MIND ID works with Danantara to find downstreaming partners

Mining Industry Indonesia (MIND ID) is planning downstream projects worth a combined US$14.3 billion, and the mining holding state-owned enterprise (SOE) collaborating with sovereign wealth fund (SWF) Daya Anagata Nusantara Investment Management Agency (Danantara) to find partners who are willing to join the project.

According to MIND ID's official statement on Apr. 22, 2025, The downstream projecs in question consist of Smelter-Grade Aluminium Refinery Phase 2 project and the Aluminium Smelter Expansion project in Mempawah Regency, West Kalimantan Province; the Copper Smelter Industry project in Gresik Regency, East Java; and the EV Battery Ecosystem project in Halmahera Island, North Maluku.

Mind ID Portfolio and Business Development Director Dilo Seno Widagdo stated that MIND ID has several  long-term investment plans which are expected to be very effective in spurring stronger Indonesian economic growth. The SOE's plans also aim to encourage investment inflow to the domestic mineral and coal downstream sector.

Meanwhile, Danantara plays a crucial role as one of the country's two SWFs in encouraging superior projects, especially in the natural resource-based manufacturing industry sector.

"We believe that, these strategic projects can find the right partners while encouraging higher quality economic growth through Danantara," said Dilo.

He added that Indonesia's mineral and coal sectors still have great room for growth. MIND ID as the national strategic commodity manager has a strong position in the upstream sector. It has worked to maximize added value from coal and reduce dependence on raw mineral exports.

On the mid-stream side, MIND ID has also produced various mineral products such as aluminum, copper, gold, and tin that are in line with global industrial needs, especially for the electric vehicle (EV) sector and energy transition.

Even so, MIND ID also realizes that further production capacity increases are needed to meet increasing domestic and international demand. Therefore, the requisite efforts must be pursued to integrate the SOE's supply chain in the domestic industrial sector, which will be carried out together with prospective partners.

In turn, MIND ID believes that demand for domestic mineral products will increase, which would also enlarge MIND ID's production capacity. To that end, MIND ID has prepared itself to attract investor interest, as the SOE has mapped out potential projects as well as calculated in depth the capital expenditure (capex) needs and return on investment (RoI) projections.

"From MIND ID's side, we have sufficient capital capacity, but we still hope for a partnership [and its realization could be used] to evaluate Danantara in the future," added Dilo.