The Managing Director of PT Trinitan Green Energy Metals (TGEM) has signed a Head of Agreement (Principles of Agreement), with PT Malomoi Olom Wobok (MOW) as the manager of the Sorong KEK, Thursday (21/7/2022), taking place at Sheraton Grand Gandaria City Hotel, Jakarta.This signing is a follow-up to the plan to build the first Integrated Eco Industrial Park in Indonesia in the Sorong Special Economic Zone (KEK).The signing was carried out by the main leaders of the two companies, namely Widodo Sucipto as Main Director of TGEM and Gabriel Hasahatan Simanjuntak as Main Director of MOW.It was also witnessed by the Regent of Sorong Dr. Johny Kamuru, SH, M.Si, Deputy for Investment Promotion of the Ministry of Investment/BKPM Nurul Ichwan, and Richard Tandiono as Chairman of TGEM.For information, on this occasion partners and suppliers from PT Trinitan Green Energy Metals (TGEM) and PT Malomoi Olom Wobok (MOW), as well as representatives from several related institutions, were also present.Like the National Indonesian Research Agency (BRIN) represented by Mr. Surat Indrijanto, the Secretariat of the National KEK Council, represented by Mr. Bambang, was also present at the HoA signing ceremony for several agencies related to the Sorong Regency Government.This is the news release received by this media crew, Sunday 24 July 2022 from the Business Director of PT MOW Sorong Ir. M. Said Noer, M.Sc. (MC Sorong/rim/toeb Regency)Image source: www.infopublik.idSource: www.infopublik.id/DirutPT TGEM Lakukan Penandatanganan HOA Dengan PT MOW Sorong

Trinitan Green Energy Metals (TGEM) proudly announces its entry into the commercial market for Class 1 nickel with the successful shipment of the Company’s first Mixed Hydroxide Precipitate (MHP) produced using TGEM’s proprietary STAL Technology on 22 September 2023.This milestone signifies the successful completion of the commissioning phase for TGEM’s commercial STAL MHP Production Facilities in Bogor, Indonesia, marking the commencement  of full-scale production. It involves delivering MHP, a critical intermediate material for EV battery production, to a prominent Japanese trading company for the South Korean market.TGEM's STAL Technology, developed over a 15-year span, has been registered for patents in Indonesia, Japan, Canada, the Philippines, and New Caledonia. As of Q3 2023, TGEM has elevated its STAL pilot plant into commercial MHP production facilities.The Bogor-based STAL MHP Production Facilities have annual production capacity of up to  3,200 tons of MHP, which contains an industry-leading average 55% nickel content. This concentration percentage surpasses the current international average accepted range of 30% to 40% nickel content found in MHP.With this successful commercial production capability, TGEM is set to showcase and expand its production capacity through its ongoing nickel processing ecosystem projects. The Company’s  next project, the STAL ONE Ecopark, will be located in Bogor, Indonesia, and will produce up to 10,000 tons of MHP annually. TGEM’s larger-scale project, the IGNITE Ecopark, capable of producing up to 400,000 tons of MHP annually, will be established in Sorong, Southwest Papua, Indonesia. Both projects will not only have STAL MHP production plants but also several supporting facilities, operating together in a closed-loop process that optimizes production flow while ensuring strict environmental compliance.Through these projects, TGEM aims to provide a superior alternative to Chinese-dominated Class 1 nickel production in Indonesia, which currently relies on incumbent HPAL (High Pressure Acid Leach) technology. Importantly, investments in TGEM's projects hail from various countries, including the US, UK, and Japan, with a primary focus on serving South Korea, Japan, Europe, the US, and other Western markets.Compared to HPAL, TGEM’s STAL Technology offers a significantly lower capital investment requirement thanks to its atmospheric pressure-based production requirements and modular design. This design, with each module capable of producing up to 10,000 tons of MHP annually, is particularly well-suited for small- to medium-scale miners across Indonesia who often manage smaller mine sites and have lower production capacities.Aligned with Western ESG (Environmental, Social, and Governance) requirements, particularly regarding environmental concerns, TGEM’s STAL Technology was developed with a commitment to environmental sustainability and data governance. The Company’s ecosystem design results in substantially lower carbon emissions and reduced water usage compared to HPAL, all while providing transparency regarding emissions data for each stage of the STAL process.Through TGEM’s Zero Waste Initiative, which aligns with its commitment to environmental sustainability, the company not only advances its plans to achieve zero tailings but also eliminates the need for tailings management by repurposing the residues resulted from the STAL production process into useful products like Iron Oxide, which can be further processed into  industrial bricks and cement components. These residues resulting are less acidic, simplifying their processing compared to HPAL residues, which often require extensive management due to their high acid concentration.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: Trinitan Green Energy MetalsSource: Trinitan Green Energy Metals

