Indonesia Finalized New Royalty Tariffs for Minerba under PP No. 18/2025 & 19/2025

Indonesia Finalized New Royalty Tariffs for Minerba under PP No. 18/2025 & 19/2025
The Govt. officially issued PP No. 18/2025 and PP No. 19/2025, revising royalty tariffs for coal and several mineral commodities. The new rates will be effective from 26 Apr-25. 
Key changes: 
- Mineral commodities (e.g., nickel, copper, gold) saw a royalty increase, aligning with the Ministry of ESDM proposal in Mar-25. 
- Coal producers under IUPK licenses received reduced royalty rates, in contrast to general assumptions. 
- Royalty hikes for ferronickel and nickel matte came in lower than initially proposed: 
• Ferronickel: Final 4–6% (vs proposed 5–7%) 
• Nickel matte: Final 3.5–5.5% (vs proposed 4.5–6.5%)
(Bloomberg)

China to Add 60 GW Coal‑Fired Capacity by 2027, Indonesia Coal Exports Could Jump
China's plan to build 60 GW of new coal‑fired power capacity in 2026–27 (adding to 95 GW by 2025) could lift Indonesian thermal coal exports to China by up to 10% per year—around 25 mn t annually. Growth will depend on China's own supply capabilities and competition from other exporters like Australia, as well as on industrial demand under ongoing US‑China tariff tensions. (Kontan)

COMPANY
BCAS: INTP IJ - Gained Market Share Despite Mar-25 Cement Slump

- Domestic cement market fell -22.2% YoY in Mar-25 due to Eid-related shorter working days; bag volumes dropped sharply in Java (- 28.1%) and outside Java (-14.8%), while bulk fell -15.0% and -37.6%, respectively. 
- 1Q25 demand declined -7.8% YoY, with bag -8.0% (Java) and -1.2% (outside Java), while bulk -4.1% (Java) and -30.4% (outside). 
- Indocement volume declined -17.1% in Mar-25 and -5.9% in 1Q25, but market share rose to 30.1% in 1Q25 (vs 29.5% in 1Q24). 
- Apr-25 volume expected to rebound strongly due to Eid timing shift. (Company)

Adaro Andalan Indonesia (AADI) Planned IDR 4 tn Buyback 
AADI planned a share buyback program worth up to IDR 4 tn over a 12-month period following approval at the AGM on 22 May-25. If approved, the buyback may be executed from 23 May-25. The program aimed to improve share liquidity and better reflect AADI's fundamental value. (Kontan)

Semen Indonesia (SMGR) Planned IDR 300 bn Buyback
SMGR planned a share buyback of up to IDR 300 bn, including IDR 200 bn for execution during significant market fluctuations. The proposal will be tabled at the AGM on 23 May-25. The buyback will not exceed 10% of total paid-in capital, and the free float will remain above the 7.5% threshold. (Kontan)

Global Digital Niaga (BELI) Raised IDR 1.16 tn from MESOP III Phase II
BELI raised IDR 1.16 tn from the exercise of 2.86 bn sh under MESOP III Phase II during 15 Mar–14 Apr 2025, at an exercise price of IDR 406/sh. Of the 3 bn sh offered, 137.91 mn sh remained unexercised and may be carried over to the next period. Following the programs, BELI's total shares rose to 133.86 bn (from 131 bn). (Emitennews)