BIM Chief: BMKS establishment aims for Indonesia to have independent reference prices
Head of the Mineral Industry Agency (BIM), Brian Yuliarto, said the establishment of the Mineral and Strategic Commodities Exchange (BMKS), planned to be operational in 2027, aims to give Indonesia its own reference prices and reduce dependence on foreign exchanges.
“Through this exchange, price formation, quality standards and transaction settlement can take place transparently and be supervised by the Financial Services Authority (OJK). The goal is for Indonesia to have its own reference prices and not depend on foreign exchanges,” he told ANTARA in Jakarta on Saturday.
The BIM Head said a Task Force for the Acceleration of the Establishment of the Indonesian Mineral and Commodities Exchange has been formed, involving BIM, Danantara, Bank Indonesia, and OJK as coordinators, as well as elements of the exchange ecosystem, such as clearing institutions, surveyors, warehouse managers, mining companies, and industry associations.
“In the formation process, the Task Force will also continue to coordinate and seek input and direction from relevant ministries and institutions, particularly the Ministry of Energy and Mineral Resources, the Ministry of Trade, the Ministry of Industry, and the Coordinating Ministry for Economic Affairs,” he said.
According to Brian, cross-sector collaboration is crucial so that the exchange design aligns with mining policy, trade, industrial downstreaming, and the national economic agenda.
He said the task force is currently working intensively to prepare all required aspects, from regulation, governance and institutions to technology, operations and communications.
“BIM is specifically preparing the foundation from the upstream side, including strengthening resource and reserve data, standardising quality and product specifications, and accelerating downstreaming so that traded commodities are credible, traceable, and have high added value,” he said.
Brian expressed hope that BMKS will become a liquid exchange, as well as a robust, transparent and integrated strategic mineral ecosystem from upstream to downstream. In addition, BMKS is expected to be a catalyst for downstreaming, strengthen the independence of the defence industry, and support economic resilience and national security.
Previously, President Prabowo Subianto targeted Indonesia to have a BMKS operational by 1 January 2027.
“With the support of the DPR, our plan is that on 1 January 2027, we will have our own commodity exchange. We target that the provisions for the operation of the Mineral and Strategic Commodities Exchange will be discussed immediately with the DPR RI and request that they be issued as soon as possible,” said President Prabowo in his delivery of the Government’s Introductory Statement on the Bill on the 2027 State Budget and its Financial Note at the MPR RI Building in Jakarta (14/8).