PT Alamtri Resources Indonesia Tbk — Cyborg Score 4/10
Mixed
Coal Mining & Energy Transition
Strategic Profile
In 2022, the company reorganized into three growth pillars: Adaro Energy (coal and power), Adaro Minerals (metallurgical coal and mineral processing), and Adaro Green (renewable energy). The company has committed to boosting non-coal revenue to over 50% by decade's end and keeping fossil fuel output flat. This positions Alamtri to navigate energy transition pressures while maintaining core coal operations, though the strategy's authenticity remains contested by ESG advocates.
Cyborg Score Rationale
The company completed a major thermal coal spin-off in December 2024 to support decarbonization targets, signaling strategic repositioning. However, critics note the decarbonization pathway includes a 1.1 GW coal-fired power plant and metallurgical coal expansion, suggesting a transition strategy with credibility questions.
Top Insights
The company rebranded from Adaro Energy to PT Alamtri Resources Indonesia in November 2024 following its major thermal coal divestiture
Post spin-off, Alamtri holds 15% of Andalan (thermal coal entity) while Adaro Strategic Capital maintains 41%, maintaining indirect exposure through minority ownership
The company operates renewable energy projects including solar and a 1,375 MW hydropower plant targeted for 2030 commissioning
Dividend yield stands at 14.85%, reflecting cash generation and shareholder returns despite energy transition headwinds