air Marshal of the Indonesian Air Force and previously served as the President Director of Freeport Indonesia in 2015. Before his tenure at Freeport, he was the Deputy Head of the National Intelligence Agency (BIN) from 2011 to 2014.

PT Freeport Indonesia has planted 50,000 mangrove trees around its smelter operation area in the Special Economic Zone (KEK) of Gresik, East Java. This tree planting initiative aims to preserve the coastal ecosystem while supporting the National Mangrove Rehabilitation Acceleration Program. "A total of 50,000 mangrove seedlings were planted from September 2024 to February 2025. This activity is part of our efforts to support the rehabilitation and restoration of mangrove ecosystems in Indonesia," said Aripin Buman, Vice President of Business Process Smelting & Refining Smelter at Freeport Indonesia, in a written statement quoted on Sunday (March 2, 2025).He explained that the company has partnered with the Gresik District Environmental Agency and Wahana Edukasi Harapan Alam Semesta (Wehasta) through a conservation cooperation program. The mangrove planting activities began in September 2024 in Tajungwidoro Village with 15,000 seedlings, followed by Banyuwangi Village with 10,000 seedlings, Bedanten Village with 10,000 seedlings, Manyar Sidomukti Village with 3,000 seedlings, and concluded in Karangrejo Village with 12,000 seedlings. To mark the completion of the 50,000 mangrove planting program, PTFI planted 2,000 mangrove seedlings in Karangrejo Village, Manyar, Gresik, on Saturday (February 22, 2025), coinciding with the National Waste Care Day (HPSN) 2025.Additionally, HPSN 2025 included various activities such as Plogging Fun, a healthy walking activity while collecting waste, and socialization on waste management, attended by 122 elementary school students from Karangrejo Village and 100 PTFI Smelter employees through the Employee Volunteer Program.Aripin emphasized that mangroves are the first line of defense for coastal and river ecosystems. Mangroves protect the land from abrasion and sea waves, provide an important habitat for flora and fauna, and improve air quality while offering a source of income for local communities. "This mangrove planting program aims to mitigate the impact of climate change, improve community welfare, and create a more sustainable ecosystem," he said.Zaini, a resident of Tajungwidoro Village, mentioned that the mangrove planting program carried out by PTFI Smelter has had a significant impact on the surrounding community. "The planting program from PTFI has been very beneficial for our villagers. One of the benefits is preventing further coastal erosion. Another benefit is providing employment for those who were previously unemployed, increasing their income," said Zaini.

PT Bukit Asam Tbk (PTBA) supports the government’s policy regarding the implementation of the Coal Reference Price (HBA) as a benchmark for exports starting from March 1, 2025.This state-owned mining company hopes that the HBA policy as an export benchmark will maintain the competitiveness of Indonesia’s coal industry in the international market.PTBA's Corporate Secretary, Niko Chandra, stated that PTBA supports the government’s efforts to create stability in coal prices, protect national interests, and optimize state revenues."Regarding the HBA, PTBA hopes that the determination of the HBA will continue to maintain the competitiveness of Indonesia’s coal industry in the international market," said Niko to Kontan on Saturday (March 1).As known, the Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, revealed that this policy aims to increase Indonesia's independence in determining coal prices in the global market."Until now, our reference coal price has been controlled or determined by other countries. We need to have independence, we need nationalism. We shouldn't let our coal price be determined by others," said Bahlil.Although this policy has been socialized since February 26, 2025, business players are still facing several challenges in its implementation.The Acting Executive Director of the Indonesian Coal Mining Association (APBI), Gita Mahyarani, revealed that many companies still do not understand the implementation mechanism, especially regarding ongoing export contracts."“We want a transition period or grace period if this regulation is applied mandatorily. Renegotiating contracts with buyers takes time and a lengthy process,” said Gita to Kontan on Friday (February 28).Concerns also came from the Executive Director of the Indonesia Mining Association (IMA), Hendra Sinadia. He believes that this policy could pose challenges in convincing overseas buyers.According to him, transactions for Indonesian coal have generally referred to internationally recognized price indices.“In Article 159, paragraph (2) of Government Regulation 96/2021, it is stated that the Minister determines the Coal Benchmark Price (HPB) using market mechanisms or international price indices. Meanwhile, the HBA could be used as the basis for royalty imposition,” explained Hendra.Hendra added that many buyers, especially from China, are still uncertain about this policy. “I’ve heard many concerns from buyers at the 2nd China Coal Import and International Summit in Guangzhou on February 27,” he said.Hendra also highlighted the legal aspect in the implementation of this policy. According to him, sudden changes in regulations could make it difficult for exporters to anticipate the impact.In addition, the technical mechanisms and sanctions for violators have not been explained in detail, which could make potential buyers more cautious about purchasing coal from Indonesia.

