Nickel: Cut in plan, not supply (2)
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.
The dangerous signal from the Martabe saga
The controversy surrounding the Martabe gold mine has exposed a troubling pattern in Indonesia’s policymaking: decisions are announced first, and only afterward are the facts examined. The government’s handling of the Martabe permit is not just a sectoral issue in mining. It is a warning sign about how policy signals are being sent to the market.
MBG budget reallocation
The Indonesian government seems comfortable ignoring criticism from its own citizens, but suddenly becomes attentive when an international rating agency speaks. Public concern meant little until Moody’s warned of fiscal strain from large-scale spending programs like MBG. Only after Indonesia’s sovereign credit outlook was revised from “stable” to “negative” did the government begin considering reallocating the MBG budget for 2026.
If the land is damaged, why is the business still running?
The government’s decision to revoke the permits of 28 companies in Sumatra following a series of deadly floods was framed as a bold environmental intervention. Officials said the move was necessary to correct years of mismanagement, forest encroachment and ecological neglect. The message was clear: environmental violations would no longer be tolerated.
When a digital ministry cannot guard its own data
Ministry of Communication and Digital Affairs (Komdigi) is meant to be the state’s front line in protecting the country’s digital space. Yet the recent exposure of a recruitment database containing sensitive personal information has instead highlighted a far more troubling reality: the institution tasked with safeguarding national data may still be struggling to secure its own.
A growing policy uncertainty
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.
Weda Bay Nickel: An outlier?
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.
Nickel: Cut in plan, not supply
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.
Junk Rally returns, resisting changes
Composite index of Indonesia Stock Exchange (IDX) gained 1.37% in the morning session Wednesday (Feb 11), lifted by rally in stocks controlled by Prajogo Pangestu and some junk stocks. Prajogo was among five businessmen invited by President Prabowo for an exclusive meeting Tuesday.
Prabowo’s two meetings with business leaders
President Prabowo Subianto met business leaders on Monday (Feb 9) and Tuesday (10) in his private residence in Hambalang, Bogor Regency, West Java province. Participants were different. The first on Monday is classified ‘second tier’, while those on Tueday can be considered ‘exclusive club’.