Indika Energy (INDY) Awards Macmahon AUD 463 Million Mining Contract


Jakarta,- PT Indika Energy Tbk (INDY) has officially selected Macmahon Holding Limited (Macmahon) as the mining services contractor for the Awak Mas gold project located in South Sulawesi, Indonesia.


Launching information disclosure on Saturday (11/1), INDY through its subsidiary, PT Masmindo Dwi Area (MDA), has agreed to a mining service contract value with Macmahon worth AUD 463 for a period of seven years with a five-year extension option, which will start in mid-2025.


"The appointment of this mining contract service is INDY's strategy, especially MDA's, to be able to run the Awak Mas gold project," said Corporate Secretary of PT Indika Energy Tbk, Adi Pramono in his official statement, Saturday (11/1).


The contract agreement was signed on January 9, 2025.


Based on its financial report, INDY recorded a decline in revenue and profit for the third quarter of 2024 compared to the same period last year.


The issuer led by Arsjad Rasjid recorded a 22.4% decline in revenue in the third quarter of 2024 to USD 1.78 billion compared to the same period last year of USD 2.29 billion.


This decline in revenue mainly came from INDY's subsidiary in the coal mining sector, PT Kideco Jaya Agung (Kideco), which recorded a 17.7% decline in revenue to USD 1.4 billion due to a decrease in the average selling price of coal.

Meanwhile, Indika posted a decline in profit attributable to owners of the parent entity to USD 34.4 million in Q3-2024, compared to a profit of USD 93.8 million in the same period the previous year.


Sources : www.djakarta-miningclub.com Jan 16.25

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