PT Indonesia Asahan Aluminium (INALUM) has achieved an impressive and record-breaking performance in 2024. This success is the result of the company's strategic steps in boosting production and sales to capitalize on the domestic market, while also contributing to achieving aluminum self-sufficiency from domestic minerals.INALUM has reached an All-Time High Achievement in Supply Chain & Commercial Management for 2024. The company achieved an All-Time High in production, with a total output of 265,546 kT as of December 22, 2024, surpassing the previous record of 264,474 kT set in 2014.Furthermore, INALUM's aluminum sales also reached an all-time high of 263,195 MT\, breaking the previous record of 260,651 MT set in 2013.INALUM has also achieved Quadrant 1 in World-Class Smelter Cost Management from Wood Mackenzie. In terms of cost leadership, INALUM successfully reduced its cash cost by 9.5% to 10%, from USD 1,866 per ton in Q3 2023 to USD 1,688 per ton in Q3 2024.The President Director of INALUM, Ilhamsyah Mahendra, expressed gratitude for the positive impact of the company's strategic initiatives over the past few years on its performance. "We will continue to consistently implement the initiatives that have been established in order to accelerate and strengthen the company's position in the future," he said in an official statement on Sunday (December 28, 2024).Ilham further explained that INALUM's production capacity reached 275,000 tons in 2024. Through Pot Upgrading and Pot Optimization, INALUM's production capacity could reach 300,000 tons in 2025-2026. INALUM plans to expand with a second smelter with a capacity of 600,000 tons of aluminum, and a third smelter with a similar capacity, bringing the total aluminum production capacity to 1.5 million tons within the next 5 to 10 years.With this move, INALUM aims to meet the domestic aluminum market demand, which ranges from 1 million to 1.2 million tons, with an annual market growth rate of 3% to 5%.Additionally, global aluminum demand is still experiencing a supply deficit of 3 million to 5 million tons, presenting a significant opportunity for all global aluminum production, including INALUM."We will capitalize on this opportunity as much as possible. Not only to meet the domestic market demand but also to increase our penetration in the global market, allowing us to consistently deliver this strong performance in the coming years," said Ilhamsyah Mahendra.MIND ID's Corporate Secretary, Heri Yusuf, explained that this achievement is a concrete demonstration of the MIND ID Group's commitment to supporting Indonesia's aluminum self-sufficiency, aiming to drive downstreaming and industrialization within the country.As a strategic active holding, MIND ID has also integrated the businesses of PT Aneka Tambang Tbk and INALUM in the effort to downstream bauxite into alumina, which serves as the main raw material for INALUM's aluminum production."We are certainly very grateful for this achievement, and we will continue to be consistent in implementing all the strategic initiatives that have been planned to support the manufacturing sector and provide greater added value, aiming towards Indonesia's Golden 2045" he added.Heri explained that aluminum will be one of the key commodities in supporting the development of Indonesia's electric vehicle (EV) ecosystem. Its significant use as a key component in battery frames, car bodies, and rims makes it a critical material in the sector."We will consistently support the government to achieve 8% growth by implementing a series of mineral downstreaming programs, which will ultimately strengthen the strategic industries entrusted to MIND ID by the government, particularly the electric vehicle ecosystem" he said.

