MIND ID Proposes Indonesia Establish a 'National Mineral Stockpile'

How about we establish a National Mineral Stockpile? So that Indonesia can control when our commodities are released and when they are stored.

Jakarta (ANTARA) - MIND ID CEO Maroef Sjamsoeddin has proposed that Indonesia establish a National Mineral Stockpile, or national mineral reserve, to give the country the flexibility to manage its mineral reserves, such as gold, on the international market.

“How about we establish a National Mineral Stockpile? So that Indonesia can control when our commodities are released and when they are stored,” Maroef said at the MINDialogue event themed “Commodities for the Nation: Strategy for Strengthening Mineral Reserves for Stability and Economic Sovereignty of the Republic of Indonesia” held in Jakarta on Wednesday.

Maroef referred to Malaysia, which has a crude palm oil (CPO) stockpile, enabling it to control CPO supply on the international market.

“Malaysia controls the world’s international CPO market because it has a stockpile to determine when to release and when to store. Perhaps this is our thinking going forward to make that a reality,” Maroef said.

Moreover, Maroef views the significance of gold as increasingly strong. Besides having high economic value, he added, gold is also one of the assets that can form part of a central bank’s international reserves.

Thus, in addition to making gold a strengthener of the country’s foreign exchange reserves, Maroef also encouraged the establishment of a National Mineral Stockpile. Not limited to mineral commodities, Maroef also proposed that Indonesia have a stockpile for coal.

On that occasion, Maroef asked Deputy Minister for Investment and Downstreaming/Deputy Head of the Investment Coordinating Board (BKPM) Todotua Pasaribu to find land to place the National Mineral Stockpile.

“Perhaps later the Deputy Minister can find land where we can have a National Stockpile and also coal,” Maroef said.