PT Alamtri Resources Indonesia Tbk (IDX: ADRO), represented by Christian Ariano Rachmat and Iwan Dewono Budiyuwono in their respective roles as Vice President Director and Director, as the controlling entity of PT Adaro Minerals Indonesia Tbk (IDX: ADMR), has conducted a transaction involving the purchase of 109,000,000 shares, equivalent to 0.266% of ADMR, at a price of Rp 965 per share on February 21, 2025."The purpose of the transaction is to make an additional investment in ADMR with direct ownership status," said Mahardika Putranto, Corporate Secretary of ADRO, in an information disclosure to the Indonesia Stock Exchange (IDX) on Thursday (February 27).After the purchase transaction, PT Alamtri Resources Indonesia Tbk's shareholding in ADMR increased to 34,384,250,000 shares, or 84.105%, compared to the previous holding of 34,275,250,000 shares, or 83.839%.

The Director of Social Organization at the Directorate General of Politics and General Government of the Ministry of Home Affairs, Abdul Ghofur, emphasized that the issue of critical minerals or essential minerals will remain a primary focus in national development for the next 10 to 20 years.This aligns with the government's major agenda to encourage the energy transition toward net zero emissions.According to Ghofur, the energy transition cannot be separated from various related aspects, such as green energy, mineral downstreaming, and the net zero emissions target."All of this is a unified system that must be viewed comprehensively," said Ghofur during a discussion at the Institute for Development of Economics and Finance (Indef) titled "Strengthening Regional Government Capacity in Managing Critical Minerals," on Friday (February 28, 2025).He emphasized that the government’s current policies have addressed these strategic issues through four priority programs: free nutritious food, food self-sufficiency, energy self-sufficiency, and industrial downstreaming. According to Ghofur, these programs are also in line with the President's Astacita, particularly in the second and fifth points, which aim to strengthen national independence and economic sustainability.In the context of inflation, Ghofur revealed that the government has received numerous inputs from various institutions, including Indef, regarding the factors influencing inflation and its impact on national economic stability.One of the critical minerals that is currently a major focus is nickel. As the largest producer of nickel in the world, Indonesia continues to develop this sector to increase added value and strengthen industrial downstreaming. Ghofur also highlighted that Indonesia is likely to have more types of critical minerals, as identified by various countries, including Canada, which has listed 47 types of critical minerals in its strategic list.

