40 Largest Mining Companies from Indonesia

 

40 Largest Mining Companies from Indonesia- In Indonesia, there are 40 Largest Mining Companies from Indonesia. This company has a key role in influencing the production of many mining products in Indonesia. As we know, Indonesia still becomes one of the world’s biggest countries which has a large amount of mining exploration products. Statistically, according to the report entitled "World Mining Data 2024" published by the International Organizing Committee for the World Mining Congresses, there are some mining products generated from Indonesia’s earth. Some of the mining products which explored from Indonesia’s earth are steam coal with production reaching 680,712,000 metric tons, nickel reaching 1.59 million tons, cobalt reaching 9,600 tons, bauxite reaching 28,808,674 tons, tin reaching 56,093 tons and the other products.

With the diversified and many mining products generated from Indonesia’s earth core, the role of mining companies in Indonesia cannot be ignored. They explored mining products, providing employment for people, and gaining money from this activity. In this article, we analyzed the financial companies and ranked them based on financial variables, namely total assets, and net income.

 

Furthermore, in this article, we just focused on public companies not private companies because we can look at the data from companies’ financial reports or annual reports in public companies. Basically, public companies are the companies which have sold some portions of their ownership to the public/ common people through an initial public offering (IPO) in the stock market. One of the impacts of these conditions is that the company has an obligation to publish its financial and business reports in a specific period to public investors, especially in quarters or annual. So, the public can analyze the thorough conditions of the company. Meanwhile, on the other hand, private companies do not have an obligation to publish financial reports and business reports.

Specifically, based on the ownership’s status, these mining companies in the article are divided into state-owned companies (most of the shares owned by Indonesia’s government) and non-government companies. In addition, these analyzed companies have listed their stock/shares in the Indonesian Stock Market (IDX). So, in this article, we just ranked the public companies because of their unrestricted access to financial Statements. Meanwhile, the private mining companies cannot be analyzed because of limited access to their financial statements. Here is the rank of 40 largest mining companies from Indonesia. These data were ranked by the net income of each company generated in 2023.

 

The Rank of 40 Largest Mining Companies from Indonesia in 2023 Based on Net Income

Rank	Name of Coal Companies in Indonesia	Total Revenue	Total Revenue	Net Income	Net Income
		2023	2023	2023	2023
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Adaro Energy	USD 6.5 billion	USD 6.5 billion	USD 1.8 billion	USD 1.8 billion
2	United Tractors	IDR 128 trillion	USD 8 billion	IDR 22 trillion	USD 1.3 billion
3	Bayan Resources	USD 3.5 billion	USD 3.5 billion	USD 1.2 billion	USD 1.2 billion
4	Dian Swastatika Sentosa	USD 5 billion	USD 5 billion	USD 1.2 billion	USD 1.2 billion
5	Golden Energy Mines Tbk	USD 2.9 billion	USD 2.9 billion	USD 0.528 billion	USD 0.528 billion
6	Indo Tambangraya Megah	USD 2.3 billion	USD 2.3 billion	USD 0.499 billion	USD 0.499 billion
7	Inalum	USD 0.544 billion	USD 0.544 billion	USD 0.475 billion	USD 0.475 billion
8	Bukit Asam	IDR 38.4 trillion	USD 2.4 billion	IDR 6.9 trillion	USD 0.43 billion
9	ABM Investama	USD 1.4 billion	USD 1.4 billion	USD 0.315 billion	USD 0.315 billion
10	Vale Indonesia	USD 1.2 billion	USD 1.2 billion	USD 0.27 billion	USD 0.27 billion
11	Amman Mineral	USD 2 billion	USD 2 billion	USD 0.258 billion	USD 0.258 billion
12	Harum Energy	USD 0.925 billion	USD 0.925 billion	USD 0.195 billion	USD 0.195 billion
13	Baramulti Suksessarana	USD 1.1 billion	USD 1.1 billion	USD 0.162 billion	USD 0.162 billion
14	Aneka Tambang	IDR 41 trillion	USD 2.5 billion	IDR 3 trillion	USD 0.18 billion
15	Semen Indonesia	IDR 38.6 trillion	USD 2.4 billion	IDR 2.2 trillion	USD 0.13 billion
16	Indika Energy	USD 3 billion	USD 3 billion	USD 0.151 billion	USD 0.151 billion
17	Delta Dunia Makmur	USD 1.8 billion	USD 1.8 billion	USD 0.036 billion	USD 0.036 billion
18	Bumi Resources	USD 1.67 billion	USD 1.67 billion	USD 0.026 billion	USD 0.026 billion
19	Resource Alam Indonesia	USD 0.294 billion	USD 0.294 billion	USD 0.026 billion	USD 0.026 billion
20	MNC Energy Investments	USD 0.170 billion	USD 0.170 billion	USD 0.026 billion	USD 0.026 billion
21	Mitrabara Adiperdana	USD 0.224 billion	USD 0.224 billion	USD 0.021 billion	USD 0.021 billion
22	TBS Energi Utama	USD 0.501 billion	USD 0.501 billion	USD 0.020 billion	USD 0.020 billion
23	Transpower Marine	USD 0.066 billion	USD 0.066 billion	USD 0.019 billion	USD 0.019 billion
24	Samindo Resources	USD 0.134 billion	USD 0.134 billion	USD 0.018 billion	USD 0.018 billion
25	Golden Eagle Energy	IDR 1,016 billion	USD 0.06 billion	IDR 255 billion	USD 0.015 billion
26	Petrindo Jaya	IDR 1,494 billion	USD 0.09 billion	IDR 232 billion	USD 0.014 billion
27	Dana Brata Luhur	IDR 632 billion	USD 0.03 billion	IDR 221 billion	USD 0.013 billion
28	Transcoal Pacific	IDR 1,825 billion	USD 0.11 billion	IDR 188 billion	USD 0.01 billion
29	Batulicin Nusantara Maritim	IDR 363 billion	USD 0.022 billion	IDR 79 billion	USD 0.004 billion
30	Rig Tenders Indonesia	IDR 341 billion	USD 0.02 billion	IDR 62 billion	USD 3.8 million
31	Black Diamond Resources	IDR 697 billion	USD 0.04 billion	IDR 38 billion	USD 2.3 million
32	Darma Henwa	IDR 7.3 trillion	USD 0.46 billion	IDR 35 billion	USD 0.002 billion
33	Sumber Energi Andalan	USD 0.245 million	USD 0.245 million	USD 2 million	USD 2 million
34	Dwi Guna Laksana	IDR 3,261 billion	USD 0.2 billion	IDR 15 billion	USD 0.9 million
35	Indocement Tunggal Prakarsa	IDR 17.9 trillion	USD 1.1 billion	IDR 1.9 trillion	USD 0.11 billion
36	Petrosea	USD 0.577 billion	USD 0.577 billion	USD 0.012 billion	USD 0.012 billion
37	Atlas Resources	USD 0.280 billion	USD 0.280 billion	USD 728 Thousand	USD 728 Thousand
38	Alfa Energy Investama	IDR 263 billion	USD 0.016 billion	(IDR -0.516 billion)	(USD -0.03 million)
39	Perdana Karya Perkasa	IDR 57 billion	USD 0.003 billion	(IDR -6 billion)	(USD -0.3 million)
40	Exploitasi Energi Indonesia	IDR 1,741 billion	USD 0.1 billion	(IDR -41 billion)	(USD -2.5 million)
41	PT Timah	IDR 8.3 trillion	USD 0.5 billion	(IDR - 449 billion)	(USD -0.03 billion)
Source: Annual Report 2023
Currency Rate: 1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Using Currency Rate

