Company History

Company History

IFSH is an IDX company based on the Act No.41 dated 9 June 1971 made in front of Abdul Latif, Notary in Jakarta (Act of Establishment) and has possessed an Enterprise Official Number No. 8120214190863 dated 8 November 2018 issued by the Online Single Submission Institute.

PT BSI (PT Bintang Smelter Indonesia) A c t N0. 12 dated 16 May 2013 made in front of the Notary Hamidah. S. A c t i ve in the nickel mining business i.e. the processing and processed product or the purification of the nickel ore. S t a rted in the year 2013, based on the Notarial Act No.05.


  • In 1992, PT IFISHDECO acquire land in Tinanggea, South Konawe, Sulawesi for the development of cashew plantations. However, the business stopped in 1999.
  • From 2004 to 2005, the company resume the business of developing cashew plantations.


  • However, the yield from the cashew plantation was not optimal as the soil condition had high degree of acidity.
  • In 2008, the company received information that underneath the land, the soil had high mineral content.


  • The company submitted a mining business permit in the year Mining Exploration Authorization / Exploration KP NO.2249 of 2009 was issued which was upgraded 2 (two) years later to become Production Operation Mining Business License No.1321 of 2010.


  • The company started production activities at the end of 2010 and made the first sale in 2011 with a total of ± 550,000 MT.


  • The company was the largest nickel ore exporter to China in 2013 with an export of ± 3,600,000 MT.
  • The company began the construction of nickel smelter with 2 Blast Furnace through the formation of PT Bintang Smelter Indonesia with an annual output capacity of 40,000 MT.
  • In 2014, PT Bintang Smelter Indonesia (BSI) was incorporated as a subsidiary company of PT IFISHDECO (IFSH).
  • The company was started in support of the Indonesian Government Regulation of 2009 Act No.4 which states that unprocessed nickel ores are banned from export markets and must be processed locally in Indonesia for the the development of downstream processing industry.
  • The company will develop BSI on 70 hectares of land in IFSH’s land concession of 2,580 hectares, which is about 15 km from the mining concession, enabling shorter distance for the transportation nickel ore.
  • In 2014, PT BSI submitted an application for Smelting License Permit to the Indonesian Ministry of Energy and Mineral Resource in 2014, and the license is approved and effective for 20 years since the date of issue.
  • The company’s management decided to invest in 2 Lines of Blast Furnace with an annual production capacity of up to 40,000 Nickel Pig Iron (NPI) per year and construction began in the same year.


  • In 2015, the company only made domestic nickel ore sales as the Indonesian government made the decision to ban the export of nickel ore, this policy was introduce to promote the development and investment of downstream business. 
  • In 2017, the Indonesian government relax the ban on nickel ore exports until 2022 for companies that have fulfilled their obligation for the investment of downstream business based on progress report.
  • In 2017 and 2018, the company received an export quota of 992,000 MT.
  • In 2018, PT BSI completed the construction of 2 Lines of Blast Furnace and started the commissioning of 1 Line of Blast Furnace in Q4-2018 for the production of Nickel Pig Iron (NPI).


  • In 2019, the company signed a strategic partnership to construct an additional 2 lines of Rotary Kiln Electric Furnace (RKEF) to produce Ferronickel (FeNi)
  • In 2019, the government provided an additional export quota to the company, thus the total is 2,500,000 MT.
  • On 5th December 2019, PT IFISHDECO TBK was listed on the Indonesian Stock Exchange under (IFSH).
  • In 2019, PT BSI sold it’s first production shipment of Nickel Pig Iron (NPI) to Trafigura (Singapore) as the Buyer.
  • A joint-venture partnership with a strategic partner was signed for the development of 2 Rotary Kiln Electric Furnace with an annual output capacity of 120,000 MT for the production of Ferronickel Alloy (FeNi) in BSI’s land concession.
  • In addition, the company signed a Power Purchase Agreement (PPA) for 100 Megawatts with PT Perusahan Listrik Negara (PLN).


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