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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Strengthening Foundation
for Sustainable Growth
2025 Annual Report
Laporan Tahunan
PT Vale Indonesia Tbk 2025 Annual Report 1
Page 2
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pernyataan Disclaimer
Laporan Tahunan ini berisikan pernyataan-pernyataan This Annual Report contains statements regarding the
kondisi keuangan, kinerja operasi, proyeksi, rencana, strategi, Company’s financial condition, operating performance,
kebijakan, serta tujuan Perseroan yang digolongkan sebagai projections, plans, strategies, policies, and objectives, which
pernyataan ke depan dalam kepatuhan terhadap peraturan are classified as forward-looking statements in compliance
dan perundang-undangan yang berlaku, kecuali hal-hal yang with applicable laws and regulations, except for historical
bersifat historis. Pernyataan-pernyataan ke depan bergantung information. Forward-looking statements are subject to
kepada hal-hal yang memiliki risiko, baik yang telah diketahui known and unknown (prospective) risks, uncertainties, and
maupun belum (prospektif), ketidakpastian, dan faktor lain other factors that could cause actual results to differ materially
yang dapat mengakibatkan hasil aktual secara material berbeda from those expressed in such statements. The forward-
dari yang tertulis dalam pernyataan-pernyataan tersebut. looking statements in this Annual Report are based on various
Pernyataan prospektif dalam Laporan Tahunan ini dibuat assumptions regarding the Company’s current condition and
berdasarkan berbagai asumsi mengenai kondisi terkini dan future events, as well as the business environment in which
peristiwa mendatang dari Perseroan serta lingkungan bisnis di it operates. The Company does not guarantee that these
mana Perseroan menjalankan kegiatan usaha. Perseroan tidak statements will achieve specific future results as expected.
menjamin bahwa pernyataan-pernyataan yang disampaikan
akan membawa hasil-hasil tertentu ke depan sesuai harapan.
Seluruh penulisan angka-angka pada seluruh tabel dan All figures in the tables and graphs in this report are written in
grafik dalam laporan ini menggunakan notasi bahasa Inggris, English, while numerical expressions in the text use standard
sementara pemaparan numerik dalam teks menggunakan English and Indonesian language conventions, as appropriate.
standar kaidah bahasa Inggris dan Indonesia, sesuai
konteksnya.
22 Laporan Tahunan 2025
Page 3
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Strengthening Foundation
for Sustainable Growth
Pasar global nikel di 2025 masih menghadapi tekanan In 2025, the global nickel market still faced oversupply
akibat berlebihnya pasokan hingga membuat pressure, keeping prices virtually unchanged from
harga nikel dunia belum beranjak jauh dari periode the previous period. At the national level, regulatory
sebelumnya. Di tataran nasional, perubahan regulasi changes throughout 2025 created a dynamic
sepanjang 2025 membawa kondisi dinamis dalam environment for nickel governance in Indonesia,
governans nikel di Indonesia. Di lingkup internal, while internally, PT Vale must contend with various
PT Vale harus menghadapi berbagai tantangan challenges post divestment and reorganization.
pascadivestasi dan reorganisasi. Kondisi tersebut These conditions shaped PT Vale's journey
memberi warna bagi perjalanan PT Vale selama 2025. throughout 2025.
Di tengah dinamika yang terus berubah, kami Amid the ever-changing dynamics, we reinforced
memperkuat kinerja operasional dan keuangan our operational and financial performance through
melalui berbagai langkah guna memperkokoh various steps to strengthen the foundation built
fondasi yang terbangun pascadivestasi 2024. following the 2024 divestment. This foundation
Fondasi tersebut menjadi pijakan bagi PT Vale untuk enables PT Vale to continue moving forward,
terus bergerak maju, dengan memadukan faktor integrating increasingly robust technical, commercial,
teknis, komersial, dan governans yang semakin kuat, and governance factors, including environmental,
termasuk dalam pengelolaan aspek lingkungan, social, and governance (ESG) management. As a
sosial, dan tata kelola (LST). Hasilnya, PT Vale result, PT Vale has demonstrated business resilience
mampu memperlihatkan ketangguhan bisnis, dan and achieved positive results by meeting production
menorehkan pencapaian positif dengan mampu and sales targets, thereby supporting solid financial
merealisasikan target-target kinerja produksi dan performance.
penjualan, sehingga mendukung solidnya kinerja
keuangan.
Ketangguhan kami kian menguat ketika menghadapi Our resilience was further fortified when we faced
bencana kebocoran pipa minyak, yang kemudian the oil pipeline leak disaster, which then sparked a
memunculkan kepedulian bersama untuk shared commitment to minimizing environmental
meminimalkan dampak terhadap lingkungan dan and social impacts. Through this togetherness,
sosial. Melalui kebersamaan ini, PT Vale mampu PT Vale was able to overcome the challenge and
melewati ujian tersebut, dan terus bergerak maju, continue to move forward, achieving growth in
hingga kinerja produksi, penjualan maupun keuangan production, sales, and financial performance. This
mengalami pertumbuhan. Dengan demikian, allows the Company to continue making sustainable
Perseroan dapat terus memberikan kontribusi yang contributions to its stakeholders and collectively
berkelanjutan kepada para pemangku kepentingan, facing the future with greater responsibility.
dan bersama menyongsong masa depan dengan
lebih bertanggung jawab.
2025 Annual Report 3
Page 4
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Tentang Laporan
About This Report
Laporan ini merupakan gambaran mengenai This report provides an overview of PT Vale
PT Vale Indonesia Tbk pada tahun 2025. Laporan Indonesia Tbk in 2025. The report is prepared
disusun berdasarkan Peraturan Otoritas Jasa in accordance with Financial Services Authority
Keuangan No.29/POJK.04/2016 tentang Laporan Regulation No. 29/POJK.04/2016 concerning
Tahunan Emiten atau Perusahaan Publik dan Annual Reports of Issuers or Public Companies
Surat Edaran Otoritas Jasa Keuangan No.16/ and Financial Services Authority Circular Letter
SEOJK.04/2021 tentang Bentuk dan Isi Laporan No. 16/SEOJK.04/2021 concerning the Form and
Tahunan Emiten atau Perusahaan Publik. Laporan Content of Annual Reports of Issuers or Public
Tahunan ini memuat kata “Perseroan”, atau “PT Companies. This Annual Report contains the words
Vale” yang didefinisikan sebagai PT Vale Indonesia “Company” or “PT Vale” which are defined as PT
Tbk. Laporan ini maupun laporan tahun-tahun Vale Indonesia Tbk. This report and previous years’
sebelumnya dapat dilihat dan diunduh dari situs reports can be viewed and downloaded from the
Perseroan. Company’s website.
https://www.vale.com/in/indonesia/publikasi-ir
44 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
2025 Annual Report 5
Page 6
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
6 Laporan Tahunan 2025
Page 7
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Daftar Istilah
Glossary
Bijih Bagian dari endapan mineral yang diekstraksi.
Ore The economic portion of a mineral deposit that is extracted and processed.
Bijih dari Timur Jenis bijih yang banyak terdapat di blok pertambangan Sorowako Timur dan juga di daerah pertambangan
East-type Ore Petea.
The type of ore prevalent in our East Sorowako mining block and also in our Petea mining location.
Bijih dari Barat Jenis bijih ini banyak terdapat di blok tambang Sorowako Barat.
West-Type Ore This type of ore is prevalent in our West Sorowako mining block.
Kalsin Produk yang dihasilkan tanur pereduksi dan berfungsi sebagai bahan untuk tanur peleburan fisik.
Calcine The output of reduction kilns that serves as feed material for our electric smelting furnaces.
Matte Tanur Peleburan Hasil dari proses peleburan yang digunakan sebagai umpan untuk alat pengubah.
Furnace Matte The product of the smelting process that is used as feed product for the converter.
Nikel dalam Matte Produk setengah jadi yang dapat dijual secara komersial yang berasal dari bijih yang mengandung nikel.
Nickel in Matte Nikel dalam matte adalah produk utama kami.
An intermediate product in the form of commercially saleable ore-contained nickel. Nickel in matte
is our main product.
Peleburan Proses pengolahan kalsin untuk menghasilkan tanur matte listrik.
Smelting A process whereby calcine is used to produce electric furnace matte.
Stasiun Penyaring Lokasi pada pertambangan untuk mengolah awal bahan mentah, termasuk pembersihan dari batu-
Screening Station batuan dan lainnya.
A location at a mining site for the initial process of raw materials, including the removal of low-grade
boulders and other waste materials.
Tanur Listrik Digunakan untuk proses peleburan dan reduksi hingga menghasilkan matte tanur. Tanur listrik
Electric Furnace membutuhkan suhu hingga sekitar 1.500 derajat Celsius untuk menghasilkan matte tanur. Pasokan
listrik diperoleh dari operasi pembangkit listrik tenaga air (PLTA) milik sendiri dan pembangkit listrik
termal sebagai cadangan.
Used for smelting and reduction processes to produce furnace matte. Electric furnaces require
temperatures up to about 1,500 degrees Celsius to produce furnace matte. Electricity supplies come
from our self-owned hydroelectric power plants (HEPP) and a thermal power plant as a backup.
Tanur Pemurnian Digunakan untuk menghilangkan kandungan besi hingga menghasilkan butiran padat dengan diameter
Converter sekitar 0,3 mm, yang dinamakan nikel matte.
Used to remove the iron to produce dense granules with a diameter of about 0.3 mm, called nickel matte.
Tanur Pengering Digunakan untuk mengurangi kadar air hingga menjadi 20%, dan kemudian dibawa ke tempat
Dryer penyimpanan bijih nikel kering (DOS).
Used to reduce moisture content to 20% which is then moved to the dry nickel ore storage (DOS).
Tanur Pereduksi Tabung panjang berputar dengan diameter besar yang digunakan untuk memanaskan bijih sampai
Reduction Kiln 750 derajat Celsius.
A long, large diameter rotating cylinder that is used to heat ore to about 750 degrees Celsius.
Digunakan untuk mengurangi ukuran batu bara dari 30 mm menjadi 90 mikron dan mengurangi kandungan
Tempat Penggilingan kelembaban batu bara dari 10% menjadi 5%. Bubuk batu bara didistribusikan ke tungku tanur pengering
Batu Bara dan tanur pereduksi sebagai sumber bahan bakar.
Coal Mill Used for reducing coal size from 30 mm to 90 microns and lowering the moisture content of coal from
10% to 5%. This pulverized coal is delivered to burner of dryers and reduction kilns as heat source.
2025 Annual Report 7
Page 8
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Kinerja Utama 2025
Key Performance in 2025
Kinerja Produksi
Production Performance
15,918,295 72,027 2,316,023 73,093
Ton | Tons Ton | Tons Ton | Tons Ton | Tons
Produksi Bijih Nikel Produksi Nikel dalam Volume Penjualan Bijih Volume Pengiriman
Nickel Ore Production Ore Sales Volume Nikel Matte
Matte
Nickel in Matte Production Nickel Matte Shipment Volume
Kinerja Keuangan
Financial Performance
990.20 76.06 PT Vale Masuk Daftar
Fortune Southeast
Juta AS$ | Million US$ Juta AS$ | Million US$
Asia 500
Pendapatan Laba Bersih PT Vale Included in Fortune
Revenue Net Profit Southeast Asia 500 List
Kinerja Tata Kelola
Governance Performance
23.7 99.53
Skor ESG Sustainalytics Kategori Risiko Sedang ASEAN Corporate Governance
Sustainalytics ESG Score Medium Risk Category Scorecard (ACGS) 2025
19.39% 0.86%
risiko lebih rendah dari tahun sebelumnya kinerja lebih tinggi dari tahun 2023
lower risk from previous year higher performance compared to 2023
8 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Perkembangan Indonesia Growth Project
Development of the Indonesia Growth Project
Perkembangan IGP Morowali Development of IGP Morowali
Perkembangan proyek penambangan IGP Morowali tahun The development of the Morowali IGP mining project in
2025, ditandai dengan fase transisi dari konstruksi ke 2025 was marked by a transition from construction to
produksi sejak bulan Mei. Pada akhir periode pelaporan, production since May. At the end of the reporting period,
pengerjaan konstruksi fase 1 memasuki tahap akhir dan phase 1 construction work entered its final stage, and all
seluruh fasilitas siap dioperasikan. Fasilitas yang selesai facilities were ready for operation. Completed facilities
dibangun antara lain fasilitas pelabuhan dan akses dari/ke included port facilities and access to/from the port as well
pelabuhan. Fasilitas lain adalah jembatan layang provinsi as a provincial flyover and tunnel for smooth operations,
dan terowongan untuk kelancaran operasional, mobilisasi community mobilization and logistics, including the
masyarakat serta logistik; termasuk kawasan perbengkelan workshop and office areas as the center of operational
dan kantor sebagai pusat kegiatan operasional. Pekerjaan activities. Construction work on the Morowali IGP mining
konstruksi proyek penambangan IGP Morowali dilanjutkan project will continue in phase 2 from 2026 to 2027 to
ke fase 2 di tahun 2026 sampai dengan tahun 2027 untuk support the mining and sale of limonite ore to be supplied
mendukung penambangan dan penjualan bijih limonit yang to PT Bahodopi Nickel Smelting Indonesia (BNSI) HPAL.
akan disuplai ke PT Bahodopi Nickel Smelting Indonesia
(BNSI) HPAL.
Sebagai dukungan pada pelestarian lingkungan, proyek To support environmental conservation, the Morowali
penambangan IGP Morowali telah membangun nurseri IGP mining project has built a 2.2-hectare nursery with a
dengan luas 2,2 hektare serta kapasitas produksi 400 production capacity of 400,000 tree seedlings per year to
ribu bibit pohon per tahun yang akan mendukung proses support post-mining land reclamation, and a sedimentation
reklamasi lahan pascatambang, dan kolam sedimentasi pond designed to manage mine runoff to maintain water
yang dirancang untuk mengelola air limpasan tambang quality, including coastal and marine areas. By 2025, mining
guna menjaga kualitas perairan termasuk di pesisir dan operations and sales are expected to reach 2.02 million
laut. Di tahun 2025 secara paralel telah dilakukan operasi tons of nickel ore.
penambangan dan penjualan mencapai 2,02 juta ton bijih
nikel.
Perkembangan proyek HPAL IGP Morowali tahun 2025 The development of the 2025 Morowali IGP HPAL project
oleh BNSI di Sambalagi, saat ini sedang berlanjut dengan by BNSI in Sambalagi is ongoing, with construction at 22%.
pekerjaan konstruksi yang sudah mencapai 22%. Fasilitas Facilities under construction include a Sulfuric Acid Plant,
yang sedang dibangun, antara lain Sulfuric Acid Plant, Water Purification, Counter Current Decantation (CCD),
Water Purification, Counter Current Decantation (CCD), HPAL Plant, and Living Camp and Dormitory facilities as
HPAL Plant; serta fasilitas Living Camp dan Dormitory employee housing centers. The Morowali IGP HPAL project
sebagai pusat tempat tinggal pekerja. Proyek HPAL IGP is targeted to begin production in 2026.
Morowali ditargetkan mulai berproduksi di tahun 2026.
Sebagai dukungan kepada komunitas, proyek HPAL As support to the community, the IGP Morowali HPAL
IGP Morowali telah menjalankan beberapa program project has implemented several community empowerment
pemberdayaan masyarakat mencakup penyerahan pusat programs, including the handover of a waste management
pengelolaan sampah kepada komunitas, pengalihan center to the community, the transfer of management of
pengelolaan pasar rakyat kepada warga setempat, serta the people’s market to residents, and the completion of
penyelesaian pembangunan masjid sebagai fasilitas ibadah the construction of a mosque as a worship facility that
yang mendukung kehidupan sosial dan spiritual masyarakat. supports the social and spiritual life of the community.
2025 Annual Report 9
Page 10
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Perkembangan IGP Pomalaa Development of IGP Pomalaa
Sampai dengan akhir tahun 2025, progres Proyek By the end of 2025, progress of the IGP Pomalaa
penambangan IGP Pomalaa mencapai 60%, dengan mining project had reached 60%, with ongoing main
pengerjaan infrastruktur utama terus berjalan, yakni infrastructure work, namely the main gate, north access
gerbang utama, akses jalan utara (north access road/NAR), road (NAR), main hauling road (MHR), operations camp,
jalan utama tambang (main hauling road/MHR), kamp and other supporting facilities such as dormitories
operasi, serta fasilitas pendukung lain seperti asrama/ already occupied by workers. Similarly, work on
dormitory yang sudah ditinggali pekerja. Demikian juga operational infrastructure for production continued,
dengan infrastruktur operasional untuk produksi terus including workshop facilities and fuel storage tanks.
dikerjakan, di antaranya fasilitas perbengkelan dan In 2025, initial sales of 298 thousand tons of nickel ore
tanki bahan bakar minyak. Di tahun 2025 dilakukan juga were also executed.
penjualan awal sebesar 298 ribu ton bijih nikel.
Seluruh pekerjaan dilakukan dengan mengutamakan Safety and environmental awareness take priority
keselamatan dan kepedulian lingkungan. IGP Pomalaa in conducting all work aspects. The Pomalaa IGP
dilengkapi kolam sedimentasi guna mengendalikan is equipped with a sedimentation pond to control
endapan dan menjaga kualitas air di area operasi. sedimentation and maintain water quality in the
Perseroan juga membangun fasilitas nurseri berskala operational area. The Company is also building a large-
besar di Kecamatan Tangketada, dengan luas 5 hektare scale nursery facility in Tangketada District, covering
serta kapasitas produksi 700 ribu bibit pohon per tahun. an area of 5 hectares with a production capacity of 700
Perseroan juga mendukung peningkatan aspek kesehatan thousand tree seedlings per year. The Company also
masyarakat melalui kampanye kesehatan untuk high risk supports improvements in public health through health
infectious disease serta program operasi katarak massal. campaigns for high-risk infectious diseases and a mass
cataract surgery program.
Sampai dengan akhir tahun 2025, progres proyek HPAL IGP By the end of 2025, the progress of the IGP Pomalaa
Pomalaa mencapai 50%, dengan pengerjaan yang terus HPAL project has reached 50%, with ongoing work,
berjalan, di antaranya feed preparation plant (FPP), akses including the feed preparation plant (FPP), south access
jalan Selatan (South access road/SAR), Sulfuric Acid Plant, road (SAR), Sulfuric Acid Plant, CCD, HPAL plant, an LNG-
CCD, HPAL plant, dan pembangkit listrik berbasis LNG based power plant, and the completion of the IPK Port
serta penyelesaian IPK Port untuk menunjang operasional to support shipping operations. The HPAL IGP Pomalaa
pengapalan. Proyek HPAL IGP Pomalaa ditargetkan mulai project is targeted to commence production in 2026.
berproduksi di tahun 2026.
Sebagai dukungan pemeliharaan lingkungan dan To support environmental maintenance and the
masyarakat sekitar, proyek HPAL IGP Pomalaa menginisiasi surrounding community, the Pomalaa IGP HPAL
program restorasi mangrove dengan melibatkan project initiated a mangrove restoration program
pengembangan masyarakat, menjalankan program by integrating community development, running a
peningkatan kemampuan wanita untuk menjalankan program to increase women’s entrepreneurial capacity,
kewirausahaan, dan peningkatan kompetensi masyarakat and enhancing community competency through a
melalui program kerja sama dengan pemerintah dan collaborative program with the government and
Universitas Hasanuddin. Hasanuddin University.
10 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Perkembangan IGP Sorowako Limonite Development of IGP Sorowako Limonite
(Sorlim) (Sorlim)
Pembangunan proyek penambangan IGP Sorlim di akhir The construction of the Sorlim IGP mining project has
tahun 2025 telah mencapai 37% dan memperlihatkan reached 37% by the end of 2025. It has made several
beberapa kemajuan signifikan, di antaranya telah significant advances, including the commissioning
komisioning stockpile Laila 1, stockpile Hasan Koro of the Laila 1, Hasan Koro 3, and Nickel Hill (NCH1)
3, dan stockpile Nickel Hill (NCH1). Fasilitas ini dapat stockpiles. This facility has the capability of becoming
menjadi tonggak penting dalam memastikan material an important milestone in ensuring optimal material
dapat ditangani secara optimal dan menghadirkan handling and providing additional capacity for the nickel
kapasitas tambahan bagi proses penyimpanan bijih ore storage process. In addition, the MRAL Laboratory
nikel. Selain itu, Laboratorium MRAL juga telah melalui has also undergone the commissioning process. With
proses komisioning. Dengan hadirnya fasilitas ini this facility in place, material quality analysis can
analisis kualitas material dapat dilakukan lebih cepat, be carried out more quickly, more accurately, and
akurat dan terintegrasi. Sementara fasilitas lain yang more integrally. Meanwhile, other facilities are under
sedang dalam proses konstruksi seperti pembangunan construction, including the mine office expansion and
ekspansi kantor mine dan fasilitas perbengkelan the workshop facilities, to support mining operations
untuk menunjang operasional pertambangan dan and asset maintenance.
pemeliharaan aset.
Sebagai bentuk dukungan pada pelestarian lingkungan, As a form of support for environmental preservation,
beberapa pengerjaan konstruksi menggunakan material some construction work uses materials from
dari limbah, Beberapa inisiatif sebagai bentuk dukungan waste, some initiatives in support of environmental
pada pelestarian lingkungan di antaranya penggunaan conservation include the use of slag from operational
slag dari limbah operasi untuk pengecoran beton dan waste for concrete casting and foundation materials,
material pondasi, pemakaian peralatan komposter the use of composting equipment to reduce domestic
untuk mengurangi timbulan limbah domestik, serta waste, and mangrove planting along the Malili coastline.
penanaman mangrove di pesisir pantai Malili.
Perkembangan proyek HPAL IGP Sorlim tahun 2025 The 2025 Sorlim IGP HPAL project by PT Huali Nickel
oleh PT Huali Nickel Indonesia (HLNI) saat ini konstruksi Indonesia (HLNI) has reached 17% complete. Work
sudah mencapai 17%. Progres pekerjaan terus berlanjut, progress continues, including autoclave fabrication,
di antaranya fabrikasi autoclaves, pembebasan lahan land acquisition for the 45.3 ha FPP facility, completion
FPP seluas 45,3 ha, penyelesaian HLNI’s Material of HLNI’s Material Storage Yard at Waru Waru and
Storage Yard di Pelabuhan Waru Waru dan Enggano, Enggano Ports, and evaluation of slurry pipeline routes
serta evaluasi rute pipa slurry di wilayah pertambangan. within the mining area. The IGP Sorlim HPAL project is
Proyek HPAL IGP Sorlim ditargetkan mulai berproduksi targeted to begin production in 2027.
di tahun 2027.
Sebagai bentuk nyata dukungan terhadap komunitas, As a concrete form of support for the community,
proyek HPAL IGP Sorlim melakukan penyerapan the Sorlim IGP HPAL project employs local workers.
tenaga kerja lokal sebagai pekerja dan memfasilitasi It also facilitates the improvement of community
peningkatan kompetensi masyarakat melalui program competencies through collaborative programs with the
kerja sama dengan pemerintah dan Universitas government and Hasanuddin University.
Hasanuddin.
2025 Annual Report 11
Page 12
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Daftar Isi
Table of Contents
Pernyataan PROFIL PT VALE INDONESIA TBK Daftar Keanggotaan Asosiasi
2 117
Disclaimer PROFILE OF PT VALE INDONESIA 52 Association Membership List
TBK
Tema Laporan Tahunan 2025 Sertifikasi dan Penghargaan
3 118
2025 Annual Report Theme Identitas Perseroan Certifications and Awards
53
Company Identity
Tentang Laporan
4
About This Report Riwayat Singkat PT Vale
56 ANALISIS DAN PEMBAHASAN
Brief History of PT Vale
Daftar Istilah MANAJEMEN
7 124
Glossary Jejak Langkah MANAGEMENT DISCUSSION
58
Milestones AND ANALYSIS
Kinerja Utama 2025
8
Key Performance in 2025 Peristiwa Penting 2025 Tinjauan Makro Ekonomi
60 127
2025 Significant Events Macroeconomic Overview
Daftar Isi
12
Table of Contents Tujuan Vale Tinjauan Industri Nikel
64 129
Vale's Purpose Nickel Industry Overview
Kegiatan Usaha Tinjauan Operasi per Segmen
IKHTISAR KINERJA 66
14 Business Activities Usaha
PERFORMANCE HIGHLIGHTS 132
Operations Review by Business
Peta Wilayah Konsesi Segment
Ikhtisar Data Keuangan Penting 68
15 Concession Area Map
Financial Highlights Strategi Pengembangan Segmen
Akses terhadap Perseroan Operasi Pertambangan dan
Ikhtisar Kinerja Operasional 80
Access to the Company Produksi 137
Operational Performance 18
Mining and Production Segment
Highlights Struktur Organisasi dan Pejabat
Development Strategy
Senior
Ikhtisar Kinerja Keberlanjutan 82
Organizational Structure and Tinjauan Kinerja Keuangan
Sustainability Performance 19 Senior Officers Perseroan
Highlights 141
Company Financial Performance
Perubahan Susunan Anggota
Ikhtisar Saham Overview
22 Direksi dan Dewan Komisaris
Stock Highlights Composition of the Board 84 Kemampuan Membayar Utang
of Directors and Board of dan Tingkat Kolektibilitas Piutang
Commissioners Perseroan 170
LAPORAN MANAJEMEN Company’s Ability to Pay Debt
26 Profil Direksi
MANAGEMENT REPORT 86 and Receivables Collectibility
Profile of the Board of Directors
Laporan Direksi Struktur Modal
27 Profil Dewan Komisaris 171
Board of Directors' Report 94 Capital Structure
Profile of Board of Commissioners
Laporan Dewan Komisaris Ikatan Material untuk Investasi
44 Pekerja Kami
Board of Commissioners' Report 105 Barang Modal
Our People 172
Material Commitments for
Surat Pernyataan Anggota Dewan Capital Goods Investments
Informasi mengenai Saham
Komisaris dan Anggota Direksi 109
Information about Shares
tentang Tanggung Jawab atas Realisasi Investasi Barang Modal
Laporan Tahunan 2025 PT Vale Informasi Entitas Anak, Realization of Capital Goods 173
Indonesia Tbk Perusahaan Asosiasi, dan Investments
PT Vale Indonesia Tbk Board 50 Perusahaan Ventura Bersama
of Directors and Board of 115 Informasi dan Fakta Material
Information on Subsidiaries,
Commissioners’ Statement of yang Terjadi Setelah Tanggal
Associates, and Joint Venture
Responsibility for the PT Vale Laporan Akuntan
Companies 174
Indonesia Tbk 2025 Annual Material Information and Facts
Report Lembaga dan/atau Profesi that Occurred After the Date of
Penunjang Pasar Modal the Accountant’s Report
116
Capital Market Supporting
Institutions and/or Professionals
12 Laporan Tahunan 2025
Page 13
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Perbandingan Target dan TATA KELOLA PERUSAHAAN Kode Etik dan Perilaku bagi
Realisasi Tahun 2025 YANG BAIK Pemasok
175 188 318
Comparison Between Targets and GOOD CORPORATE Code of Conduct and Ethics for
Realization in 2025 GOVERNANCE Suppliers
Prospek Usaha 2026 Komitmen Menerapkan Tata Kebijakan Antikorupsi dan
176
Business Prospects in 2026 Kelola yang Baik Pengendalian Gratifikasi
189 319
Commitment to Implementing Anti-Corruption Policy and
Target/Proyeksi Pendapatan, Good Corporate Governance Gratification Controlling
Laba, Struktur Modal, dan
Kebijakan Dividen Tahun 2026 Rapat Umum Pemegang Saham Program Kepemilikan Saham
179 196
Target/Projection of Revenue, General Meeting of Shareholders oleh Karyawan atau Manajemen
Profit, Capital Structure, and (ESOP/MSOP) 324
Dividend Policy in 2026 Dewan Komisaris Employee or Management Share
217
Board of Commissioners (BOC) Ownership Program (ESOP/MSOP)
Aspek Pemasaran
180 Direksi
Marketing Aspects 236 Kebijakan Pengadaan dan Tingkat
Board of Directors (BOD) Komponen Dalam Negeri
Uraian mengenai Dividen 325
182 Procurement Policy and Domestic
Description of Dividend Penilaian Kinerja Dewan
Component Level
Komisaris dan Direksi
Informasi Material (Investasi, Performance Assessment of the 248 Kepatuhan terhadap Peraturan
Ekspansi, Divestasi, Board of Commissioners and Pajak 325
Penggabungan, Akuisisi, Board of Directors Compliance with Tax Regulations
Restrukturisasi Utang/Modal,
Transaksi Afiliasi dan Transaksi Nominasi dan Remunerasi Dewan Kebijakan dan Tata Kelola
yang Mengandung Benturan Komisaris dan Direksi Teknologi Informasi
Nomination and Remuneration of 252 326
Kepentingan) pada Tahun 2025 Information Technology Policy
182 the Board of Commissioners and
Material Information and Governance
(Investment, Expansion, Directors
Divestment, Merger, Acquisition, Akses Informasi dan Data
Komite-Komite Dewan Komisaris Perseroan
Debt/Capital Restructuring, 329
Board of Commissioners' 254 Access to Company Information
Affiliated Transactions and
Committees and Data
Transactions Containing Conflicts
of Interest) in 2025
Sekretaris Perusahaan Informasi Pemenuhan Penerapan
280
Corporate Secretary Pedoman Tata Kelola Perusahaan
Realisasi Penggunaan Dana Hasil
Penawaran Umum Terbuka
184 Departemen Hubungan Investor
Realization of Use of Proceeds 285 Information on the Fulfillment of 330
Investor Relations Department
from Public Offerings the Implementation of the Public
Company Corporate Governance
Unit Audit Internal
Perubahan Perundang-Undangan 288 Guidelines
Internal Audit Unit
Berpengaruh Signifikan dan
Dampaknya terhadap Laporan Sistem Pengendalian Internal
Keuangan 294
185 Internal Control System
TANGGUNG JAWAB SOSIAL DAN
Changes in Laws that Had
LINGKUNGAN
a Significant Impact on the Akuntan Publik (Audit Eksternal) 361
SOCIAL AND ENVIRONMENTAL
Company and its Financial Public Accountant (External 299
RESPONSIBILITY
Statements Audit)
REFERENSI SEOJK 16/
Perubahan Kebijakan Akuntansi Manajemen Risiko
186 302 POJK.04/2021: BENTUK DAN
Changes in Accounting Policies Risk Management
ISI LAPORAN EMITEN ATAU
Perkara Hukum yang Berdampak PERUSAHAAN PUBLIK
362
Material 313 REFERENCE TO SEOJK 16/
Legal Cases with Material Impact POJK.04/2021: FORM AND
CONTENT OF REPORTS OF
Informasi tentang Kode Etik ISSUERS OR PUBLIC COMPANIES
316
Information on Code of Conduct
LAPORAN KEUANGAN
KONSOLIDASIAN
376
CONSOLIDATED FINANCIAL
REPORT
2025 Annual Report 13
Page 14
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Ikhtisar Kinerja
Performance Highlights
14 Laporan Tahunan 2025
Page 15
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Ikhtisar Data Keuangan Penting
Financial Highlights
Ikhtisar Laba Rugi & Penghasilan Komprehensif Varian | Variance
Lain (dalam ribuan AS$) (2025:2024)
2025 2024 2023
Profit or Loss and Other Comprehensive Income
Highlights (in thousand US$) Total %
Pendapatan
990,195 950,388 1,232,263 39,807 4.19
Revenue
Beban Pokok Pendapatan
(879,343) (842,160) (885,240) (37,183) 4.42
Cost of Revenue
Laba Bruto
110,852 108,228 347,023 2,624 2.42
Gross Profit
Laba Usaha
41,432 63,820 302,158 (22,388) (35.08)
Operating Profit
Laba Sebelum Pajak Penghasilan
94,532 74,060 352,523 20,472 27.64
Profit Before Income Tax
(Beban)/Manfaat Pajak Penghasilan
(18,469) (16,299) (78,189) (2,170) 13.31
Income Tax (Expense)/Benefit
Laba/(Rugi) Tahun Berjalan
76,063 57,761 274,334 18,302 31.69
Profit/(Loss) of The Year
Total (Kerugian)/Penghasilan Komprehensif Lain
(170) (929) (4,447) 759 (81.70)
Total Other Comprehensive Income/(Loss)
Jumlah Laba Komprehensif Tahun Berjalan
75,893 56,832 269,887 19,061 33.54
Total Comprehensive Income for The Year
Laba Per Saham (dalam AS$) – Dasar dan Dilusian
0.0072 0.0056 0.0276 0.0016 28.57
Earning per Share (in US$) – Basic and Diluted
EBITDA yang Disesuaikan
228,236 225,904 499,605 2,332 1.03
Adjusted EBITDA
Laba Tahun Berjalan yang Diatribusikan kepada:
Profit for The Year Attributable to:
Pemilik Entitas Induk
76,063 57,761 274,334 18,302 31.69
Owners of the Parent Entity
Kepentingan Non-Pengendali
N/A N/A N/A N/A N/A
Non-controlling Interest
Jumlah Penghasilan Komprehensif yang Diatribusikan kepada:
Total Comprehensive Income for the Year Attributable to:
Pemilik Entitas Induk
75,893 56,832 269,887 19,061 33.54
Owners of the Parent Entity
Kepentingan Non-pengendali
N/A N/A N/A N/A N/A
Non-controlling Interest
2025 Annual Report 15
Page 16
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Ikhtisar Neraca Keuangan (dalam ribuan AS$)
Financial Position (in thousand US$)
Jumlah Aset Jumlah Liabilitas Total Ekuitas
Total Assets Total Liabilities Total Equity
2025 3,345,847 2025 570,771 2025 2,775,076
2024 3,176,528 2024 443,752 2024 2,732,776
2023 2,925,999 2023 361,462 2023 2,564,537
Varian | Variance Varian | Variance Varian | Variance
(2025:2024) (2025:2024) (2025:2024)
Total % Total % Total %
169,319 5.33 127,019 28.62 42,300 1.55
Varian | Variance
Arus Kas (dalam ribuan AS$) (2025:2024)
2025 2024 2023
Cash Flows (in thousand US$)
Total %
Arus Kas Bersih Dihasilkan dari Aktivitas Operasi
234,725 207,486 421,158 27,239 13.13
Net Cash Flows Provided by Operating Activities
Arus Kas Bersih Digunakan untuk Aktivitas Investasi
(495,266) (331,772) (285,817) (163,494) 49.28
Net Cash Flows Used in Investing Activities
Arus Kas Bersih Digunakan untuk Aktivitas
Pendanaan (41,718) 102,282 (65,441) (144,000) (140.79)
Net Cash Flows Used in Financing Activities
Kenaikan/(Penurunan) Bersih Kas dan Setara Kas
(302,259) (22,004) 69,900 (280,255) 1,273.65
Net Increase/(Decrease) in Cash and Cash Equivalent
Kas dan Setara Kas pada Awal Tahun
Cash and Cash Equivalent at the Beginning of the 674,690 698,795 634,042 (24,105) (3.45)
Year
Dampak Perubahan Selisih Kurs terhadap Kas dan
Setara Kas
3,928 (2,101) (5,147) (6,029) (286.96)
Effect of Exchange Rate Changes on Cash and Cash
Equivalent
Kas dan Setara Kas pada Akhir Tahun
376,359 674,690 698,795 (298,331) (44.22)
Cash and Cash Equivalent at the End of the Year
16 Laporan Tahunan 2025
Page 17
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Varian | Variance
Rasio Keuangan (2025:2024)
2025 2024 2023
Financial Ratios
Total %
Rasio Lancar
2.07 3.81 4.77 (1.75) (45.77)
Current Ratio
Rasio Cepat
1.54 3.25 4.05 (1.71) (52.67)
Quick Ratio
Rasio Leverage
Leverage Ratio
Rasio Liabilitas terhadap Ekuitas (%)
20.57 16.24 14.09 4.33 26.66
Liabilities to Equity Ratio (%)
Rasio Liabilitas terhadap Aset (%)
17.06 13.97 12.35 3.09 22.11
Liabilities to Asset Ratio (%)
Rasio Aktivitas
Activity Ratio
Periode Penagihan (Hari)
29 35 36 (6) (17.02)
Receivables Turnover (Days)
Periode Persediaan (Hari)
109 95 87 (24) (25.59)
Inventory Turnover (Days)
Rasio Profitabilitas
Profitability Ratio
Margin Laba Bersih (%)
7.68 6.08 22.26 1.60 26.39
Net Profit Margin (%)
Margin Laba Kotor (%)
11.19 11.39 28.16 (0.19) (1.69)
Gross Profit Margin (%)
Rasio Laba (Rugi) terhadap Pendapatan (%)
4.18 6.72 24.52 (2.53) (37.69)
Operational Margin (%)
Rasio Laba (Rugi) terhadap Ekuitas (%)
2.74 2.11 10.70 0.63 29.68
Return on Equity (ROE) (%)
Rasio Laba (Rugi) terhadap Aset (%)
2.27 1.82 9.38 0.45 25.02
Return on Assets (ROA) (%)
2025 Annual Report 17
Page 18
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Ikhtisar Kinerja Operasional
Operational Performance Highlights
Kinerja Produksi
Production Performance
Produksi Bijih Nikel Penjualan Bijih Nikel Penilaian Penerapan GCG
Nickel Ore Production Nickel Ore Sales Assessment of GCG
Ton | Tons Ton | Tons Implementation
Skor | Score
15,918,295
14,668,236 99.53
13,452,663 2,316,023 98.68
87.68
N/A N/A
2025 2024 2023 2025 2024 2023 2025 2024 2023
Varian | Variance Varian | Variance Varian | Variance
(2025:2024) (2025:2024) (2025:2024)
Total % Total % Total %
1,250,059 8.52 2,316,023 100.00 0.85 0.86
Produksi Nikel dalam Matte Penjualan Nikel Matte Keterangan:
Penilaian GCG dilaksanakan konsultan independen
Nickel in Matte Production Nickel Matte Sales berdasarkan informasi publik pada Laporan Tahunan
Ton | Tons Ton | Tons
dan situs Perseroan.
Note:
The GCG assessment is conducted by an independent
72,027 73,093
consultant based on public information from the Annual
Report and the Company’s website.
71,311 72,625
70,728 71,108
2025 2024 2023 2025 2024 2023
Varian | Variance Varian | Variance
(2025:2024) (2025:2024)
Total % Total %
716 1.00 468 0.64
18 Laporan Tahunan 2025
Page 19
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Ikhtisar Kinerja Keberlanjutan
Sustainability Performance Highlights
Pengelolaan Lingkungan
Environmental Management
Pemakaian Energi 31,589,023 8,422 13,498
Energy Use GigaJoule (GJ) GigaJoule (GJ) GigaJoule (GJ)
Sorowako IGP Pomalaa IGP Morowali
Intensitas Energi 438.57
GJ/Ton Ni
Energy Intensity
Sorowako
Emisi Gas
Rumah Kaca
2,074,623 419 4,533.14
Ton CO2eq Ton CO2eq Ton CO2eq
Greenhouse Gas Sorowako IGP Pomalaa2 IGP Morowali2
Emissions
Intensitas
Emisi GRK
28.80
Ton CO2eq/Ton Ni
GHG Emission Sorowako
Intensity
Penggunaan Air | Water Usage
Penarikan Air
15,079,167 9,969 17,873
m³ m³ m³
Water Withdrawal Sorowako IGP Pomalaa IGP Morowali
Intensitas
Penarikan Air
209.35
m³/ton
Water Withdrawal Sorowako
Intensity
2025 Annual Report 19
Page 20
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Limbah | Waste
Keterangan | Notes:
• Pada 2025, Perseroan melakukan klasifikasi ulang
penyajian data energi dan emisi.
Limbah 5,349 375 76.78 • Saat ini, pelaporan intensitas energi hanya
mencakup operasi di Sorowako. Sementara itu,
Non-B3 Ton | Tons Ton | Tons Ton | Tons IGP Pomalaa dan IGP Morowali masih dalam
tahap pengembangan dan konstruksi, sehingga
Non-hazard- Sorowako IGP Pomalaa IGP Morowali volume produksinya belum memadai untuk
ous Waste menghitung indikator berbasis output seperti
intensitas energi. Pelaporan untuk kedua lokasi
tersebut akan dilakukan setelah tingkat produksi
telah stabil.
• In 2025, the Company reclassified the
presentation of its energy and emissions data.
• Energy intensity reporting currently covers only
Limbah B3 2,353.00 58.42 85.24 operations in Sorowako. Meanwhile, the Pomalaa
hazardous Ton | Tons Ton | Tons Ton | Tons and Morowali integrated mining complexes
are still in the development and construction
Waste Sorowako IGP Pomalaa IGP Morowali phases, so their production volumes are not yet
sufficient to calculate output-based indicators
such as energy intensity. Reporting for these two
locations will begin once production levels have
stabilized.
Konservasi Keanekaragaman Hayati | Biodiversity Conservation
Sorowako
72,296 18 Ekor 1 Ekor one
pohon lokal, endemik, dan dilindungi rusa timor (Rusa anoa dataran rendah
telah dilestarikan dan dibudidayakan, timorensis) telah (Bubalus depressicornis)
naik 6% dibandingkan tahun 2024 dilestarikan telah dilestarikan
local, endemic, and protected trees timor deer (Rusa lowland anoa (Bubalus
conserved and cultivated, increase 6% timorensis) conserved depressicornis) conserved
compared to 2024
Rehabilitasi Tambang Bertahap | Progressive Mine Reclamation
156.67 1.42
hektare di Sorowako hektare di Bahodopi
hectares in Sorowako hectares in Bahodopi
Rehabilitasi DAS di Luar Wilayah Konsesi | DAS Rehabilitation Outside Concession
17,877
hektare area rehabilitasi daerah aliran sungai di lima provinsi: Sulawesi Selatan,
Sulawesi Tengah, Sulawesi Tenggara, Jawa Barat, dan Bali
hectares of watershed rehabilitation areas across five provinces: South Sulawesi, Central
Sulawesi, Southeast Sulawesi, West Java, and Bali
Pelatihan Lingkungan | Environmental Training
338 karyawan dan 1.966 kontraktor 60 6
karyawan dan kontraktor berpartisipasi
mengikuti pelatihan lingkungan dalam sertifikasi manajemen lingkungan
338 employees and 1,966 contractors 60 employees and 6 contractors participated in
received environmental training environmental management certification
20 Laporan Tahunan 2025
Page 21
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pengelolaan Sosial
Social Management
Program Pengembangan dan
Ketenagakerjaan Pemberdayaan Masyarakat
Employment (PPM)
Community Development and
83% Empowerment Program (PPM)
Persentase Karyawan Lokal
Local Employees Percentage 4.7
Juta AS$ | US$ Million
Jumlah Dana
12.1% Amount of Funds
Persentase Karyawan Perempuan
Female Employees Percentage
13
Desa | Village
Perkiraan Jumlah
24 Penerima Manfaat
Jam Per Orang | Hours Per Person
Estimated Number
Jam Pelatihan Per Karyawan of Beneficiaries
Training Hours Per Employee
Varian | Variance
Pengelolaan Tata Kelola Satuan (2025:2024)
2025 2024 2023
Governance Management Unit
Total %
Pembayaran Pajak dan PNBP Ribu AS$
170,419 202,241 204,617 (36,159) (0.02)
PNBP and Taxes Payment Thousand US$
Penanganan Pelaporan Pelanggaran Melalui Vale Whistleblower Channel
Handling of Violation Reports Through the Vale Whistleblower Channel
Jumlah Laporan Diterima
60 23 32 37 160.9
Number of Reports Received Laporan
Persentase Laporan Valid Reports
30 17 30 13 76.5
Percentage of Valid Reports
Jumlah Laporan Diinvestigasi
% 50 74 94 (24) (32.4)
Number of Reports Investigated
2025 Annual Report 21
Page 22
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Ikhtisar Saham
Stock Highlights
Informasi 2025 2024
Perdagangan
Saham Triwulanan
Quarterly Shares Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Trading Information
Harga Pembukaan (Rp)
3,620 2,270 3,450 4,400 4,320 4,080 4,150 4,120
Opening Price (Rp)
Harga Tertinggi (Rp)
3,750 3,920 4,750 5,325 4,460 5,300 4,260 4,430
Highest Price (Rp)
Harga Terendah (Rp)
2,020 1,825 3,300 3,770 3,610 3,970 3,610 3,500
Lowest Price (Rp)
Harga Penutupan (Rp)
2,270 3,450 4,400 5,175 4,070 4,220 4,080 3,620
Closing Price (Rp)
Volume Perdagangan
Saham (dalam ribuan)
746,076 1,498,657 914,510 1,081,431 951,590 1,046,883 1,141,177 710,429
Trading Volume
(in thousand)
Saham Beredar
10,539,784,534 9,936,338,720 10,539,784,534
Outstanding Shares
Kapitalisasi Pasar
(Dalam Jutaan Rp)
23,925,311 36,362,257 46,375,052 54,543,385 40,440,898 41,931,349 43,002,321 38,154,020
Market Capitalization
(In Million Rp)
Varian | Variance
Dividen Saham Tahun Buku 2024 Tahun Buku 2023 (2024:2023)
Share Dividends Fiscal Year 2024 Fiscal Year 2023
Total %
Jumlah Dividen yang Dibagikan (dalam ribuan AS$)
34,656 - 34,656 100.00
Distributed Dividend (in thousand US$)
Rasio Pembayaran Dividen (%)
60 - 60 100.00
Dividend Payout Ratio (%)
Nilai Dividen per Saham (Rp)
Rp53.40 - Rp53.40 100.00
Dividend Value per Share (Rp)
Tanggal Pengumuman 16 Mei 2025
-
Announcement Date May 16, 2025
Tanggal Pembayaran 16 Juni 2025
-
Payment Date June 16, 2025
22 Laporan Tahunan 2025
Page 23
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pergerakan Harga Saham (Rp)
Share Price Movement (Rp)
6,000
5,000
4,000
3,000
2,000
1,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2024 2025
Harga Pembukaan | Opening Price Harga Tertinggi | Highest Price
Harga Terendah | Lowest Price Harga Penutupan | Closing Price
Pergerakan Harga dan Volume Saham 2024 - 2025
Share Price Movement and Trading Volume 2024 - 2025
Lembar Saham
Shares Rp
120,000,000 6,000
100,000,000 5,000
80,000,000 4,000
60,000,000 3,000
40,000,000 2,000
20,000,000 1,000
- -
Volume Perdagangan | Trading Volume Harga Penutupan | Closing Price
2025 Annual Report 23
Page 24
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Volume Perdagangan (Ribuan)
Trading Volume (Thousand)
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2024 2025
Kapitalisasi Pasar (Rp Juta)
Market Capitalization (Rp Million)
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2024 2025
24 Laporan Tahunan 2025
Page 25
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Aksi Korporasi Menyebabkan Perubahan pada Saham
Corporate Actions Resulting in Changes to Shares
Selama 2025, Perseroan tidak melakukan aksi korporasi During 2025, the Company did not undertake any
apa pun yang berdampak pada perubahan saham, baik corporate actions that affect share capital, whether in
berupa pemecahan saham, penggabungan saham, the form of share splits, share mergers, bonus shares, or
saham bonus, maupun perubahan nilai nominal saham. changes in the nominal value of shares.
Penghentian Sementara dan/atau Penghapusan Pencatatan Saham
Temporary Suspension and/or Delisting of Shares
Hingga akhir 2025, Perseroan tidak pernah menerima Until the end of 2025, the Company had not received any
sanksi yang dapat memengaruhi kegiatan perdagangan sanctions that could affect its stock trading activities on
saham di Bursa Efek, yang berupa penangguhan the Stock Exchange, such as the suspension or delisting
dan/atau penghapusan pencatatan saham. Dengan of its shares. Therefore, this Report does not present
demikian, Laporan ini tidak menyajikan informasi information regarding the impact of the suspension
terkait dampak penangguhan dan/atau penghapusan and/or delisting of the Company’s shares.
pencatatan saham Perseroan.
Informasi Obligasi, Sukuk (Obligasi Syariah), atau Obligasi Konversi
Bond, Sukuk (Sharia Bonds), or Convertible Bond Information
Dalam dua tahun terakhir, Perseroan tidak memiliki In the last two years, the Company has not had any
obligasi, sukuk (obligasi syariah) maupun obligasi bonds, sukuk (sharia bonds) or convertible bonds in
konversi yang beredar. circulation.
2025 Annual Report 25
Page 26
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Laporan Manajemen
Management Report
26 Laporan Tahunan 2025
Page 27
Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Laporan Direksi
Board of Directors' Report
Pemangku kepentingan yang kami hormati,
Tahun 2025 merupakan salah satu periode penuh
tantangan dalam perjalanan PT Vale Indonesia Tbk.
Tekanan pasar global yang berkepanjangan, dinamika
regulasi yang terus berkembang, serta berbagai kendala
operasional menguji ketahanan, konsistensi, dan
ketangguhan Perseroan. Dalam situasi yang tidak selalu
ideal, Perseroan dituntut untuk mengambil keputusan
yang tepat dan berani, namun terukur, adaptif dengan
tetap berlandaskan prinsip kehati-hatian dan tata
kelola yang baik. Di tengah tantangan tersebut, PT Vale
terus melangkah dengan disiplin dan tanggung jawab.
Transformasi yang telah dijalankan dalam beberapa
tahun terakhir menunjukkan hasil yang semakin nyata,
meskipun melalui proses yang tidak mudah.
Dear respected stakeholders,
The year 2025 marked a challenging period in the
journey of PT Vale Indonesia Tbk. Prolonged global
market pressures, evolving regulatory dynamics, and
various operational constraints tested the Company's
resilience, consistency, and robustness. Despite less
than ideal circumstances, the Company was required to
make appropriate and bold, yet measured and adaptive
decisions, while remaining grounded in the principles of
prudence and good governance. Amid these challenges,
PT Vale continued to move forward with discipline
and responsibility. The transformation undertaken in
recent years had yielded increasingly tangible results in
spite of the challenging process.
Bernardus Irmanto
Presiden Direktur dan
Chief Executive Officer
President Director and
Chief Executive Officer
2025 Annual Report 27
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Dengan konsistensi dalam eksekusi strategi, penguatan With consistent strategy execution, strengthened
governans, serta komitmen terhadap keberlanjutan, governance, and a commitment to sustainability, the
Perseroan mampu menjaga kinerja tetap stabil Company maintained stable and relevant performance.
dan relevan. Upaya ini menjadi landasan penting These efforts served as a crucial foundation for creating
dalam menciptakan nilai jangka panjang, baik bagi long-term value for the Company, Indonesia, and the
Perseroan, Indonesia, maupun komunitas global. global community, confirming PT Vale's position as a
Hal ini menegaskan posisi PT Vale sebagai salah satu resilient and adaptive player in the nickel industry amid
pelaku industri nikel yang resilien dan adaptif di tengah global volatility.
volatilitas global.
Sepanjang 2025, sejumlah inisiatif strategis mulai Throughout 2025, several strategic initiatives began
menunjukkan hasil konkret. Proyek-proyek investasi to deliver concrete results, along with tangible
yang dirintis dengan kesabaran dan konsistensi selama outcomes shown by investment projects pioneered
beberapa tahun terakhir mulai menunjukkan hasil nyata. with patience and consistency over the past few years.
Tambang Bahodopi mulai beroperasi secara bertahap The Bahodopi mine gradually started operations in April
sejak April 2025, disertai dengan dimulainya penjualan 2025, accompanied by the commencement of sales of
bijih nikel saprolit dari wilayah tersebut. Langkah ini saprolite nickel ore from the area. This step marked
menandai terbukanya sumber pendapatan baru bagi the opening of a new revenue source for the Company
Perseroan, sekaligus memperluas fleksibilitas komersial while expanding the Company's commercial flexibility.
Perseroan. Sementara itu, pengembangan tambang Meanwhile, the development of the Pomalaa mine
Pomalaa terus menunjukkan kemajuan yang signifikan, continued to show significant progress and achieved
serta telah mencapai sejumlah milestone penting. several important milestones. With a solid technical
Dengan fondasi teknis dan kesiapan operasional foundation and increasingly mature operational
yang semakin matang, tambang Pomalaa telah mulai readiness, the Pomalaa mine began ore production in
memproduksi bijih pada awal 2026, yang diharapkan early 2026, which is expected to contribute sustainably
memberikan kontribusi berkelanjutan terhadap kinerja to the Company's future performance. These two
Perseroan ke depan. Kedua proyek ini menjadi bagian projects are a key part of the strategy to diversify
penting dalam strategi diversifikasi sumber pendapatan revenue sources and strengthen business resilience.
dan penguatan ketahanan bisnis.
Di sisi lain, operasi Sorowako menunjukkan On the other hand, the Sorowako operation
ketangguhannya (resilience) melalui stabilitas operasi demonstrated its resilience through operational
dan disiplin pengendalian biaya. Sepanjang 2025, stability and disciplined cost control. Throughout
biaya tunai penjualan per unit nikel matte berhasil 2025, the cash cost of sales per unit of nickel matte
dipertahankan pada tingkat yang kompetitif, yaitu was successfully maintained at a competitive level of
sekitar AS$9.339 per ton, relatif sejalan atau lebih approximately US$9,339 per ton, in line with or below
rendah dibandingkan periode sebelumnya sebesar the previous period of US$9,374 per ton, confirming
AS$9.374 per ton, dan menegaskan kedisiplinan the Company's discipline in managing cost efficiency.
Perseroan dalam mengelola efisiensi biaya. Kombinasi The combination of consistent efficiency and stable
antara efisiensi yang konsisten dan operasional yang operations allows the Company to remain competitive
stabil memungkinkan Perseroan menjaga daya saing and manage performance effectively amid less favorable
serta mengelola kinerja secara bijak di tengah kondisi global nickel market conditions.
pasar nikel global yang kurang kondusif.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Kinerja, Pencapaian, dan Tantangan yang Performance, Achievements, and Challenges
Dihadapi Faced
Perseroan terus menempatkan keselamatan dan In 2025, the Company continued to prioritize
kesehatan kerja (K3) sebagai prioritas utama dalam occupational safety and health (OHS) in all operational
seluruh aktivitas operasional. Komitmen ini memperoleh activities. The Indonesian Ministry of Health recognized
pengakuan dari Kementerian Kesehatan Republik this commitment with the 2025 Mitra Bhakti Husada
Indonesia dengan mendapatkan penghargaan Mitra (MBH) award in the Female Worker Health Protection
Bhakti Husada (MBH) 2025 pada kategori Perlindungan category, reflecting the Company's commitment to
Kesehatan Pekerja Perempuan. Penghargaan ini making occupational safety and health a key foundation
mencerminkan komitmen Perseroan dalam menjadikan for its operations and long-term value creation.
keselamatan dan kesehatan kerja sebagai fondasi
utama operasional dan penciptaan nilai jangka panjang.
Pencapaian tersebut didukung oleh penguatan peran This achievement was supported by strengthening
kepemimpinan melalui implementasi Leadership the leadership role through Leadership in the Field
in the Field (LIF), peningkatan kualitas investigasi (LIF), improving the quality of investigations through
melalui Incident Cause Analysis Method (ICAM), serta the Incident Cause Analysis Method (ICAM), and
pengembangan budaya keselamatan melalui program developing a safety culture through the Dojo Behavior
Dojo Behavior dan Dojo Safety. Selain itu, sistem Critical and Dojo Safety programs. Furthermore, the Critical
Risk Management (CRM) menunjukkan peningkatan Risk Management (CRM) system demonstrated an
kualitas implementasi pengendalian risiko kritis yang increasingly consistent and measurable improvement in
semakin konsisten dan terukur. Hal ini tercermin dari the quality of critical risk control implementation. This
capaian Critical Control Verification (CCV) yang berada was reflected in the achievement of Critical Control
di atas target pada tahun 2025. Kualitas CRM terus Verification (CCV), which is above the target in 2025.
diperkuat melalui konsistensi pelaksanaan verifikasi The Company continued strengthening the quality
kontrol risiko kritis setiap hari, peningkatan kualitas of CRM through consistent implementation of daily
temuan dan efektivitas tindak lanjut perbaikan, serta critical risk control verification, improving the quality
naiknya akurasi dan keandalan pelaporan keselamatan. of findings and the effectiveness of corrective follow-
up, and increasing the accuracy and reliability of safety
reporting.
Sepanjang 2025, manajemen Perseroan bersama mitra Throughout 2025, the Company's management, along
kontraktor secara aktif melaksanakan kunjungan with its contractor partners, actively conducted field
lapangan melalui program Leadership on Field (LIF), visits through the Leadership on Field (LIF) program
serta melakukan verifikasi terhadap lebih dari 200 and verified more than 200 critical risk controls daily.
kontrol risiko kritis setiap hari. Upaya ini memperkuat These efforts strengthened operational discipline,
disiplin operasional, meningkatkan akuntabilitas, dan increased accountability, and emphasized safety as a
menegaskan keselamatan sebagai prioritas utama top priority in all work activities. This discipline enabled
dalam setiap aktivitas kerja. Disiplin ini memungkinkan the Company to close 2025 without a fatal workplace
Perseroan menutup tahun 2025 tanpa kecelakaan kerja accident, an achievement that reflected the collective
fatal, sebuah capaian yang mencerminkan komitmen commitment of all Company employees.
kolektif seluruh insan Perseroan.
Fungsi Strategic Health and Safety turut berperan The Strategic Health and Safety function played a role in
dalam pengelolaan praktek serta budaya keselamatan strategically managing workplace safety practices and
kerja secara strategis dengan memperkuat koordinasi culture by strengthening cross-functional coordination
lintas fungsi serta kolaborasi dengan para ahli dan and collaboration with experts and stakeholders.
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
pemangku kepentingan. Selain itu, pembangunan Furthermore, developing a safety governance system
“safety governance system” pada proyek Rebuild Electric for the Rebuild Electric Furnace 3 (EF3) project ensured
Furnace 3 (EF3) memastikan bahwa aspek keselamatan that safety was integrated from the project's initial
telah terintegrasi sejak tahap awal proyek sehingga stages, enabling more effective risk management.
potensi risiko dapat dikendalikan secara lebih efektif.
Tahun 2025 juga menjadi tonggak penting bagi PT Vale 2025 also marked a significant milestone for PT Vale
dalam memasuki babak baru diversifikasi bisnis melalui as it entered a new phase of business diversification
penjualan bijih nikel saprolit. Dengan total volume by selling saprolite nickel ore. With total sales volume
penjualan mencapai 2,3 juta WMT atau 92% lebih tinggi reaching 2.3 million WMT, 92% above its target, the
dari target, Perseroan menunjukkan ketangkasan Company demonstrated agility in capitalizing on
dalam memanfaatkan peluang baru untuk memperkuat new opportunities to strengthen margins, increase
margin, meningkatkan fleksibilitas komersial, dan commercial flexibility, and build financial resilience
membangun ketahanan finansial di tengah volatilitas amid industry volatility.
industri.
Sejalan dengan perubahan struktur kepemilikan In line with the change in ownership structure following
pasca divestasi, Perseroan melakukan penyesuaian the divestment, the Company adjusted its strategy and
strategi dan mendesain ulang proses bisnis secara comprehensively redesigned its business processes, with
menyeluruh, dengan target penyelesaian pada tahun 2026 as the target completion date. This adjustment
2026. Penyesuaian ini mencerminkan upaya Perseroan reflected the Company's efforts to be more responsive
untuk lebih responsif terhadap dinamika global dan to global and national dynamics by positioning market
nasional, dengan menjadikan dorongan pasar sebagai drivers as a key consideration in business decision-
pertimbangan penting dalam pengambilan keputusan making and maximizing opportunities along the nickel
bisnis serta memaksimalkan peluang di sepanjang supply chain.
rantai pasok nikel.
Keputusan Perseroan untuk melakukan penjualan The Company's decision to sell saprolite nickel ore was
bijih nikel saprolit merupakan bagian dari upaya part of a comprehensive effort to redesign its business
menyeluruh dalam mendesain ulang proses bisnis, processes and address the increasingly limited supply
sekaligus merespons semakin terbatasnya pasokan bijih of high-quality nickel ore in Indonesia. In line with
nikel berkualitas tinggi di Indonesia. Sejalan dengan this strategy, the Company pushed to complete the
strategi tersebut, Perseroan mendorong penyelesaian Indonesia Growth Project (IGP) in Morowali, Pomalaa,
pembangunan Indonesia Growth Project (IGP) di and Sorowako Limonite. In addition to being a key
Morowali, Pomalaa, dan Sorowako Limonite. Selain element in PT Vale's business process transformation,
menjadi elemen penting dalam transformasi proses these projects were designed to address customer
bisnis PT Vale, proyek-proyek ini dirancang untuk needs for the "right nickel" supply in line with market
menjawab kebutuhan pelanggan akan penyediaan “nikel dynamics.
yang tepat” sesuai dengan dinamika dan kebutuhan
pasar.
Kinerja Operasional dan Keuangan serta Operational and Financial Performance and
Proyek Strategis Strategic Projects
Berbagai dinamika sepanjang 2025 mendorong PT Various dynamics throughout 2025 prompted PT Vale to
Vale untuk melakukan penyesuaian operasional make operational adjustments with careful calculation
dengan perhitungan yang cermat dan disiplin tinggi. and strict discipline. Through solid collaboration, the
Melalui kolaborasi yang solid, kerja keras seluruh insan hard work of all Company employees, and a commitment
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Perseroan, serta dukungan inovasi, kami mempercepat to innovation, we accelerated the implementation of
pelaksanaan sejumlah program pemeliharaan pada several maintenance programs in the first half of 2025
paruh pertama 2025 sebagai langkah mitigasi risiko dan to mitigate risks and strengthen asset reliability.
penguatan keandalan aset.
Meskipun menghadapi berbagai kendala operasional dan Despite facing various operational constraints and
tekanan eksternal, Perseroan tetap mampu menjaga external pressures, the Company maintained stable
stabilitas produksi di sepanjang tahun 2025, meskipun production throughout 2025, even while making
menghadapi penyesuaian operasional sejak November, operational adjustments since November due to the
seiring dengan dimulainya proyek pembangunan ulang commencement of the furnace 3 reconstruction project,
Furnace 3 yang diperkirakan akan berlangsung selama which was expected to last approximately five months.
kurang lebih 5 bulan. Pencapaian ini didukung oleh This achievement was supported by strengthened
penguatan disiplin eksekusi, peningkatan produktivitas execution discipline, increased productivity across all
di seluruh lini operasi, serta peneguhan komitmen operational lines, and a reaffirmed commitment to
terhadap aspek keselamatan kerja dan lingkungan. occupational safety and the environment.
Melalui penguatan koordinasi lintas fungsi dan Through strengthening cross-functional coordination
optimalisasi proses operasional, pada akhir tahun and optimizing operational processes, at the end of the
Perseroan berhasil membukukan tingkat produksi year, the Company successfully recorded a relatively
yang relatif stabil dengan realisasi produksi nikel dalam stable production level with the realization of nickel
matte mencapai 72.027 ton, lebih tinggi dibandingkan in matte production reaching 72,027 tons, higher than
capaian tahun sebelumnya sebesar 71.311 metrik dan the previous year's achievement of 71,311 metric tons
produksi bijih nikel saprolit sebesar 2,3 juta wmt atau and saprolite nickel ore production of 2.3 million wmt
170% dari target. Pencapaian tersebut mencerminkan or 170% of the target. This achievement reflected
ketangguhan (resilience) Perseroan dalam menghadapi the Company's resilience in the face of challenges,
tantangan, yang didukung oleh kemampuan supported by the ability to produce ore with the right
menghasilkan bijih dengan kadar dan karakteristik grade and chemical characteristics and to maintain
kimia yang tepat serta menjaga stabilitas kinerja pabrik stable plant performance, both key factors in exceeding
sebagai faktor kunci terlampauinya target produksi. production targets.
Kinerja operasional tersebut memberikan kontribusi This operational performance positively contributed
positif terhadap kinerja keuangan Perseroan. to the Company's financial performance, helping
Pencapaian ini membantu Perseroan menjaga EBITDA the Company maintain EBITDA of US$228.2 million
sebesar US$228,2 juta pada 2025, sementara laba bersih in 2025, while net profit increased by 32% to US$76.1
meningkat 32% menjadi AS$76,1 juta. Peningkatan laba million. This 32% increase in net profit reflects the
bersih sebesar 32% ini mencerminkan keberhasilan Company's success in balancing cost discipline, volume
Perseroan dalam menjaga keseimbangan antara disiplin optimization, and revenue diversification amid
biaya, optimalisasi volume, serta diversifikasi sumber commodity price pressures.
pendapatan di tengah tekanan harga komoditas.
Meskipun harga realisasi rata-rata nikel matte tercatat Although the average realized price of nickel matte
US$12.157 per ton, turun sekitar 7% dibandingkan was US$12,157 per ton, down by approximately 7% from
2024. Namun demikian, Perseroan tetap mampu 2024, the Company still increased revenue to US$990.2
meningkatkan pendapatan menjadi US$990,2 juta atau million, a 4% increase from the previous year. This
naik 4% dari tahun sebelumnya. Pencapaian tersebut achievement was supported not only by nickel matte
tidak hanya didukung oleh kinerja penjualan nickel sales performance, driven by higher shipment volumes
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matte, yang ditopang oleh volume pengiriman yang and an increase in payability rates effective in July 2025,
lebih tinggi serta kenaikan tingkat payability yang mulai but also by the diversification of the Company's revenue
berlaku sejak Juli 2025 tetapi juga oleh diversifikasi sources.
sumber pendapatan Perseroan.
Sebagai bagian dari penguatan ketahanan jangka As part of strengthening long-term resilience, the
panjang, Perseroan secara aktif mengembangkan Company actively pursued commercial diversification
diversifikasi komersial melalui penjualan bijih nikel by selling saprolite nickel ore from the Pomalaa and
saprolit dari Blok Pomalaa dan Bahodopi dengan Bahodopi Blocks, with a total volume of 2.3 million
total volume sebesar 2,3 juta wmt. Diversifikasi ini wmt. This diversification provided greater commercial
memberikan fleksibilitas komersial yang lebih luas, flexibility, helped offset commodity price pressures, and
membantu mengimbangi tekanan harga komoditas, strengthened the Company's revenue structure amid
serta memperkuat struktur pendapatan Perseroan volatility in the global nickel industry. Furthermore, the
di tengah volatilitas industri nikel global. Selain itu, recovery in nickel prices in the fourth quarter of 2025
pemulihan harga nikel yang terjadi pada Triwulan IV also provided a positive boost to revenue performance,
2025 turut memberikan dorongan positif terhadap which reached US$284.8 million in that period.
kinerja pendapatan, yang pada periode tersebut
mencapai US$284,8 juta.
Dari sisi efisiensi, Perseroan berhasil menjaga biaya kas In terms of efficiency, the Company successfully
penjualan pada level kompetitif sebesar US$9.339 per maintained its cash cost of sales at a competitive
metrik ton, sedikit lebih rendah dibandingkan tahun level of US$9,339 per metric ton, slightly lower than
sebelumnya. Angka ini menjadi biaya tahunan terendah the previous year. This figure represented the lowest
dalam empat tahun terakhir, menunjukkan disiplin annual cost over the past four years, demonstrating
pengelolaan biaya yang konsisten. Kontribusi signifikan consistent cost-management discipline. A significant
juga berasal dari pengelolaan rantai pasok yang efektif contribution also came from effective supply chain
melalui program cost reduction dan cost avoidance management, through cost-reduction and avoidance
sebesar AS$47 juta. programs totaling US$47 million.
Secara keseluruhan, pencapaian tersebut menegaskan Overall, this achievement confirmed the Company's
ketangguhan (resilience) Perseroan dalam menghadapi resilience in the face of market pressures through a
tekanan pasar, melalui kombinasi disiplin operasional, combination of operational discipline, sales volume
optimalisasi volume penjualan, perbaikan struktur optimization, improvements in revenue structure, and
pendapatan, serta pengelolaan biaya yang konsisten. consistent cost management.
Sejalan dengan upaya peningkatan efisiensi, Perseroan In line with efforts to increase efficiency, the Company
juga mendorong pengurangan konsumsi minyak serta also encouraged reduced oil consumption and emissions
penurunan emisi melalui rencana pelaksanaan uji coba through a planned trial of a 100-ton Battery Electric
Battery Electric Vehicle (BEV) berkapasitas 100 ton di Vehicle (BEV) in its operational areas. This initiative
area operasi. Inisiatif ini merupakan salah satu langkah was one of the transformational steps towards lower-
transformasi menuju praktik pertambangan yang lebih carbon mining practices and reducing dependence on
rendah karbon serta untuk mengurangi ketergantungan fossil fuels amid increasingly uncertain availability under
pada bahan bakar fosil yang ketersediaannya global geopolitical conditions. A mine debottlenecking
bergantung dari kondisi geopolitik dunia yang semakin project was also being consistently and sustainably
tidak menentu. Secara konsisten dan berkelanjutan, implemented to reduce production bottlenecks,
proyek mine debottlenecking juga dijalankan untuk streamline material flow, and support the achievement
mengurangi hambatan produksi, memperlancar alur of optimal output targets.
material, serta mendukung pencapaian target output
secara optimal.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Di sisi transformasi operasional, berbagai inovasi terus On the operational transformation side, various
dikembangkan untuk meningkatkan efisiensi energi innovations were continuously being developed
dan menurunkan intensitas emisi, antara lain melalui to improve energy efficiency and reduce emissions
program ore dewatering yang berpotensi mengurangi intensity, including through an ore dewatering program
konsumsi bahan bakar, sekaligus biaya produksi. Inovasi with the potential to reduce fuel consumption and
lainnya mencakup gasifikasi sulfur, pemanfaatan production costs. Other innovations included sulfur
electric heater untuk product dryer, optimalisasi waste gasification, the use of electric heaters in product
heat dari furnace, serta slag granulation. dryers, the optimization of furnace waste heat, and
slag granulation.
Perseroan juga berhasil mencapai target pengembangan The Company also achieved the set resource
sumber daya yang ditetapkan, baik dalam jumlah lubang development targets for the number of drill holes, total
bor, total kedalaman pemboran, maupun total meter drilling depth, and total meters of ERT geophysical
survei geofisika ERT, dengan realisasi biaya yang lebih surveys, with realized costs below the approved
rendah dari anggaran yang telah disetujui. Studi FEL3 budget. The FEL3 study for the Bahodopi Blocks 2
untuk ekspansi Bahodopi Blok 2 dan 3 turut memberikan and 3 expansions also yielded significant results,
hasil signifikan berupa penambahan sumber daya dan including additional resources and reserves. This
cadangan. Kinerja tersebut semakin diperkuat oleh performance was further strengthened by achieving
pencapaian 10,5 juta jam kerja tanpa Lost Time Injury (LTI) 10.5 million person-hours without Lost Time Injury
sejak 2013 dari aktivitas eksplorasi, yang mencerminkan (LTI) in exploration activities since 2013, reflecting the
konsistensi penerapan standar keselamatan. Pada consistent implementation of safety standards. In 2025,
2025, Perseroan juga mengimplementasikan Resources the Company also implemented Resources Development
Development Planning (RDP) sebagai pendekatan Planning (RDP) as an integrated approach in optimizing
terintegrasi dalam mengoptimalkan nilai sumber daya resource value and unlocking the Company's long-term
dan membuka potensi nilai jangka panjang Perseroan. value potential.
Pada sisi proyek strategis, fokus eksekusi dan On the strategic project side, the focus on execution and
pengendalian terus diperkuat. Proyek strategis control continued to be strengthened. The Company's
Perseroan mencakup pengembangan tambang yang strategic projects included the development of a self-
dikelola sendiri dan pabrik pengolahan (hilirisasi) managed mine and a processing plant (downstream)
melalui joint venture dengan mitra. Pada sisi tambang, through a joint venture with partners. On the mining
Perseroan menyelesaikan konstruksi Fase 1 dan side, the Company completed Phase 1 construction and
membukukan penjualan bijih sebesar 2,02 juta ton di recorded ore sales of 2.02 million tons at Bahodopi. At
Bahodopi. Di Pomalaa, progres mencapai 60% dengan Pomalaa, progress reached 60% with the completion
penyelesaian beberapa fasilitas pendukung operasi of several supporting facilities for initial operations,
perdana seperti 2 stockpile utama, 7 sedimen pond, including two main stockpiles, seven sediment ponds,
dan jalan hauling utama 7,8 km, disertai penjualan bijih and a 7.8 km main hauling road, accompanied by ore
sebesar 298 ribu ton dari uji bulk sampling. Sementara sales of 298 thousand tons from bulk sampling tests.
itu, proyek Sorowako Limonite mencatatkan progress Meanwhile, the Sorowako Limonite project recorded
konstruksi sekitar 37% disertai penyelesaian beberapa construction progress of around 37%, with several
fasilitas stockpile yang melampaui target. stockpile facilities completed ahead of target.
Proyek IGP Morowali menunjukkan kemajuan signifikan, The Morowali IGP project showed significant progress,
dengan konstruksi tambang fase 1 yang hampir selesai with phase 1 mine construction nearing completion
hingga akhir Desember 2025 serta serapan tenaga by the end of December 2025 and employing 1,979
kerja 1.979 orang. Fasilitas HPAL yang dibangun di people. The HPAL facility built in Sambalagi, Morowali,
Sambalagi, Morowali yang merupakan proyek patungan a joint project between the Company, GEM Co., Ltd.,
Perseroan, GEM Co., Ltd. dan Ecopro Co., Ltd.— and Ecopro Co., Ltd progressed according to schedule,
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berjalan sesuai jadwal, termasuk pemasangan tangki- including the installation of tanks, Acid Plant piping,
tangki, perpipaan Acid Plant dan piling, dengan target and piling, with a mechanical completion target of Q4
mechanical completion pada Triwulan IV 2026. Tenaga 2026. The HPAL operational workforce was projected to
kerja operasional HPAL diproyeksikan membutuhkan require around 1,600 workers.
sekitar 1.600 tenaga kerja.
Di Pomalaa, progres konstruksi tambang telah In Pomalaa, mine construction progress exceeded 50%,
menuntaskan lebih dari separuh atau mencapai 60% reaching 60% in December 2025, with a workforce
pada Desember 2025, dengan serapan tenaga kerja absorption of 2,133 people. The Pomalaa mine was
sebanyak 2.133 orang. Tambang Pomalaa diproyeksikan projected to gradually begin production in the second
dapat memulai operasi produksi secara bertahap quarter of 2026. The construction of the processing
sejak triwulan kedua 2026. Adapun konstruksi pabrik plant, a partnership project with Zhejiang Huayou
pengolahan yang merupakan proyek kemitraan dengan Cobalt Co., Ltd. (Huayou) and Ford Motor Company,
Zhejiang Huayou Cobalt Co., Ltd (Huayou) dan Ford Motor progressed according to plan, as marked by the
Company berjalan sesuai rencana, ditandai dengan installation of one autoclave unit in December 2025,
telah terpasangnya satu unit autoclave pada bulan bringing the total to four autoclaves already available
Desember 2025 dari total empat unit autoclave yang at the project site. This achievement covered 50% of
sudah tersedia di lokasi proyek. Pencapaian tersebut the overall target, remaining on schedule for the first
meliputi 50% dari target keseluruhan, sehingga tetap mechanical completion in the third quarter of 2026.
berada pada jadwal untuk first mechanical completion
pada triwulan ketiga 2026.
Proyek IGP Sorowako Limonite terus berlanjut, dengan The Sorowako Limonite IGP project continued to
proses konstruksi tambang mencapai 37% per Desember progress, with mine construction at 37% as of December
2025 dan serapan tenaga kerja mencapai 400 orang. 2025 and employment at 400 people. The processing
Adapun untuk pabrik pengolahan yang merupakan hasil plant, a collaboration with Huayou, was targeted to
kolaborasi dengan Huayou ditargetkan mulai operasi begin operations in 2027. Currently, the project is in
pada 2027 mendatang. Saat ini, pengerjaan proyek the land-clearing stage for the feed preparation plant
sedang dalam tahap pembersihan lahan (land clearing) (FPP), the completion of the material storage yard at
untuk feed preparation plant (FPP), penyelesaian Waru Waru and Enggano Ports, and the evaluation of
material storage yard di Pelabuhan Waru Waru dan the slurry pipeline route within the mine area.
Enggano dan evaluasi rute pipa slurry di wilayah
tambang.
Seluruh proyek strategis tersebut dijalankan dengan All of these strategic projects were executed with the
prinsip kehati-hatian finansial, governans yang kuat, principles of financial prudence, strong governance,
serta komitmen terhadap keberlanjutan jangka and a commitment to long-term sustainability. In line
panjang. Sejalan dengan itu, Perseroan juga menjajaki with this, the Company also explored and strengthened
dan memperkuat kerja sama dengan sejumlah penyedia collaborations with several technology providers to
teknologi guna mengoptimalkan pemanfaatan bijih nikel optimize the use of lower-grade nickel ore, thereby
berkadar lebih rendah sehingga dapat memperpanjang extending mine life and increasing the economic value
umur tambang dan meningkatkan nilai ekonomi sumber of its resources.
daya yang dimiliki.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Kinerja Lingkungan dan Sosial Environmental and Social Performance
PT Vale terus memperkuat komitmennya dalam PT Vale continued to strengthen its commitment
pengelolaan lingkungan, sosial dan tata kelola to environmental, social, and governance (ESG)
(LST) sebagai bagian yang tidak terpisahkan dari management as an integral part of business
keberlanjutan bisnis. Berbagai inisiatif yang dijalankan sustainability. Various consistently implemented
secara konsisten membentuk fondasi kepedulian initiatives established a strong, sustainable foundation
yang kuat dan berkelanjutan antara Perseroan dan of care between the Company and the communities
masyarakat di sekitar wilayah operasional, sekaligus surrounding its operations, while strengthening
memperkuat kepercayaan pemangku kepentingan stakeholder trust in responsible mining practices.
terhadap praktik pertambangan yang bertanggung
jawab.
Kekuatan fondasi tersebut tercermin secara nyata The strength of this foundation was clearly reflected
dalam penanganan peristiwa kebocoran pipa minyak di in the handling of the oil pipeline leak in Lioka Village,
Desa Lioka, Kecamatan Towuti, Kabupaten Luwu Timur, Towuti District, East Luwu Regency, South Sulawesi,
Sulawesi Selatan, pada 23 Agustus 2025. Peristiwa ini on August 23, 2025. This incident tested the Company's
menjadi ujian atas komitmen Perseroan dalam mengelola commitment to managing environmental and social
risiko lingkungan dan sosial secara bertanggung jawab. risks responsibly. Immediately after the incident,
Segera setelah kejadian, PT Vale melakukan tanggap PT Vale implemented a rapid emergency response
darurat cepat dengan mengedepankan transparansi by prioritizing transparency in handling, regulatory
penanganan, kepatuhan terhadap regulasi, serta compliance, and open dialogue with stakeholders.
keterbukaan dalam berdialog dengan para pemangku
kepentingan.
Di lapangan, langkah penanganan dan upaya pemulihan On the ground, the handling and recovery efforts
yang dilakukan oleh Tim Tanggap Darurat (Emergency undertaken by PT Vale's Emergency Response Group
Response Group/ERG) PT Vale mendapatkan dukungan (ERG) received strong support from the community,
kuat dari masyarakat yang membantu membersihkan who helped clean up the affected area and prepare
area yang terdampak dan menyiapkan makanan bagi meals for hundreds of field workers. The company also
ratusan petugas lapangan. Perseroan juga mendirikan established a Complaints and Information Center at
Pusat Pengaduan dan Informasi di Kantor Camat Towuti the Towuti District Office to accommodate community
untuk menampung aspirasi dan keluhan masyarakat, aspirations and complaints, all of which were promptly
yang seluruhnya ditindaklanjuti secara cepat oleh PT addressed by PT Vale.
Vale.
Dalam waktu yang relatif singkat, Perseroan berhasil In a relatively short time, the Company successfully
mengisolasi sumber kebocoran dan memulai proses isolated the source of the leak and began repairing the
perbaikan pada pipa. Secara paralel, PT Vale melakukan pipe. In parallel, PT Vale carried out impact management
penanganan dan pemulihan dampak, termasuk and recovery, including social impact management and
pengelolaan dampak sosial serta skema penyaluran a cost distribution scheme for the six affected villages:
biaya penanganan bagi enam desa terdampak, yaitu Lioka, Langkea Raya, Baruga, Wawondula, Matompi,
Lioka, Langkea Raya, Baruga, Wawondula, Matompi, dan and Timampu. This incident served as an important
Timampu. Peristiwa ini menjadi pembelajaran penting learning experience that strengthened the Company's
yang memperkuat sistem manajemen risiko Perseroan, risk management system, particularly in prevention,
khususnya dalam aspek pencegahan, respons darurat, emergency response, and stakeholder engagement.
dan keterlibatan pemangku kepentingan.
2025 Annual Report 35
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Dalam pengelolaan lingkungan, Perseroan telah In environmental management, the Company
menetapkan peta jalan dekarbonisasi untuk operasi established a decarbonization roadmap for its Sorowako
Sorowako, yang menguraikan portofolio inisiatif guna operations, which outlined a portfolio of initiatives
meningkatkan efisiensi energi dan mengurangi emisi to improve energy efficiency and reduce operational
operasional dengan komitmen reduksi emisi gas rumah emissions, with a commitment to achieving absolute
kaca (GRK) Lingkup 1 dan 2 absolut sebesar 33% pada Scope 1 and 2 greenhouse gas (GHG) emission reductions
tahun 2030 berdasarkan baseline tahun 2017. Untuk by 33% in 2030, based on a 2017 baseline. For our growth
proyek-proyek pertumbuhan kami di Pomalaa dan projects in Pomalaa and Bahodopi, a decarbonization
Bahodopi, peta jalan dekarbonisasi saat ini sedang roadmap was currently under development and
dikembangkan dan ditargetkan selesai pada tahun targeted for completion in 2026.
2026.
Seiring dengan komitmen tersebut, Perseroan In line with this commitment, the Company consistently
secara konsisten melaksanakan kegiatan reklamasi carried out reclamation activities in accordance with
sesuai Rencana Reklamasi Perseroan. Selama periode the Company's Reclamation Plan. During the reporting
pelaporan, kami berhasil menyelesaikan kegiatan period, we completed reclamation activities on 158.09
reklamasi di lahan seluas 158,09 hektare, yang terdiri hectares of land, consisting of 156.67 hectares in
dari 156,67 hektare di Sorowako dan 1,42 hektare di Sorowako and 1.42 hectares in Bahodopi.
Bahodopi.
Dalam pengelolaan keanekaragaman hayati, Perseroan In biodiversity management, the Company implemented
menerapkan inisiatif konservasi keanekaragaman biodiversity conservation and ecosystem restoration
hayati dan restorasi ekosistem di seluruh wilayah initiatives across all operational areas. Through 2025,
operasional. Selama 2025, kami melestarikan dan we conserved and replanted 72,296 local, endemic, and
menanam kembali 72.296 pohon lokal, endemik, dan protected trees. Furthermore, wildlife conservation
yang dilindungi. Selain itu, upaya konservasi satwa efforts continue through species management under
liar juga terus berlanjut melalui pengelolaan spesies di PT Vale's conservation program, including 18 Timor
bawah program konservasi PT Vale, di antaranya 18 rusa deer (Rusa timorensis) and 1 lowland anoa (Bubalus
Timor (Rusa timorensis) dan satu anoa dataran rendah depressicornis), reflecting our ongoing efforts to
(Bubalus depressicornis), yang mencerminkan upaya protect native fauna and maintain populations of
berkelanjutan kami untuk melindungi fauna asli dan species of conservation importance.
mempertahankan populasi spesies yang penting untuk
konservasi.
Di sisi lain, PT Vale tetap memenuhi kewajiban dalam Meanwhile, PT Vale continued to fulfill its obligations
menjalankan praktik pertambangan berkelanjutan to implement sustainable mining practices by updating
melalui pembaruan dokumen pascatambang Blok the post-mining documents for the Sorowako Block.
Sorowako. Sebagai langkah awal, Perseroan melakukan As a first step, the Company conducted consultations
konsultasi dengan melibatkan para pemangku with stakeholders in East Luwu Regency, a crucial
kepentingan di Kabupaten Luwu Timur, yang menjadi part of drafting the updated post-mining documents.
tahapan penting dalam proses penyusunan pembaruan This update coincided with PT Vale's acquisition of its
dokumen pascatambang. Pembaruan ini dilakukan operating permit extension in May 2024, necessitating
seiring dengan diperolehnya perpanjangan izin adjustments to the post-mining documents to maintain
operasi PT Vale pada Mei 2024, sehingga dokumen their relevance and align with the new permit's validity
pascatambang perlu disesuaikan agar tetap relevan dan period.
sejalan dengan masa berlaku izin terbaru.
36 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Dalam bentuk lain, pengelolaan sosial juga ditujukan In other forms, social management also aimed to ensure
untuk memastikan keberadaan PT Vale memberikan that PT Vale's presence provides tangible benefits to
manfaat nyata kepada masyarakat setempat sehingga the local community, thereby improving their well-
menjadi lebih sejahtera. Pada periode pelaporan, being. During the reporting period, the Company
Perseroan menandatangani komitmen terkait program signed a commitment to the ESG program with the
LST dengan Pemkab Kolaka, yang bertajuk “Kolaka Sehat, Kolaka Regency Government, titled "Healthy, Clean, and
Bersih, dan Berdaya”, sebagai wujud nyata komitmen Empowered Kolaka," as a concrete manifestation of PT
PT Vale menghadirkan manfaat berkelanjutan bagi Vale's commitment to delivering sustainable benefits to
masyarakat sekitar wilayah operasi. Komitmen lain the communities surrounding its operations. Another
adalah Bridge Program, yang ditandatangani PT Vale commitment was the Bridge Program, signed by PT
dan Huayou, yang bertujuan menciptakan jembatan Vale and Huayou, which aimed to create a bridge
pengetahuan dan keterampilan bagi masyarakat Kolaka of knowledge and skills for the Kolaka community,
agar dapat bersaing di industri nikel nasional maupun enabling them to compete in the national and global
global. nickel industry.
Salah satu fokus dalam pengelolaan sosial adalah One focus of social management was the Health
Program Health Improvement di 13 desa sekitar IGP Improvement Program in 13 villages around the Morowali
Morowali dengan fokus penguatan layanan kesehatan IGP, focusing on strengthening health services at the
Puskesmas Bahomotefe, kampanye Gerakan Masyarakat Bahomotefe Community Health Center (Puskesmas
Sehat, edukasi di sekolah dan desa, hingga penyediaan Bahomotefe), the Healthy Community Movement
fasilitas kesehatan berstandar. Sejak 2022, PT Vale campaign, education in schools and villages, and the
merevitalisasi Puskesmas Bahomotefe yang melayani provision of standard health facilities. Since 2022, PT
lebih dari 16.000 jiwa, dengan perbaikan infrastruktur, Vale has revitalized the Bahomotefe Community Health
penambahan fasilitas, hibah ambulans, serta melatih 40 Center, which serves more than 16,000 people, through
tenaga kesehatan bekerja sama dengan Dinas Kesehatan infrastructure improvements, additional facilities,
Kabupaten Morowali. Puskesmas Bahomotefe juga ambulance grants, and training for 40 health workers in
berhasil meraih akreditasi Paripurna, status tertinggi collaboration with the Morowali Regency Health Office.
puskesmas di Indonesia. The Bahomotefe Community Health Center has also
achieved Paripurna accreditation, the highest status for
a community health center in Indonesia.
Perseroan juga menyelenggarakan Promosi Kesehatan The Company also organized Health Promotion
(Promkes) dalam Perilaku Hidup Bersih dan Sehat (Promkes) programs to promote Clean and Healthy
bagi masyarakat di sekitar IGP Pomalaa, terutama Living Behavior for the community around IGP Pomalaa,
kaum perempuan, anak-anak, sampai lansia. Melalui especially women, children, and the elderly. Through
kegiatan tersebut, masyarakat mendapatkan informasi these activities, the community received information
tentang layanan kesehatan dan penerapan Livelihood about health services and the implementation of
Restoration Program (LRP), dengan pendekatan the Livelihood Restoration Program (LRP) using a
kolaboratif dan berbasis kebutuhan lokal. Hingga saat collaborative, locally based approach. To date, more
ini, lebih dari 50 penerima manfaat telah merasakan than 50 beneficiaries have experienced the direct
dampak langsung LRP, dengan fokus pada sektor impact of the LRP, with a focus on the agriculture,
pertanian, perikanan, peternakan, hingga industri fisheries, livestock, home industry, and culinary sectors.
rumah tangga dan tata boga.
2025 Annual Report 37
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Perseroan terus memperkuat program Pengembangan The Company continued to strengthen its Community
dan Pemberdayaan Masyarakat (PPM), sehingga Development and Empowerment (PPM) program to
investasi sosial dapat terus berkelanjutan dalam ensure that social investment remained sustainable
bidang pendidikan, infrastruktur, pelestarian budaya, in the areas of education, infrastructure, cultural
serta peningkatan kesejahteraan masyarakat. Pada preservation, and community welfare. In the reporting
tahun pelaporan, total realisasi PPM di ketiga lokasi year, the total PPM realization across the three
operasional mencapai AS$4.7 juta. operational locations reached US$4.7 million.
Dalam pengelolaan sumber daya manusia, PT Vale In human resource management, PT Vale encouraged
mendorong terciptanya lingkungan kerja yang kondusif, the creation of a conducive, diverse, equal, and
beragam, setara, dan inklusif. Pada tahun 2025, inclusive work environment. In 2025, the Company
Perseroan menandatangani Perjanjian Kerja Bersama signed the 21st Collective Labor Agreement (PKB) with
(PKB) ke-21 dengan serikat pekerja, yang menegaskan labor unions, which affirmed a shared commitment to
komitmen bersama dalam membangun hubungan building sustainable and equitable industrial relations
industrial yang berkelanjutan dan berkeadilan, and strengthening the principles of anti-discrimination
serta memperkuat prinsip anti-diskriminasi dan and occupational safety. The Company also opens more
keselamatan kerja. Perseroan juga membuka lebih opportunities for women, local talent, and people with
banyak peluang bagi perempuan, talenta lokal, dan special needs to join the PT Vale workforce. Currently,
masyarakat berkebutuhan khusus untuk bergabung the Company has 2,985 employees, 83% of whom are in
dalam tenaga kerja PT Vale. Saat ini, Perseroan memiliki operational areas. Of the total, 361 people, or 12.1%, are
2.985 karyawan, dengan 83% di antaranya berasal dari female employees, including 21 in managerial positions.
wilayah operasional. Dari total tersebut, 361 orang atau
12,1% merupakan karyawan perempuan, termasuk 21
orang yang menempati posisi manajerial.
Transparansi Perseroan dalam pengelolaan dampak The Company's transparency in managing environmental
lingkungan, sosial disertai penerapan governans yang and social impacts, along with the implementation
benar, telah memperkuat kepercayaan berbagai pihak of proper governance, had strengthened the trust of
terhadap komitmen PT Vale. Kepercayaan tersebut various parties in PT Vale's commitment. This trust was
tercermin dari peningkatan ESG Risk Rating berdasarkan reflected in the increase in the ESG Risk Rating, based on
penilaian Sustainalytics, yang berada pada angka 23,7 the Sustainalytics assessment, which is currently at 23.7
(tingkat risiko sedang), lebih baik dibandingkan capaian (moderate risk level), down from 29.8. This achievement
sebelumnya sebesar 29,8. Pencapaian ini menempatkan placed PT Vale as the mining company with the lowest
PT Vale sebagai perusahaan pertambangan dengan ESG risk in Indonesia and ranked it among the top 15
risiko ESG terendah di Indonesia, sekaligus masuk dalam diversified metal mining companies with the lowest
jajaran 15 besar perusahaan pertambangan logam ESG risk in the world.
terdiversifikasi dengan risiko LST terendah di dunia.
Prospek Usaha Business Prospects
Perseroan memasuki 2026 dengan posisi yang lebih The Company entered 2026 in a stronger position,
kuat, ditopang oleh fondasi operasional yang solid, supported by a solid operational foundation, a growing
portofolio proyek pertumbuhan yang berkembang, portfolio of growth projects, and a more mature
serta strategi diversifikasi yang semakin matang. diversification strategy.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Fondasi yang dibangun sepanjang 2025 menjadi pijakan The foundations laid throughout 2025 provide a crucial
penting bagi PT Vale dalam menyongsong 2026, foundation for PT Vale as it prepared for 2026, while
dengan tetap berpegang pada rencana jangka panjang remaining committed to the Company's long-term
Perseroan. Berangkat dari dinamika dan tantangan plan. Based on the dynamics and challenges faced in
yang dihadapi pada 2025, Perseroan memperkuat arah 2025, the Company strengthened its strategic direction
strategis dengan berfokus pada tiga pilar utama, yaitu by focusing on three key pillars: efficient operations,
efficient operations, effective & sustainable growth, effective and sustainable growth, and optimization and
dan optimize and de-risk guna memastikan ketahanan de-risking, to ensure business resilience while unlocking
bisnis sekaligus membuka ruang yang bernilai dalam valuable opportunities in the medium and long term.
jangka menengah dan panjang.
Dalam rangka meningkatkan efisiensi dan keandalan To enhance operational efficiency and reliability,
operasional, Perseroan terus melaksanakan berbagai the Company continued to implement initiatives to
inisiatif peningkatan kinerja produksi nickel matte. improve nickel matte production performance. One of
Salah satu agenda strategis utama adalah penyelesaian the main strategic agendas was the EF3 Rebuild project,
proyek Rebuild EF3 yang ditargetkan rampung pada targeted for completion in May 2026 and expected
Mei 2026. Proyek ini diharapkan dapat meningkatkan to improve the reliability of key assets, strengthen
reliabilitas aset utama, memperkuat kesinambungan operational continuity, and reduce the risk of future
operasi, serta menurunkan risiko gangguan produksi production disruptions. The Company also planned to
di masa mendatang. Perseroan juga merencanakan implement three kiln reline activities as part of strategic
pelaksanaan tiga kegiatan kiln reline sebagai bagian dari maintenance to maintain equipment availability and
pemeliharaan strategis untuk menjaga ketersediaan performance at optimal levels. These steps were
dan performa peralatan pada tingkat optimal. designed to support production stability, increase
Langkah-langkah ini dirancang untuk mendukung productivity, and strengthen cost discipline and energy
stabilitas produksi, meningkatkan produktivitas, efficiency throughout the operational chain.
serta memperkuat disiplin biaya dan efisiensi energi di
seluruh rantai operasi.
Sejalan dengan tantangan pasar yang masih diwarnai In line with market challenges still characterized by
tekanan harga akibat kelebihan pasokan global, price pressures from global oversupply, the Company
Perseroan menerapkan pendekatan “generate more implemented a "generate more with less" approach
with less” guna mendorong perbaikan berkelanjutan to drive continuous improvements in productivity,
dalam produktivitas, efisiensi biaya, inovasi proses, cost efficiency, process innovation, and performance
dan kinerja governans. Pendekatan ini didukung oleh governance. This approach was supported by a renewed,
pembaruan pola pikir organisasi yang lebih adaptif more adaptive and solution-oriented organizational
dan berorientasi solusi, dengan tujuan menghasilkan mindset with the aim of achieving stronger operational
kinerja operasional dan keuangan yang lebih solid and financial performance by 2026. In the context
pada 2026. Dalam konteks pertumbuhan yang efektif of effective and sustainable growth, the Company
dan berkelanjutan, Perseroan memperkuat strategi strengthened its business diversification strategy to
diversifikasi bisnis untuk memperluas sumber expand revenue sources while maximizing the value
pendapatan sekaligus memaksimalkan nilai sumber of its resources. The Company optimized nickel ore
daya yang dimiliki. Perseroan mengoptimalkan produksi production from the Pomalaa and Bahodopi areas as
bijih nikel dari wilayah Pomalaa dan Bahodopi sebagai a new revenue source, and prepared the Sorowako
sumber pendapatan baru, serta mempersiapkan mine to maximize the added value of the limonite ore
tambang Sorowako untuk dapat mengoptimalkan nilai produced.
tambah bijih limonit yang dihasilkan.
2025 Annual Report 39
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Berbagai kajian dan telaah strategis terkait peningkatan Various strategic studies and assessments related
nilai tambah bijih nikel terus dilakukan dengan to increasing the added value of nickel ore were
mempertimbangkan kondisi pasar, struktur biaya, continuously conducted, taking into account market
serta dinamika industri nikel di Indonesia. Perseroan conditions, cost structures, and the dynamics of the
mengevaluasi sejumlah opsi untuk memaksimalkan nickel industry in Indonesia. The Company evaluated
nilai bijih di pasar domestik, termasuk melalui kajian several options to maximize the value of the ore in
internal yang mempertimbangkan aspek keekonomian, the domestic market, including through internal
keberlanjutan, dan kesiapan teknologi. studies that consider economics, sustainability, and
technological readiness.
Diversifikasi produk dipandang sebagai langkah Product diversification was seen as a strategic step
strategis untuk menjaga kesinambungan pertumbuhan to maintain the Company's sustainable growth while
Perseroan secara berkelanjutan, sekaligus memperkuat strengthening its competitive position in the evolving
posisi kompetitif dalam lanskap industri nikel yang terus nickel industry landscape. In the medium to long term,
berkembang. Dalam jangka menengah hingga panjang, the Company believes global demand for nickel will
Perseroan meyakini permintaan global terhadap nikel rebound in line with the acceleration of the clean energy
akan kembali menguat seiring dengan percepatan transition, the increasing adoption of electric vehicles,
transisi energi bersih, peningkatan adopsi kendaraan and the need for nickel in various other industrial
listrik, serta kebutuhan nikel untuk berbagai sektor sectors.
industri lainnya.
Sebagai bagian dari strategi pertumbuhan yang terukur As part of its measurable and sustainable growth
dan berkelanjutan, Perseroan juga mengedepankan strategy, the Company also prioritized an optimization
pendekatan optimize and de-risk melalui pemilihan and de-risk approach through the selection of
teknologi yang tepat, pengelolaan risiko yang disiplin, appropriate technology, disciplined risk management,
serta integrasi prinsip keberlanjutan dalam setiap and the integration of sustainability principles in every
keputusan strategis. strategic decision.
Salah satu langkah utama dalam kerangka ini adalah One of the key steps in this framework was the
pemanfaatan teknologi High Pressure Acid Leaching use of the Company's High-Pressure Acid Leaching
(HPAL) Indonesia Growth Project (IGP) Perseroan. (HPAL) technology from the Indonesia Growth Project
Teknologi HPAL merupakan proses pengolahan nikel (IGP). HPAL technology is a hydrometallurgical nickel
berbasis hidrometalurgi yang memanfaatkan reaksi processing method that uses a chemical reaction with
kimia dengan asam sulfat, sehingga lebih efisien dari sisi sulfuric acid, making it more energy-efficient. The
energi. Kebutuhan energi proses HPAL akan dipenuhi HPAL process's energy requirements were met by the
dari tiga unit pembangkit listrik tenaga air (PLTA) milik Company's three hydroelectric power plants (PLTA),
Perseroan, yang secara langsung mendukung strategi thereby directly supporting its carbon-intensity
pengurangan intensitas karbon dan transisi energi reduction strategy and clean-energy transition.
bersih.
Untuk kebutuhan bahan baku asam sulfat, Perseroan To meet its sulfuric acid raw material needs, the
berencana membangun pabrik sendiri yang dilengkapi Company planned to build its own plant equipped with
dengan teknologi penangkapan panas proses untuk process heat capture technology to generate additional
menghasilkan listrik tambahan. Inisiatif ini dirancang electricity, designed to minimize dependence on
untuk meminimalkan ketergantungan pada energi external energy sources, improve operational efficiency,
eksternal, meningkatkan efisiensi operasional, serta and reduce long-term energy risk and cost exposure.
menurunkan eksposur risiko energi dan biaya dalam
jangka panjang.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Sejalan dengan itu, PT Vale terus meningkatkan In line with this, PT Vale continued to improve its
penerapan praktik keberlanjutan sesuai dengan standar implementation of sustainability practices in accordance
global sebagai bagian dari tekad untuk mempertahankan with global standards, as part of its commitment to
posisi Perseroan sebagai pemimpin global dalam praktik maintaining its position as a global leader in responsible
pertambangan yang bertanggung jawab. mining.
Tata Kelola Governance
Dalam aspek governans, PT Vale mencatat sejumlah In terms of governance, PT Vale recorded several
perubahan penting pasca selesainya divestasi wajib significant changes following the completion of the
Vale Canada Limited dan Sumitomo Metal Mining mandatory divestment of Vale Canada Limited and
kepada MIND ID pada tahun 2024. Perubahan struktur Sumitomo Metal Mining to MIND ID in 2024. This change
kepemilikan ini menghadirkan tantangan sekaligus in ownership structure presented both challenges and
peluang strategis bagi Perseroan untuk membangun strategic opportunities for the Company to build a
fondasi governans Perusahaan yang semakin kokoh, stronger, more relevant, and more aligned corporate
relevan, dan selaras dengan arah strategis jangka governance foundation with the Company's long-term
panjang Perseroan. strategic direction.
Menindaklanjuti dinamika tersebut, Perseroan saat ini In response to these dynamics, the Company is
tengah menuntaskan proses restrukturisasi internal currently completing an internal restructuring process
yang bertujuan memperkuat efisiensi organisasi, to strengthen organizational efficiency, accelerate
mempercepat proses pengambilan keputusan, serta decision-making, and create opportunities for
membuka ruang kolaborasi dan inovasi yang luas antar collaboration and innovation across work units. In line
unit kerja. Sejalan dengan upaya tersebut, Perseroan with these efforts, the Company has also completed
juga telah menyelesaikan proses peralihan sistem the transition from its Enterprise Resource Planning
Enterprise Resource Planning (ERP) dari sistem yang (ERP) system managed by Vale Canada Limited to one
dikelola oleh Vale Canada Limited menuju sistem ERP managed independently by the Company.
yang dikelola secara mandiri oleh Perseroan.
Seluruh langkah tersebut merupakan bagian dari upaya All of these steps are part of an effort to build a more
membangun organisasi yang lebih mandiri, adaptif, independent, adaptive, and resilient organization
dan tangguh menghadapi dinamika industri. Dengan amid industry dynamics. With an increasingly strong
landasan organisasi yang semakin kuat dan fleksibel, and flexible organizational foundation, the Company
Perseroan optimis mampu menjawab tantangan dan is optimistic about meeting the future challenges and
tuntutan industri nikel di masa depan, mendorong demands of the nickel industry, accelerating strategic
percepatan proyek-proyek hilirisasi strategis, serta downstream projects, and creating sustainable added
menciptakan nilai tambah yang berkelanjutan bagi value for Indonesia and the world.
Indonesia dan dunia.
Di sisi penguatan governans perusahaan, PT Vale terus In strengthening corporate governance, PT Vale
memperkuat sistem dan praktik governans Perusahaan continued to enhance its systems and practices on
yang baik secara berkelanjutan. Salah satu upaya yang an ongoing basis. One such effort was through an
dilakukan adalah melalui asesmen penerapan Good assessment of Good Corporate Governance (GCG)
Corporate Governance (GCG) menggunakan metode implementation using the ASEAN Corporate Governance
ASEAN Corporate Governance Scorecard (ACGS). Scorecard (ACGS) method. In the 2025 assessment,
Pada asesmen tahun 2025, Perseroan meraih skor the Company achieved a score of 99.53, an increase
99,53, meningkat dibandingkan capaian 98,68 pada compared to 98.68 in 2023. This improvement reflected
2023. Peningkatan ini mencerminkan komitmen yang the Company's consistent commitment to aligning its
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konsisten dari Perseroan untuk menyelaraskan praktik business practices with the principles of transparency,
bisnis dengan prinsip transparansi, akuntabilitas, accountability, responsibility, independence, and
tanggung jawab, independensi, serta kewajaran sesuai fairness in accordance with the highest governance
standar governans tertinggi. standards.
Apresiasi Appreciation
Kami menyampaikan terima kasih dan apresiasi We extend our deepest gratitude and appreciation
yang setinggi-tingginya kepada seluruh pemangku to all stakeholders for the synergy, support, and
kepentingan atas sinergi, dukungan, dan kolaborasi collaboration that have shaped PT Vale's journey to
yang telah terjalin dalam perjalanan PT Vale hingga date. Every achievement we have made is the result of
saat ini. Setiap pencapaian yang diraih merupakan hasil collective effort and serves as a crucial foundation for
kerja bersama dan menjadi modal dasar yang penting the Company to ensure resilient growth and shape a
bagi Perseroan dalam memastikan ketangguhan more responsible future for all.
pertumbuhan, sekaligus membentuk masa depan yang
lebih bertanggung jawab bagi semua.
Kami meyakini bahwa fondasi yang terbangun dari We believe that the new post-divestment baseline
baseline baru pasca divestasi ini akan menjadi pijakan will provide a strong foundation for PT Vale to
yang kuat bagi PT Vale untuk terus menghadirkan continue delivering "the right nickel" while prioritizing
“nikel yang tepat”, dengan senantiasa menempatkan occupational safety, protecting the environment, and
keselamatan kerja sebagai prioritas utama, menjaga delivering tangible benefits to all stakeholders. Through
kelestarian lingkungan, serta memberikan manfaat this shared commitment, the Company is optimistic
nyata bagi seluruh pemangku kepentingan. Melalui about contributing to improving the quality of life and
komitmen bersama tersebut, Perseroan optimis dapat building a brighter future.
berkontribusi dalam meningkatkan kualitas hidup dan
membangun masa depan yang lebih baik.
Dengan fondasi yang semakin kuat, Perseroan With a stronger foundation, the Company is better
berada pada posisi yang lebih siap untuk menangkap positioned to seize future growth opportunities. We
peluang pertumbuhan di masa depan. Kami akan will continue to execute our strategy with discipline,
terus menjalankan strategi secara disiplin, menjaga maintaining a balance between growth and prudence,
keseimbangan antara pertumbuhan dan kehati-hatian, and ensuring that every step we take delivers
serta memastikan bahwa setiap langkah yang diambil sustainable long-term value for all stakeholders.
memberikan nilai jangka panjang yang berkelanjutan
bagi seluruh pemangku kepentingan.
Jakarta, 30 April 2026
Bernardus Irmanto
Presiden Direktur dan Chief Executive Officer
President Director and Chief Executive Officer
42 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
2025 Annual Report 43
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Laporan Dewan Komisaris
Board of Commissioners’ Report
Atas nama Dewan Komisaris, kami menyampaikan
apresiasi atas kepemimpinan Direksi dalam melanjutkan
transformasi PT Vale Indonesia Tbk sepanjang 2025.
Dewan Komisaris menilai, secara umum Direksi
mampu menjaga keseimbangan antara percepatan
pembangunan proyek, kepatuhan administratif, dan
disiplin manajemen risiko, sebagai bagian dari komitmen
membangun industri nikel Indonesia yang berdaya saing
global dan berkelanjutan.
On behalf of the Board of Commissioners, we express
our appreciation to the Board of Directors for its
leadership in continuing the transformation of PT Vale
Indonesia Tbk throughout 2025. Overall, the Board of
Commissioners notes that the Board of Directors has
been able to maintain a balance between accelerating
project development, ensuring administrative
compliance, and applying disciplined risk management,
as part of the Company’s commitment to developing
Indonesia’s nickel industry to be globally competitive
and sustainable.
F.S. Multhazar
Presiden Komisaris
President Commissioner
44 Laporan Tahunan 2025
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Penilaian terhadap Kinerja Direksi Assessment of the Board of Directors’
Performance
Selama 2025, Dewan Komisaris telah menjalankan Throughout 2025, the Board of Commissioners carried
peran dan fungsinya melalui mekanisme pertemuan out its roles and responsibilities through formal
yang melibatkan Direksi, dengan total pelaksanaan meeting mechanisms involving the Board of Directors,
12 kali pertemuan. Dalam pertemuan-pertemuan with a total of 12 meetings held. At each meeting, the
tersebut, Dewan Komisaris bersama Direksi melakukan Board of Commissioners and the Board of Directors
evaluasi terhadap struktur modal perseroan, kinerja, reviewed performance, explored business development
pemanfaatan peluang pengembangan usaha, opportunities, set strategic directions, and determined
penetapan dan implementasi strategi, serta prioritas operational priorities. The meetings also served as
Perseroan. Pertemuan juga menjadi forum untuk a forum to discuss other key matters, including risk
membahas aspek penting lain, seperti pengelolaan management, financial performance, regulatory
risiko, kinerja keuangan, kepatuhan terhadap regulasi, compliance, environmental and social sustainability,
keberlanjutan lingkungan dan sosial, serta tata kelola and corporate governance.
Perusahaan.
Dewan Komisaris mengapresiasi kinerja Direksi dalam The Board of Commissioners commends the Board of
menyelesaikan proyek investasi tambang Bahodopi Directors for successfully completing the Bahodopi
yang berkontribusi positif dalam memberikan sumber mining investment project, which has made a positive
pendapatan baru bagi Perseroan di tengah tekanan contribution by providing a new source of revenue for
pasar global yang berkepanjangan. Demikian pula the Company amid prolonged global market pressures.
terhadap upaya Direksi dalam mempertahankan imbal Likewise, the Board commends the Board of Directors’
hasil produk Perseroan melalui peningkatan payability efforts to maintain the Company’s product returns
nikel matte yang mulai berlaku sejak Juli 2025 sambil through the increase in nickel matte payability effective
menjaga tingkat biaya penjualan per unit nikel matte July 2025, while strictly maintaining the unit sales cost of
dengan disiplin tinggi. Kami menilai proyek tambang nickel matte. We assess that the Pomalaa mining project
Pomalaa menunjukkan kemajuan yang sangat baik, is making excellent progress, marked by the gradual
ditandai dengan mulainya produksi bijih secara bertahap commencement of ore production starting in early
sejak awal 2026 bersamaan dengan penyelesaian 2026 alongside the completion of mine construction.
konstruksi tambang. Dalam penerapan kesehatan dan Regarding the implementation of occupational health
keselamatan di tempat kerja (K3), Dewan Komisaris and safety (OHS), the Board of Commissioners notes
mencatat bahwa Direksi telah menerapkan kebijakan that the Board of Directors has effectively implemented
K3 secara efektif sehingga Perseroan menutup tahun OHS policies, enabling the Company to close 2025 with
2025 dengan nihil fatalitas. Dewan Komisaris menilai zero fatalities. The Board of Commissioners assesses
upaya Direksi meningkatkan budaya dan kinerja that the Board of Directors’ efforts to enhance the
keselamatan dan kesehatan kerja telah berjalan dengan culture and performance of occupational health and
baik sepanjang periode pelaporan. safety have proceeded well throughout the reporting
period.
2025 Annual Report 45
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Dewan Komisaris menyambut baik kebijakan Direksi The Board of Commissioners welcomes the Board of
dalam menyesuaikan dan mendesain ulang proses Directors’ policy to comprehensively realign and redesign
bisnis Perseroan secara menyeluruh. Langkah tersebut the Company’s business processes. This initiative is
diharapkan dapat memaksimalkan tingkat produksi, expected to maximize production levels while gradually
serta secara bertahap mendorong terciptanya praktik encouraging the adoption of lower‑carbon and more
pertambangan yang lebih rendah karbon dan lebih efficient mining practices. We appreciate the various
efisien. Kami memberikan penghargaan atas berbagai efficiency initiatives, innovations, and research and
inisiatif efisiensi, inovasi serta riset dan pengembangan development efforts that have been undertaken by the
yang telah dijalankan oleh Perseroan. Company.
Perihal lain yang harus menjadi perhatian Direksi adalah Another matter that requires the Board of Directors’
kesungguhan dalam pengelolaan lingkungan hidup serious attention is the commitment to environmental
dan sosial, sebagai bagian yang tidak terpisahkan dari and social management as an integral part of business
keberlanjutan bisnis. Hal ini penting, mengingat banyak sustainability. This is important, considering the strong
pihak memberikan perhatian pada upaya bersama attention from various stakeholders toward collective
dalam menciptakan pertambangan berkelanjutan, yang efforts to promote sustainable mining practices that
mengedepankan pengelolaan lingkungan, sosial dan emphasize environmental and social management as
penerapan tata kelola yang baik (LST). Pengelolaan LST well as the implementation of good governance (ESG).
dan pelaporannya yang transparan, serta akuntabel Effective ESG management, supported by transparent
akan memperkuat kepercayaan berbagai pihak terhadap and accountable reporting, will further strengthen
komitmen PT Vale dalam pertambangan berkelanjutan. stakeholder confidence in PT Vale’s commitment to
sustainable mining.
Dewan Komisaris menilai, Direksi telah mampu The Board of Commissioners is of the view that the
membangun dasar kepedulian yang kuat dengan Board of Directors has been able to establish a solid
masyarakat sekitar, yang terlihat dalam proses foundation of care and concern for surrounding
penanganan peristiwa kebocoran pipa minyak di Desa communities, as reflected in the handling of the oil
Lioka, Kecamatan Towuti, Kabupaten Luwu Timur, pipeline leakage incident in Lioka Village, Towuti
Sulawesi Selatan, pada 23 Agustus 2025. Indikasi lain Subdistrict, East Luwu Regency, South Sulawesi, on 23
adalah pelaksanaan program Pengembangan dan August 2025. Another indication is the implementation
Pemberdayaan Masyarakat (PPM) yang direspon baik of the Community Development and Empowerment
oleh masyarakat, namun sebaiknya terus diperkuat agar (PPM) programs, which have been positively received
kehadiran PT Vale benar-benar dirasakan berdampak by the community. Nevertheless, these efforts should
terhadap kesejahteraan masyarakat. continue to be strengthened so that PT Vale’s presence
truly delivers a tangible impact on community welfare.
Selain dengan masyarakat, Dewan Komisaris In addition to engagement with the community, the
mengingatkan Direksi untuk membangun hubungan Board of Commissioners reminds the Board of Directors
kerja yang baik dengan pekerja. Kami menyambut to foster constructive industrial relations with
baik atas penandatangan Perjanjian Kerja Bersama employees. We welcome the signing of the 21st Collective
(PKB) ke-21 antara manajemen dengan serikat pekerja, Labor Agreement (CLA) between management and the
serta penerapan kebijakan yang membuka peluang labor union, as well as the implementation of policies
bagi perempuan, talenta lokal, dan masyarakat that create opportunities for women, local talent, and
berkebutuhan khusus untuk bekerja di PT Vale. persons with disabilities to work at PT Vale.
46 Laporan Tahunan 2025
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pengawasan terhadap Kinerja Direksi Oversight of the Board of Directors’
Performance
Dalam melaksanakan tugas pengawasan terhadap In carrying out its oversight function over the
kinerja Direksi, Dewan Komisaris didukung oleh performance of the Board of Directors, the Board of
Komite Audit, Komite Mitigasi Risiko, dan Komite Commissioners is supported by the Audit Committee,
Tata Kelola, Nominasi dan Remunerasi (KNTR) yang the Risk Mitigation Committee, and the Governance,
diketuai oleh Komisaris Independen dan melapor Nomination, and Remuneration Committee (GNRC), each
langsung ke Dewan Komisaris. Secara berkala, Dewan chaired by an Independent Commissioner and reporting
Komisaris mengadakan pertemuan dengan komite- directly to the Board of Commissioners. On a regular
komite tersebut sebagai bentuk pelaksanaan fungsi basis, the Board of Commissioners holds meetings with
pengawasan. Dalam pertemuan-pertemuan tersebut, these committees as part of the implementation of its
Dewan Komisaris bersama masing-masing komite supervisory duties. Through these meetings, the Board
melakukan evaluasi terhadap pengelolaan Perseroan of Commissioners, together with each committee,
oleh Direksi, dan memastikan kegiatan dijalankan sesuai evaluates the Company’s management by the Board
rencana dan target. of Directors and ensures that activities are executed in
accordance with approved plans and targets.
Sepanjang tahun 2025, Komite Audit melakukan 12 kali Throughout 2025, the Audit Committee held 12
pertemuan komite dan memberikan 4 laporan kepada committee meetings and submitted four reports
Dewan Komisaris, termasuk meninjau dan menganalisa to the Board of Commissioners, including reviewing
transaksi yang ditengarai merupakan transaksi pihak and analyzing transactions that were indicated
berelasi untuk menjadi pertimbangan Dewan Komisaris to be related party transactions for the Board of
sebagaimana diatur di Piagam Komite Audit. Pada Commissioners’ consideration, as stipulated in the
periode yang sama, Komite Mitigasi Risiko melakukan Audit Committee Charter. During the same period,
5 kali pertemuan komite dan menyampaikan 4 laporan the Risk Mitigation Committee held five committee
kepada Dewan Komisaris, termasuk tinjauan atas meetings and submitted four reports to the Board of
kebijakan manajemen risiko, strategi risiko (risk appetite Commissioners, including reviews of the Company’s
statement, risk thresholds, dan risk metrics), dan profil risk management policies, risk strategy (risk appetite
risiko Perseroan. Sesuai tugas dan tanggung jawab yang statement, risk thresholds, and risk metrics), and the
diatur di dalam piagamnya, KNTR melakukan 13 kali Company’s risk profile. In accordance with its duties and
pertemuan komite dan menyampaikan laporan secara responsibilities as set out in its charter, the KNTR held
rutin kepada Dewan Komisaris sebanyak 2 kali laporan 13 committee meetings and regularly submitted reports
kepada Dewan Komisaris, termasuk penelaahan atas to the Board of Commissioners, comprising two reports,
9 kebijakan baru Perseroan atau kebijakan lama yang including the review of nine new Company policies or
perlu dikaji ulang. existing policies requiring reassessment.
Setelah melakukan evaluasi menyeluruh terhadap Following a comprehensive evaluation of the
pencapaian tujuan Perseroan, penerapan strategi, achievement of the Company’s objectives, the
struktur modal Perseroan, pengelolaan risiko serta implementation of strategies, the Company’s capital
mempertimbangkan pemenuhan target-target dalam structure, risk management, as well as the level of
indikator kinerja utama (KPI), Dewan Komisaris menilai achievement against key performance indicators (KPIs),
bahwa Direksi telah melaksanakan tugasnya dengan the Board of Commissioners is of the view that the
kompetensi dan dedikasi yang tinggi. Board of Directors has carried out its duties with a high
level of competence and dedication.
2025 Annual Report 47
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pandangan atas Prospek Usaha dan Tata Outlook on Business Prospects and
Kelola Governance
Dewan Komisaris menyambut baik rencana strategis The Board of Commissioners welcomes the strategic
atas prospek usaha yang disusun Direksi untuk beberapa plan on business prospects prepared by the Board of
tahun mendatang. Kami berpendapat, langkah Direksi Directors for the coming years. We are of the view
memperkuat arah strategis periode 2025-2030 tetap that the Board of Directors’ efforts to strengthen
harus disertai prioritas, salah satunya penyelesaian the strategic direction for the 2025–2030 period
Proyek Rebuild EF3, serta tiga kegiatan kiln reline guna must continue to be accompanied by clear priorities,
menjaga keandalan peralatan dan stabilitas produksi. including, among others, the completion of the EF3
Demikian pula dengan pengembangan bisnis, Direksi Rebuild Project and three kiln reline activities to
hendaknya mengoptimalkan produksi bijih nikel maintain equipment reliability and production stability.
limonit dan saprolit dari wilayah tambang Pomalaa Likewise, in business development, the Board of
dan Bahodopi. Tak kalah penting adalah kesungguhan Directors is expected to optimize the production of
Direksi menerapkan prinsip “generate more with less”, limonite and saprolite nickel ore from the Pomalaa and
sehingga operasi Sorowako menjadi operasi yang paling Bahodopi mining areas. Equally important is the Board
efisien, produktif, dan berkelanjutan. of Directors’ commitment to consistently applying
the principle of “generate more with less,” so that
the Sorowako operations become the most efficient,
productive, and sustainable operations.
Dewan Komisaris mengingatkan agar Direksi The Board of Commissioners reminds the Board of
merespon tantangan yang dihadapi dalam mengelola Directors to proactively respond to the challenges in
prospek usaha PT Vale di masa depan, di antaranya managing PT Vale’s future business prospects, including
kebijakan terkait nikel di Indonesia yang dinamis. the dynamic nickel‑related policies in Indonesia. Board
Dewan Komisaris memahami putusan Direksi di awal of Commissioners understand the Board of Directors’
2026, untuk menghentikan sementara kegiatan decision in early 2026 to temporarily suspend mining
operasi pertambangan di seluruh wilayah Izin Usaha operations across the Company’s entire Special
Pertambangan Khusus (IUPK) Perseroan, sebagai Mining Business License (IUPK) areas as a measure of
kepatuhan atas belum terbitnya persetujuan Rencana compliance, pending the issuance of approval for the
Kerja dan Anggaran Biaya (RKAB) 2026 dari Kementerian 2026 Work Plan and Budget (RKAB) by the Ministry of
Energi dan Sumber Daya Mineral (ESDM). Namun kami Energy and Mineral Resources (ESDM). Nevertheless,
berharap, Direksi terus menjalin komunikasi dengan we expect the Board of Directors to continue engaging
Kementerian ESDM berkaitan dengan persetujuan in active communication with the Ministry of ESDM
RKAB, sehingga kegiatan operasi pertambangan dapat regarding the approval of the RKAB so that mining
terus berkelanjutan. operations may continue sustainably.
Di sisi lain, Direksi hendaknya terus menyelaraskan On the other hand, the Board of Directors should
praktik bisnis Perseroan dengan standar governans continue to align the Company’s business practices
tertinggi. Dewan Komisaris mendukung langkah Direksi with the highest standards of corporate governance.
menuntaskan restrukturisasi internal, termasuk The Board of Commissioners supports the Board of
peralihan sistem Enterprise Resource Planning (ERP) dari Directors’ efforts to complete the internal restructuring
yang dikelola Vale Canada Limited menuju sistem ERP process, including the transition of the Enterprise
yang dikelola mandiri oleh Perseroan. Hal ini penting Resource Planning (ERP) system from one managed by
48 Laporan Tahunan 2025
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
guna memperkuat efisiensi organisasi, mempercepat Vale Canada Limited to an ERP system independently
proses pengambilan keputusan, serta membuka ruang managed by the Company. This initiative is important
lebih besar untuk kolaborasi dan inovasi antar unit kerja. to strengthen organizational efficiency, accelerate
decision‑making processes, and create greater
opportunities for collaboration and innovation across
business units.
Apresiasi Appreciation
Dewan Komisaris menyadari bahwa tahun 2025 The Board of Commissioners acknowledges that
merupakan tahun yang penuh tantangan. Oleh karena 2025 was a challenging year. Therefore, the Board of
itu, secara khusus, Dewan Komisaris menyampaikan Commissioners would like to convey its appreciation
apresiasi atas dedikasi, kerja keras, kinerja Direksi dan for the dedication, hard work, and overall performance
jajaran manajemen secara keseluruhan, serta semua of the Board of Directors and management, as well as
karyawan yang telah bersama-sama berupaya mencapai all employees who have worked together to deliver
kinerja yang luar biasa. Semoga seluruh pencapaian strong performance. We trust that these achievements
yang diperoleh dapat diteruskan dan ditingkatkan di can be sustained and further improved in the years to
tahun-tahun mendatang, sehingga akan memperkokoh come, thereby strengthening the position of PT Vale as
posisi PT Vale sebagai pemimpin industri nikel yang a transforming, synergistic, and growing leader in the
terus bertransformasi, bersinergi, dan bertumbuh. nickel industry.
Dewan Komisaris juga mengucapkan terima kasih The Board of Commissioners also would like to express
kepada seluruh pemangku kepentingan yang telah its appreciation to all stakeholders for their support
mendukung dan bekerja sama dengan kami sepanjang and cooperation throughout 2025. We expect that
2025. Kami berharap, dukungan dan kerja sama yang the strong support and collaboration that have been
sudah terbangun akan terus ditingkatkan sehingga established will continue to be enhanced, thereby
pelaksanaan fungsi pengawasan makin dimaksimalkan, enabling the supervisory function to be carried out
mengingat besarnya tantangan yang akan dihadapi more effectively in light of the significant challenges
bersama di masa mendatang. that lie ahead.
Jakarta, 30 April 2026
F.S. Multhazar
Presiden Komisaris
President Commissioner
2025 Annual Report 49
Page 50
Ikhtisar
Ikhtisar Kinerja
Kinerja Laporan
Laporan Manajemen
Manajemen Profil
Profil PTPT Vale
Vale Indonesia
Indonesia TbkTbk
Ikhtisar Kinerja
Performance
Performance Highlight
Highlight Laporan Manajemen
Management
Management Report
Report Profil
PTPT PT
Vale
Vale Vale Indonesia
Indonesia
Indonesia Tbk
Tbk Tbk
Profile
Profile
Surat Pernyataan Anggota Dewan Komisaris dan
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Anggota Direksi tentang Tanggung Jawab atas
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Anggota DewanKomisaris
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Laporan Tahunan 2025 PT Vale Indonesia Tbk
Anggota Direksi tentang Tanggung Jawab atas
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Anggota Direksi
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tentang Tanggung
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bertanda Tahunan
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informasi dalam Laporan Tahunan 2025 PT Vale
Indonesia Tbk telah dimuat secara lengkap dan kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan
Kami yang bertanda tangan di bawah ini menyatakan bahwa seluruh informasi dalam Laporan Tahunan 2025 PT Vale
Kami yang bertanda tangan di bawah ini menyatakan bahwa seluruh informasi dalam Laporan Tahunan 2025 PT Vale
Perseroan.
Kami yang bertanda tangan di bawah ini menyatakan bahwa seluruh informasi dalam Laporan Tahunan 2025 PT Vale
Indonesia
Indonesia Tbk
Tbk telah
telah dimuat
dimuat secara
secara lengkap
lengkap dan
dan kami
kami bertanggung
bertanggung jawab
jawab penuh
penuh atas
atas kebenaran
kebenaran isiisi Laporan
Laporan Tahunan
Tahunan
Indonesia Tbk telah dimuat secara lengkap dan kami bertanggung jawab penuh atas kebenaran isi Laporan Tahunan
Perseroan.
Perseroan.
Demikian Perseroan.
pernyataan ini dibuat dengan sebenarnya.
Demikian
Demikian pernyataan
pernyataan iniini dibuat
dibuat dengan
dengan sebenarnya.
sebenarnya.
Demikian pernyataan ini dibuat dengan sebenarnya.
Direksi
Direksi
Direksi
Board Direksi
ofofDirectors
Board Directors
Board of Directors
Board of Directors
Bernardus
Bernardus Irmanto
Irmanto
Bernardus Irmanto
Presiden
Presiden Bernardus
Direktur
Direktur dan
dan Irmanto
Chief
Chief Executive
Executive Officer
Officer
Presiden Direktur dan Chief Executive Officer
President
Presiden Director
Direktur
President dan
Director and
and Chief
Chief
Chief Executive
Executive
Executive Officer
Officer
Officer
President Director and Chief Executive Officer
President Director and Chief Executive Officer
Abu
Abu Ashar
Ashar Heriyanto
Heriyanto Agung
Agung Putra
Putra Budiawansyah
Budiawansyah
Abu Ashar Heriyanto Agung Putra Budiawansyah
Wakil Presiden Direktur dan Chief
Wakil Presiden Direktur dan Chief Direktur dan Chief Human Capital Officer
Direktur dan Chief Human Capital Officer Direktur dan Chief
Direktur dan Chief Sustainability
Sustainability and
and
Wakil Presiden Direktur dan Chief Direktur dan Chief Human Capital Officer Direktur dan Chief Sustainability and
Operation
Operation and Infrastructure Officer
and Infrastructure Officer Director
Director and Chief Human
and Chief Human Capital Officer Corporate Affairs Officer
Abu Ashar
Operation and Infrastructure Officer Heriyanto
Director AgungCapital
and Chief Human PutraOfficer
Capital Officer
Corporate Affairs Officer
Budiawansyah
Corporate Affairs Officer
Vice
Vice President
President Director
Director and
and Chief
Chief Director
Director andand Chief
Chief Sustainability
Sustainability and
and
Wakil Presiden Direktur
Vice President
Operation and dan Chief
Director and Chief Direktur dan Chief Human Capital OfficerDirector
Infrastructure Officer Direktur dan
and Chief
Corporate Chief Sustainability
Sustainability
Affairs Officer
and and
Operation and Infrastructure Officer Corporate Affairs Officer
Operation and Infrastructure
Operation and Infrastructure Officer Officer Director and Chief Human Capital Officer Corporate Affairs Officer
Corporate Affairs Officer
Vice President Director and Chief Director and Chief Sustainability and
Operation and Infrastructure Officer Corporate Affairs Officer
Rizky
Rizky Andhika
Andhika Putra
Putra Muhammad
Muhammad Asril
Asril Slamet
Slamet Sugiharto
Sugiharto
Rizky Andhika Putra Muhammad Asril M. Slamet Sugiharto
Direktur dan Chief Financial Officer
Direktur dan Chief Financial Officer Direktur dan Chief Project Officer
Direktur dan Chief Project Officer Direktur dan Chief Strategy
Direktur dan Chief Strategy and
and
Direktur dan Chief Financial Officer Direktur dan Chief Project Officer Direktur dan Chief Strategy and
Director and Chief Financial Officer
Director and Chief Financial Officer Director and Chief Project Officer
Director and Chief Project Officer Technical Officer
Technical Officer
Director and Chief Financial Officer Director and Chief Project Officer Technical Officer
Director
Director and
and Chief
Chief Strategy
Strategy and
and
Director and Chief Strategy and
Technical Officer
Technical Officer
Rizky Andhika Putra Muhammad Asril Slamet
Technical OfficerSugiharto
Direktur dan Chief Financial Officer Direktur dan Chief Project Officer Direktur dan Chief Strategy and
Director and Chief Financial Officer Director and Chief Project Officer Technical Officer
Director and Chief Strategy and
Technical Officer
5050 Laporan
Laporan Tahunan
Tahunan 2025
2025
50 Laporan Tahunan 2025
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
PT Vale Indonesia Tbk Board of Directors and Board of
Commissioners’ Statement of Responsibility for the
PT Vale Indonesia Tbk 2025 Annual Report
We, the undersigned, hereby declare that all information contained in the PT Vale Indonesia Tbk 2025 Annual Report
has been presented in its entirety, and that we assume full responsibility for the accuracy of the company’s Annual
Report contents.
This statement is hereby made in all integrity.
Dewan Komisaris
Board of Commissioners
F. S. Multhazar
Presiden Komisaris
President Commissioner
Emily Olson* Kristina Gauthier Christopher McCleave
Wakil Presiden Komisaris Komisaris Komisaris
Vice President Commissioner Commissioner Commissioner
M. Jasman Panjaitan Katherine Angela Oendoen Shiro Imai
Komisaris Komisaris Komisaris
Commissioner Commissioner Commissioner
Rudiantara Retno L.P. Marsudi Marita Alisjahbana
Komisaris Independen Komisaris Independen Komisaris Independen
Independent Commissioner Independent Commissioner Independent Commissioner
*) Anggota Dewan Komisaris yang menjabat pada tahun buku 2025, namun telah efektif mengundurkan diri sejak 3 April 2026, dengan pengunduran diri tersebut akan
dimintakan persetujuannya dalam Rapat Umum Pemegang Saham Tahunan yang akan diselenggarakan pada 2 Juni 2026.
*) The BOC member who served during the 2025 financial year but has effectively resigned as of April 3, 2026, with the resignation subject to approval at the upcoming
Annual General Meeting of Shareholders to be held on June 2, 2026.
2025 Annual Report 51
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Profil PT Vale Indonesia Tbk
Profile of PT Vale Indonesia Tbk
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
PT Vale Indonesia Tbk bersungguh-sungguh PT Vale Indonesia Tbk is committed to implementing
menerapkan pertambangan bertanggung jawab, responsible mining, with a focus on sustainability, the
dengan fokus pada keberlanjutan, transisi energi green energy transition, and improving the well-being
hijau, serta peningkatan kesejahteraan masyarakat of communities in its operational areas. The Company
di daerah operasi perusahaan. Perseroan juga is also strengthening its commercial portfolio beyond
memperkuat portofolio komersial di luar nikel matte, nickel matte by selling saprolite nickel ore from the
dengan menjual bijih nikel saprolit dari Blok Bahodopi Bahodopi and Pomalaa Blocks. This step demonstrates
dan Pomalaa. Langkah ini menandakan transformasi that the Company’s transformation is on track to
Perseroan berjalan sesuai rencana untuk mendukung support sustainable growth.
pertumbuhan berkelanjutan.
Identitas Perseroan
Company Identity
Warna hijau mewakili alam dan lembah. Warna kuning menunjukkan kekayaan mineral yang kita ubah
menjadi komponen penting dalam kehidupan sehari-hari.
The green represents nature and valleys. The yellow alludes to the mineral wealth that we transform into
the essential components in everyday life.
Bentuk V mengacu pada huruf “V” (yang berarti Vale, kemenangan dan nilai).
The V shape refers to the letter “V” (as in Vale, victory and value).
V
Jantung adalah keselarasan dari citra perusahaan: sebuah organisasi global yang unik berasal dari
Brasil didorong oleh semangat para pekerjanya.
The heart is the synthesis of the company image: a unique global organization of Brazilian origin driven by
the passion of its employees.
Lekukan di bagian atas simbol menunjukkan ketidakterbatasan, sebuah ekspresi dari capaian
berkelanjutan kami dengan cara yang sempurna untuk menyelesaikan pekerjaan.
The curves on the upper part of the symbol suggest infinity, an expression of our ongoing pursuit of the
perfect way to get things done.
Ujung emas pada simbol membuktikan semangat penemuan yang mendorong kami untuk menemukan
mineral dan mengubahnya menjadi bahan penting yang orang butuhkan.
The golden tip of the symbol evidence the spirit of discovery that fuels our drive to discover minerals and
convert them into essentials on which people rely.
2025 Annual Report 53
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
NAMA PERSEROAN
Company Name
PT Vale Indonesia Tbk
Perseroan melakukan perubahan nama dari
PT International Nickel Indonesia Tbk, menjadi
PT Vale Indonesia Tbk pada 27 September 2011
berdasarkan Akta Nomor 75, yang dibuat oleh
Notaris Ny. Poerbaningsih Adi Warsito, S.H.
Tidak ada perubahan nama Perseroan pada
tahun 2025.
The Company changed its name from
PT International Nickel Indonesia Tbk to PT Vale
Indonesia Tbk on 27 September 2011 pursuant to
Deed No. 75 made by Notary Mrs. Poerbaningsih
Adi Warsito, S.H. There was no change in the
Company’s name in 2025.
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TANGGAL PENDIRIAN DASAR HUKUM PENDIRIAN
Establishment Date Legal Basis for Establishment
25 Juli 1968
Perseroan didirikan berdasarkan Akta No. 49 tanggal
July 25, 1968
25 Juli 1968 yang dibuat di hadapan Notaris Eliza
Pondaag, notaris publik di Jakarta. Anggaran Dasar
Perseroan disetujui Menteri Kehakiman Republik
Indonesia dalam Surat Keputusan No. J.A.5/59/18
MODAL DASAR
tanggal 26 Juli 1968 dan diumumkan dalam
Authorized Capital
Tambahan No. 93 Berita Negara Republik Indonesia
No. 62 tanggal 2 Agustus 1968. Anggaran Dasar
39,745,354,880
Perseroan telah beberapa kali mengalami perubahan,
saham | shares
terakhir berdasarkan Akta No. 123 tanggal 28 Juni
dengan nilai nominal Rp25 per saham 2024 yang dibuat di hadapan Aulia Taufani, S.H.,
with par value of Rp25 per share notaris publik di Jakarta, dan telah memperoleh
penerimaan pemberitahuan perubahan Anggaran
Dasar Perseroan dari Menteri Hukum dan Hak Asasi
MODAL DITEMPATKAN DAN DISETOR Manusia Republik Indonesia melalui Surat No. AHU-
PENUH AH.01.03-0165452 tanggal 28 Juni 2024; dan Akta
Issued and Fully Paid-up Capital No. 15 tanggal 5 Juli 2024 yang dibuat di hadapan
Aulia Taufani, S.H., notaris publik di Jakarta, dan
10,539,784,534 telah memperoleh penerimaan pemberitahuan dari
saham | shares perubahan Anggaran Dasar Perseroan dari Menteri
dengan nilai nominal Rp25 per saham Hukum dan Hak Asasi Manusia Republik Indonesia
with par value of Rp25 per share melalui Surat No. AHU-AH.01.03-0169045 tanggal 5
Juli 2024.
The Company was established pursuant to Deed
TANGGAL PENCATATAN DI BURSA No. 49 dated July 25, 1968, drawn up before Notary
Stock Exchange Listing Date Eliza Pondaag, a public notary in Jakarta. The
16 Mei 1990 Company’s Articles of Association were approved by
the Minister of Justice of the Republic of Indonesia
May 16, 1990
through Decree No. J.A.5/59/18 dated July 26, 1968,
Pada Bursa Efek Indonesia (dahulu and published in Supplement No. 93 to the State
Bursa Efek Jakarta) Gazette of the Republic of Indonesia No. 62 dated
On the Indonesia Stock Exchange August 2, 1968. The Articles of Association have
(formerly Jakarta Stock Exchange) been amended several times, most recently by Deed
No. 123 dated June 28, 2024, drawn up before Notary
Aulia Taufani, S.H., a public notary in Jakarta, and
acknowledged by the Minister of Law and Human
Rights of the Republic of Indonesia through Letter
No. AHUAH.01.03-0165452 dated June 28, 2024;
KODE SAHAM
and Deed No. 15 dated July 5, 2024, also drawn up
Share Code
before Notary Aulia Taufani, S.H., a public notary
INCO in Jakarta and acknowledged by the Minister of
Law and Human Rights of the Republic of Indonesia
through Letter No. AHU-AH.01.03-0169045 dated
July 5, 2024.
2025 Annual Report 55
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Riwayat Singkat PT Vale
Brief History of PT Vale
Secara resmi, Perseroan berdiri tahun 1968 dengan Formally, the Company was established in 1968 under
nama saat itu PT International Nickel Company (INCO), the name PT International Nickel Company (INCO) and
dan mendapatkan Kontrak Karya dari Pemerintah was granted a Contract of Work by the Government
Indonesia dengan masa konsesi 30 tahun. Kegiatan of Indonesia with a concession period of 30 years.
produksi komersial dimulai tahun 1978. Tahun 1990, Commercial production activities commenced in 1978.
INCO menjual 20% kepemilikan sahamnya kepada publik In 1990, INCO divested 20% of its share ownership
dan dicatatkan di Bursa Efek Indonesia. Berdasar RUPS to the public and listed its shares on the Indonesia
Luar Biasa tanggal 27 September 2011, nama Perseroan Stock Exchange. Based on the resolutions of the
berganti dari PT International Nickel Indonesia Tbk Extraordinary General Meeting of Shareholders held on
menjadi PT Vale Indonesia Tbk. 27 September 2011, the Company’s name was changed
from PT International Nickel Indonesia Tbk to PT Vale
Indonesia Tbk.
Tahun 2020 Perseroan menyelesaikan divestasi tahap In 2020, the Company completed the second phase of
kedua 20% saham dengan PT Indonesia Asahan its divestment, amounting to 20% of its shares, with
Alumunium (Inalum), dan disusul penyelesaian divestasi PT Indonesia Asahan Aluminium (Inalum). This was
tahap ketiga di tahun 2024 dengan kepemilikan 34% followed by the completion of the third divestment
oleh PT Mineral Industri Indonesia (Persero) (MIND phase in 2024, resulting in a 34% share ownership held
ID). Di tahun yang sama, Perseroan mendapatkan by PT Mineral Industri Indonesia (Persero) (MIND ID).
perpanjangan Kontrak Karya dalam bentuk Izin Usaha In the same year, the Company obtained an extension
Pertambangan Khusus (IUPK) sebagai kelanjutan of its Contract of Work in the form of a Special Mining
operasi kontrak/perjanjian. Business License (Izin Usaha Pertambangan Khusus/
IUPK) as a continuation of its contractual operations.
Selama periode pelaporan, Perseroan melanjutkan During the reporting period, the Company continued
Indonesia Growth Project (IGP) sebagai langkah strategis the implementation of the Indonesia Growth Project
memperkuat baseline pertumbuhan. Salah satu (IGP) as a strategic initiative to strengthen its growth
pencapaian strategis adalah diperolehnya persetujuan baseline. One of the key strategic achievements was
revisi Rencana Kerja dan Anggaran Belanja (RKAB) the approval of the revised 2025 Work Plan and Budget
2025 untuk penjualan 2,2 juta ton bijih nikel saprolit (Rencana Kerja dan Anggaran Belanja/RKAB) for the
dari Blok Bahodopi di area IGP Morowali. Persetujuan sale of 2.2 million tons of saprolite nickel ore from the
RKAB menjadi langkah kunci yang membuka aliran Bahodopi Block in the IGP Morowali area. The approval
pendapatan baru dan mendukung realisasi strategis of the RKAB represents a critical milestone that opened
Bahodopi sebagai kontributor pertumbuhan masa new revenue streams and supports the strategic
depan Perseroan. Sebelumnya Perseroan juga telah realization of Bahodopi as a future growth contributor
menjual bijih nikel saprolit dari Blok Pomalaa di area IGP for the Company. Previously, the Company had also sold
Pomalaa, sesuai RKAB 2024-2025. saprolite nickel ore from the Pomalaa Block in the IGP
Pomalaa area in accordance with the approved RKAB for
2024–2025.
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2025 Annual Report 57
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Jejak Langkah
Milestones
Pendirian PT International Nickel Indonesia (INCO) dan penandatanganan Kontrak Karya (KK) antara
PT Inco dengan Pemerintah Indonesia untuk konsesi 30 tahun sejak dimulainya produksi komersial.
1968 The establishment of PT International Nickel Indonesia (INCO) and the signing of a Contract of Work
(CoW) between PT INCO and the Government of Indonesia, granting a 30-year concession commencing
from the start of commercial production.
1978 1988
INCO memulai produksi komersial dengan INCO Limited menjual 20% kepemilikan
dukungan fasilitas pengolahan pirometalurgi satu sahamnya pada Sumitomo Metal Mining
lini di Sorowako yang dibangun tahun 1973. Co., Ltd. dan persetujuan penjualan 80-20
INCO commenced commercial production, jangka panjang.
supported by a single-line pyrometallurgical INCO Limited divested a 20% equity stake
processing facility in Sorowako, which had been to Sumitomo Metal Mining Co., Ltd.,
constructed in 1973. accompanied by the approval of a long-
term 80-20 off-take arrangement.
1996 1990
Penandatanganan Kontrak Karya yang berlaku INCO Limited menjual 20% kepemilikan
sampai dengan Desember 2025. sahamnya kepada publik dan dicatatkan
The Contract of Work was renewed and extended, di Bursa Efek Indonesia.
with validity through December 2025. INCO Limited divested an additional
20% of its shares to the public and was
officially listed on the Indonesia Stock
Exchange.
2011 2020
• Perubahan nama Perseroan dari PT International Nickel Penyelesaian divestasi tahap kedua 20%
Indonesia Tbk menjadi PT Vale Indonesia Tbk. saham Perseroan dengan PT Indonesia
• Perseroan dan Pemerintah Indonesia menandatangani Asahan Alumunium (Inalum) sebagai
amandemen Kontrak Karya (KK) sesuai dengan realisasi atas perjanjian pendahuluan
amanat Undang-Undang No. 4 Tahun 2009 tentang divestasi yang dilakukan pada tahun 2019.
Pertambangan Mineral dan Batu Bara. The Company completed the second
• The Company changed its name from PT International phase of its divestment, transferring
Nickel Indonesia Tbk to PT Vale Indonesia Tbk 2014. a 20% shareholding to PT Indonesia
• The Company and the Government of Indonesia executed Asahan Aluminium (Inalum), pursuant to
an amendment to the Contract of Work in compliance the preliminary divestment agreement
with Law No. 4 of 2009 on Mineral and Coal Mining. executed in 2019.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Perseroan bersama Vale Canada Limited, Perseroan menerima perpanjangan izin operasi tambang
2023 PT Mineral Industri Indonesia (Persero), 2024 hingga 28 Desember 2035 dari Pemerintah Indonesia,
dan Sumitomo Metal Mining Co., Ltd., melalui penerbitan Izin Usaha Pertambangan Khusus
menandatangani Perjanjian Induk (IUPK) sebagai kelanjutan operasi kontrak/perjanjian,
pemenuhan kewajiban divestasi ketiga PT dan menyelesaikan divestasi ketiga melalui mekanisme
Vale, berdasarkan hukum pertambangan Hak Memesan Efek Terlebih Dahulu (HMETD) kepada PT
Indonesia, yang juga prasyarat perpanjangan Mineral Industri Indonesia (Persero) (MIND ID) sehingga
izin operasi. porsi saham menjadi 34,00%.
Together with Vale Canada Limited, The Company received an extension of its mining
PT Mineral Industri Indonesia (Persero), operating permit until December, 28 2035 from the
and Sumitomo Metal Mining Co., Ltd., the Government of Indonesia through the issuance of a
Company executed a Master Agreement to Special Mining Business Permit (Izin Usaha Pertambangan
fulfil PT Vale’s third divestment obligation Khusus/IUPK), as a continuation of its contractual
under Indonesian mining law, which also operations. In the same year, the Company completed its
served as a prerequisite for the extension of third divestment through a Pre-emptive Rights (HMETD)
its operating permit. mechanism to PT Mineral Industri Indonesia (Persero)
(MIND ID), resulting in a 34.00% shareholding.
Kementerian Energi dan Sumber Daya Mineral (ESDM)
Penandatanganan kerja sama dengan
2025 menyetujui revisi RKAB untuk berproduksi di Blok
2022 berbagai pihak untuk pembangunan pabrik
Bahodopi dan penjualan 2,2 juta ton bijih nikel saprolit.
pengolahan dan pemurnian (smelter) nikel di
Pengapalan perdana bijih saprolit kepada pembeli
Sambalagi, Pomalaa, dan Sorowako.
domestik dilakukan pada 26 Juli 2025.
The Company entered into cooperation
The Ministry of Energy and Mineral Resources (ESDM)
agreements with multiple parties for the
approved a revision of the Company’s Work Plan and
development of nickel processing and
Budget (RKAB) for production activities at the Bahodopi
refining facilities (smelters) in Sambalagi,
Block and the sale of 2.2 million tonnes of saprolite nickel
Pomalaa, and Sorowako.
ore. The first shipment of saprolite ore to a domestic
buyer was executed on July 26, 2025.
2025 Annual Report 59
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Peristiwa Penting 2025
2025 Significant Events
Januari | January
Perseroan menyelenggarakan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) dengan agenda perubahan
susunan Dewan Komisaris. Dalam RUPSLB tersebut, pemegang saham menyetujui pengangkatan Ibu Retno L.P.
Marsudi sebagai Komisaris Independen hingga penutupan RUPST 2027.
14 The Company held an Extraordinary General Meeting of Shareholders (EGMS) with an agenda to change the
composition of the Board of Commissioners. At the EGMS, the shareholders approved the appointment of Ms. Retno
L.P. Marsudi as Independent Commissioner until the closing of the 2027 Annual General Meeting of Shareholders
(AGMS).
Februari | February
Perseroan melaksanakan pemasangan tiang pancang sebagai penanda dimulainya fase konstruksi pembangunan
pelabuhan di area IGP Morowali untuk pengangkutan bijih nikel saprolit. Pelabuhan berlokasi ±236 meter dari bibir
Pantai Desa Bahomotefe, Kecamatan Bungku Timur, Kabupaten Morowali.
02 The Company carried out pile installation as a marker for the commencement of the construction phase of
port development in the IGP Morowali area for the transportation of saprolite nickel ore. The port is located
approximately ±236 meters from the shoreline of Bahomotefe Village, East Bungku District, Morowali Regency.
Perseroan menerima surat permohonan pengunduran diri Bapak Fabio Ferraz dari jabatan Komisaris Perseroan.
20 The Company received a letter of resignation from Mr. Fabio Ferraz from his position as Commissioner of the
Company.
Maret | March
Perseroan meraih Bronze Award pada ajang Asia Sustainability Reporting Awards (ASRA) ke-10 untuk kategori Asia’s
Best Sustainability Report (CEO Letter).
7 The Company received the Bronze Award at the 10th Asia Sustainability Reporting Awards (ASRA) for the category
of Asia’s Best Sustainability Report (CEO Letter).
April | April
Perseroan memulai fase operasional Indonesia Growth Project (IGP) di Morowali, Sulawesi Tengah, melalui seremoni
first cutting.
14 The Company commenced the operational phase of the Indonesia Growth Project (IGP) in Morowali, Central
Sulawesi, marked by a first cutting ceremony.
Perseroan menyampaikan bahwa masa jabatan Ibu Febriany Eddy sebagai Presiden Direktur dan Chief Executive
Officer telah berakhir efektif sejak 21 April 2025.
23 The Company announced that the term of office of Ms. Febriany Eddy as President Director and Chief Executive
Officer had effectively ended as of April 21, 2025.
Mei | May
Perseroan menyelenggarakan Rapat Umum Pemegang Saham Tahunan (RUPST). Salah satu agenda adalah
persetujuan perubahan susunan pengurus Perseroan. RUPST menyetujui berakhirnya masa jabatan Febriany Eddy
16 sebagai Presiden Direktur dan Chief Executive Officer efektif sejak 21 April 2025. RUPST juga menunjuk Christopher
McCleave sebagai Komisaris Perseroan.
The Company held the Annual General Meeting of Shareholders (AGMS). One of the agendas was the approval of
changes in the composition of the Company’s management. The AGMS approved the end of the term of office
of Febriany Eddy as President Director and Chief Executive Officer effective as of 21 April 2025. The AGMS also
appointed Mr. Christopher McCleave as Commissioner of the Company.
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Juni | June
Perseroan mengumumkan pengunduran diri Yusuke Niwa dari jabatan Komisaris Perseroan.
9
The Company announced the resignation of Yusuke Niwa from his position as Commissioner of the Company.
Perseroan meraih dua penghargaan Asia Responsible Enterprise Awards (AREA) 2025 yaitu kategori Green Leadership
dan Social Empowerment.
27 The Company received two awards at the Asia Responsible Enterprise Awards (AREA) 2025 in the categories of
Green Leadership and Social Empowerment.
Juli | July
Perseroan menandatangani MoU strategis dengan Pemerintah Kabupaten Luwu Timur yang mencakup sembilan
poin kerja sama, termasuk penyerapan tenaga kerja lokal dan penyerahan sejumlah aset fisik.
1 The Company signed a strategic Memorandum of Understanding with the East Luwu Regency Government covering
nine points of cooperation, including local workforce absorption and the handover of a number of physical assets.
Perseroan melakukan pengapalan perdana bijih nikel saprolit kepada pembeli domestik. Peristiwa ini menandai
diversifikasi sumber pendapatan dan memperkuat prospek pertumbuhan operasi Perseroan.
26 The Company conducted its first shipment of saprolite nickel ore to a domestic buyer. This event marked the
diversification of the Company’s revenue sources and strengthened the growth prospects of the Company’s
operations.
Perseroan menyelenggarakan RUPSLB dengan agenda perubahan susunan pengurus. Pemegang saham menetapkan
pengangkatan Bernardus Irmanto sebagai Presiden Direktur dan Chief Executive Officer dengan masa jabatan
hingga RUPST 2027. Pemegang saham juga menyetujui pengunduran diri Yusuke Niwa sebagai Komisaris, serta
memberhentikan dengan hormat Muhammad Rachmat Kaimuddin (Presiden Komisaris), Edi Permadi (Komisaris),
dan Adriansyah Chaniago (Direktur dan Chief Human Capital Officer). RUPSLB menetapkan pengangkatan F.S.
Multhazar sebagai Presiden Komisaris, Katherine Angela Oendoen sebagai Komisaris, Shiro Imai sebagai Komisaris,
Heriyanto Agung Putra sebagai Direktur dan Chief Human Capital Officer, serta Budiawansyah sebagai Direktur dan
28
Chief Sustainability and Corporate Affairs Officer, efektif sejak penutupan RUPSLB hingga RUPST 2028.
The Company held an Extraordinary General Meeting of Shareholders with an agenda to change the composition
of management. The shareholders approved the appointment of Bernardus Irmanto as President Director and
Chief Executive Officer with a term of office until the 2027 AGMS. The shareholders also approved the resignation
of Yusuke Niwa as Commissioner and honorably discharged Muhammad Rachmat Kaimuddin as President
Commissioner, Edi Permadi as Commissioner, and Adriansyah Chaniago as Director and Chief Human Capital Officer.
The EGMS approved the appointment of F.S. Multhazar as President Commissioner, Katherine Angela Oendoen as
Commissioner, Shiro Imai as Commissioner, Heriyanto Agung Putra as Director and Chief Human Capital Officer, and
Budiawansyah as Director and Chief Sustainability and Corporate Affairs Officer, effective from the closing of the
EGMS until the 2028 AGMS.
Perseroan menerima pengunduran diri Luke Mahony dari jabatan Direktur dan Chief Strategy and Technical Officer.
The Company received the resignation of Luke Mahony from his position as Director and Chief Strategy and
29 Technical Officer.
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September | September
Perseroan meraih sertifikasi Great Place To Work® 2025 berdasarkan survei terhadap 947 pekerja. Sebanyak 88%
responden menyatakan Perseroan sebagai tempat kerja yang hebat, 59% lebih tinggi dibandingkan rata-rata
5 perusahaan global.
The Company received the Great Place to Work® Certification 2025 based on a survey of 947 employees. A total of
88% of respondents stated that the Company is a great place to work, 59% higher than the global company average.
Perseroan melaksanakan pengupasan perdana (first cut) Blok Bahodopi 1 (BB1) di area IGP Morowali bersama mitra
strategis PT Antareja Mahada Makmur, menandai dimulainya tahapan operasional BB1.
8 The Company conducted the first cut at Bahodopi Block 1 in the IGP Morowali area together with its strategic
partner, PT Antareja Mahada Makmur, marking the commencement of the BB1 operational stage.
Perseroan meraih penghargaan Katadata ESG Index 2025 Awarding Gender dalam ajang Katadata ESG Index Awards.
10 The Company received the Katadata ESG Index 2025 Award in the Gender category at the Katadata ESG Index
Awards.
Perseroan masuk dalam daftar Fortune Indonesia 100 tahun 2025.
12 The Company was listed in the Fortune Indonesia 100 for 2025.
Perseroan menyelenggarakan RUPSLB yang menyetujui pengangkatan M. Slamet Sugiharto sebagai Direktur dan
Chief Strategy and Technical Officer untuk menggantikan Luke Mahony.
23 The Company held an Extraordinary General Meeting of Shareholders approving the appointment of M. Slamet
Sugiharto as Director and Chief Strategy and Technical Officer to replace Luke Mahony.
Perseroan meraih dua penghargaan pada ajang ESG Business Awards 2025 untuk kategori Biodiversity Conservation
dan Waste Management.
25 The Company received two awards at the ESG Business Awards 2025 in the categories of Biodiversity Conservation
and Waste Management.
Perseroan meraih penghargaan kategori Manufacturing pada Supply Chain Excellence Awards (SCEA) Asia Pacific
2025 atas inovasi transformasi rantai pasok pertambangan berkelanjutan.
30 The Company received the Manufacturing Award at the Supply Chain Excellence Awards Asia Pacific 2025 for
innovation in sustainable mining supply chain transformation.
Oktober | October
Perseroan meraih Lestari Award 2025 yang diselenggarakan KG Media pada kategori Sustainable Ecosystems melalui
program Kehati Lutim Bersinergi.
2 The Company received the Lestari Award 2025 organized by KG Media in the Sustainable Ecosystems category
through the Kehati Lutim Bersinergi program.
Bertepatan dengan seremoni first digging Blok Pomalaa, Perseroan menandatangani dua MoU di Kolaka bersama
Pemkab Kolaka dan Zhejiang Huayou Cobalt Co., Ltd. MoU tersebut mencakup program ESG serta Bridge Program
untuk meningkatkan kompetensi tenaga kerja lokal di industri hidrometalurgi sebagai bagian dari rantai pasok nikel
hijau Indonesia.
8 In conjunction with the first digging ceremony at Pomalaa Block, the Company signed two Memoranda of
Understanding in Kolaka with the Kolaka Regency Government and Zhejiang Huayou Cobalt Co., Ltd., covering
ESG programs and a Bridge Program to enhance the competence of the local workforce in the hydrometallurgical
industry as part of Indonesia’s green nickel supply chain.
Perseroan memperoleh sertifikasi EDGE (Excellence in Design for Greater Efficiencies) Advanced – Green Building
untuk Main Office di Plant Site Sorowako setelah proses audit pada 26 September 2025.
8 The Company obtained the EDGE (Excellence in Design for Greater Efficiencies) Advanced – Green Building
certification for the Main Office at the Sorowako Plant Site following an audit conducted on September 26, 2025.
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Perseroan berpartisipasi dalam London Metal Exchange (LME) Week 2025. Presiden Direktur Perseroan
menyampaikan pesan kepada komunitas pertambangan dan investor global bahwa masa depan industri nikel
ditentukan oleh cara produksi yang bertanggung jawab.
14 The Company participated in London Metal Exchange (LME) Week 2025. The President Director of the Company
delivered a message to the global mining and investor community that the future of the nickel industry is
determined by responsible production practices.
Perseroan meraih Penghargaan Subroto 2025 dari Kementerian ESDM untuk kategori Kinerja Pengembangan dan
Pemberdayaan Masyarakat (PPM) atas program Matano Iniaku.
24 The Company received the Subroto Award 2025 from the Ministry of Energy and Mineral Resources for the category
of Community Development and Empowerment Performance through the Matano Iniaku program.
November | November
Perseroan mendapatkan Gold Award kategori Biodiversity Conservation dalam ajang Asia ESG Positive Impact
Awards 2025.
6 The Company received the Gold Award in the Biodiversity Conservation category at the Asia ESG Positive Impact
Awards 2025.
Perseroan meraih Gold Award kategori Biodiversity Conservation pada ajang Asia ESG Positive Impact Awards 2025.
11 The Company received the Gold Award in the Biodiversity Conservation category at the Asia ESG Positive Impact
Awards 2025.
Desember | December
Perseroan bersama mitra strategis Kolaka Nickel Industry (KNI) menerima dua unit autoclave pertama untuk proyek
High Pressure Acid Leaching (HPAL) Pomalaa sebagai bagian dari IGP Pomalaa. Kedatangan ini menjadi tonggak
13 penting dalam kesiapan operasional fasilitas pengolahan nikel berteknologi tinggi.
The Company, together with its strategic partner Kolaka Nickel Industry (KNI), received the first two autoclave units
for the Pomalaa High Pressure Acid Leaching (HPAL) Project as part of the Indonesia Growth Project (IGP) Pomalaa.
Dua program unggulan Perseroan, Matano Iniaku dan Closed-loop Livestock System, memperoleh pengakuan
nasional pada ajang Indonesian CSR Awards (ICA) 2025 dan Indonesian SDGs Awards (ISDA) 2025 yang diselenggarakan
17 CFCD.
Two of the Company’s flagship programs, Matano Iniaku and the Closed-loop Livestock System, received national
recognition at the Indonesian CSR Awards 2025 and the Indonesian SDGs Awards 2025 organized by CFCD.
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Tujuan Vale
Vale’s Purpose
Perseroan memiliki Tujuan Kita dan Nilai-Nilai Perseroan The Company has a Purpose and Corporate Values
yang merepresentasikan konsep setara dengan that represent concepts equivalent to the Company’s
visi, misi, dan nilai perusahaan. PT Vale terakhir kali vision, mission, and values. PT Vale last reviewed its
meninjau Nilai-Nilai Perseroan pada tahun 2024, yang Corporate Values in 2024, marked by the formalization
ditandai dengan peresmian identitas baru Perseroan of the Company’s new identity as an independent
sebagai entitas independen melalui peluncuran Nilai- entity through the launch of the Corporate Values—
Nilai Perseroan—CARES—yang mencerminkan aspirasi CARES—which reflect the Company’s aspirations
dan komitmen Perseroan sebagai landasan dalam and commitments as the foundation for its future
perjalanan transformasi ke depan. transformation journey.
Tujuan Kita
Our Purpose
Kita hadir untuk meningkatkan
kualitas hidup dan membangun masa
depan yang lebih baik. Bersama
We exist to improve life and transform
the future. Together
Nilai – nilai | Values
• Compassion
01 Keyakinan | Convictions
A globally recognized critical mineral solutions
• Accountability provider rooted in Indonesia, with focus on:
• Resilience • Benchmark in safety.
• Excellence • Talent-driven organization
• Sustainability • Collaborative partnership in creating value
• Industry leadership in sustainability practices
02
04
Dampak | Impact Perilaku Utama | Key Behaviors
• Safest & most reliable operation • Always go above and beyond
• Best-in-class sustainable mining • Drive for success together
• Leadership in talent development • Take charge and own it
• Value-creating partnership for Indonesia • Create more with less
03
• Significant contribution to global energy-materials • Care deeply, act fairly
transition
• Community prosperity & inclusion
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Nilai–nilai Perseroan
Company Values
COMPASSION
Kita bertindak berlandaskan kepedulian mendalam
dengan mengutamakan keselamatan pekerja, aset,
dan masyarakat, karena kehidupan adalah yang
terpenting.
We act with compassion to uphold the safety of our
people, assets and communities, because life
matters most.
ACCOUNTABILITY
Kita bertanggung jawab penuh atas tindakan kita
dengan penuh integritas untuk menciptakan nilai
dan mencapai tujuan bagi masyarakat Indonesia dan
dunia.
We hold ourselves accountable for our actions with
integrity in creating values and achieving our goals
for the people of Indonesia and the world.
RESILIENCE
Kita tangguh dalam menghadapi tantangan, dengan
kelincahan dan kemampuan beradaptasi.
We demonstrate resilience in facing challenges with
agility and adaptability.
EXCELLENCE
Kita berupaya keras untuk mencapai keunggulan
melalui sinergi, inovasi, dan penyederhanaan, untuk
mendorong pertumbuhan.
We strive for excellence through synergy, innovation,
and simplicity to drive growth.
SUSTAINABILITY
Kita berkomitmen pada keberlanjutan melalui
pemanfaatan sumber daya yang bertanggung jawab,
meningkatkan kesejahteraan masyarakat luas, dan
menjaga kelestarian lingkungan.
We commit to sustainability through the responsible
use of our resources, improving the well-being of
our society, and nurturing the environment.
2025 Annual Report 65
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Kegiatan Usaha
Business Activities
Kegiatan Usaha Berdasarkan Anggaran Dasar Terakhir
Business Activities Based on the Latest Articles of Association
Berdasarkan Pasal 3 Anggaran Dasar Perseroan, maksud Pursuant to Article 3 of the Company’s latest Articles
dan tujuan Perseroan adalah bergerak di bidang of Association, the Company’s purposes and objectives
Pertambangan, Perdagangan Besar, Pengangkutan, are to engage in the sectors of Mining, Wholesale Trade,
Pengadaan Listrik, Real Estat, Pengelolaan Air Limbah, Transportation, Electricity Procurement, Real Estate,
Pengelolaan dan Daur Ulang Sampah dan Aktivitas Wastewater Management, Waste Management and
Remediasi. Untuk mencapai maksud dan tujuan Recycling, and Remediation Activities. To achieve these
tersebut, Perseroan dapat melakukan kegiatan usaha purposes and objectives, the Company may carry out
utama berupa usaha-usaha di bidang Pertambangan its principal business activities in the Mining sector,
termasuk namun tidak terbatas pada Pertambangan including but not limited to Nickel Ore Mining, which
Bijih Nikel, yaitu mencakup usaha penambangan encompasses nickel ore extraction and processing
dan pengolahan bijih nikel. Termasuk juga usaha activities. This also includes utilization activities that
pemanfaatannya yang tidak dapat dipisahkan secara are administratively inseparable from the nickel ore
administratif dari usaha pertambangan bijih nikel. mining business.
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Kegiatan Penunjang
Supporting Activities
Untuk mencapai maksud dan tujuan serta menunjang To achieve its purposes and objectives and to support
kegiatan usaha utama sebagaimana disebutkan di atas, the principal business activities as described above,
Perseroan dapat melakukan kegiatan usaha penunjang the Company may undertake the following supporting
sebagai berikut: activities:
Menjalankan usaha-usaha di bidang Perdagangan Besar, termasuk
namun tidak terbatas pada Perdagangan Besar Logam dan Bijih Logam;
Conduct wholesale trading activities, including but not limited to the
wholesale trading of metals and metal ores;
Menjalankan usaha-usaha di bidang Pengangkutan, termasuk namun
tidak terbatas pada Aktivitas Pelayanan Kepelabuhan Laut;
Conduct transportation activities, including but not limited to port
service activities at sea;
Menjalankan usaha-usaha di bidang Pengadaan Listrik, termasuk
namun tidak terbatas pada Pembangkitan Tenaga Listrik;
Conduct electricity procurement activities, including but not limited to
power generation;
Menjalankan usaha-usaha di bidang Real Estat, termasuk namun tidak
terbatas pada Real Estat yang Dimiliki Sendiri atau Disewa;
Conduct real estate activities, including but not limited to owner-
occupied or leased real estate; and
Menjalankan usaha-usaha di bidang Pengelolaan Air Limbah,
Pengelolaan dan Daur Ulang Sampah dan Aktivitas Remediasi.
Conduct wastewater management, waste management and recycling, as
well as remediation activities.
Kegiatan Usaha Tahun 2025
2025 Business Activities
Di 2025, Perseroan melakukan kegiatan operasional In 2025, the Company will carry out operational activities
pertambangan bijih nikel, produksi nikel dalam matte, of nickel ore mining, nickel in matte production, and
dan kegiatan usaha penjualan nikel matte dan ore. nickel matte and ore sales business activities.
2025 Annual Report 67
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Peta Wilayah Konsesi
Concession Area Map
Perseroan beroperasi dalam naungan Izin
Usaha Pertambangan Khusus sebagai
Kelanjutan Operasi Kontrak/Perjanjian (IUPK)
yang diubah pada tanggal 3 Mei 2024 dan
berlaku hingga 28 Desember 2035, dengan luas Jumlah | Total
wilayah konsesi 118.017 hektare, meliputi: 118,017 ha
1. Blok Sorowako, Sulawesi Selatan: 70.566 ha. Sulawesi Tengah
2. Blok Bahodopi, Sulawesi Tengah: 22.699 ha. Central Sulawesi
3. Blok Pomalaa dan Sua-Sua, Sulawesi Bahodopi
Tenggara: 24.752 ha. 22,699 ha
Sulawesi Selatan
The Company operates under a Contract of South Sulawesi
Work (CoW) amended on May 3, 2024 and valid Sorowako
until December 28, 2035, covering a concession 70,566 ha
area of 118,017 hectares, comprising:
Sulawesi Tenggara
1. Sorowako, South Sulawesi Block: 70,566 ha. Southeast Sulawesi
2. Bahodopi Block, Central Sulawesi: 22,699 ha. Pomalaa
3. Pomalaa and Sua-Sua Blocks, Southeast 20,286 ha
Sulawesi: 24,752 ha.
Sua-Sua
4,466 ha
Pada periode pelaporan, Perseroan melanjutkan During the reporting period, the Company continued to
pengembangan kegiatan operasi di Blok Pomalaa (IGP develop operations in the Pomalaa Block (Pomalaa IGP),
Pomalaa), Blok Bahodopi (IGP Morowali), dan Blok Bahodopi Block (Morowali IGP), and Sorowako Block
Sorowako (IGP Sorowako Limonite/Sorlim). Kegiatan (Sorowako Limonite/Sorlim IGP). These activities were
dilaksanakan dengan menerapkan prinsip-prinsip carried out in accordance with the principles of the
Kerangka Kerja Pembangunan Berkelanjutan ICMM. ICMM Sustainable Development Framework.
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IGP Pomalaa
HPAL Mine
HPAL Autoclave Area Weighbridge Transfer Point
FPP Ore De-agglomeration Nursery Facility
Proyek IGP Pomalaa berada di Kabupaten Kolaka, The Pomalaa IGP Project is located in Kolaka Regency,
Sulawesi Tenggara yang juga dikenal sebagai Bumi Southeast Sulawesi, also known as Bumi Wonua
Wonua Mekongga. Area proyek menempati wilayah Mekongga. The project area occupies the Company’s
konsesi Perseroan, dan mulai dikerjakan pada concession area, and work began in November 2023. The
November 2023. Proyek IGP Pomalaa mencakup proyek Pomalaa IGP Project includes a nickel ore mining project
penambangan bijih nikel dan proyek pengolahan and a processing project using High-Pressure Acid Leach
berteknologi High-Pressure Acid Leach (HPAL). Proyek (HPAL) technology. PT Vale Indonesia Tbk operates the
penambangan dioperasikan oleh PT Vale Indonesia mining project. The HPAL project is developed by PT
Tbk. Proyek HPAL dikembangkan oleh PT Kolaka Nickel Kolaka Nickel Indonesia (KNI), a joint venture between
Indonesia (KNI), perusahaan patungan Perseroan the Company, Zhejiang Huayou Cobalt Co., Ltd. and
dengan Zhejiang Huayou Cobalt Co., Ltd dan Ford Motor Ford Motor Co. The HPAL plant facility aims to produce
Co. Fasilitas pabrik HPAL bertujuan untuk memproduksi nickel mixed hydroxide precipitate (MHP) as the main
nikel mixed hydroxide precipitate (MHP) sebagai bahan ingredient for electric vehicle batteries. In addition,
utama baterai kendaraan listrik. Selain itu juga dibangun various supporting facilities are also being built.
berbagai fasilitas pendukung.
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IGP Morowali
HPAL Mine
Acid Plant and Alkali Tank Jetty and Ore Barging Activities
HPAL and Post-Process Area Sediment Pond 4
Proyek IGP Morowali berlokasi di area konsesi Perseroan The Morowali IGP Project is located in the Company’s
di Kabupaten Morowali, Sulawesi Tengah, yang concession area in Morowali Regency, Central Sulawesi,
memiliki sebutan Bumi Tepe Asa Moroso. Pengerjaan known as Bumi Tepe Asa Moroso. Project work has
proyek sudah berlangsung sejak Juli 2022. Proyek been underway since July 2022. The Morowali IGP
IGP Morowali mencakup proyek penambangan bijih Project includes a nickel ore mining project and a
nikel dan proyek pengolahan berteknologi High- processing project using High-Pressure Acid Leach
Pressure Acid Leach (HPAL). Proyek penambangan (HPAL) technology. PT Vale Indonesia Tbk operates the
dioperasikan oleh PT Vale Indonesia Tbk. Proyek HPAL mining project. The HPAL project is being developed by
dikembangkan PT Bahodopi Nickel Smelting Indonesia PT Bahodopi Nickel Smelting Indonesia (BNSI), a joint
(BNSI), perusahaan patungan yang didirikan Perseroan venture between the Company and GEM Hong Kong
bersama GEM Hong Kong International Co. Ltd. (anak International Co. Ltd. (a subsidiary of GEM Co. Ltd.)
perusahaan GEM Co. Ltd.) dan EcoPro Co., Ltd. Fasilitas and EcoPro Co., Ltd. The HPAL plant facility aims to
pabrik HPAL bertujuan untuk memproduksi nikel mixed produce nickel mixed hydroxide precipitate (MHP), a
hydroxide precipitate (MHP) sebagai bahan utama key ingredient in electric vehicle batteries. In addition,
baterai kendaraan listrik. Selain itu juga dibangun various supporting facilities have been built.
berbagai fasilitas pendukung.
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IGP Sorowako Limonite (Sorlim)
HPAL Mine
Lamangka Dam Stockpile Nickel Hill 01
Laydown Enggano Transfer Point Facility
Proyek IGP Sorlim berada di wilayah konsesi Perseroan The Sorlim IGP Project is located in the Company’s
di Sorowako, Kabupaten Luwu Timur, Sulawesi concession area in Sorowako, East Luwu Regency, South
Selatan, dan dimulai pada Juni 2024. Proyek IGP Sorlim Sulawesi, and commenced in June 2024. The Sorlim IGP
mencakup proyek penambangan bijih nikel dan proyek Project includes a nickel ore mining project and a High-
pengolahan berteknologi High-Pressure Acid Leach Pressure Acid Leach (HPAL) processing project. PT Vale
(HPAL). Proyek penambangan dioperasikan oleh PT Vale Indonesia Tbk operates the mining project. The HPAL
Indonesia Tbk. Proyek HPAL dikembangkan PT Huali project is developed by PT Huali Nickel Indonesia (HLNI).
Nickel Indonesia (HLNI). Fasilitas pabrik HPAL bertujuan The HPAL plant facility aims to produce nickel mixed
untuk memproduksi nikel mixed hydroxide precipitate hydroxide precipitate (MHP) as the main ingredient for
(MHP) sebagai bahan utama baterai kendaraan listrik. electric vehicle batteries. In addition, various supporting
Selain itu juga dibangun berbagai fasilitas pendukung. facilities are also being built.