 

As some additional data, we also published some assets, liabilities, and Equities of Indonesian mining country producers in 2023. These data were obtained from the balance sheet, Annual Report from each company in 2023.

 

The Rank of 40 Largest Mining Companies from Indonesia in 2023 Based on Total Assets

 

Rank	Name of Coal Mining Companies in Indonesia	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		2023	2023	2023	2023
		Origin Currency	US Dollar	Origin Currency	US Dollar
1	Adaro Energy	USD 10.4 billion	USD 10.4 billion	USD 3 billion	USD 3 billion
2	United Tractors	IDR 154 trillion	USD 9.6 billion	IDR 69 trillion	USD 4 billion
3	Amman Mineral	USD 9 billion	USD 9 billion	USD 4.4 billion	USD 4.4 billion
4	Semen Indonesia	IDR 81 trillion	USD 5 billion	IDR 31.7 trillion	USD 1.9 billion
5	Bumi Resources Tbk	USD 4.2 billion	USD 4.2 billion	USD 1.4 billion	USD 1.4 billion
6	Bayan Resources	USD 3.4 billion	USD 3.4 billion	USD 1.4 billion	USD 1.4 billion
7	Indika Energy	USD 3.1 billion	USD 3.1 billion	USD 1.7 billion	USD 1.7 billion
8	Dian Swastatika Sentosa	USD 3 billion	USD 3 billion	USD 1.3 billion	USD 1.3 billion
9	Vale Indonesia	USD 2.9 billion	USD 2.9 billion	USD 0.362 billion	USD 0.362 billion
10	Aneka Tambang	IDR 42.8 trillion	USD 2.6 billion	USD 11.6 Trillion	USD 0.72 billion
11	Inalum	USD 2.5 billion	USD 2.5 billion	USD 0.51 billion	USD 0.51 billion
12	Bukit Asam	IDR 38.7 trillion	USD 2.4 billion	IDR 17.2 trillion	USD 1 billion
13	ABM Investama	USD 2.15 billion	USD 2.15 billion	USD 1.39 billion	USD 1.39 billion
14	Indo Tambangraya Megah	USD 2.1 billion	USD 2.1 billion	USD 0.39 billion	USD 0.39 billion
15	Delta Dunia Makmur	USD 1.8 billion	USD 1.8 billion	USD 1.6 billion	USD 1.6 billion
16	Indocement Tunggal Prakarsa	IDR 29.6 trillion	USD 1.8 billion	IDR 6.1 trillion	USD 0.38 billion
17	Harum Energy	USD 1.6 billion	USD 1.6 billion	USD 0.458 billion	USD 0.458 billion
18	Golden Energy Mines Tbk	USD 1.3 billion	USD 1.3 billion	USD 0.648 billion	USD 0.648 billion
19	TBS Energi Utama Tbk	USD 0.947 billion	USD 0.947 billion	USD 0.524 billion	USD 0.524 billion
20	PT Timah	IDR 12.8 trillion	USD 0.8 billion	IDR 6.6 trillion	USD 0.4 billion
21	Petrosea	USD 0.727 billion	USD 0.727 billion	USD 0.492 billion	USD 0.492 billion
22	Atlas Resources	USD 0.527 billion	USD 0.527 billion	USD 0.456 billion	USD 0.456 billion
23	Darma Henwa Tbk	IDR 8.1 trillion	USD 0.506 billion	IDR 4.8 trillion	USD 0.3 billion
24	Baramulti Suksessarana Tbk	USD 0.408 billion	USD 0.408 billion	USD 0.165 billion	USD 0.165 billion
25	MNC Energy Investments	USD 0.245 billion	USD 0.245 billion	USD 0.142 billion	USD 0.142 billion
26	Samindo Resources Tbk	USD 0.236 billion	USD 0.236 billion	USD 0.069 billion	USD 0.069 billion
27	Sumber Energi Andalan Tbk	USD 0.226 billion	USD 0.226 billion	USD 0.015 billion	USD 0.015 billion
28	Mitrabara Adiperdana Tbk	USD 0.229 billion	USD 0.229 billion	USD 0.056 billion	USD 0.056 billion
29	Resource Alam Indonesia Tbk	USD 0.22 billion	USD 0.22 billion	USD 0.061 billion	USD 0.061 billion
30	Transcoal Pacific	IDR 3,509 billion	USD 0.219 billion	IDR 1,413 billion	USD 0.088 billion
31	Petrindo Jaya	IDR 3,546 billion	USD 0.22 billion	USD 1,685 billion	USD 1,685 billion
