PT Bumi Resources Tbk (BUMI) has revised its coal production projection for this year downward, citing heavy rainfall at its subsidiaries' mines.Bumi Resources Corporate Secretary, Dileep Srivastava, estimates that BUMI's coal production for this year will be between 76-78 million tons. This is lower than the company's initial guidance of 78-82 million tons."The high rainfall levels in South Kalimantan, market factors, and a decline in production at Arutmin contributed to this adjustment," Dileep said, as quoted on Thursday (5/12/2024).As of Q3 2024, BUMI has produced 57.3 million tons of coal. This figure includes 42.9 million tons from PT Kaltim Prima Coal (KPC) and 14.4 million tons from PT Arutmin Indonesia.In the same period, BUMI reported revenue of USD 926.9 million, down 21% compared to USD 1.17 billion in the same period in 2023. This decline was attributed to a 13% drop in benchmark coal prices.BUMI's average free-on-board (FOB) coal price was USD 73.7 per ton. Coal prices at KPC, with higher calorific value, reached USD 78.7 per ton, while coal from Arutmin's mining areas sold at USD 58.2 per ton.Nevertheless, BUMI successfully reduced its cost of revenue by 24%, from USD 1.09 billion to USD 833.3 million. This helped increase the company's gross profit by 19% to USD 93.6 million."The strip ratio decreased by 14%, leading to a 13% reduction in overburden removal to 500.9 million bank cubic meters (bcm)," Dileep added.In the first nine months of 2024, Bumi Resources reported a net profit of USD 122.9 million, a significant 111% increase compared to USD 58.2 million in the same period in 2023.

State-owned mining holding company, MIND ID, seeks support from the Energy Commission XII of the House of Representatives (DPR) to limit the construction of new smelters in Indonesia over concerns of oversupply of mining products in the global market.MIND ID President Director, Hendi Prio Santoso, said that oversupply of mining products in the global marketwill ultimately depress commodity prices.“If there is oversupply, like what has happened in ferronickel, the price will fall. This is detrimental, because oversupply occurs unintentionally and becomes uncontrolled to the point of the sales price is unable to cover production costs,” Hendi told a hearing with the House’s Commission XII on Wednesday, December 4, 2024.In addition to smelter restrictions, Hendi also requested permission to build a Steam Power Plant (PLTU) specifically for MIND ID’s own consumption. Thismeasure is taken to meet the energy needs of 5 gigawatts to support the construction of the smelter in the future.“We ask for permission to be given the liberty to provide electricity for our own needs because the construction of the smelter requires a large energy supply, while this need is not covered in the National Electricity Supply Business Plan (RUPTL),” he cited.Hendi also highlighted the importance of setting production quotas for critical and strategic minerals. He reminded that Indonesia had experienced major losses due to the flood of tin supplies in the global market, which caused tin prices to fall significantly.“Excessive production without considering global supply-demand is detrimental to the country. We must ensure that the mineral production quota does not exceed world demand so that price stability is maintained,” he said.Support from Commission XII, according to Hendi, is very much needed considering the role of this institution as a supervisor and mentor of the mining sector. He expressed hope that good collaboration can help maintain the balance of the global market while protecting national interests.