PT Bayan Resources Tbk (BYAN) revealed that the world coal price trend will continue to show a positive trend amidst the current surge in coal prices, especially the price of ICE Newcastle coal, the October contract closed at USD 160.4 per tons in trading Thursday (21/9/2023).BYAN Director, Alexander Ery Wibowo said that coal prices would be driven by economic growth in China and India as countries with the highest coal consumption in the world."Coal prices are mainly determined by economic growth in China and India. So I think the positive trend in future coal prices will remain good for the coal industry," explained Alexander to CNBC Indonesia in the Mining Zone program, quoted Friday (22/9/2023).The recent high coal prices are actually the result of China's high demand and production of coal. Moreover, China has also placed restrictions on several coal mines due to security issues. "So the increase in production in China itself is not growing rapidly compared to the increase in demand," he explained.Apart from that, the demand for coal in China is due to an increase in industrial output of approximately 4.5% in China. The latest news from Chinese coal is related to the construction of a coal power plant which has the capacity for two-thirds of the world's electricity.Turning to other Asian countries, India, as the second largest coal user, consistently experiences an increase in coal use every year. India is adding 25-30 Giga Watt (GW) of thermal power plants in addition to the 49 GW of coal-based units under construction.Apart from that, the sentiment of high demand ahead of various festivals in September also influenced India's high demand. The increase in demand for Asian coal can also be seen from the world's largest coal exporter.CoalMint noted that Indonesian coal experienced a surge in demand, amidst limited ship cargo.High demand will certainly increase production and sales from Indonesia. Quoting MODI, Ministry of Energy and Mineral Resources, as of today (19/9/2023), Indonesia's coal production has reached 529.05 million tonnes or 76.18% of this year's coal production target of 694.5 million tonnes.Meanwhile, coal sales from Indonesia have reached 434.37 million tons or reached 62.54% of the sales target in 2023.Image Source: CNBC Indonesia TVSource: www.cnbcindonesia.com/Bayan OptimistisTren Harga Batu Bara Masih Positif

Used in power cables and electric vehicles (EVs), copper is a vital part of the global shift to renewables. The world's second-biggest copper mine is in Grasberg, Papua, and plays a significant role in Indonesia’s energy transition and quest to develop the domestic EV industry.PT Freeport Indonesia president director Tony Wenas spoke to The Jakarta Post's Mark Lempp and Aditya Hadi in Jakarta on Sept. 4 and discussed the extension of the company’s special mining license (IUPK) and its objection to the revised rules on export duties. Tony, who is also vice chairman of investment at the Indonesian Chamber of Commerce and Industry (Kadin), also spoke about the importance of regulatory stability in view of the 2024 elections.Question: How do you assess international investors' appetite for Indonesia, and has the Job Creation Law helped?Answer: They look at several factors, from the inflation rate to population numbers, to political stability and [overall] safety. Indonesia [scores well in] all of those factors.With exclusive interviews and in-depth coverage of the region's most pressing business issues, "Prospects" is the go-to source for staying ahead of the curve in Indonesia's rapidly evolving business landscape.The macroeconomic numbers are promising, with political stability for the past nine years. President Jokowi's administration is much more stable compared to previous [administrations], so that has created the appetite for investors to come in.The Job Creation Law [has made] the country more attractive, but investors are waiting for its implementation, as there are so many regulations that are still in the pipeline [waiting] to be enacted. The devil is in the details.Personally, I think we need consistency and the continuation of what has already been done. I'm not saying that I’m against change, but [change should be] for things that need to be fixed. As for the good things that have been [achieved], let's continue [them].Speaking of continuity, what is the progress on Freeport's IUPK extension beyond 2041?That matter is still under discussion. There is a discussion with the government on several topics, such as smelter construction in Papua and additional shares.We believe that there is a very big resource potential beneath the existing mine, around 3 billion tonnes. But we have to do detailed exploration, and I cannot justify my shareholders spending money on this without a guarantee that the IUPK will be extended.How is construction progressing on your new smelter in Gresik?Progress until the end of July is around 75 percent. The plan is to complete the physical construction by the end of this