Jakarta. Shares of Bumi Resources (BUMI) surged sharply on Tuesday morning after the mining company confirmed it had completed the acquisition of 100 percent of Wolfram Limited, marking a key step in its diversification beyond coal.

BUMI’s stock jumped 28 percent in the first trading session to Rp 192 per share, after briefly soaring over 31 percent at around 10:00 a.m. Jakarta time. Trading activity was intense, with 18.5 million shares exchanged in 232,600 transactions, valued at Rp 3.3 billion ($198 thousand), according to Indonesia Stock Exchange (IDX) data.

The rally followed BUMI’s announcement that it had acquired the remaining 0.32 percent stake, or 400,670 shares, in Wolfram Limited, an Australian-based company, for Rp 2.2 billion (AUD 200,000) on Nov. 7.

The purchase completed its earlier 99.68 percent stake acquisition reported in October, bringing the total transaction value to Rp 698.98 billion.

“With this acquisition, the company now fully owns Wolfram Limited,” BUMI Director Sri Dharmayanti said in an official statement on Monday. “This marks a major milestone in our diversification strategy into strategic and critical minerals, as well as downstream opportunities.”

The move aligns with BUMI’s broader plan to increase the share of non-coal revenue to 50 percent by 2030 through investments in gold, copper, and other metals.

Investor Base Surges, Non-Coal Strategy Gains Traction

Bumi Resources also reported a sharp increase in investor participation in its October 2025 shareholder registry, with 191,942 investors, up 34,195 from the previous month.

Foreign ownership fell slightly to 79.49 percent, while local investors’ holdings rose to 20.50 percent, reflecting growing domestic interest in the company’s diversification story.

BUMI, backed by Bakrie Group and Salim Group, has been actively expanding its portfolio through acquisitions, including a 41.36 percent stake in Jubilee Metals Limited (JML), a gold miner based in Australia.

In addition, greater exposure through Bumi Resources Minerals (BRMS), which operates in gold and copper, further strengthens the group’s non-coal growth trajectory.

“The non-coal portion of Bumi Resources’ business is rising significantly, mainly from gold,” Kiwoom Sekuritas noted in a research report on Friday. “Gold sales contributed 17 percent to total revenue in the January–September 2025 period, up from 11 percent a year earlier.”

The acquisition of Wolfram Limited is expected to strengthen BUMI’s precious and base metals reserves, with estimated resources worth around $2.26 billion. The company plans to consolidate the asset by the end of 2025, while its stake in Jubilee Metals will provide direct exposure to revenue from gold production.

BUMI’s January–September 2025 revenue rose 11.9 percent year-on-year, although net profit dropped 76 percent, weighed down by lower coal prices. Analysts expect the contribution from metals to start showing significantly in its financial results beginning fiscal year 2026.

For this year, the company targets coal sales of 76–78 million tons at an average price of $60–62 per ton, with cash production costs between $44–46 per ton.

Samuel Sekuritas maintained a “buy” recommendation on BUMI with a target price of Rp 170, citing its sum-of-the-parts valuation and diversification potential, though warning of risks from coal price volatility, regulation changes, and project execution.