Indonesia to Implement Gold Export Levy in 2026: Impact on Gold Miners

Policy Background and Objectives

The Indonesian government has announced plans to impose an export levy on gold products starting in 2026, as part of its efforts to promote domestic refining and hilirisasi (downstreaming) of mineral resources ¹

. This policy move is expected to encourage gold producers to process their raw materials within the country rather than exporting them in unrefined form. The Perhimpunan Ahli Pertambangan Indonesia (Perhapi) supports this policy, believing it will boost domestic demand for gold and encourage local refining ¹

Source 1

https://investasi.kontan.co.id/news/aneka-tambang-antm-pastikan-bisnis-emasnya-tak-terdampak-bea-keluar-ekspor

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Market Reaction and Impact on Gold Miners

The announcement of the export levy has had an immediate impact on the stock prices of gold mining companies listed on the Indonesia Stock Exchange. Following the news, shares of major gold producers experienced significant declines. For instance, PT Merdeka Copper Gold Tbk (MDKA) saw its stock price drop by 3.98% to Rp 2,170 per share, while PT Merdeka Gold Resources Tbk (EMAS) fell by 1.31% to Rp 3,780 per share ²

. Other affected companies include PT Archi Indonesia Tbk (ARCI), whose stock plummeted 3.36% to Rp 1,150 per share, and PT J Resources Asia Pasifik Tbk (PSAB), which declined 3.64% to Rp 530 per share ²

Source 2

https://investasi.kontan.co.id/news/bea-keluar-emas-diterapkan-tahun-depan-begini-prospeknya-bagi-saham-emiten-emas

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Company Responses to the New Policy

Not all gold mining companies are equally affected by the new export levy policy. PT Aneka Tambang Tbk (ANTM), a state-owned mining company, has clarified that its gold business will not be impacted by the export levy. The company's Corporate Secretary, Wisnu Danandi Haryanto, explained that Antam's gold production is entirely marketed domestically, meaning the company does not export gold and therefore will not be subject to the new levy ³

. This stance has potentially shielded Antam's stock from the negative market reaction observed in other gold mining companies.

Implications for Indonesia's Mining Sector

The introduction of the gold export levy is part of a broader strategy by the Indonesian government to maximize the economic benefits of its mineral resources through downstreaming. By encouraging domestic refining, the government aims to create more value-added products within the country, potentially boosting economic growth and creating employment opportunities in the mining and refining sectors. However, the short-term impact on gold mining companies that rely heavily on exports could be challenging, as they may need to adjust their business models to comply with the new regulations.