PT Batulicin Nusantara Maritim Tbk (BESS) has reported an improvement in performance as of September 2023. BESS is optimistic about continuing its growth trend until the end of this year.According to the financial report as of September 30, 2023, BESS recorded a current period profit of IDR 51.07 billion. This represents a significant increase of 46.39% from IDR 34.89 billion in September 2022.Meanwhile, BESS successfully reduced liabilities by 49.77% as of September 2023, amounting to IDR 140.79 billion compared to IDR 280.31 billion at the end of 2022.BESS generated revenue of IDR 262.03 billion, compared to IDR 307.28 billion in September 2022. The company's entire income comes from domestic shipping services to third parties.During the same period, BESS managed to decrease the cost of goods sold by 22.55% in the third quarter of 2023, totaling IDR 177.68 billion, down from IDR 228.54 billion in the third quarter of 2022. As a result, BESS recorded a gross profit of IDR 84.35 billion, an increase from the previous year's IDR 78.74 billion.Director of Batulicin Nusantara Maritim, Yuliana, expressed that the positive performance of the coal and nickel business sectors contributed to BESS's success. In addition to achieving profit growth, BESS's net profit margin also increased to 19.58% in the third quarter of 2023, up from 11.35% in the same quarter of 2022."With the initiative to expand in the nickel industry, supported by the recovery in the coal industry, BESS can drive better company growth in 2023," she stated in a press release on Monday (20/11).Currently, BESS operates specifically with two sets of tugboats and barges to focus on providing nickel maritime transportation services in the North Morowali, Central Sulawesi.Yuliana mentioned that if necessary, BESS would consider adding new ship units focused on the nickel industry to support maritime transportation services in Indonesia.BESS currently operates 18 sets of tugboats and 18 barges, all of which are confirmed to be safe and reliable for operation. The company also possesses Landing Craft Tank (LCT), a vessel used for transportation in seas and shallow waters.LCTs are typically used for inter-island or inter-location shipments with large-sized cargo and heavy equipment. With LCTs, these tools and materials can be transported to remote areas that are difficult to reach with regular cargo ships.On the other hand, BESS remains optimistic that global demand for coal will remain high. Although coal prices experienced a correction at the beginning of the year, demand for coal is expected to increase significantly in the final months of the year, from October to December 2023."The coal industry is expected to rise in the fourth quarter of 2023 due to the winter season demand, which will also impact the recovery of coal prices," she emphasized.In terms of cash flow, BESS directed a net cash flow of IDR 200.57 billion towards investment, up from IDR 8.30 billion the previous year. Cash and bank balances at the end of September 2023 amounted to IDR 103.59 billion, down from IDR 148.40 billion.BESS has also increased its equity to IDR 544.59 billion compared to the previous IDR 492.35 billion. The total assets of BESS reached IDR 685.39 billion as of September 2023, compared to IDR 772.66 billion previously.Image source: BESSSource: www.investasi.kontan.co.id/Laba Batulicin Nusantara Maritim (BESS) Naik 46,39% Hingga Kuartal III-2023

Australia-listed Cokal has appointed Levine Latersia Baratama (LLB) as its primary mining contractor at the Bumi Barito Mineral (BBM) metallurgical coal mine, in Indonesia, replacing CBQ.In a statement to the stock exchange, Cokal said it had replaced CBQ, owing to its inability to perform, which had resulted in missed production targets for BBM.The mining fleet from LLB is currently arriving at the Batu Tuhup jetty, from where it will be transported using barges.The first cut from LLB is expected by December 10, following the commissioning at the BBM mine site.The water levels are currently low, given a delayed start to the monsoon season, but sporadic rainfalls are slowly starting to lift water levels. As soon as water levels increase, customers’ barges will collect coal from the jetty. Image source: Cisp.Cachefly.netSource: www.miningweekly.com/Cokal appoints new BBM mining contractor