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Sumber Daya Mineral Perseroan
Company’s Mineral Resources
Per 31 Desember 2025 Per 31 Desember 2024 Varian
As of December 31, 2025 As of December 31, 2024 Variance
Juta Ton Juta Ton Juta Ton
Juta Ton Juta Ton Juta Ton
Basis Basis Basis
Basis Basis Basis
Limonit Basah Basah Basah
Kering Kadar Kering Kadar Kering Kadar
Limonite Million Million Million
Million Ni% Million Ni% Million Ni%
Wet Wet Wet
Dry Metric Ni% Grade Dry Metric Ni% Grade Dry Metric Ni% Grade
Metric Metric Metric
Tons Tons Tons
Tons Tons Tons
(Dmt) (Dmt) (Dmt)
(Wmt) (Wmt) (Wmt)
Terukur | Measured
Soroako 62.43 38.71 1.11 50.39 31.53 0.98 12.05 7.18 0.13
Bahodopi Block
2.53 1.60 1.00 0.00 0.00 0.00 2.53 1.60 1.00
2-3
Pomalaa 3.47 2.14 1.04 3.47 2.14 1.04 0.00 0.00 0.00
Soroako Outer
9.34 6.03 1.14 9.34 6.03 1.14 0.00 0.00 0.00
Area (SOA)
Tertunjuk | Indicated
Soroako 50.00 31.00 1.09 23.43 15.18 0.95 26.58 15.83 0.14
Bahodopi Block
24.31 15.37 0.92 0.00 0.00 0.00 24.31 15.37 0.92
2-3
Pomalaa 76.43 47.00 1.00 76.43 47.00 1.00 0.00 0.00 0.00
Soroako Outer
319.23 208.22 1.21 319.23 208.22 1.21 0.00 0.00 0.00
Area (SOA)
Total Terukur & Tertunjuk | Total Measured & Indicated
Total 547.75 350.08 1.14 482.28 310.10 1.14 65.47 39.98 0.01
Tereka | Inferred
Soroako 72.4 44.9 1.1 50.1 31.0 1.1 22.4 13.9 0.0
Bahodopi Block
36.8 23.3 0.9 0.0 0.0 0.0 36.8 23.3 0.9
2-3
Pomalaa 0.2 0.1 1.1 0.2 0.1 1.1 0.0 0.0 0.0
Soroako Outer
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Area (SOA)
Total Tereka | Total Inferred
Total 109.5 68.3 1.0 50.3 31.1 1.1 59.2 37.2 -0.1
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Per 31 Desember 2025 Per 31 Desember 2024 Varian
As of December 31, 2025 As of December 31, 2024 Variance
Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton
Basis Basis Basis Basis Basis Basis
Saprolit
Basah Kering Kadar Basah Kering Kadar Basah Kering Kadar
Saprolite
Million Million Ni% Million Million Ni% Million Million Ni%
Wet Met- Dry Metric Ni% Grade Wet Met- Dry Metric Ni% Grade Wet Met- Dry Metric Ni% Grade
ric Tons Tons ric Tons Tons ric Tons Tons
(Wmt) (Dmt) (Wmt) (Dmt) (Wmt) (Dmt)
Terukur | Measured
Soroako 22.12 6.91 1.59 9.45 3.14 1.59 12.67 3.77 0.00
Bahodopi Block
38.29 24.82 1.15 9.59 6.04 1.72 28.70 18.78 -0.57
2-3
Pomalaa 11.16 7.25 1.45 11.16 7.25 1.45 0.00 0.00 0.00
Soroako Outer
6.58 4.77 1.71 6.58 4.77 1.71 0.00 0.00 0.00
Area (SOA)
Tertunjuk | Indicated
Soroako 13.12 4.15 1.57 10.38 3.32 1.56 2.74 0.83 0.01
Bahodopi Block
185.20 120.04 1.12 88.56 55.79 1.66 96.64 64.24 -0.54
2-3
Pomalaa 13.65 8.87 1.41 13.65 8.87 1.41 0.00 0.00 0.00
Soroako Outer
115.63 77.72 1.80 113.56 77.00 1.79 2.07 0.72 0.01
Area (SOA)
Total Terukur & Tertunjuk | Total Measured & Indicated
Total 405.76 254.54 1.38 262.94 166.20 1.70 142.82 88.34 -0.32
Tereka | Inferred
Soroako 117.9 53.5 1.9 133.0 55.2 1.9 -15.1 -1.7 0.0
Bahodopi Block
89.1 57.8 1.1 26.6 16.8 1.7 62.5 41.0 -0.6
2-3
Pomalaa 66.6 43.3 1.6 66.6 43.3 1.6 0.0 0.0 0.0
Soroako Outer
336.0 172.6 1.8 336.0 172.6 1.8 0.0 0.0 0.0
Area (SOA)
Total Tereka | Total Inferred
Total 609.7 327.2 1.7 562.3 288.0 1.8 47.4 39.3 -0.1
Keterangan | Notes:
• Sumber Daya Mineral dilaporkan sesuai dengan standar KCMI dan SK-1300 per 31 Desember 2025, berdasarkan kepemilikan 100% untuk PT Vale Indonesia Tbk.
• Sumber daya yang dilaporkan tidak termasuk Cadangan Mineral dan saat ini belum menunjukkan kelayakan ekonomi.
• Prospek Kelayakan Ekonomi (RPEEE) ditentukan berdasarkan rentang harga nikel AS$18.500 – AS$21.000/t dan harga kobalt AS$67.500/t (Pomalaa), di mana variasi harga
di berbagai proyek dikaitkan dengan waktu pelaksanaan estimasi masing-masing.
• Penetapan kadar batas (cut-off) didasarkan pada kadar Ni, dengan pengecualian untuk Limonit Pomalaa yang menggunakan basis Nikel-Ekuivalen.
• Seluruh ton basah untuk Limonit dan Saprolit di semua area dilaporkan sebagai material unscreened.
• Ton kering untuk Saprolit Soroako Operation (Soroako, Petea, Bahodopi Block 1) dilaporkan sebagai material screened sesuai tipe bijih, sedangkan Limonit Soroako
dilaporkan sebagai material unscreened. Untuk seluruh area lainnya, termasuk SOA Tahap Proyek: Lemo‑lemo, Loeha, Lingkona; Bahodopi Block 2 & 3; dan seluruh area
Pomalaa, ton kering dilaporkan sebagai material unscreened.
• Kadar Limonit dan Saprolit untuk Soroako menggunakan fraksi tersaring (screened fraction). Untuk Pomalaa, kadar Limonit dan Saprolit berasal dari fraksi –6” yang
kemudian dikonversi menjadi total fraction. Untuk area lainnya (SOA Tahap Proyek: Lemo‑lemo, Loeha, Lingkona; dan Bahodopi Block 2 & 3), kadar menggunakan fraksi
total.
• Sumber daya kategori Terukur dan Tertunjuk untuk Soroako; SOA pendukung Soroako (Larona, Tanamerah, Lantoa); serta Bahodopi Blok 1 mencakup dilusi penambangan,
sedangkan area SOA tahap proyek, area lain, dan kategori Tereka dilaporkan tanpa dilusi.
• Sumber Daya Mineral kategori Tereka dilaporkan menggunakan notasi satu angka desimal untuk mencerminkan tingkat keyakinan geologis yang relatif lebih rendah.
• Angka-angka telah dibulatkan ke unit signifikan terdekat; pembulatan pada beberapa angka dapat menyebabkan perbedaan kecil pada total nilai.
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• Mineral Resources are reported in accordance with KCMI and SK-1300 standards as of December 31, 2025, on a 100% basis for PT Vale Indonesia Tbk.
• Reported resources are exclusive of Mineral Reserves and do not currently demonstrate economic viability.
• Reasonable Prospects for Eventual Economic Extraction (RPEEE) are determined based on a nickel price range of US$18,500 – US$21,000/t and a cobalt price of US$67,500/t
(Pomalaa), where price variations across different projects are associated with the timing of the respective estimates.
• Cutoff determination is based on Ni grades, with the exception of Pomalaa Limonite which utilizes a Nickel-Equivalent basis.
• All wet tonnage for both Limonite and Saprolite in all areas is reported as unscreened material.
• Dry tonnage for Saprolite in the Soroako Operation (Soroako, Petea, Bahodopi Block 1) is reported as screened material according to the ore type, while Soroako Limonite
is reported as unscreened. For all other areas, including SOA Project‑Stage: Lemo‑lemo, Loeha, Lingkona; Bahodopi Block 2 & 3; and all Pomalaa areas, dry tonnage is
reported as unscreened material.
• Grade for Soroako Limonite and Saprolite uses screened fractions. For Pomalaa, grade for both Limonite and Saprolite originates from the –6” fraction and is then
converted into total fraction. For all other areas (SOA Project‑Stage: Lemo‑lemo, Loeha, Lingkona; and Bahodopi Block 2 & 3), grade is based on total fraction.
• Measured and Indicated resources for Soroako, SOA areas feeding into Soroako operations (Larona, Tanamerah, and Lantoa), and Bahodopi Block 1 include mining dilution,
whereas SOA project-stage areas (Lemo-lemo, Loeha, and Lingkona), other areas, and all Inferred categories are reported as undiluted.
• Inferred Mineral Resources are reported using one‑decimal notation to reflect their relatively lower level of geological confidence.
• Numbers have been rounded to the nearest significant unit; rounding of some figures may lead to minor discrepancies in totals.
Cadangan Mineral Perseroan
Company’s Mineral Reserves
Per 31 Desember 2025 Per 31 Desember 2024 Varian
As of December 31, 2025 As of December 31, 2024 Variance
Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton
Basis Basis Basis Basis Basis Basis
Limonit Basah Kering Kadar Basah Kering Kadar Basah Kering Kadar
Limonite Million Million Ni% Million Million Ni% Million Million Ni%
Wet Dry Ni% Wet Dry Ni% Wet Dry Ni%
Metric Metric Grade Metric Metric Grade Metric Metric Grade
Tons Tons Tons Tons Tons Tons
(Wmt) (Dmt) (Wmt) (Dmt) (Wmt) (Dmt)
Terbukti | Proven
Soroako 114.13 70.76 1.15 133.03 81.60 1.13 -18.9 -10.84 0.03
Bahodopi
72.90 46.15 1.10 0.00 0.00 0.00 72.90 46.15 1.10
Block 2-3
Pomalaa 130.96 80.54 1.19 130.96 80.54 1.19 0.00 0.00 0.00
Soroako Outer
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Area (SOA)
Terkira | Probable
Soroako 94.12 58.35 1.13 92.37 57.40 1.13 1.75 0.96 0.00
Bahodopi
76.11 48.28 1.06 0.00 0.00 0.00 76.11 48.28 1.06
Block 2-3
Pomalaa 207.36 127.53 1.12 207.36 127.53 1.12 0.00 0.00 0.00
Soroako Outer
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Area (SOA)
Total Terbukti & Terkira | Total Proven & Probable
Total 695.57 431.61 1.13 563.72 347.07 1.14 131.85 84.54 -0.01
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Per 31 Desember 2025 Per 31 Desember 2024 Varian
As of December 31, 2025 As of December 31, 2024 Variance
Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton Juta Ton
Basis Basis Basis Basis Basis Basis
Saprolit Basah Kering Kadar Basah Kering Kadar Basah Kering Kadar
Saprolite Million Million Ni% Million Million Ni% Million Million Ni%
Wet Dry Ni% Wet Dry Ni% Wet Dry Ni%
Metric Metric Grade Metric Metric Grade Metric Metric Grade
Tons Tons Tons Tons Tons Tons
(Wmt) (Dmt) (Wmt) (Dmt) (Wmt) (Dmt)
Terbukti | Proven
Soroako 171.59 63.33 1.67 163.87 59.90 1.68 7.72 3.43 0.01
Bahodopi
47.84 30.97 1.69 42.24 26.61 1.74 5.61 4.36 -0.05
Block 2-3
Pomalaa 53.19 34.57 1.80 53.49 34.77 1.80 -0.30 -0.20 0.00
Soroako Outer
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Area (SOA)
Terkira | Probable
Soroako 89.02 28.13 1.64 119.10 36.52 1.68 -30.08 -8.39 -0.04
Bahodopi
64.28 41.64 1.62 36.35 22.90 1.69 27.93 18.74 -0.07
Block 2-3
Pomalaa 44.14 28.69 1.74 44.14 28.69 1.74 0.00 0.00 0.00
Soroako Outer
10.34 4.97 1.78 11.71 5.38 1.67 -1.37 -0.41 0.11
Area (SOA)
Total Terbukti & Terkira | Total Proven & Probable
Total 480.40 232.31 1.69 470.90 214.77 1.72 9.50 17.54 -0.02
Keterangan | Notes:
• Cadangan mineral dilaporkan sesuai dengan standar KCMI dan SK-1300 per 31 Desember 2025, berdasarkan kepemilikan 100% untuk PT Vale Indonesia Tbk.
• Faktor modifikasi telah diterapkan dalam pelaporan cadangan ini.
• Volume cadangan mineral adalah cadangan Soroako, Bahodopi Blok 2-3, Pomalaa, dan Soroako Outer Area (SOA).
• Prospek cadangan mineral yang dapat diekstraksi secara ekonomis ditentukan berdasarkan harga nikel yang berkisar antara AS$17.775 - AS$18.500/t. Variasi harga nikel yang
ditambang dapat berbeda terkait dengan waktu estimasi yang relevan.
• Tonnase kering saprolit untuk Operasi Soroako dilaporkan sebagai Dry Kiln Product (DKP), yaitu material setelah melalui proses penyaringan. Tonnase kering saprolit untuk
Bahodopi Blok 2–3 dan Pomalaa dilaporkan tanpa proses penyaringan.
• Seluruh tonnase limonit di semua area dilaporkan sebagai material tanpa proses penyaringan.
• Kadar Saprolit untuk Soroako Operation, Bahodopi Block 1 dan area SOA (Lantoa) menggunakan fraksi tersaring. Sementara itu, Bahodopi Operation menggunakan fraksi
total dan Proyek Pomalaa menggunakan fraksi total yang diperoleh dari nilai awal -6.
• Kadar limonit untuk Pomalaa dilaporkan menggunakan fraksi –6 inci, sedangkan kadar di Soroako menggunakan fraksi tersaring sesuai tipe bijih, yaitu –1 inci atau –6 inci.
Sementara itu, kadar limonit untuk Bahodopi Blok 2–3 dilaporkan menggunakan fraksi total.
• Angka telah dibulatkan. Pembulatan pada beberapa nilai dapat menyebabkan perbedaan kecil pada total
• Variance merupakan perbedaan tonase dan persentase Ni Grade dari tahun ini dengan tahun sebelumnya.
• Mineral Reserves are reported in accordance with KCMI and SK-1300 standards as of December 31, 2025, on a 100% basis for PT Vale Indonesia Tbk.
• Modifying factors have been applied in reporting these reserves.
• Mineral Reserve volume are the reserves of Soroako, Bahodopi Block 2-3, Pomalaa and Soroako Outer Area (SOA).
• The mineral reserves prospects of economic extraction were determined based on nickel price ranging from US$17,775 US$18,500/t. Variation in price for different mines is
associated with timing of the associated estimate.
• Saprolite dry tonnage for the Soroako Operation is reported as Dry Kiln Product (DKP), representing material after the screening process. Saprolite dry tonnage for Bahodopi
Block 2–3 and Pomalaa is reported on an unscreened basis.
• All Limonite tonnage across all areas is reported as unscreened material.
• Saprolite grades for the Soroako Operation, Bahodopi Block 1, and SOA area (Lantoa) use filtered fractions. Meanwhile, for the Bahodopi Operation using the total fraction
and the Pomalaa Project using total faction derived from initial -6 inch grades.
• Limonite grades for Pomalaa are reported using the –6 inch fraction, whereas Soroako grades are based on screened fractions according to the ore type, using either –1 inch
or –6 inch fractions. Meanwhile, limonite grades for Bahodopi Blocks 2–3 are reported using the total fraction.
• Numbers have been rounded. Rounding of some figures might lead to minor discrepancies in totals.
• Variance refers to the difference in tonnage and nickel grade percentage between the current year and the previous year.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Perubahan signifikan sumber daya dan cadangan pada Significant changes to resources and reserves in 2025
tahun 2025 terjadi di Blok Bahodopi. Perubahan ini occurred in the Bahodopi Block. This change was
disebabkan oleh kenaikan sumber daya dan cadangan caused by an increase in resources and reserves in
di Bahodopi Block 2-3 berdasarkan hasil feasibility study the Bahodopi Block 2-3, based on the results of the
Bahodopi Block 2-3 expansion yang mengintegrasikan Bahodopi Block 2-3 expansion feasibility study, which
limonit dan saprolit dan telah melalui proses audit integrated limonite and saprolite, and has undergone
eksternal. Perubahan sumber daya dan cadangan an external audit. Resource and reserve changes also
juga terjadi di Blok Soroako dan Blok Pomalaa. Di Blok occurred in the Soroako Block and Pomalaa Block. In
Soroako, perubahan cadangan limonit diakibatkan the Soroako Block, the change in limonite reserves was
oleh evaluasi ulang rencana produksi terkait kesiapan due to a reevaluation of the production plan related to
fasilitas HPAL, sedangkan perubahan cadangan saprolit the readiness of the HPAL facility, while the change in
dikarenakan mine depletion dan sebagian tonase saprolite reserves was due to mine depletion and some
diklasifikasikan kembali sebagai sumber daya akibat tonnage was reclassified as resources due to changes
perubahan target Dry Kiln Product (DKP) di pabrik in the Dry Kiln Product (DKP) target at the processing
pengolahan. Di Blok Pomalaa, perubahan cadangan plant. In the Pomalaa Block, the reserve change was
disebabkan oleh pengambilan bijih saprolit dari stockpile caused by the withdrawal of saprolite ore from the
(reclaim) pada tahun 2025. stockpile (reclaim) in 2025.
Kegiatan Operasi Pertambangan Bijih Nikel
Nickel Ore Mining Operation Activities
Kegiatan operasi pertambangan bijih nikel PT Vale Indonesia PT Vale Indonesia Tbk’s nickel ore mining operations are
Tbk dilakukan di Blok Soroako dan Blok Bahodopi, serta conducted in the Soroako and Bahodopi Blocks, as well
Blok Pomalaa yang masih dalam tahap konstruksi. Kegiatan as the Pomalaa Block, which is still under construction.
operasi pertambangan dijalankan dengan mengedepankan Mining operations are conducted in accordance with
prinsip-prinsip dalam Kerangka Kerja Pembangunan the principles of the ICMM Sustainable Development
Berkelanjutan ICMM. Perseroan tidak melakukan kegiatan Framework. The Company does not conduct mining
operasi pertambangan di kawasan situs warisan dunia, dan operations in world heritage sites and has obtained a
telah mendapatkan Izin Pinjam Pakai Kawasan Hutan (IPPKH) Forest Area Borrow-to-Use Permit (IPPKH) from the
dari Kementerian Lingkungan Hidup dan Kehutanan (kini Ministry of Environment and Forestry (now the Ministry
Kementerian Kehutanan). of Forestry).
Proses penambangan di Blok Soroako dilakukan dengan The mining process in the Soroako Block involves using
metode menggali lapisan tanah yang mengandung bijih an excavator to remove the soil layer containing high-
nikel kadar tinggi (saprolit) menggunakan alat gali muat grade nickel ore (saprolite). The mined material is then
(eskavator), kemudian material yang ditambang akan screened and processed in the process plant to produce
dilakukan proses penyaringan dan pengolahan di process nickel matte. In the Bahodopi Block, saprolite ore
plant hingga menjadi produk akhir nikel matte. Di Blok mining is carried out without screening, and the ore
Bahodopi kegiatan penambangan bijih saprolit dilakukan is then sold directly. Meanwhile, in the Pomalaa Block,
tanpa proses penyaringan, yang kemudian dilakukan there were no mining production activities during 2025.
penjualan bijih saprolit langsung (ore sales). Sedangkan di Nevertheless, during the reporting period, the Pomalaa
Blok Pomalaa, tidak ada kegiatan produksi penambangan Block sold saprolite ore by reclaiming stockpiles, which
selama tahun 2025 namun pada periode pelaporan Blok are material from the 2023 Bulk Sample Test (BST).
Pomalaa sudah melakukan penjualan bijih saprolit dengan Various facilities, including heavy equipment, mining
melakukan reclaim stockpile yang merupakan material roads, ports, fuel terminals, fuel pipelines, and fuel
hasil Bulk Sample Test (BST) tahun 2023. Aktivitas operasi storage tanks, support mining operations. The Company
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pertambangan didukung oleh berbagai fasilitas, meliputi limits the area of mining operations and accompanies
peralatan berat, jalan tambang, pelabuhan, terminal bahan them with reclamation to minimize the impact on the
bakar, jaringan pipa bahan bakar, dan tangki penyimpanan environment and biodiversity contained within.
bahan bakar. Perseroan membatasi luas area kegiatan
operasi pertambangan, disertai pelaksanaan reklamasi
guna meminimalkan dampak terhadap lingkungan serta
keanekaragaman hayati di dalamnya.
Alur Proses Penambangan Bijih Nikel, Produksi Nikel dalam Matte, dan Penjualan Nikel Matte
Process Flow of Nickel Ore Mining, Nickel in Matte Production, and Nickel Matte Sales
ORE MINING
SCREENING
STATION
PORT
WET ORE
STOCKPILE
DRYER KILN
SHIPMENT
DRY ORE STORAGE
CONVERTER
REDUCTION KILN
ELECTRIC FURNACE
2025 Annual Report 77
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Fasilitas Operasi Pertambangan Tahun 2025
Mining Operation Facilities in 2025
Fasilitas Blok Soroako Blok Pomalaa* Blok Bahodopi
Facilities Soroako Block Pomalaa Block Bahodopi Block
Alat Berat Eskavator PTVI-Owned 26 Unit Contractor Contractor
Heavy Excavators Contractor 4 Unit Mining: 8 Unit Mining: 7 Unit
Equipments Support: 14 Unit Support: 21 Unit
Barging: 9 Unit
Truk PTVI-Owned Contractor Contractor
Trucks HD: 110 Unit (100-130 Ton) ADT: 40 Unit (55 Ton) ADT: 40 Unit (55 Ton)
Contractor DT: 9 Unit (40 Ton) DT: 56 Unit (30-40 Ton)
DT: 53 Unit (30-40 Ton)
Jalan Tambang 476.2 Km 62.4 Km 45.5 Km
Mining Road
Pelabuhan Lokasi Balantang - Jetty Febriany
Ports Location Luwu Timur | East Luwu Morowali
Terminal Lokasi Balantang Pomalaa Exploration Jetty Febriany
Bahan Bakar Location Luwu Timur | East Luwu Camp, Kolaka Morowali
Fuel Terminals Pipa Bahan Bakar 48.8 Km - 820 m
Fuel Pipelines
Tangki Penyimpanan 19 Unit 3 Unit 4 Unit
Fuel Storage Tanks
Keterangan: *Fase konstruksi; penambangan di Pomalaa belum dimulai pada tahun pelaporan
Note: *Construction phase; mining in Pomalaa had not commenced during the reporting year.
Kegiatan Produksi Nikel dalam Matte
Nickel in Matte Production Activities
Sampai dengan akhir tahun 2025, Perseroan hanya Until the end of 2025, the Company only operated
mengoperasikan pabrik pengolahan nikel dalam matte a nickel matte processing plant in Soroako, with a
di Soroako, dengan kapasitas produksi 180-220 ton nikel daily production capacity of 180-220 tons of nickel
dalam matte setiap hari. Nikel dalam matte merupakan matte. Nickel matte is an intermediate product in
produk antara untuk pembuatan nikel olahan; dengan the production of refined nickel, with an average
kandungan rata-rata 78% nikel, 1%-2% kobalt, serta composition of 78% nickel, 1%-2% cobalt, and 18%-
18%-21% sulfur. Pabrik pengolahan mineral (smelter) 21% sulfur. The mineral processing plant (smelter) is
dilengkapi fasilitas tanur pengering, tanur pereduksi, equipped with drying furnaces, reduction furnaces,
tanur listrik, serta tanur pemurnian. electric furnaces, and converters.
Dalam penatagunaan produk, PT Vale menerapkan In product stewardship, PT Vale implements the Vale
Vale Production System (VPS) yang melibatkan empat Production System (VPS) involving four main elements:
elemen utama, yaitu pekerja, operasi, perawatan, employees, operations, maintenance, and management;
dan manajemen; serta tiga bidang pendukung, yaitu and three supporting areas: health, safety, and the
kesehatan, keselamatan, dan lingkungan hidup. environment. The Company also complies with the
Perseroan juga mematuhi Restriction of Hazardous Restriction of Hazardous Substances (RoHS) regulations,
Substance (RoHS) atau aturan pembatasan bahan which are standardized in the European Union. It has
berbahaya yang dibakukan pasar Uni Eropa; dan obtained accreditation from the National Accreditation
mendapatkan status akreditasi dari Komite Akreditasi Committee (KAN) for ISO 17025, which concerns
Nasional (KAN) untuk ISO 17025 tentang Persyaratan Competency Requirements for Testing and Calibration
Kompetensi Laboratorium Pengujian dan Kalibrasi. Laboratories.
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Fasilitas Produksi Nikel dalam Matte Tahun 2025
Nickel in Matte Production Facilities in 2025
Tanur Pengering Tanur Preduksi Tanur Listrik Tanur Pemurnian Stasiun Penyaring Tempat Penggilingan
Dryer Reduction Klin Electric furnace Converter Screen Station Batu Bara
Coal Mill
3 unit 5 unit 4 unit 3 unit 6 unit 1 unit
Fasilitas Pendukung Proses Produksi Nikel dalam Matte Tahun 2025
Supporting Facilities for Nickel in Matte Production Process in 2025
Fasilitas | Facilities Nama Unit | Unit Name Kapasitas | Capacities
PLTA Larona 165 MW
Pembangkit Listrik Tenaga Air (PLTA)
PLTA Balambano 110 MW
Hydroelectric Power Generators
PLTA Karebbe 90 MW
Generator Diesel Caterpillar
14 MW
Pembangkit Listrik Tenaga Thermal Caterpillar Diesel Generator
Thermal Power Generators Generator Diesel Mirrlees Blackstone
30 MW
Mirless Blackstone Diesel Generator
Kegiatan Usaha Penjualan Nikel Matte dan Ore
Nickel Matte Sales Business Activities and Ore
Pada tahun 2025, kegiatan usaha utama Perseroan In 2025, the Company’s core business activities focused
adalah pertambangan bijih nikel. Produk yang dihasilkan on nickel ore mining. Its primary products consist of
adalah bijih nikel dan nikel Matte. Perseroan terikat nickel ore and nickel matte. The Company is bound by
dengan kontrak penjualan jangka panjang dengan Vale long-term sales agreements with Vale Canada Limited
Canada Limited (VCL) dan Sumitomo Metal Mining (VCL) and Sumitomo Metal Mining Co., Ltd. (SMM), the
Co. Ltd. (SMM) yang pembaruan terakhirnya berlaku latest amendments of which became effective on July
efektif sejak 1 Juli 2025 agar ketentuan komersial yang 1, 2025, ensuring that the applicable commercial terms
berlaku mencerminkan keadaan komersial saat ini reflect current market conditions for long-term base
terkait perjanjian logam dasar yang berorientasi jangka metal agreements and remain consistently aligned with
panjang dan selaras dengan prinsip arm's length secara the arm’s length principle.
berkesinambungan.
Mulai sejak tahun 2025, Perseroan melakukan penjualan Starting in 2025, the Company also commenced its initial
perdana bijih nikel berkadar tinggi (saprolit) dengan sales of high-grade nickel ore (saprolite), targeting the
target pasar domestik dan dilakukan dengan mekanisme domestic market through a competitive buyer selection
pemilihan buyer yang kompetitif. mechanism.
2025 Annual Report 79
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Akses terhadap Perseroan
Access to the Company
Alamat Kantor Pusat
Head Office Address
Sequis Tower, Lantai 20, Unit 6 & 7
Jl. Jend. Sudirman Kav. 71, Jakarta 12190, Indonesia
Telepon | Telephone : +62 21 524 9000
Faksimil | Facsimile : +62 21 524 9020
Surel | Email : ptvi-corpsec@vale.com;
ptvi.investorrelation@vale.com
Alamat Kantor Perwakilan
Representative Office Address
Makassar, Sulawesi Selatan
Jl. Somba Opu, PO Box 1143 Makassar 90001,
Sulawesi Selatan Indonesia
Telepon | Telephone : +62 411 873731, 873732
Faksimil | Facsimile : +62 411 856157
Pabrik Pengolahan
Processing Plant
Sorowako, 92984
Sulawesi Selatan, Indonesia
Telepon | Telephone : +62 21 5249100
Faksimil | Facsimile : +62 21 5249557
Situs Web
Website
www.vale.com/in/indonesia
Informasi Lebih Lanjut mengenai Perseroan,
Silakan Menghubungi:
For Further Company Information, Please Contact:
Corporate Secretary: ptvi-corpsec@vale.com
Investor Relation: ptvi.investorrelation@vale.com
Sequis Tower, 20th Floor Unit 6 & 7
Jl. Jend. Sudirman Kav. 71 Jakarta 12190, Indonesia
Telepon | Telephone : +62 21 524 9000
Faksimil | Facsimile : +62 21 524 9020
80 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
2025 Annual Report 81
Page 82
Ikhtisar Kinerja Laporan Manajemen Profil
Profil PT
PT Vale Indonesia
Indonesia Tbk
Tbk
Performance Highlight Management Report PT
PTVale
Vale Indonesia Profile
Indonesia Tbk Profile
Struktur Organisasi dan Pejabat Senior
Organizational Structure and Senior Officers
Board of Commissioners
Bernardus Irmanto
President Director & Chief
Executive Officer
Muhammad Asril Budiawansyah M. Slamet Sugiharto
Director & Chief Heriyanto Agung Putra
Director & Chief Director & Chief Corporate
Sustainability and Director & Chief Human
Project Officer Strategy & Technical
Corporate Affairs Officer Capital Officer
Officer
Sudirman B Muhammad Zaim Immanuel Tobing Mateus Sigit
Head of Growth PMO Head of Land Head of Talent, Head of Corporate Strategy
& JV Integration Management Performance, & Culture & Business Development
Hulman Sinaga Connie Damayanti
Otok Dwi Nugroho
Head of Mine Design Yudha Akbar Pally Head of Strategy
Head of Health & Safety
& Geology Head of Security Services & Total Rewards
Strategy
Management
Endra Kusuma Tyas Rabudianto
Reza Ganna Head of External Ricky Hidayat P.
Head of Studies and
Head of HSER Relations for Pomalaa & Manager, Facilities
Bahodopi Exploration
Gustaf Gannasonggo Yusri Yunus
Head of Engineering & Obes Silalahi
Head of External
JV Management Head of Mining CoE
Relations for Sorowako
Mohammad Rifai Cindy Kroon Jinan Syakir
Head of Pomalaa Sustainability & Risk Head of Processing
Project Management Advisor CoE
Goenawan Kukuh Andrie Kurniawan
Head of Mine Head of Asset
Bahodopi Project Management
Suharpiyu
Head of Sorowako Sadewo Prasetyo
Limonite Project Head of SCM
Yudy Setyawan
Manager, Contractor
Management (Projects)
Keterangan | Note :
Struktur Organisasi dan Pejabat Senior per 31 Maret 2026
Organizational Structure and Senior Officers as of March 31, 2026
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Governance,
Risk Mitigation Nomination, &
Audit Committee
Committee Remuneration
Committee
Abu Ashar Ranty Astari Rachman
Rizky Andhika Putra Vinicius Mendes Ferreira Imanastu Wicaksono
Vice President Director Chief of Corporate
Director & Chief Chief of JV Strategy & EV Head of IA,
and Chief Operations & Secretary, Governance
Financial Officer & Legal Counsel Downstreaming Compliance & WB
Infrastructure Officer
Sal Singh
Zainuddin Anggun Kara Nataya
Head of FP&A and
Head of Ops Excellence Head of Legal
Business Partner
Febrin Sitorus Andaru Brahmono Adi Budi Handoko
Head of Corporate Finance,
Head of HSOR Environment Head of Corporate
Treasury, and Investor
and Sustainability Ops Relations Governance
Dahlan Batara Indra Cosmas Tribaskoro
Head of Energy and Head of Enterprise Lead Carve-Out &
Logistics Ops Risk Management Corp Str
Chandra Yudha Ahmad Sofian
Muh Adli Lubis
Manager, Tax & Insurance Lead Carve-Out & Corp
Head of Process Ops
PMO
Iqbal Alfarobi Chrismasari Dewi S.
Head of Mine Ops Head of Commercial
Mulawarman
Manager, Contractor
Management (Ops)
2025 Annual Report 83
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Perubahan Susunan Anggota Direksi dan Dewan
Komisaris
Composition of the Board of Directors and Board of
Commissioners
Pada periode pelaporan, ada perubahan susunan During the reporting period, changes were made to
anggota Direksi dan Dewan Komisaris sesuai Rapat the composition of the Board of Directors and the
Umum Pemegang Saham (RUPS) sebagai bagian Board of Commissioners pursuant to resolutions of
dari upaya memperkuat governans dan mendukung the General Meeting of Shareholders (GMS), as part
kebutuhan strategis Perseroan. Setelah tahun buku of efforts to strengthen governance and support the
berakhir hingga tanggal penerbitan Laporan Tahunan Company’s strategic requirements. From the end of the
ini, tidak terdapat perubahan lebih lanjut pada susunan financial year up to the date of issuance of this Annual
anggota Direksi dan Dewan Komisaris. Report, there have been no further changes to the
composition of the Board of Directors and the Board of
Commissioners.
1. Dalam RUPS Luar Biasa (RUPSLB) tanggal 14 Januari 1. At the Extraordinary GMS (EGMS) held on 14 January
2025, pemegang saham menyetujui pemberhentian 2025, the shareholders approved the honorable
dengan hormat Dr. Ir. Raden Sukhyar dari jabatan dismissal of Dr. Ir. Raden Sukhyar from his position as
Komisaris Independen Perseroan, dan menyetujui Independent Commissioner of the Company and the
pengangkatan Retno L.P. Marsudi sebagai appointment of Retno L.P. Marsudi as Independent
Komisaris Independen Perseroan. Commissioner of the Company.
2. Dalam RUPS Tahunan (RUPST) tanggal 16 Mei 2025, 2. At the Annual GMS (AGMS) held on 16 May 2025, the
pemegang saham menyetujui beberapa hal di shareholders approved, among others:
antaranya:
• Pengunduran diri Fabio Ferraz sebagai Komisaris • The resignation of Fabio Ferraz as Commissioner
Perseroan; of the Company;
• Menyetujui pengangkatan Christopher • The appointment of Christopher McCleave as
McCleave sebagai Komisaris Perseroan; dan Commissioner of the Company; and
• Menyetujui berakhirnya masa jabatan Febriany • The conclusion of the term of office of Febriany
Eddy sebagai Presiden Direktur dan Chief Eddy as President Director and Chief Executive
Executive Officer (CEO) Perseroan. Officer (CEO) of the Company.
3. Dalam RUPSLB tanggal 28 Juli 2025, pemegang 3. At the EGMS held on 28 July 2025, the shareholders
saham menyetujui beberapa hal di antaranya: approved the following:
• Pengunduran diri Yusuke Niwa sebagai • The resignation of Yusuke Niwa as Commissioner
Komisaris Perseroan; of the Company;
• Memberhentikan dengan hormat Muhammad • The honorable dismissal of Muhammad Rachmat
Rachmat Kaimuddin dari jabatan Presiden Kaimuddin from his position as President
Komisaris Perseroan, Edi Permadi dari jabatan Commissioner, Edi Permadi as Commissioner,
Komisaris Perseroan, dan Adriansyah Chaniago and Adriansyah Chaniago as Director and Chief
dari jabatan Direktur dan Chief Human Capital Human Capital Officer;
Officer Perseroan;
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• Menyetujui pengangkatan F.S. Multhazar • The appointment of F.S. Multhazar as President
sebagai Presiden Komisaris Perseroan, Commissioner, Katherine Angela Oendoen and Shiro
Katherine Angela Oendoen dan Shiro Imai Imai as Commissioners, Heriyanto Agung Putra
sebagai Komisaris Perseroan; Heriyanto Agung as Director and Chief Human Capital Officer, and
Putra sebagai Direktur dan Chief Human Capital Budiawansyah as Director and Chief Sustainability
Officer Perseroan serta Budiawansyah sebagai and Corporate Affairs Officer;
Direktur dan Chief Sustainability and Corporate
Affairs Officer Perseroan;
• Menetapkan pengangkatan Bernardus Irmanto • The appointment of Bernardus Irmanto as President
sebagai Presiden Direktur dan CEO Perseroan. Director and Chief Executive Officer (CEO) of the
Company.
4. Dalam RUPSLB tanggal 23 September 2025, 4. At the EGMS held on 23 September 2025, the
pemegang saham menyetujui beberapa hal di shareholders approved the following:
antaranya:
• Pengunduran diri Luke Mahony dari jabatan • The resignation of Luke Mahony as Director and
Direktur dan Chief Strategy and Technical Chief Strategy and Technical Officer;
Officer Perseroan;
• Menyetujui pengangkatan M. Slamet Sugiharto • The appointment of M. Slamet Sugiharto as
sebagai Direktur dan Chief Strategy and Director and Chief Strategy and Technical
Technical Officer Perseroan. Officer of the Company.
2025 Annual Report 85
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Profil Direksi
Profile of the Board of Directors
Susunan Direksi per 31 Desember 2025
Composition of the Board of Directors as of December 31, 2025
Presiden Direktur dan Chief Executive Officer | President Director and Chief Executive Officer : Bernardus Irmanto
Wakil Presiden Direktur dan Chief Operation and Infrastructure Officer | Vice President Director and
: Abu Ashar
Chief Operation and Infrastructure Officer
Direktur dan Chief Human Capital Officer | Director and Chief Human Capital Officer : Heriyanto Agung Putra
Direktur dan Chief Sustainability and Corporate Affairs Officer | Director and Chief Sustainability and
: Budiawansyah
Corporate Affairs Officer
Direktur dan Chief Financial Officer | Director and Chief Financial Officer : Rizky Andhika Putra
Direktur dan Chief Project Officer | Director and Chief Project Officer : Muhammad Asril
Direktur dan Chief Strategy and Technical Officer | Director and Chief Strategy and Technical Officer : M. Slamet Sugiharto
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Bernardus Irmanto
Presiden Direktur dan Chief Executive Officer
President Director and Chief Executive Officer
Warga negara Indonesia, berusia 50 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 50 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Presiden Direktur dan Chief Executive Officer
berdasarkan Keputusan RUPSLB tanggal 28 Juli 2025, untuk periode
jabatan sejak penutupan RUPSLB sampai dengan RUPST tahun 2027.
Appointed as President Director and Chief Executive Officer based on
the resolution of the Extraordinary General Meeting of Shareholders
held on July 28, 2025, for a term of office from the closing of the
meeting until the Annual General Meeting of Shareholders in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Administrasi Bisnis (MBA), University • Presiden Direktur & CEO, PT Vale Indonesia Tbk,
of California, Los Angeles – Anderson School of 2025-Sekarang.
Management / National University of Singapore – • Chief Sustainability & Corporate Affairs Officer, PT Vale
Business School. Indonesia Tbk, 2024-2025.
• Magister Teknik (Ilmu Komputer), University of New • Chief Financial Officer, PT Vale Indonesia Tbk, 2019-
South Wales, Sydney. 2024.
• Sarjana Sains (Matematika), Universitas Gadjah Mada, • Director Human Resources & Corporate Services, PT Vale
Yogyakarta. Indonesia Tbk, 2010-2018.
• MBA, University of California, Los Angeles – Anderson • Head of Shared Services, Asia Center, 2009-2010.
School of Management / National University of • General Manager Information Technology, PT Vale
Singapore – Business School. Indonesia Tbk, 2004-2009.
• Master of Engineering Science (Computer Science), • President Director & CEO, PT Vale Indonesia Tbk,
University of New South Wales, Sydney. 2025-Present.
• Bachelor of Science (Mathematics), Gadjah Mada • Chief Sustainability & Corporate Affairs Officer, PT Vale
University, Yogyakarta. Indonesia Tbk, 2024-2025.
• Chief Financial Officer, 2019-2024.
Rangkap Jabatan | Concurrent Position
• Director, Human Resources & Corporate Services, PT
Tidak memiliki rangkap jabatan pada Perseroan/badan Vale Indonesia Tbk, 2010-2018.
usaha maupun lembaga lain. • Head of Shared Services, Asia Center, 2009-2010.
There were no concurrent positions in the Company/other • General Manager Information Technology, PT Vale
business entities and institutions. Indonesia Tbk, 2004-2009.
Hubungan Afiliasi | Affiliate Relationship
Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
Direksi, dan anggota Dewan Komisaris lainnya.
Has no affiliate relationship with Shareholder, Board of
Directors and other members of Board of Commissioners.
2025 Annual Report 87
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Abu Ashar
Wakil Presiden Direktur dan Chief Operation and
Infrastructure Officer
Vice President Director and Chief Operation and
Infrastructure Officer
Warga negara Indonesia, berusia 57 tahun, berdomisili di Sorowako,
Indonesia.
Indonesian citizen, 57 years old, domiciled in Sorowako, Indonesia.
Diangkat sebagai Wakil Presiden Direktur Perseroan pada RUPS Tahunan
tanggal 10 Juni 2024, untuk periode jabatan efektif sejak 28 Juni 2024
sampai dengan RUPST tahun 2027.
Appointed as the Vice President Director of the Company at the
Annual GMS on June 10, 2024, for a term effective from June 28, 2024,
until the Annual GMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Manajemen, Ekonomi dan Bisnis, Universitas • General Manager of Energy & Environment, PT Vale
Hasanuddin, Makassar, 2016. Indonesia Tbk, 2020-2021.
• Program Kepemimpinan dan Manajemen, Canada, 2001- • General Manager of Engineering, Maintenance & Utilities,
2002. PT Vale Indonesia Tbk, 2019-2020.
• Sarjana Teknik Mesin, Universitas Hasanuddin, Makassar, • General Manager of HSE, Engineering & Construction, PT
1992. Vale Indonesia Tbk, 2017-2019.
• General Manager of Engineering & Construction, PT Vale
• Master of Management, Economics and Business,
Indonesia Tbk, 2015-2017.
Hasanuddin University, Makassar, 2016.
• General Manager of Corporate Services, PT Vale Indonesia
• Leadership and Management Program, Canada, 2001-2002.
Tbk, 2012-2015.
• Bachelor of Mechanical Engineering, Hasanuddin University,
• Manager of Procurement, Contract Services & Warehouse,
Makassar, 1992.
PT International Nickel Indonesia Tbk, 2010-2012.
Rangkap Jabatan | Concurrent Position • Manager of Procurement & Contract Admin Services, PT
International Nickel Indonesia Tbk, 2005-2010.
Tidak memiliki rangkap jabatan pada Perseroan/badan • Manager of Central Planning, PT International Nickel
usaha maupun lembaga lain. Indonesia Tbk, 2003-2005
There were no concurrent positions in the Company/other • Manager of Utilities Production Support, PT International
business entities and institutions. Nickel Indonesia Tbk, 2002-2003.
• General Manager of Energy & Environment, PT Vale
Hubungan Afiliasi | Affiliate Relationship Indonesia Tbk, 2020-2021.
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • General Manager of Engineering, Maintenance & Utilities,
PT Vale Indonesia Tbk, 2019-2020.
Direksi, dan anggota Dewan Komisaris lainnya.
• General Manager of HSE, Engineering & Construction, PT
Has no affiliate relationship with Shareholder, Board of
Vale Indonesia Tbk, 2017-2019.
Directors and other members of Board of Commissioners.
• General Manager of Engineering & Construction, PT Vale
Pengalaman Kerja | Work Experience Indonesia Tbk, 2015-2017.
• General Manager of Corporate Services, PT Vale Indonesia
• Deputy Chief Operating Officer, PT Vale Indonesia Tbk, 2022. Tbk, 2012-2015.
• General Manager of Energy & Logistics, PT Vale Indonesia • Manager of Procurement, Contract Services & Warehouse,
Tbk, 2021-2022. PT International Nickel Indonesia Tbk, 2010-2012.
• Deputy Chief Operating Officer, PT Vale Indonesia Tbk, 2022. • Manager of Procurement & Contract Admin Services, PT
• General Manager of Energy & Logistics, PT Vale Indonesia International Nickel Indonesia Tbk, 2005-2010.
Tbk, 2021-2022. • Manager of Central Planning, PT International Nickel
Indonesia Tbk, 2003-2005
• Manager of Utilities Production Support, PT International
Nickel Indonesia Tbk, 2002-2003.
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Heriyanto Agung Putra
Direktur dan Chief Human Capital Officer
Director and Chief Human Capital Officer
Warga negara Indonesia, berusia 60 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 60 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Direktur Perseroan pada RUPSLB tanggal 28 Juli
2025, untuk periode jabatan efektif sejak penutupan RUPSLB sampai
dengan RUPST tahun 2028.
Appointed as the Director of the Company at the Extraordinary GMS
on July 28, 2025, with the term of office effective from the closing of
the EGMS until the Annual GMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Pascasarjana (S2) Kebijakan Bisnis, Universitas Indonesia • Wakil Presiden Direktur, Zurich Indonesia, 2023-2025.
• Postgraduate (Magister) Business Policy, Universitas • Eksekutif Human Capital, PT Bank Danamon Indonesia
Indonesia Tbk, 2016-2023.
• Human Capital Management and Corporate Affairs,
Rangkap Jabatan | Concurrent Position
PT Garuda Indonesia (Persero) Tbk, 2011-2016.
Tidak memiliki rangkap jabatan pada Perseroan/badan • Wakil Presiden Human Capital Management, PT Garuda
usaha maupun lembaga lain. Indonesia (Persero) Tbk, 2009-2011.
There were no concurrent positions in the Company/other • Wakil Presiden Business Support, PT Garuda Indonesia
business entities and institutions. (Persero) Tbk, 2005-2009.
• General Manager of General Strategic Sourcing,
Hubungan Afiliasi | Affiliate Relationship
PT Garuda Indonesia (Persero) Tbk, 2002-2004.
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • Vice President Director, Zurich Indonesia, 2023–2025.
Direksi, dan anggota Dewan Komisaris lainnya. • Human Capital Executive, PT Bank Danamon Indonesia
Has no affiliate relationship with Shareholder, Board of Tbk, 2016–2023.
Directors and other members of Board of Commissioners. • Human Capital Management and Corporate Affairs,
PT Garuda Indonesia (Persero) Tbk, 2011–2016.
• Vice President of Human Capital Management,
PT Garuda Indonesia (Persero) Tbk, 2009–2011.
• Vice President of Business Support, PT Garuda Indonesia
(Persero) Tbk, 2005–2009.
• General Manager of General Strategic Sourcing,
PT Garuda Indonesia (Persero) Tbk, 2002–2004.
2025 Annual Report 89
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Budiawansyah
Direktur dan Chief Sustainability and Corporate Affairs
Officer
Director and Chief Sustainability and Corporate Affairs
Officer
Warga negara Indonesia, berusia 47 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 47 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Wakil Presiden Direktur Perseroan pada RUPS Tahunan
tanggal 10 Juni 2024, untuk periode jabatan efektif sejak 28 Juni 2024
sampai dengan RUPST tahun 2027.
Appointed as the Director of the Company at the Extraordinary GMS
on July 28, 2025, with the term of office effective from the closing of
the EGMS until the Annual GMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister (S2) Kesehatan dan Keselamatan Kerja, Universitas • Kepala Institutional Relation & Permits, Vale Indonesia
Indonesia Tbk, 2024-2025.
• Sarjana (S1) Teknik Kimia, UPN “Veteran” Yogyakarta • Kepala Strategic Permit and General Affairs, PT Vale Indonesia
• Magister of Occupational Health and Safety, Universitas Tbk, 2021-2024.
Indonesia • Kepala Teknik Tambang – Health, Safety, Environment &
• Bachelor of Chemical Technic, UPN “Veteran” Yogyakarta Operational Risk, Vale Wilayah Asia Pasifik [APAC], 2020-2021.
• Kepala Teknik Tambang, Kepala Health, Safety, Environment
Rangkap Jabatan | Concurrent Position
& Operational Risk, PT Vale Indonesia Tbk, 2018-2020.
Tidak memiliki rangkap jabatan pada Perseroan/badan • Wakil Kepala Teknik Tambang – Manajer Umum Health,
usaha maupun lembaga lain. Safety & Emergency Response, PT Vale Indonesia Tbk,
There were no concurrent positions in the Company/other 2013-2018.
business entities and institutions. • Manajer Umum Operation & Maintenance Improvement,
PT Vale Indonesia Tbk, 2011-2013.
Hubungan Afiliasi | Affiliate Relationship
• Senior Process Engineer, PT Vale Indonesia Tbk, 2004-2010.
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • Process Quality Engineer, PT Digitone Indonesia, 2002-2004.
Direksi, dan anggota Dewan Komisaris lainnya. • Head of Institutional Relation & Permits, PT Vale, 2024-
Has no affiliate relationship with Shareholder, Board of 2025
Directors and other members of Board of Commissioners. • Head of Strategic Permit and General Affairs, PT Vale, 2021-
2024
• Mine Technical Manager – Health, Safety, Environment &
Operational Risk, Vale Wilayah Asia Pasifik [APAC], 2020-
2021
• Mine Technical Manager – Kepala Health, Safety, Environment
& Operational Risk, PT Vale, 2018-2020
• Mine Technical Vice Manager – General Manager Health,
Safety & Emergency Response, PT Vale, 2013-2018
• General Manager of Operation & Maintenance Improvement,
PT Vale, 2011-2013
• Senior Process Engineer, PT Vale, 2004-2010
• Process Quality Engineer, PT Digitone Indonesia, 2002-2004
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Rizky Andhika Putra
Direktur dan Chief Financial Officer
Director and Chief Financial Officer
Warga negara Indonesia, berusia 33 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 33 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Direktur Perseroan pada RUPST tanggal 10 Juni
2024, untuk periode jabatan efektif sejak 28 Juni 2024 sampai dengan
RUPST tahun 2027.
Appointed as a Director of the Company at the Annual GMS on June
10, 2024, for a term effective from June 28, 2024, until the Annual GMS
in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
Sarjana Administrasi Bisnis (Corporate Finance), Universitas • Executive Staff of Vice Minister Office, Ministry of State-
Prasetiya Mulya, 2014 owned Enterprise, 2023-2024
Bachelor of Business Administration, Corporate Finance, • Vice President, Department Head Wholesale Special Asset
Prasetiya Mulya University, 2014 Management, Bank Rakyat Indonesia (BRI), 2021-2023.
• Director, Investment Banking (Advisory), BRI Danareksa
Rangkap Jabatan | Concurrent Position
Sekuritas, 2020.
Tidak memiliki rangkap jabatan pada Perseroan/badan • Assistant Manager, Corporate Finance/Lead Advisory,
usaha maupun lembaga lain. PricewaterhouseCoopers, 2018-2020.
There were no concurrent positions in the Company/other • Senior Analyst, Corporate & Investment Banking & Analyst
business entities and institutions. – Financial Planning and Analysis, Citibank N.A., 2014-2018.
• Executive Staff of Vice Minister Office, Ministry of State-
Hubungan Afiliasi | Affiliate Relationship
owned Enterprise, 2023-2024
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • Vice President, Department Head Wholesale Special
Direksi, dan anggota Dewan Komisaris lainnya. Asset Management, Bank Rakyat Indonesia (BRI), 2021-
Has no affiliate relationship with Shareholder, Board of 2023.
Directors and other members of Board of Commissioners. • Director, Investment Banking (Advisory), BRI Danareksa
Sekuritas, 2020.
• Assistant Manager, Corporate Finance/Lead Advisory,
PricewaterhouseCoopers, 2018-2020.
• Senior Analyst, Corporate & Investment Banking &
Analyst – Financial Planning and Analysis, Citibank N.A.,
2014-2018.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Muhammad Asril
Direktur dan Chief Project Officer
Director and Chief Project Officer
Warga negara Indonesia, berusia 52 tahun, berdomisili di Makassar,
Indonesia.
Indonesian citizen, 52 years old, domiciled in Makassar, Indonesia.
Diangkat sebagai Direktur Perseroan pada RUPST tanggal 10 Juni 2024,
untuk periode jabatan efektif sejak 28 Juni 2024 sampai dengan RUPST
tahun 2027.
Appointed as a Director of the Company at the Annual GMS on June
10, 2024, for a term effective from June 28, 2024, until the Annual GMS
in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister (S2) Teknik Fisika, Institut Teknologi Sepuluh • Deputy Head of Mine, PT Vale Indonesia Tbk, 2023-2024
November, 2025 • APAC Procurement & Inbound Logistic Executive Manager,
• Sarjana (S1) Teknik Elektro, Universitas Hasanuddin, 1997 Vale S.A. (Global Assignment), 2020-2023.
• Master’s Degree (S2) in Engineering Physics, Institut • Senior Manager Supply Chain Management, PT Vale Indonesia
Teknologi Sepuluh Nopember, 2025 Tbk, 2017-2020.
• Bachelor’s Degree (S1) in Electrical Engineering, • Capital & Project Management (CPM) Manager, PT Vale
Universitas Hasanuddin, 1997 Indonesia Tbk, 2010-2017.
• Electrical & Instrumentation Engineer Supervisor, PT Vale
Rangkap Jabatan | Concurrent Position
Indonesia Tbk, 2006-2010.
Komisaris, PT Bahodopi Nickel Smelting Indonesia (BNSI), • Deputy Head of Mine, PT Vale Indonesia Tbk, 2023-2024
2025-Sekarang • APAC Procurement & Inbound Logistic Executive
Commissioner, PT Bahodopi Nickel Smelting Indonesia (BNSI), Manager, Vale S.A. (Global Assignment), 2020-2023.
2025-Present • Senior Manager Supply Chain Management, PT Vale
Indonesia Tbk, 2017-2020.
Hubungan Afiliasi | Affiliate Relationship
• Capital & Project Management (CPM) Manager, PT Vale
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, Indonesia Tbk, 2010-2017.
Direksi, dan anggota Dewan Komisaris lainnya. • Electrical & Instrumentation Engineer Supervisor, PT Vale
Has no affiliate relationship with Shareholder, Board of Indonesia Tbk, 2006-2010.
Directors and other members of Board of Commissioners.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
M. Slamet Sugiharto
Direktur dan Chief Strategy and Technical Officer
Director and Chief Strategy and Technical Officer
Warga negara Indonesia, berusia 56 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 56 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Direktur Perseroan pada RUPSLB pada 23 September
2025, untuk periode jabatan efektif sejak 23 September 2025 sampai
dengan RUPST tahun 2028.
Appointed as a Director of the Company at the EGMS on September
23, 2025, for a term effective from September 23, 2025, until the
Annual GMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Geologi Ekonomi, Institut Teknologi Bandung, 2024 • VP, Kepala Divisi Eksplorasi, PT Timah Tbk, 2020-2023.
• Magister Manajemen Internasional, Universitas Prasetiya • VP Project Afrika, PT Timah Tbk, 2019-2020.
Mulya, 2004 • Country Manager, Sanatana Resources Inc. (Kepulauan
• Sarjana (S1) Geologi, Institut Teknologi Bandung, 1993 Solomon), 2019.
• Master of Economic Geology, Institut Teknologi Bandung, • Manajer Eksplorasi, Axiom Mining (Kepulauan Solomon),
2024 2018-2019.
• Master of International Management, Prasetiya Mulya • Manajer Proyek, Vale Eksplorasi Indonesia, 2014-2017.
University, 2004 • Manajer Eksplorasi Regional, AngloGold Ashanti (Kepulauan
• Bachelor’s Degree (S1) in Geology, Institut Teknologi Solomon, Queensland Utara), 2011-2013.
Bandung, 1993 • Geolog Senior/Manajer Eksplorasi, AngloGold Ashanti
(Kepulauan Solomon, Queensland Utara), 2008-2010.
Rangkap Jabatan | Concurrent Position
• Geolog Senior, Bumi Resources, 2006-2008.
Tidak memiliki rangkap jabatan pada Perseroan/badan • Geolog Proyek, Freeport Indonesia, 1995-2002.
usaha maupun lembaga lain. • Geolog Junior, Rio Tinto Indonesia, 1994.
There were no concurrent positions in the Company/other • VP, Head of Exploration Division, PT Timah Tbk, 2020–2023.
business entities and institutions. • VP, Africa Project, PT Timah Tbk, 2019–2020.
• Country Manager, Sanatana Resources Inc. (Solomon
Hubungan Afiliasi | Affiliate Relationship
Islands), 2019.
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • Exploration Manager, Axiom Mining (Solomon Islands),
Direksi, dan anggota Dewan Komisaris lainnya. 2018–2019.
Has no affiliate relationship with Shareholder, Board of • Project Manager, Vale Exploration Indonesia, 2014–2017.
Directors and other members of Board of Commissioners. • Regional Exploration Manager, AngloGold Ashanti (Solomon
Islands, North Queensland), 2011–2013.
Pengalaman Kerja | Work Experience
• Senior Geologist / Exploration Manager, AngloGold Ashanti
• SVP, Kepala Divisi Pengembangan Cadangan Strategis, PT (Solomon Islands, North Queensland), 2008–2010.
Mineral Industri Indonesia (Persero), 2025. • Senior Geologist, Bumi Resources, 2006–2008.
• Wakil Kepala Divisi Perencanaan Eksplorasi dan Produksi, • Project Geologist, Freeport Indonesia, 1995–2002.
PT Timah Tbk , 2024. • Junior Geologist, Rio Tinto Indonesia, 1994.
• SVP, Head of Strategic Reserve Development Division, PT
Mineral Industri Indonesia (Persero), 2025.
• Deputy Head of Exploration and Production Planning
Division, PT Timah Tbk, 2024.
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Profil Dewan Komisaris
Profile of the Board of Commissioners
Susunan Dewan Komisaris per 31 Desember 2025
Composition of the Board of Commissioners as of December 31, 2025
Presiden Komisaris | President Commissioner : F. S. Multhazar
Wakil Presiden Komisaris | Vice President Commissioner : Emily Olson
Komisaris | Commissioner : Kristina Gauthier
Komisaris | Commissioner : Christopher McCleave
Komisaris | Commissioner : M. Jasman Panjaitan
Komisaris | Commissioner : Katherine Angela Oendoen
Komisaris | Commissioner : Shiro Imai
Komisaris Independen | Independent Commissioner : Rudiantara
Komisaris Independen | Independent Commissioner : Retno L.P. Marsudi
Komisaris Independen | Independent Commissioner : Marita Alisjahbana
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F. S. Multhazar
Presiden Komisaris
President Commissioner
Warga negara Indonesia, berusia 62 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 62 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Presiden Komisaris Perseroan pada RUPSLB pada 28
Juli 2025, untuk periode jabatan efektif sejak 28 Juli 2025 sampai dengan
RUPST tahun 2028.
Appointed as a President Commissioner of the Company at the EGMS
on July 28, 2025, for a term effective from July 28, 2025, until the
Annual GMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Sekolah Staf dan Komando Angkatan Darat, 2003. • Kepala Satuan Pengawas, Universitas Pertahanan,
• Akademi Militer Indonesia, 1988. Kementerian Pertahanan RI (2020)
• Indonesia Army Staff and Command College, 2023. • Staf Khusus KASAD (2016)
• Indonesia Military Academic, 1988. • Direktur Veteran, Dit Vet, Ditjen Pothan Kemhan (2016)
• Kasubdit KG Dit Anstra, Ditjen Strahan Kemhan (2015)
Rangkap Jabatan | Concurrent Position
• Kabag PAM ROUM Setjen Kemhan (2012 – 2014)
Tidak memiliki rangkap jabatan pada Perseroan/badan • Head of Supervisory Unit, Defense University, Ministry of
usaha maupun lembaga lain. Defense of the Republic of Indonesia (2020)
There were no concurrent positions in the Company/other • Special Staff to the Chief of Staff of the Indonesian Army
business entities and institutions. (2016)
• Director of Veterans Affairs, Directorate General of Defense
Hubungan Afiliasi | Affiliate Relationship
Potential, Ministry of Defense (2016)
Tidak memiliki hubungan afiliasi dengan Pemegang Saham, • Head of Subdirectorate for KG, Directorate of Defense
Direksi, dan anggota Dewan Komisaris lainnya. Strategy Analysis, Directorate General of Defense Strategy,
Has no affiliate relationship with Shareholder, Board of Ministry of Defense (2015)
Directors and other members of Board of Commissioners. • Head of Security Division, General Bureau, Secretariat
General, Ministry of Defense (2012–2014)
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Emily Olson
Wakil Presiden Komisaris
Vice President Commissioner
Warga negara Amerika Serikat, berusia 44 tahun, berdomisili di
Kanada.
American citizen, 44 years old, domiciled in Canada.
Diangkat sebagai Presiden Komisaris Perseroan pada RUPST pada 10 Juni
2024, untuk periode jabatan efektif sejak 28 Juni 2024 sampai dengan
RUPST tahun 2027.
Appointed as a Vice President Commissioner of the Company at the
AGMS on June 10, 2025, for a term effective from June 28, 2024, until
the AGMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Strategi & Diplomasi Internasional, London School • Chief Sustainability and Corporate Affairs Officer, Vale Base
of Economics Metals, 2023-present.
• Sarjana Ilmu Politik, Loyola University of Chicago • Wakil Presiden, Hubungan Strategis Global, Freeport-
• Master of International Strategy & Diplomacy, London McMoran, 2021-2023.
School of Economics • Wakil Presiden Senior, BP Eropa & Rusia, 2019 - 2021.
• Bachelor of Political Science, Loyola University of Chicago • Kepala Staf Wakil Kepala Eksekutif, BP, 2018-2019.
• Wakil Presiden, Komunikasi & Urusan Eksternal, The
Rangkap Jabatan | Concurrent Position
Southern Gas Corridor, 2014-2019.
• Chief Sustainability and Corporate Affairs Officer, Vale • Kantor Eksekutif, CEO, BP Upstream, 2012-2014.
Base Metals. • Penasihat Senior, Chairman & Presiden, BP Amerika, 2010-
• Anggota Komite Tata Kelola, Nominasi dan Remunerasi, 2012.
PT Vale Indonesia Tbk. • Direktur Senior, Federal Government Affairs, 2009-2010.
• Chief Sustainability and Corporate Affairs Officer, Vale • Chief Sustainability and Corporate Affairs Officer, Vale
Base Metals. Base Metals, 2023-sekarang
• Member of the Governance, Nomination, and • Vice President, Global Strategic Relations, Freeport-
Remuneration Committee, PT Vale Indonesia Tbk. McMoran, 2021-2023.
• Senior Vice President, BP Europe & Russia, 2019 – 2021.
Hubungan Afiliasi | Affiliate Relationship
• Chief of Staff to Deputy Chief Executive Officer, BP,
Memiliki hubungan afiliasi dengan pemegang saham 2018-2019.
Perseroan, yaitu Vale Canada Limited. • Vice President, Communications & External Affairs, The
Has affiliated with shareholder, which is Vale Canada Limited. Southern Gas Corridor, 2014-2019.
• Executive Office, CEO, BP Upstream, 2012-2014.
• Senior Advisor, Chairman & President, BP America, 2010-
2012.
• Senior Director, Federal Government Affairs, 2009-2010.
Keterangan | Note:
Pada 31 Maret 2026, Perseroan telah menerima surat pengunduran diri Emily Olson sebagai Wakil Presiden Komisaris Perseroan. Perseroan akan mengajukan permohonan
persetujuan atas pengunduran diri tersebut kepada Rapat Umum Pemegang Saham Perseroan terdekat.
On March 31, 2026, the Company has received a letter of resignation from Emily Olson as Vice President Commissioner of the Company. The Company will subsequently seek
approval of such resignations at the next General Meeting of Shareholders of the Company.
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Kristina Gauthier
Komisaris
Commissioner
Warga negara Kanada, berusia 56 tahun, berdomisili di Kanada
Canadian citizen, 56 years old, domiciled in Canada
Diangkat sebagai Komisaris Perseroan pada RUPST
pada 10 Juni 2024, untuk periode jabatan efektif
sejak 28 Juni 2024 sampai dengan RUPST tahun 2027.
Appointed as Commissioner of the Company at the AGMS on
June 10, 2025, for a term effective from June 28, 2024, until the
AGMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Manajemen Internasional, McGill University dan • Head of Nickel Sales, Vale Base Metal, 2021-2023.
Lancaster University • Representative and Trading Assistant, Sherritt International
• Magister Administrasi Bisnis (MBA), Deakin University Corporations, 1996-2021.
• Sarjana Teknik Pertambangan, University of South Australia • Precision Resources Canada Ltd., 1991-1996.
• Master’s Degree in International Management, McGill • Head of Nickel Sales, Vale Base Metal, 2021-2023.
University and Lancaster University • Representative and Trading Assistant, Sherritt
• Master of Business Administration (MBA), Deakin International Corporations, 1996-2021.
University • Precision Resources Canada Ltd., 1991-1996.
• Bachelor’s Degree in Mining Engineering, University of
Hubungan Afiliasi | Affiliate Relationship
South Australia
Memiliki hubungan afiliasi dengan pemegang saham
Rangkap Jabatan | Concurrent Position
Perseroan, yaitu Vale Canada Limited.
• Chief Commercial Officer, Vale Base Metal. Has affiliated with shareholder, which is Vale Canada Limited.
• Corporate Office, Vale Canada Limited.
• Anggota Komite Tata Kelola, Nominasi dan Remunerasi,
PT Vale Indonesia Tbk.
• Chief Commercial Officer, Vale Base Metals.
• Corporate Office, Vale Canada Limited.
• Member of the Governance, Nomination, and
Remuneration Committee, PT Vale Indonesia Tbk.
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Christopher McCleave
Komisaris
Commissioner
Warga negara Australia, berusia 49 tahun, berdomisili di Kanada
Warga negara Australia, berusia 49 tahun, berdomisili di Kanada
Diangkat sebagai Komisaris Perseroan pada RUPST pada 16 Mei 2025,
untuk periode jabatan efektif sejak 16 Mei 2025 hingga RUPST tahun 2028.
Appointed as a Commissioner of the Company at the AGMS on May 16,
2025, for a term effective from May 16, 2025, until the AGMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Manajemen Internasional, McGill University dan • Glencore International AG, 2008 – 2020 Chief Operating
Lancaster University Officer untuk Zinc Amerika Selatan, 2020
• Magister Administrasi Bisnis (MBA), Deakin University • Wakil Presiden Operasional di Sinchi Wayra, 2018 – 2020
• Sarjana Teknik Pertambangan, University of South Australia • Manajer Umum Pertambangan di Mount Isa Mining Zinc
• Magister Manajemen Internasional, McGill University dan Operations, 2014 – 2017
Lancaster University • Manajer Umum / Site Senior Executive / Manajer Proyek di
Lady Loretta Underground Mine, 2011 – 2014
• Magister Business Administration (MBA), Deakin
• Manajer Pertambangan di McArthur River Open Pit Mine,
University
2008 – 2010
• Bachelor of Mining Engineering, University of South
• Manajer Technical Services / Kepala Perencanaan / Insinyur
Australia
Pertambangan di BHP Billiton Mitsubishi Alliance, 2004
Rangkap Jabatan | Concurrent Position – 2008
• Insinyur Pertambangan di Hamersley Iron Pty Ltd, Rio Tinto,
Chief Technical Officer, Vale Base Metals. 2003 – 2004
Chief Technical Officer, Vale Base Metals. • Insinyur Pertambangan di Henry Walker Eltin Pty Ltd,
2002 – 2003
Hubungan Afiliasi | Affiliate Relationship
• Glencore International AG, 2008 – 2020
Memiliki hubungan afiliasi dengan pemegang saham • Chief Operating Officer South America Zinc, 2020
Perseroan, yaitu Vale Canada Limited. • Vice President of Operations Sinchi Wayra, 2018 – 2020
Has affiliated with shareholder, which is Vale Canada Limited. • General Manager Mining at Mount Isa Mining Zinc
Operations, 2014 – 2017
Pengalaman Kerja | Work Experience • General Manager / Site Senior Executive / Project
Manager at Lady Loretta Underground Mine, 2011 – 2014
• Chief Technical Officer di Vale Base Metal, 2024 – sekarang
• Mining Manager at McArthur River Open Pit Mine, 2008 –
• Anglo American, 2021 – 2023
2010
• Anggota Tim Future Fit Home, 2023
• Technical Services Manager / Planning Superintendent
• Kepala Eksekutif Bidang Pertambangan & Teknis di Anglo
/ Mining Engineer at Mining at BHP Billiton Mitsubishi
American Platinum, 2021 – 2022
Alliance, 2004 – 2008
• Chief Technical Officer at Vale Base Metal, 2024 - Present
• Mining Engineer at Hamersley Iron Pty Ltd, Rio Tinto,
• Anglo American, 2021 – 2023
2003 – 2004
• Future Fit Home Team, 2023
• Mining Engineer at Henry Walker Eltin Pty Ltd, 2002 –
• Executive Head Mining & Technical at Anglo American
2003
Platinum, 2021 – 2022
Keterangan | Note:
Pada 9 April 2026, Perseroan telah menerima surat pengunduran diri Christopher John McCleave sebagai Komisaris Perseroan. Perseroan akan mengajukan permohonan
persetujuan atas pengunduran diri tersebut kepada Rapat Umum Pemegang Saham Perseroan terdekat.
On April 9, 2026, the Company has received a letter of resignation from Christopher John McCleave Commissioner of the Company. The Company will subsequently seek
approval of such resignations at the next General Meeting of Shareholders of the Company.
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M. Jasman Panjaitan
Komisaris
Commissioner
Warga negara Indonesia, berusia 70 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian Citizen, 70 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Komisaris Perseroan pada RUPST pada 10 Juni 2024,
untuk periode jabatan efektif sejak 28 Juni 2024 hingga RUPST tahun 2027.
Appointed as a Commissioner of the Company at the AGMS on June
10, 2024, for a term effective from June 28, 2024, until the AGMS in
2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• S3 bidang Hukum Pidana, Universitas Padjadjaran. • Pelaksana Tugas Jaksa Agung Muda Pengawasan, 2014-2018.
• S2 di bidang Hukum, Universitas Padjadjaran. • Sekretaris Jaksa Agung Muda Pengawasan, 2014.
• S1 di bidang Hukum, Universitas Padjadjaran. • Kepala Kejaksaan Tinggi Kalimantan Barat, 2011.
• Doctorate in Criminal Law, Padjadjaran University. • Direktur Penyidikan Jaksa Agung Muda Pidana Khusus, 2011.
• Master of Law, Padjadjaran University. • Kepala Kejaksaan Tinggi Kalimantan Tengah, 2009-2011.
• Bachelor of Law, Padjadjaran University. • Acting Deputy Attorney General for Supervision, 2014-
2018.
Rangkap Jabatan | Concurrent Position
• Secretary of Deputy Attorney General for Supervision,
• Widyaiswara Utama, Badan Pendidikan dan Pelatihan 2014.
Kejaksaan Republik Indonesia. • Head of West Kalimantan High Prosecutor’s Office, 2011.
• Anggota Komite Audit, PT Kilang Pertamina Balikpapan. • Director of Investigations for Junior Attorney General for
• Anggota Komite Tata Kelola Terintegrasi, PT Mineral Industri Special Crimes, 2011.
Indonesia (Persero). • Head of Central Kalimantan High Court, 2009-2011.
• Anggota Komite Tata Kelola, Nominasi dan Remunerasi,
Hubungan Afiliasi | Affiliate Relationship
PT Vale Indonesia Tbk.
• Principal Instructor, Education and Training of the Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
Attorney General’s Office of the Republic of Indonesia. Direksi, dan anggota Dewan Komisaris lainnya.
• Member of the Audit Committee, PT Kilang Pertamina Has no affiliate relationship with Shareholder, Board of
Balikpapan. Directors and other members of Board of Commissioners.
• Member of the Integrated Governance Committee, PT
Mineral Industri Indonesia (Persero).
• Member of the Governance, Nomination and
Remuneration Committee, PT Vale Indonesia Tbk.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Katherine Angela Oendoen
Komisaris
Commissioner
Warga negara Indonesia, berusia 65 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian Citizen, 65 years old, domiciled in Jakarta, Indonesia.
Diangkat sebagai Komisaris Perseroan pada RUPST pada 28 Juli 2025,
untuk periode jabatan efektif sejak penutupan RUPSLB hingga RUPST
tahun 2028.
Appointed as Commissioner of the Company at the EGMS held on 28
July 2025, with a term of office effective from the closing of the EGMS
until the AGMS in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Tengah menyelesaikan Magister (S2), STIE Bhakti • Anggota DPR-RI, 2014–2019 dan 2019–2024.
Pembangunan. • Direktur Keuangan, PT Global Pacific Energy.
• Sarjana di Sekolah Tinggi Ilmu Ekonomi (STIE) Dwipa Wacana. • Kepala Cabang di PT Asuransi Jiwa Danamon Aetna Life,
• Currently pursuing a Master’s Degree (S2), STIE Bhakti PT Asuransi MAA, PT Asuransi Rekapital.
Pembangunan. • Member of DPR-RI, 2014-2019 dan 2019-2024
• Bachelor’s Degree in Sekolah Tinggi Ilmu Ekonomi (STIE) • Financial Director, PT Global Pacific Energy.
Dwipa Wacana. • Branch Head of PT Asuransi Jiwa Danamon Aetna Life, PT
Asuransi MAA, PT Asuransi Rekapital.
Rangkap Jabatan | Concurrent Position
Anggota Komite Tata Kelola, Nominasi dan Remunerasi, PT
Vale Indonesia Tbk.
Member of the Governance, Nomination, and Remuneration
Committee, PT Vale Indonesia Tbk.
Hubungan Afiliasi | Affiliate Relationship
Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
Direksi, dan anggota Dewan Komisaris lainnya.
Has no affiliate relationship with Shareholder, Board of
Directors and other members of Board of Commissioners.
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Shiro Imai
Komisaris
Commissioner
Warga negara Jepang, berusia 52 tahun, berdomisili di Jepang.
Japanese Citizen, 52 years old, domiciled in Japan.
Diangkat sebagai Komisaris Perseroan pada RUPST pada July 28, 2025,
untuk periode jabatan efektif sejak penutupan RUPSLB hingga RUPST
tahun 2028.
Appointed as a Commissioner of the Company at the EGMS on July
28, 2025, for a term effective from July 28, 2025, until the Annual GMS
in 2028.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
Sarjana Ekonomi, Universitas Tohoku, Miyagi, Jepang, • General Manager Departemen Penjualan Nikel & Bahan Baku,
Bachelor of Economic, University of Tohoku, Miyagi, Japan. Divisi Logam Non- Ferrous, Sumitomo Metal Mining Co., Ltd.
• Manajer di Manager at Nickel Sales & Raw Materials
Rangkap Jabatan | Concurrent Position
Department - Non-Ferrous Metals.
• General Manager Departemen Penjualan Nikel & Bahan • Chairman and President, Sumitomo Metal Mining Philippine
Baku, Divisi Logam Non-Ferrous, Sumitomo Metal Mining Holdings Corporation, Coral Bay Nickel Corporation, Taganito
Co., Ltd. HPAL Corporation.
• Anggota Komite Tata Kelola, Nominasi dan Remunerasi, • General Manager Raw Material & Nickel Sales Department,
PT Vale Indonesia Tbk. Non-Ferrous Metal Division, Sumitomo Metal Mining Co.,
• General Manager, Nickel & Raw Materials Sales Ltd.
Department, Non-Ferrous Metals Division, Sumitomo • Manajer di Manager at Nickel Sales & Raw Materials
Metal Mining Co., Ltd. Department - Non-Ferrous Metal.
• Member of the Governance, Nomination, and • Chairman and President, Sumitomo Metal Mining
Remuneration Committee, PT Vale Indonesia Tbk. Philippine Holdings Corporation, Coral Bay Nickel
Corporation, Taganito HPAL Corporation.
Hubungan Afiliasi | Affiliate Relationship
Memiliki hubungan afiliasi dengan pemegang saham
Perseroan, yaitu Sumitomo Metal Mining Co., Ltd
Has affiliated with shareholder, which is Sumitomo Metal
Mining Co., Ltd
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Rudiantara
Komisaris Independen
Independent Commissioner
Warga negara Indonesia, berusia 67 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 67 years old, domiciled in Jakarta, Indonesia.
Pertama kali diangkat sebagai Komisaris Independen Perseroan pada
RUPST pada 29 Juli 2020. Terakhir kali diangkat kembali sebagai Komisaris
Independen Perseroan pada RUPST pada 10 Juni 2024, untuk periode
jabatan efektif sejak 28 Juni 2024 sampai dengan RUPST tahun 2027.
First appointed as Independent Commissioner of the Company at the
AGMS on July 29, 2020. Lastly appointed as IndependentCommissioner
of the Company at the AGMS on June 10, 2024, for a term of office
effective from June 28, 2024 until the AGMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Magister Administrasi Bisnis, PPM School of Management, • Komisaris Utama, PT Semen Indonesia (Persero) Tbk, 2020-
1988. 2023.
• Sarjana Statistika, Universitas Padjadjaran, 1984. • Menteri Komunikasi dan Informatika RI, 2014-2019.
• Master of Business Administration, PPM School of • Direktur/Komisaris: PT Telekomunikasi Seluler, PT XL Axiata
Management, 1988. Tbk, PT Indosat Ooredoo Tbk, dan PT Telkom Indonesia
• Bachelor Degree in Statistics, University of Padjadjaran, (Persero) Tbk, 1996-2014.
1984. • Wakil Direktur Utama, PT PLN (Persero), 2008-2009.
• Wakil Direktur Utama, PT Semen Gresik (Persero) Tbk,
Rangkap Jabatan | Concurrent Position
2006-2008.
• Komisaris Utama PT Kita Bisa Indonesia. • President Commissioner of PT Semen Indonesia (Persero)
• Komisaris Utama PT Rukun Raharja Tbk. Tbk, 2020-2023.
• Komisaris Independen PT Indosat Tbk. • Minister of Communication and Informatics of The
• Komisaris Utama PT Amartha Nusantara Raya. Republic of Indonesia, 2014-2019.
• Komisaris Utama PT Elang Andalan Nusantara. • Director/Commissioner of PT Telekomunikasi Seluler,
• Ketua Komite Tata Kelola, Nominasi dan Remunerasi, PT PT XL Axiata Tbk and PT Indosat Ooredoo Tbk, and PT
Vale Indonesia Tbk. Telkom Indonesia (Persero) Tbk, 1996-2014.
• Anggota Komite Audit, PT Vale Indonesia Tbk. • Vice President Director of PT PLN (Persero), 2008- 2009.
• President Commissioner, PT Kita Bisa Indonesia. • Vice President Director of PT Semen Gresik (Persero) Tbk,
• President Commissioner, PT Rukun Raharja Tbk. 2006-2008.
• Independent Commissioner, PT Indosat Tbk.
Hubungan Afiliasi | Affiliate Relationship
• President Commissioner, PT Amartha Nusantara Raya.
• President Commissioner, PT Elang Andalan Nusantara. Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
• Chairman of the Governance, Nomination, and Direksi, dan anggota Dewan Komisaris lainnya.
Remuneration Committee, PT Vale Indonesia Tbk. Has no affiliate relationship with Shareholder, Board of
• Member of the Audit Committee, PT Vale Indonesia Tbk. Directors and other members of Board of Commissioners.
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Retno L.P. Marsudi
Komisaris Independen
Independent Commissioner
Warga negara Indonesia, berusia 63 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 63 years old, domiciled in Jakarta, Indonesia.
Pertama kali diangkat sebagai Komisaris Independen Perseroan pada
RUPSLB pada 14 Januari 2025, untuk periode jabatan efektif sejak
penutupan RUPSLB hingga RUPST tahun 2027.
First appointed as Independent Commissioner of the Company at
the EGMS on January 14, 2025, for a term of office effective from the
closing of the EGMS until the AGMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Pascasarjana Hak Asasi Manusia di Universitas Oslo dan • Menteri Luar Negeri Indonesia, 2014–2024.
Hukum Uni Eropa di Haagse Hogeschool. • Duta Besar Indonesia untuk Belanda.
• S1 Hubungan Internasional, Universitas Gadjah Mada. • Direktur Jenderal Urusan Multilateral, Kementerian Luar
• Postgraduate on Human Rights at Oslo University and Negeri RI.
Uni Europe Law at Haagse Hogeschool. • Minister of Foreign Affairs of Indonesia, 2014–2024.
• Bachelor of International Relationship, Universitas Gajah • Ambassador of Indonesia to the Netherlands.
Mada. • Director General of Multilateral Affairs, Ministry of
Foreign Affairs of the Republic of Indonesia.
Rangkap Jabatan | Concurrent Position
Hubungan Afiliasi | Affiliate Relationship
• Ketua Komite Mitigasi Risiko, PT Vale Indonesia Tbk.
• Direktur Non-Eksekutif, Gurun Energy. Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
• Komisaris Independen, PT Bundamedik Tbk. Direksi, dan anggota Dewan Komisaris lainnya.
• Komisaris Independen, PT XLSMART Telecom Sejahtera Tbk. Has no affiliate relationship with Shareholder, Board of
• Utusan Khusus Sekretaris Jenderal PBB Bidang Air, Directors and other members of Board of Commissioners.
Perserikatan Bangsa-Banga (PBB).
• Anggota Dewan (Member of Board Council), Paragon Wardah
Stewardship for Global Impact, ParagonCorp.
• Chairman of the Risk Mitigation Committee, PT Vale
Indonesia Tbk.
• Non-Executive Director, Gurun Energy.
• Independent Commissioner, PT Bundamedik Tbk.
• Independent Commissioner, PT XLSMART Telecom
Sejahtera Tbk.
• Special Envoy of the United Nations Secretary-General
on Water, United Nations (UN).
• Member of the Board Council, Paragon Wardah
Stewardship for Global Impact, ParagonCorp.
2025 Annual Report 103
Page 104
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Marita Alisjahbana
Komisaris Independen
Independent Commissioner
Warga negara Indonesia, berusia 69 tahun, berdomisili di Jakarta,
Indonesia.
Indonesian citizen, 69 years old, domiciled in Jakarta, Indonesia.
Pertama kali diangkat sebagai Komisaris Independen Perseroan pada
RUPSLB pada 10 Juni 2024, untuk periode jabatan efektif sejak 28 Juni
2024 sampai dengan RUPST tahun 2027.
Appointed as a Independent Commissioner of the Company at the
AGMS on June 10, 2024, for a term effective from June 28, 2024, until
the AGMS in 2027.
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Institut Teknologi Bandung • Chief Risk Officer, INA, 2024.
• Universitas California, Los Angeles • Citibank N.A. selama 30 tahun, memegang berbagai peran
• Bandung Institute of Technology kepemimpinan dalam manajemen risiko, seperti Country
• University of California, Los Angeles Risk Manager di Indonesia, Thailand, Vietnam, Filipina.
• Chief Risk Officer of INA, 2024.
Rangkap Jabatan | Concurrent Position
• Citibank N.A. for 30 years holding various leadership roles
• Komisaris Independen PT Bank SMBC Indonesia Tbk. in risk management, such as Country Risk Manager in
• Ketua Komite Audit, PT Vale Indonesia Tbk. Indonesia, Thailand, Vietnam, Philippines.
• Anggota Komite Mitigasi Risiko, PT Vale Indonesia Tbk.
Hubungan Afiliasi | Affiliate Relationship
• Independent Commissioner, PT Bank SMBC Indonesia
Tbk. Tidak memiliki hubungan afiliasi dengan Pemegang Saham,
• Chairman of the Audit Committee, PT Vale Indonesia Direksi, dan anggota Dewan Komisaris lainnya.
Tbk. Has no affiliate relationship with Shareholder, Board of
• Member of the Risk Mitigation Committee, PT Vale Directors and other members of Board of Commissioners.
Indonesia Tbk.
104 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pekerja Kami
Our People
PT Vale menyadari bahwa keberagaman, kesetaraan, PT Vale recognizes that Diversity, Equity, and Inclusion
dan inklusi (DEI) merupakan elemen penting dalam (DEI) are essential elements in fostering a positive,
menciptakan lingkungan kerja yang positif, produktif, productive, and innovative work environment. In
dan kreatif. Untuk mendukung hal tersebut, PT Vale support of this commitment, PT Vale has established
memiliki Kebijakan Sumber Daya Manusia (People a People Policy, a Diversity and Inclusion Policy, and a
Policy), Kebijakan Keberagaman dan Inklusi (Diversity Diversity, Equity and Inclusion Charter, which collectively
and Inclusion Policy), serta Piagam Keberagaman, serve as guiding frameworks for the Company.
Kesetaraan, dan Inklusi (Diversity, Equity and Inclusion
Charter) sebagai pedoman bersama.
Informasi mengenai kebijakan-kebijakan tersebut dapat diakses pada tautan berikut:
Information on these policies is available at the following link:
https://vale.com/in/indonesia/kebijakan-kami
Jumlah dan Komposisi Karyawan
Number and Composition of Employees
Pekerja PT Vale pada akhir tahun 2025 berjumlah As of the end of 2025, the number of PT Vale’s employees
2.985 orang, berkurang 53 orang dari tahun 2024 totaled 2,985 people, a decrease of 53 employees
yang mencapai 3.038 orang. Sebanyak 361 orang atau compared to 2024, which reached 3,038 people. A total
12,09% adalah perempuan. Perseroan menargetkan of 361 employees, or 12.09% were women. The Company
peningkatan jumlah pekerja perempuan hingga 17% targets an increase in the proportion of female
di tahun 2030. Para pekerja berasal dari berbagai latar employees to 17% by 2030. The Company’s employees
belakang sehingga menguatkan keragaman kami. come from diverse backgrounds, thereby strengthening
Mereka memiliki kesetaraan dalam penugasan maupun our diversity. They have equal opportunities in both
membangun karier. work assignments and career development.
Jumlah Karyawan Berdasarkan Jenis Kelamin
Total Employees based on Gender
2025 2024 2023
Gender
Total % Total % Total %
Pria
2,624 87.91 2,686 88.41 2,710 89.79
Male
Wanita
361 12.09 352 13.99 308 10.21
Female
Total 2,985 100.00 3,038 100.00 3,018 100.00
2025 Annual Report 105
Page 106
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Jumlah Karyawan Berdasarkan Status Jabatan dan Gender
Total Employees based on Position and Gender
Jabatan dan 2025 2024 2023
Gender
Position and Pria Wanita Pria Wanita Pria Wanita
Total Total Total
Gender Male Female Male Female Male Female
Management 36 4 40 30 4 34 24 4 28
General Manager
106 17 123 112 13 125 104 11 115
of Specialist
Senior Staff or
488 110 598 473 102 575 402 79 481
Manager
Staff 719 154 873 685 155 840 691 131 822
Non-Staff 1,275 76 1,351 1,386 78 1,464 1,489 83 1,572
Total 2,624 361 2,985 2,686 352 3,038 2,710 308 3,018
Jumlah Karyawan Berdasarkan Kelompok Usia dan Gender
Total Employees based on Age Group and Gender
Kelompok Usia 2025 2024 2023
(Tahun) dan
Gender
Age Group Pria Wanita Pria Wanita Pria Wanita
Total Total Total
(Years Old) and Male Female Male Female Male Female
Gender
>50 630 35 665 577 28 605 539 24 563
30 – 50 1,883 263 2,146 1,980 254 2,234 2,059 228 2,287
<30 111 63 174 129 70 199 112 56 168
Total 2,624 361 2,985 2,686 352 3,038 2,710 308 3,018
Jumlah Karyawan Berdasarkan Status Kepegawaian dan Gender
Total Employees based on Employment Status and Gender
Status 2025 2024 2023
Kepegawaian
dan Gender
Employment Pria Wanita Pria Wanita Pria Wanita
Total Total Total
Status and Male Female Male Female Male Female
Gender
Pegawai Tetap
Permanent 2,549 337 2,886 2,607 322 2,929 2,653 280 2,933
Employees
Pegawai Tidak
Tetap
75 24 99 79 30 109 57 28 85
Non-Permanent
Employees
Total 2,624 361 2,985 2,686 352 3,038 2,710 308 3,018
106 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Jumlah Karyawan Berdasarkan Tingkat Pendidikan dan Gender
Total Employees based on Education Level and Gender
Tingkat 2025 2024 2023
Pendidikan dan
Gender Pria Wanita Pria Wanita Pria Wanita
Education Level Total Total Total
Male Female Male Female Male Female
and Gender
Doktor (S3)
2 0 2 8 1 9 1 0 1
Ph.D
Pascasarjana
(S2) 67 30 97 68 26 94 56 22 78
Master’s Degree
Sarjana (S1)
Bachelor’s 791 224 1,015 769 219 988 700 176 876
Degree
Diploma 3
295 65 360 301 64 365 276 57 333
D3 Diploma
SLTA/Sederajat
Senior High 1,459 42 1,501 1,526 42 1,568 1,657 53 1,710
School
SLTP/Sederajat
Junior High 10 0 10 14 0 14 20 0 20
School
Total 2,624 361 2,985 2,686 352 3,038 2,710 308 3,018
Jumlah Karyawan Berdasarkan Daerah Penempatan dan Gender
Total Employees based on Placement Area and Gender
Daerah 2025 2024 2023
Penempatan
dan Gender Pria Wanita Pria Wanita Pria Wanita
Placement Area Total Total Total
Male Female Male Female Male Female
and Gender
Bungku Tim 78 21 99 74 19 93 55 16 71
Jakarta 59 43 102 58 35 93 45 26 71
Makassar 11 4 15 5 3 8 3 2 5
Palu 1 1 1 0 1 1 0 1
Pomalaa 73 26 99 71 29 100 56 21 77
Sorowako 2,402 267 2,669 2,477 266 2,743 2,550 243 2,793
Total 2,624 361 2,985 2,686 352 3,038 2,710 308 3,018
2025 Annual Report 107
Page 108
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pelatihan dan Pengembangan Kompetensi Karyawan
Employee Competency Training and Development
Pelatihan dan pengembangan pekerja dikelola Employee training and development are managed by
Departemen Human Capital. Kegiatan pelatihan the Human Capital Department. Training activities
pada periode pelaporan meliputi pelatihan teknis, during the reporting period included technical training,
kepemimpinan, dan pelatihan-pelatihan bersifat leadership development programs, and mandatory
wajib. Realisasi investasi terkait program pelatihan training. The realization of investment related to
dan pengembangan pekerja tahun 2025 mencapai employee training and development programs in 2025
AS$804.065, berkurang 2,3% dari tahun 2024 sebesar amounted to US$804,065, representing a decrease of
AS$822.728. Total jam pelatihan pekerja tahun 2025 2.3% compared to 2024, which totaled US$822,728.
mencapai 70.656 jam, meningkat 7,6% dari tahun 2024 Total employee training hours in 2025 reached 70,656
sebanyak 65.687 jam. hours, increasing by 7.6% from 65,687 hours in 2024.
Penyelenggaraan Pelatihan dan Pengembangan Karyawan
Employees Training and Development
Jumlah Jam Pelatihan Rata-rata Jam Pelatihan
Total Training Hours Average Training Hours
2025 2024 2023 2025 2024 2023
70,656 65,687 87,639 24 22 29
Pengembangan kompetensi pekerja PT Vale The development of employee competencies at
didukung oleh Lembaga Sertifikasi Profesi (LSP) P1 PT Vale is supported by the Level 1 Professional
yang saat ini memiliki 569 unit kompetensi khusus, Certification Body (LSP P1), which currently manages
terdiri atas 176 unit yang telah teregistrasi sejak 569 specific competency units, comprising 176
2013 dan 393 unit tambahan yang belum terdaftar, units registered since 2013 and 393 additional
seiring penyesuaian rumusan unit kompetensi. units that have yet to be registered, following
adjustments to competency unit formulations.
Per Desember 2025, LSP P1 PT Vale telah mendaftarkan As of December 2025, LSP P1 PT Vale has registered 47
47 skema sertifikasi ke Badan Nasional Sertifikat Profesi certification schemes with the National Professional
(BNSP), serta tengah menyusun 266 skema tambahan Certification Agency (BNSP) and is in the process of
yang akan diajukan melalui program Penambahan developing an additional 266 schemes to be submitted
Ruang Lingkup setelah Standard Kompetensi Kerja under the Expansion of Scope program upon validation
Khusus (SKKK) tervalidasi. Didukung oleh 137 Asesor of the Specific Occupational Competency Standards
Kompetensi bersertifikat BNSP, LSP P1 PT Vale berfokus (SKKK). Supported by 137 BNSP-certified Competency
pada asesmen pekerja Non-Staf, dengan capaian 207 Assessors, LSP P1 PT Vale focuses on competency
pekerja tersertifikasi yang mencakup berbagai bidang assessments for non-staff employees, with 207 workers
teknis dan operasional. successfully certified across various technical and
operational fields.
108 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Informasi mengenai Saham
Information about Shares
Daftar dan Komposisi Pemegang Saham
Shareholders Register dan Composition
Jumlah pemegang saham Perseroan per 31 Desember The total number of the Company’s shareholders as
2025 mencapai 33.548. Jumlah tersebut berkurang 15% of December 31, 2025 was 33,548, representing a 15%
dari tahun 2024 sebanyak 39.292 pemegang saham. decrease from 39,292 shareholders in 2024.
Nama Pemegang Saham dan Persentase Kepemilikan Saham Per 31 Desember 2025
Shareholder Names dan Percentage Ownership as at December 31, 2025
Nama Pemegang Saham Jumlah Saham
No %
Name of Shareholders Number of Shares
Pemegang Saham yang Memiliki 5% Saham atau Lebih
Shareholders Owning 5% of Shares or More
1 PT Mineral Industri Indonesia (Persero) 3,583,533,690 34.00
2 Vale Canada Limited 3,570,993,764 33.88
3 Sumitomo Metal Mining Co.,Ltd 1,210,370,563 11.48
Anggota Direksi yang Memiliki Saham
Board of Directors Members Shareholding
1 Abu Ashar 22,000 0.00
2 Budiawansyah 24,000 0.00
Kelompok Pemegang Saham yang Memiliki Kurang Dari 5% Saham
Group of Shareholders Owning 5% of Shares or Less
1 Publik | Public 2,174,840,517 20.64
Total Saham
Total Share
Total 10,539,784,534 100.00
Perseroan memiliki kebijakan mengenai Perdagangan The Company has a policy regarding Securities
Efek dan Informasi Material yang bertujuan untuk Trading and Material Information aimed at enhancing
meningkatkan kepatuhan terhadap peraturan compliance with the laws and regulations of the
perundang-undangan Republik Indonesia, Bursa Efek Republic of Indonesia, the Indonesia Stock Exchange
Indonesia (BEI), dan Otoritas Jasa Keuangan (OJK) yang (IDX), and the Financial Services Authority (OJK), which
melarang perdagangan orang dalam (insider trading). PT prohibit insider trading. PT Vale implements a blackout
Vale menerapkan periode blackout, diantaranya untuk period, including a prohibition on trading the Company’s
larangan perdagangan saham Perseroan dalam jangka shares for a period of 25 calendar days following the
waktu 25 hari kalender keterbukaan informasi atau disclosure of information or the publication of quarterly
publikasi laporan keuangan kuartalan atau tahunan or annual financial reports, up to 2 calendar days after
sampai dengan 2 hari kalender setelah keterbukaan such disclosure. There were no instances of insider
informasi tersebut. Selama tahun 2025 tidak terdapat trading during 2025.
insider trading.
2025 Annual Report 109
Page 110
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Komposisi Pemegang Saham Per 31 Desember 2025
Shareholder Composition as at December 31, 2025
PUBLIC
20.64%
33.88%
PT Vale Indonesia Tbk
34.00%
11.48%
Daftar Nama Pemegang Saham Berdasarkan Jenis Investor per 31 Desember 2025
List of Company Shareholder Based on Investor Classification as at December 31, 2025
Jenis Investor Jumlah Pemegang Saham Jumlah Saham Persentase (%)
Types of Investor Number of Shareholders Number of Shares Percentage (%)
Kepemilikan Lokal | Local Ownership
Individu | Individuals 32,764 355,380,237 3.37
Institusi | Institutions 394 4,562,258,450 43.29
Sub Total 33,158 4,917,638,687 46.66
Kepemilikan Asing | Foreign Ownership
Individu | Individuals 138 4,874,146 0.05
Institusi | Institutions 252 5,617,271,701 53.30
Sub Total 390 5,622,145,847 53.34
Total
Total 33,548 10,539,784,534 100.00
110 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Daftar 20 Pemegang Saham Perseroan Terbesar per 31 Desember 2025
List of 20 Largest Company Shareholders as at December 31, 2025
Nama Jumlah Saham Persentase (%)
No
Name Number of Shares Percentage (%)
1 PT MINERAL INDUSTRI INDONESIA (PERSERO) 3,583,533,690 34.00
2 VALE CANADA LIMITED 3,570,993,764 33.88
3 SUMITOMO METAL MINING CO.,LTD. 1,210,370,563 11.48
4 DJS KETENAGAKERJAAN PROGRAM JHT 300,263,833 2.85
5 BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD BOARD-2039927326 175,902,500 1.67
6 CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 15 169,126,384 1.60
7 PT PRUDENTIAL LIFE ASSURANCE - REF 124,998,481 1.19
8 CITIBANK HONGKONG S/A PT AIA FINANCIAL 68,963,700 0.65
9 BARCLAYS CAPITAL SECURITIES LIMITED SBL/PB ACCOUNT 56,718,315 0.54
10 UBS AG LONDON-2140724000 30,870,706 0.29
11 ALLIANZ LIFE IND - Smartlink Rupiah Equity Fund 30,544,345 0.29
12 SUWANTARA GOTAMA 29,064,144 0.28
13 JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 28,202,900 0.27
14 Manulife Dana Ekuitas 27,128,411 0.26
15 REKSA DANA ASHMORE SAHAM SEJAHTERA NUSANTARA 26,883,781 0.26
16 JPMCB NA RE - VANGUARD EMERGING MARKETS STOCK INDEX FUND 24,112,683 0.23
17 PT AXA MANDIRI FINANCIAL SERVICES S/A 23,582,330 0.22
18 MANDIRI DYNAMIC EQUITY MONEY RUPIAH 22,156,167 0.21
19 MORGAN STANLEY AND CO INTL PLC - FIRM AC 20,243,967 0.19
20 DANA PENSIUN ASTRA DUA 18,324,368 0.17
Kepemilikan Saham oleh Anggota Dewan
Share Ownership by Board Members
Perseroan telah menetapkan kebijakan pengungkapan The Company has established a policy of disclosing
informasi mengenai kepemilikan saham oleh anggota information regarding share ownership by members
Direksi dan Dewan Komisaris, yang mewajibkan of the Board of Directors and Board of Commissioners,
penyampaian dan publikasi informasi setelah terjadinya which requires the submission and publication of
transaksi atau perubahan kepemilikan saham sesuai information following any transaction or changes
dengan peraturan yang berlaku. in share ownership in accordance with applicable
regulations.
Selama tahun 2025, terjadi perubahan kepemilikan During 2025, there were changes in the direct
saham langsung oleh Dewan Komisaris dan Direksi yang share ownership of members of the Board of
telah dilaporkan kepada Otoritas Jasa Keuangan (OJK). Commissioners and the Board of Directors,
Per 31 Desember 2025, dua anggota Direksi tercatat which have been reported to the Financial
memiliki saham langsung Perseroan, sedangkan Services Authority (Otoritas Jasa Keuangan/OJK).
anggota Dewan Komisaris tidak memiliki kepemilikan As of 31 December 2025, two members of the Board
saham langsung. of Directors were recorded as holding direct share
ownership in the Company, while no members of the
Board of Commissioners held direct share ownership.
2025 Annual Report 111
Page 112
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Informasi lebih lanjut mengenai transaksi atau Further information regarding transactions or share
kepemilikan saham anggota Direksi dan Dewan Komisaris ownership of the members of the Board of Directors and
sebagaimana dijabarkan pada tabel di bawah ini. Selain the Board of Commissioners is presented in the table
dari pada informasi yang dijabarkan di bawah, tidak below. Other than the information disclosed below,
terdapat transaksi saham maupun kepemilikan saham there were no share transactions or share ownership
oleh anggota Direksi dan Dewan Komisaris lain, baik by any other members of the Board of Directors or the
secara langsung maupun tidak langsung sepanjang 2025. Board of Commissioners, either directly or indirectly,
throughout 2025.
Daftar Kepemilikan Saham Langsung oleh Dewan Komisaris dan Direksi (1 Januari 2025 - 28 Juli 2025)
List of Direct Share Ownership by the Board of Commissioners and the Board of Directors
(January 1, 2025 – July 28, 2025)
1 Januari 2025 28 Juli 2025
January 1, 2025 July 28, 2025
Nama Jabatan Persentase Persentase
Name Position Jumlah Saham Jumlah Saham
(%) (%)
Number of Number of
Percentage Percentage
Shares Shares
(%) (%)
Dewan Komisaris | Board of Commissioners
Komisaris
Edi Permadi* 131,200 0.00% - -
Commissioner
Direksi | Board of Directors
Wakil Presiden Direktur
Abu Ashar 22,000 0.00% 22,000 0.00%
Vice President Director
Direktur dan Chief Human
Adriansyah Capital Officer
- - 155,000** 0.00147%
Chaniago* Director and Chief Human
Capital Officer
Keterangan | Note :
*) Menjabat hingga 28 Juli 2025 | Served until July 28, 2025
**) Detail transaksi saham oleh Adriansyah Chaniago | Details of share transactions by Adriansyah Chaniago:
1. Pembelian sejumlah 70.000 lembar saham atau 0,00066% pada 10 Maret 2025 | Purchase of 70,000 shares, representing 0.00066%, on March 10, 2025
2. Pembelian sejumlah 85.000 lembar saham atau 0,00081% pada 19 Maret 2025 | Purchase of 85,000 shares, representing 0.00081%, on March 19, 2025
Daftar Kepemilikan Saham Langsung oleh Dewan Komisaris dan Direksi (28 Juli 2025 - 31 Desember 2025)
List of Direct Share Ownership by the Board of Commissioners and the Board of Directors
(July 28, 2025 - December 31, 2025)
28 Juli 2025 31 Desember 2025
July 28, 2025 December 31, 2025
Nama Jabatan Persentase
Name Position Jumlah Saham Jumlah Saham
Persentase (%) (%)
Number of Number of
Percentage (%) Percentage
Shares Shares
(%)
Direksi | Board of Directors
Wakil Presiden Direktur
Abu Ashar 22,000 0.00% 22,000 0.00%
Vice President Director
Direktur
Budiawansyah* 24,000 0.00% 24,000 0.00%
Director
Keterangan | Note:
*) Menjabat sejak 28 Juli 2025 | Appointed as of July 28, 2025
112 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pemegang Saham Utama dan Pengendali
Majority and Controlling Shareholders
PT Mineral Industri Indonesia (Persero) (MIND ID) dengan PT Mineral Industri Indonesia (Persero) (MIND ID) with
kepemilikan saham 34,00% dan Vale Canada Limited 34.00% share ownership and Vale Canada Limited
(VCL) dengan kepemilikan saham 33,88%, merupakan (VCL) with 33.88% share ownership, are the two largest
dua pemegang saham terbesar sehingga memiliki shareholders and thus have joint control over PT Vale
kendali bersama atas PT Vale Indonesia Tbk. MIND ID Indonesia Tbk. MIND ID is a state-owned Indonesian
adalah BUMN Holding Industri Pertambangan Indonesia, Mining Industry Holding Company, wholly owned by the
yang sepenuhnya dimiliki Pemerintah Indonesia, dan Indonesian Government, and domiciled in Indonesia.
berkedudukan di Indonesia. VCL sepenuhnya dimiliki VCL is wholly owned by Vale Base Metals Limited which
Vale Base Metals Limited yang berkedudukan di London, is domiciled in London, England. With its significant
Inggris. Dengan kepemilikan sahamnya yang signifikan shareholding in PT Vale Indonesia Tbk, MIND ID, together
di PT Vale Indonesia Tbk, MIND ID bersama dengan VCL with VCL, plays a role in steering the Company’s long-
berperan dalam mengarahkan strategi jangka panjang term strategy.
Perseroan.
Struktur Pemegang Saham Utama dan Pengendali Perseroan
Company Majority and Controlling Shareholders Structure
PT Danantara Asset Management Vale Base Metals Limited
99% 100%
PT Mineral Industri Indonesia
(Persero) Vale Canada Limited
34.00% 33.88%
PT Vale Indonesia Tbk
2025 Annual Report 113
Page 114
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Kronologi Pencatatan Saham Perseroan
Company Share Listing Chronology
Modal
Modal
Ditempatkan Nilai
Ditempatkan dan
Tanggal Nama dan Disetor Nominal Modal Dasar Keterangan
Disetor Penuh
Date Name Penuh Nominal Authorized Capital Remarks
Issued and Fully
Issued and Fully Amount
Paid Capital
Paid Capital
Terdaftar di Bursa
PT
16 Mei 1990 Efek Indonesia
International
May 16, 248,408,468 1,000 248,408,468,000 1,092,600,000,000 Listed on the
Nickel
1990 Indonesia Stock
Indonesia
Exchange
14 April PT Penyesuaian
2000 International Modal Dasar
248,408,468 1,000 248,408,468,000 993,663,872,000
April 14, Nickel Authorized Capital
2000 Indonesia Tbk Adjustment
3 Agustus PT
Pemecahan saham
2004 International
993,633,872 250 248,408,468,000 993,663,872,000 1:4
August 3, Nickel
Stock Split 1:4
2004 Indonesia Tbk
15 Januari PT
Pemecahan saham
2008 International
9,936,338,720 25 248,408,468,000 993,663,872,000 1:10
January 15, Nickel
Stock Split 1:10
2008 Indonesia Tbk
4 Oktober Nama Baru
2011 PT Vale Perseroan
9,936,338,720 25 248,408,468,000 993,663,872,000
Oktober 4, Indonesia Tbk Company Name
2011 Change
Penambahan
Modal
dengan Hak
3 Juli 2024 PT Vale
10,539,784,534 25 263,494,613,350 993,663,872,000 Memesan Efek
July 3, 2024 Indonesia Tbk
Terlebih Dahulu
(PMHMETD)
Rights Issue
Kronologi Pencatatan Efek Lain
Other Securities Listing Chronology
Di 2025, Perseroan tidak mencatatkan efek lainnya In 2025, the Company did not list any other securities
pada bursa manapun. Dengan demikian, Laporan on any stock exchange. Therefore, this Report does not
ini tidak menyajikan informasi terkait kronologi present information regarding the listing chronology of
pencatatan efek lainnya, meliputi nama efek, tahun other securities, including the name of the securities,
penerbitan, tanggal jatuh tempo, nilai penawaran, dan year of issuance, maturity date, offering value, and
peringkat efek. security rating.
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Informasi Entitas Anak, Perusahaan Asosiasi, dan
Perusahaan Ventura Bersama
Information on Subsidiaries, Associates, and Joint
Venture Companies
Perusahaan Asosiasi
Associated Companies
PT Bahodopi Nickel Smelting Indonesia
Bidang Usaha Industri pembuatan logam dasar bukan besi
Line of Business Non-ferrous base metal manufacturing industry
Lokasi
Indonesia
Location
26.52%
Per 26 Maret 2025, Perseroan tidak lagi mengendalikan PT Bahodopi Nickel Smelting
Persentase Kepemilikan
Indonesia (BNSI) dan mengakui kepemilikan Perseroan atas BNSI sebagai investasi pada
Percentage of Ownership
entitas asosiasi.
As of March 26, 2025, the Company no longer controls BNSI and recognizes the Company’s
ownership in BNSI as an investment on an associate.
Status Operasi Tahap konstruksi
Operation Status Construction phase
Total Aset (AS$ Ribu)
Total Assets (US$ Thousand)
217,251
Perusahaan Ventura Bersama
Joint Venture Companies
PT Kolaka Nickel Indonesia
Bidang Usaha Industri pembuatan logam dasar bukan besi
Line of Business Non-ferrous base metal manufacturing industry
Lokasi
Indonesia
Location
Persentase Kepemilikan
Percentage of Ownership
5.78%
Status Operasi Tahap konstruksi
Operation Status Construction phase
Total Aset (AS$ Ribu)
Total Assets (US$ Thousand)
500,736
2025 Annual Report 115
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Lembaga dan/atau Profesi Penunjang Pasar Modal
Capital Market Supporting Institutions and/or
Professionals
Kantor Akuntan Publik Penasehat Hukum
Public Accounting Firm Legal Counsel
Rintis, Jumadi, Rianto & Rekan Hadiputranto Hadinoto & Partners
(a member of PricewaterhouseCoopers) Pacific Century Place 35th Floor
WTC 3, Jl. Jend. Sudirman Kav. 29-31 Sudirman Central Business District Lot 10
Jakarta 12940, Indonesia Jl. Jend. Sudirman Kav. 52-53.
Jakarta Selatan 12190
Informasi mengenai periode penunjukan, jasa Telepon | Telephone : (62 21) 2960 8888
yang diberikan, dan komisi KAP dapat dilihat Faksimile | Facsimile : (62 21) 2960 8999
pada bagian Akuntan Publik (Audit Eksternal) Situs Web | Website : www.hhp.co.id
laporan ini.
Information on assignment period, services
provided, and fees of Public Accounting Firm Notaris
can be found on Public Accountant (External Notary
Audit) section of this report.
Aulia Taufani, S.H.
Menara Sudirman 18th Floor Lot ABD
Biro Administrasi Efek
Jl. Jend. Sudirman Kav. 60.
Shares Administration
Jakarta Selatan 12190
Telepon | Telephone : (62 21) 520 4778
PT Bima Registra
Faksimile | Facsimile : (62 21) 520 4780
Satrio Tower, 9th Floor A2
Jl. Prof. DR. Satrio Blok C4. Kuningan Setiabudi
Jakarta Selatan
Telepon | Telephone : (62 21) 2598 4818
Faksimile | Facsimile : (62 21) 2598 4819
Situs Web | Website : www.bimaregistra.co.id
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Daftar Keanggotaan Asosiasi
Association Membership List
PT Vale secara aktif berpartisipasi dalam asosiasi baik di tingkat nasional maupun global.
PT Vale actively participates in various associations at both the national and global levels.
Skala Nasional
National Scale
Global Compact Indonesia Mining Indonesia Corporate
Network Indonesia Association Secretary Association
Anggota | Member Anggota | Member Anggota | Member
Asosiasi Emiten Indonesia Forum Industri Nikel Indonesia (FINI) Asosiasi Pengusaha Indonesia (APINDO)
Indonesian Issuers Association Indonesian Nickel Industry Forum (FINI) Employers' Association of Indonesia
Anggota | Member Anggota | Member (APINDO)
Anggota | Member
Skala Global
Global Scale
United Nations Global
Compact
Extraordinary Member
2025 Annual Report 117
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Sertifikasi dan Penghargaan
Certifications and Awards
Great Place to Work Edge Advanced
September 2025 – September 2026 Certificate
08 Oktober 2025 - 08 Oktober
Budaya Kerja, Pengalaman Karyawan, dan 2026
Perilaku Kepemimpinan yang Terbukti Mampu October 08, 2025 - October 08,
Meningkatkan Pendapatan Terdepan di Pasar, 2026
Retensi Karyawan, dan Inovasi yang Lebih Tinggi
Workplace Culture, Employee Experience, and Green Building untuk bangunan
Leadership Behaviors Proven to Deliver Market- Main Office - Plant Site Sorowako
Leading Revenue, Employee Retention, and Green Building for the Main Office
Increased Innovation Building – Sorowako Plant Site
Lembaga Penerbit Lembaga Penerbit
Issuing Institution Issuing Institution
Great Place to Work EDGE Building -Bureau Veritas
ISO 14001:2015
Sistem Manajemen Lingkungan Environmental Management Systems
23 September 2024 - 3 13 Mei 2024 – 24 28 Desember 2022 – 27
Oktober 2027 November 2026 Desember 2027
September 23, 2024 - May 13, 2024 - November December 28, 2022 -
October 3, 2027 24, 2026 December 27, 2027
Pertambangan, pabrik Pertambangan dan Proses Laboratorium Uji
pengolahan nikel, Produk Nikel Matte Kompetensi dan
termasuk pendukung dan Mining and Processing of Laboratorium Kalibrasi
jasanya Nickel Matte Products Competence of Testing
Lembaga Penerbit
Mining, nickel processing Laboratory and Calibration
Issuing Institution
plant, including Laboratory
Bureau Veritas
supporting and services
ISO 17025 ISO 50001
Standar Uji dan Kalibrasi Laboratorium Sistem Manajemen Energi
Laboratory Testing and Calibration Standard Energy Management Systems
28 Desember 2022 - 27 Desember 2027 13 Mei 2024 - 24 November 2026
December 28, 2022 – December 27, 2027 May 13, 2024 – November 24, 2026
Kompetensi Laboratorium Penguji dan Pertambangan dan Pengolahan Produk Nikel
Laboratorium Kalibrasi Matte
Testing and Calibration Laboratory Competence Mining and Processing of Nickel Matte
Products
Lembaga Penerbit
Issuing Institution Lembaga Penerbit
Komite Akreditasi Nasional Issuing Institution
National Accreditation Committee Bureau Veritas
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Penghargaan
Awards
Selama tahun 2025, Perseroan mendapatkan apresiasi Throughout 2025, the Company received recognition in the
dalam bentuk penghargaan dari berbagai pihak form of awards from various external parties. In total, the
eksternal. Total ada 30 penghargaan dari dalam negeri, Company received 30 domestic awards and 8 international
dan 8 dari luar negeri/internasional. Informasi berbagai awards. Information on the awards received by PT Vale
penghargaan yang diterima PT Vale dapat diakses Indonesia Tbk can be accessed via the Company's website.
melalui situs web Perseroan.
https://vale.com/in/indonesia/penghargaan-dan-sertifikasi
Wajib Pajak dengan Laporan Pajak Terbaik Tahun 2024 • TOP CSR Awards 2025 #Star 4 untuk sistem, kebijakan, dan
Kabupaten Kolaka implementasi CSR yang baik di IGP Morowali
Taxpayer with the Best Tax Report of 2024 Kolaka Regency • TOP Leader on CSR Commitment 2025 untuk CEO,
Bernardus Irmanto, atas komitmennya terhadap
Lembaga Pemberi keberlanjutan
Presenter • TOP CSR Awards 2025 #Star 4 for excellent CSR systems,
Badan Pendapatan Daerah Kabupaten Kolaka policies, and implementation at IGP Morowali
Kolaka Regency Regional Revenue Office • TOP Leader on CSR Commitment 2025 awarded to
CEO Bernardus Irmanto for his strong commitment to
sustainability
Lembaga Pemberi
Presenter
TOP Business
Bronze Award - kategori Asia's Best Sustainability Report
(CEO Letter) dalam 10th Asia Sustainability Reporting Awards
(ASRA)
Bronze Award - Asia's Best Sustainability Report (CEO Letter)
category in 10th Asia Sustainability Reporting Awards (ASRA)
Asia Responsible Enterprise Awards (AREA) 2025 kategori
Lembaga Pemberi
Green Leadership (Ecoterako) dan Social Empowerment
Presenter
(Agrowisata Pondata)
CSRWorks International Pte Ltd, Singapura
Asia Responsible Enterprise Awards (AREA) 2025 - Green
CSR Works International Pte Ltd, Singapore
Leadership category (Ecoterako) and Social Empowerment
category (Agrowisata Pondata)
Lembaga Pemberi
Presenter
The Asia Responsible Enterprise Awards (AREA)
2025 Annual Report 119
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SDG Innovation Accelerator for Young Professionals 2025 Kata Data Award 2025 - Kategori Tata Kelola dan Sosial
Kata Data Award 2025 - Governance and Social Category
Lembaga Pemberi
Presenter Lembaga Pemberi
Global Compact Network Indonesia Presenter
KataData
Penghargaan ESG untuk komitmen keberlanjutan dan
implementasi green mining (Net Zero) - Energi Mineral Fortune Indonesia 100 tahun 2025 (Peringkat 79)
Festival 2025 Fortune Indonesia 100 Years 2025 (Ranking 79)
ESG Award for Commitment to Sustainability and
Implementation of Green Mining (Net Zero) – Mineral and Lembaga Pemberi
Energy Festival 2025 Presenter
Fortune Indonesia
Lembaga Pemberi
Presenter
Kementerian Energi dan Sumber Daya Mineral (ESDM)
Republik Indonesia dan B-Universe
Ministry of Energy and Mineral Resources (ESDM) of the
Republic of Indonesia and B-Universe
Biodiversity Conservation Award – Indonesia , Waste
Management Award – Indonesia dalam ESG Business Awards
2025
Biodiversity Conservation Award – Indonesia, Waste
Management Award – Indonesia in ESG Business Awards 2025
Lembaga Pemberi
Eco-Tech Pioneer and Sustainability Award (EPSA) 2025
Presenter
ESGBusiness
Lembaga Pemberi
Presenter
Departemen Teknik Lingkungan Universitas Diponegoro
Department of Environmental Engineering, Diponegoro
University
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Platinum Champion - PT Vale Indonesia Tbk IGP Morowali - Gold Star Award (Big Cap – Public Company) Investortrust
untuk Program Health Improvement Special Achievement PT ESG Awards 2025 - kategori Transparansi dan Pengungkapan
Vale Indonesia Tbk IGP Morowali - Kategori: Best CSR Program Kinerja ESG
in Strategic Planning dalam Bisnis Indonesia CSR Awards Gold Star Award (Big Cap – Public Company) at the
(BISRA) 2025 Investortrust ESG Awards 2025 – Category: Transparency and
Platinum Champion – PT Vale Indonesia Tbk IGP Morowali – for ESG Performance Disclosure
the Health Improvement Program Special Achievement – PT
Vale Indonesia Tbk IGP Morowali – Category: Best CSR Program Lembaga Pemberi
in Strategic Planning at the Bisnis Indonesia CSR Awards Presenter
(BISRA) 2025 Investor Trust
Lembaga Pemberi
Presenter
Business Indonesia
Penghargaan Subroto 2025 - kategori Kinerja Pengembangan
dan Pemberdayaan Masyarakat (PPM)
Subroto Award 2025 – Category: Community Development
and Empowerment (PPM) Performance
Global Supply Chain Excellence Awards (SCEA) Asia Pacific
2025, kategori Manufacturing (Program 0-Hour Truck Rebuild) Lembaga Pemberi
Global Supply Chain Excellence Awards (SCEA) Asia Pacific Presenter
2025, Manufacturing Category (Program 0-Hour Truck Kementerian ESDM
Rebuild) Ministry of ESDM
Lembaga Pemberi
Presenter
Supply Chain Excellence Award - Asia Pacific
Gold Award - Excellence in CSR Strategy Category in HR
Excellence Award 2025
Lembaga Pemberi
Lestari Awards 2025 - kategori Ekosistem Berkelanjutan
Presenter
(Program Kehati Lutim Bersinergi)
Human Resource Online
Lestari Awards 2025 – Sustainable Ecosystem Category
(Kehati Lutim Bersinergi Program)
Lembaga Pemberi
Presenter
KG Media (Kompas Gramedia)
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Gold (Large Companies) - kategori Environment Category Penghargaan Leadership AA – Excellence Leader in ESG
(Biodiversity Conservation) dalam Asia ESG Positive Impact Transparency pada ajang Indonesia ESG Leadership Awards
Awards 2025 2025
Gold (Large Companies) - Environment Category (Biodiversity Leadership AA Award – Excellence Leader in ESG Transparency
Conservation) in Asia ESG Positive Impact Awards 2025 at the Indonesia ESG Leadership Awards 2025
Lembaga Pemberi Lembaga Pemberi
Presenter Presenter
Asia ESG Positive Impact Consortium (A-EPIC) Bumi Global Karbon (BGK) Foundation
Gold - inovasi otomasi pengaturan rasio Silica/Magnesia Gold - Asia Sustainability Reporting Rating (ASRRAT) 2025
(S/M) pada slag furnace berbasis machine learning
dalam Operational Excellence Conference (OPEXCON) 2025 Lembaga Pemberi
Gold Award – for innovation in automating the Silica/ Presenter
Magnesia (S/M) ratio control in slag furnaces using machine National Center for Corporate Reporting (NCCR) CSRWorks
learning at the Operational Excellence Conference (OPEXCON) International
2025
Lembaga Pemberi
Presenter
Shift Indonesia
Penghargaan Mitra Bhakti Husada (MBH) 2025 Kategori
Perlindungan Kesehatan Pekerja Perempuan
Mitra Bhakti Husada (MBH) Award 2025 – Category:
Protection of Women Workers’ Health
ESG Appreciation 2025 kategori Community Empowerment Lembaga Pemberi
dari B-Universe / Investor Daily Presenter
ESG Appreciation 2025 Community Empowerment Category Kementerian Kesehatan Republik Indonesia
from B-Universe / Investor Daily Ministry of Health of the Republic of Indonesia
Lembaga Pemberi
Presenter
Investor Daily
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Diamond Award & Most Favorite Juara II kategori Digital PR Program Tema Umum
Green Breaker: Inovasi reklamasi area berbatu dengan dalam Perhumas PR Excellence Awards 2025
memanfaatkan limbah sabut kelapa Second Place in the Digital PR Program – General Theme
Category at the Perhumas PR Excellence Awards 2025
Platinum Award
• Innovator Tim: Perbaikan metode penyiraman slag launder Lembaga Pemberi
untuk menurunkan risiko kerja dan biaya operasional. Presenter
• Autopipe: Alat pembuka pipa yang sulit dibuka pada Perhimpunan Hubungan Masyarakat Indonesia (Perhumas)
proyek eksplorasi, meningkatkan efisiensi kerja. Indonesian Public Relations Association (Perhumas)
• Slag Warrior: Pemanfaatan limbah slag nikel menjadi
material infrastruktur ramah lingkungan.
• Stock Master: Efisiensi biaya pembelian unit tuyere baru
sebesar 21%.
Gold Award
The Energizer: Solusi menurunkan waktu pencarian gangguan
jaringan listrik tambang hingga 71%.
Sarakaloka: Optimalisasi pemanfaatan sampah apu-apu di
area lagoon.
dalam TKMPN (Temu Karya Mutu dan Produktivitas Nasional) Platinum & Gold: Penghargaan Indonesian CSR Awards (ICA)
XXIX 2025 - Program Matano Iniaku
Diamond Award & Most Favorite Silver: Indonesian SDGs Awards (ISDA) 2025 - Program
Green Breaker: Innovation in reclaiming rocky areas by Closedloop Livestock System
utilizing coconut husk waste. Platinum & Gold: Indonesian CSR Awards (ICA) 2025 – Matano
Iniaku Program
Platinum Award Silver: Indonesian SDGs Awards (ISDA) 2025 – Closed-Loop
Innovator Team: Improvement of slag launder watering Livestock System Program
method to reduce work risk and operational costs.
Autopipe: A tool to open pipes that are difficult to dismantle Lembaga Pemberi
in exploration projects, improving work efficiency. Presenter
Slag Warrior: Utilization of nickel slag waste as eco-friendly Corporate Forum for CSR Development (CFCD)
infrastructure material.
Stock Master: Cost efficiency in purchasing new tuyere units
by 21%.
Gold Award
The Energizer: Solution to reduce mining power network fault
detection time by up to 71%.
Sarakaloka: Optimization of apu-apu (water hyacinth) waste
utilization in lagoon areas
TKMPN (National Quality and Productivity Gathering) XXIX
Lembaga Pemberi
Presenter
PT Wahana Kendali Mutu
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Analisis dan Pembahasan
Manajemen
Management Discussion and Analysis
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Selama periode pelaporan, PT Vale mencatat kemajuan During the reporting period, PT Vale Indonesia Tbk
yang baik di seluruh kegiatan operasionalnya. Selain recorded solid progress across its operational activities.
menjalankan operasi utama nikel matte, Perseroan juga In addition to its core nickel matte operations, the
memperkuat portofolio komersialnya dengan penjualan Company strengthened its commercial portfolio through
bijih nikel saprolit dari Blok Bahodopi dan Pomalaa. the sale of saprolite nickel ore from the Bahodopi and
Kondisi tersebut meningkatkan kinerja keuangan Pomalaa Blocks. These conditions contributed to an
Perseroan, sebagaimana terlihat dari capaian yang improvement in the Company’s financial performance,
positif. as reflected in its positive results.
Di 2025 merupakan tahun penuh tantangan bagi The year 2025 represented a period of heightened
PT Vale, baik dari segi operasional, tekanan regulasi challenge for the Company, arising from operational
maupun dinamika pasar global. Di tengah situasi aspect, regulatory developments, and global market
demikian, Perseroan mengambil langkah strategis untuk dynamics. Amid these conditions, the Company
mempercepat eksekusi sejumlah jadwal pemeliharaan undertook strategic measures to accelerate the
dari semula pada paruh kedua 2025 menjadi paruh execution of several maintenance initiatives from the
pertama 2025, dengan disertai kontrol biaya yang kuat. originally planned second half of 2025 to the first half
Didukung kepemimpinan operasional yang bertanggung of 2025, accompanied by strengthened cost controls.
jawab dan ketepatan eksekusi strategis, pada akhirnya Supported by accountable operational leadership and
PT Vale mampu menunjukkan ketahanan, kedisiplinan, disciplined strategic execution, PT Vale demonstrated
dan transformasi yang kian matang, sekaligus resilience, operational discipline, and an increasingly
menyiapkan pijakan lebih kuat untuk paruh kedua 2025 mature transformation, while establishing a stronger
serta di tahun 2026. foundation for the second half of 2025 and for 2026.
Memasuki paruh kedua tahun 2025, Perseroan Entering the second half of 2025, the Company
memperlihatkan kelincahan di tengah situasi penuh demonstrated agility in navigating a challenging
tekanan, dengan melakukan diversifikasi bisnis melalui environment by diversifying its business through the
penjualan bijih nikel saprolit. Langkah ini membuka sale of saprolite nickel ore. This initiative created an
sumber pendapatan baru, menguatkan margin, dan additional revenue stream, strengthened margins, and
memberikan fleksibilitas komersial pada kondisi harga enhanced commercial flexibility amid a challenging
global yang menantang, serta menciptakan ketahanan global price environment, thereby reinforcing financial
finansial. Kondisi yang menjadi fondasi penting bagi resilience. This condition serves as an important
Perseroan memasuki tahun 2026, dengan tetap foundation as the Company moves into 2026, while
mengedepankan prinsip kehati-hatian finansial. continuing to uphold prudent financial principles.
Hal terpenting dari pencapaian-pencapaian selama The most significant achievement throughout 2025 was
tahun 2025 adalah kesungguhan PT Vale menempatkan PT Vale's unwavering commitment to placing safety
keselamatan sebagai yang utama dan pertama. as the first and foremost priority. With zero fatalities
Dengan nihil fatalitas, penurunan Total Recordable recorded, a reduction in the Total Recordable Injury
Injury Frequency Rate (TRIFR) menjadi 0,43 pada Frequency Rate (TRIFR) to 0.43 in the third quarter of
triwulan ketiga tahun 2025 dan lebih dari 200 kontrol 2025, and more than 200 critical risk controls verified
risiko kritis diverifikasi setiap hari, menandakan daily, the Company demonstrated that its safety culture
budaya keselamatan menjadi bukti kedisiplinan dan reflects strong discipline and leadership. In parallel,
kepemimpinan yang kuat. Demikian pula dengan through the implementation of sustainable mining
penerapan pertambangan berkelanjutan, Perseroan practices, the Company improved its Sustainalytics ESG
mampu meningkatkan Sustainalytics ESG Risk Rating Risk Rating to 23.7 in November 2025 and was ranked
menjadi 23,7 pada November 2025 dan masuk dalam Top among the Top 15 mining companies globally with the
15 perusahaan pertambangan berisiko LST terendah di lowest ESG risk and ranked first in Indonesia.
dunia serta menjadi nomor satu di Indonesia.
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Di 2025, PT Vale terus melanjutkan 4 mesin In 2025, PT Vale continued to advance four key growth
pertumbuhan, yakni Pomalaa, Bahodopi, Sorowako engines, Pomalaa, Bahodopi, Sorowako Limonite, and
Limonite, dan Tanamalia yang memperlihatkan Tanamalia, each demonstrating significant progress.
progres signifikan. Proyek-proyek tersebut akan These projects are expected to produce the “right
menghasilkan “nikel yang tepat” – kelas 1, rendah nickel”—Class 1, low-carbon nickel required by global
karbon, dan dibutuhkan oleh industri global. Perseroan industries. The Company also increases to undertake
juga meningkatkan kegiatan eksplorasi yang bertujuan exploration activities aimed at optimizing mineral
untuk mengoptimalkan potensi sumber daya mineral resource potential up to 2.5 times the currently
hingga 2,5 kali dari sumber daya dan cadangan yang identified resources and reserves. This initiative
telah teridentifikasi saat ini. Inisiatif ini mencakup covers the entire IUPK area of PT Vale, totaling 118,017
seluruh wilayah IUPK PT Vale seluas 118.017 hektare hectares, along with its supporting operations, as part
beserta operasi pendukungnya, sebagai bagian dari of the Company’s long-term sustainability and mining
rencana keberlanjutan jangka panjang perseroan dan continuity plan.
keberlangsungan operasi tambang Perseroan.
Tahun mendatang akan menjadi fase penting ketika The coming year will represent a critical phase as the
Perseroan membentuk baseline operasional biaya baru, Company establishes a new operational cost baseline,
meningkatkan keandalan operasi, dan memperkuat enhances operational reliability, and strengthens
disiplin di tiga area operasi utama: Sorowako, Bahodopi, discipline across its three primary operational areas:
dan Pomalaa. Perseroan sendiri akan fokus pada Sorowako, Bahodopi, and Pomalaa. The Company will
langkah-langkah strategis untuk meningkatkan focus on strategic measures to improve production
keandalan produksi, menjaga standar keberlanjutan reliability, uphold the highest sustainability standards,
tertinggi, mempercepat eksekusi proyek, dan accelerate project execution, and create shared value
menciptakan nilai bersama bagi Indonesia. for Indonesia.
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Tinjauan Makro Ekonomi
Macroeconomic Overview
International Monetary Fund (IMF) menyatakan The International Monetary Fund (IMF) reported that
pertumbuhan ekonomi dunia selama tahun 2025 global economic growth reached 3.2% in 2025, as stated
mencapai 3,2%, sesuai laporan dalam World Economic in the October 2025 edition of the World Economic
Outlook yang dirilis bulan Oktober 2025, dan lebih Outlook, exceeding the July projection of 3.0%.
tinggi dari proyeksi bulan Juli sebesar 3,0%. Kondisi According to the IMF, this performance was influenced
tersebut menurut IMF dipengaruhi oleh kesepakatan by recent trade agreements between the United
perdagangan terkini antara Amerika Serikat dan States and several major global economies. In addition,
beberapa negara ekonomi besar di dunia. Selain itu lower-than-anticipated tariffs supported global
tarif yang lebih rendah dari perkiraan, output global output, alongside agile private sector responses that
telah didukung oleh sektor swasta yang tangkas yang accelerated imports and rapidly reconfigured supply
mempercepat impor dan dengan cepat mengubah rute chains, a weaker U.S. dollar, fiscal stimulus measures in
rantai pasokan, dolar yang lebih lemah, stimulus fiskal Europe and China, and a surge in artificial intelligence
di Eropa dan China, serta ledakan investasi kecerdasan (AI) investment.
buatan (AI).
Di dalam negeri, Badan Pusat Statistik (BPS) mencatat Domestically, data released by Badan Pusat Statistik
bahwa pertumbuhan ekonomi Indonesia pada 4Q25 (BPS) indicated that Indonesia’s economic growth in
mencapai +5,39% YoY (vs. 3Q25: +5,04% YoY), melampaui 4Q25 reached +5.39% year-on-year (YoY) (vs. 3Q25:
ekspektasi konsensus di level +5,1% YoY sekaligus +5.04% YoY), exceeding the consensus expectation of
menandai pertumbuhan secara tahunan yang tertinggi +5.1% YoY and marking the highest annual growth rate
sejak 3Q22. Hasil ini membuat pertumbuhan ekonomi since 3Q22. As a result, Indonesia’s full-year economic
Indonesia selama 2025 mencapai +5,11% YoY (vs. 2024: growth in 2025 reached +5.11% YoY (vs. 2024: +5.03%
+5,03% YoY), melampaui ekspektasi konsensus di level YoY), surpassing the consensus estimate of +5.04% YoY,
+5,04% YoY, meski lebih rendah dibandingkan target although slightly below the Government’s target of
pemerintah di level +5,2% YoY. +5.2% YoY.
Pertumbuhan Ekonomi Nasional Tahun 2025
National Economic Growth in 2025
Triwulan I Triwulan II Triwulan III Triwulan IV
Full Year
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
4.87% 5.12% 5.04% 5.39% 5.11%
Keterangan: Berdasarkan Publikasi Badan Pusat Statistik
Note: Based on the Statistics Indonesia’s Publication
Capaian Realisasi Investasi Indonesia Tahun 2025 (Rp Triliun)
Achievement of Indonesia Investment Realization in 2025 (Rp Trillion)
Triwulan I Triwulan II Triwulan III Triwulan IV 2025
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Realisasi Target %
465.2 477.7 491.4 496.9 1,931.2 1,905.6 101.3
Sumber: Publikasi Kementerian Investasi (Badan Koordinasi Penanaman Modal)
Source: Ministry of Investment Publications (Investment Coordinating Board)
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Pembentukan modal tetap bruto/investasi (PMTB) menjadi Gross Fixed Capital Formation (GFCF)/investment
komponen dengan pertumbuhan tahunan tertinggi pada recorded the highest annual growth among expenditure
4Q25 sebesar +6,12% YoY (vs. 3Q25: +5% YoY), di mana components in 4Q25 at +6.12% YoY (vs. 3Q25: +5.0% YoY).
pertumbuhan ini disebabkan oleh peningkatan impor mesin This growth was driven by increased imports of production
produksi untuk industri serta belanja pemerintah untuk machinery for industrial purposes as well as government
peralatan dan mesin. Pertumbuhan PMTB tersebut juga expenditure on equipment and machinery. The expansion
sejalan dengan data pertumbuhan realisasi investasi dari in GFCF was also consistent with data from the Ministry of
Kementerian Investasi dan Hilirisasi sebesar +9,7% YoY Investment and Downstreaming, which reported a +9.7%
pada 4Q25. Hal ini membuat pertumbuhan PMTB selama YoY increase in realized investment in 4Q25. As a result,
2025 menjadi +5,09% YoY. GFCF growth for full-year 2025 reached +5.09% YoY.
Konsumsi rumah tangga — sebagai komponen terbesar Household consumption—the largest expenditure
— tumbuh lebih cepat pada 4Q25 sebesar +5,11% YoY (vs. component—accelerated in 4Q25, growing by +5.11%
3Q25: +4,89% YoY), relatif sejalan dengan peningkatan YoY (vs. 3Q25: +4.89% YoY). This performance was
momentum pada indeks penjualan ritel dan indeks broadly in line with improved momentum in the retail
keyakinan konsumen yang turut didorong oleh pemberian sales index and consumer confidence index, supported
paket stimulus sebesar Rp37,4 T. Hasil ini membawa in part by the distribution of a Rp37.4 trillion stimulus
konsumsi rumah tangga tumbuh +4,98% YoY selama 2025 package. Consequently, household consumption grew by
(vs. 2024: +4,94% YoY). Sementara itu, kontribusi dari net +4.98% YoY in 2025 (vs. 2024: +4.94% YoY). Meanwhile,
ekspor menurun pada 4Q25 seiring dengan pertumbuhan the contribution from net exports declined in 4Q25,
ekspor yang lebih rendah di level +3,3% YoY (vs. 3Q25: reflecting slower export growth of +3.3% YoY (vs. 3Q25:
+9,14%), sementara impor meningkat +4% YoY (vs. 3Q25: +9.14% YoY), while imports increased by +4.0% YoY (vs.
0,9% YoY). 3Q25: +0.9% YoY).
Secara umum, percepatan pertumbuhan ekonomi pada Overall, the acceleration of economic growth in 4Q25—
4Q25 — yang lebih didorong oleh peningkatan pasar driven primarily by stronger domestic demand rather than
domestik dibandingkan ekspor — relatif sejalan dengan tren exports—was broadly in line with trends in Indonesia’s
Purchasing Managers’ Index (PMI) manufaktur Indonesia manufacturing Purchasing Managers’ Index (PMI) and the
dan akselerasi pertumbuhan kredit. Pemerintah sendiri acceleration of credit growth. The Government has set
menargetkan pertumbuhan ekonomi sebesar +5,4% YoY an economic growth target of +5.4% YoY for 2026, while
pada 2026, sementara Menteri Keuangan memproyeksikan the Minister of Finance has projected a higher target of
target yang lebih tinggi di level +6,0% YoY. Tren perbaikan +6.0% YoY. Sustained improvements in macroeconomic
makroekonomi yang berkelanjutan berpotensi memberikan conditions are expected to provide positive momentum
dampak positif terhadap Indeks Harga Saham Gabungan for the Indonesia Composite Index (IHSG), particularly for
(IHSG) — terutama pada saham–saham blue chip seperti blue-chip stocks such as banking and consumer sectors,
perbankan dan konsumer dari kembalinya foreign inflow. supported by the return of foreign capital inflows.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Tinjauan Industri Nikel
Nickel Industry Overview
Pertambangan dan industri nikel sepanjang tahun 2025 Nickel mining and the nickel industry throughout 2025
dihadapkan pada berbagai tantangan. Salah satunya faced various challenges. One of the key challenges was
adalah harga komoditas yang melemah dari periode the weakening of commodity prices compared to the
sebelumnya. Di awal tahun 2025, harga komoditas previous period. At the beginning of 2025, London Metal
nikel di London Metal Exchange (LME) berada di level Exchange (LME) nickel price stood at US$15,010 per ton,
AS$15.010 per ton, dan di akhir tahun menjadi AS$16.485 and by year-end it reached US$16,485 per ton, with an
per ton, dengan harga rerata sepanjang tahun 2025 average price of US$15,165 per ton throughout 2025,
sebesar AS$15.165 per ton. Hal ini merefleksikan reflecting a 10% decrease compared to the average
penurunan sebesar 10% dibandingkan dengan harga global nickel benchmark price in 2024.
rerata acuan nikel dunia pada tahun 2024.
Penurunan harga tersebut tidak terlepas dari The price decline was closely associated with
melimpahnya pasokan ke pasar global, sehingga terjadi abundant supply in the global market, resulting in a
surplus. Berdasarkan pernyataan International Nickel surplus condition. According to a statement by the
Study Group (INSG), pasar nikel global diproyeksikan International Nickel Study Group (INSG), the global
mengalami surplus pada tahun 2025 akibat produksi nickel market was projected to experience a surplus in
yang melampaui konsumsi. Produksi nikel primer 2025 due to production exceeding consumption. Global
global diperkirakan mencapai 3,74 juta ton, sementara primary nickel production was estimated to reach 3.74
konsumsi hanya 3,54 juta ton dipicu oleh peningkatan million tons, while consumption was projected at only
produksi dari Indonesia dan Tiongkok. 3.54 million tons driven by increased production from
Indonesia and China.
Sejatinya permintaan nikel dunia menunjukkan tren Global nickel demand has in fact demonstrated a strong
peningkatan yang kuat, dengan proyeksi kenaikan upward trend, with projected growth from 3.19 million
dari 3,19 juta ton (2023) menjadi 3,54 juta ton pada 2025. tons in 2023 to 3.54 million tons in 2025. This growth
Pertumbuhan ini didorong oleh sektor baja tahan karat has been supported by the stainless-steel sector, which
(stainless steel) yang tumbuh stabil 4-5% per tahun, serta has expanded steadily at an annual rate of 4–5%, as
sektor baterai yang tumbuh lebih agresif sebesar 15- well as the battery sector, which has grown more
20% per tahun. Meskipun permintaan tumbuh, pasokan aggressively at approximately 15–20% per year. Despite
nikel masih melampaui permintaan (oversupply), yang increasing demand, nickel supply has continued to
disebabkan oleh lonjakan produksi besar-besaran, exceed demand (oversupply), driven by a substantial
terutama dari Indonesia yang memproduksi sekitar 2,2 surge in production, particularly from Indonesia, which
juta ton nikel per tahun pada tahun 2024-2025. produced approximately 2.2 million tons of nickel per
year during the 2024-2025 period.
Namun demikian, terjadi perlambatan permintaan Nevertheless, nickel demand experienced a slowdown,
nikel terutama disebabkan oleh penurunan asumsi primarily driven by downward revisions in the projected
pertumbuhan penggunaan nikel dalam baterai growth of nickel usage in electric vehicle (EV) batteries.
kendaraan listrik (EV). Pergeseran produsen EV, The shift by EV manufacturers, particularly in China,
khususnya di Tiongkok ke baterai Lithium Iron toward nickel-free Lithium Iron Phosphate (LFP)
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Phosphate (LFP) yang bebas nikel telah melemahkan batteries has weakened demand prospects, thereby
prospek permintaan, sehingga menekan harga nikel putting pressure on global nickel prices amid continued
global di tengah kondisi pasokan yang masih surplus. supply surplus conditions.
Berlimpahnya pasokan nikel, mendorong Pemerintah The abundant supply of nickel prompted the
menerbitkan Peraturan Pemerintah (PP) No. 28 Tahun Government to issue Government Regulation (GR) No.
2025 tentang Penyelenggaraan Perizinan Berusaha 28 of 2025 concerning the Implementation of Risk-
Berbasis Risiko. Peraturan tersebut membatasi izin Based Business Licensing. This regulation restricts the
investasi baru untuk smelter nikel yang memproduksi issuance of new investment licenses for nickel smelters
produk antara seperti nikel matte, mixed hydroxide producing intermediate products, such as nickel matte,
precipitate (MHP), ferronikel, dan nikel pig iron (NPI). mixed hydroxide precipitate (MHP), ferronickel, and
Tujuan kebijakan ini adalah mendorong hilirisasi ke nickel pig iron (NPI). The policy is intended to encourage
produk akhir yang bernilai lebih tinggi dan mengatasi downstream processing toward higher value-added end
kelebihan pasokan nikel. Berdasar data Kementerian products and to address the oversupply of nickel. Based
ESDM, saat ini Indonesia memiliki 85 smelter Rotary Kiln on data from the Ministry of ESDM, Indonesia currently
Electric Furnace (RKEF) dan 12 smelter High Pressure has 85 Rotary Kiln Electric Furnace (RKEF) smelters
Acid Leaching (HPAL). Total proyek smelter termasuk and 12 High Pressure Acid Leaching (HPAL) smelters.
yang dalam konstruksi mencapai 147 proyek, dengan The total number of smelter projects, including those
persebaran utama di Sulawesi Tengah, Maluku Utara, under construction, has reached 147, with primary
dan Sulawesi Tenggara. Jumlah proyek smelter ini concentrations in Central Sulawesi, North Maluku, and
memperkuat posisi Indonesia sebagai pusat nikel dunia. Southeast Sulawesi. This extensive pipeline of smelter
projects further strengthens Indonesia’s position as a
global nickel hub.
Pergerakan Harga dan Persediaan Nikel
Movement of Nickel Price and Inventories
Ton AS$/mt
Tons US$/mt
17,000
300,000
16,500
250,000 16,000
15,500
200,000 15,000
150,000 14,500
14,000
100,000 13,500
13,000
50,000
12,500
-- 12,000
LME Inventory SHFE Inventory LME Price
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Sejalan dengan komitmen Pemerintah Indonesia dalam In line with the Government of Indonesia’s commitment
mewujudkan langkah hilirisasi, PT Vale Indonesia to advancing downstream processing, PT Vale Indonesia
Tbk memandang hilirisasi bukan sekadar kewajiban Tbk views downstream development not merely as a
kebijakan nasional, melainkan transformasi strategis regulatory obligation, but as a strategic transformation
untuk memastikan relevansi jangka panjang di tengah to ensure long-term relevance amid shifts in global
perubahan struktur permintaan nikel global, khususnya nickel demand structures, particularly the transition
pergeseran dari stainless steel-driven demand ke from stainless steel-driven demand to battery-driven
battery-driven demand, terlebih, International Energy demand. Moreover, the International Energy Agency
Agency memproyeksikan permintaan nikel melonjak projects that global nickel demand will increase by 65%
65% pada 2030. by 2030.
Peta jalan hilirisasi PT Vale dibangun melalui tiga proyek PT Vale’s downstream roadmap is structured around
utama dengan total mencapai sekitar AS$7 miliar, yang three integrated flagship projects, with a total
saling melengkapi: investment of approximately US$7 billion, designed to
complement one another:
• HPAL Pomalaa – Memproduksi MHP dengan • HPAL Pomalaa – Producing MHP with a capacity
kapasitas 120kt per tahun untuk baterai kendaraan of 120 kt per year for electric vehicle battery
listrik, dengan mitra global Huayou dan Ford. applications, in partnership with global partners
Huayou and Ford.
• HPAL Bahodopi – Memproduksi MHP dengan kapasitas • HPAL Bahodopi – Producing MHP with a capacity of
60kt per tahun untuk memperkuat pasokan material 60 kt per year to strengthen battery material supply
baterai dengan mitra GEM dan EcoPro. chains, in partnership with GEM and EcoPro.
• HPAL Sorowako – Memproduksi MHP dengan • HPAL Sorowako – Producing MHP with a capacity
kapasitas 60kt per tahun dengan mengoptimalisasi of 60 kt per year by optimizing limonite ore from
bijih limonit dari tambang eksisting melalui sistem existing mining operations through an ore pipeline
pipanisasi bijih dengan mitra global Huayou. system, in partnership with global partner Huayou.
Ketiga proyek tersebut ditargetkan beroperasi The three projects are targeted to commence
komersial pada tahun 2026 hingga 2028 serta dirancang commercial operations between 2026 and 2028 and are
untuk: designed to:
• Mengolah bijih kadar rendah menjadi produk bernilai • Process low-grade ore into higher value-added
tinggi products;
• Mengurangi ketergantungan pada ekspor bahan • Reduce dependence on raw material exports;
mentah
• Menciptakan lapangan kerja, transfer teknologi, • Create employment opportunities, facilitate
dan dampak ekonomi lokal technology transfer, and generate local economic
impact.
Dengan pendekatan ini, PT Vale memastikan hilirisasi Through this approach, PT Vale ensures that
tidak menjadi sumber risiko baru, melainkan penopang downstream development does not become a new
ketahanan bisnis jangka panjang. source of risk, but rather serves as a foundation for
long-term business resilience.
2025 Annual Report 131
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Tinjauan Operasi per Segmen Usaha
Operations Review by Business Segment
PT Vale hanya beroperasi di Indonesia dengan segmen PT Vale operates exclusively in Indonesia within the nickel
usaha penambangan dan pengolahan nikel. Perseroan mining and processing business segment. The Company
melakukan kontrak penjualan jangka panjang dengan has entered into long-term sales contracts with Vale
Vale Canada Limited (VCL) dan Sumitomo Metal Mining Canada Limited (VCL) and Sumitomo Metal Mining Co.,
Co. Ltd. (SMM) untuk produk nikel matte yang dihasilkan. Ltd. (SMM) for the nickel matte products it produces.
Selain operasi utama nikel matte, PT Vale juga memperkuat In addition to its core nickel matte operations, PT Vale
portofolio komersialnya dengan penjualan perdana bijih also strengthened its commercial portfolio through
nikel saprolit dari Blok Bahodopi dan Pomalaa. Awalnya the inaugural sales of saprolite nickel ore from the
direncanakan pada triwulan keempat, namun tambang Bahodopi and Pomalaa Blocks. Initially planned for the
Bahodopi berhasil melakukan pengiriman lebih awal pada fourth quarter, shipments from the Bahodopi mine were
Juli 2025. successfully carried out earlier in July 2025.
Segmen Usaha Penambangan dan Pengolahan Nikel
Business Segment Nickel Mining and Processing
Seluruh proses pertambangan dan pengolahan nikel All nickel mining and processing activities are conducted
berlangsung di Indonesia dengan cakupan produksi in Indonesia, covering nickel ore mining, nickel in matte
penambangan bijih nikel dan produksi nikel dalam matte, production, and the sale of nickel matte as well as nickel
serta penjualan nikel matte dan bijih nikel. ores.
Produksi Operasi Pertambangan dan Produksi Mining Operations and Nickel in Matte
Nikel dalam Matte Production
Penilaian kinerja operasi pertambangan dan produksi The performance of mining operations and nickel matte
nikel dalam matte dilakukan berdasarkan volume production is assessed based on the realized production
realisasi produksi nikel dalam matte selama tahun buku, volume of nickel matte during the financial year, compared
dibandingkan dengan periode sebelumnya. Realisasi with the previous period. Total nickel matte production
total produksi nikel dalam matte tahun 2025 mencapai in 2025 reached 72,027 tons, representing 1% above the
72.027 ton atau 1% di atas target sebesar 71.234 ton, dan target of 71,234 tons, and an increase from 71,311 tons in
meningkat dari tahun 2024 sebesar 71.311 ton. Kenaikan 2024. This improvement reflects the Company’s positive
tersebut menunjukkan kinerja positif Perseroan sebagai operational performance, driven by the execution of
hasil pelaksanaan strategi pemeliharaan di sepanjang its maintenance strategy throughout the year and its
tahun dan komitmen Perseroan terhadap keselamatan commitment to safety, while taking a major overhaul of
di saat menjalankan perbaikan besar pada salah satu one furnace, which had previously affected production
furnace yang memengaruhi kemampuan produksi serta capacity as well as supported by the operational excellence.
didukung oleh keunggulan operasional.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Realisasi Volume Produksi Nikel dalam Matte Tahun 2025 dan Perbandingan dengan Periode Sebelumnya
Realization of Nickel in Matte Production Volume in 2025 and Comparison with the Previous Period
Varian | Variance
Periode 2025:2024
2025 2024 2023
Period
Volume %
Triwulan I | Quarter I 17,027 18,199 16,769 -1,172 -6.44%
Triwulan II | Quarter II 18,557 16,576 16,922 1,981 11.95%
Triwulan III | Quarter III 19,391 18,008 17,953 1,383 7.68%
Triwulan IV | Quarter IV 17,052 18,528 19,084 -1,476 -7.97%
Total 72,027 71,311 70,728 716 1.00%
Keterangan: Satuan dalam Ton | Note: Unit in Tons
Realisasi Penjualan Bijih Nikel
Realization of Nickel Ore Sales
Pada bulan Januari 2025, PT Vale Indonesia Tbk In January 2025, PT Vale Indonesia Tbk carried out its
melakukan pengiriman perdana bijih nikel saprolit first shipment of saprolite nickel ore from the Pomalaa
dari Blok Pomalaa. Penjualan bijih saproliit ditujukan Block. The sale of saprolite ore was directed to domestic
kepada pembeli domestik dan dilakukan berdasarkan buyers and conducted pursuant to the Approval of the
Persetujuan Perubahan Rencana Kerja dan Anggaran Amendment to the Work Plan and Budget (RKAB).
Belanja (RKAB) .
Langkah ini menandakan diversifikasi portofolio This initiative marked the diversification of the
komersial Perseroan. Realisasi penjualan bijih saprolit Company’s commercial portfolio. As of year-end 2025,
hingga akhir tahun 2025 mencapai 2.316.023 wet total realized sales of saprolite ore reached 2,316,023
metric ton (wmt), dengan volume terbesar di bulan wet metric tons (wmt). The highest monthly sales
Oktober dengan volume sebesar 516.167 wmt. Secara volume was recorded in October at 516,167 wmt. Overall,
keseluruhan, volume terbesar penjualan bijih saprolit the largest contribution to saprolite ore sales volume
sepanjang 2025 berasal dari Blok Bahodopi. throughout 2025 originated from the Bahodopi Block.
Realisasi Volume Penjualan Bijih Saprolit Tahun 2025
Realization of Saprolite Ore Sales Volume in 2025
Triwulan Volume (wmt)
Quarter Pomalaa Bahodopi Total
Triwulan I | Quarter I 84,454 - 84,454
Triwulan II | Quarter II 63,037 - 63,037
Triwulan III | Quarter III 131,254 617,519 748,773
Triwulan IV | Quarter IV 19,514 1,400,245 1,419,758
Total 298,259 2,017,764 2,316,023
Keterangan: Satuan dalam Ton | Note: Unit in Tons
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Realisasi Penjualan Nikel Matte
Realization of Nickel Matte Sales
Penjualan yang dilakukan Perseroan menggunakan The Company conducts sales under long-term “take-
kontrak penjualan “harus ambil” jangka panjang dalam or-pay” sales contracts denominated in U.S. Dollars. In
mata uang Dolar AS. Dalam menentukan harga jual, determining the selling price, the Company applies a
Perseroan menggunakan formula yang didasarkan atas pricing formula based on the London Metal Exchange
harga tunai nikel di London Metal Exchange (LME), dan (LME) nickel cash price and the cobalt cash price published
harga tunai kobalt di Fast Market. Pengukuran kinerja by Fastmarkets. Sales performance in the nickel matte
penjualan segmen usaha penambangan dan pengolahan mining and processing segment is measured based on
nikel matte dilakukan berdasarkan pendapatan pada tahun revenue generated during the financial year from the sale
buku, dari penjualan nikel matte kepada VCL dan SMM. of nickel matte to VCL and SMM.
Realisasi total volume penjualan nikel matte Perseroan In 2025, total realized nickel matte sales volume reached
tahun 2025 mencapai 73.093 ton atau 1% di atas target 73,093 tons, equivalent to 1% above the target of 72,234
72.234 ton. Volume tersebut bertambah 1% dari tahun tons. This volume represented a 1% increase compared
2024 sebesar 72.625 ton, yang didukung oleh strategi to 72,625 tons in 2024, supported by the effective
pemeliharaan yang baik yang dilakukan Perseroan implementation of the Company’s maintenance strategy
sepanjang tahun 2025. Volume tertinggi penjualan nikel throughout 2025. The highest nickel matte sales volume
matte berlangsung pada triwulan ketiga sebesar 19.557 ton. was recorded in the third quarter at 19,557 tons.
Realisasi Volume Penjualan Nikel Matte Tahun 2025 dan Perbandingan dengan Periode Sebelumnya
Realization of Nickel Matte Sales Volume 2025 and Comparison with the Previous Period
Varian | Variance
Periode 2025:2024
2025 2024 2023
Period
Volume %
Triwulan I | Quarter I 17,096 18,175 16,758 (1,079) (5.94)
Triwulan II | Quarter II 18,023 17,505 16,463 518 2.96
Triwulan III | Quarter III 19,557 17,749 17,214 1,808 10.18
Triwulan IV | Quarter IV 18,418 19,196 20,673 (778) (4.05)
Total 73,093 72,625 71,108 468 0.64
Keterangan: Satuan dalam Ton | Note: Unit in Tons
Realisasi Pendapatan dari Penjualan Nikel Realization of Revenue from Nickel Matte
Matte dan Ore and Ore Sales
Pendapatan Usaha Perseroan selama tahun 2025 The Company’s operating revenue in 2025 was derived
bersumber dari hasil penjualan nikel matte dan from the sale of nickel matte and nickel ore. This differs
penjualan ore. Kondisi ini berbeda dengan tahun 2024 from 2024, when revenue was generated entirely from
yang seluruhnya berasal dari penjualan nikel matte. nickel matte sales. Total revenue in 2025 increased due
Total Pendapatan Perseroan selama tahun 2025 to the contribution from ore sales and increased in the
mengalami peningkatan, karena adanya pendapatan nickel matte payability. The Company recorded total
dari penjualan ore dan peningkatan jumlah payability revenue of US$990.19 million in 2025, representing a 4%
nikel matte. Total pendapatan Perseroan tahun 2025 increase compared to US$950.39 million in 2024. Revenue
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mencapai AS$990,19 juta atau bertambah 4% dari from nickel matte sales amounted to US$888.58 million,
2024 sebesar AS$950,39 juta. Jumlah Pendapatan dari contributing 90% of total revenue. Meanwhile, revenue
penjualan nikel matte tahun 2025 mencapai AS$888,58 from ore sales reached US$101.61 million, accounting for
juta dan berkontribusi 90% dari total Pendapatan the remaining 10% of total revenue.
Perseroan. Adapun Pendapatan dari penjualan ore di
tahun 2025 mencapai AS$101,61 juta dan berkontribusi
10% dari total Pendapatan Perseroan.
Realisasi Pendapatan Usaha Tahun 2025 dan Perbandingan dengan Periode Sebelumnya (ribuan AS$)
Realization of Operating Revenue in 2025 and Comparison with the Previous Period (thousand of US$)
Varian | Variance
Sumber Pendapatan 2025:2024
2025 2024 2023
Revenue Sources
Volume %
Penjualan Nikel Matte | Nickel Matte Sales 888,584 950,388 1,232,263 (61,804) (6.50)
Penjualan Ore | Ore Sales 101,611 N/A N/A 101,611 0.00
Total 990,195 950,388 1,232,263 39,807 4.19
Keterangan: Satuan dalam ribuan AS$ | Note: Unit in thousand US$
Realisasi Pendapatan Usaha Tahun 2025 dari Penjualan Nikel Matte dan Perbandingan dengan Periode
Sebelumnya
Realization of Operating Revenue in 2025 from Nikel Matte Sales and Comparison with the Previous Period
Varian | Variance
Pembeli 2025:2024
2025 2024 2023
Buyers
Volume %
Vale Canada Limited 711,475 760,201 985,812 (48,726) (6.41)
Sumitomo Metal Mining Co.,Ltd 177,109 190,187 246,451 (13,078) (6.88)
Total 888,584 950,388 1,232,263 (61,804) (6.50)
Keterangan: Satuan dalam ribuan AS$ | Note: Unit in thousand US$
Profitabilitas Segmen Usaha Penambangan dan Pengolahan Nikel
Profitability of the Nickel Mining and Processing Segment
Realisasi perolehan Laba Bruto dari segmen usaha Gross Profit from the nickel mining and processing
penambangan dan pengolahan nikel tahun 2025 segment in 2025 amounted to US$110.85 million,
mencapai AS$110,85 juta, tumbuh 2% dari tahun 2024 representing a 2% increase compared to US$108.23
sebesar AS$108,23 juta. Realisasi perolehan Laba Usaha million in 2024. Operating Profit from the segment in
dari segmen usaha penambangan dan pengolahan nikel 2025 reached US$41.43 million, reflecting a 35% decline
di tahun 2025 mencapai AS$41,43 juta, berkurang 35% from US$63.82 million in 2024.
dari tahun 2024 sebesar AS$63,82 juta.
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Profitabilitas Tahun 2025 dan Perbandingan Periode Sebelumnya
Profitability in 2025 and Comparison with the Previous Period
Varian | Variance
Profitabilitas 2025:2024
2025 2024 2023
Profitability
Volume %
Pendapatan | Revenue 990,195 950,388 1,232,263 39,807 4.19
Beban Pokok Pendapatan | Cost of Revenue (879,343) (842,160) (885,240) (37,183) 4.42
Laba Bruto | Gross Profit 110,852 108,228 347,023 2,624 2.42
Beban Usaha | Operating Expense (52,182) (38,254) (22,155) (13,928) 36.41
Pendapatan Lainnya | Other Income 3,922 3,719 823 203 5.46
Beban Lainnya | Other Expenses (12,709) (9,873) (23,533) (2,836) 28.72
Pembagian Laba Bersih | Net Profit Sharing (8,451) - - (8,451) 100.00
Laba Usaha | Operating Profit 41,432 63,820 302,158 (22,388) (35.08)
Keterangan: Satuan dalam ribuan AS$ | Note: Unit in thousand US$
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Strategi Pengembangan Segmen Operasi
Pertambangan dan Produksi
Mining and Production Segment Development Strategy
PT Vale Indonesia Tbk melanjutkan agenda transformasi PT Vale Indonesia Tbk continued its transformation
dengan fokus strategi pada tahun 2025 meliputi agenda in 2025, with strategic priorities focused on
penguatan ketahanan, keselamatan, dan keberlanjutan strengthening resilience, safety, and the long-term
jangka panjang dari segmen inti operasi dan produksi sustainability of its core operations and production
Perseroan. segment.
1. Menjaga Integritas Aset dan Disiplin Pemeliharaan 1. Maintaining Asset Integrity and Maintenance
Discipline
Inisiatif ini memperkuat komitmen kami terhadap This initiative reinforces the Company’s
kedisiplinan operasional serta kesiapan dalam commitment to operational discipline and readiness
memenuhi target produksi di masa mendatang. to achieve future production targets. The measures
Langkah-langkah yang dilakukan, meliputi: undertaken include:
a. Memulai penerapan Kerangka Kerja Manajemen a. Initiating the implementation of a new Asset
Aset yang baru pasca divestasi untuk Management Framework following divestment,
memperkuat siklus hidup aset. aimed at strengthening asset lifecycle
management.
b. Memulai persiapan untuk pembangunan kembali b. Commencing preparatory work for the
tanur berikutnya untuk memastikan tingkat reconstruction of the next furnace to maintain
produksi tetap stabil meskipun menghadapi stable production levels amid challenges arising
tantangan dari lokasi tambang baru dan from new mining areas and declining ore grades.
penurunan kadar bijih.
c. Meningkatkan koordinasi antara fungsi c. Enhancing coordination between maintenance
pemeliharaan dan rantai pasok untuk and supply chain functions to reduce downtime
mengurangi downtime dan meningkatkan and improve asset performance.
kinerja aset.
2. Memperdalam Kesadaran Risiko dan 2. Deepening Risk Awareness and Safety Leadership
Kepemimpinan dalam Keselamatan
PT Vale Indonesia Tbk terus menanamkan pola PT Vale Indonesia Tbk continues to embed a safety-
pikir tentang keselamatan sebagai prioritas melalui first mindset through structured risk management
penerapan manajemen risiko yang terstruktur dan practices and strengthened frontline safety
penguatan kepemimpinan dalam keselamatan di leadership. Key initiatives include:
garis terdepan:
a. Panduan kepemimpinan berbasis Gemba untuk a. Implementing Gemba-based leadership
memastikan validasi kontrol kritis sebagai guidance to ensure validation of critical controls,
model praktis dalam mendorong akuntabilitas serving as a practical model to reinforce safety
keselamatan di tingkat lapangan. accountability at the operational level.
b. Memperkuat kesejahteraan tenaga kerja melalui b. Enhancing workforce well-being through the
perluasan program kesehatan dan kebugaran. expansion of health and wellness programs.
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3. Budaya dan Manusia: Mempersiapkan Model 3. Culture and People: Preparing a New Post-Carve-
Operasi dan Organisasi Baru Pasca Carve-out out Operating and Organizational Model
Dengan fokus yang lebih tajam pada kesiapan With a sharper focus on talent readiness and cultural
talenta dan transformasi budaya, kami melakukan transformation, the Company has undertaken
pengembangan kemampuan SDM: human capital development initiatives, including:
a. Menyelesaikan model operasi target baru pasca a. Finalizing a new post-divestment target
divestasi untuk memastikan pencapaian tujuan operating model to support the achievement of
strategis. strategic objectives.
b. Menyusun struktur organisasi serta tugas dan b. Establishing an updated organizational
tanggung jawab Direksi pasca divestasi untuk structure, including the delineation of roles
transisi yang lebih lancar. and responsibilities of the Board of Directors,
to facilitate a smoother post-divestment
transition.
c. Memperkuat manajemen talenta PT Vale guna c. Strengthening talent management to support
mendukung pengembangan kepemimpinan senior leadership development and succession
senior dan rencana suksesi, termasuk pemetaan planning, including the mapping of critical roles
peran-peran kritis untuk memastikan to ensure organizational continuity following
pengembangan sumber daya dan organisasi divestment.
pasca divestasi.
d. Mencapai target diversity, equity, and inclusion d. Achieving diversity, equity, and inclusion (DEI)
(DEI) dalam hal demografi tenaga kerja targets in terms of overall female workforce
perempuan secara keseluruhan. representation.
e. Mempersiapkan kebutuhan organisasi dan e. Preparing organizational and workforce
tenaga kerja untuk fase pasca proyek operasi requirements for the post-project operational
Bahodopi & Pomalaa. phase of Bahodopi and Pomalaa.
f. Meluncurkan nilai-nilai inti baru PT Vale: f. Launching new corporate core values:
Compassion, Accountability, Resilient, Excellence, Compassion, Accountability, Resilience,
Sustainability (CARES) sebagai panduan dan Excellence, and Sustainability (CARES), as
penjaga keselarasan dengan tujuan serta ambisi guiding principles to ensure alignment with the
pertumbuhan Perseroan. Company’s purpose and growth ambitions.
4. Keberlanjutan: Dari Kepatuhan Menuju Integrasi 4. Sustainability: From Compliance to Operational
Operasional Integration
Keberlanjutan tetap menjadi bagian integral dari PT Vale Indonesia Tbk continues to position
tujuan PT Vale Indonesia Tbk, yang mencerminkan sustainability as an integral component of its
pengelolaan LST sebagai solusi berkelanjutan corporate purpose, reflecting the management of
pengelolaan dampak, meningkatkan daya saing, ESG aspects as a sustainable approach to impact
memperjelas keunggulan kompetitif, mendorong management, competitiveness enhancement,
inovasi, dan memperkuat hubungan dengan clarification of competitive advantages, innovation
pemangku kepentingan. Perseroan memiliki Komite advancement, and strengthened stakeholder
Keberlanjutan guna memastikan pemantauan metrik engagement. The Company has established a
keberlanjutan secara berkala, menyusun laporan Sustainability Committee to ensure periodic
yang merangkum pencapaian utama dan prioritas monitoring of sustainability metrics and to
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strategis ke depan, demi memastikan transparansi, prepare reports summarizing key achievements
kepatuhan, dan peningkatan berkelanjutan dalam and forward-looking strategic priorities. This
praktik keberlanjutan Perseroan. mechanism supports transparency, regulatory
compliance, and continuous improvement in the
Company’s sustainability practices.
Kinerja pengelolaan LST tercermin pada peringkat ESG performance is reflected in the Company’s
LST dari Sustainalytics, salah satu lembaga rating by Sustainalytics, a leading ESG rating agency.
pemeringkat LST terkemuka. Selama tiga tahun Over the past three years, PT Vale has recorded
terakhir, PT Vale mengalami penurunan skor a declining ESG risk score, indicating progressive
risiko LST yang menandakan kian membaiknya improvement in ESG management. By the end of
pengelolaan LST. Di akhir 2025, skor risiko LST turun 2025, the ESG Risk Rating improved from 29.8 to
dari 29,8 menjadi 23,7 dan menjadikan PT Vale di 23.7, placing PT Vale among the 15 mining companies
antara 15 perusahaan pertambangan dengan risiko globally with the lowest ESG risk.
LST terendah di dunia.
5. Strategi Energi, Lingkungan, dan Keselamatan 5. Energy, Environmental, and Tailings Safety
Tailing Strategy
5.1. Manajemen Energi 5.1. Energy Management
Sebagai bagian dari komitmen terhadap As part of its commitment to decarbonization and
dekarbonisasi dan ketahanan energi, kami terus energy resilience, we continue to prioritize energy
memprioritaskan inisiatif optimalisasi energi: optimization initiatives, including:
a. Pengoperasian jarak jauh pembangkit a. Remote operation of hydropower plants and a
listrik tenaga air dan pusat kendali utilitas centralized utilities control center to enhance
terpusat untuk meningkatkan keandalan dan reliability and operational responsiveness.
responsivitas.
b. Mengembangkan peta jalan energi yang b. Development of an energy roadmap focused on
berfokus pada pemanfaatan jangka panjang the long-term utilization of renewable energy
energi terbarukan, yang mendukung kebutuhan sources to support operational requirements
operasional dan strategi karbon kami. and the Company’s carbon strategy.
c. Meluncurkan program konservasi untuk c. Implementation of conservation programs
memaksimalkan efisiensi dan mengurangi aimed at maximizing efficiency and reducing the
intensitas karbon operasi. carbon intensity of operations.
5.2. Manajemen Lingkungan 5.2. Environmental Management
a. Menerapkan sistem pemantauan daring yang a. Implementation of integrated online monitoring
terintegrasi untuk meningkatkan kepatuhan systems to enhance real-time compliance with
secara real-time pada indikator kinerja utama environmental key performance indicators
(KPI) terkait lingkungan. (KPIs).
b. Menyelesaikan studi baseline keanekaragaman b. Completion of baseline biodiversity studies
hayati untuk memandu pembangunan to guide sustainable development in new
berkelanjutan di area baru. operational areas.
c. Menyelaraskan upaya pengurangan emisi dengan c. Alignment of emission reduction initiatives
strategi manajemen energi untuk menurunkan with the energy management strategy to lower
intensitas emisi gas rumah kaca (GRK). greenhouse gas (GHG) emission intensity.
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5.3. Keselamatan Bendungan 5.3 Dam Safety
Keselamatan dan integritas lingkungan dari fasilitas The safety and environmental integrity of dam
bendungan menjadi prioritas yang tidak dapat facilities remain a non-negotiable priority. This
dikompromikan. Hal ini antara lain dilakukan dengan was implemented, among others, through the
menerapkan pemantauan robotik di tiga bendungan deployment of robotic monitoring across three of
kami, yang memungkinkan pemantauan integritas our dams, enabling real-time and high-frequency
secara real-time dan frekuensi tinggi untuk integrity monitoring for faster incident prevention.
pencegahan insiden yang lebih cepat.
6. Keunggulan Operasional melalui Vale Production 6. Operational Excellence through the Vale
System (VPS) Production System (VPS)
VPS tetap menjadi penggerak inti transformasi VPS remains a core driver of the Company’s
kami – mendorong produktivitas, keselamatan, dan transformation, promoting productivity, safety, and
penyelarasan budaya di seluruh organisasi. Di tahun cultural alignment across the organization. In 2025,
2025, PT Vale Indonesia Tbk terus mematangkan PT Vale Indonesia Tbk further strengthened the
penerapan VPS di lini depan operasinya, membekali implementation of VPS at the frontline operational
tim dengan alat untuk memantau kinerja, level, equipping teams with structured tools to
mengeskalasi masalah, dan kedisiplinan proses. monitor performance, escalate issues, and reinforce
process discipline.
6.1.Floor Development Management System 6.1.Floor Management Development System
(FMDS) (FMDS)
a. FMDS menerjemahkan target strategis ke dalam a. FMDS translates strategic targets into frontline
indikator kinerja di lini depan, mendukung performance indicators, supports routine
tinjauan rutin, dan memberdayakan pekerja performance reviews, and empowers employees
untuk mengidentifikasi serta menyelesaikan to identify and resolve issues effectively.
masalah secara efektif.
b. Fokus utamanya meliputi: keselamatan, kualitas, b. Its primary focus areas include safety, quality,
produktivitas, efisiensi biaya, dan keterlibatan productivity, cost efficiency, and employee
pekerja. engagement.
6.2. Peningkatan Manajemen Visual 6.2 Enhancement of Visual Management
Area kerja didesain ulang menggunakan prinsip Work areas were redesigned based on visual
manajemen visual untuk membedakan kondisi management principles to clearly distinguish normal
normal dan abnormal secara jelas, memungkinkan from abnormal conditions, enabling faster responses
respons yang lebih cepat terhadap inefisiensi dan to inefficiencies and empowering employees to
memberdayakan pekerja untuk menjaga standar uphold world-class operational standards.
operasional kelas dunia.
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Tinjauan Kinerja Keuangan Perseroan
Company Financial Performance Overview
Informasi yang berasal dari Laporan Keuangan Information derived from the Financial Statements of
PT Vale digunakan sebagai dasar dalam melakukan PT Vale is used as a basis for conducting the Company’s
Tinjauan Kinerja Keuangan Perseroan. Laporan pada Financial Performance Review. The report as of
pada 31 Desember 2025 telah diaudit Kantor Akuntan December 31, 2025, has been audited by the Public
Publik (KAP) Rintis, Jumadi, Rianto & Rekan, anggota Accounting Firm (KAP) Rintis, Jumadi, Rianto & Rekan, a
PricewaterhouseCoopers (PwC), yang terdaftar di member of PricewaterhouseCoopers (PwC), registered
Otoritas Jasa Keuangan, dan disusun sesuai Standar with the Financial Services Authority, and prepared
Akuntansi Keuangan di Indonesia. Laporan memperoleh in accordance with Indonesian Financial Accounting
opini bahwa laporan keuangan disajikan secara wajar Standards. The report obtained an opinion that the
dalam semua hal yang material, posisi keuangan financial statements are presented fairly in all material
Perseroan tanggal 31 Desember 2025, serta kinerja respects, the financial position of the Company as of
keuangan dan arus kas untuk tahun yang berakhir pada December 31, 2025, and their financial performance and
tanggal tersebut, sesuai Standar Akuntansi Keuangan cash flows for the year then ended, in accordance with
di Indonesia. Indonesian Financial Accounting Standards.
