Far East Gold Confirms and Extends High-Grade Gold Zones at Sua Prospect

Far East Gold Confirms and Extends High-Grade Gold Zones at Sua Prospect

14 Dec 2025, 07:28 AM
MMP and Mitsui Sign MoU to Strengthen Indonesia’s High-Grade Nickel Supply Chain
MMP and Mitsui Sign MoU to Strengthen Indonesia’s High-Grade...
11 Dec 2025, 07:48 AM
Purbaya Targets Maximum 5% Coal Export Duty by 2026
Purbaya Targets Maximum 5% Coal Export Duty by 2026
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Indonesia Accelerates Downstream Push, Sets Target of 170 Nickel Smelters
Indonesia Accelerates Downstream Push, Sets Target of 170 Ni...
08 Dec 2025, 04:49 AM
Five Regional Parliaments in Indonesia’s Nickel Belt Agree to Form Strategic Alliance
Five Regional Parliaments in Indonesia’s Nickel Belt Agree t...
08 Dec 2025, 08:03 AM
The impact of nickel downstreaming, North Maluku's economy increases 19 percent
The impact of nickel downstreaming, North Maluku's economy increases 19 percent
06 Jul 2023, 09:00 AM 6350

The Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia revealed that downstream production has made nickel-producing regions, such as North Maluku, record economic growth above the national average. Bahlil stated that the positive impact of the downstream focus carried out by the Indonesian government had made economic growth occur evenly, especially in areas producing nickel raw materials.One example is North Maluku. He revealed that before focusing on downstream, the regional economic growth was below the average national economic growth."Now North Maluku's economic growth is above national economic growth, which is 19 percent, even last year it was up to 27 percent," he said in a press conference held at the Ministry of Investment Building, Jakarta, Friday (30/6/2023).Based on data from the Ministry of Investment/BKPM, apart from North Maluku , other nickel-producing regions have also recorded economic growth above the national average. Central Sulawesi and Southeast Sulawesi, for example, recorded per capita growth of Gross Regional Domestic Product (GRDP) of 20.3 percent and 6.7 percent respectively in 2022. This achievement is higher than the average economic growth of 6.4 percent.Therefore, Bahlil firmly rejected the International Monetary Fund's (IMF) proposal, which asked the government not to expand downstream by stopping commodity exports.  "Even if the sky is falling, downstream will still be a priority for the country in the administrations of Joko Widodo and Ma'ruf Amin. Second, we will continue to enforce the export ban," said Bahlil.The IMF, through a report entitled IMF Executive Board Concludes 2023 Article IV Consultation with Indonesia , asked the government to consider removing restrictions on commodity exports in stages, and the cost-benefits of this policy need to be carried out periodically.  According to Bahlil, if the government continues to export commodities, millions of raw materials will be sent abroad without regard to environmental management, as well as loss of jobs and added value from the IMF recommendations."How many people did we fail to create job opportunities, how much value was lost as a result of this recommendation. So, it's a built in double standard. At the same time other countries are banning exports," he concluded.Image source: Special / Harita NickelSource: https://ekonomi.bisnis.com/read/20230630/9/1670565/dampak-hilirisasi-nikel-ekonomi-maluku-utara-melesat-19-persen

MBMA Appoints Andrew Phillip Starkey as Director
MBMA Appoints Andrew Phillip Starkey as Director
06 Jul 2023, 08:00 AM 6042

