PT Aneka Tambang (Persero) Tbk

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 8.1/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Antam obtained the "Kuasa Pertambangan Eksploitasi" (Exploitation Mining Authority) covering 4,058 hectares for the Pongkor deposit (West Java) in 1991, following the 15-year exploration campaign that preceded it, per Indonesia's Ministry of Energy and Mineral Resources (ESDM) own minerba.esdm.go.id article. Exact day/month within 1991 not found. Chosen as the anchor asset for ATM's stage=PRODUCTION claim (see this miner's existing COMMERCIAL_PRODUCTION row, which notes no single company-wide date exists for this diversified nickel/gold state-owned miner). · Source
2. Construction decision (FID)

   Reached — date not disclosed · Task #922: written as a real, undated MinerConstructionMilestone row (achievedDate intentionally null). PT Aneka Tambang's Pongkor gold deposit (West Java) demonstrably reached a construction decision: mine and infrastructure development started in 1992 following 15 years of geological exploration, and first gold was poured June 1994 (this miner's own FIRST_PRODUCTION row). Consolidating this miner's own constructionMilestone:CONSTRUCTION_DECISION MetricStatus research (Task #672): no discrete, dated board or state approval-to-build event distinct from the 1992 development start was found, for a structural reason rather than a mere search failure -- this is a pre-internet-era approval inside a state-owned enterprise (Antam did not IPO on the Jakarta exchange until 1997), where the decision to develop would have been an internal/ministerial act rather than a disclosed board FID to public shareholders. Recorded as reached-but-undated rather than misdating the 1992 development start into a decision date, per that research's own explicit caution.
3. Construction start

   Reached — date not disclosed · "Mine and infrastructure development started in 1992 following intensive geological exploration over 15 years" at Pongkor (AusIMM Eighth Underground Operators' Conference paper), directly following the 1991 permit grant (see this miner's PERMIT_GRANTED row). Corroborated by Indonesia's ESDM ministry (minerba.esdm.go.id), which specifically dates a 12.5km access road built with ABRI Masuk Desa military-assisted-development support to 1992, marking the start of infrastructure works. Exact month within 1992 not found. · Source
4. First pour / production

   Jun 1994 · "First gold production was in June 1994" at Pongkor (AusIMM Eighth Underground Operators' Conference paper), from the 500 t/d mill built during the 1992-1994 construction phase (see this miner's CONSTRUCTION_START row). Exact day within June 1994 not found -- day-of-month set to the 1st as a placeholder for month precision only; treat as REACHED-BUT-UNDATED at June 1994, not a confirmed day. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Antam is an Indonesian state-owned diversified miner with a multi-decade, multi-commodity operating history spanning nickel ore/ferronickel, gold, bauxite, and coal across numerous sites (Pomalaa, Buli, Tayan, Cibaliung, Pongkor legacy, and others), predating any single trackable milestone. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. Note: Miner.commodity is tagged NICKEL (Antam's largest single segment) though the company is genuinely multi-commodity, an existing DB categorization not altered by this milestone-only write. · 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.

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 the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.