ANTM Becomes Key Player in Nickel Downstreaming, Business Prospects Brighten

Indonesia is entering a critical phase in its energy transition journey, which will form part of the foundation of the future economy. PT ANTAM (Persero) Tbk (ANTM), as a state-owned enterprise, is also participating in this important phase, notably through nickel downstreaming. Downstreaming has become a crucial pillar in the energy transition by providing raw materials for green technology, such as nickel and copper for batteries, particularly to support the national electric vehicle (EV) ecosystem. In the long term, the growth of the EV battery industry can enhance the added value of the company’s nickel business. ANTM has partnered with PT Industri Baterai Indonesia (IBI) and collaborated with HYD Investment Limited, a consortium comprising Zhejiang Huayou Cobalt Co., Ltd., EVE Energy Co., Ltd., and PT Daaz Bara Lestari Tbk, to develop an integrated EV battery ecosystem in Indonesia. The construction of the factory located in Karawang, West Java, has reached 90% progress and is targeted to commence commercial operations by the end of July 2026. The production capacity in the first phase will soon be increased through an expansion plan to reach a minimum of 15 GWh. This volume is estimated to be equivalent to the needs of approximately 250,000 electric vehicles. The total initial investment for the entire upstream-to-downstream integrated battery project amounts to US5.9billion, orequivalenttoRp96.04trillion(assuminganexchangerateofRp16, 278perUS). The project consists of a total of six joint ventures (JVs) spanning from upstream to downstream. Specifically, JVs one to three constitute the upstream battery ecosystem, while JVs four to six form the downstream battery ecosystem. ANTAM’s President Director, Untung Budiharto, explained that the company is committed to accepting special assignments from the government to accelerate the nickel downstreaming programme and the development of the national EV battery ecosystem. ‘Through various integrated strategic projects, ANTM is not only increasing added value but also supporting the strengthening of national industrial independence and Indonesia’s position in the global industrial supply chain,’ he stated. Throughout 2025, ANTM’s nickel ore production reached 16.11 million wet metric tons (wmt), an increase of 62% compared to the 2024 production achievement of 9.94 million wmt. In terms of marketing, nickel ore sales were recorded at 14.58 million wmt, growing 75% compared to 8.35 million wmt in 2024. Driven by rising domestic demand, 2025 marked ANTM’s highest nickel ore production and sales performance in more than a decade since the imposition of the mineral export ban. Meanwhile, for ferronickel products amidst domestic regulatory dynamics throughout 2025, ANTM maintained operational stability by recording production of 16,064 tonnes of nickel in ferronickel (TNi), with a sales volume of 10,528 TNi.