year. Then, we will conduct pre-commissioning and commissioning processes to start operating the smelter in May next year.The newly built smelter will have a total capacity of 1.7 million tonnes of copper concentrate a year. But we are also expanding the capacity of our existing smelter in Gresik from 1 million to 1.3 million tonnes. That process will also be ready by the end of this year.Recently, you sent a letter of objection to the government about the revised export duty policy. What was behind that?Based on the IUPK that was signed in 2018, and that was issued after a lengthy negotiation, there is a statement on the export duty that refers to a Finance Ministry regulation. In that regulation, the government said that if the smelter progress is above 50 percent, the export duty will be zero.On top of that, the IUPK also mentions that the government will not impose any additional levies or taxes. That's why, while we [are continuing to] pay the export duty, we [are doing so as] "payment under protest".But that's the normal course of business. If the government does not accept our objection, then we can appeal to the tax court. It's not like Freeport is suing the government.But you could actually sue, right?Yes, we could. But we are talking to the government first. After that, we don't know.We want to find the best solution for the benefit of the country and the continuation of the operation to create more benefits for the country. But you know, legal certainty is very important, because it will affect the structure or the perception of global investors.Do you think the government will push you toward more downstream efforts after the smelter is built?The law basically says that we have to process copper and refine it domestically. We're in the mining business, and the most downstream product is metal. The next step is the manufacturing sector.So building a smelter is not something you would actually choose to do?We do it, because we have to do it. If we could choose, we'd rather export copper concentrate, because it's already 95 percent [of the value].But we have to consider as well that the government plans to develop the EV ecosystem, and copper will play an important role there.How is the demand for copper nowadays?People around the world are now building renewable energy plants, including Indonesia. That will require much more copper, as it is used to transport electricity.So, for example, a 1-megawatt [MW] wind farm will require 1.5 tonnes of copper and a 1 MW solar [power plant] will require something like 4 tonnes of copper. Meanwhile, EVs will require four times more copper than internal combustion engine vehicles. So the demand is there.Do you feel any effect from slower Chinese growth?A slowdown in China will reduce demand, of course, but in other parts of the world [growth] will keep increasing.It's not like we're selling to China, for example, 40 percent of our product. It's probably more like 14 percent, and then Japan is 10 percent. Sometimes China goes down and Japan goes up.I mean, the market is everywhere.Image source: PT Freeport IndonesiaSource: www.thejakartapost.com/Executive Column Freeport Seeks Legal Certainty To Continue Operations

PT Indika Energy Tbk (INDY) released 100% share ownership in the coal mining company PT Multi Tambangjaya Utama (MUTU), PT Petrindo Jaya Kreasi Tbk (CUAN) for USD 218 million or equivalent to IDR 3.35 trillion. This step shows Indika's commitment to break away from dependence on the coal business and develop a green or sustainable business."The sale of share ownership in MUTU is part of our strategy to reduce exposure in the coal business and increase our non-coal investment portfolio. "Indika Energy targets to reach 50% of revenue from the non-coal sector by 2025," said Head of Corporate Communications Indika Energy Ricky Fernando to Investor Daily in Jakarta, Monday (25/9/2023).He emphasized that Indika Energy will continue to review its business portfolio and focus on diversifying in the non-coal sector. "We will continue to develop our business in line with our Environmental, Social and Governance (ESG) commitments, including in the new and renewable energy sector and electric vehicles," said Ricky.Indika Energy Corporate Secretary Adi Pramono, in a disclosure of information to the Indonesian Stock Exchange, revealed that on September 22 2023, Indika Energy, through PT Indika Indonesia Resources (IIR) and Indika Capital Investment Pte Ltd as sellers, had signed a conditional sale and purchase agreement (CSPA) with PT Petrindo Jaya Kreasi Tbk (CUAN), as buyer. The agreement is related to the planned sale of all shares owned by IIR and ICI in PT Multi Tambangjaya Utama (MUTU) to Petrindo Jaya Kreasi.Based on the CSPA, the sellers intend to sell a total of 2,263,030,000 shares representing 100% of Indika Energy's indirect ownership in MUTU to Petrindo Jaya Kreasi (CUAN). And ICI intends to transfer all its rights and obligations based on the Marketing Services Agreement dated 25 June 2012 as amended by Amendment No. 1 for the Marketing Services Agreement dated January 5 2018 to Petrindo Jaya Kreasi (transfer of marketing rights together with the sale of shares).Business