ANTM - Annual Report - 2018 PDF

2018 Laporan Tahunan
Annual Report
Perubahan Paradigma untuk

Mengatasi Tantangan dan Mencapai Tujuan
Shifting Paradigm to Overcome Challenges and Achieving Goals
PT ANEKA TAMBANG Tbk
ASX:ATM IDX:ANTM
www.antam.com Į+þ%(*0) Įþ%(Ƶ*0) þ%(ƵƵ +þ%(ċ*0)
Tata Kelola Perusahaan Tanggung Jawab Sosial Perusahaan Laporan Keuangan Konsolid da
asi
Konsolidasi 1
Good Corporate Governance Corporate Social Responsibility Rep
porrt
Consolidated Financial Report
Perubahan Paradigma
untuk Mengatasi Tantangan
dan Mencapai Tujuan
Shifting Paradigm to Overcome
Challenges and Achieving Goals
Tahun 2018 merupakan tahun emas bagi usia dan

pertumbuhan kinerja Perusahaan. ANTAM memasuki
usia ke-50 tahun, dengan paradigma yang semakin
luas, ANTAM memiliki komitmen yang solid untuk terus
menciptakan peluang guna mendukung pertumbuhan
Perusahaan di tengah tantangan bisnis yang ada. Dengan
komitmen tersebut, ANTAM menyampaikan apresiasi
atas seluruh dukungan yang diberikan para pemegang
saham dan pemangku kepentingan sehingga ANTAM
dapat menghadapi tantangan yang ada dengan baik dan
berhasil menorehkan kinerja Perusahaan yang gemilang
pada tahun 2018.
Year of 2018 marked as The Golden year for the 50th years
of ANTAM anniversary and Company’s performance growth.
%0$/$%"0! ,. %#)%*%0Ě/ü"0%!/ČƵƵ %/+))%00!
is committed to create opportunities to support its business
its business growth in mids of dynamic business challenges.
ANTAM extends its appreciation to the shareholders and
stakeholders’ for all supports in making the Company could
overcome the challenges successfully and being able to deliver
bright result in 2018.
Laporan
LaporanTahunan
Tahunan2018
2018Annual
Annua
Annual ReportANTAM
l Report ANTAM
2 Laporan Dewan Komisaris dan Direksi .+ü(!.1/$* Analisis & Pembahasan Manajemen
Report from the Board of Commissioners ƫ+.,+.0!.+ü(! Management Discussion & Analysis
and the Board of Directors
Daftar Isi
Table of Contents
Pandangan atas Prospek Usaha 103

Perubahan Perusahaan
Paradigma untuk Insight of Company Business
Prospect
Mengatasi Tantangan
Membangun Budaya ANTAM 109
dan Mencapai Tujuan Secara Berkesinambungan
Shifting Paradigm to Building ANTAM Values
Continuously
Overcome Challenges
Kata Penutup 111
and Achieving Goals Closing Remarks
Tema Tahunan ANTAM 1
36
Laporan Direksi 114
ANTAM’s Annual Theme
The Board of Directors’ Report
Perubahan Paradigma untuk 8
Analisis atas Kinerja Perusahaan 117
Mengatasi Tantangan dan
Mencapai Tujuan
Laporan Dewan Corporate Performance
Analysis
Shifting Paradigm to Overcome Komisaris dan Direksi
Challenges and Achieving Goals Perbandingan Antara Hasil 121
Report from the Board of yang Dicapai dengan yang
Commissioners and the Ditargetkan
Board of Directors Comparison Between Actual
and Targeted Result
Laporan Dewan Komisaris 38
The Board of Commissioners’ Kendala-Kendala yang Dihadapi 125
Report Perusahaan dan Langkah-
Langkah Penyelesaiannya
Latar Belakang Tema Rapat 39
Challenges Encountered and
Pimpinan
Resolutions
(RAPIM) ANTAM 2017
Theme Background of Gambaran dan Analisis Tentang 125
ANTAM Leadership Prospek Usaha
Meeting in 2017 Description and Analysis of
29
Business Prospect
Rapat Umum Pemegang Saham 47
Tahunan Tahun Buku 2017 Perkembangan Penerapan Tata 129
2017 Annual General Meeting Kelola Perusahaan (Good
Ikhtisar Keuangan of Shareholders Corporate Governance) pada
Tahun Buku
Penting Penilaian terhadap Kinerja 76
Progress of The Implementation
Summary of Key Financial Direksi Selama Tahun 2018
of Good Corporate Governance
Assessment on The
Information During The Year
Performance of The Board of
Ikhtisar Keuangan 30 Directors in 2018 Pengelolaan Human Capital 132
Financial Highlights Human Capital Management
Penerapan Tata Kelola 98
Ikhtisar Saham & Obligasi 32 Perusahaan
Shares & Bonds Highlights Implementation of Corporate
Governance
Untuk informasi lebih lanjut silakan kunjungi situs www.antam.com. Dalam situs tersebut Anda juga dapat bergabung dalam layanan distribusi
berita melalui e-mail, ANTAM NewsAlerts.
For more information please visit our website www.antam.com. You can also join our e-mail distribution list, ANTAM NewsAlerts, from our
website.
SANGKALAN DAN BATASAN TANGGUNG JAWAB:
Laporan ini berisi pernyataan-pernyataan yang dapat dianggap sebagai pandangan masa depan (forward looking statements) sehingga hasil-hasil nyata Perseroan,
pelaksanaan atau pencapaian-pencapaiannya dapat berbeda dari hasil yang diperoleh melalui pandangan masa depan (forward looking statements) yang antara lain
merupakan hasil dari perubahan-perubahan ekonomi dan politik baik nasional maupun regional, perubahan nilai tukar valuta asing, perubahan harga dan permintaan
dan penawaran pasar komoditas, perubahan kompetisi perusahaan, perubahan undang-undang atau peraturan dan prinsip-prinsip akuntansi, kebijakan-kebijakan
dan pedoman-pedoman serta perubahan-perubahan asumsi-asumsi yang digunakan dalam membuat pandangan masa depan (forward looking statements).
DISCLAIMER:
This report contains certain statements that may be considered “forward-looking statements”, the Company’s actual results, performance or achievements could
%û!.)0!.%((5".+)0$+/!,.+&!0! %*0$!"+.3. ġ(++'%*#/00!)!*0//.!/1(0Č)+*#+0$!."0+./Č+"$*#!/%*#!*!.(Č*0%+*(+..!#%+*(!+*+)%*
political conditions, changes in foreign exchange rates, changes in the prices and supply and demand on the commodity markets, changes in the size and nature of
the Company’s competition, changes in legislation or regulations and accounting principles, policies and guidelines and changes in the assumptions used in making
such forward-looking statements.
* Dalam Laporan Tahunan ini nama PT ANEKA TAMBANG Tbk selanjutnya disingkat “ANTAM “, Perusahaan atau Perseroan.
* This Annual Report will use the name “ANTAM “ or “Company” as reference of PT ANEKA TAMBANG Tbk.
ANTAM Laporan Tahunan 2018 Annual Report

Tata Kelola Perusahaan Tanggung Jawab Sosial Perusahaan Laporan Keuangan Konsolidasi 3
Good Corporate Governance Corporate Social Responsibility Consolidated Financial Report
Tanggung Jawab Sosial 133 .+ü(!3*+)%/.%/ 168 Unit Bisnis dan Kantor 257
Perusahaan dan Pengelolaan Board of Commissioners Perwakilan
Lingkungan .+ü(! Business Units and
Corporate Social Responsibility .+ü(Direksi 174 !,.!/!*00%2!þ!/
and Environmental ǫ+. +"%.!0+./.+ü(! Informasi Situs Perusahaan 258
Management Corporate Website Information
Pejabat Senior Perseroan 180
Penilaian atas Kinerja Komite- 135 Corporate Senior Management Transparansi Penyampaian 260
Komite yang Berada di Bawah Laporan
Direksi Pengelolaan Human Capital 191
Human Capital Management Transparency of Report
Performance Evaluation of Submission
Committees Under Board of Informasi Pemegang Saham 210
Directors dan Obligasi Peristiwa Penting 2018 265
Information for Shareholders ĂĀāĉ%#*%ü*02!*0/
Perubahan Komposisi 135
Anggota Direksi dan Alasan and Bondholders
Perubahannya Entitas Anak 233
Changes in the Composition of Subsidiaries
Board of Directors and Reasons
Entitas Asosiasi 235
for Change
Associates
Ucapan Terima Kasih 135
Alamat Entitas Anak, 237
Gratitude
Entitas Asosiasi dan Entitas
Pertambangan Patungan
Addresses of Subsidiaries,
Associates and Joint Venture
Mining Entities
Pemegang Saham Utama, 239
Entitas Anak & Entitas Asosiasi
Major Shareholder, Subsidiaries
& Associates
Wilayah Operasi Saat Ini
Current Operations Area
240
272
Analisis dan Diskusi
Produk dan Jangkauan Pasar 240 Manajemen
138
Product and Market Coverage Management Discussion
Wilayah Izin Usaha 242 and Analysis
Pertambangan Eksplorasi dan
Gambaran Umum 274
.+ü(!.1/$* Izin Usaha Pertambangan
General Overview
ƫ+.,+.0!.+ü(! Operasi & Produksi
Exploration and Operation Gambaran Kinerja Perusahaan 278
Informasi Umum 140 Production Mining Business Dibandingkan Industri
General Information Permits Area Pertambangan Global
Riwayat Singkat Perusahaan 141 Overview of Corporate Against
Jejak Langkah 244
Brief History of Company the National Mining Industry
Milestones
Kinerja Operasi 279
Kegiatan dan Bidang Usaha 145 Lembaga dan Profesi 246
Per Segmen Usaha
Corporate Activities and Line Penunjang
Business Segment
of Business Supporting Institutions and
Operating Performance
Professionals
Struktur Organisasi 156 Kinerja Segmen Perusahaan 284
Organization Structure Penghargaan dan Pengakuan 248
Corporate Segment
Eksternal
Visi, Misi dan Strategi 157 Performance
External Accolades and
Vision, Mission and Strategy Uraian atas Kinerja Keuangan 298
Recognition
Budaya & Nilai Perusahaan 163 Perusahaan
!.0%ü'/% 252
Corporate Culture & Values Review of the Company’s
ƫ!.0%ü0%+*
Financial Performance
Laporan Tahunan 2018 Annual Report ANTAM

Laporan Laba Rugi 299 Program Kepemilikan Saham 322 Sanksi Administratif yang 336
Komprehensif Konsolidasian oleh Karyawan dan/atau Dikenakan Kepada Perseroan,
Consolidated Comprehensive Manajemen yang Dilakukan Anggota Dewan Komisaris dan
00!)!*0/+".+ü0+.+// Perusahaan (ESOP/MSOP) Direksi, oleh Otoritas Pasar
Laporan Posisi Keuangan 305 Employee Share Ownership Modal dan Otoritas Lainnya
Konsolidasian Program/Management Share Administrative Sanctions on
Consolidated Statements Ownership Program (ESOP/ the Company, member of
of Financial Position MSOP) the Board of Commissioners
Realisasi Penggunaan Dana 322 and member of the Board of
Laporan Arus Kas 307 Directors from the Capital
Konsolidasian Hasil Penawaran Umum
Realisation of Use of Proceeds Market Authority and other
Consolidated Statements Regulating Institutions
of Cash Flows Divestasi, Penggabungan/ 324
Peleburan Usaha, Akuisisi atau Informasi Keuangan yang Telah 337
Kemampuan Membayar 309 Dilaporkan yang Mengandung
Pinjaman dan Kolektibilitas Restrukturisasi Hutang/Modal
Divestment, Merger, Kejadian yang Sifatnya Luar
Piutang Biasa dan Jarang Terjadi
Liabilities Servicing and Acquisition or Debt/Capital
Restructuring Financial Information which
Receivables Collectability has been Reported with
Struktur Modal dan Kebijakan 310 Informasi Material Terkait 324 Extraordinary Events and
Struktur Modal Investasi, Ekspansi, Divestasi, Rarely Occurs
Capital Structure and Capital Penggabungan/Peleburan
Usaha, Akuisisi atau Peningkatan yang Material 337
Structure Policy Dikaitkan dengan Jumlah
Restrukturisasi Hutang/Modal
Ikatan Material untuk Investasi 312 Material Information on Barang yang dijual/Barang
Barang Modal Investment, Expansion, Baru
Material Commitment for Divestment, Merger, Material Increase Related to
Capital Investment Acquisition or Debt/Capital Sales Volume/New Product
Investasi Barang Modal 312 Restructuring .+ü0%(%0/ 338
Capital Goods Investment Informasi Transaksi Material 325 .+ü0%(%05
Target Perseroan di Awal 312 yang Mengandung Benturan Pengembangan 340
Tahun 2018 Dibandingkan Kepentingan dan/atau Perusahaan
Realisasi Tahun 2018 .*/'/%Ƶü(%/%
Comparison of Corporate Information on Material Corporate Development
Targets at the Beginning of Transaction Which Contains Investasi untuk Menghadapi 340
2018 over Realisation of 2018 ƫ+*ý%0+" *0!.!/0* ĥ+. Tantangan ke Depan
Ƶþ(%0!.*/0%+* Investment to Meet the Future
Target Tahun 2019 314
Perubahan Peraturan 330 Challenges
2019 Corporate Targets
Perundang- Undangan Proyek-Proyek Pengembangan 340
Informasi dan Fakta Material 316
Changes in Laws and ANTAM
yang Terjadi Setelah Tanggal
Regulations ANTAM’s Development
Laporan Akuntan
Perubahan Kebijakan 331 Projects
Material Event and Information
that Occurred after the Akuntansi Proyek Pembangunan Pabrik 340
Accountant’s Reporting Date Changes of Accounting Policy Feronikel Haltim (P3FH) &
'$0%/.!.! *%#*%ü'* 333 Pembangunan Infrastruktur
Uraian Tentang Prospek Usaha 316
Antara Standar Akuntansi Pendukung Pabrik
Perusahaan
Keuangan (“SAK”) di Indonesia East Halmahera Ferronickel
Description of Corporate
dan di Australia Plant Development Project
Business Prospect
1)).5+"%#*%ü*0 (P3FH) & Development
Uraian Tentang Aspek 319 of the Plant’s Supporting
%û!.!*!/ǫ!03!!*
Pemasaran Infrastructure
Indonesian Financial
Description on Marketing
Accounting Standards (“FAS”)
Aspects
and Australian FAS
Kebijakan dan Pembayaran 321
Kelangsungan Usaha 335
Dividen
Business Sustainability
Dividend Policy and Dividend
Payment

Proyek Smelter Grade Alumina 341 PT Meratus Jaya Iron & Steel 363 Tahapan Implementasi GCG di 373
!ü*!.5ĨSGAR) Mempawah (Kepemilikan ANTAM: 34%) ANTAM
Mempawah Smelter Grade PT Meratus Jaya Iron & Steel Stages of GCG Implementation
Ƶ(1)%*!ü*!.5ĨSGAR) (ANTAM’s Ownership: 34%) In ANTAM
Project PT Weda Bay Nickel 363 Struktur Tata Kelola 375
Proyek Pengembangan Pabrik 342 (Kepemilikan ANTAM: 10%) Perusahaan
Nickel Pig Iron (NPI) Blast PT Weda Bay Nickel Corporate Governance
Furnace Halmahera Timur (ANTAM’s Ownership: 10%) Structure
East Halmahera Nickel Pig Pt Pelsart Tembaga Kencana 364 Kebijakan Tata Kelola 375
Iron (NPI) Blast Furnace Plant (Kepemilikan ANTAM: 15%) Perusahaan
Development Project Pt Pelsart Tembaga Kencana Corporate Governance Policy
Ekspansi Bisnis Emas Melalui 343 (ANTAM’s Ownership: 15%) Rapat Umum Pemegang 378
Kerja sama dengan Pt Sumbawa Timur Mining 364 Saham General Meeting of
Pos Indonesia & Bank BJB (Kepemilikan ANTAM: 20%) Shareholders
Syariah Pt Sumbawa Timur Mining
Expansion of the Gold Business Dewan Komisaris 390
(ANTAM’s Ownership: 20%) Board of Commissioners
Through Cooperation with Pos
Indonesia & Bank BJB Syariah PT Gorontalo Minerals 364 Direksi 408
(Kepemilikan ANTAM: 20%) Board of Directors
Proyek Enterprise Resource 344 PT Gorontalo Minerals
Planning Migration (ANTAM’s Ownership: 20%) Hubungan Dewan Komisaris 428
Enterprise Resource Planning dan Direksi
Migration Project PT Sorikmas Mining 365 Board of Commissioners and
(Kepemilikan ANTAM: 25%) Board of Directors Relationship
Belanja Modal 345 PT Sorikmas Mining
Capital Expenditure (ANTAM’s Ownership: 25%) Rapat Dewan Komisaris, 429
Aktivitas Eksplorasi 348 Rapat Dewan Komisaris yang
PT Galuh Cempaka 365 Mengundang Direksi, dan
dan Estimasi Cadangan (Kepemilikan ANTAM: 20%) Rapat Direksi
Bijih dan Sumber Daya PT Galuh Cempaka The Board of Commissioners
(ANTAM’s Ownership: 20%) Meeting, the Board of
Mineral
Exploration Activity Commissioners Meeting
Inviting the Board of Directors,
and Estimation of Ore and the Board of Directors
Reserves and Mineral Meeting
Resources Keberagaman Komposisi 433
Nikel 349 Dewan Komisaris dan Direksi
Nickel Diversity of the Board of
Commissioners and the Board
Emas 356
of Directors
Gold
Assessment/Penilaian Kinerja 445
Bauksit 356
terhadap Dewan Komisaris dan
367
Bauxite
Direksi
Entitas Asosiasi dan 362 Performance Assessment of
Entitas Pertambangan the Board of Commissioners
Patungan Tata Kelola Perusahaan and the
Corporate Governance Board of Directors
Associates and Joint
Remunerasi bagi Dewan 451
Mining Entities GCG Milestones 371 Komisaris dan Direksi
PT Nusa Halmahera Minerals 362 GCG Milestones Remuneration of the Board of
(Kepemilikan ANTAM: 25%) Tujuan Penerapan Tata Kelola 373 Commissioners and the Board
PT Nusa Halmahera Minerals di ANTAM of Directors
(ANTAM’s Ownership: 25%) Objectives of the Corporate
Governance Implementation
in ANTAM

11*#*Ƶü(%/%*0. 454 Akuntan Publik 522

Anggota Dewan Komisaris, Public Accountant
Direksi, dan Pemegang Saham Kebijakan Tentang Pemenuhan 525
Utama dan/atau Pengendali Hak-Hak Kreditor
Ƶþ(%0%+*ǫ!03!!* !)!./ +(%5+"1(ü(()!*0+"
of the Board of Commissioners, Creditor’s Rights
the Board of Directors and/or
Controlling Shareholders Standar Etika Perusahaan 526
Code of Conduct (CoC)
Organ Penunjang Dewan 455
Komisaris Pengelolaan Benturan 530
Supporting Committees of the Kepentingan dan Hubungan
572
Board of Commissioners Dengan Pihak Berelasi
*#!)!*0+"ƫ+*ý%0+"
Sekretaris Dewan Komisaris 457 Interest and Relations with
Secretary to the Board of Related Parties
Commissioners Tanggung Jawab Sosial
Pencegahan Transaksi Orang 531
Komite Audit 459 Dalam Perusahaan
Audit Committee Insider Trading Prevention Corporate Social
Komite Good Corporate 466 !*#!* (%*.0%ü'/% 532 Responsibility
Governance, Nominasi & .0%ü0%+*ƫ+*0.+(
Remunerasi (GCG-NR) Melibatkan Para Pemangku 575
Good Corporate Governance, Pengelolaan Laporan Harta 536 Kepentingan
Nomination and Remuneration Kekayaan Penyelenggara Engaging Stakeholders
Committee (GCG-NR) Negara (LHKPN) Fokus Topik dan Isu Ekonomi, 577
Management of State Lingkungan, dan Sosial
Komite Manajemen Risiko 474 Administrator Assets Report
Risk Management Committee Tahun 2018
(LHKPN) Focused Topics and Issues
Sekretaris Perusahaan 482 Whistleblowing System 538 of Economic, Environmental,
Corporate Secretary and Social in 2018
Permasalahan Hukum 543
Audit Internal 488 Perusahaan Tata Kelola, Strategi, Program 577
Internal Audit Legal Issues of the Company Kerja & Anggaran Ekonomi,
Sistem Pengendalian Intern 498 Akses Informasi dan Data 545 Lingkungan & Sosial
Internal Control System Perusahaan Governance, Strategy,
Manajemen Risiko 502 Access to Information and Economic, Environment,
Risk Management Data of the Company and Social Work & Budget Plan
Tata Kelola Teknologi Informasi 514 Penerapan atas Pedoman 546 Pelaksanaan Tanggung Jawab 581
& Komunikasi Tata Kelola Perusahaan Sosial & Lingkungan Terkait
Information & Communication Terbuka Hak Asasi Manusia
Technology Governance Implementation of Corporate Implementation of Social &
Governance Guideline Environmental Responsibilities
Pengadaan Barang dan Jasa 518 Related to Human Rights
Procurement of Goods and for Public Company
Services

Pelaksanaan Tanggung Jawab 583
601
REFERENSI 752
Sosial & Lingkungan Terkait
PERATURAN OJK
Operasi yang Adil
Implementation of Social & NO. 29/POJK.04/2016:
Environmental Responsibilities Laporan Keuangan LAPORAN TAHUNAN
Related to Fair Operations Konsolidasi EMITEN ATAU
Pelaksanaan Tanggung Jawab 583 Consolidated PERUSAHAAN PUBLIK
Sosial & Lingkungan Terkait DAN SEOJK NO. 30/
Lingkungan Hidup
Financial Statements
Implementation of Social & Surat Pernyataan 749 SEOJK.04/2016:
Environmental Responsibilities Tanggung Jawab atas BENTUK DAN ISI
Related to The Environment
Laporan Tahunan LAPORAN TAHUNAN
Pelaksanaan Tanggung Jawab 589 PT Aneka Tambang Tbk EMITEN ATAU
Sosial & Lingkungan Terkait PERUSAHAAN PUBLIK
Ketenagakerjaan & K3 Tahun Buku 2018
dan Surat Pernyataan OJK Reference
Implementation of Social &
Environmental Responsibilities Direksi tentang No. 29/POJK.04/2016:
Related to Manpower & OHS Tanggung Jawab atas Annual Report of Public
Pelaksanaan Tanggung Jawab 593 Manajemen Risiko dan Company and SEOJK
Pengendalian Internal No. 30/SEOJK.04/2016:
Tanggung Jawab Kepada Form and Content of
Konsumen PT Aneka Tambang Tbk
Implementation of Social dan Entitas Anak Annual Report of Public
Responsibility & Related Responsibility Statement Company
Environmental Responsibilities Letter Pertaining to The
to Consumers Annual Report of PT Aneka
Kriteria Annual 768
Pelaksanaan Tanggung Jawab 595 Tambang Tbk for the Fiscal Report Award
Sosial & Lingkungan Terkait Year of 2018 and The
Pengembangan Sosial & Statement of the Board of 2018
Kemasyarakatan Directors Regarding the 2018 Annual Report
Implementation of Social & Responsibility for the Risk
Management and Internal
Award Criteria
Environmental Responsibilities
Related to Social & Community Control of PT Aneka Tambang
Development Tbk and Subsidiaries

2018
Mengatasi Tantangan dan
Mencapai Tujuan
Shifting Paradigm to Overcome Challenges
and Achieving Goals
01 02
Kiprah 50 Tahun ANTAM Kinerja Keuangan ANTAM
Mendukung Hilirisasi Mineral Tahun 2018 & Kenaikan
di Indonesia Outlook Rating Perusahaan
Tahun 2018
ANTAM’s 50-Year Anniversary of
Supporting Mineral Downstream ƵƵ Ě/ü**%(!."+.)*!Ē
Activities in Indonesia Improvement on Corporate Credit
Rating & Outlook in 2018
03 04
ANTAM Kembali Mencatatkan ANTAM Raih Tiga PROPER
Capaian Tertinggi Kinerja Hijau dan Tiga PROPER Biru
Produksi & Penjualan Feronikel atas Kinerja Pengelolaan
dan Penjualan Emas Tertinggi Ligkungan yang Baik Tahun
Sepanjang Sejarah Perusahaan 2018
ANTAM Remains Recorded the ANTAM Receives Three Green

Highest Ferronickel Production & PROPER and Three Blue PROPER
Sales Performance, and the Highest for the good implementation of
Sales of Gold in the Company’s Environmental Management in 2018
History
05 06
ANTAM Kembali Menjadi ANTAM Melakukan Inovasi
Rp Salah Satu Produsen Feronikel
Berbiaya Rendah Dunia dengan
Desain dan Kemasan Emas
Logam Mulia
US$ Biaya Tunai Feronikel USD3,95
per pon nikel ANTAM’s New Innovation in
Precious Metal Design and
ANTAM Remains as One of the Packaging
World Lowest Cash Cost Ferronickel
Producer with Cash Cost of
USD3.95 per lb Ni

07 08
Inovasi Produk Emas Motif Apresiasi Pasar yang Positif
Batik Indonesia Seri II dan terhadap Produk Logam Mulia
Produk Tematik Emas ANTAM dan Nikel ANTAM
ANTAM’s Innovative Gold Products Positive Market Appreciation on

with Indonesia Batik Pattern Series ANTAM Precious Metal and Nickel
II and Gold Thematic Products Product
09 10
ANTAM Menandatangani Kerja ANTAM Menyelesaikan Proses
Sama Dalam Pengembangan Restrukturisasi Kerja Sama di
Proyek Strategis di IMF-World PT Indonesia Chemical Alumina
Bank Annual Meetings 2018
The Completion of Restructuring
ANTAM’s Signing of Strategic Process at PT Indonesia Chemical
Project Development Cooperation Alumina
at the IMF-World Bank Annual
Meeting 2018
11 12
!ü**%*#!)5.* ANTAM Menjadi Bagian Dalam
Pokok Obligasi Berkelanjutan I Kerja Sama Perdagangan
Seri A ANTAM Senilai Indonesia dan Jepang
Rp900 Miliar Melalui Komoditas Emas
ƵƵ !ü**!/0$!Ƶġ!.%!/ ANTAM as a Part of Indonesia and

Rupiah Sustainable Bonds I with Japan Trade Cooperation Through
Fixed Rate-Stage I 2011, Amounting Gold Commodities
to Rp900 Billion
13 14
ANTAM Kembali Raih ANTAM Mendukung
Penghargaan CGPI 2017 Pengembangan Geopark
Sebagai Perusahaan Sangat Pongkor
Terpercaya (The Most Trusted
Company) & Mendapatkan ANTAM’s Support on the Pongkor
Penghargaan Top 50 ASEAN Geopark Development
Public Listed Companies
ANTAM Wins the CGPI Award

2017 for Being the Most Trusted
Company & the Top 50 Award for
ASEAN Public Listed Companies

01 Kiprah 50 Tahun ANTAM

Mendukung Hilirisasi Mineral
di Indonesia
ANTAM’s 50-Year Anniversary of Supporting Mineral
Downstream Activities in Indonesia
Pada 5 Juli 2018, PT Aneka Tambang Tbk

dengan bangga mengumumkan kiprah 50 Tahun
ANTAM dalam mendukung pengembangan
hilirisasi mineral di Indonesia, khususnya pada
komoditas nikel, emas dan bauksit. Komitmen
tersebut diwujudkan melalui integrasi operasi
pertambangan yang dilakukan ANTAM mulai
dari eksplorasi, penambangan, pengolahan,
pemurnian dan penjualan komoditas mineral.
ANTAM terbentuk dari gabungan perusahaan
dan proyek pertambangan milik Pemerintah yang
mengelola komoditas nikel, emas, bauksit pada
tahun 1968.
Sejak terbentuk tahun 1968, selama lima

dekade, ANTAM senantiasa berupaya Pembukaan ANTAM Gold Run oleh Menteri Badan Usaha Milik Negara,
meningkatkan nilai tambah mineral Wakil Gubernur DKI Jakarta dan Stakeholders ANTAM
yang dimiliki sejalan dengan kebijakan Opening Ceremony ANTAM’s Gold Run by Minister of State Owned
hilirisasi Pemerintah. Kegiatan hilirisasi Enterprises, Vice Governor of DKI Jakarta & ANTAM’s Stakeholders
mineral telah kami lakukan sejak tahun
1974, sejalan dengan pengoperasian pabrik feronikel FeNi I. Saat ini, ANTAM sudah memiliki beragam fasilitas
pengolahan mineral baik nikel, emas, perak maupun bauksit.
Pada hiliriasi segmen operasi nikel, saat ini ANTAM memiliki dan mengoperasikan 3 unit smelter yang didukung
dengan 4 lini produksi dengan kapasitas total mencapai 27.000 ton nikel dalam feronikel (TNi) per-tahun di Pomalaa,
Sulawesi Tenggara. Dalam hal pengembangan hilirisasi mineral nikel, ANTAM saat ini tengah menyelesaikan
konstruksi Proyek Pembangunan Pabrik Feronikel Haltim (P3FH) di Halmahera Timur, Maluku Utara. P3FH memiliki
kapasitas produksi feronikel 13.500 TNi per tahun.
Pada segmen operasi emas dan pemurnian, ANTAM telah mengoperasikan tambang dan pabrik pengolahan emas
di Pongkor, Jawa Barat & Cibaliung, Banten. ANTAM juga memiliki pabrik pengolahan dan pemurnian Logam
1(%5*#0!./!.0%ü'/%+* +*ǫ1((%+* .'!0Ƶ//+%0%+*Ĩǫ Ƶĩ/01ġ/01*5 % * +*!/%5*#)!*#$/%('*
produk emas dengan standar kemurnian internasional sebesar 999,9.

Sejak terbentuk tahun 1968, selama lima dekade, ANTAM

senantiasa berupaya meningkatkan nilai tambah mineral yang
dimiliki sejalan dengan kebijakan hilirisasi Pemerintah.
%*!%0/!/0(%/$)!*0%*āĊćĉČ"+.ü2! ! !/ČƵƵ $//+1#$00+
increase the added value of its minerals in line with the Government’s
downstream policy.
Pada hilirisasi segmen operasi bauksit, ANTAM saat ini memiliki pabrik
pengolahan Chemical Grade Alumina (CGA) di Tayan, Kalimantan Barat
yang dioperasikan oleh PT Indonesia Chemical Alumina (PT ICA). Pabrik
CGA Tayan merupakan pabrik pertama pengolahan bauksit menjadi CGA
di wilayah Asia Tenggara. Dalam hal pengembangan hilirisasi bauksit,
ANTAM saat ini berfokus pada pembangunan pabrik Smelter Grade Alumina
!ü*!.5ĨƵĩ % !),3$Č(%)*0*ǫ.05*#!'!.&/) !*#*
PT INALUM (Persero).
Saat ini ANTAM telah menjadi bagian dalam Holding Industri Pertambangan
bersama INALUM, PT Bukit Asam Tbk dan PT Timah Tbk. Terkonsolidasinya Pabrik Feronikel ANTAM di Pomalaa
ANTAM dalam Holding semakin mendukung upaya ANTAM untuk ANTAM’s Ferronickel Plant in Pomalaa
mengembangkan business of scale melalui penguatan kompetensi bisnis inti
dan inisiasi proyek hilirisasi Perusahaan.
ANTAM berterima kasih kepada semua pihak yang telah mendukung

Perusahaan selama ini. ANTAM senantiasa mengevaluasi seluruh kesempatan
yang ada saat ini maupun peluang yang ada di masa depan sejalan dengan
upaya ANTAM untuk terus bertumbuh dan memberikan imbal hasil yang
positif kepada para pemegang saham dan pemangku kepentingan.
On July 5, 2018, PT Aneka Tambang Tbk was pleased to announce ANTAM’s

50 Year anniversary. Throughout the past 5 decades, the Company has
been supporting the development of the mineral downstream activities
Tambang & Pabrik Pengolahan Emas di Pongkor
in Indonesia, particularly for nickel, gold and bauxite commodities. Such Gold Mining & Processing Plant in Pongkor
commitment has been realized through the integration of mining operations
+* 10! 5ƵƵ %*(1 %*#!4,(+.0%+*Č)%*%*#Č,.+!//%*#Č.!ü*%*#*
selling of mineral commodities. ANTAM was established in 1968 as a merger
of government-owned mining companies and projects that managed nickel,
gold and bauxite commodities.
%*! %0/ !/0(%/$)!*0 %* āĊćĉČ "+. ü2! ! !/Č ƵƵ $/ /+1#$0 0+
increase the added value of its minerals in line with the Government’s
downstream policy. The Company has been conducting mineral downstream
activities since 1974, in line with the operations of the FeNi I ferronickel plant.
At present, ANTAM has a variety of nickel, gold, silver and bauxite mineral
processing facilities.
In the downstream activities of the nickel segment, ANTAM currently

“ elama lima dekade, ANTAM
Selama
senantiasa berupaya
meningkatkan nilai tambah
mineral yang dimiliki sejalan
owns and operates 3 smelter units, which are supported by 4 production dengan kebijakan hilirisasi
lines with a total capacity of 27,000 tons of nickel in ferronickel (TNi) per Pemerintah. Kegiatan hilirisasi
year in Pomalaa, Southeast Sulawesi. In terms of developing downstream mineral telah kami lakukan sejak
nickel minerals, ANTAM is currently completing construction of the Haltim tahun 1974. Saat ini, ANTAM
Ferronickel Plant Project (P3FH) in East Halmahera, North Maluku. The P3FH sudah memiliki beragam fasilitas
will have a production capacity of 13,500 tons of ferronickel per year. pengolahan mineral baik nikel,
emas, perak maupun bauksit.
*0$!#+( * .!ü*!.5+,!.0%+*//!#)!*0ČƵƵ +,!.0!/#+( )%*%*#
and processing plant in Pongkor, West Java & Cibaliung, Banten. ANTAM also *ü2! ! !/ČƵƵ $/
+,!.0!/ .!%+1/ !0( ,.+!//%*# * .!ü*%*# ,(*0 0$0 %/!.0%ü! 5 sought to increase the added
the London Bullion Market Association (LBMA) as the only plant in Indonesia value of its minerals in line with
that produces gold products with an international purity standard of 999.9. the Government’s downstream
policy. The Company has been
In terms of the downstream activities of the bauxite operation segment, conducting mineral downstream
ANTAM currently owns a Chemical Grade Alumina (CGA) processing plant in activities since 1974. At present,
Tayan, West Kalimantan, which is operated by PT Indonesia Chemical Alumina ANTAM has a variety of nickel, “
Ĩ ƫƵĩċ $! 5* ƫƵ "0+.5 %/ 0$! ü./0 "0+.5 0+ ,.+!// 14%0! gold, silver and bauxite mineral
into CGA in the Southeast Asia region. In terms of bauxite downstream processing facilities.
development, ANTAM is currently collaborating with PT INALUM (Persero)
0++*/0.10)!(0!.. !Ƶ(1)%*!ü*!.5ĨƵĩ,(*0%* !),3$Č
West Kalimantan.

02 Kinerja Keuangan ANTAM Tahun 2018 &

Kenaikan Outlook Rating Perusahaan Tahun 2018
ƵƵ Ě/ü**%(!."+.)*!Ē ),.+2!)!*0+*ƫ+.,+.0!ƫ.! %0
Rating & Outlook in 2018
ƵƵ )!*00'* ,!.01)1$* '%*!.& +,!./% * '!1*#* 5*# /%#*%ü'*

, /!,*&*#0$1*ĂĀāĉċ%*!.&'!1*#*ƵƵ 5*#/+(% &1#0!.!ý!'/%'*
dari pertumbuhan Earning Before Interest, Taxes, Depreciation, and Amortization
(EBITDA) tahun 2018 yang tercatat sebesar Rp3,33 triliun tumbuh 51% dibandingkan
dengan capaian EBITDA tahun 2017 sebesar Rp2,21 trilun. Laba kotor ANTAM di
tahun 2018 tumbuh sebesar 111% menjadi Rp3,48 triliun dibandingkan Tahun 2017.
Dengan adanya peningkatan laba kotor, maka ANTAM dapat mencatat laba usaha
sebesar Rp1,85 triliun atau naik 208% dibandingkan laba usaha tahun 2017 sebesar
Rp600 miliar. Peningkatan laba usaha ini juga mendukung pencapaian laba bersih
!.1/$* )!*& % ,ĉĈąČąă )%(%.Č *%' /%#*%ü'* /!!/. ĆąāŌ %* %*#'*
capaian laba bersih Perusahaan tahun 2017 sebesar Rp136 miliar.
Pertumbuhan kinerja keuangan ANTAM yang positif terutama disebabkan dari

pertumbuhan kinerja produksi dan penjualan komoditas utama ANTAM serta
541%
,!*%*#'0* !ü/%!*/% 5*# !.1&1*# , /0%(*5 (!2!( %5 01*% +,!./%
ANTAM. Pada tahun 2018 penjualan bersih ANTAM tercatat sebesar Rp25,24
triliun, meningkat tajam sebesar 99% dibandingkan tahun 2017 sebesar Rp12,65
triliun. Komoditas emas merupakan komponen terbesar pendapatan Perusahaan,
berkontribusi sebesar Rp16,69 triliun atau 66% dari total penjualan bersih tahun
2018.
Laba Besih ANTAM Tahun
2018 Sebesar Rp874
Miliar, Naik 541%.
Komposisi Penjualan Distribusi Penjualan ƵƵ !0.+ü0%*ĂĀāĉ

Sales Breakdown Sales Distribution of Rp874 Billion, Rose
% % %#*%ü*0(5ǫ5ĆąāŌċ
2
30
2018 43 2018
68
Feronikel & Bijih Nikel

Domestik
57 Rp 16,69 Triliun
Feeronickel & Nickel Ore
Domestic
)/Č!.'Ē.!%+1/ !0(!ü*!.5!.2%!
+( Č%(2!.Ē.!%+1/ !0(!ü*!.5!.2%! Ekspor Kontribusi pendapatan dari
Export
penjualan emas tahun 2018.
Bauksit & Batubara
Bauxite & Coal
Revenue contribution from
gold sales in 2018.

Penjulalan Bersih
Kinerja keuangan ANTAM yang solid tercermin pula Net Sales
pada kenaikan outlook corporate credit rating S&P (Rp triliun Rp trillion)
Global ANTAM tahun 2018 dari rating B-/outlook stabil 25,24
menjadi rating B-/outlook positif serta kenaikan rating
Obligasi Berkelanjutan ANTAM yang diriis oleh PT
Pemeringkat Efek Indonesia (PEFINDO) pada rating
idA-/stable naik dari rating periode sebelumnya yaitu 12,65
idBBB+/stable, seiring dengan outlook pertumbuhan 9,11
positif kinerja produksi dan penjualan komoditas
ANTAM dan progess on time penyelesaian proyek
Laba Operasi
hilirisasi ANTAM sepanjang periode 12 bulan ke depan.
,!.0%*#.+ü0
(Rp miliar Rp billion)
2016 2017 2018
ƵƵ .!+. ! /%#*%ü*0 #.+30$ %* %0/ +,!.0%*# 1.853
* ü**%( ,!."+.)*! 0$.+1#$+10 ĂĀāĉċ ƵƵ Ě/
/+(% ü**%(,!."+.)*!3/.!ý!0! %*0$!#.+30$
of Earning Before Interest, Taxes, Depreciation and
Amortization (EBITDA), which was recorded at Rp3.33
trillion in 2018, an increase of 51% from the Rp2.21
600
0.%((%+*.!+. ! %*ĂĀāĈċƵƵ Ě/#.+//,.+ü0%*ĂĀāĉ
grew by 111% from 2017 to Rp3.48 trillion. With the Laba Kotor
%*.!/!%*#.+//,.+ü0ČƵƵ 3/(!0+.!+. * .+//.+ü0 8
operating income of Rp1.85 trillion, a 208% increase (Rp miliar Rp billion)
from Rp600 billion in 2017. The increase in operating 3.476 2016 2017 2018
%*+)! +1*0! "+. 0$! ƫ+),*5Ě/ *!0 ,.+ü0 +"
,ĉĈąċąă%((%+*Č/%#*%ü*0%*.!/!+"ĆąāŌ".+)0$!
ƫ+),*5Ě/*!0,.+ü0+",āăć%((%+*%*ĂĀāĈċ
ƵƵ Ě/ ü**%( ,!."+.)*! #.+30$ %* ĂĀāĉ 1.644

was mainly caused by the growth in ANTAM’s main
852
commodity production and positive sales performance,
/ 3!(( / %),.+2!)!*0/ %* !þ%!*5 0$0 (! 0+ Earning Before Interest,
stable level of ANTAM’s operating cash costs. In 2018, Taxes, Depreciation and
ANTAM’s net sales totaled Rp25.24 trillion, a sharp Amortization (EBITDA)
2016 2017 2018 Earning Before Interest,
increase of 99% from Rp12.65 trillion in 2017. Meanwhile,
gold commodities represented the largest part of the Taxes, Depreciation and
Amortization (EBITDA)
Company’s revenue, contributing Rp16.69 trillion or (Rp miliar Rp billion)
66% of its total net sales in 2018.
3.331
ƵƵ Ě/ /+(% ü**%( ,!."+.)*! $/ (/+ !!*
.!ý!0! %*0$!%),.+2!)!*0%*%0/Ē(+(.! %0
rating outlook in 2018 from a stable B-/outlook rating 2.211
to a positive B-/outlook rating, and an improvement
in the rating of ANTAM’s Self-Registration Bonds by
1.130
PT Pemeringkat Efek Indonesia (PEFINDO) to idA-/
stable from idBBB+/stable, along with the positive
Laba Bersih
growth outlook of ANTAM’s commodity production !0.+ü0
and sales performance, and the timely completion of (Rp miliar Rp billion)
ANTAM’s downstream project over the next 12 months. 874 2016 2017 2018
136
65
2016 2017 2018

03 ANTAM Kembali Mencatatkan Capaian Tertinggi

Kinerja Produksi & Penjualan Feronikel dan
Penjualan Emas Tertinggi Sepanjang Sejarah
Perusahaan
ANTAM Remains Recorded the Highest Ferronickel Production & Sales
Performance, and the Highest Sales of Gold in the Company’s History
Produk Feronikel Shot Dalam Kemasan Jumbo Bag Produk Logam Mulia ANTAM
Ferronickel Shot in Jumbo Bag Packaging ANTAM’s Fine Gold Product
Di tahun 2018, ANTAM kembali mencatatkan capaian In 2018, ANTAM again recorded the Company’s highest
tertinggi produksi & penjualan feronikel dengan ferronickel production & sales, with a production of
produksi sebesar 24.868 ton nikel dalam feronikel 24,868 tons of nickel in ferronickel (TNi), in increase of
(TNi), naik sebesar 14% dari capaian tahun 2017 sebesar 14% from 21,762 TNi in 2017 and TNi sales of 24,135 TNi,
21.762 TNi dan penjualan mencapai 24.135 TNi, tumbuh an increase of 10% from 21,878 TNi in 2017. The increase
sebesar 10% dibandingkan tahun 2017 sebesar 21.878 in ferronickel production and sales volume is in line with
TNi. Peningkatan volume produksi dan penjualan the stable operations of ANTAM’s ferronickel plant in
feronikel sejalan dengan tercapainya stabilitas operasi Pomalaa, which currently has a production capacity of
produksi pabrik feronikel ANTAM di Pomalaa yang up to 27,000 TNi per year.
saat ini memiliki kapasitas produksi terpasang hingga
27.000 TNi per tahun. In addition to the satisfactory ferronickel performance,
in 2018, ANTAM recorded the highest sales of gold
Selain kinerja feronikel yang memuaskan, pada tahun in ANTAM’s 50-year history. In 2018, the Company’s
2018 ANTAM mencatatkan capaian penjualan emas gold sales volume reached 27,894 kg (896,812 t.oz), a
tertinggi sepanjang sejarah 50 tahun ANTAM. Pada /%#*%ü*0%*.!/!+"āāāŌ".+)āăČĂĀĂ'#ĨąĂąċąĆą0ċ+6ĩ
tahun 2018, volume penjualan emas mencapai 27.894 in 2017. This was in line with the Company’s domestic
'# ĨĉĊćċĉāĂ 0ċ+6ĩ 01 *%' /%#*%ü'* /!!/. āāāŌ and export gold market development strategy and
dibandingkan capaian tahun 2017 sebesar 13.202 kg innovations in ANTAM’s precious metal products.
(424.454 t.oz) seiring dengan strategi pengembangan
pasar emas baik domestik dan ekspor serta inovasi
produk Logam Mulia ANTAM.
Volume Produksi dan Penjualan Feronikel Volume Produksi dan Penjualan Emas
Ferronickel Production and Sales Volume Gold Production and Sales Volume
(TNi) (kg)
24.86824.135 27.894
20.888 21.762 21.812
19.747 20.293
18.643
16.851 17.211
14.179 13.202
9.978 10.227
2.342 2.210 2.207 1.967 1.957
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Produksi Production Penjualan Sales Produksi Production Penjualan Sales

04 ANTAM Raih Tiga PROPER Hijau dan Tiga

PROPER Biru atas Kinerja Pengelolaan
Ligkungan yang Baik Tahun 2018
ANTAM Receives Three Green PROPER and Three Blue PROPER for the
good implementation of Environmental Management in 2018
Pada tahun 2018, ANTAM meraih tiga peringkat Hijau dan tiga peringkat Biru
dalam Penghargaan PROPER periode tahun 2017-2018 dari Kementerian
Lingkungan Hidup dan Kehutanan atas kinerja pengelolaan lingkungan yang baik
oleh unit bisnis dan entitas anak Perusahaan.
In 2018, ANTAM achieved three Green and three Blue rankings in the PROPER Awards for the
2017-2018 period from the Ministry of the Environment and Forestry for the good environmental
management performance of the Company’s business units and subsidiaries.
Pencapaian PROPER ini merupakan apresiasi atas komitmen ANTAM untuk

terus melaksanakan dan memastikan implementasi best mining practice
dalam setiap operasi Perusahaan. Sesuai dengan strategi keberlanjutan
Perusahaan, ANTAM akan terus berupaya memberikan dampak positif
epada lingkungan serta menciptakan kesejahteraan dan kemandirian
masyarakat guna mewujudkan keberlanjutan.
Predikat PROPER Hijau diperoleh Unit Bisnis Pertambangan Emas (UBP

Emas) di Kabupaten Bogor, Jawa Barat; Unit Bisnis Pengolahan dan
Pemurnian Logam Mulia (UBPP LM) di Jakarta; dan Unit Bisnis Pertambangan
Bauksit (UBPB) di Tayan, Kalimantan Barat. Unit Bisnis ANTAM peraih
PROPER Hijau ini merupakan 3 dari 155 perusahaan BUMN dan Swasta yang
meraih peringkat PROPER Hijau di Indonesia pada tahun 2018.
Sedangkan predikat PROPER Biru diraih oleh Unit Bisnis Pertambangan

Nikel Sulawesi Tenggara, Unit Bisnis Pertambangan Nikel Maluku Utara dan
Entitas Anak Perusahaan, PT Cibaliung Sumberdaya. PROPER Biru memiliki
makna bahwa perusahaan telah melakukan pengelolaan lingkungan sesuai
dengan peraturan yang telah ditentukan.
The PROPER Awards are a recognition of ANTAM’s commitment to

the continuous implementation of the best mining practices at each of
the Company’s areas of operations. In accordance with the Company’s
sustainability strategy, ANTAM will continue to strive to make a positive
impact on the environment and community welfare to achieve sustainability.
The Green PROPER award was received by the Gold Mining Business Unit
(UBP Emas) in the Bogor Regency, West Java; the Precious Metals Processing
* !ü*!.5 *%0 Ĩǫ ĩ %*
'.0Ď * 0$! ǫ14%0! %*%*# ǫ1/%*!//
Unit (UBPB) in Tayan, West Kalimantan. ANTAM’s Business Units that won
the Green PROPER awards represent 3 of the 155 state-owned and private
companies that received a Green PROPER award in Indonesia in 2018.
Meanwhile, the Blue PROPER awards were received by the Southeast Sulawesi
Nickel Mining Business Unit, the North Maluku Nickel Mining Business Unit
and the Subsidiary Entity, PT Cibaliung Sumberdaya. These Blue PROPER
Aktivitas Pengelolaan Lingkungan di UBP Emas
3. /.!ý!00$!"00$00$!ƫ+),*5$/+* 10! %0/!*2%.+*)!*0( Environmental Preservation Activity in Gold Mining Business Unit
management in accordance with all the relevant rules and regulations.