Penjelasan dalam catatan atas Laporan Keuangan The explanations in the notes to the Financial
merupakan bagian tidak terpisahkan dari Laporan Statements are an integral part of the Annual Report
Tahunan, sehingga keberadaannya penting untuk and are therefore essential to support the information
mendukung informasi yang akan disampaikan. Bahasan presented. The discussion and analysis of the Company’s
dan analisis mengenai kondisi keuangan Perseroan financial condition are presented in the following
disajikan dalam bagian–bagian sebagai berikut: sections:
1. Kinerja Posisi Keuangan; 1. Financial Position Performance;
2. Kinerja Laba Rugi dan Penghasilan Komprehensif 2. Profit and Loss and Other Comprehensive Income
Lain; Performance;
3. Kinerja Arus Kas; dan 3. Cash Flow Performance; and
4. Kinerja Rasio Keuangan. 4. Financial Ratio Performance.
Beberapa faktor yang memengaruhi kegiatan usaha Several factors that influenced the Company’s business
Perseroan pada 2025 di antaranya: activities in 2025 include:
• Fluktuasi harga nikel global • Global nickel price fluctuations
Beberapa faktor seperti tingkat permintaan dan Several factors such as demand levels and supply
ketersediaan pasokan menimbulkan sentimen availability created positive or negative sentiment
positif maupun negatif terhadap harga nikel di towards nickel prices in the global market which
pasar global yang memberikan pengaruh pada impacted the Company’s revenue. The LME nickel
pendapatan Perseroan. Harga LME nikel mengalami price decreased with minimum price from US$14,965
penurunan dengan harga minimum dari AS$14.965 in 2024 to US$13,815 in 2025.
di 2024, menjadi AS$13.815 pada tahun 2025.
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• Fluktuasi harga rata-rata bahan bakar • Fluctuations in average fuel prices
Harga rata-rata High Sulphur Fuel Oil (HSFO) dan The average prices of High Sulphur Fuel Oil (HSFO)
High Speed Diesel (HSD) di 2025 lebih tinggi masing- and High Speed Diesel (HSD) in 2025 are 70% and
masing sebesar 70% dan 2% dari 2024. Harga rata- 2% higher than in 2024, respectively. The average
rata batu bara di 2025 lebih rendah sebesar 25% dari price of coal in 2025 is 25% lower than in 2024.
2024. Perseroan tidak dapat mengendalikan harga The Company cannot control fuel prices, which are
bahan bakar yang menjadi komponen terbesar the largest component of production costs, so the
dalam biaya produksi sehingga Perseroan berupaya Company is trying to make fuel use more efficient.
untuk melakukan efisiensi penggunaan bahan bakar.
• Kebijakan Pemerintah dan perubahan peraturan • Government policies and changes in legislation
perundang-undangan
Governans sektor pertambangan mineral dan Governance of the mineral and coal mining sector
batu bara melalui pemberlakuan kebijakan dan through the implementation of new policies and
peraturan baru yang dilakukan Pemerintah dapat regulations by the Government affected the
memengaruhi operasional Perseroan. Company’s operations.
• Fluktuasi nilai tukar mata uang asing • Fluctuations in foreign exchange rates
Kondisi wilayah operasional Perseroan yang The condition of the Company’s operational areas
berada di Indonesia dan menggunakan mata uang located in Indonesia and the use of the Rupiah
Rupiah, akan terpengaruh atas penguatan dolar currency was affected by the strengthening of the
AS, sehingga memberikan dampak pada kondisi US dollar, thus impacting the Company’s financial
keuangan Perseroan. Hingga akhir 2025, Perseroan condition. By the end of 2025, the Company
mencatat nilai tukar untuk satu dolar AS terhadap recorded the exchange rate for one US dollar against
Rupiah adalah Rp16.476, lebih tinggi dari akhir 2024 the Rupiah at Rp16,476, higher than the end of 2024
sebesar Rp16.124. of Rp16,124.
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Laporan Posisi Keuangan
Report of Financial Position
Per 31 Desember 2025, Perseroan mencatat peningkatan As of December 31, 2025, the Company recorded an
posisi keuangan sebesar 5,33% pada bagian Total Aset increase in its financial position 5.33% in the Total Assets
dibandingkan dengan periode sebelumnya. Selain itu, section, compared to the previous period. There was an
Total Liabilitas meningkat sebesar 28,62%, sementara increase of 28.62% in Total Liabilities and increase of
Total Ekuitas mengalami kenaikan sebesar 1,55%. 1.55% in Total Equity.
Posisi Keuangan dan Perbandingan Periode Sebelumnya
Financial in 2025 and Comparison with the Previous Period
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Aset Lancar | Current Assets 749,497 1,004,774 1,033,119 (255,277) (25.41)
Aset Tidak Lancar | Non-current Assets 2,596,350 2,171,754 1,892,880 424,596 19.55
Total Aset | Total Assets 3,345,847 3,176,528 2,925,999 169,319 5.33
Liabilitas Jangka Pendek | Current Liabilities 362,390 263,471 216,727 98,919 37.54
Liabilitas Jangka Panjang | Non-current Liabilities 208,281 180,281 144,735 28,100 15.59
Total Liabilitas | Total Liabilities 570,771 443,752 361,462 127,019 28.62
Total Ekuitas | Total Equity 2,775,076 2,732,776 2,564,537 42,300 1.55
Total Liabilitas & Ekuitas | Total Liabilities & Equity 3,345,847 3,176,528 2,925,999 169,319 5.33
Keterangan : Nominal dalam ribuan AS$ | Notes : Nominal in thousand of US$
Aset Asset
Per 31 Desember 2025, terjadi kenaikan nilai Total As of December 31, 2025, the Company’s Total Assets
Aset Perseroan jika dibandingkan dengan 2024 yang increased compared to 2024, driven by an increase in
disebabkan oleh kenaikan Aset Tidak Lancar. Selama Non-Current Assets. During 2025, Current Assets and
tahun 2025, Aset Lancar dan Aset Tidak Lancar Non-Current Assets accounted for 22.40% and 77.60%
terhadap Total Aset memiliki proporsi masing–masing of Total Assets, respectively.
22,40% dan 77,60%.
Aset
Assets
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Aset Lancar | Current Assets 749,497 1,004,774 1,033,119 (255,277) (25.41)
Aset Tidak Lancar | Non-current Assets 2,596,350 2,171,754 1,892,880 424,596 19.55
Total Aset 3,345,847 3,176,528 2,925,999 169,319 5.33
Keterangan : Nominal dalam ribuan AS$ | Notes : Nominal in thousand of US$
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Komposisi Aset
Assets Composition
Aset Lancar Aset Tidak Lancar Total Aset
Current Assets Non-current Assets Total Assets
3,345,847
3,176,528
2,925,999
2,596,350
2,171,754 1,892,880
1,033,119
1,004,774
749,497
64.69%
22.40%
68.37%
77.60%
31.63%
35.31%
100%
100%
100%
2025 2024 2023 2025 2024 2023 2025 2024 2023
Keterangan : Nominal dalam ribuan AS$ | Notes : Nominal in thousand of US$
Aset Lancar Current Assets
Per 31 Desember 2025, Aset Lancar yang Perseroan As of December 31, 2025, the Company’s Current Assets
miliki adalah sejumlah AS$749,50 juta. Jumlah tersebut amounted to US$749.50 million, a decrease of US$255.28
turun AS$255,28 juta atau 25,41% lebih rendah terhadap million, or 25.41%, compared to the 2024 current assets
nilai Aset Lancar 2024 sejumlah AS$1.044,77 juta. of US$1,044.77 million
Aset Lancar
Current Assets
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Kas dan Setara Kas
376,359 674,690 698,795 (298,331) (44.22)
Cash and Cash Equivalents
Piutang Usaha Pihak-pihak Berelasi
73,184 84,402 101,813 (11,218) (13.29)
Trade Receivables Related Parties
Piutang Usaha Pihak Ketiga
563 - - 563 100.00
Trade Receivables Third Parties
Persediaan
192,070 148,550 155,946 43,520 29.30
Inventories
Pajak Dibayar Di Muka
97,333 82,756 64,599 14,577 17.61
Prepaid Taxes
Biaya Dibayar Di Muka dan Uang Muka
4,159 8,195 6,056 (4,036) (49.25)
Prepayments and Advances
Aset Keuangan Lancar Lainnya
5,829 6,181 5,910 (352) (5.69)
Other Current Financial Assets
Jumlah Aset Lancar
749,497 1,004,774 1,033,119 (255,277) (25.41)
Total Current Assets
Keterangan : Nominal dalam ribuan AS$ | Notes : Nominal in thousand of US$
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Kas dan Setara Kas Cash and Cash Equivalents
Sampai dengan akhir 2025, nilai Kas dan Setara Kas By the end of 2025, the value of Cash and Cash
mencapai jumlah AS$376,36 juta. Akun Kas dan Setara Equivalents reached US$376.36million. Cash and Cash
Kas mencakup Kas di Bank dan Deposito Berjangka. Equivalents include Cash in Banks and Time Deposits.
Terjadi penurunan sejumlah AS$298,33 juta atau 44,22% There was a decrease of US$298.33 million or 44.22% of
dari nilai 2024 sejumlah AS$674,69 juta. the 2024 value of US$674.69 million.
Kas dan Setara Kas
Cash and Cash Equivalent
Varian | Variance
Uraian 2025:2024
No 2025 2024 2023
Description
Volume %
Kas di Bank
Cash in Banks
Rp 21,275 88,522 15,445 (67,247) (75.97)
1
AS$ | US$ 21,309 65,195 150,940 (43,886) (67.31)
Jumlah Kas Di Bank
42,584 153,717 166,385 (111,133) (72.30)
Total Cash in Bank
Deposito Berjangka
Time Deposits
Rp 73,775 30,973 32,395 42,802 138.19
2
AS$ | US$ 260,000 490,000 500,015 (230,000) (46.94)
Jumlah Kas Di Bank
333,775 520,973 532,410 (187,198) (35.93)
Total Cash in Bank
Total
3
AS$ | US$ 376,359 674,690 698,795 (298,331) (44.22)
Keterangan : Nominal dalam ribuan AS$ | Notes : Nominal in thousand of US$
Piutang Usaha Pihak-pihak Berelasi Trade Receivables of Related Parties
Pada 2025, saldo Piutang Usaha Pihak-pihak Berelasi In 2025, the balance of Trade Receivables from Related
adalah sejumlah AS$73,18 juta. Angka tersebut Parties was US$73.18 million. This figure shows a
memperlihatkan penurunan sejumlah AS$11,22 juta decrease of US$11.22 million or 13.29% from 2024 of
atau 13,29% dari 2024 sejumlah AS$84,40 juta. Hal US$84.40 million. This was due to the average selling
ini disebabkan oleh harga penjualan rata-rata tahun price in 2025 being lower than in 2024. The related
2025 lebih rendah dari tahun 2024. Pihak-pihak yang parties in this case are VCL and SMM, which are part
berelasi dalam hal ini VCL dan SMM yang menjadi of the shareholders of PT Vale. The Company entered
bagian dari pemegang saham PT Vale. Perseroan into a long-term sales agreement related to all nickel
melakukan perjanjian penjualan jangka panjang terkait in matte production with these parties. Both have a
seluruh produksi nikel dalam matte kepada pihak-pihak payment history in accordance with the agreement
tersebut. Keduanya memiliki riwayat pembayaran yang and during the reporting period there was no failure in
sesuai dengan perjanjian dan selama periode pelaporan payment of receivables.
tidak terjadi kegagalan terkait pembayaran piutang.
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Persediaan Bersih Net Inventory
Saldo Persediaan pada 2025 di antaranya mencakup The Inventory Balance in 2025 included the following:
sebagai berikut:
1. Persediaan nikel dalam proses sejumlah AS$37,62 1. Nickel inventory in process amounting to US$37.62
juta; million;
2. Persediaan barang jadi nikel matte sejumlah 2. Nickel matte finished goods inventory amounting to
AS$18,34 juta; US$18.34 million;
3. Persediaan barang jadi bijih nikel untuk dijual 3. Inventory of finished nickel ore for sale amounting
sejumlah AS$8,58 juta; to US$8.58 million;
4. Persediaan bahan pembantu sejumlah AS$129,83 4. Supplies of auxiliary materials amounting to
juta. US$129.83 million.
Terdapat beberapa risiko yang memungkinkan adanya Several risks can lead to loss or damage to inventory,
risiko kerugian atau kerusakan terhadap persedian di including industrial risks, including earthquakes, fires,
antaranya yaitu risiko industri, termasuk gempa bumi, mechanical or electrical breakdowns, and other business
kebakaran, kerusakan mekanis atau elektrik, serta disruptions. One protective measure the Company
gangguan usaha lainnya. Perseroan melakukan salah takes is insurance coverage, which is considered to
satu tindakan proteksi yaitu pertanggungan asuransi cover losses arising from these risks.
yang dianggap dapat menutup kerugian yang sekiranya
ditimbulkan oleh risiko–risiko tersebut.
Pajak Dibayar di Muka Prepaid Taxes
Selama 2025 terjadi kenaikan 17,61% 2024 terkait nilai During 2025, there was a 17.61% increase in Prepaid Taxes
Pajak Dibayar di Muka, jika dibandingkan dengan periode compared to the previous period. This increase was due
sebelumnya. Kenaikan ini terjadi karena reklasifikasi to the reclassification of various Tax Receivables from
berbagai Piutang Pajak dari Aset Tidak Lancar ke Aset Non-Current Assets to Current Assets.
Lancar.
Pajak Dibayar di Muka Komposisi Pajak Dibayar di Muka
Prepaid Taxes Prepaid Taxes Composition
Pajak Lainnya | Other Taxes Pajak Lainnya | Other Taxes
97,333 97,333
82,756 82,756
64,599 64,599
100%
100%
100%
2025 2024 2023 2025 2024 2023
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Varian | Variance
(2025:2024)
Total %
14,577 17.61
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Biaya Dibayar di Muka dan Uang Muka Prepayments and Advances
Pada tahun 2025, nilai Saldo Biaya Dibayar di Muka dan In 2025, the balance of Prepaid Expenses and Advances
Uang Muka mengalami penurunan sejumlah AS$4.036 ribu decreased by US$4,036 thousand, or 49.25%, from
atau 49,25% dari 2024 sejumlah AS$8.195 ribu. Penurunan US$8,195 thousand in 2024. This decrease was due,
ini antara lain disebabkan oleh Asuransi Dibayar Di Muka among other things, to lower Prepaid Insurance and
dan Uang Muka Ke Pemasok yang lebih rendah, masing- Advances to Suppliers, amounting to US$2,401 thousand
masing sejumlah AS$2.401 ribu dan AS$3.713 ribu. and US$3,713 thousand, respectively.
Perseroan menggunakan metode garis lurus selama The Company uses the straight-line method over the
masa manfaat untuk menentukan Biaya Dibayar di Muka useful life to determine Prepaid Expenses charged to
yang dibebankan pada laba rugi. Kemudian, Uang Muka profit or loss. Furthermore, Advances represent advance
merupakan pembayaran di muka kepada pemasok yang payments to suppliers that are proportionally charged
secara proporsional dibebankan pada laba rugi sesuai to profit or loss based on purchases and agreements
dengan pembelian dan kesepakatan dengan pemasok. with suppliers.
Biaya Dibayar di Muka dan Uang Muka
Prepaid Expenses and Advances
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Asuransi Dibayar di Muka
2,401 2,885 2,847 (484) (16.78)
Prepaid Insurance
Uang Muka ke Pemasok
3,713 5,262 3,158 (1,549) (29.44)
Advances to Vendors
Lainnya
296 48 51 248 516.67
Others
Dikurangi: Bagian Tidak Lancar
(2,251) - - (2,251) (100.00)
Less: Non-current Portion
Total 4,159 8,195 6,056 (4,036) (49.25)
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Komposisi Biaya Dibayar di Muka dan Uang Muka
Prepaid Expenses and Advances Composition
Uraian 2025 2024 2023
Description Nominal % Nominal % Nominal %
Asuransi Dibayar di Muka
2,401 57.73 2,885 35.20 2,847 47.01
Prepaid Insurance
Uang Muka ke Pemasok
3,713 89.28 5,262 64.21 3,158 52.15
Advances to Vendors
Lainnya
296 7.12 48 0.59 51 0.84
Others
Dikurangi: Bagian Tidak Lancar
(2,251) (54.12)
Less: Non-current Portion
Total 4,159 100.00 8,195 100.00 6,056 100.00
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Aset Keuangan Lancar Lain Other Current Financial Assets
Sampai dengan 2025, terjadi penurunan 5,69% terkait Until 2025, there was a 5.69% decrease in Other
Aset Keuangan Lancar Lain jika dibandingkan dengan Current Financial Assets compared to 2024. However,
2024. Namun demikian, penurunan Aset Keuangan the decrease in Other Current Financial Assets had an
Lancar Lain memiliki pengaruh terhadap kenaikan Aset impact on the increase in Current Assets.
Lancar.
Aset Tidak Lancar Non-Current Assets
Pada akhir 2025, jumlah Aset Tidak Lancar adalah At the end of 2025, non-current assets were
sejumlah AS$2.596,35 juta. Jumlah tersebut mengalami US$2,596.35 million, an increase of US$424.60 million,
kenaikan sejumlah AS$424,60 juta atau 19,55% dari or 19.55%, from US$2.17 billion in 2024.
2024 sejumlah AS$2,17 miliar.
Aset Lancar
Current Assets
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Kas yang Dibatasi Penggunaannya
96,987 86,650 103,857 10,337 11.93
Restricted Cash
Pajak Dibayar di Muka
77,141 87,921 51,513 (10,780) (12.26)
Prepaid Taxes
Investasi pada Entitas Asosiasi
58,249 - 12,410 58,249 100.00
Investment in Associated Entities
Investasi pada Saham
19,950 13,270 - 6,680 50.34
Investment in Shares
Aset Derivatif
21,320 4,750 24,690 16,570 348.84
Derivative Assets
Aset Tetap
2,313,449 1,975,092 1,695,531 338,357 17.13
Fixed Assets
Biaya Dibayar di Muka dan Uang Muka
2,251 - - 2,251 100.00
Prepayments and Advances
Aset Pajak Tangguhan
3,040 - - 3,040 100.00
Deferred Tax Assets
Aset Keuangan Tidak Lancar Lainnya
3,963 4,071 4,879 (108) (2.65)
Other Non-Current Financial Assets
Total 2,596,350 2,171,754 1,892,880 424,596 19.55
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Komposisi Aset Tidak Lancar
Non-Current Assets Composition
Uraian 2025 2024 2023
Description Nominal % Nominal % Nominal %
Kas yang Dibatasi Penggunaannya
96,987 3.74 86,650 3.99 103,857 5.49
Restricted Cash
Pajak Dibayar di Muka
77,141 2.97 87,921 4.05 51,513 2.72
Prepaid Taxes
Investasi pada Entitas Asosiasi
58,249 2.24 - - 12,410 0.66
Investment in Associated Entities
Investasi pada Saham
19,950 0.77 13,270 0.61 - -
Investment in Shares
Aset Derivatif
21,320 0.82 4,750 0.22 24,690 1.30
Derivative Assets
Aset Tetap
2,313,449 89.10 1,975,092 90.94 1,695,531 89.57
Fixed Assets
Biaya Dibayar di Muka dan Uang Muka
2,251 0.09 - - - -
Prepayments and Advances
Aset Pajak Tangguhan
3,040 0.12 - - - -
Deferred Tax Assets
Aset Keuangan Tidak Lancar Lainnya
3,963 0.15 4,071 0.19 4,879 0.26
Other Non-Current Financial Assets
Total 2,596,350 100.00 2,171,754 100.00 1,892,880 100.00
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Beberapa hal yang memengaruhi perubahan nilai Aset Beberapa hal yang memengaruhi perubahan nilai Aset
Tidak Lancar adalah sebagai berikut: Tidak Lancar adalah sebagai berikut:
• Kas yang Dibatasi Penggunaannya • Restricted Cash balance
Di 2025, saldo Kas yang Dibatasi Penggunaannya In 2025, the Restricted Cash balance was US$96.99
adalah sejumlah AS$96,99 juta, sehingga terjadi million, representing an increase of US$10.34 million,
kenaikan sejumlah AS$10,34 juta atau 11,93% or 11.93%, from US$86.65 million in 2024. This
dari 2024 sejumlah AS$86,65 juta. Kenaikan ini increase was due to an increase in time deposits
disebabkan oleh peningkatan deposito berjangka placed with PT Bank Rakyat Indonesia (Persero) Tbk,
yang ditempatkan ada PT Bank Rakyat Indonesia which were used as collateral for bank guarantees
(Persero) Tbk yang ditujukan sebagai jaminan atas issued by the bank in connection with reclamation
penerbitan bank garansi oleh bank sehubungan and mine closure guarantees.
dengan jaminan reklamasi dan penutupan tambang.
• Pajak Dibayar di Muka • Prepaid Tax
Terdapat penurunan Pajak Dibayar di Muka di 2025 There was a decrease in Prepaid Tax in
jika dibandingkan dengan periode sebelumnya. 2025 compared to the previous period. This
Penurunan ini disebabkan oleh angsuran Pajak decrease was due to lower Corporate Income
Penghasilan Badan yang lebih rendah pada tahun Tax installments in 2025 compared to 2024.
2025 dibandingkan tahun 2024.
2025 Annual Report 149
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• Investasi pada Entitas Asosiasi • Investment in Associate Entities
Pada tanggal 9 Maret 2023, Huaqi (Singapore) On March 9, 2023, Huaqi (Singapore) Pte. Ltd.
Pte. Ltd melakukan penanaman modal pada PT invested in PT Kolaka Nickel Indonesia (KNI),
Kolaka Nickel Indonesia (KNI), yang menyebabkan resulting in a change in the Company’s ownership
perubahan persentase kepemilikan Perseroan pada percentage in KNI from 100% to 20%. On December
KNI yang sebelumnya 100% menjadi 20%. Pada 21, 2023, Ford Motor Company (FMC) invested in KNI,
tanggal 21 Desember 2023, Ford Motor Company resulting in a change in the Company’s ownership
(FMC) melakukan penanaman modal pada KNI yang percentage in KNI to 18.3%. Therefore, on December
menyebabkan perubahan persentase kepemilikan 31, 2023, the Company no longer controlled KNI and
Perseroan pada KNI menjadi 18,3%. Dengan demikian, recognized its ownership of KNI as an investment in
pada tanggal 31 Desember 2023, Perseroan tidak an associated entity.
lagi mengendalikan KNI dan mengakui kepemilikan
Perseroan atas KNI sebagai investasi pada entitas
asosiasi.
Pada tanggal 26 Maret 2025, GEM Hong Kong On March 26, 2025, GEM Hong Kong International
International Co. Ltd. melakukan penanaman Co. Ltd. invested in BNSI, resulting in a change in the
modal kepada PT Bahodopi Nickel Smelting Company’s ownership percentage in PT Bahodopi
Indonesia (BNSI), yang menyebabkan perubahan Nickel Smelting Indonesia (BNSI from 100% to 49%.
persentase kepemilikan Perseroan pada BNSI yang Therefore, on December 31, 2025, the Company no
sebelumnya 100% menjadi 49%. Dengan demikian longer controlled BNSI and recognized its ownership
pada 31 Desember 2025, Perseroan tidak lagi of BNSI as an investment in an associated entity.
mengendalikan BNSI dan mengakui kepemilikan Subsequently, in November 2025, GEM Hong Kong
Perseroan atas BNSI sebagai investasi pada entitas International Co. Ltd. made an additional capital
asosiasi. Selanjutnya, pada November 2025 GEM investment in BNSI together with EcoPro Co.
Hong Kong International Co. Ltd. melakukan Ltd., resulting in a change in the Company BNSI’s
penanaman modal tambahan kepada BNSI bersama ownership percentage from 49% to 26.52%. BNSI
EcoPro Co. Ltd., yang menyebabkan perubahan is a non-public company, and no quoted market
persentase kepemilikan saham Perseroan di BNSI price is available for the company’s shares. As of the
yang sebelumnya 49% menjadi 26,52%. BNSI adalah financial statement date of December 31, 2025, the
perseroan nonpublik dan tidak terdapat harga pasar Company recognized an investment in an associate
yang dikutip yang tersedia atas saham perseroan entity, BNSI, with a cash and cash equivalents
tersebut. Pada tanggal laporan keuangan 31 balance of US$803 thousand (full amount). The fair
Desember 2025, Perseroan mengakui investasi pada value of the investment in BNSI is determined using
entitas asosiasi, BNSI memiliki saldo kas dan setara a combination of the asset and market approaches.
kas sebesar AS$803 ribu (nilai penuh). Nilai wajar The fair value of the asset approach is determined
atas investasi pada BNSI ditentukan berdasarkan using the public-traded company guideline method,
kombinasi pendekatan aset dan pendekatan pasar. where the Company uses the ratios of comparable
Nilai wajar dari pendekatan aset dihasilkan dengan companies in the same industry. The fair value
menggunakan metode guideline public traded measurement technique is included in the fair value
company dimana Perseroan menggunakan rasio hierarchy level 2.
perseroan sebanding dalam industri yang sama.
Teknik pengukuran nilai wajar termasuk dalam
hierarki nilai wajar tingkat 2.
Pada 31 Desember 2025, Perseroan mengakui On December 31, 2025, the Company recognized
keuntungan dari pelepasan pengendalian a gain on the disposal of control of the subsidiary
anak sebesar AS$634 ribu (nilai penuh), of US$634 thousand (full amount), which was
yang diakui dalam laporan laba rugi. recognized in the statement of income.
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• Investasi pada Saham • Investment in Shares
Pada 23 Juli 2024, Huaqi (Singapore) Pte. Ltd On July 23, 2024, Huaqi (Singapore) Pte. Ltd made an
melakukan penanaman modal kepada KNI, yang investment in KNI, which resulted in a change in the
menyebabkan perubahan persentase kepemilikan Company’s ownership percentage in KNI from 18.3%
Perseroan pada KNI yang sebelumnya 18,3% to 11.2%. On December 12, 2024, Huaqi (Singapore)
menjadi 11,2%. Pada tanggal 12 Desember 2024, Pte. Ltd and FMC made another investment,
Huaqi (Singapore) Pte. Ltd dan FMC melakukan resulting in a decrease in the Company’s ownership
penanaman modal kembali yang menyebabkan percentage in KNI to 5.78%. As a result of the
penurunan persentase kepemilikan Perseroan investment during 2024, the Company no longer
pada KNI menjadi 5,78%. Sebagai dampak dari has significant influence because it does not have
penanaman modal selama 2024, Perseroan tidak Commissioners and Directors represented in KNI.
lagi memiliki pengaruh signifikan karena tidak Therefore, on December 31, 2025, the Company
memiliki perwakilan Komisaris dan Direktur di KNI. recognized its ownership of KNI as an investment in
Dengan demikian, pada tanggal 31 Desember 2025, shares amounting to US$19.95 million (full amount).
Perseroan mengakui kepemilikan atas KNI sebagai
investasi pada saham sebesar AS$19,95 juta (nilai
penuh).
• Aset Derivatif • Derivative Assets
Nilai wajar aset derivatif terkait yang timbul dari The fair value of the related derivative assets
hak tambahan partisipasi dalam investasi di KNI dan arising from the additional participation rights in
PT Huali Nickel Indonesia (HNI) dihitung berdasarkan the investment in KNI and PT Huali Nickel Indonesia
estimasi atas proyeksi nilai ekuitas entitas-entitas (HNI) is calculated based on estimates of the projected
pada dan setelah tanggal penyelesaian konstruksi equity value of the entities on and after the date of
smelter (penyelesaian mekanikal), serta proyeksi completion of the smelter construction (mechanical
harga pelaksanaan hak tambahan partisipasi di masa completion), as well as the projected exercise price
depan. Nilai wajar atas hak tambahan partisipasi of the additional participation rights in the future.
tersebut diakui oleh Perseroan sebagai aset derivatif The fair value of the additional participation rights
sejumlah AS$21,32 juta pada 31 Desember 2025. is recognized by the Company as a derivative asset
amounting to US$21.32 million on 31 December 2025.
• Aset Tetap Bersih • Net Fixed Assets
Sampai akhir tahun 2025, nilai Aset Tetap Bersih As of the end of 2025, the value of Net Fixed Assets
mengalami kenaikan sejumlah AS$338,36 juta increased by US$338.36 million, or 17.13%, from
atau 17,13% dari 2024 sejumlah AS$1,98 miliar. Aset US$1.98 billion in 2024. Fixed Assets are insured
Tetap diasuransikan sebesar biaya pengganti untuk at replacement cost to protect against the risk of
mencegah terjadinya risiko kerugian langsung direct loss caused by all industrial risks, including
yang disebabkan oleh semua risiko industri, but not limited to earthquakes, fires, mechanical
termasuk namun tidak terbatas pada gempa or electrical breakdowns (including other business
bumi, kebakaran, kerusakan mekanis atau elektrik interruptions). The Company expects to cover losses
(termasuk gangguan usaha lainnya). Dengan nilai arising from these risks with the insurance coverage.
pertanggungan asuransi Perseroan berharap dapat
menutup kerugian yang akan timbul karena risiko–
risiko tersebut.
• Aset Keuangan Tidak Lancar Lainnya • Other Non-Current Financial Assets
Di akhir 2025, terjadi penurunan 2,65% terkait At the end of 2025, there was a decline 2.65%
nilai saldo Aset Keuangan Tidak Lancar Lainnya related to the balance of Other Non-Current
jika dibandingkan dengan periode sebelumnya. Financial Assets compared to the previous period.
Penurunan ini terutama disebabkan oleh This decrease was primarily due to the payment of
pembayaran Piutang lainnya pada tahun 2025. Other Receivables in 2025.
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Liabilitas
Liability
Selama tahun 2025, terjadi kenaikan Total Liabilitas During 2025, the Company’s Total Liabilities increased
Perseroan sebesar 28,62% dari sejumlah AS$443,75 by 28.62%, from US$443.75 million in 2024 to US$570.77
juta di 2024 menjadi sejumlah AS$570,77 juta. Hal ini million. This was due to a 37.54% increase in Short-
disebabkan oleh kenaikan Liabilitas Jangka Pendek Term Liabilities and a 15.59% increase in Non-Current
sebesar 37,54% dan Liabilitas Jangka Panjang sebesar Liabilities compared to 2024.
15,59% dibanding tahun 2024.
Liabilitas
Liabilities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Liabilitas Jangka Pendek
362,390 263,471 216,727 98,919 37.54
Current Liabilities
Liabilitas Jangka Panjang
208,381 180,281 144,735 28,100 15.59
Non-current Liabilities
Total 570,771 443,752 361,462 127,019 28.62
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Komposisi Liabilitas
Liabilities Composition
Liabilitas Jangka Pendek Liabilitas Jangka Panjang Total
Current Liabilities Non-current Liabilities
570,771
362,390
443,752
361,462
263,471
216,727
208,381
180,281 144,735
40.04%
63.49%
40.63%
59.96%
59.37%
36.51%
100%
100%
100%
2025 2024 2023 2025 2024 2023 2025 2024 2023
Liabilitas Jangka Pendek Current Liabilities
Pada 2025, nilai Liabilitas Jangka Pendek adalah sejumlah In 2025, the value of Short-Term Liabilities was
AS$362,39 juta, sehingga terdapat kenaikan sejumlah US$362.39 million, so there was an increase of US$98.92
AS$98,92 juta atau 37,54% dari periode sebelumnya million or 37.54% from the previous period of US$263.47
sejumlah AS$263,47 juta. million.
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Liabilitas Jangka Pendek dijelaskan lebih rinci sebagai Short-Term Liabilities are explained in more detail as
berikut: follows:
1. Utang Usaha Pihak-pihak Berelasi 1. Accounts Payable to Related Parties
Utang Usaha Pihak-pihak Berelasi mengalami Accounts Payable to Related Parties increased by
kenaikan sebesar 67,36% atau sejumlah AS$400 ribu 67.36%, or US$400 thousand by 2025.
pada 2025.
2. Utang Usaha Pihak Ketiga 2. Third Party Accounts Payable
Sampai dengan 31 Desember 2025, terjadi kenaikan As of December 31, 2025, there was a 19.31% increase,
sebesar 19,31% atau sejumlah AS$203,41 juta terkait or US$203.41 million, related to Third Party Accounts
Utang Usaha Pihak Ketiga. Hal ini dikarenakan Payable. This was due to higher vendor payables and
lebih tingginya utang kepada vendor dan pekerjaan construction work at two of our mining areas.
konstruksi di dua area tambang kami.
3. Akrual 3. Accruals
Pada akun akrual terjadi kenaikan sejumlah Accruals increased by US$115.40 million, or 105.84%,
AS$115,40 juta atau 105,84% dari akrual 2024. Hal compared to accruals in 2024. This was primarily due
ini lebih disebabkan oleh terjadinya akrual untuk to accruals for capital expenditures and services in
belanja modal dan jasa pada tahun 2025. 2025.
4. Liabilitas Sewa 4. Lease Liabilities
Pengukuran Liabilitas Sewa dilakukan jika di masa Lease Liabilities are measured if there are changes
depan terdapat perubahan pembayaran sewa yang in future lease payments arising from changes in an
timbul akibat perubahan suatu indeks atau tingkat. index or rate. In 2025, the Lease Liability account was
Pada 2025, akun Liabilitas Sewa adalah sejumlah US$3.45 million, resulting in a decrease of US$2.32
AS$3,45 juta, sehingga terjadi penurunan sejumlah million or 40.16% from 2024 of US$5.77 million.
AS$2,32 juta atau 40,16% dari 2024 sejumlah AS$5,77
juta.
Liabilitas Jangka Pendek
Current Liabilities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Utang Usaha Pihak-pihak Berelasi
400 239 312 161 67.36
Trade Payables – Related Parties
Utang Usaha Pihak Ketiga
203,409 170,486 140,515 32,923 19.31
Trade Payables – Third Parties
Akrual
115,397 56,061 33,843 59,336 105.84
Accruals
Liabilitas Imbalan Kerja Jangka Pendek
21,194 18,807 25,070 2,387 12.69
Short-Term Employee Benefit Liabilities
Utang Pajak - Pajak Penghasilan Badan
5,439 - - 5,439 100.00
Taxes Payable - Corporate income tax
Utang Pajak - Pajak Lainnya
1,859 4,287 2,821 (2,428) (56.64)
Taxes Payable - Other Taxes
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Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Liabilitas Sewa
3,451 5,767 5,543 (2,316) (40.16)
Lease Liabilities
Liabilitas Atas Pembayaran Berbasis Saham
772 595 110 177 29.75
Share-based Payment Liabilities
Provisi Atas Penghentian Pengoperasian Aset
9,465 5,497 6,422 3,968 72.18
Provision for Asset Retirement
Liabilitas Keuangan Jangka Pendek Lainnya
1,004 1,732 2,091 (728) (42.03)
Other Current Financial Liabilities
Total 362,390 263,471 216,727 98,919 37.54
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Komposisi Liabilitas Jangka Pendek
Current Liabilities Composition
Uraian 2025 2024 2023
Description Nominal % Nominal % Nominal %
Utang Usaha Pihak-pihak Berelasi
400 0.11 239 0.09 312 0.14
Trade Payables – Related Parties
Utang Usaha Pihak Ketiga
203,409 56.13 170,486 64.71 140,515 64.84
Trade Payables – Third Parties
Akrual
115,397 31.84 56,061 21.28 33,843 15.62
Accruals
Liabilitas Imbalan Kerja Jangka Pendek
21,194 5.85 18,807 7.14 25,070 11.57
Short-Term Employee Benefit Liabilities
Utang Pajak - Pajak Penghasilan Badan
5,439 1.50 - - - -
Taxes Payable - Corporate income tax
Utang Pajak - Pajak Lainnya
1,859 0.51 4,287 1.63 2,821 1.30
Taxes Payable - Other Taxes
Liabilitas Sewa
3,451 0.95 5,767 2.19 5,543 2.56
Lease Liabilities
Liabilitas Atas Pembayaran Berbasis
Saham 772 0.21 595 0.23 110 0.05
Share-based Payment Liabilities
Provisi Atas Penghentian Pengoperasian
Aset 9,465 2.61 5,497 2.09 6,422 2.96
Provision for Asset Retirement
Liabilitas Keuangan Jangka Pendek
Lainnya 1,004 0.28 1,732 0.66 2,091 0.96
Other Current Financial Liabilities
Total 362,390 100.00 263,471 100.00 216,727 100.00
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Liabilitas Jangka Panjang Non-Current Liabilities
Di akhir 2025, nilai Liabilitas Jangka Panjang mengalami At the end of 2025, the value of Non-Current Liabilities
kenaikan sebesar 15,59% atau sejumlah AS$28,10 juta, increased by 15.59%, or US$28.10 million, compared
jika dibandingkan dengan 2024 sejumlah AS$180,28 to US$180.28 million in 2024. This was due in part to
juta. Salah satunya hal ini dikarenakan oleh kenaikan increases in Long-Term Post-Employment Benefit
Liabilitas Imbalan Pascakerja Jangka Panjang dan Provisi Liabilities and Provisions for Asset Discontinuation.
atas Penghentian Pengoperasian Aset.
Liabilitas Jangka Panjang
Non-Current Liabilities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Liabilitas Imbalan Pascakerja Jangka
Panjang
49,042 43,613 39,695 5,429 12.45
Long-Term Post-employment Benefits
Liabilities
Liabilitas Pajak Tangguhan, Bersih
- 5,660 19,603 (5,660) (100.00)
Deferred Tax Liabilities, Net
Liabilitas Sewa
31 2,260 3,078 (2,229) (98.63)
Lease Liabilities
Provisi atas Penghentian Pengoperasian
153,426 122,528 77,482 30,898 25.22
Provision for Asset Retirement
Liabilitas Keuangan Tidak Lancar Lainnya
5,882 6,220 4,877 (338) (5.43)
Other Non-Current Financial Liabilities
Total 208,381 180,281 144,735 28,100 15.59
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Komposisi Liabilitas Jangka Panjang
Non-Current Liabilities Composition
Uraian 2025 2024 2023
Description Nominal % Nominal % Nominal %
Liabilitas Imbalan Pascakerja Jangka Panjang
Long-Term Post-employment Benefits 49,042 23.53 43,613 24.19 39,695 27.43
Liabilities
Liabilitas Pajak Tangguhan, Bersih
- 0.00 5,660 3.14 19,603 13.54
Deferred Tax Liabilities, Net
Liabilitas Sewa
31 0.01 2,260 1.25 3,078 2.13
Lease Liabilities
Provisi atas Penghentian Pengoperasian
153,426 73.63 122,528 67.97 77,482 53.53
Provision for Asset Retirement
Liabilitas Keuangan Tidak Lancar Lainnya
5,882 2.82 6,220 3.45 4,877 3.37
Other Noncurrent Financial Liabilities
Total 208,381 100.00 180,281 100.00 144,735 100.00
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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1. Liabilitas Imbalan Pascakerja Jangka Panjang 1. Long-Term Post-employment Benefits Liabilities
Berkaitan dengan UU Ketenagakerjaan dan In accordance with the Employment Law and Post-
Tunjangan Kesehatan Pascapensiun (PRMC), Retirement Health Benefits (PRMC), the Company
Perseroan memiliki program pensiun iuran pasti has a defined contribution pension plan managed
yang dikelola oleh Dana Pensiun Lembaga Keuangan by the Financial Institution Pension Fund (DPLK).
(DPLK). Dalam hal ini manfaat pensiun masuk ke In this case, pension benefits are included in the
dalam Liabilitas Imbalan Pascakerja Jangka Panjang. Long-Term Post-Employment Benefit Liability. The
Liabilitas Imbalan Pascakerja pada 31 Desember Post-Employment Benefit Liability as of December
2025 dan 31 Desember 2024 dihitung oleh Kantor 31, 2025, and December 31, 2024, was calculated by
Konsultan Aktuaria (KKA) Santhi Devi dan Ardianto the Actuarial Consulting Firm (KKA) of Santhi Devi
Handoyo, aktuaris yang berkualifikasi pada and Ardianto Handoyo, qualified actuaries, in their
laporannya yang tertanggal 23 Februari 2026. report dated February 23, 2026.
Per 31 Desember 2025, saldo Liabilitas Imbalan As of December 31, 2025, the Long-Term Post-
Pascakerja Jangka Panjang adalah sejumlah AS$49,04 Employment Benefit Liability balance was US$49.04
juta, sehingga terjadi kenaikan sejumlah AS$5,43 million, representing an increase of US$5.43 million,
juta atau 12,45% dari 2024 sejumlah AS$43,61 juta. or 12.45%, from US$43.61 million in 2024. This was
Hal ini disebabkan adanya perubahan asumsi yang due to changes in assumptions that increased the
menyebabkan kenaikan perhitungan liabilitas actuary’s calculation of the post-employment
imbalan pascakerja yang dilakukan oleh aktuaris. benefit liability.
2. Provisi atas Penghentian Pengoperasian Aset 2. Provision for Asset Retirement
Pada akhir 2025, Provisi atas Penghentian At the end of 2025, the Provision for Asset
Pengoperasian Aset adalah sejumlah AS$153,43 juta. Discontinuation was US$153.43 million. The
Perseroan memperkirakan terjadinya biaya dari Company expects to incur these costs from 2045
2045 sampai dengan 2060. Estimasi Provisi dilakukan to 2060. The estimate uses current technology and
berdasarkan biaya penutupan menggunakan materials.
teknologi dan material yang tersedia sekarang.
Terjadi kenaikan nilai Provisi sebesar 25,22% There was a 25.22% increase in the Provision, or
atau sejumlah AS$30,90 juta dari 2024 sejumlah US$30.90 million, from US$122.53 million in 2024. The
AS$122.53 juta. Pencatatan Provisi atas Penghentian Provision for Asset Discontinuation is recorded to
Pengoperasian Aset dilakukan dengan tujuan untuk recognize the legal or constructive obligation related
mengakui kewajiban hukum atau konstruktif terkait to the discontinuation of fixed assets arising from
penghentian penggunaan aset tetap yang berasal the acquisition, construction, or development, and/
dari akuisisi, pembangunan atau pengembangan, or normal operation of fixed assets. The increase in
dan/atau operasi normal aset tetap. Kenaikan nilai the provision is due to changes in estimates of mine
provisi disebabkan karena perubahan estimasi atas closure costs.
biaya tutup tambang.
Ekuitas
Equity
Nilai total Ekuitas Perseroan 2025 mencapai AS$2,78 The Company’s total equity value in 2025 reached
miliar. Nilai tersebut mengalami kenaikan AS$42,3 juta US$2.78 billion, representing a US$42.3 million, or 1.55%,
atau 1,55% dari 2024 mencapai sejumlah AS$2,73 miliar. increase from US$2.73 billion in 2024. This increase was
Kenaikan tersebut dipengaruhi oleh laba dan transaksi driven by earnings and stock-based compensation
kompensasi berbasis saham di tahun 2025. transactions in 2025.
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Ekuitas | Equity
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Modal Saham
144,698 144,698 136,413 - 0.00
Share Capital
Tambahan Modal Disetor
380,882 380,882 277,760 - 0.00
Additional Paid-in Capital
Cadangan Kompensasi Berbasis Saham
1,063 - - 1,063 100.00
Share-based Compensation Reserves
Selisih Kurs Penjabaran Laporan Keuangan
Entitas Asosiasi
(215) - - (215) (100.00)
Currency Differences from Translation of
Associate Entity’s Financial Statements
Saldo Laba
Retained Earnings
Dicadangkan
27,283 27,283 27,283 - 0.00
Appropriated
Belum Dicadangkan
2,221,365 2,179,913 2,123,081 41,452 1.90
Unappropriated
Jumlah Ekuitas yang Didistribusikan Kepada:
Total Equity Attributable to:
Pemilik Entitas Induk
2,775,076 2,732,776 2,564,537 42,300 1.55
Owners of the Parent Entity
Kepentingan Non-pengendali
- - - - -
Non-controlling Interests
Total 2,775,076 2,732,776 2,564,537 42,300 1.55
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Profit and Loss and Other Comprehensive Income
Laporan Laba Rugi dan Penghasilan Komprehensif Lain
Statement of Profit and Loss and Other Comprehensive Income
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Pendapatan | Revenue 990,195 950,388 1,232,263 39,807 4.19
Beban Pokok Pendapatan | Cost of Revenue (879,343) (842,160) (885,240) (37,183) 4.42
Laba Bruto | Gross Profit 110,852 108,228 347,023 2,624 2.42
Beban Usaha | Operating Expense (52,182) (38,254) (22,155) (13,928) 36.41
Pendapatan Lainnya | Other Income 3,922 3,719 823 203 5.46
Beban Lainnya | Other Expenses (12,709) (9,873) (23,533) (2,836) 28.72
Pembagian Laba Bersih | Net Profit Sharing (8,451) - - (8,451) (100.00)
Laba Usaha | Operating Profit 41,432 63,820 302,158 (22,388) (35.08)
Bagian Laba Neto dari Entitas Asosiasi
607 57 21 550 964.91
Share of Net Income of Associates
Keuntungan atas Pengakuan Nilai Wajar Aset
Derivatif
16,570 (19,940) 24,690 36,510 (183.10)
Gain on Recognition of Fair Value of Derivative
Assets
Keuntungan atas Pengakuan Nilai Wajar Investasi
pada Saham
6,680 1,346 - 5,334 396.29
Gain on Recognition of Fair Value of Investment in
Shares
Pendapatan Bersih | Net Income 37,258 36,198 35,753 1,060 2.93
Biaya Keuangan | Financial Cost (8,649) (7,421) (10,099) (1,228) 16.55
Keuntungan dari Pelepasan Pengendalian Entitas
Anak 634 - - 634 100.00
Gain from Loss of Control of Subsidiary
Laba Sebelum Pajak Penghasilan
94,532 74,060 352,523 20,472 27.64
Profit Before Income Tax
Beban Pajak Penghasilan
(18,469) (16,299) (78,189) (2,170) 13.31
Income Tax Expense
Laba Tahun Berjalan
76,063 57,761 274,334 18,302 31.69
Profit for The Year
(Kerugian)/Penghasilan Komprehensif Lain
(170) (929) (4,447) (759) 81.70
Other Comprehensive (Loss)/Income
Jumlah Penghasilan Komprehensif Tahun Berjalan
75,893 56,832 269,887 19,061 33.54
Total Comprehensive Income for The Year
EBITDA yang Disesuaikan
228,236 225,904 499,605 2,332 1.03
Adjusted EBITDA
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Pendapatan Revenue
Pada 2025 Perseroan mencatatkan Pendapatan In 2025, the Company recorded revenue of US$990.20
sejumlah AS$990,20 juta, bertambah AS$39,80 juta million, an increase of US$39.80 million, or 4.19%, from
atau 4,19% dari tahun 2024 sejumlah AS$950,39 juta. US$950.39 million in 2024. The average nickel price was
Harga rata-rata nikel lebih rendah di tahun 2024, lower in 2024, but increased production from PT Vale
namun peningkatan produksi PT Vale di Sorowako in Sorowako and additional revenue from the Bahodopi
dan penambahan pendapatan dari operasi bisnis unit business unit operations in 2025 resulted in an increase
Bahodopi di tahun 2025, telah mendorong peningkatan in of our sales revenue.
Pendapatan penjualan kami.
Beban Pokok Pendapatan Cost of Revenue
Sampai dengan akhir 2025, Beban Pokok Pendapatan Until the end of 2025, Cost of Revenue will experience
mengalami kenaikan sejumlah AS$37,18 juta atau an increase of US$37.18million or 4.42% compared to
4,42% bila dibandingkan dengan tahun 2024 sejumlah US$842.2 million in 2024.The Increase in Cost of Revenue
AS$842,2 juta. Kenaikan Beban Pokok Pendapatan was affected by a number of accounts.
dipengaruhi beberapa akun.
Beban Pokok Pendapatan
Cost of Revenue
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Depresiasi dan Amortisasi
165,026 167,105 173,195 (2,079) (1.24)
Depreciation and Amortization
Jasa Kontraktor
173,403 123,561 122,260 49,842 40.34
Contractor Service
Bahan Pembantu
133,885 124,643 121,621 9,242 7.41
Supplies
Bahan Bakar Minyak dan Pelumas
176,118 191,259 203,898 (15,141) (7.92)
Fuels and Lubricants
Biaya Karyawan | Employee Costs 86,048 82,604 80,714 3,444 4.17
Bahan Bakar Batu Bara | Coal 68,126 81,121 101,759 (12,995) (16.02)
Pajak dan Asuransi | Taxes and Insurance 48,728 44,454 38,165 4,274 9.61
Royalti | Royalties 42,351 19,449 33,990 22,902 117.75
Lainnya | Others 4,082 5,559 1,450 (1,477) (26.57)
Persediaan Dalam Proses
(9,466) (1,759) 8,042 (7,707) 438.15
In-process Inventory
Beban Pokok Produksi
888,301 837,996 885,094 50,305 6.00
Cost of Production
Perubahan Persediaan Barang
(8,958) 4,164 146 (13,122) (315.13)
Finished Goods Inventory Changes
Beban Pokok Pendapatan
879,343 842,160 885,240 37,183 4.42
Cost of Revenue
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Bahan Bakar Minyak dan Pelumas Fuel Oil and Lubricants
Persentase konsumsi bahan bakar minyak dan pelumas The percentage of fuel and lubricant consumption as a
dari total Beban Pokok Produksi di tahun 2025 lebih share of the total Cost of Goods Sold in 2025 was lower
rendah jika dibandingkan tahun 2024. Perubahan than in 2024. The percentage change was from 22.82%
persentase terjadi dari 22,82% di tahun 2024 menjadi in 2024 to 19.83% in 2025.
19,83% di tahun 2025.
• HSFO • HSFO
HSFO digunakan pabrik pengolahan untuk HSFO is used by processing plants to power their
menjalankan operasinya. Selama tahun 2025, operations. During 2025, HSFO usage reached 64.75%
penggunaan HSFO mencapai 64,75% dari total biaya of total fuel and lubricant costs. This percentage
bahan bakar dan pelumas. Persentase tersebut decreased from 69.46% in 2024. This was due to
mengalami penurunan dari tahun 2024 yang lower average prices and HSFO consumption levels.
mencapai 69,46% dari total biaya bahan bakar dan
pelumas. Kondisi ini disebabkan harga rata-rata dan
tingkat konsumsi HSFO yang lebih rendah.
Biaya dan Volume Penggunaan HSFO
Cost and Consumption Volume of HSFO
Biaya| Cost Volume | Volume
Juta AS$ | US$ Million Juta Barel | Million Barrels
Tingkat Konsumsi HSFO per Ton
137
Nikel dalam Matte
132
HSFO Consumption Rate per Ton
114 1.65
1.51 Nikel in Matte
1.39
23.40
21.17
19.28
2025 2024 2023 2025 2024 2023
Varian | Variance Varian | Variance
2025 2024 2023
(2025:2024) (2025:2024)
Total % Total %
(18) (13.64) (0.12) (7.95)
• HSD atau Minyak Diesel • HSD atau Minyak Diesel
HSD digunakan untuk mendukung operasional HSD is used to support the operations of mining
armada tambang dan pembangkit listrik termal. fleets and thermal power plants. HSD usage during
Penggunaan HSD selama 2025 mencapai 992,22 2025 reached 992.22 liters per ton of nickel in matte,
liter per ton nikel dalam matte, bertambah 35,40 an increase of 35.40 liters from 956.82 liters per ton
liter dari tahun 2024 sebanyak 956,82 liter per of nickel in matte in 2024. Overall HSD usage costs
ton nikel dalam matte. Biaya pemakaian HSD increased compared to 2024 due to higher average
secara keseluruhan menunjukkan peningkatan HSD prices and consumption levels.
dibandingkan tahun 2024 karena rata-rata harga
HSD dan tingkat konsumsi yang lebih tinggi.
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Biaya dan Volume Penggunaan HSD
Cost and Consumption Volume of HSD
Biaya | Cost Volume | Volume
Juta AS$ | US$ Million Juta Liter | Million Liters
Tingkat Konsumsi HSD per Ton Nikel
dalam Matte
71 HSD Consumption Rate per Ton Nikel
68
68 in Matte
63
59 992.22
55
961.84
956.82
2025 2024 2023 2025 2024 2023
Varian | Variance Varian | Variance
2025 2024 2023
(2025:2024) (2025:2024)
Total % Total %
4 7.36 3 4.41
• Depresiasi dan Amortisasi • Depreciation and Amortization
Terjadi penurunan 1,24% atau sejumlah AS$2,08 juta There was a 1.24% decrease, or US$2.08 million, in
terkait Depresiasi dan Amortisasi di 2025. Dengan Depreciation and Amortization in 2025. Therefore,
demikian nilai Depresiasi dan Amortisasi tahun 2025 the 2025 Depreciation and Amortization amount
menjadi AS$165,03 juta dari sebelumnya AS$167,10 was US$165.03 million, down from US$167.10 million
juta di 2024. in 2024.
• Bahan Pembantu • Supplies
Biaya Bahan Pembantu pada tahun 2025 mengalami Supplies costs in 2025 increased 7.41% from
kenaikan 7,41% dari tahun 2024 sejumlah AS$124,64 US$124.64million in 2024.
juta.
• Biaya Karyawan • Employee Costs
Biaya Karyawan di 2025 mencapai AS$86,05 juta, Employee Costs in 2025 reached US$86.05 million, an
meningkat sejumlah AS$3,44 juta atau 4,17% increase of US$3.44 million, or 4.17%, from US$82.60
dari 2024 mencapai jumlah AS$82,60 juta. Biaya million in 2024. Employee Costs contributed 9.69%
Karyawan berkontribusi 9,69% terhadap total Beban to the total Cost of Goods Sold in 2025.
Pokok Produksi tahun 2025.
• Jasa Kontraktor • Contractor Services
Biaya Jasa Kontraktor tahun 2025 mencapai jumlah Contractor Services Costs in 2025 reached US$173.40
AS$173,40 juta dan berkontribusi 19,52% terhadap million and contributed 19.52% to the total Cost of
total Beban Pokok Produksi tahun 2025. Persentase Goods Sold in 2025. This percentage is higher than
tersebut lebih tinggi dari 2024 sebesar 15%. Hal ini the 15% in 2024. This is due to increased mining
disebabkan peningkatan aktivitas pemeliharaan equipment and plant maintenance activities
alat tambang dan pabrik dan penambahan biaya and additional contractor service costs from the
jasa kontraktor dari unit bisnis Bahodopi yang mulai Bahodopi business unit, which began operations in
beroperasi di tahun 2025. 2025.
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• Batu Bara • Coal
Batu Bara digunakan untuk membantu proses Coal is used to support the combustion process in
pembakaran di tanur pengering dan tanur pereduksi. drying kilns and reducing kilns. In 2025, coal costs
Pada 2025, biaya batu bara lebih rendah dari tahun were 16.02% lower than in 2024. This was due to
2024 sebesar 16,02%. Kondisi ini terjadi dikarenakan lower average coal prices in 2025 compared to the
harga rata-rata batu bara yang lebih rendah di tahun previous year.
2025 dibandingkan tahun sebelumnya.
Biaya dan Volume Pemakaian Batu Bara
Cost and Volume of Coal Used
Biaya| Cost Volume | Volume
Juta AS$ | US$ Million Ton Kering | Dry Metric Ton
Tingkat Konsumsi Batu Bara Per Ton
Nikel dalam Matte
507,236 Coal Consumption Rate Per Ton Nikel
385,707
448,972 in Matte
102
69 7.04
81
5.45
6.30
2025 2024 2023 2025 2024 2023
Varian | Variance Varian | Variance
2025 2024 2023
(2025:2024) (2025:2024)
Volume % Volume %
(12) (14.81) 58,264 12.98
• Pajak dan Asuransi • Taxes and Insurance
Kontribusi biaya Pajak dan Asuransi terhadap total Taxes and Insurance contributed 5.49% to the
Beban Pokok Produksi tahun 2025 mencapai 5,49% total Cost of Goods Sold in 2025, or US$48.73
atau sejumlah AS$48,73 juta. Jika dibandingkan million. Compared to US$44.45 million in 2024, this
dengan 2024 sejumlah AS$44,45 juta, maka terjadi represents a 9.61% increase, or US$4.27 million.
kenaikan 9,61% atau sejumlah AS$4,27 juta.
• Royalti • Royalties
Biaya Royalti tahun 2025 mencapai AS$42.35 juta, Royalty expenses in 2025 reached US$42.35
meningkat sejumlah AS$22,90 juta atau 117,75% dari million, an increase of US$22.90 million, or 117.75%,
2024 mencapai sejumlah AS$19,45 juta. Biaya Royalti from US$19.45 million in 2024. Royalties in 2025
pada tahun 2025 menyumbang 4,77% dari total contributed 4.77% of the total Cost of Goods Sold.
Beban Biaya Produksi.
• Lainnya • Others
Selama 2025, biaya lainnya mencapai jumlah AS$4,08 During 2025, other expenses totaled US$4.08
juta sehingga terjadi penurunan AS$1,48 juta atau million, representing a decrease of US$1.48 million,
26,57% dari 2024 sejumlah AS$5,56 juta. or 26.57%, from US$5.56 million in 2024.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Beban Usaha Operating Expenses
Sampai dengan akhir tahun 2025 terjadi kenaikan Until the end of 2025, there was subtraction in Operating
Beban Usaha sebesar 36,41% dibandingkan periode Expenses by 36.41% compared to the previous period.
sebelumnya. Kondisi ini karena peningkatan biaya This is due to increased environmental restoration
restorasi lingkungan. costs.
Pendapatan Lainnya Other Income
Pada 2025, terdapat peningkatan Pendapatan Lainnya In 2025, there was an increase in Other Income of
sejumlah AS$0,20 juta atau 5,46% dari 2024 sejumlah US$0.20 million or 5.46%, from US$3.72 million in 2024.
AS$3,72 juta. Kenaikan disebabkan karena laba atas The increase was due to a gain on foreign exchange
selisih kurs di 2025. differences in 2025.
Beban Lainnya Other Expenses
Perseroan mencatat nilai Beban Lainnya yang The Company recorded a 28.72% increase in Other
mencakup biaya pengembangan proyek, beban pajak, Expenses, which include project development costs, tax
rugi pelepasan aset tetap di 2025 lebih tinggi 28,72% expenses, and losses on disposal of fixed assets in 2025
dibandingkan tahun sebelumnya. compared to the previous year.
Laba Usaha Operating Profit
Di 2025, terjadi penurunan terkait perolehan Laba In 2025, Operating Profit is projected to decline by
Usaha sebesar 35,08% jika dibandingkan dengan tahun 35.08% compared to the previous year. This decrease is
sebelumnya. Penurunan disebabkan oleh kenaikan due to increased operating expenses, particularly due
beban usaha dimana adanya peningkatan biaya restorasi to increased environmental restoration costs.
lingkungan.
Penghasilan/Beban Lain-lain Other Income/Expenses
Perseroan mencatatkan Penghasilan/Beban Lain-lain The Company recorded Other Income/Expenses in 2025.
pada 2025 dengan komponen secara rinci diuraikan The key components are detailed below:
sebagai berikut:
• Bagian keuntungan entitas asosiasi tercatat • Share in profits of associated entities was recorded
AS$607 ribu di 2025, bertumbuh 964,91% dari 2024 at US$607 thousand in 2025, a 964.91% increase
sejumlah AS$57 ribu. Kenaikan tersebut disebabkan from US$57 thousand in 2024. This increase was
peningkatan kontribusi penyerapan laba dari entitas due to higher profit absorption from the associated
asosiasi BNSI. entity, BNSI.
• Keuntungan atas pengakuan nilai wajar aset • Gains on recognition of the fair value of derivative
derivatif sebesar AS$16,57 juta di 2025. Keuntungan assets were US$16.57 million in 2025. Gain on
atas pengakuan nilai wajar investasi pada saham recognition of the fair value of investments in
sebesar AS$6,68 juta. shares was US$6.68 million.
• Pendapatan keuangan pada 2025 tercatat sebesar • Financial income in 2025 was recorded at US$37.26
AS$37,26 juta, naik 2,93% dari tahun 2024 sebesar million, a 2.93% increase from US$36.20 million in
AS$36,20 juta. Kenaikan tersebut utamanya 2024. This increase was primarily driven by growth
dipengaruhi oleh pertumbuhan penghasilan bunga in interest income from short-term deposits.
dari deposito jangka pendek.
• Biaya keuangan pada 2025 sebesar AS$8,65 juta, • Financial costs in 2025 were US$8.65 million, a
naik 16,55% dari tahun 2024 sebesar AS$7,42 juta. 16.55% increase from US$7.42 million in 2024. The
Kenaikan tersebut utamanya disebabkan oleh increase was primarily due to a 33.68% increase in
kenaikan beban akresi sebesar 33,68% menjadi accretion costs to US$5.45 million, offset by a 4.37%
AS$5,45 juta dan diimbangi penurunan biaya bunga decrease in interest costs to US$3.20 million in 2025.
dari 4,37% menjadi AS$3,20 juta di tahun 2025.
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Laba Tahun Berjalan Profit for the Year
Pada tahun 2025 Perseroan mencatat Laba Tahun In 2025, the Company recorded a Profit for the Year
Berjalan sejumlah AS$76,03 juta. Jumlah tersebut of US$76.03 million. This figure increased by US$18.30
meningkat AS$18,30 juta atau 31,69% dari tahun 2024 million, or 31.69%, from US$57.76 million in 2024.
sejumlah AS$57,76 juta.
Total Kerugian Komprehensif Lain Total Other Comprehensive Loss
Perseroan mencatat Total Kerugian Komprehensif The Company recorded an increase in Total Other
Lain 2025 mengalami peningkatan dari 2024. Hal Comprehensive Loss for 2025 compared to 2024.
tersebut disebabkan oleh perubahan yang timbul This was due to changes arising from the actuarial
dari pengukuran ulang aktuaria dari liabilitas imbalan remeasurement of post-employment benefit liabilities
pascakerja dan selisih kurs penjabaran laporan keuangan and exchange rate differences resulting from the
entitas asosiasi. translation of the financial statements of associated
entities.
EBITDA EBITDA
Penggunaan istilah EBITDA dilakukan untuk The term EBITDA is used to describe the exclusion
menggambarkan pengecualian terhadap biaya yang of non-recurring costs and cannot be considered
tidak berulang dan tidak dapat dianggap sebagai as a substitute for Operating Profit or as a better
pengganti Laba Operasional atau sebagai acuan reference in measuring liquidity than Operating
yang lebih baik dalam mengukur likuiditas dibanding Cash Flow calculated in accordance with Indonesian
Arus Kas Operasional yang dihitung sesuai dengan Financial Accounting Standards. EBITDA is calculated
Standar Akuntansi Keuangan Indonesia. Perhitungan based on Profit Before Income Tax plus Depreciation
EBITDA dilakukan berdasarkan Laba Sebelum Pajak Finance Costs and eliminates the impact of Foreign
Penghasilan ditambah Biaya Keuangan Depresiasi serta Exchange Gains/Losses, Finance Income, Gains/Losses
menghilangkan dampak dari Laba/Rugi Selisih Kurs, on Recognition of Fair Value of Derivative Assets, and
Pendapatan Keuangan, Keuntungan/Kerugian atas Gains on Recognition of Fair Value of Investments in
Pengakuan Nilai Wajar Aset Derivatif, dan Keuntungan Shares. Information regarding the Company’s ability to
Pengakuan Nilai Wajar Investasi pada Saham. Informasi pay debts, make investments, and meet working capital
mengenai kesanggupan Perseroan membayar utang, needs is included in EBITDA.
melakukan investasi, dan memenuhi kebutuhan modal
kerja tercakup dalam EBITDA.
Selama tahun 2025, nilai EBITDA lebih tinggi sebesar EBITDA is projected to increase by 0.89% in 2025
0,89% dibanding tahun sebelumnya. Hal ini dikarenakan compared to the previous year. This is due to higher
Laba Tahun Berjalan yang lebih tinggi dibanding tahun Profit for the Year compared to 2024, driven by
2024 akibat peningkatan pendapatan dari operasi bisnis increased revenue from the Bahodopi business unit,
unit Bahodopi yang mulai beroperasi di tahun 2025, which commenced operations in 2025, although this
walaupun diimbangi dengan penurunan rerata harga is offset by a decrease in the average LME nickel price
LME nikel dibanding tahun 2024. compared to 2024.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Laporan Arus Kas
Statement of Cash Flows
Penurunan bersih Kas dan Setara Kas terjadi di 2025, A net decrease in Cash and Cash Equivalents occurred
yaitu sejumlah AS$376,36 juta atau 44,22% lebih rendah in 2025, amounting to US$376.36 million, or 44.22%
dari 2024 sejumlah AS$674,69 juta. Kondisi ini terjadi lower than US$674.69 million in 2024. This was due to
karena penurunan arus kas bersih yang digunakan a decrease in net cash flow used in financing activities.
untuk aktivitas pendanaan.
Arus Kas | Cash Flow
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Arus Kas Bersih Dihasilkan dari Aktivitas Operasi
234,725 207,486 421,158 27,239 13.13
Net Cash Flows Provided by Operating Activities
Arus Kas Bersih Digunakan untuk Aktivitas Investasi
(495,266) (331,772) (258,817) (163,494) 49.28
Net Cash Flows Used in Investing Activities
Arus Kas Bersih Digunakan untuk Aktivitas
Pendanaan (41,718) 102,282 (65,441) (144,000) (140.79)
Net Cash Flows Used in Financing Activities
Kenaikan/(Penurunan) Bersih Kas dan Setara Kas
(302,259) (22,004) 69,900 (280,255) 1,273.65
Net Increase/(Decrease) in Cash and Cash Equivalent
Kas dan Setara kas pada Awal Tahun
Cash and Cash Equivalent at the Beginning of the 674,690 698,795 634,042 (24,105) (3.45)
Year
Dampak Perubahan Selisih Kurs terhadap Kas dan
Setara Kas 3,928 (2,101) (5,147) 6,029 (286.96)
Effect of Exchanges Rate Changes on Cash and Cash
Kas dan Setara Kas pada Akhir Tahun
376,359 674,690 698,795 (298,331) (44.22)
Cash and Cash Equivalent at The End of The Year
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Arus Kas dari Aktivitas Operasi Cash Flows from Operating Activities
Pada 2025, terjadi kenaikan 13,13% atau sejumlah In 2025, there was an increase of 13.13% or an amount
AS$27,24 juta terkait Arus Kas Bersih dari Aktivitas of US$27.24 million related to the Company’s Net Cash
Operasi Perseroan. Dengan demikian, nilai Arus Kas Flow from Operating Activities. Thus, the value of the
Bersih dari Aktivitas Operasi Perseroan 2025 menjadi Company’s Net Cash Flow from Operating Activities
sejumlah AS$234,73 juta, dari sebelumnya sejumlah in 2025 was is US$234.73 million, from the previous
AS$207,49 juta di 2024. Beberapa kondisi pada aktivitas amount of US$207.49 million in 2024. Several conditions
operasi yang memengaruhi kenaikan tersebut di in operating activities that influenced this decline
antaranya: include:
1. Terjadinya kenaikan 3,42% atau sejumlah AS$33,05 1. Occurrence An increase of 3.42% or an amount of
juta terkait penerimaan kas pelanggan tahun 2024 US$33.05 million related to customer cash receipts
sebesar AS$967,80 juta menjadi AS$1.000,85 juta di in 2024 amounting to from US$967.80 in 2024 million
tahun 2025. to US$1,000.85 million in 2025.
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2. Terjadinya kenaikan 67,63% atau sejumlah AS$35,40 2. Occurrence an increase of 67.63% or an amount of
juta terkait pembayaran royalti dan retribusi dari US$35.40 million related to payments of royalties
2024 sejumlah AS$52,34 juta menjadi AS$87,74 juta and retributions from 2024 amounting to US$52.34
di tahun 2025. million in 2024 to US$87.74 million in 2025.
Arus Kas dari Aktivitas Operasi
Cash Flow from Operating Activities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Penerimaan Kas dari Pelanggan
1,000,850 967,799 1,121,827 33,051 3.42
Receipts from Customers
Pembayaran Kas ke Pemasok
(575,004) (575,538) (594,852) 534 (0.09)
Payments to Suppliers
Pembayaran Pajak Penghasilan Badan
(19,756) (91,430) (91,618) 71,674 (78.39)
Payments of Corporate Income Tax
Pembayaran Pajak Lainnya
(81,215) (72,236) (84,609) (8,979) 12.34
Payments of Other Taxes
Penerimaan Restitusi PPh Badan
4,715 23,290 6,463 (18,575) (79.76)
Receipt of Corporate Income Tax Restitution
Penerimaan Restitusi Pajak Lainnya
66,263 57,297 62,615 8,966 15.65
Other Tax Restitution Receipts
Pembayaran ke Karyawan
(100,312) (102.762) (85,269) 2,450 (2.38)
Payments to Employees
Penempatan Jaminan Keuangan
- (10,873) (30,813) (10,873) (100.00)
Placement of Financial Guarantee
Penarikan Jaminan Keuangan
- 28,080 - 28,080 (100.00)
Withdrawal of Financial Guarantee
Penerimaan Pendapatan Keuangan
26,921 36,198 35,753 (9,277) (25.63)
Receipts of Finance Income
Pembayaran Royalti dan Retribusi
(87,737) (52,339) (68,339) (35,398) 67.63
Payments of Royalties and Levies
Arus Kas Bersih Dihasilkan dari Aktivitas Operasi
234,725 207,486 421,158 27,239 13.13
Net Cash Flows Provided by Operating Activities
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Arus Kas dari Aktivitas Investasi Cash Flows from Investing Activities
Di 2025, terjadi peningkatan 49,28% atau sejumlah In 2025, there was an increase of 49.28% or US$163.4
AS$163,49 juta pada Arus Kas Bersih Perseroan yang 9 million in the Company’s Net Cash Flow used in
digunakan dalam aktivitas investasi. Dengan demikian, investment activities. Thus, the value of Cash Flow from
nilai Arus Kas dari Aktivitas Investasi pada 2025 menjadi Investment Activities in 2025 was US$495.27 million
sejumlah AS$495,27 juta dari sebelumnya sejumlah from US$331.77 million in 2024.
AS$331,77 juta di tahun 2024.
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Arus Kas dari Aktivitas Investasi
Cash Flow from Investment Activities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Pembayaran untuk Pembelian Aset Tetap
(485,888) (332,121) (286,262) (153,767) 46.30
Payments for Acquisition of Fixed Assets
Penerimaan Hasil Penjualan Aset Tetap
1,263 349 610 914 261.89
Proceed from Disposal of Fixed Assets
Pembayaran untuk Penambahan Investasi pada Entitas
Asosiasi (9,838) - - (9,838) (100.00)
Payment for Additional Investment in Associate
Penurunan Arus Kas Bersih dari Kehilangan Pengendalian
Entitas Anak
(803) - (165) (803) (100.00)
Decrease in Net Cash Flow from Loss of Control of
Subsidiaries
Arus Kas Bersih Digunakan untuk Aktivitas Investasi
(495,266) (331,772) (285,817) (163,494) 49.28
Net Cash Flows Used in Investing Activities
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Arus Kas dari Aktivitas Pendanaan Cash Flows from Financing Activities
Terdapat penurunan 140.79% atau sejumlah AS$144,00 There was a decline of 140.79% or US$144.00 million
juta terkait Arus Kas Bersih dalam aktivitas pendanaan related to Net Cash Flow in financing activities by the
di akhir 2025. Dengan demikian, nilai Arus Kas Bersih end of 2025. Thus, the value of Net Cash Flow that was
yang dikeluarkan dalam aktivitas pendanaan pada issued in funding activities in 2025 became a sum of
2025 menjadi sejumlah AS$41,72 juta dari sebelumnya US$41.72 million from previously obtained US$102.28
diperoleh sejumlah AS$102,28 juta di 2024. Penurunan million in 2024. This decrease had a significant impact
ini memiliki dampak yang signifikan terhadap Perseroan. on the Company.
Arus Kas dari Aktivitas Pendanaan
Cash Flow from Financing Activities
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Penerbitan Saham Baru
- (112,346) - (112,346) (100.00)
Issuance of New Shares
Pembayaran Liabilitas Sewa
(6,832) (8,526) (5,003) 1,694 (19.87)
Payments of Lease Liabilities
Biaya Transaksi atas Penerbitan Saham Baru
- (939) - 939 (100.00)
Transaction Cost of Issuing New Shares
Pembayaran Beban Keuangan
(279) (599) (345) 320 (53.42)
Payments of Finance Cost
Pembayaran Dividen
(34,607) - (60,093) (34,607) 100.00
Payments of Dividend
Arus Kas Bersih Digunakan untuk Aktivitas Pendanaan
(41,718) 102,282 (65,441) (144,000) (140.79)
Net Cash Flows Used in Financing Activities
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
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Rasio Keuangan
Financial Ratio
Rasio Keuangan (%)
Liquidity Ratio (%)
Rasio Lancar Rasio Cepat
Current Ratio Quick Ratio
2025 2.07 2025 1.54
2024 3.81 2024 3.25
2023 4.77 2023 4.05
Rasio Leverage (%)
Leverage Ratio (%)
Rasio Liabilitas terhadap Ekuitas Rasio Liabilitas terhadap Aset
Liabilities to Equity Ratio Liabilities to Assets Ratio
2025 20.57 2025 17.06
2024 16.24 2024 13.97
2023 14.09 2023 12.35
Rasio Aktivitas (Hari)
Activity Ratio (Days)
Periode Penagihan Periode Persediaan
Receivables Turnover Inventory Turnover
2025 29 2025 109
2024 35 2024 95
2023 36 2023 87
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Rasio Profitabilitas (%)
Profitability Ratio (%)
Uraian
2025 2024 2023
Description
Margin Laba Bersih
7.68 6.08 22.26
Net Profit Margin
Margin Laba Kotor
11.19 11.39 28.16
Gross Profit Margin
Rasio Laba (Rugi) terhadap Pendapatan
4.18 6.72 24.52
Profit (Loss) to Revenue Ratio
Rasio Laba (Rugi) terhadap Ekuitas
2.74 2.11 10.70
Return on Equity (ROE)
Return Laba (Rugi) terhadap Aset
2.27 1.82 9.38
Return on Assets (ROA)
Rasio Likuiditas Liquidity Ratios
Nilai Rasio Lancar dan Rasio Cepat di 2025 masing- The Current Ratio and Quick Ratio values in 2025 were
masing adalah 2,07 dan 1,54. Rasio Likuiditas digunakan respectively 2.07 and 1.54 The Liquidity Ratio is used
untuk menghitung tingkat kemampuan Perseroan to calculate the Company’s ability to meet short-term
memenuhi kewajiban jangka pendek. obligations
Rasio Leverage Leverage Ratios
Nilai Rasio Liabilitas terhadap Aset dan Rasio Liabilitas The values o
f the Liabilities to Assets Ratio and Liabilities
terhadap Ekuitas di tahun 2025 masing-masing adalah to Equity Ratio in 2025 were respectively 17.06% and
17,06% dan 20,57%. Rasio Leverage digunakan untuk 20.57%. The Leverage Ratio is used to calculate the
menghitung tingkat kemampuan Perseroan memenuhi Company’s ability to meet all obligations if the Company
segala kewajiban apabila saat ini Perseroan dilikuidasi. is currently liquidated.
Rasio Aktivitas Activity Ratios
Rasio Aktivitas merupakan ukuran yang digunakan The Activity Ratio is a measure used to calculate the
dalam menghitung tingkat efektivitas Perseroan Company’s effectiveness in utilizing all the resources
memanfaatkan semua sumber daya yang ada pada under its control. The Inventory Turnover Ratio and
pengendaliannya. Rasio Perputaran Persediaan dan Collection Ratio in 2025 were respectively 109 days and
Rasio Penagihan di 2025 masing-masing adalah 109 hari 29 days.
dan 29 hari.
Rasio Profitabilitas Profitability Ratios
Dalam menghitung hasil akhir bersih dari berbagai In calculating the net final results of various
kebijakan dan keputusan manajemen, Perseroan management policies and decisions, the Company uses
menggunakan Rasio Profitabilitas yang nantinya the Profitability Ratios, which provide overview of
memberi gambaran mengenai efektivitas manajemen management’s effectiveness in managing the company.
mengelola perusahaan. Pada 2025, persentase dari In 2025, the percentage of Profit (Loss) to Equity was
Laba (Rugi) terhadap Ekuitas adalah 2,74%, Laba 2.74%, Profit (Loss) on Assets was 2.27%, Gross Profit
(Rugi) terhadap Aset adalah 2,27%, Margin Laba Kotor Margin to Sales was 11.19%, Net Profit Margin to Sales
terhadap Penjualan adalah 11,19%, Margin Laba Bersih was 7.68%, and Profit (Loss) Margin to Revenue was
terhadap Penjualan adalah 7,68%, dan Margin Laba 4.18%.
(Rugi) terhadap Pendapatan adalah 4,18%.
2025 Annual Report 169
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Kemampuan Membayar Utang dan Tingkat
Kolektibilitas Piutang Perseroan
Company’s Ability to Pay Debt and Receivables
Collectibility
Kemampuan Membayar Utang
Ability to Pay Debt
Rasio Lancar dan Rasio Cepat mencerminkan The Current Ratio and Quick Ratio reflect the Company’s
kemampuan Perseroan membayar pinjaman yang ability to repay loans maturing in less than one year. In
jatuh tempo kurang dari satu tahun. Pada 2025, Nilai 2025, the Current Ratio was 2.07 and the Quick Ratio
Rasio Lancar adalah 2,07 dan nilai Rasio Cepat adalah was 1.54. These figures were lower than in 2024, but the
1,54. Angka tersebut lebih rendah dari 2024, namun Company remained liquid in 2025. Liquidity risk occurs
Perseroan masih dalam posisi likuid pada tahun when the Company experiences difficulty obtaining
2025. Risiko likuiditas akan terjadi ketika Perseroan funding to meet short-term obligations. The Company
memiliki kesulitan untuk memperoleh pendanaan manages liquidity risk by maintaining adequate cash
dalam memenuhi kewajiban jangka pendek. Perseroan and cash equivalents through monitoring forecasted
mengelola risiko likuiditas dengan menjaga kecukupan and actual cash flows and matching the maturities of
saldo Kas dan Setara Kas melalui pemantauan arus kas financial assets and liabilities.
perkiraan dan aktual serta mencocokkan waktu jatuh
tempo atas Aset dan Liabilitas keuangan.
Rasio Likuiditas (%)
Liquidity Ratios (%)
Rasio Lancar Rasio Cepat
Current Ratio Quick Ratio
2025 2.07 2025 1.54
2024 3.81 2024 3.25
2023 4.77 2023 4.05
Tingkat Kolektibilitas Piutang
Receivables Collectability Rate
Di tahun 2025, Perseroan mencatat Tingkat Kolektibilitas In 2025, the Company recorded a Receivables
Piutang adalah 29 hari sehingga terjadi penurunan 6 Collectibility Rate of 29 days, a decrease of 6 days
hari bila dibandingkan dengan 2024 selama 35 hari. compared to 35 days in 2024. At the end of the year,
Pada akhir tahun, melalui penelaahan akun piutang through a review of customer receivables accounts,
pelanggan, disimpulkan tidak perlu adanya penyisihan it was concluded that no allowance for impairment
penurunan nilai atas kemungkinan kerugian atas tidak was necessary for possible losses from uncollectible
tertagihnya Piutang Usaha. Accounts Receivable.
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Tingkat Kolektibilitas Piutang (Ribu AS$)
Receivable Collectability Rate (Thousand US$)
Uraian
2025 2024 2023
Description
Rata-rata Saldo Piutang pada Awal dan Akhir Tahun
78,793 93,108 121,595
Trade Receivables Average Balance at Beginning & End of The Year
Lama Piutang yang Belum Terbayar
(360/(Pendapatan/Rata-rata Saldo Piutang Usaha))
29 35 36
Days of Unpaid Receivables
(360/(Revenue/Average Trade Receivables Balance))
Struktur Modal
Capital Structure
Rincian struktur modal yang Perseroan miliki 2025 The details of the Company’s capital structure in 2025
adalah sebesar 17,06% berasal dari liabilitas dan are as follows 17.06% derived from liabilities and 82.94%
82,94% dari ekuitas. Dengan demikian, terjadi sedikit from equity. Thus, there was little change compared to
perubahan dibanding 2024, dengan rincian struktur 2024, with the capital structure consisting of 13.97%
modal sebesar 13,97% berasal dari liabilitas dan sebesar from liabilities and 86.03% from equity.
86,03% dari ekuitas.
Struktur Modal
Capital Structure
Varian | Variance
Uraian 2025:2024
2025 2024 2023
Description
Volume %
Liabilitas Jangka Pendek | Current Liabilities 362,390 263,471 216,727 98,919 37.54
Liabilitas Jangka Panjang | Non-Current Liabilities 208,381 180,281 144,735 28,100 15.59
Total Liabilitas | Total Liabilities 570,771 443,752 361,462 127,019 28.62
Ekuitas | Equity 2,775,076 2,732,776 2,564,537 42,300 1.55
Total 3,345,847 3,176,528 2,925,999 169,319 5.33
Keterangan: Nominal dalam ribuan AS$ | Note: Nominal in thousand US$
Komposisi Struktur Modal
Capital Structure Composition
Uraian 2025 2024 2023
Description Nominal % Nominal % Nominal %
Liabilitas Jangka Pendek | Current Liabilities 362,390 10.83 263,471 8.29 216,727 7.41
Liabilitas Jangka Panjang | Non-Current Liabilities 208,381 6.23 180,281 5.68 144,735 4.95
Total Liabilitas | Total Liabilities 570,771 17.06 443,752 13.97 361,462 12.35
Ekuitas | Equity 2,775,076 82.94 2,732,776 86.03 2,564,537 87.65
Total 3,345,847 100.00 3,176,528 100.00 2,925,999 100.00
2025 Annual Report 171
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Kebijakan Manajemen atas Struktur Modal
Management Policy on Capital Structure
Dalam pengelolaan pemodalan, terdapat Perseroan In capital management, the Company aims to maintain
yang memiliki tujuan untuk mempertahankan business continuity to provide results and benefits
kelangsungan usaha sehingga dapat memberikan hasil to stakeholders while maintaining an optimal capital
dan manfaat kepada pemangku kepentingan, serta structure. The Company considers the efficiency of
dapat menjaga struktur modal yang optimal. Perseroan capital use based on operating cash flow and capital
mempertimbangkan efisiensi penggunaan modal expenditures, as well as future capital requirements.
berdasarkan arus kas operasi dan belanja modal serta The Company also routinely manages capital and
kebutuhan modal di masa depan. Perseroan juga secara maintains a balance between debt levels and equity
rutin mengelola pemodalan dan menjaga keseimbangan positions to achieve an optimal capital structure and
tingkat pinjaman dan posisi ekuitas agar mencapai returns for shareholders. The capital structure has been
struktur modal dan pengembalian yang optimal bagi reviewed by the Board of Commissioners to align with
pemegang saham. Struktur modal telah direviu oleh strategic objectives and risk appetite. As of December
Dewan Komisaris agar sesuai dengan tujuan strategis 31, 2025, the Company’s capital structure was funded by
dan selera risiko (risk appetite). Per tanggal 31 Desember shareholders’ equity.
2025, struktur modal Perseroan didanai oleh ekuitas
pemegang saham.
Ikatan Material untuk Investasi Barang Modal
Material Commitments for Capital Goods Investments
Tujuan dari Ikatan Material untuk Investasi Barang Modal
Purpose of Material Ties for Investment in Capital Goods
Ikatan material terkait investasi barang modal ditujukan The material commitments related to capital goods
untuk mengoptimalkan produksi dan mengembangkan investment are aimed at optimizing production and
usaha melalui proyek pertumbuhan yakni Indonesia developing the business through a growth project,
Growth Project (IGP) sebagai langkah strategis Perseroan namely the Indonesia Growth Project (IGP), as the
dalam memperkuat peran, komitmen, dan kontribusi Company’s strategic step in strengthening its role,
untuk hilirisasi pertambangan secara berkelanjutan. commitment, and contribution to sustainable mining
downstreaming.
Sumber Dana untuk Investasi Barang Modal
Sources of Funds for Capital Goods Investment
Sumber dana yang digunakan untuk investasi barang The funds used for capital goods investment come from
modal berasal dari akumulasi hasil usaha yang tercermin the accumulation of business results, as reflected in the
di kas internal Perseroan. Company’s internal cash.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Mata Uang Digunakan dan Mitigasi Risiko Nilai Tukar terkait Investasi
Barang Modal
Currency Used and Mitigation of Exchange Rate Risk related to Capital
Goods Investment
Mata uang yang digunakan dalam investasi barang The currency used in capital goods investments is
modal adalah Dolar AS, yang juga merupakan mata the US Dollar, which is also the Company’s functional
uang fungsional Perseroan. Dengan demikian, currency. Therefore, the Company is not significantly
Perseroan tidak terpengaruh oleh risiko nilai tukar affected by foreign exchange risk. However, to protect
mata uang asing secara signifikan. Namun untuk against risks arising from related currency positions,
melindungi risiko yang timbul dari posisi mata uang PT Vale plans to implement a measured financial risk
terkait, PT Vale merencanakan penerapan strategi management strategy, including regular monitoring
manajemen risiko keuangan secara terukur, antara of market conditions and risk measurement through
lain melakukan pemantauan berkala terhadap kondisi sensitivity and scenario analysis. With this strategy, the
pasar, dan pengukuran risiko melalui analisis sensitivitas Company ensures the maintenance of financial stability
dan skenario. Dengan strategi tersebut, Perseroan and minimization of the impacts of exchange rate
memastikan stabilitas keuangan tetap terjaga dan volatility on operational performance.
dampak volatilitas nilai tukar terhadap kinerja
operasional dapat diminimalkan.
Realisasi Investasi Barang Modal
Realization of Capital Goods Investments
Realisasi investasi barang modal selama Capital expenditure realization Realisasi Investasi Perseroan
2025, meliputi program pemeliharaan during 2025 includes maintenance Company’s Investment Realization
aset utama dan penunjang, substitusi programs for primary and supporting
dan efisiensi sumber energi, perbaikan assets, energy source substitution 523
lingkungan, dan juga untuk proyek and efficiency, environmental
pertumbuhan Perseroan (IGP). Total improvements, and the Company’s 395
realisasi investasi belanja modal sampai growth projects (IGP). Total capital 292
dengan akhir tahun 2025 mencapai expenditure realization by the end of
sejumlah AS$523 juta, termasuk untuk 2025 reached US$523 million, including
kategori proyek lingkungan hidup US$23 million for environmental
senilai AS$23 juta. projects. 2025 2024 2023
Keterangan: Nominal dalam jutaan AS$
Secara keseluruhan, realisasi belanja Overall, capital expenditure realization Note: Nominal in millions US$
modal di 2025 mengalami peningkatan in 2025 increased by US$128 million,
sejumlah AS$128 juta atau 32% bila or 32%, compared to US$395 million
dibandingkan dengan 2024 yang in 2024, including US$79 million for
mencapai sejumlah AS$395 juta, environmental projects. This increase
termasuk untuk kategori proyek was driven by investment in three IGP
lingkungan hidup senilai AS$79 juta. projects.
Peningkatan disebabkan oleh investasi
pada 3 proyek IGP.
2025 Annual Report 173
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Informasi dan Fakta Material yang Terjadi Setelah
Tanggal Laporan Akuntan
Material Information and Facts that Occurred After the
Date of the Accountant’s Report
Pada 15 Januari 2026, Rencana Kerja dan Anggaran On January 15, 2026, PT Vale’s 2026 Work Plan and
Biaya (RKAB) tahun 2026 PT Vale telah resmi disetujui Budget (RKAB) was officially approved by the Ministry
oleh Kementerian ESDM. Persetujuan ini menegaskan of ESDM, which reaffirms the Company’s operational
kembali kepastian operasional Perseroan dalam certainty in continuing its long-term investment as
melanjutkan investasi jangka panjang sebagai bagian part of Indonesia’s national nickel ecosystem and global
dari ekosistem nikel nasional Indonesia dan rantai pasok supply chain.
global.
Dengan diperolehnya persetujuan ini, saat ini PT With the obtainment of this approval, PT Vale currently
Vale fokus untuk mengembalikan seluruh kegiatan focuses on restoring all operational and construction
operasional dan konstruksi di Sorowako, Pomalaa, activities in Sorowako, Pomalaa, and Bahodopi based
dan Bahodopi berlandaskan pada aspek keselamatan on safety aspects as the main priority in accordance
sebagai prioritas utama sesuai dengan ketentuan with applicable licensing provisions, ensuring optimal
perizinan yang berlaku, sehingga dapat berjalan operations to recoup on delays caused by the previous
secara optimal guna mengejar ketertinggalan akibat temporary suspension.
penghentian sementara yang sebelumnya dilakukan.
Persetujuan RKAB 2026 merupakan implementasi The approval of the 2026 RKAB implements the
kebijakan Pemerintah yang kembali menerapkan government’s policy of reinstating an annual RKAB
mekanisme persetujuan RKAB tahunan, menggantikan approval mechanism, replacing the previous three-
skema sebelumnya yang berbasis tiga tahunan secara year scheme, integrated with other basic permits. PT
terintegrasi dengan perizinan dasar lainnya. PT Vale Vale welcomes this certainty as a crucial foundation for
menyambut baik kepastian ini sebagai fondasi penting maintaining production discipline, good governance,
untuk menjaga disiplin produksi, tata kelola yang baik, and the sustainability of the national nickel industry.
serta keberlanjutan industri nikel nasional.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Perbandingan Target dan Realisasi Tahun 2025
Comparison Between Targets and Realization in 2025
Perseroan setiap periodenya mengevaluasi hasil-hasil Each period, the Company evaluates operational results
operasional pada tahun buku dan mengukur kinerja in the financial year and measures performance based
berdasarkan target/proyeksi pada awal tahun anggaran on targets/projections at the beginning of the fiscal year
yang dibandingkan dengan realisasi akhir tahun. compared with the realization at the end of the year.
Perbandingan Target dan Realisasi Tahun 2025
Perbandingan Target dan Realisasi Tahun 2025
2025 2024
Uraian Satuan
Description Unit Realisasi Capaian Realisasi
Target
Realization Achievement (%) Realization
Produksi Nikel dalam Matte
71,234 72,027 1.11 71,311
Nickel in Matte Production Ton
Penjualan Nikel Matte Tons
72,234 73,093 1.19 72,625
Nickel Matte Sales
Produksi Bijih Saprolit
2,500 2,215 (11.42) -
Saprolite Ore Production Juta WMT
Penjualan Bijih Saprolit Million WMT
2,500 2,316 (7.36) -
Saprolite Ore Sales
Pendapatan Juta AS$
1,040 990 (4.81) 950
Revenue Million US$
Belanja Modal
Capital Expenditure
Keberlanjutan Juta AS$
170 169 (0.59) 150
Sustaining Million US$
Pertumbuhan
620 349 (43.71) 245
Growth
Keterangan Notes:
Nilai pencapaian yang disajikan merupakan deviasi antara realisasi aktual dan target yang telah ditetapkan.
The figure shows the deviation between actual results and the predetermined target.
Produksi nikel dalam matte PT Vale pada 2025 mencapai PT Vale’s nickel in matte production in 2025 reached
72.027 ton, melampaui target sebesar 71.234 ton, dan 72,027 tons, exceeding the target of 71,234 tons and
lebih tinggi dari 2024 yang mencapai 71.311 ton. Produksi exceeding the 71,311 tons in 2024. PT Vale’s saprolite ore
bijih saprolit PT Vale pada 2025 mencapai 2,22 juta WMT, production in 2025 reached 2.22 million WMT, slightly
sedikit dibawah target sebesar 2,50 juta WMT. below the target of 2.50 million WMT.
Volume penjualan nikel matte di 2025 mencapai 73.093 ton, Nickel matte sales volume in 2025 reached 73,093 tons,
melampaui target sebesar 72.234 ton, dan lebih tinggi dari exceeding the target of 72,234 tons and surpassing
tahun pada 2024 mencapai 72.625 ton. Volume penjualan 2024’s 72,625 tons. PT Vale’s saprolite ore sales volume
bijih saprolit PT Vale di 2025 mencapai 2,32 juta WMT, in 2025 reached 2.32 million WMT, slightly below the
sedikit dibawah target sebesar 2,50 juta WMT. target of 2.50 million WMT.
2025 Annual Report 175
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Mencerminkan kinerja operasional yang stabil serta Reflecting stable operational performance and
peningkatan berkelanjutan dalam efisiensi produksi, continued improvements in production efficiency, PT
penjualan nikel matte PT Vale mencatat kenaikan yang Vale’s nickel matte sales recorded a moderate increase in
moderat pada 2025, mencapai 73.093 ton dibandingkan 2025, reaching 73,093 tonnes compared to 72,625 tonnes
72.625 ton pada 2024. Hal ini mendukung Perseroan dalam in 2024. This supported the Company in maintaining a
mempertahankan EBITDA yang solid sebesar AS$228,2 juta solid EBITDA of US$228.2 million throughout the year,
sepanjang tahun, sedikit lebih tinggi dibandingkan tahun slightly higher than the previous year. On a quarterly
sebelumnya. Secara triwulanan, Perseroan membukukan basis, the Company posted EBITDA of US$61.9 million, a
EBITDA sebesar AS$61,9 juta, turun 17% dari triwulan 17% decrease from the previous quarter, primarily due
sebelumnya, terutama disebabkan oleh lebih rendahnya to lower nickel matte production volumes.
volume produksi nikel matte.
Sepanjang tahun, Perseroan mengalokasikan sekitar Throughout the year, the Company allocated
AS$485,9 juta untuk belanja modal, meningkat 46% approximately US$485.9 million to capital expenditures,
dibandingkan AS$332,1 juta pada tahun sebelumnya. a 46% increase from US$332.1 million in the previous
Peningkatan ini terutama mencerminkan belanja untuk year. This increase primarily reflects spending
proyek‑proyek pengembangan serta kebutuhan modal on development projects and sustaining capital
sustaining. Per 31 Desember 2025, saldo kas Perseroan requirements. As of December 31, 2025, the Company’s
tercatat sebesar AS$376,3 juta, menunjukkan posisi cash balance was US$376.3 million, demonstrating a solid
keuangan yang solid untuk mendukung pelaksanaan financial position to support the timely implementation
proyek‑proyek pertumbuhan secara tepat waktu. of growth projects.
Prospek Usaha 2026
Business Prospects in 2026
Tahun 2026 akan menjadi fase penting bagi PT Vale 2026 will be a critical year for PT Vale to establish a new
untuk membentuk baseline operasional biaya baru, operational cost baseline, improve operational reliability,
meningkatkan keandalan operasi, dan memperkuat and strengthen discipline in three key operating areas:
disiplin di tiga area operasi utama: Sorowako, Bahodopi, Sorowako, Bahodopi, and Pomalaa. As we approach
dan Pomalaa. Menghadapi tahun 2026, PT Vale masih 2026, PT Vale remains focused on improving production
fokus pada peningkatan keandalan produksi, menjaga reliability, maintaining the highest sustainability
standar keberlanjutan tertinggi, mempercepat eksekusi standards, accelerating project execution, and creating
proyek, dan menciptakan nilai bersama bagi Indonesia. shared value for Indonesia to mitigate ongoing market
Hal ini dilakukan menyiasati ketidakpastian pasar yang uncertainty and rising regulatory expectations.
masih terasa dan ekspektasi regulasi yang meningkat.
Salah satu langkah kami mempercepat eksekusi proyek One of our steps to accelerate project execution is
adalah penjualan perdana bijih saprolit dari Blok the initial sale of saprolite ore from the Bahodopi and
Bahodopi dan Pomalaa. Meskipun produksi awal dari Pomalaa Blocks. Although initial production from
Bahodopi awalnya dijadwalkan pada triwulan keempat Bahodopi was originally scheduled for the fourth
tahun 2025, kami akhirnya berhasil mempercepat quarter of 2025, we have successfully accelerated the
pengembangan tambang tersebut, sehingga development of the mine, enabling us to begin recording
memungkinkan kami untuk mulai mencatat volume significant volumes from July 2025 onwards.
yang signifikan mulai Juli 2025 dan seterusnya.
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Khusus di Pomalaa, proyek pertambangan kami telah In Pomalaa in particular, our mining project has now
mencapai kemajuan sekitar 60%, dengan sejumlah reached 60% progress, with several supporting facilities
fasilitas pendukung untuk tahap awal operasi berhasil for initial operations successfully completed. These
diselesaikan. Perkembangan ini sejalan dengan kemajuan developments are aligned with the advancement of the
proyek HPAL yang telah mencapai sekitar 50% tahap HPAL project, which has achieved approximately 50%
konstruksi serta mencatatkan tonggak penting dengan construction progress and celebrated a key milestone
kedatangan empat unit autoclave dan pemasangan unit with the arrival of four autoclaves and the installation
pertama. Proyek ini tetap berada pada jalurnya untuk of the first unit. The project remains on track to reach
mencapai penyelesaian mekanis pertama pada triwulan first mechanical completion in third quarter of 2026.
ketiga tahun 2026. Secara keseluruhan, tahun 2026 Overall, 2026 is expected to be a crucial period for
diharapkan menjadi periode penting bagi Perseroan, di the Company, with all three mines projected to be
mana ketiga tambang diproyeksikan dapat beroperasi operational simultaneously.
secara bersamaan.
Penjualan dari bijih saprolit akan membuka sumber Sales of saprolite ore will open up new revenue streams,
pendapatan baru, menguatkan margin, dan memberikan strengthen margins, and provide commercial flexibility
fleksibilitas komersial pada kondisi harga global yang in challenging global pricing conditions. Saprolite ore
menantang. Penjualan bijih saprolit ini dilakukan dengan sales are carefully calculated to avoid increasing ore
perhitungan cermat agar tidak menambah pasokan bijih supply, which could impact the national nickel supply,
yang dapat memengaruhi pasokan nikel nasional, serta and to avoid disrupting the Company’s supply needs.
tidak akan mengganggu kebutuhan pasokan Perseroan.
Dengan berfokus pada disiplin operasional dan eksekusi By focusing on operational discipline and implementing
rencana kerja yang terukur, Perseroan menargetkan a measurable work plan, the Company aims to
peningkatan volume bijih nikel yang signifikan significantly increase nickel ore volume compared to
dibandingkan tahun lalu. Kinerja ini diharapkan last year. This performance is expected to be achieved
dapat dicapai melalui penguatan aktivitas produksi through increased production activities throughout
sepanjang 2026, didukung oleh komitmen Perseroan 2026, supported by the Company's commitment to
dalam menjaga keberlanjutan operasi dan pemenuhan maintaining operations and meeting the needs of its
kebutuhan mitra smelter. smelter partners.
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Perseroan juga akan memaksimalkan produksi nikel The Company will also maximize nickel in matte
dalam matte di 2026, dengan tetap memperhatikan production in 2026, while still considering the repair
proses perbaikan fasilitas Furnace nomor 3 yang dimulai process of Furnace number 3 facility which began in the
pada triwulan keempat tahun 2025 dengan estimasi fourth quarter of 2025 with an estimated completion in
rampung pada Mei 2025. Produksi nikel dalam matte May 2025. Nickel in matte production and nickel matte
dan penjualan nikel matte akan tetap memperhatikan sales will continue to take into account nickel market
dinamika pasar nikel di tataran nasional maupun global. dynamics at the national and global levels, such as the
Salah satunya putusan pemerintah untuk mengurangi government’s decision to reduce nickel production,
produksi nikel yang diharapkan dapat memperbaiki which is expected to improve nickel prices on the world
harga nikel di pasar dunia. market.
Di 2026, Perseroan terus mempersiapkan empat mesin In 2026, the Company will continue to prepare four
pertumbuhan besar baik dari Pomalaa, Bahodopi, major growth engines, namely Pomalaa, Bahodopi,
Sorowako Limonite dan Tanamalia, yang berorientasi Sorowako Limonite, and Tanamalia, which are the
pada energi bersih terbesar di Indonesia. Tambang largest clean energy-oriented mines in Indonesia.
Bahodopi menjadi salah satu proyek strategis Perseroan The Bahodopi mine is one of the Company’s strategic
dalam diversifikasi produk dan telah memasuki tahap projects in product diversification and has entered the
produksi di 2025. Setelah itu, proyek tambang Pomalaa production phase in 2025. After that, the Pomalaa mine
dijadwalkan menyusul pada triwulan kedua tahun project is scheduled to follow in the second quarter
2026. Perkembangan ini sejalan dengan kemajuan of 2026. This development is in line with the progress
proyek HPAL Pomalaa yang berada pada jalurnya untuk of the Pomalaa HPAL project, which remains on track
mencapai penyelesaian mekanis pertama pada triwulan to achieve its first mechanical completion in the third
ketiga tahun 2026, lebih cepat dari jadwal sebelumnya di quarter of 2026, ahead of the previous schedule in the
triwulan keempat tahun 2026. Sementara itu, Sorowako fourth quarter of 2026. Meanwhile, Sorowako Limonite
Limonite akan menjadi tahap akhir dari rangkaian will be the final stage of Vale Indonesia’s expansion
ekspansi Vale Indonesia. Melalui studi kelayakan dan series. This development is in line with the progress
pemilihan mitra teknis yang berjalan baik, diharapkan of the Pomalaa HPAL project, which remains on track
proyek-proyek ini akan menghasilkan “nikel yang to achieve its first mechanical completion in the third
tepat”—kelas 1, rendah karbon yang dibutuhkan oleh quarter of 2026, ahead of the previous schedule in the
industri baterai kendaraan listrik global. fourth quarter of 2026. Through feasibility studies
and successful selection of technical partners, these
projects are expected to produce “the right nickel”—
class 1, low-carbon nickel required by the global electric
vehicle battery industry.
Untuk mendukung seluruh proses produksi dan To support the entire production process and secure
terjaganya pasokan bijih nikel, mulai di 2026, PT Vale nickel ore supply, PT Vale will launch an intensive drilling
meluncurkan program pengeboran intensif hingga program of up to 6,500 holes per year starting in 2026.
6.500 hole per tahun. Kegiatan tersebut berpotensi This activity has the potential to double mineral reserves
menggandakan cadangan mineral hingga 2,5 kali dari by up to 2.5 times from current reserves, covering 118,017
cadangan saat ini, mencakup 118.017 hektare yang ada hectares in South, Central, and Southeast Sulawesi.
di Sulawesi Selatan, Tengah, dan Tenggara.
Usaha kami untuk menjaga kesinambungan tidak Our efforts to maintain business continuity are
terlepas dari dukungan masyarakat. Untuk itu PT Vale inseparable from community support. Therefore, PT
berupaya pertumbuhan Perseroan harus sejalan dengan Vale strives to ensure that the Company’s growth
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
perkembangan kesejahteraan masyarakat di sekitar is aligned with the welfare of the communities
wilayah operasi kami. Kami berkomitmen meningkatkan surrounding our operations. We are committed to
partisipasi pekerja dan kontraktor lokal sambil secara aktif increasing the participation of local employees and
berinvestasi pada pembangunan sosial yang berkelanjutan contractors while actively investing in sustainable social
melalui Program Pengembangan dan Pemberdayaan development through the Community Development
Masyarakat (PPM). Pelaksanaan PPM berfokus pada and Empowerment Program (CPD). The CPD focuses
peningkatan kualitas hidup masyarakat setempat melalui on improving the quality of life of local communities
program-program pendidikan, infrastruktur, program through education, infrastructure, cultural programs,
budaya, dan kesejahteraan masyarakat untuk memastikan and community welfare programs to ensure a long-
dampak positif jangka panjang. term positive impact.
Target/Proyeksi Pendapatan, Laba, Struktur Modal,
dan Kebijakan Dividen Tahun 2026
Target/Projection of Revenue, Profit, Capital Structure,
and Dividend Policy in 2026
Perseroan melakukan pertimbangan terhadap kondisi The Company considers internal and external conditions
internal dan eksternal dalam menyusun target/proyeksi, when developing targets/projections, including
termasuk sinergi karena memiliki pengaruh pada synergies, as they impact the Company’s business
perkembangan bisnis Perseroan. Berikut merupakan development. The following table presents targets/
tabel target/proyeksi di 2026: projections for 2026:
Uraian Satuan
2026
Description Unit
Produksi Nikel dalam Matte | Nickel in Matte Production 67,645
Ton | Tons
Penjualan Nikel Matte | Nickel Matte Sales 68,561
Kapasitas Produksi Bijih Nikel | Nickel Ore Production Capacity Juta WMT | Million WMT 40
Keberlanjutan | Sustaining 179
Belanja Modal | Capital Expenditure
Pertumbuhan | Growth Juta AS$ | Million US$ 389
Penyertaan Modal | Capital Injection 91
Upaya kami dalam menghadapi tantangan produksi Our efforts to address production challenges by opening
dengan cara membuka tambang baru sambil new mines while maintaining a strong and efficient cost
mempertahankan struktur biaya yang kuat dan efisien structure will help us achieve these targets.
akan membantu kami dalam mencapai target tersebut.
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Aspek Pemasaran
Marketing Aspect
Strategi Pemasaran
Marketing Strategy
Strategi pemasaran bertujuan untuk mengoptimalkan The marketing strategy is to optimize value for the
nilai bagi Perseroan dan secara tidak langsung bagi Company and indirectly to all shareholders equitably
seluruh pemegang saham secara adil dalam batas risiko within acceptable risk boundaries. The value creation is
yang dapat diterima. Penciptaan nilai ini didorong melalui driven through a strategic optimization of the product
optimalisasi strategis portofolio produk, komposisi portfolio, customer mix and a prudent balance of short,
pelanggan, serta keseimbangan yang bijaksana antara medium and long-term contractual arrangements,
perjanjian kontrak jangka pendek, menengah, dan enabling flexibility while ensuring revenue stability and
panjang, yang memungkinkan fleksibilitas sekaligus resilience across market dynamics.
memastikan stabilitas dan ketahanan pendapatan di
tengah dinamika pasar.
Transaksi pemasaran dan penjualan dilakukan sesuai Marketing and sales transactions are carried out
dengan referensi nilai pasar wajar yang telah ditetapkan in accordance with established fair market value
dan prinsip-prinsip transaksi wajar, sebagaimana sesuai references and arm’s‑length principles, as appropriate
dengan kondisi pasar yang berlaku, sejalan dengan under prevailing market conditions, consistent with
komitmen Perseroan terhadap transparansi, integritas, the Company’s commitment to transparency, integrity,
dan governans perusahaan yang kuat. Pelaksanaan and robust corporate governance. The execution of
strategi ini mempertimbangkan prinsip-prinsip utama this strategy takes into consideration the Company’s
Perseroan, termasuk keberlanjutan, keselamatan, dan overarching principles, including sustainability, safety,
operasi yang bertanggung jawab, guna mendukung and responsible operations, in support of long‑term
penciptaan nilai jangka panjang dan kepentingan para value creation and the interests of stakeholders.
pemangku kepentingan.
Pangsa Pasar Market Share
Pada tahun 2025, volume produksi nikel matte In 2025, PT Vale Indonesia Tbk recorded nickel matte
Perseroan mencapai 72.027 ton. Jumlah tersebut setara production of 72,027 tons. This volume represented
dengan sekitar 2% dari total pasokan nikel PT Vale ke approximately 2% of the estimated global nickel supply
pasar global yang diperkirakan mencapai 3,7 juta ton, of 3.7 million tons and approximately 4% of Indonesia’s
serta sekitar 4% dibandingkan total produksi nasional total national nickel production, which was estimated
yang diperkirakan berada pada kisaran 1,7 juta ton1. at around 1.7 million tons1.
Sementara itu, total produksi bijih nikel Perseroan pada Meanwhile, the Company’s total nickel ore production
tahun 2025 tercatat sebesar 2,2 juta ton, atau sekitar in 2025 reached 2.2 million tons, equivalent to
1% dari total kuota produksi bijih nikel Indonesia yang approximately 1% of Indonesia’s targeted nickel ore
ditargetkan sebesar 379 juta ton. production quota of 379 million tons.
1
AME Nickel Market Outlook Report, January 2026
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Menteri ESDM Indonesia telah memberikan informasi The Minister of ESDM has confirmed that Indonesia
bahwa Indonesia berencana menurunkan produksi plans to reduce nickel production in 2026 through
nikel pada tahun 2026 melalui penyesuaian dalam adjustments to the RKAB framework. This policy forms
kerangka RKAB. Kebijakan ini merupakan bagian dari part of the Government’s broader effort to stabilize
upaya pemerintah untuk menstabilkan harga nikel nickel prices through more measured supply and
melalui pengelolaan sisi penawaran dan permintaan demand management. The officially approved nickel
secara lebih terukur. Adapun kuota produksi bijih nikel ore production quota for 2026 is expected to range
yang resmi disetujui oleh pemerintah untuk tahun 2026 between 260–270 million tons, significantly lower than
berada di kisaran 260-270 juta ton, jauh lebih rendah the 379 million ton target set for 2025.
dibandingkan target 379 juta ton pada tahun 2025.
Langkah ini diambil seiring meningkatnya kekhawatiran This measure has been undertaken in response to
atas kondisi kelebihan pasokan yang telah menekan growing concerns over persistent oversupply conditions,
harga nikel dan berdampak pada margin produsen. which have exerted downward pressure on nickel prices
Pengurangan produksi yang direncanakan diharapkan and adversely affected producer margins. The planned
dapat membantu menyeimbangkan pasar dan production reduction is expected to contribute to
mengurangi distorsi yang disebabkan oleh kelebihan market rebalancing and mitigate distortions arising
pasokan tersebut. from excess supply.
Selain itu, sejak 15 April 2026, pemerintah telah resmi In addition, since April 15, 2026, the government has
menetapkan revisi terhadap formula Harga Patokan officially established revisions to the Nickel Reference
Mineral (HPM) nikel guna memperkuat mekanisme Mineral Price (HPM) formula to strengthen the
penetapan harga bijih di pasar domestik, sehingga domestic ore pricing mechanism, with the objective of
tercipta struktur harga yang lebih mencerminkan establishing a pricing structure that more accurately
kondisi pasar serta mendukung keberlanjutan industri. reflects market conditions and supports the long-term
sustainability of the industry.
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Uraian mengenai Dividen
Description of Dividend
Kebijakan Dividen Dividend Policy
PT Vale menerapkan kebijakan dividen yang PT Vale applies a dividend policy based on the
sesuai terhadap prospektus saham dan berdasar share prospectus and cash availability after taking
pada ketersediaan kas setelah memperhitungkan into account working capital requirements, loan
kebutuhan modal kerja, pembayaran pinjaman repayments and interest, capital investment programs
beserta bunganya, program-program investasi modal and considering retained earnings to shareholders in
serta mempertimbangkan laba ditahan kepada para US Dollars and other foreign currencies. Dividends will
pemegang saham dalam mata uang Dolar Amerika be paid in Rupiah in accordance with the resolution of
Serikat dan mata uang asing lainnya. Dividen akan the Annual General Meeting of Shareholders (AGMS) to
dibayarkan dalam mata uang Rupiah sesuai keputusan scrip and scripless shareholders.
Rapat Umum Pemegang Saham Tahunan (RUPST)
kepada pemegang saham dengan warkat dan tanpa
warkat.
Pelaksanaan Dividen | Dividend Implementation
Tahun Buku 2024 Tahun Buku 2022
Uraian Tahun Buku 2023
Financial Year Financial Year
Description Financial Year 2023
2024 2022
Tanggal Pembayaran | Date Paid 16 Juni 2025 - 31 Mei 2023
Dividen per Lembar Saham AS$ (Nilai Penuh)
0.00329 - 0.00605
Dividens per Share US$ (Full Amount)
Jumlah AS$ dalam ribuan | Amount US$ in thousand 34,656 - 60,120
Rasio Pembayaran | Payout Ratio 60% - 30%
Tanggal Dideklarasikan | Date Declared 16 Mei 2025 - 5 Mei 2023
Informasi Material (Investasi, Ekspansi, Divestasi,
Penggabungan, Akuisisi, Restrukturisasi Utang/Modal,
Transaksi Afiliasi dan Transaksi yang Mengandung
Benturan Kepentingan) pada Tahun 2025
Material Information (Investment, Expansion,
Divestment, Merger, Acquisition, Debt/Capital
Restructuring, Affiliate Transactions and Transactions
Containing Conflicts of Interest) in 2025
Pada periode pelaporan, tidak terdapat informasi In the reporting period, there was no material
material sehubungan dengan ekspansi, penggabungan, information regarding expansion, mergers, acquisitions,
akuisisi, restrukturisasi utang/modal, transaksi debt/capital restructuring, material transaction, and
material, dan transaksi yang mengandung benturan transactions containing conflicts of interest.
kepentingan.
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Transaksi Afiliasi
Affiliated Transactions
Dalam melaksanakan Transaksi Afiliasi, dan Transaksi In conducting Affiliated Transactions and Conflict of
Benturan Kepentingan, Perseroan berpedoman Interest Transactions, the Company refers to Financial
pada Peraturan Otoritas Jasa Keuangan Nomor 42/ Services Authority Regulation No. 42/POJK.04/2020
POJK.04/2020 tentang Transaksi Afiliasi dan Transaksi on Affiliated Transactions and Conflict of Interest
Benturan Kepentingan (“POJK No. 42/2020”). Transactions (“POJK No. 42/2020”).
Perseroan senantiasa berupaya memastikan bahwa The Company consistently strives to ensure that each
setiap Transaksi Afiliasi dilaksanakan dengan mengacu Affiliated Transaction is carried out in accordance
pada prinsip kehati-hatian serta sesuai dengan with the prudential principle and prevailing business
ketentuan praktik bisnis yang berlaku umum, dengan practices, while adhering to the arm’s length principle.
tetap memenuhi prinsip kewajaran dan kelaziman
usaha (arm’s length principle).
Sepanjang tahun 2025, Perseroan telah melaksanakan Throughout 2025, the Company conducted the
transaksi afiliasi sebagai berikut: following affiliated transactions:
1. Transaksi Afiliasi kepada Afiliasi Perusahaan yakni PT BNSI berupa Setoran Modal
Affiliated Transaction with a Company Affiliate, namely BNSI, in the form of Capital Injection
Tanggal Transaksi Jenis Transaksi Pihak Afiliasi
Transaction Date Type of Transaction Transaction Value
26 Maret 2025 Pengambilan bagian saham baru pada PT Bahodopi Nickel Smelting Indonesia (BNSI)
March 26, 2025 BNSI PT Bahodopi Nickel Smelting Indonesia (BNSI)
Subscription of new shares in BNSI
Sifat hubungan Nilai Transaksi
Nature of Relationship Transaction Value
Hubungan antara entitas anak yang paling sedikit 99% dimiliki secara Rp1.163.364.000.000
langsung dan tidak langsung oleh Perseroan.
Relationship between subsidiaries that are at least 99% directly and
indirectly owned by the Company.
2. Transaksi Afiliasi kepada Afiliasi Perusahaan yakni 2. Affiliated Transactions with Company Affiliates,
Vale Canada Limited dan Sumitomo Metal Mining namely Vale Canada Limited and Sumitomo Metal
Co Ltd Mining Co., Ltd.
Perseroan terikat dalam kontrak penjualan jangka The Company is bound by long-term sales agreements
panjang dengan VCL dan SMM, yang pembaruan with VCL and SMM, the latest amendments of which
terakhirnya berlaku efektif sejak 1 Juli 2025. became effective on July 1, 2025. These amendments
Pembaruan tersebut dilakukan agar ketentuan were made to ensure that the applicable commercial
komersial yang berlaku mencerminkan kondisi usaha terms reflect current business conditions and
dan praktik komersial terkini terkait perjanjian prevailing commercial practices for long-term base
logam dasar berjangka panjang, serta tetap selaras metals agreements, while remaining aligned with the
dengan penerapan prinsip arm’s length secara consistent application of the arm’s length principle.
berkesinambungan. Transaksi ini merupakan bagian These transactions form part of the Company’s ordinary
dari kegiatan usaha Perseroan yang dilaksanakan dalam course of business to generate operating revenue and
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rangka menghasilkan pendapatan usaha dan dilakukan are conducted on a routine, recurring, and ongoing
secara rutin, berulang, serta berkelanjutan. Informasi basis. Further information regarding these transactions
lebih lanjut terkait transaksi tersebut dapat dilihat can be found in the Company’s Financial Statements.
pada Laporan Keuangan Perseroan.
Sepanjang tahun 2025, seluruh Transaksi Afiliasi Throughout 2025, all Affiliated Transactions carried
yang dilaksanakan oleh Perseroan telah dilakukan out by the Company were conducted in accordance
berdasarkan prinsip kewajaran dan kelaziman usaha with the arm’s length principle and in full compliance
(arm’s length principles) serta senantiasa mematuhi with all applicable laws and regulations. None of these
seluruh ketentuan peraturan perundang-undangan transactions involved any conflict of interest and
yang berlaku. Setiap transaksi tersebut tidak all have undergone review processes and obtained
mengandung benturan kepentingan dan telah melalui approval from the Board of Directors, the Board of
proses penelaahan serta memperoleh persetujuan Commissioners, and the Audit Committee of PT Vale
dari Direksi, Dewan Komisaris, dan Komite Audit PT Indonesia Tbk. Through these oversight mechanisms,
Vale Indonesia Tbk. Melalui mekanisme pengawasan the Company ensures that all Affiliated Transactions
tersebut, Perseroan memastikan bahwa seluruh are executed through proper procedures and in line
Transaksi Afiliasi telah dijalankan melalui prosedur with good corporate governance practices.
yang memadai dan sejalan dengan praktik tata kelola
perusahaan yang baik.
Realisasi Penggunaan Dana Hasil Penawaran Umum
Realization of Use of Proceeds from Public Offerings
Sisa dana hasil PMHMETD I di awal tahun 2025 sebesar The remaining proceeds from PMHMETD I at the
Rp1.283.920.030.576. Pada 31 Desember 2025, uraian beginning of 2025 amounted to Rp1,283,920,030,576. As
realisasi penggunaan PMHMETD I yang telah digunakan of December 31, 2025, the breakdown of the realization
Perseroan adalah sebagai berikut: of the use of PMHMETD I that has been used by the
Company is as follows:
1. Sebesar Rp1.110.147.354.926 telah digunakan untuk 1. Rp1,110,147,354,926 has been used to continue the
melanjutkan pembangunan infrastruktur tambang. development of mining infrastructure.
2. Sebesar Rp335.456.654.924 telah digunakan untuk 2. A total of Rp335,456,654,924 has been used to
melanjutkan pembangunan area tambang. continue the development of the mining area.
3. Sebesar Rp15.116.194.000 telah digunakan untuk 3. Rp15,116,194,000 has been used to purchase
pembelian peralatan berupa fire rescue truck dari equipment in the form of a fire rescue truck from
PT Pundarika Atma Semesta. PT Pundarika Atma Semesta.
4. Sebesar Rp342.911.264.738 telah digunakan untuk 4. Rp342,911,264,738 has been used to purchase raw
pembelian bahan baku produksi dalam bentuk batu materials for production in the form of coal from PT
bara dari PT Marunda Graha Mineral. Marunda Graha Mineral.
5. Sebesar Rp26.673.352.616 telah digunakan untuk 5. Rp26,673,352,616 has been used for other working
modal kerja lainnya. capital.
Dari uraian di atas, total realisasi biaya mencapai Based on the description above, the total realized costs
Rp1.830.304.821.204. Dengan demikian, sisa dana hasil reached Rp1,830,304,821,204. Therefore, the remaining
PMHMETD I per akhir Desember 2025 tercatat nihil, funds from the PMHMETD I as of the end of December
menandakan bahwa seluruh dana telah terserap sesuai 2025 were recorded as zero, indicating that all funds
dengan peruntukannya. had been utilized according to their intended use.
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Perubahan Perundang-Undangan Berpengaruh
Signifikan dan Dampaknya terhadap Laporan Keuangan
Changes in Laws that Had a Significant Impact on
the Company and its Financial Statements
Pemerintah memberlakukan PP No. 28 Tahun 2025 The government enacted Government Regulation No.
tentang Penyelenggaraan Perizinan Berusaha 28 of 2025 concerning the Implementation of Risk-
Berbasis Risiko. Salah satu substansi regulasi tersebut Based Business Licensing. One of the substances of
membatasi investasi pembangunan smelter nikel this regulation limits investment in the construction
baru untuk produk antara (intermediate products). of new nickel smelters for intermediate products. The
Kebijakan tersebut ditandatangani Presiden Prabowo policy was signed by President Prabowo Subianto on
Subianto pada 5 Juni 2025. Dalam Lampiran 1F3534 June 5, 2025. In Attachment 1F3534, which regulates
yang mengatur industri pembuatan logam dasar bukan the non-ferrous base metal manufacturing industry,
besi, pemerintah menegaskan bahwa proyek smelter the government emphasized that new smelter projects
baru yang menghasilkan produk antara, seperti nikel producing intermediate products, such as nickel matte,
matte, MHP, ferronikel, dan NPI, tidak lagi diberikan izin MHP, ferronickel, and NPI, will no longer be granted
usaha industri. Pembatasan juga mencakup investasi industrial business permits. The restrictions also cover
baru pada smelter berbasis teknologi high pressure acid new investments in smelters based on high-pressure
leach (HPAL) yang berhenti pada produk MHP sebagai acid leach (HPAL) technology, which stops at MHP
bahan baku baterai kendaraan listrik. products as raw materials for electric vehicle batteries.
Bagi PT Vale Indonesia, kebijakan ini memiliki dampak For PT Vale Indonesia, this policy has a strategic impact,
strategis yakni arah strategis ke produk bernilai tambah namely a strategic direction toward high-value-
tinggi. Dengan dibatasinya izin untuk fasilitas produksi added products. By limiting permits for intermediate
intermediate, Perseroan berpeluang mempercepat production facilities, the company has the opportunity
transformasi menuju produk hilir bernilai tambah to accelerate its transformation to higher-value-added
lebih tinggi, misalnya bahan baku prekursor/katoda downstream products, such as precursor/cathode raw
untuk baterai kendaraan listrik atau bentuk pemurnian materials for electric vehicle batteries or other advanced
lanjutan lainnya. Kebijakan ini dapat mendorong PT Vale refining processes. This policy could encourage PT Vale
untuk masuk lebih dalam ke rantai nilai EV ecosystem to penetrate deeper into the EV ecosystem value chain
sebagai bagian dari strategi nasional hilirisasi. as part of the national downstream strategy.
Selain itu, regulasi baru membuka peluang bagi In addition, the new regulation opens up opportunities
Perseroan untuk memperkuat kerja sama dengan mitra for the Company to strengthen cooperation with
yang memiliki teknologi dan kapasitas hilir lebih lanjut, partners who have further downstream technology
mengingat model pengembangan proyek smelter and capacity, considering that the post-regulation
pascaregulasi akan bergeser ke skema yang lebih smelter project development model will shift to a more
terintegrasi dan berbasis produk akhir. integrated and end-product-based scheme.
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Perubahan Kebijakan Akuntansi
Changes in Accounting Policies
Standar Akuntansi Keuangan (SAK) Indonesia merupakan The Indonesian Financial Accounting Standards (SAK)
SAK yang konvergen dengan IFRS Accounting Standards are SAKs that converge with IFRS Accounting Standards
dan juga standar yang bersifat lokal yang dikeluarkan and also local standards issued by the Indonesian
oleh Dewan Standar Akuntansi Keuangan IAI. Buku Financial Accounting Standards Board (IAI). The book
“Standar Akuntansi Keuangan Indonesia Efektif 1 “Indonesian Financial Accounting Standards Effective
Januari 2025” mencakup perubahan standar berikut. January 1, 2025” includes the following standard
changes.
1. PSAK 221: Pengaruh Perubahan Kurs Valuta Asing 1. PSAK 221: The Effect of Changes in Foreign Exchange
Amendemen tentang kekurangan ketertukaran. Rates
Amendemen ini memperjelas pengaturan terkait Amendments on non-convertibility. These
kondisi ketika suatu mata uang tidak tertukarkan amendments clarify the provisions regarding
serta pengungkapannya the conditions under which a currency is non-
convertible and the disclosure there of.
2. PSAK 117: Kontrak Asuransi 2. PSAK 117: Insurance Contracts
PSAK 117 merujuk pada IFRS 17 Insurance Contracts PSAK 117 refers to IFRS 17 Insurance Contracts
3. PSAK 103: Kombinasi Bisnis 3. PSAK 103: Business Combinations
PSAK 105: Aset Tidak Lancar yang Dikuasai untuk PSAK 105: Non-Current Assets Held for Sale and
Dijual dan Operasi yang Dihentikan Discontinued Operations
PSAK 107: Instrumen Keuangan: Pengungkapan PSAK 107: Financial Instruments: Disclosures
PSAK 109: Instrumen Keuangan PSAK 109: Financial Instruments
PSAK 115: Pendapatan dari Kontrak dengan PSAK 115: Revenue from Contracts with Customers
Pelanggan
PSAK 201: Penyajian Laporan Keuangan PSAK 201: Presentation of Financial Statements
PSAK 207: Laporan Arus Kas PSAK 207: Cash Flow Statement
PSAK 216: Aset Tetap PSAK 216: Fixed Assets
PSAK 219: Imbalan Kerja PSAK 219: Employee Benefits
PSAK 228: Investasi pada Entitas Asosiasi dan PSAK 228: Investments in Associates and Joint
Ventura Bersama Ventures
PSAK 232: Instrumen Keuangan: Penyajian PSAK 232: Financial Instruments: Presentation
PSAK 236: Penurunan Nilai Aset PSAK 236: Impairment of Assets
PSAK 237: Provisi, Liabilitas Kontinjensi, dan Aset PSAK 237: Provisions, Contingent Liabilities, and
Kontinjensi Contingent Assets
PSAK 238: Aset Takberwujud PSAK 238: Intangible Assets
PSAK 240: Properti Investasi PSAK 240: Investment Property
Amendemen konsekuensial karena berlaku Consequential amendments due to the effective
efektifnya PSAK 117: Kontrak Asuransi implementation of PSAK 117: Insurance Contracts
4. PSAK 370: Akuntansi Aset dan Liabilitas 4. PSAK 370: Accounting for Tax Amnesty Assets and
Pengampunan Pajak Liabilities
ISAK 335: Penyajian Laporan Keuangan Entitas ISAK 335: Presentation of Financial Statements of
Berorientasi Nonlaba Non-Profit Entities
Amendemen konsekuensial karena berlaku Consequential amendments due to the effective
efektifnya SAK Indonesia untuk Entitas Privat implementation of Indonesian SAK for Private
Entities
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5. PSAK 109: Instrumen Keuangan dan PSAK 107 5. PSAK 109: Financial Instruments and PSAK 107
Instrumen Keuangan: Pengungkapan Financial Instruments: Disclosures about the
tentang Klasifikasi dan Pengukuran Instrumen Classification and Measurement of Financial
Keuangan. Instruments.
Amendemen ini menambahkan dan mengklarifikasi These amendments add and clarify provisions in
ketentuan dalam PSAK 109 terkait penghentian PSAK 109 related to the derecognition of financial
pengakuan liabilitas keuangan, serta mengklarifikasi liabilities, as well as clarify the assessment of cash
penilaian karakteristik arus kas untuk aset keuangan flow characteristics for ESG-linked financial assets,
dengan fitur ESG-linked, aset keuangan dengan non-recourse financial assets, and contractually
fitur non-recourse, dan instrumen yang terikat bound instruments, such as tranches. These
secara kontraktual, seperti tranche. Amendemen amendments also modify provisions in PSAK 107
ini juga mengubah ketentuan dalam PSAK 107 related to disclosure requirements for investments
terkait persyaratan pengungkapan investasi in equity instruments measured at fair value
pada instrumen ekuitas yang diukur pada nilai through other comprehensive income and add
wajar melalui penghasilan komprehensif lain dan provisions related to financial instruments with
menambah ketentuan terkait instrumen keuangan contractual terms that change the timing or
dengan persyaratan kontraktual yang mengubah amount of contractual cash flows.
waktu atau jumlah arus kas kontraktual.
6. Penyesuaian Tahunan 2024 SAK Indonesia. 6. 2024 Annual Adjustment of Indonesian Accounting
Standards.
Penyesuaian Tahunan ini merujuk pada IFRS This Annual Improvement refers to IFRS Accounting
Accounting Standards Annual Improvements – Standards Annual Improvements – Volume 11. This
Volume 11. Penyesuaian ini berisi perubahan susunan Improvement contains minor wording changes or
kata atau pembetulan minor atas konsekuensi yang corrections to unintended consequences, errors, or
tidak diintensikan, kekeliruan, atau persyaratan conflicting requirements in Indonesian SAK.
yang bertentangan dalam SAK Indonesia.
Dampak terhadap Laporan Keuangan
Impact on Financial Reports
Penerapan dari interpretasi dan penyesuaian- Application of interpretations and adjustments do not
penyesuaian tidak memiliki dampak signifikan terhadap carry significant impact on the Financial Statements.
Laporan Keuangan.
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Tata Kelola yang Baik
Good Corporate Governance
PT Vale Indonesia Tbk meyakini penerapan praktik-praktik governans sesuai prinsip-prinsip Tata
Kelola Perusahaan yang Baik (Good Corporate Governance/GCG), akan mendukung pertambangan
berkelanjutan, sehingga terus memberi nilai tambah kepada pemegang saham, masyarakat dan
pemangku kepentingan yang lain.
PT Vale Indonesia Tbk believes that implementing governance practices in accordance with the principles
of Good Corporate Governance (GCG) will support sustainable mining, thereby continuing to provide added
value to shareholders, the community, and other stakeholders.
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Komitmen Menerapkan Tata Kelola yang Baik
Commitment to Implementing Good Corporate Governance
Komitmen PT Vale menerapkan GCG diwujudkan dengan PT Vale's commitment to implementing GCG is
melaksanakan transparansi, akuntabilitas, tanggung demonstrated by implementing transparency,
jawab, independensi dan kewajaran, di seluruh proses accountability, responsibility, independence, and
bisnis yang dijalankan. Kami juga mengedepankan fairness across all business processes. We also
kepatuhan terhadap peraturan perundang-undangan, prioritize compliance with laws and regulations, risk
pengelolaan risiko serta prinsip-prinsip keberlanjutan, management, and sustainability principles, ensuring
sehingga penerapan GCG akan menunjang Perseroan that GCG implementation supports the Company's
mengelola pertambangan yang berkelanjutan. sustainable mining management.
Selama 2025, Perseroan mampu meningkatkan penerapan Throughout 2025, the Company was able to improve its
GCG, sehingga mendorong pencapaian kinerja produksi, GCG implementation, thus driving positive production,
penjualan dan keuangan yang positif. Peningkatan kinerja sales, and financial performance. This improvement
GCG ditandai dari hasil penilaian yang dilakukan pihak in GCG performance was demonstrated by external
eksternal. Hasil penilaian menjadi dasar bagi Perseroan assessments. These assessments served as the basis for
untuk meningkatkan kualitas penerapan dan membangun the Company to enhance implementation quality and
upaya perbaikan terhadap kinerja tingkat kepatuhan. Pada develop improvements to its compliance performance.
periode pelaporan, PT Vale melakukan penilaian berdasar During the reporting period, PT Vale conducted an
ASEAN Corporate Governance Scorecard (ACGS) dan juga assessment based on the ASEAN Corporate Governance
pemeringkatan ESG. Scorecard (ACGS) and ESG rankings.
Penilaian GCG Berdasarkan ASEAN Corporate Governance Scorecard (ACGS)
GCG Assessment Based on the ASEAN Corporate Governance Scorecard (ACGS)
Penilaian dilaksanakan berdasarkan kesesuaian dengan The assessment is conducted based on compliance
praktik-praktik terbaik standar internasional yang with international best practices standards issued
dikeluarkan The Organization for Economic Cooperation by the Organization for Economic Cooperation and
and Development (OECD). Penilaian dilakukan oleh Development (OECD). The assessment is conducted
Indonesian Institute for Corporate Directorship (IICD), by the Indonesian Institute for Corporate Directorship
sebagai Domestic Ranking Bodies (DRB) dan Corporate (IICD), acting as a Domestic Ranking Body (DRB) and
Governance Expert (CG Expert). Penunjukan IICD dan Corporate Governance Expert (CG Expert). The IICD's
proses penilaian mengacu pada prinsip tata kelola yang appointment and assessment process adheres to good
baik. governance principles.
Hasil Penilaian Assessment Results
Penilaian terakhir dilakukan tahun 2025, dengan The final assessment was conducted in 2025, with a
capaian skor 99,53, yang menandakan Perseroan berada score achievement of 99.53, which indicates that the
pada Level 4 (Very Good). Capaian tersebut meningkat Company is in Level 4 (Very Good). This achievement
dari tahun 2023 dengan skor 98,68 atau berada dalam increased from 2023 with a score of 98.68 or was at
Level 4 (Very Good). Level 4 (Very Good).
2025 Annual Report 189
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
2025 2023 2021
99.53 98.68 87.68
Skor Penilaian Penerapan GCG Level 4 Level 4 Level 3
(%, Skala 1 - >100) Sangat Baik Sangat Baik Baik
Score of GCG Implementation Very Good Very Good Good
Assessment (%, Scale 1 - >100)
Pemeringkatan Lingkungan, Sosial, dan Tata Kelola (LST) Berdasarkan
Sustainalytics
Environment, Social, and Governance (ESG) based on Sustainalytics Rating
Pada tahun 2025, PT Vale Indonesia meraih peringkat In 2025, PT Vale Indonesia achieved an ESG Risk Rating
risiko LST 23,7. Angka ini menunjukkan posisi kinerja of 23.7. This score represents the Company’s best
LST terbaik sepanjang sejarah Perseroan dan termasuk ESG performance in its history and falls under the
dalam kategori risiko LST “Medium”. Pencapaian “Medium” ESG risk category. This achievement places
ini menempatkan PT Vale sebagai perusahaan PT Vale as the mining company with the lowest ESG
pertambangan dengan risiko LST terendah di Indonesia, risk in Indonesia and among the top 15 diversified metal
dan masuk dalam 15 besar perusahaan pertambangan mining companies with the lowest risk globally.
logam terdiversifikasi dengan risiko terendah di dunia.
Dalam konteks penilaian Sustainalytics, skor medium In the context of the Sustainalytics assessment,
berarti PT Vale masih memiliki risiko LST yang perlu a medium score means PT Vale still has ESG risks
dikelola, namun Perseroan sudah berhasil memitigasi requiring management, but the Company has
sebagian besar risiko material dibandingkan sebelumnya. successfully mitigated most material risks compared
Meskipun demikian, di industri pertambangan logam to its previous levels. However, in the metals and nickel
dan nikel, mencapai skor “Medium” itu signifikan karena mining industry, achieving a “Medium” score is already
banyak perusahaan berada pada kategori risiko tinggi significant because a large percentage of companies are
akibat eksposur LST yang besar secara inheren. in the high-risk category due to their inherently large
ESG exposure.
2025 2023 2021
23.7 29.44 34.7
Peringkat ESG Berdasar Hasil Penilaian Risiko ESG: Risiko ESG: Risiko ESG:
Sustainalytics Sedang Sedang Tinggi
ESG Rating Based on Sustainalytics ESG Risk: ESG Risk: ESG Risk:
Medium Medium High
Assessment Results
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Dasar Hukum Penerapan GCG
Legal Basis of GCG Implementation
Penerapan GCG mengacu pada peraturan perundang- The implementation of GCG refers to the laws and
undangan yang berlaku di Indonesia dan best practices, regulations applicable in Indonesia and best practices,
antara lain: including:
1. Undang-Undang Nomor 40 Tahun 2007 tentang 1. Law Number 40 of 2007 concerning Limited Liability
Perseroan Terbatas (UUPT); Companies (UUPT);
2. Peraturan Otoritas Jasa Keuangan (POJK) serta Surat 2. Financial Services Authority (POJK) and OJK Circular
Edaran OJK (SEOJK), termasuk namun tidak terbatas Letter (SEOJK), including but not limited to those
terkait Tata Kelola, Laporan Tahunan; related to Governance, Annual Reports ;
3. Peraturan Bursa Efek Indonesia; 3. Indonesian Stock Exchange Regulations;
4. ASEAN (ACGS) yang dikeluarkan oleh ASEAN Capital 4. ASEAN Corporate Governance Scorecard (ACGS)
Market Forum (ACMF); issued by the ASEAN Capital Market Forum (ACMF);
5. Pedoman Umum Governansi Korporat Indonesia 5. Indonesian Corporate Governance Guidelines (PUG-
(PUG-KI) yang dikeluarkan oleh Komite Nasional KI) issued by the National Committee on Governance
Kebijakan Governansi (KNKG); Policy (KNKG);
6. Anggaran Dasar Perseroan; dan 6. Articles of Association; and
7. Kebijakan Perseroan. 7. Company Policy.
Tujuan Penerapan GCG
Purpose of GCG Implementation
Penerapan GCG di PT Vale bertujuan antara lain untuk: The implementation of GCG at PT Vale aims, among
other things, to:
• Mendukung tujuan PT Vale, yakni “Kami hadir untuk • Support PT Vale’s goal, which is “ We are here to
meningkatkan kualitas hidup serta membangun improve quality of life and build a better future.
masa depan yang lebih baik. Bersama”. Together.”
• Mendukung penerapan nilai-nilai PT Vale, yakni • Support the implementation of PT Vale’s values,
CARES. namely CARES.
• Menciptakan nilai tambah yang berkelanjutan bagi • Create sustainable added value for the interests
kepentingan para pemegang saham, masyarakat secara of shareholders, the wider community, and other
luas, dan para pemangku kepentingan lainnya, baik stakeholders, both in the short and long term.
dalam jangka pendek maupun jangka panjang.
• Meningkatkan kepercayaan para pemangku • Increasing stakeholder confidence in PT Vale.
kepentingan kepada PT Vale.
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Penerapan Prinsip-Prinsip dan Kerangka GCG
Implementing GCG Principles and GCG Framework
Penerapan prinsip-prinsip GCG mengacu pada lima The implementation of GCG principles refers to five
prinsip dasar yaitu Keterbukaan, Akuntabilitas, basic principles, namely Transparency, Accountability,
Pertanggungjawaban, Independensi, dan Kewajaran. Responsibility, Independence, and Fairness. These
Prinsip-prinsip tersebut menjadi pertimbangan Direksi principles are taken into consideration by the Board
dan Dewan Komisaris, yang dibantu oleh Komite Tata of Directors and the Board of Commissioners, assisted
Kelola, Nominasi, dan Remunerasi, dalam menerbitkan by the Governance, Nomination, and Remuneration
berbagai ketentuan sebagai dasar pelaksanaan GCG di Committee, in issuing various provisions as the basis for
Perseroan. implementing GCG in the Company.
Dasar-dasar Pelaksanaan GCG Basics of GCG Implementation
Prinsip-prinsip tersebut menjadi pertimbangan Direksi These principles are taken into consideration by
dan Dewan Komisaris Perseroan dalam menerbitkan the Company’s Board of Directors and Board of
berbagai ketentuan yang menjadi dasar pelaksanaan Commissioners in issuing various provisions that form
GCG di Perseroan, yakni: the basis for GCG implementation in the Company,
namely:
• Kebijakan: Pedoman umum yang memberikan • Policies: General guidelines that provide direction
arahan dan prinsip dasar. and basic principles.
• Standar: Pedoman yang lebih rinci dan teknis yang • Standards: More detailed and technical guidelines
memberikan kriteria. that provide criteria.
• Prosedur: Langkah-langkah terperinci yang • Procedures: Detailed steps that explain how to
menjelaskan cara melaksanakan suatu tugas. perform a task.
• Work Instruction: Instruksi paling rinci untuk • Work Instructions: The most detailed instructions
melakukan tugas-tugas tertentu. for performing specific tasks.
Pada tahun 2025 Perseroan menyelesaikan pembaruan In 2025, the Company will complete the renewal and/or
dan/atau penyempurnaan ketentuan-ketentuan: refinement of the following provisions:
1. Piagam Komite Mitigasi Risiko 1. Charter of Risk Mitigation Committee
2. Piagam Komite Audit 2. Charter of Audit Committee
3. Penyusunan Kebijakan Pembentukan dan Penerbitan 3. Drafting of Policies on the Formation and Issuance
Dokumen Normatif of Normative Documents
4. Kebijakan Transaksi Afiliasi dan Transaksi Benturan 4. Affiliated Party Transaction and Conflict of Interest
Kepentingan Transaction Policy
5. Penyusunan Kebijakan Komersial 5. Drafting of Commercial Policy
6. Penyusunan Kebijakan Anggaran Tahunan 6. Formulation of Annual Budget Policy
7. Penyusunan Kebijakan Distribusi Dividen 7. Formulation of Dividend Distribution Policy
8. Penyusunan Kebijakan Utang Eksternal & 8. Formulation of External Debt & Shareholder
Pembiayaan Pemegang Saham Financing Policy
9. Pembaruan Standar Manajemen Risiko 9. Updating Risk Management Standards
10. Pembaruan Standar Perdagangan Efek dan 10. Updating Securities Trading and Material
Informasi Material Information Standards
11. Pembaruan Standar Pengadaan 11. Updating Procurement Standards
12. Pembaruan Standar Perbendaharaan 12. Updating Treasury Standards
13. Pembaruan Standar Standar Pembayaran Non- 13. Updating Non-Order Payment Standards
Pesanan
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Applicable Law & Reg
Articles of Association
Kerangka GCG
Charter
GCG Framework
Policy
Perseroan memiliki kerangka kerja GCG yang disusun
sebagai berikut: Functional Standard
The Company has the following GCG framework: Procedure
Work Instruction
Kerangka GCG
GCG Framework
Peraturan perundang-undangan yang berlaku | Applicable regulatory laws
Anggaran Dasar Perseroan | The Company’s Articles of Association
Piagam Direksi dan Dewan Komisaris | Board of Directors and Board of Commissioners Charters
Piagam Komite-Komite yang Piagam Komite-Komite yang
Regulasi Internal (Kebijakan, Functional
melapor ke Dewan Komisaris melapor ke Direksi
Standard, Procedure, Work Instruction)
Charters of Committees Charters of Committees
Internal Regulation (Policy, Functional
reporting to the Board of reporting to the Board of Standard, Procedure, Work Instruction)
Commissioners Directors
• Piagam Komite Tata Kelola, • Piagam Unit Audit Internal • Kode Perilaku
Nominasi, dan Remunerasi • Piagam Sekretaris • Kebijakan Keberlanjutan
• Piagam Komite Audit Perusahaan • Kebijakan Hak Asasi Manusia
• Piagam Komite Mitigasi • Piagam Enterprise Risk • Kebijakan Manajemen Risiko
Risiko Management • Kebijakan Anti-Korupsi
• Charter of the Governance, • Charter of the Internal Audit • Kebijakan Nominasi dan Remunerasi
Nomination, and Committee • Kebijakan Transaksi Afiliasi dan Transaksi
Remuneration Committee • Charter of the Corporate Benturan Kepentingan
• Charter of the Audit Secretary • Kebijakan Konflik Kepentingan
Committee • Charter of the Enterprise • Kebijakan Pembagian Dividen
• Charter of the Risk Risk Management • Norma Delegasi Kewenangan
Mitigation Committee Committee • Standard Perdagangan Efek dan Informasi
• Standar Pengadaan
• Code of Conduct
• Sustainability Policy
• Human Rights Policy
• Risk Management Policy
• Anti-Corruption Policy
• Nomination and Remuneration Policy
• Affiliation Transaction and Conflict of
Interest Transaction Policy
• Conflict of Interest Policy
• Dividend Sharing Policy
• Authority Delegation Norms
• Material Securities Trading and Material
Information Standard
• Procurement Standard
Kerangka kerja GCG tersebut juga dapat diakses melalui tautan:
The GCG framework can be accessed through the following link:
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
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Sosialisasi Kebijakan GCG
GCG Policy Socialization
Perseroan menyelenggarakan berbagai kegiatan untuk The Company socializes and cultivates GCG values
sosialisasi dan menanamkan nilai-nilai GCG. Kegiatan through a multitude of activities. Activities held in 2025
yang dilaksanakan tahun 2025, di antaranya: include:
Kegiatan Pemateri Tanggal
Activity Material Date
Delegation Authority Training for Executive Assistant Corporate Governance 11 Februari 2025
GCG Awareness for Leaders – Jakarta Area UMBRA 19 Maret 2025
GCG Awareness for Leaders – Sulawesi Area UMBRA 4 Juni 2025
Webinar Antikorupsi & Konflik Kepentingan Legal and Compliance 9 September 2025
ASEAN Corporate Governance Scorecard (ACGS) IICD 20 October 2025
Sosialisasi Penerapan Procurement Standard Procurement dan Corporate Governance 8 October 2025
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Struktur Tata Kelola
GCG Structure
Sesuai UUPT, struktur governans Perseroan terdiri atas In accordance with UUPT, the Company GCG structure
tiga organ utama dengan fungsi dan tanggung jawab consists of the three main organs with their respective
masing-masing, sehingga telah memenuhi prinsip check functions and responsibilities, therefore meeting the
and balance. check and balance principle.
1. Rapat Umum Pemegang Saham (RUPS), sebagai 1. The General Meeting of Shareholders (GMS) as the
organ dengan otoritas pembuat keputusan highest decision making organ.
tertinggi.
2. Dewan Komisaris, merupakan organ yang melakukan 2. The Board of Commissioners as the organ conducting
pengawasan atas pengurusan Perseroan dan supervision over the Company’s management and
memberikan saran kepada Direksi. providing advice to the Board of Directors.
3. Direksi, merupakan organ yang memiliki tanggung 3. The Board of Directors as the organ responsible for
jawab mengelola Perseroan. running the Company.
Dewan Komisaris maupun Direksi bertanggung jawab The Board of Commissioners and Board of Directors
kepada RUPS. Dewan Komisaris dibantu oleh komite- are held accountable to the GMS. The Board of
komite, sementara Direksi dibantu komite-komite dan Commissioners is assisted by Committees, whereas
beberapa departemen. the Board of Directors is assisted by committees and
departments.
Struktur Tata Kelola
GCG Structure
Rapat Umum Pemegang Saham
General Meeting of Shareholders
Direksi Dewan Komisaris
Board of Directors Board of Commissioners
Departemen Pendukung Komite Pendukung
Supporting Departments Supporting Committees
Human Capital Human Capital Komite Audit Audit Committee
Hukum Legal Governance,
Komite Tata Kelola,
Sekretaris Perusahaan Corporate Secretary Nomination, and
Nominasi, dan
Remuneration
Hubungan Investor Investor Relations Remunerasi
Committee
Keuangan Finance
Risk Mitigation
Kepatuhan & Etika Compliance and Ethics Komite Mitigasi Risiko
Committee
Enterprise Risk Enterprise Risk
Management Management
Komunikasi dan Communication and
Hubungan Luar External Affairs
Corporate Governance Corporate Governance
Unit Audit Internal Internal Audit Unit
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Rapat Umum Pemegang Saham
General Meeting of Shareholders
Rapat Umum Pemegang Saham (RUPS) merupakan The General Meeting of Shareholders (GMS) is the
organ governans tertinggi yang berfungsi sebagai highest governance organ that functions as the main
forum utama bagi para pemegang saham melaksanakan forum for shareholders to exercise their rights and
hak-haknya, dan mengambil keputusan-keputusan make important decisions regarding their investments
penting terkait investasi pada Perseroan dengan in the Company by taking into account the Company's
memperhatikan Anggaran Dasar Perseroan dan regulasi. Articles of Association and applicable regulations.
RUPS diselenggarakan berdasarkan ketentuan- The GMS is held based on the provisions of the Limited
ketentuan di dalam Undang-Undang Perseroan Terbatas, Liability Company Law, Financial Services Authority
Peraturan Otoritas Jasa Keuangan (OJK) Nomor 15/ (OJK) Regulation Number 15/POJK.04/2020 concerning
POJK.04/2020 tentang Rencana dan Penyelenggaraan the Planning and Implementation of General Meetings
Rapat Umum Pemegang Saham Perusahaan Terbuka, of Shareholders of Public Companies, OJK Regulation
Peraturan OJK Nomor 16/POJK.04/2020 tentang Number 16/POJK.04/2020 concerning the Electronic
Pelaksanaan Rapat Umum Pemegang Saham Implementation of General Meetings of Shareholders
Perusahaan Terbuka secara Elektronik, Peraturan OJK of Public Companies, OJK Regulations Number 14 of
Nomor 14 Tahun 2025 tentang Pelaksanaan Rapat 2025 concerning the Electronic Implementation of
Umum Pemegang Saham, Rapat Umum Pemegang General Meetings of Shareholders, General Meetings of
Obligasi, dan Rapat Umum Pemegang Sukuk secara Bondholders, and General Meetings of Sukukholders,
Elektronik. dan Anggaran Dasar Perseroan. Perseroan and the Company's Articles of Association. The
menyelenggarakan RUPS Tahunan atau RUPST setahun Company holds an Annual GMS or AGMS once a year, no
sekali, paling lambat enam bulan setelah akhir tahun later than six months after the end of the financial year.
buku. Perseroan dapat menyelenggarakan RUPS Luar The Company may hold an Extraordinary GMS or EGMS
Biasa atau RUPSLB dan diadakan sewaktu-waktu and hold it at any time if deemed necessary. The GMS
jika dianggap perlu. RUPS memiliki wewenang yang has authorities that the Board of Commissioners or the
tidak dimiliki Dewan Komisaris atau Direksi, seperti Board of Directors do not have, such as the authority to
wewenang untuk menunjuk dan memberhentikan appoint and dismiss Commissioners and Directors and
Komisaris dan Direktur serta hak untuk menentukan the right to determine the distribution and allocation of
distribusi dan alokasi laba bersih Perseroan. the Company's net profit.
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Prosedur RUPS
GMS Procedures
Sesuai Peraturan OJK 15/POJK.04/2020 dan Anggaran In accordance with OJK Regulation 15/POJK.04/2020
Dasar PT Vale, Perseroan berkewajiban mengumumkan and PT Vale's Articles of Association, the Company
RUPS dan mata acaranya. Pengumuman disampaikan is required to announce the GMS and its agenda.
melalui: Announcements are made through:
1. Situs web e-RUPS yang disediakan oleh PT Kustodian 1. The e-RUPS website provided by PT Kustodian Sentral
Sentral Efek Indonesia (KSEI); Efek Indonesia (KSEI);
2. Situs web PT Bursa Efek Indonesia (BEI); dan 2. The website of the Indonesian Stock Exchange (BEI);
and
3. Situs web Perseroan. 3. Company website.
Perseroan menyediakan tata tertib dan bahan rapat The Company provides rules of procedure and meeting
untuk pemegang saham. Rapat dianggap sah dan materials for shareholders. A meeting is considered valid
dapat mengeluarkan keputusan yang mengikat jika and may issue binding resolutions if attended by more
dihadiri oleh pemegang saham dan/atau kuasanya than half of the Company's total shares and/or their
yang mewakili, lebih dari setengah jumlah total saham proxies, unless the Articles of Association stipulates a
Perseroan, kecuali Anggaran Dasar menentukan kuorum larger quorum.
yang lebih besar.
Hak dan Wewenang Pemegang Saham
Shareholders’ Rights and Authorities
Dalam penyelenggaraan RUPS, pemegang saham In holding a GMS, shareholders have the same rights
memiliki hak dan wewenang yang sama, yakni: and authorities, namely:
1. Pemegang saham yang tercatat dalam daftar 1. Shareholders registered in the shareholder register,
pemegang saham, satu hari sebelum tanggal one day before the date of the GMS summons,
pemanggilan RUPS, baik sendiri maupun diwakili either in person or represented by means of a power
berdasarkan surat kuasa, berhak menghadiri, of attorney, have the right to attend, express their
menyampaikan pendapat, dan memberikan suara opinions and vote at the GMS.
dalam RUPS.
2. Pemegang saham berhak memilih untuk 2. Shareholders have the right to choose to provide
memberikan kuasa secara elektronik dengan power of attorney electronically by listing their
mencantumkan pilihan suara pada setiap mata acara voting choices on each agenda item of the GMS and
RUPS dan mengubah kuasa atau pilihan suaranya changing their power of attorney or voting choices
paling lambat satu hari sebelum pelaksanaan RUPS. no later than one day before the GMS is held.
3. Para Pemegang saham yang mewakili paling sedikit 3. Shareholders representing at least 1/20 of the total
1/20 saham dari jumlah seluruh saham berhak untuk shares have the right to propose the agenda for the
mengusulkan agenda RUPS sekurang-kurangnya GMS at least seven days before the date of the GMS
tujuh hari sebelum tanggal panggilan RUPS. summons.
4. Pemegang saham berhak memperoleh informasi 4. Shareholders have the right to obtain adequate
terkait mata acara dan bahan terkait mata acara information regarding the agenda and materials
RUPS secara memadai selambat-lambatnya 21 hari related to the agenda of the GMS no later than 21
sebelum tanggal RUPS sebagai pertimbangan dalam days before the date of the GMS as a consideration
pengambilan keputusan. in decision making.
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5. Pemegang saham berhak mengangkat dan 5. Shareholders have the right to appoint and dismiss
memberhentikan anggota Direksi dan Dewan members of the Board of Directors and Board of
Komisaris. Commissioners.
6. Pemegang saham berhak menyetujui honorarium 6. Shareholders have the right to approve the
Dewan Komisaris dan menyetujui atau memberikan honorarium of the Board of Commissioners and
kewenangan kepada Dewan Komisaris untuk approve or authorize the Board of Commissioners
menyetujui gaji dan tunjangan Direksi untuk tahun to approve the salaries and allowances of the Board
berjalan. of Directors for the current year.
7. Pemegang saham berhak menyetujui penunjukan 7. Shareholders have the right to approve the
auditor eksternal yang direkomendasikan oleh appointment of external auditors recommended by
Komite Audit. the Audit Committee.
8. Pemegang saham berhak menerima bagian dari 8. Shareholders are entitled to receive a portion of the
keuntungan Perseroan yang diperuntukkan bagi Company's profits allocated to shareholders in the
pemegang saham dalam bentuk dividen dan form of dividends and other profit sharing.
pembagian keuntungan lainnya.
Tanggung Jawab Pemegang Saham
Shareholders’ Responsibilities
1. Memberitahukan secara tertulis kepada Perseroan 1. Notify the Company in writing of any changes to the
setiap perubahan alamat pemegang saham; shareholder's address;
2. Menghadiri dan memberikan suara dalam RUPS; dan 2. Attend and vote at the GMS; and
3. Mengambil setiap keputusan dengan itikad baik dan 3. Take every decision in good faith and based on the
berdasarkan kepentingan jangka panjang Perseroan. long-term interests of the Company.
Penyelenggaraan RUPS Tahunan Di Tahun 2025
Annual GMS in Year of 2025
Perseroan menyelenggarakan RUPS Tahunan Tahun The Company held the Annual General Meeting of
Buku 2024 (Rapat), pada hari Jumat, tanggal 16 Mei 2025. Shareholders (AGMS) for the 2024 Financial Year
Tempat penyelenggaraan di Financial Hall, Graha CIMB (Meeting) on Friday, May 16, 2025 at the Financial Hall,
Niaga 2nd Floor, Jl. Jenderal Sudirman Kav. 58 Jakarta Graha CIMB Niaga 2nd Floor, Jl. Jenderal Sudirman Kav.
12190. Waktu penyelenggaraan 09.26 – 10.38 WIB. 58 Jakarta 12190. The meeting was held from 09.26 to
Mekanisme penyelenggaran diadakan secara offline dan 10.38 WIB, both offline and electronically using the eASY.
juga secara elektronik menggunakan aplikasi eASY.KSEI KSEI application provided by PT Kustodian Sentral Efek
yang disediakan PT Kustodian Sentral Efek Indonesia. Indonesia. Information on the Annual General Meeting
Informasi penyelenggaraan RUPS Tahunan tersedia di of Shareholders is available on the Company's website
situs web Perseroan pada tautan https://vale.com/in/ at the following link:https://vale.com/in/indonesia/
indonesia/rapat-umum-pemegang-saham. rapat-umum-pemegang-saham.
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Tahapan dan Proses Penyelenggaraan RUPS Tahunan
Stages and Processes of Annual GMS
No Kegiatan | Activities Tanggal | Date Media
1 Pemberitahuan penyelenggaraan dan mata 20 Maret 2025 Situs web PT Bursa Efek Indonesia.
Acara RUPST kepada OJK. March 20, 2025 Indonesia Stock Exchange (IDX) website
Notification of Annual GMS and agendas to OJK.
2 Pengumuman RUPST. 9 April 2025 Situs web Perseroan, Situs eASY.KSEI, dan
Announcement of Annual GMS April 9, 2025 situs web PT Bursa Efek Indonesia.
The Company’s website, eASY.KSEI website,
and Indonesia Stock Exchange (IDX) website.
3 Pemanggilan RUPST. 24 April 2025 Situs web Perseroan, Situs eASY.KSEI, dan
Notice of Annual GMS. April 24, 2025 situs web PT Bursa Efek Indonesia.
The Company’s website, eASY.KSEI website,
and Indonesia Stock Exchange (IDX) website.
4 Penyampaian Risalah RUPST. 16 Mei 2025 Situs web Perseroan, situs web PT Bursa
Submitted of Minutes of Annual GMS Mei 16, 2025 Efek Indonesia.
The Company's website, Indonesia Stock
Exchange (IDX) website.
5 Penyampaian Ringkasan Risalah RUPST. 20 Mei 2025 Situs web Perseroan, situs web PT Bursa
Submitted Summary of Minutes of Annual GMS May 20, 2025 Efek Indonesia.
The Company's website, Indonesia Stock
Exchange (IDX) website.
Kehadiran Pemegang Saham dan Ketentuan Kuorum
Attendance of Shareholders and Quorum Requirements
Pemegang saham dan/atau kuasanya yang hadir dalam Shareholders and/or their proxies present at the Meeting
Rapat mewakili 9.012.600.545 saham atau kurang lebih represent 9,012,600,545 shares or approximately
85,5103% dari total 9.936.338.720 saham, dengan hak 85.5103% of the total 9,936,338,720 shares, with valid
suara yang sah yang telah dikeluarkan Perseroan. Sesuai voting rights that have been issued by the Company. In
Anggaran Dasar Perseroan, RUPS dapat diadakan dan accordance with the Company's Articles of Association,
dinyatakan sah apabila dihadiri para pemegang saham the GMS can be held and declared valid if attended by
dan/atau wakilnya yang sah, lebih dari setengah dari shareholders and/or their authorized proxies, more
jumlah keseluruhan saham yang telah dikeluarkan oleh than half of the total number of shares issued by the
Perseroan dengan hak suara yang sah. Dengan demikian Company with valid voting rights. Thus, the quorum of
kuorum Rapat telah terpenuhi secara sah. the Meeting has been legally fulfilled.
Kehadiran Dewan Komisaris, Direksi, Lembaga dan Profesi Penunjang
Pasar Modal
Presence of the Board of Commissioners, Directors, Institutions and
Professions Supporting the Capital Market
Rapat wajib dihadiri anggota Dewan Komisaris dan Direksi, Members of the Board of Commissioners and Directors
baik secara fisik maupun media telekonferensi. Melalui must attend meetings, either in person or via
kehadiran tersebut, mereka dapat memperhatikan, teleconference. By attending, they can directly observe,
menjelaskan, dan menjawab secara langsung atas hal- explain, and answer questions and concerns raised by
hal maupun pertanyaan yang diajukan pemegang saham shareholders regarding the agenda items at the GMS.
terkait mata acara dalam RUPS.
2025 Annual Report 199
Page 200
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Kehadiran Dewan Komisaris
Attendance of the Board of Commissioners
Jabatan Nama Kehadiran
Position Name Attendance
Presiden Komisaris | President Commissioner Muhammad Rachmat Kaimuddin Fisik | Physical
Wakil Presiden Komisaris | Vice President Commissioner Emily Olson Fisik | Physical
Komisaris | Commissioner Kristina Gauthier Fisik | Physical
Komisaris | Commissioner M Jasman Panjaitan Fisik | Physical
Komisaris | Commissioner Edi Permadi Fisik | Physical
Komisaris Independen | Independent Commissioner Rudiantara Fisik | Physical
Komisaris Independen | Independent Commissioner Marita Alisjahbana Fisik | Physical
Komisaris Independen | Independent Commissioner Retno L.P. Marsudi Fisik | Physical
Kehadiran Direksi
Attendance of the Board of Directors
Jabatan Nama Kehadiran
Position Name Attendance
Pelaksana Tugas (Plt.) Presiden Direktur & Chief Executive Officer sekaligus Direktur
dan Chief Sustainability and Corporate Affair Officer
Bernardus Irmanto Fisik | Physical
Acting President Director & Chief Executive Officer and Director and Chief
Sustainability and Corporate Affair Officer
Wakil Presiden Direktur dan Chief Operation and Infrastructure Officer
Abu Ashar Fisik | Physical
Vice President Director and Chief Operation and Infrastructure Officer
Direktur dan Chief Human Capital Officer Adriansyah
Fisik | Physical
Director and Chief Human Capital Officer Chaniago
Direktur dan Chief Financial Officer
Rizky Andhika Putra Fisik | Physical
Director and Chief Financial Officer
Direktur dan Chief Project Officer
Muhammad Asril Fisik | Physical
Director and Chief Project Officer
Direktur dan Chief Strategy & Technical Officer
Luke Mahony Fisik | Physical
Director and Chief Strategy & Technical Officer
Kehadiran Lembaga dan/atau Profesi Penunjang Pasar Modal
Attendance of Capital Market Supporting Institutions and Professionals
Jabatan Nama Kehadiran
Position Name Attendance
Notaris | Notary Aulia Taufani Fisik | Physical
Biro Administrasi Efek
Septi Dayana (PT Bima Registra) Fisik | Physical
Share Registrar
Kantor Hukum | Law Firm Iqbal Darmawan (Hadiputranto, Hadinoto & Partners) Fisik | Physical
200 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pimpinan RUPS Tahunan Chairperson of the Annual GMS
Rapat dipimpin oleh Marita Alisjahbana selaku Komisaris The meeting was chaired by Marita Alisjahbana as
Independen, sesuai Anggaran Dasar Perseroan dan Independent Commissioner, in accordance with the
keputusan Dewan Komisaris pada tanggal 9 Mei 2025. Company's Articles of Association and the decision of
the Board of Commissioners on May 9, 2025.
Proses Penghitungan Suara Vote Counting Process
Pengungkapan tata cara pemungutan suara dan Disclosure of the voting and counting procedures at
penghitungannya dalam Rapat, telah disampaikan the Meeting has been conveyed in the Meeting Rules
dalam Tata Tertib Rapat yang dipublikasikan di situs of Conduct, which are published on the Company's
web Perseroan bersamaan dengan Pemanggilan Rapat, website together with the Meeting Notice and will be
dan dibacakan sebelum dimulainya Rapat. Pada akhir read out before the Meeting begins. At the conclusion
pemungutan suara, Notaris akan membacakan hasil of the voting, the Notary will read out the voting results
pemungutan suara kepada peserta Rapat. to the Meeting participants.
Pengambilan keputusan Rapat dilakukan dengan Decision-making at the Meeting is carried out by
musyawarah untuk mufakat, namun dalam hal tidak deliberation to reach consensus, but in the event that
tercapai mufakat maka keputusan diambil dengan consensus is not reached, decisions are taken by voting.
pemungutan suara. Tiap saham memberikan hak Each share entitles its owner to cast one vote by voting
kepada pemiliknya untuk mengeluarkan satu suara AGREE, DISAGREE, or ABSTAIN on each agenda item.
dengan memberikan suara SETUJU, suara TIDAK SETUJU Voting is regulated by procedures that prioritize the
atau suara ABSTAIN terhadap setiap mata acara. independence and interests of shareholders. Voting
Pemungutan suara diatur dalam tata cara atau prosedur is carried out by shareholders or their proxies directly
yang mengedepankan independensi dan kepentingan for those present physically, or through the easy.KSEI
pemegang saham. Pemungutan suara dilakukan oleh system for those present online. In accordance with the
pemegang saham atau kuasanya secara langsung untuk provisions of the Company's Articles of Association, a
yang hadir secara fisik, maupun melalui sistem easy. decision is valid if approved by more than ½ (one half)
KSEI untuk yang hadir secara daring. Sesuai ketentuan of the total number of votes validly cast at the GMS.
Anggaran Dasar Perseroan, keputusan adalah sah jika
disetujui oleh lebih dari ½ (satu per dua) bagian dari
jumlah keseluruhan suara yang dikeluarkan secara sah
dalam RUPS.
2025 Annual Report 201
Page 202
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pihak Independen untuk Menghitung Suara
Independent Parties to Count Votes
Perseroan telah menunjuk pihak-pihak independen The Company has appointed independent parties to
untuk melakukan penghitungan suara dan/atau count the votes and/or validate the Meeting. They
melakukan validasi pada Rapat. Mereka adalah PT Bima are PT Bima Registra as the Securities Administration
Registra selaku Biro Administrasi Efek, dan Notaris Aulia Bureau, and Notary Aulia Taufani, SH.
Taufani, S.H.
Keputusan RUPS Tahunan
Annual GMS Decisions
Mata acara pada RUPS Tahunan di tahun 2025 sesuai The agenda of the 2025 Annual GMS was in accordance
dengan mata acara yang telah ditetapkan dan with the predetermined agenda stated in the notice
tercantum dalam pemanggilan RUPS Tahunan di tahun of the 2025 Annual GMS. The minutes of the meeting
2025. Risalah rapat tertuang di dalam Berita Acara RUPS were set out in the Minutes of the PT Vale Annual GMS
Tahunan PT Vale Nomor 50 tertanggal 16 Mei 2025 yang Number 50 dated May 16, 2025, made by Notary Aulia
dibuat oleh Notaris Aulia Taufani, S.H. Taufani, SH.
Berikut hasil keputusan RUPS Tahunan yang The following are the results of the Annual General
diselenggarakan pada tahun 2025 dan 2024, serta Meetings of Shareholders held in 2025 and 2024, along
status pelaksanaannya. Tidak ada keputusan RUPS with the status of their implementation. There are no
Tahunan Perseroan di tahun 2025 dan 2024 yang belum decisions from the Company's Annual General Meetings
direalisasikan oleh Perseroan. in 2025 and 2024 that have not been implemented by
the Company.
Informasi lengkap penyelenggaraan Rapat tersebut, Complete information regarding the holding of the
termasuk mata acara dan keputusan yang ditetapkan, Meeting, including the agenda and decisions made, is
tersedia di situs web Perseroan. available on the Company's website.
https://www.vale.com/in/indonesia/rapat-umum-pemegang-saham
202 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Ringkasan Keputusan RUPST 2025 yang diselenggarakan pada 16 Mei
2025
Summary of Resolutions from the 2025 Annual General Meeting of
Shareholders (AGMS) Held on May 16, 2025
Mata Acara 1 | 1st Agenda
Persetujuan atas Laporan Tahunan dan pengesahan Laporan Keuangan Konsolidasian Perseroan untuk
Mata Acara tahun buku yang berakhir pada 31 Desember 2024 .
Agenda Approval of the Annual Reports and ratification of the Consolidated Financial Statement of the Company
for the financial year ended December 31st, 2024
Tidak Setuju | Disagree 0 0.0000%
Hasil Pemungutan Abstain 96,137,752 1.0667%
Suara
Voting Results Setuju | Agree 8,916,462,793 98.9333%
Total Suara Setuju | Total Approval 9,012,600,545 100%
Keputusan | Resolution
1. Menyetujui Laporan Tahunan Perseroan untuk Tahun Buku 1. Approved the Company’s Annual Report for the financial
yang berakhir pada 31 Desember 2024, termasuk laporan year ended 31 December 2024, including the social and
pelaksanaan tanggung jawab sosial dan lingkungan yang environmental responsibility report presented in the
disajikan dalam laporan keberlanjutan serta laporan sustainability report and supervisory report from the
pelaksanaan tugas pengawasan dari Dewan Komisaris Board of Commissioners for the financial year of 2024.
Perseroan selama tahun buku 2024.
2. Mengesahkan Laporan Keuangan Konsolidasian Perseroan 2. Ratified the audited Consolidated Financial Statements
yang telah diaudit untuk tahun buku yang berakhir pada of the Company for the year ended 31 December 2024.
31 Desember 2024.
3. Dengan disetujuinya usulan pertama dan kedua, 3. Following the approval of the first and second
memberikan pelunasan dan pembebasan sepenuhnya proposal, to grant full release and discharge from any
dari tanggung jawab dan segala tanggungan (acquit et de responsibility and accountability (acquit et de charge)
charge) kepada anggota Direksi atas tindakan pengurusan to Board of Directors’ members for management action
dan anggota Dewan Komisaris atas tindakan pengawasan, and to Board of Commissioners’ members for supervision
serta meratifikasi semua tindakan-tindakan yang telah activities and to ratify any actions they performed
mereka jalankan selama tahun buku yang berakhir pada during the financial year ending 31 December 2024,
31 Desember 2024, selama tindakan-tindakan tersebut provided that such acts were recorded in the Company’s
tercantum dalam catatan dan pembukuan Perseroan serta notes and books and reflected in the Annual Report and
tercermin dalam Laporan Tahunan dan Laporan Keuangan the Consolidated Financial Statements of the Company
Konsolidasian Perseroan dan bukan merupakan tindak and not constitute as criminal offense or a breach of
pidana atau pelanggaran atas peraturan perundang- prevailing laws and regulations.
undangan yang berlaku.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
2025 Annual Report 203
Page 204
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Mata Acara 2 | 2nd Agenda
Persetujuan atas penggunaan keuntungan Perseroan dan pertimbangan dividen untuk tahun buku yang
Mata Acara berakhir pada 31 Desember 2024.
Agenda Approval of the utilization of the Company’s profit and consideration of dividends for the financial year
ended on December 31, 2024.
Tidak Setuju | Disagree 733,600 0.0081%
Hasil Pemungutan Abstain 95,299,824 1.0574%
Suara
Voting Results Setuju | Agree 8,916,567,121 98.9345%
Total Suara Setuju | Total Approval 9,011,866,945 99.9919%
Keputusan | Resolution
1. Menyetujui dan menetapkan Laba Bersih Perseroan yang 1. Approved and determined the Company's Net Income
dapat didistribusikan kepada pemilik entitas induk untuk that can be distributed to owners of the parent entity
Tahun Buku 2024 sebesar AS$57.760.371 dengan rincian for the Financial Year 2024 amounting to USD57,760,371
sebagai berikut: with the following details:
A. Untuk menetapkan total dividen tunai sebesar A. To determine a total cash dividend of US$34,656,223
AS$34.656.223 atau 60% rasio pendistribusian dari or 60% payout ratio of the Company's total net
total keuntungan bersih Perseroan Tahun Buku 2024 profit for the Financial Year 2024 which will
yang akan didistribusikan dalam bentuk dividen be distributed in the form of cash dividends
tunai kepada pemegang saham yang terdaftar di to shareholders registered in the Register of
Daftar Pemegang Saham pada 28 Mei 2025 (recording Shareholders on May 28, 2025 (recording date) and
date) dan tanggal pembayaran adalah pada 16 Juni the payment date is on June 16, 2025.
2025.
B. Sisa keuntungan bersih Perseroan akan kemudian B. The remaining net profit of the Company will then
dicatat sebagai Laba yang Tertahan untuk be recorded as Retained Earnings to support the
mendukung perkembangan Perseroan. development of the Company.
2. Menyetujui memberikan wewenang kepada Direksi 2. Approved to authorize the Board of Directors of the
Perseroan untuk mengatur detail prosedur pembayaran Company to arrange details of the cash dividend
dividen tunai tersebut. payment procedure.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
Mata Acara 3 | 3rd Agenda
Persetujuan atas remunerasi bagi anggota Dewan Komisaris Perseroan serta gaji, tunjangan dan bonus
Mata Acara bagi anggota Direksi Perseroan.
Agenda Appointment of the remuneration for the members of the Company’s Board of Commissioners as well as
the salaries, benefits and bonus for members of the Company’s Board of Directors.
Tidak Setuju | Disagree 834,252 0.0093%
Hasil Pemungutan Abstain 95,299,824 1.0574%
Suara
Voting Results Setuju | Agree 8,916,466,469 98.9333%
Total Suara Setuju | Total Approval 9,011,766,293 99.9907%
204 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Keputusan | Resolution
• Menyetujui pembayaran kompensasi tahun 2025 bagi • Approved the payment of 2025 compensation for members
anggota Dewan Komisaris yang berlaku efektif untuk of the Board of Commissioners effective for the financial
tahun buku 2025, yaitu sebesar jumlah sampai dengan year 2025, in the amount up to of Rp64,000,000,000
Rp64.000.000.000,00 termasuk pajak, dengan penetapan including tax, the determination of distribution will be
distribusinya didelegasikan kepada Dewan Komisaris. delegated to the Board of Commissioners.
