AlamTri Resources
PT AlamTri Resources Indonesia Tbk is a publicly traded Indonesian company engaged in metallurgical coal mining, mineral processing and refining, mining services, and renewable energy development, operating primarily through subsidiaries in Kalimantan provinces.[1][2] Formerly known as PT Adaro Energy Indonesia Tbk until a rebranding approved by shareholders in November 2024, it has undergone a significant restructuring by spinning off its thermal coal assets into a separate entity, PT Andalan Coal Indonesia, while retaining a minority stake and shifting emphasis toward metallurgical coal production and downstream mineral projects such as aluminum smelting powered by hydroelectricity.[1][3][4] This positions AlamTri as a key player in Indonesia's transition toward value-added mining and green energy, with its metallurgical coal subsidiary achieving 6.63 million tonnes of production in fiscal year 2024 alongside plans for expanded aluminum output reaching up to 1.5 million tonnes annually.[5][6] The company's strategic pivot reflects efforts to align with global demands for lower-carbon commodities, though its historical roots in coal have drawn scrutiny over environmental and human rights impacts in mining regions.[7]Overview
Corporate Profile
PT AlamTri Resources Indonesia Tbk (IDX: ADRO) is an integrated mining company headquartered in Jakarta, Indonesia, with principal operations in the Tabalong district of South Kalimantan. Formerly known as PT Adaro Energy Indonesia Tbk, it specializes in metallurgical coal mining, mineral processing, mining services, and renewable energy development, operating through subsidiaries focused on vertically integrated value chains from extraction to processing.[2][8][9] As Indonesia's second-largest coal producer by production volume, AlamTri manages significant assets including the Tutupan mine, one of the largest single-site coal operations in the southern hemisphere. As of December 2024, the company's coal resources total 982.9 million tonnes, with proven and probable reserves of 177.2 million tonnes, primarily supporting metallurgical coal output.[7][10][11] In late 2024, AlamTri divested its thermal coal operations via the spin-off and partial sale of PT Adaro Andalan Indonesia Tbk (IDX: AADI), retaining a minority stake while redirecting focus toward premium metallurgical coal exports, mineral diversification, and sustainable energy ventures. This positions the company as a key contributor to Indonesia's resource economy, employing approximately 10,400 personnel and facilitating substantial export revenues from high-quality coal products.[12][13][14]Leadership and Ownership
PT Alamtri Resources Indonesia Tbk is governed by a Board of Commissioners chaired by President Commissioner Edwin Soeryadjaya, with Garibaldi Thohir as Vice President Commissioner, overseeing strategic direction and ensuring alignment with shareholder interests.[9] The executive leadership is headed by President Director and CEO Iwan Dewono Budiyuwono, appointed in June 2025, who manages day-to-day operations alongside other directors responsible for mining, energy, and logistics segments.[15] [16] Garibaldi Thohir, transitioning from CEO to Vice President Commissioner in June 2025, and Edwin Soeryadjaya were key figures in the November 2024 rebranding from PT Adaro Energy Indonesia Tbk to PT Alamtri Resources Indonesia Tbk, a move intended to highlight diversified resource operations while reinforcing national operational focus.[15] [4] The company has been publicly listed on the Indonesia Stock Exchange since July 16, 2008, under ticker ADRO, with approximately 29.39 billion shares outstanding as of recent filings.[17] Major ownership is concentrated among Indonesian investors, including Garibaldi Thohir holding 1.976 billion shares (roughly 6.7%) and Edwin Soeryadjaya with 1.052 billion shares (about 3.6%) as of March 31, 2025; institutional and public holdings comprise the balance, with no dominant foreign stakes.[9] [17] While the company's origins trace to 1970s exploration concessions involving the Spanish state-owned Enadimsa, which named the core entity after a historic Spanish mining family, subsequent divestments have shifted control to Indonesian entities, emphasizing domestic governance and resource sovereignty in line with post-rebranding priorities.[18]Historical Development
Origins and Early Operations (1970s–2004)
In 1976, the Indonesian Department of Mines divided coal exploration areas in East and South Kalimantan into eight blocks and solicited international tenders for development rights. Empresa Nacional de Investigación y Minería de Hierro, S.A. (Enadimsa), a Spanish state-owned firm, secured the concession for Block 2, encompassing the Tanjung area in South Kalimantan, which contained significant thermal coal deposits.[19] This marked the initial foreign entry into systematic coal exploration in the region amid Indonesia's push to develop its untapped resources under the New Order government's resource-led industrialization strategy.[20] PT Adaro Indonesia was formally incorporated on November 2, 1982, to oversee operations in the concession area, with Enadimsa as the initial majority stakeholder.