Harum Energy
Harum Energy is an Indonesian publicly listed mining and metals company that produces thermal coal in Kalimantan and operates an integrated nickel business — mining plus RKEF and HPAL processing of nickel pig iron, nickel-matte, and MHP — serving stainless steel, alloy, and battery-materials customers from the Weda Bay Industrial Park.
- Company typePublic
- Founded1995
- HeadquartersJakarta Pusat, Indonesia
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Harum Energy does
Harum Energy (PT Harum Energy Tbk., IDX: HRUM) is an Indonesia-based, publicly listed mining and metals holding company that originated in 1995 as a coal producer in Kalimantan and has diversified into an integrated nickel operation centered on the Weda Bay Industrial Park in North Maluku. Its coal segment operates through PT Mahakam Sumber Jaya, PT Santan Batubara, PT Karya Usaha Pertiwi, and PT Bumi Karunia Pertiwi across East and Central Kalimantan, with combined coal sales volumes of about 5 million metric tons for the 12 months ending December 31, 2025. The nickel segment spans upstream mining via PT Position (East Halmahera) and processing/refining through PT Infei Metal Industry and PT Sunny Metal Industry (nickel pig iron via rotary kiln electric furnace lines), PT Westrong Metal Industry (high-grade nickel-matte using RKEF plus converter facilities), and PT Blue Sparking Energy, whose High-Pressure Acid Leaching project targets ~67,000 tonnes of nickel equivalent and 7,500 tonnes of cobalt annually in Mixed Hydroxide Precipitate form for commercial operation in early 2026.
The company sells nickel pig iron, nickel-matte, and (forthcoming) MHP into stainless steel manufacturers, special-alloy producers, and battery-materials customers, and sells thermal coal into power generation and industrial users, with captive logistics provided by PT Layar Lintas Jaya's barge and tugboat fleet. Revenue mechanics are commodity-pricing driven (LME-linked nickel and benchmark coal prices), with no published price list given the B2B commodity structure. FY2025 audited consolidated revenue was approximately USD 1.34 billion; by 1Q 2026 the nickel segment alone contributed roughly 97% of revenue and 100% of EBITDA, indicating a deliberate strategic pivot away from the founding coal franchise. Ownership is concentrated, with PT Karunia Bara Perkasa controlling approximately 79.79% of shares as of April 30, 2026, and the remaining float held by public shareholders and small strategic holders. The company has financed its nickel buildout primarily through a series of large affiliated and syndicated loan facilities (USD 390M in 2022, USD 90M and USD 500M in 2023, and USD 620M and USD 580M in 2024) routed through subsidiaries such as THN, HNI, and HNP.
Harum Energy firmographics
Firmographics- Name
- Harum Energy
- Legal name
- PT Harum Energy Tbk.
- Website
- https://harumenergy.com
- Company type
- Public
- Founded year
- 1995
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Harum Energy is an Indonesian publicly listed mining and metals company that produces thermal coal in Kalimantan and operates an integrated nickel business — mining plus RKEF and HPAL processing of nickel pig iron, nickel-matte, and MHP — serving stainless steel, alloy, and battery-materials customers from the Weda Bay Industrial Park.
- Ownership category
- akta.pro rank
Harum Energy industry classification
Industry- Product category
- Mining and Metals
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (21223), Coal Mining (2121)
- SIC
- Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330), Bituminous Coal & Lignite Mining (1220)
- akta.pro primary industry
- Coal Handling, Stockpiling & Loadout Terminals (IMAKAIAI)
Keywords
Where Harum Energy is headquartered
LocationHeadquarters
- HQ city
- Jakarta Pusat
- HQ country
- Indonesia
- HQ region
- Asia
Offices6 records
Markets served
Harum Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D
Distribution channels3 records
Marketing channels4 records
Harum Energy product offering
Product offeringCore offering
PT Harum Energy Tbk is an integrated mining and metals company that mines thermal coal in East and Central Kalimantan and nickel ore in East and Central Halmahera, processes nickel into nickel pig iron, high-grade nickel-matte, and Mixed Hydroxide Precipitate (MHP) at the Weda Bay Industrial Park, and provides company-owned barge and tugboat logistics. The company sells these commodities directly to industrial manufacturers such as stainless steel producers, special alloy makers, battery materials companies, power generators, and other industrial users.
Product overview
Harum Energy operates as an integrated mining and metals company with two primary business segments: coal mining (thermal coal extraction in East and Central Kalimantan) and nickel operations (mining, processing, and refining across Indonesia's Maluku provinces). The nickel portfolio includes four operating processing facilities producing nickel pig iron (IMI and SNMI), high-grade nickel-matte (WMI), and a flagship HPAL project under construction (BSE) producing Mixed Hydroxide Precipitate (MHP) for the battery supply chain. The company has diversified from its original coal-focused business into vertically integrated nickel operations supporting the global energy transition.