The Wetar copper mine, which lies in Southwest Maluku, now not only produces copper but also becomes a doorway for mineral conservation innovations. Mining giant Merdeka Copper Gold (MDKA) attributed the mineral conservation efforts to its collaboration with its subsidiary Merdeka Battery Materials (MBMA). MDKA uses the previously unused ore residue from the Wetar copper mine to support the production of battery precursors by MBMA. The collaboration is dubbed the first mineral conservation in Indonesia, and this has helped safeguard the environment at the Wetar mine. MDKA also sets up the so-called acidX iron, metal AIM project that is currently being run by MBMA. The project helps the company to use the remaining mineral content in the Wetar copper mine which naturally cannot be extracted back into copper but still has economic value. The AIM project will operate a concentrator to extract pyrite concentrate, an acid plant, a chlorination roasting plant, and a metal extraction plant.The AIM plant will process high-quality waste ore and pyrite ore originating entirely from the Wetar Copper Mine with a nominal capacity of more than 1 million tons per year. The ore will be transported in open barges from Wetar Island to the IMIP port and then sent to the AIM plant for further processing into various products including sulfuric acid, saturated steam, iron ore pellets, copper sponge, copper cathode, lead-zinc hydroxide, gold doré, and silver.According to Head of Corporate Communications MDKA Tom Malik, the mineral conservation strategy is part of the company’s efforts to support the development of the downstream industry, while also conserving the minerals. "This initiative demonstrates Merdeka group's commitment to driving innovation and sustainability in the mining industry, in line with the government's vision to create more responsible and high-value mining practices," Tom said. The AIM processing facility has a strategic location and can access existing infrastructure and close proximity to future acid and steam buyers, serving downstream players in the electric vehicle (EV) battery value chain. The acid and steam production can also be used in the HPAL (High-Pressure Acid Leach) based nickel processing plant that processes limonite nickel ore from the SCM Nickel Mine (operated by MDKA’s subsidiary Sulawesi Cahaya Mineral to produce mixed hydroxide precipitate (MHP), a precursor material for the EV battery industry.According to Tom, the use of pyrite ore residue also proves the company's commitment to responsible and sustainable mining practices. This innovation not only provides economic added value but also opens up new avenues in environmental management and mineral conservation in Indonesia. The AIM Project is expected to increase production and extend the life of the Wetar copper mine, thus bringing a positive impact on the lives of the surrounding communities. 

PT Elnusa Tbk (ELSA) continues its diversification strategy by expanding beyond the oil and gas sector. This subsidiary of PT Pertamina Hulu Energi is now carrying out an expansion into the mining sector.Most recently, ELSA conducted its first seismic survey in the coal mining concession area of PT Wahana Baratama Mining, a subsidiary of PT Bayan Resources Tbk (BYAN). The mining concession is located in Tanah Laut, South Kalimantan.The President Director of Elnusa, Bachtiar Soeria Atmadja, stated that the seismic survey marks a new step for ELSA in coal mining exploration in Indonesia. “This survey is a significant milestone for Elnusa as proof of our capability in providing superior geoscience survey solutions,” said Bachtiar in a public disclosure on Tuesday (November 26).In a separate interview, Elnusa's Corporate Communication Manager, Jayanty Oktavia Maulina, revealed that the duration of the work in this contract will run from September 23, 2024, to March 15, 2025, with the agreement term valid until June 10, 2025."The scope of this collaboration includes the acquisition of seismic data to support exploration in the coal mining area managed by PT Wahana Baratama Mining," said Jayanty to Kontan.co.id on Sunday (December 1).Jayanty added that this partnership is an initial step to expand ELSA's business portfolio beyond the oil and gas sector, including exploration in coal mining and other mining commodities such as nickel. "This aligns with our diversification strategy to increase contributions from the non-oil and gas sector" Jayanty emphasized.However, Jayanty did not disclose the potential revenue ELSA could generate from this mining exploration segment. What is certain is that, following the collaboration with Wahana Baratama Mining, ELSA is open to exploring potential partnerships with other coal companies or the mineral mining sector.Jayanty explained that strategically, ELSA continues to expand its business portfolio to create new sources of revenue. Going forward, ELSA will focus on strengthening its energy distribution and logistics segment, depot management, and EPC-OM (engineering, procurement, construction & operation maintenance) services.In addition, ELSA is also targeting potential opportunities in the geothermal sector. "We will leverage our competencies in geoscience and exploration to support the development of new fields in Indonesia," said Jayanty.For the remainder of this year, ELSA's main strategy is to strengthen existing operational services, complete strategic projects, and explore new opportunities in both the energy and non-oil and gas sectors."We are optimistic that Elnusa's performance through the end of 2024 will show solid growth," said Jayanty.Meanwhile, both the top line and bottom line of ELSA showed positive growth through Q3 2024. ELSA's revenue grew by 7.46% year-on-year (YoY), rising from IDR 8.98 trillion to IDR 9.65 trillion.In addition, ELSA's net profit increased by 35.57% year-on-year (YoY), rising from IDR 406.60 billion to IDR 551.23 billion as of September 2024. "Until the third quarter of 2024, we have recorded significant growth across various business segments" said Jayanty.In the first nine months of 2024, ELSA has absorbed capital expenditure (capex) amounting to IDR 302 billion. This represents 57.41% of ELSA's capex budget for the year, which is IDR 526 billion.ELSA's capex investments are allocated across various segments, including geophones, mobile welltest & wireline cables for upstream services, fuel tanker vehicles to support energy distribution services, and dredging barges to support upstream business operations.For the remainder of the year, ELSA plans to realize capex investments in several areas, including cementing (CMT) and coiled tubing (CTU) units for upstream services. For the distribution services segment, further investment in fuel tanker vehicles is also planned."The projected capex absorption for ELSA by the end of the year is still on track with the target" Jayanty concluded.

