Saturday, December 2, 2023

Indika Energy Sells Coal Mine to Petrindo Jaya for $218 Million

Heru Andriyanto
September 25, 2023 | 11:45 am
In this undated photo, two trucks carrying coals drive past a mining g area in North Kalimantan. (Photo courtesy of Indika Energy)
In this undated photo, two trucks carrying coals drive past a mining g area in North Kalimantan. (Photo courtesy of Indika Energy)

Jakarta. Diversified investment company Indika Energy announced on Monday that it had reached an agreement to sell its coal mine in North Kalimantan to Petrindo Jaya Kreasi (CUAN).

Under the conditional sale and purchase agreement, Petrindo will acquire all 2.26 billion shares in Multi Tambangjaya Utama (MUTU), a subsidiary of Indika Energy that operates the mine, for $218 million.

The sale of MUTU is part of the company's strategy "to reduce coal-related businesses and expand our non-coal business portfolios," Indika Energy Vice CEO Azis Armand said in a public filing.

The company aims to increase the share of non-coal businesses in its overall revenue to 50 percent by 2025.


MUTU specializes in the production of bituminous and coking coals and operates within a concession mine area spanning 24,970 hectares in North Kalimantan.

"Indika Energy will continue to develop businesses in alignment with our Environmental, Social, and Governance commitments and work towards achieving carbon neutrality by 2050," added Azis.

Indika Energy runs a diverse range of businesses, from energy and minerals to logistics, IT, and healthcare, with nearly 20 subsidiaries.

Tags: Keywords:


Business 3 hours ago

Complete List of City/Regency Minimum Wages across Java Unveiled for 2024

Jakarta remains the sole province where the minimum provincial wage, set at Rp 5.07 million, applies uniformly across its municipalities.
News 5 hours ago

Indonesia Needs $1t to Reach Net Zero by 2060: Jokowi at COP28

Energy transition is not something that developing countries can do alone, according to Jokowi as he calls for climate financing.
Business 7 hours ago

Harita Nickel Increases Stake in Gane Tambang Sentosa to 99%

The acquisition will increase Harita’s nickel reserves to 302 million tons, making it the fifth-largest Indonesian nickel miner by deposits.
News 20 hours ago

Philippines Opens Monitoring Base on Remote Island in Disputed South China Sea

Thitu is one of nine islands, islets and atolls that have been occupied by Philippine forces since the 1970s
Business 20 hours ago

Bayu Krisnamurthi Appointed as Bulog Head

Bulog holds a crucial role in the government’s food security program and is also very influential in the trade of basic commodities.

Popular Tag

Opini Title