Harum Energy

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.

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

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

• Thermal coal mining
• Nickel pig iron production
• Nickel matte processing
• High-pressure acid leaching
• Mixed hydroxide precipitate

Headquarters

HQ city

Jakarta Pusat

HQ country

Indonesia

HQ region

Asia

Offices6 records

Markets served

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

Core 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

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• PT Blue Sparking Energy (BSE)coreOthers · 2 October 2023BSE 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)coreOthers · 29 September 2023WMI 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)coreOthers · 26 September 2023IMI 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)supportingOthers · 28 June 2023International subsidiary involved in nickel business portfolio investments. Harum Energy completed subscription of new shares in NICAP in September 2024.
• PT Sunny Metal Industry (SNMI)coreOthers · 1 January 2023SNMI 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)coreOthers · 1 January 2021POS 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)supportingOthers · 1 January 2018BKP 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)supportingOthers · 1 January 2013KUP 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 or Co-development PartnerStrategic 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

Broad 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

• LinkedInlinkedin.com/company/harum-energy-tbk-pt-44h-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries14 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Harum Energy