• Menyetujui pendelegasian wewenang kepada Dewan • Approved the delegation of authority to the Board of
Komisaris untuk menetapkan jumlah gaji, tunjangan dan Commissioners to determine amount of salaries, benefits
bonus untuk anggota Direksi. and bonus to the member of Board of Directors.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
Mata Acara 4 | 4th Agenda
Penunjukan Akuntan Publik dan Kantor Akuntan Publik yang akan mengaudit laporan keuangan Perseroan
Mata Acara untuk tahun buku yang berakhir pada 31 Desember 2025.
Agenda Appointment of Public Accountant and Public Accountant Firm that will audit the Company’s financial
statement for the financial year ended on December 31, 2025.
Tidak Setuju | Disagree 0 0%
Hasil Pemungutan Abstain 95,299,824 1.0574%
Suara
Voting Results Setuju | Agree 8,917,300,721 98.9426%
Total Suara Setuju | Total Approval 9,012,600,545 100%
Keputusan | Resolution
1. Menyetujui penunjukan Yusron Fauzan dari Kantor 1. Approved the appointment of Yusron Fauzan of the
Akuntan Publik Rintis, Jumadi, Rianto & Rekan (anggota Public Accounting Firm of Rintis, Jumadi, Rianto & Rekan
dari PricewaterhouseCoopers) dan Kantor Akuntan Publik (member of PricewaterhouseCoopers) and the Public
tersebut, untuk mengaudit laporan keuangan Perseroan Accounting Firm, to audit the Company’s financial
untuk tahun buku yang berakhir pada tanggal 31 Desember statements for the year ending December 31, 2025 and to
2025 dan audit atas laporan keuangan lain. audit other financial statements.
2. Memberikan pelimpahan kewenangan kepada Dewan 2. Approved the delegation the authority to the Board
Komisaris Perseroan untuk menetapkan besaran imbalan of Commissioners of the Company to determine audit
jasa audit, penambahan ruang lingkup pekerjaan yang service fee, additional scope of work and other reasonable
diperlukan dan persyaratan lainnya yang wajar bagi Kantor terms for the Public Accounting Firm.
Akuntan Publik tersebut.
3. Memberikan kewenangan kepada Dewan Komisaris untuk 3. Approved to authorize the Board of Commissioners to
melakukan penunjukan Akuntan Publik Independen dan/ appoint a substitute Independent Public Accountant and/
atau Kantor Akuntan Publik pengganti bagi Perseroan, or Public Accounting Firm for the Company, including
termasuk menetapkan kondisi dan syarat-syarat to determine the terms and conditions of appointment
penunjukan apabila pihak-pihak yang telah ditunjuk should the appointed parties fail to continue or perform
tersebut tidak dapat melanjutkan atau melaksanakan its duties for any reasons.
tugasnya karena sebab apapun.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
2025 Annual Report 205
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Mata Acara 5 | 5th Agenda
Laporan realisasi penggunaan dana hasil Penawaran Umum Terbatas Dalam Rangka Penambahan Modal
Mata Acara Dengan Memberikan Hak Memesan Efek Terlebih Dahulu 2024.
Agenda Report on the realization of the use of proceeds raised from Right Issue with regard to the Capital
Increase by Granting Preemptive Right 2024.
Mata acara ini bersifat laporan. Oleh karenanya, Perseroan tidak melakukan sesi tanya jawab dan pemungutan suara untuk
pengambilan putusan Rapat.
This agenda is report. Therefore, the Company did not conduct a question and answer session and vote for the decision making
of the Meeting.
Mata Acara 6 | 6th Agenda
Mata Acara Persetujuan atas perubahan susunan pengurus Perseroan.
Agenda Approval of the changes to the composition of the Company’s management.
Tidak Setuju | Disagree 119,174,891 1.3223%
Hasil Pemungutan Abstain 121,067,924 1.3433%
Suara
Voting Results Setuju | Agree 8,722,357,730 97.3344%
Total Suara Setuju | Total Approval 8,893,425,654 98.6777%
Keputusan | Resolution
1. Menerima dan menyetujui pengunduran diri Fabio Ferraz 1. Accepted and approved the resignation of Fabio Ferraz
sebagai Komisaris efektif terhitung sejak penutupan as the Commissioner effective from the closing of the
Rapat ini dengan memberikan pembebasan dan pelunasan Meeting and grant the full release and discharge of
sepenuhnya dari tanggung jawab dan segala tanggungan any responsibility (acquit et de charge) with respect to
(acquit et de charge) atas tindakannya selama menjabat, his actions that he has performed during their term, as
sepanjang tindakan-tindakan tersebut tercantum dalam long as his actions stated in the notes and bookkeeping
catatan dan pembukuan Perseroan serta tercermin dalam of the Company and reflected in the Company’s Annual
Laporan Tahunan dan Laporan Keuangan Konsolidasian Report and Consolidated Financial Statement and not
Perseroan dan bukan merupakan tindak pidana atau categorized as criminal act or violation against the
pelanggaran atas peraturan perundang-undangan yang prevailing laws and regulations.
berlaku.
2. Menyetujui pengangkatan Christopher McCleave sebagai 2. Approved the appointment of Christopher McCleave
Komisaris Perseroan, efektif sejak penutupan Rapat ini as the Commissioner, effective as of the closing of this
sampai dengan Rapat Umum Pemegang Saham Tahunan Meeting until the closing of the Annual General Meeting
Perseroan pada tahun 2028. Shareholders of the Company in 2028.
3. Menyetujui berakhirnya masa jabatan Febriany Eddy 3. Approved the end of term of office of Febriany Eddy as
sebagai Presiden Direktur dan Chief Executive Officer the President Director and Chief Executive Officer of the
Perseroan berlaku sejak tanggal 21 April 2025 dengan Company as of 21 April 2025 and grant the full release
memberikan pembebasan dan pelunasan sepenuhnya and discharge of any responsibility (acquit et de charge)
dari tanggung jawab dan segala tanggungan (acquit et with respect to her actions that she has performed
de charge) atas tindakannya selama menjabat, sepanjang during their term, as long as her actions stated in the
tindakan-tindakan tersebut tercantum dalam catatan notes and bookkeeping of the Company and reflected
dan pembukuan Perseroan serta tercermin dalam in the Company’s Annual Report and Consolidated
Laporan Tahunan dan Laporan Keuangan Konsolidasian Financial Statement and not categorized as criminal act
Perseroan dan bukan merupakan tindak pidana atau or violation against the prevailing laws and regulations.
pelanggaran atas peraturan perundang-undangan yang
berlaku.
206 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Mata Acara 6 | 6th Agenda
4. Sehubungan dengan keputusan-keputusan tersebut di 4. In connection with the decisions above, the composition
atas maka susunan anggota Direksi dan Dewan Komisaris of the members of the Board of Directors and the Board
Perseroan: of Commissioners of the Company:
Direksi Board of Directors
• Wakil Presiden Direktur dan Chief Operation and • Vice President Director and Chief Operation and
Infrastructure Officer: Abu Ashar Infrastructure Office : Abu Ashar
• Direktur dan Chief Human Capital Officer : Adriansyah • Director and Chief Human Capital Officer: Adriansyah
Chaniago Chaniago
• Direktur dan Chief Sustainability & Corporate Affairs • Director and Chief Sustainability & Corporate Affairs
Officer: Bernardus Irmanto Officer : Bernardus Irmanto
• Direktur dan Chief Financial Officer: Rizky Andhika • Director and Chief Financial Officer: Rizky Andhika
Putra Putra
• Direktur dan Chief Project Officer: Muhammad Asril • Director and Chief Project Officer: Muhammad Asril
• Direktur dan Chief Strategy & Technical Officer: Luke • Director and Chief Strategy & Technical Officer: Luke
Mahony Mahony
Dewan Komisaris Board of Commissioner
• Presiden Komisaris: Muhammad Rachmat Kaimuddin • President Commissioner: Muhammad Rachmat
Kaimuddin
• Wakil Presiden Komisaris: Emily Marie Olson • Vice President Commissioner: Emily Marie Olson
• Komisaris: Kristina Janet Gauthier • Commissioner: Kristina Janet Gauthier
• Komisaris: Christopher McCleave • Commissioner: Christopher McCleave
• Komisaris: M. Jasman Panjaitan • Commissioner: M. Jasman Panjaitan
• Komisaris: Edi Permadi • Commissioner: Edi Permadi
• Komisaris: Yusuke Niwa • Commissioner: Yusuke Niwa
• Komisaris Independen: Rudiantara • Independent Commissioner: Rudiantara
• Komisaris Independen: Retno L.P. Marsudi • Independent Commissioner: Retno L.P. Marsudi
• Komisaris Independen: Marita Alisjahbana • Independent Commissioner: Marita Alisjahbana
5. Menyetujui pemberian kuasa dengan hak substitusi 5. Approved granting proxy with the right of substitution
kepada Direksi dan/atau Sekretaris Perusahaan Perseroan to the Board of Directors and/or the Corporate Secretary
untuk menyatakan sebagian atau seluruh keputusan of the Company to restate the Meeting resolutions
Rapat mengenai perubahan susunan Direksi dan/atau on changes to the Board of Directors and/or Board of
Dewan Komisaris ke dalam suatu akta notaris, melaporkan Commissioners composition into a notarial deed in its
ke instansi yang berwenang serta perbuatan-perbuatan entirety, to report to the authorized institution and to
lainnya yang berhubungan dengan maksud tersebut. take other actions for such purposes.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Keputusan RUPS Tahunan di 2024 dan Pelaksanaannya
Resolution of Annual GMS in 2024 and Its Implementation
Seluruh hasil keputusan RUPS pada tahun 2024 telah All the GMS resolutions in 2024 were implemented in the
direalisasikan pada tahun yang sama. Tidak ada satu same year. None of the resolutions was implemented in
keputusan pun yang belum direalisasikan ataupun 2025 or is yet to be implemented as of now.
direalisasikan di tahun 2025.
Mata Acara 1 | 1st Agenda
Persetujuan atas Laporan Tahunan dan pengesahan Laporan Keuangan Konsolidasian Perseroan untuk
Mata Acara tahun buku yang berakhir pada 31 Desember 2023.
Agenda Approval of the Annual Report and ratification of the Consolidated Financial Statements of the Company
for the financial year ended December 31, 2023.
Tidak Setuju | Disagree 0 0.0000%
Hasil Pemungutan Abstain 51,516,455 0.60443%
Suara
Voting Results Setuju | Agree 8,471,685,389 99.39557%
Total Suara Setuju | Total Approval 8,523,201,844 100%
Keputusan | Resolution
1. Menyetujui Laporan Tahunan Perseroan untuk Tahun 1. Resolutions the Company's Annual Report for the
Buku yang berakhir pada 31 Desember 2023, termasuk financial year ended December 31, 2023, including
laporan pelaksanaan tanggung jawab sosial dan the report on the implementation of social and
lingkungan serta pelaksanaan tugas pengawasan dari environmental responsibility and the supervisory duties
Dewan Komisaris Perseroan selama tahun buku 2023. of the Company's Board of Commissioners during the
2. Mengesahkan Laporan Keuangan Konsolidasian financial year 2023.
Perseroan yang telah diaudit untuk tahun buku yang 2. Ratified the audited Consolidated Financial Statements
berakhir pada 31 Desember 2023 yang telah dikoreksi of the Company for the financial year ended December
dan telah disampaikan kepada pemegang saham pada 31, 2023 which have been corrected and submitted to the
tanggal 3 Juni 2024. shareholders on June 3, 2024.
3. Dengan disetujuinya usulan pertama dan kedua, 3. With the approval of the first and second proposals,
memberikan pelunasan dan pembebasan sepenuhnya granted full release and discharge from responsibility
dari tanggung jawab dan segala tanggungan (acquit and all liabilities (acquit et de charge) to members of
et de charge) kepada anggota Direksi atas tindakan the Board of Directors for management actions and
pengurusan dan anggota Dewan Komisaris atas tindakan members of the Board of Commissioners for supervisory
pengawasan, serta meratifikasi semua tindakan- actions, and ratified all actions they have carried out
tindakan yang telah mereka jalankan selama tahun buku during the financial year ending December 31, 2023, as
yang berakhir pada 31 Desember 2023, selama tindakan- long as these actions are reflected in the Company's
tindakan tersebut tercantum dalam catatan dan records and books and are reflected in the Company's
pembukuan Perseroan serta tercermin dalam Laporan Annual Report and Consolidated Financial Statements
Tahunan dan Laporan Keuangan Konsolidasian Perseroan and do not constitute criminal acts or violations of
dan bukan merupakan tindak pidana atau pelanggaran applicable laws and regulations.
atas peraturan perundang-undangan yang berlaku.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
208 Laporan Tahunan 2025
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Mata Acara 2 | 2nd Agenda
Persetujuan atas penggunaan keuntungan Perseroan dan pertimbangan dividen untuk tahun buku yang
Mata Acara berakhir pada 31 Desember 2023.
Agenda Approval of the use of the Company's profit and consideration of dividends for the financial year ended
December 31, 2023.
Tidak Setuju | Disagree 2,700 0.00003%
Hasil Pemungutan Abstain 51,516,455 0.60443%
Suara
Voting Results Setuju | Agree 8,471,682,689 99.39554%
Total Suara Setuju | Total Approval 8,523,199,144 99.99997%
Keputusan | Resolution
Menyetujui dan menetapkan laba bersih Perseroan untuk Approve and determine that the Company's net profit for the
tahun buku 2023 tidak akan dibagikan sebagai dividen dan financial year 2023 would not be distributed as dividends and
diperuntukan untuk dicatat sebagai laba ditahan untuk was intended to be recorded as retained earnings to support
mendukung perkembangan Perseroan. the development of the Company.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
Mata Acara 3 | 3rd Agenda
Persetujuan atas remunerasi bagi anggota Dewan Komisaris Perseroan serta gaji, tunjangan dan bonus
Mata Acara bagi anggota Direksi Perseroan.
Agenda Approval of the remuneration for Board of Commissioners, and salaries, allowances and bonuses for
Directors.
Tidak Setuju | Disagree 9,100 0.00011%
Hasil Pemungutan Abstain 52,236,455 0.61287%
Suara
Voting Results Setuju | Agree 8,470,956,289 99.38702%
Total Suara Setuju | Total Approval 8,523,192,744 99.99989%
Keputusan | Resolution
1. Menyetujui pembayaran kompensasi tahun 2024 bagi 1. Approved the payment of compensation for the year
anggota Dewan Komisaris yang berlaku efektif setelah 2024 for members of the Board of Commissioners
ditutupnya Rapat, yaitu sebesar jumlah sampai dengan effective after the closing of the Meeting, amounting
Rp64.000.000.000 termasuk pajak, dengan penetapan to an amount of up to Rp64,000,000,000 including tax,
distribusinya didelegasikan kepada Dewan Komisaris. with the determination of the distribution delegated to
the Board of Commissioners.
2. Menyetujui pendelegasian wewenang dari Rapat Umum 2. Approved the delegation of authority from the General
Pemegang Saham kepada Dewan Komisaris untuk Meeting of Shareholders to the Board of Commissioners
menetapkan jumlah gaji, tunjangan, dan bonus untuk to determine the number of salaries, allowances, and
anggota Direksi yang berdaya saing. bonuses for members of the Board of Directors who
were competitive.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
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Mata Acara 4 | 4th Agenda
Penunjukan Akuntan Publik dan Kantor Akuntan Publik yang akan mengaudit laporan keuangan Perseroan
Mata Acara untuk tahun buku yang berakhir pada 31 Desember 2024.
Agenda Election of a Public Accountant and Public Accountant Firm to audit the Company's financial statements
for the financial year ending December 31, 2024.
Tidak Setuju | Disagree 279,040,722 3,27390%
Hasil Pemungutan Abstain 51,520,355 0.60447%
Suara
Voting Results Setuju | Agree 8,192,640,767 96.12163%
Total Suara Setuju | Total Approval 8,244,161,122 96.72610%
Keputusan | Resolution
1. Menyetujui penunjukan Yusron Fauzan dari Kantor 1. Approved the appointment of Yusron Fauzan from the
Akuntan Publik Rintis, Jumadi, Rianto & Rekan (anggota Public Accounting Firm Rintis, Jumadi, Rianto & Rekan
dari PricewaterhouseCoopers) dan Kantor Akuntan (member of PricewaterhouseCoopers) and the Public
Publik tersebut, untuk mengaudit laporan keuangan Accounting Firm, to audit the Company's financial
Perseroan untuk tahun buku yang berakhir pada tanggal statements for the fiscal year ending December 31, 2024
31 Desember 2024 dan audit atas laporan keuangan lain. and audit of other financial statements.
2. Memberikan pelimpahan kewenangan kepada Dewan 2. Delegated authority to the Company's Board of
Komisaris Perseroan untuk menetapkan besaran imbalan Commissioners to determine the amount of audit fees,
jasa audit, penambahan ruang lingkup pekerjaan yang additional scope of work required and other reasonable
diperlukan dan persyaratan lainnya yang wajar bagi requirements for the Public Accounting Firm.
Kantor Akuntan Publik tersebut.
3. Memberikan kewenangan kepada Dewan Komisaris untuk 3. Authorized the Board of Commissioners to appoint an
melakukan penunjukan Akuntan Publik Independen dan/ Independent Public Accountant and/or a replacement
atau Kantor Akuntan Publik pengganti bagi Perseroan, Public Accounting Firm for the Company, including
termasuk menetapkan kondisi dan syarat-syarat determining the conditions and terms of appointment
penunjukan apabila pihak-pihak yang telah ditunjuk the parties that have been appointed are unable to
tersebut tidak dapat melanjutkan atau melaksanakan continue or carry out their duties for any reason.
tugasnya karena sebab apapun.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
210 Laporan Tahunan 2025
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Mata Acara 5 | 5th Agenda
Persetujuan atas perubahan susunan anggota Direksi dan Dewan Komisaris Perseroan.
Mata Acara
Approval of the changes in the composition of the Company's Board of Directors and Board of
Agenda
Commissioners.
Tidak Setuju | Disagree 561,603,397 6.58911%
Abstain 51,520,355 0.60447%
Hasil Pemungutan Suara
Voting Results Setuju | Agree 7,910,078,092 92.80642%
Total Suara Setuju | Total 7,961,598,447
93.41089%
Approval
Keputusan: Resolution
1. Menerima dan menyetujui pengunduran diri Farrah Carrim 1. Accept and approve the resignation of Farrah Carrim as
sebagai Komisaris efektif terhitung sejak penutupan Commissioner effective as of the closing of the Meeting
Rapat dengan memberikan pembebasan dan pelunasan by providing full release and discharge from responsibility
sepenuhnya dari tanggung jawab dan segala tanggungan and all liabilities (acquit et de charge) for her actions during
(acquit et de charge) atas tindakannya selama menjabat, her tenure, to the extent that such actions are reflected
sepanjang tindakan-tindakan tersebut tercantum dalam in the Company's records and books and are reflected in
catatan dan pembukuan Perseroan serta tercermin dalam the Company's Annual Report and Consolidated Financial
Laporan Tahunan dan Laporan Keuangan Konsolidasian Statements and do not constitute a criminal offense or
Perseroan dan bukan merupakan tindak pidana atau violation of applicable laws and regulations.
pelanggaran atas peraturan perundang-undangan yang
berlaku.
2. Menerima dan menyetujui pengunduran diri Olga Kovalik 2. Accept and approve the resignation of Olga Kovalik as
sebagai Komisaris efektif sejak tanggal penyelesaian Commissioner effective from the date of completion of
Transaksi Pengambilalihan (sebagaimana didefinisikan the Acquisition Transaction (as defined in the EGMS on
dalam RUPSLB 19 April 2024) dengan memberikan April 19, 2024) by providing full release and discharge from
pembebasan dan pelunasan sepenuhnya dari tanggung responsibility and all liabilities (acquit et de charge) for her
jawab dan segala tanggungan (acquit et de charge) atas actions during hertenure until the date of completion of
tindakannya selama menjabat sampai dengan tanggal the Acquisition Transaction (as defined in the EGMS on
penyelesaian Transaksi Pengambilalihan (sebagaimana April 19, 2024), to the extent that such actions are reflected
didefinisikan dalam RUPSLB 19 April 2024), sepanjang in the Company's records and books and are reflected in
tindakan-tindakan tersebut tercantum dalam catatan the Company's Annual Report and Consolidated Financial
dan pembukuan Perseroan serta tercermin dalam Statements which have been approved by the Company's
Laporan Tahunan dan Laporan Keuangan Konsolidasian shareholders at the Company's Annual General Meeting
Perseroan yang telah mendapatkan persetujuan dari of Shareholders for the fiscal year 2024 and do not
para pemegang saham Perseroan dalam Rapat Umum constitute a criminal offense or violation of the prevailing
Pemegang Saham Tahunan Perseroan tahun buku 2024 laws and regulations.
dan bukan merupakan tindak pidana atau pelanggaran
atas peraturan perundang-undangan yang berlaku.
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Mata Acara 5 | 5th Agenda
3. (i) Menyetujui pengangkatan kembali: 3. (i) Approved the reappointment of:
a. Febriany Eddy sebagai Presiden Direktur; a. Febriany Eddy as President Director;
b. Adriansyah Chaniago*) sebagai Wakil Presiden b. Adriansyah Chaniago*) as Vice President Director;
Direktur;
c. Bernardus Irmanto sebagai Direktur; c. Bernardus Irmanto as Director;
d. Abu Ashar sebagai Direktur; d. Abu Ashar as Director;
e. Vinicius Mendes Ferreira sebagai Direktur; e. Vinicius Mendes Ferreira as Director;
f. Muhammad Rachmat Kaimuddin sebagai Wakil f. Muhammad Rachmat Kaimuddin as Vice President
Presiden Komisaris; Commissioner;
g. Fabio De Souza Queiroz Ferraz sebagai Komisaris; dan g. Fabio De Souza Queiroz Ferraz as Commissioner; and
h. Yusuke Niwa sebagai Komisaris. h. Yusuke Niwa as Commissioner.
*) Di Kartu Tanda Penduduk tertulis Adriansyah *) On the Identity Card written Adriansyah
(ii) menegaskan tetap menjalankan jabatannya: (ii) Confirmed that they continue to hold their positions:
a. Emily Marie Olson sebagai Presiden Komisaris; a. Emily Marie Olson as President Commissioner;
b. Olga Kovalik sebagai Komisaris; b. Olga Kovalik as Commissioner;
c. M. Jasman Panjaitan sebagai Komisaris; dan c. M. Jasman Panjaitan as Commissioner; and
d. Rudiantara sebagai Komisaris Independen. d. Rudiantara as Independent Commissioner.
Seluruhnya efektif sejak penutupan Rapat sampai All effective from the date of completion of the Acquisition
dengan tanggal penyelesaian Transaksi Pengambilalihan Transaction (as defined in the EGMS on April 19, 2024) by
(sebagaimana didefinisikan dalam RUPSLB 19 April 2024), providing full release and discharge from responsibility
dengan memberikan pembebasan dan pelunasan sepenuhnya and all liabilities (acquit et de charge) for her actions during
dari tanggung jawab dan segala tanggungan (acquit et de her tenure until the date of completion of the Acquisition
charge) atas tindakan selama masa jabatan sebelum diangkat Transaction (as defined in the EGMS on April 19, 2024), to
kembali dan sampai dengan tanggal penyelesaian Transaksi the extent that such actions are reflected in the Company's
Pengambilalihan (sebagaimana didefinisikan dalam RUPSLB 19 records and books and are reflected in the Company's
April 2024), sepanjang tindakan-tindakan tersebut tercantum Annual Report and Consolidated Financial Statements which
dalam catatan dan pembukuan Perseroan serta tercermin have been approved by the Company's shareholders at the
dalam Laporan Tahunan dan Laporan Keuangan Konsolidasian Company's Annual General Meeting of Shareholders for the
Perseroan yang telah mendapatkan persetujuan dari para fiscal year 2024 and do not constitute a criminal offense or
pemegang saham Perseroan dalam Rapat Umum Pemegang violation of the prevailing laws and regulations.
Saham Tahunan Perseroan tahun buku 2024 dan bukan
merupakan tindakan pidana atau pelanggaran atas peraturan
perundang-undangan yang berlaku.
212 Laporan Tahunan 2025
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Mata Acara 5 | 5th Agenda
4. Menyetujui pengangkatan kembali Dr. Ir. R. Sukhyar 4. Approved the reappointment of Dr. Ir. R. Sukhyar as
sebagai Komisaris Independen, efektif sejak penutupan Independent Commissioner, effective as of the closing
Rapat sampai dengan paling lama 12 bulan dari of the Meeting until a maximum of 12 months from the
penutupan Rapat dan dengan memberikan pembebasan closing of the Meeting and by providing full release and
dan pelunasan sepenuhnya dari tanggung jawab dan discharge from responsibility and all liabilities (acquit
segala tanggungan (acquit et de charge) atas tindakannya et de charge) for his actions during the term of office
selama masa jabatan sebelum diangkat kembali sampai before reappointment until the end of the 2023 financial
dengan akhir tahun buku 2023, sepanjang tindakan- year, as long as these actions are stated in the Company's
tindakan tersebut tercantum dalam catatan dan records and books and are reflected in the Company's
pembukuan Perseroan serta tercermin dalam Laporan Annual Report and Consolidated Financial Statements
Tahunan dan Laporan Keuangan Konsolidasian Perseroan and do not constitute criminal acts or violations of
dan bukan merupakan tindak pidana atau pelanggaran applicable laws and regulations.
atas peraturan perundang-undangan yang berlaku.
5. Menyetujui pengangkatan: 5. Approved the appointment of:
• Kristina Gauthier sebagai Komisaris; • Kristina Gauthier as Commissioner;
• Marita Alisjahbana sebagai Komisaris Independen; efektif • Marita Alisjahbana as Independent Commissioner;
sejak penutupan Rapat sampai dengan penutupan Rapat effective as of the closing of the Meeting until the
Umum Pemegang Saham Tahunan Perseroan di tahun closing of the Company's Annual General Meeting of
2027; Shareholders in 2027;
• Febriany Eddy sebagai Presiden Direktur dan Chief • Febriany Eddy as President Director and Chief Executive
Executive Officer; Officer;
• Abu Ashar sebagai Wakil Presiden Direktur dan Chief • Abu Ashar as Vice President Director and Chief Operation
Operation and Infrastructure Officer; and Infrastructure Officer;
• Adriansyah Chaniago*) sebagai Direktur dan Chief Human • Adriansyah Chaniago*) as Director and Chief Human
Capital Officer; Capital Officer;
• Bernardus Irmanto sebagai Direktur dan Chief • Bernardus Irmanto as Director and Chief Sustainability &
Sustainability & Corporate Affairs Officer; Corporate Affairs Officer;
• Rizky Andhika Putra sebagai Direktur dan Chief Financial • Rizky Andhika Putra as Director and Chief Financial
Officer; Officer;
• Muhammad Asril sebagai Direktur dan Chief Project • Muhammad Asril as Director and Chief Project Officer;
Officer;
• Luke Mahony sebagai Direktur dan Chief Strategy & • Luke Mahony as Director and Chief Strategy & Technical
Technical Officer; Officer;
• Muhammad Rachmat Kaimuddin sebagai Presiden • Muhammad Rachmat Kaimuddin as President
Komisaris; Commissioner;
• Emily Marie Olson sebagai Wakil Presiden Komisaris; • Emily Marie Olson as Vice President Commissioner;
• Fabio De Souza Queiroz Ferraz sebagai Komisaris; • Fabio De Souza Queiroz Ferraz as Commissioner;
• M. Jasman Panjaitan sebagai Komisaris; • M. Jasman Panjaitan as Commissioner;
• Edi Permadi sebagai Komisaris; • Edi Permadi as Commissioner;
• Yusuke Niwa sebagai Komisaris; • Yusuke Niwa as Commissioner;
• Rudiantara sebagai Komisaris Independen; dan • Rudiantara as Independent Commissioner; and
• Dr. Ir. R. Sukhyar sebagai Komisaris Independen. • Dr. Ir. R. Sukhyar as Independent Commissioner.
Seluruhnya efektif sejak tanggal penyelesaian Transaksi All effective from the date of completion of the Acquisition
Pengambilalihan (sebagaimana didefinisikan dalam Transaction (as defined in the EGMS of 19 April 2024) until
RUPSLB 19 April 2024) sampai dengan penutupan Rapat the closing of the Company's Annual General Meeting of
Umum Pemegang Saham Tahunan Perseroan di tahun Shareholders in 2027, except for Dr. Ir. R. Sukhyar who
2027, kecuali untuk Dr. Ir.R. Sukhyar yang akan efektif sejak will be effective from the closing of the Meeting until a
penutupan Rapat sampai dengan paling lama 12 bulan dari maximum of 12 months from the closing of the Meeting.
penutupan Rapat.
*) Di Kartu Tanda Penduduk tertulis Adriansyah *) On the Identity Card written Adriansyah
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Mata Acara 5 | 5th Agenda
6. Sehubungan dengan keputusan pada angka 1, 2, 3, 4 dan 6. In connection with the resolutions in numbers 1, 2, 3, 4 and
5 tersebut di atas maka susunan anggota Direksi dan 5 above, the composition of the members of the Board of
Dewan Komisaris Perseroan: Directors and Board of Commissioners of the Company:
Sejak penutupan Rapat sampai dengan tanggal penyelesaian From the closing of the Meeting until the date of completion
Transaksi Pengambilalihan (sebagaimana didefinisikan dalam of the Acquisition Transaction (as defined in the EGMS on
RUPSLB 19 April 2024): April 19, 2024):
Direksi Board of Directors
• Presiden Direktur : Febriany Eddy • President Director : Febriany Eddy
• Wakil Presiden Direktur : Adriansyah Chaniago* • Vice President Director : Adriansyah Chaniago*
• Direktur : Bernardus Irmanto • Director : Bernardus Irmanto
• Direktur : Abu Ashar • Director : Abu Ashar
• Direktur : Vinicius Mendes Ferreira • Director : Vinicius Mendes Ferreira
*) Di Kartu Tanda Penduduk tertulis Adriansyah *) On the Identity Card written Adriansyah
Dewan Komisaris Board of Commissioners
Presiden Komisaris: Emily Marie Olson President Commissioner: Emily Marie Olson
Wakil Presiden Komisaris: Muhammad Rachmat Kaimuddin Vice President Commissioner: Muhammad Rachmat
Kaimuddin
Komisaris: Commissioner:
• M. Jasman Panjaitan • M. Jasman Panjaitan
• Olga Kovalik • Olga Kovalik
• Fabio De Souza Queiroz Ferraz • Fabio De Souza Queiroz Ferraz
• Kristina Gauthier** • Kristina Gauthier**
• Yusuke Niwa • Yusuke Niwa
Komisaris Independen: Independent Commissioner:
• Rudiantara • Rudiantara
• Dr. Ir. R. Sukhyar* • Dr. Ir. R. Sukhyar*
• Marita Alisjahbana** • Marita Alisjahbana**
*) berlaku efektif sejak penutupan Rapat sampai dengan *) effective as of the closing of the Meeting until at most 12
paling lama 12 bulan dari penutupan Rapat. months from the closing of the Meeting.
**) berlaku efektif sejak ditutupnya Rapat sampai dengan **) effective as of the closing of the Meeting until the closing
penutupan Rapat Umum Pemegang Saham Tahunan of the Company's Annual General Meeting of Shareholders in
Perseroan di tahun 2027. 2027.
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Mata Acara 5 | 5th Agenda
Sejak tanggal penyelesaian Transaksi Pengambilalihan From the date of completion of the Acquisition Transaction
(sebagaimana didefinisikan dalam RUPSLB 19 April 2024) (as defined in the EGMS of April 19, 2024) until the closing of
sampai dengan penutupan Rapat Umum Pemegang Saham the Annual General Meeting of Shareholders of the Company
Tahunan Perseroan di tahun 2027: in 2027:
Direksi: Directors
• Presiden Direktur dan Chief Executive Officer: Febriany • President Director and Chief Executive Officer: Febriany
Eddy Eddy
• Wakil Presiden Direktur dan Chief Operation and • Vice President Director and Chief Operation and
Infrastructure Officer: Abu Ashar Infrastructure Officer: Abu Ashar
• Direktur dan Chief Human Capital Officer: Adriansyah • Director and Chief Human Capital Officer: Adriansyah
Chaniago* Chaniago*
• Direktur dan Chief Sustainability & Corporate Affairs • Director and Chief Sustainability & Corporate Affairs
Officer: Bernardus Irmanto Officer: Bernardus Irmanto
• Direktur dan Chief Financial Officer: Rizky Andhika Putra • Director and Chief Financial Officer: Rizky Andhika Putra
• Direktur dan Chief Project Officer: Muhammad Asril • Director and Chief Project Officer: Muhammad Asril
• Direktur dan Chief Strategy & Technical Officer: Luke • Director and Chief Strategy & Technical Officer: Luke
Mahony Mahony
*) Di Kartu Tanda Penduduk tertulis Adriansyah * On the Identity Card written Adriansyah
Dewan Komisaris Board of Commissioners
Presiden Komisaris: Muhammad Rachmat Kaimuddin President Commissioner: Muhammad Rachmat Kaimuddin
Wakil Presiden Komisaris: Emily Marie Olson Vice President Commissioner: Emily Marie Olson
Komisaris: Commissioner:
• M. Jasman Panjaitan • M. Jasman Panjaitan
• Edi Permadi • Edi Permadi
• Fabio De Souza Queiroz Ferraz • Fabio De Souza Queiroz Ferraz
• Kristina Gauthier • Kristina Gauthier
• Yusuke Niwa • Yusuke Niwa
Komisaris Independen: Independent Commissioner:
• Rudiantara • Rudiantara
• Dr. Ir. R. Sukhyar* • Dr. Ir. R. Sukhyar*
• Marita Alisjahbana • Marita Alisjahbana
*) Berlaku efektif sejak penutupan Rapat sampai dengan *) Effective as of the closing of the Meeting until a maximum
paling lama 12 bulan dari penutupan Rapat. of 12 months from the closing of the Meeting.
2. Menyetujui pemberian kuasa dengan hak substitusi 2. Approved the granting of power with the right of
kepada Direksi dan/atau Sekretaris Perusahaan Perseroan substitution to the Board of Directors and/or the
untuk menyatakan sebagian atau seluruh keputusan Corporate Secretary of the Company to state part or all
Rapat mengenai perubahan susunan Direksi dan Dewan of the resolutions of the Meeting regarding the changes
Komisaris ke dalam suatu akta notaris, melaporkan ke in the composition of the Board of Directors and the
instansi yang berwenang serta perbuatan-perbuatan Board of Commissioners in a notarial deed, report to the
lainnya yang berhubungan dengan maksud tersebut. competent authorities and other actions related to the
purpose.
Status Pelaksanaan Telah dilaksanakan.
Implementation Status Completed.
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Penyelenggaraan RUPS Luar Biasa Tahun 2025
Extraordinary GMS Organization 2025
RUPS Luar Biasa Ke-1
1st Extraordinary GMS
Tanggal Selasa, 14 Januari 2025
Date Tuesday, January 14, 2025
Mata Acara Perubahan susunan anggota Dewan Komisaris Perseroan
Agenda Changes in the composition of the Company’s Board of Commissioners
• Jasmine Room, Soehanna Hall, The Energy Building 2nd Floor, SCBD Lot 11A, Jl. Jend. Sudirman Kav
Tempat 52-53 No.11A Lt.2, RT.5/RW.3, Senayan, Kec. Kby. Baru, Kota Jakarta Selatan, DKI Jakarta.
Venue • Rapat diadakan secara offline dan juga secara elektronik menggunakan aplikasi eASY.KSEI
• The meeting was held offline and also electronically using the eASY.KSEI application.
RUPS Luar Biasa Ke-2*
2nd Extraordinary GMS
Tanggal Senin, 28 Juli 2025
Date Monday, July 28, 2025
Mata Acara Perubahan susunan pengurus Perseroan
Agenda Changes in the composition of the Company’s board
• Private Dining Room, 1&2, 6th Floor The Ritz Carlton Jakarta Pacific Place, SCBD Jl. Jend Sudirman
Tempat Kav. 52-53, Senayan, Kebayoran Baru Jakarta 12190.
Venue • Rapat diadakan secara offline dan juga secara elektronik menggunakan aplikasi eASY.KSEI.
• The meeting was held offline and also electronically using the eASY.KSEI application.
Keterangan | Note :
*) RUPS Luar Biasa telah dilaksanakan pada 18 Juli 2025 di Premier Lounge – Prosperity Tower Unit 11F, District 8 SCBD, Jl. Jend. Sudirman Kav. 52–53, Jakarta Selatan namun
belum memenuhi ketentuan kuorum, sehingga dilakukan RUPS Luar Biasa Kedua.
*) The Extraordinary GMS was held on 18 July 2025 at the Premier Lounge – Prosperity Tower Unit 11F, District 8 SCBD, Jl. Jend. Sudirman Kav. 52–53, South Jakarta; however,
the quorum requirement was not met, and therefore the Second Extraordinary GMS was held.
RUPS Luar Biasa Ke-3
3rd Extraordinary GMS
Tanggal Selasa, 23 September 2025
Date Tuesday, September 23, 2025
Mata Acara Perubahan susunan pengurus Perseroan
Agenda Changes in the composition of the Company’s board
• Financial Hall, Graha CIMB Niaga, 2nd Floor, Jl. Jend. Sudirman Kav. 58, Jakarta 12190, Indonesia
Tempat
• Rapat diadakan secara offline dan juga secara elektronik menggunakan aplikasi eASY.KSEI.
Venue
• The meeting was held offline and also electronically using the eASY.KSEI application.
Informasi lengkap penyelenggaraan Rapat tersebut, termasuk mata acara dan keputusan yang ditetapkan, tersedia di
situs web Perseroan pada tautan https://www.vale.com/in/indonesia/rapat-umum-pemegang-saham.
Complete information regarding the holding of the Meeting, including the agenda and decisions made, is available on the
Company's website at the linkhttps://www.vale.com/in/indonesia/rapat-umum-pemegang-saham.
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Dewan Komisaris
Board of Commissioners (BOC)
Dewan Komisaris memiliki tugas, tanggung jawab, dan The Board of Commissioners has the duties,
kewenangan mengawasi Direksi dalam melaksanakan responsibilities, and authority to supervise the Board of
tugas-tugasnya menjalankan Perseroan; memberikan Directors in the performance of its duties in managing
nasihat kepada Direksi, termasuk pengawasan atas the Company and to provide advice to the Board of
pelaksanaan rencana usaha jangka panjang, rencana Directors, including oversight of the implementation
usaha lima tahunan, dan rencana kerja dan anggaran of the long-term business plan, five-year business
tahunan untuk kepentingan Perseroan sesuai maksud plan, and annual work plan and budget, in accordance
dan tujuan Perseroan untuk kepentingan seluruh with the Company’s purposes and objectives and
pemegang saham. Dewan Komisaris juga memiliki in the interests of all shareholders. The Board of
kuasa-kuasa sebagaimana ditetapkan dalam Anggaran Commissioners also exercises such authorities as
Dasar Perseroan dan sebagaimana ditentukan dari stipulated in the Company’s Articles of Association and
waktu ke waktu menurut keputusan RUPS. as determined from time to time by resolutions of the
General Meeting of Shareholders (GMS).
Tugas, Tanggung Jawab, dan Wewenang Dewan Komisaris
BOC Duties, Responsibilities, and Authorities
Dewan Komisaris bertindak dan bertanggung jawab The Board of Commissioners acts and is collectively
secara kolegial dengan didukung Komite Audit; Komite responsible, supported by the Audit Committee; the
Tata Kelola, Nominasi, dan Remunerasi (Komite TNR); Governance, Nomination, and Remuneration Committee
serta Komite Mitigasi Risiko. Tugas, tanggung jawab, (GNR Committee); and the Risk Mitigation Committee.
dan wewenang Dewan Komisaris diatur dalam Anggaran The duties, responsibilities, and authorities of the
Dasar Perseroan, Piagam Dewan Komisaris, dan hal- Board of Commissioners are governed by the Company’s
hal yang didelegasikan kepadanya oleh RUPS maupun Articles of Association, the Board of Commissioners
peraturan perundang-undangan yang berlaku. Charter, and matters delegated to it by the GMS, as well
as by the prevailing laws and regulations.
Informasi mengenai Anggaran Dasar Perseroan dan Information regarding the Company’s Articles of
Piagam Dewan Komisaris dapat diakses melalui situs Association and the Board of Commissioners Charter is
web Perseroan. available on the Company’s website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Pembagian Tugas dan Tanggung Jawab Anggota Dewan Komisaris
Allocation of Roles and Responsibilities of the Members of the Board of
Commissioners
Tanggung jawab utama Presiden Komisaris adalah The primary responsibility of the President
mengawasi fungsi penasihat dan pengawasan Dewan Commissioner is to oversee the advisory and supervisory
Komisaris. Dalam melaksanakan tugas, tanggung jawab, functions of the Board of Commissioners. In carrying
dan wewenangnya, Dewan Komisaris mengatur sendiri out its duties, responsibilities, and authorities, the
pembagian kerja di antara para anggota. Fokus bidang Board of Commissioners determines the allocation of
pengawasan masing-masing anggota Dewan Komisaris work among its members. The supervisory focus of
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mengacu pada pembagian peran sebagai Ketua dan each member of the Board of Commissioners is aligned
anggota dari komite penunjang Dewan Komisaris, with their respective roles as Chair or member of the
sesuai kompetensi dan pengalaman yang dimiliki. supporting committees of the Board of Commissioners,
taking into account their competencies and professional
experience.
Komite dan Bidang Pengawasan Anggota Dewan Komisaris Jabatan
Committee and Area of Supervision Board of Commissioners’ Member Position
Komite Audit Marita Alisjahbana Ketua | Chairperson
Audit Committee Rudiantara Anggota | Member
Komite dan Bidang Pengawasan Anggota Dewan Komisaris Jabatan
Committee and Area of Supervision Board of Commissioners’ Member Position
Rudiantara Ketua | Chairperson
Emily Olson Anggota | Member
Komite Tata Kelola, Nominasi, dan Remunerasi Kristina Gauthier Anggota | Member
Governance, Nomination, and
Remuneration Committee Shiro Imai Anggota | Member
M. Jasman Panjaitan Anggota | Member
Katherine Angela Oendoen Anggota | Member
Komite dan Bidang Pengawasan Anggota Dewan Komisaris Jabatan
Committee and Area of Supervision Board of Commissioners’ Member Position
Komite Mitigasi Risiko Retno L.P. Marsudi Ketua | Chairperson
Risk Mitigation Committee Marita Alisjahbana Anggota | Member
Pelaksanaan Tugas, Tanggung Jawab, dan Implementation of Duties, Responsibilities,
Wewenang Dewan Komisaris and Authorities of the Board of
Commissioners
Selama tahun 2025, Dewan Komisaris telah menjalankan During 2025, the Board of Commissioners carried
tugas pengawasan seluruh aspek pengurusan out its supervisory function over all aspects of the
Perseroan oleh Direksi, termasuk pengawasan terhadap management of the Company by the Board of Directors,
pelaksanaan anggaran dan rencana kerja tahunan including oversight of the implementation of the
Perseroan. Dewan Komisaris juga memberikan nasihat Company’s annual work plan and budget. The Board of
atau arahan kepada Direksi, dan tugas-tugas lain yang Commissioners also provided advice and direction to the
didelegasikan oleh RUPS; serta menyetujui perubahan Board of Directors, performed duties delegated by the
Piagam Komite Audit dan Piagam Komite Mitigasi General Meeting of Shareholders (GMS), and approved
Risiko, masing-masing pada tanggal 3 Juli 2025. amendments to the Audit Committee Charter and the
Risk Mitigation Committee Charter, each on 3 July 2025.
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Pengaturan mengenai tugas, tanggung jawab, dan Provisions regarding the duties, responsibilities, and
wewenang Dewan Komisaris tercantum dalam Piagam authority of the Board of Commissioners are set forth
Dewan Komisaris, sedangkan tindakan Direksi yang in the Charter of the Board of Commissioners, while
memerlukan persetujuan Dewan Komisaris diatur dalam actions of the Board of Directors that require the
Pasal 12 ayat (4) Anggaran Dasar Perseroan. Informasi approval of the Board of Commissioners are governed
lebih lanjut mengenai hal tersebut dapat dilihat pada by Article 12(4) of the Article of Association of the
https://vale.com/in/indonesia/kebijakan-tata-kelola- Company. Further information on this matter can be
perusahaan. found at https://vale.com/in/indonesia/kebijakan-
tata-kelola-perusahaan.
Piagam Dewan Komisaris
BOC Charter
Dewan Komisaris telah memiliki Piagam Dewan The Board of Commissioners has adopted a Board of
Komisaris yang telah disetujui oleh Dewan Komisaris Commissioners Charter, which was approved by the
Perseroan pada 27 Juni 2024, dan efektif ditandatangani Board of Commissioners on 27 June 2024 and became
oleh masing-masing anggota Dewan Komisaris pada effective upon signing by each member of the Board of
tanggal 28 Juni 2024. Piagam Dewan Komisaris menjadi Commissioners on 28 June 2024. The Charter serves as a
pedoman bagi Dewan Komisaris dalam menjalankan guideline for the Board of Commissioners in carrying out
fungsi pengawasannya. Piagam Dewan Komisaris its supervisory function. The Board of Commissioners
ditinjau dan diperbarui secara berkala. Informasi Charter is reviewed and updated periodically.
mengenai Piagam Dewan Komisaris dapat diakses Information regarding the Charter is available on the
melalui situs web Perseroan. Company’s website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Penunjukan dan Kriteria Keanggotaan Dewan Komisaris
BOC Membership Appointment and Criteria
Anggota Dewan Komisaris diangkat dan diberhentikan Members of the Board of Commissioners are appointed
oleh RUPS. Prosedur pengangkatan Dewan Komisaris and dismissed by the General Meeting of Shareholders
Perseroan mengacu pada Kebijakan Proses Nominasi (GMS). The appointment procedure refers to the
dan Remunerasi Perseroan. Seluruh calon anggota Company’s Nomination and Remuneration Process
Dewan Komisaris harus memenuhi persyaratan yang Policy. All candidates for membership of the Board of
telah ditetapkan pada ketentuan tersebut. Presiden Commissioners must meet the requirements stipulated
Komisaris, Wakil Presiden Komisaris, dan lima Komisaris under such policy. The President Commissioner, Vice
lainnya termasuk penggantinya, diangkat dari calon- President Commissioner, and five other Commissioners,
calon yang diusulkan pemegang saham Perseroan yang including their replacements, are appointed from
memenuhi syarat untuk memiliki hak mencalonkan. candidates proposed by eligible shareholders who hold
Nominasi calon anggota Dewan Komisaris lainnya nomination rights. Nominations for other candidates
dilakukan oleh Komite TNR, dengan mempertimbangkan for the Board of Commissioners are conducted by the
pemenuhan persyaratan serta sesuai Kebijakan Proses Governance, Nomination, and Remuneration Committee
Nominasi dan Remunerasi. Penilaian calon-calon (GNR Committee), taking into account compliance with
anggota Dewan Komisaris dilakukan oleh Komite TNR, the established requirements and in accordance with
dan hasilnya dilaporkan kepada Dewan Komisaris the Nomination and Remuneration Process Policy. The
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sebagai pertimbangan dalam merekomendasikan calon assessment of candidates is carried out by the GNR
Komisaris terpilih kepada RUPS, untuk selanjutnya Committee, and the results are reported to the Board
diangkat oleh RUPS. of Commissioners for consideration in recommending
selected candidates to the GMS for appointment.
Secara umum, anggota Dewan Komisaris harus In general, members of the Board of Commissioners
memenuhi persyaratan peraturan perundang- must satisfy the requirements set out under the
undangan yang berlaku, termasuk UUPT, Peraturan prevailing laws and regulations, including the Company
Pasar Modal, dan/atau peraturan-peraturan bursa Law (UUPT), Capital Market regulations, and/or
efek dimana saham-saham Perseroan tercatat. Kriteria the regulations of the stock exchanges where the
calon anggota Dewan Komisaris Perseroan yaitu sebagai Company’s shares are listed. The criteria for candidates
berikut: for the Board of Commissioners are as follows:
a. Memenuhi persyaratan di bawah ini pada saat a. Meet the following requirements upon appointment
diangkat dan selama menjabat: and during their term of office:
1. Mempunyai akhlak, moral dan integritas yang 1. Possess good moral character, ethics, and
baik; integrity;
2. Cakap melakukan perbuatan hukum; 2. Competent in performing legal acts;
3. Dalam lima tahun sebelum pengangkatan dan 3. Within the five years prior to appointment and
selama menjabat: during their term of office:
• Tidak pernah dinyatakan pailit; • Have never been declared bankrupt;
• Tidak pernah menjadi anggota Dewan • Have never been a member of the Board of
Komisaris yang dinyatakan bersalah Commissioners found guilty of causing a
menyebabkan suatu perusahaan dinyatakan company to be declared bankrupt;
pailit;
• Tidak pernah dihukum karena melakukan • Have never been convicted of a crime that
tindak pidana yang merugikan keuangan caused financial losses to the state and/or
negara dan/atau yang berkaitan dengan related to the financial sector; and
sektor keuangan; dan
• Tidak pernah menjadi anggota Dewan • Have never been a member of the Board of
Komisaris suatu perusahaan yang selama Commissioners of a company that, during
menjabat: their term of office:
1. Pernah tidak menyelenggarakan RUPS 1. Has failed to hold an Annual General
Tahunan; Meeting of Shareholders;
2. Pertanggungjawabannya sebagai anggota 2. Has never been accepted as a member of
Dewan Komisaris pernah tidak diterima the Board of Commissioners by a General
RUPS atau pernah tidak memberikan Meeting of Shareholders or has never
pertanggungjawaban sebagai anggota provided accountability as a member of
Dewan Komisaris kepada RUPS; dan the Board of Commissioners to a General
Meeting of Shareholders; and
3. Pernah menyebabkan perusahaan 3. Has ever caused a company that
yang memperoleh izin, persetujuan has obtained a permit, approval, or
atau pendaftaran dari Otoritas Jasa registration from the Financial Services
Keuangan tidak memenuhi kewajiban Authority to fail to fulfill its obligation
menyampaikan laporan tahunan dan/ to submit an annual report and/or
atau laporan keuangan kepada Otoritas financial report to the Financial Services
Jasa Keuangan; Authority;
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b. Memiliki komitmen untuk mematuhi peraturan b. Have a commitment to comply with laws and
perundang-undangan; dan regulations; and
c. Memiliki pengetahuan dan/atau keahlian di bidang c. Have knowledge and/or expertise in the areas
yang dibutuhkan Perseroan, yaitu: required by the Company, namely:
1. pemahaman yang memadai mengenai industri 1. Adequate understanding of the natural
sumber daya alam, termasuk pengetahuan resources industry, including knowledge of the
mengenai kegiatan, operasi, manajemen, dan Company’s activities, operations, management,
pasar tempat Perseroan beroperasi; and markets in which it operates;
2. rekam jejak yang telah terbukti dalam industri 2. Proven track record in the natural resources
sumber daya alam atau industri padat aset industry or other relevant asset-intensive
lainnya yang relevan dan/atau keahlian di bidang industries and/or expertise in relevant areas—
yang relevan - misalnya, keuangan, akuntansi, for example, finance, accounting, auditing,
audit, pendanaan, hukum, pasar modal, atau funding, legal, capital markets, or other
keahlian lain yang diperlukan di perusahaan expertise required in a public company, public
terbuka, perusahaan publik, atau badan usaha company, or state-owned enterprise; and
milik negara; dan
3. pengetahuan tentang tugas dan tanggung 3. Knowledge of the duties and responsibilities of
jawab entitas utama dan pemahaman tentang the primary entity and an understanding of the
kegiatan dan risiko utama dalam bisnis dan key activities and risks in the Company’s business
operasi Perseroan; and operations;
d. tidak pernah dinyatakan bersalah atas tindak d. Never been found guilty of a criminal offense, breach
pidana, pelanggaran kepercayaan, ketidakjujuran, of trust, dishonesty, or fraudulent behavior;
atau perilaku curang;
e. tidak pernah diberhentikan dengan tidak hormat e. Never been dishonorably discharged from any
dari posisi pekerjaan apapun dalam 5 (lima) tahun employment position within the last 5 (five) years
terakhir sebelum proses pencalonan; prior to the nomination process;
f. tidak berada di bawah pengampuan; f. Not under guardianship;
g. tidak sedang dan tidak akan memegang jabatan g. Not currently holding and not likely to hold a position
yang memiliki atau berpotensi menimbulkan that has or could potentially create a conflict of
benturan kepentingan dengan Perseroan; interest with the Company;
h. mereka, orang tua, kakek/nenek, saudara kandung, h. They, their parents, grandparents, siblings, spouses,
suami/istri, anak, dan/atau cucu mereka tidak children, and/or grandchildren have no direct
mempunyai hubungan usaha baik langsung maupun or indirect business relationship related to the
tidak langsung yang berkaitan dengan kegiatan Company’s business activities, unless otherwise
usaha Perseroan, kecuali dinyatakan lain. Dalam stated. In any case, if they are appointed as
hal apapun, jika mereka ditunjuk sebagai komisaris commissioners of the Company, they must recuse
Perseroan, mereka harus mengundurkan diri dari themselves from the decision-making process
proses pengambilan keputusan yang melibatkan involving their family business with the Company.
bisnis keluarga mereka dengan Perseroan. Untuk For the avoidance of doubt, a candidate’s declaration
menghindari keraguan, pernyataan hubungan bisnis of a business relationship as referred to herein shall
sebagaimana dimaksud di sini oleh seorang kandidat not preclude such candidate from being a qualified
tidak akan menghalangi kandidat tersebut untuk candidate;
menjadi kandidat yang memenuhi syarat;
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i. bukan pengurus partai politik, calon anggota i. Not be officials of political parties, legislative
legislatif, dan/atau anggota legislatif di Dewan candidates, and/or legislative members of the
Perwakilan Rakyat, Dewan Perwakilan Daerah, House of Representatives, Regional Representative
Dewan Perwakilan Rakyat Daerah Provinsi, dan Council, Provincial People’s Representative Council,
Dewan Perwakilan Rakyat Daerah Kabupaten/Kota; and Regency/City People’s Representative Council;
j. bukan merupakan calon kepala daerah/wakil kepala j. Not be candidates for regional head/deputy regional
daerah dan/atau kepala daerah/wakil kepala daerah, head and/or regional head/deputy regional head,
termasuk pelaksana jabatan kepala daerah/wakil including acting regional head/deputy regional
kepala daerah; head;
k. syarat-syarat dan kriteria lain yang terdapat dalam k. such other requirements and criteria set out in the
Kebijakan Proses Nominasi dan Remunerasi. Nomination and Remuneration Process Policy.
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Masa Jabatan Term of Office
Sesuai Anggaran Dasar dan Piagam Dewan Komisaris, In accordance with the Company’s Articles of Association
masa jabatan anggota Dewan Komisaris berlaku efektif and the Board of Commissioners Charter, the term
sejak tanggal penutupan RUPS yang mengangkat of office of a member of the Board of Commissioners
anggota Dewan Komisaris tersebut atau sebagaimana becomes effective as of the closing of the General
ditentukan oleh RUPS, dan berakhir pada penutupan Meeting of Shareholders (GMS) that appoints such
RUPS Tahunan di tahun ketiga setelah tanggal member, or as otherwise determined by the GMS, and
pengangkatannya, tanpa mengurangi hak RUPS untuk shall expire at the closing of the Annual General Meeting
memberhentikannya pada setiap waktu dengan alasan of Shareholders (AGMS) in the third year following the
apapun, sesuai Anggaran Dasar Perseroan dan peraturan date of appointment, without prejudice to the right
perundang-undangan yang berlaku. Anggota Dewan of the GMS to dismiss the member at any time for
Komisaris yang telah selesai masa jabatannya dapat any reason in accordance with the Company’s Articles
diangkat kembali dengan memperhatikan ketentuan of Association and prevailing laws and regulations.
yang berlaku. Members of the Board of Commissioners whose term
has expired may be reappointed subject to applicable
regulations.
Komisaris Independen yang telah menjabat selama An Independent Commissioner who has served for
dua periode dapat diangkat kembali pada periode two terms may be reappointed for a subsequent term,
selanjutnya, sepanjang Komisaris Independen tersebut provided that the Independent Commissioner declares
menyatakan dirinya tetap independen sesuai Pasal his or her continued independence in accordance with
25 POJK Nomor 33/POJK.04/2014. Adapun Komisaris Article 25 of OJK Regulation No. 33/POJK.04/2014. An
Independen yang menjabat sebagai Ketua Komite Audit Independent Commissioner serving as Chair of the
hanya dapat diangkat kembali sebagai Komite Audit Audit Committee may only be reappointed as a member
pada satu periode masa jabatan berikutnya. of the Audit Committee for one additional term.
Masa jabatan anggota Dewan Komisaris akan berakhir The term of office of a member of the Board of
dalam kondisi sebagai berikut: Commissioners shall end under the following
circumstances:
1. Mengundurkan diri; 1. Resignation;
2. Dinyatakan pailit atau berdasarkan keputusan 2. Being declared bankrupt or placed under
pengadilan ditaruh di bawah pengampuan; guardianship pursuant to a court decision;
3. Diberhentikan berdasarkan keputusan RUPS; 3. Dismissal based on a resolution of the General
Meeting of Shareholders (GMS);
4. Dilarang menjadi anggota Dewan Komisaris karena 4. Being prohibited from serving as a member of the
peraturan perundang-undangan yang berlaku; Board of Commissioners under applicable laws and
regulations; or
5. Meninggal dunia atau tidak mampu untuk 5. Death or permanent incapacity to perform his or her
melaksanakan tugas - tugasnya sebagai Komisaris. duties as a Commissioner.
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Jumlah dan Komposisi Anggota Dewan Komisaris
Number and Composition of the Board of Commissioners’ Members
Penentuan jumlah anggota Dewan Komisaris mengacu The determination of the number of members of the
kepada Peraturan OJK Nomor 33/POJK.04/2014 tentang Board of Commissioners refers to OJK Regulation No.
Direksi dan Dewan Komisaris Emiten atau Perusahaan 33/POJK.04/2014 concerning the Board of Directors and
Publik, yakni paling kurang terdiri dari dua orang. Sesuai Board of Commissioners of Issuers or Public Companies,
Anggaran Dasar Perseroan dan Piagam Dewan Komisaris, which stipulates that the Board of Commissioners shall
keanggotaan Dewan Komisaris terdiri dari 10 anggota. consist of at least two members. In accordance with
Satu orang anggota sebagai Presiden Komisaris, satu the Company’s Articles of Association and the Board of
orang anggota sebagai Wakil Presiden Komisaris, dan Commissioners Charter, the Board of Commissioners
delapan orang anggota sebagai Komisaris. Sekurang- comprises 10 members, consisting of one President
kurangnya 30% dari seluruh jumlah Dewan Komisaris Commissioner, one Vice President Commissioner, and
terdiri dari Komisaris lndependen. eight Commissioners. At least 30% of the total members
of the Board of Commissioners must be Independent
Commissioners.
Susunan Dewan Komisaris per 31 Desember 2025 dan Masa Jabatan
Composition of the Board of Commissioners as of 31 December 2025 and Term of Office
Nama Jabatan Awal Masa Jabatan Akhir Masa Jabatan
Name Position Commencement of Term Expiry of Term
Presiden Komisaris RUPSLB 2025 RUPST 2028
F. S. Multhazar
President Commissioner EGMS 2025 AGMS 2028
Wakil Presiden Komisaris RUPST 2024 RUPST 2027
Emily Olson
Vice President Commissioner AGMS 2024 AGMS 2027
Komisaris RUPST 2024 RUPST 2027
Kristina Gauthier
Commissioner AGMS 2024 AGMS 2027
Komisaris RUPST 2025 RUPST 2028
Christopher McCleave
Commissioner AGMS 2025 AGMS 2028
Komisaris RUPST 2024 RUPST 2027
M. Jasman Panjaitan
Commissioner AGMS 2024 AGMS 2027
Komisaris RUPSLB 2025 RUPST 2028
Katherine Angela Oendoen
Commissioner EGMS 2025 AGMS 2028
Komisaris RUPSLB 2025 RUPST 2028
Shiro Imai
Commissioner EGMS 2025 AGMS 2028
Komisaris Independen RUPST 2024 RUPST 2027
Rudiantara
Independent Commissioner AGMS 2024 AGMS 2027
Komisaris Independen RUPSLB 2025 RUPST 2028
Retno L.P. Marsudi
Independent Commissioner EGMS 2025 AGMS 2028
Komisaris Independen RUPST 2024 RUPST 2027
Marita Alisjahbana
Independent Commissioner AGMS 2024 AGMS 2027
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Keberagaman Komposisi Dewan Komisaris
Diversity in the Composition of the Board of Commissioners
Jumlah dan komposisi Dewan Komisaris The number and composition of the Board of
mempertimbangkan keberagaman, termasuk Commissioners take into account diversity, including
keahlian, pengetahuan dan pengalaman, sehingga expertise, knowledge, and experience, thereby enabling
memungkinkan Dewan Komisaris memberikan saran the Board of Commissioners to provide independent
yang independen dan efektif kepada Direksi, serta and effective advice to the Board of Directors and to
mengambil keputusan terkait fungsi pengawasannya. make sound decisions in the exercise of its supervisory
function.
Aspek Keberagaman Anggota Dewan Komisaris
Diversity Aspects of the Board of Commissioners
Warga Negara | Nationality
Anggota Dewan Komisaris terdiri atas warga negara Indonesia, Jepang, Amerika Serikat, Kanada, dan Australia.
Members of the Board of Commissioners comprise citizens of Indonesia, Japan, United States of America, Canada, and
Australia.
Pendidikan | Educational Background
Anggota Dewan Komisaris memiliki latar belakang pendidikan Sarjana (S1), Pascasarjana (S2/Magister/Master) dan
S3 (Doktor/Ph.D) dengan bidang, meliputi akuntansi, bisnis, politik, hubungan internasional, teknik, geologi dan
pertambangan.
Members hold academic qualifications at the undergraduate (Bachelor’s), postgraduate (Master’s), and doctoral (Ph.D.)
levels, with academic disciplines including accounting, business, politics, international relations, engineering, geology, and
mining.
Pengalaman Kerja | Professional Experience
Anggota Dewan Komisaris memiliki pengalaman kerja di berbagai bidang, pada lembaga kementerian/pemerintahan,
badan usaha milik negara (BUMN) perusahaan swasta nasional dan multinasional.
Members possess professional experience across various sectors, including ministries/government institutions, state-
owned enterprises (SOEs), and national as well as multinational private companies.
Usia | Age
Usia anggota Dewan Komisaris berada pada rentang usia termuda 44 tahun dan tertua 70 tahun.
The age of Board members ranges from 44 years (youngest) to 70 years (oldest).
Gender
Terdapat Komisaris perempuan berjumlah lima orang.
The Board includes five female Commissioners.
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Komisaris Independen dan Pernyataan Independensi
Independent Commissioner and Independence Statement
Tiga anggota Dewan Komisaris Perseroan pada tahun In 2025, three members of the Company’s Board of
2025 merupakan Komisaris Independen. Jumlah Commissioners served as Independent Commissioners.
tersebut mencapai 30% dari seluruh anggota Dewan This represents 30% of the total members of the
Komisaris, sehingga telah memenuhi Peraturan OJK Board of Commissioners and therefore complies with
No.33/POJK.04/2014, yang menyatakan sekurang- OJK Regulation No. 33/POJK.04/2014, which requires
kurangnya 30% anggota Dewan Komisaris harus that at least 30% of the Board of Commissioners be
independen. independent.
Kriteria Komisaris Independen Criteria for Independent Commissioners
Komisaris Independen Perseroan dipilih berdasarkan The Company’s Independent Commissioners are
kriteria yang diatur dalam Peraturan OJK No. 33/ appointed based on the criteria set forth in OJK
POJK.04/2014, Piagam Dewan Komisaris, serta Kebijakan Regulation No. 33/POJK.04/2014, the Board of
Proses Nominasi dan Remunerasi, yakni: Commissioners Charter, and the Company’s Nomination
and Remuneration Process Policy, as follows:
1. Bukan merupakan orang yang pernah bekerja 1. Not having been employed by, or having had
atau mempunyai wewenang dan tanggung jawab authority and responsibility for planning, leading,
untuk merencanakan, memimpin, mengendalikan, controlling, or supervising the Company’s activities
atau mengawasi kegiatan Perseroan dalam waktu within the last six months prior to the proposed
enam bulan terakhir sebelum pengangkatan yang appointment, except for reappointment as an
diusulkan, kecuali untuk pengangkatan kembali Independent Commissioner for a subsequent term;
sebagai Komisaris lndependen Perseroan pada
periode berikutnya.
2. Tidak mempunyai kepemilikan saham Perseroan, 2. Not holding any shares in the Company, whether
baik langsung maupun tidak langsung. directly or indirectly;
3. Tidak mempunyai hubungan afiliasi dengan 3. Not having any affiliation with the Company,
Perseroan, anggota Dewan Komisaris, anggota members of the Board of Commissioners, members
Direksi, atau pemegang saham utama Perseroan. of the Board of Directors, or the Company’s major
shareholders;
4. Tidak mempunyai hubungan usaha baik langsung 4. Not having any direct or indirect business
maupun tidak langsung yang berkaitan dengan relationship related to the Company’s business
kegiatan usaha Perseroan. activities;
5. Bukan merupakan konsultan atau penasihat 5. Not serving as a consultant or advisor to the
Perseroan atau afiliasinya atau pemegang Company, its affiliates, or its shareholders, nor
sahamnya, atau pekerja yang terkait langsung being an employee directly associated with a service
dengan perusahaan penyedia jasa dan belum pernah provider company, and not having served as a service
menjadi perusahaan penyedia jasa sekurang- provider to the Company for at least the past two
kurangnya dalam dua tahun terakhir sebelum years prior to the proposed appointment;
penunjukan yang diusulkan.
6. Bukan merupakan pemasok/pelanggan utama atau 6. Not being a major supplier or customer, nor
terikat dalam perjanjian material dengan Perseroan being bound by any material agreement with the
atau afiliasinya atau pemegang sahamnya. Company, its affiliates, or its shareholders;
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7. Tidak sedang menduduki jabatan sebagai pengurus 7. Not holding any other position that may create a
partai politik dan/atau calon/anggota legislatif atau conflict of interest with his or her role; and
menduduki jabatan sebagai kepala/wakil kepala
daerah; dan
8. Tidak sedang menduduki jabatan lain yang dapat 8. Meeting any other requirements and criteria
menimbulkan benturan kepentingan dengan set forth in the Company’s Nomination and
jabatannya. Remuneration Process Policy.
Pernyataan Independensi Statement of Independence
Setelah dua masa jabatan penuh berturut-turut, Upon completion of two consecutive full terms, an
Komisaris Independen dapat terus menjabat sebagai Independent Commissioner may continue to serve as
Komisaris Independen dengan ketentuan Komisaris an Independent Commissioner provided that he or she
Independen tersebut menyatakan kepada RUPS bahwa declares to the General Meeting of Shareholders (GMS)
yang bersangkutan independen, dan menyampaikan that he or she remains independent and submits a
pernyataan tertulis untuk diungkapkan di dalam written statement to be disclosed in the Annual Report.
Laporan Tahunan. Pada tahun 2025, tidak ada anggota In 2025, no Independent Commissioner was reappointed
Komisaris Independen yang menjabat kembali sebagai after serving two consecutive full terms and therefore
Komisaris Independen setelah dua masa jabatan penuh no written statement of continued independence was
berturut-turut, dan telah menyampaikan pernyataan submitted.
tertulis independensi.
Kebijakan dan Frekuensi Rapat Dewan Komisaris
Board of Commissioners Meeting Policy and Frequency
Kebijakan Rapat Dewan Komisaris Policy on Meetings of the Board of
Commissioners
Sesuai Piagam Dewan Komisaris, Rapat Dewan In accordance with the Board of Commissioners Charter,
Komisaris diadakan paling sedikit enam kali dalam meetings of the Board of Commissioners are convened
satu tahun, dengan jarak tidak lebih dari dua bulan. at least six times per year, with intervals of no more
Setiap anggota Dewan Komisaris dapat menyampaikan than two months between meetings. Each member of
permintaan kepada sekretaris Dewan Komisaris the Board of Commissioners may request the Corporate
untuk menyelenggarakan rapat setiap waktu. Dewan Secretary of the Board of Commissioners to convene a
Komisaris mengadakan rapat dengan Direksi atau Rapat meeting at any time. The Board of Commissioners also
Gabungan, paling sedikit satu kali setiap empat bulan. holds joint meetings with the Board of Directors at least
once every four months.
Rapat Dewan Komisaris dan Rapat Gabungan dipimpin Meetings of the Board of Commissioners and joint
Presiden Komisaris. Dalam hal Presiden Komisaris tidak meetings are chaired by the President Commissioner.
hadir, maka Wakil Presiden Komisaris akan memimpin In the absence of the President Commissioner, the Vice
rapat, dan dalam hal Wakil Presiden Komisaris tidak President Commissioner shall chair the meeting; and
hadir maka Komisaris yang hadir menunjuk salah satu in the absence of the Vice President Commissioner,
dari mereka sebagai ketua untuk tujuan rapat tersebut. the Commissioners present shall appoint one among
Ketua rapat memastikan bahwa rapat telah memenuhi them to chair the meeting for such purpose. The Chair
kuorum. Rapat Dewan Komisaris dan Rapat Gabungan of the meeting ensures that quorum requirements are
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adalah sah dan berhak untuk mengambil keputusan yang met. Meetings of the Board of Commissioners and joint
sah dan mengikat hanya apabila sekurang-kurangnya meetings are valid and authorized to adopt binding
satu anggota Dewan Komisaris dari masing-masing resolutions only if at least one member of the Board of
pemegang saham yang memenuhi syarat untuk memiliki Commissioners representing each shareholder entitled
hak mencalonkan, dan lebih dari setengah dari jumlah to nomination rights, and more than half of the total
seluruh anggota Dewan Komisaris yang menjabat hadir incumbent members of the Board of Commissioners,
atau diwakili dengan surat kuasa dalam rapat. are present or represented by proxy at the meeting.
Dewan Komisaris mengambil keputusan berdasarkan Resolutions of the Board of Commissioners are adopted
musyawarah untuk mufakat. Dalam hal keputusan based on deliberation to reach consensus. In the event
berdasarkan musyawarah untuk mufakat tidak tercapai, that consensus cannot be achieved, resolutions shall be
maka keputusan diambil dengan pemungutan suara, adopted by voting based on a majority of affirmative
berdasarkan suara setuju terbanyak dari jumlah suara yang votes cast by members present or represented at
dikeluarkan para anggota Dewan Komisaris yang hadir a quorate meeting. Each member of the Board of
atau yang diwakili dalam rapat yang memenuhi kuorum. Commissioners is entitled to one vote, and the President
Setiap anggota Dewan Komisaris berhak mengeluarkan Commissioner holds a casting vote in meetings of the
satu suara, dan Presiden Komisaris memiliki suara yang Board of Commissioners.
menentukan dalam rapat Dewan Komisaris.
Rapat Dewan Komisaris dan Rapat Gabungan akan Minutes shall be prepared for each meeting of the
dituangkan dalam suatu minuta rapat yang akan Board of Commissioners and joint meeting, and
diedarkan untuk ditelaah dan disetujui. Minuta Rapat circulated for review and approval. Minutes of the
Dewan Komisaris harus ditandatangani seluruh Board of Commissioners’ meetings must be signed by
anggota Dewan Komisaris yang hadir dan disampaikan all members of the Board of Commissioners present
kepada seluruh anggota Dewan Komisaris. Minuta and distributed to all members of the Board of
Rapat Gabungan harus ditandatangani seluruh Commissioners. Minutes of joint meetings must be
anggota Dewan Komisaris dan Direksi yang hadir, serta signed by all members of the Board of Commissioners
disampaikan kepada seluruh anggota Dewan Komisaris and the Board of Directors present, distributed to all
dan Direksi, serta disimpan di buku minuta Perseroan members of the Board of Commissioners and the Board
pada kantor korporasi Perseroan. of Directors, and recorded in the Company’s minute
book at the Company’s corporate office.
Dewan Komisaris dapat mengambil keputusan yang The Board of Commissioners may adopt valid resolutions
sah tanpa mengadakan Rapat Dewan Komisaris, without convening a physical meeting, provided that
dengan ketentuan semua anggota Dewan Komisaris all members of the Board of Commissioners have
telah diberitahu secara tertulis mengenai usul been notified in writing of the relevant proposal and
yang bersangkutan, dan semua anggota Dewan have provided their written approval and signed the
Komisaris telah memberikan persetujuan tertulis dan corresponding consent. Resolutions adopted in this
menandatangani persetujuan terkait. Keputusan yang manner shall have the same legal force as resolutions
diambil dengan cara demikian mempunyai kekuatan validly adopted at a duly convened meeting of the
hukum yang sama dengan keputusan yang diambil Board of Commissioners.
secara sah dalam Rapat Dewan Komisaris.
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Keputusan Direksi yang Perlu Mendapat Board of Directors’ Actions Requiring
Persetujuan Dewan Komisaris Approval of the Board of Commissioners
Ketentuan mengenai tindakan Direksi yang memerlukan The provisions regarding actions of the Board of
persetujuan Dewan Komisaris diatur dalam Pasal 12 ayat Directors that require approval from the Board of
(4) Anggaran Dasar Perseroan. Informasi lebih lanjut Commissioners are stipulated in Article 12 paragraph
mengenai hal tersebut dapat dilihat pada https://vale. (4) of the Company’s Articles of Association. Further
com/in/indonesia/kebijakan-tata-kelola-perusahaan. information in this regard can be found at https://vale.
com/in/indonesia/kebijakan-tata-kelola-perusahaan.
Frekuensi Rapat dan Tingkat Kehadiran Board of Directors Meetings Frequency and
Dewan Komisaris Di Tahun 2025 Attendance Level in 2025
Dewan Komisaris menyelenggarakan 12 (dua belas) kali The Board of Commissioners convened 12 Board of
Rapat Dewan Komisaris dan 3 (tiga) kali Rapat Gabungan Commissioners meetings and 3 joint meetings during
selama tahun 2025. Jumlah dan tingkat kehadiran 2025. The number of meetings attended and the
setiap anggota Dewan Komisaris dalam rapat tersebut attendance rate of each member of the Board of
disampaikan dalam tabulasi berikut: Commissioners are presented in the following table:
Rapat Dewan Komisaris dan Tingkat Kehadiran Anggota Dewan Komisaris Tahun 2025
Board of Commissioners Meetings and Attendance Level of Board of Commissioners Members in 2025
Jumlah
Jumlah Rapat
Nama Jabatan Kehadiran % Kehadiran
Number of
Name Position Number of % of Attendance
Meetings
Attendance
Presiden Komisaris
M. Rachmat Kaimuddin4 7 7 100%
President Commissioner
Wakil Presiden Komisaris
Emily Olson 12 12 100%
Vice President Commissioner
Komisaris
Fabio Ferraz2 3 1 33.3%
Commissioner
Komisaris
Kristina Gauthier 12 12 100%
Commissioner
Komisaris
M. Jasman Panjaitan 12 12 100%
Commissioner
Komisaris
Edi Permadi4 7 7 100%
Commissioner
Komisaris
Yusuke Niwa4 7 7 100%
Commissioner
Rudiantara Komisaris Independen
12 12 100%
Independent Commissioner
Marita Alisjahbana Komisaris Independen
12 12 100%
Independent Commissioner
Komisaris Independen
Retno L.P. Marsudi1 12 12 100%
Independent Commissioner
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Jumlah
Jumlah Rapat
Nama Jabatan Kehadiran % Kehadiran
Number of
Name Position Number of % of Attendance
Meetings
Attendance
Komisaris
Christopher McCleave3 9 8 88.8%
Commissioner
Presiden Komisaris
F.S. Multhazar5 5 5 100%
President Commissioner
Komisaris
Katherine Angela Oendoen5 5 5 100%
Commissioner
Komisaris
Shiro Imai5 5 5 100%
Commissioner
Keterangan | Notes:
1: Menjabat sejak 14 Januari 2025 | Serving since January 14, 2025
2: Menjabat sampai dengan 16 Mei 2025 | Serving until May 16, 2025
3: Menjabat sejak 16 Mei 2025 | Serving since May 16, 2025
4: Menjabat sampai dengan 28 Juli 2025 | Serving until July 28, 2025
5: Menjabat sejak 28 Juli 2025 | Serving since July 28, 2025
Rapat Gabungan dan Tingkat Kehadiran Anggota Dewan Komisaris Tahun 2025
Joint Meetings and Attendance Level of Board of Commissioners Members in 2025
Tanggal Rapat
Jumlah Jumlah %
Meeting Date
Nama Jabatan Rapat Kehadiran Kehadiran
Name Position 24 22 24 Number of Number of % of
April Agustus Oktober Meetings Attendance Attendance
2025 2025 2025
M Rachmat Presiden Komisaris
Kaimuddin4 President v - - 1 1 100%
Commissioner
Wakil Presiden
Emily Olson Komisaris
v v v 3 3 100%
Vice President
Commissioner
Komisaris
Fabio Ferraz2 0 - - 1 0 -
Commissioner
Komisaris
Kristina Gauthier v v v 3 3 100%
Commissioner
M. Jasman Komisaris
v v v 3 3 100%
Panjaitan Commissioner
Komisaris
Edi Permadi4 v - - 1 1 100%
Commissioner
Komisaris
Yusuke Niwa4 v - - 1 1 100%
Commissioner
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Tanggal Rapat
Jumlah Jumlah %
Meeting Date
Nama Jabatan Rapat Kehadiran Kehadiran
Name Position 24 22 24 Number of Number of % of
April Agustus Oktober Meetings Attendance Attendance
2025 2025 2025
Komisaris
Rudiantara Independen
v v v 3 3 100%
Independent
Commissioner
Komisaris
Marita Alisjahbana Independen
v v v 3 3 100%
Independent
Commissioner
Komisaris
Independen
Retno L.P. Marsudi1 v v v 3 3 100%
Independent
Commissioner
Christopher Komisaris
- v v 2 2 100%
McCleave3 Commissioner
Presiden Komisaris
F.S. Multhazar5 President - v v 2 2 100%
Commissioner
Katherine Angela Komisaris
- v v 2 2 100%
Oendoen5 Commissioner
Komisaris
Shiro Imai5 - v v 2 2 100%
Commissioner
Keterangan | Notes:
1: Menjabat sejak 14 Januari 2025 | Serving since January 14, 2025
2: Menjabat sampai dengan 16 Mei 2025 | Serving until May 16, 2025
3: Menjabat sejak 16 Mei 2025 | Serving since May 16, 2025
4: Menjabat sampai dengan 28 Juli 2025 | Serving until July 28, 2025
5: Menjabat sejak 28 Juli 2025 | Serving since July 28, 2025
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Mata Acara Rapat
Meeting Agenda
Tanggal Rapat Mata Acara Rapat
No
Meeting Date Meeting Agenda
1. 19 Februari 2025 a. Pembahasan Keselamatan Kerja, Produksi, a. Discussion on Occupational Safety,
19 February 2025 ESG sd. Desember 2024 Production, and ESG performance up to
December 2024
b. Pembahasan Kinerja Perseroan sd. b. Discussion on the Company’s
Desember 2024 performance up to December 2024
c. Pembahasan Progres Proyek Strategis sd. c. Discussion on the progress of strategic
Desember 2024 projects up to December 2024
d. Pembahasan Corporate KPI sd. Desember d. Discussion on Corporate KPIs up to
2024 December 2024
e. Pembahasan Permohonan Persetujuan e. Discussion on the request for approval
Laporan Keuangan Tahun 2024 dan of the 2024 Financial Statements and
Laporan Auditor Eksternal External Auditor’s Report
f. Lain-lain f. Other matters
2. 24 April 2025 a. Pembahasan Keselamatan Kerja, Produksi, a. Discussion on Occupational Safety,
ESG sd. Maret 2025 Production, and ESG performance up to
March 2025
b. Pembahasan Kinerja Perseroan sd. Maret b. Discussion on the Company’s
2025 performance up to March 2025
c. Pembahasan Progres Proyek Strategis sd. c. Discussion on the progress of strategic
Maret 2025 projects up to March 2025
d. Pembahasan Permohonan Persetujuan d. Discussion on the request for approval of
Laporan Keuangan Kuartal 1 Tahun 2025 the Q1 2025 Financial Statements
e. Pembahasan terkait penunjukan audit e. Discussion on the appointment of the
eksternal untuk audit tahun 2025 external auditor for the 2025 audit
f. Pembahasan Usulan Remunerasi Dewan f. Discussion on the proposed remuneration
Komisaris Tahun Buku 2025 of the Board of Commissioners for
FY2025
g. Pembahasan Usulan Ketua RUPS Tahunan g. Discussion on the proposed Chair of the
Perseroan Annual GMS
h. Pembahasan Permohonan Persetujuan h. Discussion on the request for approval of
Proyek Integrated Mine Bahodopi the Bahodopi Integrated Mine Project
i. Pembahasan Permohonan Persetujuan i. Discussion on the request for approval
PPM (Pengembangan dan Pemberdayaan of the Community Development and
Masyarakat) di Blok Sorowako dan Empowerment Program (PPM) in the
Bahodopi Sorowako and Bahodopi Blocks
j. Laporan Komite Tata Kelola, Nominasi, j. Report of the Governance, Nomination,
Remunerasi Perseroan Tahun 2024 and Remuneration Committee for 2024
k. Laporan Komite Audit Kuartal I 2025 k. Audit Committee Report for Q1 2025
l. Laporan Komite Mitigasi Risiko Kuartal I l. Risk Mitigation Committee Report for Q1
2025 2025
m. Lain-lain m. Other matters
3. 6 Mei 2025 Permohonan Persetujuan Usulan Penggunaan Laba Bersih Tahun Buku 2024
6 May 2025 Request for approval of the proposed appropriation of net profit for FY2024
4. 25 Juni 2025 Pembahasan Permohonan Persetujuan Amendemen Perjanjian Offtake Nickel Matte
25 June 2025 Discussion on the request for approval of the amendment to the Nickel Matte Offtake
Agreement
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Tanggal Rapat Mata Acara Rapat
No
Meeting Date Meeting Agenda
5. 11 Juli 2025 a. Pembahasan Keselamatan Kerja, Produksi, a. Discussion on Occupational Safety,
11 July 2025 ESG sd. Mei 2025 Production, and ESG performance up to
May 2025
b. Pembahasan Kinerja Perseroan sd. Mei b. Discussion on the Company’s
2025 performance up to May 2025
c. Pembahasan Progres Proyek Strategis sd. c. Discussion on the progress of strategic
Mei 2025 projects up to May 2025
d. Laporan Komite Tata Kelola, Nominasi, d. Report of the Governance, Nomination,
Remunerasi Perseroan and Remuneration Committee
e. Lain-lain e. Other matters
6. 22 Juli 2025 a. Pembahasan usulan anggota Dewan a. Discussion on the proposed members of
22 July 2025 Komisaris the Board of Commissioners
b. Pembahasan usulan anggota Direksi b. Discussion on the proposed members of
the Board of Directors
c. Lain-lain c. Other matters
7. 25 Juli 2025 a. Pembahasan usulan anggota Dewan a. Discussion on the proposed members of
25 July 2025 Komisaris the Board of Commissioners
b. Pembahasan Permohonan Persetujuan b. Discussion on the request for approval of
Ketua RUPS Luar Biasa the Chair of the Extraordinary GMS
c. 22 Agustus 2025 a. Pembahasan Keselamatan Kerja, Produksi, a. Discussion on Occupational Safety,
22 August 2025 ESG 1H 2025 Production, and ESG performance for 1H
2025
b. Pembahasan Kinerja Perseroan sd. 1H 2025 b. Discussion on the Company’s
performance up to 1H 2025
c. Pembahasan Progres Proyek Strategis c. Discussion on the progress of strategic
Tahun 1H 2025 projects for 1H 2025
d. Pembahasan 1H 2025 Corporate Strategy d. Discussion on 1H 2025 Corporate Strategy
and Performance Objectives and Performance Objectives
e. Pembahasan Permohonan Persetujuan e. Discussion on the request for approval of
Program Sosial: Kolaka Healthy, Clean, and the Social Program: Kolaka Healthy, Clean,
Empowered and Empowered
f. Laporan Komite Audit Kuartal II 2025 f. Audit Committee Report for Q2 2025
g. Laporan Komite Mitigasi Risiko Kuartal II g. Risk Mitigation Committee Report for Q2
2025 2025
h. Lain-lain h. Other matters
d. 17 September a. Pembahasan usulan anggota Direksi a. Discussion on the proposed members of
2025 the Board of Directors
b. Pembahasan Permohonan Persetujuan b. Discussion on the request for approval of
Ketua RUPS Luar Biasa the Chair of the Extraordinary GMS
c. Pembahasan Permohonan Persetujuan c. Discussion on the request for approval
Remunerasi Anggota Direksi Tahun Buku of the remuneration of the Board of
2025 Directors for FY2025
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Tanggal Rapat Mata Acara Rapat
No
Meeting Date Meeting Agenda
d. 24 Oktober 2025 a. Pembahasan Keselamatan Kerja, Produksi, a. Discussion on Occupational Safety,
24 October 2025 ESG sd. September 2025 Production, and ESG performance up to
September 2025
b. Pembahasan Kinerja Perseroan sd. b. Discussion on the Company’s
September 2025 performance up to September 2025
c. Pembahasan Progres Proyek Strategis sd. c. Discussion on the progress of strategic
September 2025 projects up to September 2025
d. Pembahasan Permohonan Persetujuan d. Discussion on the request for approval of
Laporan Keuangan Kuartal 3 Tahun 2025 the Q3 2025 Financial Statements
e. Pembahasan Permohonan Persetujuan e. Discussion on the request for approval of
Kebijakan Komersial the Commercial Policy
f. Laporan Komite Audit Kuartal III 2025 f. Audit Committee Report for Q3 2025
g. Laporan Komite Mitigasi Risiko Kuartal III g. Risk Mitigation Committee Report for Q3
2025 2025
h. Lain-lain h. Other matters
e. 19 November 2025 a. Pembahasan Anggaran Tahunan 2026 a. Discussion on the 2026 Annual Budget
b. Pembahasan RJPP Tahun 2026 – 2030 b. Discussion on the 2026–2030 Long-Term
Corporate Plan (RJPP)
c. Lain-lain c. Other matters
f. 12 Desember 2025 a. Pembahasan Jaminan Reklamasi dan a. Discussion on Reclamation and Post-
12 December 2025 Jaminan Pasca Tambang Mining Guarantees
b. Pembahasan Permohonan Persetujuan b. Discussion on the request for approval
Kebijakan terkait Finansial dan Manajemen of policies related to finance and risk
Risiko management
c. Lain-lain c. Other matters
Pelatihan Untuk Peningkatan Kompetensi Anggota Dewan Komisaris
Competency Enhancement Training for Members of the Board of
Commissioners
Kebijakan Pelatihan Training Policy
Kebijakan pelatihan bagi anggota Dewan Komisaris The training policy for members of the Board
diatur dalam Piagam Dewan Komisaris. Sesuai kebijakan of Commissioners is stipulated in the Board of
tersebut, anggota Dewan Komisaris akan berpartisipasi Commissioners Charter. Pursuant to this policy,
dalam kesempatan pendidikan/pelatihan yang members of the Board of Commissioners participate in
diberikan, guna mengembangkan dan meningkatkan educational and training programs provided to develop
meningkatkan keterampilan, teknik, dan pengetahuan and enhance their skills, technical capabilities, and
umum tentang Perseroan dan industri pertambangan. general knowledge of the Company and the mining
industry.
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Program Pengenalan untuk Anggota Dewan Induction Program for Newly Appointed
Komisaris Baru Members of the Board of Commissioners
Perseroan memiliki program pengenalan bagi anggota The Company has established an induction program
baru Dewan Komisaris, yang bertujuan mengenalkan for newly appointed members of the Board of
dan memahami profil serta kegiatan usaha Perseroan, Commissioners, aimed at providing an understanding of
sehingga mereka dapat melaksanakan tugas-tugasnya the Company’s profile and business activities, thereby
secara efektif dan efisien. Pada tahun 2025 program enabling them to perform their duties effectively
pengenalan Perseroan dilaksanakan kepada anggota and efficiently. In 2025, the Company conducted an
baru Dewan Komisaris. Materi yang diberikan meliputi induction program for newly appointed members of
Anggaran Dasar Perseroan; Rencana Kerja 5 Tahun the Board of Commissioners. The materials provided
Perseroan; Norma Delegasi Kewenangan; Manajemen under the program included the Company’s Articles of
Risiko Perusahaan; Struktur Organisasi Perseroan; Association; the Company’s Five-Year Work Plan; the
Piagam Dewan Komisaris serta piagam komite di bawah Delegation of Authority Framework; Enterprise Risk
Dewan Komisaris; Piagam Direksi serta unit kerja di Management; the Company’s organizational structure;
bawah Direksi; Kode Perilaku Perseroan; Kebijakan the Board of Commissioners Charter and the charters
dan Pedoman Utama Perseroan; Laporan Tahunan of committees under the Board of Commissioners; the
Perseroan dan Laporan Keberlanjutan Perseroan; serta Board of Directors Charter and organizational units
Kalender Rapat Tahunan Direksi dan Dewan Komisaris under the Board of Directors; the Company’s Code of
serta komite di bawah Dewan Komisaris. Conduct; key Company policies and guidelines; the
Company’s Annual Report and Sustainability Report;
as well as the annual meeting calendar of the Board of
Directors, the Board of Commissioners, and committees
under the Board of Commissioners.
Pelaksanaan Pelatihan Lain Pelaksanaan Pelatihan Lain
PT Vale menyertakan anggota Dewan Komisaris PT Vale Indonesia Tbk facilitates the participation of
pada pelatihan yang ditujukan untuk peningkatan members of the Board of Commissioners in training
kompetensi maupun kapasitas dalam menjalankan programs aimed at enhancing their competence and
fungsi pengawasan. capacity in performing their supervisory functions.
Program Pelatihan yang Diikuti Anggota Dewan Komisaris Tahun 2025
Training Programs Attended by Members of the Board of Commissioners in 2025
Nama Kegiatan dan Penyelenggara Tanggal
Name Activity and Organizer Date
Water and Sustainability: Singapore Water Week 23 Juni 2025 | June 23, 2025
Governance and Leadership: UOB Jakarta 6 Agustus 2025 | August 6, 2025
Retno L.P. Marsudi
Women Empowerment: Danantara 23 September 2025
Governance: Pertamina Hulu Energy 8 Oktober 2025 | October 8, 2025
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Direksi
Board of Directors (BOD)
Direksi adalah badan eksekutif Perseroan yang The Board of Directors is the executive body of the
bertanggung jawab atas pengurusan Perseroan sehari- Company responsible for the effective and efficient
hari secara efektif dan efisien untuk kepentingan day-to-day management of the Company for the
Perseroan, dan sesuai dengan prinsip tata kelola benefit of the Company, and in accordance with the
perusahaan yang baik serta maksud dan tujuan principles of good corporate governance and the
Perseroan, termasuk pelaksanaan anggaran dan purposes and objectives of the Company, including the
rencana kerja tahunan Perseroan. Dalam menjalankan implementation of the Company's annual budget and
tugas dan tanggung jawabnya, Direksi diawasi oleh, work plan. In carrying out its duties and responsibilities,
dan menerima saran dari Dewan Komisaris, dan untuk the Board of Directors is supervised by, and receives
tindakan tertentu memerlukan persetujuan Dewan advice from, the Board of Commissioners, and for
Komisaris dan/atau RUPS. certain actions requires the approval of the Board of
Commissioners and/or the GMS.
Tugas, Tanggung Jawab dan Kewenangan Direksi
Duties, Responsibilities and Authorities of the Board of Directors
Direksi adalah badan pengambilan keputusan secara The Board of Directors is a collegial decision-making
kolegial. Tugas, tanggung jawab dan kewenangan body. The duties, responsibilities, and authorities of the
anggota Direksi ditentukan berdasarkan Anggaran Board of Directors are determined by the Company's
Dasar Perseroan, Piagam Direksi dan kebijakan Articles of Association, the Delegation of Authority
Perseroan lainnya yang relevan. Norms, the Board of Directors Charter, and other
relevant Company policies.
Informasi mengenai Anggaran Dasar Perseroan dan Information regarding the Company's Articles of
Piagam Dewan Direksi dapat diakses melalui situs web Association and the Charter of the Board of Directors
Perseroan, pada tautan https://vale.com/in/indonesia/ can be accessed via the Company's website, at the link
kebijakan-tata-kelola-perusahaan. https://vale.com/in/indonesia/company-management-
policy.
Pembagian Tugas dan Tanggung Jawab Allocation of Roles and Responsibilities of
Anggota Direksi Board of Directors Members
Pembagian tugas dan tanggung jawab masing-masing The division of duties and responsibilities of each
anggota Direksi ditentukan sesuai dengan Anggaran member of the Board of Directors is determined in
Dasar Perseroan, Struktur Tata Kelola Direksi, dan accordance with the Company's Articles of Association,
peraturan perundang-undangan yang berlaku. the Board of Directors' Governance Structure, and
applicable laws and regulations.
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Pembagian Tugas dan Tanggung Jawab Masing-Masing Anggota Direksi
Distribution of Duties and Responsibilities of the Board of Directors
Jabatan | Position Tugas dan Tanggung Jawab | Duties and Responsibilities
President dan Chief Executive Seluruh kegiatan usaha dan juga bertanggung jawab khusus untuk kepemimpinan
Officer strategis, governans perusahaan, hukum, kepatuhan, dan audit internal.
President and Chief Executive All business activities and is specifically responsible of strategic leadership, corporate
Officer governance, legal, compliance and internal audit.
Wakil Presiden Direktur dan Chief Pelaksanaan strategi operasi dan pemeliharaan tambang, fasilitas smelter, pembangkit
Operation and Infrastructure listrik, logistik, keselamatan dan kesehatan kerja, lingkungan hidup, dan manajemen
Officer aset.
Vice President Director and Chief Implementation of operation strategy and maintenance, smelter facilities, power
Operation and Infrastructure generation, logistics, occupational safety and health, environment, and asset
Officer management.
Direktur dan Chief Human Capital Manajemen sumber daya manusia, hubungan industrial, general affairs, general facility,
Officer yayasan pendidikan, dan rumah sakit.
Director and Chief Human Capital Human resource management, industrial relations, general affairs, general facilities,
Officer education foundation, and hospital.
Direktur dan Chief Sustainability Urusan perusahaan, pertanahan, perizinan, dan keamanan, perumusan strategi
and Corporate Affairs Officer lingkungan, sosial, dan tata kelola, serta pengembangan dan pelaksanaan program-
Director and Chief Sustainability program tanggung jawab sosial perusahaan.
and Corporate Affairs Office Corporate affairs, land, licensing, and security, formulation of environmental, social,
and governance strategy, as well as the development and implementation of corporate
social responsibility program.
Direktur dan Chief Financial Keuangan, akuntansi, perpajakan, treasury, hubungan dengan investor, manajemen
Officer risiko, komersial, dan teknologi informasi.
Director and Chief Financial Finance, accounting, taxation, treasury, investor relations, risk management,
Officer commercial, and information technology.
Direktur dan Chief Project Perencanaan dan eksekusi proyek pertumbuhan, kesehatan, keselamatan kerja, dan
Officer lingkungan hidup proyek, serta manajemen joint venture dan pelaksanaan kegiatan
eksplorasi proyek.
Director and Chief Project Officer Plan and execute growth, health, occupational safety, and environmental projects, and
joint venture management, dan project exploration activities.
Direktur dan Chief Strategy and Strategi dan pengembangan usaha, inovasi, eksplorasi, manajemen portofolio, strategi
Technical Officer manajemen aset, strategi kesehatan dan keselamatan kerja, dan pengadaan barang dan
Director and Chief Strategy and jasa.
Technical Officer Business strategy and development, innovation, exploration, portfolio management,
asset management strategy, occupational health and safety strategy, and procurement.
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Pelaksanaan Tugas, Tanggung Jawab dan Wewenang Direksi
Implementation of Duties, Responsibilities and Authorities of the Board of
Directors
Selama tahun 2025 Direksi telah melaksanakan tugas, In 2025, the Board of Directors had carried out its
tanggung jawab dan wewenangnya, meliputi antara duties, responsibilities and authorities, including,
lain: among others:
• Direksi secara komprehensif, akurat dan tepat waktu • The Board of Directors had comprehensively,
telah menyampaikan laporan kepada Perseroan, accurately and timely submitted reports to the
pemegang saham ataupun pemangku kepentingan, Company, shareholders and stakeholders regarding
mengenai kegiatan bisnis dan sosial Perseroan the Company's business and social activities in
secara umum; general;
• Direksi bertindak secara tepat waktu dan mengambil • The Board of Directors had acted in a timely manner
segala keputusan yang diperlukan terkait bisnis and makes all necessary decisions regarding the
dan operasi Perseroan, guna memaksimalkan nilai Company's business and operations to maximize
jangka panjang bagi pemegang saham. Tindakan long-term value for shareholders. The actions and
dan keputusan yang diambil telah sesuai ketentuan decisions taken were in accordance with applicable
hukum dan perundang-undangan, atau kewajiban laws and regulations, or other applicable obligations.
lainnya yang berlaku;
• Direksi telah melakukan proses penetapan anggaran • The Board of Directors had carried out a
tahunan secara komprehensif dan memantau comprehensive annual budget determination
kinerja keuangan dan operasional Perseroan, serta process and monitored the Company's financial
memastikan kesesuaian dengan rencana bisnis and operational performance, as well as ensured
tahunan yang telah disetujui oleh Dewan Komisaris; compliance with the annual business plan approved
by the Board of Commissioners;
• Secara berkesinambungan Direksi mengkaji rencana • The Board of Directors had continuously reviewed
strategis jangka pendek dan jangka panjang, short-term and long-term strategic plans and their
serta pelaksanaannya dalam semua bidang implementation across all key areas of activity. This
kegiatan utama. Hal tersebut dilakukan dengan was done by taking into account important factors,
memerhatikan faktor-faktor penting, antara lain including developments in market conditions,
perkembangan kondisi pasar, perubahan peraturan, changes in regulations, laws, and relevant
hukum, dan teknologi yang terkait; technology.
• Direksi memastikan standar integritas dan perilaku • The Board of Directors had ensured the highest
etika tertinggi di manajemen dan pekerja Perseroan, standards of integrity and ethical behavior in
dengan menerapkan kebijakan, prosedur dan the Company's management and employees, by
proses-proses yang diperlukan; implementing the necessary policies, procedures
and processes;
• Direksi telah berupaya meminimalkan dampak • The Board of Directors had endeavored to minimize
operasi terhadap masyarakat dan lingkungan hidup the impact of operations on the surrounding
sekitar, serta memastikan keberlanjutan usaha community and environment, and to ensure the
Perseroan. sustainability of the Company's business.
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Piagam Direksi
Board of Directors Charter
Direksi telah memiliki Piagam Direksi yang telah The Board of Directors has a Board of Directors
disetujui oleh Dewan Komisaris Perseroan pada 27 Juni Charter that was approved by the Company's Board of
2024, dan efektif ditandatangani oleh masing-masing Commissioners on June 27, 2024, and effectively signed
anggota Dewan Komisaris pada tanggal 28 Juni 2024. by each member of the Board of Commissioners on
Piagam Direksi menjadi pedoman bagi Direksi dalam June 28, 2024. The Board of Directors Charter serves as
menjalankan fungsi pengawasannya. Piagam Direksi a guideline for the Board of Directors in carrying out its
ditinjau dan diperbarui secara berkala. Informasi supervisory function. The Board of Directors Charter
mengenai Piagam Direksi dapat diakses melalui situs is reviewed and updated periodically. Information
web Perseroan. regarding the Board of Directors Charter can be
accessed through the Company's website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Penunjukan dan Kriteria Keanggotaan Direksi
BOD Membership Appointment and Criteria
Para anggota Direksi diangkat dan diberhentikan oleh The members of the Board of Directors are appointed
RUPS. Presiden Direktur, Wakil Presiden Direktur dan and dismissed by the GMS. The President Director, Vice
dua orang Direktur lainnya, termasuk penggantinya, President Director and two other Directors, including
diangkat dari calon-calon yang diusulkan oleh para their replacements, are appointed from candidates
pemegang saham Perseroan yang memenuhi syarat proposed by the Company's shareholders who meet
untuk memiliki hak mencalonkan. Nominasi calon the requirements to have the right to nominate. The
anggota Direksi lainnya dilakukan oleh Komite TNR, nomination of other candidates for members of the
dengan mempertimbangkan pemenuhan persyaratan Board of Directors is carried out by the TNR Committee,
serta sesuai Kebijakan Proses Nominasi dan Remunerasi. taking into account the fulfillment of requirements and
Penilaian dilakukan oleh Komite TNR dan hasil penilaian in accordance with the Nomination and Remuneration
terhadap calon dilaporkan kepada Dewan Komisaris Process Policy. The assessment is carried out by the
untuk pertimbangan dalam merekomendasikan calon TNR Committee and the results of the assessment of
Direktur terpilih, sebelum menyampaikan rekomendasi candidates are reported to the Board of Commissioners
kepada RUPS, untuk selanjutnya diangkat oleh RUPS. for consideration in recommending the selected Director
candidates, before submitting the recommendation to
the GMS, to be subsequently appointed by the GMS.
Secara umum, anggota Dewan Komisaris harus In general, members of the Board of Commissioners
memenuhi persyaratan peraturan perundang- must meet the requirements of applicable laws and
undangan yang berlaku, termasuk UUPT, Peraturan regulations, including the Company Law, Capital
Pasar Modal, dan/atau peraturan-peraturan bursa Market Regulations, and/or the regulations of the
efek dimana saham-saham Perseroan tercatat. Calon stock exchange where the Company's shares are listed.
anggota Direksi juga harus memenuhi kriteria: Prospective members of the Board of Directors must
• Memiliki karakter yang baik, moral yang baik, also meet the following criteria:
dan integritas yang baik, keahlian, pengalaman, • Have good character, good morals, and good
kemampuan kepemimpinan dan dedikasi yang integrity, expertise, experience, leadership skills
tinggi untuk memajukan dan mengembangkan and high dedication to advance and develop the
perusahaan; company;
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• Memiliki pengetahuan dan/atau keahlian di bidang • Have knowledge and/or expertise in the fields
yang dibutuhkan Perseroan sesuai dengan Kebijakan required by the Company in accordance with the
Proses Nominasi dan Remunerasi Perseroan; Company's Nomination and Remuneration Process
Policy;
• Tidak pernah dinyatakan bersalah karena tindak • Never been found guilty of any criminal offence,
pidana, pelanggaran, kepercayaan, ketidakjujuran misconduct, misconduct, dishonesty or fraudulent
atau perilaku curang; conduct;
• Tidak pernah diberhentikan dengan tidak hormat • Never been dishonorably discharged from any
dari posisi pekerjaan apapun selama 5 tahun employment position during the 5 years prior to the
sebelum proses nominasi; nomination process;
• Tidak sedang dalam pengampuan; • Not under pardon;
• Tidak sedang dan tidak akan menduduki • Not currently and will not hold a position that has
jabatan yang berpotensi menimbulkan benturan the potential to cause a conflict of interest with the
kepentingan dengan Perseroan; Company;
• Calon, orang tua, kakek nenek, saudara kandung, • The candidate, his/her parents, grandparents,
pasangan, anak dan/atau cucunya tidak memiliki siblings, spouse, children and/or grandchildren
hubungan usaha, secara langsung atau secara tidak shall not have any business relationship, directly
langsung, terkait dengan kegiatan usaha Perseroan, or indirectly, related to the Company's business
kecuali apabila dinyatakan sebaliknya. Dalam activities, unless stated otherwise. In all cases, if
segala hal, apabila calon diangkat sebagai anggota the candidate is appointed as a member of the
Direksi Perseroan, calon harus mengundurkan diri Company's Board of Directors, the candidate
dari setiap proses pengambilan keputusan yang must withdraw from any decision-making process
melibatkan hubungan usaha keluarga tersebut di involving the aforementioned family business
atas dengan Perseroan; relationship with the Company;
• Bukan pengurus partai politik, calon anggota • Not a political party administrator, legislative
legislatif, dan/atau anggota legislatif pada Dewan candidate, and/or legislative member of the People's
Perwakilan Rakyat, Dewan Perwakilan Daerah, Representative Council, Regional Representative
Dewan Perwakilan Rakyat Daerah Provinsi, dan Council, Provincial People's Representative Council,
Dewan Perwakilan Rakyat Daerah Kabupaten/Kota; and Regency/City People's Representative Council;
• Bukan calon kepala/wakil kepala daerah dan/atau • Not a candidate for regional head/deputy regional
kepala/wakil kepala daerah, termasuk pejabat head and/or regional head/deputy regional head,
kepala/wakil kepada daerah; dan including acting regional head/deputy regional
head; and
• Syarat-syarat dan kriteria lain yang terdapat dalam • Other terms and criteria set out in the Nomination
Kebijakan Proses Nominasi dan Remunerasi. and Remuneration Process Policy.
Masa Jabatan
Term of Office
Sesuai Anggaran Dasar dan Piagam Direksi, masa In accordance with the Articles of Association and the
jabatan anggota Direksi berlaku efektif sejak tanggal Charter of the Board of Directors, the term of office
penutupan RUPS yang mengangkat anggota Direksi of the members of the Board of Directors is effective
tersebut atau sebagaimana ditentukan oleh RUPS, dan from the closing date of the GMS that appointed the
berakhir pada penutupan RUPS Tahunan di tahun ketiga members of the Board of Directors or as determined
setelah tanggal pengangkatannya, tanpa mengurangi by the GMS, and ends at the closing of the Annual GMS
hak RUPS untuk memberhentikannya pada setiap in the third year after the date of their appointment,
waktu dengan alasan apapun sesuai Anggaran Dasar without prejudice to the right of the GMS to dismiss
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Perseroan dan peraturan perundang-undangan yang them at any time for any reason in accordance with the
berlaku. Setiap anggota Direksi dapat dipilih kembali Company's Articles of Association and applicable laws
atau diangkat kembali menjadi anggota Direksi pada and regulations. Each member of the Board of Directors
akhir masa jabatannya atau pada setiap RUPS. may be re-elected or re-appointed as a member of the
Board of Directors at the end of their term of office or
at each GMS.
Masa jabatan anggota Direksi akan berakhir dalam The term of office of members of the Board of Directors
kondisi sebagai berikut: will end under the following conditions:
1. Mengundurkan diri; 1. Resignation;
2. Dinyatakan pailit atau berdasarkan keputusan 2. Declared bankrupt or based on a court decision
pengadilan ditaruh di bawah pengampuan; placed under guardianship;
3. Diberhentikan berdasarkan keputusan RUPS; 3. Dismissed based on the decision of the GMS;
4. Dilarang menjadi anggota Direksi karena peraturan 4. Prohibited from becoming a member of the Board
perundang-undangan yang berlaku; of Directors due to applicable laws and regulations;
5. Meninggal dunia atau tidak mampu untuk 5. Deceased or is unable to carry out his duties as a
melaksanakan tugas-tugasnya sebagai Direksi. Director.
Jumlah dan Komposisi Anggota Direksi
BOD Membership Number and Composition
Penentuan jumlah dan komposisi anggota Direksi The determination of the number and composition of the
mengacu pada ketentuan perundang-undangan Board of Directors refers to the provisions of applicable
yang berlaku, termasuk Peraturan OJK Nomor 33/ laws and regulations, including OJK Regulation Number
POJK.04/2014 tentang Direksi dan Dewan Komisaris 33/POJK.04/2014 concerning the Board of Directors and
Emiten atau Perusahaan Publik, yakni paling sedikit Board of Commissioners of Issuers or Public Companies,
terdiri dari dua orang. Sesuai Anggaran Dasar Perseroan which consists of at least two people. In accordance with
dan Piagam Direksi, anggota Direksi Perseroan terdiri the Company's Articles of Association and the Board of
dari tujuh anggota dengan satu orang sebagai Presiden Directors Charter, the Company's Board of Directors
Direktur, satu orang sebagai Wakil Presiden Direktur, consists of seven members with one person as President
dan lima anggota sebagai Direktur. Director, one person as Vice President Director, and five
members as Directors.
Susunan Direksi per 31 Desember 2025 dan Masa Jabatan
Composition of the Board of Directors as of December 31, 2025 and Term of Office
Nama Jabatan Awal Masa Jabatan Akhir Masa Jabatan
Name Position Beginning of Term Ending of Term
Presiden Direktur
Bernardus Irmanto RUPSLB 2025 RUPST 2027
President Director
Wakil Presiden Direktur
Abu Ashar RUPST 2024 RUPST 2027
Vice President Director
Heriyanto Agung Putra Direktur | Director RUPSLB 2025 RUPST 2028
Budiawansyah Direktur | Director RUPSLB 2025 RUPST 2028
Rizky Andhika Putra Direktur | Director RUPST 2024 RUPST 2027
Muhammad Asril Direktur | Director RUPST 2024 RUPST 2027
M. Slamet Sugiharto Direktur | Director RUPSLB 2025 RUPST 2028
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Keberagaman Komposisi Direksi
Diversity in the Composition of the Board of Director
Jumlah dan komposisi Direksi mempertimbangkan The number and composition of the Board of
keberagaman keahlian, pengetahuan dan pengalaman Directors takes into account the diversity of expertise,
sehingga memungkinkan Direksi mengambil keputusan knowledge and experience to enable the Board of
yang independen dan efektif dalam rangka mencapai Directors to make independent and effective decisions
maksud dan tujuan Perseroan serta memenuhi in order to achieve the Company's aims and objectives
kebutuhan Perseroan. Faktor keragaman dalam and meet the Company's needs. The diversity factor in
komposisi Direksi dapat dilihat dari pendidikan, the composition of the Board of Directors can be seen
pengalaman kerja, usia, gender, dan kewarganegaraan, from education, work experience, age, gender, and
di dalam profil masing-masing anggota Direksi di citizenship, in the profile of each member of the Board
Laporan Tahunan ini. of Directors on this Annual Report.
Aspek Keberagaman Anggota Direksi
Diversity Aspects of Board of Directors Members
Warga Negara | Nationality
Seluruh anggota Direksi adalah warga negara Indonesia
All members of the Board of Directors are Indonesian citizens
Pendidikan | Educational Background
Anggota Direksi memiliki latar belakang jenjang pendidikan Sarjana (S1), Pascasarjana (S2/Magister/Master) dan S3
(Doktor/Ph.D) dengan bidang keilmuan meliputi teknologi komputer, manajemen, teknik mesin, dan geologi.
Members of the Board of Directors have educational backgrounds of Bachelor's (S1), Postgraduate (S2/Magister/Master)
and Doctoral (Ph.D) degrees with scientific fields including computer technology, management, mechanical engineering
and geology.
Pengalaman Kerja | Professional Experience
Anggota Direksi memiliki pengalaman kerja di berbagai bidang usaha, baik pada perusahaan swasta nasional dan
multinasional.
The members of the Board of Directors have work experience in various business fields, both in national and
multinational private companies.
Usia | Age
Usia anggota Direksi berada pada rentang usia termuda 33 tahun dan tertua 57 tahun.
The age of the members of the Board of Directors is in the age range of the youngest 33 years and the oldest 57 years
Gender
Sampai dengan bulan April 2025 ada satu orang anggota Direksi perempuan yakni Febriany Eddy. Namun pada akhir
tahun 2025 seluruh anggota Direksi adalah laki-laki.
As of April 2025, there was one female member of the Board of Directors, Febriany Eddy. However, by the end of 2025, all
members of the Board of Directors were male.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Kebijakan dan Frekuensi Rapat Direksi
Policy and Frequency of Board Meetings
Kebijakan Rapat Direksi Board of Directors Meeting Policy
Sesuai Piagam Direksi, Rapat Direksi wajib diadakan In accordance with the Board of Directors Charter, a
paling sedikit satu kali dalam satu bulan. Setiap Board of Directors Meeting must be held at least once
anggota Direksi dapat menyampaikan permintaan a month. Any member of the Board of Directors may
kepada Sekretaris Perseroan untuk menyelenggarakan submit a request to the Corporate Secretary to hold a
rapat setiap waktu. Direksi juga mengadakan rapat meeting at any time. The Board of Directors also holds
dengan Dewan Komisaris atau Rapat Gabungan paling meetings with the Board of Commissioners or Joint
sedikit satu kali setiap empat bulan, untuk melaporkan Meetings at least once every four months, to report
tindakan-tindakan yang telah diambil oleh Direksi. on actions taken by the Board of Directors. In addition,
Sebagai tambahan, Direksi akan, setelah konsultasi the Board of Directors will, after consultation with legal
dengan konsultan hukum dan segera setelah serta counsel and as soon as reasonably practicable, report to
sewajarnya dapat dilaksanakan, melaporkan kepada the Board of Commissioners any event or circumstance
Dewan Komisaris setiap peristiwa atau keadaan yang that has a reasonable possibility of occurring or arising
memiliki kemungkinan yang wajar untuk terjadi atau before the next scheduled report and when the
muncul sebelum laporan terjadwal berikutnya dan occurrence of such event or circumstance will require
saat terjadinya peristiwa atau keadaan tersebut akan disclosure of information to the general investing public
memerlukan keterbukaan informasi kepada masyarakat and/or regulatory authorities.
investasi umum dan/atau otoritas regulator.
Rapat Direksi dipimpin oleh Presiden Direktur. Dalam hal The Board of Directors meeting is chaired by the
Presiden Direktur tidak hadir pada Rapat Direksi, Wakil President Director. If the President Director is not
Presiden Direktur akan memimpin rapat dan dalam present at the Board of Directors meeting, the Vice
hal Wakil Presiden Direktur tidak hadir, maka Direktur President Director will chair the meeting. If the
yang hadir menunjuk salah satu dari mereka sebagai Vice President Director is not present, the Directors
ketua untuk tujuan rapat tersebut. Ketua Rapat Direksi present will appoint one of their number as chair for
memastikan bahwa Rapat Direksi memenuhi kuorum. the purpose of the meeting. The Chair of the Board of
Adapun Rapat Gabungan dipimpin oleh Presiden Directors meeting ensures that the Board of Directors
Komisaris. meeting has a quorum. Joint Meetings are chaired by
the President Commissioner.
Rapat Direksi adalah sah dan berhak untuk mengambil The Board of Directors' meeting is valid and has the
keputusan yang sah dan mengikat hanya apabila right to take valid and binding decisions only if at least
sekurang-kurangnya satu orang anggota dari masing- one member from each of the shareholders who meets
masing para pemegang saham yang memenuhi syarat the requirements to have the right to nominate and
untuk memiliki hak mencalonkan dan lebih dari 1/2 more than 1/2 of the total number of members are
bagian dari jumlah seluruh anggota Direksi yang present. The members of the Board of Directors who
menjabat hadir atau diwakili dengan surat kuasa are in office are present or represented by a power of
dalam rapat. Apabila kuorum kehadiran tersebut tidak attorney at the meeting. If the quorum for attendance
terpenuhi dalam waktu setengah jam dari waktu rapat is not met within half an hour of the specified meeting
yang ditentukan, atau apabila kuorum tersebut menjadi time, or if the quorum becomes insufficient during the
tidak terpenuhi selama berjalannya suatu rapat Direksi, course of a Board of Directors meeting, the Directors
para Direktur yang hadir harus menunda rapat Direksi present must postpone the Board of Directors meeting
ke tempat dan waktu yang ditentukan yang tidak to a specified place and time no later than two working
lebih lama dari dua hari kerja dan tidak lebih dari lima days and no later than five working days after the initial
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
hari kerja setelah tanggal awal dan rapat yang ditunda date and the postponed meeting is valid and entitled
tersebut adalah sah dan berhak untuk mengambil to make decisions if attended by more than ½ of the
keputusan apabila dihadiri oleh lebih dari ½ bagian dari total number of members of the Board of Directors. The
jumlah seluruh anggota Direksi. Pemanggilan untuk summons for the postponed meeting must be given to
rapat yang ditunda tersebut harus diberikan kepada all members of the Board of Directors no later than one
seluruh anggota Direksi paling lambat satu hari kerja working day before the date of the postponed meeting.
sebelum tanggal rapat yang ditunda tersebut.
Direksi mengambil keputusan berdasarkan musyawarah The Board of Directors makes decisions based on
untuk mufakat. Dalam hal keputusan berdasarkan deliberation to reach consensus. In the event that a
musyawarah untuk mufakat tidak tercapai, maka decision based on deliberation to reach consensus
keputusan diambil dengan pemungutan suara is not reached, then the decision is made by voting
berdasarkan suara setuju terbanyak dari jumlah suara based on the majority of affirmative votes from the
yang dikeluarkan para anggota Direksi yang hadir atau number of votes cast by the members of the Board of
diwakili dalam rapat yang memenuhi kuorum, dengan Directors present or represented at the meeting that
ketentuan bahwa mata acara rapat untuk menyetujui fulfills the quorum, with the provision that the meeting
anggaran tahunan, rencana bisnis lima tahun, dan agenda item is to approve the annual budget, five-
rencana bisnis jangka panjang Perseroan, persetujuan year business plan, and the long-term business plan
berdasarkan suara setuju terbanyak tersebut harus of the Company, the approval based on the majority
mencakup suara setuju dari anggota Direksi yang of affirmative votes must include the affirmative votes
ditunjuk dari sekurang-kurangnya satu orang anggota of the members of the Board of Directors appointed
dari masing-masing pemegang saham yang memenuhi from at least one member from each shareholder who
syarat untuk memiliki hak mencalonkan. Setiap meets the requirements to have the right to nominate.
anggota Direksi berhak mengeluarkan satu suara dan Each member of the Board of Directors is entitled to
baik Presiden Direktur maupun Wakil Presiden Direktur cast one vote and neither the President Director nor
tidak memiliki suara yang menentukan dalam rapat the Vice President Director has a deciding vote in the
Direksi. Direksi dapat juga mengambil keputusan yang Board of Directors meeting. The Board of Directors may
sah tanpa mengadakan rapat Direksi, dengan ketentuan also make valid decisions without holding a Board of
semua anggota Direksi telah diberitahu secara tertulis Directors meeting, provided that all members of the
mengenai usul yang bersangkutan dan semua anggota Board of Directors have been notified in writing of the
Direksi telah memberikan persetujuan tertulis dan proposal in question and all members of the Board of
menandatangani persetujuan terkait. Directors have given their written approval and signed
the relevant agreement.
Setiap Rapat Direksi dapat diselenggarakan dengan Each Board of Directors Meeting may be held by
cara telekonferensi, video conference atau sarana teleconference, video conference or other electronic
media elektronik lainnya, sepanjang diperbolehkan oleh media means, as long as it is permitted by applicable laws
peraturan perundang-undangan yang berlaku, apabila and regulations, if such method allows all participants to
cara tersebut memungkinkan semua peserta untuk hear each other, or see and hear directly, and participate
saling mendengar, atau melihat dan mendengar secara in the meeting. Participation of members of the Board
langsung, serta berpartisipasi dalam rapat. Partisipasi of Directors in the Board of Directors meeting through
anggota Direksi rapat Direksi melalui cara tersebut this method is considered to be in person, including for
dianggap kehadiran secara langsung, termasuk untuk quorum and voting. The Board of Directors meeting will
kuorum dan pengambilan suara. Rapat Direksi akan be set out in a meeting minutes and will be circulated
dituangkan dalam suatu minuta rapat dan akan for review and approval by the Board of Directors. All
diedarkan untuk ditelaah dan disetujui oleh Direksi. minutes of the Board of Directors meeting are signed
Seluruh minuta rapat Direksi ditandatangani Direktur by the Directors present and delivered to all members of
yang hadir dan disampaikan kepada seluruh anggota the Board of Directors, and recorded in the Company's
Direksi, serta disimpan di buku minuta Perseroan. minutes book.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Frekuensi Rapat dan Tingkat Kehadiran Frequency of Board of Directors Meetings
Direksi di Tahun 2025 and Attendance Level in 2025
Direksi menyelenggarakan 44 kali Rapat Direksi dan 3 The Board of Directors held 44 Board of Directors
kali Rapat Gabungan selama tahun 2025. Jumlah dan Meetings and 3 Joint Meetings during 2025. The number
tingkat kehadiran setiap anggota Direksi dalam rapat and attendance rate of each Board of Directors member
tersebut disampaikan dalam tabulasi berikut: at these meetings are presented in the following table:
Rapat Direksi dan Tingkat Kehadiran Anggota Direksi Tahun 2025
Board of Directors Meetings and Attendance Level of Board of Directors Members in 2025
Jumlah Rapat Jumlah Kehadiran
Nama Jabatan % Kehadiran
Number of Number of Atten-
Name Position % of Attendance
Meetings dance
Presiden Direktur
Febriany Eddy1 10 7 70
President Director
Wakil Presiden Direktur
Abu Ashar 44 44 100
Vice President Director
Adriansyah Chaniago2 Direktur | Director 22 21 95
Direktur | Director
Bernardus Irmanto Presiden Direktur3 44 44 100
President Director
Rizky Andhika Putra Direktur | Director 44 44 100
Muhammad Asril Direktur | Director 44 44 100
Luke Mahony4 Direktur | Director 31 28 90
Heriyanto Agung Putra3 Direktur | Director 22 22 100
Budiawansyah4 Direktur | Director 22 22 100
M. Slamet Sugiharto5 Direktur | Director 13 13 100
Keterangan notes:
1: Menjabat hingga 21 April 2025 | Serving since January 14, 2025
2: Menjabat hingga 28 Juli 2025 | Serving until May 16, 2025
3: Menjabat sejak 28 Juli 2025 | Serving since May 16, 2025
4: Menjabat hingga 14 September 2025 | Serving until July 28, 2025
5: Menjabat sejak 23 September 2025 | Serving since July 28, 2025
Rapat Gabungan dan Tingkat Kehadiran Anggota Direksi Tahun 2025
Joint Meetings and Attendance Level of Board of Directors Members in 2025
Tanggal Rapat Jumlah
Jumlah
Meeting Date Rapat % Kehadiran
Nama Jabatan Kehadiran
Number % of
Name Position 22 24 Number of
24 April of Attendance
Agustus Oktober Attendance
Meetings
Presiden Direktur
Febriany Eddy1 - - - - - -
President Director
Wakil Presiden
Direktur
Abu Ashar √ √ √ 3 3 100
Vice President
Director
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Tanggal Rapat Jumlah
Jumlah
Meeting Date Rapat % Kehadiran
Nama Jabatan Kehadiran
Number % of
Name Position 22 24 Number of
24 April of Attendance
Agustus Oktober Attendance
Meetings
Adriansyah Chaniago2 Direktur | Director √ - - 1 1 100
Direktur | Director
Bernardus Irmanto Presiden Direktur3 √ √ √ 3 3 100
President Director
Rizky Andhika Putra Direktur | Director √ √ √ 3 3 100
Muhammad Asril Direktur | Director √ √ √ 3 3 100
Luke Mahony4 Direktur | Director √ √ - 2 2 100
Heriyanto Agung
Direktur | Director - √ √ 2 2 100
Putra3
Budiawansyah3 Direktur | Director - √ √ 2 2 100
M. Slamet Sugiharto 5
Direktur | Director - - √ 1 1 100
Keterangan Notes:
1: Menjabat hingga 21 April 2025 | Serving since April 21, 2025
2: Menjabat hingga 28 Juli 2025 | Serving until July 28, 2025
3: Menjabat sejak 28 Juli 2025 | Serving since July 28, 2025
4: Menjabat hingga 14 September 2025 | Serving until September 14, 2025
5: Menjabat sejak 23 September 2025 | Serving since September 23, 2025
Mata Acara Rapat Gabungan
All of Meeting agenda’s
Tanggal Rapat Mata Acara Rapat
No.
Meeting Date Meeting Agenda
• Pembahasan Keselamatan Kerja, Produksi, ESG s.d. Maret 2025
• Pembahasan Kinerja Perseroan s.d. Maret 2025
24 April 2025 • Pembahasan Progres Proyek Strategis s.d. Maret 2025
1.
April 24, 2025 • Discussion on Occupational Health and Safety, Production, and ESG up to March 2025
• Discussion on the Company’s Performance up to March 2025
• Discussion on the Progress of Strategic Projects up to March 2025
• Pembahasan Keselamatan Kerja, Produksi, ESG 1H 2025
• Pembahasan Kinerja Perseroan s.d. 1H 2025
22 Agustus 2025 • Pembahasan Progres Proyek Strategis Tahun 1H 2025
2.
August 22, 2025 • Discussion on Occupational Health and Safety, Production, and ESG for 1H 2025
• Discussion on the Company’s Performance for 1H 2025
• Discussion on the Progress of Strategic Projects for 1H 2025
• Pembahasan Keselamatan Kerja, Produksi, ESG s.d. September 2025
• Pembahasan Kinerja Perseroan s.d. September 2025
24 Oktober 2025 • Pembahasan Progres Proyek Strategis s.d. September 2025
3.
October 24, 2025 • Discussion on Occupational Health and Safety, Production, and ESG up to September 2025
• Discussion on the Company’s Performance up to September 2025
• Discussion on the Progress of Strategic Projects up to September 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pelatihan Untuk Peningkatan Kompetensi Anggota Direksi
Competency Enhancement Training for Members of the Board of Directors
Kebijakan Pelatihan Training Policy
Kebijakan pelatihan bagi anggota Direksi diatur The training policy for members of the Board of Directors
dalam Piagam Direksi. Sesuai kebijakan tersebut, is set out in the Board of Directors Charter. Pursuant
anggota Direksi akan berpartisipasi dalam kesempatan to this policy, members of the Board of Directors will
pendidikan/pelatihan yang diberikan untuk participate in educational/training opportunities
mengembangkan dan meningkatkan kemampuan provided to develop and enhance their management
dan teknik manajemennya, serta pengetahuan umum skills and techniques, as well as their general knowledge
mengenai Perseroan dan industri pertambangan. of the Company and the mining industry.
Program Pengenalan Untuk Anggota Induction Program for New Board Members
Direksi Baru
Perseroan memiliki program pengenalan bagi The Company has an induction program for new
anggota baru Direksi agar mereka dapat mengenal members of the Board of Directors so that they can
dan memahami profil dan kegiatan usaha Perseroan, become familiar with and understand the Company's
sehingga dapat melaksanakan tugas-tugasnya secara profile and business activities, so they can carry out
efektif dan efisien. their duties effectively and efficiently.
Pelaksanaan Pelatihan Lain Implementation of Other Training
Selama tahun 2025, anggota Direksi mengikuti 52 Throughout 2025, the Board of Directors members
pelatihan dan pengembangan kapasitas dalam participated in 52 training and capacity‑building
pengelolaan Perseroan, serta selalu mengikuti progres programs related to the management of the
terkini terhadap perkembangan bisnis. Company, while also staying up to date with the latest
developments and progress in the business.
Jumlah Kegiatan Pelatihan dan Pengembangan Kapasitas Tahun 2025 yang Diikuti Direksi
Board of Directors Total Training and Capacity Building Activities in 2025
Nama Jabatan Jumlah Kegiatan
Name Position Number of Activities
Presiden Direktur
Bernardus Irmanto 23
President Director
Wakil Presiden Direktur
Abu Ashar 2
Vice President Director
Rizky Andhika Putra Direktur | Director 8
Muhammad Asril Direktur | Director -
Heriyanto Agung Putra Direktur | Director 10
Budiawansyah Direktur | Director 9
M. Slamet Sugiharto Direktur | Director -
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Penilaian Kinerja Dewan Komisaris dan Direksi
Performance Assessment of the Board of Commissioners
and Board of Directors
Dewan Komisaris maupun Direksi harus melakukan The Board of Commissioners and the Board of Directors
penilaian atas kinerja mereka dalam menjalankan must assess their performance in carrying out their
fungsi, tugas dan tanggung jawabnya. functions, duties and responsibilities.
Prosedur, Kriteria, dan Hasil Penilaian Kinerja Dewan Komisaris
Procedures, Criteria, and Results of the Board of Commissioners'
Performance Assessment
Penilaian kinerja Dewan Komisaris dilakukan berdasarkan The Board of Commissioners' performance assessment
prinsip peninjauan sendiri atas pelaksanaan tugas is conducted based on the principle of self-review of the
dan tanggung jawab. Dewan Komisaris melaporkan implementation of its duties and responsibilities. The
kegiatannya dan kinerja Perseroan untuk setiap tahun Board of Commissioners reports on its activities and the
buku, dan mengungkapkan laporan tersebut di Laporan Company's performance for each fiscal year and discloses
Tahunan untuk diusulkan kepada RUPS agar disetujui dan this report in the Annual Report to be proposed to the
diratifikasi. GMS for approval and ratification.
Kriteria penilaian meliputi: The assessment criteria include:
Struktur Kesesuaian struktur organisasi Dewan Komisaris
Structure Assessing the adequacy of the organizational structure of the Board of Commissioners
• Pembahasan dan pemberian rekomendasi atas penyusunan Rencana Kerja dan Anggaran
Perseroan (RKAP) secara tahunan
• Penelaahan atas Strategi dan Sasaran Kinerja Korporasi serta pelaksanaan strategi tersebut,
secara tahunan dan semesteran
Strategi & Kinerja • Pengawasan atas realisasi Rencana Kerja dan Anggaran Perseroan secara triwulanan
Strategy & Performance • Discussing and providing recommendations on the annual preparation of the Company’s
Work Plan and Budget
• Reviewing the Company’s corporate strategy and performance objective, as well as the
implementation of such strategy, on an annual and semi-annual basis
• Supervising the quarterly realization of the Company’s Work Plan and Budget
Tata Kelola & Organisasi
Pemenuhan pernyataan benturan kepentingan (tahunan)
Governance &
Ensuring the annual fulfillment of conflict-of-interest declarations
Organization
Fungsi Dewan dan
Kehadiran dalam Rapat Dewan Komisaris, Rapat Gabungan Dewan Komisaris dan Direksi
Dinamika Tim
Attendance at meetings of the Board of Commissioners and joint meetings of the Board of
Board Function and Team
Commissioners and the Board of Directors
Dynamics
Berdasarkan hasil penilaian yang dilakukan Dewan Based on the assessment conducted by the Board of
Komisaris, diperoleh hasil bahwa kinerja Dewan Komisaris Commissioners, the Board of Commissioners' performance
di tahun 2025 memperlihatkan kinerja baik. Dewan in 2025 demonstrated good performance. The Board of
Komisaris mampu melaksanakan tugas-tugas pengawasan Commissioners was able to carry out its supervisory
yang menjadi tanggung jawabnya. duties.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Prosedur, Kriteria, dan Hasil Penilaian Kinerja Direksi
Procedures, Criteria, and Results of the Board of Directors' Performance
Assessment
Penilaian kinerja Direksi dilakukan Dewan Komisaris The Board of Commissioners conducts performance
berdasarkan pencapaian indikator kinerja utama (KPI) assessments of the Board of Directors based on
yang telah ditetapkan di awal tahun buku. Kriteria the achievement of key performance indicators
penilaian kinerja Direksi adalah sebagai berikut: (KPIs) established at the beginning of the fiscal year.
The criteria for assessing the Board of Directors'
performance are as follows:
1. Financial 1. Financial
• EBITDA • EBITDA
Menggambarkan kemampuan Perseroan dalam Describes the Company's ability to produce
menghasilkan kinerja operasional yang sehat healthy and sustainable operational performance
dan berkelanjutan melalui penciptaan nilai dari through value creation from business activities.
kegiatan usaha.
• Adjusted Cash Cost • Adjusted Cash Cost
Mencerminkan tingkat efisiensi biaya produksi Reflects the level of production cost efficiency
serta efektivitas pengendalian biaya operasional and the effectiveness of the Company's
Perseroan. operational cost control.
• Nickel Matte Production • Nickel Matte Production
Menunjukkan kesesuaian terhadap rencana Demonstrates compliance with established
dan anggaran produksi nickel matte yang telah nickel matte production plans and budgets.
ditetapkan.
• Nickel Ore Sales • Nickel Ore Sales
Mengukur kontribusi dari optimalisasi penjualan Measuring the contribution of ore sales
bijih sebagai bagian dari strategi pertumbuhan optimization as part of a revenue growth and
dan diversifikasi pendapatan. diversification strategy.
2. Customer 2. Customer
• Strategic Partnerships • Strategic Partnerships
Mencerminkan keberhasilan Perseroan dalam Reflects the Company's success in building and
membangun dan menjaga kemitraan strategis maintaining sustainable strategic partnerships
yang berkelanjutan serta memberikan nilai and providing added value for the Company and
tambah bagi Perseroan dan mitra usaha. business partners.
3. Internal Business Process 3. Internal Business Process
• Process Safety Incident • Process Safety Incident
Mengukur efektivitas pengelolaan keselamatan Measuring the effectiveness of process safety
proses untuk mencegah insiden dan menjaga management to prevent incidents and maintain
keandalan operasional. operational reliability.
• Critical Control Verification • Critical Control Verification
Menunjukkan tingkat efektivitas kontrol Demonstrates the level of effectiveness of
terhadap risiko operasi. controls against operational risks.
• % Completion of Carve‑out • % Completion of Carve-out
Menggambarkan kemajuan proses carve‑out Describes the progress of the carve-out process
pascadivestasi. post-divestment.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
• Delivery of Growth Projects • Delivery of Growth Projects
Mengukur keberhasilan pelaksanaan proyek Measuring the success of growth project
pertumbuhan dari aspek ketepatan waktu, implementation in terms of timeliness, cost
pengendalian biaya, dan kualitas hasil. control, and quality of results.
4. Learning & Growth 4. Learning & Growth
• People Productivity • People Productivity
Mencerminkan upaya Perseroan dalam Reflects the Company's efforts to improve the
meningkatkan produktivitas dan kapabilitas sumber productivity and capabilities of human resources
daya manusia melalui pengembangan talenta serta through talent development and the application
penerapan prinsip keberagaman, kesetaraan, dan of the principles of diversity, equality and
inklusi. inclusion.
• Kegiatan Keberlanjutan Kami • Sustainability of our activities
Menunjukkan komitmen Perseroan terhadap praktik Demonstrates the Company's commitment to
keberlanjutan, termasuk pengelolaan emisi gas sustainability practices, including greenhouse
rumah kaca, kinerja LST, serta kepatuhan terhadap gas emissions management, ESG performance,
standar pertambangan yang bertanggung jawab. and compliance with responsible mining
standards.
Berdasarkan penilaian yang dilakukan Dewan Komisaris Based on the Board of Commissioners' assessment, the
diperoleh hasil, kinerja Direksi pada tahun 2025 dinilai Board of Directors' performance in 2025 was deemed very
sangat baik dengan sebagian besar target berhasil good, with most targets achieved and even exceeding
dicapai dan bahkan melampaui ekspektasi. Namun expectations. However, the Board of Commissioners
demikian Dewan Komisaris mencatat, terdapat ruang noted that there is room for improvement in financial
untuk peningkatan pada kinerja keuangan. performance.
Penilaian Dewan Komisaris terhadap Kinerja Komite
Board of Commissioners’ Assessment of Committee Performance
Dalam melaksanakan tugas dan tanggung jawab In carrying out its duties and responsibilities of
pengawasan pengelolaan Perseroan dan pemberian overseeing the Company's management and providing
nasihat kepada Direksi, Dewan Komisaris dibantu advice to the Board of Directors, the Board of
oleh Komite Audit; Komite Tata Kelola, Nominasi, dan Commissioners is assisted by the Audit Committee;
Remunerasi; serta Komite Mitigasi Risiko. the Governance, Nomination, and Remuneration
Committee; and the Risk Mitigation Committee.
Prosedur dan Kriteria Penilaian Assessment Procedures and Criteria
Penilaian dilakukan oleh Dewan Komisaris melalui The assessment is conducted by the Board of
laporan berkala pelaksanaan tugas yang disampaikan Commissioners through periodic reports on the
masing-masing Komite kepada Dewan Komisaris. implementation of their duties submitted by each
Kriteria penilaian didasarkan pada kepatuhan terhadap Committee to the Board of Commissioners. The
piagam, serta realisasi kerja/pelaksanaan tugas assessment criteria are based on compliance with the
masing-masing Komite berdasarkan target yang telah charter and the realization of each Committee's work/
ditetapkan di awal tahun. duty implementation based on targets established at
the beginning of the year.
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Hasil Penilaian Assessment Results
Berdasar hasil penilaian yang dilakukan Dewan Based on the assessment conducted by the Board
Komisaris, diperoleh hasil di tahun 2025 seluruh komite of Commissioners, all committees under the Board
di bawah Dewan Komisaris telah menjalankan tugas of Commissioners have effectively carried out their
dan tanggung jawabnya dengan efektif. Seluruh komite duties and responsibilities in 2025. All committees
juga telah menjunjung standar kompetensi dan kualitas have also upheld high standards of competence and
yang baik. Informasi mengenai pelaksanaan tugas quality. Information regarding the implementation of
selama tahun 2025 disampaikan terpisah pada bahasan duties during 2025 will be presented separately in the
masing-masing Komite. respective committee discussions.
Penilaian Direksi terhadap Unit Kerja Pendukung Direksi
Board of Directors’ Assessment of BOD Supporting Work Units
Direksi tidak memiliki komite pendukung, namun The Board of Directors does not have supporting
terdapat unit kerja yang mendukung pelaksanaan committees; however, there are working units that
tugas, tanggung jawab, dan wewenang dalam support the execution of its duties, responsibilities, and
mengurus Perseroan. Unit kerja dimaksud membantu authorities in managing the Company. These work units
Direksi dalam pelaksanaan pengendalian internal, assist the Board of Directors in implementing internal
manajemen risiko, keberlanjutan, komunikasi dengan control, risk management, sustainability, stakeholder
para pemangku kepentingan serta penyusunan laporan communication, and the preparation of accountability
pertanggungjawaban. reports.
Prosedur dan Kriteria Penilaian Assessment Procedures and Criteria
Direksi melakukan penilaian melalui laporan berkala The Board of Directors conducts assessments
pelaksanaan tugas yang disampaikan masing-masing through periodic reports on the implementation of
unit kerja. Kriteria penilaian didasarkan pada kepatuhan tasks submitted by each work unit. The assessment
terhadap piagam, serta realisasi kerja/pelaksanaan criteria are based on compliance with the charter
tugas masing-masing unit kerja berdasarkan target and the realization of each work unit's work/task
yang telah ditetapkan di awal tahun. implementation based on targets established at the
beginning of the year.
Hasil Penilaian Assessment Results
Berdasarkan hasil penilaian yang dilakukan Direksi, Based on the Board of Directors' assessment, the Board
diperoleh hasil pada tahun 2025 unit kerja-unit kerja of Directors' supporting work units effectively carried
pendukung Direksi telah menjalankan tugas dan out their duties and responsibilities in 2025. All work
tanggung jawabnya dengan efektif. Seluruh unit kerja units also upheld high standards of competence and
juga telah menjunjung standar kompetensi dan kualitas quality. Information regarding the implementation
yang baik. Informasi mengenai pelaksanaan tugas of duties during 2025 is presented separately in the
selama tahun 2025 disampaikan terpisah pada bahasan discussion of each work unit.
masing-masing unit kerja.
2025 Annual Report 251
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Nominasi dan Remunerasi Dewan Komisaris dan Direksi
Nomination and Remuneration of the Board of
Commissioners and Directors
Nominasi/Suksesi Dewan Komisaris Dan Direksi
Nominations/Succession Board of Commissioners and Directors
Nominasi anggota Dewan Komisaris dan Direksi, The nomination of members of the Board of
melibatkan Komite Tata Kelola, Nominasi, dan Commissioners and the Board of Directors involves
Remunerasi (Komite TNR) yang dibentuk berdasarkan the Governance, Nomination, and Remuneration
Peraturan OJK Nomor 34/POJK.04/2014. Penjelasan Committee (TNR Committee) which was established
mengenai nominasi anggota Dewan Komisaris, based on OJK Regulation Number 34/POJK.04/2014. An
disampaikan di Laporan Tahunan ini, pada bahasan: explanation regarding the nomination of members of
Penunjukan dan Kriteria Keanggotaan Dewan Komisaris. the Board of Commissioners is presented on this Annual
Adapun uraian mengenai nominasi anggota Direksi, Report, in the discussion: Appointment and Criteria
disampaikan di Laporan Tahunan ini, dalam bahasan: for Membership of the Board of Commissioners. The
Penunjukan dan Kriteria Keanggotaan Direksi. description regarding the nomination of members
of the Board of Directors is presented on this Annual
Report, in the discussion: Appointment and Criteria for
Membership of the Board of Directors
Kebijakan Remunerasi Dewan Komisaris dan Direksi
BOC and BOD Remuneration Policy
Kebijakan dan Prosedur Penetapan Remuneration Policy for the Board of
Remunerasi Dewan Komisaris Commissioners and Directors
Perseroan memiliki kebijakan memberikan remunerasi The Company has a policy of providing remuneration
hanya kepada Komisaris dari Indonesia, yang ditetapkan only to Indonesian Commissioners, which is determined
berdasarkan rekomendasi Komite TNR kepada Dewan based on the TNR Committee's recommendation
Komisaris. Rekomendasi remunerasi disampaikan to the Board of Commissioners. Remuneration
dalam suatu struktur dan jumlah yang telah recommendations are presented in a structure and
mempertimbangkan kondisi pasar pada industri yang amount that takes into account market conditions in
sama. Dewan Komisaris kemudian mengusulkan nilai the industry. The Board of Commissioners then proposes
remunerasi tahunan tersebut kepada para pemegang the annual remuneration to shareholders for approval
saham untuk disetujui di dalam RUPS Tahunan. at the Annual General Meeting of Shareholders.
Struktur dan Besaran Remunerasi Dewan Structure and Amount of Remuneration for
Komisaris the Board of Commissioners
Dalam memberikan rekomendasi suatu struktur dan In recommending a remuneration structure and amount,
jumlah remunerasi, KTNR berpedoman pada indikator the GNR Committee adheres to industry benchmarks
acuan penetapan remunerasi berupa tolok ukur industri obtained from various credible sources, which include
yang diperoleh dari berbagai sumber yang memiliki the Company’s HR function, consultations with other
kredibilitas. Sumber-sumber yang menjadi acuan di public companies, and consultations with industry
antaranya fungsi SDM Perseroan, konsultasi dengan experts outside the Company.
perusahaan publik lain, dan konsultasi dengan ahli di
bidang industri dari luar Perseroan.
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Dalam RUPS Tahunan 2025, pemegang saham At the 2025 Annual General Meeting of Shareholders,
menyetujui remunerasi untuk anggota Dewan shareholders approved remuneration for members of
Komisaris yaitu sebesar jumlah sampai dengan Rp64 the Board of Commissioners of up to Rp64 billion. Board
miliar. Komponen besaran remunerasi bagi Komisaris of Commissioners’ remuneration consists of salary and
terdiri dari gaji dan imbalan pekerjaan jangka pendek. short-term employment benefits. The Company does
Perseroan tidak memberikan bonus kinerja, bonus non- not provide performance bonuses, non-performance
kinerja, dan/atau opsi saham kepada Dewan Komisaris. bonuses, and/or stock options to the Board of
Commissioners.
Remunerasi Komisaris Satuan
2025 2024 2023
Commissioners’ Remuneration Unit
Jumlah Komisaris Orang
6 6 5
Number of Commissioners Person
Gaji dan Imbalan Jangka Pendek Ribuan AS$
1,846 918 657
Short Term Salaries and Benefits Thousand US$
Kebijakan dan Prosedur Remunerasi Direksi Remuneration Policies and Procedures
Rekomendasi remunerasi kepada Direksi disampaikan Remuneration recommendations to the Board of
dalam suatu struktur dan jumlah remunerasi, dengan Directors are submitted in a structure and amount
mempertimbangkan kinerja Perseroan dan imbal of remuneration, taking into account the Company's
hasil relatif pemegang saham, nilai penghargaan performance and relative shareholder returns, the
insentif serupa kepada anggota Direksi di perusahaan- value of similar incentive awards to members of the
perusahaan yang sebanding, penghargaan yang Board of Directors in comparable companies, awards
diberikan kepada Direksi Perseroan pada tahun-tahun given to the Company's Directors in previous years,
sebelumnya, dan faktor-faktor lain yang ditentukan and other factors determined by the TNR Committee.
Komite TNR. Dewan Komisaris kemudian mengusulkan The Board of Commissioners then proposes the annual
nilai remunerasi tahunan tersebut kepada para remuneration to shareholders for approval at the
pemegang saham untuk disetujui di dalam RUPS Annual General Meeting of Shareholders.
Tahunan.
Struktur dan Besaran Remunerasi Direksi Structure and Amount of Board of Directors’
Remuneration
Komite TNR memberikan rekomendasi suatu struktur The GNR Committee recommends the remuneration
dan jumlah remunerasi Direksi, dengan berpedoman structure and amount for the Board of Directors by
pada indikator acuan penetapan remunerasi berupa adhering to industry benchmarks obtained from various
tolak ukur industri, yang diperoleh dari berbagai credible sources, which include the Company’s HR
sumber yang memiliki kredibilitas. Sumber-sumber function, consultations with other public companies,
yang menjadi acuan di antaranya fungsi SDM Perseroan, and consultations with industry experts outside
konsultasi dengan perusahaan publik lain, dan konsultasi the Company. The total remuneration for the Board
dengan ahli di bidang industri dari luar Perseroan. of Directors for the 2025 financial year was US$125
Besaran jumlah remunerasi Direksi untuk tahun buku thousand, consisting of salary, short-term employment
2025 adalah AS$125 ribu. Jumlah tersebut terdiri atas benefits, and post-employment benefits. Board
gaji dan imbalan pekerjaan jangka pendek serta imbalan members did not receive other benefits, such as stock
pascakerja. Anggota Direksi tidak menerima manfaat options.
lainnya seperti opsi setara saham.
2025 Annual Report 253
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Remunerasi Direksi Satuan
2025 2024 2023
Board of Directors’ Remuneration Unit
Gaji dan Imbalan Jangka Pendek
4,812 3,021 2,480
Salary and Short Term Employment Benefits
Ribuan AS$
Imbalan Pascakerja
Thousand US$ 317 336 143
Post-Employment Benefits
Jumlah | Total 5,129 3,357 2,633
Komite-Komite Dewan Komisaris
Board of Commissioners’ Committees
Dewan Komisaris didukung oleh Komite Audit; Komite The Board of Commissioners is supported by the
Tata Kelola, Nominasi, dan Remunerasi (Komite TNR); Audit Committee; the Governance, Nomination, and
dan Komite Mitigasi Risiko. Pembentukan komite Remuneration Committee (TNR Committee); and the
penunjang Dewan Komisaris mengacu pada ketentuan Risk Mitigation Committee. The establishment of the
yang mengatur pelaksanaan praktik-praktik GCG. committees supporting the Board of Commissioners
is in accordance with the provisions governing the
implementation of GCG practices.
Setiap Komite dipimpin seorang Komisaris Independen Each committee is led by an independent commissioner
dan memiliki piagam sebagai pedoman kerjanya. Komite and has a charter to guide its work. The committee
wajib membuat laporan kepada Dewan Komisaris atas is required to submit a report to the Board of
penugasan yang diterima, disertai rekomendasi jika Commissioners on the assignments it receives, along
diperlukan. Laporan ditandatangani ketua dan anggota with recommendations, if necessary. The report is
komite. signed by the committee chair and members.
Komite Audit Audit Committee
Komite Audit adalah komite independen yang bertugas The Audit Committee is an independent committee
membantu Dewan Komisaris dalam mengawasi proses tasked with assisting the Board of Commissioners in
dan integritas dari praktik governans, manajemen risiko, overseeing the processes and integrity of the Company’s
dan pengendalian internal pada Perseroan. Komite governance, risk management, and internal control
Audit bertanggung jawab langsung kepada Dewan practices. The Audit Committee is directly responsible
Komisaris. Penetapan keanggotaan Komite mengacu to the Board of Commissioners. The Committee’s
pada Peraturan OJK Nomor 55/POJK.04/2015 tentang membership is determined by OJK Regulation No.
Pembentukan dan Pedoman Pelaksanaan Kerja Komite 55/POJK.04/2015 concerning the Establishment
Audit dan Piagam Komite Audit. Komite Audit terdiri and Guidelines for the Implementation of the Audit
dari setidaknya lima anggota yang diangkat oleh Dewan Committee’s Work and Audit Committee Charter.
Komisaris, dengan sekurang-kurangnya satu Komisaris The Audit Committee members shall comprise no less
lndependen, dan empat anggota independen dari luar than five members appointed by the BOC, consisting
Perseroan dan keanggotaan. of at least one Independent Commissioner, and four
independent members from outside of the Company
and its membership.
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Piagam Komite Audit Audit Committee Charter
Komite Audit memiliki Piagam Komite Audit yang The Audit Committee has an Audit Committee Charter
menjadi pedoman anggota Komite dalam menjalankan that serves as a guideline for Committee members in
fungsi, tugas, dan tanggung jawabnya untuk membantu carrying out their functions, duties, and responsibilities
Dewan Komisaris. Piagam Komite Audit terakhir kali to assist the Board of Commissioners. The Audit
diperbarui pada tanggal 3 Juli 2025, berdasarkan Committee Charter was last updated on July 3, 2025,
keputusan Dewan Komisaris yang diambil melalui based on a decision of the Board of Commissioners
Keputusan Sirkuler pengganti Rapat Dewan Komisaris taken through a Circular Decision in lieu of a Board of
tertanggal 3 Juli 2025. Piagam Komite Audit dapat Commissioners Meeting dated July 3, 2025. The Audit
diakses melalui situs web Perseroan. Committee Charter can be accessed through the
Company’s website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Periode dan Masa Jabatan Anggota Komite Period and Tenure of Audit Committee
Audit Members
Sesuai Anggaran Dasar Perseroan, Dewan Komisaris In accordance with the Company’s Articles of
mengangkat anggota Komite Audit untuk masa jabatan Association, the Board of Commissioners appoints
tiga tahun, atau tidak boleh lebih lama dari masa jabatan members of the Audit Committee for a term of three
Dewan Komisaris. Anggota Komite Audit hanya dapat years, or no longer than the term of office of the Board
menjabat selama dua masa jabatan penuh, dengan of Commissioners. Audit Committee members may
ketentuan bahwa masa jabatan anggota Komite Audit only serve for two full terms, provided that the term
yang merupakan bagian dari dua tahun masa jabatan of office of an Audit Committee member that is part of
untuk mengisi posisi yang kosong tidak diperhitungkan a two-year term of office to fill a vacant position is not
dalam pembatasan masa jabatan tersebut. taken into account in the term limitation.
Struktur dan Keanggotaan Komite Audit Structure and Membership of the Audit
Committee
Di tahun 2025 Komite Audit memiliki 5 orang anggota In 2025 the Audit Committee has 5 members based on
berdasarkan Surat Keputusan (SK) Dewan Komisaris No. the Decree (SK) of the Board of Commissioners No. 02/
02/SK-DK/2025 tentang Perubahan Susunan Komite SK-DK/2025 regarding Changes to the Composition of
Audit PT Vale Indonesia Tbk tanggal 12 Desember 2025. the Audit Committee of PT Vale Indonesia Tbk dated
Komite Audit dipimpin Komisaris Independen. December 12, 2025. The Audit Committee is led by an
Independent Commissioner.
Susunan Keanggotaan Komite Audit Per 31 Desember 2025
Audit Committee Membership as of December 31, 2025
Nama Posisi Dasar Hukum Pengangkatan Periode Rangkap Jabatan
Name Position Legal Basis of Appointment Term in Office Concurrent Position
Marita Ketua SK Dewan Komisaris No. 01/SK- 2024-2027 Komisaris Independen dan
Alisjahbana Chairperson DK/2024 Komite Audit Perseroan
Board of Commissioners Decree Independent Commissioners
No. 01/SK-DK/2024 and the Company's Audit
Committee
2025 Annual Report 255
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Nama Posisi Dasar Hukum Pengangkatan Periode Rangkap Jabatan
Name Position Legal Basis of Appointment Term in Office Concurrent Position
Rudiantara Anggota SK Dewan Komisaris No. 01/SK- 2023-2026 Komisaris Independen dan
Member DK/2024 Komite Audit Perseroan
Board of Commissioners Decree Independent Commissioners
No. 01/SK-DK/2024 and the Company's Audit
Committee
Sahat Pardede SK Dewan Komisaris No. 01/SK- 2024-2027 -
DK/2024
Board of Commissioners Decree
No. 01/SK-DK/2024
Irhoan SK Dewan Komisaris No. 01/SK- 2025-2028 -
Tanudiredja DK/2025
Board of Commissioners Decree
No. 01/SK-DK/2025
Beni Subena SK Dewan Komisaris No. 02/SK- 2025-2028 -
DK/2025
Board of Commissioners Decree
No. 02/SK-DK/2025
Profil Anggota Komite Audit
Profile of Audit Committee Members
Profil Marita Alisjahbana dapat dilihat pada profil
Marita Alisjahbana
Komisaris di dalam Laporan Tahunan ini.
Ketua Komite Audit
Marita Alisjahbana’s profile can be found in the
Chair of the Audit Committee
Commissioner profile section in this annual report.
Profil Rudiantara dapat dilihat pada profil Komisaris di
Rudiantara
dalam Laporan Tahunan ini.
Anggota Komite Audit
Rudiantara’s profile can be found in the Commissioner
Member of the Audit Committee
profile section in this annual report.
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Sahat Pardede
Anggota Komite Audit
Member of the Audit Committee
Usia: 64 Tahun , Kewarganegaraan: Indonesia
Age: 64 Years Old, Nationality: Indonesia
Pengangkatan pertama sebagai anggota Komite Audit berdasarkan SK Dewan
Komisaris No. 01/SKDK/2024
First appointment as member of the Audit Committee was by Board of
Commissioners Decree No. 01/SK-DK/2024
Riwayat Pendidikan | Educational Pengalaman Kerja | Work Experience
Background • Anggota Komite Audit, PT AKR Corporindo, 2015 - 2025.
• Sekolah Tinggi Akuntan Negara (STAN) • Anggota Komite Audit dan Tenaga Ahli Dewan Komisaris, PT Bank Rakyat Indonesia
• Magister Bisnis Administrasi (MBA), Saint (Persero) Tbk. (2015 - 2024)
Mary's University, Halifax, Kanada • Anggota Dewan Standar Profesional Akuntan Publik II (DSPAP II) dari Institut Akuntan
• State College of Accountants (STAN) Publik Indonesia (IAPI), 2019 - 2021.
• Master of Business Administration, Saint Mary's • Tenaga Ahli Dewan Komisaris, PT Bahana Pembinaan Usaha Indonesia (Persero)
University, Halifax, Canada Tbk, 2022 - 2024.
• Penasehat Ahli di Komisi Pengawas, SKK Migas, 2013 - 2020.
Hubungan Afiliasi | Affiliate Relationship • Ketua dan Anggota Komite Asistensi dan Implementasi Standar Profesi (KAISP),
Institut Akuntan Publik Indonesia (IAPI), 2016 - 2019.
Tidak Memiliki hubungan afiliasi dengan
• Anggota Komite Audit, PT Semen Indonesia (Persero), 2007 - 2017.
Pemegang Saham, Direksi, dan anggota Dewan
• Anggota Komite Audit, PT Telekomunikasi Indonesia Tbk, 2004 - 2014.
Komisaris lainnya.
• Anggota Komite Risiko dan Kepatuhan, Bank BNI, 2006 - 2007.
Has no affiliate relationship with Shareholder,
• Auditor Pemerintah, Badan Pengawasan Keuangan dan Pembangunan (BPKP),
Board of Directors and other members of Board
1983 - 2000.
of Commissioners.
• Member of the Audit Committee, PT AKR Corporindo, 2015 - 2025.
Rangkap Jabatan | Concurrent Position • Member of the Audit Committee and Senior Advisor to the Board Commissioners,
• Kantor Akuntan Publik (KAP) Sahat Handoko PT Bank Rakyat Indonesia (Persero) Tbk. (2015 - 2024)
dan Rekan, 2001 - sekarang. • Member of the Public Accountant Professional Standards Board II (DSPAP II) of the
• Anggota Komite Audit di PT Semen Indonesia Indonesian Institute of Certified Public Accountants (IAPI), 2019 - 2021.
(Persero) Tbk, 2024 - sekarang. • Senior Advisor to the Board Commissioners, PT Bahana Pembinaan Usaha Indonesia,
• Anggota Komite Audit, Risk & Compliance di 2022 - 2024.
PT Petrosea Tbk, 2023 - sekarang. • Expert Advisor at the Supervisory Commission of SKK Migas, 2013 - 2020.
• Public Accounting Firm (KAP) Sahat Handoko • Chairperson and Member of the Assistance and Implementation of Professional
and Partners, 2001 - present. Standards Committee (KAISP) of the Indonesian Institute of Certified Public
• Member of the Audit Committee at PT Semen Accountants (IAPI), 2016 - 2019.
Indonesia (Persero) Tbk, 2024 - present. • Member of the Audit Committee, PT Semen Indonesia (Persero), 2007 - 2017.
• Member of the Audit, Risk & Compliance • Member of the Audit Committee, PT Telekomunikasi Indonesia Tbk, 2004 - 2014.
Committee at PT Petrosea Tbk, 2023 - • Member of the Risk and Compliance Committee at Bank BNI, 2006 - 2007.
Present. • Government Auditor, the Financial and Development Supervisory Agency (BPKP),
1983 - 2000.
2025 Annual Report 257
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Irhoan Tanudiredja
Anggota Komite Audit
Member of the Audit Committee
Usia: 64 Tahun, Kewarganegaraan: Indonesia
Age: 64 Years Old, Nationality: Indonesia
Pengangkatan pertama sebagai anggota Komite Audit berdasarkan SK Dewan
Komisaris No. 01/SKDK/ 2025
First appointment as member of the Audit Committee was by Board of
Commissioners Decree No. 01/SK-DK/ 2025
Riwayat Pendidikan | Educational Background Pengalaman Kerja | Work Experience
• Sarjana Ekonomi, Jurusan Akuntansi, Universitas Katolik • Partner Client Service & Kepala Unit Business Entrepreneur &
Parahyangan. Private (EPB) PwC Indonesia, 2020 – 2023.
• Bachelor of Economics, Accounting Department, Parahyangan • CEO/Presiden Direktur dan Partner Client Service PwC Indonesia,
Catholic University. 2009 – 2020.
Rangkap Jabatan | Concurrent Position • Partner Client Service & Kepala Unit Business Assurance (Audit)
PwC Indonesia, 2006 – 2009.
• Anggota Komite Audit, Pemantau Resiko, Corporate Governance
• Berbagai Peran; mulai dari Staff Client Service hingga Partner,
dan Tata Kelola Terintegrasi di PT Bank Danamon Indonesia Tbk,
serta menjabat sebagai Kepala Human Capital, Kepala Unit
2026 – sekarang.
Consumer & Industrial Products (CIPS), dan Unit Technology,
• Anggota Komite Audit di PT Astra International Tbk, 2025 -
Information & Communication, Entertainment & Media (TICE)
sekarang.
PwC Indonesia, 1998 – 2006.
• Anggota Komite Audit di PT Telekomunikasi Indonesia, 2025 -
• PwC Indonesia Client Service Partner & Entrepreneur & Private
sekarang.
Business (EPB) Unit Leader, 2020 - 2023.
• Anggota Dewan Pembina di Make-A-Wish Foundation Indonesia,
• PwC Indonesia CEO/President Director and Client Service, 2009
2024 - sekarang.
- 2020.
• Member of the Committee of Audit, Risk Oversight, Corporate
• PwC Indonesia Client Service Partner and Business Assurance
Governance and Integrated Corporate Governance at PT Bank
(Audit) Unit Leader, 2006 - 2009.
Danamon Indonesia Tbk, 2026 - Present
• Various roles; ranging from Client Service Staff to Partner, as
• Member of the Audit Committee at PT Astra International Tbk,
well as serving as Human Capital Leader, Leader of the Consumer
2025 - Present.
& Industrial Products (CIPS) Business Unit and Technology,
• Member of the Audit Committee at PT Telekomunikasi Indonesia,
Information & Communication, Entertainment & Media (TICE)
2025 - Present.
Business Unit at PwC Indonesia, 1998 - 2006.
• Member of the Board of Trustees at Make-A-Wish Foundation
Indonesia, 2024 - Present.
Hubungan Afiliasi | Affiliate Relationship
Tidak Memiliki hubungan afiliasi dengan Pemegang Saham, Direksi,
dan anggota Dewan Komisaris lainnya.
Has no affiliate relationship with Shareholder, Board of Directors
and other members of Board of Commissioners.
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Beni Subena
Anggota Komite Audit
Member of the Audit Committee
Usia: 56 Tahun, Kewarganegaraan: Indonesia
Age: 56 Years Old, Nationality: Indonesia
Pengangkatan pertama sebagai anggota Komite Audit berdasarkan SK Dewan
Komisaris No. 02/SKDK/2025.
First appointment as member of the Audit Committee was by Board of
Commissioners Decree No. 02/SK-DK/2025.
Riwayat Pendidikan | Educational Background Rangkap Jabatan | Concurrent Position
• Diploma III Akuntansi, Sekolah Tinggi Akuntan Negara (STAN) • Anggota Komite Audit, PT Mutuagung Lestari Tbk, 2024 - Sekarang.
• Sarjana Manajemen Keuangan, Universitas Indonesia • Principal Consultant, PT Forestcitra Sejahtera, 2025 - Sekarang.
• Magister Ekonomi (M.A.), State University of New York • Senior Policy Advisor, PT Cormorant Energy Indonesia, 2025 - Sekarang.
• Diploma III in Accounting, State College of Accountants (STAN) • Audit Committee Member, PT Mutuagung Lestari Tbk, 2024 - Present.
• Bachelor of Financial Management, University of Indonesia • Principal Consultant, PT Forescitra Sejahtera, 2025 - Present.
• Master of Economics (MA), State University of New York • Senior Policy Advisor, PT Cormorant Energy Indonesia, 2025 - Present.
Hubungan Afiliasi | Affiliate Relationship
Tidak Memiliki hubungan afiliasi dengan Pemegang Saham, Direksi, dan anggota Dewan Komisaris lainnya.
Has no affiliate relationship with Shareholder, Board of Directors and other members of Board of Commissioners.
Pengalaman Kerja | Work Experience
• Direktur Tata Kelola, Manajemen Risiko, Kepatuhan & • Director of Governance, Risk Management, Compliance &
Keberlanjutan di PT Cormorant Energy Indonesia, 2024 -2025. Sustainability at PT Cormorant Energy Indonesia, 2024 - 2025.
• Senior Vice President of Internal Audit di Injourney - PT Aviasi • Senior Vice President of Internal Audit at Injourney - PT Aviasi
Pariwisata Indonesia (Persero), 2022 - 2024. Pariwisata Indonesia (Persero), 2022 - 2024.
• Senior Advisor Komisaris PT Kelian Equatorial Mining (Grup Rio • Senior Advisor to the Commissioner at PT Kelian Equatorial Mining
Tinto), 2022. (Rio Tinto Group), 2022.
• Senior Corporate Upstream Internal Auditor di PT Pertamina Hulu • Senior Corporate Upstream Internal Auditor at PT Pertamina Hulu
Energi (Subholding Upstream Pertamina), 2018 - 2022. Energi (Upstream Pertamina Subholding), 2018 - 2022.
• Manajer Internal Audit & Kepatuhan di JOB PT BSP -Pertamina • Manager of Internal Audit & Compliance at JOB PT BSP-Pertamina
Hulu, 2020 - 2021. Hulu, 2020 - 2021.
• Senior Head of Internal Audit di CNOOC South East Sumatera • Senior Head of Internal Audit at CNOOC South East Sumatera
Ltd, 2012 - 2018. Ltd, 2012 - 2018.
• Kepala Pengembangan Audit Kinerja & Penjaminan Mutu di BPK • Head of Performance Audit Development & Quality Assurance
RI (Badan Pemeriksa Keuangan Republik Indonesia), 2010 - 2012. at BPK RI (Audit Board of the Republic of Indonesia), 2010 - 2012.
• Auditor Kinerja (Penugasan/Secondment) di Australian National • Performance Auditor (Secondment) at the Australian National
Audit Office (ANAO), 2009. Audit Office (ANAO), 2009.
• Auditor Assurance (Penugasan/Secondment) di Audit New Zealand • Assurance Auditor (Secondment) at Audit New Zealand (ANZ),
(ANZ), 2005. 2005.
• Auditor hingga Ketua Tim Audit Senior / Kepala Seksi Audit di BPK • Auditor to Senior Audit Team Leader / Audit Section Head at
RI (Badan Pemeriksa Keuangan Republik Indonesia), 1991 - 2008. BPK RI (Audit Board of the Republic of Indonesia), 1991 - 2008.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pernyataan Independensi Komite Audit Audit Committee Independence Statement
Untuk menjaga independensi setiap anggota Komite To maintain the independence of each member of the
Audit, masing-masing anggota Komite Audit Audit Committee, each member of the Audit Committee
setiap tahun diwajibkan memberikan pernyataan is required to annually provide an independence
independensi, yang disusun berdasarkan Pasal 7 POJK statement, which is prepared based on Article 7 of
No. 55/POJK.04/2015. Jaminan independensi Komite POJK No. 55/POJK.04/2015. The guarantee of the Audit
Audit ditentukan sebagai berikut: Committee’s independence is determined as follows:
1. Ketua adalah salah satu Komisaris Independen 1. The Chairperson is one of the Company’s
Perseroan; Independent Commissioners;
2. Dua anggota lainnya adalah para profesional yang 2. The other two members are professionals who have
tidak memiliki hubungan dengan Perseroan; no connection with the Company;
3. Ketua dan Anggota Komite bukan merupakan orang 3. The Chairperson and Members of the Committee are
yang bekerja pada Kantor Akuntan Publik, Kantor not people who work at a Public Accounting Firm,
Konsultan Hukum, Kantor Jasa Penilai Publik atau Legal Consultant Firm, Public Appraisal Services Firm
pihak lain yang memberi jasa assurance, jasa non- or other parties who provide assurance services,
assurance, jasa penilai dan/atau jasa konsultasi lain non-assurance services, appraisal services and/or
pada Perseroan dalam waktu enam bulan terakhir; other consulting services to the Company in the last
six months;
4. Ketua dan Anggota Komite bukan merupakan orang 4. The Chairperson and Members of the Committee
yang bekerja atau mempunyai wewenang dan are not people who work or have the authority and
tanggung jawab untuk merencanakan, memimpin, responsibility to plan, lead, control or supervise the
mengendalikan, atau mengawasi kegiatan Perseroan Company’s activities in the last six months, except
dalam waktu enam bulan terakhir, kecuali Komisaris for Independent Commissioners;
Independen;
5. Ketua dan Anggota Komite tidak mempunyai saham 5. The Chairperson and Members of the Committee
langsung maupun tidak langsung dengan Perseroan. do not have any direct or indirect shares in the
Company.
6. Ketua dan Anggota Komite tidak mempunyai 6. The Chairperson and Members of the Committee do
hubungan afiliasi dengan anggota Dewan Komisaris, not have any affiliated relationship with members
anggota Direksi lain maupun Pemegang Saham of the Board of Commissioners, other members
utama Perseroan. of the Board of Directors or the Company’s major
Shareholders.
7. Ketua dan Anggota Komite tidak mempunyai 7. The Chairperson and Members of the Committee do
hubungan usaha baik langsung maupun tidak not have any direct or indirect business relationship
langsung yang berkaitan dengan kegiatan usaha related to the Company’s business activities.
Perseroan.
Seluruh anggota Komite Audit telah menyampaikan All members of the Audit Committee have submitted
pernyataan independensi untuk tahun 2025 dan their independence statements for 2025, and based on
berdasarkan penelaahan Komite Audit, tidak terdapat the Audit Committee's review, there are no conditions
kondisi yang dapat mempengaruhi independensi that could affect the independence or objectivity of the
maupun objektivitas anggota Komite Audit dalam Audit Committee members in performing their duties.
melaksanakan tugasnya.
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Rapat Komite Audit Audit Committee Meetings
Sepanjang 2025, Komite Audit menyelenggarakan 7 Throughout 2025, the Audit Committee held seven
kali rapat terjadwal dan 5 kali rapat tambahan (adhoc). scheduled meetings and five additional (ad hoc)
Pembahasan rapat-rapat tersebut di antaranya meetings. Discussions at these meetings included the
mengenai Laporan Keuangan, rencana dan hasil audit Financial Statements, audit plans and results conducted
yang dilakukan oleh auditor eksternal Perseroan, potensi by the Company’s external auditors, potential legal
permasalahan hukum dan pajak Perseroan, pelaksanaan and tax issues, the Company’s internal control and
pengendalian internal and manajemen risiko Perseroan, risk management implementation, the Company’s
pelaksanaan kinerja LST Perseroan, serta kegiatan dan ESG performance implementation, and internal audit
permasalahan audit internal. Kehadiran masing-masing activities and issues. The attendance of each Audit
anggota Komite Audit dalam rapat Komite Audit tahun Committee member at the 2025 Audit Committee
2025 disampaikan dalam tabel berikut. meetings is presented in the following table.
Jumlah Rapat Komite Audit Tahun 2025 dan Tingkat Kehadiran Anggota Komite
Number of Audit Committee Meetings in 2025 and Attendance Rate of Committee Members
Nama Posisi di Komite Jumlah Rapat Jumlah Kehadiran % Kehadiran
Name Position in Committee Number of Meetings Meetings Attended % Attended
Marita Alisjahbana Ketua | Chair 12 12 100
Rudiantara 12 12 100
Sahat Pardede 12 12 100
Anggota | Member
Irhoan Tanudiredja 12 12 100
Beni Subena 1 1 100
Pelatihan Komite Audit Audit Committee Training
Sepanjang periode pelaporan anggota Komite Audit Throughout the reporting period, Audit Committee
mengikuti beberapa kegiatan pelatihan di antaranya: members participated in several training activities,
including:
1. Penerapan SAK Entitas Privat dalam Penyusunan 1. Implementation of Private Entity SAK in Preparation
(8 Desember 2025) - Institut Akuntan Publik (December 8, 2025) - Indonesian Institute of
Indonesia (IAPI). Certified Public Accountants (IAPI).
2. Mengelola Risiko Pemeriksaan Pajak dengan Coretax 2. Managing Tax Audit Risk with Coretax System After
System Setelah Pelaporan SPT Tahunan - (28 November Annual Tax Return Reporting - (November 28, 2025)
2025) - Institut Akuntan Publik Indonesia (IAPI). - Indonesian Institute of Public Accountants (IAPI).
3. Aspek Audit dan Implementasi AI dalam Proses 3. Audit Aspects and AI Implementation in the M&A
M&A (13 Oktober 2025) - Institut Akuntan Publik Process (October 13, 2025) - Indonesian Institute of
Indonesia (IAPI). Certified Public Accountants (IAPI).
4. Update Transfer Pricing Documentation (7 Oktober 4. Transfer Pricing Documentation Update (October
2025) - Institut Akuntan Publik Indonesia (IAPI). 7, 2025) - Indonesian Institute of Certified Public
Accountants (IAPI).
5. PPL Wajib Akuntan Publik PPPK 2025 - Batch 5 5. Mandatory PPL for Public Accountants PPPK 2025
(1 Agustus 2025) - Pusat Pembinaan Profesi - Batch 5 (August 1, 2025) - Center for Financial
Keuangan (PPPK), Kementerian Keuangan. Professional Development (PPPK), Ministry of
Finance.
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6. Penerapan ISAK 335: Penyajian Laporan Keuangan 6. Implementation of ISAK 335: Presentation of
Entitas Berorientasi Nonlaba (14 Juli 2025) - Institut Financial Statements of Non-Profit Entities (July
Akuntan Publik Indonesia (IAPI). 14, 2025) - Indonesian Institute of Certified Public
Accountants (IAPI).
7. Update PSAK Terkini dalam Penyusunan Laporan 7. Latest PSAK Update in the Preparation of Financial
Keuangan (11 Juni 2025) - Institut Akuntan Publik Reports (June 11, 2025) - Indonesian Institute of
Indonesia (IAPI). Certified Public Accountants (IAPI).
8. Standar Audit (SA) 315 (revisi): Pengidentifikasian 8. Auditing Standard (SA) 315 (revised): Identifying and
dan Penilaian Risiko Kesalahan Penyajian Material Assessing the Risks of Material Misstatement (May
(28 Mei 2025) - Institut Akuntan Publik Indonesia 28, 2025) - Indonesian Institute of Certified Public
(IAPI). Accountants (IAPI).
9. Implementasi Internal Control Over Financial 9. Implementation of Internal Control Over Financial
Reporting ICOFR (7 - 8 Mei 2025) - The Institute of Reporting ICOFR (May 7-8, 2025) - The Institute of
Internal Auditors Indonesia. Internal Auditors Indonesia.
