Friday, November 1, 2024

North Maluku sees massive investment surge in mineral processing

Reading Time: < 1 minute
Julian Isaac

Journalist

Editor

Interview

The Ministry of Energy and Mineral Resources (ESDM) has reported that investment in mineral downstreaming in North Maluku was recorded at Rp55 trillion (US$3.5 billion) in the period of January to September 2024.

Deputy ESDM Minister, Yuliot Tanjung, attributed this growth to the downstream processing of nickel and cobalt, which are essential for the electric vehicle ecosystem.

“Thanks to downstreaming, North Maluku no longer exports raw nickel ore,” Yuliot said in a statement as quoted on Thursday, October 31, 2024.

He also highlighted that the province’s economic growth has soared, reaching 20.49 percent in 2023, making it one of the fastest-growing regions globally.

According to data from the Statistics Indonesia (BPS) for 2023, economic growth in North Maluku is primarily driven by downstreaming and processing industries, which accounted for 10.60 percent, followed by mining at 7.97 percent. Other sectors, such as trade and agriculture, contributed 0.72 percwnt and 0.62 percent, respectively.

Yuliot noted that Indonesia’s downstreaming program is just the beginning, with plans for subsequent phases, including second, third, and fourth stages of downstreaming.

“The Ministry of Energy and Mineral Resources has mapped out industrial pathways to deepen the downstream process and enhance value-added products,” he said.

Downstreaming involves transforming raw materials into higher-value final products. In the mining sector, this means not only exporting minerals in their raw form, but also processing them into valuable goods like refined metals and other mineral products.

Julian Isaac

Journalist

 

Editor

 

Interview

SUBSCRIBE NOW
We will provide you with an invoice for your reimbursable expenses.

Free

New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.

Premium

$550 USD/Year

or

$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.

FURTHER READING

The Purnomo Yusgiantoro Center (PYC), an energy think tank, has emphasized that the development of renewable energy (RE) in Indonesia is a critical factor for attracting multinational companies to invest in the country.
A research team from the Department of Mechanical and Industrial Engineering at Gadjah Mada −University (UGM) has developed a new wind turbine, named “Antasena,” to optimize new and renewable energy (EBT) utilization in Indonesia’s remote and underdeveloped regions, commonly known as 3T areas (frontier, outermost, and underdeveloped regions).
A senior government official has warned of potential depletion of the country’s nickel reserves within the next four to five years along with the operation of hundreds of nickel smelters that will definitely drain the reserves.
The Indonesian government has partnered with Vietnamese investors to develop a large-scale dairy industry in Poso, Central Sulawesi, aimed at supporting President Prabowo Subianto’s initiative for a free nutritional meal program.
Nvidia, an American multinational technology company, has overtaken Apple to become the world’s most valuable company, according to data from the London Stock Exchange Group (LSEG).
PT Chandra Asri Pacific (Chandra Asri Group) has set up a partnership with TUKR, a unit of Biofront Commodities in Indonesia, to invest in the supply and collection of renewable fuel feedstock.