32	Transpower Marine	USD 0.117 billion	USD 0.117 billion	USD 0.024 billion	USD 0.024 billion
33	Dwi Guna Laksana Tbk	IDR 1,844 billion	USD 0.115 billion	IDR 1,687 billion	USD 0.1 billion
34	Dana Brata Luhur	IDR 1,150 billion	USD 0.07 billion	IDR 63 billion	USD 0.003 billion
35	Exploitasi Energi Indonesia	IDR 976 billion	USD 0.061 billion	IDR 2.303 billion	USD 0.14 billion
36	Golden Eagle Energy	IDR 1,007 billion	USD 0.062 billion	IDR 208 billion	0.013 billion
37	Rig Tenders Indonesia	IDR 698 billion	USD 0.043 billion	IDR 19 billion	USD 0.001 billion
38	Batulicin Nusantara Maritim	IDR 689 billion	USD 0.041 billion	IDR 117 billion	USD 0.007 billion
39	Black Diamond Resources	IDR 647 billion	USD 0.04 billion	IDR 319 billion	USD 0.019 billion
40	Alfa Energy Investama	IDR 418 billion	USD 0.026 billion	IDR 205 billion	USD 0.012 billion
41	Perdana Karya Perkasa	IDR 251 billion	USD 0.015 billion	IDR 7.8 billion	USD 0.4 million
Source: Annual Report 2023
Currency Rate: 1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Using Currency Rate

 

Brief Description of 40 Largest Mining Companies from Indonesia in 2023 

 

1. United Tractors         

United Tractors, a leading mining company in Indonesia, was established in October 1972. As of 2023, it remains a subsidiary of Astra International with a 59.50% majority share. The company operates in five areas: Construction Machinery, Mining Contractors, Mining, Construction Industry, and Energy. In coal mining, United Tractors engages in both contracting and exploration. PT Pamapersada Nusantara (PAMA) and PT Kalimantan Prima Persada (KPP) provide contractor services, while PT Tuah Turangga Agung (Turangga Resources) handles coal mining exploration, specifically in Central Borneo.

According to the income statement of the annual report in 2023, United Tractors reported total revenue of IDR 128 trillion (approximately USD 8 billion) and a total net income of around IDR 22 trillion (approximately USD 1.3 billion). Furthermore, according to its balance sheet on the annual report of 2023, United Tractors has total assets amounting to IDR 154 trillion (USD 9.6 billion). Meanwhile, its total liabilities stand at IDR 69 trillion (USD 4 billion), indicating a well-managed debt structure. These figures highlight the company's stability and financial health.

 

2.Bayan Resources 

Bayan Resources, headquartered in Balikpapan, East Kalimantan, is a coal mining company specializing in sub-bituminous and bituminous coal. Founded by Dato’ DR. Low Tuck Kwong in 1997 with the acquisition of the GBP concession in Muara Tae, it now employs around 2,876 people. In 2023, Bayan Resources produced 49.7 million tons of coal. Geographically, Bayan Resources’s mining areas are in Satui (South Kalimantan), Kutai Timur, Kutai Barat, and Kutai Kartanegara (all in East Kalimantan). According to the annual report, Bayan Resources (BYAN) generated USD 3.5 billion in total revenue and USD 344 million in net income in 2023. In terms of financial positions on the balance sheet, Bayan Resources’s financial position is reflected in its total assets of USD 3.4 billion. Meanwhile, its total liabilities amount to USD 1.4 billion.

