Missed opportunities at Freeport Indonesia
PT Freeport Indonesia (PTFI) is predicted to report substantial decline in sales revenues from gold and copper despite higher average price of both commodities. Operational data provided by Freeport McMoRan (FCX) pointed to 55% fall in sales revenues from copper and 47% decline in gold in the first half of 2026.
Vale Indonesia’s outlook
Shares of Vale Indonesia (INCO) ended higher by 1.21% to Rp5,000 on Wednesday (Jul 22) to make a market capitalization of Rp52.7 trillion. Vale Indonesia was worth smaller than Trimegah Bangun Persada (NCKL) or Harita Nickel (Rp54.6 trillion), but might soon surpassing it.
FORU’s Rp27 trillion rights issue & coking coal bet
Shares of PT Fortune Indonesia Tbk (FORU) jumped 6.03% on Wednesday (Jul 23) to make a market capitalization of Rp1.55 trillion. The company plans to issue 215 billion new shares at Rp126 per share to raise Rp27 trillion, way below the last quoted price (Rp3,340).
Mining concessions should never be political currency
The Constitutional Court’s decision on mining concessions for religious organizations is about far more than mining. It is a constitutional warning against turning Indonesia’s natural resources into instruments of political patronage. Public assets should never be distributed in ways that create even the appearance that access depends on government preference rather than transparent and objective rules.
Abadi LNG Project: A groundbreaking without FID
After more than two decades of talks and delays, President Prabowo Subianto kicked off development of the Abadi LNG project in Masela Block, Maluku province with estimated investment of US$20.9 billion. Final investment decision (FID) for the project, however, has yet to be made.
Nickel Journal
Nickel was traded at US$16,809 per ton this morning, which means only 0.32% gain year-to-date despite Indonesia’s production cut. Higher production in the Philippines, the second largest producer, might force Indonesian government to scale back a plan to boost output in the second half.
Rally continues, but so the net sell
Composite index of IDX (IHSG/JCI) ended higher by 0.2% Friday (Jul 10) despite weak reading of consumer confidence and retail sales from Bank Indonesia’s surveys. Trading was thin, while foreign investors continued their net sell.
Coal DMO, RKAB, and the blackouts (2)
We have to blame the government for poor planning and execution of policies in the coal sector behind shortfall of supply to power plants. Substantial production cut (RKAB) without adjustment of domestic market obligation (DMO) policy was the main issue.
Coal DMO, RKAB, and the blackouts (1)
Two companies—one trader and one coal miner—-have been indirectly blamed for short of coal supply to state electricity utility PT Perusahaan Listrik Negara (PLN) behind the blackouts in various areas even if their combined volume is not even one percent of national consumption. How come?
Critical minerals: Where are we?
Almost a year since President Prabowo Subianto established Mineral Industry Agency (Badan Industri Mineral/BIM). Early this year, state fund management company Danantara established PT Perusahaan Mineral Nasional (Perminas), designed to focus on development of critical minerals.