MIND ID Posts Positive Performance throughout 2024, Strengthens Commitment Towards Mineral Sustainability and Downstreaming

Jakarta, 10 June 2025 – MIND ID or PT Mineral Industri Indonesia (Persero) posts a strong financial performance throughout 2024. MIND ID is able to show that sustainable mineral management is able to develop in line with the growth of business and national contribution.

In its audited 2024 financial report, MIND ID booked income of Rp145.2 trillion, a growth of 34.56 percent over the previous year.  Current year profit has jumped to Rp40.2 trillion, an increase of 46 percent compared to 2023. Corporate assets rose to Rp292.1 trillion from Rp259.2 trillion. Meanwhile, the cost of revenue went up from Rp90 trillion to Rp124.6 trillion, following production expansion and downstreaming in all entities of subsidiaries.

MIND ID Meeting of General Shareholders approved the Consolidated Financial Report Audit for the 2024 Book Year with an unqualified opinion. This achievement shows the trust towards governance and transparency implemented by the Company.

The General Meeting of Shareholders also approved the dividend appropriation of 55% of profit attributed to entity owners of the 2024 Fiscal Year of Rp36.5 trillion, amounting to Rp20.1 trillion. This is an increase compared to the dividend of the 2023 Fiscal Year of Rp17.14 trillion.

Meanwhile, the remaining 45% of net profit, or approximately Rp16.44 trillion, is to be allocated to support the continuation of the MIND ID Group’s downstreaming program. Downstreaming has become the main strategy to strengthen national competitive advantage through the escalation of mineral commodity added value.

MIND ID President Director, Maroef Sjamsoeddin, stressed that the achievement and contribution of the dividend is the result of operational strategic synergy, strengthening of governance, as well as commitment towards sustainable principles.

“In the midst of a dynamic global energy transition, we ensure that all operations are based on sustainability.  This has proven to strengthen financial performance and economic contribution,” he said.

Maroef added that the adoption of Good Mining Practice has become the main motor of performance strengthening. He believes that sustainability is not merely compliance, but also a long-term strategy.

“We ensure that the added value from upstream to downstream is being implemented optimally and based on social and environmental responsibility,” he stressed.

Throughout 2024, MIND ID has completed a number of strategic projects, such as Phase 1 Smelter Grade Alumina Refinery (SGAR) in Mempawah, Copper and Precious Metal Refinery Smelter, as well as the conversion trials of coal to become artificial graphite and anodized sheet.

In 2025, MIND ID prioritized the construction of Phase II SGAR in Mempawah, RKEF & HPAL in East Halmahera, optimization of Precious Metal Refinery, PLTG construction in Gresik, as well as elevating coal transportation in Tanjung Enim-Keramasan. The Company also developed three strategic nickel projects in Sulawesi – IGP Pomalaa, IGP Morowali, and HPAL Sorowako – to strengthen the foundation of the national electric vehicle ecosystem. 

“We are committed to boosting the sustainable mineral industrialization and enlarging the contribution of the mining sector for the achievement of the 2045 Golden Indonesia vision,” he stated.” 

MIND ID President Commissioner, Fuad Bawazier, explained that global economic performance throughout 2024 presented challenges, from energy transition as well as geopolitical dynamics, which affect the national mining industry ecosystem.

Nevertheless, MIND ID was capable of responding to the situation through transformation implemented jointly by all Group Members, enabling company performance to continue its positive growth and successfully posting a profit of Rp40.2 trillion in 2024.

“Through the adoption of an integrated mining and commercial strategy, MIND ID and all Group Members can continue to face challenges in a strong and exceptional way, and undertake efforts to provide the best contribution to the Country,” Fuad disclosed.