PT Aneka Tambang Tbk (ANTAM) is Indonesia’s flagship diversified mining company and a state-owned enterprise under Mining Industry Indonesia, playing a key role in the country’s downstream industrialization and EV ambitions. With core strengths in gold, bauxite and alumina, and nickel, ANTAM is evolving toward international benchmarks as a diversified resources group. 

In the first nine months of 2025, ANTAM delivered one of its strongest financial performances yet. Net profit rose 197 percent to Rp 6.61 trillion, while EBITDA increased 137 percent to Rp 9.33 trillion – attributed to disciplined execution, operational efficiency, and the resilience of its three core commodities. 

Gold remains a strategic pillar; ANTAM sells around 40 tons annually, positioning locally owned Indonesian gold as a trusted store of value. While own-mine production has declined due to resource depletion, ANTAM has secured domestic supply, including an agreement with PT Freeport Indonesia – with implementation progressing in line with operational conditions. The company has also launched digital gold products, responding to growing demand. 

In bauxite and alumina, ANTAM is supporting national industrial resilience. Indonesia imports roughly 70 percent of its aluminum needs. ANTAM’s role is to supply alumina to enable expansion at state-owned INALUM and the overall growth of downstream aluminum products. Commissioning the Mempawah alumina smelter marks a key milestone, complemented by chemical-grade alumina production for industry. ANTAM’s bauxite resource base exceeds current domestic absorption, underlining the opportunity for investment. 

Nickel is the foundational pillar of ANTAM’s mandate within Indonesia’s EV ecosystem. Tasked by the government to expand beyond traditional midstream operations, ANTAM is advancing into higher-value segments of the battery supply chain. ANTAM and IBC are developing a fully integrated, end-to-end EV battery value chain, in partnership with CBL (CATL Group), through a $5.6 billion investment program comprising six joint ventures. These ventures span the entire value chain: mining, rotary kiln electric furnace processing, high pressure acid leach, battery material production, battery cell manufacturing, and recycling. 

The battery cell plant is targeted to commence operations next year, while completion of the full ecosystem is expected by 2029. This initiative will become the world's first fully integrated closed-loop EV battery ecosystem, reinforcing the country’s strategic position in the global energy transition. 

Operational modernization underpins this expansion. Implementing real-time fleet management in its nickel mining operations lifted productivity by 12 to 15 percent, while ANTAM is deploying AI in talent management as mining volumes scale toward 20 million tons per year. The long-term challenge is delivering sustainable performance built on leadership, systems, and people capability. 

Internationally, ANTAM is preparing for selective expansion. The company is actively open to strategic partners, including from the United States, across minerals, technology, and project development. With various major global institutional investors among its largest shareholders, low leverage, and sufficient funding capacity, ANTAM presents itself as both financially solid and globally minded, reinforcing its position as a credible partner in Indonesia’s next phase of resource-led growth.