PT Freeport Indonesia (PTFI) currently holds a special mining business license (IUPK) until 2061, although it is scheduled to expire in 2041. To extend PTFI's license, the company will construct a smelter in Fak-Fak, West Papua, and increase the government's ownership stake by 10%.On Friday (17/11/2023), Minister of Energy and Mineral Resources (MEMR) Arifin Tasrif affirmed that the government is set to renew the mining company's IUPK, with Indonesia holding the majority of shares.Speaking to the press on Friday (17/11/2023), Minister Arifin Tasrif disclosed that one of the topics discussed after President Joko Widodo's visit to the United States was the extension of Freeport Indonesia's mining contract in Papua, scheduled to conclude in 2041.Minister Arifin stated that the IUPK for PTFI could be extended until 2061, because the calculated mineral resource reserves still exist and can continue to be utilized.Mineral resource reserves that can still be utilized by PTFI are underground or underground mining. For this reason, the current focus of mineral resource utilization is focused on underground mining.Meanwhile, PTFI's VP Corporate Communication, Katri Krisnawati, mentioned that to obtain the extension of the IUPK operation in Papua, PTFI will build a mineral refining and processing facility (smelter) in Fak-Fak, West Papua. In addition, it will add a 10% government stake.During a recent visit to the United States, President Jokowi also met with Freeport McMoran CEO Ricard Adkerson, besides President Joe Biden. The meeting discussed the increase in Freeport's shares in Indonesia, as well as the extension of mining licenses."I am pleased to hear that discussions on a 10% increase in Freeport's shares in Indonesia and a 20-year extension of mining permits have reached the final stage," Jokowi said to Richard Adkerson in a statement on Tuesday (14/11/2023).President Jokowi also expects that the matter can be finalized by the end of November this year. "Complete at the end of this month."Image source: SINDOnewsSource: www.emitennews.com/Menteri ESDM Pastikan Izin Tambang Freeport Sudah Diperpanjang Hingga 2061

In a landmark agreement, Trinitan Green Energy Metals (TGEM), headquartered in Jakarta, Indonesia, and Battery Grade Materials (BGM), headquartered in Joplin, Missouri, USA, have formalized their collaboration through a Memorandum of Understanding (MoU) dated November 13, 2023. This MoU marks a significant step in developing a sustainable Class 1 Nickel supply chain, crucial for the burgeoning Electric Vehicle (EV) market in the US and Europe.The collaboration establishes a 50/50 Joint Venture (US JV) in the United States, integrating TGEM's innovative Step Temperature Acid Leach Technology (STAL Technology) for Nickel Laterite processing with BGM's expertise in Nickel/Zinc battery materials and its connections within the US defense, infrastructure, and battery materials industries.The US JV will focus on two concurrent phases:1. Development of a Research & Development Center of Excellence in the US, colocated with the JV Processing Facility. This center will drive advancements in Nickel/Zinc technologies for applications in EV batteries, infrastructure, defense, energy, and related sectors; and,2. Creation of a Class 1 Nickel downstream production facility (JV Processing Facility), producing Nickel Hydroxide, Nickel Sulphate, and high-purity Nickel Powder. These products will cater to diverse industries, including the US EV battery supply chain, energy storage, electronic components, and special programs under the US Department of Defense.TGEM will supply the JV Processing Facility with Mixed Hydroxide Precipitate (MHP) for refinement into primary products, supporting the US EV battery supply chain and related industries. Additionally, BGM will provide land adjacent to the Æsir Technologies Nickel/Zinc Gigafactory targeted to open in 2025, for the establishment of the R&D Center and JV Processing Facility.Parallel to the US JV, TGEM and BGM are committed to developing a Class 1 Nickel processing facility in Albania (the Albania Project), utilizing TGEM’s STAL Technology. This project aims to produce MHP for the EU and Western European EV supply chains.Richard Tandiono, Executive Chairman of TGEM, stated, “This strategic partnership with BGM not only strengthens our position in the global Nickel supply chain but also reinforces our commitment to sustainable practices and innovation. The US JV and Albania Project represent significant strides in our mission to support the EV transition in the US and Europe.”Craig Wilkins, President and CEO of BGM, expressed enthusiasm about the partnership adding “TGEM’s technology aligns with our commitment to sustainable mineral extraction processes while aligning with the Western market’s commitment to securing a supply of critical minerals under the US Inflation Reduction Act (IRA).”This MoU evidences the intent of both parties to proceed rapidly towards these ambitious projects, setting a new standard in the sustainable production and supply of Class 1 Nickel products.About BGMBattery Grade Materials (BGM) is a specialty materials supplier to the battery and advanced electronics industry. The Company has developed proprietary processes to produce low-costNickel Hydroxide, Cobalt, Zinc Oxide and Calcium Zincate that meet the needs of the battery industry. To learn more about Battery Grade Materials, go to https://bgmaterials.com/.About TGEMWith over 50 years of experience in energy solutions, Trinitan Green Energy Metals (TGEM) is an innovative, R&D and technology-driven provider of metal and mineral processing services. TGEM is determined to create efficiency while delivering sustainability and social responsibility to Indonesian communities and the Company’s customers around the globe. To learn more about Trinitan Green Energy Metals go to https://tgem.group/.Image source: TGEMSource: TGEM