[19] That same day, the company signed its Coal Cooperation Agreement (CCA), a first-generation contract granting exclusive mining rights under terms that included exploration commitments, production sharing, and infrastructure development obligations, valid initially until 2022 with potential extensions.[21] Enadimsa conducted exploratory drilling from 1983 to 1989, delineating reserves of low-ash, low-sulfur sub-bituminous coal suitable for thermal power generation, which would later be branded Envirocoal for its relatively lower emissions profile compared to higher-sulfur alternatives.[21] In 1989, Enadimsa divested 80% of its stake to a consortium comprising Australian resource firms and Indonesian investors, aligning with Indonesia's resource nationalism policies that mandated progressive local ownership to retain economic benefits domestically.[19] Commercial mining commenced in 1991 with the first shipment of Envirocoal from the Tutupan pit in Tabalong Regency, South Kalimantan, utilizing open-pit methods and initial overburden removal via hydraulic excavators and truck-haul systems.[21] Early operations emphasized integrated pit-to-port logistics to minimize costs, including construction of access roads, a dedicated coal terminal at Kelanis, and barge transport via the Barito River to deep-sea vessels, overcoming logistical hurdles in the remote, forested terrain.[22] Production ramped up steadily, reaching several million tonnes annually by the late 1990s, though challenges persisted from regulatory pressures for technology transfer, environmental compliance under evolving forestry laws, and divestment requirements that further localized control.[21] By 2004, amid preparations for broader corporate structuring ahead of public listing, PT Padang Karunia was established as a limited liability holding entity focused on consolidating coal mining and logistics assets in Tabalong, prioritizing efficient overburden stripping, coal processing, and export-oriented operations to sustain competitiveness in Southeast Asian thermal coal markets.[23] This setup addressed ongoing infrastructure gaps, such as river dredging for barge capacity and port expansions, while navigating Indonesia's post-1998 decentralization reforms that intensified local resource governance demands.[21]Expansion and Public Listing (2005–2020)
In July 2008, PT Adaro Energy Tbk conducted an initial public offering on the Indonesia Stock Exchange (IDX) under the ticker ADRO, raising approximately $1.3 billion in Indonesia's largest IPO to date, which provided capital for expanding operations beyond core mining into vertical integration across logistics and power generation.[24][25] The IPO, oversubscribed fivefold, valued the company at around 35.3 trillion rupiah and enabled investments in subsidiaries for coal handling, transportation via barges and vessels, and port facilities, forming a "pit-to-power" model that reduced reliance on third-party services and improved cost efficiency amid rising global thermal coal demand.[26][27] Production capacity expanded significantly post-IPO, with mining output growing from 42.1 million metric tons in 2007 to 47.7 million metric tons by 2011, supported by enhancements at the Tutupan mine and development of additional pits, achieving operational capacities exceeding 110,000 tons per day by the mid-2010s through fleet modernization and infrastructure upgrades.[28][29] This scaling facilitated peak thermal coal exports, primarily low-pollutant sub-bituminous coal marketed under the Envirocoal brand, driven by demand from Asian markets like China and India, with logistics subsidiaries such as PT Adaro Indonesia handling barge transport capacities up to 165,000 tons per day via floating transfer stations and self-unloading vessels.[30][31] Strategic diversification included entry into power generation, with PT Adaro Power establishing coal-fired plants to utilize domestic output; a key project was the 2,000 MW Central Java Power Project in Batang, where Adaro held stakes through joint ventures, advancing construction from 2016 after prior delays to support Indonesia's electrification goals with capacities targeting commercial operation by 2020.[32][33] Subsidiaries for supporting services, including dredging and water management, further integrated operations, while selective non-coal explorations laid groundwork for future assets without shifting core thermal focus during this period.[34] By 2019, these efforts yielded consolidated revenue of $3.45 billion and net income of $404 million, reflecting robust cash flows from scaled production and exports despite commodity price volatility.[35][36]Rebranding and Strategic Shift (2021–Present)