Electric vehicle battery manufacturer PT Merdeka Battery Materials Tbk or MBMA has appointed Andrew Phillip Starkey as director of the company. This decision was taken at the recent Annual General Meeting of Shareholders (AGMS).President Director of PT Merdeka Battery Materials Tbk Devin Ridwan said Andrew's appointment was made to strengthen the management structure in managing the increasingly large MBMA business. By consolidating the management structure and supported by Andrew's track record in the investment and mining sectors, it is hoped that it will make it easier for MBMA to maximize future opportunities to improve the Company's performance.Andrew himself has joined the Merdeka Group since 2022. Previously, he served as Managing Director at Macquarie Group, Vice President at Goldman Sachs and Executive Director at Presidio Capital. He also co-founded Pierfront Capital and served as Managing Director from 2016 to 2022."With the new management, we are committed to carrying out the business plan that has been carefully prepared, to be quoted on Saturday (1/7/2023).The company's AGMS for the 2022 financial year also approved a number of strategic decisions, including approval of the Annual Report along with ratification of the Consolidated Financial Statements for the 2022 financial year.With the appointment of Andrew, the composition of the MBMA board of directors after the AGMS is as follows.President Director: Devin RidwanVice President Director: Jason Laurence GreiveDirector: Titien SupenoDirector: Andrew Phillip StarkeyAdditional information, the company is a business entity PT Merdeka Copper Gold Tbk or MDKA which recently went public on the stock exchange in April 2023. Devin said, the realization of IPO funds of around IDR 92 trillion by the end of May 2023 had reached 53%, of which were used for early repayment of all principal debt to PT Merdeka Copper Gold Tbk and ING Bank NV, Singapore branch, each of USD 225 million and USD 75 million or equivalent to IDR 4.46 trillion.Other uses of the IPO funds are for the Company's working capital such as employee fees, professional fees and financial costs, and to finance the working capital of PT Zhao Hui Nickel (ZHN) (a subsidiary of the Company), such as the purchase of main raw materials, supporting raw materials, electricity costs. , as well as employee costs.At the AGMS, the shareholders also approved the use of net profit for the 2022 financial year, the majority of which will be allocated to strengthen the company's capital. In 2022, MBMA recorded revenue of USD 455.74 million with profit for the year of USD 37.85 million. As of December 31, 2022, the company's total assets have reached USD 2.42 billion. The company also looks optimistically at 2023. The increase in revenue is projected to come from the operation of the ZHN Rotary Kiln Electric Furnace (RKEF) smelter plant which has a target installed capacity of 50,000 tons of Ni in the form of Nickel Pig Iron (NPI) per year, the AIM project and PT Huaneng Metal Industry (HNMI), a high-tech conversion facility. -grade nickel matte (HGNM), whose 60% stake was recently acquired by the company.While the ZHN RKEF smelter and the AIM project are expected to start production after the construction process is completed in the second half of 2023. HNMI will produce HGNM containing more than 70% nickel by processing low-grade nickel matte produced by the RKEF smelter. Nickel matte is the main raw material for battery precursors and Class 1 Nickel. HNMI is currently in commercial operation and is expected to start making a positive contribution to MBMA's revenue in the second half of 2023.Just so you know, in 2022 MBMA's main source of income will come from the sale of NPI to foreign and domestic markets, amounting to USD 270.33 million and USD 185.4 million respectively. The NPI production comes from the RKEF smelters owned by PT Cahaya Smelter Indonesia and PT Bukit Smelter Indonesia, each of which has an installed capacity of 19,000 tons of Ni in the form of NPI per year. So that with the operation of the RKEF ZHN smelter, MBMA's total installed capacity will reach 88,000 tons of Ni per year.Image source: merdekacoppergold.com/Source: https://akurat.co/mbma-tunjuk-andrew-phillip-starkey-jadi-direksi

Golden Energy Mines (GEMS) Prints IDR 3.43 Trillion Net Profit Q1 2023
Golden Energy Mines (GEMS) Prints IDR 3.43 Trillion Net Profit Q1 2023
05 Jul 2023, 12:00 PM 31127

