Metal Mining Stock Prospects Remain Bright, Here Are Analysts' Recommendations
The prospects for metal mining stocks are expected to remain attractive until the end of 2026. A number of analysts see production recovery, continued mineral downstreaming, and still-high gold prices and demand for metals for the energy transition as catalysts that can support the performance of issuers in this sector.
However, investors still need to pay attention to a number of risks that could affect the performance of the metal mining sector. These range from fluctuations in global commodity prices, changes in mining and downstreaming policies, to geopolitical developments that could affect energy costs.
Here are stock recommendations for the metal mining sector by each analyst for Monday’s trading (13/7):
Year 2026 will be an important turning point for AMMN after the transition from Batu Hijau Phase 7 to Phase 8 is completed in 2025. With the completion of stripping low-grade overburden, the company is entering a much more productive mining cycle. Phase 8 has reserves of 442 million tonnes, or about 63% of AMMN’s total reserves. We estimate Phase 8 will produce a mine volume of 800 thousand dry metric tonnes in FY26, an increase of 79.1% year-on-year.
Recommendation: Buy
Target price: Rp 6,500
Analyst: KB Valbury Sekuritas, Ashalia Fitri Yuliana
In addition to its main business in the tin sector, TINS is also starting to develop a rare earth elements (REE) business. The company has signed a cooperation agreement with PT Perusahaan Mineral Nasional (PERMINAS) through a Conditional Framework entitled Sovereign Strategic Mineral Cooperation Framework for Tin Slag, Monazite & REE/LTJ Processing in Bangka. The cooperation focuses on the processing of tin slag, monazite, and rare earth elements in Bangka Belitung and has been effective since 20 May 2026.
Recommendation: Buy
Target price: Rp 4,230
Analyst: PT Binaartha Sekuritas, Eka Rahmawati Rahman
The Pomalaa High Pressure Acid Leach (HPAL) project will utilise limonite ore with high magnesium content. This characteristic allows for approximately 27% lower sulphur consumption compared to other HPAL plants in Indonesia. We also assess that INCO’s partner, Huayou, has the potential to prioritise the development of the Pomalaa HPAL project over other projects. INCO also revealed the possibility of easing government policies, both regarding the Mineral Reference Price (HPM) and the nickel mining Work Plan and Budget (RKAB).
Recommendation: Buy
Target price: Rp 9,500
Analyst: UBS Sekuritas Indonesia, Igor Putra
ANTM’s gold sales volume throughout 2026 is estimated to reach around 40 tonnes. At the same time, global gold prices remain above the level of US$ 3,000 per troy ounce, thus supporting the company’s profitability. In addition, nickel ore sales volume is expected to increase following the approval of the Work Plan and Budget (RKAB) of 18.1 million wet metric tonnes (wmt), higher than the realisation of 16 million wmt in 2025. However, the potential for a mid-year RKAB revision could trigger short-term volatility in the average selling price (ASP) of nickel ore.
Recommendation: Buy on Weakness
Target price: Rp 3,000
Analyst: MNC Sekuritas, Herditya Wicaksana