This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
PT Dian Swastatika Sentosa Tbk (DSSA) is an Indonesian conglomerate whose primary business activity is coal mining and trading. The company operates through its subsidiary, PT Golden Energy Mines Tbk (GEMS), which is a major producer of thermal coal. In 2024, the group's coal segment contributed IDR 38.5 trillion (approximately USD 2.46 billion) in revenue, representing a core pillar of its operations.
The company has actively expanded its coal mining footprint, including the acquisition of eight coal concessions in South Sumatra. A 2022 report investigating coal company financing identified DSSA as one of the major Indonesian coal companies continuing to invest in and develop new coal assets. The Indonesian Coal Mining Association has noted expectations for coal prices to remain stable, underscoring the ongoing economic centrality of this commodity to the company's strategy. DSSA has not announced plans to phase out its coal operations.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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