PT Aneka Tambang (Antam) commits $723 million for mining expansion, aims for long-term growth

In a strategic move to solidify its position in the global mining sector, PT Aneka Tambang (Antam), a member of PT Mineral Industri Indonesia (Persero) or MIND ID, a government-owned holding company, has earmarked a significant capital expenditure (Capex) of $723 million (Rp11.46 trillion) over the next five years. The investment will focus on accelerating exploration efforts in gold, bauxite, and nickel, key commodities in Indonesia’s mineral landscape.

Antam’s General Manager, Abdul Bari, emphasised the company’s commitment to sustainable growth, noting that Antam will maintain its exploration budget at over 1 per cent of total production income. This prudent strategy ensures that the company remains at the forefront of resource discovery and extraction while balancing its financial health.

On November 25, 2024, Abdul Bari said, "This is a forecast plan for how we achieve 15-20 per cent of the mandate submitted by the Ministry of Energy and Mineral Resources."

Antam aims to boost its gold resources by up to 15 per cent over the next five years, though current reserves remain approximately 10 per cent below projections. In the nickel sector, the company is targeting a 15 per cent increase in estimated resources, with reserves comprising up to 26 per cent of the National Reserve Ownership.

For bauxite, both resources and reserves are expected to grow by 15 per cent within the same five-year period.

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