In February 2022, PT Adaro Energy Tbk rebranded to PT Adaro Energy Indonesia Tbk to emphasize its national identity and pride as an Indonesian enterprise.[37] This change aligned with efforts to strengthen domestic operational focus amid growing emphasis on local resource management.[38] The company underwent a further rebranding in November 2024, becoming PT AlamTri Resources Indonesia Tbk following shareholder approval on November 18 and official implementation around November 20.[4] [39] This shift reflected a strategic pivot to highlight diversified resource portfolios beyond traditional energy, incorporating metallurgical coal, critical minerals, and renewable initiatives, while addressing investor pressures from global decarbonization trends that constrained thermal coal financing.[40] Concurrently, AlamTri divested its thermal coal operations through the spin-off of PT Adaro Andalan Indonesia Tbk, retaining a 15% stake, which separated revenue streams and enabled emphasis on higher-value segments less vulnerable to phase-out policies.[3] [37] Key milestones included the abandonment of further thermal coal exploration and expansion plans, announced amid mounting international scrutiny and market signals favoring low-carbon alternatives.[41] The company launched AlamTri Geo to oversee metallurgical coal and mineral processing, including operations under subsidiary PT Alamtri Minerals Indonesia Tbk (IDX: ADMR), which holds concessions in East and Central Kalimantan for premium coking coal essential to steel production.[37] [42] Parallel efforts advanced through AlamTri Eco, targeting renewable energy ventures such as hydropower, solar, and wind projects, with investments exceeding IDR 66 billion in Riau Islands initiatives and broader commitments to 1.4 GW capacity developments supporting Indonesia's green transition while leveraging baseload stability from existing domestic energy infrastructure.[37] [43] [44] These moves responded to policy and market dynamics, including Indonesia's reliance on coal for affordable power amid uneven global renewable scaling, yet positioned AlamTri to capitalize on demand for minerals in electrification supply chains.[45] Dividend distributions underscored financial resilience, with interim payouts for 2024 totaling US$200 million and further approvals for US$500 million in 2025, reflecting capital returns from diversified assets post-spin-off.[46]Business Operations
Coal and Mineral Mining
PT Alamtri Resources Indonesia Tbk conducts its coal mining operations primarily through subsidiary PT Alamtri Minerals Indonesia Tbk, which manages five Coal Contracts of Work covering 146,579 hectares in East Kalimantan and Central Kalimantan, with key activities centered in the Tabalong Regency of South Kalimantan.[47][48] Following the 2024 spin-off of thermal coal assets to PT Adaro Andalan Indonesia, in which Alamtri retained a 15% stake, the company shifted emphasis to metallurgical coal extraction, divesting direct thermal operations to align with metallurgical-focused production.[3] This transition leverages reserves of 177.2 million tonnes and resources of 982.9 million tonnes as of December 2023, targeting annual metallurgical output of approximately 5 million tonnes with a stripping ratio of 3.6:1.[47][49] Metallurgical coal varieties produced include hard coking coal, semi-hard coking coal, green coal, semi-soft coking coal, and pulverized coal injection grades, characterized by low ash, low phosphorus, low sulfur, and high vitrinite content suitable for steelmaking coke production.[47] Operations employ open-pit mining techniques across subsidiaries such as PT Juloi Coal, PT Kalteng Coal, PT Sumber Barito Coal, PT Lahai Coal, and PT Maruwai Coal, enabling efficient extraction integrated with on-site crushing facilities in areas like Wara, Tabalong.[47][21] Historically, under prior branding, annual thermal coal production reached 40.6 million tonnes in 2009, scaling to over 52 million tonnes by 2013 through similar high-efficiency methods that minimized impurities akin to the Envirocoal profile of low-pollutant thermal grades.[50][27] Mineral mining beyond coal is limited, with PT Alamtri Minerals Indonesia Tbk subsidiaries focused on supporting metallurgical processing rather than primary non-coal extraction; however, the group advances integrated mineral activities, including development of an aluminum smelter in North Kalimantan's green industrial park via PT Kalimantan Aluminium Industry, slated for completion by late 2025 to process imported bauxite into aluminum using captive power.[47][51] Pit-to-port integration enhances export competitiveness, with mining output transported via dedicated logistics to ports for global steel industry supply chains, reducing costs through controlled overburden management and proximity to infrastructure.[52][50]Energy Generation and Renewables
AlamTri Resources has historically operated coal-fired power plants integral to Indonesia's energy infrastructure, providing baseload capacity for industrial and grid needs. Through PT Adaro Power, the company developed facilities including a 2x30 MW plant and contributed to larger projects, with gross generation capacity reaching 2,260 MW as of recent assessments, supporting reliable and affordable electricity amid the country's growing demand.[53][54] These assets have played a key role in energy security, utilizing domestic coal resources to minimize import reliance and stabilize supply in regions like East Kalimantan, where a 600 MW mine-mouth plant was planned.[55] In tandem with its coal-based operations, AlamTri maintains ongoing holdings in thermal generation following the March 2025 spin-off of its thermal coal business into PT Adaro Andalan Indonesia Tbk, retaining a minority stake that links it to non-renewable output.[56] This structure allows continued revenue from coal power while directing primary focus toward renewables, though critics note the separation does not eliminate emissions tied to retained interests or planned hybrid systems.