DiversificationThe agreed value for the proposed transaction is a total value of USD 218 million (around IDR 3.35 trillion). Adi Pramono stated that the completion of this transaction plan is subject to the fulfillment of several preliminary requirements as regulated in the CSPA, including approval from the Minister of Energy and Mineral Resources of the Republic of Indonesia."The company believes that the transaction plan is carried out in accordance with the company's diversification business strategy and to ensure that the company focuses on implementing sustainable business activities," said Adi Pramono.After the transaction plan was completed, said Adi, MUTU would no longer be a subsidiary of Indika Energy and would not be consolidated in the company's financial statements. Indika Energy believes that the transaction plan is carried out in accordance with the company's diversification business strategy and to ensure that the company focuses on implementing sustainable business activities."The planned transaction will not have an impact on the company's operational activities, law, financial condition or business continuity," explained Adi Pramono.MUTU is a thermal coal and bituminous metallurgical coal mining company located in Central Kalimantan, has a 3rd generation PKP2B (coal mining work contract agreement) with a concession area of ​​24,970 hectares. Since starting production in 2016, MUTU has shown extraordinary growth and achieved record profits in 2022.Improve PerformanceFor Petrindo Jaya Kreasi, the acquisition of share ownership in MUTU is a fundamental component of the company's long-term strategy which aims to improve operational performance to be more efficient and effective, by integrating operations and strengthening the company's business portfolio in the fields of high-calorie thermal coal and metallurgical coal.Petrindo Director Daniel J Laurente said that Petrindo's full ownership of MUTU would not only increase Petrindo's annual production, but also strengthen the company's operations in Central Kalimantan where most of Petrindo's assets are located."This confirms our position as a producer of high quality thermal coal, providing good efficiency, and providing superior efficiency and competitive advantages to our customers," he said.Previously, also acquired 85% of the shares in PT Silika Salut Jaya (SSJ), which is a silica sand mineral mining company. The acquisition of SSJ was carried out through CUAN's subsidiary, namely PT Prima Mineral Investindo (PMI).President Director and Secretary of Petrindo Jaya Kreasi (CUAN) Michael said that the takeover of the company's assets was important and PMI acquired it from shareholders who were not affiliated with the company. "After the transaction is carried out, PMI will become the new controlling shareholder in SSJ," said Michael.SSJ is a mining company with a working area of ​​461.49 hectares in Kutai Kartanegara, East Kalimantan. Currently, SSJ is in the final process of obtaining approval from the Minister of Energy and Mineral Resources for the issuance of an Exploration Mining Business Permit (IUP Exploration) for Silica sand.This, continued Michael, is in accordance with the initial aim of PMI being formed, namely to become a subsidiary of Petrindo Jaya Kreasi which acts as a holding company for companies engaged in mining other minerals such as silica sand or quartz.Michael confirmed that the acquisition which will take place on September 11 2023 will have no impact on the company's activities. "These material facts have no impact on operational activities, law, or the financial condition or continuity of the company's business," added Michael.Image source: PerseroanSource: www.investor.id/Fokus Bisnis Hijau Indika Indy Jual Tambang Batu Bara Rp 33 Triliun

Association of Indonesian Mining Professionals (PERHAPI) said that classifying a number of commodities as critical minerals is very important for domestic mineral management, especially to support downstream programs. For information, the government issued the Minister of Energy and Mineral Resources Decree No. 296.K / MB.01 / MEM.B / 2023 regarding Stipulation of Types of Commodities Classified into Critical Mineral Classification. This regulation was enacted on September 14, 2023. It contains 47 minerals that are included in critical minerals.Chairman of Association of Indonesian Mining Professionals (PERHAPI), Rizal Kasli, explained that several other countries had already classified critical minerals."This determination will have an impact on the management of critical minerals, starting from exploration to find reserves, mining and processing and use as well as marketing," he explained to Kontan.co.id, Monday (25/9). Based on applications in other countries, Rizal explained, there are certain countries that prohibit critical minerals from being exported to other countries because they prioritize their domestic strategic interests.In this way, the exploitation of critical minerals will also be regulated in such a way that the country will benefit. "Critical minerals will also determine a country's strategy and resilience," said Rizal. Apart from that, regulations on the export of minerals classified