PT ANTAM (ASX:ATM) posted a 12% rise in gold production in 2Q26 and advanced key downstream projects including EV battery ecosystem development, while securing multiple ESG awards.
- 12% increase in 2Q26 gold production to 232 kg
- Ferronickel sales jump 32%, fully exported
- Nickel ore production aligns with domestic demand
- Expansion of alumina refinery and battery ecosystem projects
- Green PROPER and investor relations awards highlight ESG focus
Strong Gold Production Boosts 1H26 Output
PT ANTAM (ASX:ATM) recorded a notable 12% increase in gold production during the second quarter of 2026, reaching 232 kg (7,459 troy ounces), up from 208 kg in the same period last year. This lifted the half-year total to 433 kg, underpinning the company’s continued operational momentum in its precious metals segment. Gold sales for 1H26 stood at 18,080 kg, reflecting sustained market demand and effective marketing strategies.
Nickel and Ferronickel Reflect Domestic and Export Dynamics
Nickel ore production hit 7.78 million wet metric tons (wmt) in 1H26, with sales of 6.77 million wmt fully absorbed by the domestic market. This supply supports ANTAM’s ferronickel plants and third-party smelters, reinforcing the company’s role in Indonesia’s mineral downstreaming. Ferronickel sales surged 32% to 7,605 tons of nickel in ferronickel (TNi), with all volume destined for export markets, primarily China, India, and South Korea, key hubs for stainless steel production.
Bauxite and Alumina Production Expand
Bauxite output reached 1.28 million wmt in 1H26, with sales up 24% to 1.26 million wmt, wholly serving domestic customers. Chemical Grade Alumina (CGA) production and sales also rose, with 100,257 tons produced and 100,437 tons sold, reflecting a 12% and 10% increase respectively. These gains support ANTAM’s joint venture operation of the Phase I Smelter Grade Alumina Refinery in Mempawah, which started commercial operations in February 2026.
Downstream Projects and Strategic Partnerships Gain Traction
ANTAM is advancing its integrated mineral downstreaming strategy, a cornerstone of its long-term growth. The company has entered the construction phase of its EV battery ecosystem project in East Halmahera, collaborating with HKCBL (CATL Group). It also signed a Framework Agreement with Indonesia Battery Corporation and HYD Investment Limited to develop a comprehensive nickel-based battery ecosystem, covering mining to battery cell manufacturing and recycling.
In the precious metals space, ANTAM is developing a manufacturing facility at the Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, aiming to boost domestic market penetration and value creation. Additionally, ANTAM expanded its bullion industry footprint through strategic partnerships with PT Bank Syariah Indonesia and PT Pegadaian, enhancing digital gold investment solutions and precious metals distribution networks.
Sustainability and Governance Recognitions Highlight ESG Commitment
ANTAM received the Green PROPER Award from Indonesia’s Ministry of Environment for exemplary environmental management across five business units. The company’s initiatives include waste management, energy efficiency, greenhouse gas reduction, and community empowerment programs. It also maintained its position in three key ESG indices for the June-November 2026 period, reinforcing its reputation as a sustainability leader in the mining sector.
Investor relations accolades followed at the 16th Institutional Investor Corporate Awards 2026, where ANTAM secured top rankings for senior management IR support, consistent dividend policy, corporate governance adherence, and investor relations organisation. Its Director of Finance and Risk Management was named Best CFO in Indonesia, reflecting strong financial stewardship.
Exploration Activities Support Resource Base
Exploration efforts continued across gold, nickel, and bauxite areas, with activities including drilling, geological mapping, and geochemical analysis in locations such as Pongkor, North Konawe, Pomalaa, Marimoi, and Tayan. These initiatives aim to sustain and expand ANTAM’s mineral resource and reserve base, critical for future production and development projects.
Meanwhile, the company’s Annual General Meeting approved management changes and endorsed a government special assignment to accelerate nickel downstreaming and the national EV battery ecosystem development, signalling strong alignment with Indonesia’s industrial policy.
Bottom Line?
ANTAM’s production gains and downstream investments position it well for Indonesia’s evolving mineral economy, but execution risks in large-scale projects and market volatility warrant close monitoring.
Questions in the middle?
- How will ANTAM’s EV battery ecosystem project impact its revenue mix over the next 3-5 years?
- Can the company sustain its gold production growth amid fluctuating global precious metals markets?
- What operational challenges might arise from scaling up alumina refinery capacity in the SGAR Phase II project?