05 ANTAM Kembali Menjadi Salah Satu Produsen

Feronikel Berbiaya Rendah Dunia dengan Biaya
Tunai Feronikel USD3,95 per pon nikel
ANTAM Remains as One of the World Lowest Cash Cost Ferronickel
Producer with Cash Cost of USD3.95 per lb Ni
ANTAM Kembali Menjadi Salah Satu Produsen Feronikel Berbiaya Rendah Dunia dengan Biaya Tunai Feronikel
USD3,95 per pon nikel ANTAM kembali memperkokoh posisi sebagai salah satu produsen feronikel berbiaya
rendah di dunia dengan capaian biaya tunai sebesar US$3,95 per pon nikel di tahun 2018. Seiring dengan tren
peningkatan harga nikel dunia, yang turut didukung naiknya konsumsi nikel global, ANTAM optimis untuk dapat
meningkatkan marjin keuntungan dari bisnis nikel di tahun 2019.
Outlook positif bisnis nikel ANTAM di 2019 ditopang dengan peningkatan target produksi dan penjualan feronikel
masing-masing sebesar 22% dibandingkan realisasi produksi 2018 sebesar 24.867 TNi serta dibandingkan dengan
target produksi tahun 2018 sebesar 24.652 TNi. Peningkatan target ini sejalan dengan strategi ANTAM untuk
meningkatkan utilisasi operasi pabrik Feronikel Pomalaa, serta akan beroperasinya pabrik Feronikel di Halmahera
Timur pada triwulan III tahun 2019. ANTAM juga menargetkan penjualan feronikel sebesar 30.280 TNi, naik 25%
dibandingkan realisasi penjualan tahun 2018 sebesar 24.134 TNi.
!((1%!ü/%!*/% *%*+2/%!.'!(*&10*/!.0'!0!./! %*$*'1%&%$*%'!(!.'1(%0/%'Č,!*%*#'0*

ekspektasi produksi feronikel dan semakin optimalnya operasi PLTU batubara Pomalaa di tahun 2019, biaya tunai
feronikel akan semakin dapat diturunkan ditengah trend kenaikan outlook harga minyak dunia dan batubara.
ANTAM has again strengthened its position as one of the world’s lowest-cost producers of ferronickel with a cash
+/0+"ĸăċĊĆ,!.,+1* +"*%'!(%*ĂĀāĉċƵƵ %/+,0%)%/0%0$00$!,.+ü0).#%*+"%0/*%'!(1/%*!//3%((
increase in 2019, along with the increasing world nickel prices and rising global nickel consumption.
The positive outlook for ANTAM’s nickel business in 2019 is supported by a 22% increase in ferronickel production
and sales targets. In 2018, the Company produced 24,867 TNi, exceeding its production target of 24,652 TNi for the
year. This is in line with ANTAM’s strategy to increase its production at the Pomalaa’s Ferronickel plant, as well as
the operations of the Ferronickel plant in East Halmahera, in the third quarter of 2019. ANTAM has set a ferronickel
sales target of 30,280 TNi for 2019, an increase of 25% from 24,134 TNi in 2018.
The cash cost of ferronickel will be further reduced, amid the trend of the rising world oil and coal prices, through
+*0%*1+1/%**+20%+** !þ%!*5%),.+2!)!*0/Č0$!2%(%(%05+"#++ -1(%05.3*%'!(+.!Č*%*.!/!%*
ferronickel production and the more optimal operations of the Pomalaa coal power plant in 2019.
Biaya Tunai Produksi Feronikel Dunia

Cash Cost of Ferronickel Global Producer
(US$/pon US$/lb)
9,00
8,00
7,00 Rata-Rata Biaya Tunai Global

Cash Cost Global Average
6,00 5,13
5,00
3,95
4,00
3,00
2,00
1,00
0,00

06 ANTAM Melakukan Inovasi Desain

dan Kemasan Emas Logam Mulia
ANTAM’s New Innovation in Precious Metal Design and Packaging
Pada tahun 2018, ANTAM melalui Unit Bisnis Pengolahan dan

Pemurnian Logam Mulia (UBPP LM) meluncurkan desain dan
kemasan emas ANTAM-Logam Mulia (ANTAM-LM) yang baru.
Peluncuran desain dan kemasan baru emas ANTAM-LM ini
juga menandai peringatan Ulang Tahun ANTAM ke-50.
Peluncuran desain dan kemasan emas baru ini juga merupakan

salah satu rekam jejak yang penting sejak tahun 1930 UBPP
LM mencetak emas batangan. Setelah 1930, perubahan desain
!)/ 0*#* /!. /%#*%ü'* %('1'* % 0$1* āĊćĉČ
1974, 1980, 1989, 1994 dan 2004. Sedangkan tahun 2011 selain
mengubah bentuk emas batangan menjadi bentuk portrait
UBPP LM mulai menggunakan latent image pada produk,
dan pada tahun 2013, ANTAM mulai menggunakan kemasan
blister untuk pecahan 50 dan 100 gram.
($ /01 ,!.! * /%#*%ü'* %* %*#'* !*#* !)/ Desain Baru Emas dan Kemasan Produk
ANTAM-LM edisi sebelumnya adalah dimensi yang lebih New Design of ANTAM Gold and Packaging
besar untuk denominasi yang sama. Hal ini merupakan respon
ANTAM atas permintaan pasar yang menginginkan dimensi
yang lebih besar pada emas ANTAM-LM. Emas batangan
baru juga dikemas dengan teknologi CertiCard® untuk
15
meningkatkan rasa aman masyarakat dalam berivestasi emas
0*#*'.!*)!)!.%'*ü01.'!)**!.(,%/ċ
In 2018, ANTAM, through its Precious Metals Processing and

!ü*!.5 ǫ1/%*!// *%0 Ĩǫ ĩČ (1*$! *!3 !/%#*
and packaging of ANTAM-Precious Metals (ANTAM-LM).
Butik Logam Mulia
The launch of ANTAM-LM’s new gold design and packaging ANTAM yang tersebar
commemorates the 50th anniversary of the Company. di 11 kota besar
The launch of the new gold design and packaging also di Indonesia
represents one of the important milestones since UBPP LM
,.+ 1! 0$! ü./0 #+( ./ %* āĊăĀċ Ƶ"0!. āĊăĀČ /%#*%ü*0 ANTAM Logam Mulia Boutique that
changes to the design of the Company’s gold bars were made spread at 11 major city throughout
in 1968, 1974, 1980, 1989, 1994 and 2004. In 2011, in addition to Indonesia.
giving the gold bars a portrait shape, UBPP LM began using
latent images on its products, and in 2013, ANTAM started
using blister packs for its 50 and 100 gram bar sizes.
$!+*!/%#*%ü*0 %û!.!*!+"0$%/! %0%+*+"ƵƵ ġ #+(

bars is their larger dimension for a similar denomination. This
represents ANTAM’s response to the market demand for larger
gold bars. The new gold bars are packaged with CertiCard®
technology that provides layered security features to enhance
the public’s sense of trust when investing in gold.

07 Inovasi Produk Emas Motif Batik Indonesia

Seri II dan Produk Tematik Emas ANTAM
ANTAM’s Innovative Gold Products with Indonesia Batik Pattern
Series II and Gold Thematic Products
Emas Batangan Batik Indonesia Seri II

Indonesian Batik Series II Gold Bar Products
Pada April 2018, ANTAM melalui Unit Bisnis Pengolahan dan Pemurnian Logam
Mulia (UBPP LM) meluncurkan produk emas batangan Batik Indonesia Seri II. Emas
batangan Batik Indonesia Seri II mengusung empat motif yakni Batik Truntum
dari Surakarta, Batik Wahyu Tumurun dari Yogyakarta, Batik Sekar Jagad dari
Yogyakarta, dan Batik Purbonegoro yang juga dari Yogyakarta. Keempat desain
batik tersebut akan dicetak pada emas batangan 10 dan 20 gram dengan kadar
kemurnian 99,99%.
Emas batangan Batik Indonesia Seri II memiliki perbedaan unik dibandingkan

dengan seri pertama. Emas Batik Indonesia Seri II akan dicetak dengan dimensi
5*#(!%$(!. * %'!)//!.'$1/1/1*01')!*)$!'/'(1/%ü0/,.+ 1'
seperti pada emas batik seri pertama.
Produk Tematik Emas Edisi Tahun Baru Imlek
Selain itu, pada tahun 2018 ANTAM juga meluncurkan produk emas tematik Tahun Chinese New Year Thematic Gold Bar Product
Baru Imlek 2569 dengan motif shio Anjing Tanah (Brown Earth Dog). Produk emas
edisi Tahun Baru Imlek 2018 ini dibuat dalam kepingan 88 gram dan menampilkan
motif anjing dan lampion yang disesuaikan dengan penanggalan lunar tahun
Anjing Tanah dan dikemas secara eksklusif.
* Ƶ,.%( ĂĀāĉČ ƵƵ Č 0$.+1#$ 0$! .!%+1/ !0(/ .+!//%*# * !ü*!.5

Business Unit (UBPP LM), launched the Indonesian Batik Series II gold bar products.
Indonesian Batik Gold Bar Series II features four patterns, namely Truntum batik
from Surakarta, Tumurun Wahyu Batik from Yogyakarta, Sekar Jagad Batik from
Yogyakarta, and Purbonegoro Batik from Yogyakarta. The four batik designs will be
printed on 10 and 20 gram gold bars with a purity level of 99.99%.
$! * +*!/%*ǫ0%'!.%!/ #+( ./3%((!1*%-1!(5 %û!.!*!0+0$!ü./0/!.%!/ċ

Indonesian Batik Gold Series II bars will be wider and specially packaged to enhance
0$!!4(1/%2%05+"0$!,.+ 10/%*0$!ü./0/!.%!/+"0%'#+( ċ
In addition, in 2018, ANTAM also launched the 2569 Chinese New Year thematic
gold product with a Dog design (Brown Earth Dog). This 2018 Lunar New Year
edition gold product is made in 88 gram pieces and features a dog design and
lanterns adapted to the Brown Earth Dog lunar year calendar, as well as exclusive
packaging.

08 Apresiasi Pasar yang Positif terhadap

Produk Logam Mulia dan Nikel ANTAM
Positive Market Appreciation on ANTAM Precious Metal
and Nickel Product
2018
Pada November 2018, ANTAM melalui Unit Bisnis Pengolahan dan Pemurnian Logam Mulia (UBPP LM) dan Unit
Bisnis Pertambangan Nikel Sulawesi Tenggara (UBPN Sultra) meraih SNI Award 2018 peringkat Emas dalam
kategori penilaian Organisasi Besar Barang Sektor Elektronika, Logam dan Produk Logam yang diselenggarakan
oleh Badan Standardisasi Nasional. SNI Awards merupakan apresiasi tertinggi dari Pemerintah kepada perusahaan
atau organisasi yang konsisten dan berkomitmen dalam menerapkan SNI serta mempunyai kinerja yang sangat
baik.
ƵƵ )!)%(%'% ,.%' ,!*#+($* * ,!)1.*%*!)/ /01ġ/01*5 % * +*!/%5*# 0!./!.0%ü'/% +* +*
Bullion Market Association (LBMA). ANTAM senantiasa menjaga kualitas kepastian berat dan kemurnian produk
emas Logam Mulia ANTAM untuk menjaga kepuasan konsumen serta daya saing emas ANTAM baik di dalam
maupun di luar negeri. Pada tahun 2018, ANTAM mencatatkan volume penjualan emas tertinggi sepanjang sejarah
/!!/.ĂĈċĉĊą'#ĨĉĊćċĉāĂ0ċ+6ĩ01*%'/%#*%ü'*/!!/.āāāŌ %* %*#'*,%*0$1*ĂĀāĈċ
ANTAM merupakan salah satu produsen terkemuka feronikel di tingkat global. Pada tahun 2018 ANTAM kembali
mencatatkan capaian tertinggi produksi & penjualan feronikel dengan produksi sebesar 24.868 ton nikel dalam
feronikel (TNi) dan penjualan mencapai 24.135 TNi. Pencapaian volume produksi dan penjualan feronikel tahun
2018 tumbuh rata-rata sebesar 22% dibandingkan pencapaian tahun 2017.
*+2!)!.ĂĀāĉČƵƵ Č0$.+1#$%0/.!%+1/ !0(/.+!//%*#* !ü*!.5ǫ1/%*!//*%0Ĩǫ ĩ* 0$!

Southeast Sulawesi Nickel Mining Business Unit (UBPN Sultra), received the 2018 Gold Rank SNI Award in the category
of Large Organization of Goods in Electronics, Metals and Metal Products held by the National Standardization
Agency. The SNI Awards represent the highest level of the Government’s recognition of high-performing companies
or organizations that are consistent in their commitment to implementing SNI.
ƵƵ +,!.0!/0$!+*(5#+( ,.+!//%*#* .!ü*!.5,(*0%* * +*!/%0$0%/!.0%ü! 50$!+* +*ǫ1((%+*

Market Association (LBMA). ANTAM stands by the quality, purity and accuracy of the weight of its Precious Metal
gold products, and continually strives to maintain customer satisfaction and the Company’s competitive edge both
locally and abroad. In 2018, ANTAM recorded the highest gold sales volume in the Company’s history of 27,894 kg
ĨĉĊćČĉāĂ0ċ+6ĩČ/%#*%ü*0%*.!/!+"āāāŌ".+)ĂĀāĈċ
ANTAM is one of the leading global producers of ferronickel. In 2018, ANTAM again recorded the highest ferronickel
production & sales with the production of 24,868 tons of nickel in ferronickel (TNi) and sales of 24,135 TNi. The
Company’s ferronickel production and sales volume in 2018 grew by an average of 22% from 2017.

09 ANTAM Menandatangani Kerja Sama

Dalam Pengembangan Proyek Strategis di
IMF-World Bank Annual Meetings 2018
ANTAM’s Signing of Strategic Project Development Cooperation
at the IMF-World Bank Annual Meeting 2018
Pada bulan Oktober 2018, ANTAM menandatangani Head
of Agreement (HoA) Proyek Pengembangan Pabrik Nickel
Pig Iron (NPI) Blast Furnace Halmahera Timur dengan
Ocean Energy Nickel International Pte. Ltd (OENI) dalam
acara Indonesia Investing Forum 2018, IMF-World Bank
Annual Meetings 2018 di Nusa Dua, Bali.
Proyek NPI Blast Furnace memiliki total kapasitas produksi

mencapai 320.000 ton NPI (TNPI) atau setara dengan
30.000 ton nikel dalam NPI (TNi) yang terdiri dari 8 line
dengan total investasi sekitar US$320 juta. Dua line
pertama diharapkan dapat memulai produksi pada tahun
2021, sedangkan secara keseluruhan ditargetkan beroperasi
tahun 2023.
Proyek NPI Blast Furnace akan menambah portfolio

pengolahan smelter ANTAM selain pabrik feronikel di
Pomalaa, Sulawesi Tenggara yang berkapasitas 27.000
TNi serta Pabrik Feronikel Halmahera Timur yang saat
ini sedang dalam tahap pembangunan dengan kapasitas
produksi sebesar 13.500 TNi.
Proyek Pengembangan Pabrik NPI Blast Furnace Halmahera Timur merupakan salah satu milestone penting
dalam rangka meningkatkan nilai tambah komoditas mineral yang dikelola oleh Perusahaan. Proyek tersebut
akan menambah total produksi nikel tahunan ANTAM dan diharapkan akan mendukung pertumbuhan kinerja
Perusahaan.
Di saat yang sama, dilakukan penandatanganan kerjasama Proyek Smelter Grade Alumina !ü*!.5 (SGAR)
Kalimantan Barat antara PT INALUM (Persero) dengan mitra strategis. ANTAM dan INALUM bersinergi untuk
meningkatkan nilai tambah produk bauksit menjadi alumina. Konstruksi proyek SGAR terdiri dari tahap 1 dan tahap
2 dengan total kapasitas produksisebesar 2 juta ton alumina per tahun. Untuk pembangunan tahap 1 (kapasitas 1
juta ton alumina per tahun) direncanakan ground breaking dilaksanakan pada kuartal ke-1 tahun 2019.
In October 2018, ANTAM entered into the Head of Agreement (HoA) Project for the Development of the East
Halmahera Blast Furnace Plant (NPI) with Ocean Energy Nickel International Pte. Ltd. (OENI) at the Indonesia
Investing Forum 2018, IMF-World Bank 2018 Annual Meeting in Nusa Dua, Bali.
The NPI Blast Furnace project has a total production capacity of 320,000 tons of NPI (TNPI), equivalent to 30,000
tons of nickel in NPI (TNi), which consists of 8 production lines with a total investment of approximately US$320
)%((%+*ċ$!ü./0Ă(%*!/.!!4,!0! 0+/0.0,.+ 10%+*%*ĂĀĂāČ3%0$0$!3$+(!,.+&!0+,!.0%+*(5ĂĀĂăċ
The NPI Blast Furnace project will add to ANTAM’s portfolio of processing smelters, in addition to the ferronickel
plant in Pomalaa, Southeast Sulawesi, with a capacity of 27,000 TNi, and the East Halmahera Ferronickel Plant,
which is currently under construction, with a production capacity of 13,500 TNi.
The development of the East Halmahera NPI Blast Furnace project represents an important milestone in the increase
of added value of the mineral commodities managed by the Company. The project will increase ANTAM’s annual
total nickel production and is expected to support the growth of the Company’s performance.
At the same time, a cooperation agreement was signed between PT INALUM (Persero) and strategic partners for
0$!!/0(%)*0*)!(0!.. !Ƶ(1)%*!ü*!.5ĨƵĩ.+&!0ċƵƵ * Ƶ 3%((3+.'0+%*.!/!
the added value of bauxite products to alumina. The construction of the SGAR project will consist of stage 1 and
stage 2, with the total production capacity of 2 million tons of alumina per year. The ground breaking of phase 1,
3$%$3%((.%*#ā)%((%+*0+*/+"(1)%*,!.5!.Č%//$! 1(! 0+0'!,(!%*0$!ü./0-1.0!.+"ĂĀāĊċ

10 ANTAM Menyelesaikan Proses Restrukturisasi

Kerja Sama di PT Indonesia Chemical Alumina
The Completion of Restructuring Process
at PT Indonesia Chemical Alumina
Pabrik CGA Tayan

Tayan CGA Plant
Pada Desember 2018, ANTAM bersama dengan Showa Denko K.K (SDK) Jepang telah menandatangani akta
perjanjian jual beli saham (share purchase agreement - SPA) PT Indonesia Chemical Alumina (PT ICA) sebagai
,.+/!/ ü*( .% ,!)!(%* '!/!(1.1$* /$) % ƫƵ +(!$ ƵƵ ċ !*#* % 0* 0*#*%*5 '0
jual beli saham ini, ANTAM secara resmi memiliki keseluruhan 100% saham di PT ICA dari posisi kepemilikan
sebelumnya yaitu sebesar 80% dengan 20% kepemilikan saham dimiliki oleh SDK.
Ditandatanganinya akta jual beli ini, juga menunjukkan bahwa ANTAM dan SDK telah menyelesaikan kewajiban-
kewajiban sebagai pemegang saham sesuai dengan proporsi kepemilikan saham sesuai yang tertuang dalam
Conditional Share Purchase Agreement (CSPA) yang ditandatangani pada tanggal 29 Mei 2018.
Pokok-pokok kesepakatan dalam CSPA tersebut diantaranya mencakup pembayaran kewajiban kepada kreditur,
kewajiban pajak, pengelolaan lingkungan, perbaikan pabrik, termasuk pemberian paten milik SDK kepada PT ICA
untuk proses produksi dan produk yang telah terdaftar di 36 negara. Transaksi jual-beli saham SDK di PT ICA
kepada ANTAM dilakukan dengan nilai pembelian yang telah disepakati dalam perjanjian sebesar US$1,00 (Satu
Dolar Amerika Serikat).
Dengan adanya transfer teknologi, pengembangan produk serta dukungan pemasaran, Perusahaan optimis
komoditas alumina ANTAM tetap memiliki daya saing global dan dapat memberikan nilai ekonomi yang positif
bagi Perusahaan dan para pemegang saham.
In December 2018, ANTAM, in collaboration with Showa Denko K.K (SDK), Japan, entered into a share purchase
#.!!)!*0ĨƵĩ+" * +*!/%ƫ$!)%(Ƶ(1)%*Ĩ ƫƵĩČ0$!ü*(,.0+"0$!,1.$/!+"((/$.!/%*
ICA by ANTAM. Currently, ANTAM owns a total of 100% shares in PT ICA, an increase from its previous ownership of
80% with a 20% share ownership by SDK.
Both ANTAM and SDK have met their obligations in terms of their proportion of share ownership pursuant to the
Conditional Share Purchase Agreement (CSPA) signed on May 29, 2018.
The main points outlined in the CSPA refer to the payment of liabilities to creditors, tax obligations, environmental
management, factory repairs, and the transfer of patent rights owned by SDK to PT ICA for the production processes
and products that have been registered in 36 countries. The sale and purchase of SDK shares in PT ICA by ANTAM
was conducted with the agreed-upon purchase value as set forth in the agreement amounting to US$1.00 (One
United States Dollar).
With the transfer of technology, product development and marketing support, the Company is optimistic that
ANTAM’s alumina commodities will remain globally competitive and provide positive economic value to the
Company and its shareholders.

11 !ü**%*# Pembayaran Pokok Obligasi

Berkelanjutan I Seri A ANTAM
Senilai Rp900 Miliar
ƵƵ !ü**!/0$!Ƶġ!.%!/1,%$1/0%*(!ǫ+* / 3%0$%4!
Rate-Stage I 2011, Amounting to Rp900 Billion
Pada Desember 2018, ANTAM melakukan .!ü**%*# pembayaran pokok Obligasi
Berkelanjutan I ANTAM Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri A
(Obigasi Seri A ANTAM) dengan tenor selama tujuh tahun dan tingkat bunga sebesar
8,375% per tahun senilai Rp900 miliar yang jatuh tempo pada 14 Desember 2018.
!ü**%*#0/,+'+'(%#/%!.%ƵƵƵ %('1'* !*#*/'!),%*&)*

kredit investasi perbankan. ANTAM mendapatkan fasilitas kredit investasi dari PT
Bank Negara Indonesia (Persero) Tbk senilai total US$82 juta yang ditujukan untuk
keperluan .!ü**%*# Obligasi Seri A serta mendukung belanja modal Perusahaan
tahun 2018. Pinjaman berupa kredit investasi ini berjangka waktu tujuh tahun dengan
tingkat suku bunga LIBOR 3 bulan + 2,0% per tahun. Dengan kinerja keuangan
Perusahaan yang semakin solid, ANTAM mendapatkan tingkat suku bunga kredit
investasi yang lebih kompetitif sejalan dengan upaya ANTAM untuk menurunkan
tingkat beban keuangan Perusahaan.
PLTU ANTAM di Pomalaa
Pada tahun 2011, ANTAM menerbitkan Obligasi Perusahaan yang bernama Obligasi ANTAM’s CFPP in Pomalaa
Berkelanjutan I ANTAM Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 berjumlah
Rp3 triliun dan diterbitkan dalam dua seri, yakni seri A yang memiliki tenor 7 tahun
sejumlah Rp900 miliar dengan tingkat bunga 8,375% per tahun dan seri B yang
memiliki tenor 10 tahun sejumlah Rp2,1 triliun dengan tingkat bunga 9,05% per tahun.
Hasil penawaran obligasi tersebut diperuntukan untuk mendukung pembiayaan
investasi rutin di unit-unit bisnis Perusahaan salah satunya digunakan untuk
mendukung pendanaan pengembangan Pabrik Feronikel di Pomalaa melalui Proyek
Perluasan Pabrik Feronikel Pomalaa (P3FP) yang bertujuan untuk meningkatkan
“ Hasil penawaran obligasi
diperuntukan untuk
mendukung pembiayaan
!ü/%!*/% *',/%0/,.+ 1'/%0!.,/*#,.%'"!.+*%'!(ƵƵ )!*& %ĂĈċĀĀĀ investasi Perusahaan salah
ton nikel dalam feronikel (TNi) per tahun. Proyek ini juga mencakup pembangunan satunya Proyek Perluasan
Pembangkit Listrik Tenaga Uap (PLTU) Batubara berkapasitas 2x30MW yang Pabrik Feronikel Pomalaa
!.01&1*1*01')!*%*#'0'*!ü/%!*/%%5,.+ 1'/%"!.+*%'!(ƵƵ ċă0!($ (P3FP) yang bertujuan untuk
measuki fase operasi komersial pada tahun 2017. )!*%*#'0'*!ü/%!*/% *
kapasitas produksi menjadi
*!!)!.ĂĀāĉČƵƵ .!ü**! 0$!,.%*%,(,5)!*0+"ƵƵ Ě/1/0%*(!
Bonds I with Fixed Interest Rate Phase I of 2011 Series A (ANTAM’s A Series Bonds) 27.000 TNi. Proyek ini juga
with a seven-year tenor and an interest rate of 8.375% per annum amounting to mencakup pembangunan
Rp900 billion and maturing on 14 December 2018. Pembangkit Listrik Tenaga Uap
(PLTU) Batubara berkapasitas
$! .!ü**%*# +" ƵƵ Ě/ !.%!/ Ƶ +* / $/ !!* ) ! 1* !. *'%*# 2x30MW.
investment credit scheme. ANTAM obtained an investment credit facility from PT
Bank Negara Indonesia (Persero) Tbk totaling US$82 million for the purpose of
.!ü**%*# 0$! !.%!/ Ƶ ǫ+* / * /1,,+.0%*# 0$! ƫ+),*5Ě/,%0(!4,!* %01.! The Rupiah bond proceeds are
in 2018. The loan has been made in the form of a seven-year investment scheme with 1/%*#0+ü**!ƫ+),*5Ě/
an interest rate of LIBOR 3 month + 2.0% per year. The Company’s increasingly more investment activity. ANTAM
/+(% ü**%(,!."+.)*!* +),!0%0%2!%*2!/0)!*0(+*%*0!.!/0.0!.!%*(%*! also used the bond proceed
3%0$ƵƵ Ě/!û+.0/0+.! 1!0$!ƫ+),*5Ě/ü**%(1. !*ċ for the initiation of Pomalaa
Expansion Ferronickel Plant
In 2011, ANTAM issued Corporate Bonds, namely ANTAM Sustainable Bonds I with a
Fixed Interest Rate Phase I of 2011 amounting to Rp3 trillion issued in two tranches,
Project (P3FP). This project was
namely Series A with a 7 year tenor of Rp900 billion and an interest rate of 8.375% per %)! 0+%*.!/!0$!!þ%!*5
annum and Series B with a tenor of 10 years amounting to Rp2.1 trillion and an interest and upgrade the annual
rate of 9.05% per annum. The bonds were issued to support routine investment production capacity of Pomalaa
ü**%*#%*0$!ƫ+),*5Ě/1/%*!//1*%0/Č+*!!%*#0$!/1,,+.0+"0$! !2!(+,)!*0 ferronickel plant up to 27,000
of the Ferronickel Plant in Pomalaa through the Ferronickel Pomalaa Plant Expansion TNi, including the development
.+&!0 ĨăĩČ 3$%$ %)/ 0+ %*.!/! 0$! !þ%!*5 * %*/0((! ,.+ 10%+*
capacity of ANTAM’s ferronickel plant to 27,000 tons of nickel in ferronickel (TNi) per
“
of Coal Fired Power Plant with
capacity of 2x30MW.
year. The project also includes the construction of a 2x30MW Coal Fired Power Plant
Ĩĩ0+%),.+2!0$!+/0!þ%!*5+"ƵƵ Ě/"!..+*%'!(,.+ 10%+*ċ$!ă
commenced its commercial operations in 2017.

12 ANTAM Menjadi Bagian Dalam Kerja Sama

Perdagangan Indonesia dan Jepang
Melalui Komoditas Emas
ANTAM as a Part of Indonesia and Japan Trade Cooperation Through
Gold Commodities
Sejalan dengan upaya perluasan pasar ekspor emas ANTAM, Perusahaan menjadi
bagian dalam kerjasama perdagangan antara Indonesia dan Jepang melalui produk
logam emas batangan gold-kilo bar (produk emas batangan 1 kg). Hal itu ditunjukkan
melalui penandatanganan nota kesepahaman yang dilakukan oleh Direktur Utama
ANTAM, Arie Prabowo Ariotedjo dengan Presiden Direktur MKK Co.Ltd (MKK),
Akitaka Morita yang disaksikan oleh Duta Besar Republik Indonesia untuk Jepang,
ǫ,' Ƶ.%ü* /.%" , ĂĈ !.1.% ĂĀāĉ % ! 10* ǫ!/. !,1(%' * +*!/%
(KBRI) Tokyo.
Melalui kerja sama ini, ANTAM memperluas cakupan tidak hanya penjualan saja
melainkan pembelian emas di Jepang melalui MKK untuk produk emas batangan
dengan kepingan 1 kilogram. Rencana jual beli logam emas batangan ini memiliki
nilai perdagangan 200 kg emas setiap bulan selama 1 tahun.
ǫ#% ƵƵ Č '!.&/) &1( !(% %*% '* )!),!.'10 ,.+ü( !.1/$* /!#%
produsen emas terkemuka Indonesia. Dari sisi penjualan, menunjukkan adanya
kepercayaan dan pengakuan dari dunia internasional kepada produk emas ANTAM.
.%/%/%,!)!(%*'*)!),!.'10,.+ü(ǫ ƵResponsible Gold Guidance yang
dimiliki ANTAM. Kerjasama perdagangan ini akan memperkuat daya saing serta
meningkatkan kinerja Perusahaan.
ANTAM berharap dengan kerjasama ini akan membuka lebih luas lagi kerjasama
perdagangan lainnya serta memberikan kontribusi positif bagi kedua perusahaan
serta kedua negara.
*(%*!3%0$ƵƵ Ě/!û+.0/0+!4,* %0/#+( !4,+.0).'!0Č0$!ƫ+),*5!*0!.!

a trade cooperation between Indonesia and Japan with a gold-kilo bar product
Ĩā '# #+( . ,.+ 10ĩċ $! ++,!.0%+* 3/ ü*(%6! 3%0$ )!)+.* 1) +"
understanding that was entered into by ANTAM’s President Director, Arie Prabowo
Ariotedjo and MKK Co.Ltd (MKK) and President Director, Akitaka Morita before the Emas ANTAM
Ƶ)// +.+"0$!!,1(%+" * +*!/%0+
,*Č .ċƵ.%ü*/.%"+*!.1.5ĂĈČ memiliki kemurnian
2018, at the Embassy of the Republic of Indonesia (Indonesian Embassy) in Tokyo. 99,99%
Through this collaboration, ANTAM has expanded its sale and purchase coverage in ANTAM’s gold product
Japan through MKK for 1-kilogram gold bar products. The plan to purchase and sell has 99.99% purity
gold bars represents a trade value of 200 kg of gold every month for 1 year.
$! /(! * ,1.$/! #.!!)!*0 %/ ,.+&!0! 0+ /0.!*#0$!* ƵƵ Ě/ ,.+ü(! /
Indonesia’s leading gold producer. In terms of sales, it demonstrates the trust and
recognition of the international community in ANTAM’s gold products. In terms
+" ,1.$/!/Č %0 3%(( /0.!*#0$!* ƵƵ Ě/ ,.+ü(! "+. %0/ ǫ Ƶ !/,+*/%(! +(
Guidance. The trade agreement will also improve the Company’s competitiveness
and business performance.
ANTAM projects that this collaboration will open up more trade opportunities, and
will make a positive contribution to both companies and both countries.

13 ANTAM Kembali Raih Penghargaan CGPI

2017 Sebagai Perusahaan Sangat Terpercaya
(The Most Trusted Company) & Mendapatkan
Penghargaan Top 50 ASEAN Public Listed
Companies
ANTAM Wins the CGPI Award 2017 for Being the Most Trusted Company
& the Top 50 Award for ASEAN Public Listed Companies
Sebagai Perusahaan berbasis sumber daya alam dengan pengalaman selama 50 tahun, ANTAM
menempatkan kebijakan tata kelola sebagai salah satu strategi keberlanjutan Perusahaan. ANTAM
menyadari dalam perusahaan dengan tata kelolanya baik, kepercayaan dan rasa aman atas investasi
menjadi modal dasar yang penting dalam era ekonomi global yang tanpa batas.
ANTAM kembali meraih penghargaan sebagai Perusahaan Sangat Terpercaya (The Most Trusted Company)
berdasarkan penilaian Corporate Governance Perception Index (CGPI) dalam ajang Indonesia The Most
Trusted Companies Award 2018. ANTAM memperoleh penilaian CGPI Award sebagai The Most Trusted
Company untuk ke-10 (sepuluh) kali semenjak tahun 2008 serta merupakan satu-satunya Perusahaan yang
telah mengikuti program riset dan pemeringkatan CGPI selama 17 tahun berturut-turut.
Selain di dalam negeri, Kinerja GCG ANTAM juga diakui ditingkat internasional. Pada November 2018, ANTAM
mendapatkan Penghargaan Top 50 ASEAN Public Listed Companies dalam ajang 2nd ASEAN Corporate
Governance Awards. Penghargaan ini diinisiasi oleh ASEAN Capital Markets Forum (ACMF) bekerjasama
dengan Asian Development Bank (ADB) untuk membentuk kerangka kerja tata kelola bersama di seluruh
'3/*Ƶ/%!*##. *1*01')!*%*#'0'*,.+ü(ƵƵPublic Listed Companies dalam komunitas
investasi global. ANTAM senantiasa berkomitmen menerapkan prinsip Good Corporate Governance (CGC)
yang baik sebagai salah satu strategi keberlanjutan Perusahaan untuk memberikan imbal hasil yang positif
kepada para pemegang saham dan pemangku kepentingan lainnya.
As a natural resource-based company with 50 years of experience, ANTAM is committed to adopting

sustainable governance policies. ANTAM is aware that in a company with good governance, trust and
security of investment serves as important basis in an era of borderless global economy.
In 2018, ANTAM once again received the Most Trusted Company award based on the assessment of the
Corporate Governance Perception Index (CGPI) in the Indonesia Most Trusted Companies Awards. Also
%* ĂĀāĉČ ƵƵ .!!%2! 0$! ƫ Ƶ3. "+. 0$! āĀ0$ 0%)!Č 3%0$ 0$! ü./0 +/0 .1/0! ƫ+),*5 3.
bestowed on ANTAM in 2008, and is the only company that has participated in the CGPI research and
ranking program for 17 consecutive years.
In addition to local recognition, ANTAM’s positive GCG performance has also been recognized at the
international level. In November 2018, ANTAM won the Top 50 ASEAN Public Listed Companies Award at the
2nd ASEAN Corporate Governance Awards. The award was initiated by the ASEAN Capital Markets Forum
(ACMF) in collaboration with the Asian Development Bank (ADB) to establish a joint governance framework
0$.+1#$+10 0$! +10$!/0 Ƶ/% .!#%+* * 0+ !*$*! 0$! ,.+ü(! +" ƵƵ 1(% %/0! ƫ+),*%!/ %*
the global investment community. ANTAM is committed to implementing the principles of Good Corporate
Governance (CGC) as one of the Company’s sustainability strategies, and to providing positive returns to
shareholders and other stakeholders.
ANTAM is one of the leading global producers of ferronickel. In 2018, ANTAM again recorded the highest
ferronickel production & sales with the production of 24,868 tons of nickel in ferronickel (TNi) and sales of
24,135 TNi. The Company’s ferronickel production and sales volume in 2018 grew by an average of 22% from
2017.

14 ANTAM Mendukung Pengembangan

Geopark Pongkor
ANTAM’s Support of the Pongkor Geopark Development
Museum Tambang Emas Bawah Tanah di Pongkor

Underground Gold Mine Musem in Pongkor
Pada Desember 2018, ANTAM mendukung pengembangan Geopark Pongkor di Kabupaten Bogor, Jawa Barat.
Hal tersebut diwujudkan melalui inisiasi pengembangan Museum Tambang Bawah Tanah Pongkor dan Kawasan
Wisata Cikaret (KAWACI) yang berada di wilayah Geopark Pongkor sebagai salah satu bagian dari keseluruhan
Geopark Nasional di Kabupaten Bogor, Jawa Barat.
Geo-area Pongkor merupakan satu dari empat Geo-area yang dimiliki oleh Geopark Pongkor selain Geo-area
Leuwiliang, Geo-area Tenjolaya dan Geo-area Parung. Geo-site Pongkor berada di wilayah Geo-area Pongkor
berlokasi di Gunung Pongkor yang memiliki karakteristik geologi alam unik dan bernilai keilmuan tinggi. Di wilayah
ini, tambang emas bawah tanah Perusahaan berada dan masih aktif beroperasi. Tambang emas Pongkor dikelola
oleh Unit Bisnis Pertambangan Emas (UBPE).
Pengembangan Museum Tambang Bawah Tanah dalam tahap persiapan untuk rencana pasca tambang Perusahaan
dimana merepresentasikan aspek edukasi melalui sharing knowledge tentang aktivitas operasional penambangan
dan pengolahan bijih emas serta berbagai kegiatan penunjang lainnya. Hal ini strategis karena seluruh rangkaian
aktivitas pertambangan di ANTAM UBPE mulai dari eksplorasi hingga pengolahan bijih emas dilakukan oleh putra-
putri terbaik Indonesia.
In December 2018, ANTAM supported the development of the Pongkor Geopark in the Bogor Regency, West Java.
The support was provided through the development of the Pongkor Underground Mine Museum and the Cikaret
Tourism Area (KAWACI) located in the Geopark Pongkor area.
The Pongkor Geo-area is one of four Geo-areas owned by Pongkor Geopark. The other areas include Geo-area
Leuwiliang, Geo-area Tenjolaya and Geo-area Parung. Pongkor’s geo-site is located in the Pongkor Geo-area on
+1*0 +*#'+.Č 3$%$ +/0/ 1*%-1! *01.( #!+(+#%( $.0!.%/0%/ * $%#$ /%!*0%ü 2(1!ċ $! ƫ+),*5Ě/
underground gold mine, which is still operational, is located in this region. The Pongkor gold mine is managed by
the Gold Mining Business Unit (UBPE).
The Underground Mine Museum is currently still in the planning stage for the Company’s post-mining plan. Once
completed, the project will educate the public about the operational activities involved in the mining and processing
of gold ore, as well as various other supporting activities. These educational activities are strategic since the entire
mining process at ANTAM UBPE, starting from exploration to the processing of gold ore, is carried out by some of
Indonesia’s best talent.

Ikhtisar Kinerja 2018

2018 Performance Highlights
Haltim Ferronickel Development Plant Project (P3FH)

Meningkatkan Kapasitas Total Produksi Feronikel Perluasan Melalui Proyek
ANTAM hingga 40,5 Ribu TNi pada akhir tahun 2019. Pengolahan Bersifat Hilir
Expanding ANTAM’s ferronickel total production Expansion through
capacity up to 40.5 Thousand TNi by the end of 2019. downstream mineral
processing project
01
Perubahan
Paradigma untuk
Mengatasi Tantangan 02
dan Mencapai Tujuan
Shifting Paradigm to Overcome 03
Challenges and Achieving Goals
ANTAM berkomitmen 04
memaksimalkan nilai pemegang
saham dengan fokus pada
pengembangan bisnis inti
berbasis komoditas nikel, emas
dan bauksit melalui hilirisasi Kinerja Keuangan ANTAM yang
mineral, peningkatan output solid Tahun 2018
produksi, guna meningkatkan ƵƵ Ě//+(% ü**%(performance in 2018
pendapatan dan menurunkan Earning Before Interest,
tingkat biaya tunai produksi Taxes, Depreciation, and
1*01')!*&)%*,.+ü0%(%0/ Amortization (EBITDA)
Earning Before Interest,
jangka panjang. Taxes, Depreciation, and Laba Tahun Berjalan
Amortization (EBITDA) .+ü0"+.0$!!.
The Company’s commitment in (Rp miliar Rp billion) (Rp miliar Rp billion)
enhancing shareholder value by focusing
3.331 874
on core business development based
on nickel, gold and bauxite through
maximizing production to increase 2.232
revenue and lower cash cost to ensure
(+*#0!.),.+ü0%(%05ċ
136
2017 2018 2017 2018

Cadangan dan Sumber Daya Mineral tahun 2018

)!(0!.. !Ƶ(1)%*!ü*!.5 !),3$ Mineral Reserves and Resources in 2018
(SGAR)
Proyek sinergi Holding Industri Pertambangan 9.789
untuk meningkatkan nilai tambah sumber daya 1.334
579
bauksit ANTAM dan menyediakan alumina
dari dalam negeri untuk kebutuhan pabrik
aluminium milik INALUM. 4.526
The Project was initiated through the synergy 438
31
of Industrial Mining Holding. SGAR Project will
be increased the value added of ANTAM’s vast
bauxite resources in Mempawah and provides
alumina feed for INALUM’s aluminium plant
from a domestic source. Bijih Nikel Bijih Bauksit Bijih Emas
Nickel Ore Bauxite Ore Gold Ore
(juta wmt million wmt) (juta wmt million wmt) (ribu dmt thousand dmt)
Cadangan Reserves Sumber Daya Resources
Nikel Bauksit Emas

Perluasan Basis Cadangan Nickel Bauxite Gold
dan Sumber Daya
Expansion of Reserves ANTAM memiliki cadangan bijih nikel dan
and Resources
bauksit yang besar dan berkualitas.
ANTAM has vast & high quality of Nickel and Bauxite ore
reserves and resources.
US$3,95
Menurunkan Lebih
Lanjut Biaya Tunai dan
per lb Ni
Meningkatkan Daya Saing
Biaya ANTAM merupakan salah satu
produsen feronikel berbiaya
Further Decreases in Cash
rendah di dunia
Cost and Improvements in
Cost Competitiveness ANTAM remains as one of the low
cost ferronickel producer globally
Rp26,40 miliar billion

!(%//%.+#.)!ü/*!/%ƵƵ )!*,%
Penigkatan Kinerja Bisnis Rp26,40 miliar pada tahun 2017 atau 164% dari
Inti Perusahaan target sebesar Rp16,04 miliar
Improving on Company’s
Core Business *ĂĀāĈČƵƵ Ě/!þ%!*%!/%*%0%0%2!)+1*0! 0+
Performance Rp26.40 billion, surpass the target by 164% of
Rp16.04 billion
Volume Produksi dan Penjualan Feronikel Volume Produksi dan Penjualan Emas
Ferronickel Production and Sales Volume Gold Production and Sales Volume
(TNi) (kg)
24.86824.135 27.894
21.762 21.812
13.202
Produksi Production
Penjualan Sales
1.967 1.957
2017 2018 2017 2018

28
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30 Ikhtisar Keuangan
Financial Highlights
32 Ikhtisar Saham & Obligasi

Shares & Bonds Highlights
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30
Ikhtisar Keuangan
Financial Highlights
Deskripsi
Description 2014* 2015* 2016* 2017 2018
Penjualan Bersih | Net Sales 9.420,63 10.531,50 9.106,26 12.653,62 25.241,27

Beban Pokok Penjualan
8.627,27 10.336,36 8.254,47 11.009,73 21.764,83
Cost of Goods Sold
Laba Kotor | .+//.+ü0 793,36 195,14 851,79 1.643,89 3.476,44
Laba/(Rugi) Sebelum Bunga, Pajak, Depresiasi dan Amortisasi
Earnings/(Loss) Before Interest, Tax, Depreciation and 1.052,91 (213,98) 1.427,51 2.232,42 3.311,27
Amortization
Laba/(Rugi) Usaha
(137,06) (701,44) 8,16 600,61 1.852,73
Operating Income/(Loss)
Beban Keuangan | Financial Costs (126,55) (246,02) (319,27) (607,69) (554,33)
Jumlah Penghasilan/(Rugi) Komprehensif Tahun Berjalan
(153,74) 912,56 92,08 81,61 1.296,60
Total Comprehensive Income/(Loss) for the Year
Laba/(Rugi) Tahun Berjalan yang Dapat Diatribusikan kepada
Pemilik Entitas Induk (743,53) (1.440,85) 64,81 136,51 874,43
Income/(Loss) for the Year Attributable to Owners of the Parent
Laba/(Rugi) Tahun Berjalan yang Dapat Diatribusikan kepada
Kepentingan Nonpengendali
0,00 (0,00) (0,00) (0,00) 0,00
Income/(Loss) for the Year Attributable to Non-controlling
Interests
Jumlah Penghasilan/(Rugi) Komprehensif Tahun Berjalan yang
Dapat Diatribusikan kepada Pemilik Entitas Induk
(153,74) 912,56 92,08 81,61 1.296,60
Total Comprehensive Income/(Loss) for the Year Attributable to
Owners of the Parent
Jumlah Penghasilan/(Rugi) Komprehensif Tahun Berjalan yang
Dapat Diatribusikan kepada Kepentingan Nonpengendali
0,00 (0,00) (0,00) (0,00) 0,00
Total Comprehensive Income/(Loss) for the Year Attributable to
Non-controlling Interests
Jumlah Saham Beredar (‘000)
9.538.460 24.030.765 24.030.765 24.030.765 24.030.765
Outstanding Shares (‘000)
Laba/(Rugi) Bersih Per Saham Dasar Disesuaikan (Rp)
(77,98) (120) 2,70 5,68 36,39
Adjusted Basic Earnings/(Loss) Per Share (Rp)
Dividen Per Saham Disesuaikan (Rp) **
N/A N/A N/A 1,99 N/A
Adjusted Dividend Per Share (Rp) **
Investasi pada Entitas Asosiasi – Bersih
2.687,17 1.992,52 2.080,12 1.690,63 1.097,16
Investments in Associates- Net
Investasi pada Ventura Bersama
1.438,39 1.481,64 1.136,69 835,35 0,00
Investment in a Joint Venture
Jumlah Aset | Total Assets 22.004,08 30.356,85 29.981,54 30.014,27 33.306,39
Jumlah Liabilitas | Total Liabilities 9.954,17 12.040,13 11.572,74 11.523,87 13.567,16
Jumlah Liabilitas Jangka Panjang
6.091,25 7.700,80 7.220,43 5.971,41 8.055,42
Total Non-Current Liabilities
Jumlah Ekuitas | Total Equity 12.049,92 18.316,72 18.408,80 18.490,40 19.739,23
Modal Kerja Bersih | Net Working Capital 2.480,19 6.913,50 6.277,91 3.449,48 2.986,70
* Dalam Rapat Umum Pemegang Saham (“RUPS”) Tahunan Perusahaan, tidak ada deklarasi pembagian dividen
At the company’s Annual General Meeting of Shareholders (“AGMS”), there was no dividend distribution declared
** Dividen per saham disesuaikan untuk tahun buku 2018 akan diputuskan pada RUPS yang akan diselenggarakan pada tanggal 24 April 2019
Adjusted dividend per share for year 2018 will be decided during the AGMS which will be held on April 24, 2019
Catatan Notes
• Dalam miliar Rupiah kecuali jumlah saham beredar, laba/(rugi) bersih per saham disesuaikan, dividen per saham disesuaikan dan rasio
In billion Rupiah, except outstanding shares, adjusted basic earnings/(loss) per share, adjusted dividend per share and ratios
• Notasi angka dalam laporan tahunan ini dalam Indonesia Ƶ((ü#1.!/%*0$%/**1(.!,+.0.!%* * +*!/%*+00%+*

31
Rasio Lancar Rasio Total Liabilitas terhadap Aset Rasio Total Liabilitas terhadap Ekuitas
Current Ratio Total Liabilities to Asset Ratio Total Liabilities to Equity Ratio
% % %
244,24 40,73 68,73

38,60 38,39 62,87 62,32
162,13 154,19
2016 2017 2018 2016 2017 2018 2016 2017 2018
Imbal Hasil Rata-Rata Aset Imbal Hasil Rata-Rata Investasi Imbal Hasil Rata-Rata Ekuitas
Return on Average Asset Return on Average Investment Return on Average Equity
% % %
2,76 7,34 4,57
4,22
0,46 1,26 0,74

0,21 0,35
2016 2017 2018 2016 2017 2018 2016 2017 2018
Deskripsi
Description 2014* 2015* 2016* 2017 2018
Imbal Hasil Rata-Rata Investasi
(7,35)% (11,48)% 1,26% 4,22% 7,34%
Return on Average Investment
Imbal Hasil Rata-Rata Ekuitas
(6,11)% (9,49)% 0,35% 0,74% 4,57%
Return on Average Equity
Imbal Hasil Rata-Rata Aset
(3,38)% (5,50)% 0,21% 0,46% 2,76%
Return on Average Asset
Rasio Lancar | Current Ratio 164,21 % 259,32% 244,24% 162,13% 154,19%
Rasio Total Liabilitas terhadap Ekuitas
82,61% 65,73 % 62,87% 62,32% 68,73%
Total Liabilities to Equity Ratio
Rasio Total Liabilitas terhadap Aset
45,24 % 39,66 % 38,60% 38,39% 40,73%
Total Liabilities to Asset Ratio
Marjin Laba/(Rugi) Kotor
8,42% 1,85 % 9,35% 12,99% 13,77%
Gross Margin Income/(Loss)
Marjin Laba/(Rugi) Usaha
(1,45)% (6,66)% 0,09% 4,75% 7,34%
Operating Margin Income/(Loss)
Marjin Laba/(Rugi) Bersih
(7,89)% (13,68)% 0,71% 1,08% 3,46%
Net Margin Income/(Loss)
Arus Kas Bersih yang Diperoleh dari Aktivitas Operasi
391,68 488,90 1.015,39 1.379,18 1.874,58
Net Cash Provided by Operating Activities
Belanja Modal***
1.737,74 2.029,76 1.297,17 1.729,36 2.799,85
Capital Expenditure***
Arus Kas Bebas
(1.624,02) (1.248,84) (161,49) (942,33) (263,275)
Free Cash Flow
Beban Operasi
9.557,69 11.232,94 9.098,11 12.053,01 23.388,54
Operating Expenditures
Nilai Tukar (Rp/US$)
12.440 13.795 13.436 13.548,00 14.481
Exchange Rate (Rp/US$)
Harga Nikel (US$/lb.)****
7,74 4,97 4,56 4,97 6,24
Nickel Price (US$/lb.)****
Harga Emas (US$/Toz)****
1.277,32 1.215,69 1.265,66 1.293,40 1.309,30
Gold Price (US$/Toz)****
*** Untuk perolehan aset tetap saja | Only for property, plant, and equipment.
**** Harga spot rata-rata harian dalam satu tahun | Annual average of daily spot price.

