Bumi Resources (BUMI) Boosts Non-Coal Business
PT Bumi Resources Tbk (BUMI) continues to strive to increase revenue contributions from its non-coal business segments. Therefore, BUMI is now focusing on maximising the mineral mining assets it recently acquired. As reported by Investasi, this step is part of the company’s long-term business transformation.
BUMI has held 100% shares in Wolfram Limited (WFL) since November 2025 after completing an acquisition worth Rp 698.98 billion or equivalent to AUD 63.50 million. The acquisition of WFL was carried out in stages. WFL itself is a mineral mine originating from Australia.
In addition, BUMI also owns 5.73 million shares in Jubilee Metals Limited (JML) or equivalent to 64.98% as of 18 December 2025. Like WFL, JML is also an Australian mineral mine.
BUMI’s Chief Corporate Affairs & Sustainability Officer, Christopher Fong, explained that the WFL mine will focus on copper commodities with a small combination of gold. This mine is estimated to begin commercial operations in the coming weeks and is expected to start contributing to BUMI’s revenue in 2026.
Meanwhile, the JML mine focuses on gold commodities. Currently, the construction of the commodity processing plant is underway. “The Jubilee mine is expected to operate in the fourth quarter of 2026,” said Christopher Fong on Thursday (12/3/2026).
Currently, BUMI is aggressively diversifying its business into the mineral sector, including commodities such as copper, gold, bauxite, and others.
Nevertheless, BUMI assures that it will not abandon its thermal coal business, which has long been the company’s main contributor.
Impact of Middle East Geopolitics
Christopher Fong also mentioned that so far, BUMI has not felt any direct impact from the geopolitical conflict in the Middle East. The conflict has indeed caused world oil prices to soar and risks inflating energy costs for BUMI’s coal production needs. However, so far, BUMI has no plans to change its operational plans or production costs.
“If prices rise to unprecedented levels, then we will handle it,” he said.
BUMI’s Prospects and Challenges
BRI Danareksa Sekuritas analyst Abida Massi Armand stated that BUMI’s performance prospects for 2026 remain quite positive with the diversification strategy into minerals such as gold and copper through the Wolfram and Jubilee mines in Australia. Both projects are targeted to start production in 2026, thus potentially adding new revenue sources.
“In the short term, the non-coal segment’s contribution is likely still limited, but this step is an important foundation for expanding the business portfolio and reducing dependence on coal,” she explained on Friday (13/3/2026).
Going forward, BUMI needs to strengthen operational integration, accelerate project development, and manage funding so that new assets can quickly generate cash flow.
Developing mineral mines may require additional capital expenditure (capex) for exploration activities and initial infrastructure development.
Several key risks that BUMI needs to watch include fluctuations in metal commodity prices, project execution risks, and potential cost increases before the mines reach commercial production.
Abida also assessed that the main revenue contributor for BUMI this year still comes from the coal segment. Moreover, export demand is quite strong from the Asian market.
BUMI itself faces challenges in the form of delayed approval of the Work Plan and Budget (RKAB), which could affect production volume if the approval process takes too long. “However, overall, the impact on business continuity is relatively limited considering the company’s solid operational base and export market,” she added.
For now, Abida has no recommendation on BUMI shares. Meanwhile, MNC Sekuritas analyst Herditya Wicaksana gives a wait-and-see recommendation for BUMI shares with support at Rp 200 per share and resistance at Rp 226 per share.