MIND ID Targets To Be A Reference For World Mining Commodity Prices

Mining (photo: dock. Antara)

JAKARTA - BUMN Mining Industry Indonesia (MIND ID) has set a target to become a market leader as well as determine commodity prices in the global market or global price setter.

President Director of MIND ID, Hendi Prio Santoso, said that his party is optimistic that it can achieve this target. This is because Indonesia has large reserves of minerals and coal.

In addition, said Hendi, Indonesia is also able to form a strategic alliance that can support future price management efforts.

We hope that, in the not too distant future, we can become a global price setter. This is one of the main goals we have achieved together in the MIND ID Group," he said in an official statement, Friday, September 13.

Currently, continued Hendi, Indonesia still refers to the commodity index from other countries. One of them, in coal products.

Indonesia still depends on the index from Australia or other countries. In fact, Indonesia itself is the largest producer of world coal to date," he said.

In addition, said Hendi, Indonesia has not yet become the determinant of world tin prices even though it has abundant tin commodity wealth.

"Together with China and Peru, these three main producing countries can emulate the Organization of the Petroleum Exporting Countries (OPEC) scheme to conduct price settings," he explained.

Therefore, Hendi said that the MIND ID Group seeks to increase exploration activities aggressively and selectively, so that reserve management can be more optimal in responding to global needs.

Including, he continued, in increasing the capabilities that are currently owned, developing a downstream business scale and further industrialization.

"So that it can continue to increase the added value of the mineral being managed," he said.

In addition, Hendi said that the MIND ID Group is also actively building a strategic alliance for the expansion of the new downstream business which will further strengthen Indonesia's position in the world supply chain.

Furthermore, Hendi said, most of the mineral commodities managed by the MIND ID Group have been traded through the London Metal Exchange commodity exchange in the UK. Indonesia also continues to strengthen its bargaining position as a global player for critical and strategic mineral commodities.

"MIND ID continues to collaborate with relevant stakeholders so that Indonesia has a strict national production quota limit, which is used as a reference for production by all mining mineral industry players in Indonesia who can ultimately help Indonesia in determining prices," he said.

Hendi also said that MIND ID continues to prioritize optimal mineral reserve management and adhere to the principle of sustainable mining.

"Thus, our efforts to become a market leader and a global price setter can have the greatest impact and benefits for the prosperity of all Indonesian people," said Hendi.