Indonesia to Revise Reference Mineral Price Rules: Leaked Details

Jakarta – The Ministry of Energy and Mineral Resources (ESDM) is planning to revise rules concerning the Harga Mineral Acuan (HMA), in order to accommodate developments in global mineral markets.

Tri Winarno, Director-General of Minerals and Coal at the ESDM, said the ministry will incorporate several new strategic commodities not currently regulated under the existing rules, and will also adjust the price correction factor used in calculating the HMA, so the HMA set is more aligned with current market conditions.

He said the changes are still under discussion.

“The key point is to include items such as cobalt,” Tri said during a visit to the ESDM office in Jakarta, quoted on Wednesday (4 March 2026).

The revision is seen as important for aligning mineral price governance with the needs of the downstream industry, particularly relating to the nickel ecosystem and its associated minerals.

Tri noted that cobalt would be explicitly included in the new rules along with other technical adjustments.

Regarding the target completion date, he could not provide a precise date for when the regulation would be officially issued. Nevertheless, Tri hopes the discussion process can be completed soon so it can be implemented to give certainty to mining operators.

“Plans are plans. Not finished yet; hopefully soon,” he concluded.