The Jakarta Post
Holding Industri Pertambangan (HIP) has officially rebranded itself as MIND ID, an acronym for Mining Industry Indonesia, as part of the company’s transformation into a super holding enterprise that oversees five mining companies: Aneka Tambang (Antam), Bukit Asam, Freeport Indonesia, Indonesia Asahan Aluminium (Inalum) and Timah.
MIND ID president director Budi Gunadi Sadikin said in a statement on Saturday that the change reflected the company’s commitment in ensuring that state-owned mining companies would benefit the people of Indonesia.
"Their output “will not be directly sold but processed to create more added value and bring more benefits to the nation and state,” he said. His statement is in line with Government Regulation No. 1/2014 that bans the export of raw mining products to push local companies to create more value-added products as opposed to raw extracts.
The rebranding would not change the status of Inalum as a holding company. Inalum booked Rp 65.2 trillion (US$4.58 billion) in consolidated revenues last year, up 38 percent from the previous year. Meanwhile, profits rose by 54 percent to Rp 10.5 trillion in 2018. (hen)