Top 30 Indonesian Mining Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
This curated list (below) is drawn from IDX/market summaries of listed mining sector issuers (companies active in coal, nickel, copper, gold, tin, bauxite, integrated miners and mining services). Many of these companies published Q3/9M 2025 financials in OctNov 2025/.
Adaro Energy (ADRO); PT Bukit Asam (PTBA); Bayan Resources (BYAN); Indo Tambangraya Megah (ITMG); PT Aneka Tambang / Antam (ANTM); Vale Indonesia (INCO); PT Timah (TINS); Harum Energy (HRUM); Merdeka Copper Gold (MDKA); Amman Mineral Internasional (AMMN); Golden Energy & Resources / GEMS; Bumi Resources (BUMI); PT Merdeka Gold Resources / EMAS (recently listed); Borneo Olah Sarana Sukses (BOSS); Baramulti Suksessarana (BSSR); Indika Energy (INDY); Mitrabara Adiperdana (MBAP); Bayan/related groups; Sumber Mineral Global/others; plus mining-support and metal/mineral names such as J Resources/PSAB, Wilton (SQMI), and others. (The Indodax/IDX lists are a convenient comprehensive reference for the full universe of listed mining issuers).
Snapshot summary (sector tone Q3 2025): Q3 2025 showed a mixed picturelarge coal producers and vertically integrated miners continued to generate significant operating cash flow but many companies faced pressure from lower benchmark coal indices versus the prior year; metal miners (nickel, copper, gold) showed divergence by commodity (some benefitted from higher gold/copper but nickel contributions softened for some groups). Regulatory changes (2025 mining law amendments) and domestic processing priorities continued to shape investor narratives.
2) Earnings call / Q3 2025 results Top 10 Indonesian mining companies
1. Adaro Energy (ADRO)
Reported: Rp 5.03 trillion (net profit reported Q3/9M packs in coverage).
USD equivalent: ≈ $301.3 million (Rp 5.03T ÷ 16,692 = $301,341,960).
Brief: Adaro remained a top cash-generator for the coal patch in Q3; the profit reflects coal sales mix and cost management despite softer benchmark coal prices.
2. PT Aneka Tambang / Antam (ANTM)
Reported: Rp 5.97 trillion (net profit - Q3/9M reported).
USD equivalent: ≈ $357.7 million (Rp 5.97T ÷ 16,692 = $357,656,362).
Brief: Antam's profit improvement y/y reflected stronger margins from its metal segments (nickel/gold products) and operational contribution from downstream activities.
3. Bayan Resources (BYAN)
Reported: Rp 8.71 trillion (net profit - Q3/9M reported).
USD equivalent: ≈ $521.8 million (Rp 8.71T ÷ 16,692 = $521,806,854).
Brief: Bayan's large Q3 result stems from volume + contract mix; major coal miners that maintained low production cost profiles held up relatively well.
4. Indo Tambangraya Megah (ITMG)
Reported: Rp 2.18 trillion (net profit - Q3 2025 reported).
USD equivalent: ≈ $130.6 million (Rp 2.18T ÷ 16,692 = $130,601,486).
Brief: ITMG's Q3 profit fell vs prior year, mirroring lower realised coal prices; still a significant contributor in the coal mid-cap space.
5. PT Bukit Asam (PTBA)
Reported: Rp 1.39 trillion (net profit - Q3 2025).
USD equivalent: ≈ $83.3 million (Rp 1.39T ÷ 16,692 = $83,273,424).
Brief: PTBA posted weaker net profit vs prior year quarters due to benchmark price declines, even though domestic sales volumes rose.
6. Vale Indonesia (INCO)
Reported: Rp 874.8 billion (net profit - Q3 2025).
USD equivalent: ≈ $52.4 million (Rp 874.8B ÷ 16,692 = $52,408,339).
Brief: Vale Indonesia showed modest profit growth y/y, driven by operational efficiencies and steady nickel/cobalt concentrate performance.
7. PT Timah (TINS)
Reported: Rp 602.4 billion (net profit - Q3 2025).
USD equivalent: ≈ $36.1 million (Rp 602.4B ÷ 16,692 = $36,089,144).
Brief: Tin prices and sales mix influenced Timah's results; Q3 was down from the prior-year period but the company remains a leading tin producer.
