MIND ID poised for strong performance in second half of 2026 on commodity prices, downstreaming

Indonesian state-owned mining group MIND ID is poised for a strong performance in the latter half of 2026, fueled by a dual boost from strengthening global commodity prices and accelerated downstreaming projects. This combination is expected to drive growth for the mining industry holding company.

Mining and energy observer Ferdy Hasiman predicts that companies under the MIND ID umbrella could see average growth of up to 30 percent in the second half of the year. This projection is supported by positive trends in global prices for nickel, tin, coal, and gold, which are creating a favorable sentiment for the mining sector. Hasiman highlighted that downstreaming projects undertaken by MIND ID subsidiaries are showing promising prospects. Simultaneously, rising commodity prices are expected to increase revenue and profit opportunities for these companies.

Hasiman specifically pointed to PT Aneka Tambang Tbk (ANTM) as a key contributor to MIND ID's growth, particularly through its nickel downstreaming initiatives. The smelter in Central Sulawesi and the Feni Haltim project in Halmahera are anticipated to significantly boost ANTM's contribution to the holding company's performance. "I think it can grow by an average of 30 percent because of the current commodity prices," Hasiman stated.

“

I think it can grow by an average of 30 percent because of the current commodity prices.

International forecasts further support this optimistic outlook. The World Bank projects nickel prices to average $15,500 per metric ton, while Goldman Sachs estimates around $14,500 per metric ton by year-end. JPMorgan anticipates average gold prices of $4,300 per ounce in the third quarter, rising to $4,500 per ounce in the fourth quarter, with a year-end target of $4,545 per ounce. PT Timah Tbk (TINS) is also expected to benefit from higher global tin prices, with BMI (Fitch Solutions) revising its 2026 average tin price forecast to $35,000 per ton from $32,000 per ton. PT Bukit Asam Tbk (PTBA) is also set to gain from recovering global coal prices.

Hasiman urged the government, particularly the Ministry of Energy and Mineral Resources, to maintain policy stability. This stability is crucial to ensure that the momentum from strengthening commodity prices and downstreaming efforts can optimally contribute to the mining industry and state revenue.

“

That will boost the performance of MIND ID because it is a subsidiary that I think is quite progressive in building mine downstreaming projects.