Issuer mining contractor PT Golden Energy Mines Tbk. (GEMS) recorded an increase in performance until the first quarter of 2023. GEMS's net profit increased to US$229 million or the equivalent of IDR 3.43 trillion (JISDOR exchange rate of IDR 15,000 per US dollar) in the first quarter of 2023.Based on the company's financial report, GEMS recorded revenue from contracts worth US$838.6 million or the equivalent of Rp.12.58 trillion in the first quarter of 2023. This revenue increased 55.56 percent on an annual basis from US $ 539.12 million.This revenue was obtained from overseas sales of US$606.8 million and domestic sales of US$231.8 million. Meanwhile, based on the segment, revenue from coal mining was US$820.4 million and coal trading was US$18.2 million. This increase in revenue helped raise GEMS's cost of revenue to US$438.9 million, or an increase of 47.95 percent from US$296.7 million on an annual basis or year-on-year (yoy).Golden Energy Mines was also recorded to have recorded a gross profit of 64.89 percent from US$242.4 million in the first quarter/2022, to US$399.6 million in the first quarter/2023. As a result, GEMS posted a net profit of US$229 million or the equivalent of Rp.3.43 trillion during the first three months of 2023. This net profit jumped 71.65 percent from the same period last year of US$133.4 million. Until the end of March 2023, GEMS posted total assets of US$1.38 billion, up from the end of December 2022 which was valued at US$1.12 billion. GEMS cash and cash equivalents increased to US$474.4 million in the first quarter of 2023, from US$329.59 million at the end of December 2022. Then, GEMS's total liabilities also increased to US$591.2 million in the first quarter of 2023, from US$570.8 million in 2022. GEMS's total short-term liabilities were recorded at US$503.13 million, and long-term liabilities of US$88.09 million. GEMS equity was recorded to have increased to US$790.7 million at the end of March 2023, from US$558 million at the end of December 2022. Previously, GEMS President Director Bonifasius said GEMS hoped that this year's revenue and net profit could be the same as in 2022. According to him, GEMS's revenue and net profit will depend on the selling price of coal.Bonifasius said, this year GEMS's coal production target is expected to be better than last year's. In 2022, GEMS will record 39 million tonnes of production and this year production is expected to reach 42 million tonnes. "In the first quarter of 2023, the actual production is approximately 10 million, approximately 25 percent. It's still on schedule ," he said.Image source: goldenenergymines.comSource: https://market.bisnis.com/read/20230629/192/1670248/golden-energy-mines-gems-cetak-laba-bersih-rp343-triliun-pada-kuartal-i2023

Atlas Resources (ARII) Aims 4.3 Million Tons sales in 2023
Atlas Resources (ARII) Aims 4.3 Million Tons sales in 2023
05 Jul 2023, 09:00 AM 5270

PT Atlas Resources Tbk (ARII) targets the export value to the Asian market throughout 2023 to reach 3.28 million tons, while coal sales to the domestic market reach 1.09 million tons.ARII President Director, Andre Abdi explained, the Ministry of Energy and Mineral Resources has given Indonesia's coal export quota of 518 million tons in 2023, up 4.2 percent compared to 2022 which amounted to 497 million tons."This policy is a big opportunity for ARII to increase the Company's production, sales and revenue," he said in a public expose in Jakarta, Friday (30/6/2023).He continued, coal prices are expected to rise gradually until the 2023 quarter when it enters winter at an average level of USD 70-80/ton (ICI4)."We also hope that the price increase will be followed by an increase in coal demand by 30 percent per year for the next 3 years," he added.For this reason, he said, the company will improve the quality of the Hauling Road by using geocell and geotextile technology to increase the capacity of coal shipments from the mine site to the port.In addition, he explained, the company will use Fly Ash & Bottom Ash from the combustion residue of PLTU DSSP Sumsel 5 which can reduce costs by up to 50 percent compared to using split stone."We are targeting the volume of Fly Ash & Bottom Ash to be applied in 2023 of 100,000 tons (KM 60 - KM 130)," he said.Image source:Source: https://www.emitennews.com/news/ekspor-mendominasi-atlas-resources-arii-bidik-penjualan-batubara-43-juta-ton-di-2023

Merdeka Battery Materials (MBMA) Targets Production of 50,000 Tons
Merdeka Battery Materials (MBMA) Targets Production of 50,000 Tons
05 Jul 2023, 08:00 AM 6998

