Solid Amidst Turmoil, MIND ID Group Performance Exceeds Market Expectations

Companies under the umbrella of the State-Owned Mining Industry Holding (MIND ID) successfully navigated the challenges of commodity price volatility and global geopolitical turmoil throughout 2025. Instead of being pressured, all members of the state-owned mining holding recorded a solid and consistently positive performance throughout the past year.

A State-Owned Enterprises (SOE) observer from the University of Indonesia, Toto Pranoto, assessed that the MIND ID Group’s performance exceeded expectations and was not merely the result of rising commodity prices. “This performance demonstrates MIND ID’s improving ability to integrate upstream-to-downstream business. Beyond the windfall profit obtained due to increased commodity prices from the unstable geopolitical situation,” Toto said in an official statement on Wednesday (10/6/2026).

When broken down by commodity, the gold segment through PT Aneka Tambang Tbk (ANTM) recorded a striking performance with a current year profit of Rp7.92 trillion in the 2025 fiscal year. This achievement soared by 106% compared to the 2024 current year profit of Rp3.85 trillion. The profit growth was in line with an increase in the company’s revenue, which rose 22% to Rp84.64 trillion in 2025, compared to Rp69.19 trillion in the previous year. This performance was primarily supported by the gold business, which contributed approximately 79% to the company’s total sales. ANTAM’s gold sales were recorded at Rp66.47 trillion throughout 2025, an increase of 15% compared to Rp57.56 trillion in 2024, supported by persistently strong demand.

From the coal commodity sector, PT Bukit Asam Tbk (PTBA) posted a net profit of Rp2.93 trillion in 2025, with relatively stable revenue of Rp42.65 trillion compared to the previous year. This performance occurred amidst continued pressure on global coal prices, where the Newcastle Index price was recorded as falling 22% year-on-year, while the Indonesia Coal Index (ICI-3) weakened by 16%. PTBA proved capable of maintaining performance through a 6% year-on-year increase in sales volume, with a domestic sales portion reaching 54% and 46% exports to the markets of Bangladesh, India, Vietnam, South Korea, and the Philippines.

PT Freeport Indonesia (PTFI) recorded a net profit of US$2.52 billion, or approximately Rp42.07 trillion (at an exchange rate of Rp 16,698 per US dollar), in 2025, with revenue of US$8.62 billion, or approximately Rp143.9 trillion. This achievement reflects the strength of its copper and gold mining operations in Papua, as well as the results of strengthened downstreaming through a 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% throughout 2025, supported by an approximate 10% revenue increase to US$785.7 million. This performance reflects the operational stability of the largest aluminium smelter in Southeast Asia amidst global aluminium price fluctuations.

In the tin segment, PT Timah Tbk (TINS) recorded a net profit of Rp1.31 trillion, reaching 119% of the 2025 Corporate Work Plan and Budget (RKAP) target. TINS’s revenue was recorded at Rp11.55 trillion, an increase of 6.41% compared to Rp10.86 trillion in 2024. On the operational side, the company recorded tin ore production of 18,635 tonnes Sn, tin metal production of 17,815 metric tonnes, and tin metal sales reaching 16,634 metric tonnes.

From nickel mining products, PT Vale Indonesia Tbk (INCO) also recorded solid profit growth in 2025, with revenue rising 4.19% 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 made a significant contribution to state revenues. Through the payment of taxes, royalties, and dividends to shareholders, the operational results of all holding members flowed back as tangible benefits for the national economy. This affirms that the management of Indonesia’s strategic mineral resources not only generates corporate value but also strengthens the nation’s fiscal foundation.