Freeport Indonesia (PTFI) recently won an award at the Investor Daily’s 2024 Environmental, Social and Governance (ESG) Appreciation Night.The award recognized the company’s commitment to implementing ESG principles. “PTFI is committed to the ESG principles, including through our commitment to driving long-term sustainability in the environmental and social aspects,” PTFI’s Senior Vice President GeoEngineering & Environmental Ardhin Yuniar said following the awarding ceremony.The company has adopted a mandatory policy procedure that zeroed in on achieving the environmental and social pillars of ESG. All Freeport Indonesia’s employees and contractors must follow this policy procedure.“This policy procedure covers the environmental pillar, social performance, and diversity, to name a few,” Ardhin said, while adding that the company provided mandatory training to give its employees a better understanding of ESG principles.“We also make reports that will then be audited. Hopefully, this can further improve the ESG-driven corporate culture,” Ardhin said.PTFI had won the “Recognized Commitment ESG Implementation” category that evening. Ardhin has high hopes that the award will motivate the company to become even more committed to ESG principles.“We hope that we can continue abiding by the ESG principles in our operations. We wish to inspire people and the entire PTFI community, including the communities that live near our operations, so they become more aware of environmental and social aspects. We also would like to continue contributing to this nation,”Ardhin said. This marked the second time for Investor Daily to host this awarding ceremony. Investor Daily has partnered with BGK Foundation, which is a community member of the Global Reporting Initiative. BGK Foundation is also a supporting member of the Task Force on Climate-related Financial Disclosure (TCFD). The awarding ceremony’s winners were based on assessments of their ESG adoption. There were seven categories: Appreciated Circular Economy Report, Appreciated Diversity & Inclusivity Report, Most Appreciated ESG Report, Appreciated Governance ESG Report, ESG Recognized Commitment, Appreciated Environmental ESG Report, and Appreciated Social ESG Report.

PT Delta Dunia Makmur Tbk (DOID), through its subsidiary PT Bukit Makmur Internasional (BUMA International), has acquired shares in the Australian Dawson Complex coal mine worth US$455 million or IDR 7.2 trillion.More specifically, BUMA International entered into a binding agreement with Peabody Energy Corporation (Peabody), through its subsidiary Peabody SMC Pty. Ltd., to acquire a 51% stake in the Dawson Complex (Dawson).The President Director of Delta Dunia Group, Ronald Sutardja, stated that this move strengthens the company’s position in the global metallurgical coal market and follows our recent acquisition of Atlantic Carbon Group Inc (ACG). This step further realizes our multi-year strategic plan to diversify the company as a leading coal producer.“The Dawson Complex will support our ambitions to drive long-term growth and strengthen our role as a key player in the industry,” said Ronald, as quoted from the official statement on Tuesday (November 26, 2024).With this action, BUMA International officially becomes the controlling entity of one of the largest metallurgical coal mines in Australia. It is known that Dawson was part of the Steelmaking Coal portfolio of Anglo American, which was sold to Peabody under a separate sale agreement following a competitive sales process.BUMA International will finance Peabody for the acquisition of Dawson, and Peabody will transfer the Dawson Complex to BUMA International upon completion of the transaction with Anglo American, provided that the pre-emptive rights process related to Dawson and other conditions have been fulfilled. These agreements were signed on November 25, 2024.The acquisition will be carried out through a newly established entity in Australia. Completion of the acquisition is subject to the fulfillment of all agreed-upon conditions between Peabody and BUMA International, with the target completion set for 2025.BUMA will fund this acquisition from the Group's cash reserves. In addition to cash, the company will also utilize a syndicated bank facility and a guarantee facility for rehabilitation obligations.The acquisition cost consists of an upfront cash payment of USD 355 million and USD 100 million in cash to be paid over a period of up to four years after the transaction is completed.

