PT Merdeka Copper Gold Tbk (IDX: MDKA) announced the completion of the Pani Gold Project Feasibility Study. The project is expected to produce up to 500,000 ounces of gold per annum and become one of the largest primary gold mines in Indonesia and the Asia Pacific.The Pani Gold Project (PGP), in which Merdeka holds a 70% interest, contains mineral resources of 6.7 million ounces of gold. The project is estimated to have a production capacity of 19 million tons of ore per year and peak production could produce up to 500,000 ounces of gold per year. Study results confirm that the project is long-lived, low-cost, and has very attractive prospects."PGP will become one of the largest primary gold mines in Indonesia and the Asia Pacific," said President Director of PT Merdeka Copper Gold Tbk Albert Saputro in a written statement on Tuesday (12/3/2024).Since 2022, Merdeka, a national mining company with global-scale assets, has invested approximately USD 114 million in resource definition, metallurgical testing, and infrastructure. The company is targeting project commissioning in late 2025, with the first gold production scheduled for early 2026.In addition, Merdeka will invest USD 250 million for the initial development of a heap leach production facility by 2025. Production capacity at this stage will reach 7 million tons of ore per year.In the next phase, Merdeka will build a Carbon-in-Leach (CIL) processing facility in early 2027 with a capacity of 7.5 million tons of ore with an investment value of USD 633 million. Further expansion will be carried out in early 2030 with an additional production capacity of 12 million tons per year and an investment of around USD 294 million.With the existence of the heap leach and CIL production facilities, the total ore processing capacity can reach 19 million tons at peak production.Based on the results of the Feasibility Study (FS) using conservative assumptions, PGP will be a significant source of revenue for Merdeka in the future, reaching USD 11.4 billion. Then, the amount of Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of USD 7.4 billion during the first 10 years of operation.The FS results also confirm that the all-in-sustaining costs (AISC) averaging USD 872 per ounce make the project highly efficient and low-cost."The Pani Gold Project, which is expected to be in production for around 20 years, is an important milestone in Merdeka Group's expansion into world-class operations and projects with a long mine life. We believe the operation of this project will also have a positive impact on the economy of the surrounding community and the economy of Pohuwato Regency and Gorontalo Province in the long term," Albert said.This is also supported by Merdeka Group's long experience in developing and operating the Tujuh Bukit Gold Mine in Banyuwangi and the Wetar Copper Mine, both of which utilize the heap leach method.Image source: Detik.com / Merdeka Copper GoldSource: https://www.detik.com/sulsel/bisnis/d-7237821/merdeka-copper-gold-umumkan-rampungnya-studi-kelayakan-proyek-emas-pani 

Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has started scout drilling at the highly prospective Victory Vein within the Aloe Rek prospect at the Woyla Copper-Gold Project in Indonesia.The 9-hole, 1,500-metre diamond drill program is the first drilling undertaken in the prospect’s history, even though the Victory Vein was Barrick Gold’s top priority prospect when it owned the project.Drilling milestone“We are extremely excited to have drills turning at Aloe Rek. The Victory Vein surface sampling, mapping, and subsurface work has shown us bonanza gold grades up to 76 g/t and significant vein width up to 70 meters wide,” FarEast Gold CEO Shane Menere said.“This milestone serves as yet another testament to the exceptional capabilities of our team in achieving in-country objectives where others have fallen short. It underscores our unwavering commitment to surpassing challenges and delivering tangible results.”Victory Vein drillingThe drill program will test the Victory vein zone with 100-meter spaced drill holes over a strike length of 500 meters and to a vertical depth of around 120 meters.Soil sampling outlined a gold-arsenic anomaly coincident with the vein system. The gold anomaly is up to 70 meters wide over a strike length of 900 meters with anomalous arsenic values over an area up to 200 meters wide.Reported trench channel sample assays include 1 meter at 13.4 g/t gold, 7 meters at 4.95 g/t gold, and 23.5 g/t silver.Far East’s mapping and rock sampling of vein material from artisanal miner workings at Aloe Rek returned gold assays of up to 76 g/t gold and 101 g/t silver within grab samples of sulphide-bearing quartz.The results confirmed reported historical assays and identified high-grade gold and silver potential within the vein system.Scout drilling at Aloe Rek Historical exploration results from Barrick in 1997 and Newcrest in 1998 led to the interpretation that Aloe Rek appeared to be a middle to high-level, low-sulphidation, epithermal vein system.The conclusion was supported by:1. Strong gold-silver-arsenic drainage geochemistry with minor associated mercury and antimony 2. Strong gold-silver-arsenic rock geochemistry with very low base metal levels 3. The abundance of quartz veining exhibits high-level epithermal textures such as chalcedonic quartz, cruciform banding, and bladed quartz pseudomorphs after calcite4. Fluid inclusion analyses from petrographic samples indicated homogenization temperatures ranging from 203º-239ºC and salinity of 0.45 wt%, inferring a maximum depth of the paleo water table at about 250 meters, which is favorable for the occurrence of high-grade mineralizationThe historical interpretation is corroborated by mapping and sampling by the Far East, which confirmed the occurrence of bladed quartz textures and high-grade gold and silver within samples of the quartz veins collected from artisanal mining pits.The results also confirm the presence of high arsenic and antimony within the vein system, suggesting that the veins (as exposed) reflect formation at a relatively high level in the epithermal system.Interpretation of recent UAV magnetic survey data indicates that the Aloe Rek prospect is reflected by an area of intense low-magnetics, which infers the veins are associated with intense argillic alteration.Image source: proactive InvestorsSource: https://www.proactiveinvestors.com/companies/news/1042594/far-east-gold-has-diamond-drill-spinning-at-priority-aloe-rek-target-1042594.html  

