Hashim’s entry into gold mining business
“In Indonesia, you’re not considered a conglomerate without ownership in gold mining,” one businessman once said. Salim-Medco Group, Saratoga-Merdeka Group, Rajawali Corpora, and Astra Group are now non-State players in the gold-copper. New player is coming: Hashim Djojohadikusumo, brother of president Prabowo Subianto.
Renewable Energy Update
Prajogo Pangestu (owner of Barito Renewables) and Garibaldi ‘Boy’ Thohir were among conglomerates joining president Prabowo Subianto and his brother Hashim Djojohadikusumo in some business meetings in China. Hashim meanwhile was seen accompanying Burhanuddin Abdullah, long-time economic advisor of Prabowo and chairman of state electricity utility PLN, in witnessing the signing of green financing last week at the sidelines of COP29 in Azerbaijan.
Prabowo’s Nuclear Drive
In Washington DC, President Prabowo Subianto and US president Joe Biden have reportedly discussed possible partnership in the development of small modular reactor (SMR) technology in Indonesia. Far away in Baku, Azerbaijan, Prabowo’s brother Hashim Djojohadikusumo, in his capacity as leader of Indonesian delegation to COP29, talked about nuclear power as part of Indonesia’s transition to clean energy.
Hashim + Nine Tin
National media reported that PT Nine Tin Indoresources has entered into a strategic partnership with PT Mitra Stania Prima (MSP), one of the largest tin producers controlled by Hashim Djojohadikusumo, brother of president Prabowo Subianto.
More nickel projects
Stronger dollar following the victory of Donald Trump and perception about Trump’s policies on climate change might have weighed on recovery of nickel. The commodity, which is key in electric vehicle battery, was last traded at US$16,397 per ton, a price considered not attractive enough to nickel smelters. Yet, interest in developing new nickel smelters is still out there.
Walk the talk: Tidal power
The first tidal power plant in Indonesia, slated to be built in Larantuka, Flores Island, East Nusa Tenggara, was once included in the national electricity plan in 2019-2028, but then dropped out from the 2021-2030 plan because it was deemed economically unfeasible.
Nickel journal
In the first nine months of 2024, some smaller nickel miners might have been benefited from downfall of ore production from two of the country’s largest miners: Aneka Tambang (ANTM) and Weda Bay Nickel (WBN), a partnership between Tsingshan (China), Eramet (France), and ANTM. Domestic ore supply, however, might change significantly in the last quarter of the year.
Oil & Gas Investments: Prabowo’s challenge
Jokowi failed to kick-start development of three major oil and gas projects in his ten years tenure, which should have contributed to higher foreign direct investment (FDI) needed to grow the economy higher. They are Masela Block in Maluku province, Natuna East in Riau Islands, and the Indonesian Deepwater Development (IDD) in the Makassar Strait.
Green hydrogen update
Energy security is among the main targets of Prabowo administration in the next five years. The president didn’t talk about climate change as the biggest threat to the country’s food security, another key theme of his administration, but his inner circle is known for interest in renewable.
Aslan Energy’s Projects in Indonesia
PT Calypte Sugi Power, a subsidiary of energy and industrial development group Calypte Holding, signed a memorandum of understanding (MoU) with Singapore’s Aslan Energy Capital last August. The two companies have signed the MoU to collaborate on the development of a power generation hub with a solar power production capacity of 2 GW in Sugi island, Riau Islands province.