32
Ikhtisar Saham dan Obligasi

Komposisi Pemegang Saham

Shareholder Structure
%
0
65,00 65,00 65,00 65,00 65,00
Pemerintah RI Government of Indonesia
PT Indonesia Asahan Aluminium (Persero)
2018 Badan Usaha Domestik Domestic Institutions
35 Badan Usaha Asing Foreign Institutions
12,55 12,24 19,69 18,87 17,75
Perorangan Domestik Domestic Retails
8,26 5,69 6,55
5,19 4,97
14,08 16,86 10,01 11,08 10,61 Perorangan Asing Foreign Retails
6
65 0,11 0,21 0,11 0,08 0,09
2014 2015 2016 2017 2018

Pemerintah RI Masyarakat
Government of RI Public
PT Indonesia Asahan Aluminium (Persero)
Struktur Pemegang Saham dengan Kepemilikan Kurang dari 5% per 31 Desember 2018
Structure of Shareholders with Less than 5% of Shares Outstanding as at December 31, 2018
Domestik Asing
Domestic Foreign
Kelompok Pemegang
Saham Jumlah Pemegang Jumlah Pemegang
Shareholder Groups Jumlah Saham Saham Jumlah Saham Saham
Number of Shares Number of Number of Shares Number of
Shareholders Shareholders
Pemerintah RI Government of RI 1 1 - -
Ritel Retail 2.548.984.504 46.029 20.917.153 195
Institusi Institutions 4.266.943.199 646 1.573.919.869 213
Total 6.815.927.704 46.676 1.594.837.022 408
Jumlah Pemegang Saham dengan Kepemilikan < 5%

Total Number of Shareholders with Less than 5% of Shares Outstanding
48.865 47.084
45.924
43.130
37.184 38.306
36.132 33.945 33.978 34.728 35.348
33.610
Jan-18 Feb-18 Mar-18 Apr-18 Mei-18 Jun-18 Jul-18 Agt-18 Sep-18 Okt-18 Nov-18 Des-18
May-18 Aug-18 Oct-18 Dec-18
Sepanjang periode Jan-Des 2018, jumlah

pemegang saham ANTAM tumbuh 27,68%
During Jan-Dec 2018 period,
ANTAM's shareholder growth by 27.68%

33
Harga, Volume, Nilai dan Kapitalisasi Saham ANTAM

ANTAM Share Prices, Volumes, Trading Values and Capitalization
Nilai
Jumlah Saham Kapitalisasi Volume
Harga Harga Harga Harga Perdagangan
Beredar Pasar Perdagangan
Pembukaan Tertinggi Terendah Penutupan Rata-Rata
Periode (Juta Saham) (Rp Triliun) (Juta Saham)
(Rp) (Rp) (Rp) (Rp) (Rp Miliar)
Period Outstanding Market Trading
Opening Highest Lowest Closing Average
Share Capitalization Volume
Price (Rp) Price (Rp) Price (Rp) Price (Rp) Trading Value
(Million Share) (Rp Trillion) (Million Share)
(Rp Billion)
2018
Triwulan I
18,62 635 955 630 775 90 75
(First Quarter)
Triwulan II
(Second 21,39 795 995 775 890 79 70
Quarter)
24,031
Triwulan III
20,31 820 955 775 845 70 60
(Third Quarter)
Triwulan IV
(Fourth 18,38 825 825 595 765 62 45
Quarter)
2017
Triwulan I
17,54 885 920 695 730 53 43
(First Quarter)
Triwulan II
(Second 16,70 715 775 610 695 37 27
Quarter)
24,031
Triwulan III
15,38 700 755 625 640 41 29
(Third Quarter)
Triwulan IV
(Fourth 15,02 640 710 605 625 30 20
Quarter)
Harga Penutupan Saham Volume Perdagangan

Closing Price Trading Volume
Rp Juta Saham Million Share
1.000 100
80
60
800
40
20
600 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Jan-Mar Apr-Jun Jul-Sept Okt-Des Jan-Mar Apr-Jun Jul-Sept Okt-Des
Oct-Dec Oct-Dec
2017 2018
Harga Penutupan Saham Volume Perdagangan

Closing Price Trading Volume
34
Ikhtisar Saham dan Obligasi

Volume Perdagangan Kapitalisasi Pasar

Trading Volume Market Capitalization
Juta Saham Million Share Rp Triliun Rp Trillion
90 21,39
20,31
79 18,62 18,38
70 17,54 16,70
62 15,38 15,02
53
41
37 30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Jan-Mar Apr-Jun Jul-Sept Okt-Des Jan-Mar Apr-Jun Jul-Sept Okt-Des Jan-Mar Apr-Jun Jul-Sept Okt-Des Jan-Mar Apr-Jun Jul-Sept Okt-Des
Oct-Dec Oct-Dec Oct-Dec Oct-Dec
2017 2018 2017 2018
Kronologi Saham
Shares Chronology
PT Indonesia Saham
Nilai Pari per Pemerintah RI Asahan Publik Pembelian
Aksi Korporasi Saham Government of RI Aluminium Public Kembali Jumlah Saham
Corporate Action Per-Share Par (Persero) Treasury Shares Total Shares
Value Saham Seri A Saham Seri B Saham Seri B Saham Seri B Saham Seri B
Series A Share Series B Shares Series B Shares Series B Shares Series B Shares
Penawaran Umum
Seri A Rp500,-
Perdana di Tahun
Seri B Rp500,-
1997 1 799.999.999 - 430.769.000 - 1.230.769.000
Series A Rp500,-
*%0%(1(%û!.%*#
Series B Rp500,-
in 1997
Pemberian Saham
Seri A Rp500,-
Bonus* di Tahun
Seri B Rp500,-
2002 1 1.239.999.999 - 667.691.951 - 1.907.691.950
Series A Rp500,-
Bonus Share* in
Series B Rp500,-
2002
Pemecahan nilai Seri A Rp100,-

saham** di Tahun Seri B Rp100,-
1 6.199.999.999 - 3.338.459.751 - 9.538.459.750
2007 Series A Rp100,-
Stock Split** in 2007 Series B Rp100,-
Pembelian Kembali
Seri A Rp100,-
Saham di Tahun
Seri B Rp100,-
2008-2009 1 6.199.999.999 - 3.323.033.751 15.426.000 9.538.459.750
Series A Rp100,-
Share Repurchase in
Series B Rp100,-
2008-2009
Program
Kepemilikan Saham
Seri A Rp100,-
bagi Karyawan di
Seri B Rp100,-
Tahun 2012 1 6.199.999.999 - 3.334.581.750 3.878.000 9.538.459.750
Series A Rp100,-
Employee Stock
Series B Rp100,-
Ownership Program
in 2012
Program
Kepemilikan Saham
Seri A Rp100,-
bagi Karyawan di
Seri B Rp100,-
Tahun 2014 1 6.199.999.999 - 3.338.459.750 - 9.538.459.750
Series A Rp100,-
Employee Stock
Series B Rp100,-
Ownership Program
in 2014
Penawaran Umum
Seri A Rp100,-
Terbatas di Tahun
Seri B Rp100,-
2015 1 15.619.999.999 - 8.410.764.725 - 24.030.764.725
Series A Rp100,-
Limited Public
Series B Rp100,-
û!.%*#%*ĂĀāĆ

35
Kronologi Saham
Shares Chronology
PT Indonesia Saham
Nilai Pari per Pemerintah RI Asahan Publik Pembelian
Aksi Korporasi Saham Government of RI Aluminium Public Kembali Jumlah Saham
Corporate Action Per-Share Par (Persero) Treasury Shares Total Shares
Value Saham Seri A Saham Seri B Saham Seri B Saham Seri B Saham Seri B
Series A Share Series B Shares Series B Shares Series B Shares Series B Shares
Pengalihan Saham
Negara Republik
Indonesia Pada PT
ANTAM Tbk Dalam
Rangka Penambahan
Penyertaan Modal
Negara Republik
Indonesia ke
Dalam Modal
Saham Perusahaan
Perseroan (Persero)
PT Indonesia Asahan
Aluminium ***
di Tahun 2017
Seri A Rp100,-
The Transfer of
Seri B Rp100,-
Shares Owned by 1 - 15.619.999.999 8.410.764.725 - 24.030.764.725
Series A Rp100,-
the Government
Series B Rp100,-
of the Republic
of Indonesia in PT
ANTAM Tbk in the
Framework of the
Addition of State
Equity Participation
of the Government
of the Republic
of Indonesia
into Perusahaan
Perseroan (Persero)
PT Indonesia Asahan
Aluminium in 2017
***
* RUPS Luar Biasa tanggal 19 Juni 2002 menyetujui penerbitan saham bonus dari agio saham modal disetor Penawaran Umum Perdana Perseroan dengan rasio
100 : 55. ANTAM kemudian menerbitkan 676.922.950 saham Seri B baru senilai Rp338 miliar pada tanggal 30 Juli 2002.
The Extraordinary General Meeting of Shareholders (EGM) dated June 19, 2002 resolved the issuance of bonus shares sourcing from the additional paid-up capital
%*!4!//+",.2(1!".+)0$!+),*5Ě/ *%0%(1(%û!.%*#%*0$!.0%++"āĀĀčĆĆċ1/!-1!*0(5ČƵƵ %//1! ćĈćČĊĂĂČĊĆĀ*!3!.%!/ġǫ/$.!/)+1*0%*#
to Rp338 billion on July 30, 2002.
** RUPS Luar Biasa tanggal 30 Mei 2007 menyetujui pemecahan nilai pari per saham sebesar Rp500,- menjadi Rp100,- per saham.
The EGM dated May 30, 2007 resolved the stock split of the stock par value of Rp500 per share to Rp100 per share.
*** Berdasarkan PP No. 47 Tahun 2017 Tentang Penambahan Penyertaan Modal Negara Republik Indonesia ke Dalam Modal Saham Perusahaan Perseroan
(Persero) PT Indonesia Asahan Aluminium, dimana sebesar 15.619.999.999 saham seri B milik Negara Republik Indonesia akan dialihkan kepada INALUM
sebagai tambahan penyertaan modal Negara di INALUM. Pengalihan saham tersebut mengakibatkan berubahnya status Perseroan dari Persero menjadi Non-
Persero, sehingga diperlukan adanya perubahan Anggaran Dasar Perseroan. Perubahan tersebut telah disetujui dalam RUPS Luar Biasa tanggal 29 November
2017.
Based on the Government Regulation No. 47 of 2017 on the Addition of State Equity Participation of the Government of Republic of Indonesia into Perusahaan
Perseroan (Persero) PT Indonesia Asahan Aluminium, 15,619,999,999 of the B Series shares that is owned by the Republic of Indonesia shall be transferred to
INALUM as the addition of the State Equity Participation in INALUM. The transfer can change of the status of the Company from Persero to a Non-Persero,
so that require the Amendment of the Articles of Association of the Company. The Amendment was approved in the Extraordinary General Meeting of
Shareholders (EGM) dated November 29, 2017.
Ikhtisar Obligasi
Bonds Highlights
Jumlah Tenor Suku Bunga Peringkat

Tanggal Jatuh PEFINDO
Uraian Obligasi Denominasi Pokok (Tahun) Tahunan
Tempo Rating
Bonds Details Denomination Principal Tenor Annual
Maturity Date
Amount (Year) Interest Rate 2017 2018
Obligasi Berkelanjutan I ANTAM Rupiah Rp900 miliar 7 8,375% 14 Desember id
BBB+ A-
id
dengan Tingkat Bunga Tetap Rp900 billion 2018
Tahap I Tahun 2011 – Seri A December 14,
2018
ANTAM’s Sustainable Bonds I
with Fixed Interest Rate – Stage
I, 2011 - Series A
Obligasi Berkelanjutan I ANTAM Rupiah Rp2,1 triliun 10 9,05% 14 Desember BBB+
id id
A-
dengan Tingkat Bunga Tetap Rp2.1 trillion 2021
Tahap I Tahun 2011 – Seri B December 14,
2021
ANTAM’s Sustainable Bonds I
with Fixed Interest Rate – Stage
I, 2011 - Series B

36
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Laporan
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Report from the Board of Commissioners
Proyek Pembangunan Pabrik Feronikel ANTAM di Halmahera Timur dengan Kapasitas 13.500 TNi
ANTAM East Halmahera Ferronickel Development Plant Project with Capacity of 13,500 TNi

Laporan Dewan Komisaris

“Peran Pengawasan
dan Penasihatan Dewan
Komisaris Dalam
Tahun Buku 2018 tetap
Orientasinya Untuk
Meningkatkan Daya
Saing, dengan tema:
“Melakukan Perubahan
Pola Pikir & Pola Tindak
dalam mengatasi
tantangan & mencapai
tujuan“ (“Shifting
Paradigm to overcome
Challenge and Achieving
Goals”)”
“The Role of Supervision and

Advisory of the Board of
Commissioners in the 2018 Book
Year remains oriented to Increasing
Competitiveness, with the theme:
“Shifting Paradigm to overcome
Challenge and Achieving Goals”
Jenderal TNI (Purn) Fachrul

Razi, S.Ip, S.H., M.H.
Komisaris Utama
President Commissioner
ANTAM
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1. LATAR BELAKANG TEMA RAPAT PIMPINAN 1. BACKGROUND OF ANTAM’S LEADERSHIP

(RAPIM) ANTAM 2018 MEETING THEME IN 2018
1.1. Tema RAPIM 2018: Perubahan Pola Pikir & 1.1 Themes of 2018 Leadership Meeting:
Pola Tindak Untuk Mengatasi Tantangan “Shifting Paradigm to Overcome Challenge
& Mencapai Tujuan (“Shifting Paradigm to and Achieving Goals”
Overcome Challenge and Achieving Goals)
Dengan berakhirnya Tahun Buku 2018, sesuai dengan With the end of the 2018 Book Year, in accordance
ketentuan dan perundang-undangan yang berlaku, with applicable regulations and legislation, including
diantaranya Peraturan Otoritas Jasa Keuangan (OJK) the Financial Services Authority (OJK) Regulation
No. 29/POJK.04/2016 tentang Laporan tahunan No. 29/POJK.04/2016 concerning the Annual Report
Emiten atau Perusahaan Publik dan Surat Edaran of Issuers or Public Companies and Circular of the
Otoritas Jasa Keuangan No. 30/SEOJK/04/2016 Financial Services Authority No. 30/SEOJK/04/2016
yang mewajibkan setiap perusahaan membuat which requires every company to make a Report of
Laporan Dewan Komisaris sesuai bentuk dan isi serta the Board of Commissioners in accordance with the
persyaratan lainnya sesuai dengan ketentuan dan form and content as well as other requirements in
peraturan yang berlaku. accordance with the applicable rules and regulations.
Sudah menjadi budaya PT ANTAM Tbk (ANTAM) It has become the culture of PT ANTAM Tbk (ANTAM),
dalam mengakhiri Tahun Buku 2018 yang lalu dan in ending the 2018 Financial Year and in anticipation
menyongsong Rencana Kerja Anggaran Perseroan of the 2019 Corporate Budget Work Plan (RKAP), to
(RKAP) 2019 diselenggarakan Rapat Pimpinan hold the ANTAM Leadership Meeting (RAPIM) at the
(RAPIM) ANTAM pada awal tahun. Untuk RKAP Tahun beginning of the year. For the previous RKAP 2018 held
2018 yang lalu, RAPIM diselenggarakan pada 30-31 on January 30-31, 2018 which was attended by the
Januari tahun 2018 dan diikuti oleh Dewan Komisaris, Board of Commissioners, the Board of Directors and
Direksi serta Pejabat Perseroan satu level di bawah all the management on one level below the Directors,
Direksi diantaranya seluruh General Manager Unit/ among others all General Managers of Unit/Business
Unit Bisnis, Direksi Anak Perusahaan, para SVP & VP Units, Directors of Subsidiaries, SVP & VP Division
Division & Representative þ!, serta para Project Ē !,.!/!*00%2! þ!Č / 3!(( / .+&!0 *#!.
Manager yang berasal dari Unit/Unit Bisnis di seluruh from Business Units/Units throughout Indonesia and
Indonesia dan Kantor Pusat ANTAM di Jakarta. ƵƵ Ě/! þ!%*
'.0ċ
Sebagaimana diketahui ANTAM berdiri pada tanggal To the knowledge of many, ANTAM was established
5 Juli 1968 dan telah berusia 50 tahun pada tahun 2018 on July 5, 1968, aged 50 years in 2018. In the 2018
ini. Pada Rapat Pimpinan Tahun 2018 yang lalu dalam Leadership Meeting as part of the establishment
menyongsong pelaksanaan RKAP 2018 mengambil of Work and Budget Plan of 2018 the theme was:
tema: Perubahan Pola Pikir & Pola Tindak dalam Shifting Paradigm to Overcome Challenges and
Mengatasi Tantangan & Mencapai Tujuan (“Shifting Achieving Goals. That was the reason why the theme
Paradigm to Overcome Challenges and Achieving was the theme of the Company’s Annual Report
Goals”) dan itulah alasannya mengapa tema tersebut for the Financial Year 2018 which is currently being
menjadi tema Annual Report Perseroan Tahun Buku scrutinized by our shareholders.
2018 yang saat ini sedang dibaca lebih dalam oleh
para shareholder kami.
Tema “Perubahan Pola Pikir & Pola Tindak” ini The theme “Shifting Paradigm” is actually related to
sesungguhnya berkaitan dengan akan hadirnya the immediate presence of “NEW ANTAM” which
“ANTAM BARU” yang mulai tumbuh berkembang !#*0+#.+3/%#*%ü*0(5/*+10+)!+",.!2%+1/
/!. /%#*%ü'* /!#% 1$ $/%( .+5!'ġ ANTAM Projects namely the Pomalaa Ferronickel
Proyek ANTAM sebelumnya yaitu Proyek Perluasan Expansion Project (P3FP) which aims to increase
Feronikel Pomalaa (P3FP) yang memiliki tujuan the installed Production Capacity of the ANTAM’s
untuk meningkatkan Kapasitas Produksi terpasang Ferronickel Factory from 18 thousand to 27 thousand


Pabrik Feronikel ANTAM dari 18 ribu menjadi 27 ribu tons of nickel in ferronickel (TNi), the Tayan Chemical
ton nikel dalam feronikel (TNi), Proyek Chemical Grade Alumina (CGA) Project which is a downstream
Grade Alumina (CGA) Tayan yang merupakan proyek project to increase bauxite ore value to Chemical
hilirisasi untuk meningkatkan nilai tambah bijih Bauksit Grade Alumina (CGA) products, and East Halmahera
menjadi produk Chemical Grade Alumina (CGA), Ferronickel Plant Extension Project (P3FH). These
serta Proyek Perluasan Pabrik Feronikel Halmahera ,.+&!0//1,,+.0ƵƵ Ě/#.+30$3$%$%/.!ý!0!
Timur (P3FH). Proyek-proyek tersebut mendukung in the Company’s targets in the 2018 Company’s
pertumbuhan ANTAM yang tercermin pada target +.' * ǫ1 #!0 (* 3$%$ #.!3 /%#*%ü*0(5
!.1/$* ()ƵĂĀāĉ5*#01)1$/%#*%ü'* compared to the 2017 Company’s Work and Budget
dibandingkan target RKAP 2017 maupun tahun-tahun Plan target and previous years. In 2018, the initial
sebelumnya. Pada tahun 2018, target awal produksi target of Ferronickel production grew to 26,000 TNi
Feronikel tumbuh menjadi 26.000 TNi sejalan dengan in line with the P3FP Project which had entered the
Proyek P3FP yang telah memasuki fase produksi +))!.%(,.+ 10%+*,$/!Č/3!((//%#*%ü*0
'+)!./%(Č !)%'%*,1(,!*%*#'0*/%#*%ü'*0.#!0 increase in the target of gold sales of up to 27.89 tons.
penjualan emas hingga 27,89 ton. Angka-angka target These target numbers have never been thought of to
tersebut tidak pernah terpikirkan sebelumnya dapat !"1(ü((! %*ĆĀ5!./+"ƵƵ ċ*&+5%*#0$!".1%0/
terpenuhi di usia ANTAM ke-50 Tahun. Menikmati of the previous Project and towards “NEW ANTAM”
buah hasil Proyek sebelumnya dan menuju “ANTAM which is getting bigger, naturally, ANTAM must be
BARU” yang semakin besar maka sewajarnya ANTAM ready to make a shift in paradigm, accompanied by a
harus siap untuk melakukan pergeseran pola pikir /,%.%00+.!ü*!0$!%),(!)!*00%+*+"ƵƵ (1!/
dan pola tindak, disertai dengan semangat untuk contained in the ANTAM Ethics Standard Book that
mempertajam implementasi Nilai-Nilai ANTAM yang we have had since 2003.
tertuang dalam Buku Standar Etika ANTAM yang
sudah kami miliki sejak 2003.
Sebelumnya, pada tahun buku 2014 dan 2015 ANTAM .!2%+1/(5Č%*0$!ĂĀāą* ĂĀāĆü**%(5!.ƵƵ
mencatatkan rugi bersih sebesar minus Rp(775) recorded a net loss Rp(775) billion in 2014 and then
miliar di tahun 2014 dan kemudian membengkak plummeted to Rp(1.441) trillion in 2015. In 2016,
lagi menjadi minus Rp(1,441) triliun di tahun 2015. ƵƵ .!+. ! *!0,.+ü0+",ćąċĉ%((%+*3$!.!/
Pada tahun 2016, ANTAM berhasil membukukan %*ĂĀāĈƵƵ Ě/ü**%(,!."+.)*!%),.+2! 5
keuntungan sebesar Rp64,8 Miliar dan pada tahun ,+/0%*# *!0 ,.+ü0 +" ,āăćċĆ %((%+* * %* ĂĀāĉČ
2017 kinerja keuangan ANTAM semakin baik dengan ƵƵ .!+. ! *!0,.+ü0+",ĉĈąċąă%((%+*ċ
membukukan laba bersih sebesar Rp136,5 miliar
dan pada tahun 2018, ANTAM kembali mencatatkan
pertumbuhan laba bersih menjadi Rp874,43 miliar.
Sejak menjadi Perusahaan Terbuka (Tbk) pada tahun Since becoming a Public Company (Tbk) in 1997,
1997, ANTAM selalu tumbuh dan berkembang serta ANTAM has continuously grown and developed and
cukup dikenal & dihormati oleh masyarakat pasar to be well known & respected by the capital market
modal. Sepanjang kiprah 50 tahun, ANTAM tidak community. Throughout 50 years of work, ANTAM has
pernah membukukan kerugian terkecuali pada tahun never recorded a loss except in 2014 & 2015. Currently
2014 & 2015. Saat ini saham ANTAM menjadi bagian ANTAM’s shares are part of the index of leading
dari indeks kelompok saham terkemukan di Bursa Efek stock groups on the Indonesia Stock Exchange (IDX)
Indonesia (BEI) seperti: Indeks LQ45, Indeks IDX30 such as: LQ45 Index, IDX30 Index and Small-Mid
dan Indeks IDX Small-Mid Cap (SMC) Composite, IDX Cap Index (SMC) Composite, IDX SMC Liquid
Indeks IDX SMC Liquid di Bursa Efek Indonesia (BEI), Index,PEFINDO Investment Grade (i-Grade) Index,
Indeks PEFINDO Investment Grade (i-Grade), Jakarta Jakarta Islamic Index, Kompas100 Index and MNC36
Islamic Index, Indeks Kompas100 dan Indeks MNC36. Index on the Indonesia Stock Exchange (IDX).
ANTAM juga dikenal sebagai perusahaan yang ANTAM is also known as the leading company in
terdepan dalam penerapan Tata Kelola Perusahaan implementing Good Corporate Governance (GCG)
yang baik (GCG) dan juga merupakan “pelanggan and is also a “returning customer” for the prestigious
setia” untuk memperoleh penghargaan bergengsi Annual Report Award (ARA) & as the Most Trusted
Annual Report Award (ARA) & penghargaan Most

Trusted Company, sebuah award yang diberikan oleh Company for an award given by the IICG (Indonesia
IICG (Indonesia Institute for Corporate Governance). Institute for Corporate Governance).
Di tengah kompleksitas dan gejolak ekonomi global, Amid global economic complexity and turmoil, the
Dewan Komisaris menyampaikan apresiasi kepada Board of Commissioners expressed its appreciation
manajemen atas kinerja keuangan ANTAM yang 0+ 0$! )*#!)!*0 "+. ƵƵ Ě/ /+(% ü**%(
solid sepanjang tahun 2018 yang kini telah terukir performance throughout 2018 which has now been
menjadi sejarah capaian kinerja ANTAM yang pantas engraved into the long running narration of ANTAM’s
dibanggakan. Hal ini antara lain tercermin dari penaikan performance achievements to be proud of. This
outlook corporate credit rating S&P Global ANTAM 3/ .!ý!0! Č )+*# +0$!./Č ".+) 0$! %*.!/! %*
tahun 2018 dari rating B-/outlook stabil menjadi rating ANTAM’s S&P Global corporate credit rating outlook
B-/outlook positif dan juga peningkatan rating kredit in 2018 from a B-/stable outlook rating to a B-/
dan obligasi Rupiah ANTAM dari PT Pemeringkat positive outlook rating and an increase in ANTAM’s
Efek Indonesia (PEFINDO) yang juga naik menjadi credit and Rupiah bonds rating from PT Pemeringkat
level idA-/Stable dari semula idBBB+/stable. Kedua Efek Indonesia (PEFINDO) which also level up to idA-/
capaian tersebut diperoleh seiring dengan outlook Stable level from the original idBBB+/stable. Both
pertumbuhan positif kinerja produksi dan penjualan achievements were obtained in line with the growth
'+)+ %0/10)ƵƵ /!.0,!*%*#'0*!ü/%!*/% outlook of ANTAM’s main commodity production and
yang berujung pada stabilnya level biaya tunai operasi /(!/ ,!."+.)*! * %*.!/! !þ%!*5 3$%$
ANTAM (cash cost) sepanjang periode tahun 2018. resulted in a stable level of ANTAM’s operating cash
costs throughout the period of 2018.
1.2. Inisiatif yang terkait dengan Tema Perubahan 1.2 Initiatives related to the Theme of Shifting
Pola Pikir & Pola Tindak dalam Mengatasi Paradigm to Overcome Challenge and
Tantangan & Mencapai Tujuan (“Shifting Achieving Goals
Paradigm to Overcome Challenge and
Achieving Goals)
Diantara inisiatif yang berpotensi untuk diwujudkan Among the potential initiatives to be realized in
seiring dengan tema Perubahan Pola Pikir & Pola 2018 along with the theme of Shifting Paradigm to
Tindak dalam Mengatasi Tantangan & Mencapai Overcome Challenges and Achieving Goals are as
Tujuan (“Shifting Paradigm to Overcome Challenges follows:
and Achieving Goals”) pada tahun 2018 diantaranya - Initiative to develop nickel hydrometallurgical
adalah sebagai berikut: processing technology to produce pure nickel
- Inisiasi untuk mengembangkan teknologi metal products, which are raw materials for
pengolahan nikel secara Hidrometalurgi guna battery products used in the electric vehicle
menghasilkan produk logam nikel murni, yang industry. The trend of electric vehicles predicted
merupakan bahan baku produk baterai yang will grow in the future as an alternative to fossil
digunakan pada industri kendaraan listrik. energy.
Trend kendaraan listrik dipredikisi akan semakin ġ û+.0/ 0+ %*.!/! ,.+ 10%+* 10%(%60%+*
tumbuh di masa mendatang sebagai pilihan of ANTAM’s processing plants. Ferronickel
alternatif pengganti energi fosil. production and sales are targeted to grow to
- Upaya untuk meningkatkan utilisasi produksi 30,280 TNi in 2019, an increase from the 2018
pabrik pengolahan ANTAM. Produksi dan achievement of 24,868 TNi. Gold sales in 2019
penjualan feronikel ditargetkan tumbuh are targeted to grow to reach 32,036 kg of gold
mencapai 30.280 TNi pada tahun 2019, from the 2018 sales achievement of 27,894 kg.
meningkat dari capaian produksi feronikel - Setting the careful and prudent mindset and
tahun 2018 sebesar 24.868 TNi. Penjualan emas applies the strict compliance to the SOP and
pada tahun 2019 ditargetkan tumbuh mencapai current company policies so that ANTAM is
32.036 kg emas dari capaian penjualan tahun safeguarded from any possible legal problems.
2018 sebesar 27.894 kg.
- Penerapan pola Pikir yang selalu hati-hati dan
prudent serta menerapkan taat asas, kepada
SOP dan kebijakan perusahaan yang ada
sehingga ANTAM terhindar untuk bersentuhan
dengan ranah hukum.


- Memastikan proyek-proyek pengembangan - Ensure ANTAM’s development projects can be

ANTAM dapat selesai sebelum awal tahun completed before the beginning of 2022, to
2022, guna men-substisusi revenue ANTAM substantiate ANTAM’s revenue from the sale
dari penjualan ekspor bijih nikel dan bauksit of nickel ore and bauxite exports towards the
menjelang berakhirnya periode relaksasi ekspor end of the ore export relaxation period at the
bijih pada awal tahun 2022. beginning of 2022.
- Meningkatkan nilai tambah produk emas ANTAM - Increase the value added of ANTAM’s gold
dengan melakukan inovasi produk berkelanjutan products by making continuous product
(seperti mengembangkan produk emas tematik innovations (such as developing ANTAM’s
ANTAM) serta memperluas jaringan pemasaran thematic gold products) and expanding
baik di dalam maupun di luar negeri. marketing networks both at home and abroad.
- Memanfaatkan sumber daya mineral yang - Utilizing abundant mineral resources and the
berlimpah serta kekuatan nilai-nilai insan ANTAM strength of ANTAM’s human values to improve
untuk meningkatkan hasil aksi korporasi. the outcomes of corporate action.
- Mengendalikan harga saham dengan - Controlling stock prices by keeping the
mempertahankan kinerja Perusahaan agar tetap Company’s performance to remain positive.
positif. ġ '! !û+.0/ "+. * %0%+*( !4,+.0 -1+0 +"
- Mengupayakan adanya tambahan quota eksport low grade nickel ore through the initiation of
bijih nikel kadar rendah melalui inisiasi Proyek the NPI Blast Furnace Project, as well as the
Blast Furnace NPI, serta peluang tambahan opportunity for additional bauxite export quotas
kuota ekspor bauksit dari Proyek Smelter Grade from Mempawah’s Smelter Grade Alumina
Alumina !ü*!.5 (SGAR) Mempawah. !ü*!.5ĨƵĩ.+&!0ċ
- Mendorong percepatan pelaksanaan proyek - Encouraging the acceleration of the downstream
hilirisasi dari produk Feronikel dan Nickel Pig Iron project implementation of Ferronickel and
(NPI) sebagai bahan baku pembuatan Stainless Nickel Pig Iron (NPI) products as raw materials
Steel. for making Stainless Steel.
- Memastikan optimasi pemanfaatan kuota ekspor - Ensuring the optimal utilization of the nickel ore
bijih nikel dan bauksit dapat direalisaiskan and bauxite export quota at the optimum selling
sepenuhnya dengan tingkat harga jual yang price level.
optimum. - Maintain a best practice operation mindset
- Mempertahankan pola pikir dan penerapan best and engagement in the Company’s operations.
practice operation dalam kegiatan operasional Including the focus to keep the level of cash costs
Perusahaan. Termasuk fokus untuk tetap production remains low. ANTAM is listed as one
menjaga tingkat biaya tunai (cash cost) produksi of the world’s low cash cost ferronickel producer
tetap rendah. ANTAM tercatat sebagai salah
satu produsen fernonikel berbiaya tunai (cash
ANTAM Berkomitmen untuk Menjaga Kualitas Produk yang Dihasilkan

ANTAM has a Solid Commitment to Deliver a Good Quality Product

cost) rendah di dunia melalui pemanfaatan 0$.+1#$0$!1/!+"!*!.#5 %2!./%ü0%+*3%0$0$!

%2!./%ü'/% !*!.#% )!((1% ,!*#+,!./%* operation of Steam-powered Plant (PLTU) and
Pembangkit Listrik Tenaga Uap (PLTU) serta the optimization of ferronickel plant operations.
oprtimalisasi operasi pabrik feronikel. - Adhering to the philosophy that the slightest
- Menganut falsafah bahwa gangguan sekecil disruption in company operations should
apapun dalam operasi Perusahaaan harus be avoided by strict & layered supervision.
dihindari dengan pengawasan yang ketat The failure to do so bears consequences of
& berlapis, karena akibatnya akan berakhir %*!þ%!*0+,!.0%+*/* 1(0%)0!(5.! 1!0$!
!*#* +,!./% 5*# 0% ' !ü/%!* * '$%.*5 competitiveness of the Company.
menurunkan daya saing Perusahaan. ġ %*0%*%*# * .!ü*%*# /0.0!#%!/ %* 0$! ü!(
- Melanjutkan dan mempertajam strategi dalam +" +,!.0%+*/ 5 )'%*# !þ%!*5 !û+.0/ Ē
bidang operasi dengan melakukan upaya continuous innovation to reduce costs and
!ü/%!*/% Ē %*+2/% !.'!/%*)1*#* 1*01' %*.!/! ,.+ 10%2%05Č )'! !û+.0/ "+. +,0%)(
menurunkan cost dan menaikkan produktivitas, discounts for the price of fuel/raw materials
mengupayakan discount yang optimal untuk to support Factory & Mining operations, and
harga perolehan bahan bakar/bahan baku shifting Oil to Gas at the right time, and optimize
penunjang operasi Pabrik & Tambang, melakukan the operation of the PLTU to reduce the energy
shifting Bahan Bakar Minyak (BBM) ke Gas dependence of the Diesel-powered Plant (PLTD)
pada waktu yang tepat, serta mengoptimalkan on the operation of ANTAM’s ferronickel plant.
pengoperasian PLTU guna menurunkan - In order to reduce electricity production costs
ketergantungan energi dari Pembangkit Listrik and dependence on diesel energy at ferronickel
Tenaga Diesel (PLTD) pada operasi pabrik ,(*0 +,!.0%+*/Č ƵƵ $/ .!0.+ü00! ĉ
feronikel ANTAM. machines for the Pomalaa Diesel-powered Plant
- Guna menurunkan biaya produksi listrik serta (PLTD) with a capacity of 17MW each. At present,
ketergantungan terhadap energi diesel pada Pomalaa Diesel-powered Plant (PLTD) has been
operasi pabrik feronikel, ANTAM telah melakukan able to use two types of fuel, fuel and gas, so that
.!0.+ü00!.$ ,ĉ)!/%*+)( !*#* %0*+,!.0!ý!4%(50+%),.+2!"1!(!þ%!*5ċ
kapasitas masing-masing sebesar 17MW. Saat - Make the most of the export quota facilities.
ini PLTD Pomalaa telah dapat menggunakan ANTAM has now obtained export quota of low
dua jenis bahan bakar yaitu BBM maupun Gas grade nickel ore (grade below 1.70% Ni) of 3.7
/!$%*## ,0!.+,!./%/!.ý!'/%!(1*01' million wet metric tons (wmt), and quota of
)!*%*#'0'*!ü/%!*/%%5$*'.ċ export of washed bauxite ore of 840,000 wmt.
- Memanfaatkan fasilitas quota ekspor semaksimal As we know, there is an increase in nickel and
mungkin. ANTAM saat ini telah memperoleh bauxite ore production because it was pushed
quota ekspor bijih nikel kadar rendah (kadar di by the issuance of Government Regulation (PP)
bawah 1,70% Ni) sebesar 3,7 juta wet metric ton No. 1 of 2017 concerning the fourth amendment
(wmt), serta quota ekspor bijih bauksit tercuci to Government Regulation No. 23 of 2010
sebesar 840.000 wmt. Sebagaimana diketahui concerning the establishment of mineral and
terjadi kenaikan produksi bijih nikel dan bauksit coal mining activities. With the issuance of
karena di dorong oleh keluarnya Peraturan the Government Regulation, ANTAM, which
Pemerintah (PP) No. 1 Tahun 2017 tentang has implemented a downstream program (by
perubahan keempat atas Peraturan Pemerintah building factories) since 1974 can export low-
No. 23 Tahun 2010 tentang pelaksanaan grade ore that otherwise would not be consumed
kegiatan usaha pertambangan mineral dan domestically. Through the exploitation of low
batubara. Dengan keluarnya PP tersebut grade raw ore, it will be a source of cash funds
ANTAM yang sudah menerapkan program for ANTAM to accelerate the downstream
hilirisasi (membangun Pabrik) sejak Tahun 1974 program as well as being part of Indonesia’s
berpeluang untuk melakukan ekspor bijih kadar natural resource conservation.
rendah yang belum termanfaatkan di dalam
negeri. Melalui pemanfaatan bijih mentah kadar
rendah tersebut akan merupakan sumber dana
cash bagi ANTAM untuk percepatan program
hilirisasi selain juga merupakan bagian dari
konservasi sumber daya alam Indonesia.


- Dalam bidang komoditas nikel, selain melakukan - Around nickel commodities, in addition to
penjualan ekspor, Perusahaan mengupayakan making export sales, the Company needs to
pasokan bijih nikel dan bauksit tercuci di pasar )'! !û+.0 0+ /!!' 0$! ).'!0 +,,+.01*%0%!/
domestik, seiring dengan tumbuhnya smelter of nickel ore and washed bauxite domestically,
baru didalam negeri dengan tetap menjaga harga along with the growth of new smelters in the
jual yang menguntungkan bagi Perusahaan. country while maintaining favorable selling prices
Strategi penjualan di dalam negeri juga dilakukan for the Company. Domestic sales strategies are
dengan sistem bundling yang memadukan also carried out with a bundling system that
penjualaan bijih kadar rendah dan kadar tinggi combines the sale of low-grade and high-grade
secara bersamaan guna menurunkan biaya ore simultaneously to reduce mining costs and
penambangan serta meningkatkan penyerapan increase absorption of low-grade nickel ore
bijih nikel kadar rendah di dalam negeri. domestically.
- Jika terlihat adanya gejala penurunan kinerja - In the event of any symptoms of a decline in
maka segera dilakukan rapat kordinasi untuk performance, a coordination meeting will be
memotivasi kembali seluruh jajaran ANTAM held immediately to motivate all ANTAM’s
seperti diadakannya pertemuan rutin “3M” management such as conducting the “3M”
(Monthly Management Meeting), disamping (Monthly Management Meeting) meeting, in
wajib juga melaporkannya kepada Pemegang addition to setting an obligation to also report
Saham Seri A Dwiwarna jika terlihat adanya the Series A Dwiwarna shareholders.
penurunan kinerja Perusahaan. - To expand the marketing range of ANTAM’s gold
- Untuk memperluas jangkauan pemasaran produk products domestically, in 2018 ANTAM resumed
emas ANTAM di dalam negeri, pada tahun its collaboration in the sale of gold with PT POS
2018 ANTAM kembali melanjutkan kerjasama Indonesia (Persero) which began in 2017, now the
penjualan emas dengan PT POS Indonesia ,1(%*15ƵƵ #+( %*ĂĀĆ+/0þ!/
(Persero) yang telah dimulai sejak tahun 2017, all over Indonesia and gold sales in collaboration
saat ini masyarakat dapat membeli emas with PT Bank Jawa Barat Banten Syariah (BJB
ANTAM di 205 Kantor Pos di Indonesia serta 5.%$ĩ 0+ %*.!/! û+. %(%05 +" ƵƵ Ě/
kerjasama penjualan emas melalui kerjasama gold and to foster public awareness in investing
dengan PT Bank Jawa Barat Banten Syariah (BJB in gold in the long term and avoiding the people
Syariah) guna meningkatkan keterjangkauan from a consumptive lifestyle. As workaround the
masyarakat terhadap emas ANTAM serta guna limitations public to buy gold, ANTAM provides
menumbuhkan kesadaran masyarakat dalam gold products with vast product variants which
berinvestasi emas untuk jangka panjang serta range from the smallest weight of 0.5 grams to
menghindarkan masyarakat dari pola hidup 50 grams.
konsumtif. Untuk menghindari keterbatasan - In the gold commodity sector, the Company
masyarakat dapat membeli emas tersebut, continues to seek cheap gold resources,
ANTAM menyediakan produk emas dengan entering the gold jewelry industry by utilizing
varian berat produk yang beragam, mulai dari the intangible value of ANTAM’s Precious Metals
berat terkecil sebesar 0,5 gram sampai dengan product with the well-known international
50 gram. standard “LM” brand, and expanding the gold
- Dalam bidang komoditi Emas terus marketing network by opening new markets in
mengupayakan pencarian sumber emas yang Japan with certain typical models such as Hello
murah, memasuki industri bisnis emas perhiasan Kitty as well as other product innovations.
(Jewelry), dengan memanfaatkan nilai intangible - Creating a safe & comfortable work environment
asset produk Logam Mulia ANTAM dengan and conducting a Centralization of the
brand “LM” yang berstandard internasional, serta Procurement System to avoid fears of a system
memperluas jaringan pemasaran emas dengan 0$0%/*+0+* 1%2!ċǫ5!*0.(%6%*#0$!ü!( +"
membuka pasar baru di Jepang dengan model procurement of Unit/Business Units to the Head
khas tertentu seperti Hello Kitty dan inovasi
produk lainnya.
- Menciptakan lingkungan kerja yang aman &
nyaman serta melakukan sentralisasi Sistem
Pengadaan untuk menghindari kekhawatiran
terbangunnnya sistem yang kurang kondusif.

Dengan sentralisasi bidang pengadaan Unit/Unit þ!Č %0 %/ !4,!0! 0$0 /1,!.2%/%+* 3%(( !
Bisnis ke Kantor Pusat, diharapkan pengawasan )+.!+*0.+((! * )+.!!þ%!*0ċ
)!*& %(!%$0!.'!* (% *(!%$!ü/%!*ċ - Other potentials in the form of sales of
- Potensi lain berupa penjualan Jasa Eksplorasi Exploration Services will become mine operators
menjadi Operator tambang dan jasa and Laboratory services, utilizing other mining
Laboratorium, memanfaatkan peluang produk product opportunities for the Subsidiary’s
tambang lain untuk infrastruktur penataan Anak structuring infrastructure and accelerating New
Perusahaan serta mengakselerasi New Discovery Discovery’s discovery of new gold reserves.
penemuan cadangan emas baru. - Continuing the reorganization of the company’s
- Melanjutkan penataan anak/cucu perusahaan subsidiaries and associated companies of
dan perusahaan asosiasi PT ICA, sehingga tidak PT ICA, so as not to burden ANTAM as the
membebani ANTAM sebagai perusahaan induk. holding company.
- Memanfaatkan sinergis di antara anggota - Utilizing the synergy between PT INALUM
Holding PT INALUM (Persero) sehingga Ĩ!./!.+ĩ+( %*#)!)!.//+0$00$!!*!ü0/
dapat diperoleh manfaat sinergi antar BUMN of synergy between SOEs can be realized;
seperti rencana pembangunan PLTU (Coal such as the construction plan of the Coal Fired
Fired Independent Power Plant-CFIPP) untuk Independent Power Plant (CFIPP) to meet
pembangunan permanen PLTU untuk memenuhi electricity demands in the East Halmahera
kebutuhan listrik di Proyek Pembangunan Pabrik Ferronickel Plant (P3FH) and pushing for a
Feronikel Halmahera Timur (P3FH) dan rencana reasonable price for the rental of temporary
penyewaan Listrik Temporary PLTD sementara power plant while the construction of CFIPP
dilakukan pembangunan CFIPP dengan harga %/ ..%! +10ċ .%+1/ !*!ü0/ +" $2%*# 0$%/
yang reasonable. Berbagai manfaat dengan holding company will be more apparent in 2019
adanya holding ini, akan lebih dirasakan pada and the following years, because of the greater
tahun 2019 dan tahun-tahun berikutnya, karena bargaining power; such as obtaining tax, discount
lebih besar daya tawarnya, seperti misalnya and licensing facilities and the opportunities to
mendapatkan fasilitas tax, discount dan perizinan obtain funds available at the holding company.
serta manfaaat kerjasama untuk mendapatkan - Opening new mines, such as nickel mining on
dana segar yang ada di Induk Holding. Gag Island in 2019 as a source of low grade
- Membuka tambang baru, seperti tambang nikel nickel ore for export and high grade for the
di Pulau Gag pada tahun 2019 sebagai sumber needs of the Ferronickel Plant of Southeast
bijih nikel kadar rendah untuk ekspor dan kadar Sulawesi Nickel Mining Business Unit and ready
tinggi untuk kebutuhan Pabrik Feronikel UBPN to be cooperated with strategic partners.
Sultra dan siap dikerjasamakan dengan mitra - Through the holding, the Company will
strategis. accelerate the downstream program in the form
- Melalui holding akan mempercepat program of exploring cooperation in making Stainless
hilirisasi berupa penjajakan kerjasama Steel with strategic partners in East Halmahera,
pembuatan Stainless Steel dengan mitra strategis looking for strategic partners in Pomalaa,
di Halmahera Timur, mencari mitra strategis di seeking strategic partners in Morowali, Southeast
Pomalaa, mencari mitra strategis di Morowali Sulawesi, developing hydrometallurgical plants
Sulawesi Tenggara, mengembangkan pabrik in ANTAM’s Mining Business Permit areas such
hidrometalurgi di wilayah IUP ANTAM seperti as Tanjung Buli, North Maluku and Tapunopaka,
di Tanjung Buli, Maluku Utara dan Tapunopaka, Southeast Sulawesi. In collaboration with
Sulawesi Tenggara. Bekerjasama dengan PT INALUM (Persero) in developing the SGA
PT INALUM (Persero) dalam mengembangkan Project in Mempawah.
Proyek SGA di Mempawah. - Enhancing the supervisory and advisory aspects
- Meningkatkan sisi pengawasan dan penasihatan of the Board of Commissioners through the
oleh Dewan Komisaris melalui dukungan Komite support of the Supporting Committee of
Penunjang Dewan Komisaris disertai peran the Board of Commissioners along with the
fungsi pengawasan melalui kunjungan lapangan /1,!.2%/+.5 .+(! 0$.+1#$ ü!( 2%/%0/ 0+ %/+2!.
untuk memastikan apa yang menjadi kendala .!(+/0(!/%*0$!ü!( +0$%*0$!,!.0%+*/
dilapangan baik di Unit Operasi maupun proyek-


proyeknya dengan mengedepankan fungsi Unit as well as its projects by promoting Check
Check & Balance dimana GCG selalu sebagai & Balance functions where GCG is always the
landasan operasional perusahaan. company’s operational foundation.
- Dalam sisi pengawasan dan penasihatan Dewan - In supervisory and advisory aspects, the Board
Komisaris juga berperan aktif tidak saja dari sisi of Commissioners not only plays an active role
pengawasan namun juga berperan aktif dari in supervisory aspect but also plays an active
sisi penasihatan khususnya untuk lebih berhati- role in advisory aspect, especially ensuring
hati dalam pengelolaan cash ý+3 termasuk management to be more careful in managing
mengurangi semaksimal mungkin beban/ /$ ý+3Č %*(1 %*# .! 1%*# ƵƵ Ě/ +/0/ĥ
kerugian ANTAM yang berasal dari anak-anak losses from its subsidiaries.
perusahaan. - Strive for the Pongkor Gold Mine, which is the
- Mengupayakan Tambang Emas Pongkor yang only Underground Mining Company, to seize and
merupakan satu-satunya Perusahaan Tambang retain GOLD PROPER in Indonesia as a concrete
Bawah Tanah untuk meraih dan mempertahankan manifestation that ANTAM is not only pursuing
PROPER EMAS di Indonesia sebagai wujud nyata production, but also very concerned about the
bahwa ANTAM tidak hanya mengejar produksi, environment. As is known, other achievements
tetapi juga sangat peduli terhadap lingkungan. in the two business units, namely Bauxite Mining
Sebagaimana diketahui capaian lainnya yaitu Business Unit and Logam Mulia Precious Metals
dua Unit Bisnis Pertambangan Bauksit dan .+!//%*#* !ü*!.5ǫ1/%*!//*%0Č)%*0%*
Unit Bisnis Pengolahan dan Pemurnian Logam the GREEN PROPER assessment and for other
Mulia mempertahankan penillaian PROPER businesses such as North Maluku Nickel Mining
HIJAU dan untuk Bisnis lainnya seperti Unit Business Unit, Southeast Sulawesi Nickel Mining
Bisnis Pertambangan Nikel Maluku Utara, Unit Business Unit and its subsidiary PT Cibaliung
Bisnis Pertambangan Nikel Sulawesi Tenggara Sumber Daya received the BLUE PROPER
dan anak Perusahaan PT Cibaliung Sumber award. As such, all ANTAM Business Units have
Daya memperoleh penghargaan PROPER BIRU. been managed and operated to meet regulatory
Dengan demikian, seluruh Unit Bisnis ANTAM permitted environmental standards.
telah dikelola dan beroperasi dengan memenuhi - In 2019 the Company will continue to resolve
standar lingkungan yang diizinkan regulasi. cooperation in the establishment of the Alumina
- Dalam tahun 2019 akan melanjutkan upaya Company that manages Bauxite Mempawah
penyelesaian kerja sama pembentukan which is a collaboration between PT ANTAM
Perusahaan Alumina yang mengelola Bauksit Tbk, PT INALUM (Persero) and foreign partners
Mempawah yang merupakan kerjasama
PT ANTAM Tbk, PT INALUM (Persero) dan
mitra asing sehingga akan berpeluang untuk
mendapatkan tambahan kuota ekspor bijih
Proses Metal Tapping di Pabrik Feronikel Pomalaa

