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20240605_DOID_Laporan Informasi dan Fakta Material_31646852_lamp1.pdf
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PRESS RELEASE FOR IMMEDIATE DISTRIBUTION
Delta Dunia Group expands global business into mine
ownership with the acquisition of Atlantic Carbon Group
• Delta Dunia Group has entered into a Stock Purchase Agreement (SPA) to acquire the Atlantic
Carbon Group (ACG), one of the largest American anthracite producers operating four ultra-
high-grade anthracite (UHG anthracite) mines in Pennsylvania.
• The transaction is the Group’s first strategic move to expand into mine ownership and
strengthen its portfolio by diversifying into future-facing commodities.
• The transaction is supported by the Group’s strong cash position and existing syndicated
financing facility.
• Revenue and profit from ACG are incremental to the Group’s previously released revenue
guidance for FY2024.
• With the addition of the ACG revenues, the Group's non-thermal revenue mix will increase to
28% in FY2024 from 19% in FY2023.
• ACG’s operations have more than 25 years of mine life and long-term contracts with Tier-1
customers.
Jakarta, June 5, 2024 - PT Delta Dunia Makmur Tbk (Delta Dunia Group, IDX: DOID), through
American Anthracite SPV I, LLC, a subsidiary under PT Bukit Makmur Internasional (BUMA
International), has entered into a Stock Purchase Agreement (SPA) for strategic acquisition of Atlantic
Carbon Group, Inc. (ACG)1, the second largest UHG anthracite producer in the US2. The transaction
is expected to complete in June 2024. Further details of the transaction will be announced upon
completion of the transaction.
The USD122.4 million deal secures ownership of four producing UHG anthracite mines in
Pennsylvania. After the acquisition, the Group will become a key UHG anthracite producer globally.
The transaction further diversifies the Group’s business geographically and into future-facing
commodities, in line with its transformation strategy.
The transaction is financially attractive due to its favorable valuation, leverage, and earnings impact,
and it broadens the Group's relationships with key customers and stakeholders. With the transaction,
the Group assumes control of ACG’s operations. UHG anthracite is essential for the commercial
production of low-carbon steel (LC Steel) and can reduce carbon emissions from the production
process by up to 74%3. The Group's anthracite reserves are sufficient to support mining activities for
more than 25 years, and in turn, production capacity of up to 25 million tons of LC Steel annually.
Ronald Sutardja, President Director of Delta Dunia Group, stated, "This transaction is a significant
milestone for the Group. Upon completion, we will achieve a number of our strategic objectives. The
Group will become a mine owner for a commodity critical for the production of LC Steel. We will expand
1
ACG includes Atlantic Carbon Group, Inc., Wildcat Carbon Processing, LLC, American Carbon Warehousing, LLC, Newcastle
Anthracite Company, and The Central Pennsylvania Anthracite Company, LLC.
2
Based on Q1 2024 anthracite production profile.
3 1 tonne of steel produced in a Blast Furnace – Basic Oxygen Furnace produces 1.36 tonnes of CO2e, whereas 1 tonne of steel in
an Electric Arc Furnace with Anthracite produces 0.35 tonnes of CO2e.
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our geographic footprint into another key mining region. And, the deal further diversifies our revenue
towards our ESG target of lowering our thermal coal revenue to below 50% of our total revenue by
2028.”
TRANSACTION BOOST FOR THE GROUP
The Group's expansion into the US enables it to capitalize on the increasing demand for UHG
anthracite, which is used in electric arc furnaces (EAFs). Over the past decade, anthracite exports from
the US have grown at a compound annual growth rate (CAGR) of 10.6% from FY2014 to FY20234. All
forecast steelmaking capacity expansions in the US and Europe are for EAFs, and UHG anthracite
from the US will be a crucial supply source for EAFs globally. In addition, the governments in a number
of key jurisdictions, specifically the UK and German governments, are incentivizing the conversion of
Blast Furnaces to EAFs.
The transaction is supported by the Group’s strong cash position, and USD750 million syndicated
financing facility with PT Bank BNI (Persero) Tbk and PT Bank Mandiri (Persero) Tbk. The ACG
operations are expected to add USD120 – 130 million of revenue per year5. These projections are also
incremental to the Group’s revenue guidance for FY2024 which was released previously based on
existing operations.
SUSTAINABILITY TRANSFORMATION REMAINS ON TRACK
The transaction advances the Group's strategic goal of diversifying its portfolio and reducing its
dependence on thermal coal. With the addition of the ACG operations, revenue from future-facing
commodities will increase from 19% in FY2023 to 28% in FY2024.
In addition to cutting carbon emissions through the use of UHG anthracite in EAFs, ACG operations
enhance environmental outcomes with sustainable mining practices that remediate historical
environmental damage. ACG rehabilitates land mined over a century ago, transforming it into areas
suitable for development, recreation, and conservation. This includes reopening old mining tunnels to
remove remaining materials, implementing erosion and sediment control measures, reshaping the
landscape to its natural contours, and reforesting areas with grass and trees.
***
About PT Delta Dunia Makmur Tbk (Delta Dunia Group):
Established in 1990, PT Delta Dunia Makmur Tbk (Delta Dunia Group) is a prominent holding company operating in
Indonesia, Australia and at the completion of this transaction, America. Our principal subsidiary, PT Bukit Makmur Utama
(BUMA), is a leading provider of mining services to some of the largest miners in Indonesia and Australia (through BUMA
Australia Pty Ltd).
In 2023, Delta Dunia Group expanded its portfolio with the addition of two new subsidiaries: PT Bukit Teknologi Digital
(BTech), offering comprehensive mining technology solutions that empower companies within the mining industry, and
PT BISA Ruang Nuswantara (BIRU), a social entity dedicated to education, vocational schools, and fostering a circular
economy.
4
McCloskey Official Price Index for Settlements
5
Expected revenue in FY24-28 based on the Group’s forecasts, supported by existing contracts. Stated on a consolidated basis.
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Listed on the Indonesia Stock Exchange (IDX Code: DOID), Delta Dunia Group is headquartered in Jakarta, Indonesia,
and is supported by a workforce of over 16,000 employees across Indonesia and Australia.
For further information, please contact:
PT Delta Dunia Makmur Tbk
Corporate Communications
South Quarter Tower A, Penthouse Floor
Jl R.A. Kartini Kav. 8, Cilandak Barat Jakarta 12430
Phone: +6221 3043 2080
Email: communications@deltadunia.com
Website: www.deltadunia.com
***
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Names mentioned 10 people and organisations named in the text · linked when the evidence is strong
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PT Bukit Makmur Internasional
p.1
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Bank BNI (Persero) Tbk
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PT Bukit Makmur Utama
p.2
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BUMA Australia Pty Ltd
p.2
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PT Bukit Teknologi Digital
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PT BISA Ruang Nuswantara
p.2
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org
Indonesia Stock Exchange
p.3
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