PT Merdeka Battery Materials Tbk ( MBMA ), a company that implements downstream services in the electric motorized vehicle battery value chain, is optimistic about producing positive performance in 2023.The increase in revenue is projected to come from the operation of the ZHN Rotary Kiln Electric Furnace (RKEF) smelter factory. Where this factory will have an installed capacity target of 50,000 tons of Ni in the form of Nickel Pig Iron (NPI) per year.In addition, optimism is also driven by the AIM project and PT Huaneng Metal Industry (HNMI), a high-grade nickel matte (HGNM) conversion facility whose 60% stake was recently acquired by Merdeka Battery Materials.MBMA President Director Devin Ridwan explained that the RKEF ZHN smelter and the AIM project are expected to start production after the construction process is completed in the second half of 2023. "HNMI will produce HGNM which contains more than 70% nickel by processing low-grade nickel matte produced by the RKEF smelter," he said in an official statement received by KONTAN, Friday (30/6). Nickel matte is the main raw material for battery precursors and Class 1 Nickel. HNMI is currently in commercial operation and is expected to start making a positive contribution to MBMA's revenue in the second half of 2023.In 2022, MBMA's main source of revenue will come from NPI sales to foreign and domestic markets, amounting to US$ 270.33 million and US$ 185.4 million, respectively. The NPI production comes from the RKEF smelters owned by PT Cahaya Smelter Indonesia and PT Bukit Smelter Indonesia, each of which has an installed capacity of 19,000 tons of Ni in the form of NPI per year. "So that with the operation of the RKEF ZHN smelter, MBMA's total installed capacity will reach 88,000 tons of Ni per year," he said. MBMA has successfully implemented various business plans, especially the acquisition of downstream expansion projects and the process of building a new RKEF smelter. "So we are optimistic that this will increase MBMA's revenue potential this year. With the support of nickel raw material reserves which are one of the largest in the world, MBMA will continue to focus on optimizing every opportunity in the downstream business and the electric motor vehicle battery value chain which is also the commitment of the Government of Indonesia," Devin concluded.Image source: MBMASource: https://investasi.kontan.co.id/news/bangun-smelter-nikel-merdeka-battery-materials-mbma-targetkan-produksi-50000-ton

Far East Gold increases Indonesian footprint with Java copper-gold project
Far East Gold increases Indonesian footprint with Java copper-gold project
04 Jul 2023, 10:05 AM 6363

Indonesian officials have identified the Trenggalek project in East Java as one of the top three priority greenfield gold targets. Recently, Far East Gold (ASX: FEG) finalized the acquisition of Trenggalek, taking ownership of the project. The 12,813-hectare mining permitted tenement has excellent prospects for epithermal and porphyry-related gold and base metal deposits.Significant exploration work has already been carried out at the project, including 17,786 meters of drilling, 3.675 kilometers of airborne surveys, surface geochemistry samples, and geophysics surveys. Situated within the Sunda-Banda Arc, which is renowned for world-class mineral deposits, Trenggalek adds to the belt's significance.The acquisition of Trenggalek was a major step for Far East Gold, as the project has advanced status with a valid mining license until June 2029, extendable for another 20 years. The company still has outstanding payments of $575,000 to the vendors.CEO Shane Menere expressed excitement about the project's potential, citing its remarkable prospectivity and advanced development status. Four priority targets have been identified: Sentul-Buluroto, Sumber Bening, Jerambah, and Singgahan. These targets display characteristics of epithermal and porphyry copper-gold deposits, with extensive drilling and trenching work already conducted.Far East Gold's Woyla project in northern Sumatra is also an advanced copper-gold project. With the acquisition of Trenggalek and the progress made in exploration, Far East Gold is further solidifying its position in the mining industry.Image source: fareast.goldSource: https://smallcaps.com.au/far-east-gold-increases-indonesian-footprint-java-copper-gold-project/

Luhut Meets IMF Early August, Will Convey RI Consistently Banning Nickel Exports
Luhut Meets IMF Early August, Will Convey RI Consistently Banning Nickel Exports
04 Jul 2023, 09:00 AM 5614

