Parliament Questions MIND ID's Performance Amid Global Pressures
Commission VI DPR RI Chairman Nurdin Halid has appreciated the corporate performance of the four mining entities under the MIND ID holding throughout 2025. This assessment was conveyed during the Hearing Meeting (RDP) of Commission VI DPR RI with PT Indonesia Asahan Aluminium (Inalum), PT Bukit Asam Tbk, PT Timah Tbk, and PT Aneka Tambang Tbk (ANTAM) at the Parliamentary Complex, Senayan, on Tuesday (31/3/2026).
According to Nurdin, the achievements of these four entities reflect the corporate resilience amid global commodity price pressures. He assessed that this performance is important because the mining sector remains one of the main pillars of mineral downstreaming and value-added-based economic transformation.
“We give appreciation for the 2025 corporate performance achievements from these four entities that were still able to maintain positive performance despite facing global commodity price pressures,” said the Golkar Party legislator in Jakarta, quoted on Wednesday (1/4/2026).
Nurdin explained that these four companies have a strategic position in building the national industrial supply chain from upstream to downstream. This role is important to support the government’s ongoing natural resource-based industrialisation agenda.
Commission VI DPR RI reminded that strengthening industry fundamentals needs to be continuously maintained. Because the current mining sector performance is still largely supported by commodity-based business, while the contribution of the downstream industry sector to profitability is not yet fully optimal.
“Accelerating the development of smelters and refineries needs to be balanced with readiness of reserves, upstream-downstream integration, and financial resilience,” said Nurdin.
From a corporate performance perspective, ANTAM was one of the entities that recorded significant strengthening. ANTAM President Director Untung Budiharto explained that the company’s revenue up to the third quarter of 2025 reached Rp72 trillion or grew 67% year-on-year.
“Revenue reached Rp72 trillion or up 67% year-on-year, driven by an increase in nickel ore volume and solid gold prices,” Untung explained.
This performance was followed by a surge in ANTAM’s net profit from Rp2.2 trillion to Rp6.6 trillion. From an operational perspective, nickel ore production reached 12.6 million wet metric tons (WMT), while alumina production broke through 134 thousand tons or grew 27%.
ANTAM’s bauxite production also increased to 2.3 million WMT. The company targets further production increases in 2026 along with the strengthening of the ongoing downstreaming agenda.
PT Bukit Asam Tbk also reported performance that remained positive despite coal prices starting to experience normalisation. PTBA President Director Arsal Ismail said the company relies on marketing strategies to maintain revenue amid price weakening.
“The company implemented the right marketing strategy so it still recorded positive revenue amid price weakening,” said Arsal.
PTBA’s revenue in the third quarter of 2025 was recorded to increase year-on-year to Rp31.33 trillion, supported by an increase in sales volume especially in the high-calorie value (HCV) segment. On the other hand, PTBA’s average selling price fell around 6% year-on-year. This decline followed the correction in the global coal price index such as ICI-3 and Coal Reference Price (HPB).
Positive performance was also achieved by PT Indonesia Asahan Aluminium. Inalum President Director Melati Sarnita conveyed that the company’s consolidated financial trend showed strengthening throughout 2025.
“2025 net profit reached US$142.8 million, up 15% from the previous year, driven by improved production and sales performance as well as cost efficiency,” said Melati.
Inalum’s revenue was recorded to rise to US$785.7 million. The company’s EBITDA also increased to US$208.7 million, while the net profit margin rose from 17.3% to 18.2%.
From an operational perspective, aluminium production reached 280 thousand tons or higher than the previous year. This increase was driven by the implementation of the pot upgrading project which increased capacity as well as smelter technology efficiency.
PT Timah Tbk also reported operational resilience amid global industry dynamics. The company’s tin ore production in 2025 reached 18,635 tons, while tin metal production was 17,815 metric tons and tin metal sales were recorded at 16,634 metric tons.
“This performance shows the company’s operational resilience amid global industry dynamics, as well as the result of improved governance and efficiency,” said PT Timah Tbk President Director Restu Wibowo.
Commission VI DPR RI emphasised the importance of organising a downstreaming roadmap based on reserves and market needs. The DPR encourages strengthening integration among entities in the MIND ID holding so that downstream industry expansion runs more measuredly.
Commission VI also reminded the need for caution in investment decision-making, including opening room for discussion on the discourse of a moratorium on alumina and aluminium smelter development. This step is deemed important so that the downstreaming direction remains selective, sustainable, and provides greater added value to the national economy.