Aneka Tambang Tbk

Aneka Tambang Tbk is a senior nickel producer headquartered in Jakarta, Indonesia, operating primarily in Asia. The company's portfolio consists of 3 operating mines. Key assets include Antam Nickel Operations and West Kalimantan Bauxite & Alumina Operations. The company's business model is centered on diversified and vertically integrated mining operations, encompassing activities from exploration and processing to refining and marketing. Processing capabilities are varied, utilizing pyrometallurgical methods like Rotary Kiln Electric Furnace (RKEF) for certain products, alongside hydrometallurgical techniques such as leaching and the Bayer process for others. This technological diversity allows for the treatment of a wide range of ore types. The operational approach emphasizes the consistent implementation of good mining practices and a focus on operational excellence to enhance efficiency and competitiveness. A key strategic advantage is the ability to serve both domestic and international markets, adapting sales focus based on market dynamics and regulatory environments. The enterprise manages risk through its diversified commodity base and a business structure that integrates upstream resource extraction with downstream value-added processing, including the operation of an LBMA-accredited refinery, which is the only one of its kind in its home country.

Strategic priorities are aligned with a long-term vision for 2030, focusing on becoming a leading global corporation through diversification and integrated business activities. The core strategy involves strengthening business fundamentals by optimizing core commodity operations, expanding the reserve and resource base, and advancing downstream processing projects to increase value-add. Key initiatives include aggressive exploration, enhancing cost competitiveness through digitalization and operational innovation, and developing globally-scaled downstream assets. Management pursues this through strategic alliances for new business expansion and the optimization of its portfolio, including the restructuring and support of subsidiary independence. Capital allocation is guided by a Risk-Based Budgeting methodology to manage uncertainties and ensure resources are directed toward high-priority projects, such as the development of an EV battery ecosystem and other strategic downstream facilities. The approach also emphasizes increasing domestic market share for key products through targeted marketing and product innovation.

Governance is structured around a Board of Commissioners and a Board of Directors, with the Board of Commissioners conducting oversight through 12 internal meetings and 13 joint meetings with the directors in 2024. The board is supported by 4 specialized committees: Audit, Good Corporate Governance-Nomination & Remuneration (GCG-NR), Risk Monitoring, and Integrated Governance. The company adheres to international governance standards, including the Australian Securities Exchange (ASX) Corporate Governance Principles and the ASEAN Corporate Governance Scorecard, achieving assessment scores of 94.93% and 84.74% respectively. The leadership team, led by a President Director with extensive experience from major international resource companies, formulates annual strategy through a detailed Work Plan and Budget (RKAP) process. This process integrates mandates from its majority state-owned holding company shareholder and ensures alignment between corporate objectives and operational execution. In 2024, the board composition was updated, including the appointment of a new Director of Finance and Risk Management.

The organization's sustainability efforts are guided by a formal decarbonization roadmap and a commitment to achieving zero-fatality performance, which was maintained in 2024. Environmental initiatives include a strategic energy transition, evidenced by a partnership with the state electricity company to secure a 150 MVA environmentally friendly power supply for a smelter, aiming to reduce reliance on fossil fuels. In 2024, the company planted 190,813 trees as part of its carbon absorption and land rehabilitation programs. Environmental management practices are validated by external recognition, including receiving 2 Gold and 1 Green PROPER ratings from the Ministry of Environment and Forestry. Workplace safety is managed through the implementation of an ISO 45001 certified system and a proprietary safety program. Social contributions are structured through a Community Investment and Engagement (CIE) program, which disbursed Rp162.05 billion in 2024, and a Micro and Small Business Funding program. These initiatives are reflected in a Community Satisfaction Index score of 89.91.

The company's ownership is composed of the Government of the Republic of Indonesia holding a single Series A Dwiwarna share, PT Mineral Industri Indonesia (Persero) (MIND ID) holding 65% of Series B shares, and the public holding the remaining 35%. In 2024, the company engaged in several strategic partnerships to expand its downstream capabilities and secure its supply chain. A significant agreement was signed on November 7, 2024, with PT Freeport Indonesia to purchase a minimum of 30 tons of raw material annually. To support this, a land purchase agreement was executed on December 27, 2024, with Java Integrated Industrial and Ports Estate (JIIPE) to construct a new manufacturing and processing facility. The enterprise is also a key participant in a national EV Battery Ecosystem project, which involves partnerships with international firms like CBL and the establishment of a joint venture, PT CATIB. Further strengthening its resource base, the company formed a joint venture, PT Pongkeru Mineral Utama, on October 15, 2024, with regional state-owned enterprises. Additionally, its subsidiary, PT Gag Nikel, acquired a 30% stake in PT Jiu Long Metal Industry on October 3, 2024, to enhance its downstream integration.