CHINA QINFA (00866) rose more than 6%, reaching HK$3.1 by the time of writing, with a trading volume of HK$9.1163 million. The company announced on November 3 that its wholly-owned subsidiary, PT Trisula Sumber Energi (TSE), provided an update on the coal mine development progress in South Kalimantan, Indonesia.

The TSE coal mine is located in the northern part of Kotabaru Regency, South Kalimantan, on the eastern foothills of the Meratus Mountains. The mining concession covers an area of 168 square kilometers, including parts of Kelumpang Hulu and Kelumpang Barat. Currently in the pre-operational planning phase, construction has yet to begin. The company expects to start mine construction activities in the first quarter of 2026.

Earlier, Minsheng Securities noted that in the first half of 2025, CHINA QINFA's Indonesian operations offset lower prices with higher volumes, achieving a profit of RMB 24 million, up RMB 6.7 million year-on-year, reflecting improved profitability. The company holds mining rights for five major Indonesian sites: SDE, TSE, SME, VSE, and IMJ. The SDE mine, the first to be developed, has a planned capacity of 30 million tons.

With the experience gained from the SDE mine development, coupled with advantages in resources, approvals, costs, and operational models, CHINA QINFA has significant growth potential and is poised to become a benchmark for overseas projects.