MIND ID plans to allocate an investment budget of up to IDR 267.8 trillion by 2029.MIND ID's Director of Portfolio and Business Development, Dilo Seno Widagdo, stated that the investment plan aims to add value to the company’s downstream projects, including targeting revenue growth over the next five years.He explained that this investment value does not include the budget for PT Freeport Indonesia and PT Vale Indonesia Tbk (INCO)."Without Freeport and Vale, this IDR 267 trillion investment until 2029 is already planned. We are already incorporating it into these programs, and it must start now, not in 2041. We must invest in the Kucing Liar (underground mining of PT Freeport Indonesia) now," he said at the MIND ID Commodities Outlook 2025 event in Jakarta on Tuesday (November 26, 2024).He elaborated that from the total investment budget of IDR 267.8 trillion, the allocation for 2025 is IDR 33.4 trillion, for 2026 IDR 53.8 trillion, with a projected sharp increase to IDR 79 trillion in 2027, IDR 71.3 trillion in 2028, and IDR 30.4 trillion in 2029.Of the total investment plan of IDR 267.8 trillion for 2025-2029, the largest allocation is for PT Aneka Tambang Tbk (ANTM) at IDR 152.6 trillion, followed by PT Bukit Asam Tbk (PTBA) at IDR 55.2 trillion, PT Inalum at IDR 54.8 trillion, and PT Timah Tbk (TINS) at IDR 5.2 trillion.Regarding the estimated investment, the company plans to secure external funding of up to IDR 98.8 trillion by 2029.In 2025, external funding is expected to reach IDR 25.7 trillion, followed by IDR 24 trillion in 2026, an increase to IDR 28.5 trillion in 2027, IDR 19.1 trillion in 2028, and IDR 1.4 trillion in 2029.

PT RMK Energy Tbk (RMKE) successfully loaded 946 vessels with a total volume capacity of 7.5 million tons of coal as of October 2024, an increase of 18.9% year-on-year (yoy) compared to the same period last year, which was 6.3 million tons of coal.The company's President Director, Vincent Saputra, stated that the increase in service volume was supported by performance in October 2024, where RMKE managed to load the highest volume ever during its operations with 1.1 million tons of coal in a month."With this volume, RMKE has achieved 75.1% of its service volume target for this year," he said in a statement to the media on Friday, November 22.Vincent continued, RMKE also succeeded in improving operational efficiency by maintaining unloading timeliness for trains at an average of 3 hours and 40 minutes, as well as reducing its fuel consumption ratio, which decreased by 10.8% yoy to 0.8 tons per liter.In the coal sales segment, RMKE also managed to sell 2.31 million tons of coal by October 2024, an increase of 16.5% yoy, achieving 66.0% of its coal sales target for this year.In terms of exports and local sales, they contributed 67% and 33% respectively to the total sales volume. Most of RMKE's coal sales volume comes from third-party coal mines, while its in-house mining production still contributes 32% to the total sales volume.Vincent mentioned that the trend of increasing service volume and coal sales is supported by the growth in coal demand during the second half of the year, especially in the export market."Although coal prices tend to decline or stabilize, the growth in coal sales volume still outpaces and compensates for the impact of price normalization," Vincent added.Further, Vincent mentioned that the increased demand for coal in the second half of this year has become a positive catalyst for RMKE, especially as the winter season approaches at the end of the year.“We see RMKE's monthly operational performance, particularly in the services segment, continuing to improve significantly, especially in October 2024," concluded Vincent.

