Indika lands $155M DBS loan to fund gold pivot away from coal
What's the deal? Indika Group (INDY)Dealroom has a profile for this one. Try Dealroom →, the Indonesian energy group controlled by Agus Lasmono and Wiwoho Basuki Tjokronegoro, has signed a $155 million credit facility with PT Bank DBS IndonesiaDealroom has a profile for this one. Try Dealroom →. The company and several guarantor subsidiaries backed the agreement, disclosed to the Indonesia Stock Exchange on August 6, 2026.
What's the endgame? The loan will fund capital spending on a gold mining project in South Sulawesi, operated by subsidiary PT Masmindo Dwi Area. It ranks pari passu — on equal footing — with INDY's senior notes due in 2029.
Why now? Indika is shifting from coal toward a more diversified portfolio. "This transaction supports the company's broader transition from a coal-focused business towards a more diversified business portfolio," said corporate secretary Adi Pramono. Management has said it wants non-coal businesses to contribute 50% of total revenue by 2028.
By the numbers: Indika posted revenue of $653.7 million in the first half of 2026, with 78.1% still coming from coal. Non-coal revenue grew 38.8% year-on-year to $260.2 million, or 21.9% of the total — showing the diversification is underway but far from complete.
A quick re-raise: The DBSDealroom has a profile for this one. Try Dealroom → facility follows a $100 million bond offering that INDY floated to develop the Awak Mas gold mine. The back-to-back financings underline how aggressively the group is funding its mineral ambitions. Its wider exploration portfolio spans Masmindo Dwi Area, Rockgeo Energi Nusantara, and Mekko Metal Mining.
The signal: Indika is a case study in a coal producer trying to reinvent itself before the energy transition erodes its core business. The DBS loan buys time, but with coal still driving nearly four-fifths of revenue, the 2028 target leaves little room to slow down.
Read more: IDNFinancials
Image credit: Generated with Gemini
