PEFINDO has affirmed its idA+ ratings to PT Bumi Resources Tbk

(December 3, 2025)--PEFINDO has affirmed its idA+ ratings to PT Bumi Resources Tbk (BUMI) and its outstanding Shelf Registered Bond I. Outlook for the Company’s rating is stable. The rating reflects BUMI’s strong business position as well as sizeable mining reserves and resources. The rating is constrained by its moderate cash cost position, risk of developing new project, as well as exposure to fluctuating commodity prices and environmental risk.

The rating may be raised if BUMI manages to reduce its cash costs, which will enhance the Company’s profit margins and strengthen its operating management. The rating may also be raised if the Company successfully diversifies its business to non-coal and generates significant revenue as well as EBITDA from said businesses while maintaining its current coal production levels. We may lower the rating if the Company obtains more significant loans than projected without being compensated by additional revenue and EBITDA, which may aggravate its financial profile.

Deteriorating revenue or EBITDA due to lower coal prices or sales volume may also put pressure on BUMI’s rating.

BUMI operates in the coal and gold mining industries through its subsidiaries, PT Arutmin Indonesia and PT Bumi Resources Minerals Tbk, respectively. The Company also has majority shares of 51% in PT Kaltim Prima Coal (KPC), one of Indonesia’s largest coal mining companies. As of September 30, 2025, BUMI was owned by Mach Energy (Hongkong) Limited (45.78%), HSBC-FUND SVS A/C Chengdong Investment Corp-Self (9.11%), Treasure Global Investment Limited (8.08%), UBS Switzerland AG- client assets (6.36%), and public (30.68%). (ends)