Indonesian Nickel Industry Forum (FINI) estimated actual nickel ore production of 265 million tons, way below the approved work plan and budget (RKAB) of 379 million WMT. The country, accordingly, imported 15.84 million WMT of ores, mostly from the Philippines. That means total demand from nickel smelters was around 280 million WMT.

Hashim Djojohadikusumo, younger brother of President Prabowo, said on Wednesday that the President was so mad with the collapse of IDX composite index (IHSG) following decisions from global institutions like MSCI and Moody’s. On Monday and Tuesday, the president met national business leaders, including those heavily influencing the index. IHSG recovered almost 2% Wednesday with the return of foreign investors.

Eramet (France), partner shareholder in PT Weda Bay Nickel (WBN) with Tsingshan (China) and Aneka Tambang (ANTM), told investors on Wednesday (Feb 11) that Indonesian authorities have only approved nickel ore production quota of 12 million WMT this year, dropped 62.5% from last year’s initial volume granted and 71.4% below the revised plan.

Ministry of energy and mineral resources (ESDM) has finally set nickel ore production quota between 260 million and 270 million WMT this year, which will be in the range of last year’s actual production. 

The government has recently identified eight mining blocks with significant rare earth elements (REE) potential while planning to launch two research projects to develop processing technology.

Fuel shortages at several Shell-branded gas stations have reignited an old but unresolved question in downstream energy sector: is the country truly committed to competition, or does stability still trump market fairness?

Nickel dropped 1.91% to US$18,235 in the London Metal Exchange (LME) Tuesday (Jan 27) on persistent surplus outlook and doubts over Indonesian government’s plan to significantly cut production of nickel ores. 

Freeport McMoRan, co-owner of PT Freeport Indonesia (PTFI), the world’s largest copper and gold mine, has just released operational and financial data for full year 2025, where it posted net profit of US$2.2 billion, increased from US$1.89 billion in 2024 despite downfall of PT Freeport Indonesia following suspension of mining activities in Grasberg, Papua.