PT Petrindo Jaya Kreasi Tbk. (CUAN) has produced metallurgical coal through its subsidiary, PT Daya Bumindo Karunia (DBK). The production of this metallurgical coal is funded by a credit facility amounting to IDR 2.42 trillion. The production is taking place in the operational area in Central Kalimantan as part of CUAN's portfolio diversification efforts. Currently, CUAN's subsidiary, DBK, is integrating production facilities by building office spaces, fuel storage warehouses, employee housing, and a 149-kilometer mining road infrastructure that connects the operational area to the intermediate stockpile location."The integration of production facilities in the operational area of our subsidiary DBK is a strategic step being implemented by the company. The construction of infrastructure, such as roads, office areas, and fuel storage warehouses, will streamline DBK's production and transportation activities in the future," said Michael, CEO of Petrindo, in a written statement on Saturday (December 28, 2024).The integration and development of DBK's facilities are also being carried out by another subsidiary of Petrindo, PT Petrosea Tbk. (PTRO), a multidisciplinary mining contractor and integrated EPC company. Earlier, in June 2024, Petrosea signed an agreement with DBK for mining infrastructure development services as part of its long-term strategy, which includes business development and expansion.In addition to the mining road, Petrosea is providing other supporting infrastructure services to DBK, such as the construction of employee camps, offices, warehouses, fuel storage, and jetty facilities, as well as mining services that include overburden removal and coal production activities.All operational activities and the construction of CUAN's metallurgical coal production facilities are financed through a credit facility from PT Bank Negara Indonesia (Persero) Tbk. (BBNI), which was obtained on December 23, 2024. The maximum value of this credit facility is IDR 2.42 trillion.CUAN has also posted strong financial performance this year. As of the third quarter of 2024, CUAN's net profit surged by 162.69% year-on-year (YoY) to USD 30.4 million, up from USD 11.5 million in the previous year. CUAN's revenue reached USD 546.05 million by the end of September 2024, an extraordinary 612.76% increase compared to the previous year, when it was only USD 76.6 million. The revenue growth was driven by coal sales amounting to USD 178.16 million, construction and engineering services at USD 177.8 million, mining at USD 165.9 million, services at USD 22.82 million, and other income of USD 1.2 million.

PT Bukit Asam Tbk (PTBA) has reaffirmed its commitment to supporting the government's plans regarding the electric vehicle (EV) battery ecosystem in Indonesia. One of the ways the company is contributing is through the development of coal conversion technology into Artificial Graphite and Anode Sheets.The President Director of PT Bukit Asam Tbk (PTBA), Arsal Ismail, stated that the company will continue to support one of the government's programs related to energy self-sufficiency, particularly the coal downstreaming program."In the future, PTBA will contribute to the EV battery ecosystem, particularly by providing anode materials to help the government reduce imports and save foreign exchange" he said during the Awarding Night CNBC Indonesia, quoted on Friday (December 27, 2024).Previously, the Director of Portfolio and Business Development at MIND ID, Dilo Seno Widagdo, mentioned that PTBA already has a prototype and is currently preparing for pilot-scale production."Today, we have already created the prototype, and now we are building the pilot scale. We have partnered with CATL for the cathode material, and for the anode, we are using BRIN's materials, so it's for the 18650 battery" said Dilo in Jakarta on Tuesday (October 15, 2024).However, Dilo acknowledged that there are still some quality challenges regarding the conductivity and density of the anode material, which do not yet meet international standards. Therefore, the construction of the pilot-scale facility aims to improve these qualities."I'm still not satisfied with the results. The conductivity and density are still not up to international standards, so this really needs to be improved. That's why we're building the pilot scale to help improve the quality" he said.

PT Bayan Resources Tbk. (BYAN) is targeting a coal production of 69-72 million tons in 2025. This is an increase from the 2024 target of 55-57 million tons. Bayan Resources' management stated that coal production volume in 2025 is expected to rise by 20% to 25%, due to continued expansion in the Tabang concession. Meanwhile, for this year, BYAN's draft figures estimate coal production at 57 million tons."The total production for 2025 is planned to be in the range of 69 million tons to 72 million tons," wrote BYAN's management on Friday (December 27, 2024).In addition, BYAN's coal sales volume is projected to be in the range of 70 million tons to 72 million tons next year. This represents a 25% to 30% increase compared to 2024, with estimated sales around 56 million tons.The average selling price (ASP) is expected to range between USD 58 and USD 60 per ton, based on the benchmark Newcastle reference price, which averages USD 125 per ton, and for ICI4, the average is USD 55 per ton for 2025. With these production volumes, sales projections, and price estimates, BYAN forecasts revenue in 2025 to reach between USD 4.1 billion and USD 4.4 billion.During the period from January to September 2024, BYAN recorded coal production of 40 million tons. The company explained that production in Q3 2024 fell short, reaching 14.4 million tons, compared to the target of 16.8 million tons for Q3 2024. "Coal production through Q3 2024 was lower than budgeted due to lower overburden removal, which led to lower coal extraction," stated BYAN's management.For three consecutive quarters, BYAN achieved coal production of 14 million tons in Q1 2024, 11.6 million tons in Q2 2024, and 14.4 million tons in Q3 2024.For the year 2024, BYAN is targeting coal production of 55 million to 57 million tons, an increase from the estimated actual production in 2023 of 48 million tons.

