State miner Aneka Tambang (ANTM) or Antam and China-based CNGR Co., Ltd. have on August 5, 2022 signed a strategic cooperation agreement for the development of nickel-based industrial park. This is an interesting partnership to watch, given names involved in the project.

Shares of Merdeka Copper Gold (MDKA), a company controlled by Saratoga Group, Provident Group, and Boy Garibaldi Thohir, gained 2.5% to Rp4.070 on Friday last week (August 5) despite correction in gold prices. At this price, Merdeka Copper has market capitalization of Rp98.09 trillion, bigger than Adaro Energy (Rp97.6 trillion), which is also co-owned by Saratoga and Boy Thohir.

Most major coal miners have yet to release their first half results pending limited audit. In general, however, they enjoyed a bonanza year thanks to high price environment of the commodity.

PT Freeport Indonesia (PT-FI), co-owned by Freeport McMoRan (FCX) and MIND ID (holding company for state miners), has just released operational data for the first half ended June 30, 2022. Investors responded flatly, reflected in the movement of FCX shares in New York Thursday (Jul 21). 

Indonesia generated export revenues of US$3.38 billion from vegetable oil, mostly palm oil, in June, a strong recovery from US$844.5 million only in May, which was attributable to export ban related to domestic cooking oil issues. The country, accordingly, recorded US$15.1 billion of earnings in the first half, an increase of 7.3% from the corresponding period last year.

Mining Industry Indonesia (MIND ID), holding for state mining companies, has just launched tender offer for the combined US$3 billion bonds listed on the Singapore Exchange (SGX) reportedly as part of the company’s efforts to get cheaper finance costs.

Nickel was last traded at US$21,800 per ton in the London Metal Exchange (LME), way below its recent peak due to concern on the global economy. Copper, gauge of the world’s manufacturing industry, and other industrial metals also lost ground. New car registrations in most industrial countries also dropped significantly last month to reflect the downturn, but the transition to electric vehicle seems unstoppable. 

Shares of PT MNC Energy Investments Tbk (IATA) surged 8.16% to make a market capitalization of Rp1.83 trillion this morning on first cut of mining at subsidiary PT Indonesia Batu Prima Energi (IBPE), which was held on Tuesday (Jul 5).

PT Freeport Indonesia, co-owned by Freeport McMoRan (FCX) and MIND ID (holding company for state mining companies), inaugurated physical construction of a new copper smelter in Gresik, East Java few months back. The smelter will boost Indonesia’s profile as copper cathode producer, a commodity gaining traction with global evolution to electric vehicle (EV). 

State utility firm PT Perusahaan Listrik Negara (PLN) booked net profit of Rp5.36 trillion in the first quarter of 2022, increased from Rp4.9 trillion in the corresponding period last year. PLN’s financials reflected growing economic activities of the country in the first quarter.