Antam

What Antam does

PT ANTAM Tbk (IDX: ANTM) is a vertically integrated, export-oriented, diversified Indonesian mining and metals company and a state-owned enterprise under the MIND ID holding group. Founded in 1968 and listed on the Indonesia Stock Exchange in 1997 (with a secondary Australian listing since 2002), ANTAM produces and markets nickel ore, ferronickel, gold, silver, and bauxite. Its operations are organized around three core segments — nickel, gold & refinery (including the Logam Mulia brand), and bauxite & alumina — plus a Geomin Unit providing mining exploration services. Mining activity is geographically distributed across Java (Pongkor gold), Sulawesi (Kolaka and North Konawe nickel), West Kalimantan (Tayan bauxite and CGA plant), North Maluku (East Halmahera nickel), and West Papua (Gag Island nickel, via subsidiary PT Gag Nikel). Underlying technologies include open-pit and underground mining methods, ore washing and screening, RKEF (Rotary Kiln–Electric Furnace) ferronickel production, Chemical Grade Alumina processing, and gold ore smelting to dore bullion. The company is also building a downstream positioning that includes the Smelter Grade Alumina Refinery (SGAR) in Mempawah, a precious-metals manufacturing plant at JIIPE in Gresik, and an integrated nickel-to-EV-battery ecosystem (HPAL facilities and the PT CATIB joint venture) targeting operations from Q3 2026.

ANTAM's revenue model is built on direct, transaction-based sales of commodities priced against global benchmarks (LME for nickel, LBMA for gold). Approximately 96–97% of net sales go to domestic customers — Indonesian nickel smelters (fully absorbing nickel-ore output), gold and silver buyers via long-term GSPAs with PT Freeport Indonesia (30 tons/year at 99.99% purity) and Merdeka Group (6 tons/year), and bauxite/alumina customers including the aluminium smelter in Kuala Tanjung. The only material export line is ferronickel shipped to Asian stainless-steel and alloy markets. Pricing is contract-negotiated with industrial buyers rather than list-based. The GTM motion is enterprise field sales plus government-mandated coordination via MIND ID, supported by the Geomin exploration subsidiary for new reserve development. Long-term growth relies on a structural shift from raw-commodity export to higher-value downstream products (refined gold, alumina, EV battery materials), executed alongside state-assigned mandates and partner-led capital expenditure.

Name

Antam

Legal name

PT ANTAM Tbk

Website

https://antam.com

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PT ANTAM Tbk is a vertically integrated Indonesian state-owned mining and metals company that produces and markets nickel ore, ferronickel, gold, silver, and bauxite to domestic smelters, refiners, and Asian export markets, and is building downstream capacity in alumina, precious-metals manufacturing, and the EV battery value chain.

Ownership category

akta.pro rank

Product category

Diversified Mining and Metals

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Copper, Nickel, Lead, and Zinc Mining (212230), Metal Ore Mining (2122), Other Metal Ore Mining (212290), Other Metal Ore Mining (21229), Nonmetallic Mineral Mining and Quarrying (2123), Alumina Refining and Primary Aluminum Production (331313)

SIC

Metal Mining (1000), Gold And Silver Ores (1040), Miscellaneous Metal Ores (1090), Primary Smelting & Refining Of Nonferrous Metals (3330), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Primary Production Of Aluminum (3334)

akta.pro primary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

akta.pro secondary industries

Concentrates & Intermediate Feedstocks Marketing (Concentrates, Cathodes, Anodes, Alumina) (IMAKAJAJ), Aluminum Trading, Marketing & Distribution (IMAKACAK)

Keywords

• Nickel ore mining
• Ferronickel production
• Gold refining services
• Bauxite alumina processing
• Precious metals manufacturing