8. Harum Energy (HRUM)
Reported: Rp 622.3 billion (net profit - Q3 2025).
USD equivalent: ≈ $37.3 million (Rp 622.3B ÷ 16,692 = $37,281,332).
Brief: Harum's result reflected narrower margins vs last year but positive operating cash flows were maintained.
9. Merdeka Copper Gold (MDKA)
Reported (company release): unaudited revenue USD 1,298 million as of 30 Sept 2025 (9M revenue), with Q3 operational notes and improved segment contributions. (Company Q3 quarterly activities and revenue disclosure).
USD equivalent: already presented in USD by the company $1,298.0 million reported (9M).
Brief: Merdeka reported a decline in total revenue y/y driven by weaker nickel contributions but continues to show scale in gold/copper and advancing project development (Tujuh Bukit, HPAL). MDKAs published Q3/9M materials include detailed revenues by commodity.
10. Amman Mineral Internasional (AMMN)
Reported: Net loss Rp 2.98 trillion (Q3 2025).
USD equivalent: ≈ -$178.5 million (loss). (Rp -2.98T ÷ 16,692 = -$178,528,636).
Brief: Amman reported a large Q3 loss due to constrained/blocked smelter export permit impacts and sharp declines in sales; this was a key negative outlier in the sector for Q3.
3) Key trends & insights from Q3 2025 (what the numbers tell us)
Divergence by commodity coal producers (Adaro, Bayan, ITMG, PTBA) remained large cash generators where contract structures and low-cost operations offset weaker benchmark indices for some players; metal miners showed mixed results gold/copper helped some (MDKA/ANTM), while nickel contributions weakened in groups with large nickel exposure (affecting total revenue mix).
Earnings concentration a handful of large issuers (Adaro, Bayan, Antam, Merdeka) accounted for a substantial portion of sector profits and investor attention in Q3 this increases index concentration risk but also makes the sectors headline moves easier to follow via a small group of names.
Regulatory & policy tailwinds the 2025 mining law amendments continued to shape investor thinking: the laws emphasis on downstream processing and prioritizing companies that invest in processing capacity is a strategic driver for companies pushing downstream (refining, smelting, HPAL). That dynamic was referenced widely in Q3 commentary.
Cost & capex profile matter companies that kept unit costs low (efficient coal producers, miners with stable energy & logistic costs) produced better operating cash flow resiliency. Companies facing smelter/export restrictions (e.g., Amman) or heavy smelter-related capex saw much weaker reported profitability.
FX & currency context most companies report and incur costs in IDR but sell commodities priced in USD or indexed prices. The IDR moved in mid-Nov 2025 around the mid-16,60016,800 range; that exchange-rate path influenced USD-equivalents of rupiah earnings and balance-sheet translation.
4) Outlook for Q4 2025 and beyond
Near-term (Q4 2025): Expect continued earnings dispersion. Coal producers will track thermal coal benchmark movements and domestic demand patterns; metal miners will closely watch nickel and copper price dynamics and any additional downstream export/permit developments. Companies with near-term downstream capacity (smelters, HPAL) may highlight commissioning progress and capex phasing in Q4 disclosures (MDKA was explicit about HPAL and downstream progress in Q3 materials).
Medium-term (2026+): Indonesias policy tilt to favor domestic processing and value-added project developers should benefit miners investing in processing/refining inside Indonesia. That said, successful execution (permitting, financing, technical commissioning) is critical companies that can scale processing while maintaining low unit costs stand to capture higher value.
Risks: commodity price volatility (global demand for coal and metals), regulatory or export-permit shocks (Ammans Q3 case), operational incidents, and capex overruns for large greenfield processing projects.
5) Conclusion
Q3 2025 confirmed the Indonesian mining sectors dual character: large, cash-generative coal names (Adaro, Bayan, ITMG, PTBA) and commodity-specific metal/mineral plays (Antam, Merdeka, Vale, Timah) which are shaped strongly by global commodity prices and domestic processing/permit dynamics. Company-level performance in Q3 varied widely from strong profits at some coal majors and Antam, to significant losses at Amman where smelter/export issues compressed sales so the sector remains both an opportunity and a test of execution. The direction into Q4 2025 will depend on commodity price moves and how quickly downstream projects / regulatory changes are digested by the market.

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