October 2026
Largest Metals & Mining Public Companies in Indonesia
Benchmark revenue and EBITDA valuation multiples for public comps like
Bayan Resources, Amman Mineral Internasion, Dian Swastatika Sentosa, Merdeka Gold Resources and Nanshan Aluminium.
 | PT Bayan Resources Tbk is a coal producer. The company integrates coal mining, processing, and logistics operations. The segments of the company include Coal and Non-coal. The company's majority of revenue is generated by the sale of the coal segment. Geographically, the company derives a majority of its revenue from South East Asia (Malaysia, Philippines, Singapore, Vietnam), and also has a presence in East Asia, Domestic, and South Asia. | $1 | -42% | $21B | $20B | 5.9x | 18.2x | ||
| PT Amman Mineral Internasional Tbk is a copper-and-gold mining company in Indonesia, operating the Batu Hijau mine on the island of Sumbawa. It has only one operating segment, namely copper and gold mining and processing in Batu Hijau. | $0 | -44% | $17B | $23B | 12.2x | 21.2x | ||
| Dian Swastatika Sentosa (DSSA) is an Indonesian energy, infrastructure and technology group listed on the Indonesia Stock Exchange and part of the Sinar Mas conglomerate, headquartered at Sinar Mas Land Plaza in Jakarta. Its largest business is coal mining through PT Golden Energy Mines (GEMS), which has operated since 1997 and holds concessions in Jambi, South Sumatra, West Sumatra and South and Central Kalimantan, and PT DSSE Energi Mas Utama, which supplies independent power producers; the group reports about 0.9 billion tons of proven thermal coal reserves. It also generates electricity, including through a 600 MW joint venture with China Datang Corporation, and trades fertilisers, pesticides and industrial chemicals. Its digital infrastructure arm runs MyRepublic Indonesia, which passed more than 6.4 million homes in 140 cities and had over 914,000 internet customers at the end of 2024, and SM+ data centres. Through PT Sinarmas Sukses Sejahtera it invests in digital platforms including the payments app DANA and the streaming service Vidio, whose rounds it joined in 2022 and 2025, and it runs GWS Medika clinics and GWS Farma pharmacies in Jakarta. | $0 | -73% | $8.3B | $10B | 3.7x | 19.9x | ||
| PT Merdeka Gold Resources Tbk is currently carries out business activities as a holding company for a business group engaged in gold mining and related minerals, processing and other vertically integrated business activities. The Company Group's Pani Gold Project will be a multi-decade mine with a processing capacity of up to 19 million tonnes per year. Peak gold production is expected to reach 500,000 ounces per year, positioning the Pani Gold Project as one of the largest gold mines in Indonesia and the Asia Pacific region. | $0 | +81% | $6.5B | $6.9B | 52581.7x | (2448.8x) | ||
| Nanshan Aluminium International Holdings Ltd is an alumina manufacturer in Southeast Asia. Its focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing these resources to fuel its operations. The company's primary product, alumina, is produced under the AO-1 Grade requirement of GB/T 24487-2022 standard. | $3 | -48% | $1.8B | $1.2B | 1.0x | 2.2x | ||
| Median | $0 | -44% | $8.3B | $10B | 5.9x | 18.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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