Bumi Resources Takes Control of Jubilee Metals in Push Beyond Coal

JAKARTA, Investortrust.id — PT Bumi Resources Tbk or BUMI completed the acquisition of newly issued shares in Jubilee Metals Limited on Friday, Dec 19, 2025 in Jakarta, lifting its ownership to 64.98 percent as the miner accelerated its push beyond coal into base and battery metals. The transaction, valued at Rp 346.93 billion, equal to $22.3 million, marked the final stage of BUMI’s takeover of the Australia-based company.

The deal involved the purchase of 3.31 million new shares issued by Jubilee Metals, a company incorporated in Western Australia with operations focused on metal processing and recovery. With the transaction completed on Dec 18, BUMI became the controlling shareholder, consolidating Jubilee Metals as part of its expanding non-coal portfolio.

Management said the acquisition aligned with BUMI’s long-term transformation strategy, which aims to reduce reliance on thermal coal and build exposure to metals linked to industrial processing and energy transition demand. The company has increasingly framed diversification as central to sustaining growth amid global pressure on coal producers.

“This transaction is a strategic step in line with the company’s transformation plan,” said RA Sri Dharmayanti, a director at BUMI, adding that the acquisition was expected to strengthen business performance and create value for shareholders.

Market attention on BUMI has intensified in recent months alongside a sharp rise in trading volume and share price, fueling expectations that the stock could be included in the MSCI Indonesia Index as early as February 2026. Analysts have pointed to improved free-float capitalization and liquidity, two core metrics used by MSCI in index selection.

Foreign investors have been among the most active buyers, recording net purchases of about Rp 520 billion with trading volume reaching 1.8 billion shares. The inflows have signaled a shift in perception, with BUMI increasingly viewed not only as a short-term trading play but as a potential candidate for longer-term institutional allocation.

Analysts cautioned, however, that MSCI inclusion depends on sustained market capitalization, liquidity, and price stability over time. Short-term volatility remains possible as expectations around index inclusion continue to be tested by market conditions.