Differentiator
Problem solved
Functional benefit
Products and services
- Thermal Coal Mining Thermal coal extraction from mining concessions in East Kalimantan and Central Kalimantan through subsidiaries PT Mahakam Sumber Jaya (MSJ), PT Santan Batubara (SBB), PT Karya Usaha Pertiwi (KUP), and PT Bumi Karunia Pertiwi (BKP), supplying fuel for electricity generation and industrial processes.
- Nickel Mining Nickel ore extraction from mines in East and Central Halmahera via PT Position (POS), with a Mining Business Licence covering 4,017 Ha in East Halmahera, North Maluku.
- Nickel Pig Iron (NPI) Processed nickel product manufactured using rotary kiln electric furnace (RKEF) lines, sold as feedstock to stainless steel and special alloy producers. IMI produces up to 28,000 tonnes of nickel contained per year and SNMI up to approximately 55,000 tonnes of nickel equivalent per year.
- High-Grade Nickel-Matte Premium nickel product produced at PT Westrong Metal Industry (WMI) using 4 RKEF lines with converter facilities, with annual capacity of approximately 56,000 tonnes of nickel contained, sold to downstream nickel processing and battery materials customers.
- Mixed Hydroxide Precipitate (MHP) Nickel-cobalt intermediate product manufactured via High-Pressure Acid Leaching (HPAL) technology at PT Blue Sparking Energy (BSE), targeting the lithium-ion battery cathode precursor supply chain with annual installed capacity of approximately 67,000 tonnes of nickel equivalent and 7,500 tonnes of cobalt.
- Shipping and Barge Logistics Services Integrated commodity logistics operated by PT Layar Lintas Jaya (LLJ), including shipping, short ocean transport, and river-to-ocean transport between Indonesian ports using tugboats and barges to support Harum Energy's coal and nickel operations.
Quantifiable outcome
- Nickel sales volume growth of 40% YoY to 20,907 tonnes in 1Q 2026
- +2 more outcomes
Companies that use Harum Energy
Customer profileSegments1 record
Ideal customer profiles2 records
Harum Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Harum Energy partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and supporting.
- PT Blue Sparking Energy (BSE)coreBSE is a subsidiary (portfolio company) of Harum Energy invested through THN. BSE is developing an HPAL project at Weda Bay Industrial Park to produce MHP (nickel-cobalt hydroxide intermediate product) with planned annual capacity of 67,000 tonnes nickel equivalent and 7,500 tonnes cobalt. Harum Energy provided USD 500 million loan facility to BSE. Target commercial operation: early 2026.
- PT Westrong Metal Industry (WMI)coreWMI is a subsidiary of Harum Energy invested through HNI. WMI operates a nickel smelter at Weda Bay Industrial Park with 4 RKEF lines producing high-grade nickel-matte with annual capacity of up to 56,000 tonnes of nickel contained. Commercial production started early 2024. Harum Energy provided USD 90 million loan facility to WMI.
- PT Infei Metal Industry (IMI)coreIMI is a subsidiary of Harum Energy invested through THN and HNP. IMI operates a nickel smelter at Weda Bay Industrial Park with 2 RKEF lines producing nickel pig iron with annual capacity of 28,000 tonnes of nickel contained. Commercial operation started April 2022.
- Nickel International Capital Pte. Ltd. (NICAP)supportingInternational subsidiary involved in nickel business portfolio investments. Harum Energy completed subscription of new shares in NICAP in September 2024.
- PT Sunny Metal Industry (SNMI)coreSNMI is a subsidiary of Harum Energy invested through THN. SNMI operates a nickel smelter at Weda Bay Industrial Park with 4 RKEF lines producing nickel pig iron with annual nameplate capacity of approximately 55,000 tonnes of nickel contained. Commercial production started early 2023.
- PT Position (POS)corePOS is a nickel ore mining company acquired by Harum Energy through THN in 2021 (51% shareholding). POS holds a Mining Business Licence for Metal Mineral in East Halmahera, North Maluku with 4,017 Ha license area.
- PT Bumi Karunia Pertiwi (BKP)supportingBKP is a coal mining company acquired by Harum Energy in 2018. BKP holds Mining Business License (IUP) Operation Production in Gunung Timang, Barito Utara, Central Kalimantan with 4,188 Ha area.