10. PPL Pasar Modal IAPI - OJK Update Peraturan 10. IAPI - OJK Capital Market PPL Updates Financial
Otoritas Jasa Keuangan (POJK) dan Penerapan Services Authority Regulations (POJK) and the
Engagement Quality Control Review (EQCR) Serta Implementation of Engagement Quality Control
Peran Komunikasi Kepada Regulator dalam Rangka Review (EQCR) and the Role of Communication
Mitigasi Risiko Audit (29 April 2025) - Otoritas to Regulators in the Framework of Audit Risk
Jasa Keuangan (OJK) dan Institut Akuntan Publik Mitigation (April 29, 2025) - Financial Services
Indonesia (IAPI) Authority (OJK) and Indonesian Institute of Certified
Public Accountants (IAPI)
11. KEPAP 2021: Kode Etik 2021, NOCLAR, Independensi 11. KEPAP 2021: 2021 Code of Ethics, NOCLAR,
dalam Perikatan Audit, dan Revisi Terhadap Independence in Audit Engagements, and Revisions
Ketentuan-ketentuan Kode Etik (15 April 2025) - to the Provisions of the Code of Ethics (April 15,
Institut Akuntan Publik Indonesia (IAPI) 2025) - Indonesian Institute of Certified Public
Accountants (IAPI)
Tugas dan Tanggung Jawab Duties and Responsibilities
1. Laporan Keuangan, meliputi penelaahan dan analisis 1. Financial Reports, including review and analysis
terhadap keandalan dan objektivitas atas Laporan of the reliability and objectivity of the Company’s
Keuangan Perseroan; serta penelaahan dan menilai Financial Reports; as well as review and assessment
pengaduan terkait proses akuntansi dan pelaporan of complaints related to the Company’s accounting
keuangan Perseroan serta mengawasi rencana and financial reporting processes and monitoring
tindakan terhadap pengaduan tersebut; action plans for such complaints;
2. Kegiatan Manajemen Risiko, meliputi penelaahan 2. Risk Management Activities, including review
dan analisis aktivitas pelaksanaan manajemen risiko and analysis of risk management implementation
yang dilakukan oleh Direksi; activities carried out by the Board of Directors;
3. Kegiatan Assurance-Audit Internal, meliputi 3. Internal Audit Assurance Activities, include
melakukan penelaahan dan menganalisis rencana, reviewing and analyzing plans, progress and results
kemajuan dan hasil pelaksanaan kegiatan Unit Audit of the implementation of Internal Audit Unit (UAI)
Internal (UAI) serta mengawasi tindak lanjut oleh activities and supervising follow-up by the Board of
Direksi; serta mengevaluasi integritas, objektivitas Directors; and evaluating integrity, objectivity and
dan independensi UAI; independence UAI;
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4. Kegiatan Assurance – Etika dan Kepatuhan, meliputi 4. Assurance Activities – Ethics and Compliance,
meninjau dan menganalisis strategi dan pedoman including reviewing and analyzing ethics and
etika dan kepatuhan; serta memastikan penerapan compliance strategies and guidelines; and ensuring
mekanisme untuk menerima, menyimpan dan the implementation of mechanisms for receiving,
memproses informasi dan laporan internal dan storing and processing internal and external
eksternal; information and reports;
5. Kegiatan Assurance – Auditor Independen, meliputi 5. Assurance Activities – Independent Auditor,
memberikan rekomendasi kepada Dewan Komisaris including providing recommendations to the
mengenai auditor independen; penelaahan dan Board of Commissioners regarding the auditor
evaluasi rencana audit, kemajuan dan hasil kegiatan independent; review and evaluate the audit plan,
auditor independen; memberikan pendapat progress and results of the independent auditor’s
independen bila terjadi perbedaan pendapat activities; provide an independent opinion in the
antara Direksi dan auditor independen; melakukan event of a difference of opinion between the Board
penelaahan terhadap objektivitas dan independensi of Directors and the independent auditor; conduct
auditor independen; mengawasi tindak lanjut a review of the objectivity and independence of
oleh Direksi atas temuan dan rekomendasi auditor the independent auditor; supervise the follow-
independen; mengevaluasi konflik kepentingan up by the Board of Directors on the findings and
yang mungkin timbul dari penggunaan jasa auditor recommendations of the independent auditor;
independen; meminta prosedur tambahan kepada evaluate conflicts of interest that may arise from
auditor independen; serta menelaah objektivitas the use of the services of the independent auditor;
dan independen. request additional procedures from the independent
auditor; and review objectivity and independence.
6. Lain-lain, meliputi mengambil tindakan atas hal- 6. Others, including taking action on other matters
hal lain yang dimintakan oleh Dewan Komisaris; requested by the Board of Commissioners;
menjaga kerahasiaan dokumen, data, dan informasi maintaining the confidentiality of the Company’s
Perseroan; serta menganalisis dan menilai ketaatan documents, data, and information; and analyzing
Perseroan terhadap peraturan perundang- and assessing the Company’s compliance with
undangan yang berlaku. applicable laws and regulations.
Pelaksanaan Tugas dan Tanggung Jawab Komite Audit
Implementation of the Duties and Responsibilities of the Audit Committee
Sampai dengan akhir 2025, Komite Audit telah Until the end of 2025, the Audit Committee has carried
melaksanakan tugas dan tanggung jawabnya sesuai out its duties and responsibilities in accordance with
dengan Piagam Komite Audit, yaitu berupa peninjauan the Audit Committee Charter, namely in the form of a
terhadap: review of:
1. Laporan Keuangan Perseroan untuk periode- 1. The Company’s Financial Report for the periods
periode yang berakhir pada 31 Desember 2024, 31 ending December 31, 2024, March 31, 2025, June 30,
Maret 2025, 30 Juni 2025, dan 30 September 2025; 2025, and September 30, 2025;
2. Presentasi oleh auditor eksternal Perseroan 2. Presentation by the Company’s external auditors
mengenai hasil audit atas Laporan Keuangan regarding the audit results of the Company’s
tahunan Perseroan untuk tahun yang berakhir pada annual Financial Statements for the year
31 Desember 2025, termasuk komentar mengenai ended December 31, 2025, including comments
perbaikan terhadap proses-proses pengendalian regarding improvements to control processes and
serta tanggapan manajemen, dan rencana audit management responses, and the annual audit plan
tahunan untuk tahun buku 2026; for the 2026 financial year;
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3. Pelaksanaan pemberian jasa audit atas informasi 3. Implementation of the provision of audit services on
keuangan historis tahunan Perseroan oleh Akuntan the Company’s annual historical financial information
Publik dan/atau Kantor Akuntan Publik (KAP) by Public Accountants and/or Public Accounting
dan pembuatan rekomendasi dalam penunjukan Firms (KAP) and making recommendations in the
Akuntan Publik dan/atau KAP; appointment of Public Accountants and/or KAP;
4. Surat Ketetapan dan perlakuan perpajakan termasuk 4. Tax assessment letters and treatment including
permasalahan perpajakan yang berpotensi memiliki tax issues that have the potential to impact the
dampak terhadap Laporan Keuangan Perseroan; Company’s Financial Report;
5. Kasus hukum yang berpotensi memiliki dampak 5. Legal cases that have the potential to have a
signifikan terhadap Perseroan; significant impact on the Company;
6. Pelaksanaan kebijakan terkait lingkungan, sosial, 6. Implementation of policies related to the Company’s
dan tata kelola Perseroan; environment, social and governance;
7. Laporan Unit Audit Internal (UAI) serta status 7. Internal Audit Unit (UAI) report and implementation
pelaksanaan atas rekomendasi dari UAI; status of recommendations from UAI;
8. Status pelaksanaan Rencana Kerja Tahunan UAI 8. Status of implementation of UAI’s Annual Work Plan
untuk tahun 2025; for 2025;
9. Rencana kerja UAI tahun 2026 beserta penilaian 9. UAI’s 2026 work plan along with its risk assessment,
risiko, lingkup, serta metodologinya; dan scope and methodology; and
10. Aktivitas dan prosedur manajemen risiko Perseroan. 10. The Company’s risk management activities and
procedures.
Pendapat utama yang disampaikan oleh Komite Audit The main opinions expressed by the Audit Committee
adalah: are:
1. Berdasarkan penelaahan yang telah dilakukan, 1. Based on the review performed, the Audit Committee
Komite Audit tidak menemukan hal-hal yang did not identify any matters that would cause the
menyebabkan Komite Audit percaya bahwa Laporan Audit Committee to believe that the Company's
Keuangan Perseroan untuk tahun buku yang Financial Statements for the financial year ended 31
berakhir pada 31 Desember 2024, serta periode December 2024, and for the periods ended 31 March
yang berakhir pada 31 Maret 2025, 30 Juni 2025, 2025, 30 June 2025, and 30 September 2025, have not
dan 30 September 2025, tidak disusun sesuai been prepared in accordance with the Indonesian
dengan Standar Akuntansi Keuangan yang berlaku Financial Accounting Standards, and accordingly are
di Indonesia, untuk selanjutnya direkomendasikan recommended to the Board of Commissioners for
kepada Dewan Komisaris guna memperoleh approval prior to issuance;
persetujuan untuk diterbitkan.;
2. Manajemen telah mengambil tindakan perbaikan 2. Management has taken adequate corrective action
yang memadai terhadap permasalahan dan temuan on the issues and audit findings of the Company's
audit dari auditor eksternal Perseroan; external auditors;
3. Manajemen telah melakukan usaha-usaha yang 3. Management has made significant efforts to
signifikan untuk meningkatkan pengendalian improve internal controls.
internal.
Komite Audit telah melakukan evaluasi atas efektivitas The Audit Committee has conducted an evaluation
pelaksanaan tugasnya selama periode berjalan, yang of the effectiveness of its duties during the reporting
mencakup aspek struktur, proses kerja, kualitas period, covering aspects of structure, work processes,
pengawasan, serta interaksi dengan auditor internal quality of oversight, as well as interaction with internal
dan eksternal. Hasil evaluasi menunjukkan bahwa fungsi and external auditors. The evaluation results indicate
Komite Audit telah berjalan secara memadai dengan that the Audit Committee has performed its functions
beberapa area peningkatan yang terus ditindaklanjuti. adequately, with several areas for improvement that
continue to be followed up.
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Sertifikasi Profesi Anggota Komite Audit Professional Certifications of Audit
Committee Members
Para anggota Komite Audit memiliki sertifikasi profesi Audit Committee members hold relevant professional
yang relevan untuk mendukung pelaksanaan tugas certifications to support the implementation of their
pengawasan, analisis, dan penelaahan sesuai ketentuan supervisory, analytical, and review duties in accordance
yang berlaku. Sepanjang periode pelaporan, sertifikasi with applicable regulations. Throughout the reporting
profesi yang dimiliki oleh anggota Komite Audit di period, the professional certifications held by Audit
antaranya: Committee members included:
1. Kualifikasi 4 Bidang Manajemen Risiko Perbankan, 1. Qualification in 4 Fields of Banking Risk Management,
dikeluarkan oleh Lembaga Sertifikasi Profesional issued by the of Banking Professional Certification
Perbankan, 2025 Institute, 2025
2. Sertifikasi Akuntan Publik, dikeluarkan oleh Institut 2. Public Accountant Certification, issued by the
Akuntan Publik Indonesia (IAPI) Indonesian Institute of Public Accountants (IAPI)
3. Certified Lead Auditor ISO 37001 - Anti Bribery 3. Certified Lead Auditor ISO 37001 - Anti Bribery
Management System (ABMS) Management System (ABMS)
4. Certified Internal Audit Executive (CIAE), dikeluarkan 4. Certified Internal Audit Executive (CIAE), issued by
oleh Badan Pengawas Keuangan & Pembangunan the Financial & Development Supervisory Agency
(BPKP) (BPKP)
5. Certified Risk Management Level 1, dikeluarkan oleh 5. Certified Risk Management Level 1, issued by the
Badan Sertifikasi Manajemen Resiko (BSMR) Risk Management Certification Agency (BSMR)
6. Certified International Information System Auditor 6. Certified International Information System Auditor
(CIISA), dikeluarkan oleh American Academy of (CIISA), issued by the American Academy of Financial
Financial Management (AAFM) Management (AAFM)
Komite Tata Kelola, Nominasi dan Remunerasi (Komite TNR)
Governance, Nomination, and Remuneration Committee (GNR Committee)
Berdasarkan ketentuan POJK No.34/POJK.04/2014 Based on the provisions of OJK Regulation No. 34/
tentang Komite Nominasi dan Remunerasi Perusahaan POJK.04/2014 concerning the Nomination and
Publik dan Piagam Komite TNR terakhir kali diperbaharui Remuneration Committee of Public Companies and the
pada 28 Juni 2024, komposisi Komite TNR paling sedikit GNR Committee Charter last amended on June 28, 2024,
terdiri dari enam orang anggota, di mana masing-masing the composition of the GNR Committee shall consist of
anggota juga merupakan anggota Dewan Komisaris. at least six members, each of whom is also a member
Komite akan diketuai oleh Komisaris Independen yang of the Board of Commissioners. The Committee shall be
ditunjuk oleh Dewan Komisaris Perseroan. chaired by an Independent Commissioner appointed by
the Board of Commissioners of the Company.
Piagam Komite TNR GNR Committee Charter
Komite TNR memiliki Piagam Komite TNR sebagai The GNR Committee has a GNR Committee Charter as
pedoman anggota Komite dalam menjalankan fungsi, a guideline for Committee members in carrying out
tugas dan tanggung jawabnya untuk membantu Dewan their functions, duties, and responsibilities to assist the
Komisaris. Piagam Komite TNR memuat referensi, Board of Commissioners. The GNR Committee Charter
maksud dan tujuan keseluruhan, tugas dan tanggung contains references, overall aims and objectives, duties
Jawab, wewenang, pelaporan, keanggotaan komite, and responsibilities, authorities, reporting, committee
rapat komite, penilaian kinerja, dan ketentuan lain. membership, committee meetings, performance
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Komite TNR terakhir kali diperbaharui pada 28 Juni assessments, and other provisions. The GNR Committee
2024. Piagam Komite TNR dapat diakses melalui situs was last updated on June 28, 2024. The GNR Committee
web Perseroan. Charter can be accessed via the following link on the
Company's website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Periode dan Masa Jabatan Anggota Komite Period and Tenure of GNR Committee
TNR
Sesuai Anggaran Dasar, Dewan Komisaris mengangkat In accordance with the Articles of Association, the
para anggota Komite TNR untuk masa jabatan selama Board of Commissioners appoints members of the GNR
tiga tahun, sepanjang jabatan tersebut tidak lebih Committee for a term of three years, as long as the
lama dari masa jabatan Dewan Komisaris. Dewan term of office does not exceed the term of office of the
Komisaris memiliki wewenang memberhentikan atau Board of Commissioners. The Board of Commissioners
mengganti setiap anggota Komite setiap waktu untuk has the authority to dismiss or replace any member of
alasan apapun, dengan ketentuan pengangkatan dan the Committee at any time for any reason, provided
pemberhentiannya harus berdasarkan keputusan that the appointment and dismissal must be based on
Dewan Komisaris sesuai dengan Piagam Dewan a decision of the Board of Commissioners in accordance
Komisaris. with the Charter of the Board of Commissioners.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Struktur dan Keanggotaan Komite TNR
Structure and Membership of the GNR Committee
Komite TNR memiliki 6 orang anggota yang diangkat The GNR Committee has 6 members appointed
berdasarkan putusan Rapat Dewan Komisaris. Komite based on the decision of the Board of Commissioners
TNR dipimpin oleh Komisaris Independen. Meeting. The GNR Committee is led by an Independent
Commissioner.
Susunan Keanggotaan Komite Tata Kelola, Nominasi, dan Remunerasi per 31 Desember 2025
Membership of the Governance, Nomination, and Remuneration Committee as of December 31, 2025
Nama Posisi Dasar Hukum Pengangkatan Periode Rangkap Jabatan
Name Position Legal Basis of Appointment Term in Office Concurrent Position
Rudiantara Ketua Keputusan Dewan Komisaris tanggal 5 Mei | May 2023 Komisaris Independen
Chairperson 5 Mei 2023 – 30 dan Komite Audit
Decision of the Board of Juni | June 2026 Perseroan
Commissioners dated May 5, 2023 Independent
Commissioners and
the Company's Audit
Committee
Emily Olson Anggota Keputusan Dewan Komisaris tanggal 28 Maret | March Wakil Presiden Komisaris
Member 11 Maret 2024 2024 – 30 Juni | June Vice President
Decision of the Board of 2027 Commissioner
Commissioners dated March 11, 2024
Kristina Keputusan Dewan Komisaris tanggal 16 Mei | May 2024 Komisaris Independen
Gauthier 16 Mei 2024 – 30 Perseroan
Decision of the Board of Juni | June 2027 Independent
Commissioners dated May 16, 2024 Commissioner of the
Company
M. Jasman Keputusan Dewan Komisaris 21 November 2024 – Komisaris Perseroan
Panjaitan tanggal 21 November 2024 30 Juni | June 2027 Commissioners of the
Decision of the Board of Company
Commissioners
November 21, 2024
Shiro Imai2 Keputusan Dewan Komisaris No. 5 Mei | May 2023 –
12/BOC-RES/2025 30 Juni | June 2026
Board of Commissioners Decision
No. 12/BOC-RES/2025
Katherine Keputusan Dewan Komisaris No. 28 Maret | March
Angela Oendoen2 15/BOC-RES/2025 2024 –
Board of Commissioners Decision 30 Juni | June 2027
No. 15/BOC-RES/2025
Yusuke Niwa1
Edi Permadi1
Keterangan: | Note:
1: Menjabat hingga 28 Juli 2025 | Serving until July 28, 2025
2: Menjabat sejak 28 Juli 2025 | Serving since July 28, 2025
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Profil Anggota Komite TNR Profiles of Members of the GNR Committee
Profil anggota Komite TNR yang merupakan anggota The profiles of the GNR Committee members who are
Dewan Komisaris disajikan pada bagian Profil Dewan members of the Board of Commissioners are presented
Komisaris di Laporan Tahunan ini. in the Board of Commissioners Profile section of this
Annual Report.
Pernyataan Independensi Komite TNR GNR Committee Independence Statement
Peraturan OJK No.34/POJK.04/2014 dan Piagam TNR OJK Regulation No. 34/POJK.04/2014 and the GNR
memastikan independensi komite dengan menyatakan Charter ensure the committee’s independence by
bahwa komite ini harus diketuai oleh Komisaris stipulating that the committee must be chaired by an
Independen. Sampai dengan tanggal 31 Desember Independent Commissioner. As of December 31, 2025,
2025, pernyataan independensi telah diberikan oleh the statement of independence has been provided by
Rudiantara sebagai Ketua Komite yang merupakan Rudiantara, as the Committee Chair and an Independent
Komisaris Independen Perseroan. Commissioner of the Company.
Rapat Komite TNR GNR Committee Meetings
Komite TNR mengadakan rapat paling sedikit satu The GNR Committee meets at least once every four
kali dalam empat bulan. Setiap rapat dapat diadakan months. Each meeting may be held physically or
secara fisik atau jarak jauh (seperti teleconference, remotely (such as by teleconference, videoconference,
konferensi video, atau bentuk komunikasi serupa), or similar means of communication), if permitted by
apabila diperbolehkan peraturan perundang-undangan applicable laws and regulations and allows meeting
yang berlaku serta memungkinkan peserta rapat untuk participants to hear, or see and hear each other, and
mendengar, atau melihat dan mendengar satu sama lain participate in the meeting.
serta berpartisipasi dalam rapat.
Kuorum rapat dipenuhi apabila dihadiri oleh lebih dari The quorum of a meeting is met if attended by more than
setengah dari seluruh jumlah anggota Komite TNR, half of the total number of GNR Committee members,
dan dihadiri oleh sekurang-kurangnya (secara fisik and attended by at least (physically or by remote means):
atau dengan sarana jarak jauh): (i) ketua komite dan (i) The committee chair and (ii) at least committee
(ii) setidaknya anggota komite dari pemegang saham members from shareholders entitled to nominations.
yang berhak atas nominasi. Keputusan rapat diambil Meeting decisions are taken by deliberation to reach
secara musyawarah untuk mufakat. Apabila rapat gagal consensus. If the meeting fails to reach consensus, then
mencapai pemufakatan, maka keputusan akan berlaku the decision will be valid if approved by a majority of
apabila disetujui oleh mayoritas anggota komite yang committee members present at the meeting who have a
hadir pada rapat yang memenuhi kuorum. Komite TNR quorum. The GNR Committee will appoint a committee
akan menunjuk sekretaris komite yang bertanggung secretary who is responsible for preparing and sending
jawab guna mempersiapkan dan mengirimkan agenda the agenda and all supporting and additional materials
dan seluruh bahan pendukung dan tambahan untuk for each meeting and preparing the minutes of the
setiap rapat serta mempersiapkan minuta rapat meeting.
tersebut.
Di tahun 2025 Komite TNR melaksanakan 13 kali rapat In 2025, the GNR Committee held 13 meetings remotely
yang dilaksanakan secara jarak jauh melalui konferensi via video conference. Discussions at these meetings
video. Pembahasan rapat-rapat tersebut, di antaranya included recommendations for nominations of members
rekomendasi nominasi anggota Direksi dan Dewan of the Board of Directors and Board of Commissioners;
Komisaris; anggota Komite Audit, Komite Mitigasi Risiko members of the Audit Committee, Risk Mitigation
dan Komite TNR; pembahasan progres implementasi Committee, and GNR Committee; discussions on
praktik governans; rekomendasi usulan remunerasi the progress of implementing governance practices;
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
bagi anggota Direksi; distribusi tugas dan tanggung recommendations for proposed remuneration for
jawab anggota Direksi; serta monitoring isu-isu terkait members of the Board of Directors; distribution of
governans, nominasi dan remunerasi lainnya. Kehadiran duties and responsibilities of members of the Board
masing-masing anggota Komite TNR dalam rapat tahun of Directors; and monitoring of issues related to
2025 disampaikan dalam tabulasi berikut. governance, nominations, and other remuneration. The
attendance of each GNR Committee member at the
2025 meetings is presented in the following table.
Jumlah Rapat Komite TNR Tahun 2025 dan Tingkat Kehadiran Anggota Komite
Number of GNR Committee Meetings in 2025 and Attendance Rate of Committee Members
%
Nama Posisi di Komite Jumlah Rapat Jumlah Kehadiran
Kehadiran
Name Position in Committee Number of Meetings Meetings Attended
Attended
Ketua
Rudiantara 13 13 100
Chairperson
Emily Olson 13 13 100
Kristina Gauthier 13 12 92
M Jasman Panjaitan 13 13 100
Anggota
Shiro Imai2 6 6 100
Member
Katherine Angela Oendoen2 5 5 100
Yusuke Niwa1 7 7 100
Edi Permadi1 7 7 100
Keterangan | Notes:
1: Menjabat hingga 28 Juli 2025 | Serving until July 28, 2025
2: Menjabat sejak 28 Juli 2025 | Serving since July 28, 2025
Tugas dan Tanggung Jawab Duties and Responsibilities
Sesuai Piagam Komite TNR, tugas dan tanggung jawab According to the GNR Committee Charter, the duties
Komite adalah sebagai berikut: and responsibilities of the Committee are as follows:
1. Tugas dan tanggung jawab terkait governans 1. Duties and responsibilities in corporate governance
perusahaan, meliputi mengawasi praktik-praktik include overseeing adherence to best practices. The
terbaik dari governans perusahaan, melakukan Committee reviews the independence of Board of
penelaahan terhadap independensi anggota Commissioners members and examines possible
Dewan Komisaris, mengkaji atas kemungkinan conflicts of interest among the Board of Directors
adanya benturan kepentingan para anggota Direksi or the Board of Commissioners. The Committee also
dan/atau Dewan Komisaris, menelaah kebijakan reviews corporate governance policies.
governans perusahaan.
2. Tugas dan tanggung jawab terkait rencana suksesi 2. Duties and responsibilities in succession planning
dan prosedur seleksi, meliputi melakukan telaah atas and selection include reviewing succession plans and
rencana suksesi, telaah kriteria seleksi untuk posisi the selection criteria for key management positions.
manajemen tertentu, menominasikan anggota The Committee nominates Board of Directors and
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Direksi dan Komisaris Independen, penilaian atas Independent Commissioners, assesses performance
telaah kinerja dan remunerasi, meninjau program reviews and remuneration, and reviews capacity
peningkatan kapasitas untuk pengembangan karier. building programs for career development.
3. Tugas dan tanggung jawab terkait remunerasi dan 3. Duties and responsibilities related to remuneration
penggantian biaya, meliputi kompensasi para anggota and reimbursement of expenses, including
Dewan Komisaris dan Komite Audit dan Komite compensation of members of the Board of
Mitigasi Risiko, penggantian biaya untuk para anggota Commissioners and the Audit Committee and Risk
Dewan Komisaris, melakukan telaah atas kesesuaian Mitigation Committee, reimbursement of expenses
remunerasi, revisi terhadap kompensasi insentif yang for members of the Board of Commissioners,
ada atau rencana kompensasi insentif baru. conducting reviews of the appropriateness of
remuneration, and revisions to existing incentive
compensation or new incentive compensation plans.
4. Komite TNR juga dapat mengambil tindakan atas 4. The GNR Committee may also take action on other
hal-hal lain yang dimintakan Dewan Komisaris dari matters requested by the Board of Commissioners
waktu ke waktu. from time to time.
5. Hubungan Anggota Komite dengan Perseroan. Dalam 5. Relationship of Committee Members to the Company.
melaksanakan tugas dan tanggung jawabnya, setiap In carrying out their duties and responsibilities, each
anggota Komite wajib berasal dari jajaran Dewan Committee member must come from the ranks of the
Komisaris Perseroan. Company's Board of Commissioners.
6. Keandalan Informasi yang Disampaikan. Komite 6. The Committee may rely on the integrity of
berhak, secara wajar, mengandalkan integritas individuals and organizations, both internal and
individu maupun organisasi, baik dari internal maupun external, as sources of information. The Committee
eksternal Perseroan, yang menjadi sumber informasi trusts in the truth and accuracy of the information
bagi Komite, serta mengandalkan kebenaran dan unless it finds evidence to the contrary. In such
ketepatan informasi yang diberikan oleh pihak-pihak cases, the Committee must promptly inform the
tersebut, kecuali apabila Komite mengetahui adanya Board of Commissioners.
hal yang bertentangan. Dalam situasi tersebut, Komite
wajib segera menyampaikan informasi tersebut
kepada Dewan Komisaris.
7. Penilaian Persyaratan Kompetensi oleh Komite. Komite 7. Competency Requirements Assessment by the
bertugas melakukan penilaian terhadap anggota Committee. The Committee is tasked with
Direksi dengan mengacu pada persyaratan kompetensi assessing Board members against the competency
yang ditetapkan dalam Kebijakan Proses Nominasi requirements set out in the Nomination and
dan Remunerasi. Hasil penilaian tersebut wajib Remuneration Process Policy. The results of these
disampaikan oleh Komite kepada Dewan Komisaris. assessments must be submitted by the Committee
to the Board of Commissioners.
8. Persetujuan Komite atas Personel yang Melapor 8. Committee Approval of Personnel Reporting Directly to
Langsung kepada Direksi. Komite akan menelaah dan the Board of Directors. The Committee will review and
menyetujui usulan penunjukan personel selain Direktur approve proposals for the appointment of personnel
atau Komisaris yang akan melapor langsung kepada other than Directors or Commissioners who will report
Direksi atau Direktur. Usulan tersebut diajukan oleh directly to the Board of Directors or Directors. Such
direktur terkait, setelah berkonsultasi dengan Direktur proposals are submitted by the relevant director
Sumber Daya Manusia dan dengan mempertimbangkan after consultation with the Director of Human
Kebijakan Proses Nominasi dan Remunerasi. Resources and in accordance with the Nomination
and Remuneration Process Policy.
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Pelaksanaan Tugas dan Tanggung Jawab di Implementation of Duties and
Tahun 2025 Responsibilities in 2025
Aspek Tata Kelola Governance Aspects
1. Memantau perkembangan praktik terbaik governans, 1. Monitoring the development of best governance
standar, serta ketentuan yang ditetapkan oleh seluruh practices, standards, and regulations established
regulator yang berlaku, termasuk Otoritas Jasa by all applicable regulators, including the Financial
Keuangan (OJK) dan Bursa Efek Indonesia (BEI). Services Authority (OJK) and the Indonesia Stock
Exchange (IDX).
2. Melakukan pengawasan serta memberikan masukan 2. Overseeing and providing input on initiatives to
atas inisiatif peningkatan Good Corporate Governance improve Good Corporate Governance (GCG).
(GCG).
3. Mendukung Dewan Komisaris dalam melakukan 3. Supporting the Board of Commissioners in
penelaahan atas kebijakan governans perusahaan reviewing corporate governance policies that have
yang telah disetujui maupun yang akan disetujui been approved or will be approved by the Board of
oleh Dewan Komisaris untuk diterapkan oleh Commissioners for implementation by the Company.
Perseroan. Daftar kebijakan tersebut meliputi: The list of policies includes:
• Piagam Komite Audit • Audit Committee Charter
• Piagam Komite Mitigasi Risiko • Risk Mitigation Committee Charter
• Kebijakan Penyusunan dan Publikasi Dokumen • Regulatory Document Preparation and
Normatif Publication Policy
• Kebijakan Transaksi Afiliasi dan Transaksi • Affiliated Transaction and Conflict of Interest
Benturan Kepentingan Kebijakan Komersial Transaction Policy
• Kebijakan Anggaran Tahunan • Annual Budget Policy
• Kebijakan Pembagian Dividen • Dividend Distribution Policy
• Kebijakan Utang dan Pendanaan Pemegang • Debt and Shareholder Financing Policy
Saham
• Kebijakan Manajemen Risiko • Risk Management Policy
Aspek Remunerasi Remuneration Aspects
1. Menelaah dan memberikan rekomendasi kepada 1. Review and provide recommendations to the Board
Dewan Komisaris terkait remunerasi bagi anggota of Commissioners regarding remuneration for
Dewan Komisaris serta anggota Komite Audit dan members of the Board of Commissioners, as well
Komite Mitigasi Risiko. as members of the Audit Committee and the Risk
Mitigation Committee.
2. Menelaah dan memberikan rekomendasi kepada 2. Review and provide recommendations to the Board
Dewan Komisaris terkait penggantian biaya of Commissioners regarding reimbursement for
(reimbursement) bagi anggota Dewan Komisaris. members of the Board of Commissioners.
3. Mendukung Dewan Komisaris dalam menetapkan 3. Support the Board of Commissioners in establishing
dan menyetujui struktur, kebijakan, serta tingkat and approving the structure, policies, and levels
remunerasi bagi anggota Direksi, termasuk gaji of remuneration for members of the Board of
serta insentif berbasis tunai dan ekuitas. Directors, including salaries and cash- and equity-
based incentives.
4. Menelaah kesesuaian remunerasi bagi anggota 4. Review the appropriateness of remuneration for
Direksi, Dewan Komisaris, serta komite di bawah members of the Board of Directors, the Board of
Dewan Komisaris. Commissioners, and committees under the Board of
Commissioners.
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5. Menelaah dan memberikan masukan terkait 5. Review and provide input regarding the composition
komposisi Direksi. of the Board of Directors.
6. Melakukan pengawasan atas program insentif serta 6. Oversee incentive programs and approve awards.
menyetujui pemberian penghargaan.
Rencana Suksesi dan Prosedur Nominasi Succession Planning and Nomination Procedures
1. Menelaah rencana suksesi Direktur Utama (CEO). 1. Review the succession plan for the President
Director (CEO).
2. Menelaah hasil evaluasi kinerja Direksi. 2. Review the results of the Board of Directors'
performance evaluation.
3. Melakukan pengawasan serta memberikan arahan 3. Supervise and provide guidance in the preparation
dalam penyusunan rencana kinerja dan remunerasi of short- and long-term performance and
jangka pendek maupun jangka panjang bagi anggota remuneration plans for members of the Board of
Dewan Komisaris dan Direksi. Commissioners and Board of Directors.
4. Melakukan penilaian serta memberikan rekomendasi 4. Assess and provide recommendations for potential
calon suksesor berdasarkan kualifikasi, kebutuhan successors based on qualifications, the Company's
Perseroan, serta ketentuan regulasi. needs, and regulatory requirements.
5. Mendukung serta memberikan rekomendasi kepada 5. Support and provide recommendations to the
Dewan Komisaris dalam penelaahan kandidat Board of Commissioners in reviewing candidates for
anggota Dewan Komisaris dan Direksi, untuk members of the Board of Commissioners and Board
selanjutnya direkomendasikan kepada Dewan of Directors, for subsequent recommendations to
Komisaris dan RUPS. the Board of Commissioners and the GMS.
6. Berdasarkan usulan Direksi, menelaah serta 6. Based on the Board of Directors' proposals, review
memberikan persetujuan atas individu (selain and approve individuals (other than members of
anggota Direksi atau Dewan Komisaris) yang the Board of Directors or Board of Commissioners)
melapor langsung kepada Direksi atau salah satu who report directly to the Board of Directors or to a
anggota Direksi. member of the Board of Directors.
Pada tahun 2025, Komite TNR telah memberikan In 2025, the GNR issued recommendations for changes
rekomendasi bagi perubahan pejabat-pejabat to the Company's officers, including:
Perseroan, meliputi:
1. Rekomendasi nominasi anggota Direksi yaitu 1. Recommendations for the nomination of members
Bernardus Irmanto, Heriyanto Agung Putra, of the Board of Directors: Bernardus Irmanto,
Budiawansyah, dan M. Slamet Sugiharto. Heriyanto Agung Putra, Budiawansyah, and M.
Slamet Sugiharto.
2. Rekomendasi nominasi anggota Komisaris, Chris 2. Recommendations for the nomination of members
McCleave, F.S. Multhazar, Katherine Angela of the Board of Commissioners: Chris McCleave, F.S.
Oendoen, dan Shiro Imai. Multhazar, Katherine Angela Oendoen, and Shiro
Imai.
3. Rekomendasi nominasi Shiro Imai dan Katherine 3. Recommendations for the nomination of Shiro Imai
Angela Oendoen sebagai anggota Komite TNR. and Katherine Angela Oendoen as members of the
GNR Committee.
4. Rekomendasi nominasi Nareswari Dyah 4. Recommendations for the nomination of Nareswari
Wijayaningrum dan Marita Alisjahbana sebagai Dyah Wijayaningrum and Marita Alisjahbana as
anggota Komite Mitigasi Risiko. members of the Risk Mitigation Committee.
5. Rekomendasi nominasi Beni Subena sebagai anggota 5. Recommendations for the nomination of Beni
Komite Audit. Subena as a member of the Audit Committee.
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Komite Mitigasi Risiko
Risk Mitigation Committee
Komite Mitigasi Risiko dibentuk berdasarkan keputusan The Risk Mitigation Committee was established
Dewan Komisaris yang diambil pada Rapat Dewan pursuant to a resolution of the Board of Commissioners
Komisaris tertanggal 29 Agustus 2021. Komite Mitigasi adopted at the Board of Commissioners’ Meeting
Risiko membantu Dewan Komisaris melakukan dated August 29, 2021. The Risk Mitigation Committee
pengawasan terhadap penerapan dan pelaksanaan assists the Board of Commissioners in overseeing the
pengelolaan risiko. implementation and execution of risk management.
Piagam Komite Mitigasi Risiko Risk Mitigation Committee Charter
Komite Mitigasi Risiko memiliki Piagam Komite Mitigasi The Risk Mitigation Committee has a Charter that
sebagai pedoman kerja bagi Komite dalam menjalankan serves as a guideline for the Committee in carrying out
tugas dan tanggung jawabnya secara efektif dan efisien. its duties and responsibilities effectively and efficiently.
Piagam Komite Mitigasi Risiko pertama kali disusun The Risk Mitigation Committee Charter was initially
tanggal 7 Juni 2017 dan terakhir diperbaharui tanggal established on June 7, 2017 and was last amended
3 Juli 2025, berdasarkan persetujuan Dewan Komisaris. on July 3, 2025, with the approval of the Board of
Piagam Komite Mitigasi Risiko memuat tentang maksud Commissioners. The Charter sets out, among others, the
dan tujuan keseluruhan, tugas, tanggung jawab dan overall purpose and objectives, duties, responsibilities
wewenang, pelaporan, keanggotaan, proses kerja, and authorities, reporting mechanisms, membership,
rapat, serta penilaian kinerja Komite Mitigasi Risiko. working procedures, meetings, and performance
Piagam Komite Mitigasi Risiko dapat diakses melalui evaluation of the Risk Mitigation Committee. The
situs web Perseroan. Risk Mitigation Committee Charter is available on the
Company’s website.
https://www.vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
Periode dan Masa Jabatan Anggota Komite Period and Tenure of the Risk Mitigation
Mitigasi Risiko Committee Members
Sesuai Anggaran Dasar Perseroan, Dewan Komisaris In accordance with the Company’s Articles of
mengangkat anggota Komite Mitigasi Risiko untuk Association, the Board of Commissioners appoints
masa jabatan tiga tahun, atau tidak boleh lebih lama members of the Risk Mitigation Committee for a term
dari masa jabatan Dewan Komisaris. Anggota Komite of three years, or for a period not exceeding the term of
Mitigasi Risiko hanya dapat menjabat selama dua masa office of the Board of Commissioners. Members of the
jabatan penuh, dengan ketentuan bahwa masa jabatan Risk Mitigation Committee may serve for a maximum of
anggota Komite Mitigasi Risiko yang merupakan bagian two full terms. However, any partial term served to fill a
dari dua tahun masa jabatan untuk mengisi posisi yang vacant position for a period of less than two years shall
kosong tidak diperhitungkan dalam pembatasan masa not be counted toward the term limit.
jabatan tersebut.
Struktur dan Keanggotaan Komite Mitigasi Structure and Membership of the Risk
Risiko Mitigation Committee
Anggota Komite Mitigasi Risiko terdiri dari lima anggota The Risk Mitigation Committee consists of five
yang diangkat oleh Dewan Komisaris, dengan sekurang- members appointed by the BOC, with at least one
kurangnya satu Komisaris lndependen yang diangkat Independent Commissioner appointed by the BOC, two
oleh Dewan Komisaris, dua anggota yang diangkat oleh members appointed by the eligible shareholders with
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para pemegang saham yang memenuhi syarat untuk rights to nominate members and two independent
memiliki hak mencalonkan anggota dan dua anggota members appointed by the BOC. The composition of
independen yang diangkat oleh Dewan Komisaris. the Risk Mitigation Committee as of December 31, 2025
Komposisi keanggotaan Komite Mitigasi Risiko per tanggal is presented in the following table:
31 Desember 2025 disampaikan dalam tabulasi berikut:
Susunan Keanggotaan Komite Mitigasi Risiko per 31 Desember 2025
Audit Committee Membership as of December 31, 2025
Nama Posisi Dasar Hukum Pengangkatan Periode Rangkap Jabatan
Name Position Legal Basis of Appointment Term in Office Concurrent Position
Keputusan Dewan Komisaris tanggal 21 Komisaris Independen
Retno L.P. Ketua November 2024 Perseroan
2025-2027
Marsudi Chairperson Decision of the Board of Commissioners The Company’s
dated November 21, 2024 Independent Commissioner
Keputusan Dewan Komisaris tanggal 12 Komisaris Independen dan
Marita Desember 2025 Komite Audit Perseroan
2025-2027
Alisjahbana Decision of the Board of Commissioners Commissioners and Audit
dated December 12, 2025 Committee of the Company
Keputusan Dewan Komisaris tanggal 10
Gustavo Anggota Juni 2024
2024-2027 -
Fontanella Member Decision of the Board of Commissioners
dated June 10, 2024
Keputusan Dewan Komisaris tanggal 19
Nareswari Dyah Februari 2025
2025-2028 -
Wijayaningrum Decision of the Board of Commissioners
dated February 19, 2025
Keterangan | Note :
Sampai dengan batas akhir penerbitan laporan tahunan, anggota Komite Mitigasi Risiko berjumlah 5 orang dengan adanya penunjukan Raden Sukhyar pada tanggal 25
Februari 2026.
As of the reporting cut-off date for this Annual Report, the Risk Mitigation Committee comprised five members, following the appointment of Raden Sukhyar on 25
February 2026.
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Profil Anggota Komite Mitigasi Risiko
Risk Mitigation Committee Member Profile
Profil anggota Komite Mitigasi Risiko yang merupakan The profiles of the Risk Mitigation Committee
anggota Dewan Komisaris disajikan pada bagian profil members who also serve as members of the Board
Dewan Komisaris di Laporan Tahunan ini. Profil anggota of Commissioners are presented in the Board of
Komite Mitigasi Risiko lainnya disajikan pada tabulasi di Commissioners’ profile section of this Annual Report.
bawah ini. The profiles of the other Risk Mitigation Committee
members are presented in the table below.
Gustavo Fontanella
Anggota Komite Mitigasi Risiko
Member of the Risk Mitigation Committee
Usia: 47 Tahun, Kewarganegaraan: Brasil-Kanada
Age: 47 Years Old, Nationality: Brazilian- Canadian
Keputusan Dewan Komisaris tanggal 10 Juni 2024
Decision of the Board of Commissioners dated June 10, 2024
Riwayat Pendidikan | Educational Background
• IESE Business School, Spanyol
• York University - Schulich School of Business, Canada
• Fundação Getulio Vargas, Brasil
• Pontifícia Universidade Católica de São Paulo, Brazil
Rangkap Jabatan | Concurrent Position
• Director, Treasury, Risk & Pension Investment, Vale Base Metals (2021 - sekarang)
• Director, Treasury, Risk & Pension Investment, Vale Base Metals (2021 - present)
Pengalaman Kerja | Work Experience
• Co-Chair, Risk Mitigation Committee (2024 – sekarang) • Co-Chair, Risk Mitigation Committee (2024 – present)
• Director, Global FP&A, Risk & Capital Allocation, Base • Director, Global FP&A, Risk & Capital Allocation, Base Metals,
Metals, Canada (2023 – sekarang) Canada (2023 – present)
• Pension & Investment Committees Member, Vale Base • Pension & Investment Committees Member, Vale Base Metals
Metals Pension Plans, Canada (2018 – sekarang) Pension Plans, Canada (2018 – present)
• Trustee Director, Vale Europe Pension Plan, London (2021 • Trustee Director, Vale Europe Pension Plan, London (2021
– sekarang) – present)
• Head, Finance North Atlantic, Canada (2022 – 2023) • Head, Finance North Atlantic, Canada (2022 – 2023)
• Director, Treasury & Pension Assets Strategy, Base Metals, • Director, Treasury & Pension Assets Strategy, Base Metals,
Canada (2016 – 2022) Canada (2016 – 2022)
• Manager, Treasury & Pension Assets, Canada (2013 – 2016) • Manager, Treasury & Pension Assets, Canada (2013 – 2016)
• Manager, Internal Controls Base Metals, Canada (2011 – • Manager, Internal Controls Base Metals, Canada (2011 – 2013)
2013)
• Global IT Audit Supervisor, Canada (2008 – 2011) • Global IT Audit Supervisor, Canada (2008 – 2011)
• Senior Consultant, Enterprise Risk, Canada (2006 – 2008) • Senior Consultant, Enterprise Risk, Canada (2006 – 2008)
• Manager, Enterprise Risk, Brazil (1998 – 2006) • Manager, Enterprise Risk, Brazil (1998 – 2006)
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Nareswari Dyah
Anggota Komite Mitigasi Risiko
Member of the Risk Mitigation Committee
Usia: 48 Tahun, Kewarganegaraan: Indonesia
Age: 48 Years Old, Nationality: Indonesia
Berdasarkan Keputusan Dewan Komisaris tanggal 19 Februari 2025
Decision of the Board of Commissioners dated February 19, 2025
Riwayat Pendidikan | Educational Background
• Sarjana Akuntansi, Universitas Gadjah Mada
• Bachelor of Accounting, Gadjah Mada University
Rangkap Jabatan | Concurrent Position
• Kepala Divisi Manajemen Risiko, PT Mineral Industri Indonesia (Persero) (2022-2024)
• Division Head of Risk Management, PT Mineral Industri Indonesia (Persero) (2022-2024)
Pengalaman Kerja | Work Experience
• Division Head of Risk Management, PT Mineral Industri • Division Head of Risk Management, PT Mineral Industri Indonesia
Indonesia (Persero) (2022- sekarang) (Persero) (2022-present)
• Unit Head of Internal Audit, PT Mineral Industri Indonesia • Unit Head of Internal Audit, PT Mineral Industri Indonesia
(Persero) (2021 - 2022) (Persero) (2021 - 2022)
• Chief of Internal Audit, PT Puradelta Lestari, Tbk (2015-2021) • Chief of Internal Audit, PT Puradelta Lestari, Tbk (2015-2021)
• Division Head of Internal Audit, Sinar Mas Land (2015-2021) • Division Head of Internal Audit, Sinar Mas Land (2015-2021)
• Professional Advisor for Chief Financial Officer, PT Telkom • Professional Advisor for Chief Financial Officer, PT Telkom
Indonesia, Tbk (2012-2014) Indonesia, Tbk (2012-2014)
• Senior Manager, Ernst & Young Indonesia (2006-2012) • Senior Manager, Ernst & Young Indonesia (2006-2012)
• Assistant Manager, Ernst & Young Houston, Texas (2005-2006) • Assistant Manager, Ernst & Young Houston, Texas (2005-2006)
• Senior Consultant, Ernst & Young Indonesia (2003-2005) • Senior Consultant, Ernst & Young Indonesia (2003-2005)
• Senior Consultant, KPMG Indonesia (2000-2002) • Senior Consultant, KPMG Indonesia (2000-2002)
Pernyataan Independensi Komite Mitigasi Risiko
Risk Mitigation Committee Independence Statement
Untuk menjaga independensi anggota Komite Mitigasi To maintain the independence of the Risk Mitigation
Risiko, Ketua Komite Mitigasi Risiko Retno L.P. Marsudi Committee members, the Chair of the Risk Mitigation
yang merupakan Komisaris Independen Perseroan, Committee, Retno L.P. Marsudi, who serves as the
telah memberikan pernyataan independensi per 31 Company’s Independent Commissioner, has submitted
Desember 2025. a statement of independence as of 31 December 2025.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Rapat Komite Mitigasi Risiko Risk Mitigation Committee Meetings
Penyelenggaraan rapat Komite Mitigasi Risiko The Risk Mitigation Committee meetings are conducted
dilaksanakan sesuai dengan ketentuan dalam Piagam in accordance with the provisions set out in the Audit
Komite Audit, yaitu diselenggarakan sekurang- Committee Charter, which requires that meetings be
kurangnya empat kali dalam satu tahun buku. held at least four times in one financial year. During
Pada periode pelaporan, Komite Mitigasi Risiko the reporting period, the Risk Mitigation Committee
telah melaksanakan rapat sebanyak 5 kali. Rapat convened 5 meetings. Meetings are chaired by the
dipimpin oleh Ketua Komite Mitigasi Risiko dan dapat Chairperson of the Risk Mitigation Committee and
dilaksanakan secara tatap muka maupun melalui sarana may be conducted either in person or through remote
komunikasi jarak jauh. Setiap rapat disertai agenda communication facilities. Each meeting is supported by
dan materi pendukung, serta didokumentasikan dalam an agenda and relevant materials, and is documented
risalah rapat yang ditandatangani para peserta dan in minutes of meeting signed by the participants and
disampaikan kepada Dewan Komisaris. submitted to the Board of Commissioners.
Sepanjang tahun 2025, Komite Mitigasi Risiko Throughout 2025, the Risk Mitigation Committee held 5
melaksanakan 5 kali rapat yang diadakan baik secara meetings, which were conducted either in person or via
fisik atau konferensi video. Kehadiran masing-masing video conference. The attendance of each member of
anggota Komite Mitigasi Risiko dalam rapat tahun 2025 the Risk Mitigation Committee at the meetings held in
disampaikan dalam tabel berikut: 2025 is presented in the following table:
Jumlah Rapat Komite Mitigasi Risiko Tahun 2025 dan Tingkat Kehadiran Anggota Komite
Number of Risk Mitigation Committee Meetings in 2025 and Attendance Rate of Committee Members
Nama Posisi di Komite Jumlah Rapat Jumlah Kehadiran % Kehadiran
Name Position in Committee Number of Meetings Meetings Attended Attended
Retno L.P. Marsudi Ketua | Chair 5 5 100
Marita Alisjahbana - - -
Gustavo Fontanella 5 3 60
Anggota | Member
Nareswari Dyah
5 5 100
Wijayaningrum
Pelatihan Komite Mitigasi Risiko Risk Mitigation Committee Training
Informasi pelatihan yang diikuti anggota Komite Information on training programs attended by members
Mitigasi Risiko yang merupakan anggota Dewan of the Risk Mitigation Committee who also serve as
Komisaris di Laporan Tahunan ini, pada bahasan Profil members of the Board of Commissioners is presented on
Dewan Komisaris. this Annual Report under the Board of Commissioners’
Profile section.
Tugas dan Tanggung Jawab Duties and Responsibilities
Berdasar Piagam Komite Mitigasi Risiko, tugas dan Based on the Risk Mitigation Committee Charter,
tanggung jawab Komite Mitigasi Risiko adalah: the duties and responsibilities of the Risk Mitigation
Committee are as follows:
1. Manajemen risiko 1. Risk Management
• Melakukan penelaahan terhadap kerangka kerja, • Reviewing the Company’s risk management
strategi, metode, kebijakan dan sistem manajemen framework, strategies, methodologies, policies,
risiko Perseroan (antara lain pernyataan selera risiko, and systems (including, among others, risk appetite
taksonomi risiko, kriteria risiko, batasan risiko, statements, risk taxonomy, risk criteria, risk limits,
toleransi risiko, dan kapasitas risiko) yang disusun risk tolerance, and risk capacity) as prepared
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
oleh Direksi, dan melakukan pengawasan dan by the Board of Directors, as well as overseeing
evaluasi penerapannya dalam rangka meningkatkan and evaluating their implementation in order to
efektivitas kegiatan manajemen risiko Perseroan enhance the effectiveness of the Company’s risk
termasuk lingkup anak perusahaan. management activities, including those of its
subsidiaries.
• Melakukan pengawasan terhadap budaya risiko • Overseeing the implementation of a risk culture
yang mempromosikan pengungkapan yang terbuka that promotes open and transparent disclosure
dan transparan maupun peningkatan dalam kualitas and continuous improvement in the quality of the
kegiatan manajemen risiko Perseroan. Company’s risk management activities.
• Memberikan saran dan rekomendasi kepada Dewan • Providing advice and recommendations to the Board
Komisaris mengenai manajemen risiko Perseroan of Commissioners regarding the Company’s and
dan anak perusahaan, termasuk referensi profil subsidiaries’ risk management, including references
risiko dan tingkat risiko yang diharapkan akan to the risk profile and the level of risk expected to
diambil oleh Perseroan (risk appetite). be assumed by the Company (risk appetite).
2. Kegiatan Assurans (Assurance) – Unit Manajemen 2. Assurance Activities – Risk Management Unit (RMU)
Risiko (UMR)
• Melakukan penelaahan terhadap rencana, kemajuan • Reviewing the plans, progress, and results of
dan hasil kegiatan yang dilaksanakan oleh UMR, activities carried out by the Risk Management
termasuk laporan berkala dan rekomendasi kepada Unit (RMU), including periodic reports and
Direksi dan Dewan Komisaris untuk menilai apakah recommendations to the Board of Directors and
risiko-risiko utama Perseroan telah dianalisa dan the Board of Commissioners, to assess whether the
ditangani dengan tepat serta untuk memastikan Company’s key risks have been properly identified,
kecukupan rencana-rencana mitigasi. analyzed, and managed, and to ensure the adequacy
of mitigation plans.
• Mengawasi aksi tindak lanjut oleh Direksi dan/atau • Overseeing follow-up actions taken by the Board
management/pemilik risiko sehubungan dengan of Directors and/or management/risk owners in
temuan dan rekomendasi UMR terkait dengan response to the findings and recommendations of
manajemen risiko. the RMU related to risk management.
3. Lain-lain 3. Other Matters
• Mengambil tindakan atas hal-hal yang dimintakan • Taking actions on matters requested by the Board of
Dewan Komisaris dari waktu ke waktu, terkait Commissioners from time to time in relation to the
dengan fungsi manajemen risiko KMR sesuai dengan risk management function of the Risk Mitigation
peraturan perundang-undangan yang berlaku. Committee, in accordance with prevailing laws and
regulations.
• Menjaga kerahasiaan dokumen, data dan informasi • Maintaining the confidentiality of the Company’s
Perseroan. documents, data, and information.
• Menelaah dan menilai ketaatan Perseroan terhadap • Reviewing and assessing the Company’s compliance
peraturan perundang-undangan yang berlaku. with prevailing laws and regulations.
• Menelaah serta menilai profil kategori risiko. • Reviewing and assessing the risk category profile.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pelaksanaan Tugas dan Tanggung Jawab di Implementation of Duties and
2025 Responsibilities in 2025
Selama tahun 2025, Komite Mitigasi Risiko telah Throughout 2025, the Risk Mitigation Committee
melaksanakan tugas dan tanggung jawabnya sesuai carried out its duties and responsibilities in accordance
dengan Piagam Komite Mitigasi Risiko, yaitu: with the Risk Mitigation Committee Charter, including
the following activities:
1. Melakukan penelaahan terhadap pembaharuan 1. Reviewing updates to the Risk Management Policy;
Kebijakan Manajemen Risiko;
2. Meninjau dan memberikan rekomendasi terhadap 2. Reviewing and providing recommendations on the
laporan profil risiko; risk profile report;
3. Meninjau dan memberikan rekomendasi terhadap 3. Reviewing and providing recommendations on
usulan Risiko Utama Perseroan dan Strategi Risiko the proposed Company’s Principal Risks and Risk
tahun 2025; Strategy for 2025;
4. Meninjau dan memberikan rekomendasi terhadap 4. Reviewing and providing recommendations on the
kajian manajemen risiko strategis Perseroan; Company’s strategic risk management assessment;
5. Melakukan penelaahan terhadap usulan 5. Examining proposals for budget revisions required
pembaharuan anggaran Perseroan yang diperlukan in 2025;
pada tahun 2025;
6. Meninjau dan memberikan rekomendasi terhadap 6. Reviewing and providing recommendations on the
kinerja keuangan Perseroan. Company’s financial performance.
Sertifikasi Profesi Anggota Komite Mitigasi Professional Certifications of Risk
Risiko Mitigation Committee Members
Para anggota Komite Mitigasi Risiko memiliki sertifikasi Members of the Risk Mitigation Committee hold
profesi yang relevan untuk mendukung pelaksanaan relevant professional certifications to support the
tugas pengawasan, analisis, dan penelaahan sesuai effective performance of their oversight, analysis, and
ketentuan yang berlaku. Sepanjang periode pelaporan, review duties in accordance with applicable regulations.
sertifikasi profesi yang dimiliki oleh anggota Komite During the reporting period, the professional
Mitigasi Risiko di antaranya: certifications held by members of the Risk Mitigation
Committee include, among others:
1. Certified in Risk Management Assurance, dikeluarkan 1. Certified in Risk Management Assurance, issued by
oleh IIA-The Institute of Internal Auditors the IIA-The Institute of Internal Auditors
2. Certified Accountant (CA), dikeluarkan oleh Ikatan 2. Certified Accountant (CA), issued by the Indonesian
Akuntan Indonesia Institute of Accountants
3. Certified Internal Auditor (CIA), dikeluarkan oleh IIA- 3. Certified Internal Auditor (CIA), issued by the IIA-
The Institute of Internal Auditors The Institute of Internal Auditors
4. Certified Management Accounting (CMA) Australia, 4. Certified Management Accounting (CMA) Australia,
dikeluarkan oleh Institute of Certified Management issued by the Institute of Certified Management
Accountants, Australia Accountants, Australia
5. Certified Information System Auditor (CISA), 5. Certified Information System Auditor (CISA), issued
dikeluarkan oleh ISACA by ISACA
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Sekretaris Perusahaan
Corporate Secretary
Penunjukan Sekretaris Perusahaan diatur dalam The appointment of a Corporate Secretary is regulated
Peraturan OJK No.35/POJK.04/2014 tentang Sekretaris in OJK Regulation No. 35/POJK.04/2014 concerning
Perusahaan Emiten atau Perusahaan Publik, dan Corporate Secretaries of Issuers or Public Companies,
Peraturan Bursa Efek Indonesia (BEI) No.1-E tentang and Indonesia Stock Exchange (IDX) Regulation No. 1-E
Kewajiban Penyampaian Informasi. Sekretaris concerning Obligations to Submit Information. The
Perusahaan bertanggung jawab kepada Direksi, dan Corporate Secretary is responsible to the Board of
diangkat/diberhentikan berdasarkan Keputusan Direksi Directors and is appointed/dismissed based on a Decree
dengan persetujuan Dewan Komisaris. Sekretaris of the Board of Directors with the approval of the
Perusahaan memiliki fungsi strategis, sebagai Board of Commissioners. The Corporate Secretary has
penghubung antara Perseroan dengan pemegang a strategic function, as a liaison between the Company
saham, OJK, BEI, dan pemangku kepentingan lain. and shareholders, OJK, IDX, and other stakeholders.
Piagam Sekretaris Perusahaan
Corporate Secretary Charter
Sekretaris Perusahaan memiliki Piagam Sekretaris The Corporate Secretary has a Corporate Secretary
Perusahaan yang menjadi pedoman dalam menjalankan Charter that serves as a guideline for carrying out his
tugas dan tanggung jawabnya. Piagam Sekretaris or her duties and responsibilities. The Secretary Charter
diperbaharui secara berkala, dan terakhir kali diperbaharui is periodically updated, and was last updated and
serta disetujui Direksi pada 25 Oktober 2024. approved by the Board of Directors on October 25, 2024.
Kualifikasi Sekretaris Perusahaan
Corporate Secretary Qualifications
Sekretaris Perusahaan harus memiliki kompetensi A Corporate Secretary must possess advanced legal
hukum tingkat lanjut; menguasai pengetahuan dan competency; possess knowledge and understanding
pemahaman masalah hukum; memahami kegiatan of legal issues; understand the company's business
bisnis perusahaan; mampu membangun komunikasi activities; be able to build strategic communications;
strategis; dan berdomisili di Indonesia. Sekretaris and be domiciled in Indonesia. A Corporate Secretary
Perusahaan juga tidak boleh memiliki benturan must also have no conflicts of interest and no affiliations
kepentingan dan tidak memiliki afiliasi dengan pihak with any parties; and uphold integrity, ethics, and
manapun; serta menjunjung tinggi integritas, etika dan professionalism.
profesionalisme.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Profil Sekretaris Perusahaan
Corporate Secretary Profile
Pada periode pelaporan, terdapat pergantian Sekretaris In the reporting period, there was a change in the
Perusahaan. Sampai dengan 26 September 2025, Corporate Secretary. Until September 26, 2025, the
Sekretaris Perusahaan dijabat Wiwik Wahyuni dan Corporate Secretary was held by Wiwik Wahyuni, who
kemudian digantikan Anggun Kara Nataya berdasarkan was then replaced by Anggun Kara Nataya based on
Keputusan Direksi No. 12/SK-DIR/2025. Board of Directors Decree No. 12/SK-DIR/2025.
Anggun Kara Nataya*
Sekretaris Perusahaan
Corporate Secretary
Usia | Age: 42 Tahun | Years Old
Kewarganegaraan | Nationality: Indonesia | Indonesian
Ditunjuk sebagai Sekretaris Perusahaan melalui Surat
Keputusan Direksi No.12/SK-DIR/2025 tanggal 26 September
2025.
Appointed as the Corporate Secretary by Decree No.12/SK-
DIR/2025 dated 26 September 2025.
Riwayat Pendidikan | Educational Background
• Sarjana Hukum dari Universitas Indonesia, 2006
• Bachelor of Laws from the University of Indonesia, 2006
Jabatan Sebelumnya | Previous Position
• Kepala Departemen Hukum, PT Vale Indonesia Tbk, 2021 • Head of the Legal Department, PT Vale Indonesia Tbk, 2021
• Legal Manager, PT Vale Indonesia Tbk, 2020 • Legal Manager, PT Vale Indonesia Tbk, 2020
• Senior Legal Counsel, PT Vale Indonesia Tbk, 2011 • Senior Legal Counsel, PT Vale Indonesia Tbk, 2011
*) Sampai Laporan Tahunan ini diterbitkan, terdapat pergantian *) As of the publication of this Annual Report, there has been a
Sekretaris Perusahaan yang ditetapkan melalui Surat change in the position of Corporate Secretary, as stipulated in
Keputusan Direksi No. 07/SK-DIR/2026. Berdasarkan surat Board of Directors’ Resolution No. 07/SK-DIR/2026. Pursuant to
tersebut, Direksi menunjuk Ranty Astari Rachman sebagai said resolution, the Board of Directors has appointed Ranty Astari
Sekretaris Perusahaan menggantikan Anggun Kara Nataya. Rachman as Corporate Secretary, replacing Anggun Kara Nataya.
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Ranty Astari Rachman
Sekretaris Perusahaan
Corporate Secretary
Usia | Age: 42 Tahun | Years Old
Kewarganegaraan | Nationality: Indonesia | Indonesian
Ditunjuk sebagai Sekretaris Perusahaan melalui Surat Keputusan Direksi
No. 07/SK-DIR/2026
Appointed as the Corporate Secretary by Decree No. 07/SK-DIR/2026
Riwayat Pendidikan | Educational Background
• Magister Manajemen (MM) Manajemen Stratejik dari Universitas Prasetiya Mulya Jakarta, 2025
• Sarjana Hukum dari Universitas Padjajaran Bandung, 2005
• Master of Management (MM) in Strategic Management from Prasetiya Mulya University, Jakarta, 2025
• Bachelor of Law from Padjadjaran University, Bandung, 2005
Jabatan Sebelumnya | Previous Position
• Sekretaris Jenderal, Indonesia Corporate Secretary Association, • Secretary General, Indonesia Corporate Secretary Association,
2024–sekarang 2024–present
• Wakil Ketua Umum Bidang Pengkajian, Indonesia Corporate • Vice Chair for Research and Development, Indonesia Corporate
Secretary Association, 2021–2024 Secretary Association, 2021–2024
• Sekretaris Perusahaan, PT XLSMART Telecom Sejahtera Tbk • Corporate Secretary, PT XLSMART Telecom Sejahtera Tbk
(sebelumnya PT XL Axiata Tbk), 2020-2026 (formerly PT XL Axiata Tbk), 2020–2026
• Head of Public Affairs & Government Relations, PT Trinusa • Head of Public Affairs & Government Relations, PT Trinusa
Travelindo (Traveloka), Maret 2019–Maret 2020 Travelindo (Traveloka), March 2019–March 2020
• VP Corporate Secretary & CSR, PT Citilink Indonesia, 2016–2019 • VP Corporate Secretary & CSR, PT Citilink Indonesia, 2016–2019
• VP Corporate Secretary, PT Garuda Indonesia (Persero) Tbk, • VP Corporate Secretary, PT Garuda Indonesia (Persero) Tbk,
2008–2015 2008–2015
• Anggota Komite Tata Kelola Perusahaan, PT Garuda Indonesia • Member of the Corporate Governance Committee, PT Garuda
Maintenance Facility, 2013–2015 Indonesia Maintenance Facility, 2013–2015
• Associate di Lexindo Consulting, 2006-Januari 2008 • Associate, Lexindo Consulting, 2006–January 2008
Tugas dan Tanggung Jawab
Duties and Responsibilities
1. Governans dan kepatuhan: Memastikan kepatuhan 1. Governance and compliance: Ensure the Company's
Perseroan terhadap semua peraturan perundang- compliance with all laws and regulations; advise
undangan; memberi saran kepada Direksi dan the Board of Directors and provide support to
memberikan dukungan kepada Sekretaris Dewan the Secretary of the Board of Commissioners;
Komisaris; mendukung Direksi dan Dewan Komisaris support the Board of Directors and the Board of
dalam menerapkan praktik governans perusahaan Commissioners in implementing best corporate
terbaik. governance practices.
2. Direksi & dukungan untuk Dewan Komisaris: 2. Board of Directors & support for the Board of
Menyelenggarakan dan mengelola rapat Direksi Commissioners: Organize and manage meetings of
atau Dewan Komisaris; dan melaksanakan program the Board of Directors or Board of Commissioners;
orientasi perusahaan untuk Direksi atau Dewan and implement company orientation programs for
Komisaris. the Board of Directors or Board of Commissioners.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
3. Komunikasi dan keterlibatan pemangku 3. Stakeholder communication and engagement:
kepentingan: Penghubung utama maupun Acting as the primary liaison or intermediary between
perantara antara Direksi, Dewan Komisaris, tim the Board of Directors, Board of Commissioners,
manajemen, dan pemangku kepentingan Perseroan; management team, and stakeholders of the
melakukan keterbukaan informasi Perseroan Company; disclosing Company information to
kepada publik dan memastikan ketersediaan the public and ensuring the availability of such
informasi tersebut pada situs web; mengajukan information on the website; submitting reports to
laporan kepada otoritas pasar modal dan bursa efek the capital market authorities and stock exchanges
sesuai regulasi pasar modal yang berlaku. in accordance with applicable capital market
regulations.
4. Manajemen dokumen: Menyimpan catatan 4. Document management: Maintaining company
perusahaan dan memastikan penyimpanan serta records and ensuring their safekeeping and
aksesibilitas perusahaan; menangani korespondensi accessibility; handling correspondence with the
dengan pemegang saham Perseroan. Company's shareholders.
5. Rapat Umum Pemegang Saham (RUPS): 5. General Meeting of Shareholders (GMS): Holding a
Menyelenggarakan RUPS. GMS.
Pelaksanaan Tugas dan Tanggung Jawab 2025
Implementation of Duties and Responsibilities of 2025
Di tahun 2025 Sekretaris Perusahaan telah melaksanakan In 2025, the Corporate Secretary has carried out the
tugas dan tanggung jawab sebagai berikut: following duties and responsibilities:
1. Memastikan perusahaan selalu patuh pada seluruh 1. Ensure the company always complies with all capital
regulasi pasar modal, mengikuti perkembangan market regulations, follows the latest regulatory
peraturan terbaru, memperbarui Direksi dan developments, updates the Board of Directors and
mendukung Sekretaris Dewan Komisaris terkait supports the Secretary of the Board of Commissioners
informasi regulasi, memberikan nasihat atas regarding regulatory information, provides advice on
kewajiban hukum, mendukung penerapan praktik legal obligations, supports the implementation of best
GCG terbaik oleh Direksi dan Dewan Komisaris, serta GCG practices by the Board of Directors and Board of
memastikan seluruh kepatuhan dilakukan secara Commissioners, and ensures all compliance is carried
tepat waktu; out in a timely manner;
2. Menjaga efektivitas hubungan kerja antara Direksi 2. Maintaining the effectiveness of working
dan Dewan Komisaris serta memastikan komunikasi relationships between the Board of Directors and
yang baik dan transparan dengan pemegang saham the Board of Commissioners and ensuring good
dan pemangku kepentingan melalui penerapan and transparent communication with shareholders
praktik governans perusahaan yang efektif; and stakeholders through the implementation of
effective corporate governance practices;
3. Membantu dalam penyelenggaraan Rapat 3. Assist in organizing the Board of Directors Meeting,
Direksi, Dewan Komisaris, serta komite-komite the Board of Commissioners Meeting, and the
di bawah Dewan Komisaris untuk tahun buku committees under the Board of Commissioners
2025, memastikan bahwa rapat-rapat tersebut for the 2025 financial year, ensuring that these
terselenggara sesuai dengan governans dan meetings are held in accordance with applicable
peraturan yang berlaku; serta menjadi sekretaris governance and regulations; and serve as secretary
dalam rapat-rapat tersebut; in these meetings;
4. Berkoordinasi dengan area-area terkait untuk 4. Coordinate with related areas to ensure the
memastikan tersedianya informasi yang akurat availability of accurate and up-to-date information
dan terkini guna melakukan keterbukaan informasi to provide information transparency to
kepada para pemegang saham, OJK, BEI, dan para shareholders, OJK, BEI, and other stakeholders;
pemangku kepentingan lainnya;
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5. Membantu Direksi dalam penyelenggaraan RUPS 5. Assist the Board of Directors in organizing the 2025
Tahunan 2025 dan RUPS Luar Biasa pada 14 Januari Annual GMS and Extraordinary GMS on January 14,
2025, 28 Juli 2025, dan 23 September 2025; 2025, July 28, 2025, and September 23, 2025;
6. Berpartisipasi dalam berbagai jaringan, forum dan 6. Participate in various networks, forums and
pelatihan baik yang relevan dengan pasar modal trainings relevant to both the capital markets and
maupun industri pertambangan. the mining industry.
Pelatihan Sekretaris Perusahaan
Corporate Secretary Training
Selama tahun 2025, Sekretaris Perusahaan berpartisipasi During 2025, the Corporate Secretary participated in
pada kegiatan pelatihan: training activities:
• Seminar terkait POJK Nomor 45 Tahun 2024 • Seminar related to POJK Number 45 of 2024
tentang Pengembangan dan Penguatan Emiten dan concerning the Development and Strengthening of
Perusahaan Publik Issuers and Public Companies
• Pendalaman ASEAN Corporate Governance • Deepening the ASEAN Corporate Governance
Scorecard (ACGS) serta Peran Corporate Secretary Scorecard (ACGS) and the Role of the Corporate
Secretary
• Sosialisasi OJK terkait Regulasi dan Sistem Pelaporan • OJK Outreach regarding Regulations and Reporting
Perubahan Kepemilikan Saham Systems for Changes in Share Ownership
• Mengenal Double Materiality Assessment pada • Understanding Double Materiality Assessment in
Laporan Perusahaan Company Reports
• Merger & Acquisition pada Perusahaan Terbuka: • Merger & Acquisition in Public Companies: Strategy,
Strategi, Regulasi, dan Peran Corporate Secretary Regulations, and the Role of the Corporate Secretary
• Podcast ICSA x Olahkarsa Leaders Talks Sustainable • ICSA x Olahkarsa Leaders Talks Sustainable Podcast:
“Peran Strategis Corporate Secretary dalam “The Strategic Role of the Corporate Secretary in
Memperkuat Tata Kelola dan Kepercayaan Publik Strengthening Governance and Public Trust”
• Antara Business Forum 2025 • Antara Business Forum 2025
• Ngopi Sore ICSA Batch 8 "Bincang-bincang Dividen • ICSA Afternoon Coffee Session Batch 8: “Discussion
Spesial & Penawaran Umum on Special Dividends and Public Offerings”
Penilaian Kinerja Sekretaris Perusahaan
Corporate Secretary Performance Assessment
Penilaian kinerja Sekretaris Perusahaan dilakukan The Corporate Secretary's performance is assessed
secara kolegial oleh Direksi, berdasarkan pelaksanaan collegially by the Board of Directors, based on the
tugas dan tanggung jawab. Aspek penilaian di antaranya performance of his/her duties and responsibilities.
penyampaian laporan kepada Direksi dan Dewan Assessment aspects include timely submission of
Komisaris serta komite-komite di bawahnya secara reports to the Board of Directors, the Board of
tepat waktu, serta mengambil langkah-langkah yang Commissioners, and subordinate committees, as well
diperlukan untuk memastikan bahwa praktik-praktik as taking necessary steps to ensure the implementation
terbaik governans perusahaan dilaksanakan di dalam of best corporate governance practices within the
Perseroan. Company.
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Departemen Hubungan Investor
Investor Relations Department
Departemen Hubungan Investor mulai berdiri sendiri The Investor Relations Department has been
sejak tahun 2011, setelah sebelumnya fungsi tersebut independent since 2011, after previously being
diintegrasikan dengan Fungsi Sekretaris Perusahaan. integrated with the Corporate Secretary Function.
Pada periode pelaporan, Departemen Hubungan During the reporting period, the Company's Investor
Investor Perseroan dipimpin oleh Andaru Brahmono Adi. Relations Department was led by Andaru Brahmono Adi.
Profil Kepala Divisi Keuangan Korporat, Perbendaharaan, dan Hubungan
Investor
Head of Corporate Finance, Treasury and Investor Relations Profile
Andaru Brahmono Adi
Kepala Divisi Keuangan Korporat, Perbendaharaan, dan
Hubungan Investor
Head of Corporate Finance, Treasury and Investor Relations
Usia | Age: 44 Tahun | Years Old
Kewarganegaraan | Nationality: Indonesia | Indonesian
Tanggal Penunjukan | Date of Appointment: 23 Agustus 2024 | August 23, 2024
Riwayat Pendidikan | Educational Background
• Sarjana Ekonomi Akuntansi, Universitas Indonesia, 2005. • Bachelor of Economy Accounting, Universitas Indonesia, 2005.
• Magister Administrasi Bisnis, IPMI Business School, 2022. • Master of Business Administration, IPMI Business School, 2022
Jabatan Sebelumnya | Previous Position
• Senior Manager of Treasury and Accounts, PT Vale, 2022 - 2024. • Senior Manager of Treasury and Accounts, PT Vale, 2022 - 2024.
• Treasury Manager, PT Donggi Senoro LNG, 2020-2022. • Treasury Manager, PT Donggi Senoro LNG, 2020-2022.
• Corporate Finance Manager, PT Adaro Energy Tbk., 2016-2020. • Corporate Finance Manager, PT Adaro Energy Tbk., 2016-2020.
• Finance Superintendent, Indo Met Coal, BHP Billiton, 2011-2020. • Finance Superintendent, Indo Met Coal, BHP Billiton, 2011-2020.
• Business Analyst, PT Orica Mining Services, 2009-2011. • Business Analyst, PT Orica Mining Services, 2009-2011.
• Finance Supervisor, BHP Billiton, 2005-2009. • Finance Supervisor, BHP Billiton, 2005-2009.
• KAP Hans Tuanakotta Mustofa, Deloitte Touche Tohmatsu, 2003- • KAP Hans Tuanakotta Mustofa, Deloitte Touche Tohmatsu, 2003-
2005. 2005.
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Tugas, Tanggung Jawab dan Pelaksanaannya
Duties, Responsibilities and Performances
Tugas dan tanggung jawab Departemen Hubungan The duties and responsibilities of the Investor Relations
Investor, antara lain menyusun strategi komunikasi Department include developing communication
kepada investor, calon investor, analis, fund manager, strategies for investors, potential investors, analysts,
dan masyarakat pasar modal; menyiapkan materi fund managers, and the capital market community;
dan melaksanakan kegiatan road show, pertemuan preparing materials and implementing road shows,
dengan analis, dan telekonferensi; mengelola hubungan meetings with analysts, and teleconferences; managing
dengan fund manager, pakar, dan pengamat ekonomi relationships with fund managers, experts, and
(khususnya saham); memantau dan melaporkan hasil economic observers (especially stocks); monitoring
analisis para analis terhadap kinerja dan harga saham and reporting the results of analysts' analysis of
Perseroan secara berkala; membantu Sekretaris the Company's performance and stock prices on a
Perusahaan dalam penyusunan, penerbitan, dan regular basis; assisting the Corporate Secretary in
pendistribusian Laporan Tahunan ke investor/analis; the preparation, publication, and distribution of the
serta menyediakan data dan informasi keuangan Annual Report to investors/analysts; and providing the
Perseroan untuk investor dan masyarakat pasar modal. Company's financial data and information to investors
and the capital market community.
Pelaksanaan tugas dan tanggung jawab Departemen The implementation of the duties and responsibilities
Hubungan Investor selama tahun 2025 disampaikan of the Investor Relations Department during 2025 is
dalam tabulasi berikut: presented in the following table:
Frekuensi
Kegiatan Frequency
Activities
2025 2024 2023
Pertemuan dengan analis dan investor.
66 75 55
Analyst and investor meetings.
Konferensi atau Non-Deal Roadshow dengan analis dan investor baik domestik maupun
internasional.
46 55 17
Conference or Non-Deal Roadshow with domestic and international analysts and
investors.
Telekonferensi dengan analis dan investor tentang pencapaian kinerja Perseroan triwulan.
Teleconference with analysts and investors regarding the Company’s quarterly 4 4 4
performance achievements.
Siaran pers kepada OJK dan BEI tentang pencapaian produksi Perseroan triwulan.
Press releases to the OJK and the IDX regarding the Company’s quarterly production 4 - 4
achievements.
Siaran pers kepada OJK dan BEI tentang pencapaian kinerja Perseroan triwulan.
5 4 4
Press releases to the OJK and the IDX regarding the Company’s quarterly achievements.
Siaran pers kepada OJK dan BEI tentang RUPS Tahunan maupun RUPS Luar Biasa.
3 2
Press releases to the OJK and the IDX regarding the Annual GMS and Extraordinary GMS.
Penyampaian laporan keuangan triwulan kepada OJK dan BEI.
4 4 4
Submitted quarterly financial statements to OJK and IDX.
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Frekuensi
Kegiatan Frequency
Activities
2025 2024 2023
Penyampaian laporan eksplorasi bulanan kepada BEI.
4 4 4
Submitted monthly exploration reports to IDX.
Penyampaian laporan bulanan tentang registrasi saham kepada OJK dan BEI.
12 12 12
Submitted reports related to shares registration to OJK and IDX.
Paparan Publik Tahunan 2025 pada tanggal 11 September 2025 dilaksanakan secara online
dalam bentuk konferensi video menggunakan fasilitas Zoom Webinar yang disediakan
oleh BEI. 1 1* 1**
2025 Annual Public Expose on September 11, 2025 was held online by video conference
using Zoom Webinar platform facilitated by IDX.
Total 146 161 107
Keterangan Notes:
* Paparan Publik Tahunan 2024 dilaksanakan pada tanggal 26 Agustus 2024. | The 2024 Annual Public Expose was held on August 26, 2024.
** Paparan Publik Tahunan 2023 dilaksanakan pada tanggal 29 November 2023 | The 2023 Annual Public Expose was held on November 29, 2023.
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Unit Audit Internal
Internal Audit Unit
Pembentukan Unit Audit Internal mengacu pada The establishment of the Internal Audit Unit refers to
Peraturan OJK No. 56/POJK.04/2015 tentang OJK Regulation No. 56/POJK.04/2015 concerning the
Pembentukan dan Pedoman Penyusunan Piagam Unit Establishment and Guidelines for the Preparation of the
Audit Internal. Sesuai Piagam Audit Internal, Unit Audit Internal Audit Unit Charter. According to the Internal
Internal bertanggung jawab kepada Dewan Komisaris Audit Charter, the Internal Audit Unit is accountable
melalui Komite Audit, dan secara administratif to the Board of Commissioners through the Audit
bertanggung jawab kepada Presiden Direktur. Committee and administratively to the President
Director.
Struktur dan Kedudukan Unit Audit Internal
Internal Audit Unit Structure and Position
Unit Audit Internal terdiri dari setidaknya empat The Internal Audit Unit consists of at least four internal
auditor internal. Anggota Unit Audit Internal tidak auditors. Members of the Internal Audit Unit are
diperkenankan menjabat posisi di departemen atau not permitted to hold positions in other operational
divisi operasional lain di Perseroan. Unit Audit Internal departments or divisions within the Company. The
dipimpin oleh seorang Head of Internal Audit and Internal Audit Unit is led by a Head of Internal Audit
Whistleblower selaku Kepala Unit Audit Internal and Whistleblower as Head of the Unit. Internal Audit is
yang diangkat dan diberhentikan oleh Direksi dengan appointed and dismissed by the Board of Directors with
persetujuan Dewan Komisaris. Hingga akhir 2025, the approval of the Board of Commissioners. As of the
jumlah anggota auditor internal pada Unit Audit end of 2025, the Company’s Internal Audit Unit had four
Internal Perseroan adalah empat orang. internal auditors.
Struktur Organisasi Unit Audit Internal
Organizational Structure of Internal Audit Unit
President Director Audit Committee
Head of Internal
Audit
Senior Manager of Senior Corporate
Internal Audit Integrity & WB
Senior Auditor Auditor
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Profil Kepala Unit Audit Internal
Head of the Internal Audit Unit Profile
Imanastu Wicaksono
Kepala Unit Audit Internal
Head of the Internal Audit Unit
Usia | Age: 43 Tahun | Years Old
Kewarganegaraan | Nationality: Indonesia | Indonesian
Ditetapkan sebagai Kepala Unit Audit Internal Perseroan berdasarkan Surat Keputusan
Direksi PT Vale Indonesia Tbk No.09/SK-DIR/VIII/2024 tertanggal 27 Agustus 2024.
Appointed as Head of Internal Audit Unit by Decree of the Board of Directors No. 09/
SK-DIR/VIII/2024 dated August 27, 2024.
Riwayat Pendidikan | Educational Background
• Sarjana Akuntansi, Universitas Gadjah Mada.
• Bachelor’s Degree in Accounting, Universitas Gadjah Mada.
Jabatan Sebelumnya | Previous Position
• PT Vale Indonesia Tbk (2024 – sekarang). • PT Vale Indonesia Tbk (2024 – present).
• PT Visionet Internasional (OVO – Grab Financial Group) (2020 – 2024) • PT Visionet Internasional (OVO – Grab Financial Group) (2020 – 2024),
dengan jabatan terakhir sebagai Kepala Internal Audit. with the last position as Head of Internal Audit.
• PT Indosat Tbk (2011 – 2020) dengan jabatan terakhir sebagai VP • PT Indosat Tbk (2011 – 2020), with the last position as VP of
Compliance Audit dan Investigasi. Compliance Audit and Investigation.
• Kantor Akuntan Publik Haryanto Sahari & Rekan • Public Accounting Firm Haryanto Sahari & Partners
(PricewaterhouseCoopers Indonesia) dengan jabatan terakhir (PricewaterhouseCoopers Indonesia), with the last position as
Senior Auditor (2006 – 2011). Senior Auditor (2006 – 2011).
Persyaratan, Kualifikasi atau Sertifikasi Profesi Unit Audit Internal
Internal Audit Unit Professional Requirements, Qualifications or
Certification
Sesuai Piagam Unit Internal Audit, anggota Unit In accordance with the Internal Audit Unit Charter,
Internal Audit harus memenuhi kriteria memiliki members of the Internal Audit Unit must meet the
integritas dan perilaku profesional, independen, jujur, criteria of having integrity and exhibiting professional,
dan objektif dalam menjalankan tugasnya; memiliki independent, honest and objective behavior in carrying
pengetahuan dan pengalaman di bidang teknik audit out their duties; having knowledge and experience
dan disiplin ilmu lain yang relevan dengan tugasnya; in the field of audit techniques and other relevant
memiliki pengetahuan di bidang Peraturan Pasar disciplines with his/her duties; having knowledge in the
Modal dan peraturan perundang-undangan lainnya field of Capital Market Regulations and other relevant
yang relevan; memiliki kemampuan berinteraksi dan laws and regulations; having the ability to interact and
berkomunikasi secara efektif baik lisan maupun tertulis; communicate effectively both verbally and in writing;
serta mematuhi standar profesi dan kode etik yang and complying with professional standards and codes
ditetapkan oleh Ikatan Audit Internal Indonesia dan/ of ethics established by the Indonesian Internal Audit
atau Standar dan Kode Etik Audit Internal yang berlaku Association and/or the Internal Audit Standards and
umum dan internasional. Code of Ethics that are generally and internationally
applicable.
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Kriteria lain adalah menjaga kerahasiaan dokumentasi, Other criteria are maintaining the confidentiality of
informasi, dan/atau data Perseroan yang terkait dengan Company documentation, information, and/or data
pelaksanaan tugas dan tanggung jawab SKAI, kecuali related to the implementation of SKAI duties and
diwajibkan oleh peraturan perundang-undangan atau responsibilities, unless required by laws and regulations
putusan pengadilan; memahami prinsip-prinsip tata or court decisions; understanding the principles of good
kelola perusahaan yang baik dan manajemen risiko; corporate governance and risk management; complying
mematuhi kode etik Perseroan; serta senantiasa with the Company’s code of ethics; and continuously
memelihara dan mengembangkan pengetahuan, maintaining and developing their knowledge, expertise,
keahlian, dan kompetensi profesionalnya di bidang and professional competence in the field of internal
audit internal dengan, antara lain, selalu mengikuti audit by, among others, always following the latest
perkembangan terbaru dan praktik terbaik di industri. developments and best practices in the industry.
Latar Belakang Pendidikan Anggota Unit Audit Internal
Internal Audit Unit Members’ Educational Background
Nama Jabatan Latar Belakang Pendidikan
Name Position Educational Background
Imanastu Wicaksono Head of Internal Audit Sarjana Akuntansi | Bachelor of Account
Tito Sitepu Senior Manager of Internal Audit Sarjana Akuntansi | Bachelor of Account
Farlisa Zahra Senior Corporate Integrity & WB Magister Keuangan | Master of Finance
Hendro Ganjar Gunarso Senior Auditor MSc in Accounting and Control
Maharani Hasan Auditor Sarjana Teknik | Bachelor of Engineering
Kualifikasi atau Sertifikasi Profesi Anggota Unit Audit Internal
Internal Audit Unit Members’ Professional Qualification and Certification
Kualifikasi/Sertifikasi Diterbitkan Oleh Jumlah Anggota
Qualification/Certification Issued By Number of Member
Register Negara Akuntan Departemen Keuangan Republik Indonesia
1
Government Register of Accountants Ministry of Finance Indonesia
Certified Information System Auditor (CISA) Information System Audit and Controls Association 1
Lead Auditor ISO 27001 Chartered Quality Institute 1
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Pelatihan Unit Audit Internal
Internal Audit Unit Training
Selama tahun 2025, anggota Unit Audit Internal During 2025, members of the Internal Audit Unit
berpartisipasi dalam 6 kegiatan pendidikan dan/atau participated in six education and/or training activities.
pelatihan.
Pelatihan Anggota Unit Audit Internal Tahun 2025
Training for Internal Audit Unit Members in 2025
Nama Program Penyelenggara Tanggal
No
Program Name Organizing Body Date
24 Januari 2025
1 Town Hall Meeting Risk in Focus 2025: Indonesia IIA Indonesia
January 24, 2025
2025 Global Compliance Outlook: Preparing for 4 Maret 2025
2 Diligent Asia Pacific
Emerging Trends in Risk and Regulation March 4, 2025
28 Mei 2025
3 Professional Auditor Forum – GRC Career Hack IIA Indonesia
May 28, 2025
Navigating AI in Internal Audit: Opportunities and 22 Juli 2025
4 Wolter Kluwer TeamMate
Challenges July 22, 2025
National Conference: Audit for Tomorrow 27-28 Agustus 2025
5 IIA Indonesia
Strategic, Future-ready, and Sustainable August 27-28, 2025
Navigating Assurance: Is the 2nd Line Assurance 4 November 2025
6 Wolter Kluwer TeamMate
More Valuable than 3rd? November 4, 2025
Anggota Unit Audit Internal juga terlibat aktif dalam Members of the Internal Audit Unit are also actively
keanggotaan asosiasi profesi. Sampai dengan akhir involved in professional association memberships.
periode pelaporan, ada 2 anggota Unit Audit Internal As of the end of the reporting period, 2 members of
tercatat sebagai anggota The Institute of Internal the Internal Audit Unit is a registered member of the
Auditors. Kepala Unit Audit Internal juga tercatat Institute of Internal Auditors. The Head of the Internal
sebagai anggota dari Ikatan Akuntan Indonesia. Audit Unit is also a registered member of the Institute
of Internal Auditors. Indonesian Accountant.
Piagam Unit Audit Internal
Internal Audit Unit Charter
Unit Audit Internal bekerja secara independen dengan The Internal Audit Unit works independently based on
berpedoman pada Piagam Unit Audit Internal yang telah the Internal Audit Unit Charter which has been updated
diperbaharui dan efektif sejak tanggal 20 November and effective since November 20, 2019, based on the
2019, berdasarkan persetujuan Dewan Komisaris pada approval of the Board of Commissioners at the Board of
Rapat Dewan Komisaris tanggal 20 November 2019. Commissioners Meeting on November 20, 2019.
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Kode Etik Auditor
Auditor’s Code of Ethics
Dalam menjalankan tugas dan tanggung jawabnya, In carrying out their duties and responsibilities, internal
auditor internal dituntut bersikap profesional dan patuh auditors are required to behave professionally and
terhadap standar kode etik sebagai prinsip-prinsip yang adhere to a code of ethics that guides behavior in
memandu perilaku dalam melaksanakan kegiatan audit carrying out internal audit activities. This code of ethics
internal. Kode etik dimaksud mengacu pada mandatory refers to the mandatory guidance in the International
guidance dalam International Professional Practices Professional Practices Framework of the Institute of
Framework dari The Institute of Internal Auditors Internal Auditors (IIA). According to the code of ethics,
(IIA). Sesuai kode etik, maka dalam menjalankan in carrying out their duties and responsibilities, internal
tugas dan tanggung jawabnya, auditor internal harus auditors must demonstrate behavior with integrity,
menunjukkan perilaku berintegritas, objektif, menjaga objectivity, confidentiality, and competence.
kerahasiaan, dan berkompetensi.
Fungsi, Tugas, dan Tanggung Jawab
Functions, Duties, and Responsibilities
Berdasarkan Piagam Unit Audit Internal, fungsi utama Based on the Internal Audit Unit Charter, the Internal
Unit Audit Internal adalah memberikan layanan Audit Unit’s primary function is to provide independent
keyakinan dan konsultasi yang independen dan objektif and objective assurance and consulting services
dalam rangka meningkatkan nilai Perseroan dan untuk to enhance the Company’s value and improve its
memperbaiki operasi Perseroan. Unit Audit Internal operations. The Internal Audit Unit collaborates with and
bekerja sama dan memperoleh informasi dari Dewan obtains information from the Board of Commissioners,
Komisaris, Direksi, Komite Audit, Enterprise Risk Board of Directors, Audit Committee, Enterprise Risk
Management, dan auditor eksternal Perseroan. Management, and the Company’s external auditors.
Unit Audit Internal melakukan penilaian atas The Internal Audit Unit assesses existing controls,
pengendalian, prosedur, dan sistem yang ada untuk procedures, and systems to ensure the reliability and
memastikan keandalan dan integritas dari informasi integrity of financial and operational information,
keuangan dan operasional, maupun alat yang as well as the tools used to identify, classify, obtain,
digunakan untuk mengidentifikasi, mengelompokkan, and report such information; safeguarding of assets;
memperoleh, dan melaporkan informasi tersebut; compliance with Company policies and procedures and
penjagaan terhadap aset; kepatuhan terhadap applicable laws and regulations; cost-effective and
kebijakan dan prosedur Perseroan maupun terhadap efficient use of resources; and achievement of the
peraturan dan perundang-undangan yang berlaku; Company’s goals and objectives.
penggunaan sumber daya secara efektif dan efisien
dari sisi biaya; dan pencapaian dari sasaran dan tujuan
Perseroan.
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Tugas dan Tanggung Jawab Unit Audit Internal
Internal Audit Unit Duties and Responsibilities
Sesuai Piagam Audit Internal, tugas dan tanggung In accordance with the Internal Audit Charter, the duties
jawab Unit Audit Internal, antara lain: and responsibilities of the Internal Audit Unit include:
1. Rencana Kerja Audit Internal, meliputi membuat 1. Internal Audit Work Plan, includes creating a risk-
rencana audit tahunan berbasis risiko, dan harus based annual audit plan, and must be approved by
disetujui oleh Dewan Komisaris. the Board of Commissioners.
2. Sistem Pengendalian Internal dan Manajemen Risiko, 2. Internal Control System and Risk Management,
meliputi menelaah dan menilai sistem pengendalian including reviewing and assessing internal control
internal dan manajemen risiko. systems and risk management.
3. Efisiensi dan Efektivitas, meliputi mengkaji 3. Efficiency and Effectiveness, including reviewing
dan menilai efisiensi dan efektivitas dari aspek and assessing the efficiency and effectiveness of
keuangan, akuntansi, operasional, sumber daya financial, accounting, operational, human resources,
manusia, teknologi informasi, dan bagian-bagian information technology and other aspects of the
lain Perseroan. Company.
4. Pemberian Nasehat, meliputi memberikan 4. Providing Advice, including providing objective
rekomendasi dan informasi yang objektif atas hasil recommendations and information on internal audit
audit internal di seluruh level manajemen. results at all levels of management.
5. Laporan Audit Internal, meliputi menyiapkan dan 5. Internal Audit Report, including preparing and
menyampaikan laporan audit internal kepada submitting internal audit reports to the President
Presiden Direktur dan Dewan Komisaris. Director and Board of Commissioners.
6. Audit Khusus, meliputi melaksanakan penugasan 6. Special Audits, including carrying out special audit
audit khusus sebagaimana diperlukan dan diminta assignments as required and requested by the Board
oleh Direksi atau Dewan Komisaris. of Directors or Board of Commissioners.
Tugas lain dari Unit Audit Internal, meliputi antara Other duties of the Internal Audit Unit include reviewing
lain mengkaji dan merekomendasikan kepada Dewan and recommending to the Board of Commissioners any
Komisaris perubahan yang dianggap perlu pada changes deemed necessary to the Internal Audit Unit
Piagam Unit Audit Internal; mengevaluasi kinerjanya Charter; evaluating its performance and periodically
dan menyampaikan hasil evaluasi tersebut kepada submitting the results of such evaluation to the
Dewan Komisaris secara berkala; bekerja sama dengan Board of Commissioners; collaborating with the Audit
Komite Audit dan Enterprise Risk Management; serta Committee and Enterprise Risk Management; and
berkoordinasi dengan auditor eksternal. coordinating with external auditors.
Laporan-Laporan Unit Audit Internal
Internal Audit Unit Reports
1. Laporan Audit Internal 1. Internal Audit Report
Menyiapkan Laporan Audit Internal kepada Presiden Prepare Internal Audit Reports to the President
Direktur, Direksi, dan Dewan Komisaris (melalui Director, Board of Directors, and Board of
Komite Audit), termasuk rekomendasi dan informasi Commissioners (through the Audit Committee),
yang objektif dari hasil audit internal pada semua including recommendations and objective
tingkatan manajemen. information from the results of internal audits at
all levels of management.
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
2. Kajian Berkala atas Tindakan yang Direkomendasikan 2. Periodic Review of Recommended Actions
Memberikan kajian berkala kepada Direksi dan Provide periodic reviews to the Board of Directors
Dewan Komisaris serta Komite Audit atas hal-hal and the Board of Commissioners and the Audit
yang sebelumnya telah diidentifikasi oleh Direksi Committee on matters previously identified by
atau Unit Audit Internal, permasalahan yang the Board of Directors or the Internal Audit Unit,
signifikan terkait proses-proses yang ada untuk significant issues related to existing processes
mengendalikan aktivitas Perseroan dan afiliasinya, for controlling the activities of the Company and
status dan hasil dari rencana kerja audit tahunan its affiliates, the status and results of the annual
dan kecukupan sumber daya Unit Audit Internal, audit work plan and the adequacy of resources of
kemajuan terhadap pencapaian matriks kinerja yang the Internal Audit Unit, progress towards achieving
telah ditetapkan. the established performance matrix.
Pelaksanaan Kegiatan Tugas Unit Audit Internal Tahun 2025
Internal Audit Unit’s Implementation of Duties for 2025
Sepanjang 2025, Unit Audit Internal telah melakukan 4 Throughout 2025, the Internal Audit Unit has carried out
penugasan berdasarkan Rencana Pemeriksaan Tahunan 4 assignments based on the approved Annual Audit Plan
(RPT) yang telah disetujui. RPT disusun dengan pendekatan (APP). The APP is prepared using a risk-based approach,
berbasis risiko, mencakup Audit Operasional, Internal encompassing Operational Audits, Internal Control
Control Review (ICR), Telaah/Evaluasi Atas Pelaksanaan Reviews (ICR), Risk Management Implementation Reviews/
Manajemen Risiko, Internal Control Review Over Financial Evaluations, Internal Control Reviews Over Financial
Reporting (ICOFR), dan Audit Khusus. Reporting (ICOFR), and Special Audits.
Pelaksanaan Tugas Audit Internal
Internal Audit Implementation of Duties
Uraian | Description 2025 2024 2023
Jumlah penugasan sesuai RPT yang disetujui. | Number of assignments in accordance with AAP. 7 5 5
Jumlah penugasan yang ditunda.| Number of pending assignments. 2 1 -
Jumlah penugasan tambahan. | Number of additional assignments. 2 - -
Jumlah penugasan yang dilaksanakan. | Number of conducted assignments. 4 4 5
Sistem Pengendalian Internal
Internal Control System
Tujuan penerapan sistem pengendalian internal The purpose of implementing an internal control
adalah untuk memberikan keyakinan yang memadai system is to provide reasonable assurance regarding
atas tercapainya efektivitas dan efisiensi operasi, the effectiveness and efficiency of operations, the
keandalan pelaporan keuangan, kepatuhan terhadap reliability of financial reporting, and compliance with
hukum dan peraturan serta kebijakan atau prosedur laws and regulations as well as applicable internal
internal yang berlaku. Dalam penerapannya, Perseroan policies or procedures. In its implementation,
menempatkan integritas sebagai bagian dari strategi the Company places integrity as part of its business
bisnis yang memberikan nilai positif bagi reputasi, strategy that provides positive value for the Company’s
kinerja operasional, dan keberlanjutan jangka panjang reputation, operational performance, and long-term
Perseroan. sustainability.
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Pengendalian internal dilaksanakan secara terintegrasi Internal control is implemented in an integrated manner
dengan governans dan manajemen risiko Perseroan, with the Company’s governance and risk management,
serta didukung oleh kebijakan dan prosedur yang and is supported by policies and procedures applied
diterapkan dalam kegiatan operasional sehari-hari. in daily operational activities. The implementation of
Pelaksanaan pengendalian tersebut selaras dengan these controls is in line with the Three Lines of Defense
konsep Three Lines of Defense. Penjelasan lebih lanjut concept. Further details on the application of the Three
mengenai penerapan konsep Three Lines of Defense Lines of Defense concept are presented in the Risk
disajikan pada Bab Manajemen Risiko. Management Chapter.
Penyelarasan dengan Kerangka Kerja COSO
Alignment with the COSO Framework
Perseroan telah menerapkan pengendalian internal The Company has implemented internal controls
berdasarkan kerangka kerja yang dikeluarkan based on the framework issued by the Committee of
Committee of Sponsoring Organizations of the Sponsoring Organizations of the Treadway Commission
Treadway Commission (COSO) yang mencakup lima (COSO), which covers five main components: control
komponen utama: lingkungan pengendalian, penilaian environment, risk assessment, control activities,
risiko, aktivitas pengendalian, informasi dan komunikasi, information and communication, and monitoring.
serta pemantauan.
Kerangka Pengendalian Internal
Internal Control Framework
Kegiatan Pengendalian
Tindakan yang ditetapkan melalui kebijakan-kebijakan dan prosedur-prosedur yang
Komponen dirancang untuk membantu memastikan bahwa tujuan dapat tercapai.
Component Control Activities
Actions established through policies and procedures designed to help ensure that
objectives can be achieved.
• Kebijakan dan prosedur bagi unit-unit bisnis utama dan unit-unit pendukung bisnis
telah disusun serta disetujui oleh Dewan Komisaris dan/atau Direksi yang secara berkala
diperbarui.
• Fungsi Legal dan Compliance bertanggung jawab untuk memantau dan mengidentifikasi
perkembangan regulasi serta perundang-undangan baru yang relevan dengan operasional Penerapan
Perseroan. Implementation
• Perseroan juga terus mengelola dan mengembangkan sistem pemantauan segregasi fungsi.
• Policies and procedures for the main business units and supporting units have been
formulated and approved by the Board of Commissioners and/or the Board of Directors, and
they are updated regularly.
• The Legal and Compliance function is responsible for monitoring and identifying regulatory
developments and new legislations relevant to the Company’s operations.
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Penilaian Risiko
Proses identifikasi dan analisis dan pengelolaan risiko-risiko yang berkaitan dengan
Komponen berbagai aktivitas operasi Perseroan.
Component Risk Assessment
The process of identifying, analyzing, and managing risks associated with the various
operational activities of the Company.
Direksi dan/atau Dewan Komisaris telah menetapkan kebijakan dan/atau standar
untuk mengidentifikasi dan menanggapi kejadian dan kendala yang dapat berpengaruh
terhadap pencapaian sasaran. Penerapan
The Board of Directors and/or the Board of Commissioners have stipulated policies and/ Implementation
or standards to identify and respond to events and constraints that may affect the
achievement of objectives.
Lingkungan Pengendalian
Fondasi sistem pengendalian internal yang mencerminkan nilai, etika, dan governans
Komponen yang diterapkan oleh manajemen.
Component Control Environment
The control environment serves as the foundation of the internal control system,
reflecting the values, ethics, and governance practices implemented by management.
• Pemberlakuan Kode Etik dan Perilaku untuk memastikan kepatuhan terhadap nilai-nilai inti.
• Penetapan struktur, wewenang, dan tanggung jawab melalui pemberlakuan Matriks Delegasi
Kewenangan untuk mengatur tingkat persetujuan transaksi dan pembagian fungsi, tugas,
dan kewenangan melalui Piagam Dewan Komisaris, Piagam Direksi dan Piagam Komite
Penunjang Dewan Komisaris.
• Pembentukan Unit Pengendalian Internal untuk memastikan kepatuhan dan efektivitas
sistem pengendalian internal Perseroan. Penerapan
• Enforcement of the Code of Ethics and Conduct to ensure adherence to core values. Implementation
• Establishment of structure, authority, and responsibilities through the Delegation of
Authority Matrix, which regulates transaction approval levels and the division of functions,
duties, and authority as outlined in the Board of Commissioners Charter, Board of Directors
Charter, and Supporting Committees Charter.
• Formation of an Internal Control Unit to ensure compliance and effectiveness of the
Company’s internal control system.
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Informasi dan Komunikasi
Sistem yang memungkinkan orang atau entitas, memeroleh dan membagi informasi
yang diperlukan untuk melaksanakan, mengelola dan mengendalikan operasinya.
Informasi yang diperlukan manajemen adalah informasi yang relevan dan berkualitas baik,
Komponen yang berasal dari proses komunikasi antara pihak internal maupun eksternal.
Component Information and Communication
System that enables individuals or entities to obtain and share the necessary information
to carry out, manage, and control their operations. The information required by
management is relevant and of high quality, originating from communication processes
between internal and external parties.
• Telah tersedia proses mengenai pengumpulan data dan teknologi informasi yang dapat
menghasilkan laporan kegiatan usaha, kondisi keuangan, dan pemenuhan ketentuan yang
mendukung pemenuhan tugas Direksi dan Dewan Komisaris.
• Perseroan menyediakan kanal pelaporan whistleblower yang dirancang untuk dapat diakses
dengan mudah oleh pihak internal maupun eksternal. Kanal ini berfungsi sebagai media
pelaporan dugaan pelanggaran atau ketidakpatuhan agar dapat diterima dengan cepat dan
Penerapan
aman.
Implementation
• A process for data collection and information technology has been established to produce
reports on business activities, financial conditions, and compliance with regulations that
support the responsibilities of the Board of Directors and the Board of Commissioners.
• The Company provides a whistleblower reporting channel accessible for both internal and
external parties. This channel serves as a medium for reporting alleged violations or non-
compliances, allowing for prompt and secure submissions.
Pemantauan
Pemantauan pelaksanaan sistem pengendalian internal untuk memastikan sistem telah
Komponen berjalan dengan baik.
Component Monitoring
Monitoring the implementation of the internal control system to ensure that it is
functioning effectively.
• Evaluasi berkelanjutan oleh Unit Audit Internal dan fungsi pengawasan lain di Perseroan,
misalnya Enterprise Risk Management, Departemen Health Safety & Operational Risk,
Departemen Operational Planning & Geotechnical, Departemen Operational Excellence, dan
Corporate Governance, Legal & Compliance, sesuai dengan peran dan tangung jawab masing-
masing.
• Pelibatan auditor eksternal dan asesor independen lain secara berkala.
Penerapan
• Direksi dan seluruh jajaran manajemen berkomitmen untuk melakukan tindak lanjut atas hasil
Implementation
pemantauan yang telah dilakukan maupun rekomendasi Internal Audit.
• Ongoing evaluations by the Internal Audit Unit and other oversight functions within the
Company.
• Periodic involvement of external auditors and other independent assessors.
• The Board of Directors and all levels of management are committed to following up on the
results of the monitoring conducted and the recommendations from Internal Audit.
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Perseroan juga menerapkan mekanisme pelaporan The Company also implements a reporting mechanism
untuk dugaan pelanggaran terkait pelanggaran Kode for alleged irregularities related to violations of the
Etik dan Perilaku Perseroan, melalui sistem Vale Company’s Code of Ethics and Conduct, through the
Whistleblower Channel (VWC), yang dibahas secara Vale Whistleblower Channel (VWC) system, which is
terpisah dalam Laporan ini. discussed separately in this Report.
Hasil Tinjauan Efektivitas Sistem Pengendalian Internal dalam Laporan
Keuangan
Overview of the Internal Control System Effectiveness Results in the
Financial Statements
Dalam rangka menjaga efektivitas pengendalian In order to maintain the effectiveness of internal
internal, Perseroan secara berkelanjutan melakukan control, the Company continuously evaluates and
evaluasi dan penyesuaian pengendalian internal agar adjusts its internal controls to ensure they remain in
tetap sejalan dengan tujuan usaha dan perkembangan line with the Company’s business objectives and the
risiko yang dihadapi Perseroan. risks it faces.
Sepanjang tahun 2025, Perseroan telah menerapkan Throughout 2025, the Company has implemented and
dan mengevaluasi Sistem Pengendalian Internal secara evaluated a comprehensive Internal Control System
komprehensif melalui koordinasi dengan Audit Internal in coordination with Internal Audit and the Public
dan Kantor Akuntan Publik. Berdasarkan hasil audit Accounting Firm. Based on the audit results submitted
yang telah disampaikan kepada Komite Audit, diketahui to the Audit Committee, there were no significant
tidak terdapat penyimpangan atau kelemahan yang deviations or weaknesses in the Company’s internal
signifikan atas pengendalian internal Perseroan yang controls that could affect the fairness of the financial
dapat memengaruhi kewajaran laporan keuangan. statements. As part of its commitment to improving
Sebagai bagian dari kesungguhan meningkatkan the effectiveness of the internal control system, the
efektivitas sistem pengendalian internal, Perseroan Company has identified several opportunities for
telah mengidentifikasi beberapa peluang penguatan strengthening to ensure that the effectiveness of the
untuk memastikan efektivitas sistem pengendalian internal control system is maintained in line with the
internal tetap terjaga seiring perkembangan kebutuhan development of PT Vale’s operational and governance
operasional dan governans needs. We are committed to taking corrective measures
PT Vale. Kami berkomitmen melakukan langkah- to ensure the ongoing effectiveness of the internal
langkah perbaikan guna memastikan efektivitas sistem control system.
pengendalian internal secara berkelanjutan.
Perseroan juga melakukan pembaruan beberapa The Company also updated several policies in 2025,
kebijakan pada tahun 2025, di antaranya: including:
1. Piagam Komite Mitigasi Risiko 1. Charter of Risk Mitigation Committee
2. Piagam Komite Audit 2. Charter of Audit Committee
3. Penyusunan Kebijakan Pembentukan dan 3. Formulation of Policies on the Establishment and
Penerbitan Dokumen Normatif Issuance of Normative Documents
4. Kebijakan Transaksi Afiliasi dan Transaksi Benturan 4. Affiliated Party Transaction and Conflict of Interest
Kepentingan Transaction Policy
5. Penyusunan Kebijakan Komersial 5. Commercial Policy Development
6. Penyusunan Kebijakan Anggaran Tahunan 6. Annual Budget Policy Development
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7. Penyusunan Kebijakan Distribusi Dividen 7. Dividend Distribution Policy Development
8. Penyusunan Kebijakan Utang Eksternal & 8. External Debt & Shareholder Financing Policy
Pembiayaan Pemegang Saham Development
9. Pembaruan Standar Manajemen Risiko 9. Risk Management Standard Update
10. Pembaruan Standar Perdagangan Efek dan 10. Updating Securities Trading and Material
Informasi Material Information Standards
11. Pembaruan Standar Pengadaan 11. Updating Procurement Standards
12. Pembaruan Standar Perbendaharaan 12. Updating Treasury Standards
13. Pembaruan Standar Standar Pembayaran Non- 13. Updating Non-Order Payment Standards
Pesanan
Pernyataan Dewan Komisaris atas Kecukupan dan Efektivitas Sistem
Pengendalian Internal
Statement of the Board of Commissioners on the Adequacy and
Effectiveness of the Internal Control System
Berdasarkan hasil evaluasi tahunan yang dilakukan Based on the results of the annual evaluation
tahun 2025, atas efektivitas sistem pengendalian conducted in 2025 on the effectiveness of the internal
internal, Direksi, dan Dewan Komisaris menyatakan control system, the Board of Directors and Board of
bahwa sistem pengendalian internal Perseroan telah Commissioners declare that the Company’s internal
memadai dan berjalan efektif. control system is adequate and effective.
Akuntan Publik (Audit Eksternal)
Public Accountant (External Audit)
Penunjukan Kantor Akuntan Publik (KAP) dan/atau The appointment of a Public Accounting Firm (KAP) and/
Akuntan Publik (AP) yang akan memberikan jasa or Public Accountant (AP) who will provide audit services
audit atas informasi keuangan historis tahunan on annual historical financial information is decided
diputuskan oleh Rapat Umum Pemegang Saham by the General Meeting of Shareholders (GMS), by
(RUPS), dengan mempertimbangkan usulan Dewan considering the proposal of the Board of Commissioners
Komisaris dan memperhatikan rekomendasi Komite and taking into account the recommendations of the
Audit. Sesuai keputusan RUPS Tahunan tertanggal Audit Committee. In accordance with the decision of the
16 Mei 2025, Perseroan menunjuk Yusron Fauzan Annual GMS dated May 16, 2025, the Company appointed
dari KAP Rintis, Jumadi, Rianto & Rekan (anggota dari Yusron Fauzan from KAP Rintis, Jumadi, Rianto & Rekan
PricewaterhouseCoopers) dan KAP tersebut untuk (a member of PricewaterhouseCoopers) and the KAP
mengaudit laporan keuangan Perseroan untuk tahun to audit the Company's financial statements for the
buku yang berakhir pada tanggal 31 Desember 2025 dan financial year ended December 31, 2025 and audit other
audit atas laporan keuangan lain. financial statements.
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• Rintis, Jumadi, Rianto & Rekan, anggota PricewaterhouseCoopers (PwC)
Nama KAP • Akuntan Publik: Yusron Fauzan S.D., Ak., CPA
Public Accounting Firm • Rintis, Jumadi, Rianto & Rekan, member of PricewaterhouseCoopers (PwC)
• Public Accountant: Yusron Fauzan SD, Ak., CPA
• WTC 3, Jl. Jend. Sudirman Kav. 29-31, Karet Setiabudi, Jakarta 12940, Indonesia
Alamat
• Telepon | Phone : (62-21) 5099 2901, 3119 2901
Address
• Faksimile | Facsimile : (62-21) 5290 5555, 5290 5050
Periode Penugasan • 1 Januari 2025 s.d. 31 Desember 2025
Assignment Period • January 1, 2025 until December 31, 2025
Penunjukan AP Yusron Fauzan merupakan penugasan The appointment of AP Yusron Fauzan is the 4th year
tahun ke-4 (2022-2025) Adapun penunjukan KAP Rintis, assignment (2022-2025). The appointment of KAP
Jumadi, Rianto & Rekan (anggota PwC) merupakan Rintis, Jumadi, Rianto & Rekan (member of PwC) is the
periode penugasan ke-7 (2019-2025). 7th assignment period (2019-2025).
Penunjukkan tersebut berdasarkan rekomendasi The appointment is based on the recommendation of
Komite Audit Perseroan dan telah dilaporkan kepada the Company's Audit Committee and has been reported
OJK, sehingga telah memenuhi ketentuan Keputusan to the OJK, thus fulfilling the provisions of the Decree
Menteri Keuangan Nomor 423/KMK.06/2002 Tahun of the Minister of Finance Number 423/KMK.06/2002 of
2002 tentang Jasa Akuntan Publik, Peraturan 2002 concerning Public Accountant Services, Government
Pemerintah No. 20 Tahun 2015 tentang Praktik Akuntan Regulation No. 20 of 2015 concerning Public Accountant
Publik dan Peraturan OJK Nomor 9 tahun 2023 tentang Practices and OJK Regulation Number 9 of 2023 concerning
Penggunaan Jasa Akuntan Publik dan Kantor Akuntan the Use of Public Accountant Services and Public
Publik dalam Kegiatan Jasa Keuangan. Accountant Firms in Financial Services Activities.
Sesuai ketentuan Peraturan OJK No.9/2023, penggunaan In accordance with OJK Regulation No. 9/2023, audit
jasa audit atas informasi keuangan historis dari Akuntan services for historical financial information from the
Publik yang sama paling lama tiga tahun buku pelaporan same Public Accountant are permitted for a maximum
berturut-turut. Adapun untuk penggunaan jasa KAP of three consecutive financial reporting years. The use
tergantung pada hasil evaluasi Komite Audit terhadap of KAP services depends on the Audit Committee's
potensi risiko atas penggunaan jasa dari KAP yang sama evaluation of the potential risks associated with using
secara berturut-turut untuk kurun waktu yang cukup the same KAP services consecutively for a sufficiently
panjang. long period.
Besaran Biaya Jenis Jasa yang Diberikan Akuntan Publik
Amount of Fees for Services Rendered by the Public Accountant
Besaran nilai biaya yang dibayarkan oleh Perseroan The amount of fees paid by the Company for audit
untuk jasa audit Laporan Keuangan untuk tahun buku services for the Financial Statements for the financial
yang berakhir 31 Desember 2025 adalah sejumlah year ending 31 December 2025 was US$373,498. In 2025,
AS$373.498. Pada tahun 2025, KAP tidak memberikan KAP will not provide any services other than audits.
jasa lain selain audit.
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Daftar KAP, Akuntan Publik, dan Biaya Audit dalam Tiga Tahun Terakhir
List of Public Accounting Firms, Public Accountants, and Audit Fees in the
Last Three Years
Daftar Kantor Akuntan Publik, Akuntan Publik, dan Biaya untuk Mengaudit Laporan Keuangan Perseroan
The List of Public Accounting Firms, Public Accountants, and Fees to Audit the Company’s Financial
Statements
Tahun Buku
Uraian Fiscal Year
Description
2025 2024 2023
Nama KAP KAP Rintis, Jumadi, Rianto & KAP Tanudiredja, KAP Tanudiredja,
Public Accounting Firm Rekan Wibisiana, Rintis & Rekan Wibisiana, Rintis & Rekan
Akuntan Publik
Yusron, S.D., Ak., CPA Yusron, S.D., Ak., CPA Yusron, S.D., Ak., CPA
Public Accountant
Audit umum atas Laporan Audit umum atas Laporan Audit umum atas Laporan
Keuangan tahun buku Keuangan tahun buku Keuangan tahun buku
Jasa 2025. 2024. 2023.
Services Audit of Financial Audit of Financial Audit of Financial
Statement for financial Statement for financial Statement for financial
year 2025. year 2024. year 2023.
Opini Wajar Tanpa Pengecualian Wajar Tanpa Pengecualian Wajar Tanpa Pengecualian
Opinion Unqualified Opinion Unqualified Opinion Unqualified Opinion
Biaya Jasa (AS$)
373,498 630,717 359,491
Services Fee (US$)
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Manajemen Risiko
Risk Management
Sejalan dengan komitmen menerapkan Prinsip-Prinsip In line with the Company’s commitment to
dalam Kerangka Pembangunan Berkelanjutan ICMM, implementing the Principles set out in the International
Perseroan telah memiliki strategi dan sistem pengelolaan Council on Mining and Metals (ICMM) Sustainable
risiko dengan mengacu pada ISO 31000:2018 Manajemen Development Framework, the Company has established
Risiko dan COSO ERM. Manajemen Risiko diterapkan a risk management strategy and system that refers
untuk mengelola dampak dari ketidakpastian terhadap to ISO 31000:2018 Risk Management and Committee
tujuan-tujuan Usaha Perseroan, dan persepsi pemangku of Sponsoring Organizations of the Treadway
kepentingan yang mencakup risiko operasional, risiko Commission Enterprise Risk Management (COSO ERM).
non-operasional dan risiko strategis/bisnis. Risk management is applied to manage the impact of
uncertainty on the Company’s business objectives, as
well as stakeholder perceptions, covering operational
risks, non-operational risks, and strategic/business
risks.
Evaluasi ini bertujuan untuk memastikan bahwa praktik This evaluation aims to ensure that the practices
yang diterapkan selaras dengan standar industri implemented are aligned with applicable industry
yang berlaku dan praktik terbaik yang diakui secara standards and widely recognized best practices. Through
luas. Melalui proses evaluasi ini, Perseroan berhasil this evaluation process, the Company successfully
mengidentifikasi berbagai area yang memerlukan identified various areas that require improvement.
peningkatan.
Kami memberikan penekanan khusus pada upaya The Company places particular emphasis on efforts
meningkatkan proses pengambilan keputusan dan to enhance decision-making processes and overall
kinerja bisnis Perseroan secara keseluruhan. Langkah business performance. This step reflects the Company’s
ini merupakan komitmen kami untuk tidak hanya commitment not only to meeting, but also to exceeding
memenuhi, tetapi juga melampaui ekspektasi para stakeholder expectations through the implementation
pemangku kepentingan melalui penerapan manajemen of effective and efficient risk management. The
risiko yang efektif dan efisien. Perseroan percaya bahwa Company believes that by continuously improving
dengan terus meningkatkan praktik manajemen risiko, its risk management practices, it will become more
Perseroan akan menjadi lebih adaptif dan tangguh di adaptive and resilient amid continuously evolving
tengah dinamika pasar yang terus berubah. market dynamics.
Melalui upaya berkelanjutan ini, Perseroan Through these ongoing efforts, the Company is
berkomitmen untuk terus memperkuat fondasi bisnis committed to further strengthening a resilient business
yang tangguh, memastikan keberlanjutan operasional, foundation, ensuring operational sustainability, and
dan meningkatkan nilai bagi pemangku kepentingan. enhancing value for stakeholders. The Company
Perseroan menganggap evaluasi dan peningkatan considers the evaluation and continuous improvement
praktik manajemen risiko sebagai komponen kritis of risk management practices as critical components
dalam strategi bisnis, yang akan terus dikembangkan of its business strategy, which will continue to be
dan disempurnakan untuk mencapai tujuan strategis developed and refined to achieve the Company’s
Perseroan. strategic objectives.
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Penerapan Manajemen Risiko
Implementation of Risk Management
Perseroan menerapkan konsep tiga lini pertahanan The Company applies the three lines of defense concept
untuk meningkatkan kontrol dan pengelolaan risiko. to enhance risk control and risk management. This
Konsep tersebut membagi tugas dan tanggung jawab concept delineates risk management and control roles
manajemen risiko, serta kontrol kepada tiga lini and responsibilities across three lines of defense. Each
pertahanan. Setiap lini memiliki tugas dan tanggung line has specific duties and responsibilities; however,
jawab yang spesifik, namun ketiganya memiliki objektif all three share a single objective of supporting the
tunggal untuk mendukung pencapaian tujuan-tujuan achievement of the Company’s business objectives
usaha Perseroan melalui manajemen risiko yang efektif. through effective risk management.
Konsep Tiga Lini Pertahanan dalam Penerapan Manajemen Risiko
Perseroan
Three Line of Defense Concept in the Company’s Implementation of Risk
Management
Dewan Komisaris
Board of Commissioners
Direksi
Board of Directors
Lini Pertama | First Line Lini Kedua | Second Line Lini Ketiga | Third Line
Pemilik Risiko bertanggung Fungsi ERM dan Kepatuhan Fungsi Audit Internal
jawab secara langsung secara independen mengukur memastikan pelaksanaan
untuk mengidentifikasi dan dan memantau risiko, governans dan pengendalian
mengelola risiko dalam proses sekaligus mengembangkan risiko yang efektif di dalam
bisnis mereka. metodologi dan kebijakan Perseroan.
Risk Owner are responsible manajemen risiko Perseroan. Internal Audit function
for directly identify and ERM and compliance function ensure effective
manage risk in their business independently measures, implementation of
process. monitors risks while governance and risk control
developing Company’s risk within the Company.
management methodologies
and policies.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Pertahanan Lini Pertama, sebagai unit pemilik risiko, First Line of Defense, as the risk owner units, is
bertanggung jawab mengidentifikasi dan mengelola responsible for identifying and managing risks within
risiko proses bisnis. Unit ini terdiri dari para pelaksana business processes. This line consists of PT Vale’s
proses operasional dan bisnis PT Vale, yang melakukan operational and business process executors, who
pendaftaran risiko yang telah diidentifikasi, menilai, register identified risks, conduct risk assessments, and
dan mengembangkan penanganan risiko di seluruh develop risk treatment measures across the operating
model operasi, menerapkan kontrol manajemen risiko, model, implement risk management controls, and
dan membuat rencana aksi. prepare action plans.
Pertahanan Lini Kedua bertugas memberikan dukungan Second Line of Defense is responsible for providing
kepada pertahanan lini pertama dalam penerapan support to the First Line of Defense in the
manajemen risiko dan menyediakan keahlian teknis implementation of risk management and for delivering
untuk mengawasi Pertahanan Lini Pertama. Fungsi yang technical expertise to oversee the First Line of Defense.
termasuk Pertahanan Lini Kedua adalah Enterprise Risk Functions included in the Second Line of Defense
Management, Departemen Health Safety & Operational comprise Enterprise Risk Management, the Health,
Risk, Departemen Operational Planning & Geotechnical, Safety & Operational Risk Department, the Operational
Departemen Operational Excellence, dan Corporate Planning & Geotechnical Department, the Operational
Governance, Legal & Compliance. Excellence Department, and Corporate Governance,
Legal & Compliance.
Pertahanan Lini Ketiga adalah pihak independen di luar Third Line of Defense serves as an independent party
administrasi yang berfungsi meyakinkan Pertahanan outside the administrative functions and is tasked
Lini Pertama dan Kedua bekerja secara konsisten sesuai with providing assurance that the First and Second
harapan para pemangku kepentingan Perseroan. Fungsi Lines of Defense operate consistently in accordance
yang termasuk dalam Pertahanan Lini Ketiga adalah with the expectations of the Company’s stakeholders.
Internal Audit. The function included in the Third Line of Defense is
Internal Audit.
Manajemen Risiko Perusahaan
Enterprise Risk Management
Pengelolaan risiko Perseroan dikendalikan Direksi, serta The Company’s risk management is overseen by the
Enterprise Risk Management (ERM) bertindak sebagai Board of Directors, with Enterprise Risk Management
organ yang memfasilitasi proses pengelolaan risiko dan (ERM) acting as the organ that facilitates the risk
bertanggung jawab kepada Direksi. Tugas dan tanggung management process and is accountable to the Board
jawab ERM diatur dalam Piagam ERM dan mencakup of Directors. The duties and responsibilities of ERM are
penilaian risiko, menyiapkan kontrol pencegahan dan stipulated in the ERM Charter and include conducting
rencana mitigasi risiko, pemantauan pelaksanaan risk assessments; preparing preventive controls and risk
kontrol pencegahan dan rencana mitigasi, evaluasi mitigation plans; monitoring the implementation of
proses pengelolaan risiko, serta membuat laporan preventive controls and mitigation plans; evaluating the
kepada Direksi dan Komite Mitigasi Risiko. Piagam ERM risk management process; and preparing reports for the
telah diperbaharui dan disahkan Direksi, efektif pada Board of Directors and the Risk Mitigation Committee.
2024. The ERM Charter has been updated and approved by
the Board of Directors, effective in 2024.
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Tugas dan tanggung jawab ERM adalah mengukur, The duties and responsibilities of ERM include
memantau, dan menangani risiko di dalam Perseroan; measuring, monitoring, and addressing risks within
mengembangkan standarisasi metodologi, kebijakan, the Company; developing standardized methodologies,
proses dan infrastruktur, serta komunikasi yang policies, processes, infrastructure, and integrated
terintegrasi untuk mengelola risiko di PT Vale; communications to manage risks at PT Vale Indonesia
memberikan pelatihan dan metodologi untuk Model Tbk; providing training and methodologies for the
Manajemen Risiko Bisnis; serta membangun pertukaran Business Risk Management Model; and establishing
pengetahuan dan informasi untuk mempromosikan knowledge and information exchange to promote
budaya manajemen risiko dan pencegahan. ERM juga a culture of risk management and prevention. ERM
memantau kepatuhan terhadap model governans also monitors compliance with the business risk
manajemen risiko bisnis; mendukung pengungkapan management governance model; supports external
informasi manajemen risiko secara eksternal; serta disclosure of risk management information; and
menyampaikan laporan kepada Komite Mitigasi Risiko. submits reports to the Risk Mitigation Committee.
Pelaksanaan Tugas dan Tanggung Jawab ERM di Tahun 2025
ERM Implementation of Duties and Responsibilities in 2025
Pelaksanaan tugas dan tanggung jawab ERM selama The implementation of ERM’s duties and responsibilities
tahun 2025, meliputi memperbaharui kebijakan during 2025 included updating the risk management
manajemen risiko, menyusun formulir standar policy; developing standard risk identification and
identifikasi dan penilaian risiko, melakukan kajian assessment forms; conducting risk management reviews
manajemen risiko untuk proyek-proyek strategis, for strategic projects; and monitoring operational and
pemantauan tingkat risiko operasional dan IGP di IGP risk levels throughout 2025. ERM also prepared
tahun 2025. ERM telah menyusun Strategi Risiko untuk the Risk Strategy for 2026; identified the Top Risks for
Tahun 2026, menyusun Top Risk untuk Tahun 2026, 2026; updated the risk impact matrix; updated the risk
memperbarui matriks dampak risiko, memperbarui management governance structure; and developed
struktur governans manajemen risiko, dan menyusun the ERM Roadmap for 2026–2030. ERM held regular
peta jalan ERM 2026-2030. ERM mengadakan pertemuan meetings with the Risk Mitigation Committee (RMC)
rutin dengan RMC untuk menyampaikan status risiko to report on risk status and the controls implemented
dan kontrol yang diterapkan di tahun 2025, serta during 2025, and engaged experienced consultants
melibatkan konsultan yang mempunyai pengalaman to assist ERM in developing the risk management
untuk membantu ERM menyusun kerangka kerja dan framework and several risk management procedures.
beberapa prosedur manajemen risiko.
Kerangka Kerja Pengelolaan Risiko
Risk Management Framework
Perseroan melengkapi penerapan pengelolaan risiko The Company complements the implementation of
dengan menyusun Panduan ERM, berupa Kebijakan risk management by establishing ERM Guidelines,
Manajemen Risiko dan Manual Manajemen Risiko yang comprising the Risk Management Policy and the Risk
telah disahkan Dewan Komisaris Perseroan dalam Rapat Management Manual, which were approved by the
Dewan Komisaris tanggal 1 Juni 2021. Selanjutnya, Company’s Board of Commissioners at the Board
Dewan Komisaris menyetujui pembaharuan Kebijakan of Commissioners’ Meeting held on 1 June 2021.
Manajemen Risiko dalam Rapat Dewan Komisaris Subsequently, the Board of Commissioners approved
tertanggal 12 Desember 2025 dan melakukan the update of the Risk Management Policy at the Board
pembaharuan Standar Manajemen Risiko. of Commissioners’ Meeting dated 12 December 2025
and carried out an update of the Risk Management
Standards.
2025 Annual Report 305
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Secara umum Panduan ERM mengatur kerangka kerja In general, the ERM Guidelines regulate the risk
manajemen risiko sebagai berikut: management framework as follows:
1. Manajemen Risiko Perusahaan memfasilitasi 1. Corporate Risk Management facilitates periodic
penilaian risiko secara berkala berdasarkan masukan risk assessments based on inputs from Line
dari Manajemen Lini, menghasilkan register risiko Management, resulting in a risk register that is
yang dikaji bersama Komite Audit dan Direksi; reviewed jointly with the Audit Committee and the
Board of Directors;
2. Manajemen Risiko Perusahaan bertanggung jawab 2. Corporate Risk Management is proactively
proaktif meminta dan mengumpulkan informasi responsible for requesting and collecting information
dari Manajemen Lini mengenai permasalahan from Line Management regarding operational and
operasional dan non- operasional yang dapat non-operational issues that may affect existing
berdampak pada risiko-risiko yang ada hingga risks, with the objective of reducing risk levels to a
menurunkan taraf risiko ke tingkat yang dapat degree that can be adequately controlled through
dikendalikan secara memadai oleh mekanisme existing control mechanisms;
pengendalian saat ini;
3. Manajemen Lini bertanggung jawab memantau dan 3. Line Management is responsible for monitoring
mengetahui jika ada peningkatan dari permasalahan and identifying any escalation of unresolved issues
yang belum diselesaikan maupun permasalahan as well as new issues arising from the internal and
baru dari lingkungan internal dan eksternal, external environment, and subsequently submitting
kemudian menyampaikan data tersebut kepada such information to Corporate Risk Management
Manajemen Risiko Perusahaan untuk penelaahan for further risk review. Line Management is
risiko lebih jauh. Manajemen Lini juga bertanggung also proactively responsible for consulting with
jawab secara proaktif berkonsultasi dengan Corporate Risk Management regarding risk
Manajemen Risiko Perusahaan mengenai kepatuhan compliance in accordance with applicable internal
risiko sesuai dengan peraturan/ketentuan internal and external regulations and requirements;
maupun eksternal;
4. Manajemen Risiko Perusahaan secara proaktif 4. Corporate Risk Management proactively provides
memberikan masukan pada Unit Audit Internal input to the Internal Audit Unit as a reference in the
sebagai rujukan dalam menyusun Rencana Audit. preparation of the Audit Plan. The ERM Guidelines
Panduan ERM juga mengatur alur proses yang also regulate the process flow that the Company
harus dilalui Perseroan dalam mengelola risiko must follow in managing risks, which comprises
yang meliputi 7 tahapan. Proses yang berlangsung seven stages. This process enables the Company to
memungkinkan Perseroan mengidentifikasi identify business risks, assess risk levels, determine
risiko usaha, tingkat risiko, upaya pengendalian, control measures, define the necessary action plans,
rencana tindakan yang diperlukan dan menyusun and formulate recommendations to reduce risk
rekomendasi untuk menurunkan tingkat risiko. levels. Overall, the process involves collaboration
Secara keseluruhan proses melibatkan Kerjasama among organizational functions; however, the
antara fungsi organisasi, namun sebagian besar majority of the stages fall under the responsibility of
tahapan berada di bawah Manajemen Risiko Corporate Risk Management and Line Management.
Perusahaan dan Manajemen Lini.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Alur Proses Manajemen Risiko
Risk Management Process Flow
STEP 1
Mengidentifikasi tujuan dan menetapkan ruang
MENETAPKAN KONTEKS lingkup penilaian risiko
Establish Context Identify the objective and establish the scope of the
risk assessment
STEP 2
MENGIDENTIFIKASI RISIKO
Mengidentifikasi kejadian atau hal-hal yang
Identity Risks
mempunyai imbas terhadap tujuan
Identify the events that have an effect on the
objective and its impact
Komunikasi dan Konsultasi | Communication and Consult
Pengawasan dan Pengkajian | Monitor and Review
STEP 3
Mengidentifikasi penyebab yang dapat menimbulkan
suatu kejadian
Identify the cause(s) that can trigger an event to occur
STEP 4
MENGANALISA RISIKO
Analyze Risks
Mengidentifikasi fungsi pengendalian yang ada yang
dapat mencegah atau tidak, dan apabila tidak akan
dilakukan evaluasi terhadap strategi kelayakan
Indentify the existing control(s) that can prevent the
cause(s) or mitigate the severity of the impact
STEP 5
Estimasi risiko
Risk estimation
MENGEVALUASI RISIKO STEP 6
Evaluate Risks
Evaluasi risiko untuk menentukan apakah risiko
berada pada tingkat yang bisa diterima atau tidak,
dan apabila tidak akan dilakukan evaluasi terhadap
kelayakan strategi penurunan risiko
MENANGANI RISIKO
Risk Evaluation to determine if it is at an acceptable
Treat Risks
level and if not, evaluation of the feasible risk
reduction strategies
STEP 7
Mengimplementasikan strategi penurunan risiko yang
disarankan dan direkomendasikan
Implement the recommended and suggested risk
reduction strategies
2025 Annual Report 307
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
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Siklus ERM
ERM Cycle
Setiap tahun, Perseroan menyelenggarakan ERM Each year, the Company conducts ERM workshops
workshop yang bertujuan untuk melakukan evaluasi aimed at carrying out a comprehensive evaluation of
menyeluruh terhadap pengelolaan risiko Perseroan. the Company’s risk management practices. Throughout
Sepanjang tahun 2025, kegiatan ERM workshop adalah: 2025, ERM workshop activities were as follows:
Pada triwulan pertama, aktivitas ERM berfokus In the first quarter, ERM activities focused on:
pada:
• Melakukan pemantauan dan pelaporan risiko • Monitoring and reporting Company and IGP risks
Perseroan dan IGP kepada BOD dan Komite Mitigasi to the Board of Directors and the Risk Mitigation
Risiko untuk periode triwulan IV 2024. Committee for the fourth quarter of 2024.
• Melakukan review kecukupan kebijakan dan • Reviewing the adequacy of risk management
prosedur manajemen risiko. policies and procedures.
• Menyusun Strategi Risiko dan Risk Appetite • Developing the Risk Strategy and Risk Appetite
Statement. Statement.
• Menyusun Profil Risiko Perusahaan tahun 2025. • Preparing the Company’s Risk Profile for 2025.
Pada triwulan kedua, aktivitas ERM berfokus pada : In the second quarter, ERM activities focused on:
• Menyusun kerangka manajemen risiko • Developing the risk management framework.
• Melakukan sosialisasi implementasi kerangka • Conducting socialization of the implementation of
manajemen risiko kepada tim manajemen risiko the risk management framework to the operational
operasional dan manajemen risiko IGP di Makassar risk management team and the IGP risk management
team in Makassar.
• Menyelenggarakan workshop Risk Management • Conducting Risk Management Awareness
Awareness kepada risk owners (Soroako, Bahodopi, workshops for risk owners (Sorowako, Bahodopi,
Pomalaa dan Sorlim) Pomalaa, and Sorlim).
• Melakukan finalisasi RMC Charter • Finalizing the Risk Mitigation Committee (RMC)
Charter.
• Melakukan kajian manajemen risiko untuk proyek – • Conducting risk management reviews for the
proyek strategis dan inisiatif strategis perusahaan. Company’s strategic projects and strategic
initiatives.
Pada triwulan ketiga, aktivitas ERM berfokus pada : In the third quarter, ERM activities focused on:
• Melakukan pemantauan dan pelaporan risiko • Monitoring and reporting Company and IGP risks
Perseroan dan IGP kepada BOD dan Komite Mitigasi to the Board of Directors and the Risk Mitigation
Risiko untuk periode triwulan II 2025. Committee for the second quarter of 2025.
• Melakukan standarisasi kertas kerja identifikasi dan • Standardizing risk identification and risk assessment
penilaian risiko. working papers.
• Melakukan workshop dengan risk owners di • Conducting workshops with risk owners in Sorowako
Sorowako dan tim manajemen risiko IGP (Bahodopi, and the IGP risk management teams (Bahodopi,
Pomalaa dan Sorlim). Pomalaa, and Sorlim).
• Melakukan penyusunan strategi, profil risiko dan • Developing the risk strategy, risk profile, and
pembaruan roadmap implementasi manajemen updating the risk management implementation
risiko untuk periode 2026 – 2030. roadmap for the 2026–2030 period.
• Melakukan kajian manajemen risiko untuk proyek – • Conducting risk management reviews for the
proyek strategis dan inisiatif strategis Perseroan. Company’s strategic projects and strategic
initiatives.
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Pada triwulan keempat, aktivitas ERM berfokus In the fourth quarter, ERM activities focused on:
pada:
• Melakukan pemantauan dan pelaporan risiko Perseroan • Monitoring and reporting Company and IGP risks to
dan IGP kepada BOD, Komite Mitigasi Risiko, serta the Board of Directors, the Risk Mitigation Committee,
Komite GRC untuk periode triwulan III 2025 and the GRC Committee for the third quarter of 2025.
• Melakukan finalisasi dokumen acuan kerja • Finalizing reference working documents (updates to
(pembaharuan dokumen kebijakan manajemen risiko, the risk management policy documents, preparation
penyusunan Standar Manajemen Risiko dan beberapa of Risk Management Standards, and several risk
prosedur manajemen risiko). management procedures).
• Menyusun rencana kerja ERM untuk tahun 2026. • Preparing the ERM work plan for 2026.
• Melakukan kajian manajemen risiko untuk proyek – • Conducting risk management reviews for the
proyek strategis dan inisiatif strategis Perseroan. Company's strategic projects and strategic initiatives.
• Menyusun kerangka penilaian Risk Maturity • Developing the Risk Maturity assessment framework.
• Menyusun Strategi dan Profil Risiko untuk tahun 2026. • Developing the Risk Strategy and Risk Profile for 2026.
Klasifikasi Risiko
Risk Classification
RMU mengidentifikasi selama tahun 2025 ada 10 kategori The Risk Management Unit (RMU) identified that during
risiko yang dihadapi Perseroan. Pengelolaan yang 2025 the Company faced 10 risk categories. The risk
dilakukan dinilai telah mampu mengendalikan risiko management measures implemented were assessed as
sehingga kemungkinan risiko terjadi dapat diturunkan effective in controlling these risks, thereby reducing the
dan kerugian yang ditimbulkan dapat diminimalkan, likelihood of their occurrence and minimizing potential
serta tidak mengganggu kegiatan Perseroan. losses, and ensuring that the Company’s operations
were not disrupted.
Profil Risiko Tahun 2025
2025 Risk Profile
Operasi
Operations
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Kerusakan total aset-aset kritis (seperti Perseroan telah menerapkan strategi mitigasi yang komprehensif, termasuk
bendungan, pabrik, ruang kendali) yang mengaktifkan Tim Tanggap Darurat untuk memastikan penanganan insiden secara
menimbulkan beberapa korban jiwa cepat, melakukan penutupan dan pemantauan rencana aksi serta mendorong
dan penghentian operasional melebihi pemanfaatan dan verifikasi sistem pemantauan HS, serta melakukan sertifikasi
satu minggu untuk investigasi dan ISO 45001 guna meningkatkan visibilitas dan efektivitas kerangka manajemen
perbaikan. Kesehatan dan keamanan kerja kami.
Total collapse of critical assets and The Company has implemented a comprehensive mitigation strategy, including
reliability (e.g., Dams, Process Plant, activating the Emergency Response Team to ensure the prompt handling of
Control Room) leading to multiple incidents, closing and monitoring action plans and encouraging the utilization and
fatalities and operational halts verification of the Health and Safety (HS) monitoring system, as well as obtaining
exceeding one week for investigation ISO 45001 certification to enhance the visibility and effectiveness of the Company’s
and repairs. occupational health and safety management framework.
2025 Annual Report 309
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Pasar, Makroekonomi & Keuangan
Market, Macroeconomic & Finance
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Penurunan harga nikel dan peningkatan Untuk memitigasi risiko keuangan, Perseroan telah melaksanakan program optimalisasi
biaya komoditas bahan produksi, yang biaya di seluruh departemen untuk menjaga disiplin operasional, melakukan pemantauan
berdampak pada pengeluaran dan harga komoditas secara berkala, serta melakukan renegosiasi formula harga produk
pendapatan perusahaan nickel matte.
Decline in nickel prices and increase To mitigate financial risks, the Company has implemented a cost optimization program
in commodity input costs, impacting across all departments to maintain operational discipline, conducted regular monitoring
company expenses and revenues. of commodity prices, and undertaken the renegotiation of nickel matte product pricing
formulas.
Pendanaan yang tidak mencukupi Untuk memperkuat ketahanan keuangan, Perseroan telah mengamankan fasilitas
yang memengaruhi kelangsungan pembiayaan jangka pendek, sekaligus menerapkan program optimalisasi biaya di
operasional dan proyek pertumbuhan. seluruh departemen dalam menjaga efisiensi dan disiplin operasional. Selain itu,
Insufficient funding affecting Perseroan melakukan pemantauan likuditas secara berkala untuk memastikan
operational continuity and growth kecukupan keuangan Perseroan dalam menjalankan kegiatan usaha.
projects. To strengthen financial resilience, the Company has secured short-term financing
facilities, while also implementing cost optimization programs across all departments
to maintain efficiency and operational discipline. In addition, the Company conducts
regular liquidity monitoring to ensure adequate financial capacity to carry out its
business activities.
Keberlanjutan
Sustainability
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Pelepasan ke lingkungan dan kegagalan Untuk mengatasi risiko keberlanjutan dan operasional, Perseroan melaksanakan
mengurangi emisi lingkup 1 dan 2 program dekarbonisasi, meningkatkan kadar nikel melalui pencampuran bijih,
sebesar 33% pada tahun 2030 dari penerapan silika, memastikan keterbukaan informasi kepada pemangku kepentingan
pengukuran tahun 2017 di Operasi terkait aktivitas keberlanjutan, serta menjajaki alternatif produk Battery Electric
Sorowako. Vehicle (BEV) guna mendukung tujuan lingkungan jangka Panjang
Release to environment and failure to To address sustainability and operational risks, the company is implementing
reduce scope 1 and 2 emissions by 33% a decarbonization project, improving nickel grade through ore blending, silica
by 2030 from the baseline year of 2017 application, and step-out exploration, ensuring transparent disclosure of
at Sorowako Operation. sustainability-related activities to stakeholders, and exploring alternative Battery
Electric Vehicle (BEV) products to support long-term environmental goals
Gangguan operasional akibat Untuk memitigasi risiko perambahan lahan, Perseroan memperkuat kolaborasi dengan
penyerobotan lahan, sengketa lahan pemangku kepentingan melalui kerja sama dengan Dinas Kehutanan dan Gakkum
adat, dan IUP palsu, yang melibatkan dalam melakukan patroli bersama, berkonsultasi dengan tim hukum dan kepatuhan
kasus-kasus yang mencapai Mahkamah terkait proses administrasi, melakukan pengumuman kepada masyarakat mengenai
Agung atau memicu demonstrasi yang aktivitas terlarang di kawasan hutan, melaporkan kasus perambahan lahan kepada
menarik perhatian media nasional. pihak kepolisian dan Gakkum, serta membentuk forum tripartit antara perusahaan,
Operational disruptions due to land pemerintah daerah, serta masyarakat untuk menampung serta menyelesaikan keluhan
encroachment, customary land secara efektif.
disputes, and fraudulent IUPs, involving To mitigate the risk of land encroachment, the Company strengthened collaboration
cases that reach Supreme Court or with stakeholders through cooperation with the Forestry Service and law enforcement
triggered demonstrations attracting authorities (Gakkum) in conducting joint patrols; consulting with the legal and
national media attention. compliance teams regarding administrative processes; making public announcements
to communities regarding prohibited activities in forest areas; reporting land
encroachment cases to the police and Gakkum; and establishing a tripartite forum
involving the Company, local governments, and communities to receive and resolve
grievances effectively.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Hukum, Kepatuhan & Reputasi
Legal, Compliance & Reputation
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Kegagalan mematuhi area IUPK karena Untuk memastikan kepatuhan ketat terhadap IUPK, Perseroan menerapkan
melakukan Kegiatan Penambangan di pengendalian spasial dan perizinan yang mencakup rencana tambang berbasis
luar area tambang (56.788 Ha) dari IUPK geofencing dan RTK‑GPS untuk dispatch, pemasangan patok dan rambu batas
(118.017 Ha). wilayah, pemeriksaan lokasi sebelum operasi, serta rekonsiliasi mingguan
Failure to comply with the IUPK area koordinat kegiatan terhadap wilayah tambang yang disetujui di dalam area IUPK.
due to conducting Mining Activities To ensure strict compliance with the IUPK, the company enforces spatial and
outside the mine area of the IUPK permitting controls, including geofenced mine plans and RTK‑GPS dispatch, physical
boundary markers and signage, pre‑start location checks, and weekly reconciliation
of operational coordinates against the approved mine area within the IUPK area
Perubahan regulasi dan kegagalan Dalam memperkuat kepatuhan regulasi dan keterlibatan pemangku kepentingan,
mematuhi persyaratan regulasi dan Perseroan secara proaktif berkolaborasi dengan regulator dan pihak terkait,
perizinan, yang menyebabkan tindak mengembangkan sistem terintegrasi untuk pencatatan dan pemantauan kewajiban
pidana, sanksi finansial yang signifikan, dengan akuntabilitas yang jelas serta dukungan dokumen, melakukan konsultasi
dan hilangnya izin operasional. awal dengan otoritas regulasi untuk mengantisipasi potensi perbedaan, serta
Change in regulation and failure to menjaga pemantauan kebijakan guna mengawasi perubahan regulasi hilir sambil
comply with regulatory and permitting berpartisipasi aktif dalam diskusi kebijakan.
requirements, leading to criminal To strengthen regulatory compliance and stakeholder engagement, the Company
offenses, significant financial penalties, proactively collaborates with regulators and relevant parties, develops integrated
and loss of operational licenses. systems for recording and monitoring obligations with clear accountability
and supporting documentation, conducts early consultations with regulatory
authorities to anticipate potential discrepancies, and maintains policy monitoring
to oversee downstream regulatory changes while actively participating in policy
discussions.
Proyek dan Eksplorasi
Projects and Exploration
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Kegagalan menyerahkan proyek Perseroan meningkatkan proses pemantauan dan eskalasi proyek, secara berkala
pertumbuhan Perseroan (IGP), menilai kapasitas keuangan dan rencana pendanaan mitra JV, serta memantau secara
termasuk mitra JV dan komitmen ketat izin dan perjanjian penting yang diperlukan oleh mitra untuk memastikan
IUPK untuk memenuhi jadwal proyek, kepatuhan dan kelangsungan proyek.
anggaran, standar kualitas, atau The Company enhanced project monitoring and escalation processes, periodically
sasaran strategis, yang mengakibatkan assessed the financial capacity and funding plans of joint venture partners, and
penundaan, kerugian finansial, atau closely monitored critical permits and agreements required by partners to ensure
kerugian reputasi. compliance and project continuity.
Failure to deliver IGP, including JV
partners and IUPK commitments to
meet project timelines, budgets, quality
standards, or strategic objectives,
resulting in delays, financial losses, or
reputational harm.
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Sumber Daya Manusia
People
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Penurunan produktivitas pekerja Untuk memitigasi penurunan produktivitas dan kesenjangan kapabilitas, Perseroan
dan kegagalan mengembangkan, menerapkan strategi ketenagakerjaan terintegrasi pengembangan kapabilitas
memperoleh, atau mempertahankan terarah (academy teknis, sertifikasi, mentoring), perencanaan suksesi dan
personel terampil untuk mengisi posisi rekrutmen fokus untuk peran kritikal, kemitraan dengan universitas dan institusi
strategis. vokasi di Sulawesi, program penghargaan dan retensi yang kompetitif (jalur karier,
Decreasing employee productivity rotasi), serta inisiatif kesejahteraan—didukung tinjauan berkala tenaga kerja untuk
and failure to develop, acquire, or memastikan ketersediaan talenta pada posisi strategis.
retain skilled personnel to fill strategic To mitigate declines in productivity and capability gaps, the Company implemented
positions. an integrated workforce strategy encompassing targeted capability development
(technical academies, certifications, and mentoring), succession planning and
focused recruitment for critical roles, partnerships with universities and vocational
institutions in Sulawesi, competitive reward and retention programs (career
pathways and rotations), and welfare initiatives—supported by periodic workforce
reviews to ensure talent availability in strategic positions.
Strategi
Strategy
Kejadian Risiko Upaya Pengelolaan
Risk Event Management Effort
Gangguan bisnis karena kegagalan Untuk memitigasi gangguan bisnis akibat keterlambatan transisi teknologi kunci,
menyerahkan transisi teknologi utama Perseroan menerapkan governans transisi yang ketat di seluruh operasi penerapan
dalam periode TSA. bertahap, rekonsiliasi migrasi data serta penguatan keamanan siber, kepemilikan
yang jelas melalui PMO dan komite pengarah dengan stage‑gate, buffer waktu,
Business disruption due to failure to dan protokol eskalasi, SLA dan komitmen sumber daya dari vendor, manajemen
deliver key technology transition within perubahan dan pelatihan yang komprehensif bagi pekerja/kontraktor, serta langkah
the TSA period. kesinambungan bisnis untuk menjaga proses kritikal bila terjadi keterlambatan.
To mitigate business disruption arising from delays in the transition of key
technologies, the Company implemented rigorous transition governance across
all operations, including phased implementation, data migration reconciliation,
and strengthened cybersecurity; clear ownership through the PMO and steering
committees with stage-gate mechanisms, time buffers, and escalation protocols;
service level agreements and resource commitments from vendors; comprehensive
change management and training for employees and contractors; as well as business
continuity measures to safeguard critical processes in the event of delays.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Evaluasi Efektivitas Sistem Manajemen Risiko
Risk Management System Effectiveness Evaluation
Perseroan terus melakukan upaya perbaikan sistem The Company continuously undertakes improvements
manajemen risiko untuk mendukung penerapan GCG to its risk management system to support the
serta membangun budaya risiko di kalangan pekerja dan implementation of Good Corporate Governance (GCG)
mitra kerja/kontraktor. Perbaikan sistem manajemen and to build a risk-aware culture among employees
risiko yang dilaksanakan pada periode pelaporan and business partners/contractors. Improvements to
meliputi: the risk management system implemented during the
reporting period included:
1. Pembaruan Kebijakan Manajemen Risiko, termasuk 1. Updating the Risk Management Policy, including
di dalamnya pemutakhiran respon risiko kritikal updates to the Company’s critical risk responses;
Perseroan; 2. Updating the ERM roadmap to enhance and
2. Pembaruan peta jalan ERM untuk meningkatkan strengthen risk management initiatives;
dan memperkuat inisiatif manajemen risiko; 3. Updating the risk strategy, risk matrix, and risk
3. Pembaruan strategi risiko, matriks risiko dan kertas assessment working papers;
kerja kajian risiko 4. Enhancing risk management reviews to enable ERM
4. Penyempurnaan kajian manajemen risiko, sehingga to obtain a comprehensive map of all Company risks.
ERM memperoleh peta seluruh risiko Perseroan. Subsequently, ERM determines the risks that have a
Selanjutnya ERM menentukan risiko-risiko yang significant impact on the Company’s direction.
berpengaruh signifikan terhadap arah Perseroan. 5. The Corporate Risk Profile is evaluated on a quarterly
5. Profil Risiko Korporasi dievaluasi per kuartal dan basis and updated in line with the Company’s
diperbaharui sesuai dengan dinamika Perseroan dynamics throughout 2025.
selama tahun 2025.
Pernyataan Direksi dan Dewan Komisaris atas Kecukupan Sistem
Manajemen Risiko
Statement from the Board of Directors and the Board of Commissioners
on the Adequacy of the Risk Management System
Perseroan telah melakukan evaluasi atas sistem The Company conducted an evaluation of its risk
manajemen risiko di tahun 2025, dengan hasil management system in 2025, which concluded that risk
manajemen risiko di PT Vale telah memadai dan berjalan management at PT Vale was adequate and operating
efektif. effectively.
Perkara Hukum yang Berdampak Material
Legal Cases with Material Impact
Permasalahan hukum meliputi perkara-perkara Legal issues include cases faced by PT Vale in 2025 and
yang dihadapi PT Vale di tahun 2025 dan status their resolution status.
penyelesaiannya.
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Pokok Perkara
Subject Matter
PT Asuransi Jiwa Adisarana Wanaartha (WA) gagal PT Asuransi Jiwa Adisarana Wanaartha (WA) failed to
memenuhi kewajibannya dalam program saving plan fulfill its obligations under the Company’s employee
pekerja Perseroan. saving plan program.
Status Penyelesaian Perkara Settlement Status
Sejak Desember 2017 hingga Desember 2020, Perseroan From December 2017 to December 2020, the Company
menjalankan program saving plan pekerja dengan implemented an employee saving plan program by signing
melakukan penandatanganan perjanjian dengan dua agreements with two insurance companies, PT Asuransi
perusahaan asuransi, PT Asuransi Jiwa Adisarana Jiwa Adisarana Wanaartha (WA) and PT Central Asia Raya.
Wanaartha (WA) dan PT Central Asia Raya.
Melihat adanya potensi risiko terhadap keberlanjutan Recognizing potential risks to WA’s operational
operasional WA, komite pensiun Perseroan mengambil sustainability, the Company’s pension committee
langkah preventif dengan merekomendasikan pemutusan took preventive measures by recommending contract
kontrak dengan WA, guna melindungi dana saving plan termination with WA to safeguard the saving plan funds,
yang berjumlah sekitar Rp220 miliar (setara AS$14,8 juta). amounting to approximately Rp220 billion (equivalent to
US$14.8 million).
Pada akhir Februari, pemberitahuan pengakhiran At the end of February, a contract termination notice
perjanjian dikirimkan, yang berlaku sejak 27 Maret 2020. was sent, effective March 27, 2020. WA was expected to
WA diharapkan melunasi semua kewajiban pada 8 April settle all obligations by April 8, 2020. WA acknowledged the
2020. WA menerima pengakhiran ini, tetapi menyatakan termination but stated that the freezing of its accounts
bahwa pembekuan rekening oleh Kejaksaan Agung menjadi by the Attorney General’s Office hindered its ability to
kendala dalam memenuhi tanggung jawab mereka. fulfill its obligations.
Akibat pembayaran yang tertunda, Perseroan telah Due to the delayed payments, the Company took steps
mengambil langkah-langkah untuk menyelesaikan to resolve the dispute in accordance with the agreement
sengketa sesuai perjanjian dan mengajukan arbitrase and filed for arbitration through the Indonesian National
melalui Badan Arbitrase Nasional Indonesia (BANI) di Arbitration Board (BANI) in Jakarta.
Jakarta.
Keputusan arbitrase terkait perkara WA diumumkan The arbitration ruling on the WA case was announced
Mei 2021, dengan perintah pengembalian dana investasi in May 2021, ordering WA to return the Company’s
Perseroan sebesar Rp209,6 miliar (AS$14,6 juta) dalam satu investment funds amounting to Rp209.6 billion (US$14.6
tahun. BANI menetapkan jadwal pembayaran: setengah million) within one year. BANI established a payment
pada 27 November 2021 dan separuhnya lagi pada Mei schedule, with half due on November 27, 2021, and the
2022. remaining half in May 2022.
Di bulan Desember 2022, WA kehilangan izin usahanya In December 2022, WA lost its business license after the
setelah OJK mengeluarkan keputusan pencabutan. OJK Financial Services Authority (OJK) issued a revocation
juga menginstruksikan WA untuk mengadakan Rapat decision. OJK also instructed WA to hold an Extraordinary
Umum Pemegang Saham Luar Biasa dengan tujuan General Meeting of Shareholders (EGMS) for liquidation
likuidasi, dan telah membentuk tim likuidator untuk and has formed a liquidation team to oversee the process.
menangani proses tersebut.
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Manajemen berpendapat bahwa kemungkinan pemulihan Management believes that the likelihood of fund recovery
dana dari WA menurun seiring perkembangan situasi. from WA has diminished as the situation progresses. The
Perseroan tetap menjalin komunikasi dengan OJK Company continues to communicate with OJK regarding
mengenai proses likuidasi WA dan aktif mengambil WA’s liquidation process and actively takes legal actions to
tindakan hukum untuk mengupayakan pengembalian recover employee saving plan funds. To date, the Company
dana tabungan pekerja. Sampai saat ini, Perseroan telah has fully met its obligations in disbursing saving plan
memenuhi kewajiban pembayaran manfaat saving plan benefits to eligible employees with full responsibility.
kepada pekerja yang berhak dengan penuh tanggung
jawab.
Menanggapi permasalahan yang ada, manajemen PT In response to the issue, PT Vale decided to pursue joint
Vale memutuskan untuk menuntut tanggung jawab liability claims against WA’s shareholders and filed a
bersama para pemegang saham WA dan mengajukan lawsuit for unlawful acts at the South Jakarta District
gugatan perbuatan melawan hukum di Pengadilan Negeri Court (Case No. 432/Pdt.G/2023/PN.Jkt.Sel, dated January
Jakarta Selatan (nomor perkara 432/Pdt.G/2023/PN.Jkt. 9, 2023).
Sel, tanggal 9 Januari 2023).
Pada tanggal 4 April 2024, Pengadilan Negeri Jakarta On April 4, 2024, the South Jakarta District Court delivered
Selatan membacakan putusan dari perkara 432/ its ruling on Case No. 432/Pdt.G/2023/PN.Jkt.Sel via
Pdt.G/2023/PN.Jkt.Sel secara e-court yang pada intinya e-court, which essentially dismissed PT Vale’s lawsuit
menolak gugatan PT Vale karena dinilai obscure atau on the grounds that it was deemed obscure (vague). In
kabur. Terhadap hal ini, PT Vale telah mengajukan banding response, PT Vale filed an appeal with the Jakarta High
ke Pengadilan Tinggi DKI Jakarta pada tanggal 14 Mei 2024 Court on May 14, 2024, through the e-court system.
melalui sistem e-court.
Pada 26 Agustus 2024, Pengadilan Tinggi DKI Jakarta telah On August 26, 2024, the Jakarta High Court issued its
memberikan putusannya terhadap perkara No. 1040/ ruling on Case No. 1040/PDT/2024/PT DKI, which was
PDT/2024/PT DKI dan telah diunggah pada 27 Agustus uploaded on August 27, 2024. The ruling essentially upheld
2024 yang pada intinya menguatkan putusan Pengadilan the decision of the South Jakarta District Court Case No.
Negeri Jakarta Selatan No. 432/Pdt.G/2023/PN.Jkt.Sel. 432/Pdt.G/2023/PN.Jkt.Sel.
Terhadap putusan tersebut, PT Vale telah mengajukan Following this decision, PT Vale filed a cassation appeal
permohonan kasasi ke Mahkamah Agung pada 20 with the Supreme Court on September 20, 2024, and as
September 2024 yang sampai dengan saat ini proses of now, the legal process is still ongoing.
hukumnya masih berjalan.
Risiko yang Dihadapi dan Pengaruh Associated Risk and Significance to the
terhadap Perseroan Company
Berdasarkan perkembangan yang ada, manajemen Based on recent developments, management predicts
memprediksi bahwa peluang untuk mendapatkan that the chances of recovering funds from WA are
kembali dana dari WA semakin mengecil. Perseroan becoming increasingly slim. The Company continues
terus menjalin komunikasi dengan OJK terkait likuidasi to maintain communication with the OJK regarding
WA dan mengambil langkah-langkah hukum yang WA’s liquidation and is taking the necessary legal steps
diperlukan untuk memulihkan dana tabungan pekerja. to recover employees’ savings funds. Employees hope
Para pekerja berharap agar Perseroan dapat mengganti that the Company will compensate for the investment
dana investasi yang terhambat di WA. Jumlah dana funds that have been hindered in WA. The recorded
investasi yang terdata pada saat perjanjian dihentikan investment amount at the time of contract termination
adalah sebesar Rp209.550.706.353, yang belum was Rp209,550,706,353, which does not yet include
mencakup kerugian investasi. investment losses.
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Informasi tentang Sanksi Administratif
Information on Administrative Sanctions
Sampai dengan akhir periode pelaporan, baik Until the end of the reporting period, neither the
Perseroan, Dewan Komisaris, maupun Direksi tidak Company, the Board of Commissioners, nor the Board
menerima sanksi administratif yang bersifat material of Directors received any administrative sanctions that
bagi kelangsungan usaha Perseroan dari Bursa Efek were material to the Company's business continuity
Indonesia (BEI), Otoritas Jasa Keuangan (OJK), otoritas from the Indonesia Stock Exchange (BEI), the Financial
perpajakan, maupun pihak berwenang lain, termasuk Services Authority (OJK),tax authorities, as well as other
termasuk sanksi atas ketidakpatuhan terhadap authorities, including sanctions for non-compliance
kewajiban pengungkapan dan pengumuman dalam with disclosure and announcement obligations within
jangka waktu yang ditentukan. the specified time period.
Informasi tentang Kode Etik
Information on Code of Conduct
PT Vale memiliki Kode Etik dan Perilaku yang merupakan PT Vale has established a Code of Ethics and Conduct
bagian dari Program Etik dan Kepatuhan Vale. Kode as part of the Vale Ethics and Compliance Program. The
Etik dan Perilaku telah disetujui Direksi maupun Dewan Code of Ethics and Conduct has been approved by the
Komisaris, sebagai pedoman yang harus dipatuhi semua Board of Directors and the Board of Commissioners and
pihak di Perseroan dalam menjalankan kegiatan usaha serves as a guideline that must be complied with by all
maupun operasi secara beretika dan berintegritas. parties within the Company in conducting business and
Kode Etik dan Perilaku bersifat dinamis, dan ditinjau operational activities in an ethical manner and with
secara berkala. Perseroan melakukan pembaharuan integrity. The Code of Ethics and Conduct is dynamic
terakhir Kode Etik dan Perilaku pada 17 Desember 2021. in nature and is reviewed periodically. The most
recent update to the Code of Ethics and Conduct was
conducted on 17 December 2021.
Corporate Integrity
Corporate Integrity
Kepatuhan terhadap Kode Etik dan Perilaku dipantau Compliance with the Code of Ethics and Conduct is
oleh Corporate Integrity. Fungsi utama Corporate monitored by the Corporate Integrity function. The
Integrity adalah membuat kebijakan terkait etika main roles of Corporate Integrity include formulating
sebagai landasan dan acuan pekerja Perseroan dalam ethics-related policies as a foundation and reference for
bertindak; memberikan sosialisasi dan pelatihan employee conduct; providing socialization and training
terkait program etika dan kepatuhan; serta melakukan related to the ethics and compliance program; and
pengawasan dan pemantauan atas tindakan pekerja conducting supervision and monitoring of the actions
maupun Perseroan dalam aspek etik dan perilaku. of employees and the Company in terms of ethics and
conduct.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Pokok-pokok Kode Perilaku
Code of Conduct Principles
Prinsip-prinsip Fundamental Fundamental Principles
1. Kehidupan Adalah yang Terpenting, memastikan 1. Life Is the Most Important, ensuring that all
semua aktivitas dan pengambilan keputusan activities and decision-making processes are carried
dilakukan berbasis pada manajemen risiko dengan out based on risk management, with a focus on
fokus pada tindakan pencegahan, perhatian preventive actions, attention to workplace well-
terhadap kesejahteraan di tempat kerja, kesehatan being, health and safety, facilities, and routine
dan keselamatan, fasilitas, dan manajemen rutinitas management within the Company’s systems.
dalam sistem Perseroan.
2. Menghargai Bumi dan Komunitas, peduli terhadap 2. Respect for the Earth and Communities, caring for
lingkungan dengan menjaga kelestarian sumber the environment by preserving natural resources,
daya alam, menjalin dan mempromosikan hubungan establishing and promoting mutually respectful
kemitraan yang saling menghormati berlandaskan partnership relationships based on ethical
pada prinsip-prinsip etika dan integritas serta and integrity principles, as well as protecting,
perlindungan, dukungan, dan kesadaran akan Hak supporting, and raising awareness of Human Rights
Asasi Manusia dalam kegiatan Perseroan. in the Company’s activities.
3. Menghargai Karyawan, Perseroan menghargai 3. Respect for Employees, the Company values
keberagaman dan mendorong dan membangun diversity while simultaneously encourages and
lingkungan kerja yang inklusif berdasarkan builds an inclusive work environment based on
hubungan saling menghormati, beretika, dan mutual respect, ethical conduct, and integrity.
berintegritas.
4. Bertindak dengan Integritas, Perseroan 4. Acting with Integrity, the Company promotes open
mengedepankan dialog terbuka dan transparan and transparent dialogue by actively respecting
dengan menghargai secara aktif pendapat dan sudut differing opinions and perspectives, maintains zero
pandang yang berbeda, tidak memberikan toleransi tolerance for corruption or improper gain, ensures
pada korupsi atau perolehan keuntungan yang tidak the absence of conflicts of interest in its business
patut, meyakinkan tidak ada benturan kepentingan activities and stakeholder relationships, and upholds
dalam aktivitas bisnisnya maupun dalam responsibility for Company assets and data.
hubungannya kepada pemangku kepentingan, serta
bertanggung jawab atas aset dan data perusahaan.
5. Mewujudkan tujuan dengan mencapai hasil yang 5. Achieving Purpose, delivering sustainable results
berkelanjutan serta menjalankan kewajiban while fulfilling social responsibilities in line with the
sosial yang sejalan dengan nilai-nilai Perseroan, Company’s values, implementing good corporate
menjalankan sistem GCG, kepatuhan terhadap governance, ensuring compliance with applicable
hukum serta berkomunikasi dengan pemangku laws, and maintaining communication with
kepentingan. stakeholders.
Cakupan dan Jangkauan Scope and Coverage
Kode Perilaku harus menjadi perhatian anggota Dewan The Code of Conduct applies to members of the Board
Komisaris dan Direksi serta komite pendukungnya, of Commissioners and the Board of Directors and their
Kepala Pejabat Eksekutif dan pejabat eksekutif lainnya, supporting committees, the Chief Executive Officer
pekerja, pekerja magang, kontraktor dan staf lain yang and other executive officers, employees, interns,
bekerja untuk Perseroan, yang berlaku dan berfungsi contractors, and other personnel working for the
sebagai pedoman. Company, and serves as a guiding reference in carrying
out their roles.
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Aturan Kode Perilaku Code of Conduct Rules
Penerapan aturan kode perilaku harus sejalan dengan The implementation of the Code of Conduct rules must
kebijakan dan peraturan Perseroan lainnya serta tunduk be aligned with other Company policies and regulations
pada aturan hukum yang berlaku dan peraturan lainnya and is subject to applicable laws and regulations,
yang berlaku internasional. including relevant international standards.
Pernyataan Kepatuhan Kode Etik dan Perilaku untuk Dewan Komisaris,
Direksi, dan Karyawan
Statement of Code of Conduct Compliance for BOC, BOD, and Employees
Kode Etik dan Perilaku berlaku bagi seluruh tingkatan The Code of Ethics and Conduct applies to all levels
organisasi Perseroan tanpa kecuali, yakni pekerja of the Company’s organization without exception,
Perseroan pada semua tingkatan, anggota Direksi including employees at all levels, members of the Board
dan Dewan Komisaris, serta pejabat eksekutif lain di of Directors and the Board of Commissioners, as well as
Perseroan. Bentuk kepatuhan diwujudkan dengan other executive officers of the Company. Compliance is
menandatangani pernyataan konfirmasi Penerimaan demonstrated through the signing of a Confirmation
dan Komitmen pada Kode Etik dan Perilaku. Pernyataan Statement of Acceptance and Commitment to the Code
ditandatangani saat mulai bekerja di Perseroan sebagai of Ethics and Conduct. This statement is signed upon
bentuk komitmen kepatuhan. commencement of employment with the Company as a
form of commitment to compliance.
Bentuk Sosialisasi Kode Perilaku dan Upaya Penegakannya
Dissemination of the Code of Conduct and Its Enforcement
Sosialisasi Kode Etik dan Perilaku dilakukan kepada The dissemination of the Code of Ethics and Conduct is
semua pihak. Kegiatan sosialisasi yang dilaksanakan conducted for all parties. Socialization activities carried
tahun 2025 antara lain: out in 2025 included, among others:
1. New Employee Integration “Learning Together”, 1. New Employee Integration “Learning Together”,
Februari 2025 February 2025
2. Webinar Antikorupsi dan Konflik Kepentingan, 2. Anti-Corruption and Conflict of Interest Webinar,
September 2025 September 2025
3. Good Corporate Governance Awareness for Leaders, 3. Good Corporate Governance Awareness for Leaders,
Juni 2025 June 2025
4. Training Kode Etik melalui Learning Management 4. Code of Ethics Training through the Learning
System 2025 Management System, 2025
Kode Etik dan Perilaku bagi Pemasok
Code of Conduct and Ethics for Suppliers
PT Vale juga menerapkan Kode Etik dan Perilaku PT Vale also implements a Supplier Code of Ethics and
Pemasok, yang difokuskan pada hal-hal yang dapat Conduct, which focuses on actions that suppliers may
dan/atau tidak dapat dilakukan oleh para pemasok saat and/or may not undertake when working for and/or on
mereka bekerja untuk dan/atau atas nama Perseroan. behalf of the Company.
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Pokok-pokok Kode Perilaku Pemasok
Supplier Code of Conduct Principles
Prinsip-prinsip Fundamental Fundamental Principles
Perseroan berkomitmen untuk mengembangkan model The Company is committed to developing a sustainable
bisnis yang berkelanjutan dan memberikan kontribusi bagi business model and contributing to a society that is
masyarakat yang lebih adil, seimbang secara lingkungan more just, environmentally balanced, and economically
dan sejahtera secara ekonomi. Untuk mencapai tujuan ini, prosperous. To achieve this objective, the Company acts
kami perlu bertindak, secara positif dan proaktif untuk positively and proactively to influence each partner
memengaruhi masing-masing mitra dan pihak lain yang and other parties involved in the Company’s production
terlibat dalam rantai produksi Perseroan. chain.
Kode Perilaku Pemasok dimaksudkan untuk memperjelas The Supplier Code of Conduct is intended to clarify what
perihal apa yang Perseroan maksud dengan perilaku the Company considers to be ethical behavior in its
etis dalam hubungan komersialnya dengan perusahaan commercial relationships with companies that provide
yang menyediakan jasa dan produk kepada Perseroan. services and products to the Company. Likewise, the
Demikian juga, Perseroan berharap agar pemasok akan Company expects suppliers to disseminate these criteria
menyebarkan kriteria ini ke seluruh rantai kerja mereka, throughout their entire working chain, including to
yaitu kepada pelanggan, mitra, pemasok bahan baku their customers, partners, raw material suppliers, and
dan penyedia jasa mereka yang langsung atau tidak service providers that are directly or indirectly related
langsung terkait dengan kegiatan mereka. to their activities.
Cakupan dan Jangkauan Scope and Coverage
Kode Perilaku Pemasok ini berlaku bagi seluruh This Supplier Code of Conduct applies to all of the
pemasok Perseroan, serta pemasok dari afiliasi dan Company’s suppliers, as well as suppliers of the
anak perusahaan Perseroan, di negara-negara di mana Company’s affiliates and subsidiaries, in countries
afiliasi Perseroan menjalankan bisnis. where the Company’s affiliates conduct business.
Aturan Kode Perilaku Code of Conduct Rules
Kode perilaku pemasok mencakup kepatuhan terhadap The Supplier Code of Conduct covers, among others,
peraturan perundang-undangan, dan kontrak; compliance with applicable laws and regulations and
hubungan yang transparan dan informasi yang akurat; contractual obligations; transparent relationships and
hubungan bisnis yang beretika; kerahasiaan informasi; accurate information; ethical business relationships;
kesehatan dan keselamatan di tempat kerja; perilaku confidentiality of information; occupational health and
pemasok; hak asasi manusia (HAM); lingkungan hidup; safety; supplier conduct; human rights; environmental
komitmen; pengaduan; komunikasi; pemantauan dan protection; commitments; grievance mechanisms;
evaluasi; dan aturan pelengkap. communication; monitoring and evaluation; and
supplementary provisions.
Kebijakan Antikorupsi dan Pengendalian Gratifikasi
Anti-Corruption Policy and Gratification Controlling
PT Vale berkomitmen menjalankan bisnis dengan PT Vale is committed to conducting its business with
integritas. Perseroan tidak menoleransi korupsi dan integrity. The Company does not tolerate corruption
suap, serta melarangnya dalam segala bentuk. Kami or bribery and prohibits such practices in any form. The
memiliki kebijakan untuk mematuhi semua undang- Company has policies in place to ensure compliance with
undang antikorupsi dan anti-suap yang berlaku. all applicable anti-corruption and anti-bribery laws and
regulations.
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Kebijakan Antikorupsi
Anti-Corruption Policy
Perseroan memiliki Kebijakan Antikorupsi yang The Company has an Anti-Corruption Policy, last
diperbarui pada tanggal 11 April 2025 dan Manual updated on 11 April 2025, and an Anti-Corruption
Antikorupsi yang diperbarui pada tanggal 1 Juli 2025 Manual, last updated on 1 July 2025, which apply across
dan berlaku di PT Vale, yang bertujuan memperkuat PT Vale. These instruments are intended to strengthen
budaya integritas dan memastikan kepatuhan the culture of integrity and ensure compliance with
terhadap undang-undang antikorupsi yang berlaku. applicable anti-corruption laws and regulations. The
Kebijakan Antikorupsi mengatur tentang hadiah dan Anti-Corruption Policy governs, among others, gifts
keramahtamahan; investasi sosial-lingkungan; aktivitas and hospitality; social and environmental investments;
melibatkan pejabat pemerintah; uji tuntas pihak ketiga; activities involving government officials; third-party
keterbukaan hubungan dengan pejabat pemerintah; due diligence; transparency in relationships with
dan pelatihan antikorupsi. government officials; and anti-corruption training.