as critical minerals can be carried out with this regulation. The government can prioritize domestic interests because they are important for domestic needs. It is also important in terms of national defense and resilience.Previously, the Director of the Mineral and Coal Program, Tri Winarno, explained that critical minerals are usually used as raw materials for the solar panel manufacturing industry, wind turbines, and the battery industry used for electric vehicles, as well as storage for New Renewable Energy plants. "Critical minerals also have very high value because they are difficult to find, extracted in economical quantities, and not easily replaced with metals or other materials," he said in a side event of the ASEAN Energy Business Forum (AEBF) entitled 'Critical Minerals: Opportunities And Challenges For ASEAN' at the Bali Nusa Dua Convention Center, Bali, Friday (25/8).With the vitality and high value of these critical minerals, Tri said, the need for critical minerals will increase significantly. This creates a challenge in terms of providing critical mineral supplies at the global level. "Another challenge is how we can further explore existing critical mineral resources, given the geological configuration in the ASEAN region," said Tri.According to Tri, mineral downstreaming in ASEAN is also another challenge where ASEAN countries must master mineral refining technology to help develop downstreaming in the future.MIND ID President Director Hendi Prio Santoso said that MIND ID, as the BUMN Holding of the mining industry in Indonesia, was assigned by the government to manage and downstream mineral resources, as well as being part of the energy transition, by maintaining the supply chain of commodities produced from critical minerals, which are raw materials in the development of renewable energy.Therefore, the challenges that exist in managing critical minerals must be turned into great opportunities to realize energy security in the future. "In facing the geographical and technological challenges of critical minerals and a circular economy for total extraction, collaboration and/or alliances of countries rich in minerals and technology are needed to build a resilient and sustainable clean energy industry," concluded Hendi.Image source: KONTAN/Akmalal HamdhiSource: www.industri.kontan.co.id/Pemerintah Bisa Utamakan Pasokan Mineral Kritis Untuk Kepentingan Dalam Negeri

The Directors of Nickel Industries Limited announced the appointment of Mr. Muliady Sutio as a Non-Executive Director satisfying United Tractors right to a Board seat upon completion of their 19.99% equity interest in the Company. Date of appointment is on 21 September 2023. Mr. Sutio currently serves as the President Director of PT Danusa Tambang Nusantara now a 19.9% Nickel Industries shareholder, PT Agincourt Resources who operate the world class 6.5 million ounces resources Martabe gold mine and is Commissioner of PT Energia Prima Nusantara a renewable energy company with interests in Solar and Hydro, PT Persada Tambang Mulia, PT Sumbawa Jutaraya, PT Bhumi Jepara Services and PT Unitra Nusantara Persada, all of which are subsidiaries companies of the United Tractors group.He has a Bachelor of Industrial Engineering degree from Trisakti University in 1994. His career began at PT Astra International Tbk in 1994 as an Efficiency Division Analyst and he later became a Certified Astra Leadership Performance Coach. After that, he was promoted to co-Project Manager in the Efficiency Division in 1997.Mr. Sutio was appointed as Team Leader for PT Pamapersada Nusantara's business processes in 2000. In 2004, he was appointed as Corporate Planning and System Development Head and in 2007, he was appointed as Head of Supply Management. In 2014, he was appointed as President Director of PT Energia Prima Nusantara, as well as the Director of PT Pama Indo Mining.From 2015 until 2017, he was also appointed President Director of PT Unitra Persada Energia. He also served as the Vice President Director of PT Pamapersada Nusantara who is Indonesia's larger mining contractor with over 22,000 employees from 2019 until 2022. He previously served as Director of the Company (2013-2019).Image source: Indonesia Miner 2023Source: www.marketscreener.com/Nickel Industries Limited Appoints Muliady Sutio as Non Executive Director

The Indonesian government is trying to carry out an energy transition, one of which is by creating a low carbon emissions scenario in the 2021-2030 Electricity Supply Business Plan (RUPTL).In this scenario, the government targets reducing the percentage of fossil energy, including coal, while increasing the percentage of new and renewable energy in the national energy mix.Despite the percentage decrease, the volume of coal demand for Indonesia's power plants is projected to continue to increase.This is in line with plans to increase PLTU capacity in the next decade.Based on RUPTL, during the 2021-2030 period  Indonesia intends to increase PLTU capacity by 13.8 thousand megawatts (MW).At the same time, under the RUPTL's low carbon scenario, coal demand for power generation is expected to increase until 2030, as shown in the graph above.RUPTL also predicts that the volume of carbon emissions from power plants will continue to increase, even though the percentage of fossil energy in the energy mix decreases.Image source: Jakarta PostSource: www.databoks.katadata.co.id/Meski Ada Transisi Energi Kebutuhan Batu Bara RI Meningkat Sampai 2030