PT Masmindo Dwi Area (MDA) has signed a Memorandum of Understanding (MoU) with the South Sulawesi Regional Police to bolster security and law enforcement in its operational area, designated as a Vital National Object (PSN).The MoU was signed by South Sulawesi Police Chief Yudhiawan and MDA President Director Trisakti Simorangkir. The event was witnessed by South Sulawesi Deputy Police Chief Brigadier General Nasri, Inspector Ai Afriandi, senior police officials, and PT Indika Energy Tbk. Corporate Services and External Relations Director Johanes Ispunarwan.The agreement focuses on two main areas: enhanced coordination for security measures and integrated law enforcement to protect MDA’s assets, construction activities, production operations, and mineral distribution.During the ceremony, Trisakti Simorangkir is confident the MoU would help create a more conducive environment for public security around MDA’s operations. “This collaboration will ensure stability and public order in our operational area, benefiting not only the company but also the local community and the investment climate in South Sulawesi,” he said.Johanes Ispunarwan, representing Indika Energy as MDA’s parent company, praised the support from the Sulsel and local police units. “This partnership demonstrates synergy between law enforcement and businesses in ensuring the smooth realization of investments, as expected by the government, while maximizing benefits for the community and the nation,” he said.He added that MDA's presence in South Sulawesi is not only about fulfilling its Contract of Work obligations but also about contributing to regional development and improving local welfare, particularly in Latimojong District, Luwu Regency.Yudhiawan said he is committed to ensuring MDA’s operations as a Vital National Object proceed smoothly. He assured alignment between the interests of MDA, the government, and the local community, addressing reported issues in MDA's contract area through a win-win solution while adhering to applicable regulations. “Those who violate the rules or seek personal or group gain must face strict legal action,” he said.The South Sulawesi police chief also stressed the importance of resolving issues directly with concerned parties, avoiding unnecessary involvement from unrelated individuals. “It’s better to meet, discuss, and ensure only relevant parties are involved. Let’s avoid external interference that could cause harm,” he warned.Yudhiawan welcomed the partnership with MDA, highlighting its potential contribution to Indonesia’s economic growth. “If MDA’s production operations run smoothly, the state will benefit from taxes generated by the mining activities. This will positively impact the nation’s economic development,” he concluded.

MIND ID can serve as a reference for national mining companies in implementing downstreaming programs that contribute significantly to economic growth.Under the leadership of President Director Hendi Prio Santoso, MIND ID is committed to carrying out the mandate of mineral downstreaming in an integrated manner.This effort drives the increase in added value for mining products such as coal, contributing to economic growth towards Indonesia Gold 2045.At the Kumparan Award Impact Makers 2024 event, Hendi Prio Santoso received the Impact on Downstream Industry Leadership award on Thursday (December 19, 2024).This award was given in recognition of his achievements in realizing strategic projects, such as the construction of the copper smelter for PT Freeport Indonesia in Gresik, the Smelter Grade Alumina Refinery (SGAR) in Mempawah, and the collaboration between ANTAM and Freeport in gold management.MIND ID has also strengthened the electric vehicle battery industry ecosystem as part of the national energy transition.In addition to supporting national policies, this initiative has had a positive impact on the company's financial performance. MIND ID’s profit increased from IDR 1.82 trillion in 2020 to IDR 14.32 trillion in 2021.The profit continued to grow, reaching IDR 22.49 trillion in 2022, and rose by 22.4% to IDR 27.5 trillion in 2023.As one of the world’s leading mining companies, MIND ID plays a strategic role in supporting national economic growth and the achievement of Indonesia's Vision 2045.On this occasion, Hendi Prio Santoso urged industry players to optimize the strategic mineral potential that Indonesia possesses, particularly for the development of the electric vehicle battery ecosystem."The mineral and coal mining industry in Indonesia has a huge opportunity for development. We invite manufacturing industry players to take advantage of this potential to create greater added value for the national economy," said Hendi in a press release on Friday (December 20, 2024).

