Transcripts
PT Trimegah Bangun Persada Tbk's management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.
Annual Public Expose 2026 — Q&A Minutes — Public Expose 2026
The most recent management Q&A: the LFP-versus-nickel demand challenge answered head-on, sulfur supply after the Strait of Hormuz closure, and why a higher-margin mining segment still matters less than smelting. · Open the full transcript →
IRMA certification, promised for early 2025 in the 2024 expose, is still in corrective action two years on.
Naufal A (individual investor); PT Trimegah Bangun Persada management: What is a progress update on the IRMA audit process? […] With regard to the IRMA audit process, the Company convey that the audit has been ongoing since 2024 and remains in progress. The Company is currently in the corrective action period, in accordance with the auditor's recommendations provided during the initial audit, in order to carry out improvements and corrections prior to re-verification by the auditor. The Company expects the auditor to conduct a re-verification within this year.
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The hardest question of the session: if LFP owns 80% of China, who absorbs Indonesia’s HPAL output?
Bagus Permadi Prayitno (individual investor); PT Trimegah Bangun Persada management: Given that LFP chemistry currently captures roughly 80% of the EV battery market in China, what is the basis for investor confidence that the demand for MHP and nickel sulfate will remain sufficient to absorb the total output from Indonesia’s expanding HPAL capacity? […] With regard to the competitive dynamics between Lithium Ferro Phosphate (LFP)-based batteries and nickel-based batteries, the Company believes that these two battery types essentially serve distinct market segments. Nickel-based batteries are generally used in mid- to upper-class electric vehicles requiring greater energy storage capacity, as commonly found in the European and United States markets, which are characterized by long travel distances and relatively limited charging station infrastructure. Conversely, LFP-based batteries are more widely used in China, which has a greater number of charging stations, allowing vehicles with smaller battery capacities to operate optimally due to the higher frequency of charging that can be performed. Apart from this market segmentation, Nickel Cobalt Manganese (NCM) batteries are also considered advantageous in terms of sustainability due to their higher recyclability, that whereby used NCM batteries can be reprocessed into black mass or black powder for further processing into nickel sulfate. This represents one of the key advantages of nickel-based batteries, which is expected to support a more environmentally friendly (green) production process in the future, considering that within the next 20 (twenty) to 30 (thirty) years, nickel demand for batteries is projected to be met through the recycling of end-of-life nickel-based batteries, without the need for new mining activities.
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HPAL’s key consumable after the Strait of Hormuz closure: 3–4 months of stock and a deliberately diversified supplier base.
Zetta Hannany (IDNFinancials); PT Trimegah Bangun Persada management: With regard to the impact of the sulfur supply disruption, the Company convey that since the outbreak of the conflict and the closure of the Strait of Hormuz in 2026, sulfur distribution has experienced minor disruptions. Nevertheless, since the end of 2025, the Company had anticipated the upward trend in sulfur prices by ensuring that sulfur supply and stock at its sites were sufficient to meet production requirements for a minimum period of 3 (three) to 4 (four) months. Furthermore, the increase in sulfur prices subsequently occurred gradually. To date, the Company has not experienced any difficulty in restocking sulfur, given its diversified supplier base, which is not dependent on a single country or the Middle East region alone. Through this strategy, the Company's sulfur stock remains secure, with current reserves estimated to be sufficient to meet requirements for approximately the next 4 months.
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Mining carries the higher percentage margin; processing still carries the larger absolute contribution. Both, precisely.
Zetta Hannany (IDNFinancials); PT Trimegah Bangun Persada management: Does this indicate that raw nickel ore sales have become more profitable compared to downstream processing/smelting activities? […] Furthermore, that in percentage terms, the margin of the nickel mining segment is indeed higher than that of the nickel processing segment, given the relatively lower production costs in the mining segment. However, in nominal terms (in both US Dollar and Rupiah), the contribution of the nickel mining segment remains smaller than that of the nickel processing segment, as despite the large sales volume of nickel ore, the selling price per ton of nickel ore is significantly lower than the selling price of nickel processing products.
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Why an IDR reporter is economically dollarised: exports in USD, and domestic ore priced off LME then converted.
Nurul21 (individual investor); PT Trimegah Bangun Persada management: What is the impact of the strengthening USD on the Company’s operations? […] With regard to the impact of the strengthening of the United States Dollar (USD) against the Rupiah, the Company convey that this condition does not have a negative impact on the Company. This is because the Company's revenue from the nickel processing segment is derived entirely from export activities, with sales proceeds conducted in USD. Meanwhile, with respect to the nickel mining segment, although sales payments are received in Rupiah, the selling price of nickel ore is essentially benchmarked to the US Dollar, given that the mineral reference price follows the London Metal Exchange (LME) price, which is subsequently converted into Rupiah.
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Annual Public Expose 2025 — Q&A Minutes — Public Expose 2025
The clearest single account of the resource base and the low-cost-producer strategy: six IUPs on Obi, backward integration into quicklime, and the KPS RKEF build-out schedule. · Open the full transcript →
Guidance philosophy: no revenue or profit number, only the volume drivers — mature RKEF flat, new assets ramping.
Sabrina Rhamadanty (Kontan); PT Trimegah Bangun Persada management: What are the Company’s revenue and profit targets for this year, considering the global decline in nickel prices? Is there an increase compared to last year? […] In general, the revenue and profit will be contributed by nickel demand and supply globally. The management is striving to remain focus on efficiency programs and completion on the ongoing projects and expect these initiatives will provide enhanced contributions, particularly driven by improved operational performance in the nickel ore mining sector. The Company will increase the production through its subsidiary i.e PT GTS that has commenced operations in 2025. On the operation of nickel processing of PT Megah Surya Pertiwi (“PT MSP”) and PT Halmahera Jaya Feronikel (“PT HJF”) are expected to remain stable, as both facilities have reached full production capacity. […] Additional contributions are anticipated from the Company’s associated entities i.e PTHalmahera Persada Lygend (“PT HPL”), PT Obi Nickel Cobalt (“PT ONC”) and PTKarunia Permai Sentosa (“PT KPS”) which also impacted by nickel prices. However, in 2025, PT KPS and PT ONC are expected to increase, as PT ONC has reached full capacity and PT KPS has commenced production in 2025.
