Aldira Sunrise 20 November 2024

• ELSA launched new geothermal exploration device
Elnusa (ELSA) has launched an innovative geothermal exploration device, the 3D Surface-
Borehole Tomography Induced Polarization & Resistivity and Magnetotelluric (RES-IP).
Developed in collaboration with the Bandung Institute of Technology (ITB) and funded by
the Indonesia Endowment Fund for Education (LPDP) since 2019, the RES-IP provides
detailed subsurface imaging up to depths of 1,000–2,500 meters. This advanced technology
is designed to improve geothermal exploration by mapping complex geological structures
and monitoring fluid dynamics in Enhanced Oil Recovery (EOR) and Carbon Capture,
Utilization, and Storage (CCUS) programs. By integrating a long-offset tomography resistivity
system with multi-node wireless technology, the device enhances data accuracy and
operational efficiency. This development reinforces Elnusa’s strategic focus on supporting
renewable energy initiatives, potentially boosting its position in the energy sector and
aligning with global sustainability trends. (Emiten News)
• MBMA injects IDR 3.1T to Merdeka Tsinghan Indonesia
Merdeka Battery Materials (MBMA) injected capital into its subsidiary, Merdeka Tsingshan
Indonesia (MTI), amounting to a maximum of USD 200M or the equivalent of IDR 3.16T. This
transaction, which was authorized on 14 Nov 24, is not material because the value does not
reach 20 percent of MBMA’s equity value based on the Financial Report of the Company and
its subsidiaries as of 30 Jun 24. Meanwhile, MTI is controlled with indirect ownership of 80%
of the shares through Batutua Pelita Investama (BPI). Apart from that, there is an MTI
commissioner who also serves as a member of the board of commissioners at MBMA. With
the completion of the transaction, the Company can provide funding support which will be
used by MTI to expand its business in the field of processing residual ore from the Wetar
Copper Mine. (IDX Channel)
• PNGO will distribute IDR 40 per share interim dividend
Pinago Utama (PNGO) has announced an interim dividend distribution of IDR 40 per share
for the fiscal year 2024, totaling IDR 31.25B. This decision, approved by the Board of Directors
and Commissioners on 18 Nov 24, is based on the company’s financial performance as of 30
Sep 24, which includes a net profit attributable to the parent entity of IDR 138.38B, retained
earnings of IDR 781.76B, and total equity of IDR 893.45B. The cum dividend date is on 28 Nov
24, while payment will be on 13 Dec 24. (Emiten News)
• TPIA waiting for AMDAL Approval for a project worth IDR 15.7T
Chandra Asri Petrochemical (TPIA) is still waiting for approval of the Environmental Impact
Analysis (AMDAL) for the construction of the Chlor Alkali-Ethylene Dichloride (CA-EDC)
factory, which is planned to be located in Banten. This project is expected to start
construction in early 2025 with an investment value of USD 1B or equivalent to IDR 15.71T. Edi
Riva’i, Director of Chandra Asri, stated that the AMDAL document for this project had been
submitted two years ago and his party is now waiting for approval from the Minister of
Environment and Forestry, Hanif Faisol Nurofiq. The CA-EDC factory project will be managed
by Chandra Asri’s subsidiary, PT Chandra Asri Alkali (CAA), and has a production capacity of
400,000 tons per year for wet caustic soda and 500,000 tons per year for ethylene dichloride
(EDC). (Kontan)