Metal Tapping Process in Pomalaa Feronickel Plant

bauksit tercuci sebanyak 3,1 juta ton bauksit so that it will get an additional quota of 3.1
tercuci sehingga akan menjadi 3,94 juta bauksit million tons of washed bauxite to make up a total
tercuci. of 3.94 million washed bauxite.
- Merealisir pola tindak agar Perusahaan tetap - Shifting the paradigm so that the Company
dikenal & popular dikalangan masyarakat Pasar remains known & popular among the Capital
Modal karena ANTAM selalu mendapatkan Market community for continuously winning
penghargaan bergengsi seperti Annual Report prestigious awards such as the Annual Report
Award, berada dalam LQ45, Indeks IDX 30 Bursa Award, included in LQ45 index, the IDX 30 Index
Efek Indonesia, serta termasuk Perusahaan of the Indonesia Stock Exchange, including the
“Most Trusted Company”. “Most Trusted Company” award.
- Secara berkesinambungan berupaya - Continuously striving to improve competency &
meningkatkan kompetensi & membumikan to continue ANTAM’s values on an ongoing basis
nilai-nilai ANTAM secara berkesinambungan and in line with ANTAM Human Resources needs
dalam menyongsong dan sejalan dengan to face the downstream program that adopts a
kebutuhan Sumber Daya Manusia ANTAM untuk variety of new technologies, new innovations,
menghadapi program hilirisasi yang mengadopsi hydrometallic technology and the development
berbagai teknologi baru, inovasi baru, teknologi of battery technology that requires nickel which
hidrometallurgi dan perkembangan teknologi is expected to grow rapidly in the coming years.
baterai yang membutuhkan logam nikel yang
diperkirakan akan berkembang pesat di masa
depan.
Dengan tema Perubahan Pola Pikir & Pola Tindak With the theme of Shifting Paradigm to Overcome
dalam Mengatasi Tantangan & Mencapai Tujuan Challenge and Achieving Goals as written and can be
(“Shifting Paradigm to Overcome Challenge and read on the Cover of the 2018 ANTAM Annual Report,
Achieving Goals) sebagaimana tertulis dan dapat %* %0%*# (( !û+.0/ĥ/0.0!#%!/ / !/.%! +2!
dibaca pada Sampul Laporan Tahunan ANTAM 2018, $2! !!*Č .! * 3%(( ! ..%! +10 Ē .!ü*! 0+
mengindikasikan segala upaya/strategi sebagaimana increase the value/assets of the Company which will
diuraikan di atas telah, sedang dan akan dilakukan & ultimately satisfy the Company’s shareholders and
dipertajam untuk meningkatkan nilai/aset Perseroan other Stakeholders due to the creation of added value
yang pada akhirnya akan memuaskan para pemegang and optimization of existing mineral reserves.
saham Perseroan dan Pemangku Kepentingan lainnya
karena terjadinya penciptaan nilai tambah dan
optimalisasi cadangan mineral yang ada.
2. RAPAT UMUM PEMEGANG SAHAM 2. 2019 GENERAL MEETING OF SHAREHOLDERS

PERSEROAN UNTUK TAHUN BUKU 2018
2.1. Perubahan dan penyusunan kembali seluruh 2.1. Amendments and restructuring of all
ketentuan dalam Anggaran Dasar ANTAM dan provisions in ANTAM’s Articles of Association
tidak ada perubahan Pengurus Perusahaan and no changes to the Company’s
pada Tahun 2018 Management in 2018
Pada tanggal 12 April 2018 ANTAM menyelenggarakan On April 12, 2018 ANTAM held the Annual General
Rapat Umum Pemegang Saham Tahunan (RUPST) Meeting of Shareholders (AGMS) for the Fiscal
untuk Tahun Buku 2017. Pada Agenda Pertama RUPST Year 2017. In the First Agenda of the 2017 Annual
Tahun Buku 2017 pemegang saham menyetujui General Meeting of Shareholders, the shareholders
dan mengesahkan Laporan Tahunan dan Laporan ,,.+2! * .0%ü! 0$!Ƶ**1(!,+.0* ƵƵ
Keuangan ANTAM Tahun Buku 2017 termasuk Laporan Financial Report for the Fiscal Year 2017, including
Pelaksanaan Tugas Pengawasan Dewan Komisaris the ANTAM Board of Commissioners’ Supervisory
ANTAM. Pada Agenda Kedua, Pemegang saham juga Report. In the Second Agenda, Shareholders also
mengesahkan Laporan Tahunan Program Kemitraan ratify the Annual Report of the Partnership Program
dan Program Bina Lingkungan untuk Tahun Buku 2017. and Community Development Program for the Fiscal


Mengenai pembagian dividen yang merupakan Mata Year 2017. Regarding the distribution of dividends
Acara Ketiga RUPST disetujui pembagian dividen which constitute the Third Agenda of the AGMS, the
sebesar Rp47.777.373.588 atau 35% dari Laba Tahun dividend of Rp47,777,373,588 or 35% of the Current
Berjalan yang dapat didistribusikan kepada Pemilik !. .+ü0 * ! 00.%10(! 0+ 3*!./ +" 0$!
Entitas Induk untuk Tahun Buku 2017. Dividen per Parent Entity for Fiscal Year 2017. Dividends per share
saham Tahun Buku 2017 adalah Rp1,99. for 2017 Fiscal Year are Rp1.99.
Pada Agenda Keempat, pemegang saham ANTAM In the Fourth Agenda, ANTAM’s shareholders
setuju untuk memberikan wewenang dan kuasa agreed to give authority and power to the Series A
kepada Pemegang Saham Seri A Dwiwarna untuk Dwiwarna Shareholders to determine the amount
menetapkan besaran Insentif Kinerja untuk anggota of Performance Incentives for members of the 2017
Dewan Komisaris ANTAM Tahun Buku 2017 serta ANTAM Board of Commissioners and to determine
untuk menetapkan besaran honorarium berikut 0$! )+1*0 +" $+*+..%1) * !*!ü0/Č "%(%0%!/
tunjangan, fasilitas dan insentif lainnya untuk tahun and incentives for 2018 members of the Board of
2018 bagi anggota Dewan Komisaris. Dalam Mata Commissioners. In the same Agenda, ANTAM’s
Acara yang sama, pemegang saham ANTAM juga shareholders also agreed to give authority and power
menyetujui untuk memberikan wewenang dan kuasa 0+0$!ǫ+. +"ƫ+))%//%+*!./5ü./0+0%*%*#0$!
kepada Dewan Komisaris dengan terlebih dahulu approval of the Series A Dwiwarna Shareholder to
mendapatkan persetujuan Pemegang Saham Seri A determine the amount of Performance Incentives for
Dwiwarna untuk menetapkan besaran Insentif Kinerja members of the Board of Directors for the Fiscal Year
untuk anggota Direksi untuk Tahun Buku 2017 serta 2017 and to determine the salary, allowances, facilities
untuk menetapkan besaran gaji berikut tunjangan, and other incentives for 2018 for members of the
fasilitas dan insentif lainnya untuk tahun 2018 bagi Board of Directors.
anggota Direksi.
Dalam Agenda kelima pemegang saham ANTAM * 0$! Ƶ#!* Č 0$! ü2! ƵƵ /$.!$+( !./
menyetujui untuk menunjuk Kantor Akuntan Publik agreed to appoint the Public Accounting Firm
ĨƵĩ *1 %.! &Č %%/*Č %*0%/ Ē !'*Č ü.) Tanudiredja, Wibisana, Rintis & Partners, a member
anggota jaringan global Pricewaterhouse Coopers of the Pricewaterhouse Coopers global network in
di Indonesia untuk melaksanakan audit umum atas Indonesia to carry out a general audit of ANTAM’s
Laporan Keuangan Konsolidasian ANTAM untuk Consolidated Financial Statements for the 2018 Book
Tahun Buku 2018 dan Laporan Keuangan Program Year and the Partnership Program Financial Report
Kemitraan dan Program Bina Lingkungan untuk Tahun and Community Development Program for Financial
Buku 2018. Year 2018.
Dalam Mata Acara RUPST keenam pemegang In the Agenda of the sixth AGMS the shareholders
saham mengesahkan Laporan Realisasi Penggunaan .0%ü! 0$! !,+.0 +* 0$! !(%60%+* +" 0$! /! +"
Tambahan Dana Penyertaan Modal Negara (PMN) the Additional State Capital Participation (PMN) fund
untuk periode Tahun Buku 2017. for the Financial Year 2017.
Pada Mata Acara RUPST Ketujuh pemegang saham On the seventh agenda of the AGMS, the shareholders
menyetujui perubahan dan penyusunan kembali agreed to the amendment and rearrangement of
seluruh ketentuan dalam Anggaran Dasar ANTAM. all provisions in ANTAM’s Articles of Association. In
Dalam Mata Acara RUPST Kedelapan, Pemegang the eighth agenda of the AGMS, Series A Dwiwarna
Saham Seri A Dwiwarna/kuasanya menyampaikan Shareholders/their proxies stated that there were no
bahwa tidak ada usulan perubahan Pengurus proposed changes to the Company Management to
Perusahaan yang sudah diagendakan sehingga dalam be scheduled so that the decision was not taken in the
mata acara tersebut tidak diambil keputusan. agenda.
Sehubungan dengan Agenda ketujuh tersebut In connection with the seventh Agenda, the current
maka Anggaran Dasar yang berlaku saat ini adalah Articles of Association are the one that is validated
yang disahkan oleh Akta Notaris Jose Dima Satria, by Notarial Deed Jose Dima Satria, S.H, M.Kn. in
S.H, M.Kn. di Jakarta tanggal 11 Mei 2018, No. 33, Jakarta on May 11, 2018, No. 33, Deed of Statement
of Meeting Resolution on Amendment to PT Aneka

Pernyataan Keputusan Rapat Perubahan Anggaran Tambang Tbk’s Articles of Association or abbreviated
Dasar PT Aneka Tambang Tbk atau disingkat as PT ANTAM Tbk. In article 12, paragraph (7)
PT ANTAM Tbk. Pada pasal 12, ayat (7) poin (iv), point (iv), the authority for approval of Series A
kewenangan persetujuan Pemegang Saham Seri A Dwiwarna Shareholders, as referred to in point (ii)
Dwiwarna, sebagaimana dimaksud pada poin (ii) can be authorized to the holders of the most Series
dapat dikuasakan kepada pemegang saham Seri B B Shareholders, in this case PT Indonesia Asahan
terbanyak, yang dalam hal ini adalah PT Indonesia Aluminum (Persero) or better known as PT INALUM
Asahan Aluminium (Persero) atau lebih dikenal (Persero).
dengan nama PT INALUM (Persero).
2.2. Pelimpahan Wewenang dari Pemegang Saham 2.2 Delegation of Authority from Series A Dwiwarna
Seri A Dwiwarna ke PT INALUM (Persero) Shareholders to PT INALUM (Persero)
Sebagaimana diketahui pada RUPS Luar Biasa yang As is known at the Extraordinary GMS held on
diselenggarakan pada 29 November 2017, dengan November 29, 2017, with a single agenda which is
mata acara tunggal yang pada dasarnya berkaitan basically related to the establishment of a Holding
dengan pembentukan Perusahaan Holding melalui Company through the amendment of the Company’s
perubahan Anggaran Dasar Perseroan disertai dengan Articles of Association accompanied by the transfer
pengalihan saham seri B milik Pemerintah Republik of Series B shares owned by the Republic of Indonesia
Indonesia ke PT INALUM (Persero) sebagai induk to PT INALUM (Persero) as the holding company for
perusahaan holding bidang industri Pertambangan. mining industry.
Berdasarkan Surat Kuasa Khusus dari Pemegang Based on Special Power of Attorney from Holders of
saham Seri A Dwiwarna No. SKK-14/MBU/5/2018 Series A Dwiwarna Share No. SKK-14/MBU/5/2018
tanggal 31 Mei 2018, sebagian Kewenangan dan/ dated May 31, 2018, part of the Authority and/or
atau Hak Pemegang Saham Seri A Dwiwarna dalam Rights of Series A Dwiwarna Shareholders in the
Anggaran Dasar masing-masing perusahaan anggota Articles of Association of each company member
holding industri pertambangan (PT ANTAM Tbk), in the mining industry holding (PT ANTAM Tbk),
dikuasakan ke PT INALUM (Persero) selaku pemegang authorized to PT INALUM (Persero) as the majority
saham Seri B terbanyak. Permohonan Persetujuan dan shareholder of Series B. Request for Approval and
Pelaporan Anggota Holding Industri Pertambangan Reporting of Mining Industry Holding Members as
sesuai Anggaran Dasar (AD) masing-masing the matters in the Articles of Association of each
anggota Holding Industri Pertambangan Perusahaan member of the Company’s Mining Industry Holding
dilimpahkan ke PT INALUM (Persero) sesuai pasal delegated to PT INALUM (Persero) in accordance
12 ayat (7) poin (iv) Anggaran Dasar Perseroan. with article 12 paragraph (7) point (iv) of the Articles
Dengan demikian berdasarkan Surat Kuasa Khusus of Association. Therefore, based on Special Power
No. SKK-14/MBU/5/2018 tanggal 31 Mei 2018, terjadi of Attorney No. SKK-14/MBU/5/2018 dated 31 May
proses pelimpahan kewenangan untuk pelaksanaan 2018, there is a process of delegation of authority
pasal 12 ayat (7) poin (ii) bahwa persetujuan Dewan for the implementation of article 12 paragraph (7)
Komisaris khusus yang berkenaan pasal 12 ayat (7) point (ii) that the approval of the special Board of
poin (ii) tersebut harus disetujui juga oleh PT INALUM Commissioners concerning article 12 paragraph
(Persero). (7) point (ii) must also be approved by PT INALUM
(Persero).
2.3. Komposisi & Bauran Kompetensi Dewan 2.3. Composition & Diversity of Competencies of
Komisaris Tahun 2018 the Board of Commissioners in 2018
2.3.1. Susunan Dewan Komisaris Tahun Buku 2018: 2.3.1.Composition of the Board of Commissioners
Periode 1 Januari 2018-6 Agustus 2018 for 2018: Period 1 January 2018-6 August 2018
Sebagaimana diketahui pada RUPS untuk Tahun As known at the AGM for the Financial Year
Buku 2017 pada tanggal 12 April 2018 dalam Mata 2017 on April 12, 2018 in the eight agenda of
Acara RUPST ke-delapan, Pemegang Saham the AGM, the Series A Dwiwarna Shareholders/
Seri A Dwiwarna/kuasanya menyampaikan their proxies stated that there were no proposed
bahwa tidak ada usulan perubahan Pengurus changes to the Management of the Company so
Perusahaan sehingga dalam mata acara tersebut that the decision to change was not taken. So


tidak diambil keputusan. Dengan demikian dari that the Company Management from January 1,
1 Januari 2018 sampai dengan 6 Agustus 2018 2018 up to August 6, 2018 are as follows:
adalah sebagai berikut:
Jend TNI (Purn) Fachrul Razi, S.Ip, S.H., M.H. TNI General (Ret.) Fachrul Razi, S.Ip, S.H.,
sebagai Komisaris Utama merangkap Ketua M.H. as President Commissioner concurrently
Komite Good Corporrate Governance, Nominasi Chairperson of the Good Corporate Governance,
dan Renumerasi (GCG-NR) diangkat pada Nomination and Remuneration (GCG-NR)
RUPS-LB yang diselenggarakan pada 7 Oktober Committee appointed at the EGMS held on
2015, Prof. Dr. der Soz. Gumilar Rusliwa Somantri October 7, 2015, Prof. Dr. der Soz. Gumilar
sebagai Komisaris Independen merangkap Rusliwa Somantri as Independent Commissioner
Ketua Komite Audit diangkat pada RUPS 2 concurrently Chairperson of the Audit
Mei 2017, Ir. Anang Sri Kusuwardono sebagai Committee appointed at the GMS on May 2,
Komisaris Independen merangkap Wakil Ketua 2017, Ir. Anang Sri Kusuwardono as Independent
Komite GCG-NR diangkat pada RUPS 2 Mei 2017, Commissioner concurrently Deputy Chair of the
Zaelani S.E. merupakan Komisaris merangkap GCG-NR Committee appointed at the GMS on
Wakil Ketua Komite Audit diangkat pada RUPS May 2, 2017, Zaelani S.E. as the Commissioner
tanggal 2 Mei 2017, Prof. Robert Simanjuntak, and Deputy Chair of the Audit Committee
Ph.D. merupakan Komisaris merangkap Ketua appointed at the GMS on May 2, 2017, Prof.
Komite Manajemen Risiko diangkat pada RUPS Robert Simanjuntak, Ph.D. as a Commissioner
26 Maret 2014, Ir. Bambang Gatot Ariyono concurrently Chairperson of the Risk
M.M., DESS. merupakan Komisaris diangkat Management Committee appointed at the GMS
pada RUPS-LB yang diselenggarakan pada on March 26, 2014, Ir. Bambang Gatot Ariyono
7 Oktober 2015 merangkap Wakil Ketua Komite M.M., DESS. as Commissioner at the EGMS
Manajemen Risiko dan diangkat sebagai held at October 7, 2015 concurrently Deputy
Komisaris di PT INALUM (Persero) Chair of the Risk Management Committee
sesuai dengan surat pemberitahuan and as Commissioner at PT INALUM (Persero)
PT INALUM (Persero) kepada Direksi ANTAM in accordance with PT INALUM (Persero)’s
pada tanggal 6 Agustus 2018. Sehubungan *+0%ü0%+* (!00!. 0+ ƵƵ Ě/ %.!0+./ +* ć
dengan hal tersebut maka Sdr Bambang Gatot August 2018. In connection with this matter, Mr.
Ariyono tidak lagi menjabat sebagai Komisaris Bambang Gatot Ariyono no longer serves as
ANTAM sejak tanggal pengangkatannya sebagai ANTAM’s Commissioner from the date of his
Komisaris di PT INALUM (Persero) sesuai dengan appointment as Commissioner at PT INALUM
ketentuan Anggaran Dasar ANTAM. (Persero) in accordance with the provisions in
ANTAM’s Articles of Association.
Masa jabatan Dewan Komisaris terhitung sejak The terms of the Board of Commissioners
ditutupnya RUPS/RUPS-LB dimaksud sampai starts from the closing of the AGMS/EGMS until
dengan RUPS Tahunan ke-5 (lima) setelah 0$! Ć0$ Ĩü"0$ĩ Ƶ**1( "0!. 0$! 0! +"
tanggal pengangkatannya, namun dengan appointment, but without reducing the right of
tidak mengurangi hak RUPS untuk dapat the GMS to be able to terminate members of the
memberhentikan anggota Dewan Komisaris Board of Commissioners at any point in time.
sewaktu-waktu.
Sepanjang periode terebut di atas, jumlah Throughout the period above the number of
anggota Dewan Komisaris tetap sebanyak 6 permanent Board of Commissioners members
(enam) orang dan jumlah anggota Komisaris is 6 (six) and the number of Independent
Independen tetap 2 (dua) orang atau setara Commissioner members is 2 (two) people,
dengan 33,33% yang artinya telah memenuhi equivalent to 33.33%, which means that it is
ketentuan Peraturan Pasar modal yang minimum in accordance to the provisions of the Capital
30% sebagaimana yang dijelaskan pada Bab III- Market Regulations to have a minimum of 30%
Bagian kesatu Peraturan Otoritas Jasa Keuangan as explained in Chapter III-First part of the
No. 33/POJK.04/2014. Surat Pernyataan Financial Services Authority Regulation No.
Independensi & Potensi benturan Kepentingan 33/POJK.04/2014. Statement of Independence

sebagai salah satu persyaratan telah diungkapkan Ē +0!*0%( ƫ+*ý%0 +" *0!.!/0 / +*! +" 0$!
pada Laporan Tahunan (Annual Report) 2018 requirements disclosed in the Annual Report
bab Tata Kelola Perusahaan. 2018 chapter of Corporate Governance.
2.3.2 Susunan Dewan Komisaris Tahun Buku 2018: 2.3.2.Composition of the Board of Commissioners
Periode 1 Januari 2018-6 Agustus 2018 for 2018: Period 1 January 2018-6 August 2018
Pada tanggal 6 Agustus 2018, Komisaris ANTAM On August 6, 2018 ANTAM Commissioner Mr. Ir.
Sdr Ir. Bambang Gatot Ariyono M.M., DESS yang Bambang Gatot Ariyono M.M., DESS who was a
tadinya merupakan anggota Dewan Komisaris member of the Board of Commissioners of the
Perseroan diangkat sebagai anggota Dewan Company was appointed as a member of the
Komisaris di PT INALUM (Persero) sesuai dengan Board of Commissioners at PT INALUM (Persero)
surat pemberitahuan PT INALUM (Persero) in accordance with PT INALUM (Persero)’s
kepada Direksi ANTAM. Sehubungan dengan hal notice to ANTAM’s Directors. In this regard, Mr.
tersebut, maka Ir. Bambang Gatot Ariyono M.M., Ir. Bambang Gatot Ariyono M.M., DESS no longer
DESS tidak lagi menjabat sebagai Komisaris serves as ANTAM’s Commissioner from the date
ANTAM sejak tanggal pengangkatannya sebagai of his appointment as a member of the Board
anggota Dewan Komisaris di PT INALUM of Commissioners at PT INALUM (Persero)
(Persero) sesuai dengan ketentuan Anggaran in accordance with ANTAM’s Articles of
Dasar ANTAM. Dewan Komisaris dan Direksi Association. ANTAM’s Board of Commissioners
ANTAM mengucapkan terima kasih kepada and Directors would like to thank Ir. Bambang
Sdr Ir. Bambang Gatot Ariyono M.M., DESS atas Gatot Ariyono M.M., DESS for his dedication and
dedikasi dan dukungannya kepada ANTAM support to ANTAM while serving as ANTAM’s
selama menjabat sebagai Komisaris ANTAM. Commissioner. The members of the Board of
Adapun anggota Dewan Komisaris diluar Sdr Commissioners outside of Mr. Ir. Bambang Gatot
Ir. Bambang Gatot Ariyono M.M., DESS tidak Ariyono M.M., DESS do not change at all.
berubah sama sekali.
Sehubungan dengan pengangkatan Sdr Ir. In connection with the appointment of Mr.
Bambang Gatot Ariyono M.M., DESS sebagai Bambang Gatot Ariyono M.M, DESS as a
anggota Dewan Komisaris PT INALUM (Persero) member of the Board of Commissioners of
pertanggal 6 Agustus 2018, sebagaimana PT INALUM (Persero) dated August 6, 2018, as
dijelaskan di atas maka susunan Dewan explained above, the composition of ANTAM’s
Komisaris ANTAM mulai tanggal 6 Agustus 2018 Board of Commissioners starting August 6, 2018
s.d 31 Desember 2018 berubah menjadi sebagai to December 31, 2018 is changed as follows:
berikut: Jenderal TNI (Purn) Fachrul Razi, S.Ip, TNI General (Ret.) Fachrul Razi, S.Ip, S.H.,
S.H., M.H sebagai Komisaris Utama merangkap M.H. as President Commissioner concurrently
Ketua Komite GCG-NR, Prof. Dr. der Soz. Chairperson of the GCG-NR Committee, Prof. Dr.
Gumilar Rusliwa Somantri merupakan Komisaris der Soz. Gumilar Rusliwa Somantri as Independent
Independen merangkap Ketua Komite Audit, Commissioner concurrently Chairperson of the
Ir. Anang Sri Kusuwardono merupakan Komisaris Audit Committee, Ir. Anang Sri Kusuwardono as
Independen merangkap Wakil Ketua Komite Independent Commissioner concurrently Deputy
GCG-NR, Zaelani S.E. merupakan Komisaris Chair of the GCG-NR Committee, Zaelani S.E. as
merangkap Wakil Ketua Komite Audit, Commissioner and Deputy Chair of the Audit
Prof. Robert Simanjuntak, Ph.D. merupakan Committee, Prof. Robert Simanjuntak, Ph.D is a
Komisaris merangkap Ketua Komite Manajemen Commissioner concurrently Chairperson of the
Risiko. Risk Management Committee.
Kedudukan masing-masing anggota Dewan The position of each member of the Board
Komisaris termasuk Komisaris Utama adalah of Commissioners including the President
setara. Tugas Komisaris Utama sebagai primus Commissioner is equal. The task of the
inter pares adalah mengkordinasikan kegiatan President Commissioner as primus inter pares
Dewan Komisaris. Setelah periode 6 Agustus is to coordinate the activities of the Board of
2018 sampai dengan 31 Desember 2018, jumlah Commissioners. After the period August 6, 2018
Dewan Komisaris berubah menjadi 5 (lima) to December 31, 2018, the number of the Board


orang dengan jumlah Komisaris Independen +" ƫ+))%//%+*!./ $*#! 0+ Ć Ĩü2!ĩ ,!+,(!
tetap 2 (dua) orang dari jumlah 5 (lima) orang with the number of Independent Commissioners
anggota Dewan Komisaris atau setara dengan /0%(( Ă Ĩ03+ĩ ,!+,(! +10 +" 0$! *1)!. Ć Ĩü2!ĩ
40%, jauh lebih tinggi dari ketentuan regulasi members of the Board of Commissioners or equal
OJK sebesar minimum sebesar 30%. to 40% higher than the minimum requirement of
the FSA Regulations of 30%.
2.3.3.Susunan Dewan Komisaris Tahun Buku 2018: 2.3.3.Composition of the Board of Commissioners
Periode 6 Agustus 2018-31 Desember 2018 & Financial Year 2018: Period 6 August 2018-31
Bauran Kompetensinya December 2018 & its Competency Diversity
ANTAM meyakini bahwa keragaman kompetensi, ANTAM believes that the diversity of
pengalaman, leadership dan latar belakang competencies, experiences, leadership and
pendidikan sangat diperlukan Dewan Komisaris educational backgrounds is needed by the
dalam melaksanakan tugasnya. Dari kelima Board of Commissioners in carrying out their
anggota Dewan Komisaris tersebut, 2 (dua) 10%!/ċ " 0$! ü2! )!)!./ +" 0$! ǫ+. +"
diantaranya merupakan Professor dan 3 (tiga) Commissioners, 2 (two) of them are professors
lainnya memiliki beragam tingkat akademis and 3 (three) are various academic levels
dengan bauran kompetensi dan pengalaman with an inter-complementary and almost
yang saling melengkapi dan nyaris sempurna, perfect mix of competencies and experiences
diantaranya dari kalangan militer, akademisi/ including military, academic/social experts,
pakar sosial, generalis, birokrat yang strategis, generalists, strategic bureaucrats, and spread-
serta masa pengangkatannya juga tersebar out appointment period over the period of
dalam rentang waktu 2012 sampai dengan 2017 2012 to 2017 to ensure continuity in carrying
sehingga menjamin terjadinya kesinambungan out the oversight & supervision function so
dalam menjalankan fungsi pengawasan & that the Board of Commissioners is assisted by
penasihatan sehingga Dewan Komisaris dengan 3 (three) Supporting Committees of the Board
dibantu oleh 3 (tiga) Komite Penunjang Dewan of Commissioners that works collectively/
Komisaris yang bekerja secara kolektif/majelis //!)(%!/* %//0.+*#Č/1,!.%+.* %#*%ü!
dan tangguh, unggul serta bermartabat karena: because:
- Memiliki latar belakang leadership dan - Have extensive leadership and experience and
pengalaman yang luas serta ditunjang oleh are supported by national and international
pengalaman kerja yang berwawasan nasional work experience;
maupun internasional; - Has an educational background and expertise
- Memiliki latar belakang pendidikan dan %*+1*0%*#* ü**!* %*0$!)%*%*#Ē
keahlian di bidang akuntansi dan keuangan processing industries;
dan di bidang industri pertambangan & ġ .+"!//%+*(Č".!!".+)(("+.)/+"+*ý%0+"
pengolahan; interest and has strong integrity;
- Profesional, bebas dari segala bentuk - Has the ability to ensure the integration of the
benturan kepentingan dan memiliki integritas company’s accounting system and existing
yang tinggi; reporting and ensure that the company has
- Memiliki kemampuan untuk memastikan an adequate system, especially for monitoring
adanya integrasi dari sistem akuntansi .%/'/Č ü**%( /1,!.2%/%+* * +),(%*!
perusahaan dan pelaporan yang ada serta with the current laws and regulations;
memastikan bahwa perusahaan memiliki - Having a good and market-friendly reputation
sistem yang memadai, khususnya untuk and being able to enhance the company’s
memonitor risiko, pengawasan keuangan dan image in the capital market;
kepatuhan terhadap hukum dan peraturan - Ensure an inherent and continuous supervision
yang ada; process occurs;
- Memiliki reputasi yang baik dan “ramah“pasar
serta mampu meningkatkan citra perusahaan
di pasar modal;
- Menjamin terjadi proses pengawasan yang
melekat dan berkesinambungan

- Secara berkesinambungan mengikuti trend - Continuously follow industry development

perkembangan industri pada umumnya dan trends in general and relevant mining trends
trend pertambangan yang relevan pada in particular;
khususnya; - Each year both individual and collective
- Setiap tahun dinilai kinerjanya secara majelis performance are assessed through the
dinilai juga kinerjanya secara personal Performance of the Committee their leads
melalui Kinerja Komite yang dipimpinnya dan and reported in the Annual GMS.
dilaporkan dalam RUPS Tahunan.
Dewan Komisaris bekerja secara kolektif dengan berbagai bauran:

pendidikan, pengalaman, kompetensi, leadership, rentang umur, masa pengangkatan
yang saling melengkapi sehingga dengan bauran & latar belakang yang nyaris sempurna
dapat mengawasi & menasihati Direksi dibantu oleh Organ Pendukung
Dewan Komisaris sepanjang tahun 2018
The Board of Commissioners works collectively among diversity: education, experience, competence,
leadership, age, as well as inter-complementary appointment periods. With such a mix and almost perfect
background, the Board of Commissioner can supervise & advise the Board of Directors assisted
by Supporting Committee of the Board of Commissioners throughout 2018.
Bauran kompetensi yang dimiliki Dewan The competency mix possessed by the Board of
Komisaris dan organ pendukungnya mencakup Commissioners and its supporting committees
keseluruhan aspek operasionl perusahaan yang cover the entire aspects of the company’s
meliputi bidang bisnis pada umumnya dan operations which include business in general and
bussiness pertambangan, ekonomi-keuangan, 1/%*!//%*)%*%*#Čü**%(!+*+)5Č+.,+.0!
hukum korporasi & pasar modal, Tata Kelola & capital market law, Corporate Governance
Perusahaan & CSR, Sumber Daya Manusia, & CSR, Human Resources, Marketing, and
Marketing, serta Manajemen Korporasi secara Corporate Management general. In terms of age
umum. Dari sisi usia Dewan Komisaris saat of the Board of Commissioners, it is currently in
ini berumur dalam rentang 55 tahun sampai the range of 55 years to 71 years of age which
dengan 71 tahun suatu usia yang biasanya represent prudent characteristic in giving
mempresentasikan perilaku yang “bijaksana” supervision and advice and always be careful in
dalam memberikan pertimbangan dan decision making.
nasihat serta selalu bersikap “hati-hati” dalam
pengambilan keputusan. In accordance with the Articles of Association
of the Company, Shareholders of Series A
Sesuai dengan Anggaran Dasar Perseroan, Dwiwarna (Ministry of BUMN or its proxies)
Pemegang Saham Seri A Dwiwarna have the right to propose candidates for the
(Kementerian BUMN atau yang mewakili) berhak Board of Commissioners. The Company has
mengusulkan calon Dewan Komisaris. Perseroan *+0 /,!%ü! 0.#!0/ 0+ ! $%!2! %* #!* !.
!(1) )!*!*01'* /!. /,!/%ü' 0.#!0 5*# diversity within the Board of Commissioners
harus dicapai dalam keragaman gender di membership structure despite the discourse
dalam struktur keanggotaan Dewan Komisaris of gender diversity in the last 2-3 years this is
meskipun wacana keberagaman gender dalam increasingly loud and incessant in the capital
2-3 tahun terakhir ini semakin nyaring dan market community. The absence of a member of
gencar terdengar dalam masyarkat pasar modal. the Board of Commissioners in the last 4 (four)
Ketiadaan seorang anggota Dewan Komisaris months of 2018 relatively does not reduce the
dalam 4 (empat) bulan terakhir 2018 relatif tidak +),!0!*5)%4,+//!//! 5ĆĨü2!ĩ.!)%*%*#
mengurangi bauran kompetensi yang dimiliki members of the Board of Commissioners.
oleh 5 (lima) orang anggota Dewan Komisaris
yang masih tinggal.


2.4. Organ Pendukung Dewan Komisaris 2.4. Supporting Committees of the Board of
Commissioners
Dalam melaksanakan fungsi pengawasan dan In carrying out the supervisory and advisory functions
penasihatan Dewan Komisaris tahun 2018, Dewan of the Board of Commissioners in 2018, the Board
Komisaris didukung oleh organ pendukung Dewan of Commissioners is supported by supporting
Komisaris yang terdiri dari tiga Komite Penunjang committees of the Board of Commissioners consisting
Dewan Komisaris yaitu: of three Board of Commissioners Supporting
- Komite Audit yang dikukuhkan dengan SK Dewan Committees, namely:
Komisaris No. 9/DK/SK/V/2017 tertanggal 16 Mei ġ Ƶ1 %0 ƫ+))%00!! +*ü.)! 5 !.!! +"
2017 dengan susunan: Prof. Dr. der Soz. Gumilar the Board of Commissioners No. 9/DK/
Rusliwa Somantri sebagai Ketua, Zaelani S.E. SK/V/2017 dated May 16, 2017 with the following
sebagai wakil Ketua, Drs. Mursyid Amal M.M arrangement: Prof. Dr. der Soz. Gumilar Rusliwa
sebagai Anggota, Dr. Ir. Rukmana Nugraha Adhi, Somantri as Chairperson, Zaelani, S.E as deputy
DEA sebagai anggota. Chairperson, Drs. Mursyid Amal, M.M as Member,
- Komite Good Corporate Governance, Nominasi Dr. Ir. Rukmana Nugraha Adhi, DEA as a member.
dan Remunerasi (Komite GCG-NR) yang - The Good Corporate Governance, Nomination and
dikukuhkan kembali dengan SK Dewan Komisaris Remuneration Committee (GCG-NR Committee)
No. 10/DK/SK/V/2017 tertanggal 16 Mei 2017 3$%$3/+*ü.)! #%*3%0$0$!!.!!+"0$!
dengan susunan: Jenderal TNI (Purn) Fachrul Board of Commissioners No. 10/DK/SK/V/2017
Razi, S.Ip. S.H., M.H. sebagai Ketua, Ir. Anang Sri dated May 16, 2017 with the following structure:
Kusuwardono sebagai Wakil Ketua, Dr. Ir. Yunus General TNI (Ret.) Fachrul Razi, S.Ip. S.H., M.H as
Kusumahbrata M.Sc sebagai anggota, Dr. Nina Chairman, Ir. Anang Sri Kusuwardono as Deputy
Insania K. Permana S.Psi., M.M sebagai Anggota. Chairperson, Dr. Ir Yunus Kusumahbrata, M.Sc as
- Komite Manajemen Risiko yang dikukuhkan a member, Dr. Nina Insania K. Permana, S.Psi., M.M
dengan SK Dewan Komisaris No. 13/DK/ as a Member.
SK/X/2017 tertanggal 15 Oktober 2017, dengan ġ %/' *#!)!*0 ƫ+))%00!! +*ü.)! 5
susunan: Prof. Robert A Simanjuntak, Ph.D Decree of the Board of Commissioners No. 13/
sebagai Ketua, Ir. Adi Djoko Guritno MSIE., Ph.D DK/SK/X/2017 dated October 15, 2017, with
sebagai Anggota, Sdr. Benjamin Hassan B.Ec the following composition: Prof. Robert A
sebagai pengganti Ir. Brahmantio Isdijoso M.Sc Simanjuntak, Ph.D as Chairperson, Ir. Adi Djoko
yang mengundurkan diri karena mendapat tugas Guritno, MSIE., Ph.D as Member, Benjamin Hassan,
baru. Sdr Benjamin Hassan sebagai pengganti B.Ec as a substitute for Ir. Brahmantio Isdijoso, M.Sc
merupakan orang lama di Komite ANTAM who resigned after appointed new assignment.
dan selama ini adalah staf Sekretariat Dewan Mr. Benjamin Hassan as his successor, has been a
Komisaris. !.!0.%0/0û+"0$!ǫ+. +"ƫ+))%//%+*!./ċ
Tugas dan fungsi Organ pendukung tersebut The duties and functions of the supporting committees
merupakan kepanjangan tangan Dewan Komisaris dan are an extension of the Board of Commissioners to
membantu Dewan Komisaris dalam mengawasi serta assist the Board of Commissioners in supervising
menasihati Direksi. Setiap Komite masing-masing and advising the Directors. Each Committee consists
beranggotakan dua orang yang merupakan anggota of two members who are members of the Board of
Dewan Komisaris yang merangkap sebagai Ketua Commissioners and concurrently as Chairpersons and
dan Wakil Ketua serta dua orang lagi merupakan Deputy Chairpersons and two other people who are
profesional yang berasal dari luar Perseron dan bukan professionals from outside the Company and are not
merupakan anggota Dewan Komisaris. members of the Board of Commissioners.
Sepanjang informasi yang utuh, tepat waktu, As long as complete, timely, accurate information
akurat mengalir dari organ Direksi kepada organ ý+3/ ".+) 0$! + %!/ +" 0$! ǫ+. +" %.!0+./ 0+
Dewan Komisaris maka dengan bauran kompetensi, the committees of the Board of Commissioners, with
pengalaman dan latar belakang pendidikan yang a broad competency, experience and educational
luas, diharapkan Dewan Komisaris dan organ background it is expected that the Board of
pendukungnya dapat memberikan saran, solusi, Commissioners and its supporting committees can
nasihat yang orientasinya selalu kepada kepentingan provide advice, solutions, suggestions that is always
yang terbaik buat perusahaan (to the best interest of oriented to the best interest of the company. In 2018

the company). Dalam tahun 2018 Komite Penunjang the Board of Commissioners’ Supporting Committees
Dewan Komisaris mengadakan rapat dua kali dalam meet twice a month, consisting of special meetings and
satu bulan, terdiri dari rapat khusus dan rapat pleno. plenary meetings. Basically, additional special meetings
Pada dasarnya tambahan rapat khusus antara Komite between the Board of Commissioners’ Supporting
Penunjang Dewan Komisaris dan mitra kerja dibawah Committees and partners under ANTAM’s Board of
Direksi ANTAM, adalah bagian dari upaya memperoleh %.!0+./.!,.0+"!û+.0/0++0%*%*"+.)0%+*".+)
informasi dari organ Direksi selengkap mungkin. the Directors’ committees as completely as possible.
Untuk menghindari kelambatan dalam proses To avoid delays in the decision-making process at
pengambilan keputusan di level Dewan Komisaris the Board of Commissioners level, improvements are
maka dilakukan penyempurnaan dalam manajemen made in the working liaison management between
hubungan kerja antara Komite Penunjang dengan the Supporting Committees and related working
mitra kerja terkait, dilevel manajemen. Diantaranya partner, at the management level. Both need to
perlu melengkapi kebijakan perseroan yang terdiri dari complete the company’s policy which consists of 3
3 (tiga) level yaitu Corporate Governance Policy (CGP), (three) levels, namely Corporate Governance Policy
Management Policy (MP) dan Standard Operation (CGP), Management Policy (MP) as well as Standard
Procedure (SOP) serta Work Instruction (WI). Selama Operation Procedure (SOP) and Work Instruction
ini yang masih belum sempurna adalah SOP pada (WI). So far, what is still not perfect is the SOP for each
setiap kegiatan agar aliran informasi berjalan dalam 0%2%05/+0$00$!ý+3+"%*"+.)0%+*.1*/%*/5/0!)
suatu sistem sesuai dengan kesepakatan. Jika para in accordance with the agreement. If all the parties
pihak patuh pada SOP yang sudah disepakati maka comply with the agreed SOP, the administration is
tata administrasinya cukup sekali jalan sehingga tidak straight forward, so there is no loss of time, because
ada kehilangan waktu, karena semua kelengkapan all administrative items are listed in the SOP. The
administrasi sudah tercantum dalam SOP tersebut. Board of Commissioners believes and appreciates
Dewan Komisaris percaya dan mengapresiasi mitra the work partners of the Supporting Committees
kerja Komite Penunjang di jajaran manajemen yang in management who provide a positive response
memberikan respon positif dalam membangun in developing the required SOPs so that gradually
SOP yang diperlukan sehingga secara bertahap 0$! *!! "+. / %/ "1(ü((! /+ 0$0 0$! 3+.'%*#
kebutuhan akan SOP terlengkapi sehingga mekanisme mechanism between the Board of Commissioners
kerja diantara jajaran Dewan Komisaris dan jajaran and the Board of Directors is running smoothly.
Direksi semakin berjalan lancar.
Dalam rapat khusus, Komite Penunjang mengundang In a special meeting, the Supporting Committee invites
mitra kerja dijajaran Direksi untuk mendapatkan the working partner of the Board of Directors to obtain
'(.%ü'/% 01 %*"+.)/% 5*# (!%$ !0%( * (.%ü0%+*+.)+.! !0%(! * 0!$*%(%*"+.)0%+*
teknis tanpa harus dihadiri oleh Ketua/Wakil Ketua without having to be attended by the Chairperson/
Komite yang merupakan anggota Dewan Komisaris. Deputy Chairperson of the Committee who is a
Berbeda dengan rapat khusus, Rapat Pleno dihadiri member of the Board of Commissioners. Unlike the
oleh Ketua/Wakil Ketua Komite Penunjang Dewan special meeting, the Plenary Meeting was attended
Komisaris. Artinya Komite Penunjang Dewan by the Chairperson/Deputy Chairperson of the Board
Komisaris mengadakan rapat dengan mitra kerja di of Commissioners’ Supporting Committees. This
jajaran Direksi sebanyak dua kali dalam satu bulan means that the Board of Commissioners’ Supporting
dengan agenda yang berbeda sedangkan mitra kerja Committees hold meetings with work partners in the
yang diundang sesuai dengan kebutuhan atau kasus ǫ+. +" %.!0+./ 03%! %* +*! )+*0$ 3%0$ %û!.!*0
yang akan dibicarakan. agendas while the invited partners are invited
according to the needs or cases to be discussed.
Setiap Komite Penunjang yang berada di bawah Each Supporting Committee under the Board
Dewan Komisaris memiliki kelompok mitra kerja yang of Commissioners has a working partner group
berada di bawah jajaran Direksi, terdiri dari beberapa under the Board of Directors, consisting of several
Divisi yang mengelola proses bisnis terkait namun Divisions that manage related business processes,
setiap Komite Penunjang Dewan Komisaris memiliki but each of the Supporting Committees of the
mitra kerja Utama, seperti Komite Audit mitra kerja Board of Commissioners has main working partners,
utamanya adalah Divisi Internal Audit. Pada rapat such as the Audit Committee whose main partners
Komite Penunjang dengan mitra kerjanya tersebut, are the Internal Audit Division. In the Supporting


terjadi suatu proses komunikasi yang transparan dan Committee meeting with its partners, a transparent
terjadi aliran informasi yang intensif sehingga atas communication process occurred, and an intensive
dasar informasi yang utuh tersebut akan memudahkan ý+3+" %*"+.)0%+*+1..! /+ 0$0+* 0$! /%/+"
jajaran Dewan Komisaris dalam menjalankan fungsi the complete information it would facilitate the Board
pengawasan dan penasihatan secara cermat, akurat, of Commissioners in carrying out the supervisory
efektif serta menyeluruh sehingga diharapkan tidak * 2%/+.5 "1*0%+*/ 1.0!(5Č !û!0%2!(5 *
0!.& %,!.! *5*#/%#*%ü'* ())!*!0,'* comprehensively so that it is expected that there is
suatu keputusan. *+/%#*%ü*0#,%*)'%*# !%/%+*ċ
Setiap Komite Penunjang memiliki lingkup tugas Each Supporting Committee has a scope of tasks as
sebagaimana dijelaskan dalam Pedoman Kerja described in the respective Charter of the respective
(charter) masing-masing Komite yang bersangkutan Committee and is also described in the Work Programs
dan dijabarkan juga dalam Program Kerja masing- of each Supporting Committee of 2018 which are
masing Komite Penunjang tahun 2018 yang an integral part of the Board of Commissioners
merupakan bagian yang tidak terpisahkan dari Work Program of 2018. Same as required from
Program Kerja Dewan Komisaris tahun 2018. Serupa members of the Board of Commissioners, to
dengan yang dipersyaratkan pada anggota Dewan advocate its independence, the third member of
Komisaris, dalam hal independensi pada anggota the Support Committee, coming from outside the
ketiga Komite Penunjang yang berasal dari luar emiten company (professional individual), must also sign
(pihak profesional) diwajibakan juga menandatangani an independent statement of the year 2018 which
pernyataan sikap independen pada tahun 2018, yang means members of the Supporting Committee of
berarti anggota Organ Pendukung Dewan Komisaris Commissioners has acted in independent manner
telah bertindak independen sepanjang tahun 2018. throughout 2018.
Selanjutnya, setiap triwulan organ pendukung Dewan Furthermore, every quarter supporting committees of
Komisaris mempersiapkan laporan triwulan dan di the Board of Commissioners prepare quarterly reports
setiap tahun dilakukan penilaian atas Kinerja Organ and in each year an assessment of the Supporting
Pendukung dengan menilai keberhasilan dalam Committees Performance is carried out by assessing
menyelesaikan program kerjanya. the accomplishment in completing the work program.
2.5. Program Pengenalan Dewan Komisaris 2.5. Introduction Program for the new Board of
Perseroan 2018 yang Baru Commissioners in 2018
Pada 6 Agustus 2018 terjadi perubahan susunan On August 6, 2018 there was a change in the composition
Dewan Komisaris sebagaimana dijelaskan pada butir of the Board of Commissioners as described in point
2.3.2 di atas yakni Sdr Ir. Bambang Gatot Ariyono 2.3.2 above, namely Mr. Ir. Bambang Gatot Ariyono,
M.M., DESS, yang tadinya merupakan anggota Dewan M.M., DESS, who was previously a member of the Board
Komisaris Perseroan, diangkat sebagai anggota of Commissioners of the Company, appointed as a
Dewan Komisaris di PT INALUM (Persero) namun member of the Board of Commissioners in PT INALUM
pengunduran tersebut tidak dikuti dengan penunjukan (Persero) but the resignation was not followed by the
penggantinya. Oleh karenanya dalam tahun 2018 appointment of a replacement. Therefore, in 2018 there
tidak ada Dewan Komisaris maupun Direksi yang baru were no Board of Commissioners or Directors who
pertama kali menjabat di ANTAM sehingga wajib $ /!.2! "+.0$!ü./00%)!0ƵƵ /+0$0*++*!
mengikuti program pengenalan dengan mengacu was obliged to take part in the introduction program
kepada Peraturan Menteri Negara BUMN No. Per-01/ referred to by the Minister of State-Owned Enterprises
MBU/2011. Regulation No. Per-01/MBU/2011.
Ditingkat Komite pada tahun 2018, Sdr Ir Brahmantio At the Committee level in 2018, Mr. Ir Brahmantio
Isdijoso M.Sc yang merupakan anggota Komite Isdijoso, M. Sc who was a member of the Risk
Manajemen Risiko periode sebelumnya digantikan Management Committee the previous period was
oleh Sdr Benjamin Hassan B.Ec. Namun sebagaimana replaced by Mr. Benjamin Hassan B.Ec. However, as
dijelaskan di atas Sdr Benjamin Hassan B.Ec adalah explained above, Mr. Benjamin Hassan, B. Ec was a
“orang lama” di Organ Dewan Komisaris, sehingga veteran of the Board of Commissioners’ Committee,
tidak berkewajiban mengikuti program pengenalan. so he was not obliged to take part in the introduction
program.

