Mining Industry Holding Transformation: MIND ID Focus to Strategic Holding, INALUM Focus to Hilirization Aluminum

Jakarta, 21 March 2023 – Mining Industry Mining or MIND ID officially has a business name called PT Mineral Industri Indonesia (Persero) after previously named PT Indonesia Asahan Aluminum (Persero) or INALUM which since 2017 conducts two corporate functions namely as holding and operation of aluminum smelting.

With this transformation, MIND ID will focus more on the strategic holding company while INALUM will focus on the development of national aluminium downstreamization. The signing of the MIND ID transformation document - INALUM is carried out in the General Meeting of Shareholders (RUPS) held in Jakarta.

Corporate Secretary MIND ID Heri Yusuf calls that with this transformation is the direction of the Ministry of BUMN aimed at the MIND ID will focus more on the strategic holding company, while it will focus on the development of the national aluminium hilirization. This corporate action will further accelerate the holding contribution of the mining industry to Indonesia.

“PT Mineral Industry Indonesia (Persero) has officially become the name of the MIND ID entity, which will play as a strategic holding company and focus on improving the effectiveness of strategic activities and focus on efficiency and increase the added value between the Holding Member, risk management, supervision of the operational activities of the Members Holding and so on. Thus it is expected to be easier to contribute and greater benefit to all stakeholders,” Heri said.

Transformation is the implementation of PP no. 45 years 2022 regarding the Reduction of the State Capital of the Republic of Indonesia in the Company (Persero) PT Indonesia Asahan Aluminum and PP no 46 years 2022 concerning the participation of the State Capital of the Republic of Indonesia for the establishment of the Company (Persero) in the Mining Field.

The purpose of the transformation of MIND ID – INALUM is to separate the holding and operational functions that are currently attached to one company entity. With this transformation, MIND ID will be more effective and efficient managing business and investment project plans that create added value for groups. This transformation will also strengthen the governance of MIND ID so that it can optimize the company’s contribution to all stakeholders.

Furthermore, the name of INALUM changed to PT Indonesia Asahan Aluminum and will become a Member of Holding, parallel to PT ANTAM Tbk, PT Bukit Asam Tbk, PT Timah Tbk, PT Freeport Indonesia, and PT Vale Indonesia Tbk. INALUM will also focus on the development of the national aluminum industry and expanding larger businesses, increased capital, and provide sustainable benefits to all stakeholders. 

“ INALUM's management will focus on operational development in the national aluminium downstream ecosystem both in terms of the development of the aluminium supply chain scope and the development of green energy. Then focus into the aluminium market leader and increase market share. Once a week may take an advanced corporate action in terms of capital increase and business funds, ” add Heri.

The future MIND ID will remain committed to the Indonesian Government Mandat in terms of the management of the national mining industry by doing five business strategies in order to improve performance of the more sustainable and beneficial MIND ID Group, among others: (1) MIND ID maximizes the exploration and growth of mining production; (2) Performing increased cost competitiveness by maximizing the digital platform; (3) maximizing asset downstream scale by optimizing Project Management Officer (PMO); (4) MIND ID implements the expansion of the downstream industry, which is one of the strategies conducted by MIND ID is by developing the alias Electric vehicle ecosystem (building portfolio).

Furthermore, the Ministry of BUMN appointed the Board of Directors and Board of Commissioners who were new PT Mineral Industri Indonesia (Persero) as follows:

Main Commissioner: Doni Monardo

Commissioner: Nicolaus Teguh Budi Harjanto

Commissioner: Ridwan Djamaluddin

Independent Commissioner: Muhammad Munir

President Director: Hendi Prio Santoso

Vice of  President Director: Dany Amrul Ichdan

Director of Portfolio and Business Development: Dilo Seno Widagdo

Director of Finance: Akhmad Fazri

Director of Risk Management and HSSE: Nur Hidayat Udin