Electric vehicle (EV) battery manufacturer from China, CNGR Advanced Materials Co. considering its subsidiary to conduct an initial public offering ( IPO ) in Indonesia. It is known that CNGR is also an EV battery supplier for Elon Musk's Tesla Inc.According to Bloomberg , Thursday (14/9/2023), CNGR is in talks to IPO its subsidiary operating in Indonesia. An IPO on the Indonesia Stock Exchange (IDX) is planned for the end of 2024.Meanwhile, the CNGR entity has the potential to reap fresh funds of USD 300 million to USD 500 million, or a maximum equivalent to IDR 7.67 trillion (exchange rate of IDR 15,357 per US dollar)."CNGR is in the process of preparing a unit in Indonesia that will include its domestic smelter assets, said one anonymous source," wrote Bloomberg.For information, CNGR is also a company listed on the Shenzhen Stock Exchange in 2020.Meanwhile, the reason CNGR is considering its subsidiary to IPO on the IDX is because Indonesia has sufficient capacity to produce matte nickel, as a raw material for electric vehicle batteries. Referring to the official CNGR website, the company's core products include high voltage tricobalt tetraoxide, Nickel Cobalt Manganese hydroxide (NCM) with high nickel content and Nickel Cobalt Aluminum hydroxide (NCA).The products are supplied to the world's top 500 companies, including Tesla, Samsung, CATL LG and Panasonic. CNGR supplies batteries to Tesla until 2025.Based on Bisnis news records , in November 2022, the Ministry of Investment/BKPM also signed a Memorandum of Understanding (MoU) with CNGR Advanced Material Co Ltd with a total investment value of USD 5 billion or around IDR 78 trillion.In this MoU, the Ministry of Investment/BKPM is responsible for assisting CNGR in obtaining all project permits and investment incentives from the government.CNGR also signed a cooperation agreement with PT Aneka Tambang Tbk. (ANTM) or Antam to develop a matte nickel factory with a capacity of 80,000 tons for raw materials for electric vehicle batteries.As is known, the Indonesian IPO market is currently enthusiastic because it is busy with the actions of jumbo nickel issuers who listed their initial shares this year. For example, PT Trimegah Bangun Persada Tbk. (NCKL) or Harita Nickel owned by conglomerate Lim Hariyanto listed on the Stock Exchange in April 2023 and raised funds of around IDR 10 trillion. Apart from that, PT Merdeka Battery Materials Tbk, which also had an IPO in the same month, raising IDR 8.74 trillion.Image source: Bisnis/Himawan L NugrahaSource: www.market.bisnis.com/Produsen Baterai EV China CNGR Pertimbangkan IPO Anak Usaha Di Bursa Indonesia

PT Bumi Resources Tbk (BUMI), revealed that downstreaming the coal industry is the company's main agenda in supporting Indonesia's decarbonization targets. This is also one of the requirements for extending a mining business permit (IUP).In CLSA Sekuritas' research, BUMI conveyed its expansion roadmap that will be carried out in the future. First, BUMI is currently exploring the production of coal into ammonia. "This step will be built with strategic investor partnerships because cost is one of the highest challenges," the research was quoted as saying by Investor Daily, Thursday (14/9/2023).Apart from that, BUMI also plans to diversify into the mineral industry together with its subsidiary, PT Bumi Resources Minerals (BRMS), which is involved in gold and other mineral mining. The company will also explore new renewable energy, one of which is using solar panels as a source of electrical energy.CLSA research states that the company's main business as a coal producer is still prospective due to high demand from the largest coal importers, namely China and India. This projection is supported by winter in the second semester of 2023. "BUMI maintains its production target for this year, but lowers its average coal price guidance to USD 80-90 per ton from USD 95-USD 105 per ton).Meanwhile costs fell to USD 55-USD 60 per ton from USD 60-USD 62 per ton considering that the current increase in oil prices is still below expectations.BUMI management has a positive view that the second revision of the coal reference price regulations will be carried out by the government in August 2023. BUMI believes that this revision will better reflect the actual market price. "The company estimates that royalty rates will normalize from 32% in the first semester of 2023 to 28% in the remainder of this year," said the research.For information, BUMI operates two major coal mines in East Kalimantan, Kaltim Prima Coal (KPC) and Arutmin. At the end of 2022, BUMI conducted a private placement worth USD1.6 billion. In line with that, Salim Group through Mach Energy Limited entered BUMI, allowing the company to overcome its high debt and focus on its core coal business.Image source: ANTARASource:  www.beritasatu.com/Emiten Batu Bara Salim and Bakrie BUMI Target Downstreaming