Dalam tahun 2018 tidak terdapat “orang baru” di ANTAM yang wajib mengikuti
“Program Pengenalan” agar yang bersangkutan lebih cepat menghayati perilaku,
arah tujuan dan kendala Perseroan
In 2018 there were no new-joiner at ANTAM who were obliged to take part in the “Introduction Program”
in order to accelerate the assimilation process to become familiar to the behavior,
direction and objectives of the Company.
2.6. Lingkup Tugas Pengawasan Dewan Komisaris 2.6. Scope of the Board of Commissioners’
atas RKAP 2018 Supervisory Duty on the 2018 Work and
Budget Plan
Lingkup tugas pengawasan Dewan Komisaris yang The scope of the supervisory duties of the Board of
dibantu oleh Organ Pendukung Dewan Komisaris Commissioners assisted by the Board of Commissioners
(Komite Penunjang dan Sekretaris Dewan Komisaris) Supporting Organizations (Supporting Committee and
melakukan pengawasan atas kebijakan pengurusan, Secretary to the Board of Commissioners) supervises
jalannya pengurusan pada umumnya baik mengenai the management policy, management’s duty in general
Perseroan maupun usaha Perseroan dan memberi both on the Company itself and the Company’s
nasihat kepada Direksi serta memantau & memastikan business and advises the Directors and monitors and
bahwa Good Corporate Governance (GCG) telah ensures Good Corporate Governance (GCG) has been
diterapkan secara efektif dan berkelanjutan. Untuk %),(!)!*0! !û!0%2!(5 * /1/0%*(5ċ + ! (!
dapat melaksanakan tugas Dewan Komisaris dengan to carry out the duties of the Board of Commissioners
baik, maka perlu mengetahui lingkup tugas Direksi properly, it is necessary to know the scope of ANTAM’s
ANTAM secara detail pada tahun 2018. Tugas Board of Directors in detail in 2018. The task of
pengurusan Direksi ANTAM 2018, tidak saja berfokus managing ANTAM’s 2018 Directors, not only focuses
pada entitas ANTAM saja karena Direksi ANTAM on ANTAM entity itself because concurrently ANTAM’s
juga adalah pemegang saham pengendali pada Anak Directors are also controlling shareholders of the
Perusahaan dan Joint Venture Company (JVCo). Subsidiaries and Joint Venture Company (JVCo).
Sebagaimana diketahui berdasarkan data yang As is known based on the latest data, ANTAM has
terakhir, ANTAM memiliki kepemilikan langsung direct ownership of subsidiaries and sub-subsidiaries
anak perusahaan & cucu perusahaan (kepemilikan (indirect ownership) on 23 (twenty three) subsidiary
tidak langsung) pada 23 (dua puluh tiga) anak dan !*0%05 * āā *+*ġ+*0.+((%*# !*0%05 +" * þ(%0!
11 dimana ANTAM hanya sebagai pemegang saham company.
)%*+.%0/,!.1/$*Ƶü(%/%ċ
Disamping itu masih ada Dana Pensiun (DAPEN) Besides that, there is the Pension Fund (DAPEN) and
serta Yayasan Kesehatan Pensiunan (YAKESPEN) the Pension Health Foundation (YAKESPEN) which are
yang juga masih dalam kelompok yang secara tidak also under same groups which are indirectly supervised
langsung diawasi oleh Dewan Komisaris ANTAM by ANTAM’s Board of Commissioners because any
karena kesalahan dalam pengurusan kedua organisasi mismanagement happening in the two organizations
tersebut (DAPEN dan YAKESPEN) akan tetap ĨƵ * Ƶĩ 3%(( (/+ û!0 ƵƵ Ě/
mempengaruhi pada keuangan ANTAM. Apalagi ü**!/ċ +.!+2!.Č+*/% !.%*#0$!"00$00$!ü**%(
kinerja keuangan anak perusahaan, secara berjenjang performance of the subsidiaries, which are accumulated
ke atas sesuai dengan peraturan perundang undangan bottom up in accordance with the applicable laws and
yang berlaku, laporan keuangannya dikonsolidasikan .!#1(0%+*/Č0$!ü**%(/00!)!*0/+"((0$!1* !.(5%*#
ke ANTAM. organizations are consolidated to ANTAM.
Sebagai pedoman dalam melaksanakan lingkup tugas As a guideline in carrying out the scope of supervisory
pengawasan Dewan Komisaris 2018, tidak lepas dari duties of the Board of Commissioners in 2018, bounded
Pedoman Kerja Dewan Komisaris termasuk Pedoman by the Charter of the Board of Commissioners as well
Kerja Organ pendukungnya yang direvisi dari waktu as the charter of the supporting organization which


ke waktu sesuai dengan kebutuhan, disamping juga are revised from time to time as needed, while also
mengawasi dan menasihati Direksi dalam pengurusan supervising and advising the Directors in managing
baik dalam hal kebijakan maupun jalannya pengurusan both the policies and the management of the
Perseroan. Company.
Program Kerja Dewan Komisaris bersentuhan The Board of Commissioners’ Work Program is closely
langsung dengan RKAP ANTAM 2018 yang telah related with the 2018 ANTAM Work and Budget Plan
disahkan melalui Surat Keputusan Dewan Komisaris 3$%$ 3/ .0%ü! 5 0$! ǫ+. +" ƫ+))%//%+*!./Ě
No. 14/DK/SK/XII/2017 tentang Pengesahan Rencana !.!!+ċāąĥĥĥ ĥĂĀāĈ+*!.*%*#0%ü0%+*
Kerja dan Anggaran Perusahaan Tahun Buku 2018 of the Company’s Work and Budget Plan for Financial
dan Surat Keputusan Dewan Komisaris No. 15/DK/ Year 2018 and Decree of the Board of Commissioners
SK/XII/2017 tentang Pengesahan Rencana Kerja +ċāĆĥĥĥ ĥĂĀāĈ+*!.*%*#0%ü0%+*+"0$!
dan Anggaran Program Kemitraan dan Bina ANTAM Partnership and Community Development
Lingkungan ANTAM Tahun 2018. Persetujuan Dewan Program Work Plan and Budget for Financial Year
Komisaris atas RKAP 2018 tersebut di atas, disertai 2018. The Board of Commissioners’ approval of
dengan arahan dan catatan yang tercantum dalam the 2018 Work and Budget Plan mentioned above,
Surat Keputusan (SK) Dewan Komisaris tersebut accompanied by directives and notes annotated in
akan menjadi lingkup tugas Dewan Komisaris. the Board of Commissioners’ Decree will become the
scope of duty of the Board of Commissioners.
Disamping lingkup tugas Dewan Komisaris In addition to the scope of duties of the Board of
sebagaimana dijelaskan di atas, Dewan Komisaris Commissioners as described above, the Board of
juga perlu menindaklanjuti semua concern yang Commissioners also needs to follow up on all concerns
disampaikan pemegang saham dalam RUPS Tahunan raised by the shareholders at the Annual GMS held on
Perseroan yang diselenggarakan pada 12 April 2018 April 12, 2018 including the performance of ANTAM’s
diantaranya kinerja harga saham ANTAM yang unstable stock prices, progress on ongoing projects
belum stabil, kemajuan proyek-proyek yang sedang and pending projects which needs to start soon. The
berjalan maupun Proyek yang belum ground breaking wish of the controlling shareholders in 2018 is to make
untuk segera dimulai. Sesuai keinginan pemegang sure the restructurization of ANTAM’s subsidiaries to
saham pengendali dalam Tahun 2018, ANTAM harus be completed in order to make a positive contribution
menyelesaikan penataaan anak perusahaan ANTAM to ANTAM. Otherwise, the request of the controlling
agar memberikan kontribusi positif kepada ANTAM. shareholder for ANTAM is for the management to
Selain itu, permintaan pemegang saham pengendali demonstrate swift action in handling its projects
juga agar ANTAM memperlihatkan kecepatan including the handling of the Ferronickel Project in
bertindak dalam menangani proyek-proyeknya East Halmahera (P3FH) which funded by the State
termasuk penanganan Proyek Feronikel di Halmahera Capital Participation (PMN).
Timur (P3FH) yang didanai oleh Penyertaan Modal
Negara (PMN).
Berdasarkan Pedoman Kerja Dewan Komisaris, Based on the Charter of the Board of Commissioners,
lingkup tugas Dewan Komaris pada tahun 2018 the scope of duties of the Board of Commissioners in
meliputi Pembuatan Program Kerja Dewan Komisaris 2018 includes Constituting the 2018 Work Program of
2018, Pengawasan atas RKAP 2018 termasuk arahan the Board of Commissioners, Supervision of the 2018
dan catatan yang tercantum dalam Surat Keputusan Work and Budget Plan including accommodation of
(SK) tersebut sebagai concern pemegang saham. the directives and notes listed in the Decree Letter
Dalam tahun 2018 Organ Dewan Komisaris ANTAM as shareholders’ concerns. In 2018 ANTAM’s Board of
telah menyelesaikan lingkup tugas pengawasannya Commissioners’ organs has completed their scope of
dengan baik. supervisory duties properly.

2.7. MekMekanisme Pengawasan dan Penasihatan 2.7. Mechanism of Supervision and Advisory of
Dewan Komisaris atas Direksi the Board of Commissioners on the Board of
Directors
Program Kerja Dewan Komisaris Tahun 2018 dirancang The Board of Commissioners’ Work Program of 2018
dalam kaitannya dengan Pengawasan Rencana Kerja is designed in conjunction with the Supervision of
dan Anggaran Perusahaan 2018 yang dikukuhkan 2018 Corporate Work and Budgets Plan which was
melalui Surat Keputusan Dewan Komisaris No. 14/DK/ +*ü.)! 0$.+1#$ǫ+. +"ƫ+))%//%+*!./!.!!
SK/XII/2017 tentang Pengesahan Rencana Kerja dan +ċ āąĥĥĥ ĥĂĀāĈ +*!.*%*# 0%ü0%+* +"
Anggaran Perusahaan Tahun Buku 2018 dan Surat Corporate Work and Budgets Plan for Financial Year
Keputusan Dewan Komisaris No. 15/DK/SK/XII/2017 2018 and Board of Commissioners Decree No. 15/DK/
tentang Pengesahan Rencana Kerja dan Anggaran ĥ ĥĂĀāĈ+*!.*%*#0%ü0%+*+"ƵƵ Ě/ĂĀāĉ
Program Kemitraan dan Bina Lingkungan ANTAM Partnership and Community Development Program
(RKA) PKBL Tahun 2018 yang biasanya disertai Work and Budget Plan of 2018 which is commonly
dengan arahan dan catatan Dewan Komisaris. Secara complemented by directives and notes from the
garis besar, Program Kerja Dewan Komisaris Tahun Board of Commissioners. Broadly speaking, the Board
2018 terdiri dari dua hal yakni yang bersifat strategis, of Commissioners’ Work Program in 2018 consists of
yang langsung menjadi perhatian khusus Dewan two programs, strategic work programs which directly
Komisaris dan program kerja yang bersifat rutin yang concern the Board of Commissioners and routine
merupakan penjabaran lebih lanjut dari program kerja work programs, which are further elaboration of
yang bersifat strategis ke tingkat operasional dan strategic work programs down to operational levels,
yang menjadi lingkup tugas Komite Penunjang Dewan which are part of the scope of duty of the Board of
Komisaris. Commissioners Supporting Committee.
Dewan Komisaris memiliki Pedoman Kerja (Charter) serta Program Kerja

Dewan Komisaris yang bersentuhan Langsung dengan RKAP 2018 dan disahkan
dengan Surat Keputusan Dewan Komisaris yang minimum satu kali setiap bulan
dibicarakan dalam Rapat Gabungan antara Dewan Komisaris dengan Direksi
The Board of Commissioners has a Charter and Work Program of the Board of Commissioners
3$%$%/(+/!(5.!(0! 3%0$0$!ƫ+.,+.0!+.'* ǫ1 #!0(*+"ĂĀāĉ3$%$%/.0%ü!
by the Decree of the Board of Commissioners and is discussed in a Joint Meeting
between the Board of Commissioners and the Directors at least once a month
Mekanisme pengawasan terhadap Program Kerja The supervisory mechanism for the 2018 Board of
Dewan Komisaris Tahun 2018 yang langsung Commissioners’ Work Program is of particular concern
menjadi perhatian khusus Dewan Komisaris dengan to the Board of Commissioners by making it an
menjadikannya sebagai agenda untuk dibahas dalam agenda to be discussed in monthly regular meetings
rapat regular bulanan di tingkat internal Dewan internally within the Board of Commissioners, and/or
Komisaris, dan/atau dalam rapat Dewan Komisaris in Board of Commissioners meetings where Directors
yang mengundang Direksi sebagai narasumber are invited as resource persons (also called joint
(disebut juga rapat gabungan) yang dilakukan secara meetings) held regularly every month in accordance
regular setiap bulan sesuai dengan Charter Dewan with the Board of Commissioners Charter which
Komisaris yang mewajibkan diadakannya rapat requires the holding of each meeting at least once a
gabungan masing-masing minimum 1 kali dalam month.
setiap bulan.
Pimpinan pada kedua rapat tersebut adalah Komisaris The leaders of the two meetings are the President
Utama atau salah satu anggoa Dewan Komisaris yang Commissioner or one of the members of the Board
ditunjuk oleh Komisaris Utama. Agenda rapat pada of Commissioners appointed by the President
rapat gabungan tersebut disamping Laporan rutin Commissioner. The meeting agenda at the joint
Kinerja Manajemen disertai dengan tambahan agenda meeting includes a routine Management Performance
lain berupa hal-hal yang terkait dengan Program Kerja Report accompanied by additional other agendas on
matters relate to the Board of Commissioners Work


Dewan Komisaris atau hal-hal lain yang outstanding Program or other outstanding matters as well as other
maupun hal-hal lain yang aktual atau aksi korporasi actual matters or ongoing corporate actions carried
yang sedang berkembang dan sedang dihadapi out by the Company. In case of a very strategic and
oleh Perseroan. Jika agendanya sangat strategis dan technical agenda, there are times when it is necessary
teknis, ada kalanya mengundang Komite Penunjang to invite the relevant Supporting Committee to
terkait untuk menuntaskan pembahasan yang masih conclude any pending discussions. On the other
outstanding selama ini. Disisi lain, jika agendanya hand, if the agenda is very technical in nature the
sangat bersifat teknis pengawasannya dilakukan supervision is carried out through a meeting between
melalui rapat antara Komite Penunjang Dewan the Board of Commissioners’ Supporting Committee
Komisaris dengan mitra kerjanya (Divisi satuan kerja) and its partners (Division of work units of the Board of
dari pihak Direksi, tergantung pada masalah yang Directors), depending on the issues to be discussed.
akan dibicarakan.
Setiap bulan, seorang anggota Dewan Komisaris menghadiri 3 (tiga) kali rapat
yaitu Rapat Dewan Komisaris mengundang Direksi, Rapat Internal Dewan Komisaris
dan Rapat Pleno Komite Penunjang Dewan Komisaris
Every month, Board of Commissioners’ members attends three meetings, namely the Board of Commissioners
meeting inviting the Board of Directors, Internal Meeting of the Board of Commissioners and Plenary Meeting
of the Board of Commissioners’ Supporting Committee
Perencanaan Agenda Rapat sesungguhnya Planning of a Meeting Agenda is actually an entry

merupakan entry point bagi Dewan Komisaris dalam point for the Board of Commissioners to carry
melakukan fungsi pengawasan dan penasihatan out the supervision and advisory functions of the
atas keseluruhan aktivitas Perseroan (anak/cucu entire activities of the Company (subsidiaries/sub-
perusahaan/perusahaan asosiasi) yang didapatkan subsidiaries/associated companies) obtained through
melalui bantuan undangan Direksi ANTAM yang the assistance of ANTAM’s Directors who at the same
merupakan pemegang saham ANTAM pada anak/ time are shareholders in the subsidiaries/associated
cucu perusahaan asosiasi. Setiap anggota Direksi companies representing ANTAM. Each member of
ANTAM secara rinci melaporkan kemajuan pekerjaan ANTAM’s Board of Directors reports in detail the
dalam lingkup tugas direktoratnya masing-masing progress of the work within the scope of their respective
yang terdiri dari 6 (enam) Direktorat, termasuk directorates. The board of Directors commands 6 (six)
Direktorat Utama yang berada di bawah pengendalian Directorates, including the Main Directorate under the
Direktur Utama. control of the President Director.
Ƶ#. ,!)$/**5 (!%$ !"!'0%" * !ü/%!*Č *+. !. "+. 0$! %/1//%+* 0+ ! )+.!!û!0%2! *
pembahasan kemajuan pekerjaan di bawah Direktorat !þ%!*0Č 0$! %/1//%+* +" 0$! ,.+#.!// +" 3+.'
Utama dan Direktorat Human Capital & CSR, tidak under the Main Directorate and the Directorate of
%('1'* &%' 0% ' ,!.1$* 5*# /%#*%ü'*ċ Human Capital & CSR, is conducted in the event
Sehubungan dengan terbentuknya Holding Industri +" /%#*%ü*0 $*#!/ċ * +**!0%+* 3%0$ 0$!
Pertambangan sejak RUPS LB 29 November 2017, establishment of Mining Industry Holding since the
dimana setiap bulan dilakukan Rapat Kordinasi EGMS November 29, 2017, each month a Coordination
(RAKOR) antara PT INALUM (Persero) sebagai Meeting is held between PT INALUM (Persero) as a
holding dengan Direktur Utama dan Komisaris Utama, holding company with the President Director and
maka untuk mentaati tata kelola perusahaan baik President Commissioner. To adhere to good corporate
untuk menciptakan pengertian yang sama pada organ governance to create the mutual understanding in the
Dewan Komisaris dan Organ Direksi, dicantumkan organs of the Board of Commissioners and the organs
satu agenda yang berjudul “Laporan Singkat Rakor of the Board of Directors, an agenda entitled “Short
Holding Industri Pertambangan“ dan merupakan Report of Coordination Meeting on Mining Industry
agenda rutin sehingga seluruh organ Dewan Komisaris Holding” is carried out as routine agenda so that all
dan Direksi memiliki informasi yang sama. the Board of Commissioners’ organs and the Board of
Directors’ organs are on the same page.

Pembahasan program kerja rutin/teknis Dewan Discussion on regular/technical work program of Board
Komisaris 2018 diagendakan dalam rapat rutin bulanan of Commissioners 2018 was scheduled in the Board
internal Dewan Komisaris dan/atau dalam Rapat of Commissioners’ internal regular monthly meeting
Komite Penunjang Dewan Komisaris yang relevan and/or in the Board of Commissioners’ relevant
atau diagendakan dalam rapat koordinasi Komite Supporting Committee meetings or was scheduled
Penunjang Dewan Komisaris dengan mitra kerja in the coordination meeting between the Board of
dijajaran manajemen. Rapat koordinasi ini dipimpin Commissioners’ Supporting Committee and working
langsung oleh Ketua Komite yang merupakan anggota partner in the management ranks. The meeting was
Dewan Komisaris. Untuk keefektifan pengawasan chaired by the Chairman of the Committee who
dan penasihatan tersebut di atas, Dewan Komisaris is a member of the Board of Commissioners. For
mengedepankan prinsip-prinsip Good Corporate !û!0%2%05 +" 0$! /1,!.2%/%+* * 2%/+.5 "1*0%+*/
Governance (GCG) sebagai landasan operasional abovementioned, the Board of Commissioners prioritizes
Perseroan. implementation of Good Corporate Governance (GCG)
as the cornerstone of the Company’s operations.
Dalam melaksanakan fungsi pengawasan dan In carrying out the functions of supervision and
penasihatan, Dewan Komisaris selama tahun 2018 advisory, the Board of Commissioners in 2018 was
didukung oleh 3 (tiga) Komite Penunjang Dewan supported by 3 (three) Supporting Committees Under
Komisaris yang merupakan kepanjangan tangan the Board of Commissioners which is an arm of the
Dewan Komisaris untuk mengawasi operasional Board of Commissioners to monitor the Company’s
Perusahaan yang dikelola oleh Direksi yang operations which are managed by the Board of
membawahi 20 (dua puluh) unit kerja setingkat Divisi Directors which oversees 20 (twenty) work units of
di Kantor Pusat yang mengelola aspek pengendalian %2%/%+*(!2!(00$!ƫ!*0.(þ!0$0)*#!.%/'ġ
internal berbasis risiko, aspek informasi, aspek /! %*0!.*( +*0.+(Č %*"+.)0%+* /,!0Č ü**%(
keuangan, aspek pertumbuhan, aspek keselamatan aspect, aspects of growth, aspects of occupational
kerja dan kesehatan kerja, aspek produksi dan safety and health, production and sales aspects,
penjualan, aspek lingkungan sosial serta proyek- social environmental aspects and growth projects,
proyek pertumbuhan yang kesemuanya bermuara all of which lead to the overall supervision of the
pada pengawasan atas kinerja Perseroan keseluruhan Company’s performance as a whole.
secara utuh.
Tantangan yang dihadapi ANTAM ke depan semakin The challenges faced by ANTAM in the future will be
kompleks sehingga diperlukan pengawasan yang more complicated, requiring closer supervision and
lebih ketat dan penasihatan yang lebih intensif more intensive advisory. The Company has grown its
disertai perubahan pola pikir dan pola tindak. organization to own 34 subsidiaries/sub-subsidiaries/
Perseroan yang organisasinya berkembang telah þ(%0! +),*%!/ 3$+/! ü**%( ,!."+.)*!
memiliki 34 anak/cucu perusahaan/perusahaan vertically consolidated to ANTAM as the parent
asosiasi yang kinerja keuangannya secara berjenjang company, in addition to indirectly supervise Pension
ke atas dikonsolidasikan ke ANTAM sebagai Fund (DAPEN) and Retirees Health Foundation
induk perusahaan disamping mengawasi juga (YAKESPEN) with respective subsidiaries that will
secara tidak langsung Dana Pensiun (DAPEN) dan burden ANTAM over their actuarial cost. The Board of
Yayasan Kesehatan Pensiunan (YAKESPEN) yang Commissioners realizes that as an organ of monitoring
masing-masing dengan anak perusahaannya akan and advisory, it is not allowed to intervene in the level
membebani ANTAM atas beban aktuaria Dana +" /1/% %.%!/ĥ/1ġ/1/% %.%!/ĥþ(%0! +),*%!/Č
Pensiun dan Yakespen. Dewan Komisaris menyadari therefore, the Board of Commissioners encouraged
bahwa sebagai organ tidak diperkenankan melakukan ANTAM’s Board of Directors to build SOP system,
intervensi ke level anak/cucu perusahaan/perusahaan establishing policy such that the Board of Directors
asosiasi, oleh karenanya Dewan Komisaris mendorong as a shareholder or as founder/coach/supervisor has
Direksi ANTAM membangun suatu sistem semacam access to control by setting policies that once apply
SOP, menetapkan kebijakan yang sedemikian rupa to all ANTAM parent company will also be applied
sehingga Direksi sebagai pemegang saham atau 0+ ƵƵ Ě/ /1/% %.%!/ĥ/1ġ/1/% %.%!/ĥþ(%0!
sebagai pendiri/pembina/pengawas memiliki akses companies, Pension Fund and YAKESPEN.
pengendalian dengan menetapkan kebijakan yang
berlaku di induk/ANTAM diperlakukan di anak/
cucu perusahaan/perusahaan asosiasi, DAPEN serta
YAKESPEN.


Dalam tahun 2018. Dewan Komisaris ANTAM wajib In 2018, ANTAM’s Board of Commissioners must
mengadakan rapat internal dan gabungan sebanyak hold 24 internal and joint meetings with the average
24 kali dengan capaian tingkat kehadiran rata-rata attendance rate of 88.69%. This means that members
88,69%. Artinya anggota Dewan Komisaris telah of the Board of Commissioners have given more
memberikan waktu yang lebih dari memadai dalam than adequate time in carrying out the functions
melaksanakan fungsi pengawasan dan penasihatan. of supervision and advisory. In the framework of
Dalam rangka pengawasan Dewan Komisaris dan supervision of the Board of Commissioners and its
Komite Penunjangnya tahun 2018 juga melakukan 1,,+.0%*# ƫ+))%00!! %* ĂĀāĉ (/+ +* 10 ü!(
kunjungan lapangan. visits.
Dalam hal kondisi Perseroan mengalami kemunduran In the event that the condition of the Company
seperti yang terjadi mulai pada tahun 2014 kemudian /1û!.! /!0'/$,,!*! %*ĂĀāą* 0$!*%*0+
menerus ke tahun 2015 dan masih belum pulih 2015 it still hasn’t recovered in 2016 and 2017, but in
pada tahun 2016 dan 2017, namun pada tahun 2018 2018 it has improved, so that as in the previous year in
membaik, sehingga seperti tahun sebelumnya sesuai accordance ANTAM’s Articles of Association Article
dengan Anggaran Dasar ANTAM Pasal 15 ayat (2) 15 paragraph (2) point (b) number 4: in 2018 the
butir (b) nomor 4: dalam tahun 2018 Dewan Komisaris Board of Commissioners believes that the Company
berpendapat Perseroan tidak lagi berkewajiban is no longer obliged to report symptoms of declining
melaporkan adanya gejala menurunnya kinerja company performance.
perusahaan.
Namun demikian, dari sisi pelaksanaan fungsi However, in terms of the implementation of the
pengawasan dan penasihatan Dewan Komisaris tetap supervisory and advisory functions, the Board of
mengingatkan Direksi maupun mewaspadai internal Commissioners continues to remind the Board of
Dewan Komisaris dalam menghadapai pertumbuhan Directors as well as alert of the Board of Commissioners
ANTAM ke depan tugas ketiga Komite Penunjang in facing ANTAM’s growth in the future. The tasks of the
Dewan Komisaris tetap mengantisipasi dan three Board of Commissioners’ Supporting Committees
memperhatikan hal-hal sebagai berikut sebagaimana continue to anticipate and pay attention to the following
diutarakan dalam Surat Dewan Komisaris No. 314/DK/ matters as stated in the Board of Commissioners’
SRT/XI/2018 perihal Penasihatan Strategis Dewan Letter No. 314/DK/SRT/XI/2018 concerning the Board
Komisaris kepada Direksi tertanggal 26 November of Commissioners’ Strategic Review to the Board of
2018: Directors dated November 26 2018:
1. Bidang Audit 1. Audit Committee
a. Dalam peningkatan efektivitas pengendalian ċ * %*.!/%*# 0$! !û!0%2!*!// +" %*0!.*(
internal agar memperhatikan: controls, the followings are to be considered:
i. Perluasan cakupan kerja Internal Audit i. Expansion of the scope of Internal Audit
hingga anak perusahaan dan perusahaan work to subsidiaries and joint venture
ü(%/% Ĩjoint venture companies) untuk companies to compensate for the
)!*#%)*#%,!*%*#'0*/%#*%ü'*0/ /%#*%ü*0 %*.!/! %* ƵƵ Ě/ ǫ+.
wewenang Direksi ANTAM atas investasi of Directors’ limits on investments and
dan akuisisi anak perusahaan baru-baru ini; acquisitions of recent subsidiaries;
ii. Revitalisasi unit kerja quality control & ii. Revitalizing the quality control & assurance
assurance pada unit bisnis ANTAM untuk work unit at ANTAM’s business unit to
mengatasi kendala seperti misalnya dead overcome obstacles such as dead stock at
stock di UBPN Sulawesi Tenggara; Southeast Sulawesi Nickel Mining Business
iii. Pembentukan unit Internal Audit di anak Unit;
,!.1/$* * ,!.1/$* ü(%/%Č iii. Establishment of Internal Audit units in
terutama yang strategis bagi ANTAM; /1/% %.%!/ * þ(%0! +),*%!/Č
iv. Sosialisasi intensif atas peraturan especially strategic ones for ANTAM;
perundangan yang berkaitan dengan iv. Intensive socialization of the laws and
ANTAM sebagai Perusahaan Terbatas (PT) regulations relating to ANTAM as a Limited
maupun perusahaan terbuka, khususnya Liability Company (PT) as well as public
yang berkaitan dengan kewenangan dan company, especially those relating to the
kewajiban Dewan Komisaris, Undang- Board of Commissioners authority and

Undang PT, Undang-Undang Minerba serta obligations, Limited Liability Company

peraturan Pemerintah/Menteri tentang laws, Mineral & Coal Regulations as well
pertambangan. as Government/Minister regulations
b. Terkait dengan pendirian dan akuisisi regarding mining.
perusahaan, Direksi agar segera menyusun b. In connection with the establishment and
Standard Operating Procedure (SOP) counter acquisition of the company, the Board of
party risks partner bisnis ANTAM untuk Directors urgently prepared a Standard
asesmen kredibilitas, credit-worthiness, dan Operating Procedure (SOP) for counter party
rekam jejak teruji. risks for ANTAM’s business partners to assess
c. Untuk mendorong sinergi Holding Industri credibility, credit-worthiness, and proven
Pertambangan yang lebih baik di tahun 2019, track record.
Direksi perlu untuk memperhatikan beberapa c. To encourage a better synergy of the Mining
hal: Industry in 2019, the Board of Directors need
i. Melakukan komunikasi lebih efektif untuk to pay attention to several things:
sinergi antar anak perusahaan holding dan %ċ ƫ+))1*%0! )+.! !û!0%2!(5 "+.
antara anak perusahaan holding dengan synergies between subsidiaries of holding
holdingnya sendiri terutama yang terkait companies and between subsidiaries of
dengan kewenangan strategis holding atas holding companies with their own holding
anak perusahaannya; primarily related to the strategic authority
ii. Melakukan Komunikasi efektif agar of holding their subsidiaries;
Perusahaan anggota holding dapat %%ċ ),(!)!*0%*# !û!0%2! +))1*%0%+*
tumbuh sesuai dengan kompetensi intinya so that holding members can grow in
(core competence) dan berkembang accordance with their core competencies
sejalan dengan berkembangnya holding, and develop in line with the development
misalnya memperjuangkan agar ANTAM of the holding company, for example, make
medapatkan hak pengolahan Anoda Slime !û+.0 "+. ƵƵ 0+ +0%* !4ġ.!!,+.0
ex-Freeport; Anode Slime processing rights;
iii. Pemutakhiran Rencana Jangka Panjang iii. Updating the Company’s Long-Term Plan
Perusahaan (RJPP), termasuk mencakup (RJPP), including covering the stainless-
industri stainless steel diawali dengan steel industry beginning with a benchmark
benchmark terhadap perusahaan sejenis against other competing leading global
pemain global terkemuka. players.
2. Bidang Manajemen Risiko 2. Risk Management Committee

a. Dalam usulan Rencana Kerja dan Anggaran a. In the proposed Corporate Work and Budget
Perseroan (RKAP) untuk mendapatkan Plan (WBP) to get Board of Commissioners
persetujuan Dewan Komisaris, terutama approval, especially in the details of capital
dalam rincian capital expenditure harus expenditure, it must include a business
menyertakan analisis kelayakan bisnis feasibility analysis, appropriate proposal
(feasibility study), detail usulan yang sesuai !0%(/* !-1%,)!*00!$*%(/,!%ü0%+*/
* /,!/%ü'/% 0!'*%/ ,!.(0* 5*# 0!($ that have been signed by the responsible
ditandatangani oleh para penanggungjawab parties in stages, starting from the business
investasi secara berjenjang, mulai dari unit unit/work unit to the related Directorate.
bisnis/unit kerja sampai dengan Direktorat b. To maintain the integrity of ANTAM, it
terkait. is expected that the company will only
b. Untuk menjaga integritas ANTAM, maka cooperate, partner and establish a network
diharapkan perseroan hanya bekerjasama, with credible, responsible business partners
bermitra maupun menjalin jejaring (network) and have a good track record and can
dengan partner bisnis yang kredibel, be researched thoroughly to conduct a
bertanggungjawab, serta mempunyai comprehensive assessment by the Company.
rekam jejak (track record) yang baik dan Related to this, the Directors are expected to
dapat dilakukan telisik balik untuk dilakukan be able to make an SOP (Standard Operating
penilaian secara komprehensif oleh perseroan.
Terkait dengan hal tersebut maka Direksi


diharapkan dapat mempuat SOP (Standard Procedure) about selecting business partners
Operating Procedure) tentang pemilihan to be used as a joint reference in better and
partner bisnis untuk dijadikan acuan bersama accountable business cooperation.
dalam kerjasama bisnis yang lebih baik dan c. Consistency in the implementation of Risk
dapat dipertanggungjawabkan. Based Budgeting (RBB) in the current year
c. Konsistensi penerapan Risk Based Budgeting or multi-years, with the aim of minimizing
(RBB) dalam tahun berjalan maupun multi gap in achieving targets in the Work and
years, dengan tujuan untuk memperkecil Budget Plan and providing an opportunity
deviasi pencapaian target dalam RKAP serta for a better risk prevention process for each
memberikan peluang proses pencegahan business executive unit.
risiko yang lebih baik kepada setiap unit d. Implementation of the “stability over growth”
pelaksana bisnis. policy in the 2019 Corporate Work and Budget
d. Penerapan kebijakan “stability over growth” Plan and Corporate Long-Term Plan 2018-
pada RKAP 2019 dan RJPP 2018-2022 hingga 2022 so that the company shows the core and
perseroan menunjukkan tingkat margin consolidated operating margin levels that can
operasi inti maupun konsolidasian yang dapat guarantee the company’s business continuity
menjamin keberlanjutan usaha perseroan before making new investment or expansion
sebelum membuat penganggaran investasi budgeting
atau ekspansi baru
3. Bidang Good Corporate Governance, Nominasi 3. Good Corporate Governance, Nomination and
dan Remunerasi Remuneration Committee
a. Dalam penentuan/penunjukan/penempatan a. In determining/appointing/placing of Board
pejabat Direksi dan Komisaris pada of Directors and Board of Commissioners
Anak Perusahaan dibawah ANTAM yang +þ%(/ %* 1/% %.%!/ 1* !. ƵƵ
memerlukan persetujuan Dewan Komisaris, who require the approval of the Board of
Direksi agar: Commissioners, Board of Directors are
i. Melengkapi pengajuannya dengan expected to:
dokumen dan data yang lengkap dan i. Complete the submission with complete
terpercaya; and reliable documents and data;
ii. Memperhitungkan penyediaan allowance/ ii. Take into account the provision of
waktu yang cukup bagi Dewan Komisaris /1þ%!*0((+3*!ĥ0%)!"+.0$!ǫ+. +"
untuk melakukan asesmen dan analisa Commissioners to carry out assessment
keputusan. and decision analysis.
b. Direksi perlu menyusun atau menyesuaikan b. The Board of Directors needs to rearrange
kembali ketentuan SOP (Standard Operating or re-adjust the SOP (Standard Operating
Procedure) untuk semua yang memerlukan Procedure) provisions for all who require
persetujuan Dewan Komisaris (Internal Board of Commissioners approval (Internal
Auditor, Corporate Secretary, Dewan Auditor, Corporate Secretary, Board of
Komisaris/Direksi Anak Perusahaan dsb), Commissioners/Directors of Subsidiaries
termasuk penyediaan waktu untuk proses etc.), including the provision of time for the
pengambilan keputusan Dewan Komisaris Board of Commissioners’ decision-making
atas usulan-usulan Direksi. process on Board of Directors proposals.
2.8. Kunjungan Lapangan merupakan Bagian dari 2.8. Field Visits are part of the Board of
Fungsi Pengawasan Dewan Komisaris Commissioners’ Monitoring Function
Sebagaimana penjelasan pada butir 2.3.3 di atas As explained in item 2.3.3 above, the Board of
Organ Dewan Komisaris memiliki fungsi Pengawasan Commissioners’ Organ has a Supervision and
dan Penasihatan telah memiliki bauran kompetensi Advisory function that has a complete competency
yang lengkap agar secara utuh bisa menjalankan mix so that it can fully carry out a capable supervision
fungsi pengawasan dan penasihatan yang mumpuni and advisory function and in turn the check & balance
dan pada gilirannya proses check & balance akan process will occur on the internal organs of the Board
terjadi pada internal Organ Dewan Komisaris sendiri of Commissioners themselves and between the
maupun antar Organ Dewan Komisaris dengan Organ Board of Commissioners’ Organ and the Directors’
Direksi dari waktu ke waktu dengan sendirinya. Organ from time to time by itself. The increase in

Peningkatan kompetensi tersebut dapat dilakukan competency can be done formally following short
secara formal mengikuti short course, seminar courses, supervision seminars such as workshops and
pengawasan semacam workshop dan dalam tahun in 2018 it has been done through formal and informal
2018 telah dilakukan melalui formal dan informal. mechanism.
Dengan tingkat akademik yang dimiliki anggota With the academic level of members of the Board of
Dewan Komisaris seperti diungkapkan pada butir 2.3.3 Commissioners as disclosed in point 2.3.3 above, the
di atas, komposisi Dewan Komisaris Perseroan sudah composition of the Board of Commissioners of the
cukup ideal dalam aspek pendidikan dan pengalaman Company is quite ideal in terms of education and
kerja dan diyakini jajaran Dewan Komisaris selalu work experience, and it is believed that the Board of
mengembangkan diri secara berkesinambungan. Commissioners always develops itself continuously.
Melihat bauran kompetensi yang dilengkapi dengan Seeing the various competency which equipped with
pengetahuan korporasi yang aktual & mutakhir, Dewan current & latest corporate knowledge, the Board of
Komisaris yang bekerja secara majelis akan dapat Commissioners who work as council will be able to
mendampingi Direksi dalam merealisasikan RKAP assist the Board of Directors in realizing the Corporate
2018 sebagai bagian dari perjalanan perusahaan Work and Budget Plan of 2018 as part of the company’s
menuju Visi dan Misi ANTAM 2030. journey towards ANTAM 2030 Vision and Mission.
Untuk peningkatan kompetensi di atas, dapat For improving their competency above, can be carried
dilakukan dengan berbagai cara dan dengan tingkat out in various ways and with such academic level
akademik yang dimiliki tanpa keraguan bahwa “self possessed, it is without a doubt that “self study” is a
study” merupakan proses yang “built in” dalam “built in” process in the daily lives of members of the
keseharian anggota Dewan Komisaris. Namun diluar Board of Commissioners. But apart from that, even
itu, meskipun tidak formal peningkatan kompetensi though it is not formal, increasing the competency
anggota Dewan Komisaris serta organ pendukung of members of the Board of Commissioners and
Dewan Komisaris juga dilakukan melalui kunjungan supporting organs of the Board of Commissioners
lapangan ke Unit Bisnis dan Proyek di seluruh ANTAM, (/+ +* 10! 5 ü!( 2%/%0/ 0+ ǫ1/%*!// *%0/ *
sehingga dapat melihat langsung kenyataan yang Projects throughout ANTAM, so that they can see
terjadi di lapangan dalam kaitannya dengan fungsi 0$! .!(%05 %* 0$! ü!( %* .!(0%+* 0+ 0$! ǫ+. +"
pengawasan Dewan Komisaris. Pada tahun 2018, Commissioners’ oversight function. In 2018 the Board
Dewan Komisaris telah melakukan 4 (empat) kali +" ƫ+))%//%+*!./ +* 10! ą Ĩ"+1.ĩ ü!( 2%/%0/
kunjungan lapangan pada 25-27 Januari 2018 ke UBP on January 25-27, 2018 to the Southeast Sulawesi
Nikel Sulawesi Tenggara, pada 2-4 April 2018 ke UBP Nickel Mining Business Unit, on April 2-4, 2018 to
Nikel Maluku Utara dimana Tambang Buli, dan Proyek North Maluku Nickel Mining Business Unit where the
Pembangunan Pabrik Feronikel Halmahera Timur Buli Mine, and the East Halmahera Ferronickel Plant
berada, pada 27-29 Juli 2018 melakukan kunjungan Construction Project were located, at July 27-29, 2018
ke UBP Nikel Maluku Utara dan semua Proyek yang visit North Maluku Nickel Mining Business Unit and all
ada di Maluku Utara, yakni Proyek Pembangunan Projects in North Maluku, among others Project for
Pabrik Feronikel Halmahera Timur (P3FH), Proyek the Construction of the East Halmahera Ferronickel
Pembangunan Pembangkit Listrik ANTAM (P3LA), Plant (P3FH), the ANTAM Power Plant Development
Proyek Pembangunan Fasilitas Infrastruktur Project (P3LA), the Supporting Infrastructure Facility
Pendukung (P2FIP) dan pada 10-12 Agustus 2018 Development Project (P2FIP) and on August 10-12,
melakukan kunjungan ke UBP Bauksit Tayan dan 2018 visited Tayan Bauxite Mining Business Unit and
Pabrik Chemical Alumina (CGA) Kalimantan. Kalimantan Chemical Alumina (CGA) Plant.
Pada saat melakukan kunjungan lapangan tersebut, 1.%*# 0$! ü!( 2%/%0Č 0$! ,.+!// +" %*.!/%*#
proses peningkatan kompetensi dalam berbagai aspek competence in various aspects of technology &
teknologi & bisnis dalam komoditas nikel, alumina, business in the commodities of nickel, alumina, gold
emas terjadi secara langsung ataupun tidak langsung. +1..! %.!0(5+.%* %.!0(5ċ *0$!ü!( +")!(0!.
Didalam bidang Smelter Grade Alumina (SGA) Grade Alumina (SGA), the Board of Commissioners
Dewan Komisaris melakukan kunjungan lapangan ke +* 10! ü!( 2%/%00+0$! ƫƵƫ$!)%(. !
Pabrik Chemical Grade Alumina (CGA) milik PT ICA, Ƶ(1)%*ĨƫƵĩ0+.5Č/1/% %.5+"ƵƵ 0+ü*
anak Perusahaan ANTAM untuk mengetahui secara out in detail the operational obstacles that occurred


detail kendala operasi yang terjadi sebelum fungsi before the supervision and supervision function was
pengawasan dan penasihatan diberikan oleh Dewan given by the Board of Commissioners
Komisaris.
Pada rapat Gabungan Dewan Komisaris dan Direksi In the Joint Meeting of the Board of Commissioners
pada tanggal 26 Oktober 2018 diagendakan Tahapan and Directors on October 26, 2018, the observation
observasi Corporate Governance Perception Index phase of the Corporate Governance Perception Index
(CGPI) yang diselenggarakan oleh IICG (The Indonesian (CGPI) held by IICG (The Indonesian Institute for
Institute For Corporate Governace) yang bertemakan Corporate Governance) with the theme “Transforming
“Transformasi Model Bisnis ANTAM dalam kerangka ANTAM’s Business Model in the GCG Framework”.
GCG. Secara tidak langsung, proses presentasi dan Indirectly, the presentation and the interaction in
tanya jawab terjadi, sehingga proses interaksi yang question and answer process took place as refresher/
terjadi dalam rapat tersebut merupakan bagian dari %),.+2!)!*0 +" +),!0!*! %* 0$! ü!( +" ++
penyegaran kembali/peningkatan kompetensi dalam Corporate Governance.
bidang Good Corporate Governance.
Dalam hal yang berkaitan dengan aspek regulasi, In matters relating to the regulatory aspects, the President
Komisaris Utama (Fachrul Razi) dan Komisaris (Robert Commissioner (Fachrul Razi) and Commissioner (Robert
A. Simanjuntak) mengikuti On The 10th Batch of In A. Simanjuntak) following the On The 10th Batch of In
Depth Directorship Program serta Komisaris (Gumilar Depth Directorship Program and Commissioner (Gumilar
R. Somantri dan Anang S. Kusuwardono) mengikuti 15th R. Somantri and Anang S. Kusuwardono) participated
Batch of Corporate Governance Leadership Program in the 15th Batch of Corporate Governance Leadership
pada 5-6 September 2018 yang diselenggarakan oleh Program on September 5-6, 2018 organized by the
Indonesian Institute for Corporate Directorship (IICD) Indonesian Institute for Corporate Directorship (IICD)
berlokasi di Bali. located in Bali.
Dengan perkembangan terbentuknya Holding With the development of the formation of Mining
Indutri Pertambangan (HIP), maka setiap bulan Industry Holding (HIP), every month is conducted
dilakukan Rapat Koordinasi Bulanan Komut-Dirut Monthly Coordination Meeting of the Mining Industry
Holding Industri Pertambangan yang merupakan Holding which is a Monthly Routine Meeting which
Rapat Rutin Bulanan yang dihadiri oleh Komisaris attended by the President Commissioner and
Utama dan Direktur Utama dengan agenda terkait the President Director with an agenda related to
dengan kinerja, sinergi, integrasi, sharing, dan catatan performance, synergy, integration, sharing and other
penting lainnya yang sudah berjalan sepanjang 2018. important notes that have been running throughout
Dengan Rapat kordinasi ini, secara tidak langsung 2018. With this coordination meeting, there is also
terjadi juga sharing pengalaman dan pengetahuan an indirect sharing of experiences and knowledge
yang sedang dimanfaatkan untuk kepentingan that are being utilized for mutual interests. Besides
bersama. Disamping itu dikenal juga Rapat Koordinasi that, it is also known Quarterly Coordination Meeting
Triwulan Komite Integrasi Holding yang merupakan of Integration Holding Committee as Three-Month
Rapat Rutin Tiga Bulan Sekali yang dihadiri oleh Routine Meeting which attended by all Holding
seluruh Komisaris anggota Holding, seluruh Direksi Commissioner members, all holding member
anggota holding, dan seluruh Komite Integrasi Directors, and all Integration Committees by inviting
dengan mengundang keynote speaker yang dapat keynote speakers who can provide vision, input, and
memberikan visi, masukan, dan arahan kedepan future directions how to create world class holding
bagaiman menciptakan perusahaan holding kelas company. This forum can be used as part of increasing
dunia. Forum ini dapat digunakan sebagai bagian the competence of the Board of Commissioners in
dari peningkatan kompetensi Dewan Komisaris dalam carrying out the supervision and supervision functions
melaksanakan fungsi pengawasan dan penasihatan towards ANTAM with more integrity.
menuju ANTAM yang lebih berintegritas.

2.9. Evaluasi Kinerja Dewan Komisaris dan Direksi 2.9. Performance Evaluation of The Board of
Tahun 2018 Commissioners and The Board of Directors in
2018
2.9.1.Surat Keputusan Dewan Komisaris: 2.9.1.Letter of the Board of Commissioners: to
Digunakan untuk Menilai Kinerja Dewan Evaluate the Performance of the Board of
Komisaris, Direksi dan Komite Penunjang Commissioners, the Board of Directors, and
Dewan Komisaris the Supporting Committee under the Board of
Commissioners.
Sebagaimana dijelaskan secara detail diatas, As explained in detail above, that the task of
bahwa tugas Dewan Komisaris secara umum the Board of Commissioners in general is to
adalah mengawasi dan menasihati Direksi supervise and advise the Board of Directors
sedangkan Direksi bertugas sehari-hari dalam while the Board of Directors is in charge of
mengelola dan bertanggung jawab sepenuhnya daily management and fully responsible in the
dalam hal operasional Perseroan. Company’s Operations.
Pemegang saham pengendali melalui Aspirasi The controlling shareholders through the
Pemegang Saham menetapkan rujukan sasaran Shareholders Aspirations determine the
target dan KPI untuk setiap tahun Anggaran reference targets and KPIs for every Financial
yang pencapaiannya diwujudkan dalam Year whose achievements are realized in multiple
beberapa tahapan Rencana Jangka Panjang stages of ANTAM’s Corporate Long-Term Plan
Perseroan (RJPP) ANTAM. RJPP yang sedang Ĩ
ĩċ ƫ1..!*0
%* !û!0 %/ "+. 0$! ,!.%+
berjalan saat ini untuk periode 2018-2022 dan 2018-2022 and will be followed by the next
akan diikuti oleh tahapan berikutnya sejalan stage in line with the road map towards ANTAM
dengan road map menuju Vision dan Mission 2030 Vision and Mission. On the basis of RJPP
ANTAM 2030. Atas dasar RJPP dan Surat and Letter of the Ministry of BUMN No. S-487/
Kementerian BUMN No. S-487/MBU/08/2017 MBU/08/2017 regarding Shareholders/capital
perihal Aspirasi Pemegang Saham/pemilik owner Aspirations for the Annual Work and
modal untuk Penyusunan RKAP Tahunan tanggal Budget Plan Preparation dated August 30, 2017,
30 Agustus 2017, Direksi menetapkan Rencana the Board of Directors stipulates the Company’s
Kerja Anggaran Perseroan (RKAP) Tahun 2018 Work and Budget Plan (WBP). Furthermore,
2018. Selanjutnya berkaitan dengan evaluasi & regarding the evaluation & assessment of BUMN
penilaian atas Kinerja BUMN, Kementerian BUMN Performance, the Ministry of BUMN also issued
juga mengeluarkan Keputusan Menteri BUMN Decree of the BUMN Minister No. 01/PER-
No. 01/PER-BUMN/2012 tentang GCG antara BUMN/2012 concerning GCG, among others,
lain menyebutkan bahwa peningkatan kinerja states that improving the performance and
dan daya saing BUMN perlu dipastikan target competitiveness of SOEs needs to be ensured of
perkembangannya dan dievaluasi setiap tahun. their development targets and evaluated annually.
Berkaitan dengan pelaksanaan tugas In connection with the implementation of the

Organ Direksi, Dewan Komisaris selanjutnya duties of the Directors’ Organ, the Board of
menetapkan formula yang dikukuhkan melalui Commissioners subsequently establishes a
Surat Keputusan (SK) Dewan Komisaris No. 13/ "+.)1( 0$0 %/ +*ü.)! 0$.+1#$ 0$! ǫ+.
DK/SK/VII/2018 tentang Penetapan 18 (delapan of Commissioners Decree (SK) No. 13/DK/
belas) butir Key Performance Indicator (KPI) SK/VII/2018 concerning Determination of
sebagai dasar Evaluasi Kinerja (Performance 18 (eighteen) Key Performance Indicators
Evaluation) Tahun 2018 Direksi dan Anggota (KPIs) as the basis for Evaluation Performance
Direksi PT ANTAM Tbk sesuai dengan Edaran (Performance Evaluation) in 2018 Directors and
dari Kementerian BUMN No. S-08/S.MBU/2013 Members of the Board of Directors of PT ANTAM
perihal penyampaian Pedoman Penentuan KPI Tbk are in accordance with Circular of the Ministry
dan Kriteria Penilaian Kinerja Unggul (KPKU) of BUMN No. S-08/S.MBU/2013 regarding the
pada BUMN. Untuk pembahasan lebih lanjut submission of KPI Determination Guidelines
perihal penilaian Kinerja Direksi dapat merujuk and Superior Performance Assessment Criteria
(KPKU) in SOEs. For further discussion regarding


kepada butir 3.1.1 Formula Penilaian Kinerja the performance evaluation of the Board of
Korporasi/Direksi yang berada dibawah ini. Directors, refer to item 3.1.1 Formula for Corporate/
Directors Performance Assessment below.
Dalam melaksanakan tugasnya, Dewan Komisaris In carrying out its duties, the Board of
sebagaimana dijelaskan pada butir 2.4 dibantu Commissioners, as explained in point 2.4, is
oleh tiga Komite Penunjang Dewan Komisaris. assisted by three Supporting Committees of
Untuk menilai keberhasilan Kinerja Dewan the Board of Commissioners. The performance
Komisaris dilakukan dengan menggunakan of the Board of Commissioners’ is assessed by
formula yang ditetapkan melalui SK Dewan using a formula determined by the Board of
Komisaris No. 12/DK/SK/VII/2018 tentang Commissioners Decree No. 12/DK/SK/VII/2018
Penetapan 12 (duabelas) butir Key Performance concerning the Establishment of 12 (twelve)
Indikator (KPI) sebagai dasar Evaluasi Kinerja Key Performance Indicators (KPI) as a basis for
(Performance Evaluation) Tahun 2018 Dewan Performance Evaluation in 2018 PT ANTAM Tbk’s
Komisaris PT ANTAM Tbk. Board of Commissioners.
Selanjutnya untuk menilai keberhasilan atas Furthermore, to assess the Performance of the 2018
Kinerja Komite Penunjang Dewan Komisaris Board of Commissioners’ Supporting Committees,
2018 perlu ditetapkan 4 (empat) butir KPI it is necessary to stipulate 4 (four) points of KPI (key
(key performance Indicator) yang dikukuhkan ,!."+.)*! * %0+.ĩ+*ü.)! %*0$!ǫ+. +"
dalam SK Dewan Komisaris No. 16/DK/SK/VI/2013 Commissioners’ Decree No. 16/DK/SK/VI/2013
tanggal 20 Juni 2013 tentang Tata Cara Penilaian dated June 20, 2013 concerning Procedures
Kinerja Komite Penunjang Dewan Komisaris for Performance Evaluation of the Supporting
PT ANTAM Tbk. Dalam penetapan Committees of the Board of Commissioners of
empat Formulasi di atas tentu saja telah PT ANTAM Tbk. In the determination of the four
mempertimbangkan, merujuk, mengingat dan Formulations above, of course, they have considered,
memperhatikan berbagai ketentuan sehingga referred to, bore in mind and paid attention to
tetap sejalan dan patuh atas aturan perundang- various provisions so that they remained in line and
undangan yang berlaku. complied with the prevailing laws and regulations.
Dengan dievaluasinya Kinerja Direksi, Dewan With the evaluation of the performance of the
Komisaris, dan Komite Penunjang Dewan Board of Directors, the Board of Commissioners,
Komisaris akan mendorong kedua organ and Supporting Committees of the Board
Perusahaan tersebut untuk selalu bekerja dengan of Commissioners, they will encourage the
terukur dan professional demi kepentingan two organs of the Company to always work
Perseroan yang lebih baik (Continous measurably and professionally in the interests
Improvement) dan senantiasa berlandaskan of a better company and always based on the
prinsip-prinsip Good Corporate Governance dan principles of Good Corporate Governance and
Standar Etika. Ethical Standards.
Perseroan memiliki “Milestone & Infrastruktur” yang tepadu mulai dari Vision-Mission
ANTAM 2030, RJPP 2018-2022, Aspirasi Pemegang Saham dan Pembuatan RKAP secara
Rutin dan Sistem Evaluasi atas Kinerja Dewan Komisaris, Kinerja Direksi dan Kinerja
Komite Penunjang Dewan Komisaris dalam upaya memastikan target dapat tercapai
The Company has integrated “Milestones & Infrastructure” beginning from ANTAM 2030 Vision Mission,
Corporate Long-Term Plan 2018-2022, Shareholder Aspirations and Annual Work and Budget Planning and
Evaluation System of Board of Commissioners Performance, Board of Directors Performance and Board of
ƫ+))%//%+*!./1,,+.0%*#ƫ+))%00!!/!."+.)*!%**!û+.00+!*/1.!0.#!0/*!$%!2!

