Indonesia holds five mining concessions valued at US$300 billion

President Prabowo Subianto has revealed that Indonesia possesses five mining business licenses (IUP) with proven reserves valued at approximately Rp5,400 trillion (US$300 billion). The valuation is based on Joint Ore Reserves Committee (JORC) studies.

During a national coordination meeting, the President emphasized that while these assets demonstrate Indonesia's immense wealth, they remain underground and require responsible management. He cautioned against the hasty distribution of concessions, stating that the government must be meticulous in granting licenses only to parties with the proven capability to operate them.

Prabowo noted that the administration is currently working to rectify issues where concessions have been held for decades without being developed. He criticized speculative practices where individuals without mining expertise acquire licenses merely for speculation or stock market purposes, resulting in long-term national losses.