Headquarters

HQ city

Tanjungbarat

HQ country

Indonesia

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Gold and Silver Sales: ANTAM mines gold ore from underground gold mines in Pongkor, West Java and processes gold ore smelting to dore bullion. The gold and refinery segment also includes silver commodity and precious metals processing and refinery services (via PT Logam Mulia). Gold contributed approximately 81% of total sales in 9M25. Revenue is generated through domestic sales and long-term supply agreements (e.g., GSPA with Freeport Indonesia and Merdeka Group). Gold sales volume in 9M25 was 34,164 kg.
2. Nickel Ore and Ferronickel Sales: ANTAM's nickel segment comprises ferronickel production from Kolaka Nickel Mining Business Unit and nickel ore sales from mines in Kolaka (Southeast Sulawesi), North Konawe (Southeast Sulawesi), East Halmahera (North Maluku), and Gag Island (West Papua, via PT Gag Nikel subsidiary). Ferronickel is exported while nickel ore is directed to domestic smelters. Nickel contributed 15% of total sales in 9M25 (Rp11.15 trillion). Nickel ore production in 9M25 was 12.55 million wmt; ferronickel production was 13,309 TNi.
3. Bauxite and Alumina Sales: ANTAM's bauxite commodity is produced at the Tayan bauxite mine (West Kalimantan Bauxite Mining Business Unit), processed at the Tayan CGA (Chemical Grade Alumina) plant and sold to third-party customers. Alumina production is also conducted via subsidiary PT Indonesia Chemical Alumina. The segment contributed 3% of total sales in 9M25 (Rp1.95 trillion). Bauxite production for 9M25 was 2.31 million wmt and alumina production was 134,224 tons.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels10 records

Core offering

ANTAM is a vertically integrated mining and metals company that explores, mines, processes, and markets nickel ore, ferronickel, gold, silver, bauxite, and alumina (CGA and SGA). It operates three core business segments — nickel, gold and refinery, and bauxite and alumina — with downstream operations spanning precious metals manufacturing at JIIPE and an integrated EV battery ecosystem through PT CATIB. Mining operations are conducted at multiple business units across Indonesia (Java, Sulawesi, Kalimantan, Maluku, and West Papua), supported by the Geomin exploration unit and the Logam Mulia precious metals processing subsidiary.

Differentiator

Problem solved

Functional benefit

Brands

• Logam Mulia: Precious metals manufacturing facility for gold and silver products; operates under ANTAM's Gold and Refinery business segment

Products and services

• Nickel Ore Raw nickel ore extracted from mines in Kolaka (Southeast Sulawesi), North Konawe (Southeast Sulawesi), East Halmahera (North Maluku), and Gag Island (West Papua via subsidiary PT Gag Nikel), sold to domestic Indonesian nickel smelters and processing plants.
• Ferronickel Processed ferronickel produced from the Kolaka Nickel Mining Business Unit using RKEF technology, exported primarily to Asian stainless steel manufacturers and alloy producers.
• Gold Gold commodity produced through underground mining at Pongkor, West Java (Gold Mining Business Unit) and processed to dore bullion, sold domestically through long-term supply agreements with PT Freeport Indonesia and Merdeka Group.
• Silver Silver commodity produced as a byproduct of gold mining at Pongkor, West Java, and processed alongside gold into dore bullion through ANTAM's precious metals processing and refinery services.
• Bauxite Raw bauxite extracted from the Tayan mine in West Kalimantan using open-pit methods, washed and screened for consumption at the Tayan CGA plant and for sale to third-party customers.
• Chemical Grade Alumina (CGA) Chemical Grade Alumina manufactured from bauxite ore at the Tayan CGA plant in West Kalimantan and produced via subsidiary PT Indonesia Chemical Alumina for domestic and industrial customers.
• Smelter Grade Alumina (SGA) Smelter Grade Alumina produced from the SGAR project in Mempawah, intended for supply to aluminum smelters including trial shipments to Kuala Tanjung.
• Logam Mulia Precious Metals Products Precious metals manufacturing brand under ANTAM's Precious Metals Processing and Refinery Business Unit, producing gold bars, coins, and gift series including Eid al-Fitr gold gift products. Operations expanding to JIIPE facility in Gresik, East Java.
• Geomin Exploration Services Exploration services for nickel, bauxite, gold, and iron ore managed by Geomin Unit, with activities spanning from the east to the west of Indonesia's mineral-rich archipelago.

