Danantara Boss Reveals Secrets of ANTAM's Gold Business
The majority of PT Aneka Tambang Tbk’s (ANTAM) revenue has so far come from gold trading activities, not from the company’s own gold mining output, according to Dony Oskaria, Head of BP BUMN and COO of Danantara.
Dony made the remarks while discussing the transformation direction for the mining, energy, and downstream processing sectors currently being pursued by Danantara together with state-owned enterprises under its umbrella.
“ANTAM’s business is mostly—perhaps other colleagues are less aware—that ANTAM’s majority revenue comes from trading, gold trading,” Dony said on CNBC Indonesia’s Squawk Box on Monday (24/8/2026).
He explained that the gold mines actually owned and operated by ANTAM are small in scale. Meanwhile, most of the company’s revenue comes from gold buying and selling activities.
“We are currently tidying this up as well—how to make the gold trading grow even larger, while at the same time the mining side of Aneka Tambang also increases. So this is what we are doing, because their gold mines, ANTAM’s gold mines, are actually very small,” he explained.
Dony said Danantara is carrying out gradual improvements at ANTAM so that the two business lines—gold trading and multi-metal mining—can grow in a balanced manner. These improvements are ultimately expected to boost ANTAM’s dividend contribution to Danantara.
“We are making improvements one by one. And the hope is that later MIND ID (Mining Industry Indonesia) will provide a fairly large dividend contribution for us. This transformation is also underway,” he said.
The overhaul at ANTAM is part of a broader transformation being carried out by Danantara in the mining and energy cluster, which also includes a bauxite-to-alumina downstreaming project in Mempawah, battery development, a restructuring of Timah’s business model, and the development of the Buton asphalt mine as an import substitute.
“A lot is being done at our mining companies under MIND ID. For example, what we are currently doing is alumina—the alumina project in Mempawah. From bauxite to alumina, then from alumina to aluminium,” Dony concluded.