United Tractors recently released its consolidated financial statements for up to the fourth quarter of 2024.The report showed that the company had recorded a net revenue of IDR 134.4 trillion (approximately USD 8.1 million), up by 5 percent compared to IDR 128.6 trillion in the same period of 2023. The revenue came from several sectors, including IDR 58 trillion in mining contracting, up by 8 percent compared to the same period the previous year. United Tractors also posted IDR 37.3 trillion of revenue in construction machinery or about 2 percent higher. Revenue in thermal and metallurgical coal mining had dropped 15 percent to IDR 26 trillion due to the lower average coal price. United Tractors also posted Rp 9.9 trillion in gold and other mineral mining, which grew a whopping 90 percent.In the fourth quarter of 2023, the group entered the nickel business and was in the process of developing the asset.In 2024, United Tractors’ net profit was down by 5 percent from IDR 20.6 trillion to IDR 19.5 trillion. The company attributed the decline to the lower gross profit in the thermal and metallurgical coal mining business. as well as increased interest expense.Construction Machinery SegmentThis segment recorded a decrease in Komatsu sales volume by 16 percent to 4,420 units due to lower sales from the mining, construction, and forestry sectors. Based on internal market research, Komatsu’s market share was 26 percent. Komatsu maintains its position as a market leader in the mining sector.Sales volume of Scania mainly from trucks decreased from 715 units to 436 units and UD Trucks sales decreased from 272 units to 234 units primarily due to lower demand in the mining sector.Revenue from spare parts and maintenance services slightly increased by 1 percent to IDR 11.6 trillion.In total, the construction machinery segment recorded a 2 percent increase in net revenue of IDR 37.3 trillion mainly due to product mix and higher revenue from spare parts and services.Mining Contracting SegmentThe company operates its mining contracting segment through Pamapersada Nusantara (PAMA) and its subsidiary Kalimantan Prima Persada (KPP Mining).PAMA and KPP Mining (PAMA Group) provide mining services to mine concession owners, by assisting them with coal and other mineral production and overburden removal.Until the fourth quarter of 2024, PAMA Group recorded increased overburden removal by 5 percent to 1,217 million bcm and increased coal production for its clients by 15 percent to 148 million tons, with an average stripping ratio of 8.2x.Thermal and Metallurgical Coal Mining SegmentThe company’s thermal and metallurgical coal mining business segment is operated by Tuah Turangga Agung (Turangga Resources).In 2024, Turangga Resources’ coal mine reported a coal sales volume of 10.2 million tons, including 3.2 million tons of metallurgical coal. Total coal sales volume including third party coal was 13.1 million tons, 11 percent higher compared to last year.Coal mining segment saw a 15 percent decrease in net revenue to Rp 26 trillion due to the decline in the average selling price of coal.Gold and Other Mineral Mining SegmentThe gold and other mineral mining segment reported that its revenue had grown by 90 percent to Rp 9.9 trillion. Increased average gold selling price had caused the revenue to soar.Gold MiningAgincourt Resources (PTAR) and Sumbawa Jutaraya (SJR) operate the company's gold mining business. This segment saw a total gold sales equivalent of 232,000 ounces, up by 32 percent year-on-year.PTAR operates a Martabe gold mine located in South Tapanuli, North Sumatra. Martabe reported 230,000 ounces of gold sales equivalent, 31 percent higher than last year.SJR operates a gold mine concession in Sumbawa Island, West Nusa Tenggara. SJR reported 1,800 ounces of gold sales equivalent as it has just started gold sales by the fourth quarter of 2024.Nickel BusinessStargate Pasific Resources (SPR) operates a nickel mine which is located in Southeast Sulawesi.SPR reported 1,975,000 wet metric tons (wmt) of nickel ore sales in 2024, comprising 1,282,000 wmt of limonite and 693,000 wmt of saprolite.About 19.99-percent-owned Nickel Industries Limited (NIC) is an integrated nickel mining and processing company with major assets located in Indonesia.The company recognized equity income from NIC for the 12-month period from the last quarter of 2023 up to the first nine months of 2024. NIC’s RKEF operations reported 34,400 tonnes of nickel metal sold in the last quarter of 2023 and 96,300 tonnes in the nine months of 2024.

Ternate Customs supervised the first export of cathode nickel owned by PT Eternal Nickel Industry to three countries, namely China, Japan, and South Korea, on Wednesday (February 12, 2025)."A total of 600.4 metric tons of cathode nickel were successfully exported, with an estimated export revenue of 8.9 million USD. This success is an important step in strengthening Indonesia's position as one of the leading countries in the global nickel industry," said the Head of Ternate Customs Office, Jaka Riyadi.Cathode nickel products themselves are pure nickel with a minimum grade of 99.9%, produced through the processing of nickel ore. This product plays a vital role in various industrial sectors, especially in the development of battery technology and other nickel-based industries.Through various programs and policies that support the smooth flow of goods abroad, Ternate Customs hopes to continue driving the growth of Indonesia’s industrial and trade sectors. As a result, the export of key commodities such as cathode nickel can contribute positively to the national economy and enhance Indonesia’s competitiveness in the global market.Jaka emphasized their commitment to supporting the acceleration of exports and improving the competitiveness of the national industry."Bea Cukai Ternate is committed to continuously providing facilitation and ease in the export process, especially for downstream industries that add economic value to the regional and national economy," he concluded.

An Indonesian nickel producer has announced plans for a USD 1.8 billion plant as Southeast Asia’s biggest economy tries to boost domestic processing and refining capacity for the material, which is key to electric vehicles.Indonesia has the world’s largest reserves of nickel, but plays a comparatively small role in the refining process, something the government is trying to change.PT Merdeka Battery Materials said this week it has signed agreements for the construction of a high-pressure acid leach plant on the island of Sulawesi, which extracts nickel and cobalt from ore.The project, financed partly by a USD 1.4 billion loan, is expected to take 18 months to complete, with work beginning in January.The plant will be built in Sulawesi’s Indonesia Morowali Industrial Park, one of Southeast Asia’s biggest nickel production centers.But China’s growing investment in nickel, a base metal used in electric vehicle batteries and stainless steel, has stoked unrest over pay and working conditions in Chinese-run or funded facilities.In 2023, hundreds of Indonesian workers protested against conditions at a Chinese-funded nickel processing plant in the same industrial park after an explosion killed 18 people.Nickel mining has also been linked to deforestation and rights abuses in parts of Indonesia, particularly involving Indigenous communities.In 2020, Indonesia stopped exports of raw nickel, which led to a boom in domestic nickel processing, drawing large investments from China to build smelters.