Analyst Says MIND ID to Enjoy Performance Surge in Second Half, Here's Why
MIND ID Group is projected to enjoy a performance surge in the second half of 2026, supported by strengthening global commodity prices and the acceleration of downstream projects within its subsidiaries. The combination of these two factors is considered a growth engine for the state-owned mining holding company.
Mining and energy analyst Ferdy Hasiman estimates that the performance of issuers under MIND ID could grow by an average of up to 30 per cent in the second half of this year. This projection is supported by the upward trend in prices of nickel, tin, coal, and gold in the global market, which has begun to provide positive sentiment for the mining industry.
According to Ferdy, the downstream projects being undertaken by MIND ID’s subsidiaries are starting to show promising prospects. At the same time, the strengthening of commodity prices will expand opportunities for increasing company revenues and profits. “I think it can grow by an average of 30 per cent, looking at the current commodity prices,” he said in Jakarta, as quoted on Tuesday (28/7/2026).
He assessed that PT Aneka Tambang Tbk (ANTM) is one of the main pillars of MIND ID’s growth through its nickel downstream development. ANTM’s smelter in Central Sulawesi, with a capacity of approximately 27,000 metric tonnes, and the Feni Haltim project in Halmahera, with a capacity of around 14,000 metric tonnes, are expected to strengthen the company’s contribution to the holding’s performance. “That will boost MIND ID’s performance because it is a subsidiary that is quite progressive in building mining downstream projects,” Ferdy stated.
This outlook is supported by projections from several international institutions regarding commodity prices in 2026. The World Bank estimates nickel prices to be around 15,500 US dollars per metric tonne, while Goldman Sachs projects around 14,500 US dollars per metric tonne by year-end. JPMorgan also forecasts the average gold price to reach 4,300 US dollars per ounce in the third quarter before rising to 4,500 US dollars per ounce in the fourth quarter, with a final target of 4,545 US dollars per ounce.
In addition to ANTM, PT Timah Tbk (TINS) is expected to benefit from the impact of rising global tin prices. BMI (Fitch Solutions) has revised its average tin price projection for 2026 to 35,000 US dollars per tonne, up from the previous estimate of 32,000 US dollars per tonne. PT Bukit Asam Tbk (PTBA) is also projected to receive positive sentiment in line with the recovery of global coal prices. Ferdy reminded the government, particularly the Ministry of Energy and Mineral Resources (ESDM), to maintain policy stability so that the momentum of rising commodity prices and downstream processing can make an optimal contribution to the mining industry and state revenues.