The Indonesian Mining Industry Holding BUMN (MIND ID) recorded a positive performance in the S1 2024 supported by mining commodity production and an increase in commodity prices in the global market.
President Director of MIND ID Hendi Prio Santoso said the holding performance was quite positive in the first half of 2024 as reflected in net profit which reached 38 percent year on year (YoY) and EBITDA grew by around 31 percent compared to the S1 2023.
"This achievement was driven by the performance of all managed commodities, especially gold, copper, tin, coal, and aluminum which were very positive in 2024," he said in an official statement quoted on Sunday, September 1.
Hendi said that the positive performance was also strengthened by MIND ID's strategy to carry out smart operations through automation, digitization and innovation in order to create efficiency in terms of operations.
The Centralized Commercial Function (CCF) marketing strategy to integrate sales in the export market of all MIND ID Group Members has also increased positive performance in the first incident this year.
Hendi explained that the production growth of a number of critical and strategic commodities was supported by an increase in commodity prices in the global market.
"MIND ID through Holding Members improves operational performance, including in terms of increasing production of mining commodities and their derivatives," he said.
Hendi explained that such as PT Aneka Tambang Tbk (ANTM), for example, producing gold metal from the company's mines of 439 kg, feronikel (TNi) 10,169 tons, and 4.19 million wet metric tons (wmt) nickel ore in the S1 2024.
Furthermore, PT Timah Tbk (TINS) which also recorded a steady performance with tin ore production of 10,250 tons, an increase of 32 percent compared to the same period last year of 7,755 tons. Meanwhile, PT Timah's metal production rose 19 percent to 9,675 tons in the S1 2024, compared to the same period last year of 8,100 tons.
Then the positive performance was also from PT Bukit Asam Tbk (PTBA) which posted coal production in the first half of 18.8 million tons. The company also recorded sales of up to 20.1 million tons, up 15 percent compared to the same period the previous year of 17.4 million tons.
Similar conditions were also obtained by PT Freeport Indonesia (PTFI), recording an increase in copper production of up to 932 million pounds. This volume grew 26.8 percent from the same period in 2023 at the level of 735 million pounds.
Not only that, Hendi said that PTFI contributed to increasing gold production in the first half of this year, namely 982,000 ounces, an increase of 11.46 percent compared to the achievement in the S1 2023.
Similarly, PT Vale Indonesia Tbk (INCO) also posted operational performance growth by producing 34,775 tons of nickel in facilitation. This realization grew 3 percent compared to the same period in 2023, namely 33,691 tons. This realization is supported by increased productivity and a short maintenance duration.
Hendi said that MIND ID continues to strive to continue to improve performance, including controlling operating costs to production cost structures. This step was taken to maintain the positive performance achieved in recent years.
"We continue to strive to maintain the company's performance by utilizing technology and innovation to create the company's operational efficiency," he said.