2.9.2.Penilaian Kinerja Dewan Komisaris 2018 2.9.2.Performance Evaluation of the Board of

Commissioners
Dalam laporan Dewan Komisaris pada Rapat In the report of the Board of Commissioners
Umum Pemegang saham (RUPS) untuk Tahun at the General Meeting of Shareholders (GMS)
Buku 2018 pada agenda pertama: Persetujuan "+. 0$! %**%( !. ĂĀāĉ +* 0$! ü./0 #!* č
Laporan Tahunan Perseroan mengenai keadaan Approval of the Company’s Annual Report on
dan jalannya Perseroan selama Tahun Buku the Company’s condition and course during
2018 termasuk Laporan Pelaksanaan Tugas the Financial Year 2018 including the Board of
Pengawasan Dewan Komisaris selama Tahun Commissioners Supervisory Duty Report for
Buku 2018 dan Pengesahan Laporan Keuangan ĂĀāĉ* 0%ü0%+*+"0$!ƫ+),*5Ě/%**%(
Perseroan Tahun Buku 2018 sekaligus pemberian Statements Year 2018 as well as full release and
pelunasan dan pembebasan tanggung jawab discharge of responsibility (volledig acquit et
sepenuhnya (volledig acquit et décharge) décharge) to the Board of Directors and the
kepada Direksi dan Dewan Komisaris Perseroan Board of Commissioners of the Company for
atas pengurusan dan pengawasan yang telah the management and supervision that have
dijalankan selama Tahun Buku 2018, Dewan been carried out during 2018, the Board of
Komisaris telah melaporkan Kinerja Dewan Commissioners reported on the Performance
Komisaris, Kinerja Direksi, serta Kinerja Komite of the Board of Commissioners, the Board of
Penunjuang Dewan Komisaris. Directors, and Performance of the Supporting
Committee of the Board of Commissioners.
Sesuai dengan SK Dewan Komisaris sebagaimana
dijelaskan pada butir 2.9.1 bahwa KPI Dewan In accordance with the Decree of the Board of
Komisaris terdiri dari 12 parameter yang terdiri Commissioners as explained in point 2.9.1 that
atas 3 parameter yang merupakan Kinerja Komite, the Board of Commissioners’ KPI consists of 12
5 parameter Dewan Komisaris (Tugas Khusus, parameters consisting of 3 parameters which are
Tanggapan Dewan Komisaris atas Laporan Committee’s Performance, 5 parameters of the
Triwulan Direksi, Rencana Kerja Anggaran Board of Commissioners (Special Tasks, Board of
Perusahaan 2018, Kehadiran pada Rapat Internal Commissioners’ Responses to Board of Directors’
Dewan Komisaris) dan 5 parameter Direksi Quarterly Reports, Company’s 2018 Work and
(Tingkat Kesehatan Perusahaan, Pendapatan Budget Plans, attendance at the Internal Meeting
Usaha, Laba Usaha, Laba Bersih dan GCG Score of the Board of Commissioners) and 5 parameters
dari 18 KPI Direksi), berdasarkan formulasi Surat of the Board of Directors (Company’s Health,
Keputusan Dewan Komisaris No. 13/DK/SK/ ,!.0%*# *+)!Č ,!.0%*# .+ü0Č !0 .+ü0
VII/2018, maka setelah berakhirnya tahun buku and GCG Score out of 18 Board of Directors KPI),
2018 dilakukan penilaian atas Kinerja Dewan as formulated in the Board of Commissioners
Komisaris. Decree No. 13/DK/SK/VII/201, then after the end
+"ü**%(5!.ĂĀāĉČ*!2(10%+*+"0$!ǫ+.
of Commissioners’ performance is conducted.
Sesuai dengan fungsi dan peran Dewan Komisaris
maka KPI Dewan Komisaris sebagaimana In accordance with the functions and roles of
dijelaskan di atas, distribusi pembobotan KPI the Board of Commissioners, as explained above,
sebagai berikut: 3 (tiga) KPI berasal dari Kinerja the Board of Commissioners KPI weighting
Komite Penunjang yang sepenuhnya di bawah %/0.%10%+* %/ !ü*! / "+((+3/č ă Ĩ0$.!!ĩ /
kendali Dewan Komisaris dengan total bobot derived from Supporting Committee Performance
57% untuk ketiga KPI yakni Kinerja Komite Audit, which are fully under the control of the Board
Kinerja Komite Manajemen Risiko dan Kinerja of Commissioners with total weight of 57% for
Komite GCG-NR yang masing-masing bobotnya the three KPI namely the performance of the
19% dan 1 (satu) KPI yang merupakan kehadiran Audit Committee, the Performance of the Risk
anggota Dewan Komisaris dalam rapat Internal Management Committee and the Performance of
Dewan Komisaris yang bobotnya 3%, sedangkan the GCG-NR Committee which weighs 19% and 1
8 (delapan) parameter KPI lainnya total bobotnya (one) KPI which respectively the presence of Board
40% adalah jauh lebih rendah dikarenakan of Commissioners in a Board of Commissioners
kontribusi fungsi dan peran Dewan Komisaris internal meeting which is 3%, while 8 (eight) KPI
others parameter has the total weight of 40% which


relatif kecil, sehingga distribusi bobotnya untuk is much lower because the contribution of the
ke-8 KPI sebagai berikut: functions and roles of the Board of Commissioners
1) Terlaksananya Pemantauan Efektivitas Praktik is relatively small, so the weight distribution for the
GCG bobotnya 7%, 8 KPI’s is as follows:
2) Tercapainya Pendapatan Usaha bobotnya 7%, āĩ ),(!)!*00%+*+" +*%0+.%*#0$!û!0%2!*!//
3) Tercapainya Laba Usaha bobotnya 5%, of GCG Practices weighing 7%,
4) Tercapainya Laba Bersih bobotnya 4%, 2) Achieving Operating Revenues weighing 7%,
5) Tingkat Kesehatan Perusahaan 3%, ăĩƵ$%!2!)!*0+",!.0%*#.+ü0ĆŌČ
6) Terlaksananya Rencana Kerja dan Anggaran ąĩƵ$%!2!)!*0+"!0.+ü0ąŌČ
6%, 5) Company Health Level 3%,
7) Tercapainya Tugas Khusus bobotnya 5%, 6) Implementation of Work Plan and Budget 6%,
8) Adanya tanggapan Dewan Komisaris atas 7) Achievement of Special Tasks 5%,
laporan triwulan dan tahunan Direksi nilainya 8) Presence of the Board of Commissioners
3%. response the Directors’ quarterly and annual
reports 3%.
*01'0$1*ĂĀāĉČ'%*!.&!3*+)%/.%/5*# %*%(%/!. &!(%/ !*#*'(/%ü'/%

pencapaian Kinerja Outstanding (Sangat Memuaskan) dengan score 101,78
+.ĂĀāĉČ0$!!."+.)*!+"0$!ǫ+. +"ƫ+))%//%+*!./3$%$//!//! %*//!)(53%0$0$!(//%ü0%+*
of achievement of Outstanding Performance (Very Satisfactory) with a score of 101.78
Perhitungan prestasi atas penilaian 8 (delapan) The calculation of the achievement level of the
parameter KPI tersebut untuk tahun 2018 adalah 8 (eight) KPI parameters assessment for 2018
44,36% yang dihitung berdasarkan formula is 44.36% Calculated based on the formula set
yang ditetapkan oleh Dewan Komisaris, baik by the Board of Commissioners, both to assess
untuk menilai Kinerja Dewan Komisaris, Kinerja the Board of Commissioners’ Performance,
Direksi maupun Kinerja Komite Penunjang the Board of Directors’ Performance and the
dengan metoda “self assessmentĘċ (/%ü'/% Supporting Committee’s Performance using
pencapaian kinerja: Kinerja Outstanding artinya the “self assessment” method. The achievement
Kinerja actual melampaui standar, Kinerja diatas %/ (//%ü! /č 10/0* %*# !."+.)*!Č
rata-rata karena nilainya lebih besar dari which means actual performance exceeds the
86% sesuai dengan SK Dewan Komisaris. ,.! !ü*! /0* . Č !."+.)*! %/ +2!
average because the given rating is greater than
86% in accordance with the Decree of the Board
of Commissioners.
2.9.3 Penilaian Kinerja Komite Penunjang Dewan 2.9.3 Performance Evaluation of the Supporting
Komisaris Committee of the Board of Commissioners
Selanjutnya untuk menilai keberhasilan atas Furthermore, to assess the achievement of the 2018
Kinerja Komite Penunjang Dewan Komisaris Board of Commissioners’ Supporting Committee’s
2018 didasarkan pada 4 (empat) butir KPI (key Performance, 4 (four) points of KPI (key
performance indicator) yang dikukuhkan dalam ,!."+.)*!%* %0+.ĩ%/ !ü*! //0%,1(0! %*
SK Dewan Komisaris No. 16/DK/SK/VI/2013 the Board of Commissioners’ Decree No.16/DK/SK/
tentang Tata Cara Penilaian Kinerja Komite VI/2013 concerning Procedures for Performance
Penunjang Dewan Komisaris PT ANTAM Tbk. KPI Evaluation of the Board of Commissioners’
dan bobotnya yang digunakan adalah 1) Penilaian Supporting Committee of PT ANTAM Tbk. The
realisasi Pelaksanaan Rapat (PR) dengan bobot KPI and its weight used are: 1) Assessment on
15%, 2) Penilaian Realisasi Program Kerja (PK) realization of the Meeting Implementation (PR)
dengan bobot 15%. 3) Tingkat Kehadiran di Rapat with a weight of 15%, 2) Assessment on Realization
(TK) dengan bobot 40%, 4) Ketepatan Waktu of Work Program (PK) with a weight of 15%. 3)
Pemasukan Laporan (WPL) dengan bobot Attendance Level at Meetings (TK) with a weight
30% yang penilaian selanjutnya menggunakan of 40%, 4) Report Submission Time (WPL)

formula yang ditetapkan melalui Surat timeliness with a weight of 30%, which then
Keputusan (SK) Dewan Komisaris No. 16/DK/ calculated using the formula determined by the
SK/IV/2013 tentang Penetapan Evaluasi Kinerja Board of Commissioners Decree No. 16/DK/SK/
(Performance Evaluation) Dewan Komisaris IV/2013 concerning Determination of Performance
PT ANTAM Tbk yang setiap tahun akan dimuat Evaluation (Performance Evaluation) of PT
dalam laporan tahunan serta diinformasikan juga ANTAM Tbk’s Board of Commissioners, of which
kepada Rapat Umum Pemegang Saham (RUPS) will be included in the annual report as well as
dengan dilengkapi dengan bukti pendukung. informed to the General Meeting of Shareholders
(GMS) supplemented with supporting evidence.
Untuk tahun 2018, jumlah prestasi Kinerja Komite
Penunjang Dewan Komisaris terdiri atas Komite For 2018 the achievements level of the Board
Audit prestasinya 107,96%, Komite Manajemen of Commissioners’ Supporting Committee
Risiko prestasinya 92,47% dan Komite GCG-NR Performance consists of the Audit Committee’s
prestasinya 101,82%, sehingga untuk ke-3 KPI achievement level of 107.96%, the Risk
tersebut capaian prestasinya menjadi masing- Management Committee’s achievement level of
masing untuk Komite Audit sebesar 20,51% 92.47% and the GCG-NR Committee achievement
untuk Komite Manajemen Risiko sebesar 17,57% level of 101.82%, so that the 3 KPI achievements
dan untuk Komite GCG-NR sebesar 19,34%. are: Audit Committee 20.51%, Risk Management
Untuk prestasi tersebut di atas jika dijumlahkan Committee 17.57%, and the GCG-NR Committee
sebesar 57,42. 19.34%. All added up to 57.42.
Untuk Tahun 2018: Prestasi Kinerja Komite Audit: 107,96 %,

Kinerja Komite Manajemen Risiko: 92,47%, Kinerja Komite GCG-NR: 101,82%
artinya pencapaian Prestasi 2018 Outstanding (Memuaskan)
In 2018: Audit Committee’s Performance: 107.96%, Risk Management Committee’s Performance: 92.47%,
ƫġƫ+))%00!!Ě/!."+.)*!čāĀāċĉĂŌċ$%/)!*/2!.((Ƶ$%!2!)!*0+"ĂĀāĉ%/(//%ü! /10/0* %*#
2.9.4.Prestasi Kinerja Dewan Komisaris 2018 tetap 2.9.4.2018 Performance Achievement of the Board
“Outstanding” dibandingkan Kinerja 2017 of Commissioners remains “Outstanding”
compared to 2017
Total Penilaian Prestasi Kinerja Dewan Komisaris Total Performance Evaluation of the Board of
adalah merupakan penjumlahan dari prestasi ke- Commissioners’ Performance is the sum of the
12 butir hasil perkalian capaian 9 (sembilan) butir 12 achievements of the 9 (nine) KPI achievement
KPI dengan bobot tersebut diatas ditambah results with the above weights is added with
dengan hasil perjumlahan prestasi 3 (tiga) KPI the results of the achievement of 3 (three) KPI
sebagaimana dijelaskan pada butir 2.9.2 yaitu as explained in point 2.9.2, each amounting to
masing-masing sebesar 44,36% untuk 9 KPI + 44.36% for 9 KPI + 57.42% for 3 KPI so that the
57,42% untuk 3 KPI sehingga total prestasinya total achievement is 101.78%, which means the
/!!/. āĀāČĈĉŌ .0%*5 '(/%ü'/% ,!*%(%* (//%ü0%+* +" 0$! ǫ+. +" ƫ+))%//%+*!./Ě
Dewan Komisaris 2018 tetap sangat memuaskan evaluation in 2018 is still very satisfying because it
(outstanding) karena tetap di atas nilai 86%, is still above the value of 86%, although it slightly
meskipun sedikit menurun dibandingkan dengan decreases compared to 2017 Performance.
Kinerja 2017.
Sebagai perbandingan prestasi 2017 dengan 11 As a comparison of 2017 with achievements of 11

KPI, yang berasal dari prestasi 8 (delapan KPI) KPI, which came from achievement 8 (eight KPI)
sebesar 42,44 + 3 (tiga) KPI lainnya sebesar of 42.44 + 3 (three) other KPIs of 61.71% if added
61,71% jika dijumlahkan menjadi 104,15%. Formula to 104.15%. The formula and the number of KPIs
dan jumlah KPI-nya antara 2018 dan 2017 sedikit !03!!* ĂĀāĉ * ĂĀāĈ .! /(%#$0(5 %û!.!*0Č
berbeda, namun keduanya dinilai dengan but both are assessed by the “outstanding”
'(/%ü'/%ėoutstanding”. (//%ü0%+*ċ


2.9.5.Kehadiran Peserta Rapat Internal Dewan 2.9.5. Attendance of the Board of Commissioners’
Komisaris dan Rapat Gabungan Dewan Internal Meeting and Joint Meeting 2018
Komisaris 2018 In accordance with the Charter of the Board
Sesuai dengan Charter Dewan Komisaris bahwa of Commissioners that every month members
setiap bulan anggota Dewan Komisaris wajib of the Board of Commissioners must attend a
menghadiri minimum masing-masing satu kali minimum of one time in the Internal Meeting
dalam Rapat Internal Dewan Komisaris dan of the Board of Commissioners and a Joint
Rapat Gabungan Dewan Komisaris dan Direksi. Meeting of the Board of Commissioners and
Merujuk kepada kehadiran anggota Dewan Board of Directors. Referring to the presence
Komisaris dalam tahun 2018, maka jumlah of members of the Board of Commissioners in
rapat yang minimum harus dihadiri adalah Financial Year 2018, the minimum number of
24 (dua puluh empat kali) yang terdiri dari meetings that must be attended is 24 (twenty
Rapat Internal Dewan Komisaris yang terdiri dari four times) consisting of 12 (twelve) Board of
12 (dua belas) kali dengan tingkat kehadiran Commissioners Internal Meetings with the Board
rata-rata Dewan Komisaris mencapai 88,69% dan of Commissioners’ average attendance of 88.69%
dalam 12 (dua belas) kali Rapat Dewan Komisaris and 12 (twelve) the Board of Commissioners’
yang mengundang Direksi (Rapat gabungan) Meeting inviting the Board of Directors (joint
dengan kehadiran rata-rata Dewan Komisaris meetings) with the average attendance of the
mencapai 91,07% dan tingkat kehadiran rata-rata Board of Commissioners of 91.07% and the
Direksi sebesar 88,89% dan rata-rata kehadiran average attendance of the Board of Directors of
Dewan Komisaris dan Direksi pada Rapat Dewan 88.89% and the combined average attendance
Komisaris mengundang Direksi (gabungan) of The Board of Commissioners and the Board
mencapai 89,98% yang artinya Dewan Komisaris of Directors in Joint Meetings of 89.98%, which
sebagai majelis dan Direksi telah menyediakan means that the Board of Commissioners as
waktu yang lebih dari memadai untuk an assembly and the Board of Directors have
melaksanakan fungsi pengawasan, penasihatan provided more than adequate time to carry
serta tugas pengelolaan perusahaan. out the functions of supervision, advisory and
corporate management duties.
Pada Tahun 2018, rata-rata kehadiran Dewan Komisaris dalam 12 kali Rapat Internal
Dewan Komisaris sebesar 88,69%. Dalam Rapat Dewan Komisaris mengundang Direksi,
rata-rata kehadiran Dewan Komisaris sebesar 91,07% dan rata-rata kehadiran Direksi
sebesar 88,89%, sedangkan rata-rata kehadiran Dewan Komisaris dan Direksi
sebesar 89,98%, artinya Dewan Komisaris dan Direksi telah memberikan
waktu lebih dari memadai dalam, melaksankan tugasnya
In 2018, the average attendance of the Board of Commissioners in 12 of internal meeting of the Board of
Commissioners was 88.69%. In the Board of Commissioners’ Meeting inviting the Board of Directors,
the Board of Commissioners’ average attendance was 91.07% and the average of the Board of Directors’
attendance was 88.89%, while the average attendance of the Board of Commissioners and the Board of Directors
was 89.98%, which means that the Board of Commissioners and the Board of Directors
have given more than enough time in carrying out their duties
Adapun alasan ketidakhadiran Dewan Komisaris The absence of the Board of Commissioners and
dan Direksi dalam rapat dikarenakan adanya the Board of Directors in the meeting due to
tugas Perusahaan yang tidak terduga. sudden corporate duties.
Adanya tingkat kehadiran yang memadai The adequate level of attendance of the Board of
tersebut memperlihatkan komunikasi antar Commissioners and the Board of Directors shows
Dewan Komisaris dan Direksi yang berjalan that the communication has been established
lancar sehingga fungsi pengawasan akan !þ%!*0(5 /+ 0$0 0$! )+*%0+.%*# "1*0%+* 3%((
berjalan dengan baik. run well.

Untuk dapat mengawal perkembangan Kinerja To be able to guide the development of Management
Manajemen atau realisasi RKAP 2018, dalam Performance or the realization of Work and Budget
rapat gabungan antara Dewan Komisaris dan Plan in 2018, in a joint meeting between the Board
Direksi selalu diagendakan: Laporan Kinerja of Commissioners and the Board of Directors, there
Manajemen dimana proses tanya jawab, is always an agenda of Management Performance
pertukaran pandangan terjadi antara Dewan Report in which the process of Q&A, the exchange
Komisaris dan Direksi. Pada suasana seperti of views between the Board of Commissioners
inilah secara langsung dan tidak langsung terjadi and Board of Directors occurs. At this situation,
fungsi pengawasan dan penasihatan Dewan directly and indirectly the supervisory and
Komisaris baik secara formal maupun informal. advisory functions of Board of Commissioners
are carried out both formally and informally.
Selain agenda Laporan Kinerja Manajemen In addition to the agenda of the Management
di atas, sejak 29 November 2017 dengan Performance Report above, starting November
kehadiran Organisasi Holding dimana ANTAM 29, 2017 with the establishment of the Holding
merupakan salah satu anggota Holding Industri Organization where ANTAM is one of the Mining
Pertambangan (HIP), diagendakan juga Laporan Industry Holding members, it is also scheduled a
singkat Rapat Kordinasi (RAKOR) HIP yang Brief Report Coordination Meeting of HIP which
terbatas hanya dihadiri oleh Direktur Utama is limited to the President Director and President
dan Komisaris Utama masing-masing anggota Commissioner of each holding member. To align
holding. Untuk menyamakan pengertian dan the understanding and development of the HIP,
perkembangan HIP, pada setiap anggota Organ to every member of the Board of Commissioners
Dewan Komisaris maupun Organ Direksi pada Organ and the Board of Directors’ Organ, at
rapat gabungan BOC-BOD diagendakan dan the joint meeting of the BOC-BOD, an agenda
dijelaskan secara singkat apa yang terjadi pada is scheduled and brief explanation is given as
bulan tersebut di HIP karena bagaimanapun to what has happened in that month at the HIP
informasi dimaksud diperlukan oleh setiap meeting because, after all, such information is
anggota holding yang bersangkutan dalam needed by each holding member to be able to
memberikan pandangannya. give their views.
Ada kalanya diperlukan penegasan atas /%+*((5 0$!.! %/ *!! +" +*ü.)0%+*
keputusan yang sudah disepakati dalam Rapat of decisions that have been agreed in a joint
Gabungan atau atas adanya isu-isu baru yang meeting or on the delivery of new issues
disampaikan oleh Direksi yang kemudian presented by the Board of Directors which is
ditindaklanjuti dengan permintaan secara then followed up with written demand of the
tertulis dari pihak Direksi atau ada kalanya juga Board of Directors or sometimes preceded by
didahului oleh permintaan Dewan Komisaris. a request from the Board of Commissioners.
Dalam hal penunjukan asesor GCG, penunjukan In the case of appointment of GCG assessors,
auditor independen, proses komunikasi secara appointment of an independent auditor, the
tertulis diawali oleh Dewan Komisaris, kemudian communication process in writing is initiated by
ditanggapi atau ditindaklanjuti oleh Direksi atau the Board of Commissioners, then responded or
dalam kasus lain proses yang terjadi sebaliknya. followed up by the Board of Directors or in other
cases the processes that occurs otherwise.
Dalam hal komunikasi formal secara surat In terms of formal written communication
menyurat seperti yang dijelaskan diatas, pada as described above, in 2018 the Board of
tahun 2018 Dewan Komisaris mengirim 52 buah Commissioners sent 52 letters to the Board
Surat kepada Direksi yang merupakan jawaban of Directors containing answers to approve
menyetujui atau menolak terkait dengan surat or reject the letter in question. It shows good
Direksi terkait, yang menunjukkan adanya communication has been established between
komunikasi yang harmonis antar Organ Dewan Board of Commissioner’s Organ and Board of
Komisaris dan Organ Direksi. Director’s Organ.


Dalam menindaklanjuti Anggaran Dasar In following up the Company’s Article of

Perseroan Pasal 15 ayat 2 butir b No. 4: Dewan Association on Article 15 clause 2 of paragraph
Komisaris berkewajiban melaporkan kepada b No. 4: describing that the Board of
pemegang Saham Seri A Dwiwarna apabila Commissioners is obliged to report to Series A
terjadi gejala menurunnya kinerja perusahaan. Dwiwarna Shareholder for any indication of the
Sehubungan dengan ketentuan dalam Anggaran company’s declining performance. In connection
Dasar tersebut, maka Dewan Komisaris with the provisions in the Articles of Association
setiap triwulan menyampaikan Laporan above, the Board of Commissioners submits the
Pengawasannya kepada Pemegang Saham Seri Supervisory Report quarterly to the Series A
A Dwiwarna. Dwiwarna shareholders.
2.9.6.Tindak Lanjut Atas Amanah RUPS Tahunan 2.9.6.Follow Up on the Mandate of Annual GMS for
Untuk Tahun Buku 2018 Financial Year 2018
Sebagaimana dijelaskan pada butir 2 Rapat As explained in point 2 of the Company’s General
Umum Pemegang Saham Perseroan untuk Tahun Meeting of Shareholders for the Financial Year
Buku 2018 Perseroan hanya menyelenggarakan 2018, the Company holds 1 (one) GMS on April
1 (satu) kali RUPS yakni pada 12 April 2018 12, 2018 which scheduled 8 (eight) agendas
dengan mengagendakan 8 (delapan) mata acara consisting of 6 (six) normative agenda and 2
Rapat terdiri dari 6 (enam) mata acara normatif (two) complementary agenda namely:
dan 2 (dua) agenda tambahan, adapun agenda 1. Approval of the Company’s Annual Report
ke-1 sampai dengan ke-8 yakni: regarding the condition and course of the
1. Persetujuan Laporan Tahunan Perseroan Company during the Financial Year 2018
mengenai keadaan dan jalannya Perseroan including the Board of Commissioners
selama Tahun Buku 2018 termasuk Laporan Supervisory Duty Report for 2018 and
Pelaksanaan Tugas Pengawasan Dewan 0%ü0%+* +" 0$! ƫ+),*5Ě/ %**%(
Komisaris selama Tahun Buku 2018 dan Statement Year 2018 as well as full release and
Pengesahan Laporan Keuangan Perseroan discharge of responsibility (volledig acquit et
Tahun Buku 2018 sekaligus pemberian décharge) to the Board of Directors and the
pelunasan dan pembebasan tanggung Board of Commissioners of the Company for
jawab sepenuhnya (volledig acquit et de the management and supervision that has
charge) kepada Direksi dan Dewan Komisaris been carried out during the Financial Year
Perseroan atas pengurusan dan pengawasan 2018;
yang telah dijalankan selama Tahun Buku Ăċ 0%ü0%+* +" 0$! ĂĀāĉ Ƶ**1( .0*!./$%,
2018; Program and Community Development
2. Pengesahan Laporan Tahunan Program Program Annual Report as well as full release
Kemitraan dan Program Bina Lingkungan and discharge of responsibilities (volledig
Tahun Buku 2018 sekaligus pemberian acquit et décharge) to the Board of Directors
pelunasan dan pembebasan tanggung and Board of Commissioners of the Company
jawab sepenuhnya (volledig acquit et de for the management and supervision of
charge) kepada Direksi dan Dewan Komisaris the Partnership Program and Community
Perseroan atas pengurusan dan pengawasan Development Program that have been
Program Kemitraan dan Program Bina implemented during Financial Year 2018;
Lingkungan yang telah dijalankan selama ăċ 0%ü0%+*+"0$!1/!+"*!0,.+ü0%*(1 %*#
Tahun Buku 2018; the distribution of dividends for the Financial
3. Penetapan penggunaan laba bersih termasuk Year 2018;
pembagian dividen untuk Tahun Buku 2018; ąċ 0%ü0%+* +" !."+.)*! *!*0%2!/ "+.
4. Penetapan Insentif Kinerja untuk anggota members of the Board of Directors and Board
Direksi dan Dewan Komisaris Perseroan of Commissioners of the Financial Year 2018
Tahun Buku 2018 dan gaji/honorarium berikut and salary/honorarium along with facilities
fasilitas dan tunjangan Tahun Buku 2018; and allowances for Financial Year 2018;
5. Persetujuan Penunjukan Kantor Akuntan 5. Approval of Appointment of Public
Publik untuk mengaudit Laporan Keuangan Ƶ+1*0*0 þ! 0+ 1 %0 0$! ƫ+),*5Ě/
Perseroan Tahun Buku 2018 dan Laporan Financial Statements for Financial Year 2018
Keuangan Program Kemitraan dan Bina and Financial Report of the 2018 Partnership
Lingkungan Tahun Buku 2018; and Community Development Program;

6. Persetujuan Laporan Realisasi Penggunaan 6. Approval of the Realization Report on the Use
Dana Hasil Penawaran Umum; +".+!! /".+)0$!1(%û!.%*#Ď
7. Persetujuan Perubahan Anggaran Dasar 7. The Approval for the amendments to the
Perseroan; Articles of Association of the Company;
8. Dalam Mata Acara RUPST Kedelapan 8. In the eight agenda, the Series A Dwiwarna
Pemegang Saham Seri A Dwiwarna/kuasanya Shareholders/their proxies stated that there
menyampaikan bahwa tidak ada usulan were no proposed changes to the Company’s
perubahan Pengurus Perusahaan sehingga Management so that the decision was not
dalam mata acara tersebut tidak diambil taken in the agenda.
keputusan.
Amanah RUPS Tahun Buku 2018 yang sudah ditindaklanjuti Dewan Komisaris:
1. Telah melunasi pembagian dividen sesuai dengan aturan yang berlaku
2. Menyetujui memberikan wewenang kepada Dewan Komisaris setelah mendapatkan
persetujuan Pemegang Saham Seri A Dwiwarna menetapkan besaran Insentif Kinerja
untuk anggota Direksi untuk Tahun Buku 2018 serta untuk menetapkan besaran gaji
berikut tunjangan, fasilitas dan insentif lainnya untuk tahun 2018
3. Menyetuju untuk melimpahkan kewenangan kepada Dewan Komisaris untuk
menetapkan besaran imbalan jasa audit dan persyaratan penunjukan lainnya
yang wajar bagi Kantor Akuntan Publik
The mandate of the GMS for Financial Year 2018 that has been followed up by the Board of Commissioners:
1. Paid the dividend distribution in accordance with the applicable rules
2. Approved the power of authority to the Board of Commissioners after obtaining the approval of the Series
A Dwiwarna Shareholders to determine the amount of Performance Incentives for members of the Board
+"%.!0+./"+.0$!%**%(!.ĂĀāĉ* 0+ !0!.)%*!0$!/(.5)+1*0/Č!*!ü0/Č"%(%0%!/* +0$!.
incentives for 2018
3. Agree to delegate authority to the Board of Commissioners to determine the amount of audit service fees and
other reasonable terms for the appointment of Public Accounting Firm
Sehubungan dengan putusan RUPS Tahunan In line with the decision of the Annual GMS for
untuk tahun Buku 2018 tersebut di atas, the Financial Year 2018 above, the Company has
Perseroan telah menindaklanjutinya followed up as explained below:
sebagaimana penjelasan dibawah ini: 1. In relation to the third agenda, the distribution
1. Berkaitan dengan agenda ketiga, pembagian of dividends amounting to Rp47,777,373,588
dividen sebesar Rp47.777.373.58 atau 35% dari +.ăĆŌ+"0$!,.+ü0"+.0$!5!.00.%10(!
laba Tahun berjalan yang dapat diatribusikan to owners of Parent entities for Financial
kepada pemilik entitas Induk untuk Tahun !. ĂĀāĈċ $! ƫ+),*5 $/ ,% +û 0+
Buku 2017. Perseroan telah melunasi kepada shareholders, equal treatment, on time in
pemegang saham, equal treatment, tepat accordance with the provisions apply.
waktu sesuai dengan ketentuan yang berlaku. 2. In relation to the fourth agenda regarding the
2. Berkaitan dengan mata acara ke empat determination of the amount of Performance
tersebut diatas perihal penetapan besaran Incentives for members of the Board of
Insentif Kinerja untuk anggota Direksi Tahun Directors for 2018 and also for stipulating salary
Buku 2018 serta untuk menetapkan besaran amounts and allowances, facilities and other
gaji berikut tunjangan, fasilitas dan insentif incentives for 2018 for members of the Board of
lainnya untuk tahun 2018 bagi anggota Commissioners, Approval of the Minister of State
Dewan Komisaris, Persetujuan Pemegang Owned Enterprises as the Shareholder of Series
Saham Seri A Dwiwarna diberikan melalui A Dwiwarna through letter No. SR-603/MBU/
surat Nomor SR-603/MBU/D3/06/2018 D3/06/2018 dated June 5, 2018 regarding the
tanggal 5 Juni 2018 perihal Penyampaian Stipulation of the Remuneration of the Board of
Penetapan Penghasilan Direksi dan Dewan Commissioners and the Board of Directors 2018
Komisaris PT ANTAM Tbk Tahun 2018 serta as well as The Board of Commissioners Letter
Surat Surat Dewan Komisaris kepada Direktur to the President Director of PT ANTAM Tbk


Utama PT ANTAM Tbk Nomor 168/DK/SRT/ Number 168/DK/SRT/VI/2018/Rhs dated June

VI/2018/Rhs tanggal 6 Juni 2018 perihal 6, 2018 concerning Determination of the Board
Penyampaian Penetapan Penghasilan Direksi of Directors and the Board of Commissioners’
dan Dewan Komisaris PT ANTAM Tbk Tahun Remuneration in 2018. Further explanation
2018 Penjelasan lebih lanjut dapat dilihat di can be found on the section of Remuneration
bagian Remunerasi Dewan Komisaris dan of the Board of Commissioners and Board of
Direksi Directors.
3. Berkaitan dengan mata acara kelima ăċ *.!(0%+*0+0$!ü"0$#!* Č0$!,,+%*0)!*0
penunjukan Auditor Kantor Akuntan Publik of the Auditor of the Public Accounting Firm
(KAP) Tanudiredja, Wibisana, Rintis & Rekan, (Kantor Akuntan Publik - KAP) Tanudiredja,
anggota dari PricewaterhouseCoopers Wibisana, Rintis & Rekan, a member of
Limited untuk melaksanakan audit umum PricewaterhouseCoopers Limited to carry
atas Laporan Keuangan Konsolidasian out a general audit of ANTAM’s Consolidated
ANTAM untuk Tahun Buku 2018 dan Laporan Financial Statements for Financial Year 2018
Keuangan Program Kemitraan dan Program and the Financial Statement of the Partnership
Bina Lingkungan untuk Tahun Buku 2018 Program and Community Development
telah diputuskan Dewan Komisaris dengan Program for the Financial Year 2018 has been
besaran imbalan jasa audit dan reviewnya decided by the Board of Commissioners with
atas laporan konsolidasian ANTAM tahun the amount of the audit and review service
buku 2018 dengan total nilai Rp1.410.000.000 fees of the ANTAM consolidated report
(satu miliar empat ratus sepuluh juta rupiah for Financial Year 2018 with a total value of
sebelum PPN & OPE (Out of pocket expense) Rp1,410,000,000 (one billion four hundred
sesuai dengan kesepakatan sebagaimana ten million rupiahs before VAT & OPE
dijelaskan secara rinci dalam surat Dewan (Out of Pocket Expense) with the scope in
Komisaris No. 100/DK/SRT/IV/2018 tanggal accordance with the agreement as explained
3 April 2018. in detail in the Board of Commissioners letter
No. 100/DK/SRT/IV/2018 dated April 3, 2018.
Pada awal tahun 2018 setiap anggota Dewan Komisaris menandatangani pernyataan
sikap Independen dan kemudian pada akhir tahun 2018 kembali menandatangani
pernyataan sikap Independen yang artinya bahwa sepanjang tahun 2018
anggota Dewan Komisaris dalam bertindak selalu bersikap independen
At the beginning of 2018 each member of the Board of Commissioners signed an Independent stance statement
and then at the end of 2018 again signed an Independent stance statement which means that throughout 2018
members of the Board of Commissioners in acting are always independent
Seluruh putusan RUPS Tahunan untuk tahun All decisions of the Annual GMS for Financial
buku 2018 yang diselenggarakan pada tanggal Year 2018 held on April 12, 2018 have been fully
12 April 2018 telah ditindaklanjuti sepenuhnya followed up by the Board of Commissioners and
oleh Dewan Komisaris dan telah menggunakan have accommodate the ANTAM Shareholders
aspirasi Pemegang Saham ANTAM dalam Aspirations in the Preparation of the Company’s
Penyusunan Rencana Kerja dan Anggaran 2018 Work and Budget Plan.
Perusahaan Tahun 2018.
3. PENILAIAN TERHADAP KINERJA DIREKSI 3. ASSESSMENT ON THE PERFORMANCE OF

SELAMA TAHUN 2018 THE BOARD OF DIRECTORS IN 2018
3.1. Penilaian Terhadap Aspek Kinerja Korporasi 3.1. Assessment of the Aspects of Corporate
yang dikelola oleh Direksi Performance Managed by the Board of
Directors
Dasar penilaian Dewan Komisaris terhadap Board of Commissioners’ assessment of the Board
Kinerja Direksi tentunya tidak terlepas dari tingkat of Directors’ performance is based on the success
keberhasilan Direksi dalam merealisiasikan RKAP of the Board of Directors in realizing the ANTAM’s

ANTAM tahun 2018 seperti yang direncanakan dalam 2018 Work and Budget Plan as planned in 2017. On
tahun 2017. Disisi lain, keberhasilan Direksi tentunya the other hand, the success of the Board of Directors
juga tidak lepas dari kontribusi/peran pengawasan is also contributed by its supervisory and advisory
dan penasihatan Dewan Komisaris terhadap ANTAM function on ANTAM and its ranks (subsidiaries/sub-
& seluruh jajarannya (anak/cucu perusahaan asosiasi, subsidiaries/associated companies, joint ventures,
perusahaan ventura, perusahaan patungan/joint DAPEN, YAKESPEN) which in the end culminates on
ventura, DAPEN, YAKESPEN) yang akhirnya berfokus the level of success in realizing the 2018 Work and
pada tingkat keberhasilan dalam merealisir RKAP Budget Plan as explained in point 2.9 above.
2018 sebagaimana dijelaskan pada butir 2.9 di atas.
Sebagaimana diketahui pada bulan Desember As known in December 2017 the Board of
2017 Dewan Komisaris telah mengukuhkan RKAP ƫ+))%//%+*!./$/.0%ü! 0$!ĂĀāĉ+.'* ǫ1 #!0
2018 dengan Surat Keputusan Dewan Komisaris Plan with the Decree of the Board of Commissioners
No.14/DK/SK/XII/2017 tanggal 22 Desember 2017 No. 14/DK/SK/XII/2017 dated December 22, 2017
tentang Pengesahan Rencana Kerja dan Anggaran +*!.*%*#0$!0%ü0%+*+"0$!ƫ+),*5Ě/+.'*
Perusahaan Tahun Buku 2018 dan Surat Keputusan Budget Plan for Financial Year 2018 and Decree of the
Dewan Komisaris No.22/DK/SK/IX/2018 tertanggal Board of Commissioners No. 22/DK/SK/IX/2018 dated
4 September 2018 tentang Pengesahan Revisi !,0!)!.ąČĂĀāĉ+*!.*%*#0$!0%ü0%+*+"0$!
Rencana Kerja dan Anggaran Perusahaan Tahun Revised Corporate Work and Budget Plan for Financial
Buku 2018 dan Surat Keputusan Dewan Komisaris Year 2018 and Board of Commissioners Decree No. 15/
No. 15/DK/SK/XII/2017 tanggal 22 Desember 2017 DK/SK/XII/2017 dated December 22, 2017 concerning
tentang Pengesahan Rencana Kerja dan Anggaran 0$!0%ü0%+*+"ƵƵ Ě/+.'* ǫ1 #!0(*+"
Program Kemitraan dan Bina Lingkungan ANTAM Partnership and Community Development Program
Tahun 2018. Persetujuan Dewan Komisaris atas RKAP in 2018. The Board of Commissioners’ approval of the
2018 tersebut diatas, disertai dengan arahan dan 2018 Work and Budget Plan mentioned above, along
catatan yang tercantum dalam SK Dewan Komisaris with the directives and notes contained in the Board of
tersebut akan kembali menjadi lingkup tugas Commissioners’ Decree, will become the scope of the
pengawasan Dewan Komisaris. Board of Commissioners’ supervisory duties.
Untuk menilai keberhasilan Direksi dalam merealisir To evaluate the success of the Board of Directors in
RKAP 2018, Dewan Komisaris telah mengeluarkan realizing the 2018 WBP, the Board of Commissioners
Keputusan Dewan Komisaris No. 13/DK/SK/ has issued Board of Commissioners Decree No. 13/
VII/2018 tanggal 1 Juli 2018 tentang Penetapan Key DK/SK/VII/2018 dated July 1, 2018 concerning the
Performance Indicator (KPI) sebagai dasar Evaluasi Establishment of Key Performance Indicators (KPI)
Kinerja (Performance Evaluation) Direksi dan Anggota as the basis of Performance Evaluation of Board of
Direksi Tahun 2018. Sebagai pelengkap dari Surat Directors and Members of the Board of Directors
Keputusan Dewan Komisaris tersebut ditetapkan in 2018. To complement the Decree of the Board of
juga target dan Perencanaan KPI Korporat tahun Commissioners, targets and planning of Corporate
2018 yang disusun dengan mengacu kepada surat KPI in 2018 are also set out with reference to a
edaran dari Sekretaris Kementerian BUMN No. 08/S. circular letter from the Secretary of the Ministry of
MBU/2013 hal Penyampaian Pedoman Penentuan BUMN No. 08/S.MBU/2013 regarding Submission of
KPI dan Kriteria Penilaian Kinerja Unggul (KPKU) Guidelines for Setting KPIs and Superior Performance
pada Kantor Kementerian Badan Usaha Milik Negara Assessment Criteria (Kriteria Penilaian Kinerja
dan surat dari PT INDONESIA ASAHAN ALUMINIUM *##1(ġĩ00$!þ!+"0$! %*%/0.5+"00!ġ
(Persero) No. 352/L/Dirut/VII/2018 perihal Aspirasi Owned Enterprises and letters from PT INDONESIA
Pemegang Saham/Pemilik Modal untuk Penyusunan ASAHAN ALUMINUM (Persero) No. 352/L/Dirut/
RKAP Perubahan 2018 tanggal 13 Juli 2018. VII/2018 concerning Shareholders/Owners of Capital
Aspirations for the Creation of Amendment to 2018
Company Work and Budget Plan dated July 13, 2018.


