Jakarta: Indonesia’s state-owned miner PT Aneka Tambang Tbk (Antam) reported a sharp rise in profit for the first nine months of 2025, boosted by strong global and domestic demand for gold.
The company said its net income more than doubled during the period, driven by a 20% jump in gold sales to 1.1 million troy ounces.
“Global geopolitical uncertainty, market fluctuations, and inflation have driven investors to shift their assets to gold as a safe haven,” Antam said in a statement Monday.
Gold prices have risen over 50% this year, reaching a record high of $4,381.52 last week, as concerns over the U.S. economy and the weakening dollar boosted investor demand for the precious metal.
Antam said it plans to expand its gold supply chain by purchasing more from local sources and exploring new reserves. The company’s own gold output for the nine months stood at 18,969 troy ounces.
Apart from gold, Antam also produces silver, nickel ores, ferronickel, bauxite, and alumina. Despite its strong earnings, the miner’s shares fell 1.6% in early trading Tuesday, tracking declines in Asian gold-related stocks as prices briefly dipped below $4,000 per ounce.
