ANTAM’s nickel operating profit will reach at least Rp15 trillion (US$830 million) in 2027.

Made

3 Nov 2026

Owen Bae

Market

Indonesia

First reported by

CNN Indonesia

Outcome

Unresolved

On 2 November, Indonesia’s energy minister called for tighter mining quotas and restrictions on new nickel smelters to tackle oversupply. If implemented, tighter quotas would force existing smelters to compete for limited ore supplies, pushing up prices for miners. Smelters would struggle to pass on these costs because global processed nickel markets are already oversupplied. ANTAM stands to benefit. Its nickel business earned an operating margin of around 50% in the first nine months of 2026. The pressure on smelters is already clear at Nickel Industries, where earnings per tonne fell 30% in the third quarter as ore costs rose.

First reported byCNN Indonesia

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