PT Antam (Persero) Tbk (ASX:ATM) Lifts Ferronickel Sales 71% and Bauxite 49% in the First Nine Months of 2026

Sonal Goyal

28 October 2026 01:08 PM AEDT

PT Antam (Persero) Tbk (ASX:ATM) Lifts Ferronickel Sales 71% and Bauxite 49% in the First Nine Months of 2026

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Key Highlights

Gold production from Antam's mines reached 634 kg (20,384 troy oz) in 9M26, up 7%, while gold sales totalled 25,217 kg (810,745 troy oz).
Ferronickel sales rose 71% to 13,971 TNi, all sold to export markets, and production reached 11,638 TNi.
Bauxite sales increased 49% to 1.64 million wmt, and Chemical Grade Alumina production rose 14% to 153,399 tons.
Antam paid Rp5.05 trillion in dividends for fiscal 2025, up 38% from Rp3.65 trillion a year earlier.

PT Antam (Persero) Tbk (ASX:ATM), which also trades on the Indonesia Stock Exchange as ANTM, reported higher gold production and sharply higher ferronickel and bauxite sales in its unaudited quarterly report for the nine months ended 30 September 2026 (9M26). Gold output from the company's mines reached 634 kg, nickel ore production totalled 12.16 million wet metric tons (wmt) and Chemical Grade Alumina production rose 14%. The report also covers a Rp5.05 trillion dividend payment and several downstream projects in nickel, bauxite and gold.

Gold and Silver Volumes

Gold production from the company's mines was 634 kg (20,384 troy oz) in 9M26, up 7% from 590 kg (18,969 troy oz) in 9M25. In the third quarter alone, output was 202 kg (6,494 troy oz), a 34% increase on 151 kg (4,855 troy oz) a year earlier. Gold sales were 7,137 kg (229,460 troy oz) in the third quarter and 25,217 kg (810,745 troy oz) for the nine months, compared with 34,064 kg (1,095,183 troy oz) in 9M25.

Silver production was 3,508 kg (112,785 troy oz) in 9M26 against 3,691 kg in the prior period, and silver sales were 4,984 kg (160,239 troy oz). Antam is marketing its Logam Mulia precious metals through domestic partners. On 8 July 2026 it signed a wholesale distribution partnership with PT Bank Muamalat Indonesia Tbk, covering sales through the bank's branch network and digital channels and Sharia-compliant gold financing.

Nickel Ore and Ferronickel

Nickel ore production was 4.38 million wmt in the third quarter, up 27% from 3.45 million wmt, and 12.16 million wmt for 9M26, compared with 12.55 million wmt in 9M25. Nickel ore sales were 3.96 million wmt in the quarter, up 29%, and 10.73 million wmt for the nine months. All ore was sold domestically, partly as feed for Antam's own ferronickel plant and partly to third-party smelters.

Ferronickel production was 3,850 TNi in the third quarter and 11,638 TNi for 9M26, below the 13,309 TNi of 9M25. Sales moved the other way. Third-quarter sales of 6,367 TNi were 163% above the 2,419 TNi of 3Q25, and nine-month sales of 13,971 TNi were 71% higher than the 8,182 TNi recorded in 9M25. All volumes went to export markets, mainly China, India and South Korea.

Bauxite, Alumina and Downstream Projects

Bauxite production was 718,775 wmt in the third quarter and 2 million wmt for 9M26, down from 2.31 million wmt in 9M25. Bauxite sales of 385,622 wmt in the third quarter compare with 77,482 wmt a year earlier, and nine-month sales of 1.64 million wmt were 49% above the 1.10 million wmt of 9M25, all absorbed domestically. At the Tayan plant operated by PT Indonesia Chemical Alumina, Chemical Grade Alumina production was 53,142 tons in the quarter, up 19%, and 153,399 tons for the nine months, up 14%.

Downstream work includes the SGAR Mempawah Phase 1 project, operated by PT Borneo Alumina Indonesia, a joint venture with PT Indonesia Asahan Aluminium. Commercial operation began in February 2026 with capacity of 1 million tons of alumina per year, and groundbreaking for Phase II, adding up to 1 million tons, was held the same month. In nickel, EPC construction began in East Halmahera in the fourth quarter of 2025 with HKCBL (CATL Group), and Antam, Indonesia Battery Corporation and the HYD consortium led by Zhejiang Huayou Cobalt signed a Framework Agreement on 30 January 2026. Exploration expenditure for 9M26 was a preliminary Rp134.39 billion.

Dividend and Share Data for 9M26

On 10 July 2026 Antam paid Rp5.05 trillion in cash dividends for fiscal 2025, up 38% from Rp3.65 trillion, equal to 70% of net income attributable to owners of the parent. The payout was Rp209.98867 per share, or Rp1,049.94335 per CDI, where one CDI equals five Series B shares. Market capitalisation at 30 September 2026 was Rp76.90 trillion, with an IDX price range of Rp2,530 to Rp4,760 and an average ASX price of AU$0.9830 per CDI during 9M26.

FAQs

Q: How much gold did Antam produce in the first nine months of 2026?

A: Gold production from the company's mines was 634 kg (20,384 troy oz), up 7% year on year, while gold sales totalled 25,217 kg (810,745 troy oz).

Q: How did ferronickel sales change?

A: Ferronickel sales rose 71% to 13,971 TNi in 9M26 from 8,182 TNi, with all volume sold to export markets.

Q: What dividend did Antam pay in July 2026?

A: Antam distributed Rp5.05 trillion for fiscal 2025, up 38% from Rp3.65 trillion, equal to 70% of net income attributable to owners of the parent.

Q: What are Antam's Chemical Grade Alumina volumes?

A: Production rose 14% to 153,399 tons of alumina in 9M26, and sales rose 9% to 146,642 tons.

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