Indonesia’s PT Bumi Resources has acquired all of Mount Margaret Mining in Queensland for $22.01 million, its second Australian acquisition in two months as it diversifies beyond coal.
PT Bumi Resources Tbk has acquired a 100 percent stake in Australia’s Mount Margaret Mining Pty Ltd for $22.01 million, or about 366 billion rupiah, according to an Indonesia Stock Exchange disclosure on Monday. The transaction took place on October 23 through Bumi Resources Australia Pty Ltd, a wholly owned subsidiary, which acquired the two shares representing the entire shareholding. The price is also given as 31.3 million Australian dollars.
Mount Margaret operates a copper and gold project in Queensland covering about 3,412 hectares, comprising the E1 and Monakoff copper-gold deposits about 39 kilometres northeast of Cloncurry. A 2022 technical report put the project’s mineral resources at about 13 million tonnes grading 0.78 percent copper and 0.24 grams of gold per tonne, with E1 holding about 10.5 million tonnes and Monakoff about 2.5 million tonnes. Open-pit mining took place there between 2012 and 2014, with ore transported to and processed at the nearby Ernest Henry facility about seven kilometres away to produce copper concentrate.
Bumi management described the deal as a strategic step in line with the company’s transformation plan and part of its diversification programme beyond the coal sector, and said it expects a positive impact on business activities and added value for shareholders. The purchase follows Bumi Resources Australia’s September acquisition of all of Loyal Metals Ltd, valued at about 1.004 trillion rupiah, or 79.07 million Australian dollars. Bumi recorded revenue of $866.8 million in the first half of 2026, up 27.9 percent from a year earlier, with profit before tax up 102.5 percent to $104.3 million.
The stock exchange disclosure as reported by IDNFinancials and the independent report by Mining.com.au agree on the price, the stake, the October 23 transaction date, the location and the resource figures. The 2022 resource figures are historical, not a new estimate, and Bumi has not disclosed an updated resource estimate or a development timetable for the project, so neither is given here.
With two Australian acquisitions in two months, the pace of Bumi’s move beyond coal is now the story to follow. The next thing to watch is any development plan or timetable the company discloses for Mount Margaret, which will show whether the purchase is a near-term project or a longer-term holding in its metals portfolio.