The Institute for Development of Economics and Finance (INDEF) stated that Indonesia is in a strategic position in the global energy transition trend through the development of the copper downstream industry.This development is believed to support low-carbon technologies while also increasing the national economic added value. INDEF's Executive Director, Esther Sri Astuti, mentioned that the copper downstream ecosystem in Indonesia has developed significantly and holds great strategic potential to meet global market demands.One of the key developments is the presence of PT Freeport Indonesia (PTFI) with the construction of a copper smelter at the Special Economic Zone (KEK) Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java, with an input capacity of 1.7 million tons of copper concentrate per year. Inaugurated by President Joko Widodo on September 23, 2024, this smelter is the world's largest single-line copper refining facility, capable of producing around 600,000 to 700,000 tons of copper cathodes annually.In addition, Indonesia also has a copper smelter and precious metals refining facility in West Sumbawa Regency, West Nusa Tenggara (NTB), under the management of PT Amman Mineral Internasional Tbk (AMMAN).Esther explained that Indonesia currently ranks 10th globally, holding around 3% of the world's total copper reserves, equivalent to 24,000 tons. This places Indonesia on par with China and above countries such as Kazakhstan, Zambia, and Canada. Meanwhile, the remaining 22% of global reserves are spread across other countries."Although Indonesia is not the largest owner of copper reserves, its position is quite strategic in the global copper industry. The significant reserves provide a strong foundation for Indonesia to develop an integrated and sustainable copper industry. Indonesia's position as the 10th-largest copper reserve holder in the world highlights its significant potential in the global copper industry," said Esther.With the increasing adoption of low-carbon technologies, global demand for copper continues to grow. The electric vehicle industry, in particular, has one of the highest demands, as this technology requires a significant amount of copper.Moreover, the development of renewable energy sources such as solar panels and wind turbines, as well as the digitization of infrastructure, further strengthens copper's role as a strategic material."This trend presents a huge opportunity for Indonesia to strengthen its copper downstream sector by adding value. From processing copper ore into concentrates to producing electric cables and vehicle components, each stage contributes significantly to the national economy," Esther added.Esther believes that Indonesia offers market certainty for long-term investment in copper downstreaming. Developing products such as electric vehicle components, energy storage systems, and smart energy infrastructure is considered strategic for strengthening national competitiveness.Furthermore, this success is supported by government policies that create an integrated industrial ecosystem. The implementation of the Mining Law (UU Minerba) has been a major driver in forming a strong supply chain between the upstream and downstream sectors."Policies that support sustainability and technological innovation are key to the transformation of Indonesia's copper industry. The transformation of the copper sector through downstreaming is expected to have a significant impact, both in increasing export value and creating jobs. INDEF notes that this sector could create hundreds of thousands of new jobs and make a substantial contribution to national GDP," Esther explained.With the growing global demand for low-carbon technology products, Indonesia also has the opportunity to become a key player in the global supply chain. This move not only strengthens the domestic economy but also positions Indonesia as a regional leader in the green technology sector.Additionally, the Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, also praised the presence of PTFI's smelter, which has created jobs and increased state revenue."The jobs are permanent now. State revenue is starting to rise. Our hope is that tomorrow, national entrepreneurs who have been granted mining permits, if they don't build smelters, I will personally review it. They must be forced to build smelters," said Bahlil.

