Downstreaming Policy to Become Future Foundation, Benefiting Antam's Business
The CEO of the Daya Anagata Nusantara Investment Management Agency (BPI Danantara), Rosan Roledged, has asserted since early 2026 that mineral downstreaming is the foundation for Indonesia’s industrial future and energy transition. Consequently, through Danantara, Rosan is encouraging long-term investment underpinned by strong governance and sustainability principles.
“This is being done so that the strategic value of Indonesia’s resources grows and remains within the country,” stated Rosan, as reported on Tuesday (7/7/2026).
As one of the State-Owned Enterprises (SOEs), Rosan also supports the participation of PT Aneka Tambang (Persero) Tbk, known as Antam, in nickel downstreaming. Nickel downstreaming is a crucial pillar in the energy transition through the provision of raw materials for green technology, such as nickel and copper for batteries, particularly in supporting the national electric vehicle (EV) ecosystem.
In the long term, the growth of the electric vehicle battery industry is expected to increase the added value of the company’s nickel business.
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 said.
Antam has partnered with PT Industri Baterai Indonesia (IBI) and is collaborating with HYD Investment Limited—a consortium consisting of 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.
Production capacity in the first phase will soon be increased through expansion plans to reach a minimum of 15 GWh. This volume is estimated to be equivalent to the requirements for approximately 250,000 electric vehicles.
The total initial investment for the entire integrated upstream-downstream battery project reaches US5.9billion, orapproximatelyRp96.04trillion(assuminganexchangerateofRp16, 278perUS).
The project consists of a total of six joint ventures (JV), ranging from upstream to downstream projects. Specifically, JVs one to three focus on the upstream battery ecosystem, while JVs four to six focus on the downstream battery ecosystem.
Notably, Antam recorded a positive performance with a current year profit of Rp7.92 trillion for the 2025 fiscal year. This achievement represents a 106% surge compared to the 2024 current year profit of Rp3.85 trillion.
This profit growth aligns with the company’s revenue increase of 22% to Rp84.64 trillion in 2025, compared to Rp69.19 trillion in the previous year. This performance was primarily supported by the gold and nickel businesses.