Pengendalian Gratifikasi dan Pemberian Controlling Gratification and Gift Giving
Hadiah
Ketentuan terkait gratifikasi, pemberian hadiah, Provisions related to gratification, gift giving,
jamuan dan hiburan diatur dalam Kode Etik dan hospitality, and entertainment are regulated under
Perilaku PT Vale serta Kebijakan Antikorupsi. Sesuai the Company’s Code of Ethics and Conduct and Anti-
ketentuan tersebut, bertukar hadiah, jamuan, dan Corruption Policy. In accordance with these provisions,
hiburan tidak disarankan; namun demikian, dibolehkan the exchange of gifts, hospitality, and entertainment
dalam konteks budaya atau dalam perayaan kemitraan is discouraged; however, it may be permitted in a
kelembagaan. Pertukaran hadiah, jamuan, dan hiburan cultural context or as part of institutional partnership
tidak boleh digunakan untuk mempengaruhi keputusan celebrations. Such exchanges must not be used to
atau memperoleh keuntungan yang tidak pantas dan influence decisions or to obtain improper advantages
tidak boleh dalam bentuk tunai atau setara dengan and must not take the form of cash or cash equivalents,
uang tunai, seperti voucher atau kartu hadiah. such as vouchers or gift cards.
Selain itu, pertukaran seperti itu harus: (a) semata- In addition, any such exchange must: (a) serve solely
mata berfungsi untuk tujuan kelembagaan (bukan institutional purposes (not business-related); (b) be
untuk bisnis); (b) dilakukan secara transparan; (c) tidak conducted transparently; (c) not involve any conflict of
melibatkan benturan kepentingan; dan (d) mematuhi interest; and (d) comply with the Company’s internal
aturan internal mengenai topik ini. regulations on this matter.
Sosialisasi Kebijakan Antikorupsi dan Socialization of Anti-Corruption and
Pengendalian Gratifikasi Gratification Control Policy
Sosialisasi budaya kepatuhan dan antikorupsi dengan The Company promotes a culture of compliance and
melakukan pelatihan antikorupsi kepada pekerja anti-corruption through annual anti-corruption
setiap tahun, serta kepada masyarakat dan pemangku training for employees, as well as outreach to
kepentingan lainnya. Sosialisasi diprioritaskan kepada communities and other stakeholders. Socialization
Bagian Pengadaan, Bagian Hubungan Eksternal dan activities are prioritized for the Procurement Division,
Perizinan, Bagian Sumber Daya Manusia, dan pekerja External Relations and Permitting Division, Human
lain yang pekerjaannya melibatkan interaksi dengan Resources Division, and other employees whose roles
lembaga atau pejabat pemerintah. involve interaction with government institutions or
officials.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Implementasi Kebijakan Antikorupsi dan Implementation of Anti-Corruption Policy
Pengendalian Gratifikasi and Gratification Control
PT Vale menerapkan sistem pengadaan elektronik PT Vale implements an electronic procurement
(e-procurement) sebagai bagian dari upaya pendekatan (e-procurement) system as part of its efforts to minimize
untuk meminimalkan risiko korupsi. Aplikasi corruption risks. The e-procurement application forms
e-procurement merupakan bagian dari transparansi part of transparent contract management practices.
manajemen kontrak. Semua kontrak memuat klausul All contracts include clauses prohibiting bribery and/or
untuk tidak melakukan suap dan/atau korupsi. corruption.
Perseroan menyediakan berbagai saluran yang The Company provides various channels for
dapat digunakan oleh pemangku kepentingan untuk stakeholders to submit information or reports regarding
mengirimkan informasi atau laporan atas setiap any violations or indications of corruption, including
pelanggaran atau indikasi korupsi, termasuk WBS. through the Whistleblowing System (WBS). During the
Selama periode pelaporan, Perseroan tidak pernah reporting period, the Company was not subject to any
dihadapkan pada sangkaan dugaan tindak pidana allegations of suspected corruption-related criminal
korupsi. acts.
Sistem Pelaporan Pelanggaran
Whistleblowers System
Perseroan memiliki suatu sistem layanan pelaporan The Company has an independent whistleblowing
pelanggaran mandiri, yaitu Vale Whistleblower Channel service system, namely the Vale Whistleblower
(VWC) yang dikelola independent dan profesional Channel (VWC), which is managed independently and
oleh penyedia layanan pelaporan pelanggaran di professionally by a whistleblowing service provider
Indonesia. VWC terhubung langsung dengan penyedia in Indonesia. The VWC is directly connected to an
Whistleblower Channel independen (Deloitte). independent whistleblower channel provider, Deloitte.
Penerapan VWC menjadi salah satu cara Perseroan The implementation of the VWC represents one of
meningkatkan nilai-nilai etikanya, termasuk prinsip- the Company’s efforts to strengthen ethical values,
prinsip governans Perseroan dan ketaatan pada hukum. including the principles of corporate governance and
Investigasi terhadap pengaduan dapat dilakukan legal compliance. Investigations of reports may be
internal maupun oleh pihak eksternal yang ditunjuk. conducted internally or by appointed external parties.
Telepon | Telephone: Surel | Email:
0800 100 2233 vwc@tipoffs.info
Saluran Pelaporan VWC
VWC Reporting Channels
Formulir pelaporan dapat
WhatsApp: Faksimile | Facsimile:
diunduh di | Reporting forms
0812 8040 0622 0212 993 8456
can be downloaded at:
http://
Surat | Mail: Formulir pelaporan dapat diunduh di http:// valewhistleblowerchannel.
Vale Whistleblower Channel, valewhistleblowerchannel.tipoffs.info. tipoffs.info.
PO Box 3035, JKP 10030 Reporting form can be downloaded at http://
valewhistleblowerchannel.tipoffs.info.
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Perlindungan bagi Pelapor dan Penanganan Protection for Whistleblowers and Report
Pelaporan Handling
Perseroan menjamin kerahasiaan, kemandirian (tanpa The Company ensures confidentiality, independence
intervensi), ketidakberpihakan, dan kekebalan dalam (free from intervention), impartiality, and immunity in
penanganan, penyelidikan, dan penyimpanan informasi the handling, investigation, and storage of information
yang diterima melalui VWC. Perseroan melindungi received through the VWC. The Company protects
hak-hak perorangan dan kerahasiaan identitas dalam individual rights and the confidentiality of identities in
membuat laporan, serta menjamin tidak akan ada submitting reports and guarantees that there will be no
pelanggaran terhadap kerahasiaan, intimidasi, atau breaches of confidentiality, intimidation, or retaliation
pembalasan kepada pelapor dan tidak memberikan against whistleblowers. Retaliatory actions are
toleransi terhadap tindakan pembalasan. Tindakan considered misconduct. All employees are encouraged
pembalasan dianggap sebagai pelanggaran (misconduct). to report any instances of retaliation.
Seluruh pekerja diimbau untuk melaporkan setiap kasus
pembalasan.
Proses Penanganan Pelaporan Pelanggaran
Violation Reporting Handling Process
Independent Internal Audit and
Whistleblower
Whistleblower Company Whistleblowing
Menerima laporan dalam bahasa
Mengajukan laporan dalam bahasa
Indonesia
Indonesia
Accept the allegation in Indonesia
File an allegation in Indonesia
Mendokumentasikan dugaan
Konfirmasi laporan
pelanggaran
Confirm Report
Documenting alleged violations
Berkomunikasi sebagai perantara
Menerima umpan balik dalam bahasa Indonesia Memberikan umpan balik
Receive feedback Communicate as an intermediary in Provide Feedback
Indonesia
Laporan lengkap (Akhir) Konfirmasi laporan
Detailed report (Final) Confirm Report
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Jumlah Pelaporan Pelanggaran dan Hasil Number of Whistleblowing Reports and the
Penanganan Follow-Up Results
Selama 2025, terdapat 60 laporan dugaan pelanggaran In 2025, there were 60 reports of alleged violations
yang dilaporkan melalui VWC dan semuanya (100%) submitted through the VWC, and all of them (100%)
telah ditindaklanjuti. Hal-hal yang dilaporkan, di were followed up. The issues reported included fraud,
antaranya penipuan, konflik kepentingan, hubungan conflicts of interest, interpersonal relationships,
interpersonal, hubungan dengan pihak ketiga, relationships with third parties, occupational health
kesehatan dan keselamatan kerja, dan lingkungan. and safety, and the environment. A total of 30 reports,
Sebanyak 30 laporan atau 50% yang diterima VWC or 50% of those received by the VWC, were categorized
dikategorikan relevan, dan membutuhkan tindak lanjut as relevant and required further investigation, while
investigasi dengan tetap memegang prinsip kerahasiaan upholding the principles of confidentiality and
dan perlindungan pelapor. whistleblower protection.
Hasil Investigasi Laporan VWC yang Dinyatakan Valid
Investigation Results of VWC Reports Declared Valid
Uraian 2025 2024 2023
Description Total % Total % Total %
Terbukti kebenarannya.
1 3.33 1 5.89 11 36.67
Proven to be true.
Masih dalam proses pemeriksaan.
4 13.33 - - - -
Still being investigated.
Tidak dapat disimpulkan karena kurangnya informasi
25 83.33 5 29.41 11 36.67
Inconclusive due to lack of information.
Tidak terbukti kebenarannya.
0 0 11 64.70 8 26.66
Not proven true.
Jumlah laporan valid.
30 100.00 17 100.00 30 100.00
Total valid reports.
Perseroan menjadikan laporan-laporan yang diterima The Company uses reports received and investigation
dan hasil investigasi sebagai bahan evaluasi untuk outcomes as evaluation materials to improve internal
perbaikan pengendalian internal, guna mencegah controls and prevent the recurrence of violations.
terulangnya pelanggaran. Terhadap pengaduan yang For substantiated complaints, the Company imposes
terbukti, Perseroan menjatuhkan sanksi, antara sanctions, which may include formal advisories,
lain berupa masukan formal, peringatan, pelatihan, warnings, training, suspension, termination of
skorsing, pemecatan, dan/atau tindakan legal lainnya. employment, and/or other legal actions.
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Program Kepemilikan Saham oleh Karyawan atau
Manajemen (ESOP/MSOP)
Employee or Management Share Ownership Program
(ESOP/MSOP)
Perseroan memiliki program insentif manajemen The Company has a management incentive program
(MSOP) yaitu Program Long Term Incentive (LTI). Adapun (MSOP) known as the Long-Term Incentive (LTI)
tujuan dari Program LTI di antaranya: Program. The objectives of the LTI Program include:
1. Meningkatkan performa jangka panjang Perseroan; 1. Improving the Company’s long-term performance;
2. Mempertahankan manajemen dan memberikan 2. Retaining management and rewarding the
penghargaan kepada manajemen Perseroan atas Company’s management for their performance;
hasil kinerjanya;
3. Meningkatkan loyalitas manajemen; 3. To enhance management loyalty;
4. Memotivasi manajemen untuk meningkatkan 4. To motivate management to improve their
kinerjanya; dan performance; and
5. Memberikan nilai lebih bagi Perseroan 5. To provide added value for the Company to attract
untuk menarik calon manajemen dengan prospective management with the expertise
keahlian yang dibutuhkan Perseroan. required by the Company.
Program LTI Direksi diberikan dalam bentuk Performance The Directors’ LTI Program is granted in the form of
Share Unit (PSU), yang akan diukur berdasarkan Key Performance Share Units (PSUs), which will be measured
Performance Indicator (KPI) based on Key Performance Indicators (KPIs):
• Grant periode 2024 – 2027 • Grant period 2024–2027
• Grant periode 2025 – 2028 • Grant period 2025–2028
Informasi mengenai Kepemilikan Saham Anggota Direksi dan Anggota
Dewan Komisaris
Information regarding Share Ownership of Members of the Board of
Directors and Board of Commissioners
Sampai dengan akhir periode pelaporan, terdapat As of the end of the reporting period, there were two
dua anggota Direksi yang memiliki saham Perseroan, members of the Board of Directors who held shares in
yakni Abu Ashar sebanyak 22.000 lembar saham dan the Company, namely Abu Ashar with 22,000 shares and
Budiawansyah sebanyak 24.000 lembar saham. Budiawansyah with 24,000 shares.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Kebijakan Pengadaan dan Tingkat Komponen Dalam
Negeri
Procurement Policy and Domestic Component Level
PT Vale menempatkan pemasok sebagai mitra vital bagi PT Vale considers suppliers as vital partners in supporting
operasi dan keberlanjutan bisnis. Perseroan mendorong its operations and long-term business sustainability.
transaksi bisnis yang memberikan nilai tambah optimal The Company promotes business transactions that
melalui proses tender yang standar, adil dan berkualitas. deliver optimal value through standardized, fair, and
Hal itu dilaksanakan dengan mekanisme e-procurement high-quality tender processes. These processes are
yang merupakan sistem pengadaan barang dan jasa implemented through an e-procurement mechanism,
secara elektronik, melalui aplikasi berbasis web. Sistem an electronic procurement system for goods and
tersebut mencakup seluruh tahapan tender, mulai services conducted via a web-based application. The
dari registrasi rekanan (vendor), pra-kualifikasi, proses system covers all stages of the tender process, including
tender (barang dan jasa), dan manajemen kontrak. vendor registration, pre-qualification, tendering for
goods and services, and contract management.
Dengan penerapan e-procurement, proses pengadaan The implementation of e-procurement enhances
yang dilakukan menjadi lebih transparan pada proses transparency, particularly in the registration and tender
registrasi dan pengajuan tender. Selain itu akan efektif submission processes. It also improves efficiency and
dan meningkatkan akurasi data sekaligus mengurangi data accuracy, reduces the potential for human error,
kemungkinan human error; serta lebih mudah karena and simplifies the overall procurement process by
menyederhanakan proses tender dan mudah diakses providing ease of access at any time.
setiap saat.
Melalui proses pengadaan yang dijalankan, Perseroan Through its procurement processes, the Company
mendukung penerapan tingkat komponen dalam supports the implementation of the Domestic Content
negeri (TKDN). Penghitungan TKDN dilakukan secara Level (Tingkat Komponen Dalam Negeri / TKDN). TKDN
ketat sesuai kriteria yang diterapkan oleh regulator. is calculated rigorously in accordance with the criteria
Berdasarkan verifikasi independen yang dilakukan oleh established by the regulator. Based on an independent
PT Sucofindo, yang ditunjuk oleh Kementerian ESDM, verification conducted by PT Sucofindo, which was
pencapaian TKDN Perseroan pada tahun 2025 mencapai appointed by the Ministry of Energy and Mineral
40,58%. Pencapaian tersebut meningkat dari tahun Resources, the Company’s TKDN achievement in 2025
2024 sebesar 25,37%. reached 40.58%, representing a significant increase
compared to 25.37% in 2024.
Kepatuhan terhadap Peraturan Pajak
Compliance with Tax Regulations
PT Vale mematuhi ketentuan undang-undang dan PT Vale Indonesia Tbk complies with all applicable
peraturan perpajakan yang berlaku. Perseroan secara tax laws and regulations. The Company consistently
konsisten memenuhi kewajiban pembayaran pajak, baik fulfills its tax payment obligations, both to the central
pusat maupun daerah, dan Penerimaan Negara Bukan and regional governments, as well as Non-Tax State
Pajak (PNBP). Pada tahun 2025, total pembayaran Revenue (Penerimaan Negara Bukan Pajak/PNBP). In
kewajiban PT Vale mencapai AS$170,41 juta. Jumlah 2025, the total tax-related payments made by PT Vale
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tersebut menurun dari tahun 2024 sebesar AS$202,24 amounted to US$170.41 million. This amount decreased
juta, dan terdiri dari pembayaran pajak sebesar compared to 2024, which totaled US$202.24 million,
AS$118,35 juta dan pembayaran PNBP sebesar AS$52,06 and comprised tax payments of US$118,35 million and
juta. Pembayaran kewajiban tersebut dibayarkan PNBP payments of US$52,06 million. These obligations
kepada pemerintah pusat dan pemerintah daerah. were paid to the central government and regional
Pengungkapan rinci tentang komponen pajak dan governments. Detailed disclosures regarding the tax
komponen PNBP yang dibayarkan Perseroan selama and PNBP components paid by the Company during
tahun 2025, disampaikan dalam Laporan Keberlanjutan 2025 are presented in PT Vale Indonesia Tbk's 2025
2025 PT Vale Indonesia Tbk. Sustainability Report.
Pembayaran Pajak dan PNBP PT Vale (Ribu AS$)
Tax and Non-Tax State Revenue (PNBP) Payments of PT Vale (US$ Thousand)
Uraian
2025 2024 2023
Description
Pembayaran Pajak
118,357 174,503 163,189
Tax Payments
Pembayaran PNBP
52,062 27,702 41,392
PNBP Payments
Total 170,419 202,205 204,582
Kebijakan dan Tata Kelola Teknologi Informasi
Information Technology Policy and Governance
Sejalan dengan kesungguhan menerapkan In line with its commitment to sustainable mining, PT
pertambangan yang berkelanjutan, PT Vale terus Vale continues to promote the application of information
mendorong penerapan teknologi informasi, di antaranya technology, including through digitalization and
melalui digitalisasi maupun otomasi. Penerapan automation. The application of information technology
teknologi informasi akan mendukung upaya Perseroan will support the Company's efforts to achieve energy
melakukan efisiensi energi, penghematan sumber daya efficiency, conserve mineral resources, and improve
mineral, serta peningkatan kualitas produk. product quality.
Penerapan teknologi informasi dilandasi pada governans The implementation of information technology is
guna memastikan kepatuhan terhadap peraturan based on good governance to ensure compliance
perundang-undangan yang berlaku. Perseroan secara with applicable laws and regulations. The Company
berkala melakukan evaluasi untuk meningkatkan periodically evaluates its information technology
governans penerapan teknologi informasi, di antaranya governance practices, including adopting national
dengan mengadopsi praktik terbaik di tingkat nasional and international best practices to accommodate
maupun internasional sehingga Perseroan dapat technological developments and mitigate new risks and
mengakomodasi perkembangan teknologi, serta threats.
membantu mitigasi risiko dan ancaman baru.
Governans teknologi informasi diterapkan melalui Information technology governance is implemented
mekanisme pengawasan berlapis dengan prinsip through a multi-layered oversight mechanism based on
akuntabilitas dan eskalasi berjenjang. Direksi the principles of accountability and tiered escalation.
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memperoleh pelaporan atas inisiatif strategis, risiko The Board of Directors receives reports on strategic
utama, serta insiden teknologi informasi yang initiatives, key risks, and IT incidents that have a
memiliki dampak material terhadap pencapaian tujuan material impact on the achievement of the Company's
Perseroan. Sementara itu, pemantauan rutin atas objectives. Meanwhile, routine monitoring of
kinerja operasional, kepatuhan, dan pemanfaatan operational performance, compliance, and technology
teknologi dilakukan oleh TI dan juga unit terkait sesuai utilization is carried out by IT and related units
kewenangannya dan dirangkum secara periodik untuk within their respective authorities and summarized
dilaporkan kepada Direksi. Mekanisme ini mendukung periodically for reporting to the Board of Directors. This
penerapan governans TI yang efektif, selaras dengan mechanism supports the implementation of effective IT
strategi Perseroan, dan sesuai dengan ketentuan governance, aligned with the Company's strategy and in
peraturan perundang-undangan. accordance with applicable laws and regulations.
Perseroan telah memiliki ketentuan terkait governans The Company has provisions related to information
teknologi informasi melalui Technology Standard technology governance through Technology Standard
PTVI‑NFN‑0014 dan Information Security Policy PTVI-NFN-0014 and Information Security Policy PTVI-
PTVI-POL-0004 yang menjadi pedoman dalam POL-0004 which serve as guidelines in the development
pengembangan dan pemanfaatan teknologi informasi and utilization of information technology to support
untuk mendukung kegiatan operasional dan pendukung the Company's operational and support activities.
Perseroan. Governans teknologi informasi dilaksanakan Information technology governance is implemented
oleh fungsi Teknologi Informasi, yang bertanggung by the Information Technology function, which
jawab dalam pengelolaan informasi, pemanfaatan is responsible for managing information, utilizing
layanan dan sumber daya TI secara aman dan efisien, IT services and resources securely and efficiently,
serta pengaturan akses aplikasi bisnis dan kredensial and managing business application access and user
pengguna sesuai dengan kebutuhan bisnis dan credentials in accordance with business needs and
pengendalian internal. internal controls.
Dalam upaya menjaga keberlangsungan operasional, To maintain operational continuity, the Company
Perseroan menerapkan prosedur penanganan gangguan implements procedures for handling information
teknologi informasi yang mencakup proses deteksi dini, technology disruptions, including early detection,
analisis insiden, eskalasi, serta pemulihan layanan. incident analysis, escalation, and service recovery. Any
Setiap gangguan yang berpotensi menghambat disruptions that could potentially disrupt operations
operasional akan ditangani melalui koordinasi lintas are handled through cross-functional coordination,
fungsi, dilaporkan kepada manajemen, serta dievaluasi reported to management, and evaluated to prevent
untuk mencegah kejadian serupa di masa berikutnya. similar incidents in the future. This mechanism ensures
Mekanisme ini memastikan sistem kritikal tetap that critical systems continue to operate stably and
beroperasi dengan stabil dan dapat mendukung optimally support mining activities.
kegiatan pertambangan secara optimal.
Sejalan dengan transformasi Perseroan, penerapan In line with the Company's transformation, the
teknologi informasi telah mampu menciptakan application of information technology has enabled
berbagai inovasi dan terobosan untuk memperkuat various innovations and breakthroughs to strengthen
keberadaan PT Vale sebagai perusahaan pertambangan PT Vale's position as a mining company with safer, more
dengan operasi yang lebih aman, efisien serta ramah efficient, and environmentally friendly operations.
lingkungan.
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Perusahaan secara berkelanjutan mendorong inovasi The Company continuously encourages innovation
dan pemanfaatan teknologi informasi melalui kolaborasi and the utilization of information technology
lintas fungsi, sebagai bagian dari transformasi through cross-functional collaboration, as part of
operasional dan penguatan governans. Berbagai inisiatif its operational transformation and strengthening of
yang dijalankan diantaranya penerapan otomasi proses governance. Various initiatives undertaken include the
berbasis machine learning yang terintegrasi langsung implementation of machine learning-based process
dengan sistem kendali lapangan, pengembangan early automation that is directly integrated with the field
warning system berbasis digital untuk membantu control system, the development of a digital-based
meningkatkan kesiapsiagaan dan keselamatan early warning system to help improve operational
operasional serta masyarakat sekitar, implementasi preparedness and safety as well as the surrounding
sistem electronic invoicing terbaru yang lebih community, the implementation of the latest
terintegrasi dan transparan, serta dukungan sistem bagi electronic invoicing system that is more integrated
wellness program yang bermanfaat bagi kesehatan dan and transparent, and system support for wellness
produktivitas karyawan dan kontraktor. Seluruh inisiatif programs that benefit the health and productivity
yang ada, termasuk modernisasi fondasi teknologi dan of employees and contractors. All existing initiatives,
penguatan aspek keamanan informasi, berperan sebagai including modernizing the technology foundation and
enabler dalam mewujudkan operasional Perusahaan strengthening information security aspects, play an
yang aman, efisien, dan berdaya saing. enabler role in realizing the Company's safe, efficient,
and competitive operations.
Keamanan Siber
Cybersecurity
Perseroan memiliki komitmen kuat dalam melindungi The Company is strongly committed to protecting
aset informasi dan teknologi melalui penerapan its information and technology assets through the
Kebijakan Keamanan Informasi yang mengacu pada implementation of an Information Security Policy,
tiga pilar utama, yaitu kerahasiaan, integritas, dan which adheres to three main pillars: confidentiality,
ketersediaan informasi. Kebijakan ini berlaku bagi integrity, and availability of information. This policy
seluruh pekerja, pihak ketiga, mitra, dan pemasok, serta applies to all employees, third parties, partners, and
mencakup seluruh entitas anak perusahaan. suppliers, and includes all subsidiaries.
Seluruh informasi dan sumber daya teknologi All information and technology resources are treated as
diperlakukan sebagai aset perusahaan yang harus company assets that must be protected in accordance
dilindungi sesuai ketentuan hukum yang berlaku. with applicable laws. Access rights are managed
Pengelolaan hak akses dilakukan berdasarkan based on need and segregation of duties, while any
kebutuhan dan segregasi tugas, sementara setiap information security incidents, including unauthorized
insiden keamanan informasi, termasuk pengungkapan disclosure, credential misuse, or data loss, must be
tidak sah, penyalahgunaan kredensial, maupun reported immediately and confidentially. The company
kehilangan data, wajib dilaporkan secara segera dan also implements monitoring and audit mechanisms to
rahasia. Perseroan juga menerapkan mekanisme ensure compliance with policies and the effectiveness
pengawasan dan audit guna memastikan kepatuhan of information security controls.
terhadap kebijakan dan efektivitas pengendalian
keamanan informasi.
Dalam implementasinya, Perseroan secara berkelanjutan In its implementation, the Company continuously
memperkuat kapabilitas keamanan siber dengan strengthens its cybersecurity capabilities by adopting
mengadopsi praktik terbaik yang sejalan dengan standar best practices aligned with international standards.
328 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
internasional. Upaya tersebut mencakup peningkatan These efforts include increasing cybersecurity
kesadaran keamanan siber melalui program pelatihan awareness through internal training programs and
dan kampanye internal, perencanaan kesinambungan campaigns, business continuity planning that considers
bisnis yang mempertimbangkan ketergantungan pada reliance on digital systems, and implementing technical
sistem digital, serta penerapan pengamanan teknis safeguards for data and technology infrastructure.
terhadap data dan infrastruktur teknologi.
Perseroan juga melakukan pemantauan proaktif The company also proactively monitors potential
terhadap potensi ancaman siber dan evaluasi berkala cyber threats and regularly evaluates the effectiveness
atas efektivitas kebijakan serta prosedur yang berlaku. of existing policies and procedures. This approach
Pendekatan ini menegaskan bahwa keamanan siber emphasizes that cybersecurity is not merely a
tidak hanya bersifat kepatuhan, tetapi merupakan compliance issue but an integral part of corporate
bagian integral dari governans perusahaan dan budaya governance and a risk management culture that
manajemen risiko dalam mendukung keberlangsungan supports business continuity and stakeholder trust.
usaha dan kepercayaan para pemangku kepentingan.
Akses Informasi dan Data Perseroan
Access to Company Information and Data
PT Vale memberikan kemudahan akses informasi terkait PT Vale provides accessible information regarding
Perseroan bagi para pemangku kepentingan melalui the Company to its stakeholders through various
berbagai sarana komunikasi. communication channels.
Akses Informasi dan Data Perseroan
Access to Company Information and Data
RUPS 1. RUPS Tahunan 1. Annual GMS
GMS 2. RUPS Luar Biasa 2. Extraordinary GMS
Paparan Publik Pubex Live tahunan yang diadakan oleh BEI
Public Exposure Annual Pubex Live organized by IDX
www.vale.com/in/indonesia www.vale.com/in/indonesia
Situs Perseroan Informasi sesuai POJK No. 8/POJK.04/2015: Information is in accordance with POJK No.8/
Company Website Hasil Triwulan, Laporan Keuangan, Ikhtisar POJK.04/2015: Quarterly Results, Financial
Keuangan, Ikhtisar Saham, Dividen, Laporan Statements, Financial Highlights, Stock
Tahunan, RUPS. Highlights, Dividends, Annual Report, GMS.
Surel Perseroan ptvi-corpsec@vale.com
Company Email ptvi.investorrelation@vale.com
Publikasi 1. Laporan Tahunan 1. Annual Report
Publications 2. Laporan Keberlanjutan 2. Sustainability Report
Media Sosial 1. Facebook: PT Vale Indonesia Tbk
Social Media 2. YouTube: PT Vale Indonesia Tbk
3. Instagram: @ptvaleindonesia
Selama 2025, Perseroan melalui Departemen Hubungan Throughout 2025, the Company, through its Investor
Investor menyelenggarakan beberapa kegiatan sebagai Relations Department, conducted several activities as
bentuk keterbukaan informasi kepada investor dan part of its commitment to information disclosure to
analis. Informasi tentang hal tersebut disampaikan investors and analysts. Information regarding these
pada bahasan tentang Hubungan Investor di dalam activities is presented of this Annual Report under the
laporan ini. discussion on Investor Relations.
2025 Annual Report 329
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Informasi Pemenuhan Penerapan Pedoman Tata Kelola
Perusahaan Terbuka
Information on the Fulfillment of the Implementation of
the Public Company Corporate Governance Guidelines
Pemenuhan Rekomendasi SEOJK No.32/SEOJK.04/2015
Fulfillment of Recommendations of SE OJK No.32/SEOJK.04/2015
Rekomendasi Keterangan
No.
Recommendation Description
A Hubungan Perusahaan Terbuka dengan Pemegang Saham dalam Menjamin Hak-Hak Pemegang Saham
The Relationship between Public Companies and Shareholders in Guaranteeing Shareholder Rights
Prinsip 1 | Principle 1
Meningkatkan Nilai Penyelenggaraan Rapat Umum Pemegang Saham (RUPS).
Increasing the Value of Holding General Meetings of Shareholders (GMS).
1.1 Perusahaan Terbuka memiliki cara atau Implementasi: Sudah dilaksanakan.
prosedur teknis pengumpulan suara Prosedur teknis pengumpulan suara (voting), termasuk pengumpulan suara secara
(voting) baik secara terbuka maupun elektronik, diatur dalam Tata Tertib RUPS. Informasi lebih lanjut di Laporan Tahunan
tertutup yang mengedepankan ini, pada bahasan tentang RUPS.
independensi, dan kepentingan Implementation: Already implemented.
pemegang saham. Technical voting procedures, including electronic voting, are regulated in the GMS
The Public Listed Company has a method Rules of Procedure. Further information can be found on this Annual Report, in the
or technical procedure for collecting section on GMS.
votes (voting) both openly and privately
that prioritizes independence, and the
interests of shareholders.
1.2 Seluruh anggota Direksi dan anggota Penjelasan: Sudah dilaksanakan.
Dewan Komisaris Perusahaan Terbuka Kehadiran anggota Direksi dan Dewan Komisaris pada pelaksanaan RUPS Tahunan
hadir dalam RUPS Tahunan. tanggal 16 Mei 2025 adalah: Dewan Komisaris 8 orang atau 80%. Direksi 6 orang atau
All members of the Board of Directors 86%. Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan tentang RUPS.
and members of the Board of Explanation: Already implemented.
Commissioners of the Public Listed The attendance of members of the Board of Directors and Board of Commissioners
Company attend the Annual GMS. at the Annual GMS on May 16, 2025 was: Board of Commissioners 8 people or 80%.
Board of Directors 6 people or 86%. Further information can be found on this Annual
Report, in the section on GMS.
1.3 Ringkasan risalah RUPS tersedia dalam Implementasi: Sudah dilaksanakan.
Situs Web Perusahaan Terbuka paling Risalah RUPS Tahunan tanggal 16 Mei 2025 telah dipublikasikan pada situs web
sedikit selama satu tahun. Perseroan dan tersedia selama lebih dari satu tahun. Ringkasan risalah RUPS
The summary of GMS minutes is Tahunan 2025 serta ringkasan risalah RUPS dalam periode lima tahun sebelumnya
available on the Public Listed Company's dapat diakses di situs web Perseroan. Informasi lebih lanjut di Laporan Tahunan ini,
website for at least one year. pada bahasan tentang RUPS.
Implementation: Already implemented.
The minutes of the Annual GMS dated May 16, 2025 have been published on the
Company's website and available for more than one year. The summary of the
minutes of the 2025 AGM as well as the summary of the minutes of the AGM in
the previous five-year period can be accessed on the Company's website. Further
information can be found on this Annual Report, in the section on the GMS.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Rekomendasi Keterangan
No.
Recommendation Description
Prinsip 2 | Principle 2
Meningkatkan Kualitas Komunikasi Perusahaan Terbuka dengan Pemegang Saham atau Investor.
Improving the Quality of Communication between Public Listed Companies and Shareholders or Investors.
2.1 Perusahaan Terbuka memiliki Implementasi: Sudah dilaksanakan.
suatu kebijakan komunikasi dengan PT Vale telah memiliki kebijakan internal yang antara lain mengatur tentang
pemegang saham atau investor. prosedur korespondensi dengan pemegang saham atau investor.
The Public Listed Company has Implementation: Already implemented.
a communication policy with PT Vale has an internal policy that, among others, regulates correspondence
shareholders or investors. procedures with shareholders or investors.
2.2 Perusahaan Terbuka mengungkapkan Implementasi: Sudah dilaksanakan.
kebijakan komunikasi Perusahaan Perseroan juga menyampaikan menyampaikan informasi kepada investor melalui
Terbuka dengan pemegang saham atau situs web pada tautan https://vale.com/in/indonesia/investor.
investor dalam Situs Web. Implementation: Already implemented.
The Public Listed Company discloses The Company also provides information to investors through the website at https://
its communication policy with vale.com/in/indonesia/investor.
shareholders or investors on the
Website.
B Fungsi dan Peran Dewan Komisaris | Function and Role of the Board of Commissioners
Prinsip 3 | Principle 3
Memperkuat Keanggotaan dan Komposisi Dewan Komisaris.
Strengthening the Membership and Composition of the Board of Commissioners
3.1 Penentuan jumlah anggota Dewan Implementasi: Sudah dilaksanakan.
Komisaris mempertimbangkan kondisi PT Vale telah memenuhi ketentuan POJK Nomor 33/POJK.04/2014 tentang Direksi
Perusahaan Terbuka. dan Dewan Komisaris Emiten atau Perusahaan Publik, yaitu wajib memiliki anggota
Determination of the number Dewan Komisaris dengan jumlah paling sedikit tiga orang. Jumlah anggota Dewan
of members of the Board of Komisaris Perseroan per 31 Desember 2025 sebanyak 10 orang, sesuai dengan
Commissioners considers the condition Anggaran Dasar Perseroan dan telah memperhatikan kondisi Perseroan serta
of the Public Listed Company. rekomendasi Komite Tata Kelola, Nominasi, dan Remunerasi kepada Dewan
Komisaris untuk kemudian dimintakan persetujuan kepada RUPS. Informasi lebih
lanjut di Laporan Tahunan ini pada bahasan mengenai Dewan Komisaris.
Implementation: Already implemented.
PT Vale has fulfilled the provisions of POJK Number 33/POJK.04/2014 regarding
the Board of Directors and Board of Commissioners of Issuers or Public Companies,
which is required to have at least three members of the Board of Commissioners.
The number of members of the Company's Board of Commissioners as of December
31, 2025 is 10, in accordance with the Company's Articles of Association and has
taken into account the conditions of the Company and the recommendations
of the Governance, Nomination, and Remuneration Committee to the Board of
Commissioners for approval by the GMS. Further information can be found on this
Annual Report, in the section on the Board of Commissioners.
Implementasi: Sudah dilaksanakan.
Ketentuan keberagaman komposisi Dewan Komisaris dituangkan dalam Piagam
Dewan Komisaris BAB II Struktur, yang menyatakan jumlah dan komposisi
Dewan Komisaris mempertimbangkan keberagaman keahlian, pengetahuan dan
pengalaman yang memungkinkan Dewan Komisaris memberikan saran yang
independen dan efektif kepada Direksi, serta untuk mengambil keputusan terkait
Penentuan komposisi anggota
dengan fungsi pengawasannya, dalam rangka mencapai maksud dan tujuan
Dewan Komisaris memperhatikan
Perseroan serta memenuhi kebutuhan Perseroan. Piagam Dewan Komisaris dapat
keberagaman keahlian, pengetahuan,
diakses pada https://vale.com/in/indonesia/kebijakan-tata-kelola-perusahaan
dan pengalaman yang dibutuhkan.
Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan mengenai Dewan
Determination of the composition of
3.2 Komisaris.
the Board of Commissioners takes into
Implementation: Already implemented.
account the diversity of
The provision of diversity in the composition of the Board of Commissioners is set
expertise, knowledge and
out in the Board of Commissioners Charter Chapter II Structure, which states that
experience required.
the number and composition of the Board of Commissioners considers the diversity
of expertise, knowledge and experience that enables the Board of Commissioners
to provide independent and effective advice to the Board of Directors, as well
as to make decisions related to its supervisory function, in order to achieve the
Company's goals and objectives and meet the needs of the Company. https://vale.
com/in/indonesia/kebijakan-tata-kelola-perusahaan Further information can be
found on this Annual Report, in the section on the Board of Commissioners.
2025 Annual Report 331
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Rekomendasi Keterangan
No.
Recommendation Description
Prinsip 4 | Principle 4
Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris.
Improving the Quality of the Implementation of Duties and Responsibilities of the Board of Commissioners.
4.1 Dewan Komisaris mempunyai kebijakan Implementasi: Sudah dilaksanakan.
penilaian sendiri (self assessment) untuk Evaluasi atas penilaian mandiri Dewan Komisaris dilakukan melalui penilaian mandiri
menilai kinerja Dewan Komisaris. (self-assessment) dan komite tata kelola perusahaan, sesuai dengan Piagam Dewan
The Board of Commissioners has Komisaris BAB VII Penilaian Kinerja. Penilaian mandiri berdasarkan indikator kinerja
a self-assessment policy to assess utama (KPI) yang perumusannya difasilitasi oleh pihak ketiga. Informasi lebih lanjut
the performance of the Board of di Laporan Tahunan ini pada bahasan mengenai Dewan Komisaris.
Commissioners. Implementation: Already Implemented.
In accordance with the Board of Commissioners Charter VII Performance Evaluation,
the performance assessment of the Board of Commissioners is conducted through
self-assessment, the corporate governance sub-committee, or an independent
third party. The self-assessment is based on Key Performance Indicators (KPI). The
evaluation of the Board of Commissioners' self-assessment is conducted by the
Board of Commissioners itself. Further information can be found on this Annual
Report in the section on the Board of Commissioners.
4.2 Kebijakan penilaian sendiri (self- Implementasi: Sudah dilaksanakan.
assessment) untuk menilai kinerja Dewan PT Vale telah mengungkapkan kebijakan penilaian sendiri kinerja Dewan Komisaris
Komisaris, diungkapkan melalui Laporan melalui Laporan Tahunan ini. Informasi lebih lanjut di Laporan Tahunan ini pada
Tahunan Perusahaan Terbuka. bahasan mengenai Dewan Komisaris.
The self-assessment policy to assess Implementation: Already Implemented.
the performance of the Board of PT Vale has disclosed the self-assessment policy for the Board of Commissioners'
Commissioners is disclosed in the Public performance through this Annual Report. Further information can be found on this
Listed Company's Annual Report. Annual Report in the section on the Board of Commissioners.
4.3 Dewan Komisaris mempunyai kebijakan Implementasi: Sudah dilaksanakan.
terkait pengunduran diri anggota Kebijakan terkait pengunduran diri anggota Dewan Komisaris dari jabatannya apabila
Dewan Komisaris apabila terlibat dalam terlibat dalam kejahatan keuangan, telah diatur dalam Piagam Dewan Komisaris BAB
kejahatan keuangan. VIII.3 Keterlibatan dalam Tindak Pidana. Informasi lebih lanjut di Laporan Tahunan
The Board of Commissioners has a policy ini pada bahasan mengenai Dewan Komisaris.
regarding the resignation of members of Implementation: Already Implemented.
the Board of Commissioners if involved The policy regarding the resignation of Board of Commissioners members if involved
in financial crimes. in financial crimes has been established in the Board of Commissioners Charter
Chapter VIII.3 Involvement in Criminal Offence. Further information can be found on
this Annual Report in the section on the Board of Commissioners.
Implementasi: Sudah dilaksanakan.
Dewan Komisaris atau Komite yang Perseroan telah membentuk Komite Tata Kelola, Nominasi, dan Remunerasi (KTNR),
menjalankan fungsi Nominasi dan yang bertugas menyusun rencana suksesi untuk anggota Direksi sesuai dengan
Remunerasi menyusun kebijakan Kebijakan Proses Nominasi dan Remunerasi Perseroan. Rencana sukses tersebut
suksesi dalam proses Nominasi kemudian ditelaah untuk disetujui Dewan Komisaris. Informasi lebih lanjut di
anggota Direksi. Laporan Tahunan ini pada bahasan mengenai KTNR.
4.4 The Board of Commissioners or Implementation: Already Implemented.
the Committee that carries out The company has established the Governance, Nomination, and Remuneration
the Nomination and Remuneration Committee (GNRC), which is responsible for developing a succession plan for
function develops a succession policy the Board of Directors in accordance with the company's Nomination and
in the process of Nominating members Remuneration Policy. The succession plan is then reviewed for approval by the
of the Board of Directors. Board of Commissioners. Further information can be found on this Annual Report,
in the section on the GNRC.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Rekomendasi Keterangan
No.
Recommendation Description
C Fungsi dan Peran Direksi | Functions and Roles of the Board of Directors
Prinsip 5 | Principle 5
Memperkuat Keanggotaan dan Komposisi Direksi.
Strengthening the Membership and Composition of the Board of Directors
5.1 Penentuan jumlah anggota Direksi Implementasi: Sudah dilaksanakan.
mempertimbangkan kondisi PT Vale telah memenuhi ketentuan POJK Nomor 33/POJK.04/2014 tentang Direksi
Perusahaan Terbuka serta efektifitas dan Dewan Komisaris Emiten atau Perusahaan Publik, yaitu wajib memiliki anggota
dalam pengambilan keputusan. Direksi dengan jumlah paling sedikit dua orang. Jumlah anggota Direksi Perseroan
The determination of the number of per 31 Desember 2025 sebanyak 7 orang, sesuai dengan Anggaran Dasar Perseroan
members of the Board of Directors dan telah memperhatikan kondisi Perseroan serta pertimbangan rekomendasi
considers the condition of the Komite Tata Kelola, Nominasi, dan Remunerasi kepada Dewan Komisaris untuk
Public Listed Company as well as the kemudian dimintakan persetujuan kepada RUPS. Informasi lebih lanjut di Laporan
effectiveness in decision making. Tahunan ini, pada bahasan mengenai Direksi.
Implementation: Already Implemented.
PT Vale has complied with OJK Regulation No. 33/POJK.04/2014 on the Board of
Directors and Board of Commissioners of Issuers or Public Companies, which requires
that a company must have at least two members on the Board of Directors. As of
December 31, 2025, the Company’s Board of Directors consists of seven members, in
accordance with the Company’s Articles of Association. The composition has been
determined by considering the Company's condition and the recommendations
of the Governance, Nomination, and Remuneration Committee to the Board of
Commissioners, which was subsequently submitted for approval at the General
Meeting of Shareholders (GMS). Further information can be found on this Annual
Report, in the section on the Board of Directors.
5.2 Penentuan komposisi anggota Direksi Implementasi: Sudah dilaksanakan.
memperhatikan, keberagaman keahlian, Ketentuan keberagaman komposisi Direksi dituangkan dalam Piagam Direksi BAB
pengetahuan, dan pengalaman yang II Struktur, yang menyatakan jumlah dan komposisi Direksi mempertimbangkan
dibutuhkan. keberagaman keahlian, pengetahuan, dan pengalaman yang memungkinkan
Determination of the composition Direksi memberikan saran yang independen dan efektif kepada Direksi serta
of the Board of Directors takes into untuk mengambil keputusan terkait dengan fungsi pengawasannya, dalam rangka
account the diversity of expertise, mencapai maksud dan tujuan Perseroan serta memenuhi kebutuhan Perseroan.
knowledge, and experience required. Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan mengenai Direksi.
Implementation: Already Implemented.
The diversity policy for the composition of the Board of Directors is
outlined in the Board of Directors Charter BAB II Structure, which states that the
number and composition of the Board of Directors should take into account diversity
in expertise, knowledge, and experience. This ensures that the Board of Directors
can provide independent and effective advice to the Board of Commissioners and
make well-informed decisions related to its supervisory functions, in order to
achieve the Company’s objectives and fulfill its needs. Further information can be
found on this Annual Report in the section on the Board of Directors.
5.3 Anggota Direksi yang membawahi Implementasi: Sudah dilaksanakan.
bidang akuntansi atau keuangan Anggota Direksi Perseroan yakni Rizky Andhika Putra, yang membawahi bidang
memiliki keahlian dan/atau keuangan memiliki keahlian dan/atau pengetahuan di bidang akuntansi. Informasi
pengetahuan di bidang akuntansi. lebih lanjut di Laporan Tahunan ini, pada bahasan mengenai Direksi.
Members of the Board of Directors Implementation: Already Implemented.
in charge of accounting or finance A member of the Company's Board of Directors, Rizky Andhika Putra, who is
have expertise and/or knowledge in responsible for the financial sector, possesses expertise and/or knowledge in
accounting. accounting. Further information can be found on this Annual Report, in the section
on the Board of Directors.
2025 Annual Report 333
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Rekomendasi Keterangan
No.
Recommendation Description
Prinsip 6 | Principle 6
Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Direksi.
Improving the Quality of Board of Directors Duties and Responsibilities
6.1 Direksi mempunyai kebijakan penilaian Implementasi: Sudah dilaksanakan.
sendiri (self-assessment) untuk menilai Kebijakan mengenai penilaian mandiri (self-assessment) Direksi diatur dalam Piagam
kinerja Direksi. Direksi BAB VII Penilaian Kinerja, yang menyebutkan: masing-masing anggota
Enhancing the Quality of the Direksi melakukan penilaian mandiri atas kinerja Direksi secara kolegial dan secara
Implementation of Duties and rutin berdasarkan Indikator Kinerja Utama (KPI) yang telah ditetapkan di awal
Responsibilities of the Board of tahun buku. Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan mengenai
Directors The Board of Directors Penilaian Kinerja Direksi.
has a self-assessment policy to Implementation: Already Implemented.
evaluate its performance. The self-assessment policy of the Board of Directors is regulated in the Board
Charter Chapter VII Performance Evaluation, which states that each member of the
Board of Directors conducts a self-assessment of the Board's collective performance
on a regular basis, based on the Key Performance Indicators (KPI) established at
the beginning of the fiscal year. Further information can be found on this Annual
Report, in the section on the Board of Directors’ Performance Assessment.
6.2 Kebijakan penilaian sendiri (self- Implementasi: Sudah dilaksanakan.
assessment) untuk menilai kinerja PT Vale telah mengungkapkan kebijakan penilaian sendiri kinerja Direksi melalui
Direksi diungkapkan melalui laporan Laporan Tahunan ini. Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan
tahunan Perusahaan Terbuka. mengenai Direksi.
The self-assessment policy for Implementation: Already Implemented.
evaluating the performance of the PT Vale has disclosed the self-assessment policy for the Board of Directors’
Board of Directors is disclosed through performance through this Annual Report. Further information can be found on this
the Annual Report of the Public Annual Report, in the section on the Board of Directors.
Company.
6.3 Direksi mempunyai kebijakan terkait Implementasi: Sudah dilaksanakan.
pengunduran diri anggota Direksi Kebijakan terkait pengunduran diri anggota Direksi dari jabatannya apabila terlibat
apabila terlibat dalam kejahatan dalam kejahatan keuangan telah diatur dalam Piagam Direksi BAB VIII.4 Keterlibatan
keuangan. dalam Tindak Pidana. Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan
The Board of Directors has a policy mengenai Direksi.
regarding the resignation of its Implementation: Already Implemented.
members in the event of their The policy regarding the resignation of Board of Directors members in the event
involvement in financial crimes. of their involvement in financial crimes has been stipulated in the Board Charter
Chapter VIII.4 Involvement in Criminal Offence. Further information can be found on
this Annual Report, in the section on the Board of Directors.
D Partisipasi Pemangku Kepentingan
Stakeholder Participation
Prinsip 7 | Principle 7
Meningkatkan Aspek Tata Kelola Perusahaan melalui Partisipasi Pemangku Kepentingan.
Enhancing Corporate Governance Aspects through Stakeholder Participation
7.1 Perusahaan Terbuka memiliki kebijakan Implementasi: Sudah dilaksanakan.
untuk mencegah terjadinya insider Rekomendasi ini telah dilaksanakan Perseroan. Perseroan memiliki standar
trading. Perdagangan Efek dan Informasi Material (Securities Trading and Material
The Public Company has a policy to Information Standard), yang mengatur pencegahan terjadinya perdagangan orang
prevent insider trading dalam (insider trading). Kebijakan tersebut dibuat dalam Bahasa Indonesia dan
Bahasa Inggris serta dapat diakses diunduh melalui situs web Perseroan.
Implementation: Already Implemented.
The Company has implemented this recommendation. The Company has a Securities
Trading and Material Information Standard (SSI) that regulates the prevention of
insider trading. This policy is available in both Indonesian and English and can be
downloaded from the Company's website.
334 Laporan Tahunan 2025
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Rekomendasi Keterangan
No.
Recommendation Description
7.2 Perusahaan Terbuka memiliki kebijakan Implementasi: Sudah dilaksanakan.
antikorupsi dan antifraud. Perseroan memiliki Kebijakan Anti Korupsi yang dapat diakses pada website
The Public Company has an Perseroan https://vale.com/in/indonesia/kebijakan-kami. Berdasarkan dokumen
anticorruption and anti-fraud policy. tersebut, PT Vale menyusun Kebijakan Anti-Korupsi dan Pedoman Kepatuhan
Antikorupsi PT Vale, yang disesuaikan dengan peraturan yang berlaku di Indonesia.
Informasi lebih lanjut di Laporan Tahunan ini, pada bahasan tentang Kebijakan
Antikorupsi dan Pengendalian Gratifikasi.
Implementation: Already Implemented.
The Company has a Global Anti-corruption Policy and a Global Anticorruption
Manual can be accessed at https://vale.com/in/indonesia/kebijakan-kami. Based
on these documents, PT Vale developed PT Vale's Anti-corruption Policy and Anti-
Corruption Compliance Manual, which are adapted to the prevailing regulations in
Indonesia. More information can be found on this Annual Report, in the section on
Anti-Corruption Policy and Gratification Control.
7.3 Perusahaan Terbuka memiliki kebijakan Implementasi: Sudah dilaksanakan.
tentang seleksi dan peningkatan Perseroan melakukan seleksi dan peningkatan kemampuan pemasok sesuai dengan
kemampuan pemasok atau vendor. Pedoman Etika dan Perilaku Pemasok, Contractor Safety Management System
The Public Company has a policy on the (CSMS), dan Standar dan Prosedur Pengadaan.
selection and capacity development of Implementation: Already Implemented.
suppliers or vendors The Company selects and upgrades suppliers in accordance with the Supplier
Code of Ethics and Conduct, Contractor Safety Management System (CSMS), and
Procurement Standards.
7.4 Perusahaan Terbuka memiliki kebijakan Implementasi: Sudah dilaksanakan.
tentang pemenuhan hak-hak kreditur. Perseroan mengatur perihal hak-hak kreditur dalam perjanjian dengan kreditur
The Public Company has a policy terkait.
regarding the fulfillment of creditors' Implementation: Already implemented.
rights. The Company regulates the rights of creditors in agreements with related creditors.
7.5 Perusahaan Terbuka memiliki kebijakan Implementasi: Sudah dilaksanakan.
sistem whistleblowing. Sejak 1 Januari 2016, Perseroan memberlakukan Vale Whistleblower Channel atau
The Public Company has a VWC, sebuah layanan pelaporan yang dikelola secara independen dan profesional
whistleblowing system policy. oleh penyedia layanan pelaporan pelanggaran di Indonesia. VWC dapat digunakan
untuk menyampaikan laporan pelanggaran yang berhubungan dengan PT Vale
Indonesia. Informasi lebih lanjut tentang sistem whistleblowing disampaikan di
Laporan Tahunan ini pada bahasan tentang Sistem Pelaporan Pelanggaran.
Implementation: Already Implemented.
Since January 1, 2016, the Company has implemented the Vale Whistleblower
Channel or VWC, a reporting service managed independently and professionally by a
whistleblowing service provider in Indonesia. VWC can be used to submit reports of
violations related to PT Vale Indonesia. Further information on the whistleblowing
system is provided on this Annual Report on the Whistleblowing System.
7.6 Perusahaan memiliki kebijakan Implementasi: Sudah dilaksanakan.
pemberian insentif jangka panjang Perseroan telah memiliki insentif jangka panjang bagi Direksi dan Karyawan.
kepada Direksi dan pekerja. Insentif jangka panjang tersebut berupa program Long Term Incentive (LTI) dan
The Company has a policy on providing Performance Share Unit (PSU) yang diberikan dengan mekanisme vesting payment
long-term incentives to the Board of dengan mempertimbangkan kinerja jangka panjang dan keberlanjutan Perseroan
Directors and employees. dengan periode vesting selama 3 (tiga) tahun. Informasi lebih lanjut tentang insentif
kepada Direksi dapat dilihat di Laporan Tahunan ini pada bahasan mengenai Direksi.
Informasi lebih lanjut tentang insentif kepada Karyawan dapat dilihat Laporan
Tahunan ini pada bahasan mengenai ESOP/MSOP.
Implementation: Already Implemented.
Provisions regarding the provision of incentives to the Board of Directors have been
submitted in the Annual Report. Provisions regarding the provision of incentives
to employees are stated in the 21st Collective Labor Agreement for the 2025-2027
Period. Further information on incentives for the Board of Directors is provided on
this Annual Report on the Board of Directors. Further information on incentives for
Employees is provided on of this Annual Report on ESOP/MSOP.
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Rekomendasi Keterangan
No.
Recommendation Description
E Keterbukaan Informasi | Information Disclosure
Prinsip 8 | Principle 8
Meningkatkan Pelaksanaan Keterbukaan Informasi.
Improving the Implementation of Information Disclosure.
8.1 Perusahaan Terbuka memanfaatkan Implementasi: Sudah dilaksanakan.
penggunaan teknologi informasi secara PT Vale memiliki kanal sosial media untuk keterbukaan informasi:
lebih luas selain Situs Web sebagai 1. Facebook: PT Vale Indonesia Tbk
media keterbukaan informasi. 2. YouTube: PT Vale Indonesia Tbk
The Public Company utilizes 3. X (Twitter): @ptvaleid
information technology beyond its 4. Instagram: @ptvaleindonesia
website as a medium for information Informasi lebih lanjut di Laporan Tahunan ini pada bahasan mengenai Akses
disclosure. Informasi dan Data Perseroan.
Implementation: Already Implemented.
PT Vale has social media channels for information disclosure:
1. Facebook: PT Vale Indonesia Tbk
2. YouTube: PT Vale Indonesia Tbk
3. X (Twitter): @ptvaleid
4. Instagram: @ptvaleindonesia
Further information can be found on this Annual Report, in the section on Access to
Information and Company Data.
8.2 Laporan Tahunan Perusahaan Terbuka Implementasi: Sudah dilaksanakan.
mengungkapkan pemilik manfaat akhir Laporan Tahunan PT Vale telah mengungkapkan: Daftar pemegang saham Perseroan
dalam kepemilikan saham Perusahaan yang memiliki saham PT Vale 5% atau lebih; Pemilik manfaat akhir dalam kepemilikan
Terbuka paling sedikit 5% (lima persen), saham PT Vale; serta Pemegang saham utama/pengendali PT Vale. Informasi lebih
selain pengungkapan pemilik manfaat lanjut di Laporan Tahunan ini pada bahasan mengenai Daftar Pemegang Saham.
akhir dalam kepemilikan saham Implementation: Already Implemented.
Perusahaan Terbuka melalui pemegang The PT Vale Annual Report has disclosed: The list of shareholders holding 5% or
saham utama dan pengendali. more of PT Vale’s shares; The ultimate beneficial owners of PT Vale’s shares; and the
The Public Company's Annual Report main/controlling shareholders of PT Vale. Further information can be found on this
discloses the ultimate beneficial owners Annual Report, in the section on Shareholder List.
of at least 5% of the Company's shares,
in addition to the disclosure of ultimate
beneficial owners through the main and
controlling shareholders.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
Penerapan Pedoman Umum Governansi Korporat Indonesia (PUGKI)
Implementation of General Guidelines for Indonesian Corporate Governance
No. Rekomendasi Keterangan
Recommendation Description
Prinsip | Principle
1. Peran dan Tanggung Jawab Direksi dan Dewan Komisaris
Roles and Responsibilities of the Board of Directors and Board of Commissioners
1.1 Peran dan Tanggung Jawab Direksi
Roles and Responsibilities of the Board of Directors
1.1.1 Untuk mencapai penciptaan nilai yang Diterapkan
berkelanjutan, Direksi menjalankan peran Standar etika bisnis yang tinggi diatur dalam Kode Etik dan Perilaku,
kepemimpinannya dan berupaya mencapai serta Piagam Direksi yang dimiliki oleh Perseroan dan telah diunggah
hasil governansi sebagai berikut: a. berdaya ke situs web Perseroan https://vale.com/documents/d/guest/kode-
saing dan berfokus ke kinerja jangka panjang; etik, di mana Direksi berperan dalam melahirkan budaya korporasi
b. beretika dan bertanggung jawab dalam yang memiliki integritas serta tidak memiliki toleransi terhadap segala
menjalankan bisnis; c. berkontribusi positif bentuk korupsi. Kontribusi positif terhadap masyarakat dan lingkungan
terhadap masyarakat dan lingkungan; serta d. telah dilaksanakan melalui kegiatan-kegiatan yang dilakukan oleh
berkemampuan dalam bertahan dan bertumbuh perusahaan serta kebijakan-kebijakan yang dimiliki oleh Perseroan.
(corporate resilience). Implemented
To achieve sustainable value creation, the High standards of business ethics are stipulated in the Company's Code
Board of Directors exercises its leadership role of Ethics and Conduct, which has been uploaded to the company's
and seeks to achieve the following governance website, stating that the Board of Directors plays a role in creating a
outcomes: a. competitive and focused on long- corporate culture that has integrity and has no tolerance for all forms
term performance; b. ethical and responsible in of corruption. Positive contributions to society and the environment
conducting business; c. contributing positively have been implemented through activities carried out by the company
to society and the environment; and d. corporate as well as policies owned by the company.
resilience.
1.1.2 Direksi harus memastikan bahwa misi, visi, Diterapkan
tujuan, sasaran, strategi, dan rencana tahunan Direksi senantiasa dan mengoptimalkan penggunaan teknologi
dan jangka menengah korporasi konsisten dengan informasi yang terkini sebagai sarana untuk memastikan misi, visi,
tujuan jangka panjang, dengan memanfaatkan tujuan, sasaran, strategi, dan rencana tahunan dan jangka menengah
inovasi dan teknologi secara efektif. korporasi konsisten dengan tujuan jangka panjang. Sebagai bentuk
The Board of Directors must ensure that the komitmen nyata Perseroan terdapat jabatan yang khusus menjalankan
mission, vision, goals, objectives, strategies, fungsi inovasi, digital dan teknologi yang diemban oleh Director and
and annual and medium-term plans of the Chief Strategy & Technical Officer.
corporation are consistent with long-term goals, Implemented
by effectively utilizing innovation and technology. The Board of Directors continues to improve and optimize the use
of the latest information technology as a means to ensure that the
mission, vision, goals, objectives, strategies, and annual and medium-
term plans of the corporation are consistent with long-term goals.
In 2025, as a form of the Company's real commitment, a Director was
appointed to serve as Director and Chief Strategy & Technical Officer
specifically conducting innovation, digital, and technology functions.
1.1.3 Direksi memastikan bahwa korporasi menerapkan Diterapkan
manajemen risiko dan sistem pengendalian Perseroan berkomitmen menerapkan sistem manajemen risiko dan
internal yang tepat dan efektif yang selaras pengendalian internal yang senantiasa diselaraskan dengan visi, misi,
dengan visi, misi, tujuan, sasaran, dan strategi dan sasaran strategis dari Perseroan. Perseroan juga turut mematuhi
korporasi serta mematuhi peraturan perundang- peraturan perundang-undangan dan standar yang berlaku. Hal
undangan dan standar yang berlaku. ini tercermin dari penyelarasan manajemen risiko dengan sasaran
The Board of Directors ensures that the strategis Perseroan untuk mendukung pencapaian tujuan bisnis yang
corporation implements an appropriate and berkelanjutan dan adanya evaluasi serta pemantauan berkala terhadap
effective risk management and internal control manajemen risiko oleh Direksi. Perseroan juga memiliki Komite Mitigasi
system that is aligned with the vision, mission, Risiko yang melapor ke Dewan Komisaris.
goals, objectives and strategies of the corporation Implemented
and complies with applicable laws and standards. The Company is committed to implementing a risk management and
internal control system that is always aligned with its vision, mission,
and strategic goals. The Company also complies with applicable laws
and standards. This is reflected in the alignment of risk management
with the Company's strategic objectives to support the achievement of
sustainable business goals and the periodic evaluation and monitoring
of risk management by the Board of Directors. The Company also has a
Risk Mitigation Committee that reports to the Board of Commissioners
and the Risk Management Unit.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
1.1.4 Direksi memastikan integritas akuntansi dan Diterapkan
sistem pelaporan keuangan korporasi dan Direksi memastikan bahwa setiap orang yang terlibat dalam persiapan
pengungkapan yang tepat waktu dan akurat atas dan pengungkapan informasi korporasi memiliki kemampuan dan latar
semua informasi material mengenai korporasi. belakang yang memadai untuk menjalankan pekerjaannya. Direksi juga
The Board of Directors ensures the integrity bertanggung jawab atas dan melakukan publikasi Laporan Keuangan di
of the corporation's accounting and financial situs web Perseroan dan media massa sesuai peraturan yang berlaku.
reporting systems and the timely and accurate Implemented
disclosure of all material information concerning The Board of Directors ensures that each person involved in the
the corporation. preparation and disclosure of corporate information has adequate
capabilities and background to carry out their work. The Board
of Directors is also responsible for Financial Statements and its
publication on the company's website and mass media in accordance
with applicable regulations.
1.1.5 Direksi memastikan pelaporan keberlanjutan Diterapkan
telah disusun sebagaimana mestinya. Direksi senantiasa memastikan Laporan Keberlanjutan disusun
The Board of Directors ensures that sustainability berdasarkan kerangka pelaporan yang sesuai dengan peraturan yang
reporting is properly prepared. berlaku.
Implemented
The Board of Directors always ensures that the Sustainability Report
is prepared based on a reporting framework that is in accordance with
applicable regulations.
1.1.6 Direksi membangun kerangka kerja untuk Diterapkan
governansi teknologi informasi (TI) korporasi Direksi senantiasa memastikan bahwa Perseroan memiliki kebijakan
yang selaras dengan kebutuhan dan prioritas TI yang memadai dan optimal untuk mendukung tujuan dan strategi
bisnis korporasi, mendorong peluang dan kinerja Perseroan.
bisnis, memperkuat manajemen risiko, serta Implemented
mendukung tujuan dan strategi korporasi. The Board of Directors ensures that the Company has adequate and
The Board of Directors establishes a framework optimal IT policies to support the Company's objectives and strategies
for corporate information technology (IT)
governance that is aligned with the corporation's
business needs and priorities, drives business
opportunities and performance, strengthens risk
management, and supports corporate objectives
and strategies.
1.1.7 Bagi korporasi yang menjalankan kegiatan Penjelasan
usaha berdasarkan prinsip Syariah, Direksi perlu Perseroan tidak menjalankan kegiatan usaha yang berdasarkan prinsip
memastikan kewenangan dan ketersediaan Syariah.
perangkat pendukung yang memadai agar Dewan Explanation
Pengawas Syariah dapat menjalankan perannya The Company does not conduct business activities based on Sharia
dengan efektif. principle.
For corporations carrying out business activities
based on Sharia principles, the Board of Directors
needs to ensure adequate authority and
availability of supporting tools so that the Sharia
Supervisory Board can perform its role effectively.
1.1.8 Piagam Direksi secara periodik ditinjau. Piagam Diterapkan
mencakup antara lain pembagian peran Direktur Piagam Direksi secara berkala dilakukan peninjauan. Piagam Direksi
secara individual dapat diatur di Piagam Direksi terkini telah diperbarui dan berlaku efektif pada tanggal 28 Juni 2024
atau dengan surat keputusan Direksi. dan diunggah ke situs web Perseroan.
The Charter of the Board of Directors is Implemented
periodically reviewed. The Charter includes, The Board of Directors Charter is periodically reviewed. The latest BOD
among others, the division of roles of individual Charter has been updated and is effective as of June 28, 2024 and it has
Directors, which can be regulated in the Charter been uploaded to the Company's website.
of the Board of Directors or by a resolution of the
Board of Directors.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
1.1.9 Direksi mempunyai kebijakan terkait Diterapkan
pengunduran diri anggota Direksi apabila Piagam Direksi mengatur kebijakan terkait pengunduran diri anggota
terlibat dalam kejahatan keuangan dan terbukti Direksi apabila terlibat dalam kejahatan keuangan dan terbukti
melakukan kesalahan. melakukan kesalahan.
The Board of Directors has a policy regarding the Implemented
resignation of members of the Board of Directors The BOD Charter regulates the policy regarding the resignation of
if they are involved in financial crimes and proven members of the BOD if they are involved in financial crimes and proven
to have committed misconduct. to have committed misconduct.
1.2 Penilaian Kinerja - Direksi dan Anggotanya
Performance Assessment - Board of Directors and Members
1.2.1 Dewan Komisaris melakukan evaluasi formal Diterapkan
tahunan secara obyektif dan independen untuk Dewan Komisaris menilai kinerja Direksi berdasarkan indikator kinerja
menentukan efektivitas Direksi dan setiap utama (KPI) yang telah ditetapkan di awal tahun buku.
individu Direktur. Implemented
The BOC conducts an annual formal evaluation The Board of Commissioners assesses the performance of the Board
objectively and independently to determine the of Directors based on key performance indicators (KPIs) set at the
effectiveness of the BOD and each individual beginning of the financial year.
Director.
1.2.2 Dewan Komisaris dengan pertimbangan Komite Diterapkan
Nominasi dan Remunerasi, bertanggung jawab Target indikator kinerja utama yang telah ditentukan sebelumnya
menentukan kriteria evaluasi kinerja dan menilai akan disetujui, terus dipantau dan dievaluasi setiap tahun oleh Komite
kinerja Direktur Utama dan anggota Direksi Tata Kelola, Nominasi, dan Remunerasi sesuai dengan Kebijakan Proses
lainnya. Nominasi dan Remunerasi. Masing-masing anggota Direksi mengikuti
The BOC, with consideration from the Nomination proses manajemen kinerja tahunan yang ditetapkan oleh Perseroan
and Remuneration Committee, is responsible for dan disetujui oleh Dewan Komisaris setelah mendapat rekomendasi
determining the performance evaluation criteria dari Komite Tata Kelola, Nominasi, dan Remunerasi. Penjelasan lebih
and assessing the performance of the President lengkap disampaikan pada pembahasan Penilaian Kinerja Dewan
Director and other members of the BOD. Komisaris dan Direksi dalam Laporan Tahunan ini.
Implemented
The predetermined key performance indicator targets will be
approved, continuously monitored and evaluated annually by the
Governance, Nomination, and Remuneration Committee in accordance
with the Nomination and Remuneration Process Policy. Each member
of the Board of Directors follows an annual performance management
process established by the Company and approved by the Board of
Commissioners following a recommendation from the Governance,
Nomination, and Remuneration Committee. A more complete
explanation is provided in the discussion of the Performance Appraisal
of the Board of Commissioners and Board of Directors in this Annual
Report.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
1.3 Peran dan Tanggung Jawab Dewan Komisaris
Roles and Responsibilities of the Board of Commissioners
1.3.1 Dewan Komisaris mereviu strategi korporasi Diterapkan
paling tidak setiap tahun dan menyetujui misi, Dewan Komisaris bersama Direksi setiap tahun melakukan kajian dan
visi dan strategi korporasi yang dirumuskan reviu terhadap strategi, kondisi Perseroan saat ini, dan tantangan
oleh Direksi. Dewan Komisaris juga mereviu, usaha yang akan dihadapi ke depan. Dewan Komisaris senantiasa
memberikan saran dan menyetujui rencana mereviu, memberikan saran, dan menyetujui rencana bisnis dan
bisnis dan rencana keuangan jangka panjang rencana keuangan jangka panjang dan rencana keuangan jangka
dan rencana keuangan jangka pendek korporasi. pendek korporasi dan melakukan pemantauan atas pengelolaan
Dewan Komisaris memberikan advis dan implementasinya oleh Direksi.
melakukan pemantauan kepada Direksi atas Implemented
pengelolaan implementasinya. Direksi dan Dewan The Board of Commissioners, together with the Board of Directors,
Komisaris terlibat dalam keputusan yang sangat annually reviews the strategy, the current condition of the Company
penting bagi korporasi, diatur dalam anggaran and potential business challenges in the future. The Board of
dasar korporasi. Commissioners continuously reviews, advises and approves the
The BOC reviews the corporate strategy at least business plan, long- and short-term financial plan of the corporation
annually and approves the mission, vision and and monitors the management of their implementation by the Board
corporate strategy formulated by the BOD. The of Directors.
BOC also reviews, advises and approves the
business plan, long-and short-term financial
plan of the corporation. The BOC advises and
monitors the BOD on the management of their
implementation. The Board of Directors and the
Board of Commissioners are involved in decisions
that are highly important to the corporation,
regulated in the articles of association of the
corporation.
1.3.2 Jenis keputusan yang memerlukan persetujuan Diterapkan
Dewan Komisaris harus diungkapkan dalam Keputusan-keputusan yang diambil oleh Dewan Komisaris telah
laporan tahunan. disampaikan pada pembahasan Dewan Komisaris di Laporan Tahunan
The types of decisions that require the approval ini.
of the Board of Commissioners must be disclosed Implemented
in the annual report. Decisions made by the Board of Commissioners have been presented
in the discussion of the Board of Commissioners in this Annual Report.
1.3.3 Dengan memperhatikan rekomendasi Komite Diterapkan
Nominasi dan Remunerasi, Dewan Komisaris Dewan Komisaris berperan aktif dalam proses pengangkatan dan/
mengusulkan kepada, dan untuk diputuskan oleh, atau pemberhentian anggota Direksi dan anggota Dewan Komisaris,
RUPS pengangkatan dan/atau pemberhentian dengan memperhatikan rekomendasi Komite Tata Kelola, Nominasi,
anggota Direksi dan anggota Dewan Komisaris. dan Remunerasi, untuk diputuskan oleh RUPS. Sebagaimana diatur
Dalam mengusulkan hal di atas, Dewan dalam Kebijakan Proses Nominasi dan Remunerasi dan Kebijakan
Komisaris memperhatikan keberagaman, unsur Keberagaman dan Inklusi, memperhatikan kesempatan yang sama
nondiskriminatif dan memberikan kesempatan tanpa membedakan suku, agama, ras, antar golongan, usia, disabilitas,
yang sama tanpa membedakan suku, agama, ras, kebangsaan, dan gender. Dewan Komisaris senantiasa memastikan
antar golongan dan gender. Dewan Komisaris proses pencalonan dan pemilihan anggota Direksi dan anggota Dewan
memastikan proses pencalonan dan pemilihan Komisaris dilakukan dengan formal dan transparan.
anggota Direksi dan anggota Dewan Komisaris Implemented
adalah formal dan transparan. The Board of Commissioners takes an active role in the appointment
Taking into account the recommendations of the and/or dismissal process of members of the Board of Directors and
Nomination and Remuneration Committee, the members of the Board of Commissioners, taking into account the
Board of Commissioners proposes to, and is to recommendations of the Governance, Nomination, and Remuneration
be decided by, the GMS the appointment and/or Committee, to be decided by the GMS. As stipulated in the Nomination
dismissal of members of the Board of Directors and Remuneration Process Policy and the Diversity and Inclusion
and members of the Board of Commissioners. In Policy, equal opportunities without distinction of ethnicity, religion,
proposing the above, the Board of Commissioners race, intergroup, age, disability, nationality and gender are considered.
pays attention to diversity, non-discriminatory The Board of Commissioners always ensures that the nomination and
elements and provides equal opportunities election process for members of the Board of Directors and members of
without distinguishing ethnicity, religion, the Board of Commissioners is formal and transparent.
race, intergroup and gender. The Board of
Commissioners ensures that the nomination
and election process for members of the Board
of Directors and members of the Board of
Commissioners is formal and transparent.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
1.3.4 Dewan Komisaris atau Komite yang menjalankan Diterapkan
fungsi nominasi menyusun kebijakan suksesi Dewan Komisaris menelaah dan menyetujui rencana suksesi untuk
dalam proses nominasi anggota Direksi. Setiap anggota Direksi dengan bantuan Komite Tata Kelola, Nominasi, dan
tahun Dewan Komisaris meninjau pelaporan Remunerasi, sesuai dengan Kebijakan Proses Nominasi dan Remunerasi
pelaksanaan rencana pengembangan dan suksesi Perusahaan.
yang disampaikan Direktur Utama. Implemented
The Board of Commissioners or the Committee The Board of Commissioners reviews and approves succession plans
carrying out the nomination function formulates for members of the Board of Directors with the assistance of the
a succession policy in the nomination process for Governance, Nomination, and Remuneration Committee, based on the
members of the Board of Directors. Each year, Company's Nomination and Remuneration Process Policy.
the Board of Commissioners reviews the report
on the implementation of the development
and succession plan submitted by the President
Director.
1.3.5 Dewan Komisaris a). mengajukan kepada RUPS, Diterapkan
yang dapat didahului oleh usulan dari Komite Komite Tata Kelola, Nominasi, dan Remunerasi melakukan
yang menjalankan fungsi remunerasi, besaran pembahasan atas remunerasi Dewan Komisaris dan Direksi dengan
remunerasi anggota Direksi dan anggota Dewan mempertimbangkan tujuan/strategi bisnis jangka pendek dan jangka
Komisaris yang selaras dengan pengembangan panjang, kondisi keuangan, atau faktor lainnya. Proses peninjauan
korporasi yang berkelanjutan dan kepentingan remunerasi mempertimbangkan tolok ukur pasar, kinerja Perseroan,
jangka panjang korporasi dan pemegang saham; dan kinerja individu anggota Direksi. Setiap perubahan pada model
b). secara berkala mereviu sistem remunerasi remunerasi yang berdampak pada Direktur Perseroan harus disetujui
Direksi dan Dewan Komisaris. oleh Dewan Komisaris setelah mendapat rekomendasi dari Komite Tata
The Board of Commissioners a). proposes to the Kelola, Nominasi, dan Remunerasi, sesuai Kebijakan Proses Nominasi
GMS, which may be preceded by a proposal from dan Remunerasi Perusahaan.
the Committee carrying out the remuneration Implemented
function, the amount of remuneration for The Governance, Nomination, and Remuneration Committee reviews
members of the Board of Directors and members the remuneration of the Board of Commissioners and the Board of
of the Board of Commissioners that is aligned Directors by considering short- and long-term business objectives/
with sustainable corporate development and strategies, financial conditions, or other factors. The remuneration
the longterm interests of the corporation review process considers market benchmarks, the Company's
and shareholders; b). periodically reviews the performance, and the individual performance of the members of
remuneration system of the Board of Directors the Board of Directors. Any changes to the remuneration model
and the Board of Commissioners. impacting the Company's directors must be approved by the Board
of Commissioners following a recommendation from the Governance,
Nomination, and Remuneration Committee, as per the Company's
Nomination and Remuneration Process Policy.
1.3.6 Dewan Komisaris mengawasi efektivitas kebijakan Diterapkan
governansi korporat dan implementasinya serta Dewan Komisaris baik secara langsung atau melalui GNRC senantiasa
mengusulkan perubahan jika diperlukan. mengawasi efektivitas kebijakan governansi korporat dan
The BOC oversees the effectiveness of implementasinya serta mengusulkan perubahan jika diperlukan.
the corporate governance policy and its Implemented
implementation and proposes changes if The Board of Commissioners continuously monitors the effectiveness
necessary. of corporate governance policies and their implementation and
proposes changes if necessary.
1.3.7 Dewan Komisaris memantau dan mengarahkan Diterapkan
agar korporasi menerapkan manajemen risiko Dewan Komisaris baik secara langsung atau melalui komite-komite
dan sistem pengendalian internal yang tepat senantiasa mengawasi dan mengarahkan kebijakan dan efektivitas
dan efektif yang selaras dengan tujuan, sasaran, penerapan governans, manajemen risiko, dan sistem pengendalian
dan strategi korporasi serta mematuhi peraturan internal yang dilakukan oleh manajemen, serta memberikan masukan
perundang-undangan, kode perilaku dan standar dan perbaikan jika diperlukan.
yang berlaku. Implemented
The Board of Commissioners monitors and The Board of Commissioners, either directly or through its committees,
directs the corporation to implement appropriate supervises and directs the policies and effectiveness of the
and effective risk management and internal implementation of governance, risk management, and internal control
control systems that are aligned with the goals, systems by management, and provides input and improvements if
objectives and strategies of the corporation and necessary.
comply with applicable laws and regulations,
code of conduct, and standards.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
1.3.8 Dewan Komisaris mengawasi dan mengarahkan Diterapkan
agar tercapai integritas akuntansi dan sistem Dewan Komisaris baik secara langsung atau melalui Komite Audit, juga
pelaporan keuangan korporat, serta independensi senantiasa memastikan integritas akuntansi dan sistem pelaporan
fungsi audit internal dan eksternal. keuangan serta independensi fungsi audit internal dan eksternal yang
The BOC oversees and directs the integrity of the tercermin melalui pembahasan Komite Audit di Laporan Tahunan ini.
Corporation's accounting and financial reporting Implemented
systems, as well as the independence of the The Board of Commissioners, whether directly or through the Audit
internal and external audit functions. Committee, also ensures the integrity of the accounting and financial
reporting system and the independence of the internal and external
audit functions, which is reflected in the discussion of the Audit
Committee and Internal Audit in this Annual Report.
1.3.9 Dewan Komisaris memantau, mereviu dan Diterapkan
menyetujui laporan tahunan dan laporan Penyusunan Laporan Tahunan dan Laporan Keberlanjutan direviu dan
keberlanjutan Korporasi serta memastikan disetujui oleh Dewan Komisaris.
integritasnya, serta mengawasi proses Implemented
pengungkapan dan pengkomunikasian korporasi. The preparation of the Annual Report and Sustainability Report is
The BOC monitors, reviews and approves the reviewed and approved by the Board of Commissioners.
Corporation's annual report and sustainability
report and ensures their integrity, and oversees
the Corporation's disclosure and communication
processes.
1.3.10 Piagam Dewan Komisaris secara periodik ditinjau. Diterapkan
The BOC Charter is periodically reviewed. Piagam Dewan Komisaris dikaji secara berkala. Piagam terkini telah
diperbarui dan berlaku efektif tanggal 28 Juni 2024 dan diunggah ke
situs web Perseroan.
Implemented
The Board of Commissioners Charter is reviewed periodically. The
current charter has been updated and is effective June 28, 2024 and
uploaded to the Company's website.
1.3.11 Dewan Komisaris mempunyai kebijakan terkait Diterapkan
pengunduran diri anggota Dewan Komisaris Piagam Dewan Komisaris mengatur kebijakan terkait pengunduran diri
apabila terlibat dalam kejahatan keuangan dan anggota Dewan Komisaris apabila terlibat dalam kejahatan keuangan
terbukti melakukan kesalahan. dan terbukti melakukan kesalahan.
The BOC has a policy regarding the resignation Implemented
of members of the BOC if involved in financial The BOC Charter regulates the policy regarding the resignation of BOC
crimes and proven wrongdoing. members if they are involved in financial crimes and proven to have
committed misconduct.
1.3.12 Komisaris independen sangat diharapkan untuk Diterapkan
dapat berkontribusi dalam diskusi yang jujur, Seluruh Komisaris Independen Perseroan memiliki rekam jejak yang
obyektif, aktif dan konstruktif pada rapat Dewan kredibel dan dapat berkontribusi dalam kemajuan Perseroan. Informasi
Komisaris. lebih lanjut bisa dilihat pada bagian yang membahas Komisaris Independen.
Independent Commissioners are expected to Implemented
contribute to honest, objective, active and All of the Company's Independent Commissioners have credible track
constructive discussions at the BOC meetings. records and can contribute to the progress of the Company. Further
information can be found on this Annual Report, in the section on the
Independent Commissioner.
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No. Rekomendasi Keterangan
Recommendation Description
1.3.13 Komisaris Utama berperan sebagai koordinator Diterapkan
Dewan Komisaris dan memastikan efektivitasnya. Presiden Komisaris Perseroan memiliki tugas dan tanggung jawab di
Komisaris Utama mendorong budaya keterbukaan antaranya mengkoordinasikan pelaksanaan tugas dan tanggung jawab
dan dialog konstruktif yang memungkinkan Dewan Komisaris, serta memberikan usulan untuk mengadakan Rapat
berbagai pandangan diungkapkan, termasuk termasuk agenda Rapat. Selain itu, rapat gabungan Dewan Komisaris
mengkoordinasi penetapan agenda rapat dewan dan Direksi dilaksanakan secara berkala.
yang tepat dan memastikan waktu yang cukup Implemented
tersedia untuk mendiskusikan semua agenda. The President Commissioner of the Company has duties and
Selain itu, juga harus ada kesempatan bagi Dewan responsibilities including coordinating the implementation of the
Komisaris untuk bertemu dengan jajaran Direksi duties and responsibilities of the Board of Commissioners, as well as
dan manajemen senior. providing proposals for holding meetings including meeting agendas. In
The President Commissioner acts as coordinator addition, joint meetings of the Board of Commissioners and the Board
of the BOC and ensures its effectiveness. They of Directors are held regularly.
encourage a culture of openness and constructive
dialogues that allow a wide range of views to be
expressed, including coordinating appropriate
board meeting agendas and ensuring sufficient
time to discuss all agendas. In addition, there
should also be opportunities for the BOC to meet
with the BOD and senior management.
1.4 Pembentukan Komite
Establishment of the Committee
1.4.1 Korporasi memiliki komite-komite di bawah Diterapkan
Dewan Komisaris sekurang-kurangnya terdiri Komite-komite di tingkat Dewan Komisaris terdiri dari Komite Audit;
dari: Komite Audit, Komite Nominasi dan Komite Mitigasi Risiko; serta Komite Tata Kelola, Nominasi, dan
Remunerasi dan Komite Pemantau Manajemen Remunerasi.
Risiko. Implemented
The Corporation has committees under the Committees at the Board of Commissioners level consist of the Audit
Board of Commissioners consisting of at least: Committee; Risk Mitigation Committee; and Governance, Nomination,
Audit Committee; Nomination and Remuneration and Remuneration Committee.
Committee; and Risk Management Monitoring
Committee.
1.4.2 Dewan Komisaris memastikan bahwa anggota Diterapkan
Komite Audit seluruhnya independen dan Anggota Komite Audit Perseroan seluruhnya merupakan Pihak
komite lain yang dibentuk Dewan Komisaris Independen yang telah memenuhi ketentuan perundang-undangan,
adalah mayoritas dari pihak independen, serta dengan Ketua Komite Audit dijabat oleh salah satu Komisaris
semua anggota komite memiliki kompetensi, Independen, Marita Alisjahbana yang bukan Presiden Komisaris.
berkomitmen, serta memiliki wewenang yang Informasi lebih lanjut mengenai Komite Audit dapat dilihat pada
memadai untuk menjalankan perannya secara laporan ini
efektif dan independen. Implemented
The Board of Commissioners ensures that The members of the Company's Audit Committee are all Independent
members of the Audit Committee are entirely Parties who have met the statutory requirements, with the Chairperson
independent and other committees formed by of the Audit Committee held by one of the Independent Commissioners,
the Board of Commissioners have a majority of Marita Alisjahbana who is not the President Commissioner. Further
independent parties, and all committee members information on the Audit Committee can be found on this Annual
are competent, committed, and have sufficient Report
authority to carry out their roles effectively and
independently.
1.4.3 Untuk memastikan pemantauan atas Diterapkan
pelaksanaan tugas Komite Audit berjalan Komisaris Utama tidak menjabat sebagai ketua Komite Audit maupun
obyektif dan independen, Komisaris Utama tidak komite-komite lainnya yang berada di bawah Dewan Komisaris, untuk
boleh menjadi ketua Komite Audit, kecuali dalam menjaga independensi.
keadaan luar biasa yang harus dijelaskan dalam Implemented
laporan tahunan. The President Commissioner does not serve as the Chair of the Audit
To ensure objective and independent monitoring Committee or any other committees under the Board of Commissioners,
of the Audit Committee's duties, the President in order to maintain independence.
Commissioner shall not be the chairperson of
the Audit Committee, except in exceptional
circumstances which must be explained in the
annual report.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
1.5 Penilaian Kinerja - Dewan Komisaris dan Anggotanya
Performance Assessment - Board of Commissioners and its Members
1.5.1 Dewan Komisaris melakukan evaluasi formal Diterapkan
tahunan secara obyektif untuk menentukan Dewan Komisaris sekurang-kurangnya setiap tahun, menilai kinerja
efektivitas Dewan, komitenya, dan setiap Dewan Komisaris baik melalui penilaian mandiri, melalui sub-komite
individu komisaris. tata kelola perusahaan atau oleh pihak ketiga. Dewan Komisaris
The Board of Commissioners conducts an annual melakukan penilaian sendiri terhadap indikator kinerja utama dan
formal evaluation objectively to determine the penilaian berkala terhadap Direksi berdasarkan standar kompetensi
effectiveness of the Board, its committees, and mereka sesuai dengan Kebijakan Proses Nominasi dan Remunerasi.
each individual commissioner. Implemented
The BOC shall, at least annually, assess the performance of the BOC
either through self-assessment, through the corporate governance
sub-committee or by a third party. The BOC should obtain a self-
assessment of key performance indicators and periodic assessments of
Directors based on their competency standards in accordance with the
Nomination and Remuneration Process Policy.
1.6 Benturan Kepentingan
Conflicts of Interest
1.6.1 Anggota Direksi yang mempunyai rangkap Diterapkan
jabatan di luar korporasi, harus mendapatkan Terdapat anggota Direksi yang memiliki rangkap jabatan sebagai
persetujuan dari Dewan Komisaris. Seorang berikut:
Komisaris memberi tahu Dewan Komisaris dan 1. Muhammad Asril – Komisaris BNSI
ketua komite yang menjalankan fungsi nominasi, Implemented
sebelum menerima penunjukan baru sebagai There are members of the Board of Directors who hold concurrent
direktur atau komisaris dari korporasi terbuka, positions as follows:
jabatan direktur lainnya atau posisi lain dengan 1. Muhammad Asril – BNSI’s Commissioner
komitmen waktu yang signifikan.
Members of the Board of Directors who hold
concurrent positions outside the corporation
must obtain approval from the Board of
Commissioners. A Commissioner informs the
Board of Commissioners and the chair of the
committee that carries out the nomination
function, before accepting a new appointment
as a director or commissioner of a publicly
listed corporation, other directorships or other
positions with significant time commitments.
1.6.2 Dewan Komisaris memantau dan mengelola Diterapkan
potensi benturan kepentingan manajemen, Salah satu tugas dan tanggung jawab Dewan Komisaris adalah
anggota Direksi, Dewan Komisaris dan pemegang memantau dan mengelola potensi benturan kepentingan Perseroan.
saham, termasuk penyalahgunaan aset korporasi Dalam pelaksanaan tugas dan tanggung jawabnya, seluruh anggota
dan penyalahgunaan dalam transaksi pihak Dewan Komisaris berkomitmen untuk menghindari terjadinya potensi
berelasi. Komisaris yang memiliki benturan benturan kepentingan atau selalu menempatkan diri untuk tidak
kepentingan tidak turut serta dalam pemantauan berada dalam potensi terjadinya benturan kepentingan dalam situasi
dan pengambilan keputusan atas potensi apapun sebagaimana tercantum dalam Piagam Dewan Komisaris.
benturan kepentingan yang melibatkan Komisaris Dalam hal terjadi benturan kepentingan, anggota Dewan Komisaris
atau afiliasi Komisaris yang bersangkutan. dilarang mengambil tindakan yang dapat merugikan atau mengurangi
The Board of Commissioners monitors and keuntungan Perseroan dan wajib mengungkapkan potensi benturan
manages potential conflicts of interest of kepentingan dimaksud dalam setiap keputusan.
management, members of the Board of Directors, Implemented
the Board of Commissioners and shareholders, One of the duties and responsibilities of the Board of Commissioners
including misuse of corporate assets and misuse is to monitor and manage potential conflicts of interest. In carrying
in related party transactions. Commissioners out their duties and responsibilities, all members of the Board of
who have a conflict of interest do not participate Commissioners are committed to avoiding potential conflicts of interest
in monitoring and decision-making on potential or always positioning themselves not to be in a potential conflict
conflicts of interest involving the Commissioner of interest in any situation as stated in the Board of Commissioners
or an affiliate of the Commissioner concerned. Charter. In the event of a conflict of interest, members of the Board
of Commissioners are prohibited from taking actions that may harm or
reduce the Company's profits and must disclose the potential conflict
of interest in every decision.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
1.7 Peningkatan Kompetensi Anggota Direksi dan Dewan Komisaris
Competency Enhancement of Board of Directors and Board of Commissioners Members
1.7.1 Dewan Komisaris memastikan bahwa anggota Diterapkan
Direksi dan Dewan Komisaris memahami peran Dewan Komisaris dan Direksi telah mengikuti pendidikan dan
dan tanggung jawab mereka, karakteristik pelatihan dengan tujuan untuk meningkatkan kemampuan strategis,
dan operasi korporasi, peraturan perundang- menambah pengetahuan bisnis, meningkatkan kepemimpinan, dan
undangan dan standar yang relevan serta mengembangkan keterampilan baru. Adapun rincian pendidikan dan
kewajiban lain yang berlaku. Direksi melalui pelatihan yang diikuti Dewan Komisaris dan Direksi telah tertuang
sekretaris korporasi mendukung semua anggota dalam Laporan Tahunan.
Direksi dan Dewan Komisaris dalam memperbarui Implemented
dan menyegarkan keterampilan dan pengetahuan The Board of Commissioners and the Board of Directors have
mereka yang diperlukan untuk menjalankan participated in education and training with the aim of enhancing
peran mereka di Dewan. strategic capabilities, increasing business knowledge, improving
The BOC ensures that members of the BOD and leadership, and developing new skills. The details of education and
BOC understand their roles and responsibilities, training attended by the Board of Commissioners.
the characteristics and operations of the
corporation, relevant laws and standards and
other applicable obligations. The Board of
Directors through the corporate secretary
supports all Board members in updating and
refreshing their skills and knowledge required to
perform their roles on the Board.
Prinsip | Principle
2. Komposisi dan Remunerasi Direksi dan Dewan Komisaris
Composition and Remuneration of the Board of Directors and the Board of Commissioners
2.1 Komposisi Direksi
Composition of the Board of Directors
2.1.1 Dalam menentukan kandidat calon direktur, Diterapkan
Dewan Komisaris melalui Komite Nominasi Sebagaimana diatur dalam Kebijakan Proses Nominasi dan Remunerasi
dan Remunerasi tidak hanya mengandalkan Perseroan, Sourcing dan assessment kandidat untuk jabatan Direktur
rekomendasi dari Dewan Komisaris, manajemen dan Komisaris dapat melibatkan konsultan/profesional eksternal yang
atau pemegang saham mayoritas. Dewan independen dan memiliki reputasi baik.
Komisaris melalui Komite Nominasi dan Implemented
Remunerasi dapat menggunakan sumber As stipulated in the Company's Nomination and Remuneration Process
independen untuk menentukan kandidat yang Policy, candidates for the position of Director and Commissioner
memenuhi syarat. can engage an independent and reputable external consulting firm/
In determining director candidates, the BOC professional.
through the Nomination and Remuneration
Committee does not rely solely on
recommendations from the BOC, management
or majority shareholders. The BOC through the
Nomination and Remuneration Committee may
use independent sources to determine qualified
candidates.
2.1.2 Dewan Komisaris memastikan bahwa kriteria Diterapkan
dalam menyeleksi anggota Direksi mencakup Kebijakan Proses Nominasi dan Remunerasi juga mengatur kualifikasi
paling tidak pengetahuan, kemampuan, dan yang harus dimiliki oleh calon anggota Dewan Komisaris dan Direksi
keahlian yang dibutuhkan untuk memenuhi perseroan baik dari sisi integritas, kompetensi, reputasi, dan kriteria
secara tepat peran Direksi serta memperhatikan khusus lainnya sesuai bidang Direktur.
terpenuhinya keberagaman Direksi. Implemented
The Board of Commissioners ensures that the The Nomination and Remuneration Process Policy also regulates the
criteria for selecting members of the Board of qualifications that must be possessed by prospective members of the
Directors include at least the knowledge, skills, Board of Commissioners and Directors of the company in terms of
and expertise required to appropriately fulfill the integrity, competence, reputation, and other specific criteria according
role of the Board of Directors and pay attention to the Director's field.
to the fulfillment of the diversity of the Board of
Directors.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
2.1.3 Kebijakan korporasi tentang keberagaman pada, Diterapkan
Direksi dan Dewan Komisaris diungkapkan dalam Kebijakan keberagaman komposisi Dewan Komisaris dan Direksi telah
Laporan Tahunan. diatur dalam Kebijakan Keberagaman dan Inklusi tanggal 25 Oktober
The corporate policy on diversity in the Board of 2024 dan diatur di Piagam Direksi dan Piagam Dewan Komisaris.
Directors and Board of Commissioners is disclosed Implemented
in the Annual Report. The diversity policy for the composition of the Board of Commissioners
and Directors has been set out in the Diversity and Inclusion Policy
dated October 25, 2024 as well as the Board of Directors’ Charter and
the Board of Commissioners’ Charter.
2.1.4 Dewan Komisaris memastikan bahwa kebijakan Diterapkan
dan prosedur untuk seleksi dan nominasi Dewan Komisaris senantiasa melakukan seleksi dan nominasi Komisaris
Komisaris adalah jelas dan transparan sehingga dengan jelas dan transparan sehingga menghasilkan komposisi Dewan
dapat menghasilkan komposisi Dewan Komisaris Komisaris yang diinginkan dengan melibatkan konsultan/profesional
yang diinginkan. Dewan Komisaris menggunakan yang independen dan memiliki reputasi baik.
sumber independen untuk menentukan kandidat Implemented
yang memenuhi syarat. The Board of Commissioners always selects and nominates
The BOC ensures that policies and procedures Commissioners in a clear and transparent manner so as to produce
for selection and nomination of Commissioners the desired Board of Commissioners composition by engaging an
are clear and transparent so as to produce the independent and reputable consulting/professional firm.
desired composition of the Board Commissioners.
The BOC uses independent sources to determine
qualified candidates.
2.1.5 Dewan Komisaris/Komite yang menjalankan Diterapkan
fungsi nominasi menetapkan prosedur dan Komite Tata Kelola, Nominasi, dan Remunerasi menjalankan fungsi
kriteria nominasi yang konsisten dengan matriks nominasi berdasarkan prosedur dan kriteria nominasi yang tertuang
keahlian Dewan Komisaris yang telah disetujui dalam Piagam Komite Tata Kelola, Nominasi, dan Remunerasi serta
Dewan Komisaris dan memastikan bahwa profil Kebijakan Proses Nominasi dan Remunerasi serta disetujui oleh Dewan
kandidat memenuhi persyaratan yang ditetapkan Komisaris.
dalam matriks keahlian dan kriteria nominasi. Implemented
The Board of Commissioners/Committee The Governance, Nomination, and Remuneration Committee carries
performing the nomination function shall out the nomination function based on the nomination procedures
establish nomination procedures and criteria and criteria set out in the Governance, Nomination, and Remuneration
consistent with the Board of Commissioners Committee Charter and the Nomination and Remuneration Process
approved skills matrix and ensure that the Policy and approved by the Board of Commissioners.
candidate profiles meet the requirements set out
in the skills matrix and nomination criteria.
2.1.6 Komposisi Dewan Komisaris harus dibentuk Diterapkan
sedemikian rupa sehingga anggota-anggotanya Komposisi Dewan Komisaris Perseroan mencerminkan keberagaman
secara kelompok mencerminkan keberagaman dalam kemampuan, keahlian, pengetahuan, pengalaman, usia, latar
dalam hal kemampuan, keahlian, pengetahuan, belakang budaya, sebagaimana disampaikan dalam Laporan Tahunan
pengalaman, usia, latar belakang budaya, dan ini.
gender yang dibutuhkan untuk memenuhi secara Implemented
tepat peran Dewan Komisaris. The composition of the Company's Board of Commissioners reflects
The composition of the BOC should be such that diversity in capability, expertise, knowledge, experience, age, cultural
its members as a group reflect the diversity in background, as presented in this Annual Report.
terms of skills, expertise, knowledge, experience,
age, cultural background and gender required to
appropriately fulfill the role of the BOC.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
2.1.7 Untuk memampukan Dewan Komisaris dalam Diterapkan
memberikan advis dan supervisi secara independen Perseroan telah memenuhi ketentuan minimal 30% jumlah Komisaris
kepada Direksi dan untuk peran-peran yang Independen dari total anggota Dewan Komisaris perseroan.
terdapat potensi benturan kepentingan, Dewan Implemented
Komisaris terdiri dari Komisaris Independen yang The Company has met the minimum requirement of 30% of the number
cukup jumlahnya, dengan masa jabatan yang of Independent Commissioners from the total members of the Board of
dibatasi dan terdapat pengungkapan jangka waktu Commissioners.
keanggotaan Dewan Komisaris serta independensi
mereka dari sudut pandang korporasi.
To enable the BOC to provide independent
advice and supervision to the BOD and for roles
where there is a potential conflict of interest,
the BOC should consist of a sufficient number
of Independent Commissioners, with term limits
and disclosure of the term of membership of the
BOC and their independence from a corporate
perspective.
2.1.8 Untuk memfasilitasi fungsi Direksi dan Dewan Diterapkan
Komisaris yang efektif dan guna meningkatkan Komite Tata Kelola, Nominasi, dan Remunerasi juga telah melakukan
kepercayaan investor dan pemangku kepentingan, fungsi dan tanggung jawabnya dalam memastikan proses nominasi dan
Komite Nominasi dan Remunerasi memastikan remunerasi di Perseroan berjalan secara benar dan transparan demi
bahwa terdapat proses yang formal, ketat dan kepentingan Perusahaan sebagaimana diatur di piagam GNRC.
transparan untuk penunjukan dan pengangkatan Implemented
anggota Direksi dan Dewan Komisaris. The Governance, Nomination, and Remuneration Committee has
To facilitate the effective functioning of the also carried out its functions and responsibilities in ensuring that the
BOD and BOC and to enhance investor and nomination and remuneration process in the Company runs properly
stakeholder confidence, the Nomination and and transparently for the benefit of the Company. This can be seen in
Remuneration Committee ensures that there is the discussion in this Annual Report.
a formal, rigorous and transparent process for
the appointment and removal of BOD and BOC
members.
2.2 Remunerasi Direksi dan Dewan Komisaris
Remuneration of Directors and Board of Commissioners
2.2.1 Kebijakan remunerasi anggota Direksi terdiri Diterapkan
atas struktur remunerasi yang berorientasi pada Kebijakan remunerasi Perseroan diatur dalam Piagam Tata Kelola,
pengembangan korporasi yang berkelanjutan dan Nominasi, dan Remunerasi serta Kebijakan Proses Nominasi dan
mendorong pencapaian tujuan jangka panjang. Remunerasi. Keduanya terakhir kali diperbarui pada 28 Juni 2024.
Remunerasi Direksi harus diusulkan, dapat dengan Remunerasi Direksi diusulkan melalui Komite Tata Kelola, Nominasi,
melalui Komite Nominasi dan Remunerasi, oleh dan Remunerasi serta disetujui oleh Dewan Komisaris untuk diputuskan
Dewan Komisaris untuk diputuskan oleh RUPS. oleh RUPS.
Jumlah remunerasi yang diusulkan kepada RUPS Implemented
tersebut ditetapkan dengan mempertimbangkan The Company's remuneration policy is regulated in the Governance,
peran setiap anggota Direksi dan situasi ekonomi Nomination and Remuneration Charter and the Nomination and
serta kinerja korporasi. Remuneration Process Policy. Both were last updated on June 28,
The remuneration policy for members of the BOD 2024. Directors' remuneration is proposed through the Governance,
consists of a remuneration structure that is oriented Nomination, and Remuneration Committee and approved by the Board
towards sustainable corporate development and of Commissioners to be decided by the GMS.
encourages the achievement of longterm goals.
The remuneration of the BOD shall be proposed,
possibly through the Nomination and Remuneration
Committee, by the BOC to be decided by the GMS.
The amount of remuneration proposed to the GMS
is determined by considering the role of each
member of the BOD and the economic situation
and corporate performance.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
2.2.2 Kebijakan remunerasi anggota Dewan Diterapkan
Komisaris terdiri atas struktur remunerasi yang Perseroan menyusun struktur, kebijakan, dan besaran remunerasi
berorientasi pada pengembangan korporasi masing-masing anggota Dewan Komisaris dengan memperhatikan
yang berkelanjutan dan mendorong pencapaian tugas, wewenang, kinerja, dan tanggung jawab Dewan Komisaris.
tujuan jangka panjang. Jumlah remunerasi Perseroan juga memperhatikan remunerasi yang berlaku di industri
yang diusulkan Dewan Komisaris kepada RUPS sejenis (peers group) dan kemampuan Perseroan.
tersebut ditetapkan dengan mempertimbangkan Implemented
peran setiap anggota Dewan Komisaris dan The Company prepares the structure, policy, and amount of
situasi ekonomi serta kinerja korporasi. Di remuneration for each member of the Board of Commissioners by taking
samping itu juga harus dipertimbangkan into account the duties, authority, performance, and responsibilities
posisinya sebagai Komisaris Utama dan ketua of the Board of Commissioners. The Company also pays attention to
serta keanggotaannya dalam komite-komite. the remuneration prevailing in similar industries (peers group) and the
The remuneration policy for members of the Company's ability.
BOC consists of a remuneration structure that
is based on sustainable corporate development
and promotes the achievement of long-term
goals. The amount of remuneration proposed
by the BOC to the GMS is based on the role of
each member of the BOC and the economic
situation and corporate performance. In
addition, it must also consider their position as
President Commissioner and chairperson and the
membership in committees.
2.2.3 Untuk memastikan bahwa paket remunerasi Diterapkan
ditentukan berdasarkan prestasi, kualifikasi Komite Tata Kelola, Nominasi, dan Remunerasi melakukan pembahasan
dan kompetensi direktur dan komisaris dengan atas remunerasi Dewan Komisaris dengan mempertimbangkan
memperhatikan kinerja operasi korporasi, kinerja informasi atas kisaran dan standar remunerasi dengan industri sejenis
individu dan kondisi pasar, Komite Nominasi (peers group) di pasaran serta kemampuan Perseroan.
dan Remunerasi memastikan bahwa terdapat Implemented
prosedur yang adil dan transparan untuk The Governance, Nomination, and Remuneration Committee discusses
menetapkan kebijakan remunerasi anggota the remuneration of the Board of Commissioners by considering
Direksi dan Dewan Komisaris. information on the range and standard of remuneration with similar
To ensure that remuneration packages are industries (peers group) in the market and the Company's capabilities.
determined based on the achievements,
qualifications and competencies of directors
and commissioners by taking into account
the performance of corporate operations,
individual performance and market conditions,
the Nomination and Remuneration Committee
ensures that there are fair and transparent
procedures for determining the remuneration
policies of members of the Board of Directors and
the Board of Commissioners.
Prinsip | Principle
3. Hubungan Kerja antara Direksi dengan Dewan Komisaris
Working Relationship between the Board of Directors and the Board of Commissioners
3.1 Sifat Hubungan Kerja
Nature of Working Relationship
3.1.1 Terdapat diskusi yang terbuka antara Direksi Diterapkan
dengan Dewan Komisaris serta di antara para Diskusi Direksi dan Dewan Komisaris melalui rapat Dewan Komisaris
anggota Direksi dan para anggota Dewan bersama dengan Direksi. Melalui rapat-rapat tersebut di antaranya,
Komisaris. Namun, tetap penting menjaga Dewan Komisaris membahas berbagai hal, di antaranya laporan tindak
kerahasiaan informasi agar tidak terjadi lanjut dari Risalah Rapat Dewan Komisaris; laporan kinerja perusahaan,
kebocoran informasi rahasia. evaluasi risiko dan peluang, dan rencana strategi. Informasi detail
There are open discussions between the Board dapat dibaca di annual report bagian Rapat Gabungan Direksi dan
of Directors and the Board of Commissioners as Dewan Komisaris.
well as among members of the Board of Directors Implemented
and members of the Board of Commissioners. The Board of Directors and the Board of Commissioners discussions
Nevertheless, it is still important to keep take place in joint meetings of the Board of Commissioners and the
information confidential to avoid data leakage. Board of Directors. Through these meetings, among others, the Board
of Commissioners discusses various matters, including follow-up
reports from the Minutes of the Board of Commissioners Meeting;
financial performance reports; and reports of committees under the
Board of Commissioners.
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No. Rekomendasi Keterangan
Recommendation Description
3.1.2 Sesuai dengan tugas dan perannya masing- Diterapkan
masing, Direksi bekerjasama dengan Dewan Strategi dan kebijakan Perseroan dalam jangka pendek dan menengah
Komisaris dalam merumuskan misi, visi dan disusun sesuai dengan tujuan dan nilai-nilai Perseroan yang telah
strategi korporasi dan secara reguler membahas ditetapkan. Secara berkala, Direksi bersama Dewan Komisaris beserta
pengimplementasiannya. jajaran manajemen senior Perseroan melakukan evaluasi berkala terhadap
In accordance with their respective duties and strategi dan kebijakan Perseroan serta implementasinya di seluruh level
roles, the Board of Directors collaborates with organisasi.
the Board of Commissioners in formulating Implemented
the mission, vision and corporate strategy and The Company's short- and long-term strategies and policies are prepared
regularly discusses its implementation. in accordance with the Company's objectives and values. Periodically, the
Board of Directors together with the Board of Commissioners and the
Company's senior management conduct evaluations of the Company's
strategies and policies and their implementation at all levels of the
organization.
3.1.3 Sekretaris Korporasi memiliki peran penting Diterapkan
dalam mendukung efektivitas hubungan Perseroan menunjuk Anggun Kara Nataya sebagai Sekretaris Perusahaan
kerja antara Direksi dengan Dewan komisaris, berdasarkan Keputusan Direksi No. 12 /SK-DIR/2025. Sekretaris Perusahaan
mendorong implementasi praktek governansi bertanggung jawab untuk mendorong implementasi praktek governansi
korporat yang baik, termasuk komunikasi yang korporat yang baik, termasuk komunikasi yang efektif dengan pemegang
efektif dengan pemegang saham dan pemangku saham dan pemangku kepentingan lainnya.
kepentingan lainnya. Implemented
The Corporate Secretary has an important role The Company appointed Anggun Kara Nataya as Corporate Secretary
in supporting the effectiveness of the working based on Board of Directors Decree No. 12/SK-DIR/2025. The Corporate
relationship between the Board of Directors and Secretary is responsible for promoting the implementation of good
the Board of Commissioners, encouraging the corporate governance practices, including effective communication with
implementation of good corporate governance shareholders and other stakeholders.
practices, including effective communication
with shareholders and other stakeholders.
3.2 Akses Informasi Dewan Komisaris
Board of Commissioners' Access to Information
3.2.1 Direksi bertanggung jawab untuk memastikan Diterapkan
Dewan Komisaris mendapatkan akses informasi Dewan Komisaris dapat berinteraksi dengan Direksi baik secara
yang akurat, relevan dan tepat waktu. Dewan langsung maupun melalui rapat Dewan Komisaris bersama Direksi yang
Komisaris sendiri memastikan bahwa ia sudah dijadwalkan maupun juga ad-hoc jika ada informasi/peristiwa
memperoleh informasi yang memadai. Direksi yang material harus disampaikan kepada Dewan Komisaris. Sekretaris
menyediakan informasi kepada Dewan Komisaris Perusahaan juga membantu Direksi menyediakan akses informasi
secara teratur, tanpa penundaan dan secara yang akurat, relevan dan tepat waktu kepada Dewan Komisaris. Hak
komprehensif tentang semua masalah yang terhadap akses informasi diatur di Piagam Dewan Komisaris.
relevan dengan korporasi. Dewan Komisaris Implemented
sewaktu- waktu dapat meminta Direksi untuk The Board of Commissioners can interact with the BOD either
memberikan informasi tambahan. directly or through the scheduled Board of Commissioners meetings
The BOD is responsible for ensuring that the with the BOD at the beginning of the year or also ad-hoc if there is
Board of Commissioners has access to accurate, material information/events that must be conveyed to the Board
relevant and timely information. The BOC itself of Commissioners. The Corporate Secretary also assists the Board
ensures that it obtains adequate information. of Directors in providing access to accurate, relevant and timely
The BOD provides information to the BOC information to the Board of Commissioners.
regularly, timely, and comprehensively on all
issues relevant to the corporation. The BOC may
at any time request the BOD to provide additional
information.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
3.3 Tanggung jawab Direksi dan Dewan Komisaris atas Dampak Struktur Kepemilikan terhadap Korporasi
Responsibility of the Board of Directors and Board of Commissioners for the Impact of Ownership Structure on the Corporation
3.3.1 Dampak struktur kepemilikan terhadap korporasi. Diterapkan
Direksi dan Dewan Komisaris mempertimbangkan Direksi dan Dewan Komisaris Perseroan senantiasa memastikan bahwa
tanggung jawabnya dalam konteks struktur struktur pemegang saham dan hubungan antar-pemegang saham
kepemilikan saham dan hubungan antar- tidak mempengaruhi pelaksanaan peran dan tanggung jawab Direksi
pemegang saham korporasi yang mungkin dan Dewan Komisaris Perseroan. Seluruh keputusan dan kebijakan
berdampak terhadap pengelolaan dan operasi yang diambil Direksi dan Dewan Komisaris perseroan diambil secara
korporasi. independen dan transparan demi kepentingan Perseroan.
Impact of ownership structure on the corporation. Implemented
The BOD and BOC consider their responsibilities The Company's Board of Directors and Board of Commissioners always
in the context of the corporation's shareholding ensure that the shareholder structure and relationships between
structure and inter-shareholder relationships shareholders do not affect the implementation of the roles and
that may impact the management and operation responsibilities of the Company's Board of Directors and Board of
of the corporation. Commissioners. All decisions and policies of the Board of Directors and
the Board of Commissioners of the Company are taken independently
and transparently for the benefit of the Company.
Prinsip | Principle
4. Perilaku Etis dan Bertanggung Jawab
Ethical and Responsible Behavior
4.1 Pedoman Etika dan Perilaku
Code of Ethics and Conduct
4.1.1 • Pernyataan ini dituangkan dalam Pedoman Diterapkan
Perilaku dan Etika Usaha yang harus secara Perseroan memiliki Kode Etik & Kode Perilaku No. POL-0001-PTVI
jelas mengungkapkan harapan korporasi dan Kebijakan Anti Korupsi No. POL-0016-PTVI yang wajib ditaati
bahwa oleh Direksi, Dewan Komisaris dan seluruh pekerja. Pelaksanaan dan
• setiap anggota Direksi dan Dewan Komisaris penerapan Kode Etik & Kode Perilaku dan Kebijakan Anti Korupsi
serta pekerja akan: menjadi tanggung jawab seluruh manajemen dan pekerja di seluruh
• Bertindak untuk kepentingan terbaik jenjang organisasi. Informasi lebih lengkap disampaikan dalam Laporan
korporasi; Tahunan ini.
• Bertindak dengan jujur dan dengan integritas
berstandar tinggi;
• Bersikap independen dan bertindak
berdasarkan informasi yang lengkap, dengan
itikad baik, dengan uji tuntas dan kehati-
hatian.
• Mematuhi peraturan perundang-undangan
yang berlaku bagi korporasi dan operasinya;
• Menghindari tindakan yang melanggar
peraturan perundang-undangan atau
tindakan yang tidak etis berdasarkan
pedoman etika korporasi;
• Tidak terlibat atau berpartisipasi dalam
kegiatan apapun yang akan menimbulkan
benturan kepentingan dengan kepentingan
terbaik korporasi atau yang akan berdampak
negatif terhadap reputasi korporasi;
• Tidak mengambil manfaat atas properti atau
informasi yang dimiliki korporasi, kepemilikan
aset lainnya atau pelanggannya untuk
kepentingan pribadi atau yang menyebabkan
kerugian bagi korporasi dan pelanggannya.
• Tidak memanfaatkan jabatannya atau
peluang yang dihasilkan oleh jabatannya
untuk kepentingan pribadi.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
• Menghindari perbuatan meminta atau
menerima dari pihak ketiga pembayaran,
gratifikasi atau keuntungan lain untuk
dirinya sendiri atau untuk orang lain yang
menimbulkan benturan kepentingan/
memberikan keuntungan kepada pihak ketiga
secara melanggar peraturan perundang-
undangan.
• Menghormati perbedaan pendapat dan hak-
hak setiap anggota Direksi, Dewan Komisaris,
dan pekerja.
• Memastikan pengungkapan yang lengkap,
adil, akurat, tepat waktu, dan dapat
dipahami dalam laporan dan dokumen yang
disampaikan korporasi kepada regulator dan
dalam komunikasi publik lainnya.
• This statement is set out in the Code of Implemented
Conduct and Business Ethics which must The Company has a Code of Ethics & Code of Conduct and Anti-Bribery
clearly express the corporation's expectation and Corruption Policy No. POL-0001-PTVI which must be adhered to
that each by the Board of Directors, Board of Commissioners and all employees.
• member of the Board of Directors and Board The implementation and application of the Code of Ethics & Code of
of Commissioners and employees will: Conduct and Anti-Bribery and Corruption Policy is the responsibility of
• Act in the best interests of the corporation; all management and employees at all levels of the organization. Further
• Act honestly and with a high standard of information is provided in this Annual Report.
integrity;
• Be independent and act based on complete
information, in good faith, with due diligence
and prudence.
• Comply with laws and regulations that apply
to the corporation and its operations;
• Avoid actions that may violate laws and
regulations or unethical actions based on
corporate ethical guidelines;
• Not engage or participate in any activity that
violates the laws and regulations. Not engage
or participate in any activity that will create
a conflict of interest with the best interests
of the corporation or that will have a negative
impact on the reputation of the corporation;
• Not take advantage of property or
information that applies to the corporation
and its operations. Not taking advantage
of property or information owned by the
corporation, ownership of other assets or its
customers for personal interests or that cause
harm to the corporation and its customers.
• Not use his position or the opportunities
generated by his position for personal gain.
• Avoid the act of requesting or receiving from
third parties payments, gratuities or other
benefits for themselves or for others that
cause conflicts of interest/providing benefits
to third parties in violation of laws and
regulations.
• Respect differences of opinion and the rights
of each member of the Board of Directors,
Board of Commissioners, and employees.
• Ensure complete, fair, accurate, timely,
and understandable disclosure in reports
and documents submitted by the
corporation to regulators and in other public
communications.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
4.1.2 Direksi menetapkan kebijakan dan praktik anti Diterapkan
pencucian uang dan pendanaan terorisme, anti Perseroan menerapkan Kebijakan Antikorupsi beserta program etika
suap, antikorupsi, antikecurangan (antifraud), dan kepatuhan dengan standar internasional dan nasional. Dalam
keterlibatan dalam politik dengan mengacu pada Kebijakan Antikorupsi juga diatur terkait larangan keterlibatan
standar nasional atau internasional mengenai Perseroan dalam politik serta keterkaitan dengan pejabat pemerintah.
anti pencucian uang, anti suap, antikorupsi, Implemented
antikecurangan atau standar terkait lainnya. The Company implements an Anti-Corruption Policy along with ethics
The Board of Directors establishes policies and and compliance programs with international and national standards.
practices on antimony laundering and terrorism The Anti-Corruption Policy also stipulates the prohibition of the
financing, anti-bribery, anticorruption, anti- Company’s involvement in politics and relationships with government
fraud, involvement in politics with reference to officials.
national or international standards regarding
anti-money laundering, anti-bribery, anti-
corruption, anti-fraud or other related standards.
4.2 Nilai – nilai dan Budaya Organisasi
Organizational Values and Culture
4.2.1 Korporasi mengartikulasikan, menumbuhkan Diterapkan
dan mengungkapkan budaya dan nilai- nilai Sejalan dengan penerapan nilai-nilai perusahaan CARES, Perseroan
korporasi. menjalankan seluruh kegiatan operasional dengan menjunjung tinggi
The corporation articulates, fosters and integritas serta berkomitmen untuk mencegah segala bentuk korupsi,
expresses corporate culture and values. suap, maupun pembayaran atau bujukan lain yang bertentangan
dengan peraturan perundang-undangan dan prinsip etika. Internalisasi
nilai dan budaya perusahaan dalam pelaksanaan pekerjaan sehari-
hari dilakukan secara berkelanjutan dan diuraikan lebih lanjut dalam
pembahasan Nilai dan Budaya Perseroan pada Laporan Tahunan ini.
Sebagai bagian dari penguatan governans, Dewan Komisaris, Direksi,
dan seluruh Pekerja diwajibkan untuk memperbarui deklarasi bebas
konflik kepentingan secara tahunan atau setiap saat apabila diperlukan.
Implemented
The Company conducts its operations with integrity and prevents
various forms of corruption and bribery as well as payments or other
inducements to commit acts that violate laws and regulations or are
unethical. The process of internalizing corporate values and culture in
daily work life that has been carried out by the Company is presented
in the discussion of Corporate Values and Culture in this Annual Report.
4.3 Komunikasi dan Penegakan Pedoman Etika, Nilai-nilai dan Budaya
Communication and Enforcement of Ethical Guidelines, Values and Culture
4.3.1 Pedoman perilaku dan kode etik korporasi Diterapkan
dikomunikasikan secara efektif kepada Direksi, Internalisasi Kode Etik & Kode Perilaku dilakukan secara berkala melalui
Dewan Komisaris, serta seluruh pekerja, berbagai media yang tersedia guna menumbuhkan kesadaran dan
diintegrasikan ke dalam strategi dan operasi pemahaman untuk menerapkan perilaku yang sesuai dengan Nilai
korporasi termasuk sistem manajemen risiko dan Utama Perseroan. Setiap tahun, anggota Dewan Komisaris, Direksi,
struktur remunerasi, serta ditegakkan. dan seluruh pekerja melakukan deklarasi konflik kepentingan dan
The corporate code of conduct and code of ethics Komitmen Antisuap dan Korupsi. Informasi lebih lengkap disampaikan
are effectively communicated to the Board of dalam Laporan Tahunan ini.
Directors, the Board of Commissioners, and all Implemented
employees, integrated into corporate strategy Internalization of the Code of Ethics & Code of Conduct is conducted
and operations including risk management periodically through various available media to foster awareness and
systems and remuneration structures, and understanding to implement behavior in accordance with the Company's
enforced. Core Values. Every year, members of the Board of Commissioners and
the Board of Directors make declarations of conflicts of interest and
Anti-Bribery and Corruption Commitments. Further information is
provided in this Annual Report.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
Prinsip | Principle
5. Manajemen Risiko, Pengendalian Internal dan Kepatuhan
Risk Management, Internal Control and Compliance
5.1 Pengendalian Internal dan Kepatuhan
Internal Control and Compliance
5.1.1 Direksi melakukan reviu secara berkala atas Diterapkan
ketepatan desain dan efektivitas operasional Direksi telah menerapkan Sistem Pengendalian Internal yang mengacu
sistem governansi, pengelolaan risiko, pada prinsip-prinsip pengendalian yang berlaku, dengan hasil evaluasi
pengendalian internal dan kepatuhan korporasi secara menyeluruh menunjukkan bahwa kualitas Sistem Pengendalian
dan melaporkan pelaksanaan dan hasil reviu Internal Perseroan telah berjalan dengan baik. Direksi dan Dewan
kepada para pemegang saham melalui laporan Komisaris menyatakan bahwa Perseroan memiliki sistem pengendalian
tahunan Korporasi. internal yang memadai dalam mengelola berbagai risiko usaha agar
The Board of Directors periodically reviews the tetap berada dalam batas toleransi risiko (risk appetite) yang telah
appropriateness of the design and operational ditetapkan, sehingga mendukung pencapaian tujuan Perseroan.
effectiveness of the Corporation's systems of Sebagai wujud komitmen nyata terhadap penguatan governans,
governance, risk management, internal control manajemen risiko, dan kepatuhan, Perseroan membentuk Komite
and compliance and reports the implementation Tata Kelola, Nominasi, dan Remunerasi (KTNR) untuk membantu
and results of the review to the shareholders Direksi dalam memastikan efektivitas penerapan sistem tersebut,
through the Corporation's annual report. sebagaimana diuraikan lebih lanjut dalam pembahasan Komite Mitigasi
Risiko dan Sistem Pengendalian Internal pada Laporan Tahunan ini.
Implemented
The implementation of the internal control system by Board of
Directors’ in accordance with the principles of control and the
evaluation conducted by the Company as a whole shows that the
quality of the Company's Internal Control System is running well. The
Board of Directors and Board of Commissioners state that the Company
has an effective and adequate internal control system in managing the
risks faced by the Company to remain within the tolerance limits (risk
appetite) in supporting the achievement of the Company's objectives
which have been communicated in the discussion of the Risk Mitigation
Committee and Internal Control System in this Annual Report.
5.2 Manajemen Risiko | Risk Management
5.2.1 Strategi dan risiko merupakan satu kesatuan, Diterapkan
diungkapkan secara transparan, masuk ke dalam Perseroan memastikan pengelolaan risiko dilaksanakan secara
pelaksanaan tugas dan tanggung jawab Direksi efektif, terintegrasi, dan transparan. Direksi bertanggung jawab atas
dan Dewan Komisaris, serta dalam diskusi di rapat penetapan strategi serta implementasi manajemen risiko, dengan
Dewan Komisaris dan Direksi. dukungan Departemen Enterprise Risk Management (ERM) yang
Strategy and risk are an integral part, melakukan pemantauan secara berkala. Dewan Komisaris menjalankan
disclosed transparently, incorporated into the fungsi pengawasan atas pengelolaan risiko Perseroan, yang didukung
implementation of the duties and responsibilities oleh Komite Mitigasi Risiko. Sebagai wujud komitmen nyata terhadap
of the Board of Directors and Board of penguatan governans, manajemen risiko, dan kepatuhan, Perseroan
Commissioners, as well as in discussions at Board membentuk Komite Tata Kelola, Nominasi, dan Remunerasi (KTNR)
meetings. untuk membantu Direksi dalam memastikan efektivitas dan kepatuhan
penerapan kerangka tersebut, melalui tinjauan berkala yang mengacu
pada standar governans yang berlaku.
Implemented
The Company ensures that risk management is effective and
transparent. The Board of Directors is responsible for risk strategy and
implementation, with the support of the Enterprise Risk Management
(ERM) Department which conducts regular monitoring. The Board of
Commissioners supervises the Company's risk management, supported
by the Risk Mitigation Committee. Periodic reviews are conducted to
ensure compliance with applicable governance standards.
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
5.2.2 Komite Pemantau Manajemen Risiko membantu Diterapkan
pelaksanaan tugas Dewan Komisaris dengan Dewan Komisaris memiliki Komite Mitigasi Risiko yang beranggotakan di
menciptakan mekanisme yang transparan, fokus, antaranya Komisaris Independen yang ditunjuk oleh Dewan Komisaris,
dan independen dalam pengawasan manajemen anggota yang diangkat oleh Dewan Komisaris. Komite Mitigasi
risiko korporasi. Risiko membantu Dewan Komisaris dalam mengawasi pelaksanaan
The Risk Management Oversight Committee manajemen risiko Perseroan di antaranya penelaahan terhadap
assists the implementation of the Board of kerangka kerja manajemen risiko, pengawasan terhadap budaya risiko
Commissioners' duties by creating a transparent, Perseroan, dan pengawasan terhadap tindak lanjut manajemen risiko
focused, and independent mechanism in the dari pemilik risiko.
oversight of corporate risk management. Implemented
The Board of Commissioners has a Risk Mitigation Committee
consisting of Independent Commissioners appointed by the Board of
Commissioners, members appointed by eligible shareholders. The Risk
Mitigation Committee assists the Board of Commissioners to oversee
the implementation of the Company's risk management, including the
review of the risk management framework, oversight of the Company's
risk culture, and oversight of risk management follow-up from risk
owners.
5.3. Integrasi Governansi, Manajemen Risiko dan Kepatuhan | Integration of Governance, Risk Management and Compliance
5.3.1 Direksi membangun sistem governansi, Diterapkan
manajemen risiko, dan kepatuhan (GRC) yang Melalui penerapan kerangka Three Lines of Defense, Direksi memastikan
terintegrasi, dengan menangani berbagai terjalinnya koordinasi yang efektif serta peningkatan kapabilitas
ketidakpastian secara terpadu dan dengan di seluruh sistem utama GRC, yang mencakup sistem governans,
integritas yang tinggi, untuk meyakinkan bahwa manajemen strategi, manajemen kinerja, manajemen risiko, manajemen
korporasi dapat mencapai tujuannya. kepatuhan, serta sistem audit internal. Dalam kerangka pengawasan,
The Board of Directors establishes an integrated Dewan Komisaris, termasuk melalui Komite Tata Kelola, Nominasi, dan
system of governance, risk management, Remunerasi, berperan dalam memastikan bahwa praktik governans
and compliance (GRC), by handling various dan pengelolaan sumber daya Perseroan selaras dengan tujuan jangka
uncertainties in an integrated manner and with panjang, sehingga Perseroan dapat mencapai tujuan secara konsisten,
high integrity, to ensure that the corporation can terarah, transparan, dan beretika.
achieve its objectives. Implemented
Through the Three Lines of Defense, the Board of Directors ensures
coordination and capacity building among key GRC systems including
governance, strategic management, performance management, risk
management, compliance management, and internal audit systems
to ensure the company can achieve its objectives consistently,
purposefully, transparently, and ethically.
5.3.2 Direksi memastikan bahwa bagian yang Diterapkan
membawahi fungsi kepatuhan tidak merangkap Bagian yang membawahi fungsi kepatuhan tidak merangkap
melaksanakan fungsi yang berpotensi melaksanakan fungsi yang berpotensi menimbulkan benturan
menimbulkan benturan kepentingan. kepentingan.
The Board of Directors ensures that the section Implemented
in charge of the compliance function does not The section in charge of the compliance function does not concurrently
concurrently carry out functions that have the carry out functions that have the potential to cause conflicts of
potential to cause conflicts of interest. interest.
5.4. Audit Internal | Internal Audit
5.4.1 Dewan Komisaris melalui Komite Audit memantau Diterapkan
dan memastikan bahwa fungsi audit internal Dewan Komisaris memiliki Komite Audit yang memastikan pelaksanaan
membantu korporasi untuk mencapai tujuannya tugas audit internal telah dilakukan secara objektif dan independen.
dengan membawa pendekatan yang objektif dan Pengangkatan dan pemberhentian Kepala Internal Audit telah memenuhi
disiplin untuk mengevaluasi dan meningkatkan Anggaran Dasar dan peraturan yang berlaku dengan memperhatikan
efektivitas manajemen risiko, pengendalian rekomendasi dari Komite Tata Kelola, Nominasi, dan Remunerasi. Informasi
internal, dan governansi korporat. lebih lengkap disampaikan dalam Laporan Tahunan ini.
The Board of Commissioners through the Audit Implemented
Committee monitors and ensures that the The Board of Commissioners has an Audit Committee that ensures the
internal audit function helps the corporation to implementation of internal audit tasks has been carried out objectively
achieve its objectives by introducing an objective and independently. The appointment and dismissal of the Head of Internal
and disciplined approach to evaluate and improve Audit has complied with applicable regulations by taking into account the
the effectiveness of risk management, internal recommendations of the Governance, Nomination, and Remuneration
control, and corporate governance. Committee, and internal audit has direct access to the Audit Committee.
Further information is provided in this Annual Report.
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Analisis dan Pembahasan Manajemen Tata Kelola Perusahaan yang Baik Tanggung Jawab Sosial dan Lingkungan
Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
Prinsip | Principle
6. Pengungkapan dan Transparansi | Disclosure and Transparency
6.1 Kebijakan Pengungkapan | Disclosure Policy
6.1.1 Korporasi memiliki kebijakan dan prosedur Diterapkan
pengungkapan dan transparansi yang Perseroan telah memiliki kebijakan yang mengatur pengungkapan
memastikan pengungkapan informasi material informasi material dan menjaga informasi sensitif serta rahasia, serta
dan menjaga informasi sensitif serta rahasia kewajiban pengungkapan/keterbukaan informasi yang tertuang dalam
korporasi. Kode Etik dan Perilaku.
The corporation has disclosure and transparency Implemented
policies and procedures that secure the disclosure The Company has a policy governing the disclosure of material
of material information and safeguard sensitive information and safeguarding sensitive and confidential information,
information and corporate secrets. as well as disclosure obligations which stipulated in the Code of Ethics
and Conduct.
6.1.2 Hak pemegang saham untuk memperoleh secara Diterapkan
teratur dan tepat waktu informasi material yang Perseroan telah menyusun aturan mengenai hak pemegang saham atas
relevan tentang korporasi harus dipenuhi. informasi. Perseroan senantiasa memastikan seluruh pemegang saham
The right of shareholders to obtain relevant memiliki hak yang sama dalam menerima informasi material secara
material information about the corporation on a benar, tepat waktu, berkala dan sesuai peraturan yang berlaku.
regular and timely basis shall be fulfilled. Implemented
The Company always ensures that all shareholders have the same
rights to receive material information correctly, promptly, periodically,
and in accordance with applicable regulations.
6.2 Laporan Keuangan dan Keberlanjutan | Financial Statements and Sustainability
6.2.1 Korporasi mengungkapkan sistem dan prosedur Diterapkan
untuk memastikan bahwa laporan keuangan Perseroan memiliki sistem dan prosedur yang mengatur pengendalian
interim yang tidak diaudit atau direviu oleh internal atas pelaporan keuangan, termasuk laporan keuangan
auditor eksternal secara material adalah akurat, interim, peran fungsi manajemen risiko/kepatuhan/ pengawasan
lengkap, dan memberikan investor informasi manajemen dan fungsi audit internal dalam memastikan integritas
yang tepat untuk membuat keputusan investasi laporan keuangan interim, dan peran Komite Audit dalam mereviu
yang tepat. laporan keuangan yang akan dipublikasikan oleh Perseroan. Komite
The corporation discloses systems and procedures Audit Perseroan memastikan kualitas audit laporan keuangan
to ensure that interim financial statements that yang dilaksanakan oleh auditor eksternal. Kegiatan ini termasuk
are not materially audited or reviewed by external merekomendasikan penunjukan, penunjukan kembali dan, jika perlu,
auditors are accurate, complete, and shall provide pemberhentian dan remunerasi auditor eksternal. Laporan Tahunan
investors with appropriate information to make Perseroan telah mencantumkan kinerja historis dalam konteks dan
informed investment decisions. menggambarkan risiko, peluang, dan prospek korporasi di masa depan.
Implemented
The Company has systems and procedures pertaining to internal
control over financial reporting, including interim financial statements,
the role of risk management/compliance/ management oversight and
internal audit functions to ensure the integrity of interim financial
statements, and the role of the Audit Committee in reviewing financial
statements that will be published by the Company. The Company's
Audit Committee ensures the quality of financial statement audits
conducted by external auditors. This includes recommending the
appointment, re-appointment and, if necessary, dismissal and
remuneration of the external auditors. The Company's Annual Report
has put historical performance in context and described the risks,
opportunities, and future prospects of the corporation.
2025 Annual Report 355
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
6.2.2 Komite Audit memastikan kualitas audit Diterapkan
laporan keuangan yang dilaksanakan oleh Berdasarkan Piagam Komite Audit, Komite Audit memiliki tanggung
auditor eksternal. Kegiatan ini termasuk jawab untuk memastikan kualitas pelaksanaan audit atas Laporan
merekomendasikan penunjukan, penunjukan Keuangan yang dilakukan oleh auditor eksternal, serta memberikan
kembali dan, jika perlu, pemberhentian dan rekomendasi kepada Dewan Komisaris terkait penunjukan, penunjukan
remunerasi auditor eksternal. kembali, pemberhentian, dan penetapan remunerasi auditor eksternal.
The Audit Committee ensures the quality of
the financial statement audit conducted by the Perseroan telah mematuhi ketentuan perundang-undangan, termasuk
external auditor. This includes recommending the di antaranya dalam proses penunjukan auditor eksternal guna
appointment, re-appointment and, if necessary, menghasilkan kualitas audit laporan keuangan perseroan; di mana
dismissal and remuneration of the external Komite Audit Perseroan memiliki peran vital untuk menyampaikan
auditor. rekomendasinya.
Implemented
Pursuant to the Audit Committee Charter, the Audit Committee
is responsible for ensuring the quality of the audit of the Financial
Statements conducted by the external auditor, as well as for providing
recommendations to the Board of Commissioners regarding the
appointment, reappointment, dismissal, and determination of
remuneration for the external auditor.
The Company has complied with statutory provisions, including in
the process of appointing external auditors to produce quality audits
of the Company's financial statements; where the company's Audit
Committee has a vital role in submitting its recommendations.
6.2.3 Laporan keberlanjutan harus disiapkan dan Diterapkan
diungkapkan dengan akurat dan disusun sesuai Perseroan menyiapkan dan menyampaikan Laporan Keberlanjutan
kerangka pelaporan keberlanjutan nasional atau yang disiapkan dan diungkapkan dengan akurat dan disusun sesuai
internasional. kerangka pelaporan keberlanjutan.
Sustainability reports shall be prepared and Implemented
disclosed accurately and in accordance with The Company prepares and submits a Sustainability Report that is
national or international sustainability reporting accurately prepared and disclosed in accordance with the sustainability
frameworks. reporting framework.
6.2.4 Korporasi menerbitkan laporan tahunan secara Diterapkan
terintegrasi yang menempatkan kinerja historis Perseroan menerbitkan laporan tahunan secara terintegrasi yang
ke dalam konteks dan menggambarkan risiko, menempatkan kinerja historis ke dalam konteks dan menggambarkan
peluang, dan prospek korporasi di masa depan, risiko, peluang, dan prospek korporasi di masa depan.
sehingga membantu pemegang saham dan Implemented
pemangku kepentingan memahami tujuan The Company publishes an integrated annual report that puts historical
strategis korporasi dan kemajuannya dalam performance into context and describes the risks, opportunities and
menciptakan nilai yang berkelanjutan. future prospects of the corporation.
The corporation publishes an integrated annual
report that incorporates historical performance
into context and describes the corporation's
risks, opportunities and future prospects,
thereby helping shareholders and stakeholders
understand the corporation's strategic objectives
and its progress in creating sustainable value.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
6.3 Diseminasi Informasi | Information Dissemination
6.3.1 Saluran penyebaran informasi harus menyediakan Diterapkan
akses yang setara, tepat waktu, dan relatif murah Perseroan secara berkala memperbarui dan memberikan kemudahan
untuk informasi yang relevan bagi pengguna. akses informasi seputar aktivitas dan kinerjanya kepada para pemangku
kepentingan agar mengetahui kondisi Perseroan secara jelas dan
terbuka.
Berbagai kanal komunikasi yang tersedia termasuk media sosial, situs
web, email blast dan paparan publik bagi nasabah dan publik, siaran
pers, serta kanal komunikasi khusus internal untuk pekerja Perseroan,
di antaranya:
• Press Release dan Public Expose Tahunan.
• Situs web dan media sosial yang dimiliki Perseroan (Facebook,
Instagram, X (Twitter), Youtube, dan LinkedIn) dan siaran pers.
Pernyataan terhadap penerapan PUGKI tersedia di Laporan Tahunan
yang dimuat pada situs web Perseroan.
Information dissemination channels should Implemented
provide equal, timely, and relatively inexpensive The Company regularly updates and provides easy access to information
access to information relevant to users. about its activities and performance to stakeholders to understand
the Company's condition clearly and openly. Various communication
channels are available including social media, website, email blasts and
public exposures for customers and the public, press releases, as well
as special internal communication channels for Company employees,
including:
• Press Release and Annual Public Expose.
• Company-owned websites and social media (Facebook, Instagram,
X (Twitter), YouTube, and LinkedIn) and press releases. A statement
on the implementation of PUGKI is available in the Annual Report
published on the Company's website.
6.3.2 Korporasi memastikan bahwa pernyataan Penjelasan
tahunan terhadap penerapan Pedoman Umum Saat ini pernyataan tahunan terhadap penerapan Pedoman Umum
Governansi Korporat Indonesia, termasuk Governansi Korporat Indonesia serta penjelasan atas masing-masing
penjelasan atas penerapan atas masing-masing rekomendasi
Rekomendasi dan Panduan tersedia di situs web terdapat pada Laporan Tahunan Perseroan tahun 2025 yang dimuat
selama jangka waktu minimal lima tahun. dalam situs web Perseroan.
The Corporation ensures that an annual statement Explain
on the implementation of the Indonesian General Currently, the annual statement on the implementation of the
Corporate Governance Guidelines, including an Indonesian Corporate Governance Code and the explanation of each
explanation of the implementation of each of the recommendation is contained in the Company's 2025 Annual Report
Recommendations and Guidelines is available on which will be posted on the Company's website.
the website for a minimum period of five years.
6.3.3 Untuk korporasi yang terdaftar di pasar modal Penjelasan
di yurisdiksi selain yurisdiksi asal, peraturan Perseroan tidak terdaftar pada pasar modal di yurisdiksi lain selain di
perundang-undangan atas governansi korporat Bursa Efek Indonesia.
yang berlaku harus di diungkapkan dengan jelas. Explain
Dalam hal cross listing, kriteria dan prosedur cross The Company is not listed on the capital market in any other jurisdiction
listing, kriteria dan prosedur untuk mengakui other than the Indonesia Stock Exchange.
persyaratan listing untuk listing utama harus
transparan dan didokumentasikan.
For corporations listed on a capital market in
a jurisdiction aside from home jurisdiction,
the applicable corporate governance laws and
regulations should be clearly disclosed. In the
case of cross listing, the cross-listing criteria
and procedures, criteria and procedures for
recognizing the listing requirements for the
primary listing should be transparent and
documented.
2025 Annual Report 357
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
Prinsip | Principle
7. Perlindungan terhadap Hak-Hak Pemegang Saham | Protection of Shareholder Rights
7.1 Hak Pemegang Saham
Shareholder Rights
7.1.1 Korporasi memiliki suatu kebijakan komunikasi Diterapkan
yang memfasilitasi dan mendorong partisipasi PT Vale telah memiliki kebijakan internal yang antara lain mengatur
pemegang saham atau investor. tentang prosedur korespondensi dengan pemegang saham atau
The corporation has a communication policy investor.
that facilitates and encourages shareholder or Implemented
investor participation. PT Vale has an internal policy that, among others, regulates the
procedure for correspondence with shareholders or investors.
7.1.2 Korporasi yang merupakan entitas induk Penjelasan
memastikan bahwa kebijakan governansi Perseroan tidak memiliki entitas anak usaha yang dikendalikan.
korporatnya berlaku bagi entitas anak dan Explain
entitas sepengendali yang di dalamnya investasi In the future, the Company will implement a governance policy for its
korporasi adalah signifikan. subsidiaries.
Corporations that are parent entities ensure
that their corporate governance policies apply
to subsidiaries and entities under common
control in which the corporation has a significant
investment.
7.1.3 Korporasi memiliki aturan dan prosedur yang Diterapkan
mengatur akuisisi, pengambilalihan, dan transaksi Perseroan telah memiliki panduan untuk dalam pengambilan keputusan
luar biasa seperti merger dan penjualan aset terkait investasi yang mencakup akuisisi, pengambilalihan, dan
korporasi yang substansial untuk memastikan transaksi luar biasa seperti merger dan penjualan aset korporasi yang
transaksi terjadi secara transparan dan dalam substansial untuk memastikan transaksi terjadi secara transparan dan
kondisi yang wajar dan melindungi hak-hak dalam kondisi yang wajar dan melindungi hak-hak semua pemegang
semua pemegang saham sesuai dengan kelasnya. saham. Perseroan senantiasa mematuhi ketentuan yang berlaku di
The corporation has rules and procedures bidang pasar modal untuk melindungi hak-hak pemegang saham dan
governing acquisitions, takeovers, and pemangku kepentingan lainnya.
extraordinary transactions such as mergers and Implemented
sales of substantial corporate assets to ensure The Company will develop an investment policy covering acquisitions,
transactions occur transparently and under takeovers, and extraordinary transactions such as mergers and sales of
fair conditions and protect the rights of all substantial corporate assets to ensure transactions occur transparently
shareholders according to class and under fair conditions and protect the rights of all shareholders.
However, the Company always complies with applicable provisions
in the capital market to protect the rights of shareholders and other
stakeholders.
7.2 Perlakuan Adil terhadap Pemegang Saham
Fair Treatment of Shareholders
7.2.1 Korporasi memiliki aturan dan prosedur yang Diterapkan
memastikan a). semua pemegang saham dari Sesuai dengan Anggaran Dasar Perseroan, saham Perseroan terdiri dari
seri yang sama dalam satu kelas saham harus saham biasa. Pemegang Saham dari saham biasa memiliki hak yang
diperlakukan setara, b). pengungkapan aturan sama yakni masing-masing saham memiliki hak atas satu suara.
dan prosedur tersebut serta pengungkapan Implemented
struktur modal dan pengaturan yang In accordance with the Company's Articles of Association, the
memungkinkan pemegang saham tertentu Company's shares consist of ordinary shares. Shareholders of ordinary
memperoleh pengaruh atau kendali yang tidak shares have equal rights, namely each share is entitled to one vote.
proporsional dengan kepemilikan sahamnya.
The corporation has rules and procedures that
ensure a). all shareholders of the same series
in a class of shares shall be treated equally, b).
disclosure of such rules and procedures as well as
disclosure of capital structure and arrangements
that allow certain shareholders to obtain
influence or control disproportionate to their
shareholding.
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Management Discussion and Analysis Good Corporate Governance Social and Environmental Responsibility
No. Rekomendasi Keterangan
Recommendation Description
7.2.2 Korporasi memiliki aturan dan prosedur yang Diterapkan
memastikan transaksi pihak berelasi disetujui Perseroan memiliki aturan dan prosedur serta senantiasa memastikan
dan dilaksanakan sedemikian rupa yang dapat transaksi berelasi disetujui dan dilaksanakan tidak memiliki benturan
meyakinkan bahwa benturan kepentingan kepentingan serta kepentingan Perseroan dan pemegang saham telah
telah dikelola dengan tepat, dan melindungi terlindungi.
kepentingan korporasi dan pemegang saham. Implemented
The corporation has rules and procedures that The Company has rules and procedures and always ensures that
ensure related party transactions are approved related transactions are approved and implemented without conflict
and executed in a manner that ensures conflicts of interest and the interests of the Company and shareholders are
of interest are appropriately managed, and protected.
protects the interests of the corporation and
shareholders.
7.2.3 Korporasi memiliki dan mengungkapkan kebijakan Diterapkan
untuk mencegah terjadinya insider trading. Perseroan memiliki standar Perdagangan Efek dan Informasi Material
Korporasi memiliki aturan yang jelas mengenai (Securities Trading and Material Information Standard), yang antara
perdagangan apa pun dalam saham korporasi lain mengatur larangan penggunaan Informasi Orang Dalam (Insider
yang dilakukan oleh direktur, komisaris dan orang Trading) dalam transaksi pribadi surat berharga oleh pekerja serta
dalam untuk memastikan bahwa siapapun tidak anggota Dewan Komisaris dan Direksi Perseroan.
boleh mendapatkan keuntungan secara langsung Implemented
atau tidak langsung dari informasi yang tidak/ The Company has a Securities Trading and Material
belum tersedia di pasar. Information Standard, which among other things regulates
The Corporation has and discloses policies to the prohibition on the use of Insider Trading in personal
prevent insider trading. The corporation has clear securities transactions by employees and members of the
rules regarding any trading in the corporation's Company's Board of Commissioners and Board of Directors.
shares by directors, commissioners and insiders
to ensure that no one may benefit directly or
indirectly from information that is not/not yet
available in the market.
7.3 Rapat Umum Pemegang Saham
General Meeting of Shareholders
7.3.1 Korporasi melakukan panggilan RUPS dengan Penjelasan
agenda dan materi RUPS selengkap dan sedini Perseroan senantiasa memenuhi ketentuan perundang-undangan
mungkin (paling lambat 28 hari sebelum RUPS) dalam proses RUPS, termasuk panggilan dan bahan materi sehubungan
untuk memberikan waktu dan materi yang cukup dengan mata acara rapat melalui sarana elektronik di situs web
bagi pemegang saham untuk mempelajari dengan perseroan, situs web bursa efek Indonesia, dan situ web penyelenggara
baik agenda rapat. Undangan rapat dan seluruh E-RUPS (KSEI).
informasi RUPS diungkapkan melalui sarana Explain
elektronik seperti melalui situs web korporasi. The Company always complies with statutory provisions in the GMS
The Corporation shall issue a summons to the process, including calls and materials related to the meeting agenda
GMS with the agenda and materials of the GMS through electronic means on the company's website, the Indonesia
as complete and early as possible (at least 28 Stock Exchange website, and the E-RUPS organizer (KSEI) website.
days prior to the GMS) to allow sufficient time
and materials for shareholders to properly
study the agenda of the meeting. Meeting
invitations and all GMS information are disclosed
through electronic means such as through the
corporation's website.
7.3.2 Korporasi memiliki dan mengungkapkan aturan Diterapkan
dan prosedur yang memfasilitasi pemegang Perseroan senantiasa mengungkapkan tata tertib mengenai ketentuan
saham dalam berpartisipasi dan memberikan kuorum kehadiran, pengambilan keputusan dan tata cara pemungutan
suara secara efektif di RUPS. suara dalam RUPS maupun pemungutan suara secara elektronik.
The corporation has and discloses rules and Implemented
procedures that facilitate shareholders in The Company always discloses the rules of procedure regarding
participating and voting effectively at the AGM. the provisions of attendance quorum, decision making and voting
procedures in the GMS and electronic voting.
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. Rekomendasi Keterangan
Recommendation Description
7.3.3 Pemegang saham berpartisipasi efektif dalam Diterapkan
menetapkan penunjukan anggota Direksi dan Pemegang saham berpartisipasi efektif dalam menetapkan penunjukan
Dewan Komisaris. anggota Direksi dan Dewan Komisaris melalui RUPS.
Shareholders participate effectively to appoint Implemented
members of the Board of Directors and Board of The appointment of members of the Board of Directors and the Board
Commissioners. of Commissioners always complies with the provisions and Charter of
the Governance, Nomination, and Remuneration Committee of the
Company.
7.3.4 Korporasi memastikan transparansi dan Diterapkan
akuntabilitas auditor eksternal di RUPS. Perseroan senantiasa memenuhi ketentuan perundang-undangan
The Corporation ensures transparency and atas proses penunjukan auditor eksternal Perseroan di RUPS guna
accountability of the external auditor at the memastikan transparansi dan akuntabilitas.
AGM. Implemented
The Company always complies with statutory provisions on the
appointment process of the Company's external auditor to ensure
transparency and accountability.
7.3.5 Penyampaian hasil pemungutan suara dan Penjelasan
ringkasan risalah RUPS secara lengkap Perseroan menyampaikan ringkasan risalah rapat termasuk hasil
diumumkan ke publik pada hari kerja berikutnya. pemungutan suara kepada publik sesuai ketentuan perundang-
The voting results and a full summary of the undangan yang berlaku.
minutes of the GMS are made public on the next Explain
business day. The Company submits a summary of the minutes of the meeting
including the voting results to the public in accordance with the
prevailing laws and
regulations.
Prinsip | Principle
8. Pemangku Kepentingan Lainnya | Other Stakeholders
8.1 Keterlibatan Pemangku Kepentingan Kunci | Key stakeholder engagement
8.1.1 Korporasi melalui Sekretaris Korporasi Diterapkan
melaksanakan komunikasi yang regular, Sekretaris Perusahaan telah melaksanakan fungsi untuk memastikan
transparan dan efektif dengan pemangku komunikasi yang regular, transparan dan efektif dengan pemangku
kepentingan kunci serta melibatkan mereka kepentingan kunci serta melibatkan mereka untuk memahami harapan
untuk memahami harapan dan keluhan mereka dan keluhan mereka serta dampak korporasi terhadap mereka.
serta dampak korporasi terhadap mereka. Implemented
The Corporation through the Corporate Secretary The Corporate Secretary has carried out the function of ensuring
carries out regular, transparent and effective regular, transparent and effective communication with key
communication with key stakeholders and stakeholders and engaging them to understand their expectations and
engages them to understand their expectations grievances as well as
and grievances and the impact of the corporation the corporate impact on them.
on them.
8.2 Integrasi Keberlanjutan dalam Model Bisnis
Integration of Sustainability in the Business Model
8.2.1 Dewan Komisaris bersama-sama dengan Diterapkan
Direksi bertanggung jawab, akuntabel dan Dewan Komisaris bersama-sama dengan Direksi senantiasa memastikan
transparan atas governansi keberlanjutan, bahwa strategi, prioritas, dan target keberlanjutan korporasi serta
termasuk menetapkan strategi, prioritas, dan kinerja terhadap target ini dikomunikasikan kepada para pemangku
target keberlanjutan korporasi. Direksi dan kepentingan sebagaimana dilaporkan dalam Laporan Keberlanjutan.
Dewan Komisaris memasukkan pertimbangan Implemented
keberlanjutan ketika menjalankan perannya, The Board of Directors always ensures that corporate sustainability
termasuk antara lain dalam pengembangan dan strategies, priorities and targets as well as performance against
implementasi strategi korporasi, rencana bisnis, these targets are communicated to stakeholders as reported in the
rencana aksi utama dan manajemen risiko. Sustainability Report.
The BOC together with the BOD are responsible,
accountable and transparent for sustainability
governance, including setting corporate
sustainability strategies, priorities and targets.
The BOD and BOC incorporate sustainability
considerations when performing their roles,
including among others in the development and
implementation of corporate strategies, business
plans, key action plans and risk management.
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Tanggung Jawab
Sosial dan Lingkungan
Social and Environmental Responsibility
Informasi perihal kegiatan tanggung jawab sosial dan lingkungan (TJSL) berdasarkan POJK No. 51/
POJK.03/2017 dan selaras dengan SEOJK No. 16/SEOJK.04/2021, disampaikan secara terpisah pada Laporan
Keberlanjutan 2025 PT Vale yang diterbitkan bersamaan dengan Laporan Tahunan 2025 Perseroan.
Information regarding corporate social and environmental responsibility (CSER) activities, in accordance with
POJK No. 51/POJK.03/2017 and in line with SEOJK No. 16/SEOJK.04/2021, is presented separately in PT Vale’s
2025 Sustainability Report, which is published alongside the Company’s 2025 Annual Report.
2025 Annual Report 361
Page 362
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Referensi SEOJK 16/POJK.04/2021: Bentuk dan Isi
Laporan Emiten atau Perusahaan Publik
Reference to SEOJK 16/POJK.04/2021: Form and Content
of Reports of Issuers or Public Companies
No. URAIAN ISI LAPORAN TAHUNAN HALAMAN
Description of Content of the Annual Report Page
Ikhtisar Data Keuangan Penting Financial Highlights
1 Ikhtisar data keuangan penting memuat informasi keuangan yang disajikan dalam bentuk
perbandingan selama 3 tahun buku atau sejak memulai usahanya jika Emiten atau Perusahaan Publik
tersebut menjalankan kegiatan usahanya kurang dari 3 tahun, paling sedikit memuat, pendapatan,
laba (rugi), jumlah aset, liabilitas, ekuitas, dan rasio-rasio keuangan. 15-17
Financial information is presented in a comparative form over a period of 3 (three) financial years; if
the Issuer or Public Company has been established less than 3 years, the information shall include at
least includes revenue, profit (loss), total assets, liabilities; equity, and financial ratios.
Informasi Saham Information on Shares
1 Saham yang telah diterbitkan untuk setiap masa Issued shares for each quarter presented in a
triwulan yang disajikan dalam bentuk perbandingan comparative form of at least 2 financial years
selama 2 tahun buku terakhir, paling sedikit at least include:
memuat:
a) jumlah saham yang beredar; a) number of outstanding shares;
b) kapitalisasi pasar berdasarkan harga pada bursa b) market capitalization based on the price
efek tempat saham dicatatkan; at the Stock Exchange where the shares
are listed;
c) harga saham tertinggi, terendah, dan penutupan c) the highest, lowest, and closing share 22-24
berdasarkan harga pada bursa efek tempat price based on the Stock Exchange where
saham dicatatkan; dan the shares are listed; and
d) volume perdagangan pada bursa efek tempat d) trading volume at the Stock Exchange
saham dicatatkan. where the shares are listed.
Informasi dalam huruf b), huruf c) dan huruf d) Information in point b), point c), and point
hanya diungkapkan jika sahamnya tercatat di bursa d) only be disclosed if the Issuer is a public
efek. company whose shares is listed in the Stock
Exchange;
2 Dalam hal terjadi aksi korporasi yang menyebabkan terjadinya perubahan pada saham, seperti
pemecahan saham (stock split), penggabungan saham (reverse stock), dividen saham, saham bonus,
perubahan nilai nominal saham, penerbitan efek konversi, serta penambahan dan pengurangan
modal, informasi saham sebagaimana dimaksud pada angka 1. 25
In the event of corporate action causes changes in shares such as stock split, reverse stock, stock
dividend, bonus shares, changes in the nominal value of shares, issuance of conversion stock, and
increasing and decreasing interests; information on shares as stated in point 1.
3 Dalam hal terjadi penghentian sementara perdagangan saham (suspension) dan/atau pembatalan
pencatatan saham (delisting) dalam tahun buku, dijelaskan alasan penghentian sementara
perdagangan saham (suspension) dan/atau pembatalan pencatatan saham (delisting) tersebut. 25
In the event of suspension and/or delisting in the financial year, the Issuer or Public Company shall
explain the reasons for the suspension and/or delisting.
4 Dalam hal penghentian sementara perdagangan saham (suspension) sebagaimana dimaksud pada
angka 3, dan/atau proses pembatalan pencatatan saham (delisting) masih berlangsung hingga akhir
periode Laporan Tahunan, dijelaskan tindakan yang dilakukan untuk menyelesaikan penghentian
sementara perdagangan saham (suspension) dan/atau pembatalan pencatatan saham (delisting)
25
tersebut.
In the event that suspension and/or delisting as referred to point 3 is still ongoing until the end of
the Annual Report period, the Issuer or Public Company shall explain the actions taken to resolve the
suspension and/or delisting.
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No. URAIAN ISI LAPORAN TAHUNAN HALAMAN
Description of Content of the Annual Report Page
Laporan Direksi Report of the Board of Directors
1 Kinerja Emiten atau Perusahaan Publik, paling Performance of Issuer or Public Company, at
sedikit memuat: least includes:
a) strategi dan kebijakan strategis;: a) strategies and Strategic Policy:
b) peranan Direksi dalam perumusan strategi dan b) the role of the Board of Directors in the
kebijakan strategis; formulation of strategies and strategic
policy;
27-38
c) proses yang dilakukan Direksi untuk memastikan c) processes carried out by the Board of
implementasi strategi; Directors to ensure the implementation of
strategies and strategic policy;
d) perbandingan antara hasil yang dicapai dengan d) comparison between realization and
yang ditargetkan; target; and
e) kendala yang dihadapi. e) obstacle faced by Issuer or Public Company.
2 Gambaran tentang prospek usaha Emiten atau Perusahaan Publik.
38-41
Views on business prospect of Issuer or Public Company; and
3 Penerapan tata kelola Emiten atau Perusahaan Publik.
41-42
Implementation of good governance of Issuer or Public Company.
Laporan Dewan Komisaris Report of the Board of Commissioners
1 Penilaian terhadap kinerja Direksi mengenai pengelolaan Emiten atau Perusahaan Publik, termasuk
pengawasan Dewan Komisaris dalam perumusan dan implementasi strategi yang dilakukan oleh
Direksi.
44-47
Performance evaluation of the Board of Directors regarding management of Issuer or Public Company,
including the supervision of the Board of Commissioners in the formulation and implementation of
strategies for Issuers or Public Company carried out by the Board of Directors.
2 Pandangan atas prospek usaha yang disusun oleh Direksi.
48-49
Views on business prospect of Issuer or Public Company prepared by the Board of Directors.
3 Pandangan atas penerapan tata kelola Emiten atau Perusahaan Publik.
48-49
Views on the implementation of governance of Issuer or Public Company.
Profil Emiten atau Perusahaan Publik Profile of Issuer or Public Company
1 Nama Emiten atau Perusahaan Publik termasuk apabila terdapat perubahan nama, alasan perubahan,
dan tanggal efektif perubahan nama pada tahun buku.
54
Name of Issuer or Public Company, including name change, reason of the change, and effective date
of the name change in the financial year.
2 Akses terhadap Emiten atau Perusahaan Publik termasuk kantor cabang atau kantor perwakilan yang
memungkinkan masyarakat dapat memperoleh informasi mengenai Emiten atau Perusahaan Publik,
meliputi alamat, nomor telepon, alamat surat elektronik, dan alamat situs web.
80
Access to Issuer or Public Company, including branch office or representative office that allows public
to obtain information regarding Issuer or Public Company, including: address; phone number, email
address, and web address.
3 Riwayat singkat Emiten atau Perusahaan Publik.
56
Brief history of Issuer or Public Company.
4 Visi dan misi Emiten atau Perusahaan Publik serta budaya perusahaan (corporate culture) atau nilai-
nilai perusahaan. 64-65
Vision and mission of Issuer or Public Company and its corporate culture or values;
5 Kegiatan usaha menurut anggaran dasar terakhir, kegiatan usaha yang dijalankan pada tahun buku,
serta jenis barang dan/atau jasa yang dihasilkan.
66-67
Business activities according to the latest article of association, business activities conducted within
the financial year, and type of goods and/or services.
2025 Annual Report 363
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. URAIAN ISI LAPORAN TAHUNAN HALAMAN
Description of Content of the Annual Report Page
6 Wilayah operasional Emiten atau Perusahaan Publik; wilayah operasional merupakan wilayah atau
daerah pelaksanaan kegiatan operasional atau jangkauan dari kegiatan operasional perusahaan.
68-71
Operational area of Issuer or Public Company; operational area is an area or region for carrying out
operational activities or the range of operational activities.
7 Struktur organisasi Emiten atau Perusahaan Publik dalam bentuk bagan, paling sedikit sampai
dengan struktur satu tingkat di bawah Direksi termasuk komite di bawah Direksi (jika ada) dan komite
di bawah Dewan Komisaris, disertai dengan nama dan jabatan.
82-83
Organizational structure of Issuer or Public Company in the form of a chart, at least until 1 (one)
level below the Board of Directors, including committees under the Board of Directors (if any) and
committees under the Board of Commissioners, along with name and position.
8 Daftar keanggotaan asosiasi industri baik dalam skala nasional maupun internasional yang berkaitan
dengan penerapan keuangan berkelanjutan.
117
A list of industry association memberships on a national and international scale related to the
implementation of sustainable finance.
9 Profil Direksi, paling sedikit memuat: Profile of the Board of Directors, at least includes:
a) nama dan jabatan yang sesuai dengan tugas a) name and position in accordance with the
dan tanggung jawab; duties and responsibilities;
b) foto terbaru; b) recent photograph;
c) usia; c) age;
d) kewarganegaraan; d) citizenship;
e) riwayat pendidikan dan/atau sertifikasi e) education background and/or certification;
f) riwayat jabatan, meliputi informasi: f) position history, including information on:
• dasar hukum pengangkatan; • legal basis of appointment as a member of
the Board of Directors of Issuer or Public
Company;
• rangkap jabatan; • concurrent positions; 86-93
• pengalaman kerja beserta periode • work experience and period of service
waktunya baik di dalam maupun di luar inside and outside Issuer or Public
Emiten atau Perusahaan Publik; Company;
g) hubungan afiliasi dengan anggota Direksi g) affiliation with other members of the
lainnya, anggota Dewan Komisaris, pemegang Board of Directors, members of the Board
saham utama, dan pengendali baik langsung of Commissioners, major and controlling
maupun tidak langsung; dan shareholders, either directly or indirectly to
individual owners.
h) perubahan komposisi anggota Direksi dan h) changes in the composition of members of
alasan perubahannya. the Board of Directors and the reasons for
the changes.
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Description of Content of the Annual Report Page
10 Profil Dewan Komisaris, paling sedikit memuat: Profile of the Board of Commissioners, at least
includes:
a) nama dan jabatan; a) name and position in accordance with the
duties and responsibilities;
b) foto terbaru; b) recent photograph;
c) usia; c) age;
d) kewarganegaraan; d) citizenship;
e) riwayat pendidikan dan/atau sertifikasi; e) education background and/or certification;
f) riwayat jabatan, meliputi informasi: f) position history, including information on:
• dasar hukum pengangkatan sebagai • legal basis for appointment as a member
anggota Dewan Komisaris; of the Board of Commissioners;
• dasar hukum pengangkatan pertama kali
sebagai anggota Dewan Komisaris yang
merupakan komisaris independen;
• rangkap jabatan; dan • concurrent positions; 94-104
• pengalaman kerja beserta periode • work experience and period of service
waktunya baik di dalam maupun di luar inside and outside Issuer or Public
Emiten atau Perusahaan Publik; Company;
g) hubungan afiliasi dengan anggota Dewan g) affiliation with other members of the Board
Komisaris lainnya, pemegang saham utama, of Commissioners, major and controlling
dan pengendali baik langsung maupun tidak shareholders, either directly or indirectly to
langsung; individual owners.
h) pernyataan independensi komisaris h) independence statement of the independent
independen dalam hal komisaris independen commissioner in the event that the
telah menjabat lebih dari 2 periode; dan independent commissioner has served for
more than 2 terms; and
i) perubahan komposisi anggota Dewan i) changes in the composition of members of
Komisaris dan alasan perubahannya. the Board of Directors and the reasons for
the changes.
11 Dalam hal terdapat perubahan susunan anggota Direksi dan/atau anggota Dewan Komisaris yang
terjadi setelah tahun buku berakhir sampai dengan batas waktu penyampaian Laporan Tahunan,
susunan yang dicantumkan dalam Laporan Tahunan adalah susunan anggota Direksi dan/atau
anggota Dewan Komisaris yang terakhir dan sebelumnya.
In the event that there is a change in the composition of the members of the Board of Directors 84-85
and/or members of the Board of Commissioners that occurs after the financial year ends up to the
deadline for submitting the Annual Report, the composition included in the Annual Report is the
composition of the latest and previous members of the Board of Directors and/or members of the
Board of Commissioners.
12 Jumlah karyawan menurut jenis kelamin, jabatan, usia, tingkat pendidikan, dan status ketenagakerjaan
(tetap/kontrak) dalam tahun buku.
105-107
Number of employees by gender, position, age, education level, and employment status (permanent/
contract) in the financial year.
13 Nama pemegang saham dan persentase Names of shareholders and percentage of
kepemilikan pada awal dan akhir tahun buku, ownership at the beginning and end of the
yang terdiri dari informasi mengenai: financial year, at least includes information on:
a) pemegang saham yang memiliki 5% atau a) shareholders owning 5% or more shares of
lebih; Issuer or Public Company;
b) anggota Direksi dan anggota Dewan Komisaris b) members of the Board of Directors and
109-111
yang memiliki saham; dan members of the Board of Commissioners who
own shares in Issuers or Public Companies;
and
c) kelompok pemegang saham masyarakat, c) public shareholders group who has ownership
yaitu kelompok pemegang saham yang less than 5% of shares of the Issuer or Public
masing-masing memiliki kurang dari 5%. Company.
2025 Annual Report 365
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. URAIAN ISI LAPORAN TAHUNAN HALAMAN
Description of Content of the Annual Report Page
14 Persentase kepemilikan tidak langsung atas saham Emiten atau Perusahaan Publik oleh anggota
Direksi dan anggota Dewan Komisaris pada awal dan akhir tahun buku. Dalam hal seluruh anggota
Direksi dan/atau seluruh anggota Dewan Komisaris tidak memiliki kepemilikan tidak langsung atas
saham Emiten atau Perusahaan Publik, maka diungkapkan mengenai hal tersebut.
111-112
The percentage of indirect ownership of the shares of the Issuer or Public Company by members of
the Board of Directors and members of the Board of Commissioners at the beginning and end of the
financial year. If all members of the Board of Directors and/or the Board of Commissioners do not
have indirect ownership of the shares of the Issuer or Public Company, this matter shall be disclosed.
15 Jumlah pemegang saham dan persentase kepemilikan per akhir tahun buku berdasarkan klasifikasi:
kepemilikan institusi lokal; institusi asing; individu lokal; dan individu asing.
Number of shareholders and percentage of ownership at the end of the financial year based on the 110
classification: local institution ownership; foreign institution ownership; local individual ownership;
and foreign individual ownership.
16 Informasi mengenai pemegang saham utama dan pengendali Emiten atau Perusahaan Publik, baik
langsung maupun tidak langsung, sampai kepada pemilik individu, yang disajikan dalam bentuk
skema atau bagan. 113
Information on major and controlling shareholders of Issuer or Public Company, either directly or
indirectly, to the individual owners, presented in the form of a scheme or chart.
17 Nama entitas anak, perusahaan asosiasi, perusahaan ventura bersama dimana Emiten atau
Perusahaan Publik memiliki pengendalian bersama entitas (jika ada), beserta persentase kepemilikan
saham, bidang usaha, total aset, dan status operasi entitas anak, perusahaan asosiasi, perusahaan
ventura bersama. Untuk entitas anak, ditambahkan informasi mengenai alamat entitas anak
115
tersebut.
Name of subsidiary, associated company, joint venture where Issuer or Public Company has a jointly
controlled entity (if any), along with the percentage of share ownership, line of business, total assets,
and operating status of the subsidiary, associated company, joint venture.
18 Kronologis pencatatan saham, jumlah saham, nilai nominal, dan harga penawaran dari awal
pencatatan hingga akhir tahun buku serta nama bursa efek dimana saham Emiten atau Perusahaan
Publik dicatatkan, termasuk pemecahan saham (stock split), penggabungan saham (reverse stock),
dividen saham, saham bonus, dan perubahan nilai nominal saham, pelaksanaan efek konversi,
pelaksanaan penambahan dan pengurangan modal (jika ada).
114
Chronology of share listing, number of shares, par value, and offering price from the beginning of
listing to the end of the financial year as well as the name of the stock exchange where the shares
of the Issuer or Public Company are listed, including stock splits, reverse stock, stock dividend, bonus
shares, and changes in the par value of shares, implementation of conversion stock, implementation
of capital additions and subtractions (if any).
19 Informasi pencatatan efek lainnya selain efek sebagaimana dimaksud pada angka 18, yang belum
jatuh tempo pada tahun buku paling sedikit memuat nama efek, tahun penerbitan, tingkat suku
bunga/imbal hasil, tanggal jatuh tempo, nilai penawaran, dan peringkat efek (jika ada).
114
Information on the listing of other securities other than securities as referred to in point 18), that
have not matured within the financial year at least includes name of securities, issuance year, interest
rate/yield, maturity date, offering value, and securities rating (if any).
20 Informasi penggunaan jasa akuntan publik (AP) dan kantor akuntan publik (KAP) beserta jaringan/
asosiasi/aliansinya meliputi: nama dan alamat; periode penugasan; informasi jasa audit dan/atau non
audit yang diberikan; biaya jasa (fee); dalam hal AP dan KAP beserta jaringan/asosiasi/aliansinya, yang
ditunjuk tidak memberikan jasa non audit, maka diungkapkan mengenai informasi tersebut.
Information on the use of public accounting services (AP) and public accounting firms (KAP) and its 116, 299-301
networks/associations/alliances include: Name and address; Assignment period; Information on
audit and/or non-audit services provided; audit and/or non-audit fee for each assignment during the
financial year. If the appointed AP and KAP and its network/association/alliance do not provide non-
audit services, then the matter shall be disclosed.
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Description of Content of the Annual Report Page
21 Nama dan alamat lembaga dan/atau profesi penunjang pasar modal selain AP dan KAP.
Name and address of capital market supporting institutions and/or professions other than AP and 116
KAP.
Analisis dan Pembahasan Manajemen Management Discussion and Analysis
1 Tinjauan operasi per segmen usaha sesuai Overview of operations per business segment
dengan jenis industri Emiten atau Perusahaan according to the type of industry of Issuer or
Publik, paling sedikit mengenai: Public Company, at least includes:
a) produksi, yang meliputi proses, kapasitas, a) production, including process, capacity, and 132-136
dan perkembangannya; growth;
b) pendapatan/penjualan; dan b) sales/revenue; and
c) profitabilitas. c) profitability.
2 Kinerja keuangan komprehensif yang mencakup Comprehensive financial performance, including
perbandingan kinerja keuangan dalam 2 tahun comparison of financial performance in the last
buku terakhir, penjelasan tentang penyebab 2 (two) financial years, an explanation of the
adanya perubahan dan dampak perubahan causes of the changes and the impact of these
tersebut, paling sedikit mengenai: changes, at least includes:
a) aset lancar, aset tidak lancar, dan total aset; a) current assets, non-current assets, and total
assets;
141-167
b) liabilitas jangka pendek, liabilitas jangka b) current liabilities, non-current liabilities, and
panjang, dan total liabilitas; total liabilities;
c) ekuitas; c) equity;
d) pendapatan/penjualan, beban, laba (rugi), d) revenue/sales, expenses, profit (loss),
penghasilan komprehensif lain, dan total laba other comprehensive income, and total
(rugi) komprehensif; dan comprehensive profit (loss); and
e) arus kas. e) cash flow.
3 Kemampuan membayar utang atau kewajiban dengan menyajikan perhitungan rasio yang relevan.
170
Ability to pay debts or liabilities by presenting the relevant ratio calculations.
4 Tingkat kolektibilitas piutang Emiten atau Perusahaan Publik dengan menyajikan perhitungan rasio
yang relevan.
170-171
Collectability level of the Issuer's or Public Company's receivables by presenting the relevant ratio
calculations.
5 Struktur modal dan kebijakan manajemen atas struktur modal tersebut disertai dasar penentuan
kebijakan dimaksud.
171-172
Capital structure and management policy on capital structure along with the basis for determining
the policy.
6 Bahasan mengenai ikatan yang material untuk Discussion on material commitment for capital
investasi barang modal dengan penjelasan paling goods investment with description, at least
sedikit memuat: includes:
a) tujuan dari ikatan tersebut; a) objectives of the commitment;
b) sumber dana yang diharapkan untuk b) expected source of funds to fulfill the
172-173
memenuhi ikatan tersebut; commitment;
c) mata uang yang menjadi denominasi; dan c) the denominated currency; and
d) langkah yang direncanakan Emiten atau d) steps planned by Issuer or Public Company to
Perusahaan Publik untuk melindungi risiko protect the position of related currency from
dari posisi mata uang asing yang terkait. any risks.
7 Bahasan mengenai investasi barang modal yang Discussion on capital goods investment realized
direalisasikan dalam tahun buku terakhir, paling in the latest financial year, at least includes:
sedikit memuat:
173
a) jenis investasi barang modal; a) types of capital goods investment;
b) tujuan investasi barang modal; dan b) objectives of capital goods investment; and
c) nilai investasi barang modal yang dikeluarkan. c) values of the issued capital goods investment.
8 Informasi dan fakta material yang terjadi setelah tanggal laporan akuntan (jika ada).
174
Material information and facts occurring after the due date of accountant report (if any).
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Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
No. URAIAN ISI LAPORAN TAHUNAN HALAMAN
Description of Content of the Annual Report Page
9 Prospek usaha dari Emiten atau Perusahaan Publik dikaitkan dengan kondisi industri, ekonomi secara
umum dan pasar internasional disertai data pendukung kuantitatif dari sumber data yang layak
dipercaya. 176-179
Business prospects of Issuer or Public Company related to the general conditions of industry, economy,
and international market as well as quantitative supporting data from reliable data sources.
10 Perbandingan antara target/proyeksi pada awal Comparison between target/projection at the
tahun buku dengan hasil yang dicapai (realisasi), beginning of the financial year and realization,
mengenai: including:
a) pendapatan/penjualan; a) revenue/sales;
179
b) laba (rugi); b) profit (loss);
c) struktur modal; atau c) capital structure; or
d) hal lainnya yang dianggap penting bagi d) other matters deemed important to Issuer or
Emiten atau Perusahaan Publik. Public Company.
