ANTAM’s stronger volumes put downstream ambitions in sharper focus

Gold and ferronickel provide the strongest operating lift

ANTAM’s nine-month production report is a volume story, led by a 71% increase in ferronickel sales and a 7% rise in gold production. Ferronickel sales reached 13,971 tonnes of nickel in ferronickel (TNi) in the nine months to September, while gold production from the company’s mines rose to 634 kilograms, or 20,384 troy ounces.

The gold figure was helped by a stronger third quarter, when mine production rose 34% year on year to 202 kilograms. Gold sales totalled 7,137 kilograms in the quarter and 25,217 kilograms for the nine months. Those sales volumes include ANTAM’s broader precious-metals business and are not directly comparable with mine production alone. The company’s first-half financial results had already shown gold as the dominant disclosed sales contributor, as reported in the strong first-half results.

Ferronickel sales accelerated particularly sharply in the third quarter, reaching 6,367 TNi compared with 2,419 TNi a year earlier. All ferronickel sales went to export markets, primarily China, India and South Korea. By contrast, all nickel ore sales, totalling 10.73 million wet metric tonnes in 9M26, were directed to Indonesia’s domestic market, including internal feedstock requirements and third-party smelters.

Bauxite and alumina volumes strengthen the domestic chain

Bauxite sales rose 49% year on year to 1.64 million wet metric tonnes, despite production of 1.998 million wet metric tonnes. Third-quarter sales increased almost fivefold to 385,622 wet metric tonnes, although the comparison was against a relatively low 77,482 wet metric tonnes in 3Q25.

Chemical grade alumina production at the Tayan plant reached 153,399 tonnes, up 14%, while sales increased 9% to 146,642 tonnes. ANTAM said the bauxite sold was absorbed domestically, alongside the company’s broader push to supply Indonesia’s alumina-processing industry. The SGAR Mempawah Phase 1 project, operated with PT Indonesia Asahan Aluminium, began commercial operations in February 2026 with stated capacity of 1 million tonnes of alumina a year.

Battery and downstream projects remain the strategic wager

The report places the operating numbers inside a much larger industrial strategy. ANTAM said its nickel project with HKCBL, part of the CATL Group, had completed preliminary work, permitting and financing preparations, with EPC construction in East Halmahera having started in the fourth quarter of 2025.

ANTAM, Indonesia Battery Corporation and HYD Investment Limited signed a framework agreement in January 2026 covering an integrated nickel-to-battery ecosystem, including resource management, processing, refining and battery production. The filing does not provide project funding requirements, completion dates or expected economics, leaving execution and capital discipline as the important unanswered parts of the downstream story. The initiative builds on the government-backed battery program approved at ANTAM’s 2025 annual meeting.

Dividend returns compete with expansion demands

ANTAM distributed Rp5.05 trillion in cash dividends for fiscal 2025, equivalent to Rp209.98867 per share or Rp1,049.94335 per ASX CDI. The payout represented 70% of net income attributable to owners of the parent entity, and was 38% higher than the Rp3.65 trillion distributed for fiscal 2024. The distribution was detailed in the Rp5.05 trillion dividend previously reported by the company.

Exploration expenditure was Rp134.39 billion on a preliminary, unaudited basis during 9M26, covering gold, nickel and bauxite prospects. Work continued across Pongkor, North Konawe, Pomalaa, Marimoi, Lililef Sawai, Buli, Tayan and Landak, while some areas remained subject to forestry permits, approvals or other administrative processes.

The report is positive on operating volumes but deliberately incomplete as an earnings update: it contains no nine-month revenue, profit, cash-flow or balance-sheet figures. The next financial disclosure will therefore have to show how much of the stronger sales activity translated into margins, cash generation and funding capacity for the battery, alumina and precious-metals projects.