3.1.1 Formula Penilaian Kinerja Korporasi yang 3.1.1 Formula for Corporate Performance Assessment
dikelola oleh Direksi managed by the Board of Directors
Sebagai kelanjutan dari pembahasan atas As a continuation of the discussion on the
penilaian Kinerja Dewan Komisaris, Direksi performance of the Board of Commissioners,
dan Komite Penunjang Dewan Komisaris Board of Directors and the Board of
sebagaimana telah dijelaskan pada butir Commissioners Supporting Committee, as already
2.9.1 bahwa Kantor Kementerian BUMN !4,(%*! %* 0$! ,+%*0 ĂċĊċā +2!Č 0$! þ! +"
mengeluarkan Aspirasi Pemegang saham the Ministry of SOE issued the Shareholder’s
sebagai rujukan terkait dengan penyusunan Aspiration as a reference in relation to the
RKAP 2018. Dijelaskan juga pada butir 2.9.1 preparation of the Work and Budget Plan of 2018.
Kementerian BUMN juga mengeluarkan Surat It is also explained in point 2.9.1, that the Ministry
Edaran No. S-08/S-MBU/2013 yang terkait of SOEs issued Circular No. S-08/S-MBU/2013
dengan Pedoman Penentuan KPI dan Kriteria related to Guidance on KPI Setting and Criteria of
Penilaian Kinerja Unggul (KPKU) pada BUMN. Superior Performance Appraisal Criteria (Kriteria
Pencapaian/realisasi KPI korporasi merupakan Penilaian Kinerja Unggul-KPKU) on SOEs. The
dasar penerapan penilaian kuantitatif dan achievement/realization of corporate KPIs is the
objektif antara lain dalam perhitungan tantiem/ basis for applying quantitative and objective
bonus/insentif/sanksi maupun perencanaan assessments, among others, for the calculation
karier Direksi. of bonuses/incentives/sanctions and career
planning of the Board of Directors.
Perspektif yang digunakan dalam penilaian Perspectives used in assessing the performance
kinerja Direksi dimaksud dilihat dari 5 (lima) of the Board of Directors are comprised of 5
perspektif dengan 18 indikator yakni: Ĩü2!ĩ,!./,!0%2!/3%0$āĉ%* %0+./č
1. Perspektif Keuangan dan Pasar dengan total 1. Financial and Market Perspective (weight
bobot 26% terdiri dari 5 indikator dengan ĂćŌĩ+*/%/0/+"ü2!%* %0+./3%0$3!%#$0/
bobot antara 5-6%; between 5-6%;
2. Perspektif Fokus Pelanggan dengan total 2. Customer Focus Perspective (weight 20%) is
bobot 20% terdiri dari 2 indikator dengan composed of two indicators with respective
bobot masing-masing 10%; weights of 10%;
3. Perspektif Efektivitas Produk dan Proses ăċ û!0%2!*!// +" .+ 10 * .+!//
dengan total bobot 22% terdiri dari 5 indikator !./,!0%2! 3!%#$0 ĂĂŌ +*/%/0/ +" ü2!
dengan bobot antara 3-6%; indicators with weights between 3-6%;
4. Perspektif Fokus Tenaga Kerja dengan total 4. Manpower focus Perspective (weight 16%)
bobot 16% terdiri dari 2 indikator masing- consists of two indicators respectively 8%;
masing 8%; dan and
5. Perspektif Kepemimpinan Tata Kelola dan 5. Leadership, Governance and Social
Tanggung Jawab Kemasyarakatan dengan Responsibility Perspective (weight 16%)
total bobot 16% terdiri dari 4 indikator dengan consists of four indicators with weights of 4%.
masing-masing bobot 4%.
Dalam Tahun 2018 Kinerja Korporasi dihitung berdasarkan formula yang ditetapkan
dengan SK Dewan Komisaris dengan merujuk 5 (lima) perspektif dan terdiri dari
18 (Sembilan belas) KPI. Total Nilai Pencapaian dari ke-18 KPI dimaksud
adalah 103,86% artinya Penilaian Terhadap Kinerja Korporasi
untuk tahun 2018 Sangat Memuaskan (Outstanding)
In 2018, Corporate Performance shall be calculated on the basis of Formula determined
50$!ǫ+. +"ƫ+))%//%+*!./!.!!5.!"!..%*#ĆĨü2!ĩ,!./,!0%2!/* +*/%/0%*#
of 18 (eighteen) KPIs. Total Achievement of the 18 KPI is 103.86% which means the assessment
on Corporate Performance for 2018 is Very Satisfactory (Outstanding)

Kemudian organ Dewan Komisaris dan Organ Organs of Board of Commissioners and Board
Direksi menandatangani Lembar Pengesahan +" %.!0+./ /%#*! 0%ü0%+* /$!!0/ +" !5
Key Performance Indicator 2018 yang telah Performance Indicators of 2018 which was
disepakati yang tentunya tetap terkait dengan agreed and must remain relevant to the 2018
RKAP 2018 dan saran pemegang saham Work and Budget Plan and suggestions from
pengendali. Sebagai pelengkap atas Lembar controlling shareholders. As a supplement to the
Pengesahan KPI 2018 di atas dilengkapi ĂĀāĉ 0%ü0%+*/$!!0/Č%0%/+),(!)!*0!
lagi dengan daftar 18 parameter KPI diiringi with list of 18 KPIs, a detailed explanation on
penjelasan detail atas setiap indikator termasuk each indicator, including formula calculations.
formula perhitungannya.
Disamping perhitungan KPI yang didasarkan Besides the calculation of KPIs that are based
atas angka-angka yang tercantum dalam RKAP +* ü#1.!/ +*0%*! %* 0$! +.' * ǫ1 #!0
2018 yang diformulasikan dengan mengacu Plan of 2017 and is formulated with reference to
kepada Surat Keputusan Dewan Komisaris the Board of Commissioners’ Decree No: 13/DK/
No. 13/DK/SK/VII/2018 tanggal 1 Juli 2018 SK/VII/2018 dated July 1, 2018 on “achievement
perihal “tingkat pencapaian” yang merupakan level”, which is a comparison between realization
perbandingan antara realisasi dengan target and target of corporate performance in 2018.
atas kinerja korporat 2018. Perkalian antara Multiplication between performance and weight
capaian dan bobot merupakan tingkat prestasi is the “achievement level” for the 18 KPIs. From
untuk ke-18 KPI di atas. Dari total ke-18 tingkat the summation of the 18 achievement levels as
prestasi sebagaimana dijelaskan di atas described above, the number was 103.86% which
diperoleh jumlahnya 103,86% yang kemudian 3/ 0$!* 2!.%ü! 5 0$! * !,!* !*0 Ƶ1 %0+.
%2!.%ü'/%+(!$Ƶ1 %0+. * !,!* !*5*#'$1/1/ 3$+3//,!%ü((5//%#*! ċ
ditugaskan untuk melakukan hal tersebut.
Dengan prestasi yang besarnya 103,86 (untuk With the achievement of 103,86% (for 18 KPIs),
18 KPI) berarti penilaian terhadap Kinerja it means that the results of the assessment of
Korporasi yang dikelola oleh Direksi berdasarkan corporate performance, managed by the Board
Formula yang ditetapkan oleh Dewan Komisaris of Directors based on the formula established
$/%(*5 0!0, !.'(/%ü'/% *#0 !)1/'* 5 0$! ǫ+. +" ƫ+))%//%+*!./Č .! (//%ü!
(Outstanding). Untuk kepentingan penilaian as outstanding. For the purpose of the
Kesehatan Perusahaan biasanya digunakan Company’s sound assessment, it is usually used
formula yang ditetapkan oleh pemegang saham with the formula set forth by the controlling
pengendali sedangkan hasil perhitungannya shareholders, while calculations are performed
0!./!10 %2!.%ü'/%(#%+(!$Ƶ1 %0+. * !,!* !* by an independent auditor (PWC) and is
(PWC) dan dicantumkan dalam Laporan Hasil included in the ANTAM Performance Evaluation
Evaluasi Kinerja ANTAM 2018. Performance Report of 2018.
Dibandingkan dengan prestasi Kinerja Korporasi Compared to the achievements of 2017

2017 yang besar prestasinya 105,49% maka Corporate Performance with a large achievement
prestasi Kinerja Korporasi Tahun 2018 sedikit of 105.49%, the achievement of Corporate
lebih kecil dari prestasi Tahun 2017. Prestasi Performance in 2018 is slightly smaller than the
2017, memang tidak sepenuhnya berdasarkan achievement in 2017. Achievements in 2017 are
indikator dan jumlah indikator yang sama not entirely based on indicators and the same
dengan tahun 2018, sehingga perbedaan yang number of indicators by 2018, so that small
kecil dapat dipahami. Tahun 2017 dihitung %û!.!*!/ * ! 1* !./0++ ċ * ĂĀāĈČ 0$!
berdasarkan 19 indikator dibandingkan dengan calculation based on 19 indicators compared to
18 KPI pada tahun 2018. 18 KPIs in 2018.


3.1.2 Jumlah Rapat Direksi dan Rapat Gabungan 3.1.2 Number of the Board of Directors’ Meetings
Dewan Komisaris dan Direksi and Joint Meetings of the Board of
Commissioners and the Board of Directors
Dalam tahun 2018, Direksi menghadiri rapat internal Direksi sebanyak 37 kali dengan
tingkat kehadiran Direksi sebesar 91,89%. Direksi juga menghadiri Rapat Dewan
Komisaris yang mengundang Direksi sebanyak 12 kali dengan tingkat kehadiran
Direksi 88,89%. Direksi telah memberikan waktu yang lebih dari memadai untuk
merealisasikan RKAP Tahun 2018 dan dengan bangga membukukan keuntungan
sebesar Rp874,43 miliar dan Tahun 2017 sebesar Rp136,50 miliar
In 2018, the Board of Directors attended 37 internal meetings with a BoD attendance of 91.89%, attending the
BOC meeting which invited the Board of Directors 12 times with the presence of the Board of Directors
88.89%. The Board of Directors has given more time than adequate to realize the WBP-2018 so that proudly
,+/0! ,.+ü0+",ĉĈąċąă%((%+** %*ĂĀāĈ)+1*0%*#0+,āăćċĆĀ%((%+*
Dalam upaya merealisasikan RKAP 2018, Direksi **!û+.00++),(%/$+.'* ǫ1 #!0(*

telah menyelenggarakan Rapat Internal Direksi of 2018, Board of Directors hosted 37 meetings
sebanyak 37 kali dengan tingkat kehadiran rata- with an average attendance rate of the Board of
rata anggota Direksi sebesar 91,89 % yang artinya Directors members reaching 91.89%. This means
semua anggota Direksi nyaris selalu menghadiri that all members of the Board of Directors almost
rapat Direksi. Adapun alasan ketidakhadiran always attended meetings. Absence was mainly
Direksi dikarenakan adanya tugas Perusahaan due to conducting urgent and sudden out-of-
yang tidak diduga. Dibandingkan dengan tahun +þ! 10%!/ċ ƫ+),.! 0+ ĂĀāĈČ 0$! *1)!.
2017, jumlah rapat pada 2018 meningkat 27,59% of meetings in 2018 increased 27.59% from 29
dari 29 kali rapat menjadi 37 kali rapat. Tingkat meetings to 37 meetings. Its attendance rate is
kehadirannya turun 2,69% dari 94,58% menjadi down 2.69% from 94.58% to 91.89%.
91,89%.
Disamping hal tersebut Direksi juga menghadiri Besides this, the Board of Directors also
Rapat Dewan Komisaris yang mengundang attended the Board of Commissioners Meeting
Direksi sebanyak 12 kali dengan tingkat inviting the Board of Directors 12 times with the
kehadiran Direksi 88,89% artinya hampir semua attendance rate of 88.89%, meaning that almost
anggota Direksi hadir dalam rapat gabungan all members of the Board of Directors attended
dan adakalanya juga hadir dalam Rapat Internal joint meetings and sometimes also attended
Dewan Komisaris yang dalam tahun 2018 the Board of Commissioners Internal Meeting
diselenggarakan sebanyak 12 (dua belas) kali. which in 2018 was held 12 times. The absence of
Ketidakhadiran Dewan Komisaris dan Direksi the Board of Commissioners and the Board of
adakalanya disebabkan oleh tugas perusahaan Directors is sometimes caused by the sudden
di luar Kantor yang mendadak dan prioritasnya +.,+.0! 10%!/+10/% !+"0$!+þ!3%0$/1$
tidak bisa diwakilkan kepada anggota Direksi priorities that cannot be represented by any
tertentu. other members of the Board of Directors.
3.2. Kinerja Keuangan ANTAM 2018 3.2. ANTAM Financial Performance 2018
Dalam dua tahun pertama sejak dilarangnya ekspor *0$!ü./003+5!.//%*!0$!,.+$%%0%+*+".3+.!
bijih mentah persisnya sejak tangal 12 Januari 2014, exports precisely since January 12, 2014, the Company
Perusahaan membukukan kinerja keuangan yang ,+/0! *!#0%2! ü**%( ,!."+.)*! +" ,ĨĈĈĆĩ
negative sebesar minus Rp(775) miliar pada tahun %((%+* %* ĂĀāą * 0$!* "1.0$!. +3* /%#*%ü*0(5
2014 dan kemudian kerugian meningkat secara to minus Rp(1.441 billion) in 2015. In the course of
/%#*%ü'*)!*& %)%*1/,Ĩāċąąāĩ)%(%., 0$1* implementing strategic & hard work and various
2015. Dalam perjalanannya dengan menerapkan !û+.0/ %* .!0%*# +,,+.01*%0%!/ Ē 2.%+1/ %*%0%0%2!/
strategi & kerja keras serta berbagai upaya dalam //00! %*,+%*0āċĂ%*ĂĀāĈ0$!+),*5Ě/ü**%(
menciptakan peluang & berbagai inisatif sebagaimana ,!."+.)*!$/!#1*0+.!+2!.* ü*((5ƵƵ

diungkapkan dalam butir 1.2, pada tahun 2017 kinerja *++'*!0,.+ü0+",ĉĈąċąă%((%+*Č+.ąĀċĉĉŌ

keuangan perseroan sudah mulai pulih dan akhirnya greater than the revised target of the 2018 Company
ANTAM dapat membukukan laba bersih sebesar Work and Budget Plan amounting to Rp353.3 billion
Rp874,43 miliar, atau 40,88% lebih besar dari target in 2018. A very proud leap where ANTAM managed
revisi RKAP 2018 yang ditetapkan sebesar Rp620,73 to record sales of Rp25.24 trillion, greater than the
miliar pada tahun 2018. Suatu lompatan yang sangat .!2%/! 0.#!0 +" ,ĂăċĂĆ 0.%((%+*Č +,!.0%*# ,.+ü0
membanggakan. ANTAM juga berhasil membukukan of Rp1.85 trillion which was higher than the revised
penjualan sebesar Rp25,24 triliun yang lebih besar target of Rp1.80 trillion for 2018 and 2018 EBITDA
dari target revisi sebesar Rp23,25 triliun, laba usaha of Rp3.33 trillion greater than the revised target for
sebesar Rp1,85 triliun yang lebih tinggi dari target EBITDA which is Rp2.52 trillion.
revisi sebesar Rp1,80 triliun untuk tahun 2018 dan
EBITDA 2018 sebesar Rp3,33 triliun lebih besar dari
target revisi EBITDA sebesar Rp2,52 triliun.
Posisi keuangan ANTAM pada tahun 2018 sangat ƵƵ Ě/ü**%(,+/%0%+*%*ĂĀāĉ3/2!.5/0%/"5%*#

memuaskan dengan nilai kas dan setara kas pada akhir with the amount of cash and cash equivalents at the
periode sebesar Rp4,30 triliun lebih tinggi dari target end of the period amounting to Rp4.30 trillion, higher
revisi RKAP 2018 sebesar Rp3,27 triliun. Peningkatan than the revised target of the 2018 RKAP of Rp3.27
,.+ü0%(%0/5*# %,!.+(!$, 0$1*ĂĀāĉ!.'0 0.%((%+*ċ $! %*.!/! %* ,.+ü0%(%05 +0%*! %* ĂĀāĉ
berbagai upaya sebagaimana yang dijelaskan pada * ! 00.%10! 0+ 2.%+1/ !û+.0/ / !4,(%*!
berbagai terobosan yang dilakukan Perseroan in various breakthroughs made by the Company
0!.)/1' $/%( !ü/%!*/% ĂĀāĉ /!!/. ,ĂćČąĀ )%(%. %*(1 %*# 0$! .!/1(0/ +" ĂĀāĉ !þ%!*5 +" ,ĂćċąĀ
lebih tinggi 164% dari rencana sebesar Rp16,0 miliar. billion, 164% higher than the plan of Rp16.0 billion.
Di tengah kompleksitas dan gejolak ekonomi global, In the midst of global economic complexity, the Board
Dewan Komisaris menyampaikan apresiasi kepada of Commissioners expressed its appreciation to the
manajemen atas kinerja keuangan ANTAM yang )*#!)!*0 "+. ƵƵ Ě/ ü**%( ,!."+.)*!
cukup membanggakan sepanjang tahun 2018 yang which was quite encouraging throughout 2018 which
kini telah terukir menjadi sejarah capaian kinerja has now been engraved into the history of ANTAM’s
ANTAM yang solid. Hal ini antara lain tercermin dari /+(% ,!."+.)*! $%!2!)!*0/ċ $%/ %/ .!ý!0! Č
kenaikan outlook corporate credit rating S&P Global among other things, from the increase in ANTAM’s
ANTAM tahun 2018 dari rating B-/outlook stabil Global S&P 2018 corporate credit rating outlook from a
menjadi rating B-/outlook positif dan peningkatan B-/stable outlook rating to a B-/positive outlook rating
ratings !ü* + &1# )!*& % level idA-Stable dari * *%*.!/!%*!ü* +Ě/.0%*#/+"% Ƶġ0(!(!2!(
semula idBBB. Kedua capaian ini diperoleh seiring from idBBB, previously. All these achievements were
dengan outlook pertumbuhan positif kinerja produksi obtained in line with the positive growth outlook of
dan penjualan komoditas utama ANTAM serta ANTAM’s main commodity production and sales
,!*%*#'0* !ü/%!*/% 5*# !.1&1*# , /0%(*5 ,!."+.)*!/3!((/%*.!/! !þ%!*53$%$(!
level biaya tunai operasi ANTAM sepanjang periode to stable operating cash costs level throughout the
tahun 2018. period of 2018.
Dalam pasar modal kapitalisasi pasar ANTAM per In the capital market, ANTAM’s market capitalization
akhir tahun 2018 adalah sebesar Rp18,38 triliun, as of the end of 2018 is Rp18,38 trillion, with the
dengan harga saham rata-rata di BEI sepanjang tahun average stock price on the IDX throughout 2018 was
2018 adalah Rp812 per lembar saham, harga tertinggi Rp812 per share, the highest price was Rp995 and the
Rp995 dan terendah Rp595 per lembar saham. lowest is Rp595 per share.
Sebagaimana diketahui sesuai dengan accounting As is known in accordance with accounting treatment,
treatment, seluruh kinerja keuangan di Induk perusahaan (( ü**%( ,!."+.)*! %* 0$! ,.!*0 +),*5
merupakan konsolidasian daripada anak perusahaan. is consolidated from its subsidiaries. In general, all
Pada umumnya seluruh anak/cucu perusahaan masih company’s subsidiaries/sub-subsidiaries are still in
dalam tahap pertumbuhan positif sehingga secara the stage of positive growth so that they gradually
bertahap mencatat kinerja keuangan yang positif. .!+. ,+/%0%2! ü**%( ,!."+.)*!ċ 2!. ((Č
Secara keseluruhan, ANTAM akan tumbuh dan mulai ANTAM will grow and begin to enjoy the fruits of its
menikmati hasil jerih payahnya dari proyek-proyeknya !û+.0/".+)%0/,.+&!0/3$%$$2!!#1*0++,!.0!


yang mulai beroperasi komersial. ANTAM akan tumbuh commercially. ANTAM will grow and develop to be a
dan berkembang sehingga semakin familiar dan more familiar and respected in the eyes of the capital
dihormati dimata masyarakat pasar modal sehingga market community so that it is always be part of
selalu menjadi bagian dari LQ-45 dan merupakan bagian the LQ-45 and is part of the 30 index, which means
dari indeks 30 yang artinya saham ANTAM merupakan ANTAM’s shares are 30 stock groups that have the
30 Kelompok saham yang memiliki likuiditas tertinggi di highest liquidity on the Indonesia Stock Exchange
Bursa Efek Indonesia (BEI). (IDX).
3.3. Kinerja Operasional Direksi 3.3. The Board of Directors’ Performance in

Operation Aspects
3.3.1.Kinerja Kecelakaan Kerja (Safety) 3.3.1.Occupational Safety Performance

Perseroan memperlakukan SDM-nya sebagai The Company treats its human resources as
suatu aset utama (human capital) yang tak invaluable major asset. Therefore, safe and
ternilai harganya. Oleh karenanya lingkungan comfortable working environment, free from
kerja yang aman dan nyaman agar terhindar potential accident are absolute requirements
dari suatu hal yang berpotensi menimbulkan before hiring frontline human resources.
kecelakaan merupakan persyaratan mutlak Improvement of work environment equipped
sebelum SDM dipekerjakan di front kerjanya. with SOP and continuous monitoring systems
Dan perbaikan lingkungan kerja yang dilengkapi are constantly promoted by the Company. On
dengan SOP dan sistem pengawasan secara the other hand, the Board of Commissioners has
berkesinambungan terus dilakukan Perseroan. always encouraged the Board of Directors to
Disisi lain Dewan Komisaris selalu mendorong pursue the achievement of zero fatal accident.
Direksi untuk mengupayakan pencapaian target Even the slightest accidents should be avoided.
Zero fatal accident, dengan falsafah kecelakaan
sekecil apapun harus dihindari.
Concern Dewan Komisaris dalam masalah safety The Board of Commissioners’ concern in
ini diwujudkan dalam pola pikir dan pola perilaku this safety issue is embodied in the monthly
bahwa ANTAM memandang Kinerja produksi meetings that begin with a discussion of safety
tidak ada artinya jika terdapat SDM yang performance because ANTAM perceived that
mengalami kecelakaan. Perseroan menetapkan production performance means nothing if there
kinerja safety dan operasi produksi merupakan is human resources accident. The Company
dua sisi mata uang yang tidak terpisahkan satu believes that safety performance and production
sama lain. operations are two sides of a coin and are
inseparable from each other.
Statistik keselamatan kerja pada tahun 2018 Occupational safety statistics in 2018 show
memperlihatkan statistik kinerja safety untuk statistics on safety performance for ANTAM and
ANTAM dan anak/cucu perusahaannya yaitu the company’s subsidiaries, namely 1 person fatal
kecelakaan fatal 1 orang, kecelakaan berat 2 accident, 2 serious accidents and 3 (three) minor
orang dan kecelakaan ringan 3 (tiga) orang accidents, FR Frequency Rate (FR): 0.18, Saverity
dengan Frequency Rate (FR): 0,18, Saverity Rate Rate (SR): 187.11 and Safety Performance (SP):
(SR): 187,11 dan Safety Performance (SP): 112,34. 112.34.
Dewan Komisaris selalu Mendorong Direksi untuk mengupayakan pencapaian

target Zero Fatal Accident meskipun sekecil apapun tidak diinginkan.
ANTAM memandang Kinerja Produksi tidak ada artinya jika sampai
Sumber Daya Manusianya (SDM) mengalami Kecelakaan Kerja
dan meminta Direksi untuk menerapkan keamanan yang tinggi
The Board of Commissioners always encourages the Board of Directors to work towards achieving Zero Fatal
Accident targets even though small as undesirable. ANTAM sees production performance as meaningless
if its human resources have an accident and ask to apply high security

Dewan Komisaris mengingatkan Direksi untuk

menerapakan standar keselamatan yang tinggi The Board of Commissioners requests the Board
dan diawasi dengan sungguh-sungguh. Pada of Directors to apply a high standard of security
dasarnya terjadinya kecelakaan adalah suatu and to closely monitor the standard. Basically,
hal yang sangat menyakitkan sehingga Dewan accident is a very painful matter. Therefore, the
Komisaris mengingatkan Direksi, agar selalu Board of Commissioners reminds the Board of
waspada, konsisten terhadap penerapan sistem Directors to always be vigilant and consistently
yang sudah tertata, dan khususnya untuk applying the system that has been arranged, and
mensosialisasikan kesimpulan hasil investigasi in particular to pay attention to the conclusion
Inspektur Tambang dari Direktorat Jenderal of investigation conducted by Mining Inspector
Minerba (Mineral dan Batubara) Kementerian of the Directorate General of Mineral and Coal,
Energi Sumber Daya Mineral dalam hal analisa Ministry of Energy and Mineral Resources, in
faktor penyebab langsung adanya tindakan the case of direct causes, any unsafe acts,
tidak aman, kondisi tidak aman, penyebab unsafe conditions, fundamental causes include
dasar berupa kurangnya pengetahuan, faktor lack of knowledge, job factors such as lack
pekerjaan berupa kurangnya koordinasi antar of coordination between supervisors and
pengawas dan pelaksananya. Tindakan koreksi administrators. Corrective actions suggested
yang disarankan oleh Inspektur Tambang, harus by the Mining Inspector, should be followed-up
segera ditindak lanjuti agar kecelakaan pada immediately so that similar accidents in general,
umumnya apalagi yang sejenis tidak boleh should not be repeated.
terulang kembali.
Dalam hal lingkungan dan pengelolaan In terms of environment and mining safety
keselamatan Pertambangan, pada tanggal 23 management on May 23, 2018 ANTAM won
Mei 2018 ANTAM kembali meraih prestasi yang a proud achievement in the 2018 Mineral and
membanggakan dalam Ajang Penghargaan Coal Mining Management Achievement Award
Prestasi Pengelolaan Pertambangan Mineral presented directly by the Minister of Energy and
dan Batubara 2018 yang diserahkan langsung Mineral Resources of the Republic of Indonesia.
oleh Menteri Energi dan Sumber Daya Mineral
Republik Indonesia.
Dalam ajang tersebut, ANTAM meraih In the event, ANTAM won 11 awards in various
11 penghargaan dalam berbagai kategori yaitu categories, namely the Mining Environment
Kategori Pengelolaan Lingkungan Pertambangan Management Category and the Mining
dan Kategori Pengelolaan Keselamatan Safety Management Category. In the Mining
Pertambangan. Pada Kategori Pengelolaan Environment Management Category, the Gold
Lingkungan Pertambangan, Unit Bisnis Mining Business Unit received the Environmental
Pertambangan Emas memperoleh TROPHY Trophy, the leading category for the sound
LINGKUNGAN yang merupakan penghargaan management of environmental preservation for
tertinggi untuk kinerja Pengelolaan Lingkungan the Mining Operation Licenses Holder Company.
Pertambangan Disamping itu, ANTAM juga ANTAM was also awarded the “ADITAMA”
memperoleh penghargaan “ADITAMA” pada category in Mining Environmental Management
Kategori Pengelolaan Lingkungan Pertambangan Category through Gold Mining Business Unit and
Kelompok Izin Usaha Pertambangan melalui Unit ANTAM’s subsidiary PT Cibaliung Sumberdaya.
Bisnis Pertambangan Emas dan entitas anak In addition, ANTAM also received the “UTAMA”
ANTAM, PT Cibaliung Sumberdaya. Sedangkan category in Mining Environmental Management
untuk penghargaan “UTAMA” diperoleh oleh Unit Category for Southeast Sulawesi Nickel Mining
Bisnis Pertambangan Nikel Sulawesi Tenggara Business Unit and “PRATAMA” category for
dan penghargaan “PRATAMA” diperoleh melalui Bauxite Mining Business Unit.
Unit Bisnis Pertambangan Bauksit.


Di Tahun 2018, ANTAM mendapatkan Penghargaan Safety Award ESDM:

4 (empat) Penghargaan UTAMA, 3 (tiga) Penghargaan PRATAMA
In 2018 ANTAM received the Ministry of Energy and Mineral Resources (MEMR) Safety Award:
4 (four) UTAMA Awards, 3 (three) PRATAMA Awards
Pada kategori pengelolaan keselamatan In the category of mining safety management

pertambangan kelompok perusahaan for mining companies holding Mining Business
pertambangan pemegang Izin Usaha !.)%0/Ĩ ĩ* .+!//%*#* +.1.%ü0%+*
Pertambangan (IUP) dan IUP Operasi Khusus Special Operations IUPs, ANTAM won 4
Pengolahan dan atau Pemurnian, ANTAM (four) Utama awards through the Southeast
meraih 4 (empat) penghargaan UTAMA, Sulawesi Nickel Mining Business Unit, North
yakni melalui Unit Bisnis Pertambangan Nikel Maluku Nickel Mining Business Unit, Mining
Sulawesi Tenggara, Unit Bisnis Pertambangan Business Unit Bauxite and Logam Mulia’s
Nikel Maluku Utara, Unit Bisnis Pertambangan .+!//%*# * !ü*%*# ǫ1/%*!// *%0 3+*
Bauksit dan Unit Bisnis Pengolahan dan the UTAMA award. Meanwhile the 3 (three)
Pemurnian Logam Mulia meraih penghargaan PRATAMA award category was obtained by
UTAMA Sedangkan kategori penghargaan Gold Mining Business Unit, ANTAM’s subsidiary,
3 (tiga) PRATAMA diperoleh oleh Unit Bisnis PT Cibaliung Sumberdaya and PT Indonesia
Pertambangan Emas, anak Perusahaan ANTAM, Chemical Alumina.
PT Cibaliung Sumberdaya serta PT Indonesia
Chemical Alumina.
3.3.2.Kinerja Lingkungan dan PROPER HIJAU 3.3.2.Environmental Performance and GREEN

PROPER
Terkait dengan implementasi praktek Related to the implementation of good mining
penambangan yang baik pada tahun 2018, practices, in 2018 ANTAM reiterated that the
ANTAM kembali menyatakan komitmennya company supported government policies that
akan melaksanakan kegiatan pertambangan encouraged the implementation of the mining
dengan tetap mematuhi regulasi pertambangan activities following the regulations of mining
dan pengelolaan lingkungan menuju kepada and environmental management which lead
praktek penambangan yang baik (Good Mining to Good Mining Practice. Compliance to this
Practice). Pemenuhan regulasi tersebut terkait regulation is related to ANTAM journey towards
dengan perjalanan ANTAM untuk menjadi Good Good Corporate Citizen as well as a model
Corporate Citizen sekaligus sebagai model company that has good sustainability record,
untuk menjadi perusahaan yang keberlanjutan, maintained corporate, social and environmental
menjaga tanggung jawab korporasi (CSR), sosial responsibilities.
dan lingkungan.
ANTAM sebagai perusahaan pertambangan yang ANTAM is a mining company that meets all
sepenuhnya mematuhi seluruh persyaratan yang 0$! .!-1%.!)!*0/ /,!%ü! 5 0$! *0%+*(
ditentukan oleh regulasi nasional, sebaliknya regulatory regime. Illegal miners are miners that
penambang illegal adalah penambangan yang do not have a mining business permit that have
tidak memiliki ijin usaha pertambangan dan never concerned with Good Mining Practices,
biasa disebut PETI yang sama sekali tidak thus they are damaging the environment,
pernah peduli dengan praktik penambangan face a high risk of fatal accidents and do not
yang baik (Good Mining Practices), sehingga .! +10 %*!þ%!*5 !1/! 0$!5 + *+0
merusak lingkungan, menghadapi risiko tinggi care about conservation of mineral resources.
akan terjadinya kecelakaan serta tidak perduli ANTAM is a company that has serious concerns
!*#* +,!./% 5*# 0% ' !ü/%!* '.!* 0% ' about the environment. The Company does not
perduli akan konservasi sumber daya minerals reduce its environmental improvement budget,
ANTAM sebagai perusahaan yang sangat even though the Company strives to improve
concern terhadap lingkungan, sama sekali tidak

menurunkan anggaran perbaikan lingkungan, !þ%!*5%*((/!0+./* 0$!ƫ+),*5"!

sekalipun Perseroan berupaya untuk melakukan a decrease in its primary commodity prices in
!ü/%!*/% %/!#( % *# %/0 !./!.+* 2104-2015. The Company remains consistent
menghadapi tantangan eksternal berupa to achieve the target of Program One Billion
penurunan berbagai harga komoditas. Perseroan Indonesian Trees (OBIT) and the realization of
tetap konsisten untuk mencapai target Program planting trees in 2018 reached 139,78% compared
One Billion Indonesian Trees (OBIT) sehingga to target, or equal to 1,006,125 trees compared
realisasi penanaman pohon pada tahun 2018 with a target of planting 719,813 trees.
mencapai 139,78% terhadap target atau setara
dengan 1.006.125 pohon dibandingkan dengan
target penanaman pohon sebanyak 719.813
pohon.
Dalam tahun 2018, Dewan Komisaris Merasa Bangga bahwa Unit Business ANTAM
meraih 3 (tiga) PROPER HIJAU dan 3 (tiga) PROPER BIRU, Untuk tahun mendatang
diharapkan ada Unit Business ANTAM lagi yang mendapatkan PROPER EMAS
In 2018, the Board of Commissioners is proud that ANTAM Business Unit receives
3 (Three) GREEN PROPER and 3 (Three) BLUE PROPER Rating.
For the coming year it is expected to have ANTAM Business Unit getting GOLD PROPER Rating
Terkait dengan penilaian PROPER Tahun 2018 Related to the PROPER assessment in 2018
ANTAM dengan bangga mengumumkan bahwa ANTAM is pleased to announce that the
Perusahaan telah meraih 3 (tiga) peringkat Hijau Company has achieved 3 (three) GREEN PROPER
dan 3 (tiga) peringkat Biru dalam Penghargaan ratings and 3 (three) BLUE PROPER Awards for
PROPER periode tahun 2017-2018 atas kinerja the period 2017-2018 for good environmental
pengelolaan lingkungan yang baik oleh unit management performance by business units and
bisnis dan entitas anak. Penghargaan diberikan subsidiaries. The award was given by the Minister
oleh Menteri Lingkungan Hidup dan Kehutanan, of Environment and Forestry, Ms. Siti Nurbaya on
Ibu Siti Nurbaya pada tanggal 27 Desember December 27, 2018 in Jakarta. This year GREEN
2018 di Jakarta. Pada tahun ini PROPER Hijau PROPER was obtained by the Gold Mining
diperoleh Unit Bisnis Pertambangan Emas, Business Unit, the Precious Metals Processing
Unit Bisnis Pengolahan dan Pemurnian Logam * !ü*!.5 ǫ1/%*!// * 0$! ǫ14%0! %*%*#
Mulia dan Unit Bisnis Pertambangan Bauksit. Business Unit. ANTAM’s Business Units winning
Unit Bisnis ANTAM peraih PROPER Hijau ini Green PROPER are 3 (three) of the 155 State
merupakan 3 (tiga) dari 155 perusahaan BUMN Owned Enterprises and private companies that
dan Swasta yang meraih peringkat PROPER won GREEN PROPER ratings in Indonesia in
HIJAU di Indonesia pada tahun 2018. 2018.
PROPER Hijau memiliki makna bahwa perusahaan Green PROPER means that the company has
telah melakukan pengelolaan lingkungan hidup carried out environmental management in excess
melebihi dari yang dipersyaratkan oleh peraturan of what is required by legislation. This means
perundangan. Artinya selain mematuhi ketentuan that in addition to complying with environmental
izin lingkungan dan Analisis Mengenai Dampak permits and Environmental Impact Analysis
Lingkungan (AMDAL) perusahaan juga telah Ĩ ƵĩČ 0$! +),*5 $/ (/+ ) ! !û+.0/
melakukan upaya penghematan penggunaan 0+ /2! +* 30!. * !*!.#5 1/!Č !û+.0/ 0+
air dan energi, upaya penurunan beban reduce pollutant load, reduce emissions, protect
pencemar, pengurangan emisi, perlindungan biodiversity, conduct community development
keanekaragaman hayati, melakukan program programs and contribute to supporting
pengembangan masyarakat serta berkontribusi sustainable development.
dalam mendukung pembangunan berkelanjutan.


Sedangkan PROPER BIRU diraih oleh Unit Whereas BIRU PROPER was achieved by the
Bisnis Pertambangan Nikel Sulawesi Tenggara, Southeast Sulawesi Nickel Mining Business Unit,
Unit Bisnis Pertambangan Nikel Maluku Utara North Maluku Nickel Mining Business Unit and
dan Entitas Anak Perusahaan, PT Cibaliung Subsidiary Entity, PT Cibaliung Sumberdaya.
Sumberdaya. PROPER BIRU memiliki makna BIRU PROPER means that the company has
bahwa perusahaan telah melakukan pengelolaan carried out environmental management in
lingkungan sesuai dengan peraturan yang telah accordance with current regulations.
ditentukan.
PROPER merupakan program unggulan %/0$!ý#/$%,,.+#.)+"0$! %*%/0.5

Kementerian Lingkungan Hidup dan Kehutanan of Environment and Forestry in the form
yang berupa kegiatan pengawasan dan of supervision activities and the provision
pemberian insentif dan atau disinsentif of incentives and or disincentives to those
kepada penanggung jawab usaha dan atau responsible for businesses and or activities. The
kegiatan. Pemberian penghargaan PROPER PROPER award aims to encourage companies to
bertujuan mendorong perusahaan untuk taat adhere to environmental regulations and achieve
terhadap peraturan lingkungan hidup dan environmental excellence through integration
mencapai keunggulan pengelolaan lingkungan of the principles of sustainable development
(environmental excellence) melalui integrasi in the production and service processes,
prinsip-prinsip pembangunan berkelanjutan implementation of environmental management
dalam proses produksi dan jasa, penerapan /5/0!)/Č!*!.#5!þ%!*5Č.!/+1.!+*/!.20%+*
/%/0!) )*&!)!* (%*#'1*#*Č !ü/%!*/% !*!.#%Č and ethical business conduct and responsible for
konservasi sumberdaya dan pelaksanaan bisnis the community through community development
yang beretika serta bertanggung jawab terhadap programs.
masyarakat melalui program pengembangan
masyarakat.
Dibandingkan dengan tahun 2017 UBPE Pongkor Compared to 2017, Pongkor UBPE has had a
mengalami penurunan, dimana pada tahun 2017 downturn, where in 2017 it has gotten PROPER
sudah memperoleh PROPER EMAS dan pada GOLD and in 2018 only GREEN PROPER. This
tahun 2018 hanya PROPER HIJAU. Penurunan ini downturn is more due to competition with other
lebih disebabkan persaingan dengan perusahaan companies that are getting tighter seeing at
lain yang semakin tajam karena melihat score the relatively stable rating score of Gold Mining
penilaian terhadap kinerja lingkungan UBPE Business Unit.
Pongkor relatif stabil.
3.4. Perubahan Pola Pikir dan Pola Tindak untuk 3.4. Changes in Mindset and Action for Elevating
Meningkatan Kinerja Keuangan Financial Performance
3.4.1.Memperluas dan Meningkatakan 3.4.1.Opportunities to Expand and Improve

“Gold Trading ANTAM” “ANTAM Gold Trading”
Berbagai upaya dilakukan ANTAM dalam tahun .%+1/!û+.0/3!.!) !5ƵƵ %*ĂĀāĉ0+
2018 untuk mencapai keberhasilan dimasa depan, achieve success in the future, not only in nickel
tidak saja dalam komoditas nikel tetapi juga commodities but also for other commodities,
untuk komoditas lainnya, seperti trading emas such as gold trading including increasing
termasuk meningkatkan kegiatan eksplorasi, exploration activities, to obtain “New Discovery”
untuk mendapatkan “New Discovery” tambahan in already limited additional reserves, as cheap
cadangan yang sudah terbatas sebagai bahan raw materials to develop ANTAM Gold Trading.
baku murah untuk mengembangkan “Gold ANTAM’s dependence on nickel commodities is
Trading” ANTAM. Ketergantungan revenue certainly risky, given the more volatile price of
ANTAM terutama pada komoditas nikel tentu nickel compared to the relatively stable price of
mengandung risiko, mengingat harga nikel yang gold.
(!%$ ý1'010%" %* %*#'* $.# !)/ 5*#
relatif stabil.

Belajar dari pembukaan 15 (lima belas) gerai !.*%*# ".+) 0$! +,!*%*# +" āĆ Ĩü"0!!*ĩ
butik penjualan emas di seluruh Indonesia boutique outlets for gold sales throughout
dirasakan masih belum mengcover pembeli Indonesia, it is felt that they still have not
yang berada jauh diluar kota-kota besar, dimana covered buyers outside the big cities, where the
gerai butik berada. Perlu melebar “menjemput” boutique outlets are located. It is necessary to
pembeli masyarakat yang berada jauh lokasi reach out potential buyers who live in the rural
gerai butik ANTAM selama ini. Sehubungan area far away from ANTAM’s boutique outlets.
dengan hal tersebut di atas dan seiring dengan In connection with the above and in line with
tema sinergi BUMN “Hadir untuk Negeri”, the theme of the synergy of SOEs and Present
PT ANTAM Tbk anggota holding BUMN to the Country, PT ANTAM Tbk a member of the
PT INALUM (Persero) dan BUMN PT Pos Indonesia state-owned holding PT INALUM (Persero) and
(Persero) melanjutkan kerjasama strategis dalam BUMN PT Pos Indonesia (Persero) continued the
penjualan emas pada tanggal 17 Juli 2018, Kedua strategic collaboration in gold sales on July 17,
Perusahaan memperluas jangkauan penjualan 2018, Both Companies expanding sales range to
menjadi 205 Kantor Pos Pemeriksa di Indonesia. ĂĀĆ4)%*%*#+/0þ!/%* * +*!/%ċ
Seperti diketahui bersama kerja sama ini This cooperation is done to facilitate the public to
dilakukan untuk mempermudah masyarakat 15ƵƵ #+( %*((,+/0+þ!/%* * +*!/%
membeli emas ANTAM di seluruh Kantor Pos di and as a means of leveraging the business of
Indonesia dan sebagai sarana me-leverage bisnis each state-owned enterprise. For ANTAM, this
masing-masing BUMN. Bagi ANTAM, dengan cooperation makes network marketing of gold
adanya kerjasama ini jaringan pemasaran produk products increasingly widespread and creates
emas semakin luas dan menjadi salah satu bentuk an improvement of service to consumer. As for
peningkatan pelayanan kepada konsumen. Pos Indonesia, this partnership is to increase
Sedangkan bagi Pos Indonesia kerjasama revenue through new service business with
ini meningkatkan pendapatan melalui bisnis the market segment of walk-in customers,
layanan baru dengan segmen pasar pelanggan creating a positive image that Pos Indonesia
yang datang ke Kantor Pos (walk-in customer), is able to handle the shipment of goods with
membentuk citra positif bahwa Pos Indonesia the category of valuable goods, increasing the
telah mampu menangani kiriman barang dengan competitiveness of companies with competitors,
kategori valuable goods, meningkatkan daya as well as educate people to invest or save by
saing perusahaan dengan kompetitor, serta turut buying gold for the future.
mengedukasi masyarakat untuk berinvestasi
atau menabung dengan membeli emas untuk
masa depan.
Melalui Sinergi BUMN dan Hadir Untuk Negeri”, ANTAM dan PT Pos Indonesia (Persero)
melanjutkan kerja sama & memperluas Gerai penjualan Emas dari 15 Gerai Butik
Emas ANTAM yang berada di Kota-Kota Besar ke Jaringan 205 Kantor Pos
Indonesia (Persero) yang tersebar di seluruh Pelosok Indonesia
& menyentuh semua lapisan Masyarakat
Through State-Owned Enterprise Synergy, ANTAM and PT Pos Indonesia (Persero) are working together to
!4,* 0$!+( /(!/+10(!0".+)āĆĨü"0!!*ĩƵƵ +( ǫ+10%-1!3$%$%/(+0! %* &+.ƫ%0%!/0+0$!
205 Pos Indonesia (Persero) network throughout Indonesia
Kerja sama dengan Pos Indonesia ini diharapkan The cooperation with Pos Indonesia is expected
akan mendukung kinerja bisnis emas Perseroan to support the Company’s gold business
melalui jaringan distribusi produk yang lebih kuat performance through a stronger product
akan semakin mengokokohkan ANTAM sebagai distribution network which will further strengthen
/01ġ/01*5,.+ 1/!*!)/!./!.0%ü'0ǫ Ƶ ANTAM as the only LBMA (London Bullion Market
(London Bullion Market Association) yang Ƶ//+%0%+*ĩ!.0%ü! #+( ,.+ 1!.0$0!*/1.!/
menjamin kepastian berat dan kemurnian emas. certainty in weight and purity of gold.


Sebanyak 205 Kantor Pos diseluruh Indonesia ĂĀĆ+/0þ!/0$.+1#$+10 * +*!/%.!,.0

merupakan bagian dari perjanjian kerja sama of the ANTAM and Pos Indonesia cooperation
ANTAM dan Pos Indonesia. Pelanggan sudah agreement. Customers have been able to order
dapat memesan emas LM mulai 0,5 gram LM gold from 0.5 grams of the smallest to 50
yang terkecil sampai dengan 50 gram di 205 #.)/ 0 ĂĀĆ +/0 þ!/ /%*! !,0!)!.
Kantor Pos tersebut sejak tanggal 11 September 11, 2017, so that it has touched low-income
2017, sehingga sudah menyentuh masyarakat communities, as buyers so that their orientation
berpenghasilan rendah, sebagai pembeli changes from consumptive to future investments.
(customer) sehingga orientasinya berubah dari
konsumtif ke investasi masa depan.
Disamping kerjasama penjualan dengan Kantor In addition to sales cooperation with Post
Pos di seluruh Indonesia mulai tanggal 14 þ!/ 0$.+1#$+10 * +*!/% /0.0%*#
September 2018 ANTAM melalui Unit Bisnis September 14, 2018 ANTAM through the
Pengolahan dan Pemurnian Logam Mulia .!%+1/ !0(/ .+!//%*# * !ü*%*#
(UBPP LM) melakukan kerjasama dengan Business Unit cooperated with PT Bank Jabar
PT Bank Jabar Banten Syariah (Bank BJB Syariah) Banten Syariah (BJB Syariah Bank) on ANTAM-
berkaitan dengan penjualan emas ANTAM- LM’s gold sales. For ANTAM this cooperation is
LM. Bagi ANTAM kerja sama ini merupakan hal a strategic matter and is expected to be able to
strategis dan diharapkan mampu mendukung support and expand the distribution of ANTAM-
dan memperluas distribusi penjualan emas LM’s gold sales through the BJB Syariah Bank
ANTAM-LM melalui jaringan Bank BJB Syariah network, especially in West Java, Banten and DKI
terutama di wilayah Jawa Barat, Banten dan Jakarta. This collaboration encouraged ANTAM
DKI Jakarta. Kerjasama ini mendorong ANTAM to increase sales/trading of gold by 27,895 kg
meningkatkan penjualan/trading emas sebesar of gold in 2018 and to 31,305 in the 2019 RKAP,
27.895 kg emas pada tahun 2018 dan menjadi a number that had never been imagined before.
31.305 pada RKAP 2019, suatu angka yang belum
pernah terbayangkan sebelumnya.
3.4.2.ANTAM Melanjutkan Ekspor Bijih Nikel Kadar 3.4.2.Export Sales of Low Grade Nickel Ore and
Rendah dan Bauksit Bauxite
Sebagai tindak lanjut dari kebijakan “relaksasi” As a follow up to the Government’s “relaxation”
Pemerintah, mulai 30 Mei 2017 ANTAM memulai policy, starting May 30, 2017 ANTAM began the
penjualan perdana bijih nikel kadar rendah initial sale of low grade nickel ore (1.7% Ni) to the
(1,7% Ni) ke pasar ekspor seiring dengan telah export market along with the recommendation
didapatkannya rekomendasi ekspor bijih of mineral ore exports from the Ministry of
mineral dari Kementerian Energi dan Sumber Energy and Mineral Resources. As is known in
Daya Mineral. Sebagaimana diketahui dalam the ferronickel processing nickel ore is 1.80%, by
pengolahan Feronikel diperlukan bijih nikel opening layers of low grade nickel ore (content
kadar nikel 1,80%, dengan membuka lapisan atas of 1.70% Ni) which so far has only been set aside
bijih nikel kadar rendah (Kadar 1,70% Ni) yang because it is not permitted to be exported. Of
selama ini hanya disisihkan karena tidak diijinkan course, with this “relaxation” policy all nickel ore
diekspor. Tentu saja dengan kebijakan “relaksasi” can be used as a source of state income besides
ini semua bijih nikel dapat dimanfaatkan sebagai (/+ / ,.0 +" !û+.0/ 0+ +*/!.2! * +*!/%Ě/
sumber penghasilan negara. natural resources.
Sebagai langkah awal, ANTAM telah mengekspor Ƶ/ ü./0 /0!,Č ƵƵ $/ !4,+.0! (+3 #. !
bijih nikel kadar rendah ke Tiongkok dan telah nickel ore to China and has obtained export
mendapatkan izin ekspor sebesar 3,9 juta wmt licenses of 3.9 million wmt of nickel ore and
bijih nikel dan 840.000 wmt bauksit tercuci 840,000 wmt of bauxite was washed in
sesuai dengan kapasitas smelter di Unit Bisnis accordance with the capacity of smelters in the
Pertambangan Nikel Sultra dan P3FH, smelter Southeast Sulawesi Nickel and P3FH Mining
di Halmahera Timur dan Pabrik Chemical Grade Business Unit, smelter in East Halmahera and
Alumina (CGA). Sebagaimana diketahui ekspor Chemical Plant Grade Alumina (CGA). As we
bijih nikel dan bijih bauksit oleh ANTAM akan know, ANTAM’s export of nickel ore and bauxite

mendukung kebijakan hilirisasi mineral yang ore will support the mineral downstreaming
telah dilakukan ANTAM sejak tahun 1974, sejalan policy that has been carried out since 1974, in line
dengan pengoperasian pabrik Feronikel FeNi I. with the operation of the FeNi I Ferronickel plant.
Saat ini ANTAM sudah memiliki beragam fasilitas ANTAM currently has a variety of nickel, gold,
pengolahan mineral baik nikel, emas, perak silver and bauxite mineral processing facilities.
maupun bauksit. Selama empat dekade ANTAM For four decades ANTAM has always sought to
senantiasa berupaya meningkatkan nilai tambah increase the added value of minerals it has in line
mineral yang dimiliki sejalan dengan kebijakan with the Government’s downstream policy. Ore
hilirisasi Pemerintah. Kesempatan ekspor bijih export opportunities will also have a positive
juga akan berdampak positif pada income negara impact on state income in the form of income,
berupa pendapatan, pajak penghasilan, bea income tax, export duties, and employment
keluar, serta kesempatan kerja yang berkaitan opportunities related to the utilization of
dengan pemanfaatan bijih kadar rendah yang low-grade ores that cannot be consumed
belum dapat dikonsumsi di dalam negeri secara domestically optimally.
optimal.
Dalam hal kebijakan hilirisasi dalam tahun 2018 In terms of the downstream policy in 2018
secara intensif, ANTAM terlibat dalam Proyek intensively, ANTAM was involved in the
Pembangunan Pabrik Feronikel Halmahera East Halmahera Ferronickel Plant (P3FH)
Timur (P3FH), P3LA (Proyek Pembangunan Construction Project, P3LA (ANTAM Power Plant
Pembangkit Listrik ANTAM (P3LA) dan Proyek Development Project (P3LA) and Supporting
Pembangunan Fasilitas Infrastruktur Pendukung Infrastructure Facility Development Project
(P2IFP) yang pada bulan September 2019 (P2IFP) which in September 2019 will entered
ini akan memasuki produksi komersial. P3FH commercial production, P3FH has a production
memiliki kapasitas produksi feronikel 13.500 capacity of 13,500 tons of nickel in ferronickel
ton nikel dalam feronikel (TNi) per tahun yang (TNi) per year which is equivalent to processing
setara dengan pengolahan bijih nikel sebanyak 1,215 million Wmt of nickel ore. P3FH will support
1.215 Juta Wmt. P3FH akan mendukung total ANTAM’s annual total ferronickel production
kapasitas produksi feronikel tahunan ANTAM capacity to 40,500-43,500 TNi. This period of
menjadi 40.500-43.500 TNi. Periode “relaksasi” ė.!(40%+*Ę %/ ,(**! "+. ,!.%+ +" Ć Ĩü2!ĩ
ini direncanakan untuk periode 5 (lima) tahun years until January 2022.
sampai dengan Januari 2022.
Untuk komoditas Bauksit, ANTAM masih ANTAM’s bauxite commodity is still focused
berfokus pada rencana pembangunan pabrik on the plan to build a Smelter Grade Alumina
)!(0!. . ! Ƶ(1)%* !ü*!.5 ĨƵĩ 5*# !ü*!.5 ĨƵĩ "0+.5 %* +((+.0%+*
bekerjasama dengan PT INALUM (Persero). with PT INALUM (Persero). The SGAR plant is
Pabrik SGAR rencananya berkapasitas 1 juta ton planned to have a capacity of 1 million tons of
SGA per tahun untuk tahap pertama. Melalui Ƶ ,!. 5!. "+. 0$! ü./0 ,$/!ċ $.+1#$ 0$!
pengoperasian SGAR, ANTAM dan INALUM operation of SGAR, ANTAM and INALUM can
dapat mengolah cadangan bauksit ANTAM yang process ANTAM’s existing bauxite reserves
ada sehingga INALUM akan memperoleh pasokan so that INALUM will obtain domestic alumina-
alumina-bahan baku aluminium dari dalam negeri aluminum raw material supplies thereby
sehingga mengurangi ketergantungan terhadap reducing dependence on alumina imports. With
impor alumina. Dengan realisasi ekspor bijih the realization of exports of low grade nickel ore
nikel kadar rendah sebesar 3.950.330 Wmt dan of 3,950,330 Wmt and 920,031 Wmt of bauxite
920,031 Wmt bijih bauksit tercuci pada tahun ore washed out in 2018, this opportunity will be
2018, maka kesempatan ini akan merupakan an opportunity for ANTAM to obtain Capex in
peluang bagi ANTAM untuk memperoleh Capex order to accelerate the downstream program in
dalam rangka mengakselerasi program hilirisasi line with Indonesian Government Policy.
sejalan dengan Kebijakan Pemerintah Indonesia.