11 Target/proyeksi yang ingin dicapai Emiten atau Target/projection to be achieved by Issuer
Perusahaan Publik untuk 1 tahun mendatang, or Public Company for the following 1 year,
mengenai: including:
a) pendapatan/penjualan; a) revenue/sales;
b) laba (rugi); b) profit (loss); 179
c) struktur modal; c) capital structure;
d) kebijakan dividen; atau d) dividend policy; or
e) hal lainnya yang dianggap penting bagi e) other matters deemed important to Issuer or
Emiten atau Perusahaan Publik; Public Company.
12 Aspek pemasaran atas barang dan/atau jasa Emiten atau Perusahaan Publik, paling sedikit mengenai
strategi pemasaran dan pangsa pasar.
180-181
Marketing aspects of goods and/or services of Issuer or Public Company, at least including marketing
strategy and market share.
13 Uraian mengenai dividen selama 2 tahun buku Description on dividends for the last 2 financial
terakhir, paling sedikit: years, at least including:
a) kebijakan dividen, antara lain memuat a) dividend policy, including information on the
informasi persentase jumlah dividen yang percentage of total dividends distributed to
dibagikan terhadap laba bersih; net income;
182
b) tanggal pembayaran dividen kas dan/atau b) date of payment of cash dividends and/or
tanggal distribusi dividen non kas; date of distribution of non-cash dividends;
c) jumlah dividen per saham (kas dan/atau non c) amount of dividends per share (cash and/or
kas); dan non-cash); and
d) jumlah dividen per tahun yang dibayar. d) amount of paid dividends per year.
14 Realisasi penggunaan dana hasil penawaran umum, Realization of the use of proceeds from the public
dengan ketentuan: offering, provided that:
a) dalam hal selama tahun buku, Emiten memiliki a) in the event that during the financial year, the
kewajiban menyampaikan laporan realisasi Issuer has an obligation to submit a report on
penggunaan dana, maka diungkapkan realisasi the realization of the use of proceeds, then the
penggunaan dana hasil penawaran umum secara realization of the cumulative use of the proceeds
kumulatif sampai dengan akhir tahun buku; dan from the public offering shall be disclosed until 184
the end of the financial year; and
b) dalam hal terdapat perubahan penggunaan dana b) if there is a change in the use of proceeds as
sebagaimana diatur dalam Peraturan Otoritas regulated in the Financial Services Authority
Jasa Keuangan mengenai laporan realisasi Regulation on the report on the realization of
penggunaan dana hasil penawaran umum, maka the use of the proceeds from the public offering,
Emiten menjelaskan perubahan tersebut. the Issuer shall explain the change.
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Description of Content of the Annual Report Page
15 Informasi material (jika ada), antara lain mengenai Material information (if any) on investment,
investasi, ekspansi, divestasi, penggabungan/ expansion, divestment, business merger/
peleburan usaha, akuisisi, restrukturisasi utang/ consolidation, acquisition, debt/capital
modal, transaksi material, transaksi afiliasi, dan restructuring, material transactions, affiliated
transaksi benturan kepentingan, yang terjadi transactions, and conflict of interest
pada tahun buku, paling sedikit memuat: transactions, that occur during the financial
year, at least includes:
a) tanggal, nilai, dan objek transaksi; a) date, value, and object of transaction;
b) nama pihak yang melakukan transaksi; b) name of the party making the transaction;
c) sifat hubungan afiliasi (jika ada); c) nature of affiliated relationship (if any);
d) penjelasan mengenai kewajaran transaksi; d) description on fairness of the transaction;
e) pemenuhan ketentuan terkait; dan e) compliance with related provisions; and
f) dalam hal terdapat hubungan afiliasi, selain f) If there is an affiliated relationship, other
mengungkapkan informasi sebagaimana than disclosing the information as referred to
dimaksud dalam huruf (a) sampai dengan in letter (a) to letter (e), the Issuer or Public
huruf (e), Emiten atau Perusahaan Publik juga Company shall also disclose information on:
mengungkapkan informasi: • statement of the Board of Directors
• pernyataan Direksi bahwa transaksi afiliasi that the affiliate transaction has been
telah melalui prosedur yang memadai through adequate procedures to ensure
untuk memastikan bahwa transaksi that the affiliated transaction is carried
afiliasi dilaksanakan sesuai dengan praktik out in accordance with generally accepted
bisnis yang berlaku umum; dan business practices;
• peran Dewan Komisaris dan komite • role of the Board of Commissioners and
audit dalam melakukan prosedur yang the audit committee in carrying out
memadai; adequate procedures to ensure that
182-184
affiliated transactions.
g) untuk transaksi afiliasi atau transaksi g) as for the routine, repeated, and/
material yang merupakan kegiatan usaha or sustainable affiliated or material
yang dijalankan dalam rangka menghasilkan transactions that are parts of operational
pendapatan usaha dan dijalankan secara activities conducted to gain revenues,
rutin, berulang, dan/atau berkelanjutan, there shall be an added information
ditambahkan penjelasan bahwa transaksi stating that those transactions are
afiliasi atau transaksi material tersebut routine, repeated, and/or sustainable
merupakan kegiatan usaha yang dijalankan affiliated or material transactions that are
dalam rangka menghasilkan pendapatan parts of operational activities conducted
usaha dan dijalankan secara rutin, berulang, to gain revenues;
dan/atau berkelanjutan;
h) untuk pengungkapan transaksi afiliasi dan/ h) as for disclosure of affiliated transactions
atau transaksi benturan kepentingan yang and/or conflict of interest transactions
merupakan hasil pelaksanaan transaksi resulting from the implementation of
afiliasi dan/atau transaksi benturan affiliated transactions and/or conflict
kepentingan yang telah disetujui pemegang of interest transactions that have been
saham independen, ditambahkan informasi approved by independent shareholders,
mengenai tanggal pelaksanaan RUPS yang additional information regarding the
menyetujui transaksi afiliasi dan/atau date of the GMS to approve the affiliated
transaksi benturan kepentingan tersebut; transactions and/or conflict of interest
transactions shall be added;
i) dalam hal tidak terdapat transaksi afiliasi i) If there is no affiliated transaction and/or
dan/atau transaksi benturan kepentingan, conflict of interest transaction, then this
maka diungkapkan mengenai hal tersebut. matter shall be disclosed.
16 Perubahan ketentuan peraturan perundang-undangan yang berpengaruh signifikan terhadap Emiten
atau Perusahaan Publik dan dampaknya terhadap laporan keuangan (jika ada).
185
Changes in the provisions of laws and regulations that have a significant impact on Issuer or Public
Company and its impact on financial statements (if any).
17 Perubahan kebijakan akuntansi, alasan dan dampaknya terhadap laporan keuangan (jika ada).
186-187
Changes in accounting policies, reasons, and impact on financial statements (if any).
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
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Description of Content of the Annual Report Page
Tata Kelola Emiten atau Perusahaan Publik Issuer or Public Company Governance
1 Rapat Umum Pemegang Saham (RUPS), paling Issuer or Public Company governance shall at
sedikit memuat: least include a brief description of:
a) Informasi mengenai keputusan RUPS pada a) Information on GMS resolutions in the
tahun buku dan 1 tahun sebelum tahun buku financial year and 1 year before the financial
meliputi: year, including:
• keputusan RUPS pada tahun buku • GMS resolution in the financial year and 1
dan 1 tahun sebelum tahun buku yang year before the financial year realized in
direalisasikan pada tahun buku; dan the financial year; and
• keputusan RUPS pada tahun buku dan 1 • GMS resolutions in the financial year and 196-216
tahun sebelum tahun buku yang belum 1 year before the financial year that have
direalisasikan beserta alasan belum not been realized and the reasons for not
direalisasikan; realizing the resolutions;
b) dalam hal Emiten atau Perusahaan Publik b) If Issuer or Public Company uses an
menggunakan pihak independen dalam independent party during the GMS to calculate
pelaksanaan RUPS untuk melakukan the votes, then this matter shall be disclosed.
perhitungan suara, maka diungkapkan
mengenai hal tersebut.
2 Direksi, paling sedikit memuat: Board of Directors, at least includes:
a) tugas dan tanggung jawab masing-masing a) duties and responsibilities of each member of
anggota Direksi; the Board of Directors;
b) pernyataan bahwa Direksi memiliki pedoman b) statement that the Board of Directors has
atau piagam (charter) Direksi; Board of Directors Charter;
c) kebijakan dan pelaksanaan frekuensi rapat c) policy and frequency of BOD meetings,
Direksi, rapat Direksi bersama Dewan meetings of the Board of Directors with the
Komisaris, dan tingkat kehadiran anggota Board of Commissioners, and attendance rate
Direksi dalam rapat tersebut termasuk of members of the Board of Directors in the
kehadiran dalam RUPS; meeting including attendance at the GMS; 236-247
d) pelatihan dan/atau peningkatan kompetensi d) training and/or competency development of
anggota Direksi: members of the Board of Directors:
e) penilaian Direksi terhadap kinerja komite e) Board of Directors’ appraisal on the performance
yang mendukung pelaksanaan tugas Direksi; of the committees supporting the implemen-
tation of the Board of Directors’ duties;
f) dalam hal Emiten atau Perusahaan Publik f) If Issuer or Public Company does not have
tidak memiliki komite yang mendukung committees to support the implementation
pelaksanaan tugas Direksi, maka diungkapkan of the duties of the Board of Directors, this
mengenai hal tersebut. matter shall be disclosed.
3 Dewan Komisaris, paling sedikit memuat: Board of Commissioners, at least includes:
a) tugas dan tanggung jawab Dewan Komisaris; a) duties and responsibilities of the Board of
Commissioners;
b) pernyataan bahwa Dewan Komisaris memiliki b) statement that the Board of Commissioners has
pedoman atau piagam (charter) Dewan the Board of Commissioners Manual or Charter;
Komisaris; c) policy and frequency of Board of Commissioners
c) kebijakan dan pelaksanaan frekuensi rapat meetings, joint meetings of the Board of
Dewan Komisaris, rapat Dewan Komisaris Commissioners and the Board of Directors
bersama Direksi dan tingkat kehadiran anggota and attendance rate of members of the Board
Dewan Komisaris dalam rapat tersebut termasuk of Commissioners in the meetings, including
kehadiran dalam RUPS; attendance at the GMS; 217-235
d) pelatihan dan/atau peningkatan kompetensi d) training and/or competency development of
anggota Dewan Komisaris; members of the Board of Commissioners:
e) penilaian kinerja Direksi dan Dewan Komisaris e) performance appraisal of the Board of Directors
serta masing-masing anggota Direksi dan and the Board of Commissioners as well as each
anggota Dewan Komisaris; member of the Board of Directors and the Board
of Commissioners;
f) penilaian Dewan Komisaris terhadap kinerja f) the Board of Commissioners’ appraisal on the
Komite yang mendukung pelaksanaan tugas performance of the Committees to support the
Dewan Komisaris pada tahun buku. implementation of the duties of the Board of
Commissioners.
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Description of Content of the Annual Report Page
4 Nominasi dan remunerasi Direksi dan Dewan Nomination and remuneration of the Board of
Komisaris, paling sedikit memuat: Directors and the Board of Commissioners shall
at least include:
a) prosedur nominasi, meliputi uraian singkat a) nomination procedure, including a brief
mengenai kebijakan dan proses nominasi description of the nomination policies and
anggota Direksi dan/atau anggota Dewan processes of members of the Board of 252-254
Komisaris; dan Directors and/or members of the Board of
Commissioners; and
b) prosedur dan pelaksanaan remunerasi Direksi b) procedures and implementation of
dan Dewan Komisaris. remuneration of the Board of Directors and
the Board of Commissioners.
5 Dewan pengawas syariah, bagi Emiten atau Perusahaan Publik yang menjalankan kegiatan usaha
berdasarkan prinsip syariah sebagaimana tertuang dalam anggaran dasar (jika ada). Tidak Relevan
Sharia Supervisory Board, for Issuers or Public Companies that carry out business activities based on Not Relevant
sharia principles as stated in the articles of association.
6 Komite audit, paling sedikit memuat: The audit committee, at least includes:
a) nama dan jabatannya dalam keanggotaan a) name and position in committee membership;
komite; b) age;
b) usia; c) citizenship;
c) kewarganegaraan; d) educational background;
d) riwayat pendidikan; e) position history;
e) riwayat jabatan; f) period and tenure of the audit committee
f) periode dan masa jabatan anggota komite members;
audit; g) independence statement of the audit
g) pernyataan independensi komite audit; committee;
254-265
h) pelatihan dan/atau peningkatan kompetensi h) training and/or competency development
yang telah diikuti dalam tahun buku (jika attended in the financial year (if any);
ada); i) policy and frequency of audit committee
i) kebijakan dan pelaksanaan frekuensi rapat meetings and attendance rate of audit
komite audit dan tingkat kehadiran anggota committee members in the meetings; and
komite audit dalam rapat tersebut; dan j) implementation of the audit committee’s
j) pelaksanaan kegiatan komite audit pada activities in the financial year in accordance
tahun buku sesuai dengan yang dicantumkan with the audit committee guidelines or
dalam pedoman atau piagam (charter) komite charter.
audit.
2025 Annual Report 371
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
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Description of Content of the Annual Report Page
7 Komite atau fungsi nominasi dan remunerasi Nomination and remuneration committee or
Emiten atau Perusahaan Publik, paling sedikit function of Issuer or Public Company, at least
memuat: includes:
a) nama dan jabatannya dalam keanggotaan a) name and position in the committee
komite; membership;
b) usia; b) age;
c) kewarganegaraan; c) citizenship;
d) riwayat pendidikan; d) educational background;
e) riwayat jabatan; e) position history;
f) periode dan masa jabatan anggota komite; f) period and tenure of the committee
members;
g) pernyataan independensi komite; g) independence statement of the committee;
h) pelatihan dan/atau peningkatan kompetensi h) training and/or competency development
yang telah diikuti dalam tahun buku (jika attended in the financial year (if any);
ada); 265-272
i) uraian tugas dan tanggung jawab; i) description of duties and responsibilities;
j) pernyataan bahwa telah memiliki pedoman j) statement that the committee has guidelines
atau piagam (charter); or charter;
k) kebijakan dan pelaksanaan frekuensi rapat k) policy and frequency of meetings and
dan tingkat kehadiran anggota dalam rapat attendance rate of the committee members
tersebut; at the meeting;
l) uraian singkat pelaksanaan kegiatan pada l) brief description of the implementation of
tahun buku; dan activities in the financial year; and
m) dalam hal tidak dibentuk komite nominasi m) in the event that no nomination and
dan remunerasi, Emiten atau Perusahaan remuneration committee is formed, the
Publik cukup mengungkapkan informasi Issuer or Public Company as referred to in
sebagaimana dimaksud dalam huruf (i) letter (i) to letter (l), shall disclose the reason.
sampai dengan huruf (l), mohon dijelaskan
alasannya.
8 Komite lain yang dimiliki Emiten atau Perusahaan Publik dalam rangka mendukung fungsi dan tugas
Direksi (jika ada) dan/atau komite yang mendukung fungsi dan tugas Dewan Komisaris.
Other committees owned by Issuer or Public Company to support the functions and duties of the 273-279
Board of Directors (if any) and/or committees to support the functions and duties of the Board of
Commissioners.
9 Sekretaris perusahaan, paling sedikit memuat: Corporate secretary, at least includes:
a) nama; a) name;
b) domisili; b) domicile;
c) riwayat jabatan; c) position history;
d) riwayat pendidikan; d) educational background;
280-284
e) pelatihan dan/atau peningkatan kompetensi e) training and/or competency development
yang diikuti dalam tahun buku; dan attended in the financial year; and
f) uraian singkat pelaksanaan tugas sekretaris f) brief description on the implementation of
perusahaan pada tahun buku. corporate secretary’s duties in the financial
year;
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Description of Content of the Annual Report Page
10 Unit audit internal, paling sedikit memuat: Internal audit unit, at least includes:
a) nama kepala unit audit internal; a) name of the Internal Audit Unit head;
b) riwayat jabatan b) position history;
c) kualifikasi atau sertifikasi sebagai profesi c) qualification or certification as an internal
audit internal (jika ada); audit (if any);
d) pelatihan dan/atau peningkatan kompetensi d) training and/or competency development
yang diikuti dalam tahun buku; attended in the financial year;
e) struktur dan kedudukan unit audit internal; e) structure and position of the internal audit
unit; 288-294
f) uraian tugas dan tanggung jawab; f) description of duties and responsibilities;
g) pernyataan bahwa telah memiliki pedoman g) statement that the internal audit unit has
atau piagam (charter) unit audit internal; dan guidelines or charter; and
h) uraian singkat pelaksanaan tugas unit audit h) brief description on the implementation of
internal pada tahun buku termasuk kebijakan the internal audit unit’s duties in the financial
dan pelaksanaan frekuensi rapat dengan year, including policy and frequency of
Direksi, Dewan Komisaris, dan/atau komite meetings with the Board of Directors, Board
audit. of Commissioners, and/or audit committee.
11 Uraian mengenai sistem pengendalian internal Description on internal control system applied by
(internal control) yang diterapkan oleh Emiten Issuer or Public Company, at least includes:
atau Perusahaan Publik, paling sedikit memuat:
a) pengendalian keuangan dan operasional, a) financial and operational control, as well as
serta kepatuhan terhadap peraturan compliance with other laws and regulations;
294-299
perundang-undangan lainnya; b) review on effectiveness of the internal
b) tinjauan atas efektivitas sistem pengendalian control system; and
internal; dan c) statement of the Board of Directors and/or
c) pernyataan Direksi dan/atau Dewan Komisaris Board of Commissioners on the adequacy of
atas kecukupan sistem pengendalian internal. the internal control system;
12 Sistem manajemen risiko yang diterapkan oleh Risk management system implemented by Issuer
Emiten atau Perusahaan Publik, paling sedikit or Public Company, at least includes:
memuat: a) general description on the risk management
a) gambaran umum mengenai sistem system of Issuer or Public Company;
manajemen risiko; b) types of risks and management methods;
b) jenis risiko dan cara pengelolaannya; c) review on effectiveness of the risk
302-313
c) tinjauan atas efektivitas sistem manajemen management system of Issuer or Public
risiko; dan Company; and
d) pernyataan Direksi dan/atau Dewan Komisaris d) statement of the Board of Directors and/
atau komite audit atas kecukupan sistem or the Board of Commissioners or the audit
manajemen risiko. committee on the adequacy of the risk
management system.
13 Perkara hukum yang berdampak material yang Legal proceedings that have a material impact
dihadapi oleh Emiten atau Perusahaan Publik, faced by Issuer or Public Company, subsidiaries,
entitas anak, anggota Direksi dan anggota Dewan members of the Board of Directors and members
Komisaris (jika ada), paling sedikit memuat: of the Board of Commissioners (if any), at least
include: 313-315
a) pokok perkara/gugatan; a) merits of case/lawsuit;
b) status penyelesaian perkara/gugatan; dan b) status of the case/lawsuit settlement; and
c) pengaruhnya terhadap kondisi Emiten atau c) impact on the condition of Issuer or Public
Perusahaan Publik. Company.
2025 Annual Report 373
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Performance Highlight Management Report PT Vale Indonesia Tbk Profile
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14 Informasi tentang sanksi administratif/sanksi yang dikenakan kepada Emiten atau Perusahaan Publik,
anggota Dewan Komisaris dan anggota Direksi, oleh Otoritas Jasa Keuangan dan otoritas lainnya pada
tahun buku (jika ada).
316
Information on administrative sanctions/sanctions imposed on Issuer or Public Company, members
of the Board of Commissioners and members of the Board of Directors, by the Financial Services
Authority and other authorities in the financial year (if any).
15 Informasi mengenai kode etik Emiten atau Information on the code of conduct of Issuer or
Perusahaan Publik meliputi: Public Company, including:
a) pokok-pokok kode etik; a) key Principles of Code of conduct;
b) bentuk sosialisasi kode etik dan upaya b) the form of dissemination of the code of
penegakannya; dan conduct and its enforcement efforts; and 316-318
c) pernyataan bahwa kode etik berlaku bagi c) statement that the code of conduct applies
anggota Direksi, anggota Dewan Komisaris, to members of the Board of Directors,
dan karyawan. members of the Board of Commissioners, and
employees of Issuer or Public Company.
16 Uraian singkat mengenai kebijakan pemberian kompensasi jangka panjang berbasis kinerja kepada
manajemen dan/atau karyawan yang dimiliki oleh Emiten atau Perusahaan Publik (jika ada), antara
lain berupa program kepemilikan saham oleh manajemen (management stock ownership program/
MSOP) dan/atau program kepemilikan saham oleh karyawan (employee stock ownership program/
324
ESOP).
Brief description on the policy of providing long-term performance-based compensation to
management and/or employees owned by Issuer or Public Company (if any), including the management
stock ownership program (MSOP) and/or employee stock ownership program (ESOP).
17 Uraian singkat mengenai kebijakan Brief description on information disclosure
pengungkapan informasi mengenai: policy regarding:
a) kepemilikan saham anggota Direksi dan a) share ownership of members of the Board
anggota Dewan Komisaris paling lambat 3 of Directors and members of the Board
hari kerja setelah terjadinya kepemilikan atau of Commissioners shall be no later than 111-112
setiap perubahan kepemilikan atas saham 3 working days after the occurrence of
Perusahaan Terbuka; dan ownership or any change in ownership of
shares of Public Company; and
b) pelaksanaan atas kebijakan dimaksud. b) implementation of the policy.
18 Uraian mengenai sistem pelaporan pelanggaran Description on whistleblowing system in Issuer
(whistleblowing system) di Emiten atau or Public Company, at least includes:
Perusahaan Publik, paling sedikit memuat:
a) cara penyampaian laporan pelanggaran; a) method of submitting a violation report;
321-323
b) perlindungan bagi pelapor; b) protection for whistleblowers;
c) penanganan pengaduan; c) complaint handling;
d) pihak yang mengelola pengaduan; dan d) the party in charge to manage complaint; and
e) hasil dari penanganan pengaduan. e) result of complaint handling.
19 Uraian mengenai kebijakan anti korupsi, paling Description on Anti-Corruption Policy of Issuer
sedikit memuat: or Public Company, at least includes:
a) program dan prosedur yang dilakukan a) programs and procedures to overcome
dalam mengatasi praktik korupsi, balas jasa corruption practices, kickbacks, fraud, bribery
(kickbacks), fraud, suap dan/atau gratifikasi and/or gratuities in Issuer or Public Company;
dalam Emiten atau Perusahaan Publik; dan and 319-321
b) pelatihan/sosialisasi anti korupsi kepada b) anti-corruption training/socialization to all
karyawan Emiten atau Perusahaan Publik; employees of Issuer or Public Company.
Dalam hal Emiten atau Perusahaan Publik tidak
memiliki kebijakan anti korupsi, maka dijelaskan
alasan tidak dimilikinya kebijakan dimaksud.
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20 Penerapan atas pedoman tata kelola Perusahaan implementation of Public Company governance
Terbuka bagi Emiten yang menerbitkan efek guidelines for Issuer that issues equity securities
bersifat ekuitas atau Perusahaan Publik, or Public Company, including:
meliputi:
a) pernyataan mengenai rekomendasi yang a) statement regarding the recommendations 330-360
telah dilaksanakan; dan/atau that have been realized; and/or
b) penjelasan atas rekomendasi yang belum b) description on recommendations that
dilaksanakan, disertai alasan dan alternatif have been realized, along with reasons and
pelaksanaannya (jika ada). alternative implementations (if any).
Tanggung Jawab Sosial dan Lingkungan Emiten atau Perusahaan Publik
Social and Environmental Responsibilities of Issuer or Public Company
1 Informasi yang diungkapkan dalam bagian tanggung jawab sosial dan lingkungan merupakan
Laporan Keberlanjutan (Sustainability Report) sebagaimana dimaksud dalam Peraturan Otoritas Jasa
Keuangan Nomor 51/POJK.03/2017 tentang Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa
Keuangan, Emiten, dan Perusahaan Publik. 361
Information disclosed in the social and environmental responsibility section is a Sustainability Report
as referred to in the Financial Services Authority Regulation No. 51/POJK.03/2017 on Implementation
of Sustainable Finance for Financial Services Institutions, Issuers, and Public Companies.
2 Laporan Keberlanjutan sebagaimana dimaksud pada angka 1, harus disusun sesuai Pedoman Teknis
Penyusunan Laporan Keberlanjutan (Sustainability Report) Bagi Emiten dan Perusahaan Publik
sebagaimana tercantum dalam Lampiran II, yang merupakan bagian tidak terpisahkan dari Surat
Edaran Otoritas Jasa Keuangan ini. 361
The Sustainability Report as referred to in point 1) must be prepared in accordance with the Technical
Guidelines for the Preparation of a Sustainability Report for Issuers and Public Companies as stated in
Appendix II which is an integral part of this Financial Services Authority Circular.
Laporan Keuangan Tahunan yang Telah Diaudit Audited Annual Financial Report
1 Laporan keuangan tahunan yang dimuat dalam Laporan Tahunan disusun sesuai dengan standar
akuntansi keuangan di Indonesia dan telah diaudit oleh akuntan publik yang terdaftar di Otoritas Jasa
Keuangan. Laporan keuangan tahunan dimaksud memuat pernyataan mengenai pertanggungjawaban
atas laporan keuangan sebagaimana diatur dalam Peraturan Otoritas Jasa Keuangan mengenai
tanggung jawab Direksi atas laporan keuangan atau peraturan perundang-undangan di sektor pasar
modal yang mengatur mengenai laporan berkala perusahaan efek dalam hal Emiten merupakan
perusahaan efek.
376-480
The annual financial statements included in the Annual Report shall be prepared in accordance with
Indonesian financial accounting standards and have been audited by a public accountant registered in
the Financial Services Authority. The annual financial report shall contain a statement regarding the
accountability for financial statements as regulated in the Financial Services Authority Regulation on
the Board of Directors’ responsibility for financial reports or the laws and regulations in the capital
market sector regulating the periodic reports of securities companies in the event that the Issuer is
a securities company.
Surat Pernyataan Anggota Direksi dan Anggota Dewan Komisaris tentang Tanggung Jawab atas Laporan Tahunan
Statement Letter of the Board of Directors and f the Board of Commissioners Members on Accountability for Annual
Report
1 Surat pernyataan anggota Direksi dan anggota Dewan Komisaris tentang tanggung jawab atas
Laporan Tahunan disusun sesuai dengan format Surat Pernyataan Anggota Direksi dan Anggota
Dewan Komisaris tentang Tanggung Jawab atas Laporan Tahunan sebagaimana tercantum dalam
Lampiran I yang merupakan bagian tidak terpisahkan dari Surat Edaran Otoritas Jasa Keuangan ini.
Statement letter of the Board of Directors and members of the Board of Commissioners Members 50-51
on Accountability for Annual Report shall be prepared in accordance with the format of Statement
Letter of the Board of Directors and the Board of Commissioners Members on Accountability for
Annual Report as set forth in Appendix I which is an integral part of this Financial Services Authority
Circular.
2025 Annual Report 375
Page 376
PT VALE INDONESIA TBK LAPORAN KEUANGAN/ FINANCIAL STATEMENTS 31 DESEMBER 2025 DAN 2024/ DECEMBER 31, 2025 AND 2024 376 Laporan Tahunan 2025
Page 377
2025 Annual Report 377
Page 378
378 Laporan Tahunan 2025
Page 379
2025 Annual Report 379
Page 380
380 Laporan Tahunan 2025
Page 381
2025 Annual Report 381
Page 382
382 Laporan Tahunan 2025
Page 383
2025 Annual Report 383
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384 Laporan Tahunan 2025
Page 385
2025 Annual Report 385
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PT VALE INDONESIA TBK
Lampiran 1/1 Schedule
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
PADA 31 DESEMBER 2025 DAN 2024 AT DECEMBER 31, 2025 AND, 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
Notes 2025 2024
ASET ASSETS
ASET LANCAR CURRENT ASSETS
Kas dan setara kas 5 376,359 674,690 Cash and cash equivalents
Piutang usaha 7 Trade receivables
- Pihak-pihak berelasi 73,184 84,402 Related parties -
- Pihak ketiga 563 - Third parties -
Persediaan 9 192,070 148,550 Inventories
Pajak dibayar di muka 15a Prepaid taxes
- Pajak lainnya 97,333 82,756 Other taxes -
Biaya dibayar di muka dan Prepayments and
uang muka 10 4,159 8,195 advances
Aset keuangan lancar lainnya 8 5,829 6,181 Other current financial assets
Jumlah aset lancar 749,497 1,004,774 Total current assets
ASET TIDAK LANCAR NON-CURRENT ASSETS
Kas yang dibatasi
penggunaannya 6 96,987 86,650 Restricted cash
Pajak dibayar di muka 15a Prepaid taxes
- Pajak penghasilan badan 59,346 63,752 Corporate income tax -
- Pajak lainnya 17,795 24,169 Other taxes -
Investasi pada saham 11a 19,950 13,270 Investment in shares
Investasi pada entitas asosiasi 11b 58,249 - Investment in associate
Aset derivatif 11c 21,320 4,750 Derivative assets
Aset tetap 12, 13 2,313,449 1,975,092 Fixed assets
Biaya dibayar di muka dan Prepayments and
uang muka 10 2,251 - advances
Aset pajak tangguhan 15d 3,040 - Deferred tax assets
Aset keuangan tidak lancar Other non-current financial
lainnya 8 3,963 4,071 assets
Jumlah aset tidak lancar 2,596,350 2,171,754 Total non-current assets
JUMLAH ASET 3,345,847 3,176,528 TOTAL ASSETS
Catatan atas laporan keuangan terlampir merupakan bagian yang The accompanying notes to the financial statements form an
tidak terpisahkan dari laporan keuangan secara keseluruhan. integral part of these financial statements.
386 Laporan Tahunan 2025
Page 387
PT VALE INDONESIA TBK
Lampiran 1/2 Schedule
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
PADA 31 DESEMBER 2025 DAN 2024 AT DECEMBER 31, 2025 AND, 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
Notes 2025 2024
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES
Utang usaha 14 Trade payables
- Pihak-pihak berelasi 400 239 Related parties -
- Pihak ketiga 203,409 170,486 Third parties -
Akrual 16 115,397 56,061 Accruals
Liabilitas imbalan kerja Short-term employee benefit
jangka pendek 18 21,966 19,402 liabilities
Utang pajak 15b Taxes payable
- Pajak penghasilan badan 5,439 - Corporate income tax -
- Pajak lainnya 1,859 4,287 Other taxes -
Liabilitas sewa 12 3,451 5,767 Lease liabilities
Provisi atas penghentian Provision for asset
pengoperasian aset 29 9,465 5,497 retirement
Liabilitas keuangan lancar lainnya 17 1,004 1,732 Other current financial liabilities
Jumlah liabilitas jangka pendek 362,390 263,471 Total current liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES
Liabilitas imbalan pascakerja Long-term post-employment
jangka panjang 19 49,042 43,613 benefit liabilities
Liabilitas pajak tangguhan 15d - 5,660 Deferred tax liabilities
Liabilitas sewa 12 31 2,260 Lease liabilities
Provisi atas penghentian Provision for asset
pengoperasian aset 29 153,426 122,528 retirement
Liabilitas keuangan tidak Other non-current
lancar lainnya 17 5,882 6,220 financial liabilities
Jumlah liabilitas jangka panjang 208,381 180,281 Total non-current liabilities
JUMLAH LIABILITAS 570,771 443,752 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham Share capital
- Modal dasar - Authorised capital -
39.745.354.880 saham 39,745,354,880 shares
dengan nilai nominal IDR25 with par value IDR25
(nilai penuh) per saham (full amount) per share
- Modal ditempatkan dan disetor Issued and fully paid capital -
penuh - 10.539.784.534 saham 20 144,698 144,698 10,539,784,534 shares
Tambahan modal disetor 22 380,882 380,882 Additional paid-in capital
Cadangan kompensasi Share-based
berbasis saham 1,063 - compensation reserves
Selisih kurs penjabaran Currency differences from
laporan keuangan translation of associate
entitas asosiasi (215) - entity’s financial statements
Saldo laba Retained earnings
- Dicadangkan 23 27,283 27,283 Appropriated -
- Belum dicadangkan 2,221,365 2,179,913 Unappropriated -
JUMLAH EKUITAS 2,775,076 2,732,776 TOTAL EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES
DAN EKUITAS 3,345,847 3,176,528 AND EQUITY
Catatan atas laporan keuangan terlampir merupakan bagian yang The accompanying notes to the financial statements form an
tidak terpisahkan dari laporan keuangan secara keseluruhan. integral part of these financial statements.
2025 Annual Report 387
Page 388
PT VALE INDONESIA TBK
Lampiran 2 Schedule
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG FOR THE YEARS ENDED
BERAKHIR PADA 31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
Notes 2025 2024
Pendapatan 24 990,195 950,388 Revenue
Beban pokok pendapatan 25 (879,343) (842,160) Cost of revenue
LABA BRUTO 110,852 108,228 GROSS PROFIT
Beban usaha 26 (52,182) (38,254) Operating expenses
Pendapatan lainnya 3,922 3,719 Other income
Beban lainnya 28 (12,709) (9,873) Other expenses
Pembagian laba bersih 42 (8,451) - Net profit sharing
LABA USAHA 41,432 63,820 OPERATING PROFIT
Keuntungan atas Gain on recognition of
pengakuan nilai wajar fair value of
investasi pada saham 11a 6,680 1,346 investment in shares
Keuntungan dari pelepasan Gain from loss of
pengendalian entitas anak 11b 634 - control of subsidiary
Bagian laba neto Share in net profit
dari entitas asosiasi 11b 607 57 from associate
Keuntungan/(kerugian) atas Gain/(loss) on recognition of
pengakuan nilai wajar fair value of
aset derivatif 11c 16,570 (19,940) derivative asset
Pendapatan keuangan 27 37,258 36,198 Finance income
Biaya keuangan 34 (8,649) (7,421) Finance costs
LABA SEBELUM PAJAK
PENGHASILAN 94,532 74,060 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan 15c (18,469) (16,299) Income tax expense
LABA TAHUN BERJALAN 76,063 57,761 PROFIT FOR THE YEAR
OTHER COMPREHENSIVE
KERUGIAN KOMPREHENSIF LAIN INCOME
Pos yang tidak akan direklasifikasi Items that will not be reclassified to
ke laba rugi: profit or loss:
- Perubahan yang timbul dari Changes resulting from actuarial -
pengukuran ulang aktuaria dari remeasurement of post
liabilitas imbalan pascakerja 19 57 (1,191) employment benefit liabilities
- Pajak penghasilan terkait 15d (12) 262 Related income tax -
Pos yang akan direklasifikasi Items that will be reclassified to
ke laba rugi: profit or loss:
- Selisih kurs penjabaran Currency differences from -
laporan keuangan translation of associate
entitas asosiasi 11 (215) - entity’s financial statements
TOTAL KERUGIAN TOTAL OTHER
KOMPREHENSIF LAIN (170) (929) COMPREHENSIVE LOSS
JUMLAH PENGHASILAN
KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN 75,893 56,832 INCOME FOR THE YEAR
LABA PER SAHAM EARNINGS PER SHARE
Dasar dan dilusian Basic and diluted
(dalam nilai penuh Dolar AS) 31 0.0072 0.0056 (in full amount of US Dollars)
Catatan atas laporan keuangan terlampir merupakan bagian yang The accompanying notes to the financial statements form an
tidak terpisahkan dari laporan keuangan secara keseluruhan. integral part of these financial statements.
388 Laporan Tahunan 2025
Page 389
PT VALE INDONESIA TBK
Lampiran 3 Schedule
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
PADA 31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, kecuali dinyatakan lain) (Expressed in thousands of US Dollars, unless otherwise stated)
Selisih kurs
penjabaran
laporan
keuangan
entitas
asosiasi/
Currency
Cadangan differences
kompensasi from
berbasis translation
Tambahan saham/ of associate Saldo laba/Retained earnings
modal disetor/ Share-based entity’s Belum Jumlah
Catatan/ Modal saham/ Additional compensation financial Dicadangkan/ dicadangkan/ ekuitas/
Notes Share capital paid-in capital reserves statements Appropriated Unappropriated Total equity
Saldo 1 Januari 2024 136,413 277,760 - - 27,283 2,123,081 2,564,537 Balance as at January 1, 2024
Penghasilan komprehensif 2024 Comprehensive income 2024
Laba - - - - - 57,761 57,761 Profit
Rugi komprehensif lain - - - - - (929) (929) Other comprehensive loss
Penerbitan saham baru 20 8,285 104,061 - - - - 112,346 Issuance of new shares
Biaya transaksi atas Transaction cost for
penerbitan saham baru - (939) - - - - (939) issuance of new shares
Saldo 31 Desember 2024 144,698 380,882 - - 27,283 2,179,913 2,732,776 Balance as at December 31, 2024
Penghasilan komprehensif 2025 Comprehensive income 2025
Laba - - - - - 76,063 76,063 Profit
Rugi komprehensif lain - - - (215) - 45 (170) Other comprehensive loss
Transaksi kompensasi Share-based compensation
berbasis saham - - 1,063 - - - 1,063 transactions
Dividen yang dideklarasikan
dan dibayarkan 21 - - - - - (34,656) (34,656) Dividend declared and paid
Saldo 31 Desember 2025 144,698 380,882 1,063 (215) 27,283 2,221,365 2,775,076 Balance as at December 31, 2025
Catatan atas laporan keuangan terlampir merupakan bagian yang tidak The accompanying notes to the financial statements form an integral part of
terpisahkan dari laporan keuangan secara keseluruhan. these financial statements.
2025 Annual Report 389
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PT VALE INDONESIA TBK
Lampiran 4 Schedule
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
PADA 31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 1,000,850 967,799 Receipts from customers
Pembayaran kas ke pemasok (575,004) (575,538) Payments to suppliers
Pembayaran pajak Payments of corporate
penghasilan badan 15c (19,756) (91,430) income tax
Pembayaran pajak lainnya (81,215) (72,236) Payments of other taxes
Penerimaan restitusi pajak Receipts of corporate
penghasilan badan 4,715 23,290 income tax refund
Penerimaan restitusi pajak lainnya 66,263 57,297 Receipts of refunds of other taxes
Pembayaran ke karyawan (100,312) (102,762) Payments to employees
Penarikan jaminan keuangan - 28,080 Withdrawal of financial guarantee
Penempatan jaminan keuangan - (10,873) Placement of financial guarantee
Penerimaan pendapatan keuangan 26,921 36,198 Receipts of finance income
Pembayaran royalti dan retribusi (87,737) (52,339) Payments of royalties and levies
Arus kas bersih dihasilkan Net cash flows provided by
dari aktivitas operasi 234,725 207,486 operating activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Pembayaran untuk pembelian Payments for acquisition of
aset tetap (485,888) (332,121) fixed assets
Penerimaan hasil penjualan Proceeds from disposal of
aset tetap 12 1,263 349 fixed assets
Pembayaran untuk penambahan Payment for additional
investasi pada entitas asosiasi 11b (9,838) - invesment in associate
Penurunan arus kas bersih
dari kehilangan Net cash flow decrease from
pengendalian entitas anak 11b (803) - loss of control of a subsidiary
Arus kas bersih digunakan Net cash flows used in
untuk aktivitas investasi (495,266) (331,772) investing activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Pembayaran dividen (34,607) - Payments of dividends
Pembayaran liabilitas sewa 12 (6,832) (8,526) Payments of lease liabilities
Pembayaran beban keuangan (279) (599) Payments of finance costs
Penerbitan saham baru 20 - 112,346 Issuance of new share
Biaya transaksi atas Transaction costs for
penerbitan saham baru - (939) Issuance of new shares
Arus kas bersih Net cash flows
(digunakan untuk)/ dihasilkan (used in)/ provided by
dari aktivitas pendanaan (41,718) 102,282 financing activities
Penurunan bersih Net decrease in
kas dan setara kas (302,259) (22,004) cash and cash equivalents
Kas dan setara kas Cash and cash equivalents
pada awal tahun 674,690 698,795 at the beginning of the year
Dampak perubahan selisih kurs Effect of exchange rate changes
terhadap kas dan setara kas 3,928 (2,101) on cash and cash equivalents
Kas dan setara kas Cash and cash equivalents
pada akhir tahun 5 376,359 674,690 at the end of the year
Catatan atas laporan keuangan terlampir merupakan bagian yang The accompanying notes to the financial statements form an
tidak terpisahkan dari laporan keuangan secara keseluruhan. integral part of these financial statements.
390 Laporan Tahunan 2025
Page 391
PT VALE INDONESIA TBK
Lampiran 5/1 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM 1. GENERAL
1.1. Pendirian dan Informasi Umum 1.1. Establishment and General Information
PT Vale Indonesia Tbk, (“Perseroan”) didirikan PT Vale Indonesia Tbk, (the “Company”) was
pada tanggal 25 Juli 1968 dengan akta No. 49 established on July 25, 1968 by deed No. 49 dated
tanggal 25 Juli 1968, yang dibuat di hadapan July 25, 1968 drawn up before Eliza Pondaag, a
Eliza Pondaag, notaris publik di Jakarta. public notary in Jakarta. The Company’s Articles of
Anggaran Dasar Perseroan disetujui oleh Menteri Association were approved by the Minister of
Kehakiman Republik Indonesia dalam Surat Justice of the Republic of Indonesia in Decision
Keputusan No. J.A.5/59/18 tanggal 26 Juli 1968 Letter No. J.A.5/59/18 dated July 26, 1968 and
dan diumumkan dalam Tambahan No. 93, Berita published in Supplement No. 93 to State Gazette
Negara Republik Indonesia No. 62 tanggal 2 of the Republic of Indonesia No. 62 dated August
Agustus 1968. Anggaran Dasar Perseroan telah 2, 1968. These Articles of Association have been
beberapa kali mengalami perubahan, terakhir amended several times, the latest amendment
berdasarkan akta No. 123 tanggal 28 Juni 2024 made by deed No. 123 dated June 28, 2024 drawn
yang dibuat di hadapan Aulia Taufani, S.H., up before Aulia Taufani S.H., a public notary in
notaris publik di Jakarta, dan telah memperoleh Jakarta, and have obtained the receipt of
penerimaan pemberitahuan perubahan anggaran notification of the amendment to articles of
dasar dari Menteri Hukum dan Hak Asasi association from the Minister of Law and Human
Manusia Republik Indonesia dalam Surat No. Rights of the Republic of Indonesia in Letter No.
AHU-AH.01.03-0165452 tanggal 28 Juni 2024 AHU-AH.01.03-0165452 dated June 28, 2024 and
dan akta No. 15 tanggal 5 Juli 2024 yang dibuat di Deed No. 15 dated July 5, 2024, drawn up before
hadapan Aulia Taufani, S.H., Notaris di Jakarta, Aulia Taufani S.H., a public notary in Jakarta, and
yang telah memperoleh penerimaan has obtained the receipt of notification of the
pemberitahuan perubahan anggaran dasar dari amendment to articles of association from the
Menteri Hukum dan Hak Asasi Manusia Republik Minister of Law and Human Rights of the Republic
Indonesia dalam Surat No. AHU-AH.01.03- of Indonesia through letter No. AHU-AH.01.03-
0169045 tanggal 5 Juli 2024, sehubungan 0169045 dated July 5, 2024 regarding the increase
dengan peningkatan modal disetor dan of paid-up and issued capital (see Note 20).
ditempatkan (lihat Catatan 20).
Perseroan secara bersama-sama dikendalikan The Company is jointly controlled by PT Mineral
oleh PT Mineral Industri Indonesia (Persero) Industri Indonesia (Persero) (“MIND ID”) and Vale
(“MIND ID”) dan Vale Canada Limited (“VCL”). Canada Limited (“VCL”).
Perseroan menjalankan kegiatan usaha The Company has Special Mining Business
berdasarkan Izin Usaha Pertambangan Khusus Permits (“IUPK”) in the provinces of South
(“IUPK”) di wilayah Provinsi Sulawesi Selatan, Sulawesi, Central Sulawesi and Southeast
Sulawesi Tengah, dan Sulawesi Tenggara. Pabrik Sulawesi. The Company’s plant is located in
Perseroan berlokasi di Sorowako, Sulawesi Sorowako, South Sulawesi and the registered
Selatan dan kantor yang terdaftar berlokasi di office is located in Sequis Tower, 20th floor, Unit
Sequis Tower, Lt. 20, Unit 6 & 7, Jl. Jend. 6 & 7, Jl. Jend. Sudirman Kav. 71, Jakarta.
Sudirman Kav. 71, Jakarta.
Sesuai dengan Pasal 3 Anggaran Dasar As stated in Article 3 of its Articles of Association,
Perseroan, kegiatan utama Perseroan adalah the Company’s main activities are businesses in
usaha-usaha dibidang pertambangan termasuk the field of mining including but not limited to
namun tidak terbatas pada pertambangan bijih nickel ore mining, which includes mining and
nikel, yaitu mencakup usaha penambangan dan processing nickel ore, including any other
pengolahan bijih nikel, termasuk juga usaha utilisations thereof which are administratively
pemanfaatannya yang tidak dapat dipisahkan inseparable from nickel ore mining activities. The
secara administratif dari usaha pertambangan Company started its commercial operations in
bijih nikel. Perseroan memulai kegiatan 1978.
komersialnya pada tahun 1978.
Hak Perseroan untuk mengembangkan dan The Company’s right to develop and operate a
mengoperasikan proyek nikel dan mineral-mineral project for nickel and certain other minerals in
tertentu lainnya di daerah yang sudah ditentukan defined areas within the island of Sulawesi was
di pulau Sulawesi didasarkan atas IUPK sebagai granted through a IUPK as a continuation of the
kelanjutan Kontrak Karya (“KK”) Perseroan (lihat Company’s Contract of Work (“CoW”) (refer to
Catatan 39e), yang diterbitkan Pemerintah pada Note 39e), issued by the Government in May
bulan Mei 2024. 2024.
2025 Annual Report 391
Page 392
PT VALE INDONESIA TBK
Lampiran 5/2 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
1.1. Pendirian dan Informasi Umum (lanjutan) 1.1. Establishment and General Information
(continued)
IUPK dapat diperpanjang lebih lanjut (setiap The IUPK can be further extended (each
perpanjangan untuk jangka waktu 10 tahun) extension for a 10-year period) in accordance
sesuai ketentuan yang berlaku. Dalam IUPK ini with applicable regulations. The IUPK regulates
di atur hak dan kewajiban Perseroan mengenai the Company’s rights and obligations regarding
komitmen Perseroan untuk mengutamakan commitment to prioritise domestic manpower,
penggunaan tenaga kerja, barang dan jasa goods and services and outlines investment
dalam negeri, serta mengenai komitmen commitments consistent with the Company’s
investasi yang sejalan dengan strategi growth strategy (refer to Note 39f about the
pertumbuhan Perseroan (lihat Catatan 39f Company’s investment commitments).
mengenai komitmen investasi Perseroan).
Fasilitas pembangkit listrik tenaga air (“PLTA”) The Company’s existing hydroelectric facilities
Perseroan yang ada pada saat ini dibangun dan were constructed and are currently operating
beroperasi berdasarkan Keputusan Pemerintah pursuant to the Governmental Decree of 1975.
tahun 1975. Selanjutnya, IUPK mengatur bahwa Furthermore, the Company’s IUPK provides
Pemerintah memberikan hak kepada Perseroan that the Government grants rights to the
untuk terus memiliki, mengoperasikan dan Company to own, operate and further develop
mengembangkan lebih lanjut fasilitas PLTA di the hydroelectric facilities at the Larona river
sungai Larona termasuk memperoleh perizinan including obtaining the necessary permits from
di bidang ketenagalistrikan yang diperlukan the electricity sector during the IUPK period
selama jangka waktu IUPK termasuk including its extension. The Company has also
perpanjangannya. Perseroan juga telah obtained an Electricity Supply Business
memperoleh Izin Usaha Penyediaan Tenaga License for Own Use from the Government for
Listrik untuk Kepentingan Sendiri dari the operation of the Company’s hydroelectric
Pemerintah untuk PLTA Perseroan. facilities.
1.2. Penawaran Umum Efek Perseroan 1.2. The Company’s Public Offering
Pada tahun 1990, Perseroan melakukan In 1990, the Company conducted an Initial
Penawaran Umum Saham Perdana sejumlah Public Offering (“IPO”) of 49.7 million ordinary
49,7 juta lembar saham biasa atau 20% dari shares or 20% of the 248.4 million shares
248,4 juta lembar saham yang ditempatkan dan issued and fully paid. The shares were
disetor penuh. Saham tersebut dicatatkan di registered on the Jakarta Stock Exchange (now
Bursa Efek Jakarta (sekarang Bursa Efek the Indonesia Stock Exchange) on May 16,
Indonesia), pada tanggal 16 Mei 1990. 1990.
Pada Rapat Umum Pemegang Saham Luar At the Extraordinary General Meeting of
Biasa (“RUPSLB”) yang diselenggarakan pada Shareholders (“EGMS”) held on July 6, 2004,
6 Juli 2004, para pemegang saham menyetujui the shareholders approved a four-for-one stock
dilakukannya pemecahan saham biasa dari satu split of the Company’s ordinary shares. This
saham menjadi empat saham. Hal ini berlaku became effective on August 3, 2004.
efektif mulai 3 Agustus 2004.
Pada RUPSLB yang diselenggarakan pada 17 At the EGMS held on December 17, 2007, the
Desember 2007, para pemegang saham shareholders approved a ten-for-one stock split
menyetujui pemecahan saham biasa, dari satu of the Company’s common shares, with the
saham menjadi sepuluh saham, yang bertujuan objective of increasing the liquidity of the
untuk meningkatkan likuiditas saham Company’s shares. This became effective on
Perseroan. Hal ini berlaku efektif di Bursa Efek the Indonesia Stock Exchange on January 15,
Indonesia mulai 15 Januari 2008. 2008.
Pada RUPSLB yang diselenggarakan pada At the EGMS held on April 19, 2024, the
19 April 2024, para pemegang saham shareholders approved an increase in capital
menyetujui Penambahan Modal dengan Hak by granting pre-emptive rights ("Rights Issue")
Memesan Efek Terlebih Dahulu (“PMHMETD”) to obtain the extension of the work contract in
dalam rangka memperoleh perpanjangan the form of IUPK, where the Government of the
kontrak karya dalam bentuk IUPK, di mana Republic of Indonesia which appointed MIND
Pemerintah Republik Indonesia menunjuk MIND ID as its representative to carry out the share
ID sebagai wakilnya untuk melaksanakan acquisition of the Company regarding the
pengambilan saham Perseroan terkait divestment obligations.
kewajiban divestasi.
392 Laporan Tahunan 2025
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
1.3. Susunan Dewan Komisaris, Direksi, Komite 1.3. Composition Board of Commissioners,
Audit dan Karyawan Board of Directors, Audit Committee and
Employees
Susunan Dewan Komisaris, Direksi dan Komite The composition of the Company’s Board of
Audit Perseroan per tanggal 31 Desember 2025 Commissioners, Board of Directors and Audit
dan 2024 adalah sebagai berikut: Committee as at December 31, 2025 and
2024, were as follows:
2025 2024
Presiden Komisaris FS. Multhazar Muhammad Rachmat Kaimuddin President Commissioner
Wakil Presiden Komisaris Emily Olson Emily Olson Vice President Commissioner
Komisaris M. Jasman Panjaitan M. Jasman Panjaitan Commissioners
Kristina Gauthier Kristina Gauthier
Christopher McCleave Fabio Ferraz
Katherine Angela Oedoen Edi Permadi
Shiro Imai Yusuke Niwa
Rudiantara* Rudiantara*
Retno Marsudi* Raden Sukhyar*
Marita Alisjahbana* Marita Alisjahbana*
Ketua Komite Audit Marita Alisjahbana Marita Alisjahbana Chairman of Audit Committee
Anggota Komite Audit Rudiantara Rudiantara Audit Committee Members
Irhoan Tanudiredja Felia Salim
Sahat Pardede Sahat Pardede
Beni Subena
Presiden Direktur Bernardus Irmanto Febriany Eddy President Director
Wakil Presiden Direktur Abu Ashar Abu Ashar Vice President Director
Direktur Heriyanto Agung Putra Adriansyah Chaniago Directors
Budiawansyah Bernardus Irmanto
Rizky Andhika Putra** Rizky Andhika Putra**
Muhammad Asril Muhammad Asril
M. Slamet Sugiharto Luke Mahony
*) Komisaris Independen *) Independent Commissioners
**) Direktur yang bertanggung jawab membawahi **) Director who responsible for accounting and
bidang akuntansi dan keuangan Finance
Jumlah seluruh karyawan Perseroan pada The total number of employees of the
tanggal 31 Desember 2025 adalah 2.985 (31 Company as at December 31, 2025 was 2,985
Desember 2024: 3.038) (tidak diaudit). (December 31, 2024: 3,038) (unaudited).
1.4. Entitas Anak 1.4. Subsidiary
Pada tanggal 31 Desember 2024, entitas anak As at December 31, 2024, the subsidiary
yang dimiliki langsung oleh Perseroan adalah directly owned by the Company was as
sebagai berikut: follows:
Total aset (sebelum
dieliminasi)/
Kedudukan, tanggal Persentase kepemilikan Total assets (before
pendirian/ efektif/ Effective elimination)
Entitas anak/ Ruang lingkup usaha/ Domicile, percentage of ownership AS$/US$’000
Subsidiary Scope of activities date of establishment 2025 2024 2025 2024
Bahodopi Nickel Industri pembuatan Jakarta, Indonesia - 100.00% - 52,092
Smelting Indonesia logam dasar bukan besi/ 25 Juni 2019/
(“BNSI”) Non-iron metal June 25, 2019
manufacturing industry
2025 Annual Report 393
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Lampiran 5/4 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
1.4. Entitas Anak (lanjutan) 1.4. Subsidiary (continued)
Pada 26 Maret 2025, GEM Hong Kong On March 26, 2025, GEM Hong Kong
International Co. Ltd. melakukan penanaman International Co. Ltd. made a capital subscription
modal di BNSI yang menyebabkan perubahan in BNSI, which resulted in a change of the
persentase kepemilikan perseroan di BNSI dari Company’s ownership percentage in BNSI from
100% menjadi 49%. Dengan demikin pada 100% to 49%. Accordingly, on December 31,
tanggal 31 Desember 2025, Perseroan 2025 the Company recognised BNSI as an
mengakui BNSI sebagai investasi pada entitas investment in an associate (refer to Note 11b).
asosiasi (lihat Catatan 11b).
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
INFORMATION
Kebijakan akuntansi material Perseroan berikut ini The following material accounting policies of the
disajikan untuk membantu pembaca dalam Company are presented to assist the reader in
mengevaluasi laporan keuangan terlampir. Pada evaluating the accompanying financial statements. In
tahun 2025, Perusahaan melakukan dekonsolidasi 2025, the Company deconsolidated its investment in
atas investasinya pada BNSI sebagai akibat dari BNSI as a result of a change in ownership interest to
perubahan kepemilikan menjadi 49% (Catatan 11b). 49% (Note 11b). Accordingly, the financial
Sehubungan dengan hal tersebut, laporan keuangan statements for the year ended December 31, 2025
untuk tahun yang berakhir pada tanggal 31 Desember the financial information of the Company is no longer
2025 tidak lagi menyajikan informasi keuangan prepared on a consolidated basis, whereas the
Perusahaan berdasarkan basis konsolidasian, financial statements for the year ended December
sedangkan laporan keuangan untuk tahun yang 31, 2024 were prepared on a consolidated basis.
berakhir pada tanggal 31 Desember 2024 disusun These policies have been followed consistently in all
berdasarkan basis konsolidasian. Kebijakan akuntansi material respects for the years covered in the
ini telah diterapkan secara konsisten dalam semua hal financial statements, except for the change in the
yang material untuk tahun-tahun yang tercakup oleh basis of preparation arising from the deconsolidation,
laporan keuangan ini, kecuali atas perubahan basis as described above and in Note 3. The Company’s
penyusunan yang timbul dari dekonsolidasi financial statements were authorised by the Board of
sebagaimana dijelaskan di atas dan dalam Catatan 3. Directors on March 16, 2026.
Laporan keuangan Perseroan diotorisasi oleh Direksi
pada tanggal 16 Maret 2026.
2.1. Penyajian laporan keuangan 2.1. Presentation of financial statements
Pembukuan Perseroan dilakukan dalam mata The Company maintains its books in United
uang Dolar Amerika Serikat (“Dolar AS” atau States Dollars (“US Dollars” or “US$”) and in
“AS$”) dan dalam Bahasa Inggris. English.
2.2. Pernyataan kepatuhan 2.2. Statement of compliance
Laporan keuangan disusun dan disajikan The financial statements are prepared in
sesuai dengan Standar Akuntansi Keuangan di conformity with Indonesian Financial
Indonesia dan Peraturan serta Pedoman Accounting Standards, and the Regulations
Penyajian dan Pengungkapan Laporan and Guidelines on Financial Statements
Keuangan yang ditetapkan oleh Otoritas Jasa Presentation and Disclosure Guidance issued
Keuangan (“OJK”). by the Financial Services Authority (“OJK”).
2.3. Dasar pengukuran 2.3. Basis of measurement
Laporan keuangan disusun berdasarkan pada The financial statements are prepared based
konsep harga perolehan historis kecuali aset on the historical cost concept except for
dan liabilitas keuangan pada nilai wajar melalui financial assets and liabilities at fair value
laba rugi, serta menggunakan dasar akrual through profit or loss and using the accrual
kecuali untuk laporan arus kas. basis except for the statements of cash flows.
394 Laporan Tahunan 2025
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Lampiran 5/5 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
2.4. Penggunaan pertimbangan, estimasi dan 2.4. Use of judgment, estimates and
asumsi assumptions
Penyusunan laporan keuangan yang sesuai The preparation of financial statements in
dengan Standar Akuntansi Keuangan di conformity with Indonesian Financial Accounting
Indonesia, memerlukan penggunaan estimasi Standards requires the use of certain significant
dan asumsi yang signifikan. Standar Akuntansi estimates and assumptions. The Indonesian
Keuangan di Indonesia juga mengharuskan Financial Accounting Standards also require
manajemen untuk melakukan pertimbangan management to exercise its judgment in the
dalam proses penerapan kebijakan akuntansi process of applying the Company’s accounting
Perseroan. Area-area yang memerlukan tingkat policies. The areas involving a higher degree of
pertimbangan atau kompleksitas yang tinggi, judgment or complexity, or areas where
atau area dimana asumsi dan estimasi assumptions and estimates are significant to the
merupakan hal yang signifikan dalam laporan financial statements are disclosed in Note 4.
keuangan, diungkapkan dalam Catatan 4.
2.5. Prinsip-prinsip konsolidasi 2.5. Principles of consolidation
Entitas anak Subsidiary
Entitas anak merupakan entitas (termasuk Subsidiary is an entity (including structured
entitas terstruktur), dimana Perseroan memiliki entities), over which the Company has control.
pengendalian. Perseroan mengendalikan suatu The Company controls an entity when the
entitas ketika Perseroan memiliki hak atas imbal Company is exposed to, or has rights to,
hasil variabel dari keterlibatannya dengan suatu variable returns from its involvement with the
entitas dan memiliki kemampuan untuk entity and has the ability to affect those returns
mempengaruhi imbal hasil tersebut melalui through its power over the entity.
kekuasaannya atas entitas tersebut.
Entitas anak dikonsolidasi sejak tanggal The subsidiary is consolidated from the date on
pengendalian beralih kepada Perseroan dan which control is transferred to the Company
tidak lagi dikonsolidasi sejak tanggal hilangnya and is deconsolidated from the date on which
pengendalian. that control ceases.
Saldo, transaksi, penghasilan, dan beban antar Intragroup balances, transactions, income and
entitas Perseroan dieliminasi. Keuntungan dan expenses are eliminated. Profits and losses
kerugian hasil dari transaksi antar entitas resulting from intragroup transactions that are
Perseroan yang diakui dalam aset juga recognised in assets are also eliminated. The
dieliminasi. Kebijakan akuntansi entitas anak accounting policies of subsidiary have been
telah diubah seperlunya untuk memastikan amended where necessary to ensure
konsistensi penerapan kebijakan oleh consistency with the policies adopted by the
Perseroan. Company.
Ketika Perseroan kehilangan pengendalian atas When the Company loses control of a
entitas anak, Perseroan menghentikan subsidiary, the Company derecognises the
pengakuan aset dan liabilitas entitas anak pada assets and liabilities of the subsidiary at their
nilai tercatatnya ketika pengendalian hilang. carrying amounts as at the date on which
Jumlah yang sebelumnya diakui dalam control is lost. Amounts previously recognised
penghasilan komprehensif lain juga in other comprehensive income are also
direklasifikasi ke laba rugi atau dialihkan secara reclassified to profit or loss or transferred
langsung ke saldo laba jika disyaratkan oleh directly to retained earnings if required under
Pernyataan Standar Akuntansi Keuangan other Statements of Financial Accounting
(“PSAK”) lain. Standards (“SFAS”).
Sisa investasi pada entitas anak terdahulu Any investment retained in the former
diakui sebesar nilai wajarnya. Setiap perbedaan subsidiary is recognised at its fair value. The
antara nilai tercatat sisa investasi pada tanggal difference between the carrying amount of the
hilangnya pengendalian dan nilai wajarnya investment retained at the date when the
diakui dalam laba rugi. control is lost and its fair value is recognised in
profit or loss.
2025 Annual Report 395
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PT VALE INDONESIA TBK
Lampiran 5/6 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.5. Prinsip-prinsip konsolidasi (lanjutan) 2.5. Principles of consolidation (continued)
Entitas asosiasi Associate
Entitas asosiasi adalah seluruh entitas dimana An associate is an entity over which the
Perseroan memiliki pengaruh signifikan namun Company has significant influence but not
bukan pengendalian, biasanya melalui control, generally accompanying a shareholding
kepemilikan hak suara antara 20% dan 50%. of between 20% and 50% of the voting rights.
Investasi pada entitas asosiasi dicatat dengan Investments in associate are accounted for
metode ekuitas. Berdasarkan metode ekuitas, using the equity method of accounting. Under
investasi pada awalnya dicatat pada biaya the equity method, the investment is initially
perolehan dan selanjutnya disesuaikan untuk recognised at cost and adjusted thereafter to
mengakui bagian investor atas laba rugi pasca recognise the investor's share of the post-
akuisisi dari investee pada laba rugi, dan acquisition profits or losses of the investee in
bagiannya atas pergerakan penghasilan profit or loss, and its share of movements in
komprehensif lain dari investee pada other comprehensive income of the investee in
penghasilan komprehensif lain. other comprehensive income.
Jika bagian Perseroan atas kerugian entitas When the Company’s share of losses in an
asosiasi sama dengan atau melebihi associate equal or exceeds its interest in the
kepentingannya pada entitas asosiasi, associate, the Company does not recognise
Perseroan menghentikan pengakuan bagian further losses, unless it has incurred
kerugiannya, kecuali Perseroan memiliki constructive or legal obligations or made
kewajiban konstruktif atau hukum, atau payments on behalf of the associate.
melakukan pembayaran atas nama entitas
asosiasi.
Keuntungan yang belum terealisasi atas Unrealised gains on transactions between the
transaksi antara Perseroan dengan entitas Company and its associate are eliminated to the
asosiasi dieliminasi sebesar kepentingan extent of the Company’s interest in these
Perseroan dalam entitas tersebut. Kerugian entities. Unrealised losses are eliminated unless
yang belum direalisasi juga dieliminasi kecuali the transaction provides evidence of an
transaksi tersebut memberikan bukti adanya impairment of the asset transferred. Accounting
penurunan nilai atas aset yang dialihkan. policies of associate are changed where
Kebijakan akuntansi entitas asosiasi diubah jika necessary to ensure consistency with the
diperlukan untuk memastikan konsistensi policies adopted by the Company.
dengan kebijakan yang diterapkan oleh
Perseroan.
Dividen yang diterima dan yang akan diterima Dividends received or receivable from
dari entitas asosiasi diakui sebagai pengurang associate are recognised as reductions in the
dari nilai tercatat investasi. carrying amounts of the investments.
Pada setiap tanggal pelaporan, Perseroan The Company determines at each reporting
menentukan apakah terdapat bukti objektif date whether there is any objective evidence
bahwa telah terjadi penurunan nilai atas that the investment in the associate is
investasi pada entitas asosiasi. Jika demikian, impaired. If this is the case, the carrying
maka nilai tercatat dari investasi yang dicatat amount of the equity accounting investments is
dengan akuntansi ekuitas diuji untuk penurunan tested for impairment.
nilai.
396 Laporan Tahunan 2025
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
2.5. Prinsip-prinsip konsolidasi (lanjutan) 2.5. Principles of consolidation (continued)
Perubahan kepemilikan Changes in ownership interests
Ketika Perseroan tidak lagi mencatat When the Company ceases to account for an
menggunakan metode ekuitas untuk investasi investment using equity method because of a
karena hilangnya pengendalian, maka loss of control, any retained interest in the
kepentingan yang masih tersisa atas entitas entity is remeasured to its fair value at the date
diukur kembali berdasarkan nilai wajarnya, dan when the control is lost, with the change in
perubahan nilai tercatat diakui dalam laporan carrying amount recognised in profit or loss.
laba rugi. Nilai tercatat awal adalah sebesar nilai The fair value is the initial carrying amount for
wajar untuk kepentingan pengukuran kembali the purposes of subsequently accounting for
kepentingan yang tersisa sebagai entitas the retained interest as an associate. In
asosiasi. Di samping itu, jumlah yang addition, any amounts previously recognised in
sebelumnya diakui pada pendapatan other comprehensive income in respect of that
komprehensif lain sehubungan dengan entitas entity are accounted for as if the Company had
tersebut dicatat seolah-olah Perseroan telah directly disposed of the related assets or
melepas aset atau liabilitas terkait. Hal ini dapat liabilities. This may mean that amounts
berarti bahwa jumlah yang sebelumnya diakui previously recognised in other comprehensive
pada pendapatan komprehensif lain income are reclassified to profit or loss.
direklasifikasi ke laporan laba rugi.
2.6. Mata uang fungsional, penyajian dan 2.6. Functional and presentation currency and
penjabaran mata uang currency translation
Seluruh angka dalam laporan keuangan ini Figures in the financial statements are rounded
dibulatkan menjadi ribuan Dolar AS yang to and stated in thousands of US Dollars, which
terdekat, yang merupakan mata uang penyajian is the presentation and functional currency,
dan fungsional, kecuali dinyatakan lain. unless otherwise stated.
Item-item yang disertakan dalam laporan Items included in the financial statements are
keuangan diukur menggunakan mata uang measured using the currency of the primary
yang sesuai dengan lingkungan ekonomi utama economic environment in which the Company
dimana entitas Perseroan beroperasi. entities operate.
Pada setiap tanggal pelaporan, aset dan At each reporting date, monetary assets and
liabilitas moneter dalam mata uang selain Dolar liabilities in currencies other than US Dollars
AS dijabarkan ke Dolar AS dengan kurs yang are translated into US Dollars at year-end
berlaku pada akhir tahun. Penjabaran dari aset exchange rates. The translation of all other
dan liabilitas lainnya umumnya dilakukan assets and liabilities are generally recognised
dengan menggunakan kurs yang berlaku pada at the exchange rates prevailing at the dates of
tanggal transaksi. the transactions.
Selama tahun berjalan, transaksi-transaksi During the year, transactions in currencies
dalam mata uang selain Dolar AS dijabarkan ke other than US Dollars are translated at rates
Dolar AS dengan kurs yang berlaku selama prevailing during each month. Gains or losses
bulan berjalan. Keuntungan atau kerugian selisih resulting from the translation and from foreign
kurs yang timbul dari penjabaran dan transaksi exchange transactions are included in profit or
dalam mata uang asing dibukukan pada laba loss.
rugi.
2025 Annual Report 397
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Lampiran 5/8 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.7. Kas dan setara kas dan kas yang dibatasi 2.7. Cash and cash equivalents and restricted
penggunaanya cash
Kas dan setara kas mencakup kas di bank dan Cash and cash equivalents include cash in
deposito berjangka yang akan jatuh tempo banks and time deposits with original maturities
dalam waktu tiga bulan atau kurang dari saat of three months or less at the time of
ditempatkan, dan tidak digunakan sebagai placement and which are not used as collateral
jaminan atau tidak dibatasi penggunaannya. or are not restricted.
Kas dan setara kas yang dibatasi Cash and cash equivalents which are restricted
penggunaannya disajikan secara terpisah for use, are presented separately as “restricted
sebagai “kas yang dibatasi penggunaannya”. cash”.
Laporan arus kas disusun menggunakan metode The statements of cash flows have been
langsung dengan mengklasifikasikan arus kas prepared using the direct method by classifying
berdasarkan aktivitas operasi, investasi, dan the cash flows on the basis of operating, investing
pendanaan. Untuk tujuan laporan arus kas, kas and financing activities. For the purpose of the
dan setara kas disajikan setelah dikurangi statements of cash flows, cash and cash
cerukan. equivalents are presented net of overdrafts.
2.8. Piutang usaha 2.8. Trade receivables
Piutang usaha adalah jumlah yang masih harus Trade receivables are amounts due from
dibayar oleh pelanggan untuk penjualan nikel customers for sales of nickel matte and nickel
matte dan bijih nikel yang dijual dalam transaksi ore in the ordinary course of business. If
bisnis pada umumnya. Jika pembayaran piutang collection is expected in one year or less, they
diharapkan selesai dalam satu tahun atau are classified as current assets. If not, they are
kurang, piutang tersebut dikelompokkan sebagai presented as non-current assets.
aset lancar. Jika tidak, piutang tersebut disajikan
sebagai aset tidak lancar.
Piutang usaha pada awalnya diakui sebesar Trade receivables are recognised initially at the
imbalan yang tidak bersyarat, kecuali jika piutang amount of consideration that is unconditional,
tersebut mengandung komponen pendanaan yang unless they contain significant financing
signifikan, dalam hal ini mereka diakui pada nilai components, in which case they are
wajar. Selanjutnya diukur pada biaya perolehan recognised at fair value. They are subsequently
diamortisasi dengan menggunakan metode suku measured at amortised cost using the effective
bunga efektif dikurangi penyisihan kerugian. Lihat interest method, less loss allowance. See Note
Catatan 2.14 untuk kebijakan akuntansi terkait 2.14 for accounting policies related to
penurunan nilai dari aset non-keuangan. impairment receivables.
2.9. Persediaan 2.9. Inventories
Persediaan dinyatakan dengan nilai terendah Inventories are stated at the lower of cost and net
antara biaya perolehan dan nilai realisasi bersih. realisable value. Cost of finished nickel inventory,
Nilai dari persediaan barang jadi nikel, nikel dalam nickel in process, and saleable nickel ore is
proses, dan bijih nikel untuk dijual dinilai dengan determined using a weighted average cost
metode rata-rata tertimbang dari biaya perolehan. method. Allowance for inventory obsolescence
Penyisihan atas persediaan usang dan penurunan and decline in the value of inventories, if any, is
nilai persediaan, jika ada, dibentuk untuk provided to reduce the carrying value of
mengurangi nilai tercatat persediaan menjadi nilai inventories to their net realisable value.
realisasi bersih.
Nilai realisasi bersih adalah estimasi harga Net realisable value is the estimate of the selling
penjualan dalam kegiatan usaha normal, dikurangi price in the ordinary course of business, less the
taksiran biaya penyelesaian dan estimasi biaya costs of completion and the estimated costs
yang dibutuhkan untuk melakukan penjualan. necessary to make the sale.
Harga perolehan barang jadi dan barang dalam Cost of finished goods and work in progress
proses terdiri dari biaya pengupasan tanah, comprises stripping, mining, raw materials, fuels,
menambang, bahan baku, bahan bakar, bahan supplies, labor, depreciation and an appropriate
pembantu, tenaga kerja, penyusutan serta alokasi proportion of directly attributable fixed and
biaya overhead yang terkait secara langsung baik variable overheads.
yang bersifat tetap maupun variabel.
398 Laporan Tahunan 2025
Page 399
PT VALE INDONESIA TBK
Lampiran 5/9 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.10. Aset tetap 2.10. Fixed assets
Aset tetap diakui berdasarkan harga perolehan Fixed assets are stated at historical cost, less
historis, dikurangi akumulasi penyusutan. Harga accumulated depreciation. Historical cost
perolehan mencakup semua pengeluaran yang includes expenditures that are directly
terkait secara langsung dengan perolehan aset attributable to the acquisition of the items.
tetap.
Biaya pengembangan tambang dan fasilitas Mine development and mine facilities costs
tambang merupakan biaya-biaya yang terjadi di represent expenditures incurred in a mining
area penambangan sebelum aktivitas area before mining activities commence.
penambangan dimulai. Termasuk ke dalam Included in these costs is the construction of
biaya ini adalah biaya-biaya untuk pembuatan roads providing access to mining areas.
jalan yang memberikan akses ke area-area
tambang.
Biaya pengupasan pasca produksi dimasukkan Post-production stripping costs are included in
dalam biaya persediaan, kecuali ketika sebuah the cost of inventory, except when a new
proyek baru dikembangkan untuk mendapatkan project is developed to permit access to a
akses ke cadangan bijih nikel yang signifikan. significant nickel ore reserve. In such cases,
Dalam hal tersebut, biaya dikapitalisasi dan the cost is capitalised and amortised during the
diamortisasi selama ekstraksi bijih nikel, selama extraction of the nickel ore, over the useful life
masa manfaat cadangan nikel. Pada tanggal 31 of the ore reserve. As at December 31, 2025
Desember 2025 dan 2024, tidak ada biaya and 2024, there were no stripping costs
pengupasan yang dikapitalisasi oleh Perseroan. capitalised by the Company.
Biaya-biaya selanjutnya diikutsertakan ke dalam Subsequent costs are included in the asset’s
nilai tercatat aset atau diakui sebagai aset carrying amount or recognised as a separate
terpisah, jika memadai, hanya ketika besar asset, as appropriate, only when it is probable
kemungkinan masa manfaat ekonomis di masa that the future economic benefits associated
yang akan datang terkait dengan aset tetap akan with the item will flow to the Company and the
mengalir ke dalam Perseroan dan biaya dari cost of the item can be measured reliably. The
aset tetap tersebut dapat diukur secara andal. carrying amount of a replaced part is
Nilai tercatat dari komponen yang diganti derecognised. All other repairs and
dihentikan pengakuannya. Keseluruhan maintenance are charged to profit or loss
perbaikan dan perawatan dibebankan ke dalam during the financial period in which they are
laba rugi pada periode keuangan dimana hal incurred.
tersebut terjadi.
Apabila aset tetap tidak digunakan lagi atau When fixed assets are retired or otherwise
dijual, maka nilai tercatatnya dikeluarkan dari disposed of, their carrying values are
laporan keuangan, dan keuntungan atau eliminated from the financial statements, and
kerugian yang terjadi sebagai akibat dari the resulting gains and losses on the disposal
penghapusan aset tetap tersebut diakui dalam of fixed assets are recognised in profit or loss.
laba rugi.
2.11. Aset tetap dalam penyelesaian 2.11. Construction in progress
Akumulasi biaya dari konstruksi bangunan, The accumulated costs of the construction of
instalasi mesin, dan eksplorasi area tambang buildings, the installation of machinery, and the
sebelum tahap pengembangan dikapitalisasi exploration of mining area before development
sebagai aset tetap dalam penyelesaian. Biaya- stage are capitalised as construction in
biaya ini direklasifikasi ke dalam aset tetap progress. These costs are reclassified to fixed
ketika konstruksi, instalasi dan eksplorasi assets when the construction, installation, and
tambang telah selesai. Depresiasi dibebankan exploration are complete. Depreciation is
sejak tanggal dimana aset tersebut siap charged from the date the assets are ready for
digunakan sesuai dengan tujuan yang diinginkan use in the manner intended by management.
manajemen.
2025 Annual Report 399
Page 400
PT VALE INDONESIA TBK
Lampiran 5/10 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.11. Aset tetap dalam penyelesaian (lanjutan) 2.11. Construction in progress (continued)
Biaya keuangan dan biaya pinjaman lain, seperti Finance and other borrowing costs, such as
biaya diskonto atas pinjaman yang digunakan discount fees on loans used in financing
untuk mendanai proses pembangunan aset construction of a qualifying asset, are
tertentu yang memenuhi syarat, dikapitalisasi capitalised up to the date when construction
sampai proses pembangunan tersebut selesai. is complete.
Untuk pinjaman yang dapat diatribusikan secara For borrowings that are directly attributable to
langsung pada suatu aset tertentu yang a qualifying asset, the amount to be
memenuhi syarat, jumlah yang dikapitalisasi capitalised is determined as the actual
adalah sebesar biaya pinjaman yang terjadi borrowing costs incurred during the year, less
selama tahun berjalan, dikurangi pendapatan any income earned on the temporary
investasi jangka pendek dari pinjaman tersebut. investment of such borrowings.
Untuk pinjaman yang tidak dapat diatribusi For borrowings that are not directly
secara langsung pada suatu aset tertentu yang attributable to a qualifying asset, the amount
memenuhi syarat, jumlah biaya pinjaman yang to be capitalised is determined by applying a
dikapitalisasi ditentukan dengan mengalikan capitalisation rate to the amount expended on
tingkat kapitalisasi dengan pengeluaran untuk the qualifying asset. The capitalisation rate is
aset tertentu yang memenuhi syarat. Tingkat the weighted average of the total borrowing
kapitalisasi adalah rata-rata tertimbang seluruh costs applicable to the total borrowings
biaya pinjaman atas seluruh pinjaman yang outstanding, other than borrowings made
belum dibayarkan, di luar pinjaman yang secara specifically for the purpose of obtaining a
khusus digunakan untuk perolehan aset dalam qualifying asset under construction.
penyelesaian tertentu yang memenuhi syarat.
2.12. Pengembangan tambang 2.12. Mine development
Biaya pengembangan yang dikeluarkan oleh Development expenditure incurred by or on
atau atas nama Perseroan diakumulasikan behalf of the Company is accumulated
secara terpisah untuk setiap area of interest separately for each area of interest in which
pada saat cadangan terpulihkan yang secara economically recoverable resources have
ekonomis dapat diidentifikasi. Biaya tersebut been identified. Such expenditure comprises
termasuk biaya yang dapat diatribusikan secara costs directly attributable to the construction
langsung pada konstruksi tambang dan of a mine and the related infrastructure and
infrastruktur terkait, tidak termasuk biaya aset excludes physical assets and land rights. The
berwujud dan hak atas tanah. Biaya development expenditure is recorded as
pengembangan ini dicatat sebagai aset tetap contruction in progress during the mine
dalam penyelesaian selama masa konstruksi construction period.
tambang.
Ketika keputusan pengembangan telah diambil, Once a development decision has been
jumlah tercatat aset tetap dalam penyelesaian taken, the carrying amount of the
pada area of interest tertentu dipindahkan construction in progress in respect of the
sebagai “tambang dalam pengembangan” pada area of interest is transferred to “mines under
akun pengembangan tambang (sebagai bagian development” within mine development (as
dari akun aset tetap) dan digabung dengan part of fixed assets account) and aggregated
pengeluaran biaya pengembangan selanjutnya. with the subsequent development
expenditure.
400 Laporan Tahunan 2025
Page 401
PT VALE INDONESIA TBK
Lampiran 5/11 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.12. Pengembangan tambang (lanjutan) 2.12. Mine development (continued)
“Tambang dalam pengembangan” “Mines under development” are reclassified as
direklasifikasi ke “tambang yang berproduksi” “mines in production” within mining properties at
pada akun properti pertambangan pada akhir the end of the commissioning phase, when the
tahap commissioning, ketika tambang mine is capable of operating in the manner
tersebut mampu beroperasi sesuai dengan intended by management.
maksud manajemen.
“Tambang dalam pengembangan” tidak No depreciation is recognised for “mines under
disusutkan sampai direklasifikasi menjadi development” until they are reclassified as
“tambang yang berproduksi”. “mines in production”.
Ketika timbul biaya pengembangan lebih When further development expenditure is
lanjut setelah dimulainya produksi, maka incurred on a mining property after the
biaya tersebut akan dicatat sebagai bagian commencement of production, the expenditure
dari “tambang yang berproduksi” apabila is carried forward as part of “mines in
terdapat kemungkinan besar tambahan production” when it is probable that additional
manfaat ekonomis masa depan sehubungan future economic benefits associated with the
dengan biaya tersebut akan mengalir ke expenditure will flow to the Company.
Perseroan. Apabila tidak, biaya tersebut Otherwise, such expenditure is classified as a
dibebankan sebagai biaya produksi. cost of production.
“Tambang yang berproduksi” diamortisasi “Mines in production” are amortised using the
dengan menggunakan metode unit produksi units-of-production method on the basis of
berdasarkan cadangan terbukti dan cadangan proved and probable reserves, with separate
terduga, dengan perhitungan terpisah yang calculations being made for each area of
dibuat untuk setiap area of interest. interest.
Pengembangan tambang diuji penurunan “Mines under development” and “mines in
nilainya dengan mengacu pada kebijakan production” are tested for impairment in
akuntansi dalam Catatan 2.14. accordance with the policy in Note 2.14.
2.13. Penyusutan dan amortisasi 2.13. Depreciation and amortisation
Penyusutan aset tetap didasarkan atas Depreciation of fixed assets is based on the
taksiran masa manfaat suatu aset, estimasi shorter of the estimated useful life of the asset,
masa produksi cadangan bijih, atau selama the estimated period of production from ore
masa berlakunya IUPK (disesuaikan dengan reserves, or the period of the IUPK (adjusted for
asumsi perpanjangan) yang mana yang lebih assumed extensions). An exception to this
pendek. Pengecualian terhadap kebijakan ini policy is the hydroelectric dam facilities, which
adalah untuk fasilitas bendungan PLTA yang are depreciated over a 40-year useful life based
penyusutannya dilakukan selama masa on the 1975 Decree of the Indonesian
manfaat 40 tahun berdasarkan Keputusan Government, as referred to in Note 1 to these
Pemerintah Indonesia tahun 1975, seperti financial statements.
yang dijelaskan pada Catatan 1 atas laporan
keuangan ini.
Pada tanggal 31 Desember 2025, tidak ada As at December 31, 2025, there are no assets
aset tetap dengan masa manfaat melebihi with useful life beyond the period of the IUPK
masa berlakunya IUPK (disesuaikan dengan (adjusted for assumed extensions).
asumsi perpanjangan).
2025 Annual Report 401
Page 402
PT VALE INDONESIA TBK
Lampiran 5/12 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.13. Penyusutan dan amortisasi (lanjutan) 2.13. Depreciation and amortization (continued)
Aset tetap disusutkan menggunakan estimasi Fixed assets are depreciated using the
masa manfaat aset dan metode penyusutan estimated assets useful life and depreciation
sebagai berikut: method as follows:
Masa Manfaat/ Metode Penyusutan
Aset/Assets Useful life Depreciation Method
Bangunan bendungan dan fasilitas PLTA/ 5 – 40 tahun/years Garis lurus/Straight-line
Hydroelectric dam buildings and facilities
Jalan dan jembatan/ 5 – 30 tahun/years Garis lurus/Straight-line
Roads and bridges
Bangunan/ 5 – 30 tahun/years Garis lurus/Straight-line
Buildings
Pengembangan tambang/ Umur tambang/ Unit-produksi/Unit-of-production
Mine development Life of mine
Fasilitas tambang/ 5 – 30 tahun/years Garis lurus/Straight-line
Mine facilities
Pabrik dan mesin/ 4 – 30 tahun/years Garis lurus/Straight-line
Plant and machinery
Perabotan dan peralatan kantor/ 5 tahun/years Garis lurus/Straight-line
Furniture and office equipment
Perseroan memperkirakan nilai sisa aset tetap The Company has estimated the residual
diatas adalah nihil. value of the above fixed assets at nil.
Nilai sisa aset, masa manfaat dan metode The assets’ residual values, useful lives and
penyusutan ditelaah dan jika perlu disesuaikan, depreciation methods are reviewed and
pada setiap akhir tahun pelaporan. adjusted if appropriate, at the end of each
reporting year.
Perseroan mengalokasi komponen dari aset The Company allocates significant
tetap yang biaya perolehannya signifikan dan components of the fixed asset costs and
mendepresiasikan komponen tersebut secara depreciates separately each significant
terpisah jika komponen tersebut memiliki masa component if those components have different
manfaat yang berbeda. useful lives.
Amortisasi biaya pemugaran dihitung Amortisation of refurbishment costs is
berdasarkan taksiran masa manfaat calculated on the estimated economic useful
ekonomisnya dengan menggunakan metode life of the refurbishment using the straight-line
garis lurus. method.
402 Laporan Tahunan 2025
Page 403
PT VALE INDONESIA TBK
Lampiran 5/13 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.14. Penurunan nilai dari aset non-keuangan 2.14. Impairment of non-financial assets
Aset ditelaah untuk penurunan nilai jika Assets are reviewed for impairment whenever
terdapat kejadian atau perubahan dalam events or changes in circumstances indicate
keadaan yang mengindikasikan bahwa jumlah that the carrying amount may not be
tercatat kemungkinan tidak dapat dipulihkan. recoverable. An impairment loss is recognised
Kerugian penurunan nilai diakui sebesar jumlah for the amount by which the asset’s carrying
dimana jumlah tercatat aset melebihi jumlah amount exceeds its recoverable amount. The
terpulihkan. Jumlah terpulihkan merupakan recoverable amount is the higher of an asset’s
jumlah yang lebih tinggi antara nilai wajar aset fair value less costs of disposal and value in
dikurangi biaya untuk menjual dan nilai use. For the purposes of assessing
pakainya. Dalam rangka menguji penurunan impairment, assets are grouped at the lowest
nilai, aset dikelompokkan hingga unit terkecil levels for which there are separately
yang menghasilkan arus kas terpisah (unit identifiable cash inflows (cash-generating
penghasil kas). Aset non-keuangan selain units). Non-financial assets other than goodwill
goodwill yang mengalami penurunan nilai, that suffered impairment are reviewed for
ditelaah untuk kemungkinan pembalikan possible reversal of the impairment at each
penurunan nilai, pada setiap tanggal reporting date.
pelaporan.
Pemulihan rugi penurunan nilai, untuk aset Reversal of impairment losses for assets other
selain goodwill, diakui jika, dan hanya jika, than goodwill would be recognised if, and only
terdapat perubahan estimasi yang digunakan if, there has been a change in the estimates
dalam menentukan jumlah terpulihkan aset used to determine the asset’s recoverable
sejak pengujian penurunan nilai terakhir kali. amount since the last impairment test was
Pembalikan rugi penurunan nilai tersebut diakui carried out. Reversal of impairment losses will
segera dalam laba rugi. be immediately recognised in profit or loss.
2.15. Pengeluaran untuk lingkungan hidup 2.15. Environmental expenditures
Pengeluaran - pengeluaran yang berhubungan Expenditures that relate to ongoing
dengan program lingkungan hidup dan environmental and reclamation programs are
reklamasi yang sedang berjalan dibebankan charged to profit or loss as incurred or
pada laba rugi pada saat terjadinya, atau capitalised and depreciated depending on their
dikapitalisasi dan disusutkan tergantung pada future economic benefits. A reclamation
masa manfaat ekonomis di masa yang akan guarantee reserve which subsequently was
datang. Cadangan jaminan reklamasi, yang changed to a bank guarantee mechanism has
kemudian diubah dengan suatu mekanisme also been set up in accordance with applicable
bank garansi, juga telah dibentuk sesuai Government Regulations (refer to Note 39a).
dengan Peraturan Pemerintah yang berlaku In addition, a provision for asset retirement has
(lihat Catatan 39a). Di samping itu, provisi atas been recognised for the estimated costs of
penghentian pengoperasian aset telah diakui mine closure, decommissioning and
sebesar taksiran biaya penutupan area dismantling of facilities.
tambang, penghentian dan pembongkaran
fasilitas.
Provisi atas penghentian pengoperasian aset The provision for asset retirement is provided for
dicatat untuk mengakui kewajiban hukum atau legal or constructive obligations associated with
konstruktif yang berkaitan dengan penghentian the retirement of a tangible long-lived asset that
penggunaan aset tetap yang berasal dari results from the acquisition, construction or
akuisisi, pembangunan atau pengembangan development and/or the normal operation of a
dan/atau operasi normal aset tetap. long-lived asset. The retirement of a long-lived
Penghentian penggunaan aset tetap ini adalah asset is its other than temporary removal from
penarikan selain penghentian sementara service including its sale, abandonment,
pemakaian termasuk penjualan, penelantaran, recycling or disposal in some other manner.
pendaur-ulangan atau penghapusan dengan
cara lainnya.
2025 Annual Report 403
Page 404
PT VALE INDONESIA TBK
Lampiran 5/14 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.15. Pengeluaran untuk lingkungan hidup 2.15. Environmental expenditures (continued)
(lanjutan)
Provisi atas penghentian pengoperasian aset Provisions for asset retirement are recognised
diakui sebagai liabilitas pada saat kewajiban as liabilities when a legal or constructive
hukum atau konstruktif yang berkaitan dengan obligation with respect to the retirement of an
penghentian pengoperasian sebuah aset timbul, asset is incurred, with the initial measurement of
dan pada awalnya diukur pada nilai kini dari the obligation measured at the present value of
perkiraan pengeluaran yang diperlukan untuk the expenditures expected to be required to
menyelesaikan kewajiban menggunakan tingkat settle the obligation using a risk-free rate. In
diskonto bebas risiko. Di samping itu, biaya addition, an asset retirement cost equivalent to
penghentian pengoperasian aset dalam jumlah the liabilities is capitalised as part of the related
yang sama dengan jumlah liabilitasnya asset’s carrying value and is subsequently
dikapitalisasi sebagai bagian dari aset yang depreciated or depleted over the asset’s useful
berkaitan yang kemudian disusutkan nilainya life. The increase in these obligations due to
sepanjang masa manfaat aset tersebut. passage of time is recognised as finance costs.
Peningkatan kewajiban ini sehubungan dengan
berlalunya waktu diakui sebagai biaya
keuangan.
Perubahan dalam pengukuran kewajiban The changes in the measurement of these
tersebut yang timbul dari perubahan estimasi obligations that result from changes in the
waktu atau jumlah pengeluaran sumber daya estimated timing or amount of the outflow of
ekonomis (contohnya: arus kas) yang resources embodying economic benefits (e.g.
diperlukan untuk menyelesaikan kewajiban cash flows) required to settle the obligation, or a
tersebut, atau perubahan dalam tingkat change in the discount rate will be added to or
diskonto, akan ditambahkan pada atau deducted from the cost of the related asset in
dikurangkan dari, harga perolehan aset yang the current year. The amount deducted from the
bersangkutan pada tahun berjalan. Jumlah yang cost of the asset should not exceed its carrying
dikurangkan dari harga perolehan aset tidak amount. If a decrease in the liability exceeds the
boleh melebihi jumlah tercatatnya. Jika carrying amount of the asset, the excess is
penurunan dalam liabilitas melebihi nilai tercatat recognised immediately in profit or loss. If the
aset, kelebihan tersebut segera diakui dalam adjustment results in an addition to the cost of
laba rugi. Jika penyesuaian tersebut an asset, the Company will consider whether
menghasilkan penambahan pada harga this is an indication that the new carrying
perolehan aset, Perseroan akan amount of the asset may not be fully
mempertimbangkan apakah hal ini recoverable. If there is such an indication, the
mengindikasikan bahwa nilai tercatat aset yang Company will test the asset for impairment by
baru mungkin tidak bisa dipulihkan secara estimating its recoverable amount and will
penuh. Jika terdapat indikasi tersebut, account for the impairment loss incurred, if any.
Perseroan akan melakukan pengujian
penurunan nilai terhadap aset tersebut dengan
melakukan estimasi atas nilai yang dapat
dipulihkan dan akan mencatat kerugian dari
penurunan nilai, jika ada.
Untuk hal-hal yang berkaitan dengan For environmental issues that may not involve
lingkungan yang tidak berkaitan dengan the retirement of an asset, where the Company
penghentian pengoperasian aset, dimana is a responsible party and it is determined that
Perseroan merupakan pihak yang bertanggung a liability exists, and amounts can be
jawab dan diidentifikasikan adanya suatu quantified, the Company accrues the estimated
liabilitas serta jumlahnya dapat diukur, maka liability. In determining whether a liability exists
Perseroan akan mencatat estimasi liabilitas in respect of such environmental issues, the
tersebut. Dalam menentukan keberadaan Company applies the criteria for liability
liabilitas yang berkaitan dengan lingkungan, recognition under applicable accounting
Perseroan mengacu pada kriteria pengakuan standards.
liabilitas sesuai dengan standar akuntansi yang
berlaku.
404 Laporan Tahunan 2025
Page 405
PT VALE INDONESIA TBK
Lampiran 5/15 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.16. Pengakuan pendapatan dan beban 2.16. Revenue and expense recognition
Perseroan mengakui pendapatan dengan The Company recognises revenue by
melakukan lima langkah analisa sesuai dengan performing five-step assessment in accordance
PSAK 115 – Pendapatan dari Kontrak dengan with SFAS 115 - Revenue from Contracts with
Pelanggan. Customers.
Pendapatan Perseroan berasal dari penjualan The Company’s revenue is derived from the
nickel matte dan bijih nikel. sales of nickel matte and nickel ore.
Penjualan nickel matte Sales of nickel matte
Seperti yang dijelaskan pada Catatan 33a, As explained in Note 33a, the Company has
Perseroan memiliki kontrak-kontrak penjualan long-term nickel matte sales contracts with its
nickel matte jangka panjang dengan customers. The Company identified the transfer
pelanggannya. Perseroan mengidentifikasi of nickel matte products to customers as the
penyerahan produk nickel matte kepada performance obligation in the sales contracts
pelanggan sebagai kewajiban pelaksanaan with customers. Revenue from the transfer of
dalam kontrak-kontrak penjualan dengan nickel matte products is recognised based on
pelanggan. Pendapatan atas penyerahan the price specified in the contracts with
produk nickel matte diakui berdasarkan harga customers. Sales are recognised as revenue
yang ditentukan dalam kontrak dengan when the control of the product is transferred to
pelanggan. Penjualan diakui sebagai customers. Control is considered to be
pendapatan ketika pengendalian atas produk transferred at the point in time when the product
ditransfer ke pelanggan. Kontrol dianggap telah is loaded on to the customer vessel at the
dialihkan pada saat produk dimuat ke kapal loading port.
pelanggan di Pelabuhan muat.
Berdasarkan ketentuan pembayaran dalam Based on the payment terms in the agreements,
perjanjian tersebut, periode antara transfer the period between the transfer of the products
produk ke pelanggan dan pembayaran oleh to the customer and payment by the customer is
pelanggan kurang dari satu tahun. Ketentuan less than one year. The payment terms do not
pembayaran tidak memiliki komponen have a significant financing component and
pembiayaan yang signifikan dan tidak berubah were not changed from previous years.
dari tahun-tahun sebelumnya.
Penjualan bijih nikel Sales of nickel ore
Pendapatan dari penjualan produk bijih nikel Revenue from the sale of nickel ore products is
diakui pada saat kewajiban pelaksanaan recognised when the performance obligation is
dipenuhi oleh Perseroan pada waktu tertentu, satisfied by the Company at the point in time
yaitu saat pengendalian atas produk telah when the control of products has been
beralih kepada pelanggan. Kontrol dianggap transferred to the customer. Control is
telah dialihkan pada saat produk dimuat ke considered to be transferred at the point in time
kapal pelanggan atau truk pelanggan di titik when the product is loaded on to the customers’
muat. vessels or trucks at the loading point.
Beban Expenses
Beban (termasuk biaya pengupasan tanah) Expenses (including stripping costs) are
diakui pada saat terjadinya dengan metode recognised as incurred on an accrual basis.
akrual.
2025 Annual Report 405
Page 406
PT VALE INDONESIA TBK
Lampiran 5/16 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.17. Pajak penghasilan 2.17. Income taxes
Manfaat/(beban) pajak penghasilan terdiri dari Income tax benefit/(expense) is comprised of
pajak penghasilan badan kini dan tangguhan. current and deferred corporate income tax.
Pajak kini dan pajak tangguhan diakui dalam Current tax and deferred tax are recognised in
laba rugi kecuali jika pajak tersebut terkait profit or loss except to the extent that they
dengan transaksi yang langsung diakui dalam relate to items recognised directly in equity or
ekuitas atau dalam penghasilan atau kerugian in other comprehensive income or loss.
komprehensif lain.
Perseroan beroperasi di bawah peraturan The Company operates under the tax
perpajakan di Indonesia. Beban pajak kini regulations in Indonesia. The current income
dihitung berdasarkan peraturan perpajakan yang tax expense is calculated on the basis of the
berlaku di Indonesia pada akhir periode tax laws enacted in Indonesia at the end of the
pelaporan dan mencakup penyesuaian periode reporting period and includes true-up
sebelumnya baik untuk keperluan rekonsiliasi adjustments made to the previous period’s tax
dengan pajak penghasilan yang dilaporkan provisions either to reconcile them with the
dalam surat pemberitahuan pajak tahunan, atau income tax reported in annual tax returns, or to
untuk mencatat perbedaan yang timbul dari account for differences arising from tax
penilaian pajak. Manajemen secara periodik assessments. Management periodically
mengevaluasi posisi yang dilaporkan di Surat evaluates positions taken in tax returns with
Pemberitahuan Tahunan (“SPT”) sehubungan respect to situations in which applicable tax
dengan situasi di mana aturan pajak yang regulation is subject to interpretation. It
berlaku membutuhkan interpretasi. Jika perlu, establishes provisions where appropriate on
manajemen menentukan provisi berdasarkan the basis of amounts expected to be paid to the
jumlah yang diharapkan akan dibayar kepada tax authorities.
otoritas pajak.
Pajak tangguhan diakui atas perbedaan Deferred tax is recognised in respect of
temporer antara nilai tercatat aset dan liabilitas temporary differences between the carrying
untuk tujuan pelaporan keuangan dan nilai yang amounts of assets and liabilities for financial
digunakan untuk tujuan perpajakan. Manfaat reporting purposes and the amounts used for
pajak tangguhan tidak diakui jika timbul pada taxation purposes. Deferred income tax is not
saat pengakuan awal suatu aset atau liabilitas accounted for if it arises from initial recognition
yang timbul dari transaksi selain kombinasi bisnis of an asset or liability in a transaction other
yang pada saat transaksi tersebut tidak than a business combination that at the time of
mempengaruhi laba rugi akuntansi maupun laba the transaction affects neither accounting nor
rugi kena pajak. Pajak tangguhan ditentukan taxable profit or loss. Deferred tax is measured
dengan menggunakan tarif pajak yang at the tax rates that are expected to be applied
diharapkan akan diterapkan terhadap perbedaan to temporary differences when they reverse,
temporer pada saat pembalikan, berdasarkan based on the laws that have been enacted or
peraturan yang telah berlaku atau secara substantively enacted as of the reporting date.
substantif berlaku pada tanggal pelaporan. This method also requires the recognition of
Metode ini juga mengharuskan pengakuan atas future tax benefits, such as tax loss carry
manfaat pajak di masa yang akan datang, seperti forwards, to the extent that realisation of such
kompensasi rugi fiskal, jika kemungkinan benefits is probable.
realisasi manfaat tersebut di masa mendatang
cukup besar (probable).
Aset pajak tangguhan ditelaah ulang pada setiap Deferred tax assets are reviewed at each
tanggal pelaporan dan dikurangi sejauh manfaat reporting date and are reduced to the extent
pajak terkait tidak lagi memungkinkan untuk that it is no longer probable that the related tax
terealisasi; pengurangan tersebut dilakukan benefit will be realised; such reductions are
pembalikan ketika kemungkinan laba kena pajak reversed when the probability of future taxable
di masa depan meningkat. Dalam menentukan profits improves. In determining the amount of
besarnya jumlah pajak kini dan tangguhan, current and deferred tax, the Company
Perseroan memperhitungkan dampak dari posisi considers the impact of uncertain tax positions
pajak yang tidak pasti dan setiap tambahan and any additional taxes and penalties.
pajak dan denda.
406 Laporan Tahunan 2025
Page 407
PT VALE INDONESIA TBK
Lampiran 5/17 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.17. Pajak penghasilan (lanjutan) 2.17. Income taxes (continued)
Aset dan liabilitas pajak tangguhan dapat saling Deferred tax assets and liabilities are offset
hapus jika terdapat hak yang berkekuatan when there is a legally enforceable right to
secara hukum untuk melakukan saling hapus offset current tax assets and liabilities and
antara aset pajak kini dengan liabilitas pajak kini when the deferred tax balances relate to the
dan apabila saldo pajak tangguhan dikenakan same taxation authority. Current tax assets and
oleh otoritas perpajakan yang sama. Aset dan tax liabilities are offset where the entity has a
liabilitas pajak kini saling hapus jika terdapat hak legally enforceable right to offset and intends
yang dapat dipaksakan secara hukum untuk either to settle on a net basis, or to realise the
melakukan saling hapus dan terdapat maksud asset and settle the liability simultaneously.
untuk menyelesaikan secara neto atau untuk
merealisasikan aset dan menyelesaikan liabilitas
secara bersamaan.
2.18. Liabilitas imbalan kerja 2.18. Employment benefit liabilities
a. Imbalan pensiun dan imbalan berdasarkan a. Pension and Labor Law benefits
Peraturan Ketenagakerjaan
Perseroan memiliki program pensiun iuran The Company has maintained a defined
pasti yang berlaku semenjak akhir 2012. contribution pension plan starting from the
Sebelumnya Perseroan memiliki program end of 2012. Prior to this, the Company
pensiun imbalan pasti. Program pensiun iuran maintained a defined benefit plan. The
pasti merupakan program pensiun yang defined contribution pension plan is a
dibayarkan oleh Perseroan dengan metode pension plan under which the Company
iuran tetap kepada pengelola dana pensiun pays fixed contributions to trustee-
baik yang wajib, berdasarkan kontrak maupun administered pension plans on a
sukarela. Perseroan harus menyediakan mandatory, contractual or voluntary basis.
imbalan pensiun dengan jumlah minimal The Company is required to provide a
sesuai dengan peraturan yang berlaku atau minimum amount of pension benefits in
Perjanjian Kerja Bersama (“PKB”), mana yang accordance with applicable regulations or
lebih tinggi. Karena peraturan yang berlaku its Collective Labor Agreement (the
atau PKB mewajibkan Perseroan untuk “CLA”), whichever is higher. Since the
memberikan imbalan kepada karyawan dalam applicable regulations or the CLA require
usia pensiun dengan jumlah manfaat tertentu the Company to pay to a worker entering
berdasarkan masa kerjanya, ada into pension age a certain amount based
kemungkinan bahwa Perseroan harus on the worker’s length of service, the
melakukan pembayaran imbalan tambahan Company is exposed to the possibility of
apabila jumlah akumulasi dana iuran pensiun having to make further payments to reach
pada program pensiun iuran pasti lebih kecil that certain amount, as required by the
dari jumlah imbalan pensiun yang diharuskan applicable regulations or the CLA, in
berdasarkan peraturan yang berlaku atau particular when the cumulative
PKB. contributions are less than that amount.
Perseroan mengakui kelebihan pembayaran The Company recognises the excess (if
(jika ada) yang akan diperlukan sesuai any) of the payments that would be
dengan peraturan yang berlaku atau PKB, required under the applicable regulation or
atas program pensiun iuran pasti, bersama the CLA, over the defined contributions
dengan pengembalian investasi yang paid, together with investment returns
dihasilkan dari iuran, sebagai liabilitas pada arising from the contributions, as a liability
laporan posisi keuangan, akun liabilitas in the statements of financial position,
imbalan pascakerja. accounted for as post-employment benefit
liabilities.
2025 Annual Report 407
Page 408
PT VALE INDONESIA TBK
Lampiran 5/18 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY
(lanjutan) INFORMATION (continued)
2.18. Liabilitas imbalan kerja (lanjutan) 2.18. Employment benefit liabilities (continued)
a. Imbalan pensiun dan imbalan a. Pension and Labor Law benefits
berdasarkan Peraturan Ketenagakerjaan (continued)
(lanjutan)
Liabilitas diakui pada laporan posisi The liability recognised in the statements
keuangan setara dengan nilai kini kewajiban of financial position in respect of defined
imbalan pasti pada akhir periode pelaporan benefit pension plans is the present value
dikurangi nilai wajar aset program. of the defined benefit obligation at the end
Kewajiban imbalan pasti dihitung setidaknya of the reporting period less the fair value of
setiap tahun oleh aktuaris independen plan assets. The defined benefit obligation
dengan menggunakan metode Projected is calculated at least annually by
Unit Credit. Nilai kini kewajiban imbalan independent actuaries using the Projected
pasti ditentukan dengan mendiskontokan Unit Credit method. The present value of
arus kas keluar yang diestimasi dengan the defined benefit obligation is
menggunakan tingkat bunga obligasi determined by discounting the estimated
pemerintah (karena tidak terdapat pasar future cash outflows using interest rates of
aktif untuk obligasi korporat berkualitas Government Bonds (considering currently
tinggi) dalam denominasi mata uang dimana there is no deep market for high-quality
imbalan akan dibayarkan dan memiliki corporate bonds) that are denominated in
jangka waktu jatuh tempo mendekati jangka the currency in which the benefits will be
waktu kewajiban pensiun. paid, and that have terms to maturity
approximating the terms of the related
pension obligation.
Biaya bunga bersih dihitung dengan The net interest cost is calculated by
menerapkan tingkat diskonto terhadap saldo applying the discount rate to the net
bersih kewajiban imbalan pasti dan nilai balance of the defined benefit obligation
wajar aset program. Biaya ini termasuk and the fair value of plan assets. This cost
dalam biaya keuangan dalam laba rugi. is included in the finance cost in profit or
loss.
Pengukuran kembali yang timbul dari Remeasurement gains and losses arising
penyesuaian pengalaman dan perubahan from experience adjustments and changes
asumsi-asumsi aktuarial dibebankan atau in actuarial assumptions are charged or
dikreditkan pada ekuitas dalam penghasilan credited to equity in other comprehensive
komprehensif lain pada periode dimana income in the period in which they arise.
beban tersebut terjadi. Keuntungan dan They are included in retained earnings in
kerugian ini termasuk di dalam laba ditahan the statements of changes in equity and
pada laporan perubahan ekuitas dan pada financial position.
posisi keuangan.
Saat manfaat suatu program diganti atau When the benefits of a plan are changed
saat suatu program mengalami kurtailmen, or when a plan is curtailed, the resulting
dampak perubahannya yang terkait dengan change in benefit that relates to past
jasa lalu atau keuntungan atau kerugian service or the gain or loss on curtailment is
kurtailmen diakui langsung di laba rugi. recognised immediately in profit or loss.
408 Laporan Tahunan 2025
Page 409
PT VALE INDONESIA TBK
Lampiran 5/19 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.18. Liabilitas imbalan kerja (lanjutan) 2.18. Employment benefit liabilities (continued)
b. Imbalan kesehatan pascakerja b. Post-retirement medical benefits
Perseroan memberikan imbalan kesehatan The Company provides post-retirement
pascakerja untuk para karyawan yang medical benefits to eligible retirees. The
telah pensiun dan memiliki hak atas entitlement to these benefits is usually given
fasilitas ini. Hak atas imbalan ini pada to those employees who remain in service
umumnya diberikan apabila karyawan up to retirement age and were hired prior to
bekerja hingga mencapai usia pensiun dan the signing of the CLA in January 2011 and
dipekerjakan sebelum PKB yang opted to enrol into this program. The
ditandatangani pada bulan Januari 2011 expected costs of these benefits are accrued
dan memilih untuk mengikuti program ini. over the period of employment, using an
Perkiraan biaya imbalan ini diakui sebagai accounting methodology similar to that for
akrual sepanjang masa kerja karyawan, defined benefit pension plans. A qualified
dengan menggunakan metodologi actuary values this liability at least annually.
akuntansi yang sama dengan metodologi In 2014, the Company changed its method
yang digunakan dalam perhitungan to fund this program through an insurance
program pensiun imbalan pasti. Liabilitas program.
ini dinilai setidaknya setiap tahun oleh
aktuaris yang berkualifikasi. Pada tahun
2014, Perseroan mengubah metode
pembiayaan atas program ini dengan
menggunakan program asuransi.
Pada tahun 2016, Perseroan berhenti In 2016, the Company stopped using an
menggunakan program asuransi karena insurance program due to escalating
peningkatan jumlah premi. Perseroan premiums. The Company subsequently
kemudian menerapkan sebuah implemented an Administrative Service Only
pendekatan Layanan Administrasi Saja approach (“ASO” approach) by engaging a
(pendekatan “ASO”) dengan melibatkan third party appointed by the Company to
pihak ketiga yang ditunjuk oleh Perseroan help administer the program. In this
untuk membantu administrasi program ini. approach, the Company places a certain
Pada pendekatan ini, Perseroan amount of money to be administered by a
menempatkan sejumlah uang untuk third party to cover the medical costs for the
dikelola oleh pihak ketiga untuk menutupi program participants. The third party applies
biaya medis bagi peserta program. Pihak the Coordination of Benefit (“COB”)
ketiga menerapkan pendekatan Koordinasi approach which allows the medical claim to
Imbalan (“COB”) yang memungkinkan be considered in the overall cost calculation.
klaim medis dipertimbangkan dalam
perhitungan biaya keseluruhan.
c. Imbalan kerja jangka panjang lainnya c. Other long-term employee benefits
Perseroan memberikan imbalan kerja The Company also provides other long-term
jangka panjang lainnya, seperti employee benefits, such as long service
penghargaan masa kerja. Imbalan berupa awards. The long service award is paid
penghargaan masa kerja diberikan apabila when the employees reach certain service
karyawan bekerja setiap mencapai masa year.
kerja tertentu.
Perseroan memberikan imbalan kerja The Company provides the award for all of
jangka panjang lainnya kepada semua its permanent employees. The benefit is
karyawan tetapnya. Nilai imbalan yang based on the Company’s CLA. The liability in
diberikan didasari pada PKB Perseroan. respect of the other long-term employee
Kewajiban imbalan kerja jangka panjang benefits is recorded based on actuarial
lainnya dicatat berdasarkan perhitungan calculations using the projected unit credit
aktuaria dengan menggunakan metode method by an independent actuary.
projected unit credit yang dilakukan oleh
aktuaris independen.
2025 Annual Report 409
Page 410
PT VALE INDONESIA TBK
Lampiran 5/20 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.18. Liabilitas imbalan kerja (lanjutan) 2.18. Employment benefit liabilities (continued)
d. Imbalan pesangon d. Termination benefits
Pesangon adalah pemutusan hubungan Termination benefits are payable whenever an
kerja terutang pada saat karyawan employee’s employment is terminated before
diberhentikan sebelum usia pensiun the normal retirement date or whenever an
normal atau ketika pekerja menerima employee accepts voluntary redundancy in
penawaran mengundurkan diri secara exchange for these benefits. The Company
sukarela dengan kompensasi imbalan recognises termination benefits at the earlier
pesangon. Perseroan mengakui pesangon of the following dates: (i) when the Company
pemutusan kontrak kerja pada tanggal can no longer withdraw the offer of those
yang lebih awal antara: (i) ketika benefits and
Perseroan tidak dapat lagi menarik (ii) when the Company recognises costs for a
tawaran atas imbalan tersebut dan restructuring that is within the scope of SFAS
(ii) ketika Perseroan mengakui biaya untuk 237 and involves the payment of termination
restrukturisasi yang berada dalam ruang benefits. Termination benefits payable more
lingkup PSAK 237 dan melibatkan than 12 months after the reporting date are
pembayaran pesangon. Pesangon yang discounted to reflect present value.
akan dibayarkan dalam waktu lebih 12
bulan setelah tanggal pelaporan
didiskontokan untuk mencerminkan nilai
kininya.
e. Program bonus e. Bonus plans
Perseroan mengakui liabilitas dan beban The Company recognises a liability and an
untuk bonus berdasarkan rumus-rumus expense for bonuses based on the applicable
tertentu yang mempertimbangkan berbagai formula which considers various aspects of
aspek kinerja Perseroan. the Company’s performance.
f. Pembayaran berbasis saham f. Share-based payments
Perseroan memberikan program imbalan The Company awards eligible employees
setara saham dan kinerja unit saham (“participants”) participation in a share-
(“PSU”) kepada karyawan tertentu matching program and performance share
(“peserta”). Untuk imbalan setara saham, units (“PSU”) program. For the share
peserta dapat membeli saham Perseroan matching program, the participants can
(“INCO”) tanpa ada manfaat yang acquire the Company’s shares (“INCO”)
diberikan oleh karyawan tertentu. Jika without any benefits being provided by the
saham yang dibeli ditahan selama periode eligible employee. If the shares acquired are
tiga tahun dan peserta masih merupakan held for a period of three years and the
karyawan Perseroan, maka peserta berhak participants keep an employment relationship
mendapatkan dari Perseroan imbalan with the Company, the participant is entitled
setara dengan jumlah saham yang dibeli to receive from the Company an award,
oleh peserta. equivalent to the number of shares originally
acquired by the participants.
Untuk program PSU, selama periode tiga For the PSU program, the participants have
tahun vesting cycle peserta berhak the opportunity to receive during a three year-
menerima imbalan setara dengan nilai vesting cycle, an award equivalent to the
pasar saham biasa INCO berdasarkan market value of a determined number of
faktor kinerja yang diukur sebagai common shares and conditioned to INCO’s
indicator, seperti tingkat pengembalian performance factors measured as indicators,
kepada pemegang saham (“TSR”), such as total return to the shareholders
pencapaian IRMA-75, dan tujuan strategis (“TSR”), achievement of IRMA-75, and other
Perseroan lainnya. Imbalan ini dibayarkan strategic objectives of the Company. This
secara saham, dan tergantung faktor award is paid in shares, and conditioned to
kinerja setiap tahunnya. the performance factor of each year.
410 Laporan Tahunan 2025
Page 411
PT VALE INDONESIA TBK
Lampiran 5/21 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.19. Sewa 2.19. Leases
Pada tanggal dimulainya kontrak, Perseroan At the inception of a contract, the Company
menilai apakah kontrak merupakan, atau assesses whether a contract is, or contains, a
mengandung, sewa. Suatu kontrak merupakan, lease. A contract is, or contains, a lease if the
atau mengandung, sewa jika kontrak tersebut contract conveys the right to control the use of
memberikan hak untuk mengendalikan an identified asset for a period of time in
penggunaan aset yang teridentifikasi selama exchange for consideration. To assess whether
suatu jangka waktu untuk dipertukarkan a contract conveys the right to control the use of
dengan imbalan. Untuk menilai apakah kontrak an identified asset, the Company assesses
memberikan hak untuk mengendalikan whether:
penggunaan aset yang teridentifikasi,
Perseroan menilai apakah:
- Kontrak melibatkan penggunaan aset yang - The contract involves the use of an identified
teridentifikasi; asset;
- Perseroan memiliki hak untuk memperoleh - The Company has the right to obtain
secara substansial seluruh manfaat ekonomi substantially all of the economic benefits from
dari penggunaan aset selama tahun the use of the asset throughout the year of
penggunaan; dan use; and
- Perseroan memiliki hak untuk - The Company has the right to direct the use
mengendalikan penggunaan aset. of the asset.
Pada tanggal dimulainya kontrak atau pada At the inception or on reassessment of a
saat penilaian kembali kontrak yang contract that contains a lease component, the
mengandung sewa, Perseroan Company allocates the consideration in the
mengalokasikan imbalan dalam kontrak untuk contract to each lease component on the basis
setiap unsur sewa berdasarkan harga relatif of their relative stand-alone prices.
dari unsur sewa.
Perseroan mengakui aset hak-guna dan The Company recognises a right-of-use asset
liabilitas sewa pada tanggal awal sewa. Aset and a lease liability at the lease commencement
hak-guna awalnya diukur pada biaya, yang date. The right-of-use asset is initially measured
terdiri dari nilai awal dari liabilitas sewa yang at cost, which comprises the initial amount of
disesuaikan dengan setiap pembayaran sewa the lease liability adjusted for any lease
yang dilakukan pada atau sebelum tanggal payments made at or before the
dimulai, ditambah dengan biaya langsung yang commencement date, plus any initial direct
terjadi dan perkiraan biaya untuk membongkar costs incurred and an estimate of costs to
dan melepas aset terkait atau untuk dismantle and remove the underlying asset or to
merestorasi area dimana aset tersebut restore the underlying asset or the site on which
ditempatkan, dikurangi dengan insentif sewa it is located, less any lease incentives received.
yang diterima. Kewajiban sewa pada awalnya The lease liability is initially measured at the
diukur pada nilai kini dari pembayaran sewa present value of the lease payments that are not
yang tidak dibayar pada awal kontrak, paid at the commencement date, discounted
didiskontokan menggunakan tingkat bunga using the interest rate implicit in the lease, or if
implisit dalam sewa atau jika suku bunga that rate cannot be readily determined, using
tersebut tidak dapat ditentukan, maka incremental borrowing rate.
menggunakan suku bunga pinjaman
inkremental.
Aset hak-guna kemudian disusutkan The right-of-use asset is subsequently
menggunakan metode garis lurus sejak depreciated using the straight-line method from
tanggal dimulainya hingga akhir masa manfaat the commencement date to the earlier of the
dari aset hak-guna atau akhir dari masa sewa. end of the useful life of the right-of-use asset or
Selain itu, aset hak-guna secara berkala dinilai the end of the lease term. In addition, the right-
untuk penurunan nilai dan disesuaikan atas of-use asset is periodically reduced by
pengukuran kembali dari liabilitas sewa. impairment losses, if any, and adjusted for
certain remeasurements of the lease liability.
2025 Annual Report 411
Page 412
PT VALE INDONESIA TBK
Lampiran 5/22 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.19. Sewa (lanjutan) 2.19. Leases (continued)
Liabilitas sewa diukur pada biaya perolehan The lease liability is measured at amortised cost
diamortisasi menggunakan metode bunga using the effective interest method. It is
efektif. Liabilitas sewa diukur kembali ketika remeasured when there is a change in future
ada perubahan pembayaran sewa di masa lease payments arising from a change in an
depan yang timbul dari perubahan suatu indeks index or rate, if there is a change in the
atau tingkat, jika ada perubahan dalam estimasi Company’s estimate of the amount expected to
Perseroan dari jumlah yang diharapkan akan be payable under a residual value guarantee or
dibayarkan berdasarkan jaminan nilai residu if the Company changes its assessment of
atau jika Perseroan mengubah penilaiannya whether it will exercise a purchase, extension or
apakah akan melakukan opsi pembelian, termination option. When the lease liability is
perpanjangan atau pemutusan kontrak. Ketika remeasured in this way, a corresponding
liabilitas sewa diukur kembali dengan cara adjustment is made to the carrying amount of
tersebut, penyesuaian dilakukan terhadap the right-of-use asset or is recorded in profit or
jumlah tercatat dari aset hak-guna, atau diakui loss if the carrying amount of the right-of-use
dalam laba rugi jika jumlah tercatat dari aset asset has been reduced to zero.
hak-guna telah dikurangi menjadi nol.
Perseroan menyajikan aset hak-guna yang The Company presents right-of-use assets that
tidak memenuhi definisi properti investasi do not meet the definition of investment property
sebagai aset tetap dalam laporan posisi as fixed assets in the statements of financial
keuangan. position.
Perseroan telah memilih untuk tidak mengakui The Company has elected not to recognise
aset hak-guna dan liabilitas sewa untuk sewa right-of-use assets and lease liabilities for short-
jangka pendek yang memiliki jangka waktu term leases that have a lease term of 12 months
sewa 12 bulan atau kurang dan sewa aset yang or less and leases of low-value assets. The
bernilai rendah. Perseroan mengakui Company recognises the lease payments
pembayaran sewa yang terkait dengan sewa ini associated with these leases as an expense on
sebagai beban menggunakan basis garis lurus a straight-line basis over the lease term.
selama masa sewa.
2.20. Modal saham 2.20. Capital share
Saham biasa diklasifikasikan sebagai ekuitas. Ordinary shares are classified as equity.
Biaya tambahan yang secara langsung dapat Incremental costs directly attributable to the
diatribusikan kepada penerbitan saham biasa issuing of new ordinary shares or options are
atau opsi disajikan pada ekuitas sebagai shown in equity as a deduction, net of tax from
pengurang penerimaan, setelah dikurangi the proceeds. Share issuance costs are
pajak. Biaya emisi saham disajikan sebagai presented as a deduction from the additional
pengurang akun tambahan modal disetor. paid-in capital account.
2.21. Laba per saham 2.21. Earnings per share
Laba per saham dasar dihitung dengan Basic earnings per share is calculated by
membagi laba tahun berjalan yang tersedia dividing profit for the year attributable to
untuk pemegang saham dari entitas induk shareholders of the parent entity by the weighted
dengan jumlah rata-rata saham biasa yang average number of common shares outstanding
beredar dalam tahun yang bersangkutan. for the relevant year.
Laba per saham dilusian dihitung dengan Diluted earnings per share is calculated by
menyesuaikan jumlah rata-rata tertimbang adjusting the weighted average number of
saham biasa yang beredar untuk ordinary shares outstanding to assume
mengasumsikan konversi dari semua efek conversion of any dilutive potential ordinary
berpotensi saham biasa yang dilutif yang shares owned by the Company.
dimiliki Perseroan.
412 Laporan Tahunan 2025
Page 413
PT VALE INDONESIA TBK
Lampiran 5/23 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.22. Pelaporan segmen 2.22. Segment reporting
Segmen operasi adalah suatu komponen dari An operating segment is a component of an
entitas: enterprise:
a. yang terlibat dalam aktivitas bisnis yang a. that engages in business activities from
mana memperoleh pendapatan dan which it may earn revenues and incur
menimbulkan beban (termasuk expenses (including revenue and
pendapatan dan beban terkait dengan expenses related to the transactions with
transaksi dengan komponen lain dari different components within the same
entitas yang sama); entity);
b. hasil operasinya dikaji ulang secara reguler b. whose operating results are regularly
oleh pengambil keputusan operasional reviewed by the enterprise’s chief
(Direksi adalah pengambil keputusan operating decision maker (the Directors
operasional Perseroan) untuk membuat are the Company’s chief operating
keputusan tentang sumber daya yang decision maker) to make decisions about
dialokasikan pada segmen tersebut dan resources to be allocated to the segment
menilai kinerjanya; dan and to assess its performance; and
c. tersedia informasi keuangan yang dapat c. for which discrete financial information is
dipisahkan. available.
2.23. Instrumen keuangan 2.23. Financial instruments
Suatu instrumen keuangan diakui pada saat A financial instrument is recognised when the
Perseroan menjadi pihak dari ketentuan kontrak Company becomes a party to the contractual
suatu instrumen keuangan. Aset keuangan provisions of the instrument. Financial assets
dihentikan pengakuannya pada saat hak are derecognised when the Company’s
kontraktual Perseroan atas arus kas yang contractual rights to the cash flows from the
berasal dari aset keuangan tersebut financial assets expire, i.e. when the asset is
kedaluwarsa, yaitu ketika aset dialihkan kepada transferred to another party without retaining
pihak lain tanpa mempertahankan kontrol atau control or when substantially all risks and
pada saat seluruh risiko dan manfaat telah rewards are transferred. Financial liabilities are
ditransfer secara substansial. Liabilitas derecognised if the Company’s obligations
keuangan dihentikan pengakuannya jika expire or are discharged or cancelled.
liabilitas Perseroan kedaluwarsa, atau
dilepaskan atau dibatalkan.
Aset keuangan Financial assets
Klasifikasi dan pengukuran aset keuangan Classification and measurement of financial
didasarkan pada model bisnis dan arus kas assets are based on the business model and
kontraktual. Perseroan menilai apakah arus kas contractual cash flows. The Company assesses
aset keuangan tersebut semata-mata dari whether the financial instrument cash flows
pembayaran pokok dan bunga. represent solely payments of principal and
interest (“SPPI”).
Aset keuangan diklasifikasikan dalam tiga Financial assets are classified into the three
kategori sebagai berikut: categories as follows:
(1) Aset keuangan diukur pada biaya (1) Financial assets at amortised cost.
diamortisasi.
(2) Aset keuangan diukur pada nilai wajar (2) Financial assets at fair value through profit
melalui laba rugi. or loss (“FVTPL”).
(3) Aset keuangan diukur pada nilai wajar (3) Financial assets at fair value through other
melalui penghasilan komprehensif comprehensive income (“FVTOCI”).
lainnya.
2025 Annual Report 413
Page 414
PT VALE INDONESIA TBK
Lampiran 5/24 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.23. Instrumen keuangan (lanjutan) 2.23. Financial instruments (continued)
Aset keuangan (lanjutan) Financial assets (continued)
Perseroan menentukan klasifikasi aset The Company determines the classification of
keuangannya saat pengakuan awal dan tidak its financial assets at initial recognition and
dapat merubah klasifikasi yang ditentukan saat cannot change the classification made at initial
penerapan awal tersebut. adoption.
Seluruh aset keuangan awalnya diakui pada nilai All financial assets are recognised initially at fair
wajar ditambah biaya transaksi, kecuali dalam value plus transaction costs, except in the case
hal aset keuangan dicatat pada nilai wajar of financial assets which are recorded at fair
melalui laba rugi. Biaya transaksi atas aset value through profit or loss. Transaction costs
keuangan dicatat pada nilai wajar melalui laba of financial assets carried at FVTPL are
rugi dibebankan dalam laba rugi. expensed in profit or loss.
Per tanggal 31 Desember 2025 dan 2024, As at December 31, 2025 and 2024 the
Perseroan memiliki aset keuangan yang diukur Company has financial assets measured at
berdasarkan biaya perolehan diamortisasi dan amortised cost and FVTPL.
nilai wajar melalui laba rugi.
Pembelian atau penjualan aset keuangan yang Purchases or sales of financial assets that
memerlukan penyerahan aset dalam kurun require delivery of assets within a time frame
waktu yang ditetapkan oleh peraturan atau established by regulation or convention in the
kebiasan yang berlaku di pasar (perdagangan marketplace (regular way trades) are
yang lazim) diakui pada tanggal perdagangan, recognised on the trade date, i.e., the date that
yaitu pada tanggal Perseroan berkomitmen the Company commits to purchase or sell the
untuk membeli atau menjual aset tersebut. assets.
Aset keuangan yang diukur dengan biaya Financial assets at amortised costs
diamortisasi
Aset keuangan yang ditahan hingga Assets that are held for collection of contractual
pengembalian arus kas kontraktual dimana arus cash flows where those cash flows represent
kas tersebut semata-mata dari pembayaran SPPI, and that are not designated at FVTPL,
pokok dan bunga, dan tidak didesain untuk are measured at amortised cost. The carrying
diukur pada nilai wajar melalui laba rugi, diukur amount of these assets is adjusted by any
dengan biaya diamortisasi. Nilai tercatat aset expected credit losses (“ECLs”) allowance
tersebut disesuaikan dengan penyisihan atas recognised and measured. Interest income
kerugian kredit ekspektasian (“KKE”) yang diakui from these financial assets is included in
dan diukur. Pendapatan bunga dari aset ‘finance income’ using the effective interest rate
keuangan ini termasuk dalam ‘pendapatan method.
keuangan’ menggunakan metode suku bunga
efektif.
Aset keuangan Perseroan diukur pada biaya The Company’s financial assets measured at
perolehan diamortisasi meliputi kas dan setara amortised cost include cash and cash
kas, kas yang dibatasi penggunaannya, piutang equivalents, restricted cash, trade receivables,
usaha, aset keuangan lancar lainnya, piutang other current financial assets, non-trade
non-usaha dari pihak berelasi dan aset receivables from related parties and other non-
keuangan tidak lancar lainnya. Aset keuangan current financial assets. Financial assets in this
diklasifikasikan sebagai aset lancar, jika jatuh category are classified as current assets if
tempo dalam waktu 12 bulan, jika tidak maka expected to be settled within 12 months,
aset keuangan ini diklasifikasikan sebagai aset otherwise they are classified as non-current
tidak lancar. assets.
414 Laporan Tahunan 2025
Page 415
PT VALE INDONESIA TBK
Lampiran 5/25 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.23. Instrumen keuangan (lanjutan) 2.23. Financial instruments (continued)
Aset keuangan yang diukur pada nilai wajar Financial assets at fair value through profit or
melalui laba rugi loss
Perseroan memiliki investasi dalam instrumen The Company has investments in equity
ekuitas dan aset derivatif, yang diklasifikasikan instruments and derivative assets, which are
sebagai aset keuangan yang diukur pada nilai classified as financial assets at fair value
wajar melalui laba rugi. through profit or loss.
Perseroan selanjutnya mengukur semua The Company subsequently measures all
investasi ekuitas pada nilai wajar. Dividen dari investments in equity at fair value. Dividends
investasi tersebut terus diakui dalam laba rugi from such investments continue to be
sebagai penghasilan lainnya ketika hak recognised in profit or loss as other income
Perseroan untuk menerima pembayaran when the Company’s right to receive payment
ditetapkan. is established.
Jika kepemilikan saham pada ventura bersama If the ownership interest in a joint venture or an
atau Perseroan asosiasi berkurang namun associate is reduced but joint control or
pengendalian bersama atau pengaruh signifikan significant influence is retained, only a
dipertahankan, hanya sebagian proporsional dari proportionate share of the amounts previously
jumlah yang telah diakui sebelumnya dalam recognised in other comprehensive income are
pendapatan komprehensif lain yang reclassified to profit or loss where appropriate.
direklasifikasi ke laba atau rugi jika diperlukan.
Liabilitas keuangan Financial liabilities
Perseroan mengklasifikasikan liabilitas The Company classifies its financial liabilities
keuangannya sebagai kategori (i) liabilitas into the categories of (i) financial liabilities at
keuangan pada nilai wajar melalui laba rugi dan fair value through profit or loss and (ii) financial
(ii) liabilitas keuangan yang diukur pada biaya liabilities measured at amortised cost. As at
perolehan diamortisasi. Pada tanggal December 31, 2025 and 2024 the Company
31 Desember 2025 dan 2024, Perseroan hanya only has financial liabilities measured at
memiliki liabilitas keuangan yang diukur pada amortised cost.
biaya perolehan diamortisasi.
Biaya perolehan diamortisasi dengan Amortised cost is measured by discounting the
mendiskontokan nilai liabilitas menggunakan liability amounts using the effective interest
suku bunga efektif, kecuali dampak dari rate, unless the effect of discounting would be
pendiskontoan tidak signifikan. Suku bunga insignificant. The effective interest rate is the
efektif adalah tingkat diskonto yang rate that discounts expected future cash flows
menghasilkan arus kas di masa datang dari nilai to the net carrying amount, on initial
tercatat, saat pengakuan awal. Dampak bunga recognition. Interest effects from the application
dari penerapan metode suku bunga efektif diakui of the effective interest rate method are
dalam laba rugi. recognised in profit or loss.
Pada saat pengakuan awal, utang usaha, akrual, Trade payables, accruals, and other financial
dan liabilitas keuangan lainnya diukur sebesar liabilities are initially measured at fair value less
nilai wajar dikurangi biaya transaksi yang dapat any directly attributable transaction costs.
diatribusikan langsung. Setelah pengakuan awal, Subsequent to initial measurement, these
liabilitas keuangan diukur pada biaya perolehan financial liabilities are measured at amortised
diamortisasi dengan menggunakan metode cost using the effective interest rate method.
bunga efektif.
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as current
liabilitas jangka pendek kecuali Perseroan liabilities unless the Company has an
mempunyai hak tanpa syarat untuk menunda unconditional right to defer settlement of the
pembayaran untuk paling tidak 12 bulan setelah liability for at least 12 months after the reporting
tanggal pelaporan. date.
2025 Annual Report 415
Page 416
PT VALE INDONESIA TBK
Lampiran 5/26 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.23. Instrumen keuangan (lanjutan) 2.23. Financial instruments (continued)
Liabilitas Keuangan (lanjutan) Financial liabilities (continued)
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and
disalinghapuskan dan nilai bersihnya disajikan the net amount is presented in the statements
dalam laporan posisi keuangan jika terdapat hak of financial position when there is a legal right
legal untuk melakukan saling hapus dan terdapat of offset and there is an intention to settle on a
intensi untuk menyelesaikan berdasarkan nilai net basis, or when the asset is realised and the
bersih atau untuk merealisasikan aset dan liability is settled simultaneously.
menyelesaikan liabilitasnya secara simultan.
Liabilitas keuangan dikeluarkan dari laporan Financial liabilities are removed from the
posisi keuangan jika dan hanya jika, liabilitas statement of financial position when it is
keuangan tersebut berakhir. Liabilitas extinguished. The financial liabilities are
keuangan tersebut dilepaskan pada saat discharged when the Company pays the
Perseroan melakukan pembayaran kepada creditor, or is legally released from primary
kreditur, atau secara hukum dibebaskan dari responsibility for the liability (or part of it), either
tanggung jawab utama atas liabilitas tersebut by process of law or by the creditor.
(atau sebagian dari liabilitas tersebut), baik Extinguishment of a financial liability also
karena proses hukum atau oleh kreditur. occurs when there is a substantial modification
Pengakhiran suatu liabilitas keuangan juga of the terms of an existing financial liability, and
terjadi ketika terdapat modifikasi secara resulting in the recognition of a new financial
substansial terhadap ketentuan liabilitas liability.
keuangan yang ada, dan mengakibatkan
pengakuan liabilitas keuangan baru.
2.24. Penurunan nilai aset keuangan 2.24. Impairment of financial assets
Perseroan mengakui KKE untuk semua aset The Company recognises an allowance for
keuangan Perseroan yang diukur pada biaya ECLs for all the Company’s financial assets
perolehan diamortisasi. KKE didasarkan pada measured at amortised cost. ECLs are based
perbedaan antara arus kas kontraktual sesuai on the difference between the contractual cash
dengan kontrak dan semua arus kas yang flows due in accordance with the contract and
diharapkan akan diterima Perseroan, all the cash flows that the Company expects to
didiskontokan pada perkiraan tingkat bunga receive, discounted at an approximation of the
efektif awal. original effective interest rate.
KKE diakui dalam tiga tahap (“general model”) ECLs are recognised in three stages (“general
untuk penurunan nilai berdasarkan perubahan model”) for impairment based on changes in
kualitas kredit sejak pengakuan awal. Untuk credit quality since initial recognition. For credit
eksposur kredit di mana tidak terdapat exposures for which there has not been a
peningkatan risiko kredit yang signifikan sejak significant increase in credit risk since initial
pengakuan awal, KKE ditentukan untuk kerugian recognition, ECLs are provided for credit losses
kredit yang dihasilkan dari peristiwa gagal bayar that result from default events that are possible
yang mungkin terjadi dalam 12 bulan ke depan within the next 12 months (12-months ECL).
(KKE 12 bulan). Untuk eksposur kredit di mana For those credit exposures for which there has
terdapat peningkatan risiko kredit yang signifikan been a significant increase in credit risk since
sejak pengakuan awal, penyisihan kerugian initial recognition, a loss allowance is required
diperlukan untuk kerugian kredit yang for credit losses expected over the remaining
diharapkan selama sisa waktu eksposur risiko life of the exposure, irrespective of the timing of
kredit, terlepas dari waktu peristiwa gagal bayar the default (lifetime ECL). For financial assets
(KKE sepanjang umur). Untuk aset keuangan that have objective evidence of impairment,
yang terdapat bukti obyektif penurunan nilai, lifetime ECL is calculated at the net carrying
KKE sepanjang umur dihitung pada nilai tercatat amount (net of credit allowance).
bersih (setelah dikurangi penyisihan kredit).
416 Laporan Tahunan 2025
Page 417
PT VALE INDONESIA TBK
Lampiran 5/27 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.24. Penurunan nilai aset keuangan (lanjutan) 2.24. Impairment of financial assets (continued)
Ketika menentukan apakah risiko kredit suatu When determining whether the credit risk of a
aset keuangan telah meningkat secara signifikan financial asset has increased significantly since
sejak pengakuan awal dan ketika mengestimasi initial recognition and when estimating ECLs,
KKE, Perseroan membandingkan risiko gagal the Company compares the risk of a default
bayar yang terjadi pada aset keuangan pada occurring on the financial assets as at the
tanggal pelaporan dengan risiko gagal bayar reporting date with the risk of a default occurring
yang terjadi pada aset keuangan pada tanggal on the financial assets as at the date of initial
pengakuan awal dan mempertimbangkan recognition and considers supportable and
informasi yang mendukung dan relevan, yang reasonable information, that is available without
tersedia tanpa biaya atau upaya yang berlebihan, undue cost or effort, that is indicative of
yang merupakan indikasi peningkatan risiko significant increases in credit risk since initial
kredit yang signifikan sejak pengakuan awal. Ini recognition. This includes both quantitative and
mencakup informasi dan analisis kuantitatif dan qualitative information and analysis, based on
kualitatif, berdasarkan pengalaman historis the Company’s historical experience and
Perseroan dan informasi penilaian kredit dan informed credit assessment and including
termasuk informasi forward-looking. forward-looking information.
Perseroan mempertimbangkan bahwa piutang The Company considers trade receivables to
usaha memiliki risiko kredit rendah ketika have low credit risk when its credit risk rating is
peringkat risiko kreditnya setara dengan definisi equivalent to the globally understood definition
“investment grade” yang dipahami secara global. of ‘investment grade’. The Company considers
Perseroan mendefinisikan “investment grade” this to be BBB per Fitch or BBB or higher per
sebagai BBB menurut Fitch atau BBB lebih tinggi the Japan Credit Rating Agency. When the
menurut Japan Credit Rating Agency. Ketika credit rating is below the BBB per Fitch or BBB
peringkat kredit di bawah BBB oleh Fitch atau per Japan Credit Rating Agency, the Company
BBB oleh Japan Credit Rating Agency, assesses whether a significant increase in credit
Perseroan menilai apakah peningkatan risiko risk has occurred.
kredit yang signifikan telah terjadi.
2.25. Dividen 2.25. Dividends
Pembayaran dividen kepada pemegang saham Dividend distributions to the shareholders are
diakui sebagai liabilitas dalam laporan posisi recognised as a liability in the Company’s
keuangan Perseroan pada periode di mana statements of financial position for the period in
dividen tersebut diumumkan. which the dividends are declared.
2.26. Transaksi dengan pihak-pihak berelasi 2.26. Related party transactions
Perseroan melakukan transaksi dengan pihak- The Company has transactions with related
pihak berelasi sebagaimana yang didefinisikan parties as defined under SFAS 224: “Related
dalam PSAK 224: “Pengungkapan Pihak-Pihak Party Disclosures” and OJK Regulation
Berelasi” dan Peraturan OJK No. VIII.G.7. Rincian No.VIII.G.7. The details of significant balances
saldo dan transaksi yang signifikan dengan pihak- and transactions with related parties are
pihak berelasi diungkapkan dalam Catatan 33. disclosed in Note 33.
2025 Annual Report 417
Page 418
PT VALE INDONESIA TBK
Lampiran 5/28 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
2.27. Instrumen keuangan derivatif 2.27. Derivative financial instrument
Derivatif pada awalnya diakui sebesar nilai wajar Derivatives are initially recognised at fair value on
pada tanggal kontrak derivatif disepakati dan the date a derivative contract is entered into and
selanjutnya diukur kembali sebesar nilai wajarnya. are subsequently remeasured at their fair value.
Metode untuk mengakui keuntungan atau kerugian The method of recognising the resulting gain or
yang dihasilkan tergantung apakah derivatif loss depends on whether the derivative is
ditetapkan sebagai instrumen lindung nilai, dan jika designated as a hedging instrument, and if so, the
demikian, sifat unsur yang dilindung nilainya. Apabila nature of the item being hedged. If it is not a
bukan instrumen lindung nilai, mutasi dari nilai wajar hedging instrument, the movement of its fair value
diakui pada laba rugi. Perseroan tidak memiliki is recognised in profit or loss. The Company has no
instrumen keuangan derivatif yang ditetapkan derivative financial instrument which is designated
sebagai instrumen lindung nilai pada tanggal 31 as hedge as at December 31, 2025 and 2024.
Desember 2025 dan 2024.
Instrumen derivatif tertentu tidak memenuhi Certain derivative instruments do not qualify for
syarat akuntansi lindung nilai. Perubahan nilai hedge accounting. Changes in the fair value of
wajar instrumen derivatif ini diakui segera dalam any of these derivative instruments are
laporan laba rugi. recognised immediately in the income
statement.
2.28. Provisi 2.28. Provision
Provisi diakui ketika Perseroan memiliki Provision is recognised when the Company
kewajiban masa kini (hukum atau konstruktif) has a present obligation (legal or constructive)
sebagai akibat peristiwa masa lalu, kemungkinan as a result of past events, it is probable that an
besar akan terjadi arus keluar sumber daya yang outflow of resources embodying economic
mengandung manfaat ekonomi untuk memenuhi benefits will be required to settle the obligation,
kewajiban tersebut, dan estimasi yang andal and a reliable estimate can be made of the
dapat dibuat mengenai besarnya kewajiban amount of the obligation. Provision shall not be
tersebut. Provisi tidak diakui untuk kerugian recognised for future operating losses.
operasi masa depan.
Provisi diukur sebesar nilai kini dari estimasi Provisions are measured at the present value
terbaik manajemen atas pengeluaran yang of management’s best estimate of the
diharapkan diperlukan untuk menyelesaikan expenditure required to settle the present
kewajiban kini pada akhir periode pelaporan. obligation at the end of the reporting period.
Tingkat diskonto yang digunakan untuk The discount rate used to determine the
menentukan nilai kini adalah tingkat diskonto present value is a pre-tax rate that reflects
sebelum pajak yang mencerminkan penilaian current market assessments of the time value
pasar atas nilai waktu uang dan risiko yang of money and the risks specific to the liability.
terkait dengan kewajiban. Peningkatan provisi An increase in the provision due to the
karena berjalannya waktu diakui sebagai beban passage of time is recognised as interest
bunga. expense.
418 Laporan Tahunan 2025
Page 419
PT VALE INDONESIA TBK
Lampiran 5/29 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
3. STANDAR AKUNTANSI BARU/REVISI 3. NEW/REVISED ACCOUNTING STANDARDS
PSAK dan ISAK baru/revisi berikut telah diterbitkan The following new/revised SFAS and IFAS issued
dan berlaku efektif untuk tahun buku atau tahun yang and effective for financial year or year starting on or
dimulai pada atau setelah 1 Januari 2025 di bawah after January 1, 2025 did not result in changes to the
ini tidak menghasilkan perubahan kebijakan Company’s accounting policies and had no material
akuntansi Perseroan dan tidak memiliki dampak effect on the amounts reported for the current year or
material terhadap jumlah yang dilaporkan di tahun prior year:
berjalan atau tahun sebelumnya:
- PSAK 117 - Kontrak Asuransi - SFAS 117 - Insurance Contracts
- Amandemen PSAK 221 - Pengaruh Perubahan - Amendment of SFAS 221 - The Effects of
Kurs Valuta Asing: Kekurangan ketertukaran. Changes in Foreign Exchange Rates: Lack of
exchangeability
Standar baru, amandemen dan interpretasi yang New standards, amendments and interpretations
telah diterbitkan, namun berlaku efektif untuk tahun issued but only effective for financial years beginning
buku yang dimulai pada atau setelah 1 Januari 2026, on or after January 1, 2026, but early adoption is
tapi penerapan dini diperkenankan, adalah sebagai permitted, are as follows:
berikut:
- Amendemen PSAK 109 - Instrumen Keuangan - Amendment to SFAS 109 - Financial Instruments
dan PSAK 107 - Instrumen Keuangan: and SFAS 107 - Financial Instruments: Disclosure:
Pengungkapan: klasifikasi dan pengukuran classification and measurement of financial
instrumen keuangan. instruments.
- Amandemen PSAK 109 - Instrumen Keuangan - Amendment to SFAS 109 – Financial Instruments
dan PSAK 107 - Instrumen Keuangan: and SFAS No. 107 - Financial Instruments:
Pengungkapan” - Kontrak yang Mengacu pada Disclosure: Contracts Referencing Nature-
Listrik Bergantung Alam dependent Electricity
- Revisi PSAK No. 338 - Kombinasi Bisnis Entitas - Revision to SFAS 338 - Business Combination of
Sepengendali Entities Under Common Control
Standar baru dan amandemen yang telah diterbitkan, New standards and amendments issued but only
namun berlaku efektif untuk tahun buku yang dimulai effective for financial years beginning on or after
pada atau setelah 1 Januari 2027, tapi penerapan January 1, 2027, but early adoption is permitted, are
dini diperkenankan, adalah sebagai berikut: as follows:
- PSAK No. 118 - Penyajian dan Pengungkapan - SFAS 118 - Presentation and Disclosure in
dalam Laporan Keuangan Financial Statements
- PSAK No. 119 dan Amandemen PSAK No. 119 - - SFAS 119 and Amendment SFAS 119 -
Entitas Anak tanpa Akuntabilitas Publik: Subsidiaries without Public Accountability:
Pengungkapan Disclosures
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN
Penyusunan laporan Keuangan sesuai dengan The preparation of financial statements in conformity
Standar Akuntansi Keuangan di Indonesia with Indonesian Financial Accounting Standards
mengharuskan manajemen untuk membuat estimasi requires management to make estimates and
dan asumsi yang mempengaruhi jumlah aset dan assumptions that affect the reported amounts of
liabilitas yang dilaporkan dan pengungkapan aset assets and liabilities and disclosure of contingent
dan liabilitas kontinjen pada tanggal laporan assets and liabilities at the date of the financial
keuangan, serta jumlah pendapatan dan beban statements and the reported amounts of revenue
selama periode pelaporan. Estimasi dan penilaian and expenses during the reporting period. Estimates
tersebut dievaluasi secara terus-menerus dan and judgments are continually evaluated and are
berdasarkan pengalaman historis dan faktor-faktor based on historical experience and other factors,
lainnya, termasuk harapan atas peristiwa di masa including expectations of future events that are
mendatang yang memungkinkan berdasarkan believed to be reasonable under the circumstances.
kondisi yang ada.
2025 Annual Report 419
Page 420
PT VALE INDONESIA TBK
Lampiran 5/30 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN (lanjutan) (continued)
Perseroan telah mengidentifikasi kebijakan akuntansi The Company has identified the following critical
penting berikut dimana dibutuhkan pertimbangan, accounting policies under which significant
estimasi dan asumsi signifikan yang dibuat dan judgments, estimates and assumptions are made
dimana hasil aktual dapat berbeda dari estimasi and where actual results may differ from these
tersebut berdasarkan asumsi dan kondisi yang estimates under different assumptions and conditions
berbeda dan dapat mempengaruhi secara material and may materially affect the financial results or
hasil keuangan atau posisi keuangan yang dilaporkan financial position reported in future periods. Further
dalam periode mendatang. Rincian lebih lanjut details of the nature of these assumptions and
mengenai sifat dari asumsi-asumsi dan kondisi-kondisi conditions can be found in the relevant notes to the
tersebut dapat ditemukan dalam catatan yang relevan financial statements.
atas laporan keuangan.
4.1. Provisi atas penghentian pengoperasian 4.1. Provision for asset retirement
aset
Kebijakan akuntansi Perseroan atas The Company’s accounting policy for the
pengakuan provisi untuk reklamasi lingkungan recognition of provisions for environmental
dan penutupan tambang dan penghentian dan reclamation and mine closure and
pembongkaran fasilitas membutuhkan decommissioning and dismantling of facilities
penggunaan estimasi dan asumsi yang requires the use of significant estimates and
signifikan seperti: persyaratan kerangka hukum assumptions such as: requirements of the
dan peraturan yang relevan (termasuk relevant legal and regulatory framework
penelaahan masa IUPK); besarnya (including assessment of the period of the
kemungkinan kontaminasi atau kerusakan serta IUPK); the magnitude of possible contamination
waktu, luas dan biaya yang dibutuhkan untuk or disturbance and the timing, extent and costs
kegiatan reklamasi lingkungan dan penutupan of required environmental reclamation and mine
tambang (umur tambang, estimasi biaya closure activities (life of mine, estimated costs of
penghentian pengoperasian aset, dan waktu asset retirement, and timing of the asset
kegiatan penghentian pengoperasian aset); dan retirement activities); and also the discount rate.
juga tingkat bunga diskonto. Ketidakpastian ini These uncertainties may result in future actual
dapat mengakibatkan perbedaan antara jumlah expenditure differing from the amounts currently
pengeluaran aktual di masa depan dari jumlah provided. The recognised provision is
yang disisihkan pada saat ini. Provisi yang periodically reviewed and updated based on the
telah diakui ditinjau secara berkala dan facts and circumstances available at the time.
diperbaharui berdasarkan fakta-fakta dan
keadaan pada saat itu.
Perseroan mengestimasi kegiatan The Company estimated its reclamation
reklamasinya dilakukan pada tahun 2026-2030 activities to be conducted in 2026-2030 and the
dan masa penutupan tambang Perseroan period of its mine closure is from 2045 to 2060.
adalah dari tahun 2045 sampai dengan tahun Nevertheless, actual results may differ from the
2060. Walaupun demikian, hasil aktual mungkin Company’s estimates depending on the mine
berbeda dari estimasi Perseroan tergantung plan approved by the Government.
dari rencana tambang yang disetujui oleh
Pemerintah.
420 Laporan Tahunan 2025
Page 421
PT VALE INDONESIA TBK
Lampiran 5/31 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN (lanjutan) (continued)
4.2. Perpajakan 4.2. Taxation
Pertimbangan dan asumsi dibutuhkan dalam Judgment and assumptions are required in
menentukan penyisihan modal dan determining capital allowances and the
pengurangan beban tertentu selama estimasi deductibility of certain expenses during the
provisi pajak penghasilan Perseroan. estimation of the provision for income taxes for
Banyaknya transaksi dan perhitungan yang the Company. There are many transactions
dapat menyebabkan ketidakpastian di dalam and calculations for which the ultimate tax
penentuan kewajiban pajak. determination is uncertain during the ordinary
course of business.
Semua pertimbangan dan estimasi yang dibuat All judgments and estimates made by
manajemen dalam pelaporan pajaknya dapat management for its tax reporting may be
dipertanyakan oleh Direktorat Jenderal Pajak. challenged by the Directorate General of
Sebagai akibatnya, terjadi ketidakpastian dalam Taxation. As a result, the ultimate tax
penentuan kewajiban pajak. Resolusi posisi determination becomes uncertain. The
pajak yang diambil oleh Perseroan dapat resolution of tax positions taken by the
berlangsung bertahun-tahun dan sangat sulit Company can take several years to complete
untuk memprediksi hasil akhirnya. Apabila and, in some cases, it is difficult to predict the
terdapat perbedaan perhitungan pajak dengan ultimate outcome. Where the final outcome of
jumlah yang telah dicatat, perbedaan tersebut these matters is different from the amounts
akan berdampak pada pajak penghasilan, pajak initially recorded, such differences will have an
lainnya dan pajak tangguhan dalam periode impact on the income tax, other taxes and
dimana penentuan pajak tersebut dibuat. deferred income tax provision in the period in
which this determination is made.
Aset pajak tangguhan diakui hanya apabila Deferred tax assets are recognised only where
dianggap lebih mungkin daripada tidak bahwa it is considered more likely than not that they
mereka dapat diterima kembali, dimana hal ini will be recovered, which is dependent on the
tergantung pada kecukupan pembentukan laba generation of sufficient future taxable profits.
kena pajak di masa depan. Asumsi Assumptions about the generation of future
pembentukan laba kena pajak di masa depan taxable profits depend on management’s
bergantung pada estimasi manajemen untuk estimates of future cash flows. These depend
arus kas di masa depan. Hal ini bergantung on estimates of future production, sales
pada estimasi produksi, volume penjualan volumes, commodity prices, reserves,
barang, harga komoditas, cadangan, biaya operating costs, closure and rehabilitation
operasi, biaya penutupan dan rehabilitasi costs, capital expenditure, dividends and other
tambang, belanja modal, dividen dan transaksi capital management transactions.
manajemen lainnya di masa depan.
4.3. Penurunan nilai aset non-keuangan 4.3. Impairment of non-financial assets
Sesuai dengan kebijakan akuntansi Perseroan, In accordance with the Company’s accounting
aset atau unit penghasil kas dievaluasi pada policy, an asset or a cash generating unit is
setiap periode pelaporan untuk menentukan evaluated at every reporting period to
ada tidaknya indikasi penurunan nilai aset. determine whether there are any indications of
impairment.
Penentuan indikasi penurunan nilai aset The determination of indication of impairment
membutuhkan estimasi manajemen dan asumsi requires management’s estimates and
atas produksi yang diharapkan dan volume assumptions about expected production and
penjualan, harga komoditas sales volumes, commodity prices (considering
(mempertimbangkan harga saat ini dan masa current and historical prices, price trends and
lalu, tren harga dan faktor-faktor terkait), biaya related factors), operating costs, environmental
operasi, biaya reklamasi lingkungan dan reclamation and mine closure costs, future
penutupan tambang, belanja modal di masa capital expenditure, and mineral reserves.
depan dan cadangan mineral.
2025 Annual Report 421
Page 422
PT VALE INDONESIA TBK
Lampiran 5/32 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN (lanjutan) (continued)
4.3. Penurunan nilai aset non-keuangan 4.3. Impairment of non-financial assets
(lanjutan) (continued)
Cadangan mineral adalah estimasi jumlah Mineral reserves are estimates of the amount
produk yang dapat secara ekonomis maupun of product that can be economically and legally
legal diekstraksi dari aset Perseroan. Untuk extracted from the Company’s assets. In order
memperkirakan cadangan bijih nikel, perlu to estimate nickel ore reserves, assumptions
ditentukan asumsi mengenai faktor-faktor are required about a range of geological,
geologis, teknis dan ekonomis termasuk technical and economic factors, including
jumlah produksi, teknik produksi, biaya modal, quantities, production techniques, capital costs,
rasio pengupasan tanah, biaya produksi, biaya stripping ratios, production costs, transport
transportasi, permintaan komoditas, harga- costs, commodity demand, commodity prices
harga komoditas, biaya modal dan nilai tukar and exchange rates. Estimating the quantity
mata uang. Memperkirakan jumlah dan/atau and/or grade of reserves requires the size,
kadar cadangan membutuhkan ukuran, bentuk shape and depth of ore bodies or fields to be
dan kedalaman lapisan bijih atau lapangan determined by analysing geological data such
yang akan ditentukan dengan menganalisis as drilling samples. This process may require
data geologi seperti “uji petik” (sampel) complex and difficult geological judgments to
pengeboran. Proses ini mungkin memerlukan interpret the data.
penilaian geologi yang kompleks dan sulit
untuk menginterpretasikan data.
Estimasi dan asumsi di atas terpapar risiko The estimates and assumptions as described
dan ketidakpastian; sehingga ada above are subject to risk and uncertainty;
kemungkinan perubahan situasi dapat hence there is a possibility that changes in
mengubah proyeksi arus kas, yang dapat circumstances will alter cash flow projections,
mempengaruhi penentuan indiasi penurunan which may impact the determination of
nilai aset. indication of impairment of the assets.
4.4. Imbalan pensiun dan imbalan kesehatan 4.4. Pension benefits and post-retirement
pascakerja medical benefits
Nilai kini kewajiban imbalan pensiun dan The present value of the pension benefit and
imbalan kesehatan pascakerja tergantung pada post-retirement medical benefit obligations
sejumlah faktor yang ditentukan berdasarkan depends on a number of factors that are
basis dari aktuaria dengan menggunakan determined on an actuarial basis using a
sejumlah asumsi. Asumsi yang digunakan number of assumptions. The assumptions used
dalam menentukan biaya (pendapatan) bersih in determining the net cost (income) for the
untuk imbalan dimaksud termasuk tingkat pension benefits and post-retirement medical
bunga diskonto, perubahan remunerasi masa benefits include the discount rate, future
depan, tingkat kenaikan klaim kesehatan di remuneration changes, increased rate of future
masa depan, tingkat pengurangan karyawan, medical claims, employee attrition rates, life
tingkat harapan hidup dan tahun sisa yang expectancy and expected remaining years of
diharapkan dari masa aktif karyawan. Setiap service of employees. Any changes in these
perubahan dalam asumsi-asumsi ini akan assumptions will have an impact on the carrying
berdampak pada nilai tercatat atas kewajiban amount of the pension benefits and post-
imbalan pensiun dan imbalan kesehatan retirement medical benefits obligations.
pascakerja.
422 Laporan Tahunan 2025
Page 423
PT VALE INDONESIA TBK
Lampiran 5/33 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN (lanjutan) (continued)
4.4. Imbalan pensiun dan imbalan kesehatan 4.4. Pension benefits and post-retirement
pascakerja (lanjutan) medical benefits (continued)
Perseroan menentukan tingkat bunga diskonto The Company determines the appropriate
yang sesuai pada setiap akhir periode. Tingkat discount rate at the end of each period. This is
suku bunga inilah yang digunakan untuk the interest rate that should be used to
menentukan nilai kini dari estimasi arus kas keluar determine the present value of estimated future
masa depan yang dibutuhkan untuk memenuhi cash outflows expected to be required to settle
kewajiban imbalan pensiun dan imbalan the pension benefits and post-retirement
kesehatan pascakerja. Dalam menentukan tingkat medical benefits. In determining the appropriate
bunga diskonto yang sesuai, Perseroan discount rate, the Company considers the
menggunakan tingkat suku bunga obligasi interest rates of Government bonds (as there is
Pemerintah (karena tidak ada pasar aktif untuk no deep market for high-quality corporate
obligasi korporat berkualitas tinggi) dalam mata bonds) that are denominated in the currency in
uang yang sama dengan mata uang imbalan which those benefits will be paid and that have
yang akan dibayarkan dan memiliki waktu jatuh terms to maturity approximating the terms of the
tempo yang kurang lebih sama dengan waktu related retirement benefits and post-retirement
jatuh tempo kewajiban imbalan pensiun dan medical benefits.
imbalan kesehatan pascakerja.
Asumsi kunci lainnya untuk kewajiban imbalan Other key assumptions for the pension benefits
pensiun dan imbalan kesehatan pascakerja and post-retirement medical benefits obligations
didasarkan pada kondisi pasar saat ini. are determined based on current market
conditions.
4.5. Penilaian aset derivatif 4.5. Valuation of derivative assets
Nilai wajar aset derivatif terkait yang timbul dari The fair value of the derivative assets arising
hak tambahan partisipasi dalam investasi di from the additional participating right in
Kolaka Nickel Indonesia (“KNI”) dan Huali Nickel investment in Kolaka Nickel Indonesia (“KNI”)
Indonesia (“HNI”) dihitung berdasarkan estimasi and Huali Nickel Indonesia (“HNI”) is calculated
atas proyeksi nilai ekuitas entitas-entitas pada based on the estimation of the projected equity
dan setelah tanggal penyelesaian konstruksi value of the entities at and after the completion
smelter (“penyelesaian mekanikal"), serta of smelter construction (“mechanical
proyeksi harga pelaksanaan hak tambahan completion”) date, and the projected future
partisipasi di masa depan. exercise price of the additional participation right.
Asumsi signifikan yang digunakan dalam Significant assumptions used in estimating the
mengestimasi proyeksi nilai ekuitas entitas- entities’ projected equity value include future
entitas tersebut meliputi penjualan produk, harga product sales, commodity prices, and discount
komoditas, dan tingkat diskonto. Proyeksi harga rate. The projected exercise price of additional
pelaksanaan hak tambahan partisipasi di masa participating right is estimated based on a
depan diestimasi berdasarkan formula tertentu certain formula that has been agreed in the
yang telah disepakati dalam Definitive Definitive Cooperation Agreement regarding
Cooperation Agreement terkait investasi di investment in the entities by using key
entitas-entitas dengan menggunakan asumsi- assumptions, such as production capacity target
asumsi kunci antara lain target kapasitas produksi of the smelters and exchange rate for US Dollar
smelter-smelter tersebut dan nilai tukar Dolar AS to Chinese Renminbi.
atas Renminbi Tiongkok.
Asumsi juga digunakan dalam perhitungan nilai Assumptions are also used in calculating the fair
wajar aset derivatif yang meliputi tingkat volatilitas value of derivative assets which include volatility
dan tingkat diskonto. rate and discount rate.
Estimasi dan asumsi ini terpapar risiko dan These estimates and assumptions are subject to
ketidakpastian; sehingga ada kemungkinan risk and uncertainty; hence there is a possibility
perubahan situasi dapat mengubah proyeksi ini, that changes in circumstances will alter these
yang dapat mempengaruhi nilai wajar aset projections, which may impact the fair value of
derivatif. the derivative asset.
2025 Annual Report 423
Page 424
PT VALE INDONESIA TBK
Lampiran 5/34 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
4. ESTIMASI DAN PERTIMBANGAN YANG 4. SIGNIFICANT ESTIMATES AND JUDGMENTS
SIGNIFIKAN (lanjutan) (continued)
4.6. Estimasi masa manfaat atas aset tetap 4.6. Estimated useful lives of fixed assets
Perseroan mengestimasi masa manfaat dari The Company estimates the useful lives of its
aset tetap berdasarkan utilisasi dari aset yang fixed assets based on expected asset utilisation
diharapkan dapat didukung dengan rencana as anchored on business plans and strategies
dan strategi usaha yang juga that also consider expected future technological
mempertimbangkan perkembangan teknologi di developments and market behaviour.
masa depan dan perilaku pasar.
Estimasi dari masa manfaat aset tetap, selain The estimation of the useful lives of fixed assets
pengembangan tambang ditentukan is based on the Company’s collective
berdasarkan penelaahan Perseroan secara assessment of industry practice, internal
kolektif terhadap praktik industri, evaluasi teknis technical evaluation and experience with similar
internal dan pengalaman untuk aset yang assets. “Mine development” is amortised using
setara. “Pengembangan tambang” diamortisasi the units‑of‑production method, which depends
berdasarkan metode unit produksi yang on the amount of mineral reserves in each area
bergantung pada jumlah cadangan mineral of interest, therefore, its useful life is limited to
pada setiap area of interest, oleh sebab itu the end of life of mine.
masa manfaatnya terbatas hingga periode
akhir masa tambang.
Estimasi masa manfaat dikaji paling sedikit The estimated useful lives are reviewed at least
setiap akhir tahun pelaporan dan diperbarui jika at each financial year end and are updated if
ekspektasi berbeda dari estimasi sebelumnya expectations differ from previous estimates due
dikarenakan pemakaian dan kerusakan fisik, to physical wear and tear, technical or
keusangan secara teknis atau komersial dan commercial obsolescence and legal or other
hukum atau pembatasan lain atas penggunaan limitations on the use of the assets. However, it
dari aset. Namun, hasil di masa depan dari is possible that future results of operations could
operasi dapat dipengaruhi secara material oleh be materially affected by changes in the
perubahan-perubahan dalam estimasi yang estimates brought about by changes in the
diakibatkan oleh perubahan faktor-faktor yang factors mentioned above.
disebutkan di atas.
4.7. Penentuan nilai wajar aset keuangan 4.7. Determination of fair values of financial
melalui laba rugi assets through profit or loss
Ketika nilai wajar aset keuangan yang dicatat When the fair value of financial assets
dalam laporan posisi keuangan tidak dapat recorded in the statement of financial position
diambil dari pasar aktif, nilai wajar ditentukan cannot be derived from active markets, the
dengan teknik penilaian (Catatan 11). fair value is determined using valuation
Perubahan dalam asumsi yang digunakan techniques (Note 11). Changes in
dalam teknik penilaian tersebut dapat assumptions used in the valuation technique
mempengaruhi nilai wajar dari instrumen could affect the fair value of the financial
keuangan. instruments.
424 Laporan Tahunan 2025
Page 425
PT VALE INDONESIA TBK
Lampiran 5/35 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Kas di bank: Cash in banks:
Dalam mata uang Dolar AS Denominated in US Dollars
PT Bank UOB Indonesia 16,153 34,823 PT Bank UOB Indonesia
Citibank Indonesia 4,196 29,390 Citibank Indonesia
Standard Chartered Bank 960 982 Standard Chartered Bank
Dalam mata uang Rupiah Denominated in Rupiah
Citibank Indonesia 20,608 13,942 Citibank Indonesia
PT Bank UOB Indonesia 390 9,403 PT Bank UOB Indonesia
PT Bank Mandiri (Persero) Tbk. 160 64,146 PT Bank Mandiri (Persero) Tbk.
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk. 117 1,031 (Persero) Tbk.
42,584 153,717
Deposito berjangka: Time deposits:
Dalam mata uang Dolar AS Denominated in US Dollars
PT Bank Mandiri (Persero) Tbk. 200,000 - PT Bank Mandiri (Persero) Tbk.
PT Bank UOB Indonesia 60,000 40,000 PT Bank UOB Indonesia
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk. - 140,000 (Persero) Tbk.
ANZ Bank - 130,000 ANZ Bank
Citibank Indonesia - 100,000 Citibank Indonesia
China Construction Bank - 80,000 China Construction Bank
Dalam mata uang Rupiah Denominated in Rupiah
China Construction Bank 59,980 - China Construction Bank
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk. 13,795 16,709 (Persero) Tbk.
ANZ Bank - 14,264 ANZ Bank
333,775 520,973
Jumlah 376,359 674,690 Total
Kisaran tingkat suku bunga deposito berjangka di The range of interest rates on the above time
atas adalah sebagai berikut: deposits is as follows:
2025 2024
Deposito Dolar AS 4.25% - 4.75% 4.48% - 5.75% US Dollar deposits
Deposito Rupiah 5.25% - 5.50% 6.40% - 6.46% Rupiah deposits
Tidak ada kas dan setara kas pada pihak-pihak There are no cash and cash equivalents held with
berelasi. related parties.
Eksposur maksimum terhadap risiko kredit pada akhir The maximum exposure to credit risk at the end of
tahun pelaporan adalah senilai jumlah tercatat dari the reporting year is the carrying amount of each
setiap kelas kas dan setara kas sebagaimana class of cash and cash equivalents mentioned
dijabarkan di atas. above.
2025 Annual Report 425
Page 426
PT VALE INDONESIA TBK
Lampiran 5/36 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
6. KAS YANG DIBATASI PENGGUNAANNYA 6. RESTRICTED CASH
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Deposito berjangka: Time deposits:
Dalam mata uang Dolar AS Denominated in US Dollars
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk. 96,987 86,650 (Persero) Tbk.
Deposito berjangka yang ditempatkan pada PT Bank The time deposits placed with PT Bank Rakyat
Rakyat Indonesia (Persero) Tbk ditujukan sebagai Indonesia (Persero) Tbk are intended as collateral in
jaminan atas penerbitan bank garansi oleh bank relation to the bank guarantees issued by the bank in
sehubungan dengan jaminan reklamasi dan relation to the mine reclamation and mine closure
penutupan tambang (lihat Catatan 39a). guarantees (refer to Note 39a).
7. PIUTANG USAHA 7. TRADE RECEIVABLES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pihak-pihak berelasi (Catatan 33) 73,184 84,402 Related parties (Note 33)
Pihak ketiga 563 - Third parties
Jumlah 73,747 84,402 Total
Dikarenakan piutang usaha bersifat jangka pendek, Due to the short-term nature of trade receivables, the
nilai piutang yang tercatat mendekati nilai wajarnya. carrying amount approximates the fair value.
Pada tanggal 31 Desember 2025 dan 2024, tidak ada As at December 31, 2025 and 2024, there were no
piutang usaha yang dijaminkan, dan seluruh piutang trade receivables pledged as collateral, and all of
usaha belum jatuh tempo dan tidak mengalami trade receivables were not yet past due nor
penurunan nilai. impaired.
Lihat Catatan 33 untuk rincian saldo dan transaksi Refer to Note 33 for details of related party balances
dengan pihak-pihak berelasi. and transactions.
8. ASET KEUANGAN LAINNYA 8. OTHER FINANCIAL ASSETS
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pinjaman kepada karyawan 5,577 5,703 Loans to employees
Tagihan kepada pihak ketiga 4,215 4,549 Receivables from third parties
Jumlah 9,792 10,252 Total
Dikurangi: Bagian tidak lancar (3,963) (4,071) Less: Non-current portion
Bagian lancar 5,829 6,181 Current portion
426 Laporan Tahunan 2025
Page 427
PT VALE INDONESIA TBK
Lampiran 5/37 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
8. ASET KEUANGAN LAINNYA (lanjutan) 8. OTHER FINANCIAL ASSETS (continued)
Eksposur maksimum terhadap risiko kredit pada The maximum exposure to credit risk at the end of
akhir tahun pelaporan adalah senilai jumlah tercatat the reporting year is the carrying amount of each
dari setiap kelas piutang sebagaimana dijabarkan di class of receivables mentioned above.
atas.
Berdasarkan hasil penelaahan keadaan piutang lain- Based on a review of the status of other receivables
lain pada akhir tahun, manajemen berkeyakinan at the end of the year, management believes that no
bahwa tidak diperlukan adanya penyisihan provision for impairment is necessary to provide for
penurunan nilai atas kemungkinan kerugian atas losses from the potential non-collection of these
tidak tertagihnya akun-akun tersebut pada tanggal accounts as at December 31, 2025 and 2024.
31 Desember 2025 dan 2024.
9. PERSEDIAAN 9. INVENTORIES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Nikel Nickel
Dalam proses 37,624 28,158 In process
Barang jadi 18,344 16,226 Finished
Bijih untuk dijual 8,575 1,735 Saleable ore
64,543 46,119
Bahan pembantu Supplies
Suku cadang 61,189 64,537 Sparepart
Bahan bakar 28,234 20,802 Fuel
Batubara 5,593 6,019 Coal
Lainnya 34,811 14,558 Others
129,827 105,916
Dikurangi: Penyisihan untuk bahan Less: Provision for
pembantu usang (2,300) (3,485) obsolete supplies
127,527 102,431
Jumlah 192,070 148,550 Total
Mutasi penyisihan untuk bahan pembantu usang: Movement in the provision for obsolete supplies is as
follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Saldo awal (3,485) (2,904) Beginning balance
Penyisihan untuk bahan
pembantu usang (540) (1,391) Provision for obsolete supplies
Pembalikan 1,725 810 Reversal
Saldo akhir (2,300) (3,485) Ending balance
Manajemen yakin bahwa penyisihan untuk bahan Management believes that the provision for obsolete
pembantu usang telah mencukupi terhadap supplies is adequate to cover possible losses from
kemungkinan kerugian yang timbul dari bahan obsolete supplies as at December 31, 2025 and
pembantu usang pada tanggal 31 Desember 2025 2024.
dan 2024.
2025 Annual Report 427
Page 428
PT VALE INDONESIA TBK
Lampiran 5/38 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
9. PERSEDIAAN (lanjutan) 9. INVENTORIES (continued)
Tidak ada persediaan yang dijaminkan pada tanggal There were no inventories pledged as collateral as at
31 Desember 2025 dan 2024. December 31, 2025 and 2024.
Biaya persediaan yang dijual atau digunakan dalam The cost of inventories sold or used in operations is
operasi diakui sebagai beban dan termasuk dalam recognised as an expense and included in “cost of
“beban pokok pendapatan” (lihat Catatan 25). revenue” (refer to Note 25).
Pada tanggal 31 Desember 2025 dan 2024, semua As at December 31, 2025 and 2024, all inventories
persediaan telah diasuransikan bersama-sama were insured together with the Company’s fixed
dengan aset tetap Perseroan (lihat Catatan 12). assets (refer to Note 12). Supplies are insured at
Bahan pembantu diasuransikan sebesar biaya replacement cost, nickel in process at the cost of ore
penggantian, nikel dalam proses sebesar biaya raw materials and labor expended plus a proper
bahan baku bijih dan tenaga kerja ditambah proporsi proportion of overhead charges, while saleable
tertentu atas biaya tidak langsung, sedangkan bijih nickel ore and nickel in matte finished goods are
nikel untuk dijual dan barang jadi nikel dalam matte insured at the regular net cash selling price or at
diasuransikan sebesar mana yang lebih tinggi antara reproduction cost, whichever is higher. In
harga jual tunai bersih atau biaya memproduksinya management’s opinion, the insurance is adequate to
kembali. Menurut pendapat manajemen, cover possible losses.
pertanggungan asuransi telah memadai untuk
menutupi kerugian yang mungkin timbul.
10. BIAYA DIBAYAR DI MUKA DAN UANG MUKA 10. PREPAYMENTS AND ADVANCES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Uang muka ke pemasok 3,713 5,262 Advances to vendors
Asuransi dibayar di muka 2,401 2,885 Prepaid insurance
Lainnya 296 48 Others
Jumlah 6,410 8,195 Total
Dikurangi: Bagian tidak lancar (2,251) - Less: Non-current portion
Bagian lancar 4,159 8,195 Current portion
11. INVESTASI 11. INVESTMENTS
a. Investasi pada KNI a. Investment in KNI
Pada tanggal 9 Maret 2023, Huaqi (Singapore) On March 9, 2023, Huaqi (Singapore) Pte. Ltd
Pte. Ltd melakukan penanaman modal pada made an investment in KNI, which caused a
KNI, yang menyebabkan perubahan persentase change in the Company’s ownership percentage
kepemilikan Perseroan pada KNI yang in KNI from 100% to 20%. On December 21,
sebelumnya 100% menjadi 20%. Pada tanggal 2023, Ford Motor Company (“FMC”) made an
21 Desember 2023, Ford Motor Company investment in KNI which resulted in a change in
(“FMC”) melakukan penanaman modal pada KNI the Company’s ownership percentage in KNI to
yang menyebabkan perubahan persentase 18.3%. Thus, on December 31, 2023, the
kepemilikan Perseroan pada KNI menjadi 18,3%. Company no longer controls KNI and recognises
Dengan demikian, pada tanggal 31 Desember the Company’s ownership of KNI as an
2023, Perseroan tidak lagi mengendalikan KNI investment in an associate.
dan mengakui kepemilikan Perseroan atas KNI
sebagai investasi pada entitas asosiasi.