[3] The company's renewables pivot emphasizes solar, hydro, and hybrid solutions via AlamTri Eco and related units. Notable projects include a solar photovoltaic plant in Central Kalimantan and battery energy storage developments to integrate intermittent sources into the grid.[53] A flagship initiative is the 1.4 GW Mentarang Induk hydroelectric plant in North Kalimantan, planned to generate up to 9 TWh annually and power green industrial estates, including phases of the aluminum smelter complex.[44][6] For the smelter, initial phases rely on hybrid coal-renewable power, transitioning to hydro-dominated supply by 2029 to enable low-emission aluminum production of up to 500,000 tonnes per annum per phase.[57][58] These efforts balance empirical needs for dispatchable energy from coal—critical for Indonesia's baseload stability and cost-effectiveness, with coal plants achieving high capacity factors—against renewables' lower emissions profile, though hydro and solar developments face challenges like seasonal variability and upfront capital intensity.[59] AlamTri's strategy aligns with national goals for net-zero by 2060, prioritizing scalable hydro assets in Kalimantan to offset fossil dependencies without forgoing industrial growth.[60]Logistics and Supporting Services
AlamTri Resources operates an integrated logistics network tailored to its coal export needs, featuring river barge transportation, dedicated port infrastructure, and ship-loading facilities primarily in Kalimantan. This system facilitates the movement of coal from inland mining sites to seaports via a fleet of self-propelled barges and push-boats, with capacities exceeding 10,000 deadweight tons per barge, enabling high-volume, low-cost delivery to customers in Asia and beyond.[61] Channel dredging and maintenance ensure navigability along key river routes, supporting consistent throughput volumes that reached approximately 50 million tons annually in recent operations.[8] Subsidiaries within the logistics segment, such as those handling coal handling and port services, provide ancillary functions including temporary stockpiling, coal blending to meet customer specifications, stevedoring, and multipurpose terminal operations. These services extend to fuel transport and warehousing, optimizing inventory management and reducing turnaround times for export shipments.[61] The vertically integrated approach minimizes reliance on third-party providers, lowering overall transportation costs to around $5-7 per ton for barge and loading combined, as reported in company disclosures.[50] Supporting services encompass mining-related utilities and infrastructure, including water supply systems for operational needs and land management for access roads and facilities. Specialized units deliver overburden removal, drilling support, and logistical coordination at mine sites, enhancing efficiency without overlapping core extraction activities. These elements contribute to the company's vertical integration strategy, where logistics and utilities account for a targeted 10-15% of total operating costs, aiding competitiveness in global coal markets.[62][50]Financial Performance
Revenue and Profitability Trends
AlamTri Resources Indonesia Tbk's revenue expanded steadily from its 2008 initial public offering, reaching approximately USD 3.457 billion in 2019, driven by consistent thermal coal sales volumes and operational efficiencies in low-cost Envirocoal production.[63] This growth reflected the company's focus on cost-effective mining in Kalimantan, where production costs remained below USD 30 per tonne amid stable global demand for Indonesian coal exports.[64] Post-2020, revenue exhibited sharp volatility linked to international coal price fluctuations; it dipped to USD 2.535 billion in 2020 due to pandemic-induced demand suppression and lower benchmark prices, before surging to USD 3.993 billion in 2021 and peaking at USD 8.102 billion in 2022 amid the global energy crisis and elevated metallurgical and thermal coal benchmarks exceeding USD 200 per tonne.[64] [63] Profitability followed suit, with net income climbing from USD 435 million in 2019 to USD 1.528 billion in 2022, supported by gross margins above 40% from diversified sales into higher-value minerals and smelting operations that offset thermal coal exposure.[64] By 2023, revenue contracted to USD 2.135 billion as coal prices normalized below USD 150 per tonne and sales volumes moderated amid softening Chinese import demand, yielding net income of USD 776 million and compressing EBITDA margins to around 36%.[64] [65] Total assets hovered near USD 7 billion through this period, bolstered by cash reserves from peak-year earnings but pressured by ESG-driven financing constraints, including withdrawals by international banks citing coal-related risks. In the 2023 Forbes Global 2000 ranking, AlamTri placed 1393rd worldwide, reflecting its scale despite sector headwinds.[66]| Year | Revenue (USD billion) | Net Income (USD million) | Key Driver |
|---|---|---|---|
| 2019 | 3.457 | 435 | Steady export volumes[63] |
| 2020 | 2.535 | 159 | COVID-19 demand drop[64] |
| 2021 | 3.993 | 1,028 | Price recovery[64] |
| 2022 | 8.102 | 1,528 | Energy crisis peak[63] [64] |
| 2023 | 2.135 | 776 | Price normalization[64] [65] |