 

3. Adaro Energy      

         

Adaro Energy Indonesia is a major coal exploration company. They produce "Envirocoal", a low-pollutant thermal coal, and have metallurgical coal assets ranging from semi-soft to premium-hard coking coal in Indonesia and Australia. In 2023, Adaro produced 65.88 million tons of coal. Their mining operations are in South and Central Kalimantan, with 634.39 million tons of coal reserves remaining. In 2023, the Adaro Group sold 65.71 million tons of coal mainly to China, India, and Southeast Asia. According to their annual report, Adaro's revenue was USD 6.5 billion, with a net income of USD 1.8 billion. Relating to the financial position of the balance sheet of 2023, Adaro Energy's financial position is demonstrated by its total assets of USD 10.4 billion, representing the overall economic resources it controls. Meanwhile, its total liabilities amount to USD 3 billion.

 

4. Amman Mineral International

PT Amman Mineral International is a holding company that conducts exploration, development, mining, processing, smelting and refining operations in Indonesia founded in 2015. Historically, The Amman Mineral entered mining industry due to the business acquisition of PT Newmont Nusa Tenggara (NNT) from Newmont Mining Corporation (48.5 % of ownership) and Sumitomo Corporation (24.5% of ownership) in 2016 with acquisition cost reaching USD 2.6 billion and later changed its name into Amman Mineral Nusa Tenggara (AMNT).

Operationally, The Amman Mineral Nusa Tenggara's exploration mining site is located on Sumbawa Island, West Nusa Tenggara with some mining products namely copper, gold and silver. Structurally, to date, the majority stake of Amman Mineral International was held by PT Sumber Gemilang Persana (32% ownership), Medco Energy (20.9 % ownership), and AP Investment (15.4% ownership).

Financially, according to the annual report of 2023, Amman Mineral has total assets of USD 9 billion with total liabilities of around USD 4.4 billion. In terms of business performance in 2023, Amman Mineral successfully gained total revenue of USD 2 billion with a net income of USD 0.258 billion.

 

5. Semen Indonesia         

Semen Indonesia Group still becomes the holding company of several cement companies owned by the Indonesian government. To date, The Government of Indonesia still becomes the majority shareholder with 51% of share ownership. Structurally, this group consist of several cement companies in Indonesia, namely PT Semen Kupang Indonesia (99% of ownership), PT Semen Baturaja (75% of ownership), PT Semen Padang (99% of ownership), PT Semen Gresik (99% of ownership), Semen Tonasa (99% of ownership), and other subsidiary company. Operationally, as of 2023, total Employees of Semen Indonesia Group reached 10,174 people with a distribution channel of 385 in more than 70.000 retail stores in Indonesia.

In the year of 2023, Semen Indonesia successfully has total assets of IDR 81 trillion or equivalent to USD 5 billion and total liabilities of IDR 31.7 trillion or equivalent to USD 1.9 billion. In terms of business performance in 2023, total revenue of Semen Indonesia is around IDR 38.6 trillion or equivalent to USD 2.4 billion. Meanwhile, total net income of Semen Indonesia reached IDR 2.2 trillion or equivalent to USD 0.13 billion.

 

6. Vale Indonesia

Vale Indonesia (formerly known as PT International Nickel Indonesia Tbk) is an integrated nickel mining and processing company operating in the Sorowako Block, Sorowako Village, Nuha District, East Luwu Regency, South Sulawesi Province.

PT Vale mines nickel laterite to produce nickel in matte as the final product. Furthermore, the average nickel production reached 75,000 metric tons annually. To date, MIND ID (PT Mineral Industri Indonesia) and Vale Canada Limited (VCL) have joint control over PT Vale Indonesia. MIND ID holds the largest shareholding in the company with 34.00%, while Vale Canada Limited holds around 33.88%.

Financially in 2023, The Vale Indonesia showed a strong financial position, with total assets amounting to USD 2.9 billion and total liabilities at USD 0.362 billion. Related to business performance, its total revenue stands at USD 1.2 billion, reflecting robust earnings, while a net income of USD 0.27 billion highlights its profitability.

 

7. Inalum     

PT Indonesia Asahan Aluminium, commonly known as Inalum, is an Indonesian state-owned company specialized in aluminium smelting which is headquartered in Batu Bara, North Sumatra. Historically, Inalum was first established in 1976 as a joint venture company between the Indonesian Government and Nippon Asahan Aluminium Company, and it was fully acquired by the government in 2013. Operationally, the Products of Inalum are Aluminium ingot with total production reaching 168,143 tons, Aluminium alloy (23,322 tons), and Aluminium billet (23,417 tons). Furthermore, in 2018, INALUM officially owned PT Freeport Indonesia (PTFI), a copper, gold and silver mining company based in the highlands of Mimika Regency, Central Papua Province, with share ownership of 51.23%.

Financially, in 2023, The Inalum maintains a strong financial foundation, with total assets valued at USD 2.5 billion and total liabilities amounting to USD 0.51 billion. According to the income statement of financial report in 2023, Inalum has generated total revenue of USD 0.544 billion. Additionally, a net income of USD 0.475 billion highlights the company's profitability and efficient cost management.

 

8. Aneka Tambang

 

PT Aneka Tambang Tbk, commonly known as Antam, is an Indonesian state-owned mining company headquartered in Jakarta and has total employees reaching 2,724 people. As of 2023, ANTAM’s mining products are high grade nickel ore, also known as saprolite, low grade nickel ore, also known as limonite, ferronickel, gold, silver, and bauxite. Operationally, in 2023, total production of Antam's mining products achieved 21.473 tons nickel in ferronickel (TNi), 13.45 million wet metric tons (wmt) of Nickel Ore, 1.21 tons of Gold, 2.1 million wet metric tons (wmt) of Bauxite, and 160,940 tons Alumina.

