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This research looks into the impact of multinational investments on the development of sustainability in Indonesia’s mineral sector, focusing on three key minerals – nickel, copper, and coal. Using qualitative analysis and case studies of the three most prominent players in each mineral, Freeport-McMoran, Vale, and Banpu., we assess how foreign companies contribute into the growth of the local economy, employment and ESG practices while being challenged in governance. Drawing upon theories of governance deficiency, corporate control and dependent development, this research unearths that while multinationals boost local economies, the weak governance and regulatory gaps often obstruct long-term growth, or in this term – sustainability. We underscore the importance of a stronger governance, a more transparent ESG regulation, and equitable resource management to ensure foreign firms’ investment align with Indonesia’s priorities.