Quantifiable outcome

• Net profit increased 197% YoY to Rp6.61 trillion in 9M25; 106% growth to Rp7.92 trillion for full year 2025.
• +6 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Merdeka GroupflagshipStrategic or Co-development Partner · 4 March 2026ANTAM entered into a Gold Sales & Purchase Agreement (GSPA) with Merdeka Group on March 4, 2026 for 6 tons of gold per year. This partnership represents a strategic step toward reinforcing national gold sovereignty while ensuring supply continuity for the domestic industry. The agreement was signed as part of ANTAM's strategy to strengthen gold sourcing and expand domestic market share.
• Huayou (Zhejiang Huayou Cobalt)coreStrategic or Co-development Partner · 29 January 2026ANTAM, IBC (Indonesia Battery Corporation), and Huayou strengthened the national integrated battery ecosystem through global strategic collaboration announced January 29, 2026. This partnership is part of the development of the integrated EV battery ecosystem in Indonesia involving nickel mining, processing, and battery cell manufacturing.
• PT Indonesia Chemical AluminacoreStrategic or Co-development Partner · 1 January 2026ANTAM operates alumina production through its subsidiary PT Indonesia Chemical Alumina. In 9M25, the subsidiary recorded alumina production of 134,224 tons (27% increase from 9M24) and alumina sales volume of 134,768 tons. This subsidiary is a key component of ANTAM's bauxite and alumina segment and downstream strategy.
• Dharmais Cancer HospitalminorOthers · 1 January 2026ANTAM partnered with Dharmais Cancer Hospital for its blood donation program. The blood distribution from ANTAM Head Office donors was specifically directed to Dharmais Cancer Hospital to support cancer patients who require ongoing blood transfusions. The program involved 551 blood donors in H1 2026, with 198 donors from the ANTAM Head Office contributing to the hospital.
• PT CATIB (PT Cahaya Baterasi Lestari)coreStrategic or Co-development Partner · 29 June 2025PT CATIB is a joint venture for a large-scale electric vehicle battery facility in Karawang, West Java, Indonesia. It is a collaboration between state-owned ANTAM, Indonesia Battery Corporation (IBC), and China's CBL under the Integrated EV Battery Industry Ecosystem. Investment is approximately Rp7 trillion with planned production of 6.9 GWh annually plus Energy Storage Systems (ESS). Operations targeted for Q3 2026. Features an 18 MWh solar installation and approximately 3,000 workers when fully operational.
• PT Industri Baterai Indonesia (IBI) / Indonesia Battery CorporationcoreStrategic or Co-development Partner · 1 January 2025ANTAM accepted a government special assignment to accelerate nickel downstreaming and develop the national electric vehicle battery ecosystem through cooperation with PT Industri Baterai Indonesia (IBI) and HYD Investment Limited. The assignment encompasses the entire integrated nickel-based battery ecosystem from upstream mining to RKEF/RKSBF plants, HPAL facilities, refineries, precursor and cathode production, battery cell manufacturing, and battery recycling facilities.
• HYD Investment Limited (Zhejiang Huayou Cobalt, EVE Energy, PT Daaz Bara Lestari)coreStrategic or Co-development Partner · 1 January 2025HYD Investment Limited is a consortium consisting of Zhejiang Huayou Cobalt Co., Ltd., EVE Energy Co., Ltd., and PT Daaz Bara Lestari TbB. This consortium serves as a strategic partner with ANTAM and PT Industri Baterai Indonesia in developing an integrated electric vehicle battery ecosystem in Indonesia, covering the full value chain from upstream nickel mining to battery cell manufacturing and recycling.
• PT Gag NikelcoreOthers · 1 January 2025PT Gag Nikel is ANTAM's subsidiary that operates the nickel mine on Gag Island, West Papua. The mine is part of ANTAM's nickel operating segment and diversifies ANTAM's nickel ore supply from multiple locations across Indonesia's archipelago.
• PT Cibaliung SumberdayaminorOthers · 1 January 2025PT Cibaliung Sumberdaya operates the Cibaliung gold mine in West Java. Since June 2022, the mine has entered the post-mining period and is no longer producing gold ore for ANTAM.
• Java Integrated Industrial and Ports Estate (JIIPE)flagshipStrategic or Co-development Partner · 27 December 2024ANTAM officially signed a land transaction agreement with Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java on December 27, 2024. JIIPE was selected based on its strategic location, proximity to raw materials, high-security guarantees (National Vital Object status), world-class infrastructure, and proximity to PT Freeport Indonesia's smelter. ANTAM is developing a precious metals manufacturing facility at JIIPE to enhance the added value of its gold commodities.
• PT Freeport IndonesiaflagshipStrategic or Co-development Partner · 1 November 2024ANTAM and PT Freeport Indonesia signed a gold sales agreement (Gold Sales & Purchase Agreement) in November 2024 for 30 tons of gold per year at a purity level of 99.99%. This agreement ensures continuity of raw material supply and strengthens the gold supply chain for ANTAM's domestic gold sales. The proximity of ANTAM's precious metals manufacturing facility at JIIPE to PT Freeport Indonesia's smelter provides additional synergies through direct access to high-purity gold raw materials.
• MIND ID (Mining Industry Indonesia)flagshipStrategic or Co-development Partner · 1 January 2022ANTAM is a member of MIND ID (Mining Industry Indonesia), the state-owned enterprises' holding company for the mining industry in Indonesia. MIND ID provides strategic direction, governance alignment, and sustainability frameworks (Sustainability Pathway) for its member companies including ANTAM. ANTAM aligns its ESG strategy, corporate culture (AKHLAK values), and sustainability reporting with MIND ID frameworks.

