Resisting Economic Shocks, MIND ID Group Performance Exceeds Market Expectations
Companies under the auspices of the Indonesian Mining Industry Holding (MIND ID) have successfully navigated the challenges of commodity price volatility and global geopolitical instability throughout 2025. Rather than facing pressure, the members of this state-owned mining holding company recorded solid and consistently positive performance over the past year.
A State-Owned Enterprise (SOE) observer from the University of Indonesia (UI), Toto Pranoto, assessed that the performance achievements of the MIND ID Group have exceeded expectations and are not merely the result of rising commodity prices. “This performance demonstrates MIND ID’s improving ability in integrating upstream to downstream business, beyond the windfall profits obtained from increased commodity prices due to unstable geopolitical situations,” said Toto.
Breaking down the performance by commodity, the gold segment through PT Aneka Tambang Tbk (ANTM) recorded a striking performance with a current year profit of Rp 7.92 trillion in the 2025 fiscal year. This achievement surged by 106 per cent compared to the 2024 current year profit of Rp 3.85 trillion. This profit growth aligns with an increase in the company’s revenue, which rose by 22 per cent to Rp 84.64 trillion in 2025, compared to Rp 69.19 trillion in the previous year. This performance was primarily supported by the gold business, which contributed approximately 79 per cent to the company’s total sales. ANTAM’s gold sales reached Rp 66.47 trillion throughout 2025, an increase of 15 per cent compared to Rp 57.56 trillion in 2024, supported by sustained demand.
In the coal commodity segment, PT Bukit Asam Tbk (PTBA) booked a net profit of Rp 2.93 trillion in 2025, with revenue of Rp 42.65 trillion, which remained relatively stable compared to the previous year. This performance occurred amidst ongoing global coal price pressures. The Newcastle Index recorded a 22 per cent year-on-year decline, while the Indonesia Coal Index (ICI-3) weakened by 16 per cent. PTBA managed to maintain performance through a 6 per cent year-on-year increase in sales volume, with domestic sales accounting for 54 per cent and exports to markets in Bangladesh, India, Vietnam, South Korea, and the Philippines accounting for 46 per cent.
PT Freeport Indonesia (PTFI) recorded a net profit of US$2.52 billion, or approximately Rp 42.07 trillion (at an exchange rate of Rp 16,698 per US dollar) in 2025, with revenue of US$8.62 billion, or approximately Rp 143.9 trillion. This achievement reflects the strength of copper and gold mining operations in Papua, as well as the results of strengthened downstreaming through the copper smelter facility in JIIPE Gresik.
Moving to the aluminium commodity, PT Indonesia Asahan Aluminium (Inalum) recorded a net profit increase of up to 15 per cent throughout 2025, supported by a revenue increase of approximately 10 per cent to US$785.7 million. This performance reflects the operational stability of Southeast Asia’s largest aluminium smelter amidst global aluminium price fluctuations.
In the tin segment, PT Timah Tbk (TINS) recorded a net profit of Rp 1.31 trillion, reaching 119 per cent of its 2025 budget target. TINS revenue was recorded at Rp 11.55 trillion, an increase of 6.41 per cent compared to Rp 10.86 trillion in 2024. Operationally, the company recorded tin ore production of 18,635 tonnes of Sn, tin metal production of 17,815 metric tonnes, and tin metal sales of 16,634 metric tonnes.
From nickel mining results, PT Vale Indonesia Tbk (INCO) also recorded solid profit growth in 2025, with revenue rising by 4.19 per cent to US$990.19 million. This growth reflects consistent operational efficiency in the Sorowako region, South Sulawesi.
Overall, the solid performance of the MIND ID Group throughout 2025 has contributed significantly to state revenue. Through the payment of taxes, royalties, and dividends to shareholders, the operational results of all holding members flow back as tangible benefits to the national economy.