Jakarta. Indonesia’s coal giant Bumi Resources has signed a term sheet agreement to acquire Australia-based Wolfram Limited, a company engaged in gold and copper mining, as part of its broader push to diversify beyond thermal coal.

The acquisition marks a strategic move by Bumi Resources (BUMI), the world’s largest exporter of thermal coal and one of the largest coal producers globally, to expand into critical minerals amid growing global demand for green energy transition metals.

The Bakrie- and Salim-owned company said the deal aligns with its long-term transformation plans, highlighting the potential of Wolfram’s gold and copper assets to deliver added value for shareholders.

“The transaction is still subject to approval from Australia’s Foreign Investment Review Board,” BUMI management said in a statement on Thursday.

Bumi Resources noted that it has conducted in-depth assessments over recent years to support its diversification strategy. The company is currently targeting assets that are either in production or close to entering production.

In addition to gold and copper, BUMI is also reportedly eyeing the acquisition of a bauxite mine and alumina refinery in West Kalimantan.