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How the cost curve is defended when volume cannot grow: bring the HPAL reagent in-house rather than buy it.
Jeffrey Angkasa (Tuntun Sekuritas); PT Trimegah Bangun Persada management: What are the Company’s long-term strategies to maintain its position as a lowcost nickel producer, considering that many smelters face challenges in expanding production beyond existing capacity? […] To date, The Company is undertaking several cost-efficiency initiatives to remain competitive in production costs, including starting the construction of PT Citra Kemakmuran Mitra (“PT CKM”). PT CKM will process limestone into quicklime. During this time, we buy the quicklime from the external party at a higher cost. […] With the construction of a quicklime facility, the production or operational costs are expected to be more efficient, especially in nickel ore refining process using HPAL technology.
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Management’s working price assumption — roughly USD 15,000/t Ni, taken as near the floor.
Zeta (IDN Financials); PT Trimegah Bangun Persada management: What is the Company’s projection on nickel prices for the remainder of the year? Is there any specific impact on the domestic nickel industry? […] The Company views the current nickel price as relatively stable. Based on LME data, the price hovers around USD 15,000/ton Ni and has occasionally lower below that level. Under current conditions, as a low-cost producer and efficiency initiatives implemented, the Company remains quite optimistic about its operational performance this year.
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The growth pipeline dated and sized: KPS phases 2 and 3, to 185,000 t of nickel in ferronickel.
Zeta (IDN Financials); PT Trimegah Bangun Persada management: When will the construction of the remaining 8 (eight) RKEF lines at PT KPS be completed? What will the total production capacity be once completed? […] The 8 (eight) production lines at PT KPS are divided between Phase 2 and Phase 3, with four (4) lines each. Phase 2 is expected to proceed on schedule, with will be commencing in Q3 or Q4. The next phase is expected to begin in early 2026. Upon completion, PT KPS is projected to reach an installed capacity of 185,000 tons of nickel in FeNi.
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Annual Public Expose 2024 — Q&A Minutes — Public Expose 2024
The call where the thesis was tested — BASF had just walked away from the Obi project and nickel was in surplus; it also contains the only public unit economics for the HPL HPAL plant. · Open the full transcript →
The Obi value-chain logic first laid out: tailings turned into product, limestone turned into HPAL reagent.
Godang Sitompul (Ruang Energi); PT Trimegah Bangun Persada management: In general, the purpose of PT BBS’s establishment is to reduce the tailings from HPAL. Currently, PT BBS is still under feasibility study, but roughly, contribution for reducing tailings from HPAL annually can reduce 1.5 tons of tailings. In addition, we hope the recycling process for the tailings from HPAL will be able to push the profitability of the Company, whereas the tailings with no value can be recycled into products that have added value. The efficiency from PT CKM through the processing of limestone to quicklime (the main raw material in the HPAL process) is still under feasibility study; therefore, we don’t have the number yet. The main point is that PT CKM will optimize the value chain in Obi Island, hence the operations are more efficient and can reduce production costs.
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The IRMA timetable as originally given; set against the 2026 answer, it has slipped by well over a year.
Godang Sitompul (Ruang Energi); PT Trimegah Bangun Persada management: The Company’s target for ESG is carry out the certification for NCKL, whereas the internationally recognized certification body, namely IRMA. The Company expect that this certification will be completed soon and we will be […] certified no later than approximately in early 2025. If the certification is completed, we are the second company in Indonesia to be certified by IRMA after Vale.
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The only public unit economics for HPL: 55,000 t/yr nameplate, US$1.2bn capex, ~30% MHP cash margin.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: The Company is not in a position to answer the question of why BASF cancelled the project. We know that they have published a statement that can be directly checked by the public. We want to emphasize that the main point of sustainability for a project is the initial investment. We may say that project HPL, with nameplate capacity of 55,000 tons of nickel containedper year in MHP, has a total investment of US$1.2 billion. The second thing is that the higher cash margin and we may say that our cash margin of MHP is around 30%.
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The surplus answered on demand grounds — stainless, not EVs, is the swing factor, and cost position is the defence.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: Currently, nickel is oversupplied due to the increase of the nickel production in Indonesia. After we met several analysts and securities outside the country, they said that the oversupply is not as bad as predicted. […] By industry, the use of nickel from Indonesia is dominated by stainless steel, and growth for stainless steel has increased by 8%. It shows the oversupply has the potential to decrease. On the other hand, China government has taken an initiative to boost the economy for their country, including increasing the incentive for property, which will be able to push the demand for stainless steel and reflect the demand for nickel. Electric Vehicles (EV) batteries are currently growing, although the growth percentage is not as high as predicted by the market. We can say that every year’s growth is still double digits. We believe that nickel prospect in the future are still good. However, the most important things at this time is become a low cost producer. In the event of low nickel price, Indonesia nickel producers still can be make a profit.
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Capital allocation for the rights issue: more capacity, more reserves, and larger stakes in the smelters it already runs.
Ghaffur (Investor Daily); PT Trimegah Bangun Persada management: Use of proceed of Right Issue will be use to increase the capacity production and nickel reserves of the Company. Furthermore, the Company also plans to increase shares ownership in the smelter and refinery facilities.
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