BUMA Celebrates 26th Anniversary: A Journey of Strategic Growth and Global Transformation

PT Bukit Makmur Mandiri Utama (BUMA), the principal subsidiary of PT Delta Dunia Makmur Tbk (Delta Dunia Group, IDX: DOID), marks 26 years of progressive growth and strategic transformations. Established in December 7th 1998, BUMA has consistently strengthened its operations, cementing its role in the key mining jurisdictions of Indonesia and Australia while actively broadening its reach across geographies and diversifying into new commodities.

Indra Kanoena, President Director of BUMA, commented, “2024 has been a year of remarkable transformations. We significantly enhanced our operational scope in Indonesia and Australia through substantial new contracts and extensions. Simultaneously, we broadened our global reach with strategically value-accretive acquisitions and diversified our commodity portfolio through our subsidiaries in Indonesia, Australia, and Singapore. The various achievements we have accomplished this year demonstrate BUMA's ability to overcome challenges and achieve sustainable growth. The theme 'BUMA BISA’ that we carry forward in our 26th anniversary celebration is a true reflection of our dedication to continuous improvement, our agility in responding to change, and our perseverance in achieving growth.”

2024 Key Contract Highlights: Demonstrating BUMA's Excellence in Mining

In Indonesia:

• August 2024: BUMA secured an IDR 12 trillion contract with PT Persada Kapuas Prima, highlighting its expertise in providing comprehensive mining services with an end-to-end approach. The mining services will take place over the Life of Mine, with the initial phase planned for a period of 9 years.

• October 2024: BUMA secured an 11-year contract extension with PT Indonesia Pratama, a subsidiary of PT Bayan Resources Tbk, worth IDR 107.8 trillion, further cementing its market leadership.

In Australia:

• April 2024: BUMA Australia entered into a contract with Blackwater Operations Pty Ltd, a subsidiary of Whitehaven Coal Mining Limited, to provide pre-strip mining services at the Blackwater mine. The contract demonstrated BUMA Australia's continued operational expertise in managing the mine.

• September 2024: BUMA Australia secured an AUD 200 million extension at the Meandu Mine with TEC Coal Pty Ltd. This extension continues BUMA Australia’s operations and underscores their success in fostering long-term partnerships.

Expanding Global Reach and Diversifying Commodities Through Strategic Value-Accretive Acquisitions

• June 2024: BUMA took transformative steps by acquiring a majority stake in Atlantic Carbon Group, Inc. (ACG) through BUMA International’s controlled entity, American Anthracite SPV I, LLC. ACG is the second largest ultra-high-grade anthracite producer in the US, securing ownership of four producing UHG anthracite mines in Pennsylvania. With this acquisition, BUMA becomes one of key UHG anthracite producers globally, further diversifying the Group’s business geographically and into future-facing commodities, in line with its transformation strategy.

• November 2024: BUMA International entered into a binding agreement with Peabody Energy Corporation (Peabody), to acquire a 51% interest in Dawson Complex (Dawson), granting BUMA International a controlling interest (subject to regulatory approvals, with a targeted completion in 2025) in one of Australia’s largest metallurgical coal mines.

• December 2024: Through BUMA Singapore, BUMA invested AUD 62 million through institutional and retail placement to 29Metals Limited (29Metals), granting the Group a significant minority interest of 19.9% in 29Metals. 29Metals is an ASX-listed mid-sized copper-focused base and precious metals mining company. The placement provides BUMA and the Group with immediate exposure to copper and zinc through a producing miner – a significant step in the Group’s strategic plan to strengthen its presence in Australia and diversify towards future-facing commodities.

Financial Prudence and Strong Credit Metrics: Demonstrating BUMA’s Cash Flow Enhancement

BUMA has consistently demonstrated prudent financial management, emphasizing on enhancing cash flows, leveraging innovative technology for cost management, and proactively aligning debt maturity with the lifespan of its equipment. The company has maintained a low and manageable Net Debt/EBITDA ratio at 1.96x as of 1H 2024, reflecting strong leverage management and positioning it for future growth.

The successful issuance of BUMA II 2024 Rupiah Bonds in September 2024, which saw a 1.4x oversubscription, indicates robust investor demand and confidence in BUMA’s cash flow management and credit profile. This bond issuance has enabled BUMA to secure greater investor commitments for longer-term tenors, significantly enhancing the company's ability to manage its debt maturity profile effectively.

“Our journey has always been rooted in growth, guided by sustainability, and powered by trust and collaboration of our stakeholders. We remain committed to achieving a better future marked by sustainable growth, shared prosperity, and stakeholder trust,” Indra concluded.