Financially, The Aneka Tambang still performed well in 2023. According to its balance sheet in the annual report, the total assets of Aneka Tambang reached IDR 42.8 trillion or equivalent to USD 2.6 billion and total liabilities of Aneka Tambang reaching USD 11.6 Trillion or equivalent to USD 0.72 billion. In terms of business performance in its income statement, Aneka Tambang successfully gained total revenue of IDR 41 trillion or equivalent to USD 2.5 billion with total net income of IDR 3 trillion or equivalent to USD 0.18 billion.

9. Bukit Asam (PTBA)    

Bukit Asam is a state-owned enterprise with 60% ownership through Indonesia Asahan Aluminium (Inalum). As of 2023, it employs 1,827 individuals. In 2023, Bukit Asam produced 41.9 million tons of coal and sold 36.9 million tons. The primary coal exploration site is in Tanjung Enim, South Sumatra. Across all exploration sites, Bukit Asam has approximately 2.98 billion tons of coal reserves.

Overall, financially, Bukit Asam’s revenue in 2023 reached IDR 38.4 trillion or equivalent to USD 2.4 billion. In addition, the net income of Bukit Asam in 2020 reached IDR 6.9 trillion or equivalent to USD 0.43 billion.

 

10. Indo Tambangraya Megah 

Founded in 1987, Indo Tambangraya Megah Tbk. (ITMG) produced 16.9 million tons of coal as of January 31, 2023, with a calorific value of up to 7,300 kcal/kg. The company's mining sites are in South Kalimantan, East Kalimantan, and Central Kalimantan, with coal exported to India, Thailand, Bangladesh, China, the Philippines, Japan, and South Korea. Operationally, Indo Tambangraya Megah (ITMG) employs 2,500 personnel with the majority shareholder is held by Banpu Minerals (Singapore) Pte, holding 60% ownership. Financially according to the income statement in 2023, ITMG generated revenue amounting to USD 2.3 billion, with a net income of USD 0.499 billion. In the financial position of balance sheet, The Indo Tambangraya Megah' s financial position is highlighted by total assets of USD 2.1 billion, meanwhile its total liabilities stand at USD 0.39 billion

 

11. Golden Energy Mines Tbk (GEMS)     

 

Historically, this company was founded in 1997 with the name PT Bumi Kencana Eka Sakti and then changed its name to PT Golden Energy Mines Tbk on November 16th, 2010. On January 10th, 2009, the Company was acquired by PT Dian Swastatika Sentosa by taking over 99.99% of ownership. This acquisition made Golden Energy Mines part of Sinar Mas Group. Operationally, The Golden Energy Mines in 2023 has production of coal reaching 46.12 million tons with total sales of coal reaching 46.89 million tons. Furthermore, the coal exploration sites of Golden Energy Mines were around 66.204 hectares with potential coal reserves reaching 950 million tons. Geographically, the location of coal exploration is in Jambi, Sumatera Selatan, Sumatera Barat, Kalimantan Selatan, Kalimantan Tengah. Overall, Financially, Golden Energy Mines can generate revenue around USD 2.9 billion in 2023. Furthermore, the net income of Golden Energy Mines reached USD 0.528 billion.

 

12. Dian Swastatika Sentosa Tbk (DSSA) 

 

Dias Swastatika Sentosa is a part of Sinar Mas Group conducting thermal coal mining and trading through its subsidiary, Golden Energy Mines. Furthermore, Dian Swastatika Sentosa also conducted mining and trading activities for metallurgical coal through Stanmore Resources Limited. Statistically, Dian Swastatika Sentosa generates revenue of USD 5 billion in 2023. In addition, in 2023, Dian Swastika successfully generated net income in 2023 around USD 1.2 billion.

 

13. ABM Investama       

ABM Investama is a subsidiary company of PT Tiara Marga Trakindo group companies which focus on coal exploration and coal mining contractors. Operationally, in 2023, total coal production of ABMM reached 11.5 million tons. Statistically, according to its income statement in the annual report, ABM Investama generated revenue USD 1.4 billion in 2023. Furthermore, ABM Investama gained net income around USD 0.315 billion in 2023. In other aspects, especially in financial position, the ABM Investama 's financial standing is reflected in its total assets of USD 2.15 billion and its total liabilities amount to USD 1.39 billion

 

14. Bumi Resources Tbk    

Founded in 1973 under the name Bumi Modern, Bumi Resources still operates within the coal industry through its subsidiaries, including Kaltim Prima Coal (KPC), Arutmin Indonesia, Darma Henwa, and Pendopo Energi Batubara. The company's coal exploration sites are in South Sumatra (managed by Pendopo Energi Batubara), East Kalimantan (managed by Kaltim Prima Coal), and South Kalimantan (managed by Arutmin Indonesia). In 2023, Bumi Resources achieved total coal production of 77.8 million tons. Financially, the company generated a revenue of USD 1.67 billion and recorded a net income of approximately USD 26 million in the same year. In terms of business position on the balance sheet of the annual report in 2023, Bumi Resources owned total assets of USD 4.2 billion with total liabilities of USD 1.4 billion.

