【SMM Flash News】The Indonesian Nickel Miners Association (APNI) has proposed revising the HPM (Government Benchmark Price) formula to include the economic value of iron in saprolite ore and cobalt in limonite ore, which have not yet been monetized. This adjustment could potentially increase the HPM by over 100%, depending on ore characteristics and extraction efficiency. APNI Secretary General Meidy Katrin Lengkey emphasized that this revision could enhance state revenue without raising royalty rates, while also benefiting mining companies through improved margins, increased reserves from lower cut-off grades, higher export value of downstream products like NPI and ferronickel, and incentivizing the development of extraction technologies. APNI also recommends updating the outdated corrective factor (CF) for ferronickel and shifting the pricing unit from US$/DMT to US$/ton of pure nickel or US$/nickel unit, to be in line with international market practices. APNI urges the Ministry of Energy and Mineral Resources (ESDM) to promptly form a joint industry team to revise the HPM formula, ensuring it reflects current production costs and market values, thereby protecting local miners facing financial pressures.