PT Aneka Tambang Tbk, also known as Antam (ANTM), has earmarked a substantial investment of Rp 4.5 trillion for 2024. This funding is set for various strategic projects and both organic and anorganic growth opportunities.
I Dewa Wirantaya, Antam’s Business Development Director, explained that this investment plan takes into account the company’s financial health and expected performance for the year. He pointed out that based on their cash flow from 2023, the company remains confident in its ability to fund these investments through the end of 2024. These remarks were made during a recent press conference.
Breaking down the budget, Dewa shared that about Rp 1 trillion is allocated for mining exploration activities. Another Rp 2 trillion is earmarked for investments in subsidiaries, with the remaining funds being set aside for routine investment needs.
Antam conducts organic exploration across all its Mining Business Permits (IUPs) or mining concessions. The company is also acquiring new IUPs and plans to aggressively carry out explorations in these areas.
Nicolas D. Kanter, CEO of Antam, emphasized the company’s commitment to mining exploration, which is also supported by MIND ID, the state-owned mining holding company. Antam is actively participating in government auctions for mining areas, focusing on blocks of gold and nickel mines.
Nico also highlighted Antam’s readiness to develop mining blocks that were previously part of PT Vale Indonesia Tbk’s (INCO) concessions. In managing these areas, Antam is prepared to partner with regional government-owned enterprises (BUMD).
“We are focused on exploration, and you can gauge our performance by the extent of our capital spending. This is crucial, even though the results may not be visible for the next year or two. We’re also actively participating in mining block auctions,” said Nico.
Alongside its upstream exploration efforts, Antam is also engaged in several downstream projects. This includes strategic endeavors aimed at developing the electric vehicle (EV) battery ecosystem.
Within Antam’s project portfolio are the Haltim Ferronickel Plant Construction Project (P3FH) and the Mempawah Smelter Grade Alumina Refinery (SGAR) Project. P3FH has reached the commissioning phase and is preparing to enter commercial operation.
Meanwhile, the SGAR project, undertaken in collaboration with Inalum, is set to become operational in the third quarter of this year. “The primary market for the SGAR project is to meet domestic needs, where Inalum is the priority offtaker,” Dewa explained.