On 6 December, we were invited to visit Arwana Citramulia’s Plant 2 in West Java to observe and learn about AR

Construction Materials ARNA ARNA JK ARNA IJ

NCKL booked an outstanding 3Q result, with 9M24 earnings comprising 90% of our forecas

Metals Mining NCKL NCKL JK NCKL IJ Michael Wildon Edward Prima

We hosted several investor meetings at our annual Verdhana-Nomura Conference on 7-8 Nov 2024. The companies in

Metals Mining Michael Wildon Edward Prima

Largely in line with our view (see Indonesia Nickel: Nickel ore drives downstream prices, 16 August 2024),

Metals Mining Michael Wildon Edward Prima

ANTM’s subsidiary, PT Gag Nikel (PTGN, unlisted), has announced a 30% stake acquisition of a Tsingshan-owned R

Metals Mining ANTM JK ANTM IJ Michael Wildon Edward Prima

HRUM has announced a strategic partnership with Eternal Tsingshan (ET, unlisted) to release up to 49% of its n

Coal HRUM JK HRUM IJ Michael Wildon Edward Prima

MDKA recorded 2Q24 earnings of USD3mn, below our/consensus estimates.

Basic Materials MDKA JK MDKA IJ Michael Wildon Ng Edward Prima

All local nickel producers under our coverage posted significant margin recoveries following the rise in

Mining Nickel Michael Wildon Edward Prima

ANTM recorded a strong earnings recovery in 2Q24, with profits surging 450% q-q and 479% y-y.

Mining ANTM Michael Wildon Edward Prima