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Jakarta Post

MIND ID records debt jump in Q3, but looks toward $1b dividends

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Tue, January 28 2020   /  01:54 am

State-owned mining holding company MIND ID's debt skyrocketed 378 percent year-on-year (yoy) in the third quarter of 2019 following a multibillion dollar acquisition and several hefty infrastructure investments.Previously called Inalum before it rebranded in August, MIND ID recorded a debt of Rp 78.3 trillion (US$5.75 billion) in the July to September period last year.The majority of the debt came from $3.85 billion acquisition of mining operator PT Freeport Indonesia inked in October 2018, said MIND ID president director Orias Petrus Moedak. The remaining debt came from early investments in five mineral ore smelters and one coal-fired power plant.“The acquisition is a promising investment but a long-term one. In the short term, we have to go through this period,” Orias told a House of Representatives hearing on Jan. 23.The accountant-turned-businessman explained that MIND ID's finan...