Last week Energy and mineral resources minister Bahlil Lahadalia talked about the government’s plan to grow domestic oil refining capacity by 500,000 barrels per day. Upon meeting president Prabowo Subianto this week, however, the target has been formally doubled to 1 million barrels per day. 

Shares of nickel miner Ifishdeco (IFSH) ended lower by 2.5% to Rp770 on Monday (Feb 24) as investors responded to the 2024 financial results and further correction of nickel price in international market. 

Despite the controversy surrounding it, the House of Representatives passes the Mineral and Coal Bill revision into Law in a plenary session on Tuesday (18/02). Religious mass organizations and enterprises are granted the permission to manage mining concessions, while higher education institutions may only become the beneficiaries of the enterprises specifically assigned to help with their academic endeavours. This decision, in return, has left people questioning the urgency of the bill even more. Who will benefit from it?

The House of Representatives (DPR) is set to deliberate amendment of mineral and coal law today (Feb 18), which, among others, will legalise granting of mining concessions to mass organisations. The government and DPR, however, have decided to cancel a plan to award mining concessions to universities following nationwide protest from students, who are concerned about independence of the higher education.

Newcastle coal index has fallen 14.4% year to date to US$107.3 per ton, the lowest level in more than four years. The commodity has declined 11% year-on-year, but Indonesian thermal coal might have dropped bigger than that.