428 Laporan Tahunan 2025
Page 429
PT VALE INDONESIA TBK
Lampiran 5/39 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
11. INVESTASI (lanjutan) 11. INVESTMENTS (continued)
a. Investasi pada KNI (lanjutan) a. Investment in KNI (continued)
Selanjutnya, pada tanggal 23 Juli 2024 Huaqi Furthermore, on July 23, 2024, Huaqi
(Singapore) Pte. Ltd melakukan penanaman (Singapore) Pte. Ltd made an investment in KNI,
modal kepada KNI, yang menyebabkan which caused a change in the Company’s
perubahan persentase kepemilikan Perseroan ownership percentage in KNI from 18.3% to
pada KNI yang sebelumnya 18,3% menjadi 11.2%. On December 12, 2024, Huaqi
11,2%. Pada tanggal 12 Desember 2024, Huaqi (Singapore) Pte. Ltd and FMC made another
(Singapore) Pte. Ltd dan FMC melakukan capital injection which further diluted the
penanaman modal kembali yang menyebabkan Company’s ownership percentage in KNI to
penurunan persentase kepemilikan Perseroan 5.78%.
pada KNI menjadi 5,78%.
Sebagai dampak dari penanaman modal selama As the result of the capital injection in 2024, the
2024, Perseroan tidak lagi memiliki pengaruh Company no longer has significant influence due
signifikan karena tidak memiliki perwakilan to not having a representative of a commissioner
komisaris dan direktur di KNI. or a director in KNI.
Mutasi investasi pada saham adalah Movement in the investment in shares is as
sebagai berikut: follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Saldo awal 13,270 - Beginning balance
Pengakuan awal KNI sebagai Initial recognition of KNI
investasi pada saham - 11,924 as investment in shares
Keuntungan atas
pengakuan nilai wajar Gain on recognition of fair value of
investasi pada saham 6,680 1,346 investment in shares
Saldo akhir 19,950 13,270 Ending balance
Nilai wajar atas investasi pada KNI ditentukan The fair value of the investment in KNI has been
berdasarkan kombinasi pendekatan pendapatan determined using the combination of the income
dan pendekatan pasar. Nilai wajar dari approach and the market approach. The fair
pendekatan pendapatan dihasilkan dengan value from the income approach is generated
menggunakan metode discounted cash flow. Nilai using the discounted cash flow method. The fair
wajar dari pendekatan pasar dihasilkan dengan value from the market approach is generated
menggunakan metode guideline public traded using the guideline public traded company, with
company dimana Perseroan menggunakan rasio the Company using the ratio of comparable
Perseroan sebanding dalam industri yang sama. companies in the same industry. This fair value
Teknik pengukuran nilai wajar ini termasuk dalam technique is in the fair value measurement
hierarki nilai wajar tingkat 3. hierarchy level 3.
2025 Annual Report 429
Page 430
PT VALE INDONESIA TBK
Lampiran 5/40 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
11. INVESTASI (lanjutan) 11. INVESTMENTS (continued)
b. Investasi pada BNSI b. Investment in BNSI
Pada tanggal 26 Maret 2025, GEM Hong Kong On March 26, 2025, GEM Hong Kong
International Co. Ltd. melakukan penanaman International Co. Ltd. made an investment in
modal kepada BNSI, yang menyebabkan BNSI, which resulted in a change of the
perubahan persentase kepemilikan Perseroan Company’s ownership percentage in BNSI from
pada BNSI yang sebelumnya 100% menjadi 49%. 100% to 49%. Accordingly, on December 31,
Dengan demikian, pada tanggal 31 Desember 2025 the Company no longer controls BNSI and
2025, Perseroan tidak lagi mengendalikan BNSI recognises the Company’s ownership of BNSI as
dan mengakui kepemilikan Perseroan atas BNSI an investment in an associate.
sebagai investasi pada entitas asosiasi.
Selanjutnya, pada tanggal 4 November 2025 GEM Furthermore, on November 4, 2025, GEM Hong
Hong Kong International Co. Ltd. melakukan Kong International Co. Ltd. made a further
penanaman modal tambahan kepada BNSI investment in BNSI with EcoPro Co. Ltd., which
bersama EcoPro Co. Ltd., yang menyebabkan caused a change in the Company’s ownership
perubahan persentase kepemilikan Perseroan percentage in BNSI from 49% to 26.52%.
pada BNSI yang sebelumnya 49% menjadi
26,52%.
BNSI adalah Perseroan nonpublik dan tidak BNSI is a private company and no quoted market
terdapat harga pasar yang dikutip yang tersedia prices are available for its shares. Set out below is
atas saham Perseroan tersebut. Berikut ini the summary of information related to BNSI as at
merupakan ringkasan informasi terkait BNSI pada and for the year ended December 31, 2025 and
tahun yang berakhir 31 Desember 2025 dan 2024. 2024.
Kedudukan, tanggal Persentase Saldo aset
pendirian/ kepemilikan/ neto/Net assets Laba bersih/
Entitas asosiasi/ Ruang lingkup usaha/ Domicile, date of Percentage of balance Net profit
Associate Scope of activities establishment ownership AS$/US$’000 AS$/US$’000
BNSI Industri pembuatan logam dasar bukan Jakarta, Indonesia 26.52% 217,251 731
besi/ Non-iron metal manufacturing 25 Juni 2019/
industry June 25, 2019
Mutasi investasi pada entitas asosiasi adalah Movement in the investment in associate is as
sebagai berikut: follows:
2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pengakuan awal BNSI sebagai Initial recognition of BNSI
investasi pada entitas asosiasi 47,385 as investment in associate
Penyertaan modal tambahan 9,838 Additional investment
Bagian laba bersih dari entitas asosiasi: Share in net profit of associate entity:
- Keuntungan dari pelepasan Gain from loss of -
pengendalian entitas anak 634 control of subsidiary
- Bagian laba neto tahun berjalan 607 Share in net gain for the year -
1,241
Translasi (215) Translation
Saldo akhir 58,249 Ending balance
430 Laporan Tahunan 2025
Page 431
PT VALE INDONESIA TBK
Lampiran 5/41 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
11. INVESTASI (lanjutan) 11. INVESTMENTS (continued)
b. Investasi pada BNSI (lanjutan) b. Investment in BNSI (continued)
Pada tanggal laporan keuangan ini, Perseroan As at the date of the financial statements the
mengakui investasi pada entitas asosiasi, BNSI Company recognised investment in associate,
memiliki saldo kas dan setara kas sebesar BNSI had cash and cash equivalents amounting to
AS$803 ribu (nilai penuh), sehingga Perseroan US$803 thousand (full amount), therefore the
menyajikan penurunan arus kas bersih dari Company presented a decrease in net cash flows
kehilangan pengendalian entitas anak sebesar from the loss of control of a subsidiary amounting
AS$803 ribu (nilai penuh) pada laporan arus kas. to US$803 thousand (full amount) in the statement
of cash flows.
Berikut ini merupakan ringkasan atas informasi Set out below is the summarised financial
keuangan dari BNSI pada 31 Desember 2025: information for BNSI at December 31, 2025:
2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Ringkasan laporan Summarised statements of
posisi keuangan of financial position
Kas dan setara kas 76,733 Cash and cash equivalents
Aset tetap 189,244 Fixed assets
Aset lancar lainnya 23,423 Other current assets
Aset tidak lancar lainnya 250 Other non-current assets
Jumlah aset 289,650 Total assets
Utang usaha (5,594) Trade payables
Pinjaman (66,805) Loan
Jumlah liabilitas (72,399) Total liabilities
Aset neto 217,251 Net assets
Bagian Perseroan atas The Company’s share of the net
aset bersih entitas asosiasi (26,52%) 57,615 assets of associate (26.52%)
Kenaikan nilai wajar 634 Fair value uplift
Jumlah tercatat 58,249 Total carrying value
Nilai wajar atas investasi pada BNSI ditentukan The fair value of the investment in BNSI has been
berdasarkan kombinasi pendekatan aset dan determined using the combination of the assets
pendekatan pasar. Nilai wajar dari pendekatan approach and the market approach. The fair value
aset dihasilkan dengan menggunakan metode from the assets approach is generated using the
adjusted book value. Nilai wajar dari pendekatan adjusted book value method. The fair value from
pasar dihasilkan dengan menggunakan metode the market approach is generated using the
guideline public traded company dimana guideline public traded company, the Company
Perseroan menggunakan rasio Perseroan using the ratio of comparable companies in the
sebanding dalam industri yang sama. Teknik same industry. This fair value technique is in the
pengukuran nilai wajar ini termasuk dalam fair value measurement hierarchy level 2.
hierarki nilai wajar tingkat 2.
Pada 31 Desember 2025, Perusahaan mengakui On December 31, 2025, the Company recognized
keuntungan dari pelepasan pengendalian anak a gain from the loss of control of subsidiary
sebesar AS$634 ribu (nilai penuh), yang diakui amounting to US$634 thousand (full amount),
dalam laporan laba rugi. which was recognized in the profit or loss
statement.
2025 Annual Report 431
Page 432
PT VALE INDONESIA TBK
Lampiran 5/42 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
11. INVESTASI (lanjutan) 11. INVESTMENTS (continued)
c. Aset derivatif c. Derivative assets
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
HNI 16,590 1,760 HNI
KNI 4,730 2,990 KNI
Jumlah 21,320 4,750 Total
Hak tambahan partisipasi dalam investasi di Additional participating right in investment
KNI dan HNI in KNI and HNI
Perseroan telah menandatangani perjanjian- The Company entered into agreements with
perjanjian dengan Zhejiang Huayou Cobalt Co. Zhejiang Huayou Cobalt Co. Ltd (and its
Ltd (dan perusahaan-perusahaan terafiliasinya), affiliated companies) in relation to the
terkait kerjasama pengolahan bijih nikel limonite cooperation to process limonite nickel ore from
dari tambang Perseroan di blok Pomalaa dan blok the Company’s mine in Pomalaa and Sorowako
Sorowako dengan teknologi High-Pressure Acid blocks by using High-Pressure Acid Leaching
Leaching menjadi nikel dalam bentuk mixed technology into nickel in mixed hydroxide
hydroxide precipitate. Perjanjian-perjanjian precipitate product. These agreements were
tersebut dilaksanakan dalam investasi di KNI dan executed as investment in KNI and HNI, the
HNI, yaitu perusahaan-perusahaan yang ditunjuk designated project companies for the Pomalaa
sebagai perusahaan proyek untuk proyek-proyek and Sorowako blocks projects, respectively.
blok Pomalaa dan blok Sorowako.
Berdasarkan perjanjian-perjanjian tersebut, Based on those agreements, the Company has
Perseroan memiliki hak tambahan partisipasi an additional participating right up to 30% in
kepemilikan sampai dengan 30% dalam investasi investment in KNI and HNI with an exercise
di KNI dan HNI dengan harga pelaksanaan price based on a predetermined formula, which
berdasarkan formula yang telah ditentukan, yang can be exercised at any time within a period of
dapat dilaksanakan sewaktu-waktu dalam 60 months from the mechanical completion date
periode 60 bulan sejak tanggal penyelesaian of the smelter in the High-Pressure Acid
mekanikal smelter pada proyek High-Pressure Leaching project carried out by KNI and HNI.
Acid Leaching yang dilakukan oleh KNI dan HNI.
Mutasi nilai wajar atas hak tambahan partisipasi Movement in the fair value of the above
tersebut diakui oleh Perseroan sebagai aset additional participating right was recognised by
derivatif: the Company as derivative asset:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Saldo awal 4,750 24,690 Beginning balance
Keuntungan/(kerugian) atas Gain/(loss) on recognition of
pengakuan nilai wajar fair value of
aset derivatif 16,570 (19,940) derivative asset
Saldo akhir 21,320 4,750 Ending balance
432 Laporan Tahunan 2025
Page 433
PT VALE INDONESIA TBK
Lampiran 5/43 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
11. INVESTASI (lanjutan) 11. INVESTMENTS (continued)
c. Aset derivatif (lanjutan) c. Derivative assets (continued)
Hak tambahan partisipasi dalam investasi di Additional participating right in investment
KNI dan HNI (lanjutan) in KNI and HNI (continued)
Nilai wajar aset derivatif terkait yang timbul dari The fair value of the derivative asset arising from
hak tambahan partisipasi dalam investasi di KNI the additional participating right in investment in
dan HNI dihitung berdasarkan estimasi atas KNI and HNI is calculated based on the
proyeksi nilai ekuitas KNI dan HNI pada dan estimation of the projected equity values of KNI
setelah tanggal penyelesaian mekanikal, serta and HNI at and after the mechanical completion
proyeksi harga pelaksanaan hak tambahan date, and the projected future exercise prices of
partisipasi di masa depan. Oleh karena itu the additional participation rights. Therefore, this
merupakan pengukuran nilai wajar tingkat 3 dari represents a fair value measurement categorised
tingkatan hierarki nilai wajar. within level 3 of the fair value hierarchy.
Asumsi utama yang digunakan adalah sebagai Key assumptions include the following:
berikut:
31 Desember/Desember 31, 2025
KNI HNI
Harga nikel (AS$/ton) 17,088-19,037 17,088-19,037 Nickel price (US$/tonne)
Target kapasitas Production capacity
produksi smelter (%) target of smelter (%)
- tahun pertama operasi 75% 50% first year operation -
- tahun kedua dan setelahnya 100% 100% second year onwards -
Nilai tukar Dolar AS terhadap Exchange rate of US Dollar
Renminbi Tiongkok (AS$/RMB) 0.150 0.150 to Renminbi Chinese (US$/RMB)
Tingkat volatilitas (%) 50.48% 50.48% Volatility rate (%)
Tingkat diskonto (%) 13.00% - 15.50% 15.00% - 17.50% Discount rate (%)
Tanggal penyelesaian mekanikal 1 Januari/ 1 November/ Mechanical completion date
January 2027 November 2027
31 Desember/Desember 31, 2024
KNI HNI
Harga nikel (AS$/ton) 17,175-17,636 17,175-17,636 Nickel price (US$/tonne)
Target kapasitas Production capacity
produksi smelter (%) target of smelter (%)
- tahun pertama operasi 75% 50% first year operation -
- tahun kedua dan setelahnya 100% 100% second year onwards -
Nilai tukar Dolar AS terhadap Exchange rate of US Dollar
Renminbi Tiongkok (AS$/RMB) 0.150 0.150 to Renminbi Chinese (US$/RMB)
Tingkat volatilitas (%) 51.8% 51.8% Volatility rate (%)
Tingkat diskonto (%) 16.50 - 18.50% 17.00 - 19.50% Discount rate (%) (%)
Tanggal penyelesaian mekanikal 1 Juli/ 1 November/ Mechanical completion date
July 2027 November 2027
2025 Annual Report 433
Page 434
PT VALE INDONESIA TBK
Lampiran 5/44 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
12. ASET TETAP 12. FIXED ASSETS
Transfer dan
1 Januari/ reklasifikasi/ 31 Desember/
January 1, Penambahan/ Transfers and Pengurangan/ December 31,
2025 Additions reclassifications** Disposals 2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Harga perolehan Cost
Bangunan bendungan Hydroelectric dam
dan fasilitas PLTA 945,516 - - - 945,516 buildings and facilities
Jalan dan jembatan 122,907 - 91,523 - 214,430 Roads and bridges
Bangunan 804,200 - 92,355 (1,352) 895,203 Buildings
Pabrik dan mesin 1,915,617 - 57,703 (30,522) 1,942,798 Plant and machinery
Perabotan dan Furniture and office
peralatan kantor 23,973 - 34,797 (214) 58,556 equipment
Pengembangan tambang 193,292 38,233 123,935 - 355,460 Mine development
Fasilitas tambang 14,289 - 5,118 - 19,407 Mine facilities
Aset hak guna 22,268 2,287 (304) (7,240) 17,011 Right-of-use assets
Aset tetap dalam
penyelesaian *) 841,970 516,253 (450,028) (1,746) 906,449 Construction in progress *)
Jumlah 4,884,032 556,773 (44,901) (41,074) 5,354,830 Total
Akumulasi penyusutan Accumulated depreciation
Bangunan bendungan dan Hydroelectric dam
fasilitas PLTA (521,508) (21,222) - - (542,730) buildings and facilities
Jalan dan jembatan (67,752) (5,145) - - (72,897) Roads and bridges
Bangunan (643,664) (29,071) 99 1,269 (671,367) Buildings
Pabrik dan mesin (1,556,149) (81,967) - 28,600 (1,609,516) Plant and machinery
Perabotan dan Furniture and office
peralatan kantor (20,587) (9,179) - 214 (29,552) equipment
Pengembangan tambang (73,924) (16,213) - - (90,137) Mine development
Fasilitas tambang (10,792) (1,074) - - (11,866) Mine facilities
Aset hak guna (14,564) (6,247) 255 7,240 (13,316) Right-of-use assets
Jumlah (2,908,940) (170,118) 354 37,323 (3,041,381) Total
Nilai buku bersih 1,975,092 2,313,449 Net book value
Transfer dan
1 Januari/ reklasifikasi/ 31 Desember/
January 1, Penambahan/ Transfers and Pengurangan/ December 31,
2024 Additions reclassifications Disposals 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Harga perolehan Cost
Bangunan bendungan Hydroelectric dam
dan fasilitas PLTA 945,804 - - (288) 945,516 buildings and facilities
Jalan dan jembatan 93,674 - 29,233 - 122,907 Roads and bridges
Bangunan 793,846 - 10,366 (12) 804,200 Buildings
Pabrik dan mesin 1,882,974 - 42,525 (9,882) 1,915,617 Plant and machinery
Perabotan dan Furniture and office
peralatan kantor 23,129 - 1,502 (658) 23,973 equipment
Pengembangan tambang 128,695 51,132 13,465 - 193,292 Mine development
Fasilitas tambang 14,289 - - - 14,289 Mine facilities
Aset hak guna 14,336 7,932 - - 22,268 Right-of-use assets
Aset tetap dalam
penyelesaian *) 550,024 391,332 (97,091) (2,295) 841,970 Construction in progress *)
Jumlah 4,446,771 450,396 - (13,135) 4,884,032 Total
Akumulasi penyusutan Accumulated depreciation
Bangunan bendungan dan Hydroelectric dam
fasilitas PLTA (500,162) (21,346) - - (521,508) buildings and facilities
Jalan dan jembatan (63,878) (3,874) - - (67,752) Roads and bridges
Bangunan (613,898) (29,778) - 12 (643,664) Buildings
Pabrik dan mesin (1,476,157) (89,763) - 9,771 (1,556,149) Plant and machinery
Perabotan dan Furniture and office
peralatan kantor (20,025) (1,220) - 658 (20,587) equipment
Pengembangan tambang (61,252) (12,672) - - (73,924) Mine development
Fasilitas tambang (10,021) (771) - - (10,792) Mine facilities
Aset hak guna (5,847) (8,717) - - (14,564) Right-of-use assets
Jumlah (2,751,240) (168,141) - 10,441 (2,908,940) Total
Nilai buku bersih 1,695,531 1,975,092 Net book value
*) Lihat Catatan 13 untuk rincian aset tetap dalam penyelesaian *) Refer to Note 13 for details of construction in progress
**) Termasuk dampak terkait dekonsolidasi atas aset tetap **) Including impact of BNSI’s fixed assets deconsolidation
BNSI di bulan Maret 2025. in March 2025.
434 Laporan Tahunan 2025
Page 435
PT VALE INDONESIA TBK
Lampiran 5/45 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
Informasi mengenai pengembangan tambang disajikan Information about mine development is presented below:
sebagai berikut:
1 Januari/ 31 Desember/
January 1, Penambahan/ Pemindahan/ December 31,
2025 Additions Transfers 2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Tambang dalam pengembangan* Mines under development*
- Sorowako dan Bahodopi 1 115,731 32,343 (29,783) 118,291 Sorowako and Bahodopi 1 -
- Bahodopi 2 dan 3 198,756 49,151 (94,152) 153,755 Bahodopi 2 and 3 -
- Pomalaa 166,797 172,371 - 339,168 Pomalaa -
Jumlah 481,284 253,865 (123,935) 611,214 Total
Tambang yang berproduksi** Mines in production**
- Sorowako dan Bahodopi 1 178,705 18,019 29,783 226,507 Sorowako and Bahodopi 1 -
- Bahodopi 2 dan 3 5,869 4,661 94,152 104,682 Bahodopi 2 and 3 -
- Pomalaa 8,718 15,553 - 24,271 Pomalaa -
Jumlah 193,292 38,233 123,935 355,460 Total
Akumulasi amortisasi Accumulated amortisation of
tambang yang berproduksi (73,924) (16,213) - (90,137) mines in production
Jumlah 600,652 275,885 - 876,537 Total
*) Disajikan sebagai aset tetap dalam penyelesaian *) Presented as construction in progress
**) Disajikan sebagai pengembangan tambang **) Presented as mine development
1 Januari/ 31 Desember/
January 1, Penambahan/ Pemindahan/ December 31,
2024 Additions Transfers 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Tambang dalam pengembangan* Mines under development*
- Sorowako dan Bahodopi 1 66,758 62,438 (13,465) 115,731 Sorowako and Bahodopi 1 -
- Bahodopi 2 dan 3 161,295 37,461 - 198,756 Bahodopi 2 and 3 -
- Pomalaa 94,342 72,455 - 166,797 Pomalaa -
Jumlah 322,395 172,354 (13,465) 481,284 Total
Tambang yang berproduksi** Mines in production**
- Sorowako dan Bahodopi 1 128,695 36,545 13,465 178,705 Sorowako and Bahodopi 1 -
- Bahodopi 2 dan 3 - 5,869 - 5,869 Bahodopi 2 and 3 -
- Pomalaa - 8,718 - 8,718 Pomalaa -
Jumlah 128,695 51,132 13,465 193,292 Total
Akumulasi amortisasi Accumulated amortisation of
tambang yang berproduksi (61,253) (12,671) - (73,924) mines in production
Jumlah 389,837 210,815 - 600,652 Total
*) Disajikan sebagai aset tetap dalam penyelesaian *) Presented as construction in progress
**) Disajikan sebagai pengembangan tambang **) Presented as mine development
2025 Annual Report 435
Page 436
PT VALE INDONESIA TBK
Lampiran 5/46 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
Informasi mengenai aset hak guna dari sewa di mana Information about the right-of-use assets from leases
Perseroan adalah penyewa disajikan sebagai berikut: under which the Company is a lessee is presented below:
Transfer dan
1 Januari/ reklasifikasi/ 31 Desember/
January 1, Penambahan/ Penyusutan/ Transfers and December 31,
2025 Additions Depreciation reclassification 2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Ruang kantor 960 2,075 (1,218) (49) 1,768 Office space
Alat transportasi 6,744 212 (5,029) - 1,927 Transportation equipment
Jumlah 7,704 2,287 (6,247) (49) 3,695 Total
1 Januari/ 31 Desember/
January 1, Penambahan/ Penyusutan/ December 31,
2024 Additions Depreciation 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Ruang kantor 1,685 311 (1,036) 960 Office space
Alat transportasi 6,804 7,621 (7,681) 6,744 Transportation equipment
Jumlah 8,489 7,932 (8,717) 7,704 Total
Liabilitas sewa yang diakui pada laporan posisi Lease liabilities recognised in the statements of
keuangan adalah sebagai berikut: financial position are as follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Liabilitas sewa 3,482 8,027 Lease liabilities
Dikurangi: Less:
Bagian jangka panjang (31) (2,260) Non-current portion
Bagian jangka pendek 3,451 5,767 Current portion
Beban bunga yang diakui pada laba rugi dan Interest expense recognised in profit or loss and
pembayaran yang dilakukan oleh Perseroan untuk payments made by the Company for the year ended
tahun yang berakhir 31 Desember 2025 masing- December 31, 2025 were US$287 thousand
masing adalah AS$287 ribu (31 Desember 2024: (December 31, 2024: US$458 thousand) and US$6.8
AS$458 ribu) dan AS$6.8 juta (31 Desember 2024: million (December 31, 2024: US$8.5 million) (full
AS$8,5 juta) (nilai penuh). amount), respectively.
Beban terkait sewa jangka pendek dan sewa variable The expenses for short-term leases and variable
pada tahun yang berakhir 31 Desember 2025 adalah leases for the year ended December 31, 2025 were
AS$11,8 juta (31 Desember 2024: AS$13,8 juta) (nilai US$11.8 million (December 31, 2024: US$13.8
penuh). million) (full amount).
Beban penyusutan untuk tahun-tahun yang berakhir Depreciation expense for the years ended December
pada tanggal 31 Desember 2025 dan 2024 31, 2025 and 2024 was allocated as follows:
dialokasikan sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Beban pokok pendapatan Cost of revenue
(lihat Catatan 25) 165,026 167,105 (refer to Note 25)
Beban usaha 2,561 1,036 Operating expenses
Aset dalam penyelesaian 2,531 - Construction in progress
Jumlah 170,118 168,141 Total
Beban penyusutan yang dialokasikan untuk asset Depreciation expense allocated to construction-in-
dalam penyelesaian berkaitan dengan beban progress represents the depreciation of assets
penyusutan atas aset yang digunakan untuk utilised in the construction of the project.
pembangunan proyek.
436 Laporan Tahunan 2025
Page 437
PT VALE INDONESIA TBK
Lampiran 5/47 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Penerimaan kas atas Proceeds from disposals
penjualan aset tetap 1,263 349 of fixed assets
Dikurangi dengan: Deducted by:
Nilai buku bersih dari Net book value
aset yang dilepas (3,751) (2,694) of disposed assets
Rugi pelepasan aset tetap, bersih (2,488) (2,345) Loss on disposal of fixed assets, net
Pada tanggal 31 Desember 2025, semua aset tetap telah As at December 31, 2025, all of the fixed assets were
diasuransikan terhadap risiko kerugian atau kerusakan insured against the risk of direct physical loss or damage
yang disebabkan oleh semua risiko industri dan, tapi caused by all industrial risks, including but not limited to
tidak terbatas pada gempa bumi, kebakaran, kerusakan earthquake, fire and electrical or mechanical breakdown
mekanikal atau elektrikal termasuk gangguan usaha and including related business interruption. The total
lainnya. Jumlah pertanggungan untuk keseluruhan aset insured value for the total assets and related business
dan eksposur atas risiko gangguan usaha terkait per interruption exposure as at December 31, 2025 was
31 Desember 2025 adalah AS$5,9 miliar (31 Desember US$5.9 billion (December 31, 2024: US$5.9 billion) (full
2024: AS$5,9 miliar) (nilai penuh), dengan batasan amount), with policy limits of US$750 million (full
sebesar AS$750 juta (nilai penuh) per kejadian amount) per occurrence (December 31, 2024: US$750
(31 Desember 2024: AS$750 juta) (nilai penuh). Seluruh million) (full amount). The fixed assets are insured at
aset tetap diasuransikan sebesar biaya penggantian. replacement cost. In management’s opinion, the
Menurut pendapat manajemen, pertanggungan asuransi insurance is appropriate and adequate to cover possible
telah memadai untuk menutupi kerugian yang mungkin losses arising from such risks.
timbul dari risiko-risiko tersebut.
Tidak ada aset tetap yang dijaminkan pada tanggal There were no fixed assets pledged as collateral as at
31 Desember 2025 dan 2024. December 31, 2025 and 2024.
Jumlah tercatat bruto dari setiap aset tetap yang telah The gross carrying value of each fixed asset that is fully
disusutkan penuh dan masih digunakan adalah sebesar depreciated and still in use was US$808.3 million
AS$808,3 juta (31 Desember 2024: AS$820,3 juta) (nilai (December 31, 2024: US$820.3 million) (full amount).
penuh). Nilai buku bersih aset tetap yang dihentikan dari Net book value of fixed assets which are permanently
penggunaan aktif dan tidak diklasifikasikan sebagai inactive and not classified as held for sale as at
dimiliki untuk dijual pada tanggal 31 Desember 2025 dan December 31, 2025 and 2024 was nil.
2024 adalah nihil.
Perseroan telah melakukan pengkajian atas masa The Company has performed a review of the useful lives
manfaat dan nilai sisa aset tetap Perseroan pada tanggal and residual value of the Company’s fixed assets as at
31 Desember 2025 dan berdasarkan pengkajian December 31, 2025 and based on that review, the
tersebut, Perseroan tidak mengidentifikasi adanya Company did not identify any significant changes in the
perubahan yang signifikan atas masa manfaat aset tetap useful lives of the fixed assets.
yang ada.
Untuk tahun yang berakhir 31 Desember 2025 terdapat For the year ended December 31, 2025 there was an
kenaikan jumlah kewajiban penghentian pengoperasian increase in the amount of the asset retirement obligation
aset sebesar AS$38,2 juta yang dicatat sebagai by US$38.2 million which was recorded as additional of
penambahan aset pengembangan tambang mine development (December 31, 2024: US$51.1
(31 Desember 2024: AS$51,1 juta) (nilai penuh) million) (full amount) (Note 29).
(Catatan 29).
Nilai tercatat aset tetap yang dilepas untuk tahun yang The carrying amount of fixed assets disposed of for the
berakhir pada tanggal 31 Desember 2025 adalah year ended December 31, 2025 was US$3.8 million
AS$3,8 juta (31 Desember 2024: AS$2,7 juta) (nilai (December 31, 2024: US$2.7 million) (full amount).
penuh).
2025 Annual Report 437
Page 438
PT VALE INDONESIA TBK
Lampiran 5/48 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
13. ASET TETAP DALAM PENYELESAIAN 13. CONSTRUCTION IN PROGRESS
Aset tetap dalam penyelesaian terdiri dari proyek Construction in progress represents capital projects
yang belum selesai pada tanggal pelaporan. that have not been completed at the reporting dates.
Aset tetap dalam penyelesaian terdiri dari: The construction in progress is as follows:
Perkiraan
waktu
penyelesaian/
Estimated
% penyelesaian/ completion
31 Desember 2025 % of completion date December 31
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Proyek eksekusi tambang Pomalaa 339,168 60% 2026 Pomalaa mine execution project
Proyek eksekusi tambang Bahodopi 153,755 98% 2026 Bahodopi mine execution project
Furnace 3 rebuild 78,154 69% 2026 Furnace 3 rebuild
Proyek eksekusi tambang Sorowako Limonite
Sorowako Limonite 63,714 37% 2027 mine execution project
Fasilitas daur ulang debu 30,514 65% 2026 Dust recycle facility
Penambangan Bahodopi Blok 1 35,383 76% 2027 Bahodopi Mines Block 1
Persiapan eksekusi tambang Tanamalia mining execution
Tanamalia 14,025 32% 2031 preparation
Peningkatan kapasitas Bahodopi 13,528 6% 2027 Bahodopi capacity improvement
Pelapisan kanal Larona 8,962 99% 2026 Larona canal lining
Asset integrity 4,510 91% 2026 Asset integrity
Lainnya di bawah AS$10 juta 164,736 1-99% 2026-2027 Others below US$10 million
Jumlah 906,449 Total
Perkiraan
waktu
penyelesaian/
Estimated
% penyelesaian/ completion
31 Desember 2024 % of completion date December 31
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Proyek eksekusi tambang Bahodopi 292,083 70% 2025 Bahodopi mine execution project
Proyek eksekusi tambang Pomalaa 166,797 11% 2026 Pomalaa mine execution project
Proyek eksekusi tambang Sorowako Limonite
Sorowako Limonite 28,126 10% 2026 mine execution project
Penambangan Bahodopi Blok 1 27,409 69% 2025 Bahadopi Mines Block 1
Asset integrity 20,048 81% 2025 Asset integrity
Fasilitas daur ulang debu 18,283 48% 2025 Dust recycle facility
Furnace 3 rebuild 17,666 23% 2026 Furnace 3 rebuild
Pelapisan kanal Larona 10,082 98% 2025 Larona Canal Lining
Lainnya di bawah AS$10 juta 261,476 3-99% 2025-2026 Others below US$10 million
Jumlah 841,970 Total
438 Laporan Tahunan 2025
Page 439
PT VALE INDONESIA TBK
Lampiran 5/49 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
14. UTANG USAHA 14. TRADE PAYABLES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pihak berelasi (Catatan 33) 400 239 Related parties (Note 33)
Pihak ketiga Third parties
Swiss Singapore Overseas Enterprise 16,651 3,912 Swiss Singapore Overseas Enterprise
PT Trakindo Utama 11,916 5,094 PT Trakindo Utama
PT Petrosea Tbk 11,070 660 PT Petrosea Tbk
PT Leighton Contractors Indonesia 10,666 4,013 PT Leighton Contractors Indonesia
PT Pertamina Patra Niaga 6,796 15,241 PT Pertamina Patra Niaga
PT PP (Persero) Tbk 6,483 13,997 PT PP (Persero) Tbk
PT United Tractors Tbk 6,372 13,548 PT United Tractors Tbk
PT Truba Jaga Cita 6,184 1,932 PT Truba Jaga Cita
PT Antareja Mahada Makmur 6,009 - PT Antareja Mahada Makmur
PT Hexindo Adiperkasa Tbk 3,276 2,642 PT Hexindo Adiperkasa Tbk
PT Cipta Krida Bahari 3,265 1,418 PT Cipta Krida Bahari
PT AKR Corporindo Tbk 3,263 24 PT AKR Corporindo Tbk
PT Marunda Graha Mineral 3,166 4,951 PT Marunda Graha Mineral
Lainnya (di bawah AS$3 juta) 108,292 103,054 Others (below US$3 million)
203,409 170,486
Jumlah 203,809 170,725 Total
Informasi terkait utang usaha berdasarkan mata Information related to trade payables based on their
uangnya adalah sebagai berikut: currencies is as follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Dalam mata uang Rupiah Indonesia 139,261 106,579 Denominated in Indonesian Rupiah
Dalam mata uang Dolar AS 62,143 61,501 Denominated in US Dollars
Dalam mata uang lainnya 2,405 2,645 Denominated in other currencies
Jumlah 203,809 170,725 Total
Utang usaha timbul dari pembelian barang dan jasa. The trade payables arise from the purchase of goods
Jumlah yang disebutkan di atas adalah jangka and services. The amounts are current within the
pendek sesuai dengan ketentuan pembayaran payment terms as set out in the relevant agreement.
seperti yang tertuang dalam perjanjian yang
bersangkutan.
Tidak ada jaminan yang diberikan oleh Perseroan There were no guarantees made by the Company for
atas utang usahanya pada tanggal 31 Desember its payables as at December 31, 2025 and 2024.
2025 dan 2024.
2025 Annual Report 439
Page 440
PT VALE INDONESIA TBK
Lampiran 5/50 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN 15. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pajak penghasilan badan
(“PPh Badan”) Corporate income tax (“CIT”)
PPh Badan 2024 59,346 59,942 CIT 2024
PPh Badan 2023 - 3,810 CIT 2023
59,346 63,752
Pajak lainnya Other taxes
Pajak Pertambahan Nilai
(“PPN”) 106,463 96,398 Value Added Tax (“VAT”)
Pajak dalam sengketa*) 8,665 12,095 Taxes in dispute*)
115,128 108,493
Dikurangi: Penyisihan
penurunan nilai - (1,568) Less: Provision for impairment
Jumlah 174,474 170,677 Total
Dikurangi: Bagian lancar (97,333) (82,756) Less: Current portion
Bagian tidak lancar 77,141 87,921 Non-current portion
*) Lihat Catatan 15e untuk rincian pajak dalam proses banding. *) Refer to Note 15e for details of taxes in dispute.
Mutasi penyisihan untuk penurunan nilai dari Movement in provision for impairment from uncertain
ketidakpastian posisi pajak adalah sebagai tax positions is as follows:
berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Saldo awal (1,568) (5,549) Beginning balance
Pengurangan selama Deduction during
tahun berjalan 1,568 3,981 the year
Saldo akhir - (1,568) Ending balance
Manajemen berkeyakinan bahwa Perseroan Management believes that the Company has a
memiliki posisi yang kuat terkait dengan klaim strong position in respect of its tax refund claims.
restitusi pajak. Perseroan menentukan bahwa Accordingly, the Company has determined that no
provisi terkait dengan ketetapan pajak tidak provision is required in relation to tax assessments.
diperlukan.
440 Laporan Tahunan 2025
Page 441
PT VALE INDONESIA TBK
Lampiran 5/51 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
b. Utang pajak b. Taxes payable
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pajak penghasilan badan
(“PPh Badan”) Corporate income tax (“CIT”)
- 2025 5,439 - 2025 -
Pajak lainnya Other taxes
PPh pasal 21 257 2,963 Withholding Tax (“WHT”) article 21
PPh pasal 4(2), 15, WHT articles 4(2), 15,
22, 23 dan 26 1,510 1,059 22, 23 and 26
PPN terutang 92 265 VAT payable
1,859 4,287
Jumlah 7,298 4,287 Total
c. Beban pajak penghasilan c. Income tax expense
Beban pajak penghasilan untuk tahun-tahun yang The income tax expense for the years ended
berakhir pada tanggal 31 Desember 2025 dan December 31, 2025 and 2024 is as follows:
2024 adalah sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Kini 25,195 31,488 Current
Tangguhan (8,712) (11,805) Deferred
Penyesuaian tahun sebelumnya Previous year adjustments
Kini 1,986 (1,508) Current
Tangguhan - (1,876) Deferred
Jumlah beban pajak
penghasilan 18,469 16,299 Total income tax expense
Perhitungan pajak penghasilan kini untuk tahun- Current income tax calculations for the years
tahun yang berakhir 31 Desember 2025 dan 2024 ended December 31, 2025 and 2024 are based
adalah berdasarkan estimasi penghasilan kena on estimated taxable income and may be revised
pajak yang dapat direvisi pada saat melaporkan when filing annual tax returns. The basis used for
Surat Pemberitahuan Tahunan. Basis yang the estimates is the same as that used in the
digunakan dalam estimasi ini sama dengan yang preparation of the annual tax return to be filed
digunakan dalam pembuatan surat with the tax authority.
pemberitahuan pajak tahunan yang disampaikan
ke kantor pajak.
2025 Annual Report 441
Page 442
PT VALE INDONESIA TBK
Lampiran 5/52 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara laba sebelum pajak The reconciliation between profit before income
penghasilan yang disajikan dalam laporan tax as shown in these financial statements and
keuangan dengan taksiran penghasilan kena the estimated taxable income for the years
pajak tahun-tahun yang berakhir 31 Desember ended December 31, 2025 and 2024 is as
2025 dan 2024 adalah sebagai berikut: follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Laba sebelum pajak penghasilan 94,532 74,060 Profit before income tax
Ditambah: Add:
Rugi sebelum pajak Loss before income tax
penghasilan - entitas anak - 1,868 of subsidiary
Laba sebelum pajak Profit before income tax
penghasilan - Perseroan 94,532 75,928 - the Company
Koreksi fiskal: Fiscal corrections:
Perbedaan antara penyusutan Difference between commercial
dan amortisasi and tax depreciation
komersial dan fiskal 35,419 35,901 and amortisation
Liabilitas imbalan pascakerja 5,487 2,680 Post-employment benefit liabilities
Provisi atas penghentian
pengoperasian aset (8,390) - Provision for asset retirement
Perubahan penyisihan untuk Change in provision for
bahan pembantu usang (1,186) 581 obsolete supplies
Liabilitas atas pembayaran Share-based payment
berbasis saham 1,240 485 liabilities
(Keuntungan)/kerugian atas
pengakuan nilai (Gain)/loss on recognition of
wajar aset derivatif (16,570) 19,940 fair value of derivative asset
Keuntungan atas pengakuan nilai Gain on recognition of fair value
wajar investasi pada saham (6,680) (1,346) of investment in shares
Akrual/provisi lain-lain 30,282 (4,586) Other accruals/provisions
Perbedaan tetap: Permanent differences:
Pendapatan kena pajak final (37,258) (3,025) Income subject to final tax
Pembagian laba bersih 8,451 - Net profit sharing
Keuntungan dari pelepasan Gain from loss of
pengendalian entitas anak (634) - control of subsidiary
Bagian laba neto dari Share in net profit
entitas asosiasi (607) - from associate
Beban yang tidak dapat
dikurangkan 10,438 16,569 Non-deductible expenses
Penghasilan kena pajak -
Perseroan 114,524 143,127 Taxable income - the Company
Pajak penghasilan kini Current income tax
pada tarif 22% - Perseroan 25,195 31,488 at 22% - the Company
Pembayaran pajak di muka (19,756) (91,430) Prepayment of income taxes
Kurang/(lebih) bayar pajak 5,439 (59,942) Under/(over) payment of tax
442 Laporan Tahunan 2025
Page 443
PT VALE INDONESIA TBK
Lampiran 5/53 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara beban pajak penghasilan The reconciliation of income tax expense to the
dengan hasil perhitungan teoritis dari laba sebelum theoretical tax amount on the Company’s profit
pajak penghasilan Perseroan untuk tahun-tahun before income tax for the years ended December
yang berakhir pada tanggal 31 Desember 2025 31, 2025 and 2024 is as follows:
dan 2024 adalah sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Laba sebelum pajak
penghasilan 94,532 74,060 Profit before income tax
Pajak penghasilan dihitung
pada tarif 22% 20,798 16,293 Income tax calculated at 22%
Pendapatan kena pajak final (8,197) (666) Income subject to final tax
Pembagian laba bersih 1,859 - Net profit sharing
Beban yang tidak dapat
dikurangkan 2,296 4,056 Non-deductible expenses
Keuntungan dari pelepasan Gain from loss of
pengendalian entitas anak (139) - control of subsidiary
Bagian laba neto dari Share in net profit
entitas asosiasi (134) - from associate
Penyesuaian tahun
sebelumnya 1,986 (3,384) Previous year adjustments
Beban pajak penghasilan 18,469 16,299 income tax expense
d. Aset/(liabilitas) pajak tangguhan d. Deferred tax assets/(liabilities)
Perubahan aset/(liabilitas) pajak tangguhan untuk Changes in the deferred tax assets/(liabilities) for
tahun-tahun yang berakhir pada tanggal 31 the years ended December 31, 2025 and 2024
Desember 2025 dan 2024 adalah sebagai berikut: are shown below:
Dibebankan
ke penghasilan
Dikreditkan/ komprehensif
(Dibebankan) lain/
ke laba rugi/ Charged to
1 Januari/ Credited/ other 31 Desember/
January 1, (Charged) to comprehensive December 31,
2025 profit or loss income 2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Penyusutan dan Depreciation and
amortisasi (44,344) 7,792 - (36,552) amortisation
Liabilitas imbalan Post-employment benefit
pascakerja 9,584 1,207 (12) 10,779 liabilities
Provisi atas penghentian Provision for asset
pengoperasian aset 18,459 (1,846) - 16,613 retirement
Provisi untuk bahan Provision for obsolete
pembantu usang 767 (261) - 506 supplies
Liabilitas atas pembayaran Share-based payment
berbasis saham 131 273 - 404 liabilities
Aset derivatif (1,044) (3,645) - (4,689) Derivative assets
Investasi pada saham (296) (1,470) - (1,766) Investment in shares
Akrual/provisi lain-lain 11,083 6,662 - 17,745 Other accruals/provisions
Aset/(liabilitas) pajak Deferred tax
tangguhan, bersih (5,660) 8,712 (12) 3,040 assets/(liabilities), net
2025 Annual Report 443
Page 444
PT VALE INDONESIA TBK
Lampiran 5/54 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
d. Aset/(liabilitas) pajak tangguhan (lanjutan) d. Deferred tax assets/(liabilities) (continued)
Dibebankan
ke penghasilan
Dikreditkan/ komprehensif
(Dibebankan) lain/
ke laba rugi/ Charged to
1 Januari/ Credited/ other 31 Desember/
January 1, (Charged) to comprehensive December 31,
2024 profit or loss income 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Penyusutan dan Depreciation and
amortisasi (54,118) 9,774* - (44,344) amortisation
Liabilitas imbalan Post-employment benefit
pascakerja 8,732 590 262 9,584 liabilities
Provisi atas penghentian Provision for asset
pengoperasian aset 18,459 - - 18,459 retirement
Provisi untuk bahan Provision for obsolete
pembantu usang 639 128 - 767 supplies
Liabilitas atas pembayaran Share-based payment
berbasis saham 24 107 - 131 liabilities
Aset derivatif (5,431) 4,387 - (1,044) Derivative assets
Investasi pada saham - (296) - (296) Investment in shares
Akrual/provisi lain-lain 12,092 (1,009) - 11,083 Other accruals/provisions
Aset/(liabilitas) pajak Deferred tax
tangguhan, bersih (19,603) 13,681 262 (5,660) assets/(liabilities), net
*) Termasuk tambahan aset pajak tangguhan sebesar AS$1,1 juta *) Including additional deferred tax assets of US$1.1 million from
atas kapitalisasi sebagian biaya pengembangan proyek yang the capitalisation of a portion of project development costs
terjadi pada tahun fiskal 2016, berdasarkan keputusan Pengadilan incurred in fiscal year 2016, based on the Tax Court’s verdict
Pajak di bulan Juli 2024 yang menolak permohonan banding that rejected the Company’’s appeal request on corporate
Perseroan untuk sengketa pajak penghasilan badan tahun fiskal income tax dispute for fiscal year 2016, whereby DGT made
2016, di mana DJP melakukan koreksi atas biaya pengembangan adjustments to project development costs because these costs
proyek ini karena tidak dapat dikurangkan sekaligus atas should not be directly deducted the taxable income, but should
penghasilan kena pajak, namun harus diamortisasi sepanjang be amortised throughout its useful life.
umur manfaat.
e. Surat ketetapan pajak e. Tax assessment letters
Diterima oleh Saldo akhir dan
Perseroan status terakhir
atau kalah Selisih nilai tukar per 31 Desember
Nilai awal pada banding mata uang asing 2025/
Sengketa terakhir/ dan penyesuaian Ending balance
Tahun pajak/ Accepted by lainnya/ and latest
pajak/ Original tax the Company Exchange rate status as of
Jenis pajak/ Fiscal in-dispute or lost on Restitusi/ and other Desember 31, Catatan/
Tax type year amount final appeal Refund adjustments 2025 Notes
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
PPh Badan/CIT 2011 1,316 (1,316) - - - a)
PPh Badan/CIT 2016 7,942 (1,236) (6,390) - 316 b)
PPh Badan/CIT 2017 2,355 - (1,990) - 365 b)
PPh Badan/CIT 2019 2,510 (1,568) (942) - - b)
Biaya Pengalihan Hak
Atas Tanah & Bangunan/
Land & Building Title
Transfer Duty 2023 4,867 - - (216) 4,651 c)
PPN/VAT 2023 1,154 - - (56) 1,098 d)
Surat ketetapan pajak lainnya*/
Other tax assessment letters* 12,583 (586) (8,917) (845) 2,235
Jumlah/Total 32,727 (4,706) (18,239) (1,117) 8,665
* Dengan nilai saldo akhir per tanggal 31 Desember 2025 kurang dari AS$0,5 juta per ketetapan/
* With ending balances as of December 31, 2025 less than US$0.5 million per assessment
444 Laporan Tahunan 2025
Page 445
PT VALE INDONESIA TBK
Lampiran 5/55 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
e. Surat ketetapan pajak (lanjutan) e. Tax assessment letters (continued)
a) Tahun pajak 2011: DJP melakukan koreksi a) 2011 fiscal year: The DGT made a tax
atas biaya jaminan pinjaman dengan nilai adjustment related to guarantee fee
sengketa pajak AS$1,3 juta (nilai penuh) expense with the tax dispute amount of
yang dianggap sebagai beban yang tidak US$1.3 million (full amount) which was
dapat dikurangkan menurut DJP. Pada considered non-deductible by the DGT. In
bulan April 2025, Mahkamah Agung telah April 2025, the Supreme Court declined the
menolak permohonan peninjauan kembali Company's request reconsideration. The
Perseroan. Perusahan juga telah company has made a write-off of the
melakukan penghapusan saldo pajak prepaid tax balance related to the dispute.
dibayar di muka atas sengketa tersebut.
b) Tahun pajak 2016, 2017, dan 2019: Pada b) 2016, 2017, and 2019 fiscal years: In July
bulan Juli 2024, Perseroan telah 2024, the Company submitted a
mengajukan peninjauan kembali ke reconsideration to the Supreme Court for
Mahkamah Agung untuk sengketa pajak 2016 and 2017 tax disputes which were
tahun 2016 dan 2017 yang ditolak terkait rejected related to other expenses which
dengan biaya-biaya yang dianggap tidak are deemed to be non-deductible expenses
dapat dijadikan pengurang penghasilan with the amount of US$0.3 million and
kena pajak masing-masing senilai AS$0,3 US$0.4 million (full amount), respectively.
juta dan AS$0,4 juta (nilai penuh).
Untuk Tahun Pajak 2019, Perseroan telah For fiscal year 2019, The Company has
menerima pengembalian pajak untuk received tax refund for the corporate
sengketa PPh Badan. income tax dispute.
c) Tahun pajak 2023: Badan Penerimaan c) 2023 fiscal year: Regional Tax Revenue of
Pajak Daerah Luwu Timur (Bapenda Luwu Luwu Timur (Bapenda Luwu Timur) has
Timur) telah menerbitkan Surat Tagihan issued Regional Tax Collection of the Duty
Pajak Daerah Atas Perolehan Hak Atas on the Acquisition of Right to Land and
Tanah dan Bangunan (“STPD”) No. 001 Building (“STPD”) No. 001 and No. 002.
dan No. 002. Perseroan tidak setuju dan The Company disagreed and requested
meminta Bapenda Luwu Timur Bapenda Luwu Timur to cancel the
membatalkan STPD tersebut. Bapenda incorrect STPD. Bapenda Luwu Timur
Luwu Timur mengeluarkan surat tanggapan issued response letters to reject both
menolak permohonan tersebut. Perseroan requests. The Company submitted its
mengajukan gugatan terhadap putusan lawsuit petition against the rejection
penolakan tersebut kepada Pengadilan. decisions to the Court. The Company has
Perseroan telah melakukan pembayaran made payment on Duty on the Acquisition
Bea Perolehan Hak Atas Tanah dan of Rights to Land and Buildings with the
Bangunan sebesar AS$4,8 juta (nilai amount of US$4.8 million (full amount). The
penuh). Proses persidangan telah selesai hearing process has been completed and
dilakukan dan Perseroan sedang the Company is waiting for the Court’s
menunggu putusan Pengadilan atas verdict on the dispute.
sengketa tersebut.
d) Tahun pajak 2023: Terdapat lebih bayar d) 2023 fiscal year: There is a refundable
Pajak Pertambahan Nilai yang masih dapat Value Added Tax overpayment amounting to
dikembalikan sebesar AS$1.1 juta (nilai US$1.1 million (full amount) from several tax
penuh) dari beberapa masa pajak. Perseroan periods. The Company is waiting for its
sedang menunggu pengembalian tersebut. refund.
2025 Annual Report 445
Page 446
PT VALE INDONESIA TBK
Lampiran 5/56 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)
f. Aturan model Pilar Dua f. Pillar Two model rules
Peraturan Kementerian Keuangan No. PMK-136 The Ministry of Finance Regulation No. PMK-136
Tahun 2024 ("PMK-136") telah diundangkan di Year 2024 (“PMK-136”) was enacted in Indonesia,
Indonesia, yurisdiksi tempat Perseroan didirikan, the jurisdiction in which the company is incorporated,
dan mulai berlaku pada 1 Januari 2025. and is effective from January 1, 2025.
Perseroan tidak termasuk dalam lingkup aturan The Company is not within the scope of the
model Organisasi Kerja Sama dan Pembangunan Organisation for Economic Co-operation and
Ekonomi (“OECD”) Pilar Dua, karena Perseroan Development (“OECD”) Pillar Two model rules, as
tidak memenuhi kualifikasi sebagai entitas the Company does not qualify as a constituent entity
konstituen dari para pemegang saham. of its shareholders.
16. AKRUAL 16. ACCRUALS
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pihak-pihak berelasi Related parties
Jasa 475 151 Services
Pihak ketiga Third parties
Barang modal 53,135 31,112 Capital items
Jasa 51,056 22,475 Services
Pembagian laba bersih Net profit sharing
untuk bagian pemerintah for central government
pusat dan pemerintah daerah and regional government’s portion
(Catatan 42) 8,451 - (Note 42)
Royalti, retribusi air, sewa tanah, Royalties, water levy, land rent,
dan lain-lain 2,280 2,323 and others
114,922 55,910
Jumlah 115,397 56,061 Total
Lihat Catatan 33 untuk rincian saldo dan transaksi Refer to Note 33 for details of related party
dengan pihak-pihak berelasi. balances and transactions.
17. LIABILITAS KEUANGAN LAINNYA 17. OTHER FINANCIAL LIABILITIES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Utang non-operasional lainnya 6,722 7,837 Other non-operational payables
Utang dividen 164 115 Dividends payable
Jumlah 6,886 7,952 Total
Dikurangi: Bagian lancar (1,004) (1,732) Less: Current portion
Bagian tidak lancar 5,882 6,220 Non-current portion
446 Laporan Tahunan 2025
Page 447
PT VALE INDONESIA TBK
Lampiran 5/57 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
18. LIABILITAS IMBALAN KERJA JANGKA PENDEK 18. SHORT-TERM EMPLOYEE BENEFIT LIABILITIES
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Gaji, upah, dan manfaat Salaries, wages, and
karyawan lainnya 21,194 18,807 other employee benefits
Liabilitas atas pembayaran Share-based payment
berbasis saham 772 595 liabilities
Jumlah 21,966 19,402 Total
19. LIABILITAS IMBALAN PASCAKERJA 19. POST-EMPLOYMENT BENEFIT LIABILITIES
Program dana pensiun untuk karyawan Perseroan The pension plan fund for the Company’s
adalah program defined contribution yang dikelola employees is a defined contribution plan that is
oleh suatu Dana Pensiun Lembaga Keuangan managed by a pension fund financial institution
(“DPLK”) yang ditunjuk oleh Perseroan. (“DPLK”) appointed by the Company.
Sesuai dengan peraturan ketenagakerjaan di In accordance with Indonesian labor regulations,
Indonesia, Perseroan diharuskan memberikan the Company is required to provide certain post-
imbalan pascakerja tertentu kepada karyawannya employment benefits to its employees when their
saat diberhentikan atau saat mereka pensiun. employment is terminated or when they retire.
Manfaat ini terutama didasarkan pada masa kerja These benefits are primarily based on years of
dan kompensasi karyawan pada saat penghentian service and the employees’ compensation at
atau masa pensiun. termination or retirement.
Liabilitas imbalan pasca kerja pada 31 Desember The post-employment benefit liabilities as at
2025 dan 2024 dihitung oleh Kantor Konsultan December 31, 2025 and 2024 were calculated by
Aktuaria (“KKA”) Santhi Devi dan Ardianto Kantor Konsultan Aktuaria (“KKA”) Santhi Devi
Handoyo, aktuaris yang berkualifikasi pada dan Ardianto Handoyo, a qualified actuary with its
laporannya yang tertanggal 23 Februari 2026. report dated February 23, 2026.
Liabilitas pada laporan posisi keuangan terdiri dari: The liability in the statements of financial
position consists of:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Imbalan pensiun dan imbalan
berdasarkan Peraturan
Ketenagakerjaan 32,231 26,193 Pension and Labor Law benefits
Penghargaan masa kerja 10,057 6,233 Long service award
Imbalan kesehatan pascakerja 6,754 11,187 Post-retirement medical benefits
Jumlah 49,042 43,613 Total
2025 Annual Report 447
Page 448
PT VALE INDONESIA TBK
Lampiran 5/58 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN PASCAKERJA (lanjutan) 19. POST-EMPLOYMENT BENEFIT LIABILITIES
(continued)
Imbalan kesehatan
pascakerja/
Imbalan pensiun/ Post-retirement Penghargaan masa kerja/
Pension benefits medical benefits Long service award
2025 2024 2025 2024 2025 2024
Asumsi ekonomi: Economic assumptions:
Tingkat diskonto (IDR) 6.00% 7.00% 6.50% 7.25% 6.00% 7.00% Discount rate (IDR)
Kenaikan gaji di masa depan
(IDR) 6.00% 6.00% N/A N/A N/A N/A Future salary increases (IDR)
Tingkat kenaikan klaim
di masa depan (IDR) N/A N/A 11.00% 11.00% N/A N/A Future claim increase rate (IDR)
Tingkat kenaikan
harga emas (IDR) 7.50% 7.00% N/A N/A 7.5% 7.00% Gold price increase rate (IDR)
2025 2024
Asumsi lainnya: Other assumptions:
Tingkat mortalita TMI 2019 TMI 2019 Rates of mortality
Tingkat cacat 10% dari tingkat 10% dari tingkat Disability rate
mortalita/ mortalita/
10% of mortality rate 10% of mortality rate
Usia pensiun normal 55 tahun/years 55 tahun/years Normal retirement age
Tingkat diskonto digunakan dalam menentukan nilai The discount rate is used in determining the present
kini kewajiban imbalan kerja pada tanggal penilaian. value of the benefit obligation at the valuation date.
Secara umum, tingkat diskonto, biasanya ditentukan In general, the discount rate is usually determined
sesuai dengan ketersediaan obligasi pemerintah in line with the availability of government bonds in
yang ada di pasar modal aktif pada tanggal the active capital market at the reporting date.
pelaporan.
Asumsi tingkat kenaikan upah di masa depan The future salary-increase assumption projects the
memproyeksikan kewajiban imbalan kerja mulai dari benefit obligation starting from the valuation date up
tanggal penilaian sampai dengan usia pensiun to the normal retirement age. The rate of salary
normal. Tingkat kenaikan gaji pada umumnya increase is generally determined based on inflation
ditentukan berdasarkan penyesuaian inflasi terhadap adjustments to pay scales and increases in length
tingkat upah dan kenaikan masa kerja. of service.
Asumsi tentang bagaimana klaim akan meningkat di The actuarial assumptions also factor in how future
masa depan dikenal sebagai tingkat kenaikan klaim. claims will increase which is influenced by several
Tren biaya klaim di masa mendatang dipengaruhi factors such as utilisation, general inflation, medical
oleh faktor-faktor seperti pemanfaatan, inflasi umum, developments, and availability of medical services.
perkembangan medis, dan ketersediaan pelayanan Generally, the claim costs have risen faster than
medis. Pada umumnya, biaya klaim meningkat lebih price inflation in recent years.
cepat daripada tingkat inflasi dalam beberapa tahun
terakhir.
Asumsi mengenai kenaikan harga emas pada The assumption regarding the increase in gold
umumnya ditentukan dengan menganalisis data prices is generally determined by examining
historis harga emas. Asumsi ini digunakan untuk historical gold price data. This assumption is used
mengukur kewajiban Perseroan terhadap karyawan to measure a company's liabilities towards
tetap yang telah mencapai masa kerja tertentu. permanent employees who have reached a certain
length of service.
Pada 31 Desember 2025, durasi rata-rata As of December 31, 2025, the weighted average
tertimbang atas kewajiban untuk imbalan pensiun duration of the obligation for pension benefits was
adalah 6,8 tahun (31 Desember 2024: 6,8 tahun), 6.8 years (December 31, 2024: 6.8 years), post-
imbalan kesehatan pascakerja adalah 12,4 tahun retirement medical benefits was 12.4 years
(31 Desember 2024: 12,5 tahun) dan penghargaan (December 31, 2024: 12.5 years) and long service
masa kerja adalah 6,4 tahun (31 Desember 2024: award was 6.4 years (December 31, 2024: 6.8
6,8 tahun). years).
448 Laporan Tahunan 2025
Page 449
PT VALE INDONESIA TBK
Lampiran 5/59 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN PASCAKERJA (lanjutan) 19. POST-EMPLOYMENT BENEFIT LIABILITIES
(continued)
Mutasi liabilitas imbalan pascakerja selama tahun The movement in post-employment benefits liabilities
berjalan adalah sebagai berikut: over the year is as follows:
31 Desember/ December 31, 2025
Imbalan kesehatan Penghargaan
pascakerja/ masa kerja/
Imbalan pensiun/ Post-retirement Long service Jumlah/
Pension benefits medical benefits award Total
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pada awal tahun 26,193 11,187 6,233 43,613 At beginning of year
Diakui di laba rugi Recognised in profit or loss
- Biaya jasa kini 1,959 - 425 2,384 Current service cost -
- Biaya jasa lalu - - 188 188 Past service cost -
- Biaya bunga 1,738 776 403 2,917 Interest cost -
Pengukuran kembali Remeasurement
dibebankan di laba rugi charged to PL
- Penyesuaian
pengalaman - - 2,870 2,870 Experience adjustments -
- Asumsi keuangan - - 726 726 Financial assumptions -
Diakui di penghasilan Recognised in other
komprehensif lain comprehensive income
Kerugian/(keuntungan)
actuarial yang Actuarial losses/(gains)
timbul dari: arising from:
- Penyesuaian
pengalaman 2,433 (339) - 2,094 Experience adjustments -
- Asumsi keuangan 2,257 (4,408) - (2,151) Financial assumptions -
Lain-lain Others
- Pembayaran manfaat (1,406) (143) (534) (2,083) Benefits paid -
- Pengaruh perbedaan
dalam pelaporan Effect of difference in -
mata uang (943) (319) (254) (1,516) reporting currency
Liabilitas imbalan
pascakerja, Post-employment benefit
akhir tahun 32,231 6,754 10,057 49,042 liabilities, end of year
31 Desember/ December 31, 2024
Imbalan kesehatan Penghargaan
pascakerja/ masa kerja/
Imbalan pensiun/ Post-retirement Long service Jumlah/
Pension benefits medical benefits award Total
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pada awal tahun 23,245 12,098 4,352 39,695 At beginning of year
Diakui di laba rugi Recognised in profit or loss
- Biaya jasa kini 1,849 - 334 2,183 Current service cost -
- Biaya jasa lalu - - - Past service cost -
- Biaya bunga 1,664 781 298 2,743 Interest cost -
Pengukuran kembali Remeasurement
dibebankan di laba rugi charged to PL
- Penyesuaian
pengalaman - - 1,898 1,898 Experience adjustments -
- Asumsi keuangan - - (80) (80) Financial assumptions -
Diakui di penghasilan Recognised in other
komprehensif lain comprehensive income
Kerugian/(keuntungan)
actuarial yang Actuarial losses/(gains)
timbul dari: arising from:
- Penyesuaian
pengalaman 2,692 (387) - 2,305 Experience adjustments -
- Asumsi keuangan (425) (689) - (1,114) Financial assumptions -
Lain-lain
Others
- Pembayaran manfaat (1,769) (89) (355) (2,213) Benefits paid -
- Pengaruh perbedaan
dalam pelaporan Effect of difference in -
mata uang (1,063) (527) (214) (1,804) reporting currency
Liabilitas imbalan Post-employment benefit
pascakerja,akhir tahun 26,193 11,187 6,233 43,613 liabilities, end of year
2025 Annual Report 449
Page 450
PT VALE INDONESIA TBK
Lampiran 5/60 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN PASCAKERJA (lanjutan) 19. POST-EMPLOYMENT BENEFIT LIABILITIES
(continued)
Jumlah kumulatif kerugian/(keuntungan) aktuarial Total cumulative actuarial loss/(gain) recognised in
yang diakui pada pendapatan komprehensif lain other comprehensive income is as follows:
adalah sebagai berikut:
Imbalan kesehatan
pascakerja/
Imbalan pensiun/ Post-retirement Jumlah/
Pension benefits medical benefits Total
2025 2024 2025 2024 2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pada awal tahun 7,761 5,494 3,239 4,315 11,000 9,809 At beginning of year
(Penghasilan)/kerugian
komprehensif Other comprehensive (income)/
lain tahun berjalan loss for the year
Kerugian/(keuntungan) Actuarial losses/(gains)
yang timbul dari: arising from:
- Penyesuaian pengalaman 2,433 2,692 (339) (387) 2,094 2,305 Experience adjustments -
- Asumsi keuangan 2,257 (425) (4,408) (689) (2,151) (1,114) Financial assumptions -
Jumlah kumulatif kerugian Total cumulative
aktuarial yang diakui actuarial loss
pada pendapatan recognised in other
komprehensif lain 12,451 7,761 (1,508) 3,239 10,943 11,000 comprehensive income
Iuran ke DPLK selama tahun berjalan adalah sebagai Contributions to DPLK over the year are as follows:
berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Oleh Perseroan 3,236 3,353 By the Company
Oleh karyawan 663 666 By employees
Jumlah 3,899 4,019 Total
Analisa jatuh tempo yang diharapkan dari imbalan Expected maturity analysis of undiscounted post-
pensiun dan imbalan kesehatan pascakerja yang tidak employment benefits and post-retirement medical
terdiskonto adalah sebagai berikut: benefits, is as follows:
31 Desember/ December 31, 2025
Imbalan kesehatan Penghargaan
pascakerja/ masa kerja/
Imbalan pensiun/ Post-retirement Long service Jumlah/
Pension benefits medical benefits award Total
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Kurang dari 1 tahun 2,406 252 435 3,093 Less than 1 year
1 sampai dengan 10 tahun 47,004 4,297 14,414 65,715 1 - 10 years
Lebih dari 10 tahun 50,125 13,485 13,470 77,080 More than 10 years
Jumlah 99,535 18,034 28,319 145,888 Total
31 Desember/ December 31, 2024
Imbalan kesehatan Penghargaan
pascakerja/ masa kerja/
Imbalan pensiun/ Post-retirement Long service Jumlah/
Pension benefits medical benefits award Total
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Kurang dari 1 tahun 2,330 488 695 3,513 Less than 1 year
1 sampai dengan 10 tahun 40,969 7,725 8,983 57,677 1 - 10 years
Lebih dari 10 tahun 54,588 24,635 8,615 87,838 More than 10 years
Jumlah 97,887 32,848 18,293 149,028 Total
450 Laporan Tahunan 2025
Page 451
PT VALE INDONESIA TBK
Lampiran 5/61 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
19. LIABILITAS IMBALAN PASCAKERJA (lanjutan) 19. POST-EMPLOYMENT BENEFIT LIABILITIES
(continued)
Penyesuaian pengalaman dalam lima tahun terakhir The five years history of experience adjustments is as
adalah sebagai berikut: follows:
2025 2024 2023 2022 2021
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Nilai kini kewajiban Present value of defined
imbalan pasti (49,042) (43,613) (39,695) (28,457) (26,329) benefit obligation
Penyesuaian pengalaman Experience adjustments
pada liabilitas program 2,094 2,305 4,659 (56) (373) on plan liabilities
Jika asumsi yang digunakan berbeda dari estimasi If the assumptions differed from management’s
manajemen, nilai tercatat kewajiban pensiun estimates, the carrying amount of pension
diestimasikan sebagai berikut: obligations would be as follows:
31 Desember/ December 31, 2025
Perubahan Imbalan kesehatan Penghargaan
asumsi/ pascakerja/ masa kerja/
Change in Imbalan pensiun/ Post-retirement Long service
assumptions Pension benefits medical benefits award
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Tingkat diskonto +1% (1,925) (749) (497) Discount rate
-1% 2,139 901 548
Tingkat kenaikan gaji di +1% 1,896 - - Future salary increase
masa depan -1% (1,742) - - rate
Tingkat kenaikan klaim di +1% - 824 - Future claim increase
masa depan -1% - (704) - rate
Tingkat kenaikan +1% 355 - 262 Gold price increase
harga emas -1% (338) - (252) rate
31 Desember/ December 31, 2024
Perubahan Imbalan kesehatan Penghargaan
asumsi/ pascakerja/ masa kerja/
Change in Imbalan pensiun/ Post-retirement Long service
assumptions Pension benefits medical benefits award
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Tingkat diskonto +1% (1,877) (1,188) (300) Discount rate
-1% 2,077 1,421 329
Tingkat kenaikan gaji di +1% 1,683 - - Future salary increase
masa depan -1% (1,550) - - rate
Tingkat kenaikan klaim di +1% - 1,308 - Future claim increase
masa depan -1% - (1,122) - rate
Tingkat kenaikan +1% - - 160 Gold price increase
harga emas -1% - - (154) rate
20. MODAL SAHAM 20. SHARE CAPITAL
Pada tanggal 24 Juni 2024, Perseroan telah On June 24, 2024, the Company issued Capital
menerbitkan PMHMETD kepada para pemegang Increase with Rights Issue to the Company’s
saham Perseroan sebanyak-banyaknya 603.445.814 shareholders with maximum of 603,445,814 new
Saham Baru dengan nilai nominal IDR25 per saham shares with nominal value IDR25 per share or 6.07%
atau sebesar 6,07% dari modal ditempatkan dan of the Company’s issued and fully paid-up capital
disetor penuh Perseroan setelah PMHMETD. after the Rights Issue.
PMHMETD berlangsung dari 24 Juni 2024 sampai The Rights Issue occurred from June 24, 2024 until
dengan 28 Juni 2024, dan Perseroan mendapatkan June 28, 2024, and the Company received funds
dana sebesar IDR1,8 triliun (AS$112.3 juta), sehingga amounting to IDR1.8 trillion (US$112.3 million), and
mengakui tambahan modal disetor sebesar AS$104,1 thus recognised additional paid in capital amounting
juta dikurangi oleh biaya transaksi sebesar AS$0,9 to US$104.1 million less the transaction cost
juta (Catatan 22). amounting to US$0.9 million (Note 22).
2025 Annual Report 451
Page 452
PT VALE INDONESIA TBK
Lampiran 5/62 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
20. MODAL SAHAM (lanjutan) 20. SHARE CAPITAL (continued)
Pemegang saham Perseroan dan jumlah kepemilikan The Company’s shareholders and number of shares
saham dengan nilai nominal IDR25 (nilai penuh) per at the par value of IDR25 (full amount) per share as
saham pada tanggal 31 Desember 2025 dan 2024 at December 31, 2025 and 2024 were as follows:
adalah sebagai berikut:
31 Desember/ December 31, 2025
Jumlah
saham/ Ribuan AS$/
Total US$ in
shares thousands %
MIND ID 3,583,533,690 49,197 34.00 MIND ID
VCL 3,570,993,764 49,025 33.88 VCL
Publik 2,174,840,517 29,859 20.64 Public
Sumitomo Metal Mining Sumitomo Metal Mining
Co., Ltd (“SMM”) 1,210,370,563 16,617 11.48 Co., Ltd (“SMM”)
Budiawansyah 24,000 - - Budiawansyah
Abu Ashar 22,000 - - Abu Ashar
Jumlah saham yang ditempatkan
dan disetor penuh 10,539,784,534 144,698 100.00 Total shares issued and fully paid
31 Desember/ December 31, 2024
Jumlah
saham/ Ribuan AS$/
Total US$ in
shares thousands %
MIND ID 3,583,533,690 49,197 34.00 MIND ID
VCL 3,570,993,764 49,025 33.88 VCL
Publik 2,174,733,317 29,857 20.64 Public
Sumitomo Metal Mining Sumitomo Metal Mining
Co., Ltd (“SMM”) 1,210,370,563 16,617 11.48 Co., Ltd (“SMM”)
Edi Permadi 131,200 2 - Edi Permadi
Abu Ashar 22,000 - - Abu Ashar
Jumlah saham yang ditempatkan
dan disetor penuh 10,539,784,534 144,698 100.00 Total shares issued and fully paid
Tidak ada pemegang saham publik yang memiliki No public shareholder owned more than 5% of the
lebih dari 5% dari jumlah modal saham yang total issued and fully paid shares at December 31,
ditempatkan dan disetor penuh pada tanggal 2025 and 2024.
31 Desember 2025 dan 2024.
21. DEKLARASI DIVIDEN 21. DIVIDENDS DECLARED
Berdasarkan keputusan Rapat Umum Pemegang Referring to the resolution of the Company’s Annual
Saham Tahunan Perseroan pada tanggal 16 Mei General Meeting of Shareholders dated May 16,
2025, Perseroan melaksanakan pembagian Dividen 2025, the Company distributed a Final Cash
Final Tahun Buku 2024 dalam bentuk tunai kepada Dividend for the Financial Year 2024 to the
para pemegang saham sebesar 60% dari Laba shareholders of a total of 60% of the Net Earnings of
Bersih Perseroan Tahun Buku 2024, sehingga setiap the Company for the Financial Year 2024, therefore
pemegang 1 (satu) saham memperoleh Dividen each holder of 1 (one) share received a Dividend in
sebesar AS$0,00329 (bruto). the amount of US$0.00329 (gross).
Dividen per
Tanggal Tanggal lembar saham Jumlah AS$,
dideklarasikan/ pembayaran/ AS$ (nilai penuh)/ dalam ribuan/
Date Date Dividends per share Amount US$,
declared paid US$ (full amount) in thousands
Dividen Final 2024 16 Mei/ 16 Juni/ 0.00329 34,656 Final Dividend 2024
May 16, 2025 June 16, 2025
452 Laporan Tahunan 2025
Page 453
PT VALE INDONESIA TBK
Lampiran 5/63 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
21. DEKLARASI DIVIDEN (lanjutan) 21. DIVIDENDS DECLARED (continued)
Sesuai dengan keterbukaan informasi di sistem Based on the information disclosure in the reporting
pelaporan Bursa Efek Indonesia yang disampaikan system of the Indonesian Stock Exchange through
melalui surat Perseroan Nomor 01025/CORS-J/V/2025 the Company’s letter No. 01025/CORS-J/V/2025
tertanggal 28 Mei 2025, kurs konversi pembagian dated May 28, 2025, the applicable currency rate for
Dividen Final Tahun Buku 2024 yang mengacu pada the distribution of Final Dividend Financial Year 2024
kurs tengah Bank Indonesia tanggal 28 Mei 2025 refer to the Bank Indonesia middle exchange rate
adalah sebesar IDR16.255/USD. Dengan demikian dated May 28, 2025 amounting IDR16,255/USD.
jumlah keseluruhan Dividen Final yang dibagikan Therefore, the total amount of the Final Dividend that
Perseroan dalam mata uang rupiah adalah sebesar is distributed by the Company is IDR562,824,494,116
IDR562.824.494.116 untuk 10.539.784.534 lembar for 10,539,784,534 shares or IDR53.4 per share.
saham atau IDR53,4 per saham.
22. TAMBAHAN MODAL DISETOR 22. ADDITIONAL PAID-IN CAPITAL
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Saldo awal 380,882 277,760 Beginning balance
Tambahan modal disetor Additional paid-in capital
dari penerbitan saham baru - 103,122 from issuance of new shares
Jumlah 380,882 380,882 Total
Pada tanggal 31 Desember 2025 dan 2024, As at December 31, 2025 and 2024, the Company
Perseroan mempunyai saldo Tambahan Modal has an Additional Paid-in Capital balance of
Disetor senilai AS$380,9 juta (nilai penuh) yang US$380.9 million (full amount) representing the
merupakan surplus atas pembayaran berbasis remaining surplus arising from share-based
saham, surplus yang terjadi akibat penerbitan saham payments, the issuance of the Company’s shares in
Perseroan di atas nilai nominal dan penurunan nilai excess of par value and a reduction in the par value
nominal saham yang terjadi di tahun 1983 serta of its shares in 1983 and from the Rights Issue to the
akibat PMHMETD yang ditawarkan kepada Company’s shareholders in 2024.
pemegang saham Perseroan di tahun 2024.
23. CADANGAN MODAL 23. CAPITAL RESERVES
Sesuai dengan Undang-Undang Perseroan Terbatas In accordance with Indonesian Limited Company Law
No. 40/2007, Perseroan wajib membentuk cadangan No. 40/2007, the Company shall set up a general
umum sebesar minimum 20% dari jumlah modal reserve at a minimum amount of 20% of the issued
ditempatkan dan disetor. Dan tidak ada Batasan and paid up capital of the Company. There is no
waktu tertentu untuk mencapai jumlah minimum specific date by which establishment of such reserve
cadangan umum tersebut. is to be made.
Jumlah modal ditempatkan dan disetor dari The Company’s issued and paid up capital is
Perseroan adalah sebesar IDR263,5 miliar atau IDR263.5 billion or equivalent to US$144.7 million
setara dengan AS$144,7 juta (nilai penuh); (full amount); The Company has established a
Perseroan telah menetapkan cadangan umum general reserve of US$27.3 million (full amount).
sebesar AS$27.3 juta (nilai penuh).
24. PENDAPATAN 24. REVENUE
Pendapatan untuk tahun-tahun yang berakhir pada Revenue for the years ended Desember 31, 2025
tanggal 31 Desember 2025 dan 2024 terdiri dari: and 2024 consisted of:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Produk Products
Nikel matte 888,584 950,388 Nickel matte
Bijih nikel 101,611 - Nickel ore
Jumlah 990,195 950,388 Total
2025 Annual Report 453
Page 454
PT VALE INDONESIA TBK
Lampiran 5/64 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
24. PENDAPATAN (lanjutan) 24. REVENUE (continued)
Rincian penjualan berdasarkan pelanggan untuk Revenue based on customer for the years ended
tahun-tahun yang berakhir pada tanggal 31 December 31, 2025 and 2024 was as follows:
Desember 2025 dan 2024 adalah sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Ekspor – pihak berelasi (Catatan 33) 888,584 950,388 Export – related party (Note 33)
Lokal – pihak ketiga (dibawah 10% Domestic – third parties
dari total pendapatan) 101,611 - (less than 10% of total revenue)
Jumlah 990,195 950,388 Total
25. BEBAN POKOK PENDAPATAN 25. COST OF REVENUE
Beban pokok pendapatan untuk tahun-tahun yang Cost of revenue for the years ended December 31,
berakhir pada tanggal 31 Desember 2025 dan 2024 2025 and 2024 were as follows:
adalah sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Bahan bakar minyak dan pelumas 176,118 191,259 Fuels and lubricants
Jasa kontraktor 173,403 123,561 Contractor services
Depresiasi (Catatan 12) 165,026 167,105 Depreciation (Note 12)
Bahan pembantu 133,885 124,643 Supplies
Biaya karyawan 86,048 82,604 Employee costs
Bahan bakar batubara 68,126 81,121 Coal
Pajak dan asuransi 48,728 44,454 Taxes and insurance
Royalti 42,351 19,449 Royalties
Lainnya 4,082 5,559 Others
897,767 839,755
Persediaan dalam proses In-process inventory
Persediaan awal 28,158 26,399 Beginning balance
Persediaan akhir (37,624) (28,158) Ending balance
Beban pokok produksi 888,301 837,996 Cost of production
Persediaan untuk dijual Saleable inventories
Persediaan awal 17,961 22,125 Beginning balance
Persediaan akhir (26,919) (17,961) Ending balance
Beban pokok pendapatan 879,343 842,160 Cost of revenue
Lihat Catatan 33 untuk rincian transaksi dengan Refer to Note 33 for details of related party
pihak-pihak berelasi. transactions.
Rincian pemasok dengan transaksi pembelian yang Details of suppliers having transactions representing
melebihi 10% dari jumlah pendapatan adalah more than 10% of total revenue were as follows:
sebagai berikut:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pihak ketiga Third party
PT Pertamina Patra Niaga 180,579 166,370 PT Pertamina Patra Niaga
454 Laporan Tahunan 2025
Page 455
PT VALE INDONESIA TBK
Lampiran 5/65 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
26. BEBAN USAHA 26. OPERATING EXPENSES
Rincian beban usaha untuk tahun-tahun yang The components of operating expenses for the years
berakhir pada tanggal 31 Desember 2025 dan 2024 ended December 31, 2025 and 2024 were as
adalah sebagai berikut: follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Biaya karyawan 14,954 12,650 Employee costs
Biaya restorasi lingkungan 14,911 - Environmental restoration costs
Biaya jasa profesional 13,839 16,712 Professional fees
Lainnya 8,478 8,892 Others
Jumlah 52,182 38,254 Total
27. PENDAPATAN KEUANGAN 27. FINANCE INCOME
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Pendapatan bunga dari kas di bank
deposito berjangka dan Interest income on cash in banks,
kas yang dibatasi penggunaannya 37,258 36,198 time deposits and restricted cash
28. BEBAN LAINNYA 28. OTHER EXPENSES
Rincian beban lainnya untuk tahun-tahun yang The components of other expenses for the years
berakhir pada tanggal 31 Desember 2025 dan 2024 ended December 31, 2025 and 2024 were as
adalah sebagai berikut: follows:
2025 2024
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Biaya pengembangan proyek 7,861 5,747 Project development costs
Rugi pelepasan aset tetap 2,488 2,345 Loss on disposal of fixed assets
Lainnya 2,360 1,781 Others
Jumlah 12,709 9,873 Total
2025 Annual Report 455
Page 456
PT VALE INDONESIA TBK
Lampiran 5/66 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
29. PROVISI ATAS PENGHENTIAN PENGOPERASIAN 29. PROVISION FOR ASSET RETIREMENT
ASET
Pergerakan di saldo provisi atas penghentian Movement in the provision for the asset retirement
pengoperasian aset adalah sebagai berikut: balance is as follows:
2025 2024
Saldo awal 128,025 83,904 Beginning balance
Penambahan penyisihan Addition of provisions
tahun berjalan (Catatan 12) 38,233 51,131 made during the year (Note 12)
Beban akresi (Catatan 34) 5,453 4,079 Accretion expense (Note 34)
Realisasi (4,474) (7,298) Realisation
Dampak perubahan selisih kurs (4,346) (3,791) Effect of exchange rate differences
Saldo akhir 162,891 128,025 Ending balance
Dikurangi: Bagian lancar (9,465) (5,497) Less: Current portion
Bagian tidak lancar 153,426 122,528 Non-current portion
Beban akresi diakui sebagai bagian dari beban Accretion expense is recognised as part of finance
keuangan dalam laba rugi. costs in profit or loss.
Perseroan mengakui provisi atas biaya penghentian The Company recognises a provision for asset
pengoperasian aset pada tanggal 31 Desember 2025 retirement cost as at December 31, 2025 of IDR2.7
sebesar IDR2,7 triliun atau setara dengan AS$162,9 trillion or equivalent to US$162.9 million (full
juta (nilai penuh) (31 Desember 2024: IDR1,5 triliun amount) (December 31, 2024: IDR1.5 trillion or
atau setara dengan AS$128,0 juta (nilai penuh)). equivalent to US$128.0 million (full amount)). This
Biaya ini diperkirakan akan terjadi pada tahun 2026- cost is expected to be incurred in 2026-2030 for the
2030 untuk kegiatan reklamasi dan 2045-2060 untuk reclamation activities and in 2045-2060 for the mine
kegiatan tutup tambang. Provisi tersebut diestimasi closure activities. The provision is estimated based
berdasarkan biaya penutupan menggunakan on closure costs using existing technology and
teknologi dan material yang tersedia sekarang, pada materials that are currently available, at the current
tingkat harga kini dalam rentang AS$23.655 – price level within the range of US$23,655 –
AS$32.393 per hektar dan didiskontokan US$32,393 per hectare and discounted using the
menggunakan tingkat diskonto bebas risiko di Indonesian risk-free rate of 3.92% (December 31,
Indonesia sebesar 3,92% (31 Desember 2024: 2024: 4.39%).
4,39%).
Perhitungan biaya penutupan tambang meliputi The closure cost calculation includes the
asumsi umur aset berdasarkan ketentuan IUPK assumption of asset life in accordance with the
disesuaikan dengan perpanjangan yang diasumsikan, term of the IUPK adjusted for assumed extensions,
untuk penyelesaian operasi penambangan yang for completion of mining operations closely followed
diikuti dengan penutupan pabrik pengolahan setelah by shutdown of the processing plant after depletion
penipisan sisa tumpukan bijih. of residual ore stockpiles.
30. BIAYA KARYAWAN 30. EMPLOYEE COSTS
Jumlah biaya karyawan untuk tahun yang berakhir Total employee costs for the year ended December
pada tanggal 31 Desember 2025 adalah sebesar 31, 2025 amounted to US$101.0 million (December
AS$101,0 juta (31 Desember 2024: AS$95,3 juta) 31, 2024: US$95.3 million) (full amount).
(nilai penuh).
456 Laporan Tahunan 2025
Page 457
PT VALE INDONESIA TBK
Lampiran 5/67 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
31. LABA PER SAHAM 31. EARNINGS PER SHARE
Laba per saham dasar dihitung dengan membagi Basic earnings per share is calculated by dividing
jumlah laba yang diperuntukkan kepada pemegang total profit attributable to the shareholders of the
saham entitas induk dengan rata-rata tertimbang parent entity by the weighted average number of
jumlah saham biasa yang beredar pada periode common shares outstanding during the period.
bersangkutan.
2025 2024
Jumlah laba tahun berjalan Total profit for the year
yang tersedia bagi pemegang attributable to the shareholders
saham entitas induk 76,063 57,761 of the parent entity
Rata-rata tertimbang jumlah Weighted average number of
saham biasa beredar ordinary shares
(dalam ribuan) 10,539,785 10,241,359 outstanding (in thousands)
Laba per saham
dasar (dalam AS$) 0.0072 0.0056 Basic earnings per share (in US$)
Pada tanggal 31 Desember 2025 dan 2024 tidak As at December 31, 2025 and 2024 there were no
ada efek yang berpotensi menjadi saham biasa. existing instruments which could result in the issue
Oleh karena itu, laba per saham dilusian sama of further ordinary shares. Therefore, diluted
dengan laba per saham dasar. earnings per share are equivalent to basic earnings
per share.
32. IKATAN DAN PERJANJIAN-PERJANJIAN 32. SIGNIFICANT COMMITMENTS AND
PENTING YANG SIGNIFIKAN AGREEMENTS
Perseroan memiliki beberapa perjanjian penting The Company has entered into various significant
seperti disebutkan di bawah ini: agreements as mentioned below:
Pihak dalam perjanjian/ Jenis perjanjian/ Periode perjanjian/
Counterparties Agreement type Agreement period
PT Petrosea Tbk Jasa Penambangan/ 3 Maret 2025 – 31 Desember 2034/
Mining service March 3, 2025 – December 31, 2034
PT Pertamina Patra Niaga Pembelian bahan bakar/ 1 Juli 2023 – 30 Juni 2026/
Purchase of fuel July 1, 2023 – June 30, 2026
PT Trakindo Utama Pembelian suku cadang/ 1 Januari 2024 – 31 Desember 2026/
Purchase of spare parts January 1, 2024 – December 31, 2026
PT United Tractors Pembelian suku cadang/ 1 Juni 2024 – 30 November 2027/
Purchase of spare parts June 1, 2024 – November 30, 2027
PT Leighton Contractors Indonesia Jasa konstruksi proyek/ 5 September 2024 – 5 November 2026/
Project construction services September 5, 2024 – November 5, 2026
PT PP Persero Tbk Jasa konstruksi proyek/ 1 November 2022 – 31 Oktober 2026/
Project construction services November 1, 2022 – October 31, 2026
PT Lycon Asia Mandiri Jasa konstruksi proyek/ 1 November 2024 – 31 Oktober 2027/
Project construction services November 1, 2024 – October 31, 2027
PT Antareja Mahada Makmur Jasa Penambangan/ 13 Februari 2025 – 13 Juli 2033/
Mining service February 13, 2025 – July 12, 2033
PT Pamapersada Nusantara Jasa Penambangan/ 22 April 2025 – 30 September 2033/
Mining service April 22, 2025 – September 30, 2033
2025 Annual Report 457
Page 458
PT VALE INDONESIA TBK
Lampiran 5/68 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
32. IKATAN DAN PERJANJIAN-PERJANJIAN 32. SIGNIFICANT COMMITMENTS AND
PENTING YANG SIGNIFIKAN (lanjutan) AGREEMENTS (continued)
Pada tanggal 31 Desember 2025 dan 2024 As at December 31, 2025 and 2024, the Company
Perseroan memiliki komitmen pembelian barang dan had purchase commitments for goods and services
jasa yang terkait dengan biaya operasi dan biaya related to operating expenses and capital
modal dengan pemasok pihak ketiga sebagai berikut: expenditure with third party suppliers, as follows:
2025 2024
Tidak lebih dari 1 tahun 1,138,637 669,625 No later than 1 year
Lebih dari 1 tahun dan kurang Later than 1 year and no later
dari 5 tahun 1,692,053 462,067 than 5 years
Lebih dari 5 tahun 644,051 - Later than 5 years
Jumlah 3,474,741 1,131,692 Total
Pengeluaran modal yang telah diperjanjikan pada Capital expenditure contracted for at the end of the
akhir tahun pelaporan namun belum diakui sebagai reporting year but not yet recognised as liabilities
liabilitas adalah senilai AS$9,9 juta (31 Desember amounted to US$9.9 million (December 31, 2024:
2024: AS$20,5 juta) (nilai penuh). US$20.5 million) (full amount).
Pada tanggal 31 Desember 2025, Perseroan memiliki As at December 31, 2025, the Company has the
beberapa sewa yang diakui sebagai aset hak-guna dan following leases recognised as right-of-use assets
liabilitas berikut: and a corresponding liability:
Pihak dalam perjanjian/ Jenis perjanjian/ Periode perjanjian/
Counterparties Agreement type Agreement period
PT Sinar Jaya Langgeng Utama Sewa Bus Transportasi/ 1 April 2021 - 30 Juni 2026/
Rental Bus Transportation April 1, 2021 - June 30, 2026
PT Prospero Realty Sewa Gedung Kantor Jakarta/ 1 Desember 2021 - 31 Agustus 2026/
Rental Building for Jakarta Office December 1, 2021 - August 31, 2026
PT Kartika Cipta Indonesia Sewa Bangunan Asrama/ 1 Agustus 2023 – 31 Juli 2026/
Rental Dormitory August 1, 2023 – July 31, 2026
PT Firtah Jaya Utama Sewa Bus Transportasi/ 10 Agustus 2023 - 09 Oktober 2026/
Rental Bus Transportation August 10, 2023 - October 09, 2026
PT Coates Hire Indonesia Sewa Peralatan Pendukung/ 26 Oktober 2023 - 30 Desember 2026/
Rental Equipment Support October 26, 2023 - December 30, 2026
PT Putra Mangale Morowali Sewa Kendaraan Bahodopi/ 23 Februari 2024 – 23 Februari 2027/
Rental Vehicle for Bahodopi February 23, 2024 - February 23, 2027
PT Multi Daya Wonua Sewa Bangunan Pomalaa/ 01 Juli 2024 – 31 December 2026/
Rental Building for Pomalaa July 1, 2024 – December 31, 2026
PT Jaya Nikel Pacific Sewa Bangunan Pomalaa/ 04 Juni 2025 – 17 Agustus 2027/
Rental Building for Pomalaa June 4, 2025 – August 17, 2027
458 Laporan Tahunan 2025
Page 459
PT VALE INDONESIA TBK
Lampiran 5/69 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
33. INFORMASI MENGENAI PIHAK-PIHAK BERELASI 33. RELATED PARTY INFORMATION
Perseroan berada di bawah pengendalian bersama oleh The Company is jointly controlled by VCL and MIND
VCL and MIND ID. Transaksi dengan pihak-pihak ID. Transactions with related parties are as follows:
berelasi adalah sebagai berikut:
a. Pendapatan a. Revenue
Seluruh penjualan Perseroan atas nikel matte The Company’s sales of nickel matte are made
dilakukan berdasarkan kontrak-kontrak penjualan based on long-term offtake sales agreements
offtake jangka panjang dalam mata uang Dolar AS, that are US Dollar-denominated, with prices
dimana harga ditentukan dengan formula yang determined by a formula that is based on the
didasarkan atas harga tunai di LME dan MB LME and MB (Fastmarkets) cash price.
(Fastmarkets).
Pendapatan untuk tahun-tahun yang berakhir pada Revenue for the years ended December 31, 2025
tanggal 31 Desember 2025 dan 2024 terdiri dari: and 2024 consisted of:
2025 2024
Penjualan kepada VCL 711,475 760,201 Sales to VCL
Penjualan kepada SMM 177,109 190,187 Sales to SMM
Jumlah 888,584 950,388 Total
(Persentase penjualan kepada (Sales to related parties
pihak-pihak berelasi terhadap as a percentage
jumlah pendapatan) 89.7% 100% of total revenue)
b. Kompensasi untuk Dewan Komisaris dan b. Compensation of the Boards of
Direksi Commissioners and Directors
Dewan Komisaris dan Direksi adalah personil The Boards of Commissioners and Directors are
manajemen kunci Perseroan. the key management personnel of the Company.
Kompensasi yang dibayar atau terutang kepada The compensation paid or payable to the Boards
Dewan Komisaris dan Direksi adalah sebagai of Commissioners and Directors is shown below:
berikut:
Untuk tahun yang berakhir pada 31 Desember 2025/
For the year ended December 31, 2025
Dewan Komisaris/ Direksi/
Board of Commissioners Board of Directors
Jumlah Jumlah
%*) Amount %*) Amount
Gaji dan imbalan kerja jangka pendek/
Salaries and short-term employee benefits 1.5% 1,517 4.8% 4,812
Imbalan pascakerja/
Post-employment benefits - - 0.3% 317
Pembayaran berbasis saham/
Share based payment 1.1% 1,101 1.2% 1,188
Jumlah/Total 2.6% 2,618 6.3% 6,317
*) % terhadap jumlah biaya karyawan/% of total employee costs
2025 Annual Report 459
Page 460
PT VALE INDONESIA TBK
Lampiran 5/70 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
33. INFORMASI MENGENAI PIHAK-PIHAK BERELASI 33. RELATED PARTY INFORMATION (continued)
(lanjutan)
b. Kompensasi untuk Dewan Komisaris dan b. Compensation of the Boards of
Direksi (lanjutan) Commissioners and Directors (continued)
Untuk tahun yang berakhir pada 31 Desember 2024/
For the year ended December 31, 2024
Dewan Komisaris/ Direksi/
Board of Commissioners Board of Directors
Jumlah Jumlah
%*) Amount %*) Amount
Gaji dan imbalan kerja jangka pendek/
Salaries and short-term employee benefits 1.3% 1,288 3.7% 3,509
Imbalan pascakerja/
Post-employment benefits - - 0.3% 272
Pembayaran berbasis saham/
Share based payment - - 0.1% 114
Jumlah/Total 1.3% 1,288 4.1% 3,895
*) % terhadap jumlah biaya karyawan/% of total employee costs
c. Beban pokok pendapatan c. Cost of revenue
2025 2024
Jasa profesional dan tagihan Professional services and expense
atau beban yang dibayarkan reimbursement paid on
atas nama Perseroan: behalf of the Company:
VCL 624 1,841 VCL
(Sebagai persentase terhadap (As a percentage of
jumlah beban pokok pendapatan) 0.1% 0.2% total cost of revenue)
d. Aset d. Assets
(i) Piutang usaha (i) Trade receivables
2025 2024
VCL 58,625 67,280 VCL
SMM 14,559 17,122 SMM
Jumlah 73,184 84,402 Total
(Sebagai persentase terhadap (As a percentage of
piutang usaha) 99.2% 100% trade receivables)
(ii) Aset keuangan lancar lainnya (ii) Other current financial assets
2025 2024
Pinjaman kepada personil manajemen Loans to key management
kunci dibawah IDR 1 milliar - 33 personnel below IDR 1 billion
Jumlah - 33 Total
(Sebagai persentase terhadap aset (As a percentage of other
keuangan lancar lainnya) - 0.5% current financial assets)
Jumlah aset yang terkait Total assets associated
dengan pihak-pihak berelasi 73,184 84,435 with related parties
(Sebagai persentase
terhadap jumlah aset) 2.2% 2.7% (As a percentage of total assets)
460 Laporan Tahunan 2025
Page 461
PT VALE INDONESIA TBK
Lampiran 5/71 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
33. INFORMASI MENGENAI PIHAK-PIHAK 33. RELATED PARTY INFORMATION (continued)
BERELASI (lanjutan)
e. Liabilitas e. Liabilities
(i) Utang usaha (i) Trade payables
2025 2024
VCL 400 239 VCL
(Sebagai persentase (As a percentage of
terhadap jumlah utang usaha) 0.2% 0.1% total trade payables)
(ii) Akrual (ii) Accruals
2025 2024
VCL 475 151 VCL
(Sebagai persentase
terhdap jumlah akrual) 0.4% 0.3% (As a percentage of total accruals)
Jumlah liabilitas (utang Total liabilities (trade payables
usaha (i) dan akrual (ii)) (i) and accruals (ii))
yang terkait dengan associated with
pihak-pihak berelasi 875 390 related parties
(Sebagai persentase
terhadap jumlah liabilitas) 0.2% 0.1% (As a percentage of total liabilities)
f. Pihak-pihak berelasi f. Related parties
Sifat transaksi dan hubungan dengan pihak The nature of transactions and relationships
berelasi adalah sebagai berikut: with related parties are as follows:
Sifat hubungan dengan
pihak-pihak berelasi/
Pihak-pihak berelasi/ Nature of relationship Transaksi/
Related parties with the related parties Transactions
MIND ID Pemegang saham/Shareholder Penanaman modal (lihat Catatan 20)
/Capital injection (refer to Note 20)
VCL Pemegang saham/Shareholder Penjualan barang jadi dan jasa
profesional/Sale of finished
goods and professional services
SMM Pemegang saham/Shareholder Penjualan barang jadi/
Sale of finished goods
Manajemen kunci/ Personil manajemen kunci Kompensasi dan remunerasi/
Key management (yaitu Dewan Komisaris Compensation and remuneration
dan Direksi)/Key
management personnel
(i.e. Board of Commissioners
and Board of Directors)
2025 Annual Report 461
Page 462
PT VALE INDONESIA TBK
Lampiran 5/72 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
34. BIAYA KEUANGAN 34. FINANCE COSTS
Rincian biaya keuangan untuk tahun-tahun yang The components of finance costs for the years ended
berakhir pada tanggal 31 Desember 2025 dan 2024 December 31,2025 and 2024 were as follows:
adalah sebagai berikut:
2025 2024
Beban akresi (Catatan 29) 5,453 4,079 Accretion expense (Note 29)
Biaya bunga 3,196 3,342 Interest expense
Jumlah 8,649 7,421 Total
35. ASET DAN LIABILITAS MONETER DALAM 35. MONETARY ASSETS AND LIABILITIES
MATA UANG SELAIN DOLAR AS DENOMINATED IN CURRENCIES OTHER THAN
US DOLLARS
Aset dan liabilitas moneter dalam mata uang Rupiah As at December 31, 2025 monetary assets and
pada 31 Desember 2025 telah dikonversikan ke liabilities denominated in Rupiah have been
dalam mata uang Dolar AS dengan menggunakan translated into US Dollars using an exchange rate of
kurs AS$1 (nilai penuh) IDR16.672 (31 Desember US$1 (full amount) IDR16,672 (December 31, 2024:
2024: IDR16.124). IDR16,124).
31 Desember/December 31, 2025
Mata Uang Asing
(Jutaan)/ Setara AS$ (Ribuan)/
Foreign Currencies US$ Equivalent
(Millions) (Thousands)
Aset Assets
Kas dan setara kas IDR 1,584,685 95,050 Cash and cash equivalents
Aset keuangan lancar lainnya IDR 27,376 1,642 Other current financial assets
Pajak dibayar di muka IDR 1,919,428 115,128 Prepaid taxes
Aset keuangan tidak Other non-current
lancar lainnya IDR 65,605 3,935 financial assets
Jumlah aset moneter dalam Total monetary assets
mata uang asing 215,755 in foreign currencies
Liabilitas Liabilities
Utang usaha Trade payables
Pihak ketiga IDR (2,321,776) (139,261) Third parties
Others (7) (2,405)
Liabilitas sewa IDR (58,052) (3,482) Lease liabilities
Akrual IDR (950,411) (57,006) Accruals
Others (2) (901)
Utang pajak IDR (30,993) (1,859) Taxes payable
Liabilitas imbalan kerja Short-term employee
jangka pendek IDR (353,349) (21,194) benefit liabilities
Liabilitas atas pembayaran Share-based payment
berbasis saham IDR (12,871) (772) liabilities
Liabilitas keuangan lancar Other current financial
lainnya IDR (16,739) (1,004) liabilities
Liabilitas keuangan tidak Other non-current financial
lancar lainnya IDR (98,065) (5,882) liabilities
Provisi atas penghentian
pengoperasian aset IDR (2,715,741) (162,891) Provision for asset retirement
Liabilitas imbalan Post-employment benefit
pascakerja IDR (817,634) (49,042) liabilities
Jumlah liabilitas moneter dalam Total monetary liabilities
mata uang asing (445,699) in foreign currencies
Liabilitas moneter bersih dalam Net monetary liabilities
mata uang asing (229,944) in foreign currencies
462 Laporan Tahunan 2025
Page 463
PT VALE INDONESIA TBK
Lampiran 5/73 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
35. ASET DAN LIABILITAS MONETER DALAM 35. MONETARY ASSETS AND LIABILITIES
MATA UANG SELAIN DOLAR AS (lanjutan) DENOMINATED IN CURRENCIES OTHER THAN
US DOLLARS (continued)
31 Desember/December 31, 2024
Mata Uang Asing
(Jutaan)/ Setara AS$ (Ribuan)/
Foreign Currencies US$ Equivalent
(Millions) (Thousands)
Aset Assets
Kas dan setara kas IDR 1,926,737 119,495 Cash and cash equivalents
Aset keuangan lancar lainnya IDR 28,475 1,766 Other current financial assets
Pajak dibayar di muka IDR 1,381,408 85,674 Prepaid taxes
Aset keuangan tidak Other non-current
lancar lainnya IDR 63,480 3,937 financial assets
Jumlah aset moneter dalam Total monetary assets
mata uang asing 210,872 in foreign currencies
Liabilitas Liabilities
Utang usaha Trade payables
Pihak ketiga IDR (1,718,560) (106,584) Third parties
Others (8) (2,645)
Liabilitas sewa IDR (129,427) (8,027) Lease liabilities
Akrual IDR (580,109) (35,978) Accruals
Others (2) (881)
Utang pajak IDR (41,149) (2,552) Taxes payable
Liabilitas imbalan kerja Short-term employee
jangka pendek IDR (303,244) (18,807) benefit liabilities
Liabilitas keuangan lancar Other current financial
lainnya IDR (27,927) (1,732) liabilities
Liabilitas keuangan tidak Other non-current financial
lancar lainnya IDR (100,291) (6,220) liabilities
Provisi atas penghentian
pengoperasian aset IDR (2,064,275) (128,025) Provision for asset retirement
Liabilitas imbalan Post-employment benefit
pascakerja IDR (703,226) (43,613) liabilities
Jumlah liabilitas moneter dalam Total monetary liabilities
mata uang asing (355,064) in foreign currencies
Liabilitas moneter bersih dalam Net monetary liabilities
mata uang asing (144,192) in foreign currencies
Perseroan tidak melakukan lindung nilai atas risiko The Company does not hedge the risk of fluctuations
fluktuasi nilai tukar Rupiah karena sebagian besar in the exchange rate of Rupiah since the majority of
penjualan dan biaya Perseroan dilakukan dalam mata Company’s sales and expenses are transacted in
uang Dolar AS, sehingga secara tidak langsung US Dollars which indirectly represents a natural
merupakan lindung nilai alami. hedge.
Pada tanggal 31 Desember 2025, jika Dolar AS As at December 31, 2025, if the US Dollar had
melemah/menguat sebesar 1% terhadap Rupiah weakened/strengthened by 1% against the Rupiah
dengan variabel lain konstan, laba sebelum pajak with all other variables held constant, pre-tax profit
untuk tahun berjalan akan lebih rendah/tinggi sebesar for the year would have been US$2.3 million (full
AS$2,3 juta (nilai penuh). amount) lower/higher.
Apabila aset dan liabilitas dalam mata uang asing If assets and liabilities in foreign currencies as at
pada tanggal 31 Desember 2025 dijabarkan dengan December 31, 2025 had been translated using the
menggunakan kurs penutupan mata uang asing pada closing rates as at the date of this report, the total
tanggal laporan ini, maka liabilitas neto dalam mata net foreign currency liabilities of the Company would
uang asing Perseroan nilai akan turun sekitar AS$2 decrease by approximately US$2 million (full
juta (nilai penuh). amount).
2025 Annual Report 463
Page 464
PT VALE INDONESIA TBK
Lampiran 5/74 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
36. INFORMASI SEGMEN 36. SEGMENT INFORMATION
Pengambil keputusan operasional Perseroan terdiri The Company’s chief operating decision maker
dari Direksi. Direksi memandang bahwa Perseroan consists of the Directors. The Directors consider that
beroperasi hanya dalam satu segmen usaha dan the Company operates in only one business and
geografis, yaitu penambangan dan pengolahan nikel di geographical segment: nickel mining and processing
Indonesia. in Indonesia.
Penjualan Perseroan merupakan penjualan bijih nikel The Company’s sales represent nickel ore to third
kepada pihak ketiga dan nikel matte kepada pihak- parties and nickel sales to related parties domiciled
pihak berelasi yang berdomisili di Kanada (VCL) dan in Canada (VCL) and Japan (SMM) (refer to Note
Jepang (SMM) (lihat Catatan 24). 24).
37. ASET DAN LIABILITAS KEUANGAN 37. FINANCIAL ASSETS AND LIABILITIES
Informasi di bawah ini berkaitan dengan aset dan The information given below relates to the
liabilitas keuangan Perseroan berdasarkan kategori Company’s financial assets and liabilities by
akun: category:
Aset keuangan Nilai wajar diakui
diukur pada Nilai wajar pada pendapatan
biaya perolehan diakui pada komprehensif
diamortisasi/ laba rugi/ lainnya/Fair value
Financial assets Fair value through other
Jumlah/ measured at through comprehensive
31 Desember 2025 Total amortised cost profit or loss income December 31, 2025
Aset keuangan: Financial assets:
Kas dan setara kas 376,359 376,359 - - Cash and cash equivalents
Kas yang dibatasi
penggunaannya 96,987 96,987 - - Restricted cash
Piutang usaha 73,747 73,747 - - Trade receivables
Aset keuangan lancar Other current
lainnya 5,829 5,829 - - financial assets
Aset derivatif 21,320 - 21,320 - Derivative assets
Investasi pada saham 19,950 - 19,950 - Investment in shares
Aset keuangan tidak lancar Other non-current financial
lainnya 3,963 3,963 - - assets
Jumlah aset keuangan 598,155 556,885 41,270 - Total financial assets
Aset keuangan Nilai wajar diakui
diukur pada Nilai wajar pada pendapatan
biaya perolehan diakui pada komprehensif
diamortisasi/ laba rugi/ lainnya/Fair value
Financial assets Fair value through other
Jumlah/ measured at through comprehensive
31 Desember 2024 Total amortised cost profit or loss income December 31, 2024
Aset keuangan: Financial assets:
Kas dan setara kas 674,690 674,690 - - Cash and cash equivalents
Kas yang dibatasi
penggunaannya 86,650 86,650 - - Restricted cash
Piutang usaha 84,402 84,402 - - Trade receivables
Aset keuangan lancar Other current
lainnya 6,181 6,181 - - financial assets
Aset derivatif 4,750 - 4,750 - Derivative assets
Investasi pada saham 13,270 - 13,270 - Investment in shares
Aset keuangan tidak lancar Other non-current financial
lainnya 4,071 4,071 - - assets
Jumlah aset keuangan 874,014 855,994 18,020 - Total financial assets
464 Laporan Tahunan 2025
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PT VALE INDONESIA TBK
Lampiran 5/75 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
37. ASET DAN LIABILITAS KEUANGAN (lanjutan) 37. FINANCIAL ASSETS AND LIABILITIES
(continued)
Informasi di bawah ini berkaitan dengan aset dan The information given below relates to the
liabilitas keuangan Perseroan berdasarkan kategori Company’s financial assets and liabilities by
akun: category:
Liabilitas keuangan
diukur pada biaya
perolehan diamortisasi/ Nilai wajar diakui
Financial liabilities pada laba rugi/
Jumlah/ measured at Fair value through
31 Desember 2025 Total amortised cost profit or loss December 31, 2025
Liabilitas keuangan: Financial liabilities:
Utang usaha 203,809 203,809 - Trade payables
Akrual 115,397 115,397 - Accruals
Liabilitas keuangan lancar Other current financial
lainnya 1,004 1,004 - liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya 5,882 5,882 - financial liabilities
Liabilitas sewa 3,482 3,482 - Lease liabilities
Jumlah liabilitas keuangan 329,574 329,574 - Total financial liabilities
Liabilitas keuangan
diukur pada biaya
perolehan diamortisasi/ Nilai wajar diakui
Financial liabilities pada laba rugi/
Jumlah/ measured at Fair value through
31 Desember 2024 Total amortised cost profit or loss December 31, 2024
Liabilitas keuangan: Financial liabilities:
Utang usaha 170,725 170,725 - Trade payables
Akrual 56,061 56,061 - Accruals
Liabilitas keuangan lancar Other current financial
lainnya 1,732 1,732 - liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya 6,220 6,220 - financial liabilities
Liabilitas sewa 8,027 8,027 - Lease liabilities
Jumlah liabilitas keuangan 242,765 242,765 - Total financial liabilities
38. PENGELOLAAN RISIKO KEUANGAN 38. FINANCIAL RISK MANAGEMENT
Aktivitas Perseroan terpengaruh oleh berbagai jenis The Company’s activities expose it to a variety of
risiko keuangan: risiko pasar (termasuk risiko nilai financial risks: market risk (including foreign
tukar, risiko harga dan risiko tingkat suku bunga), exchange risk, price risk and interest rate risk), credit
risiko kredit, dan risiko likuiditas. Secara umum, risk and liquidity risk. The Company’s overall financial
program pengelolaan risiko keuangan Perseroan risk management program focuses on the
berfokus kepada ketidakpastian pasar keuangan dan unpredictability of financial markets and seeks to
berusaha meminimalkan efek tidak wajar terhadap minimise potential adverse effects on the financial
kinerja keuangan Perseroan. performance of the Company.
Pengelolaan risiko dilakukan oleh Direksi Perseroan. Risk management is carried out by the Company’s
Direksi mengidentifikasi, mengevaluasi dan mengatur Board of Directors. The Board identifies, evaluates
risiko keuangan, sesuai keperluan. Direksi and manages financial risks, where considered
menyediakan prinsip-prinsip keseluruhan untuk appropriate. The Board of Directors provides
pengelolaan risiko, termasuk risiko pasar, risiko principles for overall risk management, including
kredit, dan risiko likuiditas. market risk, credit risk and liquidity risk.
Manajemen risiko permodalan Capital risk management
Tujuan Perseroan dalam pengelolaan permodalan The Company’s objective when maintaining capital is
adalah untuk mempertahankan kelangsungan usaha to safeguard the Company’s ability to continue as a
Perseroan guna memberikan imbal hasil kepada going concern in order to provide returns for
pemegang saham dan manfaat kepada pemangku shareholders and benefits for other stakeholders and
kepentingan lainnya serta menjaga struktur modal to maintain an optimal capital structure.
yang optimal.
2025 Annual Report 465
Page 466
PT VALE INDONESIA TBK
Lampiran 5/76 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Manajemen risiko permodalan (lanjutan) Capital risk management (continued)
Perseroan secara aktif dan rutin menelaah dan The Company actively and regularly reviews and
mengelola permodalannya untuk memastikan manages its capital to ensure the optimal capital
struktur modal dan pengembalian yang optimal bagi structure and return to the shareholders, taking into
pemegang saham, dengan mempertimbangkan consideration the efficiency of capital use based on
efisiensi penggunaan modal berdasarkan arus kas operating cash flows, capital expenditures, and also
operasi dan belanja modal, serta mempertimbangkan the consideration of future capital needs.
kebutuhan modal di masa yang akan datang.
Perseroan juga berusaha mempertahankan The Company also seeks to maintain a balance
keseimbangan antara tingkat pinjaman dan posisi between the level of borrowing and the equity position
ekuitas untuk memastikan struktur modal dan in order to ensure the optimal capital structure and
pengembalian yang optimal. Pada tanggal 31 return. As at December 31, 2025, the Company’s
Desember 2025, struktur modal Perseroan didanai capital structure is funded by shareholders’ equity.
oleh ekuitas pemegang saham.
Risiko pasar Market risk
(i) Risiko nilai tukar (i) Foreign exchange risk
Mayoritas penjualan dan pengeluaran The majority of the Company’s sales and
operasional Perseroan dilakukan dalam mata operating expenditures are denominated in US
uang Dolar AS, sehingga Perseroan tidak Dollars, and as such the Company does not have
terekspos secara signifikan terhadap fluktuasi a significant exposure to fluctuations in foreign
nilai tukar. exchange rates.
Lihat Catatan 35 untuk rincian aset dan liabilitas Refer to Note 35 for details of monetary assets
moneter dalam mata uang selain Dolar AS. and liabilities denominated in currencies other
than US Dollars.
(ii) Risiko harga (ii) Price risk
Perseroan terpengaruh oleh fluktuasi harga nikel. The Company is exposed to fluctuations in nickel
Operasi dan kinerja keuangan dapat terpengaruh prices. The operations and financial performance
secara negatif oleh harga nikel yang bergantung may be adversely affected by the price of nickel
dari tingkat permintaan dan penawaran dunia. which in turn will be determined by worldwide
Perseroan mengelola secara aktif risiko ini nickel supply and demand. The Company actively
dengan melakukan penyesuaian seperlunya atas manages this risk by adjusting production
jadwal dan operasi pertambangan untuk schedules and mining operations as necessary to
mengurangi dampak fluktuasi harga. reduce the impact of price volatility.
Pada 31 Desember 2025 dan 2024, Perseroan At December 31, 2025 and 2024, the Company
tidak memiliki instrumen keuangan yang nilainya did not have any financial instruments whose
terkait langsung dengan pergerakan harga nikel value was directly linked to movements of the
dunia. Sehingga, fluktuasi harga nikel dunia tidak world nickel price. Therefore, fluctuations of the
akan berdampak terhadap nilai buku dari world nickel price will have no impact on the
instrumen keuangan Perseroan. carrying amount of the Company's financial
instruments.
466 Laporan Tahunan 2025
Page 467
PT VALE INDONESIA TBK
Lampiran 5/77 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Risiko pasar (lanjutan) Market risk (continued)
(iii) Risiko suku bunga (iii) Interest rate risk
Perseroan menilai risiko suku bunga adalah The Company assesses interest rate risk as
minimal karena Perseroan tidak memiliki minimal since the Company does not have any
pembiayaan eksternal pada tanggal 31 Desember external financing as at December 31, 2025.
2025. Eksposur tingkat bunga dipantau untuk Interest rate exposure is monitored to maintain a
menjaga risiko yang rendah dan untuk low risk and to minimise any negative impact to
meminimalkan dampak negatif terhadap the Company.
Perseroan.
Tabel berikut menyajikan aset dan liabilitas The following table presents a breakdown of the
keuangan Perseroan yang terpengaruh oleh suku Company’s financial assets and liabilities which
bunga. are impacted by interest rates.
31 Desember/December 31, 2025
Suku bunga mengambang/ Suku bunga tetap/ Jumlah/
Floating interest rate Fixed interest rate Total
Tidak terikat
Kurang dari Lebih dari Kurang dari Lebih dari bunga/
satu tahun/ satu tahun/ satu tahun/ satu tahun/ Non-
Less than More than Less than More than interest Jumlah/
one year one year one year one year bearing Total
Aset Assets
Cash and cash
Kas dan setara kas 42,584 - 333,775 - - 376,359 equivalents
Kas yang dibatasi
penggunaannya - - - 96,987 - 96,987 Restricted cash
Piutang usaha - - - - 73,747 73,747 Trade receivables
Aset keuangan Other current financial
lancar lainnya - - - - 5,829 5,829 assets
Aset derivatif - - - - 19,950 19,950 Derivative assets
Investasi pada saham - - - - 21,320 21,320 Investment in shares
Aset keuangan Other non-current
tidak lancar lainnya - - - - 3,963 3,963 financial assets
Jumlah aset keuangan 42,584 - 333,775 96,987 124,809 598,155 Total financial assets
Liabilitas Liabilities
Utang usaha - - - - (203,809) (203,809) Trade payables
Akrual - - - - (115,397) (115,397) Accruals
Liabilitas keuangan lancar Other current financial
lainnya - - - - (1,004) (1,004) liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya - - - - (5,882) (5,882) financial liabilities
Liabilitas sewa - - (3,451) (31) - (3,482) Lease liabilities
Jumlah liabilitas
keuangan - - (3,451) (31) (326,092) (329,574) Total financial liabilities
2025 Annual Report 467
Page 468
PT VALE INDONESIA TBK
Lampiran 5/78 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Risiko pasar (lanjutan) Market risk (continued)
(iii) Risiko suku bunga (lanjutan) (iii) Interest rate risk (continued)
31 Desember/December 31, 2024
Suku bunga mengambang/ Suku bunga tetap/ Jumlah/
Floating interest rate Fixed interest rate Total
Tidak terikat
Kurang dari Lebih dari Kurang dari Lebih dari bunga/
satu tahun/ satu tahun/ satu tahun/ satu tahun/ Non-
Less than More than Less than More than interest Jumlah/
one year one year one year one year bearing Total
Aset Assets
Cash and cash
Kas dan setara kas 153,717 - 520,973 - - 674,690 equivalents
Kas yang dibatasi
penggunaannya - - - 86,650 - 86,650 Restricted cash
Piutang usaha - - - - 84,402 84,402 Trade receivables
Aset keuangan Other current financial
lancar lainnya - - - - 6,181 6,181 assets
Aset derivatif - - - - 4,750 4,750 Derivative assets
Investasi pada saham - - - - 13,270 13,270 Investment in shares
Aset keuangan Other non-current
tidak lancar lainnya - - - - 4,071 4,071 financial assets
Jumlah aset keuangan 153,717 - 520,973 86,650 112,674 874,014 Total financial assets
Liabilitas Liabilities
Utang usaha - - - - (170,725) (170,725) Trade payables
Akrual - - - - (56,061) (56,061) Accruals
Liabilitas keuangan lancar Other current financial
lainnya - - - - (1,732) (1,732) liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya - - - - (6,220) (6,220) financial liabilities
Liabilitas sewa - - (5,767) (2,260) - (8,027) Lease liabilities
Jumlah liabilitas
keuangan - - (5,767) (2,260) (234,738) (242,765) Total financial liabilities
Risiko kredit Credit risk
Risiko kredit cukup rendah karena produk nikel Credit risk is minimal as the Company’s nickel in
Perseroan dalam matte, dijual di pasar ekspor matte is sold in export markets pursuant to long-term,
menggunakan kontrak “harus ambil” jangka panjang US Dollar denominated offtake sales agreements
dalam mata uang Dolar AS dengan VCL (induk with VCL (parent company) and SMM, two of the
Perseroan) dan SMM yang merupakan dua dari Company’s major shareholders. Credit risk also
pemegang saham mayoritas Perseroan. Risiko kredit arises from cash and cash equivalents, specifically
juga muncul dari kas dan setara kas, terutama kas di from cash in banks and time deposits. The Company
bank dan deposito berjangka. Untuk bank, Perseroan has a policy to select reputable local and overseas
hanya menyimpan dana di bank lokal maupun banks to minimise credit risk (refer to Note 5).
internasional yang bereputasi bagus untuk
memperkecil risiko kredit (lihat Catatan 5).
468 Laporan Tahunan 2025
Page 469
PT VALE INDONESIA TBK
Lampiran 5/79 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Risiko kredit (lanjutan) Credit risk (continued)
Kualitas kredit dari aset keuangan baik yang belum The credit quality of financial assets that are neither
jatuh tempo atau tidak mengalami penurunan nilai past due nor impaired can be assessed by reference
dapat dinilai dengan mengacu pada peringkat kredit to external credit ratings (if available) or to historical
eksternal (jika tersedia) atau mengacu pada informasi information about counterparty default rates:
historis mengenai tingkat gagal bayar debitur:
2025 2024
Piutang usaha: Trade receivables:
Dengan pihak yang memiliki
peringkat kredit Counterparties with external credit
eksternal: rating:
Fitch Fitch
BBB 58,625 67,280 BBB
Japan Credit Rating Agency Japan Credit Rating Agency
AA- 14,559 17,122 AA-
73,184 84,402
Dengan pihak yang tidak memiliki Counterparties without an
peringkat eksternal 563 - external credit rating
Jumlah 73,747 84,402 Total
2025 2024
Kas di bank, deposito berjangka Cash in banks, time deposits
dan kas yang dibatasi penggunaannya: and restricted cash
Dengan pihak yang memiliki
peringkat kredit Counterparties with external credit
eksternal: rating:
Moody’s Moody’s
Baa2 311,059 308,536 Baa2
Aa3 24,804 287,596 Aa3
A1 960 982 A1
Fitch National Fitch National
AAA 76,543 84,226 AAA
A 59,980 80,000 A
Berperingkat 473,346 761,340 Rated
Risiko likuiditas Liquidity risk
Risiko likuiditas muncul dalam situasi dimana Liquidity risk arises in situations where the Company
Perseroan mengalami kesulitan dalam memperoleh has difficulties in obtaining funding. Prudent liquidity
pendanaan. Pengelolaan risiko likuiditas dengan risk management implies maintaining sufficient cash
kehati-hatian mengimplikasikan pemeliharaan and cash equivalents. The Company manages
kecukupan kas dan setara kas. Perseroan mengelola liquidity risk by continuously monitoring forecast and
risiko likuiditas dengan melakukan pengawasan actual cash flows and matching the maturity profiles
berkala atas arus kas yang direncanakan dan arus of financial assets and liabilities.
kas aktual dan memasangkan profil jatuh tempo dari
aset dan liabilitas keuangan.
2025 Annual Report 469
Page 470
PT VALE INDONESIA TBK
Lampiran 5/80 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Risiko likuiditas (lanjutan) Liquidity risk (continued)
Tabel di bawah ini mengklasifikasikan liabilitas The table below classifies the Company’s financial
keuangan Perseroan yang dikelompokkan liabilities into relevant maturity Companyings based
berdasarkan periode yang tersisa sampai dengan on the remaining period to the contractual maturity
tanggal jatuh tempo kontraktual. Jumlah yang date. The amounts disclosed in the table are the
disajikan adalah arus kas kontraktual dan tidak contractual undiscounted cash flows.
didiskontokan.
31 Desember/December 31, 2025
Antara Antara Antara
3 bulan dan 1 1 dan 2 dan
Kurang dari tahun/ 2 tahun/ 5 tahun/
3 bulan/ Between Between Between Lebih dari
Less than 3 months and 1 and 2 and 5 tahun/
3 months 1 year 2 years 5 years Over 5 years
Utang usaha (203,809) - - - - Trade payables
Akrual (115,397) - - - - Accruals
Liabilitas keuangan lancar Other current financial
lainnya (1,004) - - - - liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya - - (5,882) - - financial liabilities
Liabilitas sewa (1,101) (2,350) (31) - - Lease liabilities
31 Desember/December 31, 2024
Antara Antara Antara
3 bulan dan 1 1 dan 2 dan
Kurang dari tahun/ 2 tahun/ 5 tahun/
3 bulan/ Between Between Between Lebih dari
Less than 3 months and 1 and 2 and 5 tahun/
3 months 1 year 2 years 5 years Over 5 years
Utang usaha (170,725) - - - - Trade payables
Akrual (56,061) - - - - Accruals
Liabilitas keuangan lancar Other current financial
lainnya (1,732) - - - - liabilities
Liabilitas keuangan tidak Other non-current
lancar lainnya - - (6,220) - - financial liabilities
Liabilitas sewa (2,263) (3,491) (2,330) (115) - Lease liabilities
Estimasi nilai wajar Fair value estimation
Nilai wajar adalah harga yang akan diterima untuk Fair value is the price that would be received to sell
menjual suatu aset atau harga yang akan dibayar an asset or the price that would be paid to transfer a
untuk mengalihkan suatu liabilitas dalam transaksi liability in an orderly transaction between market
teratur antara pelaku pasar pada tanggal participants at the measurement date.
pengukuran.
Instrumen keuangan yang diukur pada nilai wajar Financial instruments measured at fair value are
dicatat berdasarkan tingkatan metode penilaian. recorded based on the level of valuation method.
Perbedaan pada setiap tingkatan metode penilaian The different levels of valuation methods have been
dijelaskan sebagai berikut: defined as follows:
- Harga dikutip (tidak disesuaikan) dari pasar yang - Quoted prices (unadjusted) in active markets for
aktif untuk aset atau liabilitas yang identik identical assets or liabilities (Level 1);
(Tingkat 1);
- Input selain harga yang dikutip dari pasar yang - Inputs other than quoted prices included within
disertakan pada Tingkat 1 yang dapat diobservasi Level 1 that are observable for the asset or
untuk aset dan liabilitas, baik secara langsung liability, either directly (that is, as prices) or
(yaitu sebagai sebuah harga) atau secara tidak indirectly (that is, derived from prices) (Level 2);
langsung (yaitu sebagai turunan dari harga)
(Tingkat 2);
- Input untuk aset atau liabilitas yang tidak - Inputs for the asset or liability that are not based
didasarkan pada data pasar yang dapat on observable market data (that is,
diobservasi (informasi yang tidak dapat unobservable inputs) (Level 3).
diobservasi) (Tingkat 3).
470 Laporan Tahunan 2025
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PT VALE INDONESIA TBK
Lampiran 5/81 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
38. PENGELOLAAN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
Estimasi nilai wajar (lanjutan) Fair value estimation (continued)
Manajemen berpendapat bahwa nilai buku dari aset Management is of the opinion that the carrying value
dan liabilitas keuangan mendekati nilai wajar pada of its financial assets and liabilities approximates the
31 Desember 2025 dan 2024. fair value of the financial assets and liabilities as at
December 31, 2025 and 2024.
39. ASET DAN LIABILITAS KONTINJENSI 39. CONTINGENT ASSETS AND LIABILITIES
a. Reklamasi tambang dan penutupan tambang a. Mine reclamation and mine closure
Peraturan Pemerintah No. 78 tahun 2010 (“PP Government Regulation No. 78 of 2010 (“GR
78/2010”) mengharuskan seluruh Perusahaan 78/2010”) requires all entities to provide a
menyediakan jaminan keuangan atau jaminan financial surety, or reclamation guarantee. The
reklamasi. Jaminan tersebut dapat berupa surety can be in the form of a joint account, time
rekening bersama, deposito berjangka, bank deposit, bank guarantee or, in certain
garansi atau, pada kondisi tertentu yang circumstances involving public companies, an
menyangkut Perusahaan-Perusahaan publik, accounting reserve recorded in the financial
dapat berupa cadangan akuntansi yang dicatat statements.
dalam laporan keuangan.
Pada tanggal 28 Februari 2014, KESDM On February 28, 2014, the MEMR issued
menerbitkan Peraturan No. 07/2014 (“Peraturan Regulation No. 07/2014 (“Ministerial Regulation
Menteri No. 07/2014”). Berdasarkan Peraturan No. 07/2014”). Based on Ministerial Regulation
Menteri No. 07/2014, salah satu persyaratan No. 07/2014, one of the requirements for placing
untuk dapat menempatkan jaminan reklamasi a reclamation guarantee in the form of an
dalam bentuk cadangan akuntansi adalah accounting reserve is to be registered on the
terdaftar pada bursa efek di Indonesia dan telah Indonesia Stock Exchange with a free float of at
menempatkan sahamnya setidaknya 40% dari least 40% of its shares. In order to fulfill the
total saham yang dimiliki. Guna memenuhi obligations under Ministerial Regulation No.
kewajiban berdasarkan Peraturan Menteri No. 07/2014, the Company adjusted the form of its
07/2014, Perseroan telah melakukan penyesuaian reclamation guarantee from an accounting
bentuk jaminan reklamasi dari cadangan reserve to a bank guarantee in 2015.
akuntansi menjadi bank garansi mulai tahun 2015. Reclamation guarantees are currently regulated
Ketentuan mengenai jaminan reklamasi saat ini under MEMR Regulation No. 26/2018 and MEMR
diatur dalam Peraturan Menteri ESDM No. Decree No. 1827 K/30/MEM/2018, and the
26/2018 dan Keputusan Menteri ESDM No. 1827 Company's placement in the form of bank
K/30/MEM/2018, dan penempatan Perseroan guarantees remains in line with the prevailing
dalam bentuk bank garansi tetap sesuai dengan regulations.
ketentuan yang berlaku saat ini.
Pada bulan Oktober 2025, KESDM menerbitkan In October 2025, the MEMR issued Ministerial
Keputusan Menteri ESDM Nomor Decree No. 344.K/MB.01/MEM.B/2025 concerning
344.K/MB.01/MEM.B/2025 tentang Pedoman Technical Guidelines for the Implementation of
Teknis Pelaksanaan Reklamasi dan Reclamation and Post-Mining in Mineral and Coal
Pascatambang pada Kegiatan Usaha Mining Business Activities, which obliges all new
Pertambangan Mineral dan Batubara, yang placements and extensions of reclamation
mewajibkan seluruh penempatan baru dan guarantees to be made in the form of time deposits.
perpanjangan jaminan reklamasi dilakukan dalam
bentuk deposito berjangka.
2025 Annual Report 471
Page 472
PT VALE INDONESIA TBK
Lampiran 5/82 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
a. Reklamasi tambang dan penutupan a. Mine reclamation and mine closure (continued)
tambang (lanjutan)
Pada tanggal laporan ini, total jaminan As at the date of this report, the total reclamation
reklamasi yang ditempatkan sesuai dengan guarantees in accordance with Ministerial
Peraturan Menteri No.26/2018 adalah sebesar Regulation No.26/2018 was US$51.6 million (full
AS$51,6 juta (nilai penuh) untuk Blok amount) for Sorowako Block, US$5.1 million (full
Sorowako, AS$5,1 juta (nilai penuh) untuk Blok amount) for Pomalaa Block and US$8.1 million (full
Pomalaa, dan AS$8,1 juta (nilai penuh) untuk amount) for Bahodopi Block. For the amount of the
Blok Bahodopi. Atas jaminan reklamasi reclamation guarantee, the Company placed a time
tersebut, Perseroan menempatkan deposito deposit with PT Bank Rakyat Indonesia (Persero)
berjangka pada PT Bank Rakyat Indonesia Tbk amounting to US$13.2 million (full amount) and
(Persero) Tbk sebesar AS$13,2 juta (nilai issued a bank guarantee through a non-cash loan
penuh) dan menerbitkan bank garansi melalui facility from PT Bank Mandiri (Persero) Tbk
fasilitas non-cash loan dari PT Bank Mandiri amounting to US$51.6 million (full amount).
(Persero) Tbk sebesar AS$51,6 juta (nilai
penuh).
Terkait penutupan tambang, pada tanggal 6 In relation to mine closure, on January 6, 2015, the
Januari 2015, KESDM menerbitkan persetujuan MEMR issued its approval of the Company’s mine
atas rencana penutupan tambang Perseroan. closure plan. In October 2022, the Company
Pada bulan Oktober 2022, Perseroan submitted a revised mine closure plan to the MEMR
mengajukan perubahan atas rencana penutupan for Sorowako Block. The revised mine closure plan
tambang kepada KESDM untuk Blok Sorowako. has already been approved by the MEMR in
Perubahan atas rencana tutup tambang ini telah November 2023. The Company has placed mine
disetujui oleh KESDM pada bulan November closure guarantees which was placed gradually in
2023. Perseroan telah menempatkan jaminan time deposits starting from 2017 up to 2023 is in
penutupan tambang secara bertahap sebagai the amount of US$80.9 million (full amount).
deposito berjangka mulai dari tahun 2017
sampai dengan tahun 2023 sebesar AS$80,9
juta (nilai penuh).
Pada bulan Agustus 2024, Perseroan In August 2024, the Company submitted a revised
mengajukan perubahan atas rencana penutupan mine closure plan to the MEMR for Bahodopi Block.
tambang kepada KESDM untuk Blok Bahodopi. The revised mine closure plan has already been
Perubahan atas rencana tutup tambang ini telah approved by the MEMR in November 2024. The mine
disetujui oleh KESDM pada bulan November closure guarantees which was placed in time
2024. Jumlah jaminan penutupan tambang deposit in 2024 is in the amount of US$2.8 million
yang ditempatkan sebagai deposito berjangka (full amount).
pada tahun 2024 sebesar AS$2,8 juta (nilai
penuh).
Seluruh nilai jaminan penutupan tambang di atas The entire value of the mine closure guarantee above
telah diperpanjang oleh Perseroan pada tahun has been extended by the Company in 2025.
2025.
472 Laporan Tahunan 2025
Page 473
PT VALE INDONESIA TBK
Lampiran 5/83 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
b. Perambahan ke dalam area IUPK b. Encroachment into IUPK area
Berdasarkan verifikasi lapangan yang dilakukan Based on the Company’s field verifications, there
oleh Perseroan, terdapat beberapa kegiatan have been some mining activities conducted by
pertambangan yang dilakukan oleh pihak ketiga di third party companies in the IUPK area in Central
dalam wilayah IUPK Perseroan di Sulawesi Tengah. Sulawesi.
Meskipun tidak terdapat tumpang tindih area While there is no third-party mining area
pertambangan di dalam Wilayah IUPK Perseroan di overlapping the Company’s IUPK area in South
Sulawesi Selatan dan Sulawesi Tenggara, terdapat Sulawesi and Southeast Sulawesi, there have been
beberapa perambahan yang dilakukan oleh some community or individual encroachment in the
masyarakat atau individu dalam bentuk perkebunan form of plantations and temporary constructions.
dan bangunan konstruksi temporer.
Untuk mengatasi masalah perambahan di dalam To address the issue of encroachment on the
wilayah IUPK Perseroan, Perseroan terus bekerja Company’s IUPK area, the Company continues to
dengan instansi pemerintah terkait, termasuk work with the relevant government institutions,
dengan KESDM, Kementerian Negara Lingkungan including the MEMR, the State Ministry of
Hidup dan Kehutanan dan Pemerintah Daerah Environment and Forestry and Local Governments,
untuk memastikan agar Perseroan dapat to ensure the Company’s ability to proceed with its
melaksanakan strategi pertumbuhannya. growth strategy.
c. Tuntutan hukum c. Litigation
(i) Program saving plan karyawan Perseroan (i) The Company’s employee savings plan
dikelola oleh dua perusahaan asuransi, PT program was managed by two insurance
Asuransi Jiwa Adisarana Wanaartha (“WA”) companies, PT Asuransi Jiwa Adisarana
dan PT Central Asia Raya. Keduanya Wanaartha (“WA”) and PT Central Asia Raya.
merupakan perusahaan swasta nasional dan Both are Indonesian private companies, and
Perseroan telah menandatangani perjanjian the Company has engaged them since
dengan keduanya sejak bulan Desember December 2017 for a three-year agreement
2017 untuk jangka waktu tiga tahun yang that ended in December 2020.
berakhir di bulan Desember 2020.
Karena adanya kekhawatiran dari komite As there are concerns from the Company’s
pensiun Perseroan terkait keberlangsungan pension committee on WA’s business
usaha WA, dan untuk tujuan mengamankan continuity, and also for the purpose of
dana saving plan yang dikelola oleh WA securing the savings plan funds held with
sekitar IDR220 miliar atau setara dengan them of approximately IDR220 billion or
AS$14,8 juta (nilai penuh), komite pensiun equivalent to US$14.8 million (full amount),
Perseroan merekomendasikan untuk the Company’s pension committee
mengakhiri perjanjian dengan WA. recommended termination of the current
agreement with WA.
2025 Annual Report 473
Page 474
PT VALE INDONESIA TBK
Lampiran 5/84 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
c. Tuntutan hukum (lanjutan) c. Litigation (continued)
(i) Pemberitahuan pengakhiran perjanjian (i) Notice of termination of the agreement was
dikirimkan pada akhir bulan Februari dan sent at the end of February 2020 and was
berlaku efektif pada tanggal 27 Maret 2020, effective as of March 27, 2020, and payment
dan kewajiban pembayaran atas seluruh of all obligations by WA was expected to be
kewajiban WA diharapkan untuk dilaksanakan made by April 8, 2020. WA have agreed to
paling lambat pada tanggal 8 April 2020. WA the termination, however, they are claiming
telah menyetujui pengakhiran perjanjian, that they will have difficulty in delivering their
namun demikian WA menyampaikan bahwa obligation due to their bank accounts being
mereka mengalami kesulitan untuk frozen by the State Attorney of the Republic of
melaksanakan kewajibannya karena rekening Indonesia.
WA sedang dibekukan oleh Kejaksaan Agung
Republik Indonesia.
Karena pembayaran belum diterima, Since payment has not been received, the
Perseroan telah melakukan upaya Company has invoked the dispute resolution
penyelesaian sengketa berdasarkan mechanism under the agreement and has
perjanjian dan melakukan arbitrase commenced an arbitration proceeding under
berdasarkan aturan Badan Arbitrase Nasional the Indonesian Board of Arbitration (“BANI”)
Indonesia (“BANI”) di Jakarta. rules in Jakarta.
Pada bulan Mei 2021, putusan atas perkara In May 2021, the award for the WA case was
WA diumumkan. Majelis memutuskan untuk pronounced. The Tribunal decided to order
memerintahkan WA untuk melakukan WA to return to the Company the total
pengembalian kepada Perseroan seluruh investment funds owned by the Company in
dana investasi Perseroan sebesar IDR209,6 the amount of IDR209.6 billion or equivalent
miliar atau setara dengan AS$14,6 juta (nilai to US$14.6 million (full amount) within a one-
penuh) dalam jangka waktu satu tahun. BANI year period. BANI decided that 50% of the
memutuskan bahwa 50% dari dana investasi investment funds should be repaid by
harus dilunasi pada 27 November 2021 dan November 27, 2021 with the remaining to be
sisanya dilunasi pada Mei 2022. repaid in May 2022.
Pada bulan Desember 2022, OJK In December 2022, OJK announced the
mengumumkan pencabutan izin usaha WA revocation of WA’s business license and
dan memerintahkan WA untuk mengadakan ordered WA to hold an extraordinary general
rapat umum pemegang saham luar biasa meeting of shareholders to liquidate the
untuk melakukan likuidasi perseroan. OJK company. OJK has appointed a liquidator
telah menunjuk tim likuidator untuk menangani team to conduct such a liquidation process.
proses likuidasi ini.
Dengan perkembangan ini, manajemen With this development, the management is of
berpandangan bahwa kemungkinan bagi the view that the probability for the Company
Perseroan untuk mendapatkan pengembalian to obtain fund repayment from WA is
dana dari WA menjadi berkurang. Perseroan decreasing. The Company continuously
terus berkoordinasi dengan tim likuidator coordinates with liquidator team in relation to
sehubungan dengan proses likuidasi WA dan the WA’s liquidation process and continues to
terus mengambil tindakan hukum yang take the relevant legal actions to secure the
relevan untuk mendapatkan pengembalian saving plan fund repayment from WA. Until
dana saving plan tersebut. Sampai dengan the date of the report, the Company, with a
tanggal laporan ini, Perseroan dengan itikad good faith, has paid saving plan benefits to
baik telah membayar manfaat saving plan eligible employees.
kepada karyawan yang berhak menerimanya.
(ii) Pada akhir tahun 2019, terdapat perkara (ii) In late 2019, CV Bumi Nikel Bungku (“BNB”)
gugatan Tata Usaha Negara (“TUN”) antara filed a State Administrative claim against
CV Bumi Nikel Bungku (“BNB”) melawan Bupati Morowali under case
Bupati Morowali dengan Nomor Perkara: No.15/G/2019/PTUN.PL at the State
15/G/2019/PTUN.PL. di Pengadilan Tata Administrative Court (PTUN) of Palu (“Case
Usaha Negara Palu (“Perkara No. 15/2019”). No.15/2019”).
474 Laporan Tahunan 2025
Page 475
PT VALE INDONESIA TBK
Lampiran 5/85 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
c. Tuntutan hukum (lanjutan) c. Litigation (continued)
(ii) Perkara No.15/2019 ini terkait dengan (ii) This Case No.15 of 2019 is related to the
dicabutnya Izin Usaha Pertambangan (“IUP”) revocation of BNB’s Mining Permit (“IUP”) in
milik BNB oleh Bupati Morowali pada tahun 2014 because the IUP overlaps with the
2014 karena IUP tersebut tumpang tindih Company’s CoW area in Bahodopi Block,
dengan Wilayah KK Perseroan di Blok Central Sulawesi. Therefore, the Company
Bahodopi. Perseroan kemudian mengajukan filed an intervention claim in the case and
diri sebagai Pihak Tergugat II Intervensi untuk became Intervention Party II to protect the
membela kepentingan Perseroan. Perseroan Company’s interest. The Company won the
memenangkan perkara pada tingkat case at the State Administrative Court level.
Pengadilan Tata Usaha Negara. Namun pada However, at the High State Administrative
tingkat Pengadilan Tinggi Tata Usaha Negara Court level and at the Supreme Court level,
dan tingkat Mahkamah Agung, permohonan BNB’s claim was granted. The Company has
BNB dikabulkan. Saat ini Perseroan telah currently submitted a Judicial Review on this
mengajukan Peninjauan Kembali kepada case at the Supreme Court. In November
Mahkamah Agung terkait perkara ini. Pada 2022, the Supreme Court announced that the
bulan November 2022, Mahkamah Agung Judicial Review was rejected.
mengumumkan bahwa permohonan
Peninjauan Kembali ditolak.
Meskipun demikian, karena IUP yang menjadi However, as the IUP being the subject of this
subyek dalam perkara ini adalah IUP case is BNB’s exploration IUP which expired
eksplorasi BNB yang masa berlakunya telah in 2018, the Company believes that this
berakhir pada tahun 2018, Perseroan decision will not have any impact on the
berkeyakinan bahwa putusan ini tidak memiliki Company’s CoW area. The Company
dampak terhadap wilayah KK Perseroan. continues coordinating this matter with the
Perseroan terus melakukan koordinasi MEMR.
dengan KESDM mengenai perkara ini.
(iii) Pada bulan Agustus 2025, terjadi insiden (iii) In August 2025, the Company experienced an
kebocoran pipa minyak Perseroan di wilayah oil pipeline leak incident in the Sorowako
Sorowako, Kabupaten Luwu Timur. Perseroan area, East Luwu Regency. The Company has
telah melakukan penanganan secara serius taken serious actions through rapid
melalui langkah cepat pengendalian dan environmental control and recovery
pemulihan lingkungan. Sejalan dengan measures. In line with this commitment, the
komitmen tersebut, Perseroan secara aktif Company is actively coordinating with the
berkoordinasi dengan Pemerintah, dalam hal Government, in this case the Ministry of
ini Kementerian Lingkungan Hidup, dalam Environment, in a constructive discussion
proses diskusi yang konstruktif terkait ganti process related to environmental
kerugian lingkungan hidup, untuk memastikan compensation, to ensure that environmental
pemulihan lingkungan berjalan optimal, recovery is optimal, transparent, and in
transparan, dan sesuai dengan ketentuan accordance with applicable regulations.
yang berlaku.
(iv) Terdapat indikasi awal temuan bukaan kawasan (iv) There are initial indications of forest area
kawasan hutan di dalam wilayah IUPK openings within the Company's IUPK area by
Perseroan oleh Satuan Tugas Penertiban the Forest Area Regulation Task Force (PKH
Kawasan Hutan (Satgas PKH) yang dibentuk Task Force) which was established pursuant
berdasarkan Peraturan Presiden Nomor 5 to Presidential Regulation Number 5 of 2025
Tahun 2025 tentang Penertiban Kawasan concerning Forest Area Regulation. This
Hutan. Temuan tersebut masih memerlukan finding is still subject to further verification to
proses verifikasi lebih lanjut untuk memastikan ensure its validity. The Company continues to
keabsahannya. Perseroan terus bersikap be cooperative in supporting this process in
kooperatif dalam mendukung proses tersebut accordance with applicable regulations.
sesuai ketentuan yang berlaku
2025 Annual Report 475
Page 476
PT VALE INDONESIA TBK
Lampiran 5/86 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
d. Peraturan Pemerintah No. 8 Tahun 2025 d. Government Regulation No. 8 of 2025
Perseroan telah melaksanakan kewajibannya The Company has carried out the obligations to
untuk menempatkan DHE SDA ke dalam place DHE SDA into the special account and this
rekening khusus dan disajikan sebagai bagian is presented as part of “Cash and cash
dari “Kas dan setara kas” dalam laporan posisi equivalents” in the statements of financial
keuangan. position.
Pada tanggal 17 Februari 2025, pemerintah On February 17, 2025, the government issued
mengeluarkan Peraturan Pemerintah No. 8 Tahun Government Regulation No. 8 of 2025, replacing
2025, menggantikan Peraturan Pemerintah No. the Government Regulation No. 36 of 2023,
36 Tahun 2023, yang berlaku efektif pada tanggal which was effective on March 1, 2025. The
1 Maret 2025. Peraturan tersebut mewajibkan regulation requires certain companies in
Perseroan-Perseroan tertentu di Indonesia, Indonesia, including the Company, to hold 100%
termasuk Perseroan, untuk menyimpan 100% of the cash proceeds from export sales and
dari hasil kas dari penjualan ekspor dan transaksi foreign exchange transactions and place them in
valuta asing serta menempatkannya dalam the Indonesian financial system for at least a
sistem keuangan Indonesia selama minimal dua twelve-month period. Since the effective date of
belas bulan. Sejak berlakunya peraturan ini, the regulation, the Company has been complying
Perseroan telah melaksanakan kewajiban sesuai with this requirement.
peraturan tersebut.
e. Izin Usaha Khusus Pertambangan e. Special Mining Business License
Pada bulan Mei 2024, Pemerintah Indonesia In May 2024, the Government of Indonesia
menerbitkan IUPK sebagai kelanjutan KK issued an IUPK as a continuation of the
Perseroan. IUPK memberikan kepastian hukum Company’s CoW. The IUPK provides legal
bagi Perseroan untuk beroperasi di wilayah certainty for the Company to operate within its
konsesinya dan menjalankan strategi concession area and to execute its business
pertumbuhan bisnisnya. growth strategy.
Berdasarkan IUPK, Perseroan wajib Based on the IUPK, the Company is obligated to
menyelesaikan pembangunan fasilitas complete the construction of its new processing
pengolahan dan/atau pemurnian baru, termasuk and/or refining facilities, including further
fasilitas hilir lebih lanjut, dalam jangka waktu yang downstream facilities, within the stipulated
ditentukan. Pengembangan ini akan dilakukan timeline. These developments will be conducted
dengan mengacu pada peraturan perundang- in accordance with the applicable laws and
undangan yang berlaku, studi kelayakan, serta regulations, feasibility studies, and the
kebijakan dan praktik Perseroan (termasuk Company’s policies and practices (including
praktik pertambangan yang baik serta good mining practices as well as environmental,
lingkungan, sosial, dan tata kelola). social and governance).
Sesuai dengan syarat dan ketentuan yang Subject to the terms and conditions as stated in
tercantum dalam IUPK (termasuk telah the IUPK (including the completion of the
selesainya divestasi Perseroan), IUPK berlaku divestment of the Company), the IUPK is valid
selama sisa jangka waktu KK (28 Desember for the remaining term of the CoW (December
2025) serta perpanjangan pertama selama 10 28, 2025) as well as for the first extension period
tahun (sampai dengan 28 Desember 2035). IUPK of 10 years (until December 28, 2035). The IUPK
dapat diperpanjang lebih lanjut (setiap can be further extended (each extension for a
perpanjangan untuk jangka waktu 10 tahun) 10-year period) in accordance with applicable
sesuai ketentuan yang berlaku. regulations.
476 Laporan Tahunan 2025
Page 477
PT VALE INDONESIA TBK
Lampiran 5/87 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
f. Komitmen Investasi f. Investment Commitments
Di bawah ini adalah ringkasan dari komitmen Below is a summary of the Company’s
investasi Perseroan berdasarkan IUPK. investment commitments under the IUPK.
Di Sulawesi Selatan, Perseroan berkomitmen In South Sulawesi, the Company is committed to
terhadap pengembangan fasilitas pengolahan dan developing ore processing and refining facilities
pemurnian bijih dengan teknologi High-Pressure using a High Pressure Acid Leaching (“HPAL”)
Acid Leaching (“HPAL”) di Sorowako untuk technology in Sorowako to process nickel ore
mengolah bijih nikel dari blok Sorowako. from the Sorowako block. The Company has
Perseroan telah menandatangani Heads of signed a Heads of Agreement with Zhejiang
Agreement dengan Zhejiang Huayou Cobalt Co. Huayou Cobalt Co. Ltd in September 2022, to
Ltd pada bulan September 2022, untuk further explore opportunities to develop this
mengeksplorasi lebih lanjut peluang untuk project, subject to the necessary approvals.
mengembangkan proyek ini, dengan bergantung Furthermore, in August 2023, the Company
kepada persetujuan yang diperlukan. Selanjutnya, signed a Definitive Cooperation Agreement with
pada Agustus 2023, Perseroan menandatangani Zhejiang Huayou Cobalt Co. Ltd and PT Huali
Perjanjian Kerja Sama Definitif dengan Zhejiang Nickel Indonesia for the construction of a nickel
Huayou Cobalt Co. Ltd dan PT Huali Nickel processing facility using HPAL technology. The
Indonesia untuk pembangunan fasilitas construction of this facility is currently
pengolahan nikel dengan teknologi HPAL. progressing.
Pembangunan fasilitas ini saat ini sedang berjalan.
Di Sulawesi Tengah, Perseroan berkomitmen In Central Sulawesi, the Company is committed
terhadap pengembangan dan pembangunan to the development and construction of a
suatu fasilitas pengolahan dan pemurnian processing and refining facility as part of a joint
sebagai bagian dari suatu joint venture, bersama venture, together with supporting infrastructure.
dengan infrastruktur pendukungnya. Pada bulan In November 2024, the Company signed a
November 2024, Perseroan menandatangani strategic collaboration with GEM Co., Ltd. for the
suatu kolaborasi strategis dengan GEM Co., Ltd. construction of a nickel processing facility using
sehubungan dengan pembangunan fasilitas HPAL technology in Central Sulawesi. In March
pengolahan nikel dengan teknologi HPAL di 2025, GEM Hong Kong International Co. Ltd. (a
Sulawesi Tengah. Pada bulan Maret 2025, GEM subsidiary of GEM Co. Ltd) and Ecopro Co., Ltd.
Hong Kong International Co. Ltd. (anak have completed their equity participation for the
perusahaan GEM Co. Ltd.) dan Ecopro Co., Ltd. development of this project (see notes 1 and 11).
telah menyelesaikan penyertaan modal untuk The construction of this facility and its supporting
pengembangan proyek ini (lihat catatan 1 dan infrastucture is currently progressing.
11). Pembangunan fasilitas ini beserta fasilitas
pendukungnya saat ini sedang berjalan.
Di Sulawesi Tenggara, Perseroan juga In Southeast Sulawesi, the Company is also
berkomitmen terhadap pengembangan dan committed to the development and construction
pembangunan suatu fasilitas pengolahan dan of a processing and refining facility as part of a
pemurnian sebagai bagian dari suatu joint joint venture, together with supporting
venture, bersama dengan infrastruktur infrastructure. The Company signed a Definitive
pendukungnya. Perseroan menandatangani Cooperation Agreement with Zhejiang Huayou
Definitive Cooperation Agreement dengan Cobalt Co. Ltd. on November 13, 2022, to
Zhejiang Huayou Cobalt Co. Ltd. pada tanggal process nickel ore from the Pomalaa block with a
13 November 2022 untuk mengolah bijih nikel HPAL technology. On November 27, 2022, the
dari blok Pomalaa dengan teknologi HPAL. Pada Company commemorated a groundbreaking
tanggal 27 November 2022, Perseroan ceremony to start the development of the project.
melakukan groundbreaking ceremony untuk Further, on March 30, 2023, the Company,
memulai pengembangan proyek tersebut. Zhejiang Huayou Cobalt Co. Ltd. and Ford Motor
Selanjutnya, pada tanggal 30 Maret 2023, Co. signed a definitive three parties agreement
Perseroan, Zhejiang Huayou Cobalt Co. Ltd. dan in relation to share participation on such HPAL
Ford Motor Co. menandatangani perjanjian project. Ford Motor Company’s share
definitif tiga pihak terkait penyertaan modal pada participation in the HPAL project company (refer
proyek HPAL tersebut. Adapun penyertaan to Note 11) was completed in December 2023.
modal oleh Ford Motor Co. pada perusahaan
proyek HPAL (lihat Catatan 11) telah
diselesaikan pada bulan Desember 2023.
2025 Annual Report 477
Page 478
PT VALE INDONESIA TBK
Lampiran 5/88 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
39. ASET DAN LIABILITAS KONTINJENSI (lanjutan) 39. CONTINGENT ASSETS AND LIABILITIES
(continued)
f. Komitmen Investasi (lanjutan) f. Investment Commitments (continued)
Proyek pembangunan Perseroan di Sulawesi The Company’s projects in Central Sulawesi and
Tengah dan Sulawesi Tenggara telah ditetapkan Southeast Sulawesi have been determined as
sebagai Proyek Strategis Nasional oleh National Strategic Projects by the Government.
Pemerintah.
Jangka waktu Perseroan untuk memulai kegiatan The timeline for the Company to commence
konstruksi untuk setiap komitmen investasi construction in respect of each investment
bergantung pada diterimanya semua undertaking is subject to the Company’s receipt
perizinan/persetujuan dan dengan of all requisite licenses/approvals and
mempertimbangkan studi kelayakan dan studi consideration of feasibility and environmental
lingkungan. Selain itu, komitmen investasi studies. Further, the Central and Southeast
Sulawesi Tengah dan Tenggara dapat dilakukan Sulawesi undertakings may be undertaken
secara independen atau sebagai bagian dari independently or as part of a joint venture.
suatu joint venture.
40. INFORMASI TAMBAHAN UNTUK LAPORAN 40. SUPPLEMENTARY INFORMATION FOR
ARUS KAS STATEMENTS OF CASH FLOWS
Kegiatan signifikan yang tidak mempengaruhi arus Significant activities not affecting cash flows:
kas:
2025 2024
Pembelian aset tetap yang dibiayai Acquisition of fixed assets through
melalui utang dan akrual 135,743 107,909 incurrence of payables and accruals
Pengakuan awal BNSI sebagai Initial recognition of BNSI as
investasi pada entitas asosiasi 47,385 - investment in associate
Penambahan aset tetap
dari provisi penghentian Addition of fixed assets from
pengoperasian aset 38,233 51,131 asset retirement
Penambahan aset hak guna melalui Addition of right-of-use assets
liabilitas sewa 2,287 7,932 through lease liabilities
Pengurangan investasi pada Deduction of investment
entitas asosiasi karena kehilangan in associate due to loss of
pengaruh signifikan atas KNI - (11,924) significant influence over KNI
Pengakuan atas nilai Recognition of the fair value
wajar investasi pada saham di KNI 6,680 13,270 of investment in shares in KNI
Pengukuran setelah pengakuan atas Subsequent measurement of the
nilai wajar aset derivatif 16,570 (19,940) fair value of derivative asset
478 Laporan Tahunan 2025
Page 479
PT VALE INDONESIA TBK
Lampiran 5/89 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
41. PERISTIWA SETELAH PERIODE PELAPORAN 41. EVENT AFTER THE REPORTING PERIOD
a. Fasilitas pinjaman a. Credit facility
Perseroan sedang dalam proses mendapatkan The Company is in the process of obtaining
fasilitas kredit dari United Overseas Bank Limited, credit facilities from United Overseas Bank
DBS Bank Ltd., dan Mizuho Bank Ltd./PT Bank Limited, DBS Bank Ltd., and Mizuho Bank
Mizuho Indonesia sebesar AS$500 juta (nilai Ltd./PT Bank Mizuho Indonesia which amounts
penuh) dengan opsi penambahan fasilitas sampai to US$500 million (full amount) with greenshoe
dengan AS$750 juta (nilai penuh), dengan periode option to increase up to US$750 million (full
pinjaman selama dua tahun dan opsi amount) and a tenure of two years with an
perpanjangan satu tahun. Sampai dengan tanggal extension of one year. As at reporting date, the
pelaporan keuangan ini, fasilitas perjanjian belum facility agreements have not yet been finalised.
difinalisasi.
Fasilitas pinjaman tersebut akan dialokasikan The loan facilities will be allocated to support the
untuk mendukung pengembangan tiga tambang development of the Company’s three new
baru Perseroan, yaitu Bahodopi, Pomalaa, dan mines, namely Bahodopi, Pomalaa, and
Sorowako Limonite, serta untuk pembiayaan Sorowako Limonite, as well as the financing of
proyek HPAL. Sampai dengan tanggal laporan ini, the HPAL project. Until the date of the report,
Perseroan masih dalam proses negosiasi dengan the Company is still in the process of negotiating
pihak perbankan terkait perjanjian pinjaman dan with the banks regarding the loan and
sindikasi. syndication agreement.
b. Jaminan Reklamasi b. Reclamation Guarantees
Dengan diterbitkannya Keputusan Menteri ESDM With the issuance of Ministerial Decree No.
Nomor 344.K/MB.01/MEM.B/2025 tentang 344.K/MB.01/MEM.B/2025 concerning
Pedoman Teknis Pelaksanaan Reklamasi dan Technical Guidelines for the Implementation of
Pascatambang pada Kegiatan Usaha Reclamation and Post-Mining in Mineral and
Pertambangan Mineral dan Batubara Keputusan Coal Mining Business Activities, in January
Menteri ini, pada bulan Januari 2026, Perseroan 2026, the Company submitted new placements
menyampaikan penempatan baru dan and extensions of reclamation guarantees to the
perpanjangan jaminan reklamasi kepada KESDM Ministry of Energy and Mineral Resources in the
dalam bentuk deposito berjangka, yang mencakup form of time deposits, which cover Sorowako,
wilayah Sorowako, Bahodopi dan Pomalaa. Bahodopi and Pomalaa areas.
c. Rencana Kerja dan Anggaran Biaya Tahun 2026 c. Work and Budget Plan for 2026
Pada bulan Januari 2026, Perseroan memperoleh In January 2026, the Company obtained
persetujuan Rencana Kerja dan Anggaran Biaya approval for its 2026 Work and Budget Plan from
(RKAB) untuk tahun 2026 dari KESDM. Perseroan the MEMR. The Company greatly appreciates
sangat mengapresiasi atas persetujuan dan kuota the approval and production quota that has been
produksi yang telah diberikan oleh KESDM granted by the MEMR to the Company through
kepada Perseroan melalui persetujuan RKAB, the approval of the RKAB, where the Company
yang mana Perseroan telah mendapatkan kuota has obtained a 100% quota for the operation of
100% untuk operasional Blok Sorowako dan the Sorowako Block and a production quota of
pemberian kuota produksi sebesar 30% dari 30% of the proposed volume for the Pomalaa
volume yang diajukan untuk Blok Pomalaa dan Block and Bahodopi Block. However, the
Blok Bahadopi. Namun demikian, pembatasan production quota restrictions for the Pomalaa
kuota produksi terhadap Blok Pomalaa dan Blok Block and Bahodopi Block have the potential to
Bahodopi tersebut berpotensi menimbulkan pose challenges for the Company in fulfilling its
tantangan tersendiri bagi Perseroan dalam sales commitments and in meeting the needs of
memenuhi komitmen penjualan maupun terhadap processing and/or refining plants in both blocks,
kebutuhan pabrik pengolahan dan/atau due to the limited volume of nickel ore that can
permurnian di kedua blok tersebut, karena be produced. Therefore, to ensure alignment
terdapatnya keterbatasan volume bijih nikel yang between mine capacity and plant needs, the
dapat diproduksi. Oleh karenanya, untuk Company plans to submit a revised RKAB to the
memastikan keselarasan antara kapasitas MEMR and expects that the quota for both
tambang dan kebutuhan pabrik, Perseroan blocks can be increased.
berencana untuk mengajukan revisi RKAB kepada
KESDM dan berharap bahwa kuota untuk kedua
blok tersebut dapat ditingkatkan.
2025 Annual Report 479
Page 480
PT VALE INDONESIA TBK
Lampiran 5/90 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE FINANCIAL STATEMENTS
31 DESEMBER 2025 DAN 2024 DECEMBER 31, 2025 AND 2024
(Disajikan dalam ribuan Dolar AS, (Expressed in thousands of US Dollars,
kecuali dinyatakan lain) unless otherwise stated)
42. PEMBAGIAN LABA BERSIH 42. NET PROFIT SHARING
Informasi yang disajikan dibawah ini merupakan The following information is additional and is not
tambahan dan tidak dipersyaratkan oleh Standar required by Indonesian Accounting Standards.
Akuntansi Indonesia.
Sebagai pemegang IUPK, Perseroan diwajibkan untuk As an IUPK holder, the Company is subject to
membayarkan pembagian laba bersih masing-masing payments of net profit sharing of 4% and 6% from
sebesar 4% dan 6% dari laba bersih kepada its net income to the Central and Regional
Pemerintah Pusat dan Pemerintah Daerah Republik Governments of Indonesia, respectively, in
Indonesia, sesuai ketentuan yang berlaku. Hal ini juga accordance with prevailing regulations. This will
berarti meningkatkan kontribusi Perseroan kepada increase the Company’s contribution to the state as
negara dan daerah. well as to the regions.
Kewajiban pembagian laba bersih Perseroan yang The recognised Company’s net profit sharing
diakui pada akhir tahun dihitung berdasarkan laba obligation at year end is calculated based on profit
tahun berjalan sebelum pembagian laba bersih. for the year, before net profit sharing. The net profit
Pembagian laba bersih telah diperhitungkan sharing has been calculated based on the provision
berdasarkan ketentuan pada IUPK diktum 7. Tabel stated in the IUPK paragraph 7. The following table
berikut menyajikan rincian perhitungan kewajiban presents the detailed calculation of the net profit
pembagian laba bersih tersebut. sharing obligation.
2025
(Dalam ribuan Dolar AS) (US Dollars, in thousands)
Laba sebelum pajak penghasilan 94,532 Profit before income tax
Ditambah: Pembagian laba bersih 8,451 Add: Net profit sharing
Dikurangi: Beban pajak penghasilan (18,469) Less: Income tax expense
Basis perhitungan Basis for the net profit
pembagian laba bersih 84,514 sharing calculation
Bagian pemerintah pusat (4%) 3,380 Central government portion (4%)
Bagian pemerintah daerah (6%) 5,071 Regional government portion (6%)
Total pembagian laba bersih 8,451 Total net profit sharing
480 Laporan Tahunan 2025
Page 481
Ikhtisar Kinerja Laporan Manajemen Profil PT Vale Indonesia Tbk
Performance Highlight Management Report PT Vale Indonesia Tbk Profile
Annual Report
Laporan Tahunan
2025
PT Vale Indonesia Tbk
Sequis Tower 20th Floor, Unit 6 & 7
Jl. Jenderal Sudirman Kav. 71
Jakarta 12190, Indonesia
T: +62 21 524 9000
F: +62 21 524 9020
www.vale.com/indonesia
376 Laporan Tahunan 2025
Names mentioned 203 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Indonesia Tbk
p.4 ×22
unresolved
org
Financial Services Authority
p.4 ×4
unresolved
org
PT Vale Masuk Daftar Fortune Southeast Juta AS
p.8
unresolved
org
PT Bahodopi Nickel Smelting Indonesia
p.9 ×6
unresolved
org
PT Huali Nickel
p.11
unresolved
org
PT Huali Nickel Indonesia
p.11 ×2
unresolved
org
Association Membership List TBK
p.12
unresolved
org
PT Vale Daftar Istilah
p.12
unresolved
person
Ikatan
· Komisaris
p.12
unresolved
person
Employee
· Komisaris
p.13
unresolved
person
Komite-Komite
· Komisaris
p.13
unresolved
person
Pedoman Tata Kelola
· Corporate Secretary
p.13
unresolved
org
Departemen Hubungan Investor Realization of Use of Proceeds
p.13
unresolved
—
Eksternal
· Akuntan Publik
p.13
unresolved
org
PT Vale's
p.28 ×12
unresolved
org
Ministry of Health
p.29
unresolved
org
Kementerian Kesehatan Republik
p.29
unresolved
org
GEM Co., Ltd.
p.33 ×2
unresolved
org
Ecopro Co., Ltd.
p.33 ×4
unresolved
org
Cobalt Co., Ltd.
p.34
unresolved
org
Zhejiang Huayou Cobalt Co., Ltd
p.34 ×5
unresolved
org
PT Vale's Emergency Response Group Response Group
p.35
unresolved
org
Ministry of Energi dan Sumber Daya Mineral
p.48
unresolved
org
Kementerian ESDM
p.48 ×2
unresolved
org
Ministry of ESDM RKAB
p.48
unresolved
person
AgungCapital
· Director
p.50
unresolved
org
International Nickel Indonesia Tbk
p.54 ×21
unresolved
person
Notary Mrs. Poerbaningsih Adi Warsito
p.54 ×3
unresolved
org
Menteri Kehakiman Republik Indonesia
p.55
unresolved
org
Minister of Justice
p.55
unresolved
org
Indonesia Stock Exchange
p.55 ×8
unresolved
person
Notary Aulia Taufani
p.55 ×4
unresolved
org
Minister of Law and Human Rights
p.55 ×2
unresolved
org
PT Vale Brief History
p.56
unresolved
org
PT International Nickel
p.56 ×4
unresolved
org
PT Indonesia Asahan
p.56
unresolved
org
PT Indonesia Asahan Aluminium
p.56
unresolved
org
PT Inco
p.58 ×6
unresolved
org
Nickel Indonesia Tbk
p.58 ×2
unresolved
org
Kementerian Energi dan Sumber Daya Mineral
p.59
unresolved
org
Ministry of Energy and Mineral Resources
p.59 ×2
unresolved
person
Christopher McCleave
· Komisaris
p.60 ×4
unresolved
org
Pemerintah Kabupaten Luwu Timur
p.61
unresolved
—
F.S. Multhazar
· Presiden Komisaris
p.61 ×2
unresolved
—
Heriyanto Agung Putra
· Direktur
p.61 ×3
unresolved
org
PT Antareja Mahada Makmur
p.62 ×2
unresolved
org
PT Kolaka Nickel
p.69
unresolved
org
GEM Hong Kong International Co. Ltd.
p.70
unresolved
org
International Co. Ltd.
p.70
unresolved
org
GEM Co. Ltd.
p.70 ×2
unresolved
org
HPAL Indonesia Tbk.
p.71
unresolved
org
PT Huali
p.71
unresolved
org
PT Vale Indonesia Tbk’s
p.76
unresolved
org
Kementerian Lingkungan Hidup dan Kehutanan
p.76
unresolved
org
Ministry of Environment and Forestry
p.76
unresolved
org
Kementerian Kehutanan
p.76
unresolved
org
Vale Canada Limited Canada Limited
p.79
unresolved
org
Co. Ltd.
p.79
unresolved
org
PT PTVale Vale Indonesia
p.82
unresolved
org
Profile Indonesia Tbk
p.82
unresolved
—
McCleave
· Komisaris
p.84
unresolved
—
Imai
· Commissioner
p.85
unresolved
—
Putra
· Direktur
p.85
unresolved
org
PT Vale Business School.
p.87
unresolved
org
PT Vale Yogyakarta.
p.87
unresolved
org
PT Vale Singapore
p.87
unresolved
org
PT Vale University
p.87
unresolved
org
PT Vale Hasanuddin
p.88
unresolved
org
PT Garuda
p.89
unresolved
org
PT Bank Danamon Indonesia Has
p.89
unresolved
org
PT Digitone Indonesia
p.90 ×2
unresolved
org
Ministry of State-Prasetiya Mulya
p.91
unresolved
org
Ministry of State-Hubungan
p.91
unresolved
org
PT Vale Indonesia Teknologi Sepuluh Nopember
p.92
unresolved
org
PT Vale Universitas Hasanuddin
p.92
unresolved
org
PT Vale Rangkap
p.92
unresolved
org
Concurrent Position Indonesia Tbk
p.92
unresolved
org
Sanatana Resources Inc.
p.93 ×2
unresolved
person
Vice
· Presiden Komisaris
p.94 ×4
unresolved
org
Kementerian Pertahanan RI
p.95
unresolved
org
Directorate General of Defense
p.95
unresolved
org
Ministry of Defense
p.95 ×3
unresolved
org
Directorate General of Defense Strategy
p.95
unresolved
—
Canada. Diangkat
· Presiden Komisaris
p.96 ×2
unresolved
org
Precision Resources Canada Ltd.
p.97 ×2
unresolved
—
Kanada Diangkat
· Komisaris
p.98
unresolved
org
Hamersley Iron Pty Ltd
p.98 ×2
unresolved
org
Henry Walker Eltin Pty Ltd
p.98 ×2
unresolved
—
Christopher John McCleave
· Komisaris
p.98
unresolved
org
Pendidikan dan Pelatihan
p.99
unresolved
org
PT Kilang Pertamina Balikpapan.
p.99
unresolved
org
PT Kilang Pertamina
p.99
unresolved
org
PT Global Pacific Energy.
p.100
unresolved
org
PT Asuransi Jiwa Danamon Aetna Life
p.100 ×2
unresolved
org
PT Asuransi MAA
p.100 ×2
unresolved
org
PT Asuransi Rekapital. Pembangunan.
p.100
unresolved
org
PT Global Pacific Energy. Dwipa Wacana.
p.100
unresolved
org
PT Asuransi Rekapital. Rangkap
p.100
unresolved
—
Japan. Diangkat
· Komisaris
p.101
unresolved
org
Departemen Penjualan Nikel & Bahan Baku
p.101
unresolved
org
Departemen Penjualan Nikel & Bahan
p.101
unresolved
org
Holdings Corporation
p.101
unresolved
org
Coral Bay Nickel Corporation
p.101 ×2
unresolved
org
Taganito Co., Ltd.
p.101
unresolved
org
HPAL Corporation
p.101
unresolved
org
Raw Materials Metal Mining Co., Ltd.
p.101
unresolved
org
Philippine Holdings Corporation
p.101
unresolved
org
Taganito HPAL Corporation
p.101
unresolved
org
Menteri Komunikasi dan Informatika RI
p.102
unresolved
org
PT Telekomunikasi Seluler
· Komisaris
p.102 ×2
unresolved
org
PT XL Axiata Management
p.102
unresolved
org
Indosat Ooredoo Tbk
p.102 ×4
unresolved
org
PT PLN (Persero)
p.102 ×2
unresolved
org
Semen Gresik (Persero) Tbk
p.102 ×4
unresolved
org
Minister of Communication and Informatics
p.102
unresolved
org
PT Amartha Nusantara Raya.
p.102 ×2
unresolved
org
PT Elang Andalan Nusantara.
p.102 ×2
unresolved
org
Menteri Luar Negeri Indonesia
p.103
unresolved
org
Kementerian
p.103
unresolved
org
Minister of Foreign Affairs of Indonesia
p.103
unresolved
org
Ministry of Foreign Affairs
p.103
unresolved
—
perundang-undangan
p.109
unresolved
org
melarang perdagangan orang dalam (insider trading). PT
p.109
unresolved
—
Vale menerapkan periode blackout, diantaranya
p.109
unresolved
—
larangan perdagangan saham Perseroan dalam jangka
p.109
unresolved
—
waktu 25 hari kalender
p.109
unresolved
—
publikasi laporan keuangan kuartalan
p.109
unresolved
—
tersebut. Selama tahun 2025 tidak terdapat
p.109
unresolved
org
PT PRUDENTIAL LIFE ASSURANCE
p.111
unresolved
org
PT AIA FINANCIAL
p.111
unresolved
org
BARCLAYS CAPITAL SECURITIES LIMITED
p.111
unresolved
org
PT AXA MANDIRI FINANCIAL SERVICES S
p.111
unresolved
org
PT Pundarika Atma Semesta.
p.184 ×2
unresolved
org
PT Marunda Graha Mineral.
p.184
unresolved
org
Departemen Pendukung
p.195
unresolved
person
Nomination
· Corporate Secretary
p.195
unresolved
org
PT Kustodian Sentral Efek
p.198
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.198
unresolved
org
PT Bursa Efek Indonesia. Acara RUPST
p.199
unresolved
person
Notary
· Notaris
p.200
unresolved
org
PT Bima Registra
p.200
unresolved
org
Hadinoto & Partners
p.200
unresolved
org
Rianto & Rekan
p.205 ×4
unresolved
person
Kristina Janet Gauthier
· Komisaris
p.207 ×2
unresolved
person
Vinicius Mendes Ferreira
· Direktur
p.214 ×2
unresolved
person
Dr. Ir. R. Sukhyar
p.214 ×2
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