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*ADD HRUM Project updates : The Blue Sparking Energy (BSE) project has reached 85% completion. The company is currently constructing all the key facilities to support the target to begin commissioning by early next year. During the call, the management also aims to increase its RKAB next year to support its own smelter.

HRUM : Macquarie (RX) upgrade our earnings forecasts by 214%, 222% and 7% in FY25E, FY26E, FY27E, boosted by higher coal ASP, lower opex, lower RKEF smelter cash cost and higher output from HPAL estimates, Target Price IDR1,500