PT Bumi Resources Minerals Tbk. (BRMS) will soon release its audited third-quarter financial report for this year. Independent Director and Corporate Secretary of BUMI, Dileep, said that the financial results will show positive quarter-on-quarter (qtq) and year-on-year (yoy) growth."The strong financial results are due to increased gold production and higher gold selling prices," he said in a brief message to CNBC Indonesia on Friday (22/11).He also revealed that in the second week of December 2024, BRMS will publish the JORC Reserve Data from its gold mine site in Poboya, Palu."This data has been assessed and completed by the AMC Mining Consultant from Perth, Australia," he said.The data will include mineral reserves with higher gold content from the underground prospects. These higher-grade underground reserves will indicate strong production growth in the future.As additional information, the gold mining subsidiary of the Bakrie Group reported a net profit of USD 10.66 million for the third quarter, which represents a 65% increase compared to the same period last year, which was USD 6.47 million.This net profit achievement was supported by total revenue soaring by 294% to USD 32.74 million, compared to USD 8.32 million in the same period of 2022.BRMS's revenue from gold sales also surged by 340% to USD 31.74 million in Q3 2023, compared to USD 7.22 million in the same period last year. Meanwhile, revenue from mining consulting services remained at USD 1 million, slightly down from USD 1.1 million previously.BRMS President Director Agus Projosasmito said the positive production performance was due to the operation of the second gold plant, which continues to ramp up towards full capacity. BRMS's gold production reached 511 kg or equivalent to 16,437 ounces in the first 9 months of 2023. This represents a 328% increase compared to the same period last year."We hope to continue increasing our gold production in line with the second plant reaching full capacity in Q4 2023," he explained in an official statement on Tuesday (31/10).Meanwhile, BRMS's subsidiary, PT Citra Palu Minerals (CPM), completed the construction of its second gold plant in Palu with a capacity of 4,000 tons of ore per day in November 2022. CPM also operates a smaller gold plant with a capacity of 500 tons of ore per day in Palu.In the first 9 months of 2023, both gold plants operated with an average processed tonnage of 1,500 tons of ore per day.The average gold price (average selling price/ASP) for BRMS in Q3 2023 reached USD 1,914 per troy ounce, up 6% compared to USD 1,805 per troy ounce in the same period last year.On the balance sheet side, BRMS recorded debts to creditors amounting to USD 57.23 million as of Q3 2023. This debt has decreased compared to Q3 2022, which was USD 94.78 million.The company's debt-to-equity ratio (DER) stood at 0.06 times, lower than the previous ratio of 0.10 times.

The Ministry of Energy and Mineral Resources (ESDM) is set to approve the exploration plan submitted by PT Timah Tbk. (TINS) in the former Koba Tin mining area, which falls under a Special Mining Business License Area (WIUPK). Tri Winarno, the Director General of Mineral and Coal at ESDM, confirmed that the ministry has completed its review of the permit application from the company. He expects the approval to be issued next week."As far as I know, it’s nearly done, everything is in order. So, the approval should be granted by next week at the latest," Tri said during a meeting at the ESDM Ministry in Jakarta on Friday, November 22, 2024.PT Timah Tbk. (TINS) will focus its exploration efforts on the Merbuk and Kinari blocks, located within the mining ring of Central Bangka.Tri Winarno, the Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources (ESDM), stated that the prospects for the former Koba Tin mine—once a joint venture between Malaysia Smelting Corporation (MSC) Berhad and PT Timah (TINS)—remain promising. MSC Berhad held a 75% majority stake in PT Koba Tin.“The tin grade was once the same as nickel at 1.5%, but now it can still be sold down to 0.9%, similar to the leftover tin from mining,” he said.Previously, the government handed over the management of the former Koba Tin land to TINS and three BUMDs (state-owned enterprises), forming a consortium called PT Timah Bemban Babel in September 2013. However, the consortium dissolved. TINS decided to withdraw from managing the mine because the government had not made a decision regarding the mine's status, which was planned to become a WIUPK (Special Mining Business Permit Area) after the Koba Tin contract for the 41,344.26-hectare area ended in 2013.Recently, through the decision letter of the Minister of Energy and Mineral Resources (ESDM) No. T-67/MB.04/MEM.B/2024 dated February 1, 2024, the former PT Koba Tin land was handed over to TINS for further management. TINS has since applied for an exploration permit to assess the tin ore potential in the Special Mining Business Permit Area (WIUPK) of the former PT Koba Tin. TINS President Director Ahmad Dani Virsal said the exploration is being carried out to evaluate the remaining tin potential in the area once mined by PT Koba Tin. "That’s what we will evaluate, and if there’s still potential, we will request from the government to manage it ourselves," said Dani when met in Jakarta on Friday (22/11/2024).