Petrindo

What Petrindo does

Petrindo Jaya Kreasi Tbk (IDX: CUAN) is an Indonesian integrated mining holding company that produces thermal coal, metallurgical (coking) coal, and gold through wholly-owned subsidiaries operating across Central Kalimantan and West Nusa Tenggara. Core production assets include PT Tamtama Perkasa (9,540 Ha thermal coal concession in Lahei, Central Kalimantan), PT Daya Bumindo Karunia / DBK (14,800 Ha metallurgical coal concession in Murung Raya with 226.1 Mt of resources and 99.5 Mt of JORC-certified reserves), PT Intam (18,500 Ha gold concession in Sumbawa), and PT Multi Tambangjaya Utama / MUTU (24,970 Ha thermal and metallurgical coal under a 3rd-generation CCOW, acquired for US$218 million in September 2023). Adjacent business lines include contract mining and EPC services, a specialized coal terminal (PT Mareta Persada), and infrastructure services. The company is expanding vertically into power generation through its October 2025 acquisition of a 90% stake in PT Guna Darma Integra (GDI), which is developing a US$600 million, 680 MW power plant at the Feni Haltim Industrial Park in East Halmahera, North Maluku, to supply Indonesia's EV battery and nickel-processing ecosystem.

Petrindo generates revenue primarily through direct B2B sales of mined commodities to power generators, steel manufacturers, and industrial customers in Indonesia, supplemented by mining services, EPC work, and (once operational) power supply to the Feni Haltim Industrial Park. The business model is capital-intensive, resource-concession-driven, and increasingly vertically integrated across the coal-to-power value chain. Capital is sourced through a combination of equity (Rp 371.8 billion IPO on IDX in March 2023, 48.85x oversubscribed), debt (Sustainable Bonds and Wakalah Sukuk totaling a Rp 3 trillion program, with Phase II issuing Rp 1.35 trillion of bonds and Rp 650 billion of sukuk in October 2025 at 8.5-9% coupons and idA/idA(sy) PEFINDO ratings), and operating cash flow. The company is controlled by the Barito Pacific Group of Prajogo Pangestu and counts BlackRock and Vanguard among its institutional shareholders. The distribution strategy relies on direct enterprise sales domestically, with capital markets as the channel for equity and debt instruments.

Name

Petrindo

Legal name

PT Petrindo Jaya Kreasi Tbk

Website

https://petrindo.co.id

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Petrindo Jaya Kreasi (IDX:CUAN) is an Indonesian mining holding company producing thermal coal, metallurgical coal, and gold through subsidiaries in Central Kalimantan and West Nusa Tenggara, selling to domestic power generators and steel manufacturers while expanding vertically into power generation for the EV battery ecosystem.

Ownership category

akta.pro rank

Product category

Coal Mining

NAICS

Coal Mining (2121)

SIC

Bituminous Coal & Lignite Mining (1220), Bituminous Coal & Lignite Surface Mining (1221)

akta.pro industry

PRIMARYIMAKAIAB

Metallurgical Coal Mining (Coking/PCI Coal)

Industrials, Manufacturing & Construction/Metals & Mining/Coal Mining

SECONDARYEUACAKAD

Coal/Lignite CHP (District Heating & Industrial)

Energy, Utilities & Environment/Electric Power Generation/Combined Heat & Power (CHP) / Cogeneration

SECONDARYEUACAAAN

Coal-to-Power with CHP / District Heating (Coal Cogeneration)

Energy, Utilities & Environment/Electric Power Generation/Coal-Fired Power Generation

Keywords

• Thermal coal mining
• Metallurgical coal mining
• Gold mining
• Mining services
• Power generation

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Thermal Coal Mining: Revenue generated from the production and sale of high-calorie thermal coal through subsidiary PT Tamtama Perkasa. PT Tamtama Perkasa operates a thermal coal mine in Lahei district, Barito Utara Regency, Central Kalimantan, with a concession area of 9,540 Ha.
2. Metallurgical Coal Mining: Revenue from metallurgical (coking) coal mining through subsidiary PT Daya Bumindo Karunia (DBK) located in Murung Raya Regency, Central Kalimantan. DBK recorded coal resources of 226.1 million tonnes and reserves of 99.5 million tonnes.
3. Gold Mining: Revenue from gold mineral mining through subsidiary PT Intam (INTAM), which holds an 18,500-hectare gold mining concession in Sumbawa Regency, West Nusa Tenggara.
4. Multi Tambangjaya Utama (MUTU) Acquisition: Acquisition of 100% of MUTU for US$218 million strengthens the company's position in high-calorie thermal coal and metallurgical coal. MUTU holds a 3rd generation CCOW with a concession area of 24,970 hectares in Central Kalimantan.
5. Mining Services and EPC: Integrated mining contract services and EPC (Engineering, Procurement, Construction) services provided through subsidiaries.
6. Infrastructure and Power Generation: Infrastructure and other services including offshore supply base facilities. Through subsidiary GDI (acquired 90% stake via PT Volta Daya Energi Indonesia), Petrindo is developing a 680 MW power plant at the Feni Haltim Industrial Park, with an estimated project value of US$600 million.
7. Bond and Sukuk Issuance: The company issued Sustainable Bonds I Phase II (principal Rp 1.35 trillion) and Sustainable Wakalah Sukuk I Phase II (ijarah rewards Rp 650 billion) in October 2025, recording 4.5x oversubscription. Total sustainable public offering program reaches Rp 3 trillion.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

PT Petrindo Jaya Kreasi operates as an integrated mining holding company producing and selling thermal coal, metallurgical (coking) coal, and gold through wholly-owned subsidiaries in Central Kalimantan and West Nusa Tenggara, Indonesia. The company also provides mining contract services, EPC services, infrastructure services, and is developing a 680 MW power plant to support the EV battery industrial ecosystem.

