In 2024, SRK undertook an Exploration Transformation Process study on behalf of the large Indonesian mining company PT Mineral Industri Indonesia (MIND ID). MIND ID is a state-owned holding enterprise comprising the member organisations PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Indonesia Asahan Aluminium, PT Timah Tbk, and PT Vale Indonesia Tbk.
The key objective of the study was to provide MIND ID with a maturity assessment at the strategic, tactical, and operational levels of its exploration capability, departmental processes, and performance. The study also evaluated how these elements align with MIND ID’s strategic roadmap and its goal of becoming a world-class mining company with assets and investments in Indonesia and internationally.
The study focused on the geology and exploration departments of PT Aneka Tambang, PT Bukit Asam, and PT Timah (covering nickel, gold, bauxite, coal, and tin), as well as the overarching MIND ID support framework.
Prior to MIND ID embarking on its Exploration Transformation Process and the study led by SRK, the Member organisations focused on near-mine and resource conversion/replenishment activities (including conversion to higher confidence categories) to support short-term ore replacement and operational ore feed.
To meet the study objective, SRK was tasked with the following: first, conducting a maturity assessment at the MIND ID Group levels mentioned above. From an initial assessment perspective, the relevant teams were evaluated based on SRK’s observations, discussions, and document reviews across four key areas: strategy, capability (people), capability (technology), and process and performance management. This included visits to various operational facilities, presentations from teams, and follow-up discussions with senior team members.
Second, benchmarking this baseline information against global industry best practices, including those of major mining company exploration teams and relevant industry or regulatory standards. MIND ID’s existing effective processes, approaches, and practices were leveraged wherever possible during the transformation process.
Finally, presenting and seeking feedback on findings, and preparing supporting documentation including a) summary of findings and maturity scorecards, b) outline recommendations and refinements to the MIND ID exploration roadmap, and c) a suitable operating structure for MIND ID’s planned exploration strategy. A second, shorter phase provided initial training to support the implementation of key findings that could be achieved in the short to medium term.
A range of findings and recommendations were made, including guidance on how to focus efforts and structure activities to achieve medium-to long-term exploration objectives.