Scale indicators18 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Bukit Asam (PTBA): Bukit Asam is an Indonesian state-owned coal miner listed on IDX and a MIND ID member. It serves as a regional peer for Indonesian SOE miners with similar governance structures and shareholder dynamics, though focused on coal rather than metals mining like ANTAM.

Emerging players

• Eramet: Eramet is a French mining company with significant nickel operations, particularly in New Caledonia. It competes with ANTAM in global nickel markets and shares exposure to stainless steel and EV battery supply chains, though it operates in different geographies.
• Zhejiang Huayou Cobalt: Zhejiang Huayou Cobalt is a Chinese battery materials company and strategic partner to ANTAM via the HYD Investment consortium. It is a key player in the global EV battery materials supply chain and competes in nickel/cobalt processing for battery applications, making it a relevant emerging peer for ANTAM's downstream ambitions.

Direct peers

• Vale Indonesia: Vale Indonesia is a major Indonesian nickel producer with operations in Sulawesi, directly competing with ANTAM's nickel mining business. Both companies supply nickel ore to domestic smelters as part of Indonesia's nickel downstream strategy and share exposure to LME nickel prices.
• PT Indonesia Asahan Aluminium (Inalum): Inalum is an Indonesian state-owned aluminium smelter and a key customer for ANTAM's alumina/bauxite products. As another MIND ID member, it shares SOE status and operates in Indonesia's mineral value chain, making it a strong downstream peer for ANTAM's bauxite and alumina segment.
• MIND ID (Mining Industry Indonesia): MIND ID is the Indonesian state-owned holding company for the mining industry and ANTAM's parent (65% ownership). It coordinates strategic direction, governance, and sustainability frameworks across its mining members including ANTAM, providing the closest comparable for SOE mining operations in Indonesia.
• PT Timah Tbk: PT Timah is an Indonesian state-owned tin mining company listed on IDX, also a member of MIND ID. It provides a direct comparable for Indonesian-listed SOE miners, with similar regulatory positioning, ESG profiles, and dividend policies, though focused on tin rather than nickel/gold/bauxite.
• PT Freeport Indonesia: PT Freeport Indonesia is the country's largest gold and copper producer, and a key supply partner to ANTAM via a 30 tons/year GSPA signed November 2024. It shares Indonesian mining sector exposure and competes for resource development, though Freeport's primary focus is copper-gold rather than diversified metals.
• Merdeka Copper Gold: Merdeka Copper Gold is an Indonesian mining company producing gold, nickel, and copper. It has a Gold Sales & Purchase Agreement with ANTAM (6 tons/year) and competes directly in Indonesian gold and nickel mining operations with comparable vertical integration ambitions.

Broad incumbents

• BHP Group: BHP is a global diversified mining major producing iron ore, copper, nickel, and other commodities. As a broad incumbent, it provides a benchmark for diversified mining operations at scale, though BHP operates globally while ANTAM is concentrated in Indonesia with a narrower commodity portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

• Xx.com/officialantam
• YouTubeyoutube.com/channel/UCJDcDrZZ8kRfusLXNf6cAYg
• Facebookfacebook.com/OfficialAntam
• LinkedInid.linkedin.com/company/antam
• Instagraminstagram.com/official.antam

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Antam