PT PP Presisi Tbk (PPRE) is targeting a IDR 7 trillion nickel project in Morowali and Halmahera next year. This highlights PPRE's commitment to becoming a key player in the mining services sector as its core business.The President Director of PT PP Presisi Tbk, Arzan, stated that this move is supported by the growing global trend and the bright prospects of the mining sector in Indonesia. To ensure business sustainability, PPRE is also preparing several strategic steps moving forward."Expansion and massive growth in the mining sector, exploring new partnerships with nickel mine owners, and seeking new contract opportunities in other mineral sectors such as bauxite, tin, and coal. Optimizing Equipment Rental by increasing the utilization of idle assets through external project rental contracts," he said.PPRE reported that the contribution of its Mining Services business has been a major driver of new contract acquisitions over the first three quarters of 2024, reaching 72%, with projections to increase to 83.7% by the end of the year.Additionally, the company noted the dominance of the private sector market segment, which accounted for 91% of total new contracts through Q3 2024.One of the key focuses is the increase in Mining Equipment capacity, which absorbs 80% of the capital expenditure (CAPEX) allocation in 2024. This step is in line with the Company's strategy to continue developing its Mining Services business line as a key priority going forward.In addition, business diversification continues with a Selective Civil Work approach, where PPRE will synergize with PT Pembangunan Perumahan (Persero) Tbk, the Company's parent, to capture opportunities in the high-value civil engineering sector.Meanwhile, new contract acquisitions increased by 27% (YoY) to Rp6.3 trillion in Q3 2024, with a full-year estimate reaching IDR 7.9 trillion, a 17% increase compared to 2023.Revenue grew by 5.6% to IDR 2.7 trillion in Q3 2024 and is projected to reach IDR 4 trillion by the end of the year, a 19% increase compared to the previous year.Net profit rose by 12% to IDR 100 billion in Q3 2024, with a full-year projection of IDR 194 billion, a growth of 9.6%. The company's equity is projected to increase by 12% to IDR 3.9 trillion, reflecting strong and sustainable financial fundamentals.

PT Indonesia Morowali Industrial Park (PT IMIP) has reported a total production of Nickel Pig Iron (NPI) commodities in the IMIP industrial area amounting to 4.76 million tons, which were exported to China and several other countries.In addition to reporting the production of various commodities in the IMIP area, PT IMIP also provided updates on its total accumulated investments, work plans for the coming year, and the development of a solar power plant (PLTS) scheduled for 2025.IMIP has already exported NPI to China and several other countries, contributing foreign exchange earnings of USD 14.45 billion, or approximately IDR 232.6 trillion (at an exchange rate of IDR 16,100), during the period from January to November 2024.The Communications Director of PT IMIP, Emilia Bassar, stated that NPI (Nickel Pig Iron) is an iron product with nickel content below 15%. Although its sulfur and phosphorus content is higher than that of ferronickel (FeNi), this commodity remains a key export product of the IMIP industrial area."For NPI alone, we have produced a total of 4.76 million tons, and then 4.2 million tons of stainless steel. This is a substantial amount for the total production of commodities produced in the IMIP Industrial Area over the past 11 years," said Emilia Bassar, Director of Communications at PT Indonesia Morowali Industrial Park, during a press briefing in West Jakarta on Wednesday (December 18).Over the past 11 years, Emilia explained that the IMIP industrial area has also produced various other commodities, such as 4.2 million tons of stainless steel slab, 2 million tons of hot rolling steel coil, and 1.4 million tons of cold rolling steel coil.Other products include 821,000 tons of Mixed Hydroxide Precipitate (MHP), 750,000 tons of electrolytic aluminum, 140,000 tons of electrolytic nickel, and 600,000 tons of nickel iron wires.Furthermore, Emilia mentioned that the IMIP area is currently home to around 60 tenant companies, both domestic and international. Some of the companies already operating include PT Sulawesi Mining Investment, PT Indonesia Guang Ching Nickel and Stainless Steel Industry, and PT Indonesia Tsinghan Stainless Steel.“We have over 60 tenants such as PT Yong Wang Indonesia, PT Oracle Nickel Industry, and PT Detian Coking Indonesia. Additionally, there are construction projects like PT Green Eco Nickel and PT Chengtok Lithium Indonesia,” Emilia added.As the area continues to develop, the investment value in PT IMIP has been steadily increasing. By August 2024, the accumulated investment reached US$ 34.3 billion, or around IDR 552.5 trillion, a rise of USD 4.2 billion compared to 2023.In addition to contributing foreign exchange and increasing investments, PT IMIP also contributes to state revenues through taxes. In 2023, the company paid taxes totaling USD 1.16 billion.IMIP has also seen a significant increase in workforce absorption. In 2024, the number of workers in the Morowali area reached 84,859, a sharp increase from 35,952 workers in 2020."Every time a new factory is completed, the average increase in workers can reach 1,000 people per month," explained Emilia.In the coming year, PT IMIP will prioritize three strategic issues: accelerating nickel downstreaming, strengthening the electric vehicle battery raw material cluster, and developing power plants based on New and Renewable Energy (EBT)."We have also operated over 130 electric dump trucks as part of our commitment to supporting environmental sustainability," Emilia concluded.Furthermore, IMIP announced plans to prepare power plants based on New and Renewable Energy (EBT). IMIP is committed to promoting the use of clean energy, with one of its tenants already operating a Gas-Fired Power Plant (PLTGU). IMIP plans to develop a solar power plant (PLTS) next year.