Leading the ceremony was Ika Zuly Irawati, the Project Manager who made history as Thiess Indonesia's first female mining Project Manager. Ika waved the Thiess flag, symbolizing the commencement of operations and the official start of the first dig.The celebration continued at the Plant Workshop, where Ika addressed the Plant team, emphasizing their integral role in the operations. She stressed the importance of collaboration, encouraging the Plant team to work closely with their counterparts in Mining to succeed together.Joining the ceremony at the camp area were representatives from HSM, including Chief Mine Officer Jimmy Darvid. Jimmy said that he was delighted at the partnership with Thiess, hoping for a successful collaboration.From Thiess side, Mining Operations Manager for HSM Willem Dique gave a speech praising the team's efforts, rallying everyone to continue working together to achieve Thiess's shared objectives. Head of Mining Peter Cory highlighted the significance of the HSM project. As Thiess Indonesia's first full nickel mining contract which not only supported Thiess's diversification strategy but also highlighted Thiess's capability in handling diverse commodities.Closing out the event, Thiess and HSM’s representatives joined hands in tree planting activities, displaying Thiess's commitment towards a sustainable future.The HSM project is Thiess Indonesia's first full nickel mining project which the AUD 240 million contract was awarded in late August 2023. The project is located in Central Halmahera, North Maluku, Indonesia.Image source: ThiessSource: www.thiess.com/Breaking ground at HSM

EcoPro agreed to invest a total of USD 86 million into a nickel processing facility in Indonesia, operated by China’s Green Eco-Manufacture (GEM), to expand its nickel supply chain. This is EcoPro’s second phase of investment made in the Indonesian plant QMB, which is situated at the industrial complex on Sulawesi island. The company has not disclosed exact figures for either phase but did state on Wednesday that the additional investment will increase the amount of nickel that it receives from QMB.The company secured a 9 percent stake in the Indonesian production plant, as well as an annual provision of 6,000 tons of nickel, with its initial round of funding, which took place in March 2022. “We cannot reveal the investment figure due to a confidential agreement that was part of the deal,” an EcoPro spokesperson said. “The amount of stake stays the same. The recent deal was made to secure a larger nickel supply.” The second deal will equip QMB with the infrastructure to annually produce 50,000 tons of nickel annually. It can currently produce 30,000 tons. EcoPro imported its first 400 tons of nickel from QMB through Pohang in August.Nickel is a key material in the production of secondary batteries. Indonesia has the world’s largest nickel reserves; they are estimated at 21 million tons and account for 22 percent globally. EcoPro CEO Song Ho-jun and GEM Chairman Xu Kaihua met at the Indonesian facility last week to sign the deal.EcoPro will use the QMB-supplied nickel to make battery precursor, which it will then supply to affiliates such as EcoPro BM and EcoPro EM. “Through investment in QMB, the supply value chain for the raw material to process precursor was strengthened,” EcoPro CEO Song Ho-jun said in a statement. “EcoPro, as the EcoPro Group’s holding company, will focus on securing stable supplies to make our business more lucrative.”Image source: ECOPROSource: www.koreajoongangdaily.joins.com/EcoPro expands nickel supply with new GEM deal