Director of Health, Safety, and Environment of PT Trimegah Bangun Persada Tbk (Harita Nickel) Tonny Gultom said the company will build a rooftop solar power plant (PLTS) with a capacity of 40 Megawatt Peak (MWp) in 2024.The 40 MWp capacity is the initial stage of the company's rooftop solar power plant development target of 300 MWp as an energy transition measure to reduce carbon emissions."The 40 Megawatt Peak (MWp), out of 300 MWp plan, rooftop solar power plant will be built this year," Tonny said in the 2nd Mining for Journalist Workshop at Cerita Rasa Nusantara, Jakarta, Thursday.He said the PLTS is planned to be on the roof of the company's factory. In the future, it will also be built on the company's former mining land."We plan to place the 40 MWp on the factory and the camp roof. In the future, we will build on the former mine," Tonny said.He continued that the construction of this rooftop solar power plant requires a fairly expensive investment compared to the Steam Power Plant (PLTU)."(The plant) requires about 1 hectare of land for one megawatt," Tonny said.Harita Nickel targets the construction of 300 MWp of Rooftop PLTS as an attempt to reduce carbon emissions to support Indonesia in achieving Net Zero Emission (NZE) 2060.Tonny estimates that the construction costs reach 1 million to 1.5 million US dollars per 1 MWp. Thus, the costs for a capacity of 300 MWp could reach up to USD 300 million to 450 million or around Rp4.5 trillion to IDR 6.75 trillion.In the environmental aspect, Harita Nickel uses coal-fired power plants as the primary energy to support business operations in the mining and downstream sectors.The government itself has begun to implement a program to phase out coal-fired power plants to realize NZE by 2060.Image source: ANTARA / Muhammad HeriyantoSource: https://www.antaranews.com/berita/3989391/harita-nickel-akan-bangun-plts-40-mwp-di-2024-demi-transisi-energi 

PT Adaro Energy Indonesia Tbk (ADRO) issued a capital expenditure (capex) budget worth USD 648 million or equivalent to IDR 10 trillion throughout 2023 (exchange rate of IDR 15,439 per USD).The amount increased 53% year-on-year (yoy) compared to the previous year's capex fund of USD 424 million."ADRO's capital expenditure in FY23 rose 53% to USD 648 million from USD 424 million in the previous year, exceeding 2023 guidance," said management in a statement on Friday (1/3/2024).The capital budget goes towards the purchase and replacement of heavy equipment and barges. The management also spent funds for the initial investment in the aluminum smelter, supporting facilities, and investment in infrastructure.The decline in coal exports is a challenge for ADRO throughout 2023 because the absorption of black gold sales abroad only absorbed USD 5.28 billion from the original USD 6.94 billion.The decline contributed to a 19.5% yoy decline in ADRO's operating income to USD 6.51 billion from USD 8.10 billion.After cutting production costs to royalties, ADRO's net profit remained at USD 1.64 billion, equivalent to IDR 25.34 trillion. This acquisition fell 34.16% year-on-year (yoy) compared to USD 2.49 billion in 2022.Image source: Liputan6 / Doc. PT. Adaro Energy Tbk.Source: https://emitennews.com/news/realisasi-capex-adaro-adro-naik-53-persen-jadi-rp10-triliun-di-2023  