Product overview

PT Petrindo Jaya Kreasi operates as a holding company managing three main business lines through its subsidiaries: (1) Mining covering thermal coal, metallurgical coal, gold, and silver; (2) Mining Services providing integrated contract mining and EPC; and (3) Infrastructure and Other Services including offshore supply base and power generation. Core mining operations include thermal coal via PT Tamtama Perkasa (9,540 Ha in Central Kalimantan), metallurgical coal via PT Daya Bumindo Karunia (14,800 Ha), and gold via PT Intam (18,500 Ha in West Nusa Tenggara). The company is expanding into energy infrastructure through its 680 MW power plant project via PT Guna Darma Integra, and has completed acquisition of PT Multi Tambangjaya Utama (24,970 Ha metallurgical/thermal coal concession). Petrindo was listed on IDX in March 2023 under ticker CUAN.

Differentiator

Problem solved

Functional benefit

Products and services

• Thermal Coal Mining

Quantifiable outcome

• Revenue increased 277.5% year-over-year to Rp 1,519 billion in FY2022
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• PT Singaraja Putra Tbk (SINI)minorStrategic or Co-development Partner · 29 December 2025Petrindo announced negotiations to acquire a controlling stake (at least 51%) in PT Singaraja Putra Tbk. CUAN (through subsidiary PT Kreasi Jasa Persada and affiliates) currently holds 19.99% of SINI. The acquisition aims to expand CUAN group's assets, business network, and serve as part of long-term business development to become an integrated mining and mining services company.
• PT Guna Darma Integra (GDI)coreStrategic or Co-development Partner · 10 October 2025Petrindo's wholly-owned subsidiary PT Volta Daya Energi Indonesia (VDEI) signed a Share Purchase Agreement (SPA) to acquire 90% of PT Guna Darma Integra (GDI). GDI is developing a 680 MW power plant in the Feni Haltim Industrial Park, East Halmahera, North Maluku, with an estimated project value of US$600 million. The power plant will supply electricity to industries in the integrated industrial estate supporting Indonesia's EV battery ecosystem.
• Cokal LimitedcoreStrategic or Co-development Partner · 6 March 2024Petrindo Jaya Kreasi signed a Memorandum of Understanding with Cokal Limited, a coal mining company publicly listed on the ASX in Australia. The MoU aims to develop infrastructure and optimize coal transportation in Murung Raya, Central Kalimantan. PT Daya Bumindo Karunia (DBK), adjacent to PT Bumi Barito Mineral (owned by Cokal), will benefit from shared infrastructure and optimized transportation efficiency. The collaboration is expected to accelerate and enhance coal mining assets owned by both Petrindo and Cokal.
• PT Indika Indonesia Resources and Indika Capital Investments Pte. Ltd.minorOthers · 22 September 2023Petrindo executed a Conditional Sale and Purchase Agreement (CSPA) with PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd. (ICI), both subsidiaries of PT Indika Energy Tbk, to acquire 100% of PT Multi Tambangjaya Utama (MUTU) for US$218 million. MUTU is a thermal and metallurgical coal mining company in Central Kalimantan with a concession area of 24,970 hectares.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• PT Indika Energy Tbk: Indonesian diversified energy group that sold MUTU to Petrindo. Comparable as a diversified Indonesian energy/mining incumbent with coal, services, and renewable energy exposure, providing a benchmark for vertically integrated business models.

Direct peers

• PT Alamtri Resources Indonesia Tbk (formerly Adaro Minerals Indonesia): Indonesian coking coal and aluminum smelting company with strong ties to the EV battery and downstream mineral ecosystem. Comparable to Petrindo on metallurgical coal product line and on positioning around Indonesia's battery value chain.
• PT Petrosea Tbk: Indonesian mining services and EPC contractor affiliated with the Barito Pacific group (Petrindo's President Director Michael also leads Petrosea). Directly comparable for Petrindo's mining services and EPC revenue stream and shared group resources.
• PT Bukit Asam Tbk: State-owned Indonesian coal miner with significant thermal coal operations and downstream integration into power generation. Highly comparable to Petrindo's coal-to-power vertical integration model.
• PT Indo Tambangraya Megah Tbk: Indonesian bituminous thermal coal producer supplying power generators and industrial customers in Asia. Closely comparable in product mix, customer base, and Indonesian operating footprint to Petrindo's thermal coal segment.
• PT Adaro Energy Indonesia Tbk: Indonesia's largest thermal coal producer, listed on IDX. Directly comparable to Petrindo as a publicly listed Indonesian thermal coal miner with diversified mining operations, downstream infrastructure, and similar end-markets in power generation.
• PT Harum Energy Tbk: Indonesian diversified miner with thermal coal, nickel (laterite), and bauxite assets, plus exposure to the EV battery supply chain. Comparable to Petrindo's coal-plus-critical-minerals-adjacent strategy.
• PT Golden Energy Mines Tbk: Indonesian thermal and coking coal producer controlled by Sinar Mas group. Comparable in product mix (thermal + metallurgical coal), Indonesian operating geography, and integrated mining-to-logistics operations.
• PT Bayan Resources Tbk: Indonesian thermal and metallurgical coal producer with operations in East and South Kalimantan. Directly comparable to Petrindo across both thermal and coking coal product lines and similar concession scale in Kalimantan.

Emerging players

• Cokal Limited: ASX-listed metallurgical coal developer with adjacent concessions in Murung Raya, Central Kalimantan, and a current infrastructure MoU partner of Petrindo via PT Daya Bumindo Karunia. Comparable as a metallurgical coal peer in the same operating basin.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/petrindo
• YouTubeyoutube.com/@petrindo
• Facebookfacebook.com/petrindo

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petrindo