PT Bumi Resources Minerals Tbk (BRMS) is ready to optimize the discovery of new gold reserves and resources at the Poboya Mine in Palu, Central Sulawesi.BRMS Director Herwin Hidayat revealed that the discovery of gold ore reserves has increased by 38%, from the previous 22.8 million tons to 31.5 million tons, with an average gold grade of 2.4 g/t.This condition extends the production life of the Poboya Mine. "In the future, mining activities must be increased to obtain and process the ore into gold," said Herwin to Kontan on Friday (10/10).For your information, the additional resources came from the River Reef prospect, Hill Reef 1 prospect, and a new prospect in Watuputih which is west of River Reef owned by PT Citra Palu Tengah.Herwin continued that BRMS's gold production for the first nine months, through its subsidiary PT Citra Palu Minerals, amounted to 511 kg or 16,437 oz. This figure surged by 328% compared to the same period last year.In the third quarter of 2023, this mineral mining company reported revenue of USD 32.74 million. This realization increased 294% from revenue in the same period the previous year which was only US$ 8.32 million. This figure also managed to exceed BRMS's revenue in 2022, which at that time reached US$ 11.64 million.From the bottom line perspective, BRMS recorded a 65% increase in net profit to USD 10.6 million, compared to the previous USD 6.47 million in the same period last year.Earlier, BRMS President Director Agus Projosasmito expressed their target for increased production in the remaining months of the year."We also hope to increase our gold production in the second semester of 2023 from our newly completed second gold processing facility. The increase in gold production will have a positive impact on the Company's financial performance in 2023," said Agus in a press release on Wednesday (1/11).Image source: BRMSSource: www.industri.kontan.co.id/Bumi Resources Minerals (BRMS) Optimalkan Temuan Cadangan Emas Baru di Poboya

PT J Resources Asia Pasifik Tbk (PSAB), also known as J Resources, demonstrated improved performance in the third quarter of 2023. The company reported revenues of USD 93 million, a remarkable 121% increase compared to the same period in September 2022.This achievement was supported by the operational side which also increased by recording total gold production up to September 2023 of 50,151 ounces, an increase of 7,114 ounces or up 16.5% compared to the achievement in September 2022 which amounted to 43,037 ounces.The total gold sales by J Resources until September 2023 amounted to 49,198 ounces, representing an increase of 6,199 ounces or a 14.4% rise compared to the performance in September 2022, which was 42,999 ounces.J Resources recorded a gross profit of USD 51.2 million up to September 2023, showing an increase of USD 19.2 million compared to September 2022 when it stood at USD 32 million. Additionally, the operational profit of J Resources up to September 2023 amounted to USD 23.6 million, reflecting a significant increase of USD 16.1 million compared to September 2022, which was USD 7.5 million.Image source: MNC MediaSource: www.idxchannel.com/Pendapatan J Resources Melesat 121 Persen di Kuartal III-2023

