Mandatory Exports via DSI: Mining Issuers Highlight Operational Impacts
JAKARTA – A number of mining and energy issuers are highlighting concerns regarding PT Danantara Sumberdaya Indonesia (DSI), which is set to implement a profit-oriented business model for managing natural resource exports, in line with the mandate of the Danantara Investment Management Agency (BPI). In its initial phase, DSI will act as an agent or intermediary in export transactions before expanding its business functions as organisational capacity increases.
PT ABM Investama Tbk (ABMM) stated that a single-door export mechanism through a government-appointed entity could disrupt existing business chain efficiencies. “The export scheme is centralised through a business entity or institution appointed by the Government, which has the potential to reduce business flexibility and the efficiency of the value chain currently operated by the Company,” ABMM management wrote in a disclosure to the Indonesia Stock Exchange (IDX) on 29 May 2026.
ABMM highlighted the potential for additional bureaucracy and changes in export flows that could trigger operational uncertainty. The company also warned of risks involving increased lead times and goods accumulation. From a financial perspective, the company anticipates that operating margins could be pressured due to the loss of flexibility in direct negotiations with customers. Additional administrative and coordination costs are also seen as potential pressures on operating and net profits. The risk of delayed cash inflows due to the centralisation of commodity export transactions is also a primary concern for ABMA, particularly regarding corporate cash flow.
Meanwhile, PT Amman Mineral Internasional Tbk (AMMN) is awaiting final clarity on government regulations before providing a comprehensive assessment of the impact on its business. “We believe it is too early to provide a response regarding the potential impact at this stage,” management wrote in an IDX disclosure. AMMN management acknowledged that the possibility of a direct impact cannot be ruled out if the scope of the policy eventually includes copper, gold, and other export products. Consequently, the company hopes that the regulations will be formulated clearly, be commercially practical, and maintain Indonesia’s attractiveness as an investment destination.
PT Aneka Tambang Tbk (Antam/ANTM) views the strengthening of national export governance as a positive momentum for downstreaming and strengthening Indonesia’s position in the global supply chain. “Antam fundamentally supports the government policy aimed at strengthening national export coordination, increasing the competitiveness of Indonesia’s downstream products, and creating a more integrated and efficient trade ecosystem,” Antam management wrote. Antam emphasised that its current business focus remains dominated by the domestic market; according to its Q1 2026 financial report, domestic sales reached IDR 28.31 trillion, equivalent to 97% of the company’s total net sales.
Through an IDX disclosure, PT Bayan Resources Tbk (BYAN) admitted it is still assessing the impact of the policy on export revenues for overseas coal. BYAN management stated they do not yet know the exact mechanism of the mandatory coal export policy through PT DSI. “The Company cannot yet determine the exact impact of implementing this policy on the company; including the magnitude of revenue, operating profit, net profit, cash flow, or other impacts,” management stated on Tuesday (2 June 2026). BYAN expressed respect for and support of the policy to strengthen Indonesia’s natural resource governance and is actively monitoring technical implementation.
PT Adaro Andalan Indonesia Tbk (AADI) stated it has not yet received an official copy of the natural resource export governance regulation. The company noted it cannot yet assess the impact on business continuity, operations, financial condition, existing customer agreements, or legal risks. Similarly, PT Bumi Resources Tbk (BUMI) and PT Indika Energy Tbk (INDY) both stated they have not received the official Government Regulation (PP) regarding natural resource governance and therefore cannot yet explain the impact on operations, existing contracts, or business continuity, though both expressed their intention to comply with all government regulations.
It is known that the requirement to export natural resources through Danantara will be implemented in stages. The first phase, serving as a transition period, will run from 1 June to 31 December 2026, followed by a second transition phase starting on 1 September.