Not Just Chasing Production, Antam Plays a Strategic Downstream Role
Jakarta, CNBC Indonesia - Mining industry holding company MIND ID has revealed that gold production at PT Antam Tbk is now below one tonne, reaching only around 743 kilograms (kg) per year.
MIND ID President Director Maroef Sjamsoeddin said this figure accounts for only around 0.83% of total national gold production. Meanwhile, the remaining 99.17% is dominated by other companies.
“As an illustration, Antam’s gold production is only 743 kg, or 0.83% of national production. If this data is wrong, I will demand accountability. The 99.17% comes from other companies,” Maroef said at the Mindialogue 2026: Minerals for Indonesia’s Economic Stability event on Wednesday, 12 August 2026.
Given this disparity, Maroef believes that efforts to strengthen Antam must no longer focus solely on strategic aspects, but must also focus on strengthening its strategic role in the downstream sector.
“This condition shows that strengthening Antam is not solely directed at increasing mine production but at strengthening its strategic role downstream,” he said.
Previously, PT Antam Tbk disclosed that the company is currently seeking new gold reserve sources, including exploring opportunities for exploration abroad. This comes as gold reserves at the Pongkor Gold Mining Business Unit (UBPE) continue to dwindle.
PT Aneka Tambang Tbk (Antam) President Director Untung Budiharto revealed that gold production from UBPE Pongkor is currently below one tonne per year, in fact only around 450 kilograms (kg) per year.
“We can currently only produce below one tonne, sir, in fact 450 kg per year, sir, so this is very minimal and the only gold mine owned by Pongkor, at Antam it is Pongkor, sir,” Untung said in a hearing with Commission VI of the Indonesian House of Representatives recently.
Therefore, to meet production needs, Antam has been relying on various sources, ranging from buyback programmes, purchases from domestic smelters, to imports from abroad in the event of supply shortages.
On the other hand, the company has also been assigned to explore new reserve sources domestically. These activities will begin with social studies in a number of regions, including East Java.
“However, the timeline cannot be fast, sir. If I were asked, it would take five years before mining could begin, sir, to obtain the reserves and resources there,” he said.
In addition to domestic exploration activities, Antam is also preparing a number of other strategies to strengthen its gold reserves. One of these is exploring expansion opportunities abroad, including in Saudi Arabia.
“As well as exploring overseas exploration opportunities that we are currently pursuing in Saudi Arabia. This strategy is designed to balance the optimisation of existing assets with opening up new growth opportunities,” Untung said.