Indonesian Miner PT Aneka Tambang (Antam) Reports Strong Q1 2025 Financial Results, Led by Gold and Nickel Sales Surge

Published: May 13, 2025 19:27

Save

In Q1 2025, Indonesian state-owned miner PT Aneka Tambang (Antam) delivered strong financial results, with gold remaining the primary revenue driver at 83% of total sales, fueled by surging demand and the launch of its digital platform. However, the standout growth came from the nickel segment, where total sales (ferronickel and nickel ore) jumped 581% to Rp3.77 trillion. Nickel ore production rose 221% to 4.63 million wmt, with sales up 281%, while ferronickel output reached 4,498 tons of nickel. This robust nickel performance contributed to a tenfold rise in net profit to Rp2.32 trillion and a major turnaround in operating profit. ANTAM also saw growth in bauxite and alumina, and was praised by MIND ID for its exceptional progress.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 4, 2026 17:02

[SMM Analysis] The April turn: how Chinese stainless mills came around to higher NPI prices

Three distinct phases — scrap competition, supply-side cost shocks, and a refined nickel rally — show how pricing power for the world's dominant stainless steel feedstock now sits less in Jakarta than on the LME and SHFE.

May 4, 2026 17:02

May 4, 2026 15:09

【SMM Flash News】Indonesia's HMA Nickel Increased in Early May, Smelters Have Transitioned to New Benchmark System

Following the revision of Indonesia’s HPM formula to include Iron, Cobalt, and Chromium, SMM expects the pricing impact to vary significantly. According to SMM’s internal assumptions, Saprolite (20% Fe, 1% Cr, 0.05% Co) and Limonite (45% Fe, 2% Cr, 0.10% Co), calculated against the latest HMA benchmarks of $17,802/dmt for Nickel, an increase of 5.13%, $55,854/dmt for Cobalt, $1.56/dmt for Iron, and $6.37/dmt for Chrome. This modeling illustrates the impact of byproduct levels on the new benchmarks. These figures serve as a reference, though actual valuations will vary by mine geography and ore characteristics. • Ni 1.2%: USD 47.82/wmt (↑ $1.76) • Ni 1.3%: USD 52.34/wmt (↑ $1.98) • Ni 1.4%: USD 57.30/wmt (↑ $2.14) • Ni 1.5%: USD 62.28/wmt (↑ $2.38) • Ni 1.6%: USD 67.49/wmt (↑ $2.63)

May 4, 2026 15:09

May 4, 2026 11:34

[SMM Stainless Steel Flash] UK/EU Steel Prices Surge Amid Tariffs; India Grants Relief to SMEs

The UK plans to impose 50% steel tariffs and a 60% quota cut starting July 2026, potentially driving prices above €1,000/ton, causing the highest in Europe. Similarly, EU steel prices have risen 20% since October 2025, with a 34% total surge expected by mid-2026 due to new safeguards and CBAM. In stark contrast, the Indian Ministry of Steel issued a decree on April 27, 2026, exempting MSMEs from QCO compliance for specific stainless steel imports until October 2026. While Europe faces criticism for strangling its manufacturing backbone with bureaucracy and duties, India is moving to de-bureaucratize and support its smaller industrial players.

May 4, 2026 11:34