ThorCon Group, a nuclear reactor company from United States (US) is reported to soon build a nuclear fuel factory in Indonesia. The Company is at the forefront of realizing the first nuclear power plant project in Indonesia in the next three years. The reason is that ThorCon has so far received full support from the Indonesian National Energy Council (DEN).

Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia said the government is encouraging PT Freeport Indonesia (PTFI) to build a smelter in Timika, Central Papua, close to the Freeport mine. This request is in line with the government’s plan to increase the number of Indonesian shares in PTFI from current 51% to 61% by 2041 (a new regulation has been issued, i.e. requiring additional 10% divestment to get extension of mining contract).

Shares of renewable energy company Barito Renewables (BREN) ended at Rp11,250 on Friday (May 24) to make a market capitalization of Rp1,505 trillion, the largest on Indonesia Stock Exchange (IDX). It is also the most expensive stock with valuation 150 times equity and nearly 30 times the value of Pertamina Geothermal (PGEO), a bigger and more profitable geothermal player.

Nickel ended slightly higher by 022% to US$20,135 on LME Wednesday (May 23). The commodity recovered well from trading below US$16,000 per ton in the first months of the year despite mid-long term concern on oversupply of the commodity from Indonesia’s aggressive expansion and lower-than-expected growth of electric vehicle (EV) sales in the first quarter. 

Tradingeconomics.com reported that oil prices dropped by more than 1% to settle at $78.26 per barrel on Friday last week (May 10), gaining over 1% on the week, following comments from US central bank officials suggesting that interest rates could remain higher for longer, potentially curbing demand from major crude consumers. 

Shares of nickel producers listed on the Indonesia Stock Exchange (IDX) ended mostly higher grounds on Wednesday (May 10) as investors responded positively recovery of nickel prices in the past few weeks. 

Pretty much as predicted, coal miners reported lower sales revenues and net profit in the first quarter of 2024 due to correction in prices. While the commodity recovered significantly in the past few weeks, it is still traded way below the same period last year, which could lead to squeezed margins for the remainder of the year.

Plantation firm Triputra Agro Persada (TAPG), controlled by the family of tycoon TP Rachmat (shareholder of Adaro Energy/ADRO), booked profit attributable to owners of Rp371 billion in the first quarter (Q1) of 2024, grew 25.7% year on year (y/y), helped by lower cost of sales and higher share in profit from joint ventures.

Newcastle coal futures declined 1.46% to US$145.60 per ton on Monday (May 6) and it has corrected 18.29% so far this year, Tradingeconomics.com reported. The commodity, however, surged to the highest level since early December, amid increasingly strong demand for key consumers China and India. 

State miner Aneka Tambang (ANTM) reported net profit of Rp238 billion only in the first quarter of 2024, fell nearly 86% from the corresponding period last year due to pressures from its nickel business segment.