ANTAM Posts 68% Surge in Gold Sales, Boosts Nickel and Bauxite Production in FY24
ANTAM has reported an all-time high in gold sales for FY24 alongside robust production in nickel and bauxite, underpinned by strategic partnerships and a strong sustainability agenda.
- Record gold sales of 43,776 kg in FY24, up 68% from 2023
- Nickel ore production reached 9.94 million wet metric tons
- Ferronickel production stable at 20,103 tons of nickel in ferronickel
- Strategic collaboration with PT Freeport Indonesia to secure domestic gold supply
- Sustainability initiatives include PLN power supply for ferronickel plant and multiple ESG awards
Record-Breaking Gold Sales and Production Highlights
PT ANTAM Tbk (ASX: ATM, IDX: ANTM) has delivered a landmark performance in its FY24 results, posting an unprecedented 43,776 kilograms of gold sales, a 68% increase over the previous year. This surge was supported by a gold production volume of 1,019 kilograms, reflecting both strong market demand and effective operational execution.
The company’s gold segment benefited from a strategic cooperation agreement with PT Freeport Indonesia, securing a steady supply of 30 tons of 99.99% pure gold annually. This partnership not only strengthens ANTAM’s domestic gold supply chain but also reinforces its position as Indonesia’s leading precious metals refiner accredited by the London Bullion Market Association.
Robust Nickel and Bauxite Operations Sustain Growth
Alongside gold, ANTAM maintained solid performance in nickel and bauxite commodities. Nickel ore production reached 9.94 million wet metric tons, with sales of 8.35 million wet metric tons, while ferronickel production remained stable at 20,103 tons of nickel in ferronickel. The company expanded its ferronickel export markets beyond China to include India and South Korea, signaling a diversification strategy amid recovering global demand.
Bauxite production also grew, reaching 1.33 million wet metric tons, supporting downstream alumina production at the Tayan Chemical Grade Alumina Plant. Alumina sales increased 24% year-on-year, underscoring ANTAM’s commitment to strengthening Indonesia’s aluminum industry integration.
Strategic Acquisitions and Collaborations Fuel Future Prospects
In a notable move to deepen its downstream nickel capabilities, ANTAM’s subsidiary PT Gag Nikel acquired a 30% stake in PT Jiu Long Metal Industry, a subsidiary of Eternal Tsingshan Group Limited. This acquisition is expected to enhance nickel ore sales and contribute additional revenue streams, aligning with Indonesia’s broader electric vehicle ecosystem development goals.
Furthering its sustainability agenda, ANTAM secured a 150 MVA electricity supply from state utility PLN to power its Kolaka ferronickel smelter, enabling a shift away from fossil fuels and supporting national decarbonization efforts. This initiative is part of ANTAM’s broader ESG strategy, which earned the company multiple accolades including the 2024 Subroto Award for societal and environmental contributions and a Silver Rating at the Asia Sustainability Reporting Rating (ASRRAT) Awards.
Navigating Regulatory Challenges and Market Volatility
Despite regulatory headwinds and global macroeconomic volatility impacting supply-demand dynamics, ANTAM’s cost leadership and operational innovation programs have fortified its competitive position. The company achieved zero fatalities in mining operations, reflecting a strong occupational health and safety culture.
Looking ahead, ANTAM is poised to leverage its strengthened production base, strategic partnerships, and sustainability commitments to drive growth in 2025. The company’s focus on domestic market expansion, operational reliability, and energy transition initiatives will be critical in navigating ongoing market uncertainties.
Bottom Line?
ANTAM’s record gold sales and strategic expansions set a robust foundation, but market and regulatory shifts will test its momentum in 2025.
Questions in the middle?
- How will ANTAM’s acquisition of PT Jiu Long Metal Industry impact nickel downstream margins?
- What are the risks and opportunities from ANTAM’s expanded ferronickel export markets beyond China?
- How effectively can ANTAM balance growth ambitions with evolving regulatory and sustainability demands?
