Jakarta. State miner Aneka Tambang (ANTM) is expanding its gold business with plans to add 30 to 40 tons a year of precious-metal manufacturing capacity as domestic demand continues to grow.

Gold generated Rp 50.39 trillion ($3.18 billion), or about 80% of Antam's revenue, in the first half of 2026. Gold sales reached 18.08 tons during the period, while production from the company's own mines totaled about 433 kilograms.

Antam Finance and Risk Management Director Arini Kasmira said the company would strengthen its gold business across the supply chain, from raw materials and manufacturing to product availability and market access.

“In the first half, gold volume was around 18.1 tons, contributing Rp 50.39 trillion, or around 80% of our revenue,” Arini said at the company's Public Expose Live 2026 on Thursday.

Antam's Logam Mulia products hold more than 60% of the domestic market, supported by consumer confidence in their quality and purity, as well as the credibility of the company's gold-refining facilities.

The company is preparing a new Logam Mulia manufacturing facility in Gresik, East Java, with annual capacity of 30 to 40 tons.

“We expect this capacity increase to strengthen our ability to capture the significant trend in domestic gold demand,” Arini said.

The facility, planned for the Java Integrated Industrial and Port Estate (JIIPE) in Gresik, is part of Antam's gold downstream strategy. It is also expected to use gold supplied by PT Freeport Indonesia's refinery in Gresik.

Strong First-Half Results

Antam's net sales rose 6% year on year to Rp 62.71 trillion in the first half. Gold accounted for nearly 80% of sales, while nickel ore and ferronickel contributed Rp 10.41 trillion, or 17%.

Nickel sales rose about 32% year on year. Nickel ore production reached 7.8 million tons, with sales of 6.8 million tons.

Antam's net profit rose 34% to Rp 6.91 trillion, while EBITDA increased 35% to Rp 9.62 trillion.

The company is also pursuing downstream nickel projects, including rotary kiln electric furnace (RKEF) and high-pressure acid leach (HPAL) facilities, as well as electric-vehicle battery projects with Indonesia Battery Corporation.

In its bauxite and alumina business, Antam is strengthening its value chain through its Chemical Grade Alumina facility in Tayan and its involvement in the Smelter Grade Alumina project in Mempawah.

Arini said Antam would assess downstream investments based on project economics, returns, risks, capital requirements, payback periods and potential value creation.

“The most important thing is to ensure that this growth translates into real value creation and sustainable returns for shareholders,” she said.

Antam's strategy is therefore focused on expanding its gold business while developing downstream nickel and alumina operations and maintaining cost and capital discipline.

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