Bumi Resources stock buys Queensland copper-gold project

PT Bumi Resources Tbk completed its acquisition of Mount Margaret Mining on October 23, 2026, adding a Queensland copper-gold project to its predominantly coal-focused portfolio. Mining.com.au reported that the purchase was made through wholly owned subsidiary Bumi Resources Australia.

Deal adds copper and gold exposure

Bumi Resources Australia acquired all issued shares in Mount Margaret Mining for USD 22.01 million. The target owns the Mount Margaret Copper-Gold Project, which comprises the E1 and Monakoff deposits about 39 kilometres northeast of Cloncurry.

The project has a previous open-pit production history from 2012 to 2014, when ore was transported to the Ernest Henry processing facility. A 2022 technical presentation cited an open-pit resource of 13 million tonnes grading 0.78 percent copper and 0.24 grams of gold per tonne. Those historical figures provide geological context, but they do not establish a current production profile.

Bumi Director RA Sri Dharmayanti described the transaction as a strategic step in the company's transformation plan and diversification programme beyond coal. IDNFinancials reported that management expects the deal to support business activities and create added value for shareholders. The transaction therefore broadens the commodity mix, while the project's eventual contribution will depend on exploration, technical work, investment and development decisions.

Stronger first-half operating backdrop

Bumi entered the deal with improved first-half operating figures. According to IDNFinancials, revenue for the first half of 2026 rose 27.9 percent year over year to USD 866.8 million, while profit before tax increased 102.5 percent to USD 104.3 million. These results reflect the existing business and do not yet include earnings from Mount Margaret.

The Queensland purchase follows Bumi's September 2026 acquisition of Loyal Metals and its Australian copper-gold portfolio. Taken together, the transactions point to a broader minerals strategy alongside established coal operations, but they also increase the importance of capital allocation and project execution.

Bumi Resources stock traded at 0.01 euros on Lang & Schwarz at 09:35 CET on Monday, November 9, 2026.

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Further developments on the Australian portfolio will be central to the next phase of the strategy. More news and analyses on Bumi Resources stock will track the company's progress.