The Adaro Minerals pillar, AEI’s second pillar of growth, currently consists of metallurgical coal assets across the spectrum, from semisoft coking coal to premium-hard coking coal, in Central and East Kalimantan and minerals and mineral processing businesses being prepared to operate in North Kalimantan. PT Adaro Minerals Indonesia Tbk (AMI) (IDX: ADMR) is the holding company of this business pillar. AMI’s shares were listed and began trading on the IDX for the first time on January 3, 2022, after an IPO process that was 179x oversubscribed during the allocation period and collected Rp660,708,150,000 in IPO proceeds. ADMR’s market capitalization had grown significantly from $286 million at the end of 2021 to $4.4 billion at the end of 2022, or increased 14.38x. AEI expects to create value from AMI’s IPO.
PT Adaro Minerals Indonesia Tbk (AMI)
AMI is intended to be the center of AEI’s non-coal mineral assets and mineral processing business as a significant part of AEI’s aspiration to build a bigger and greener Adaro. AMI’s subsidiaries produce metallurgical coal and it is the first and only hard coking coal (HCC) producer in Indonesia to date. HCC is an essential material for steel production.
AMI is building an aluminum smelter in the world’s largest green industrial park in North Kalimantan. This business will be an important part of Indonesia’s downstream initiatives for green economy.
* More information regarding PT Adaro Minerals Tbk can be found here: www.adarominerals.id