 

15. Baramulti Suksessarana 

PT Baramulti Suksessarana Tbk (“BSSR”), established in 1990, operates exploration sites in South and East Kalimantan. In 2023, it produced 21.5 million tons of coal and sold 21.88 million tons, exporting to China, South Korea, and the Philippines. The majority shareholders are PT Wahana Sentosa Cemerlang (50%) and Tata Power International Pte Ltd (26%). Financially, according to the income statement in the annual report of 2023, Baramulti reported a financial revenue of USD 1.1 billion and a net income of USD 0.162 billion in 2023. In terms of business position on the balance sheet of annual report in 2023, Baramulti Suksessarana owned total assets of USD 0.408 billion with total liabilities of USD 0.165 billion.

 

16. Mitrabara Adiperdana  

 

Mitrabara, founded on October 28th, 1992, operates in Malinau, North Kalimantan. By 2023, it has mining sites covering 1,930 hectares with a maximum average coal production capacity of 5,000,000 tons per year. In 2023, the company produced 2.09 million tons and sold 2.19 million tons of coal. Mitrabara Adiperdana achieved a revenue of USD 0.224 billion and a net income of USD 0.021 billion in 2023. Furthermore, the total assets of Mitrabara Adiperdana reached USD 0.229 billion with total liabilities of this company reached USD 0.056 billion

 

17. Harum Energy Tbk (HRUM)  

 

The company was founded on October 12th, 1995. As of 2023, it produced 6.9 million tons of coal and sold 7.1 million tons. The company has production sites in East Kalimantan, Central Kalimantan, and Maluku. Harum Energy's subsidiary companies managing coal exploration include PT Mahakam Sumber Jaya, PT Santan Batubara, and PT Karya Usaha Pertiwi. Financially, Harum Energy reported revenue of USD 0.925 billion and a net income of USD 0.195 billion in 2023. In addition, according to the balance sheet on the annual report of 2023, total assets of Harum Energy reached USD 1.6 billion with total liabilities USD 0.458 billion.

 

18. TBS Energi Utama        

    

TBS Energi Utama was founded on August 3rd, 2007, and had approximately 1,121 employees as of 2023. Highland Strategic Holdings Pte Ltd holds 61% of the shares. The company oversees a 7,087-hectare coal concession in Sangasanga, Kutai Kartanegara, East Kalimantan, managed by its subsidiaries: PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), and PT Trisensa Mineral Utama (TMU). In 2023, TBS Energi Utama reported a revenue of USD 0.501 billion and a net income of USD 0.020 billion. In addition, according to the balance sheet on the annual report of 2023, total assets of TBS Energi Utama reached USD 0.947 billion with total liabilities of USD 0.524 billion.

 

19. Indika Energy        

      

Founded in 2000, Indika Energy's coal business operates in Kalimantan Timur and Kalimantan Tengah. Its subsidiary, Kideco Jaya Agung, managed to produce 30 million tons of coal in 2023. In terms of financial performance, Indika Energy earned USD 3 billion in revenue and achieved a net income of USD 0.151 billion in 2023. In addition, according to the balance sheet on the annual report of 2023, Total Assets of Indika Energy reached USD 3.1 billion with Total Liabilities USD 1.7 billion.

 

20. Samindo Resources 

 

Samindo Resources was established in 1996. As a holding company, all of PT Samindo Resources business activities are conducted by its subsidiary companies, namely PT. SIMS Jaya Kaltim, PT Samindo Utama Kaltim, PT Trasindo Murni Perkasa and PT Mintec Abadi. All those subsidiary companies, Samindo Resources, focussed on main services in the coal mining activities, specifically in overburden removal, coal getting, coal hauling and exploration drilling services. In 2023, the total coal production of Samindo Resources amounted to 9.5 million tons. ST International Corporation remains the majority shareholder with 50% ownership of shares. In terms of financial performance, Samindo Resources reported revenue of USD 0.134 billion in 2023, and a net income of USD 0.018 billion for the same year.

 

21. Resource Alam Indonesia       

Resource Alam Indonesia   started business journey on 1981 with the name of PT Kurnia Kapuas Utama Glue Industri and changed its name to PT Resource Alam Indonesia in 2003. Since 2006, the Company has operated 3 (three) mining locations in Simpang Pasir, Gunung Pinang, and Bayur from a total PKP2B concession area of ​​24,477 hectares. In 2023, Resources Alam's total coal production reached 5.3 million tons. The company's coal site areas are in Gunung Pinang (994 Ha), Bayur (596 Ha), Loa Janan (10,040 Ha), Tani Bakti (379 Ha), Simpang Pasir (430 Ha), Separi (7,019 Ha), Perangkat (2,919 Ha), and Maukiri (2,147 Ha). Financially, Resource Alam Indonesia reported revenue of USD 0.294 billion in 2023, with a net income of approximately USD 0.026 billion in the same year.

 

22. Golden Eagle Energy       

 

PT Golden Eagle Energy, established in 1980 as PT The Green Pub, operates with site locations in Palaran, Samarinda, and East Kalimantan. Structurally, Golden Eagle Energy was acquired by Geo Energy Resources Limited with majority share ownership of 73.11%. Furthermore, in 2023, Golden Eagle Energy's coal production reached 2.6 million tons. Financially, the company recorded revenue of IDR 1,016 billion (approximately USD 0.06 billion) and a net income of IDR 255 billion (approximately USD 0.015 billion) in 2023.

