GEO ENERGY’s MBJ Infrastructure Is Live, Paving the Way for US$600M New Earnings

The company kicked things off with MBJ's very first loading operations right out of Geo Energy's PT Triaryani (TRA) coal mine.

We're talking about a hefty initial shipment of 50,000 tonnes heading to a domestic end user, bringing in a cool US$3.2 million.

But the real star here is the new infrastructure itself: a sprawling 92-km hauling road combined with a new jetty setup.

This logistics platform is the key to unlocking the next massive phase of expansion at the TRA mine, setting Geo up for long-term growth.

Let's break down the numbers.

In the first half of 2026, Geo Energy delivered a respectable 3.6 million tonnes of coal sales.

But with MBJ now up and running, Geo Energy expects to ramp up their coal sales by over 100% in 2H2026, targeting a whopping 8 million tonnes.

For the full year of 2026, the Group is confident of hitting targeted coal sales of 11.5 to 12.5 million tonnes.
 

Looking further ahead, this newly established logistics corridor will enable Geo to progressively boost TRA's production to 20 to 25 million tonnes per year.

It gets even better. Owning your own transport infrastructure means massive, long-term cost savings.

Geo expects this new setup to boost its EBITDA by up to US$350 million a year purely from TRA cost savings once they hit that full 25-million-tonne capacity.

Geo built it with a massive throughput capacity of around 50 million tonnes per year.

Since Geo only needs about half of that for its own 25-million-tonne target, it is left with a whole lot of extra space

What do you do with excess capacity?

By leasing it to neighboring miners, MBJ is projected to pull in recurring third-party EBITDA of up to US$250 million annually.

Add it all up, and the MBJ Infrastructure could become a significant earnings driver, "contributing up to US$600 million in additional EBITDA annually to the Group".

Executive Chairman & CEO Charles Antonny Melati noted that this moment "marks the beginning of a new phase in the Company’s growth strategy and establishes an integrated logistics corridor to support the efficient transportation of coal products".

He reflected on the bold promises made to shareholders back in 2023 during the EGM to acquire TRA and MBJ, proudly stating, “Today, we have achieved and realised this vision, and delivered what we have said to our shareholders”.

He also highlighted the broader positive impact of the project, noting, “We believe MBJ will serve as a catalyst for sustainable economic development while creating enduring value for all stakeholders”.

Phillip Securities' recent report lays out the possible profit trajectory for Geo's financials:

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