PT Aneka Tambang (Persero) Tbk
PT Aneka Tambang (Persero) Tbk (Antam) is Indonesia's largest state-controlled nickel and gold producer, majority-owned via the state mining holding company MIND ID. Its primary listing is on the Indonesia Stock Exchange (IDX: ANTM), with a secondary line of CHESS Depositary Interests on the ASX (ASX:ATM). Price and market cap are IDX-based, on 24.03 billion shares outstanding.
Notable vs. Peers
- Financials score of 5.6/10 is stronger than the peer average of 2.4/10.
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 8.1/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed
- Reached — date not disclosed · Source
- Jun 1994 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: tailings facility.
Jurisdiction (40%)5/10
Indonesia has an established, large-scale mining sector and state backing, but carries real resource-nationalism/export-policy risk (nickel export bans, evolving downstream-processing mandates).
Infrastructure (40%)8.6/10
A confirmed mill, confirmed road access, confirmed grid power, and no confirmed tailings facility at Nickel Mining Operations.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
PT Mineral Industri Indonesia (Persero) (MIND ID) holds 65% (reported 1 Jun 2026) See holders
Already majority-controlled, so a sale is its controlling holder's decision; the toehold-then-takeout pattern this input measures doesn't apply.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:5/10
Indonesia: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:4/10
Primary commodity: Nickel
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President Director of PT Aneka Tambang (Persero) Tbk (Antam), appointed following an Extraordinary General Meeting of Shareholders in December 2025.
President Commissioner (Komisaris Utama) of PT Aneka Tambang (Persero) Tbk as of 31 March 2026.
Independent Commissioner (Komisaris Independen) of PT Aneka Tambang (Persero) Tbk as of 31 March 2026.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
PT Aneka Tambang (Antam) is an Indonesian state-controlled miner, majority-owned through the state mining holding company MIND ID, with its primary listing on the Indonesia Stock Exchange and a secondary line on the ASX. It mines nickel ore and produces ferronickel at the Pomalaa complex in Southeast Sulawesi, mines nickel ore in East Halmahera, North Maluku, and also mines bauxite and gold; gold has been mined at Pongkor since June 1994. Nickel is treated as its primary commodity because most of Antam's gold sales are metal bought from third parties and refined at its Logam Mulia refinery: gold was 78.5% of 2025 sales, but nickel was 77.3% of 2025 revenue from metal Antam mined itself. Antam does not publish a company-wide or single-mine NPV, IRR or mine life, and it reports nickel reserves as ore tonnage (493.91 million wet metric tonnes) rather than contained metal.