 

23. Indocement Tunggal Prakarsa      

Historically, Indocement started its business in 1975 and Heidelberg Materials AG. still owned the majority shareholder with share ownership reaching 51%. Operationally, the company has manufacturing factories spread across Citeureup, Bogor, West Java; Cirebon, West Java, and Tarjun, Kotabaru, South Kalimantan.

Financially, according to the annual report of 2023, Indocement Tunggal Prakarsa has total assets of IDR 29.6 trillion or equivalent to USD 1.8 billion and total liabilities of IDR 6.1 trillion or equivalent to USD 0.38 billion. In terms of business performance in 2023, Indocement Tunggal Prakarsa generated total revenue of IDR 17.9 trillion or equivalent to USD 1.1 billion and net income of IDR 1.9 trillion or equivalent to USD 0.11 billion.

 

24. Petrosea          

Petrosea is a multi-disciplinary company engaged in mining contracts, engineering, procurement & construction, and oil & gas services founded in 1972. Furthermore, through its subsidiary company, PT Cristian Eka Pratama (CEP), Petrosea has coal reserves with identified resources of 164.1 million tons.       

     

Financially, according to the annual report of 2023, Petrosea has total assets of USD 0.727 billion and total liabilities of USD 0.492 billion. With total revenue reaching USD 0.577 billion, Petrosea also gained net income standing at USD 0.012 billion.

 

25. Sumber Energi Andalan   

 

Founded on November 20, 1987, this company operates in trade, export and import, consulting services, and contracting within the mining and energy sectors. In 2023, it reported revenue of approximately USD 0.245 million and a net income of around USD 2 million. In terms of financial position on the balance sheet of the annual report, total assets of Sumber Energi Andalan reached USD 0.226 billion with total liabilities of USD 0.015 billion.

 

26. Batulicin Nusantara Maritim 

 

Founded on May 25, 2011, Batulicin Nusantara is based in Batulicin, Tanah Bumbu, South Kalimantan. The company engages in sea and river coal transportation services in Indonesia. According to the income statement of the annual report in 2023, Batulicin Nusantara reported a revenue of IDR 363 billion (USD 0.022 billion) and a net income of IDR 79 billion (USD 0.004 billion).

 

27. Darma Henwa   

 

Darma Henwa, a coal contractor founded on 8 October 1991, operates as a subsidiary of Bumi Resources. Dharma Henwa specified in the coal & mineral mining services (land clearing, topsoil, overburden removal, overburden dumping, coal hauling, coal barging, rehabilitation). Financially In 2023, Darma Henwa reported revenue of IDR 7.3 trillion (USD 0.46 billion) and a net income of IDR 35 billion (USD 0.002 billion).

 

28. Delta Dunia Makmur       

 

Delta Dunia, established on November 26, 1990, is a holding company with a diverse portfolio, including two prominent mining service providers in Indonesia and Australia. Furthermore, Bukit Makmur Mandiri Utama (BUMA), a subsidiary company of Delta Dunia, is one of Indonesia’s largest coal mining services contractors operating in East, South and Central Kalimantan.

Operationally, in 2023, Delta Dunia produced 85 million tons of coal and annual overburden removal of 621 million bank cubic meters (bcm). Structurally according to its shareholders, Norstar Tambang Persad holds 37% ownership, with the remainder held by public shareholders. Financially, Delta Dunia Makmur reported a revenue of USD 1.8 billion and a net income of USD 0.036 billion in 2023.

 

29. Dwi Guna Laksana 

PT Dwi Guna Laksana (DGL) was founded in 1986 and has a coal mine and port in Tanah Laut and Banjar in South Kalimantan with a total concession area of ​​412.8 hectares. Financially, Dwi Guna Laksana gained revenue of IDR 3,261 billion or equivalent to USD 0.2 billion. Furthermore, this company earned net income around IDR 15 billion or equivalent to USD 0.9 million in 2023.

 

30. Perdana Karya Perkasa         

 

Perdana Karya Perkasa was founded in 1983 and the current business sectors operated by Perdana Karya Perkasa are oil and gas supporting construction services, heavy equipment rental as a supporting sector for the coal business. Financially, Perdana Karya Perkasa gained revenue of IDR 57 billion oe equivalent to USD 0.003 billion in 2023. Furthermore, this company suffered net loss around IDR -6 billion or equivalent to USD -0.3 million in 2023.

 

31. Exploitasi Energi Indonesia 

  

Established on September 13, 1999, as PT Central Korporindo International and renamed PT Exploitasi Energi Indonesia in 2010, the company operates coal concessions in Central and South Kalimantan. The areas include Santilik and Santiung Village (2,659 hectares), Kandul and Majangkan Village (3,467 hectares), and Riam Andungan Village (498.7 hectares). In 2023, the company reported revenue of IDR 1,741 billion (USD 0.1 billion). In terms of financial position from the Balance sheet report of 2023, The Exploitasi Energi Indonesia 's financial position is reflected in its total assets of IDR 976 billion (USD 0.061 billion). Meanwhile, its total liabilities amount to IDR 2.303 billion (USD 0.14 billion)   

 

32. Black Diamond Resources   

 

Black Diamond Resources has been engaged in coal mining and other mining activities since its establishment in 2017. The company's coal mining sites are in Kurun Sub-district, Gunung Mas Regency, Central Kalimantan. In 2023, Black Diamond Resources produced 514 thousand tons of coal. Financially, the company's total revenue in 2023 was IDR 697 billion (approximately USD 0.04 billion), with a net income of IDR 38 billion (approximately USD 2.3 million).

