Exploration to be accelerated.
Indonesia is already a global heavyweight in metal production, particularly in nickel and tin. The archipelago is also a significant producer of cobalt and now aims to enter the rare earths market. The country’s mining authority, BIM, expects that by 2030, processing these minerals domestically could generate nearly $7.5 billion in revenue.
BIM has identified eight exploration sites for rare earths and other critical minerals, and pilot processing projects are now set to begin. According to BIM head Brian Yuliarto, Indonesia has approached other countries for partnerships, but they prefer to buy the minerals directly rather than invest in developing local processing infrastructure.
Estimates of Indonesia’s rare earth reserves remain uncertain. In 2019, the national mining association reported that no exploration had been conducted to date and that the deposits were likely insignificant. Meanwhile, the geological agency estimates reserves between 118 and 650 tons of rare earth metals but emphasizes the need for detailed surveys.
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