Indonesia’s ministry is trying to address delays in approving new mining volume quotas, an official at the Energy and Mineral Resources Ministry said on Monday.The ministry so far has issued approvals for quotas, known by the Indonesian acronym RKAB, for 145 million metric tons of nickel ore and 14 million tons of bauxite, said Tri Winarno, the ministry’s director of mineral business development, adding that the focus is currently on RKAB approvals for nickel and tin mining.Indonesia, this year, extended the validity of RKAB to three years from one year to reduce the frequency that companies needed to apply for the quotas. However, Tri specified that, so far, the volumes approved are only for 2024.“This (volume) is for this year. We continue to accelerate the approval process,” Tri said.Tri did not specify how many companies have acquired the RKAB approvals.Miners and smelting companies have been concerned by delays in the approvals, without which they cannot conduct mining activities.In January, exports of Indonesia’s tin products dropped 99% because of the delay.Tri said Indonesia’s largest tin miner, state-controlled PT Timah, has been granted its mining quotas as well as several private tin companies.Image source: Mining.com / Stock photosSource: https://www.mining.com/web/indonesia-mining-ministry-working-to-approve-more-nickel-tin-quotas-official-says/ 

Indonesia's march towards becoming a key player in the global electric vehicle (EV) ecosystem takes a significant leap forward with the commencement of mass production at T Hyundai LG Indonesia (HLI) Green Power's battery factory. Located in Karawang, West Java, this facility is poised to start operations in April, focusing on exporting the majority of its output to South Korean and Indian markets, especially. This venture promises substantial employment opportunities for the local workforce and places Indonesia on the EV map.Strategic Location and Production CapabilitiesThe HLI Green Power factory, boasting a production capacity of 10 gigawatt-hours, can produce up to 32.6 million battery cell units each year. These cells, each with a power capacity of up to 81 ampere-hours or 300 watt-hours, will be crafted using essential materials such as nickel, manganese, cobalt, and lithium. Indonesia's abundant nickel reserves play a crucial role in this equation, providing a strategic advantage in the competitive EV market.Empowering the Local EconomyOne of the factory's notable commitments is to local employment, with over 90 percent of its workforce comprising Indonesians, including positions for junior engineers. This initiative is expected to significantly reduce unemployment rates in the region, offering a beacon of hope for economic growth and stability. The focus on local talent underscores Indonesia's broader ambitions to nurture a skilled workforce that can propel the country forward in the high-tech industry sector.Global Impact and Future ProspectsAs Indonesia gears up to export the majority of its EV battery production, the move is set to redefine the country's position in the global supply chain. This strategic pivot caters to the growing demand for EVs worldwide and aligns with the global efforts to transition towards cleaner, more sustainable modes of transportation. The successful operation of the HLI Green Power factory could pave the way for further investments and advancements in Indonesia's EV infrastructure, potentially making it a hub for green technology in Southeast Asia.The launch of Indonesia's first EV battery factory marks a milestone in the country's industrial evolution. By embracing the global shift towards electric vehicles, Indonesia contributes to environmental sustainability and propels its economy into a future powered by green technology. This development promises to set a precedent for other nations to follow while highlighting the importance of innovation, sustainability, and local empowerment in the journey towards a cleaner planet. Image source: BNNSource: https://bnnbreaking.com/world/asia/indonesia-powers-up-first-ev-battery-factory-targets-global-exports-boosts-local-jobs 