 The Coordinating Minister for Maritime Affairs and Investment (Menko Marves), Luhut Binsar Pandjaitan, is scheduled to meet with officials from the International Monetary Fund (International Monetary Fund/ IMF ) in August 2023."Maybe there will be a meeting with the IMF in early August. We will try to arrange it on the sidelines of Pak Luhut's working visit to Washington DC in order to meet his partners there," said Spokesman for the Coordinating Minister for Maritime Affairs, Jodi Mahardi to Kompas. com, Monday (3/7/2023).There Luhut will explain the policy of the Government of Indonesia regarding the ban on the export of nickel ore. This is for the sake of encouraging domestic downstreaming.Although the IMF is still trying to get the Government of Indonesia to consider this policy, the firm stance that has been decided will remain consistent."I want to emphasize that the downstream policy implemented by the Indonesian government is part of the commitment to increase the added value of Indonesia's natural resources," said Jodi."We respect the views of the IMF, but as a sovereign country, the Government of Indonesia believes that this policy is the best for the people and the Indonesian economy. The government remains committed to continuing this program," he continued.Previously, the IMF asked the Government of Indonesia to consider gradually removing the nickel export ban policy .This was stated in the document IMF Executive Board Concludes 2023 Article IV Consultation with Indonesia.The document states that the Executive Director of the IMF is aware that Indonesia is focusing on downstreaming various raw commodities such as nickel.This step is considered to be in line with Indonesia's ambition to create added value to export commodities."Attract foreign direct investment and facilitate the transfer of skills and technology," the document said, quoted Tuesday (27/6/2023).However, the Executive Director of the IMF notes that policies must be based on an analysis of further costs and benefits. Then, policies must also be formed while minimizing the impact of spillover effects to other areas.Image source: KOMPAS.com/Isna Rifka Sri RahayuSource: https://money.kompas.com/read/2023/07/03/191559126/luhut-temui-imf-awal-agustus-bakal-sampaikan-ri-konsisten-larang-ekspor-nikel

Government to decide on Vale divestment this month: Jokowi
Government to decide on Vale divestment this month: Jokowi
04 Jul 2023, 08:00 AM 5198

President Joko Widodo (Jokowi) has informed that the government will make a decision this month regarding its plan to push the nickel mining company PT Vale Indonesia (INCO) to divest more its shares.The discourse on divestment came because the company's operational period and contract will expire on December 28, 2025."God willing, we will soon decide on that matter this month. Most importantly, we should prioritize national interests," Jokowi told reporters at Halim Perdanakusuma International Airport in Jakarta on Monday.A decision on the divestment will be reached in the interest of national interests and will be in line with the government's downstreaming and industrialization plans, he stated.He affirmed that the government has been looking for ways to become the majority stakeholder with 51 percent of INCO's shares without harming investors."We do not want to harm investors. We are looking for a win-win solution while ensuring that the industrialization and downstreaming efforts go as planned," he explained.The majority of INCO's shares are currently owned by foreign investors, namely Vale Canada Limited (VCL) (44.3 percent) and Sumitomo Metal Mining Co. Ltd (SMM) (15 percent).The Indonesian government has only 20 percent of shares through the state-owned mining holding company MIND ID. The remaining 20.7 percent shares are public shares listed on the Indonesia Stock Exchange (IDX).In order to extend its Special Mining Business Permit (IUPK), INCO needs to divest up to 11 percent of its shares, so the government's stake in the company will become 31 percent.However, a 31-percent stake would still not be sufficient to make the government a majority shareholder in the company since the shares released to the public are owned by foreign institutions, not domestic investors.The government's goal of becoming a majority shareholder in INCO would be a major achievement, as it would allow the country to regain control of its nickel wealth and create a suitable ecosystem for electric vehicles.The success of the divestment plan will follow the government's successful reclaiming of a 51 percent stake in mining company PT Freeport Indonesia.Image source: ANTARA/Mentari Dwi GayatiSource: https://en.antaranews.com/news/287016/government-to-decide-on-vale-divestment-this-month-jokowi