- PT Karya Usaha Pertiwi (KUP)supportingKUP is a coal mining company with Harum Energy holding 50.5% shares since 2013. KUP operates in Marang Kayu, Kutai Kartanegara, East Kalimantan with 2,662 Ha area. Commercial coal mining operation started in 2018.
- Weda Bay Industrial Park (Indonesia)coreStrategic industrial park location hosting Harum Energy's nickel processing operations including IMI, WMI, BSE, and SNMI facilities. The park provides infrastructure and ecosystem for nickel processing and refining activities.
Scale indicators18 records
Recent moves6 records
Expansion highlights5 records
Harum Energy competitors and assessment
Company assessmentBroad incumbents
- Glencore: Global diversified mining and trading major with significant nickel/cobalt exposure (including MHP marketing). Comparable on commodity-trading-led nickel business and global customer reach.
- Tsingshan Holding Group: Chinese private stainless steel and nickel giant that pioneered Indonesian NPI/RKEF capacity at Morowali and Weda Bay. Direct competitor in nickel intermediates feeding Chinese stainless steel supply chains.
- Eramet: French diversified miner with major nickel operations (New Caledonia, Indonesia Weda Bay project). Compares on integrated nickel mining and HPAL/lithium ambitions; broader portfolio including manganese and alloys.
- BHP Group: Diversified global miner with nickel operations (Western Australia) and broader exposure to battery materials and metallurgical coal. Comparable on the dual-commodity coal/nickel orientation and energy-transition positioning.
Direct peers
- Aneka Tambang (Antam): Indonesian state-linked diversified miner producing nickel (nickel ore, ferronickel) and gold, with downstream MHP/battery material ambitions. Most directly comparable Indonesian peer on integrated nickel value chain.
- Adaro Energy Indonesia: Indonesian-listed diversified miner with a thermal coal core (Alamtri/Adaro Minerals) and growing nickel/critical minerals exposure via Adaro Minerals. Comparable on coal-and-nickel strategy and Indonesian public-market exposure.
- Nickel Industries Limited: Australia-listed pure-play nickel pig iron producer with RKEF operations co-located in Indonesia (incl. Weda Bay/Halmahera). Direct competitor in NPI and nickel-matte capacity, with overlapping customer set in stainless steel and battery materials.
- Vale Indonesia: Major Indonesian nickel laterite miner (Sorowako) producing nickel matte; same geography (Sulawesi/Halmahera-region supply) and comparable nickel mining and intermediate processing output.
Regional players
- Bukit Asam (PTBA): Indonesian state-owned thermal coal miner. Comparable on coal mining operations and IDX-listed peer status, though without Harum's nickel diversification.
Emerging players
- Merdeka Battery Materials: Indonesian nickel processor (Halmahera Persada Ligaya, AIM) developing HPAL for MHP and rotary kiln for NPI. Competes with Harum's BSE and RKEF lines for battery-grade nickel share within Indonesia.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Harum Energy social profiles
Digital presenceHarum Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Harum Energy leadership team
Management profileNumber of profiles
Profiles1 record
Harum Energy subsidiaries and ownership
Company hierarchySubsidiaries14 records
Harum Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Harum Energy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Harum Energy
What does Harum Energy do?
PT Harum Energy Tbk is an integrated mining and metals company that mines thermal coal in East and Central Kalimantan and nickel ore in East and Central Halmahera, processes nickel into nickel pig iron, high-grade nickel-matte, and Mixed Hydroxide Precipitate (MHP) at the Weda Bay Industrial Park, and provides company-owned barge and tugboat logistics. The company sells these commodities directly to industrial manufacturers such as stainless steel producers, special alloy makers, battery materials companies, power generators, and other industrial users.
Is Harum Energy a public or private company?
Harum Energy is a public company. It is classified as public and is currently operating.
When was Harum Energy founded?
Harum Energy was founded in 1995. It employs 1,001 to 5,000 people.
Where is Harum Energy based?
Harum Energy is headquartered in Jakarta Pusat, Indonesia, in the Asia region.
Who are Harum Energy's main competitors?
Broad incumbents on record are Glencore, Tsingshan Holding Group, Eramet and BHP Group. Direct peers are Aneka Tambang (Antam), Adaro Energy Indonesia, Nickel Industries Limited and Vale Indonesia. Bukit Asam (PTBA) is listed as a regional player. Merdeka Battery Materials is listed as an emerging player.
Does Harum Energy have an API?
No public API is recorded for Harum Energy.
What industry is Harum Energy in?
Harum Energy's product category is Mining and Metals. Its primary akta.pro industry code is IMAKAIAI, Coal Handling, Stockpiling & Loadout Terminals. Its NAICS code is 21223 and its SIC code is 1000.