The Ministry of Energy and Mineral Resources proposes that seven bauxite companies with stalled refinery projects may form a consortium to build a joint refining facility.The Special Staff of the Minister of Energy and Mineral Resources for the Acceleration of Mineral and Coal Governance, Irwandy Arif, explained that many companies have begun to develop bauxite refining facilities.Out of 12 refineries built, four refineries are already operating, and one refinery owned by PT Borneo Alumina Indonesia will be completed. Therefore, seven residential facilities have not yet made any progress."Seeing this condition, the idea emerged that the seven companies join together to make one refinery. However, in my opinion, the coordination between companies in Indonesia is quite difficult," he explained at the Mining for Journalist 2024 event in Jakarta on Thursday (29/2/2024).He admitted that until now, he has not received any feedback from the industry regarding the idea offered.As another option, Irwandy also proposed that State-Owned Enterprises (BUMN) create a new refinery. If there are no objections, the solution is expected to make bauxite mining work again.Previously, the government took firm action against the slow pace of refinery development with a ban on bauxite ore exports in June 2023.Yet, the policy is even more burdensome for mining businesses. They struggle to obtain funds to cover refining facility projects. Hence, bauxite refinery development has not made any significant progress.Director of Mineral and Coal Downstreaming at the Ministry of Investment/BKPM, Hasyim Daeng Barang, explained that the implementation of bauxite downstreaming had a few obstacles in several companies. The construction process was halted due to the COVID-19 pandemic, resulting in several investors withdrawing from the project."We try to facilitate the companies that have started their constructions to get (new) investors so that the factories can be built immediately. Apart from that, we also identify any obstacles the companies face," he said on the sidelines of the IMEC 2023 event in Jakarta on Tuesday (19/12/2023).Hasyim said, without elaborating, that there have been several bauxite smelters whose construction has reached 30% to 40% based on BKPM data. Hasyim said he has seen several interests from foreign investors to enter the bauxite smelter project."We try to help facilitate, and there are several interested investors. Although we can't enter the business-to-business process because it's a company issue, we are trying to do it. One thing for sure is that there are Chinese investors interested," he explained.However, the ongoing process is merely an assessment with the company that owns the project and concession. Later on, the agreement and business process will proceed in B2B.BKPM hopes that this process can run quickly because, by 2024, there will be a new bauxite smelter in operation. The reason is that many bauxite ores are currently lying idle and cannot be utilized."There are a few that may be able to operate in mid-2024 since the progress is already 50%. That's what we're after," he added.Image source: ANTARA FOTO / PanjiSource: https://industri.kontan.co.id/news/7-perusahaan-bauskit-diusulkan-bentuk-konsorsium-untuk-bangun-refinery 

SET-listed energy conglomerate Banpu is setting its sights overseas, aiming to significantly enhance its revenue streams through strategic acquisitions in the mining sector. With a keen focus on nickel, copper, and gold mining in Indonesia and Australia, Banpu is leveraging its existing operational footprint and expertise in these countries to diversify and strengthen its portfolio. Newly appointed CEO Sinon Vongkusolkit announced the ambitious expansion plan as he took the reins, promising a blend of technical prowess and strategic acquisitions to drive growth.Strategic Expansion and InvestmentBanpu's expansion strategy into the nickel, copper, and gold mining sectors is not just a diversification move but a calculated step towards securing its future in the rapidly evolving energy and minerals market. The decision is influenced by the current global demand for these minerals, especially nickel, which is crucial for electric vehicle (EV) battery production. With a capital spending budget of almost $700 million earmarked for 2024, Banpu is poised to explore and exploit growth opportunities across its operational spectrum, from gas exploration in the U.S. to energy technology advancements through its subsidiary, Banpu Next.Emphasizing Sustainability and Smart EnergyUnder Vongkusolkit's leadership, Banpu is not only expanding its mining interests but also reinforcing its commitment to a greener and smarter energy strategy. The plan includes partnering with battery and energy storage system companies, such as the collaboration with Svolt Energy Technology, to develop lithium-ion battery production facilities. This move aligns with the global shift towards cleaner energy sources and positions Banpu as a forward-thinking player in the energy sector, ready to meet the demands of the EV market and beyond.Future Outlook and ImplicationsThe strategic pivot to minerals critical for future technologies, which paired with sustained investments in clean energy, underscores Banpu's vision for growth and sustainability. As the company embarks on this ambitious journey, the implications for the global energy and mining landscapes are profound. Banpu's expansion could not only bolster its revenue and market positioning but also contribute to the broader transition towards sustainable and smart energy solutions worldwide.Image source: BNNSource: https://bnnbreaking.com/world/australia/banpu-targets-nickel-copper-gold-mining-expansion-in-indonesia-australia-for-revenue-boost 

Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) said it had ticked off more key milestones at its BKM copper development in Indonesia since the start of the year.Darryn McClelland, the chief executive, said that in project financing, bank financial modeling had been completed. The meeting key requirements are in the approvals process.“In our strategy for engineering, procurement, and construction workstreams, we have prioritized early engagement with project execution partners, a move aimed at enhancing project delivery efficiency," he added.“Details regarding the appointments of BKM's delivery partners will be made over the next few weeks and before the end of this quarter.“Additionally, we also anticipate completing the Biomass Power Station study by the end of quarter one of 2024.“As with any mining project, securing a power source is paramount, and the proposed renewable energy source of Biomass Power Station would also enhance the environmental sustainability of the BKM project."On the corporate development front, we are experiencing elevated levels of new interest in both our KSK and Beutong assets. Data room due diligence processes and site visits for multiple parties are currently being facilitated.McCelland reiterated that with copper a key part of electrification, "Our company's assets are cornerstones of strategic value, comprising advanced projects endowed with high-quality resources/reserves and a path forward to production.”Image source: proactive InvestorsSource: https://www.proactiveinvestors.co.uk/companies/news/1042173/asiamet-resources-ticks-off-more-milestones-at-bkm-1042173.html 

PT Amman Mineral Internasional Tbk (AMMN) shares shot up on February 29, 2024. AMMN shares closed at a new high of IDR 8,500, or an increase of 6.25%.A total of 106.59 million shares were traded, with a frequency of 7,598 times, and the transaction value of Amman Mineral shares was IDR 884.65 billion.As previously reported, PT Amman Mineral Industri, a subsidiary of PT Amman Mineral Internasional Tbk (AMMN), remains committed to completing the national strategic project of copper smelter facilities and precious metal refining (PMR).The results of the quarterly progress verification from the independent verifier for October 2023 to December 2023 stated that the progress of AMMAN's copper smelter construction has reached 76.1% of the construction plan of 72.4% (105.1%). Meanwhile, the progress of PMR construction has reached 72.7% of the construction plan of 72.1% (100.7%).AMMAN's Vice President of Corporate Communications and Investor Relations, Kartika Octaviana, stated that the company is confident that the physical construction progress of the smelter and PMR is going well to meet the construction completion target at the end of May 2024 and start the commissioning process in June 2024."This achievement is a manifestation of AMMAN's commitment as one of the largest copper and gold mining companies in Indonesia to always be involved in the development of the national mining industry that brings benefits to the regional and national economy," Kartika explained in an official statement dated February 5, 2024.Once in operation, the total input capacity of AMMAN's copper smelter and PMR facility is estimated to reach 900 thousand kilo tons per year (ktpa) of concentrate from the Batu Hijau mine and Elang project later. The products of this processing will be copper cathode reaching 222 ktpa and sulfuric acid reaching 830 ktpa.Meanwhile, the PMR facility will produce 18 tpa of gold bullion, 55 tpa of silver bullion, and 70 tpa of selenium.In September last year, AMMAN also signed a preliminary agreement with PT Pertamina (Persero) to ensure the supply of a more environmentally friendly energy source, liquified natural gas, for the gas and steam power plant currently under construction to support the operations of the copper smelter and PMR facilities.In addition, Amman Mineral Internasional (AMMN) management expects to return to stronger financial performance after a challenging H1/2023 and remains on track to deliver better H2/2023 performance and achieve FY2023 targets.Samuel Sekuritas analysts Juan Harahap and Haikal Putra Samsul, in their research last November 2023, predicted that AMMN will record a big jump in profit in 4Q23, driven by increased input of higher-grade ore from the Phase 7 project (higher grade from the company's deposit ore), which will boost copper and gold production.For the record, new ore contributed about 50% of AMMN's total mill production in 3Q23 (1H22: 100% from stockpiles)."Therefore, we expect AMMN to book 27.5% and 74.5% QoQ growth in copper and gold production volume in 4Q23. For reference, we provide more conservative numbers compared to the company's copper and gold guidance of 337 Mlbs and 502 Koz (our estimates: 292 Mlbs and 453 Koz)," Juan Harahap and Haikal Putra explained.In addition, there is a potential increase in copper prices. Juan Harahap and Haikal note that global copper production will increase due to rising production from the Qualleveco and Kamoa Kakula mines.However, they believe that supply growth in the long term will not be very significant as limited capital expenditure on exploration could potentially result in reduced reserves and lower ore grades."On the other hand, global copper demand will increase rapidly as renewable energy and electric vehicles become more popular (copper is an important material in the production of renewable energy and electric vehicle batteries). Hence, we expect global copper demand CAGR to exceed global copper supply (projected CAGR 2023F-2023F: 3.9% vs 2.2%)," he explained. Image source: Investor.id / prospektus perseroanSource: https://investor.id/market/355218/amman-mineral-ammn-sahamnya-cetak-rekor-ada-apa