Antam Performance Surges, Nickel Downstreaming Strengthened
PT Aneka Tambang (Persero) Tbk (ANTM), known as Antam, recorded a net profit of Rp6.91 trillion for the first half of 2026. This achievement represents a 34% growth compared to the Rp5.14 trillion recorded in the first half of 2025.
In line with the increase in current period profit, Antam recorded growth in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) at Rp9.62 trillion in 1H26, an increase of 35% compared to the 1H25 EBITDA of Rp7.11 trillion.
Antam’s Finance and Risk Management Director, Arini Kasmira, stated that the company is strengthening its business fundamentals through the optimisation of operational performance, commodity portfolio management, and the development of downstream processing for three main commodities: gold, nickel, and bauxite.
Antam’s profit achievement was driven by revenue of Rp62.71 trillion, operational optimisation, commodity portfolio management, and discipline in maintaining efficiency and financial health.
“Antam continues to focus on maintaining financial fundamentals through disciplined cost management, optimisation of operational performance, and strengthening business in key commodities,” Arini said during a virtual public expose on Thursday (10/9/2026).
In the first half of 2026, Antam recorded gold sales volume of approximately 18.1 tonnes, with revenue from the gold business amounting to approximately Rp50.39 trillion. This achievement contributed positively to the Company’s performance throughout the first semester of 2026.
According to her, in conducting the gold business, Antam continues to focus on strengthening the value chain and maintaining business sustainability by considering market dynamics. These efforts are carried out through strengthening raw material supply, increasing processing and manufacturing capabilities, and developing market access.
Additionally, Antam is preparing the development of a Precious Metal manufacturing facility in Gresik, with a projected capacity of approximately 3t tonnes per year, which is currently in the pre-construction stage.
“At the same time, Antam continues to optimise its nickel and bauxite portfolio to strengthen the Company’s business diversification,” added Arini.
She further explained that for the nickel commodity, throughout the first half of 2026, Antam booked nickel ore production of approximately 7.78 million wet metric tonnes (wmt) and a sales volume of approximately 6.77 million wmt. All of Antam’s nickel ore sales during this period were directed towards meeting domestic market needs.
Antam continues to develop nickel downstreaming as part of the effort to increase the added value of mineral resources within the country. The development of this value chain includes mining, RKEF and HPAL, up to battery materials and battery cells as part of the development of the electric vehicle battery ecosystem.
“Downstreaming development is an important part of Antam’s long-term growth strategy. We want to ensure that the Company’s resources can provide increasingly optimal added value through the development of a more integrated business chain, while still considering project economic aspects and risk management,” explained Arini.
For the bauxite commodity, Antam is also strengthening the value chain integration from mining to alumina products. Antam has bauxite mines in Tayan as well as Chemical Grade Alumina (CGA) facilities through PT Indonesia Chemical Alumina with an installed capacity of 300,000 tonnes per year.
Furthermore, Antam holds a 40% stake in the Smelter Grade Alumina (SGA) Mempawah facility with an installed capacity of 1 million tonnes per year.
As of the first half of 2026, the Company recorded total assets of Rp61.27 trillion, total equity of Rp38.53 trillion, and cash and cash equivalents of Rp9.23 trillion.
This financial position serves as a foundation for Antam in executing its growth agenda while prioritising principles of prudence, investment discipline, and risk management.
“We will continue to maintain the balance between business growth, investment discipline, and risk management. Every development agenda will be carried out prudently to provide optimal added value while maintaining the long-term financial health of the Company,” said Arini.