Pemerintah Republik Indonesia telah mengimplementasikan kebijakan untuk mendirikan dan mengoperasikan Perusahaan Induk untuk sektor pertambangan. Terdapat perdebatan mengenai bagaimana kebijakan ini akan memberikan dampak kepada semua pemangku kepentingan. Makalah ini mencoba untuk menganalisis dampak kebijakan pembentukan Holding BUMN Tambang terhadap stakeholders dan menyusun strategi dan kebijakan yang harus dilakukan oleh Pemerintah (Kementerian BUMN) dalam rangka mengatasi dampak negatif dari terbentuknya Holding BUMN Tambang tersebut. Penelitian ini dilakukan dengan menggunakan pendekatan post-positivist dan metode penelitian secara kualitatif. Berdasarkan penelitian yang dilakukan, disimpulkan bahwa terdapat dampak positif dan negatif dari kebijakan pembentukan holding BUMN Tambang di Indonesia yakni meningkatnya financial asset dan leverage dari induk holding dan anggota holding melalui konsolidasi keuangan perusahaan; realisasi kerjasama antar perusahaan di lingkungan holding; efisiensi biaya produksi perusahaan; penambahan rantai birokrasi terkait aksi korporasi dengan adanya kepemilikan bertingkat; adanya isu melemahnya kontrol masyarakat terhadap anak perusahaan holding; serta iklim investasi di masa depan yang akan sangat dipengaruhi kebijakan pasca pembentukan holding. Peneliti menyarankan, dibutuhkan penyelarasan sinergi di lingkungan holding BUMN tambang, mempertahankan fokus pemerintah sebagai regulator dan mengeliminasi konflik kepentingan dalam proses pengambilan keputusan dalam pengelolaan BUMN, serta koordinasi di level kementerian dalam mengkaji kebijakan terkait industri tambang yang dapat mendukung pencapaian target kebijakan pembentukan holding BUMN tambang.

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The Government of the Republic of Indonesia has implemented a policy to establish and operate a holding company for the mining sector. There is debate about how this policy will have an impact on all stakeholders. This paper attempts to analyze the impact of the policy of forming State-owned Mining Holding`s stakeholders and develop strategies and policies that must be carried out by the Government (Ministry of BUMN) in order to overcome the negative impact of the formation of the State-owned Mining Holding.

This research was conducted by using a post-positivist approach and qualitative research methods. Based on the research conducted, it was concluded that there were positive and negative impacts from the policy of establishing a state-owned mining company in Indonesia, namely increasing financial assets and leverage from the holding and the holding members through corporate financial consolidation; realization of cooperation between companies in the holding business; company production cost efficiency; addition of bureaucratic chains related to corporate actions with multilevel ownership; the issue of weakening public control over the holding company subsidiary; and the investment climate in the future which will be greatly influenced by the policy of the establishment of the holding.

Researcher suggest that synergy is needed in the State-owned mining holding environment, maintain the government`s focus as a regulator and eliminate conflicts of interest in the decision-making process in BUMN management, and coordination at the ministerial level in reviewing policies related to the mining industry that can support the achievement of mining BUMN holding.