Editor’s Note
- Antam’s Strategy: From Mine to Battery
- Antam’s Transformation: Investing in the EV Industry
- Antam’s Three Pillars of Strength
- Antam’s Future Vision
- National Economic Impact
Antam’s Strategy: From Mine to Battery
Antam, a successful mining company focused on gold, nickel, and bauxite, has made a bold decision to transform into the electric vehicle battery (EV) battery industry.
Although gold still generated 81% of revenue in the third quarter of 2025, Antam envisions a future beyond raw materials.
Antam has the ambition to build the world’s first integrated supply chain for EV batteries, from nickel mining to battery cell production.
To achieve this, Antam is partnering with CATL, the world’s largest battery manufacturer, with an investment of $6 billion. This project is expected to create 35,000 new jobs and contribute $42 billion annually to GDP. Despite risks such as fluctuations in commodity prices, regulatory changes, and gold demand, Antam aims to strike a balance between its profitable traditional operations and an ambitious vision in the EV battery industry.
Antam’s transformation: investing in the EV industry
Antam, a highly successful mining company, has decided to implement a major transformation by investing in the electric vehicle battery industry.
Antam experienced financial growth of 1003%, demonstrating the company’s significant success.
Antam’s three pillars of strength
Antam’s current strength is supported by three key pillars:
*Gold: Contributed 81% to Antam’s total revenue in the third quarter of 2025, valued at 58.7 trillion rupiah in a single quarter. *Nickel: A production record of 16.1 million WMT (wet metric tonnes) was broken, demonstrating dominance in the industrial metal sector.
*Bauxite: With a production of 2.8 million wet tonnes, Antam is also a major player in the aluminum oxide supply chain.
Antam’s Future Vision
Antam aims not only to be a raw materials producer but strives to build a complete ecosystem, from mining to batteries, with the goal of creating the world’s first integrated supply chain for electric vehicle batteries.
Antam will control every production step, from the extraction of nickel ore, its processing and refining, and its conversion into key components such as precursors and cathodes, to complete battery cells.
This project involves an investment of $6 billion, demonstrating the gravity and scale of this transformation.
National Economic Impact
It is estimated that this project will create 35,000 new jobs and contribute up to $42 billion annually to GDP. Antam’s valuation, based on price-to-book ratio (PBV), is in the mid-range compared to competitors.
Three key risks to watch are fluctuations in global commodity prices, potential government changes to nickel export regulations, and fluctuations in market demand for gold.
Antam aims to strike a balance between its traditional, profitable activities (gold) and its ambitious vision in the electric vehicle battery industry. Successfully combining these two worlds will determine Antam’s future. ***tok
