Indonesia Introduces Gold Export Duty: Market Implications

New Export Tariff Implementation

The Indonesian government has implemented a significant policy change in the gold mining sector through Finance Minister Regulation (PMK) No. 80/2025, introducing an export duty on gold exports effective December 23, 2025 ¹

. This regulatory change marks a strategic shift towards promoting domestic mineral processing and controlling precious metal exports.

Policy Rationale and Objectives

The government's decision to impose the export duty is based on three primary objectives: ensuring domestic gold supply, stabilizing commodity prices, and promoting mineral downstreaming ¹

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https://investasi.kontan.co.id/news/cermati-rekomendasi-saham-emas-untr-brms-antm-dan-psab-untuk-senin-2212

. The regulation aims to balance the needs of the domestic market with the export-oriented nature of Indonesia's gold mining industry.

Impact on Gold Mining Companies

The introduction of the export duty is expected to have varying impacts on gold mining companies operating in Indonesia. Analysts are closely monitoring the potential effects on company profitability, particularly for those with significant export operations ¹

. The new tariff structure, which is tied to reference prices and gold types, will likely influence company strategies regarding domestic versus international market focus.

Market Reaction and Stock Recommendations

In response to the new regulation, analysts have identified several gold mining stocks that may be well-positioned in this new regulatory environment. Recommended stocks include: UNTR, BRMS, ANTM, and PSAB ²

. Investors are advised to consider how these companies might adapt their strategies to the changing regulatory landscape.