PT Petrosea Tbk (PTRO) will seek approval from shareholders to overhaul or change the composition of the Board of Commissioners and Directors of the company. PTRO also seeks approval for the adjustment of Article 3 of the Company's Articles of Association, related to aligning the company's business activities with the Indonesian Standard Industrial Classification 2020 (KBLI 2020) based on Government Regulation of the Republic of Indonesia Number 5 of 2021 concerning Risk-Based Business Licensing, along with its implementing regulations.In an official announcement on Friday (10/11), PTRO's management stated that both agendas would be submitted for shareholder approval at the Extraordinary General Meeting of Shareholders (RUPSLB) scheduled for December 4, 2023, at the INDY Bintaro Multipurpose Building in South Jakarta.As previously known, the coal mining company owned by Prajogo Pangestu, PT Petrindo Jaya Kreasi Tbk (CUAN), will acquire 342,925,700 shares or a 34% ownership stake in PT Petrosea Tbk (PTRO) from PT Caraka Reksa Optima. This is outlined in the conditional share purchase agreement between CUAN's subsidiary, PT Kreasi Jasa Persada, and Caraka Reksa Optima on November 7, 2023.Michael, Corporate Secretary (also serving as Director) of CUAN, explained in an official statement on Tuesday (7/11) that CUAN's subsidiary is currently negotiating with Caraka Reksa Optima until all requirements are complete.As a result, Prajogo Pangestu through CUAN will become the controlling shareholder of PTRO, and public shareholders will be offered the opportunity to participate in a mandatory offer or tender offer after the completion of the transaction."The purpose of controlling PTRO is to increase assets, expand business, and as part of the long-term business development plan to become an integrated mining and mining services company," wrote the management of Kreasi Jasa Persada.Image source: PTROSource: www.emitennews.com/Dicaplok Emiten Prajogo (CUAN), Petrosea (PTRO) Minta Restu Rombak Direksi dan Komisaris

PT Amman Mineral Internasional Tbk (AMMN), reported the realization of capital expenditure (capex) up to the third quarter of 2023, amounting to USD 480 million or approximately IDR 7.5 trillion. This figure represents a significant increase of 119% compared to the same period in 2022.The company's capital expenditure budget is allocated for the procurement of mining equipment, the construction and enhancement of supporting facilities for ore mining in Phase 7, and overburden removal in Phase 8, with sustaining capex amounting to USD 110 million or IDR 1.72 trillion.Additionally, capital expenditure for the smelter is USD 137 million or IDR 2.15 trillion for the expansion of the concentrator plant, USD 138 million or IDR 2.17 trillion for the Gas and Steam Power Plant (PLTGU), and LNG facilities amounting to USD 94 million or IDR 1.47 trillion."The mining and infrastructure projects of Amman Mineral are progressing according to schedule. The cumulative capital expenditure is USD 476 million for the copper smelter and PMR projects, each reaching completion at 67.1% and 65.4%, respectively, as of September 30, 2023," said AMMN President Director Alexander Ramlie in his official statement on Monday (6/11/2023).He mentioned that the construction progress of the copper smelter project exceeds the government-approved target of 66.9%. Furthermore, the company's concentrator plant expansion project has spent USD 497 million of the capital expenditure budget."As for the PLTGU and LNG facilities, capital expenditures amounted to USD 251 million until September 2023," added Alexander.Meanwhile, AMMN recorded a decline in net profit in the first nine months of this year. The company's profit as of September 2023 was recorded at USD 62.67 million or IDR 995.46 billion, down 91.57% from the same period the previous year of USD 744.09 million.The decrease in the company's profit corresponds to a 41.79% decline in net sales to USD 1.15 billion or IDR 18.27 trillion, down from the previous USD 1.97 billion. Specifically, gold sales were recorded at USD 453.68 million or IDR 7.20 trillion, and copper sales amounted to USD 697.07 million or IDR 11.07 trillion.The decline in company sales was attributed to the delayed extension of export permits from April 1 to July 23, 2023. After obtaining the export permit on July 24, 2023, the company accelerated concentrate shipments in the third quarter of 2023 to recover lost sales.Image source: EmitenNews.comSource: www.emitennews.com/Capex Amman Mineral (AMMN) Terserap Rp7,5 Triliun, Ini Rincian Realisasinya