PTBA - Secures IDR3.56 Tn Loan to Boost Coal Transport

PTBA - Secures IDR3.56 Tn Loan to Boost Coal Transport PT Bukit Asam Tbk (PTBA) signed a IDR3.56 tn loan with Bank Mandiri, BRI, and BNI on 12 Nov 2025 to fund its Coal Handling Facility and Train Loading Station 6 & 7 Project. The 5-year facility will support expansion of the Tanjung Enim-Kramasan rail network, targeting a 20 mtpa transport capacity increase and commercial ops by 2Q26. (Source: Company) Comment: The IDR3.56 tn loan (~IDR178 bn/Mt) appears more capex-efficient than PTBA’s past projects (~IDR250 bn/Mt), and this expansion is critical to lower transport cash costs, with post-loan DER projected to rise from near zero to a still-conservative ~0.17x.