PT Vale Indonesia Tbk. (INCO) is seeking a loan of USD 1.2 billion to kick-start a new mining block development project next year. This move to secure funding through a bank loan follows a credit rating upgrade from S&P Global Ratings, which raised INCO's rating to BB+ with a stable outlook, up from BB earlier this month."For the loan, it is currently in process, and the BB+ credit rating upgrade from S&P Global Ratings is a significant boost to our credibility," said INCO's Head of Corporate Communications, Vanda Kusumaningrum, when contacted on Wednesday (Dec 18, 2024). Vanda mentioned that the company has been developing three new mines in the Pomalaa, Morowali, and Sorowako blocks.According to INCO's data, the mining development project in Morowali is expected to be completed in Q4 2025, with an additional production capacity of 3.84 million tons of saprolite per year. By the end of this year, the Morowali mining development project, with a capital expenditure of USD 399 million, has reached 35% completion.Next, INCO is also pursuing the development of a new mining block in Pomalaa, which is expected to add an annual production of 28.15 million tons of saprolite and limonite. The capital expenditure for this new mining block is USD 1 billion, with operations expected to begin in Q2 2026. The Pomalaa mining project is currently 22% complete. Meanwhile, the new mining block in Sorowako requires an investment of about USD 257 million, with an expected additional annual production of 11.5 million tons of limonite. This project is expected to be completed by Q3 2026."Considering the large investment value, loans are one of the ways PT Vale is financing these mining development projects," said the company.As previously reported, INCO recorded a significant decline in net profit from January to September 2024, falling to USD 51.1 million. This decline was primarily due to lower revenue as a result of the drop in average nickel selling prices. According to its financial report as of September 30, 2024, INCO's net profit for the first nine months of 2024 dropped 78.55% year-on-year (YoY) from USD 238.27 million in the same period of 2023. The sharp decline in net profit was in line with the decrease in INCO's revenue by the end of September 2024.INCO's revenue fell by 24.45% YoY to US$708.5 million from US$937.8 million in the same period last year. This revenue was mainly driven by sales to Vale Canada Limited (VCL) and Sumitomo Metal Mining Co. Ltd. (SMM), both of which are related parties. Sales to VCL reached USD 562.9 million by the end of September, while sales to SMM totaled USD 145.65 million.Rizky Putra, Chief Financial Officer of Vale Indonesia, explained that the company has faced challenges, particularly due to the continued decline in nickel prices through Q3 2024. "This decrease was mainly caused by lower realized prices of nickel matte, along with a one-time effect from the maintenance of the coal grinding facility in September, which led to higher consumption of HSFO to replace coal usage," Rizky said in an official statement on Thursday (Oct 31, 2024).INCO reported an average realized price of USD 13,262 per ton for the first nine months of 2024, which was 29% lower than USD 18,596 per ton in the same period of 2023. At the same time, INCO's nickel production volume increased by 6% YoY from 51,644 tons to 52,783 tons. Similarly, the company's sales volume reached 53,429 tons, a 5.93% YoY increase from 50,435 tons in January-September 2023.