MIND ID receives Award as Best Holding State-Owned Enterprise in the Mining and Oil and Gas Sector

Jakarta, 09 December 2022. MIND ID, the Holding State-Owned Enterprise for the Mining Industry in Indonesia, received acknowledgement as the best Holding State-Owned Enterprise in the Oil and Gas and Mining Sector. The 19^th award is handed out every year by Investor Magazine.

The award to Indonesian Financial Figures is given to the Best Chief Executive Officer from various fields. The Financial Figure 2022 award is given to nine CEOs for their performance in managing the company, and at the same time, contributing to the advancement of the related industry.

Hendi Prio Santoso was chosen as the best CEO for the Oil and Gas and Mining categories. Several evaluation aspects were taken from the growth in financial performance. Hendi managed to raise MIND ID net profit by 686%, from Rp 1.8 trillion in 2020, to Rp 14.3 trillion in 2021. Income also accelerated by 40%, from Rp 66.5 trillion to Rp 93.7 trillion.

“We dedicate this award to the entire Members of the MIND ID Group, PT Antam Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero), PT Timah Tbk., as this achievement is not possible without the participation and superb performance of all Members,” said Hendi in the victory speech disseminated online.

Aside from financial performance, the MIND ID Group also has a number of future corporate actions to respond to the challenges of the mining industry. MIND ID safeguards the Government’s mandate to execute each aspect of the Company’s operations in accordance with Good Mining Practice, as well as encourage Circular Economy in its business chain.

“MIND ID implements the mandate of the Government to become a world class Company by setting forth its Noble Purpose as its vision and mission, namely, We Explore Natural Resources for Civilization, Prosperity and a Brighter Future,” he added.

MIND ID is also the key player to make a success of the downstreaming program launched by Indonesian President Joko Widodo.

The process to turn raw mining products into final commodities is being prepared, which will be able to raise the sales value of the commodity. One such undertaking is to accelerate the ecosystem for battery-based electric vehicles. This is evident from the signing of the Memorandung of Understanding with Arrival Ltd. as the strategic partner to implement the feasibility study for the development of batteries and electric vehicles.

Moreover, to ensure the continuity of aluminium supply, the MIND ID Group, through PT Inalum (Persero) has entered into cooperation with Emirates Global Aluminium (EGA) from the United Arab Emirates, to implement a feasibility on the development of Inalum’s brownfield at Kuala Tanjung. In early 2022, MIND ID also entered into a cooperation with EGA to expand the sales market.