Indonesia to ban copper exports once Freeport, Amman plants open
Indonesia to ban copper exports once Freeport, Amman plants open
29 Jun 2023, 12:00 PM 5602

Indonesia has announced its intention to cease exporting copper concentrates once Freeport Indonesia and Amman Mineral Internasional complete the construction of their smelters next year. President Joko Widodo emphasized that with the establishment of these two major smelting facilities, raw copper exports would be replaced by domestic processing into copper cathodes. He anticipates that both smelters will commence production in May 2024.Following the success of nickel, copper is poised to become Indonesia's next focal point in its drive towards increased onshore refining, aiming to elevate the country's position in the commodities value chain. The government has faced delays in implementing its export ban plans on several occasions, primarily due to the local branch of Freeport McMoRan Inc., the world's leading copper producer, repeatedly seeking extensions for the completion of its smelter, which commenced construction in 2021.In a recent development, Indonesia has granted Freeport and Amman export recommendations, permitting them to continue shipping copper concentrates until their smelters are finalized. This temporary allowance acknowledges the progress made in establishing the necessary processing infrastructure and ensures a smooth transition towards a fully domestic copper refining industry.Image source: File ImageSource: https://www.mining.com/web/indonesia-to-ban-copper-exports-once-freeport-amman-plants-open/

United Tractors (UNTR) Coal Production to Increase as of May 2023
United Tractors (UNTR) Coal Production to Increase as of May 2023
29 Jun 2023, 10:00 AM 5949

PT United Tractors Tbk. (UNTR), a subsidiary of PT Astra International Tbk. (ASII), has achieved significant growth in its coal and gold businesses, with notable increases in production, overburden removal, and sales.UNTR's mining contractor division, operated by PT Pamapersada Nusantara (PAMA), reported an 18.07 percent rise in coal production volume from January to May 2023, reaching 47.7 million tons compared to the previous 40.4 million tons."As of May 2022, the volume of overburden removal (OB) work has increased by 20.29 percent to 426.3 million bank cubic meters (bcm) from the previous 354.4 million bcm," stated the UNTR management in their monthly report released on Monday (26/6/2023).In May 2023, the average stripping ratio improved to 8.7 times, up from 8.5 times in the previous month. Total coal production for May 2023 reached 10.7 million tons, compared to 10.2 million tons in the previous month, while OB volume increased to 93.4 million bcm from 87.2 million bcm in April 2023.UNTR's coal mine, operated by PT Tuah Turangga Agung (TTA), reported sales of 5.24 million tons as of May 2023, representing a 1.94 percent increase from the same period in 2022 when sales amounted to 5.14 million tons.In May 2023, coal sales reached 947,000 tons, consisting of 707,000 tons of thermal coal and 240,000 tons of metallurgical coal. However, coal sales slightly decreased from April 2023, which recorded 1.31 million tons.UNTR management further explained that as of May 2023, they sold a total of 2,669 units of heavy equipment under the Komatsu brand, marking an 11.21 percent increase compared to the same period last year when they sold 2,400 units. The surge in heavy equipment sales was driven by growing demand from the mining and construction sectors.Among the total heavy equipment sales, 64 percent were absorbed by the mining sector, 15 percent by the construction sector, 11 percent by the forestry sector, and the remaining 7 percent went to the plantation sector."Komatsu sales in May 2023 reached 553 units, and Komatsu's market share as of May 2023 accounted for 32 percent in the heavy equipment market," stated UNTR management.Additionally, UNTR's gold mining division, managed by PT Agincourt Resources, reported total gold sales equivalent from the Martabe gold mine amounting to 92,198 troy ounces as of May 2023. This figure represents a 23.68 percent decrease compared to the same period in 2022 when sales reached 120,806 troy ounces.Image source: dok. UNTRSource: https://market.bisnis.com/read/20230626/192/1669144/produksi-batu-bara-united-tractors-untr-meningkat-per-mei-2023

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