 

33. Alfa Energy Investama

Alfa Energy, a coal mining company, holds a total concession area of 2,089 hectares in Kutai Kartanegara, East Kalimantan. Financially, in 2023, the company produced 346 thousand tons of coal. Financially, Alfa Energy achieved a total revenue of IDR 263 billion (USD 0.016 billion) in 2023 but incurred a net loss of IDR 0.516 billion (USD 0.03 million).

 

34. Transpower Marine

Transpower Marine is a logistics company specializing in coal transportation and distribution, established on January 24, 2005. Operationally, the company operates and manages over 40 sets of tugs and barges, along with several floating cranes. Financially, in 2023, Transpower Marine achieved a total revenue of USD 0.066 billion and a net income of USD 0.019 billion.

 

35. Transcoal Pacific        

     

Transcoal Pacific is a logistics company specializing in coal distribution, established on January 15, 2007. In 2023, the company operated 105 tugs, 95 barges, 3 mother vessels, 3 floating cranes, 3 sea trucks, 19 heavy equipment units, 39 fenders, and 2 landing craft transport (LCT). Financially in 2023, Transcoal Pacific reported total revenue of IDR 1,825 billion (approximately USD 0.11 billion) and a Net Income of IDR 188 billion (approximately USD 0.01 billion).

  

36. Petrindo Jaya      

Founded in 2008, Petrindo Jaya holds a 9,540-hectare coal concession in Barito Utara. Through its subsidiary company, PT Bara International, this company still has a concession in Murung Raya Regency with thermal coal resources reaching 27.3 million tons and reserves of 16.9 million tons. Financially, in 2023, the company achieved a total revenue of IDR 1,494 billion (USD 0.09 billion) and a net income of IDR 232 billion (USD 0.014 billion).

  

37. Rig Tenders Indonesia

 

PT Rig Tenders Indonesia Tbk, founded on January 22, 1974, as a joint venture between Mr. Boedihardjo Satrohadiwirjo and Rig Tenders Inc, offers tugboat and barge charter services for coal and aggregate transportation. In 2023, it reported total revenue of IDR 341 billion (USD 0.02 billion) and a net income of IDR 62 billion (USD 3.8 million).

  

38. MNC Energy Investments

 

MNC Energy Investments, owned by Entrepreneur Harry Tanoesodibyo, oversees eight Mining Business Permits in Musi Banyuasin, South Sumatra. The company's total coal production amounts to 8 million tons. In 2023, MNC Energy reported revenue of USD 0.170 billion and a net income of USD 0.026 billion. Furthermore, according to the balance sheet of the annual report in 2023, MNC Energy Investments owned total assets of USD 0.245 billion with total liabilities of USD 0.142 billion

  

39. Atlas Resources      

       

Atlas Resources was established in January 2007. In 2023, the company achieved total coal production of 4.42 million tons. Geographically, Atlas Resources' coal exploration sites are in Musi Rawas and Musi Banyuasin (South Sumatra), Kutai Kartanegara (East Kalimantan), and West Kutai Regency (East Kalimantan). Financially, in 2023, Atlas Resources reported total revenue of USD 280 million and net income of USD 728 thousand.

 

40. Dana Brata Luhur       

 

Dana Brata Luhur, founded in 2008, produced 9.35 million tons of coal in 2023. Financially, according to its annual report in 2023, Dana Brata Luhur earned IDR 632 billion (USD 0.03 billion) in revenue and had a net income of IDR 221 billion (USD 0.013 billion) that year. In terms of financial position according to the annual report of 2023, Dana Brata Luhur has total assets amounting to IDR 1,150 billion (equivalent to USD 0.07 billion) and total liabilities of IDR 63 billion (equivalent to USD 0.003 billion).

 

41. PT Timah

PT Timah is Indonesia's tin state-owned enterprise which does the integrated tin mining business covering exploration, mining, processing, and marketing. PT Timah operates mainly on Bangka Belitung Island, covering Bangka, Belitung, Singkep, Karimun, and Kundur islands. In terms of labor forces, PT Timah has total employees of PT Timah reaching 5.970 people. Operationally, as of 2023, PT Timah produced 14.855 tons Tin Ore Production and 15,340 tons Tin Metal Production.

According to the balance sheet of the annual report of 2023, PT Timah's total assets were IDR 12.8 trillion (USD 0.8 billion) with total liabilities of IDR 6.6 trillion (USD 0.4 billion). In terms of business performance, total revenue of PT Timah reached IDR 8.3 trillion (USD 0.5 billion) but resulted in a net loss of IDR 449 billion (USD 0.03 billion).

 

The Summary of 15 Largest Mining Companies from Indonesia in 2023 Based on Total Assets

 

The Summary of 15 Largest Mining Companies from Indonesia in 2023 Based on Net income.

 

 

 

Bibliography of 40 Largest Mining Companies from Indonesia in 2023

 

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