BUMN Holding the Indonesian Mining Industry (MIND ID) recorded a net profit of IDR 9.94 trillion in the first quarter of 2024. This figure represents a 59.16 percent year on year (YoY) increase from the same period the previous year, which was IDR 6.25 trillion.

Along with the increase in net profit, MIND ID managed to maintain positive performance by recording revenue of IDR 25.29 trillion. MIND ID's total assets also increased by 3.92 percent YoY to IDR 269.36 trillion, and equity increased by 9.59 percent to IDR 142.07 trillion.

MIND ID Corporate Secretary Heri Yusuf stated that the positive achievements throughout the first quarter of 2024 were due to the comprehensive business transformation efforts across all business units of the MIND ID Group.

"In addition to improving end-to-end business governance, the commitment to digitalization and active efficiency efforts continue to be implemented by the MIND ID Group. These achievements serve as a driver to continuously strengthen the commitment to business development for the downstream mining sector in Indonesia as a form of MIND ID's contribution to increasing added value and state revenue," said Heri.

Heri explained that in addition to boosting mining operational performance, MIND ID is focused on overseeing several strategic projects throughout this year.

Some of these projects include the implementation of the Dragon Project at Aneka Tambang (ANTM), which has entered a joint venture stage with China's largest EV battery company, Contemporary Amperex Technology Co. Limited (CATL).