Significant Rise in Non-Coal EBITDA, What Are BUMI Shares' Prospects?

JAKARTA, KOMPAS.com – PT Bumi Resources Tbk (BUMI) is accelerating its business diversification efforts beyond coal. The company, long known as a coal producer, is now actively expanding its portfolio into other mineral sectors, including copper, gold, and bauxite. This expansion has received a positive response from market players, in line with the increased acquisition activities carried out by the company throughout 2025 to early 2026. Sinarmas Sekuritas analyst Kenny Shan, in his research report, assesses that these steps have the potential to directly contribute to the company’s financial performance in the short term. Kenny views the Wolfram asset as having strong project economic value, supported by operational readiness and prospects for higher commodity prices. “Wolfram will be a short-term profit contributor with much better project economics, driven by assets ready for reactivation and stronger commodity prices,” wrote Kenny on Tuesday (5/5/2026). The mine is projected to commence commercial operations in August 2026, targeting copper concentrate production of 20,000 tonnes per year. In addition to Wolfram, BUMI also acquired Jubilee Metals at the end of 2025. Through this corporate action, BUMI controls 65 percent of Jubilee Metals’ shares. The gold mine is estimated to begin commercial production in August 2026, with a target output of 30,000 ounces of gold per year. “Jubilee is also a financial performance contributor for the short term with strong margin potential, supported by high-quality resources and clear production increases,” he continued. According to Kenny, starting from the second semester of 2026, there will be a significant change in the company’s profit structure, as these mineral assets begin operations. “We project a major shift in profits from mineral assets starting in the second half of 2026. This is driven by the Wolfram and Jubilee operations entering the production phase, thereby significantly shifting the profit mix,” he stated.