ăċĆċ ,5ü/%!*/%5*#ǫ!.'!/%*)1*#* ăċĆċ û+.0/+*1/0%*%(%05þ%!*5%*0$!

Dijajaran Perusahaan Company
ăċĆċāċü/%!*/%,!./% *,5,0%)(%//%Cost ăċĆċāċ,!.0%+* þ%!*5 * ƫ+/0 ,0%)%60%+*

û+.0/
.+#.) ü/%!*/% % /!0%, &&.* ƵƵ $!þ%!*5.+#.)%*((ƵƵ Ě/.*'/%/*
merupakan inisiatif yang terus didorong Dewan initiative that continues to be encouraged by the
Komisaris sebagai upaya untuk meningkatkan ǫ+. +"ƫ+))%//%+*!.//*!û+.00+%*.!/!
daya saing. Dalam Bisnis Industri Feronikel, competitiveness. In the Ferronickel Industry
setiap Pabrikan Feronikel hanya dapat survive Business, every Ferronickel Manufacturer
sepanjang biaya tunainya berada dalam can only survive as long as its cash costs are
kelompok biaya tunai yang terendah. ANTAM in the lowest cash cost group. ANTAM as a
sebagai pabrikan harus mengendalikan biaya manufacturer must control the lowest possible
tunai (cash cost) serendah mungkin karena pada cash cost because ANTAM, whose production
hakekatnya ANTAM yang produksinya masih is still limited, cannot control the selling price of
terbatas, tidak dapat mengendalikan harga jual Ferronickel. However, the company fully believes
Feronikel. Namun perseroan meyakini sepenuhya that the Company can control cash costs in the
jika Perseroan dapat mengendalikan biaya tunai lowest group so ANTAM’s ferronickel products
berada dalam kelompok terendah sehingga still provide margins even though they eroded
produk feronikel ANTAM masih memberikan from time to time along with the decline in world
margin meskipun tergerus dari waktu ke waktu nickel selling prices, which means it still allows
seiring dengan penurunan harga jual nikel survival. Regarding the theme “Shifting Paradigm
dunia, yang artinya masih memungkinkan to Overcome Challenges and Achievement
tetap survive. Berkaitan dengan tema “Dengan +(/ĘČ0$!!û+.0/) !.!0+)'!)4%)1)
Melakukan Perubahan Pola Pikir & Pola Tindak !þ%!*5 * %* (( ü!( / / ,.0 +" !û+.0/ 0+
Dalam Mengatasi Tantangan & Mencapai Tujuan” improve competitiveness.
(“Shifting Paradigm to Overcome Challenges and
Achieving Goals)” maka upaya yang dilakukan
($)!('1'*!ü/%!*/%/!)'/%)()1*#'%*
dan di segala bidang sebagai bagian dari upaya
meningkatkan daya saing.
Pada butir 2.7 Mekanisme Pengawasan dan In point 2.7, Supervisory and Advisory
Penasihatan Dewan Komisaris telah dijelaskan Mechanism of the Board of Commissioners, it
bahwa dalam Rapat Gabungan tahun 2018 has been explained that at the Joint Meeting
selalu ada agenda rapat Laporan Rutin of 2018 there is always a meeting agenda for
Kinerja Manajemen dan pada agenda ini selalu the Routine Management Performance Report
%(,+.'* ,5 ü/%!*/% 5*# %('1'* * +* 0$%/ #!* (35/ .!,+.0! þ%!*5
disetiap Direktorat khususnya Direktorat Operasi. û+.0/..%! +10%*!$%.!0+.0!!/,!%((5
),(%'/% .% '!!.$/%(* !ü/%!*/% %*% '* the Operations Directorate. The implication of
terlihat cash cost/biaya tunai produk perseroan 0$! /1!// +" 0$%/ !þ%!*5 3%(( ! /!!* 0$0
(Feronikel, Emas) akan turun yang artinya the cash cost/cash costs of the company’s
juga meningkatkan margin perusahaan. Dalam products (Ferronickel, Gold) will decrease, which
perilaku dimana harga jual Feronikel dan Emas also means increasing the company’s margin. In
5*# !.ý1'01/%Č 1,5 )!*%*#'0'* 5 0$!+* %0%+*%*3$%$ý1010%*#/!((%*#,.%!/
saing perseroan merupakan tantangan yang +"!..+*%'!(* +( Č0$!!û+.00+%),.+2!0$!
hanya dapat diatasi dengan perubahan pola pikir company’s competitiveness are challenging that
dan pola tindak serta bagian dari kebijakan dasar can only be overcome by changes in mindset
perseroan yang harus diterapkan. and action as well as part of the company’s basic
policies that must be applied.

Setiap Tahun Dewan Komisaris mendorong ANTAM untuk melakukan

.+#.)ü/%!*/%)!*1&1,!*%*#'0*5%*#Č/!&(* !*#*0!)!.1$*
Pola Pikir & Pola Tindak dalam Mengatasi Tantangan & Mencapai Tujuan (Shifting
Paradigm to Overcome Challenges and Achieving Goals). Dalam tahun 2018,
!(%//%!ü/%!*/% %*%0%/*%/ƵƵ ĂĀāĉ/!!/.,ĂćČąĀ)%(%.01āćąŌ
%* %*#'* !*#*0.#!0!ü/%!*/%/!!/.,āćČĀą)%(%.
2!.55!.Č0$!ǫ+. +"ƫ+))%//%+*!./!*+1.#!/ƵƵ 0+ +0$!þ%!*5.+#.)0+3. /%*.!/%*#
Competitiveness, in line with the theme of Shifting Paradigm to Overcome Challenge and Achieving Goals.
*ĂĀāĉČ0$!.!(%60%+*+"!þ%!*5%*0$!ĂĀāĉƵƵ 1/%*!//1*%0)+1*0! 0+,ĂćċąĀ%((%+*+.āćąŌ
+),.! 0+0$!!þ%!*50.#!0+",āćċĀą%((%+*
() 0$1* ĂĀāĉČ .!(%//% !ü/%!*/% % 1*%0 *ĂĀāĉČ0$!.!(%60%+*+"!þ%!*5%*ƵƵ Ě/

bisnis ANTAM 2017 sebesar Rp26,40 miliar atau 2017 business unit amounted to Rp26.40 billion
āćąČćŌ %* %*#'* !*#* .!** !ü/%!*/% +. āćąċćŌ +),.! 0+ 0$! !þ%!*5 ,(* +"
sebesar Rp16,04 miliar. Jika dibandingkan tahun Rp16.04 billion. Compared to 2017, it was only
ĂĀāĈ)!)*#$*5ăĉČĂŌ .%.!(%//%!ü/%!*/% ăĉċĂŌ +" 0$! .!(%60%+* +" !þ%!*5 %* 0$!
di Unit Bisnis ANTAM tahun 2017 yang besarnya ANTAM 2017 Business Unit which amounted to
,ćĊČāā )%(%. )!/'%,1* 1,5 !ü/%!*/% /1 $ ,ćĊċāā%((%+*!2!*0$+1#$!þ%!*5!û+.0/$
maksimal dilakukan. been carried out maximally.
3.5.2.Cash Cost Feronikel 2018 Sangat Kompetitif 3.5.2.Very competitive Ferronickel Cash Cost in 2018
Berdasarkan data statistik Kitco Gold sepanjang Based on Kitco Gold statistical data throughout
tahun 2018 harga nikel bergerak dari harga 2018 nickel prices move from the lowest of
nikel terendah USD4,81/pound dan harga USD4.81/pound and the highest of USD7.11/
nikel tertinggi USD7,11/pound jauh lebih baik pound is much better than in 2017 where the
dari tahun 2017 dimana harga nikel terendah nickel price was as low as USD3.76/pound and
USD3,76/pound dan tertinggi USD5,26/pound the highest was USD5.26/pound or increase in
atau meningkat dikisaran 28% untuk yang the range of 28% for the lowest and increase in
terendah dan meningkat dikisaran 35% untuk the range of 35% for the highest.
yang tertinggi.
Pada akhir tahun 2018 terjadi penurunan harga At the end of 2018 the price of nickel dropped
nikel sampai dengan USD4,80/pound namun to USD4.80/pound but until the end of January
sampai dengan akhir Januari 2019 merangkak naik 2019 it climbed again to USD5.90/pound. In
lagi ke USD5,90/pound. Dalam mengantisipasi increasing ANTAM’s competitiveness with all
daya saing ANTAM, dengan segala upaya pada %0/ !û+.0/ %* ĂĀāĉ %0 /1!! ! %* ,.+ 1%*#
tahun 2018 berhasil memproduksi Feronikel Ferronickel 2017 amounting to 24,868 tons of
sebesar 24.868 ton nikel sementara penjualannya nickel while its sales amounted to 24,135 tons
sebesar 24.135 ton nikel dengan cash cost rata- of nickel with an average cash cost of 2018
rata feronikel 2018 sebesar USD3,95/pound, ferronickel of USD3.95/pound a very competitive
suatu biaya yang sangat kompetitif dan telah cost, and it has been able nickel prices are as
mampu berada dibawah harga nikel terendah low as USD4.81/pound throughout 2018. In 2019,
USD4,81/pound sepanjang tahun 2018. Di tahun production and sales volumes were increased
2019, volume produksi dan penjualan akan again to 30,280 Nickel Tons where 5,828 TNi
ditingkatkan lagi menjadi sebesar 30.280 Ton 3!.!0$!ü./0,.+ 10%+*+"0$!/0()$!.
Nikel dimana sebesar 5.828 TNi merupakan Ferronickel Plant (P3FH) Construction Project.
produksi Perdana dari Proyek Pembangunan
Pabrik Feronikel Halmahera Timur (P3FH).


Pada tahun 2018 ANTAM cash cost Feronikel ANTAM USD3,95/pound,

masih lebih rendah dari harga nikel sepanjang 2018 yang besarnya USD 4,81/pound.
.+#.)ü/%!*/%,!.(10!.1/ %1,5'*/!.)'/%)(
In 2018 ANTAM’s Ferronickel cash cost was USD3.95/pound, still lower than the nickel price in 2018
3$%$)+1*0! 0+ąċĉāĥ,+1* ċ$!þ%!*5.+#.)*!! /0+!,1./1! )4%)((5
3.6. Kinerja Direksi Dalam Aspek Pengembangan 3.6. Performance of Directors in ANTAM’s
ANTAM Development Aspects
3.6.1.Penandatanganan Akta Jual Beli Saham 3.6.1.The Signing of the Sales & Purchase
PT Indonesia Chemical Alumina antara ANTAM Agreement of PT Indonesia Chemical Alumina
dan Showa Denko K.K Shares between ANTAM and Showa Denko K.K
Pada akhir tahun 2018 dilakukan At the end of 2018 PT Indonesia Chemical
penandatanganan Akta Jual Beli Saham (Sales Alumina signed a Sales & Purchase Agreement
& Purchase Agreement/SPA) PT Indonesia (SPA) between ANTAM and Showa Denko K.K
Chemical Alumina antara ANTAM dan Showa
,*/ü*(%60%+*,.+!//"+.0$!,1.$/!
!*'+ċĨĩ
!,*#/!#%,.+/!/ü*(%//% of all shares of SDK at PT ICA by ANTAM on
dari pembelian keseluruhan saham SDK di December 28, 2018 in Jakarta. With the signing
PT ICA oleh ANTAM pada tanggal 28 Desember of this share sale and purchase deed, ANTAM
2018 di Jakarta. Dengan ditandatanganinya akta +þ%((5+3*/0+0(+"āĀĀŌ/$.!/%* ƫƵ
jual beli saham ini, ANTAM secara resmi memiliki from its previous ownership position of 80% with
keseluruhan 100% saham di PT ICA dari posisi a 20% share ownership held by SDK. The signing
kepemilikan sebelumnya yaitu sebesar 80% of this sale and purchase deed also shows
dengan 20% kepemilikan saham dimiliki oleh that ANTAM and SDK have completed their
SDK. Ditandatanganinya akta jual beli ini juga obligations as shareholders in accordance with
menunjukkan bahwa ANTAM dan SDK telah the proportion of share ownership as stipulated
menyelesaikan kewajiban-kewajiban sebagai in the Conditional Share Purchase Agreement
pemegang saham sesuai dengan proporsi (CSPA) signed on May 29, 2018.
kepemilikan saham sebagaimana yang tertuang
dalam Conditional Share Purchase Agreement
(CSPA) yang ditandatangani pada tanggal
29 Mei 2018.
Pokok-pokok kesepakatan dalam CSPA The main points of agreement in the CSPA
tersebut diantaranya mencakup pembayaran include payment of obligations to creditors, tax
kewajiban kepada kreditur, kewajiban pajak, obligations, environmental management, factory
pengelolaan lingkungan, perbaikan pabrik, repairs, including the awarding of patents owned
termasuk pemberian paten milik SDK kepada by SDK to PT ICA for production processes
PT ICA untuk proses produksi dan produk and products that have been registered in 36
yang telah terdaftar di 36 negara. Transaksi countries. The sale and purchase of SDK shares
jual-beli saham SDK di PT ICA kepada ANTAM in PT ICA to ANTAM was conducted with
dilakukan dengan nilai pembelian yang telah the agreed purchase value in the agreement
disepakati dalam perjanjian sebesar US$1,00 amounting to US$1.00 (One United States
(Satu Dolar Amerika Serikat). Dengan adanya Dollar). With the technology transfer of product
transfer teknologi pengembangan produk serta development and marketing support, the
dukungan pemasaran, Perusahaan optimis Company is optimistic that ANTAM’s alumina
komoditas alumina ANTAM tetap memiliki commodities will remain globally competitive
daya saing global dan dapat memberikan nilai and can provide positive economic value to the
ekonomi yang positif bagi Perusahaan dan para Company and shareholders.
pemegang saham.

Pabrik CGA Tayan yang dioperasikan oleh The Tayan CGA plant operated by PT ICA uses
PT ICA menggunakan Proses Bayer yang the Bayer Process which is equipped with
dilengkapi dengan fasilitas kalsinasi yang calcination facilities that produce Chemical Grade
menghasilkan produk Chemical Grade Alumina Alumina (CGA) products that can be applied to
(CGA) yang dapat diaplikasikan untuk produce supporting components for functional
memproduksi bahan pendukung komponen components and electronic components
fungsional dan komponen elektronik diantaranya %*(1 %*#30!. ,1.%ü!./Č .!".0+.%!/Č ./%2!/Č
penjernih air, refractories, abrasives, produk building products, Integrated Circuits (IC), and
bangunan, Integrated Circuit (IC), dan bahan materials for LCD screens. The destinations for
untuk LCD screen. Destinasi penjualan produk selling CGA products to international markets
CGA ke pasar internasional diantaranya adalah include Japan, South Korea and Turkey.
Jepang, Korea Selatan dan Turki.
3.6.2.ANTAM Catatkan Pertumbuhan Kinerja Operasi 3.6.2.ANTAM Records Positive Growth in Operating
yang Positif Selama Tahun 2018 Performance during 2018
Pada tahun 2018 ANTAM kembali mencatatkan In 2018 ANTAM again recorded the highest
volume produksi dan penjualan tertinggi production and sales volume in ANTAM’s
sepanjang sejarah ANTAM. Kinerja produksi history. Ferronickel production reached 24,868
feronikel mencapai 24.868 ton nikel (TNi), tons of nickel (TNi), up by 14% from 2017. The
naik sebesar 14% dari capaian tahun 2017. sales of ferronickel grew 11% to reach 24,135
Penjualan feronikel mengalami pertumbuhan TNi. For gold commodities, ANTAM’s gold
11% mencapai 24.135 TNi. Untuk komoditas emas, /(!/ 2+(1)! !4,!.%!*! /%#*%ü*0 #.+30$
volume penjualan emas ANTAM mengalami of 111% or reaching 27,894 kg in line with the
,!.01)1$* 5*# /%#*%ü'* /!!/. āāāŌ 01 strategy to develop the domestic and export
mencapai 27.894 kg seiring dengan strategi gold markets and ANTAM’s Precious Metals
pengembangan pasar emas baik domestik product innovation. Gold commodities were the
dan ekspor serta inovasi produk Logam Mulia biggest contributor to ANTAM’s sales value of
ANTAM. Komoditas emas merupakan kontributor Rp16.69 trillion, which is equivalent to 66.12% of
terbesar terhadap nilai penjualan ANTAM the total sales value of 2018 of Rp25,24 trillion
sebesar Rp16,69 triliun yang setara dengan which grew by 99.48% of total 2017 revenues
66,12% dari total nilai penjualan 2018 sebesar which reached Rp. 12.65 trillion. The company
Rp25,24 triliun yang tumbuh sebesar 99,48% (/+ .!+. ! /%#*%ü*0 ,.+ 10%+* * /(!/
dari total pendapatan 2017 yang mencapai growth for nickel ore and bauxite ore, along with
Rp12,65 triliun. Perusahaan juga mencatatkan obtaining low-grade nickel ore export licenses
pertumbuhan produksi dan penjualan yang (lower than 1.7% Ni) reaching 3.9 million wet
/%#*%ü'* 1*01' '+)+ %0/ %&%$ *%'!( * %&%$ metric tons (Wmt) and bauxite ore washed out
bauksit, seiring dengan didapatkannya izin by 840,000 wmt from the Ministry of Energy
ekspor bijih nikel kadar rendah (lebih rendah and Mineral Resources (ESDM) for ANTAM’s real
dari 1,7% Ni) mencapai 3,9 Juta wet metric ton commitment to develop mineral downstream in
(Wmt) dan bijih bauksit tercuci sebesar 840.000 the country.
wmt dari Kementerian Energi dan Sumberdaya
Mineral (ESDM) atas komitmen nyata ANTAM
mengembangkan hilirisasi mineral di dalam
negeri.
Pada tahun 2018 ANTAM mengoperasikan tiga Electric Smelting Furnace (ESF-2,
ESF-3 dan ESF-4) dengan realisasi produksi 24.868 TNi atau 114%
dari realisasi produksi 2017 sebesar 21.762 TNi
In 2018 ANTAM operated three Electric Smelting Furnaces (ESF-2, ESF-3 and ESF-4) with the realization
of production of 24,868 TNi or 114% of the realization of 2017 production of 21,762 TNi
.


Pada tahun 2018 volume produksi bijih nikel In 2018 the volume of nickel ore production
naik 67% dengan total produksi sebesar 9,32 rose 67% with a total production of 9.32 million
juta wmt dengan level volume penjualan wmt with the level of export sales volume
ekspor mencapai 3,95 juta wmt atau naik 50% reaching 3.95 million wmt, up 50% compared to
dibandingkan capaian tahun 2017 sebesar 2017 achievement of 2.63 million wmt. Bauxite
2,63 juta wmt. Stream komoditas bauksit turut commodity streams contribute positively in 2018
memberikan kontribusi positif pada tahun 2018 bauxite production volume was recorded at
volume produksi bauksit tercatat 1.102,39 ribu 1,102.39 thousand wmt, growing by 70.0% with
wmt, tumbuh sebesar 70% dengan volume sales volume reaching 963.84 thousand wmt,
penjualan mencapai 963,84 ribu wmt, naik up by 15% compared to 2017. Throughout 2018,
sebesar 15% dibandingkan capaian tahun 2017. nickel ore and bauxite commodity revenues
Sepanjang tahun 2018, pendapatan komoditas were recorded at Rp2.93 trillion and Rp482.39
bijih nikel dan bauksit tercatat masing-masing billion.
sebesar Rp2,93 triliun dan Rp482,39 miliar.
Dalam lingkup Operasi, Dewan Komisaris Within the scope of ANTAM’s operations, the
ANTAM dalam rapat gabungan dengan Direksi Board of Commissioners’ in joint meetings
selalu menasihatkan agar pimpinan ANTAM with the Directors always advise ANTAM
melaksanakan kontrol lapangan, dan untuk selalu (! !./ 0+ +*0.+( 0$! ü!( Č * (35/ .!)%*
mengingatkan seluruh karyawan yang berada all employees at the front of the work front to
di front kerja terdepan untuk bekerja dengan work safely and follow the Standard Operating
aman, serta mengikuti Standard Operating Procedure (SOP) to avoid work accident. In the
Procedure (SOP) yang ada agar tidak terjadi case of production facilities to be maintained in
kecelakaan kerja. Dalam hal fasilitas produksi accordance with the SOP because the slightest
agar dipelihara sesuai dengan SOP karena %/.1,0%+*"%(%0%!/!û!0! /%#*%ü*0 !.!/!
sekecil apapun terganggunya fasilitas produksi of competitiveness. As is known, operating
akan mengakibatkan penurunan daya saing margins in the mining industry are very thin
/!./%#*%ü'*ċ!#%)* %'!0$1%).#%* compared to other industries in general.
operasi dalam industri pertambangan sangat
tipis dibandingkan dengan industri lain pada
umumnya.
Berkaitan dengan kinerja operasi Perseroan, Regarding the Company’s operational

Dewan Komisaris selalu mengingatkan Direksi performance, the Board of Commissioners is
bahwa sekecil apapun jangan sampai terjadi always remind the Directors that no matter how
gangguan operasi pada seluruh Pabrik ANTAM small the operation will not be disrupted for all
karena kenyataannya dampak gangguan ANTAM Factories because in reality the impact
tersebut akan meningkatkan biaya tunainya. of the disturbance will increase its cash costs.
3.6.3.Proyek Pembangunan Pabrik Feronikel 3.6.3.Project for Construction of East Halmahera

Halmahera Timur (P3FH) Ferronickel Plant (P3FH)
Sampai dengan tahun 2018, konstruksi pabrik Until 2018, the construction of the Ferronickel
Feronikel Halmahera Timur (P3FH) selalu Haltim plant has always been attempted on the
diupayakan on the right track dengan progres right track with construction progress reaching
konstruksi mencapai 92,01%. P3FH direncanakan 92.01%. It is planned that P3FH has a production
memiliki kapasitas produksi sebesar 13.500 capacity of 13,500 TNi, where construction
TNi dimana konstruksi pabrik direncanakan of the plant is planned to be completed by
komisioning pada pertengahan tahun 2019. mid-2019. P3FH will increase ANTAM’s total
Dengan selesainya proyek pembangunan P3FH installed ferronickel capacity by 50% from
akan meningkatkan kapasitas total terpasang the current installed ferronickel production
feronikel ANTAM sebesar 50% dari kapasitas capacity of 27,000 TNi to 40,500 TNi per year.
produksi feronikel terpasang saat ini sebesar The mechanism for the development of P3FH
27.000 TNi menjadi 40.500 TNi per tahun. through Turn Key Project is for the construction
Mekanisme pembangunan P3FH melalui Turn

Key Project dimana untuk pembangunan PLTU- of the PLTU through the cooperation of BUMN
nya melalui kerjasama sinergi BUMN melalui synergies through the mechanism of the Coal
mekanisme Coal Fired Independent Power Plant Fired Independent Power Plant (CFIPP) with
(CFIPP) dengan PT Bukit Asam Tbk yang sama- PT Bukit Asam Tbk, which are members of PT
sama anggota holding PT INALUM (Persero). INALUM (Persero) ‘s holding.
Dewan Komisaris selalu mengingatkan Direksi The Board of Commissioners always reminds
agar mempersiapkan fasilitas pendukung, the Board of Directors to prepare supporting
baik infrastruktur, sistem dan SDM termasuk facilities, both infrastructures, systems and
kompetensinya lebih awal agar P3FH dapat human resources, including their competence
dijankan dengan baik. Dewan Komisaris juga so that P3FH can be carried out well. The
akan mengawal dengan ketat pembangunan Board of Commissioners will also oversee the
P3FH dimaksud agar dapat komisioning tepat construction of the P3FH in order to get timely
waktu pada pertengahan tahun 2019 dan tepat commissioning in mid-2019 and be right in terms
biaya, tepat kualitas dan menghasilkan produk of cost, quality and produce products that are
yang berdaya saing tinggi. highly competitive.
3.7. Membangun Kinerja ANTAM Lainnya 3.7. Building Other ANTAM Performance
3.7.1. Pertumbuhan Kinerja Operasional ANTAM: 3.7.1. ANTAM’s Growth in Operational Performance:
Mendukung Kenaikan Outlook Corporate Supporting the Increase in 2018 Rating
Credit Rating 2018 Corporate Credit Outlook
Dalam tahun 2018, ANTAM menargetkan In 2018, ANTAM targets the production and sales
pertumbuhan produksi dan penjualan komoditas growth of the Company’s main commodities,
utama Perusahaan yakni feronikel, emas, bijih namely ferronickel, gold, nickel ore and bauxite
nikel dan bijih bauksit sejalan dengan strategi ore in line with ANTAM’s strategy to increase
ANTAM untuk meningkatkan utilisasi operasi utilization of mining operations and processing
tambang dan pabrik pengolahan serta ekspektasi plants as well as expectations of increasing the
peningkatan jangkauan pemasaran komoditas marketing range of ANTAM’s commodities in
ANTAM baik di pasar domestik maupun pasar both the domestic and export markets.
ekspor.
Pada butir 3.7.2 di atas dijelaskan pertumbuhan In point 3.7.2 above, it is explained that the
kinerja operasi yang positif selama tahun 2018, growth of positive operating performance during
antara lain volume produksi dan penjualan 2018 includes the highest production and sales
tertinggi sepanjang sejarah ANTAM Perusahaan. volumes throughout the Company’s ANTAM
Kinerja produksi feronikel 2018 mencapai 24.868 history. The performance of 2018 ferronickel
ton nikel (TNi) dalam feronikel naik sebesar 14% production reached 24,868 tons of nickel (TNi) in
dari capaian tahun 2017. Penjualan feronikel ferronickel, increase by 14% from 2017. The sales
mengalami pertumbuhan 2018 naik sebesar 11% of ferronickel of 2018 grew up 11% to 24,135 TNi.
mencapai 24.135 TNi. Untuk komoditas emas For gold commodities, sales volume experienced
volume penjualan mengalami pertumbuhan /%#*%ü*0,+/%0%2!#.+30$+"āāāŌ+..!$%*#
5*# /%#*%ü'* ,+/%0%" /!!/. āāāŌ 01 27,894 kg from 13,202 kg in line with the strategy
mencapai 27.894 kg dari sebelumnya 13.202 kg to develop the domestic and export gold
seiring dengan strategi pengembangan pasar market and ANTAM’s Precious Metal product
emas baik domestik dan ekspor serta inovasi innovation, achieving positive main production
produk Logam Mulia ANTAM, capaian kinerja * /(!/,!."+.)*!* %*.!/%*#!þ%!*5
produksi dan penjualan komoditas utama yang causing stable cash costs. This condition led to
,+/%0%"/!.0,!*%*#'0*!ü/%!*/%)!*5!'* an increase in ANTAM’s S & P Global credit rating
stabilnya biaya tunai. Kondisi ini menyebabkan outlook in 2018 from stable B-/outlook rating to
kenaikan outlook corporate credit rating S&P a positive B-/outlook rating and also an increase
Global ANTAM tahun 2018 dari rating B-/outlook %*!ü* +Ě/.0%*#/0+0$!% Ƶġ0(!(!2!(".+)
stabil menjadi rating B-/outlook positif dan juga


peningkatan ratings !ü* + &1# *%' )!*& % the original idBBB. Besides that, recording a net
level idA-Stable dari semula idBBB. Di samping ,.+ü0 0$0 $/ %*.!/! /%#*%ü*0(5 ".+) 0$!
itu pencatatan laba bersih yang meningkat 2017 achievements has also contributed to the
/%#*%ü'* .% ,%* ĂĀāĈ %'10 )!* +.+*# increase in rating.
peningkatan rating tersebut.
Disamping itu dalam tahun 2018 ANTAM juga In addition, in 2018 ANTAM also recorded a rise
mencatatkan kenaikan peringkat Korporasi dan in the rating of the Corporation and the 2011
Obligasi Berkelanjutan I Tahun 2011 menjadi Sustainable Bond I as a “IdA-/stable outlook”
Rating “IdA-/outlook stabil”. Kenaikan peringkat rating. The increase in rating was supported by
tersebut didukung oleh membaiknya arus 0$!%),.+2!)!*0%*0$!ƫ+),*5Ě//$ý+3%*
kas Perusahaan seiring dengan pertumbuhan line with the growth in operating performance
kinerja operasi dan penjualan komoditas utama and sales of the Company’s main commodities
Perseroan yang berbasis nikel, emas dan bauksit. based on nickel, gold and bauxite.
3.7.2.ANTAM Raih Penghargaan CGPI 2017 sebagai 3.7.2.ANTAM Wins 2017 CGPI Award as a Most
Perusahaan Sangat Terpercaya: Most Trusted Trusted Company 2017 received in 2018
Company 2017 yang diterima Tahun 2018
Dalam bulan Desember 2018 ANTAM kembali In December 2018 ANTAM once again won the
meraih penghargaan sebagai Perusahaan award for the Most Trusted Company based on
Sangat Terpercaya (The Most Trusted Company) the assessment of the Corporate Governance
berdasarkan penilaian Corporate Governance Perception Index (CGPI) in the 2018 Indonesia
Perception Index (CGPI) dalam ajang Indonesia The Most Trusted Companies Award.
The Most Trusted Companies Award 2018.
ANTAM memperoleh penilaian CGPI Award ANTAM received the CGPI Award as the Most
sebagai The Most Trusted Company untuk ke- Trusted Company for the 10 (ten) consecutive
10 (sepuluh) kali berturut turut semenjak tahun year since 2008 and is the only company that has
2008 serta merupakan satu-satunya Perusahaan participated in the CGPI research program for 17
yang telah mengikuti program riset dan consecutive years. CGPI Award for Financial Year
pemeringkatan CGPI selama 17 tahun berturut- 2017 was conducted through 4 (four) stages
turut. Penilaian CGPI Award untuk tahun buku namely self assessment, documentation system,
2017 dilakukan melalui 4 (empat) tahapan yakni preparation of papers, and observation phase. In
self assessment, sistem dokumentasi, presentasi following these three stages, a lot of knowledge
serta observasi dan diskusi. Dalam mengikuti and recommendations for recommendations
keempat tahapan tersebut banyak pengetahuan were obtained and could be used as input to
dan saran rekomendasi yang diperoleh dan dapat improve the implementation of GCG at ANTAM.
digunakan sebagai masukan untuk perbaikan
implementasi GCG di ANTAM.
ANTAM telah 17 (tujuh belas) kali mengikuti Ajang Pemeringkatan

Corporate Governance Perception Index (CGPI) Award dimana dalam 10 (sepuluh)
tahun terakhir secara berkesinambungan meraih Predikat
“The Most Trusted Company” dengan nilai antara 85,87-89,12
ANTAM has participated in the Corporate Governance Perception Index (CGPI) Award
for 17 (seventeen) times where in the last 10 (ten) years ANTAM won the title of
“The Most Trusted Company” with scores between 85.87-89.12

3.7.3.ANTAM Raih Penghargaan Top 50 ASEAN 3.7.3.ANTAM Won the ASEAN Public Listed
Public Listed Companies dalam Ajang 2nd Companies Top 50 Award in the 2nd ASEAN
ASEAN Corporate Governance Awards Corporate Governance Awards Event
Pada akhir tahun 2018 ANTAM meraih At the end of 2018 ANTAM won the Top 50
penghargaan Top 50 Asean Public Listed ASEAN Public Listed Companies award at the
Companies dalam ajang 2nd ASEAN Corporate 2nd ASEAN Corporate Governance Awards
Governance Awards meliputi lingkup Perusahaan event covering the scope of Southeast Asia
se Asia Tenggara. Penilaian ASEAN Corporate companies. The ASEAN Corporate Governance
Governance Awards menggunakan kriteria Awards assessment uses the 2017 ASEAN
ASEAN Corporate Governance Scorecard Corporate Governance Scorecard (ACGS)
(ACGS) 2017 yang mencakup lima bidang Prinsip .%0!.%3$%$+2!./ü2!.!/+"0$!.%*%,(!/
Organisation for Economic Co-operation and of Organization for Economic Co-operation and
Development (OECD). Penghargaan tersebut Development (OECD). The award was organized
diselenggarakan oleh Minority Shareholders by the Minority Shareholders Watch Group
Watch Group (MSWG). Penghargaan ini diinisiasi (MSWG). This award was initiated by the ASEAN
oleh ASEAN Capital Markets Forum (ACMF) Capital Markets Forum (ACMF) in collaboration
bekerjasama dengan Asian Development Bank with the Asian Development Bank (ADB) to form
(ADB) untuk membentuk kerangka kerja tata a joint governance framework throughout the
kelola bersama di seluruh kawasan Asia Tenggara +10$!/0Ƶ/%.!#%+** 0+!*$*!0$!,.+ü(!
* 1*01' )!*%*#'0'* ,.+ü( ASEAN Public of ASEAN Public Listed Companies in the global
Listed Companies dalam komunitas investasi investment community.
global.
3.7.4.ANTAM Mendukung Pengembangan Taman 3.7.4.ANTAM Supports the Development of

Bumi (Geopark) Pongkor Pongkor’s Earth Park (Geopark)
Dalam tahun 2018 ANTAM berpartisipasi aktif In 2018 ANTAM actively participated in
mendukung pengembangan Taman Bumi supporting the development of the Pongkor
(Geopark) Pongkor di Kabupaten Bogor, Jawa Earth Park (Geopark) in Bogor Regency, West
Barat. Hal tersebut diwujudkan melalui inisiasi Java. The realization through the initiation of the
pengembangan Museum Tambang Bawah development of the Pongkor Underground Mine
Tanah Pongkor dan Kawasan Wisata Cikaret Museum and the Cikaret Tourism Zone (KAWACI)
(KAWACI) yang berada di wilayah Taman located in the Pongkor Earth Park (Geopark)
Bumi (Geopark) Pongkor sebagai salah satu region as part of the entire National Geopark
bagian dari keseluruhan Geopark Nasional di in Bogor Regency, West Java. This national
Kabupaten Bogor, Jawa Barat. Program nasional program is part of the Indonesian Government’s
ini merupakan bagian dari upaya Pemerintah !û+.0/0+/!((0$!1*%-1!*!//+"ƵƵƫ 0+0$!
Indonesia untuk menjual keunikan KAWACI ke world market as a natural tourism destination
pasar dunia sebagai destinasi Wisata alam tidak not only locally but at the world level.
hanya lokal tetapi untuk tingkat dunia.
Program dimaksud termasuk pengembangan The program included the development of the
Museum Tambang Bawah Tanah dalam tahap Underground Mine Museum in the preparatory
persiapan untuk rencana pasca tambang stage for the pongkor’s post-mining plan where
Pongkor dimana dipresentasikan aspek edukasi aspects of education were presented through
melalui sharing knowledge tentang aktivitas sharing knowledge about the operations of
operasional penambangan dan pengolahan bijih mining and processing of gold ore as well as
emas serta berbagai kegiatan penunjang lainnya. various other supporting activities.


4. PENERAPAN TATA KELOLA PERUSAHAAN 4. IMPLEMENTATION OF CORPORATE

GOVERNANCE
4.1. Assessment GCG Merupakan upaya 4.1. GCG Assessment as Continuous Improvement
Peningkatan Penerapan GCG Process of GCG Implementation
Sejak tahun 2003 asesmen GCG ini dilakukan Since 2003 GCG assessment is conducted every year
setiap tahun sebagai akibat peningkatan status as a result of upgraded listing status of ANTAM at
listing ANTAM di Australian Securities Exchange the Australian Securities Exchange (ASX). Various
(ASX). Berbagai asesor telah melakukan asesmen assessors have conducted assessments on GCG
implementasi GCG di ANTAM, mulai dari Ernst & implementation in ANTAM, from Ernst & Young,
Young, Standard & Poor’s, RSM-AAJ, SDP Crowe Standard & Poor’s, RSM-AAJ, Crowe Horwarth SDP
Horwarth, SDP-BOD serta RSM Indonesia. Asesor and SDP-BOD. Assessors are appointed through open
tersebut ditunjuk berdasarkan proses tender terbuka, tender process so that independent assessors take
sehingga asesor Independen saling bergantian turn or remain as an independent assessor in ANTAM.
atau tidak tetap sebagai asesor independen di In its development, the assessment methods used
ANTAM. Dalam perkembangannya metoda penilaian changed every year and in 2018 there were 3 (three)
yang digunakan dari tahun ke tahun mengalami methods, the ASX method, State Owned Enterprise
perubahan dan pada tahun 2018 digunakan 3 (tiga) (BUMN) Scorecard method (Minister of State Owned
metoda yakni; metoda ASX, metode BUMN Scoreard Enterprises Decree No. SK-16/S.MBU/2012), and
(Keputusan BUMN berdasarkan SK-16/S.MBU/2012) mapping of ASEAN Scorecard among companies
dan pemetaan ASEAN Scorecard. Adapun pemetaan in ASEAN region. IICD-Indonesian Institute for
ASEAN Scorecard dilansir kepublik pertama kali oleh Corporate Directorship had released the mapping of
IICD-Indonesian Institute for Corporate Directorship ƵƵ+.!ƫ. 0+0$!,1(%"+.0$!2!.5ü./00%)!
pada tahun 2012. in 2012.
ANTAM selaku BUMN, dalam hal implementasi GCG, In terms of GCG implementation, ANTAM as a
selalu merujuk kepada Peraturan Menteri BUMN State-Owned Enterprise (SOE) has always referred
No. PER-01/MBU/2011 tentang penerapan Tata to SOE Ministry Regulation No. PER-01/MBU/2011
Kelola Perusahaan yang Baik. Pasal 44 dari Permen on the GCG implementation. Article 44 of the
tersebut mengatur mekanisme pengukuran terhadap Ministry Regulation oversees the mechanism of the
penerapan GCG yang menggunakan metoda BUMN measurement GCG implementation that uses SOE
Scorecard dimana pengukuran dilakukan secara Scorecard which should be conducted periodically
berkala setiap 2 (dua) tahun sekali yang mencakup every 2 (two) years includes assessment and review.
assessment dan review. ANTAM telah mengikuti ANTAM has followed stricter regulations which the
regulasi tersebut lebih ketat yakni melakukan assessment is conducted in every year. Assessment
assessment setiap tahun. Hasil assessment akan result will be complemented with the “suggestions
dilengkapi dengan “saran dan rekomendasi” yang and recommendations” that need to be improved.
perlu disempurnakan. Hasil penyempurnaan yang The result of continuous improvement is actually
berkesinambungan inilah yang menyebabkan what has caused the continuous improvement of GCG
terjadinya “continuous improvement” terhadap implementation in the Company.
implementasi GCG di Perseroan.
Sesuai dengan Peraturan Menteri BUMN No. PER-01/ In accordance with the SOE’s Ministry Regulation No.
MBU/2011 tentang penerapan Tata Kelola Perusahaan PER-01/MBU/2011 on the implementation of GCG, the
yang Baik, tugas Dewan Komisaris harus memantau Board of Commissioners shall monitor and ensure that
dan memastikan bahwa GCG telah diterapakan ƫ$/!!*,,(%! !û!0%2!(5* /1/0%*(5ċ$!
secara efektif dan berkelanjutan. Dewan Komisaris Board of Commissioners believes if GCG has become
meyakini jika GCG telah menjadi landasan operasional a cornerstone of the company’s operations then
perusahaan maka fungsi pengawasan jauh menjadi the monitoring function will become manageable
lebih ringan dikarenakan operasional akan dikawal because GCG secures the operational activity so the
oleh GCG sehingga fungsi “check & balance” dalam function of “check and balance” in every decision-
setiap pengambilan keputusan akan terjadi dengan making will happen by itself as part of internal control.
sendirinya sebagai bagian dari pengendalian internal.

Pada tahun 2018, Dewan Komisaris melalui In 2018, The Board of Commissioners through its
organ pendukungnya ikut serta dalam program supporting body participates in outreach programs
sosialisasi Good Corporate Governance (GCG) ke to all subsidiaries of GCG. This becomes imperative
anak perusahaan. Hal ini menjadi penting, karena because ANTAM is known to be very concerned and
ANTAM dikenal sangat concern dan terdepan dalam foremost in GCG among publicly-listed companies,
penerapan GCG dikalangan perusahaan terbuka so it is deemed necessary to improve GCG
sehigga dirasa perlu untuk meningkatkan penerapan implementation to restructure subsidiaries.
GCG di anak-anak perusahaan.
4.2. Hasil Assessment GCG: Selalu Konsisten 4.2. GCG Assessment Result: Always Consistent
dilakukan Setiap Tahun sejak 2003
4.2.1.Hasil Assessment Implementasi GCG 2018. 4.2.1.Assessment Result of GCG Implementation 2018
Sejak tahun 2004 ANTAM telah menunjuk Since 2004, ANTAM has appointed an
asesor independen untuk melakukan penilaian independent assessor to assess the GCG
implementasi GCG di ANTAM. Sesuai dengan implementation. In accordance with regulatory
perkembangan peraturan yang terkait dengan developments related to GCG implementation, in
implementasi GCG dijajaran ANTAM, pada 2018 the Board of Commissioners of ANTAM has
tahun 2018 Dewan Komisaris menunjuk PT RSM appointed PT RSM Indonesia, an independent
Indonesia sebagai asesor independen yang assessor to conduct assessment and
akan melakukan asesmen penerapan GCG di implementation of GCG in ANTAM with 3 (three)
ANTAM dengan 3 (tiga) metoda penilaian, methods of assessment in accordance with SK-
yakni berdasarkan SK-16/S. MBU/2012 tentang 16/S.MBU/2012 on Assessment and Evaluation
Indikator atau Parameter Penilaian dan Evaluasi Indicators or Parameters for the Implementation
atas Penerapan Tata Kelola Perusahaan yang of Good Corporate Governance in State-Owned
Baik (Good Corporate Governance) pada BUMN, Enterprise, parameters from ASX Corporate
parameter ASX Corporate Governance Principles Governance Principles & Recommendations 3rd
& Recommendations 3rd Edition, serta ASEAN Edition, and the ASEAN Corporate Governance
Corporate Governance Scorecard v.2.0 yang Scorecard v.2.0 recently released in May 2017 by
diterbitkan di Mei 2017 oleh ASEAN Market ASEAN Market Capital Forum (ACMF).
Capital Forum (ACMF).
Adapun metoda penilaian berdasarkan Pedoman As for the valuation method based on the Public
Tata Kelola Perusahaan Terbuka yang dikeluarkan Company Governance Guidelines issued by the
oleh Otoritas Jasa Keuangan dilakukan Financial Services Authority based on the Financial
berdasarkan Peraturan Otoritas Jasa Keuangan Services Authority Regulation (POJK) No. 21/
(POJK) No. 21/POJK.04/2015 tentang Penerapan POJK.04/2015 concerning the Implementation of
Pedoman Tata Kelola Perusahaan Terbuka akan the Guidelines for Public Company Governance
dilakukan dengan cara self assessment. will be carried out by means of self assessment.
Sejak tahun 2004, ANTAM telah menggunakan Since 2004, ANTAM has appointed more than 4
lebih dari 4 (empat) perusahaan asesor Ĩ"+1.ĩ %û!.!*0 %* !,!* !*0 //!//+.+),*5Č
independen yang berbeda, namun but all have come to the same conclusion that
berkesimpulan yang sama bahwa ANTAM ANTAM is a company that implements GCG
merupakan perusahaan yang menerapkan consistently with the level of implementation of
implementasi GCG secara konsisten dengan hasil very good. Assessment of independent assessor
tingkat penerapan sangat baik. Penilaian asesor completed in February 2019 based on those
independen yang selesai pada bulan Februari three methods has formulated better result.
2019 berdasarkan 3 (tiga) metoda tersebut
diatas, hasil penilaiannya relatif sama dengan
hasil asessmen tahun sebelumnya.


4.2.2.Capaian Penerapan Good Corporate 4.2.2.Achievement of the Implementation of Good

Governance Berdasarkan Keputusan Sekretaris Corporate Governance Based on
Kementerian BUMN No. SK-16/S-MBU/2012 Decree of the Secretary of the SOE Ministry
Tanggal 6 Juni 2012 No. SK-16/S-MBU/2012 dated June 6, 2012
Asesmen terhadap Penerapan GCG di ANTAM Assessment on GCG Implementation in
dilakukan juga berdasarkan scorecard yang ANTAM is also conducted in accordance with
ditetapkan Kementerian BUMN yaitu mengacu 0$! /+.!. !ü*! 5 0$! %*%/0.5
pada SK-16/S-MBU/2012 tanggal 6 Juni 2012 in the SK-16/S.MBU/2012 dated June 6, 2012
tentang Indikator/Parameter Penilaian dan on Assessment and Evaluation Indicator or
Evaluasi Atas Penerapan Tata Kelola Perusahaan Parameter of GCG Implementation within SOE.
yang baik (Good Corporate Governance) pada PT RSM Indonesia is appointed to perform
Badan Usaha Milik Negara. Untuk periode GCG assessment for 2018. The results of the
tahun 2018 asesmen dilakukan oleh PT RSM assessment of the implementation of ANTAM’s
Indonesia. Adapun hasil penilaian penerapan Good Corporate Governance in 2018 are Very
Good Corporate Governance ANTAM tahun Good with a value of 97.01, this result is the same
2018 adalah Sangat Baik dengan nilai 97,01, as the achievement in 2017 of 97.01 (on a scale of
hasil tersebut sama dengan capaian penilaian di 1-100). Regarding the assessment, the assessor
tahun 2017 sebesar 97,01 (dengan skala 1-100). also gave recommendations to be considered as
Berkaitan dengan asesmen tersebut, asesor juga material for improvement next year.
menyampaikan rekomendasi untuk diperhatikan
sebagai bahan perbaikan tahun depan.
Dewan Komisaris Merasa Puas atas Penilaian Penerapan GCG 2018.

Berdasarkan BUMN Scorecard 97,01 (“Sangat Baik”), Berdasarkan ASX Corporate
Governance Principles 3rd Edition 27 dari 29 (93,11%) Rekomendasi
Terpenuhi (“Sangat Baik”) dan Berdasarkan Penerapan ASEAN
Corporate Governance Scorecard tingkat pemenuhannya 84,07%
$!ǫ+. +"ƫ+))%//%+*!./!!(0%/ü! 3%0$0$!ĂĀāĉƫ ),(!)!*00%+*Ƶ//!//)!*0ċǫ/!
on BUMN Scorecard 97.01 (“Very Good”), Based on the ASX Corporate Governance Principles 3rd Edition
ĂĈ+"ĂĊĨĊăċāāŌĩ!+))!* 0%+*/1(ü((! Ĩė!.5++ Ęĩ* ǫ/! +* ),(!)!*00%+*
ƵƵƫ+.,+.0!+2!.**!+.!. 0$!"1(ü(()!*0.0!%/ĉąċĀĈŌ
4.2.3.Capaian Penerapan Good Corporate 4.2.3.GCG Implementation Achievement in

Governance Berdasarkan ASX Compliance to ASX
Berdasarkan ASX CG Principle & Based on the ASX CG Principle &
Recommendation penilaian tingkat adopsi Recommendation, the assessment of ANTAM’s
ANTAM terhadap ASX Principles dan adoption rate on the ASX Principles and
rekomendasi untuk tahun yang berakhir recommendations for the year ended December
31 Desember 2018, ANTAM memenuhi 27 ăāČ ĂĀāĉČ ƵƵ "1(ü((! ĂĈ .!+))!* 0%+*/
rekomendasi dari 29 rekomendasi atau dinilai from 29 recommendations or assessed 93.11% of
93,11% tingkat pemenuhannya atau atau 0$!(!2!(+""1(ü(()!*0+.0$!(!2!(+""1(ü(()!*03/
tingkat pemenuhannya sangat baik. Meskipun very good. Although it is not directly comparable
tidak langsung bisa diperbandingkan karena because the approach is not quantitative but the
pendekatannya tidak kuantitatif namun hasilnya results are relatively better or at least the same
relatif lebih baik atau paling tidak sama dengan as the results of the 2017 assessment or in the
hasil penilaian tahun 2017 atau dalam arti GCG interpretation that ANTAM’s GCG meets the
ANTAM sudah memenuhi standar praktik terbaik standard of best practice (outstanding), based
(outstanding), berdasarkan ASX Scorecard. on the ASX Scorecard.

4.2.4.Penerapan ASEAN Corporate Governance 4.2.4.Implementation of the ASEAN Corporate

Scorecard Governance Scorecard
Penilaian atas penerapan ASEAN Corporate The assessment of the implementation of the
Governance Scorecard tahun 2019 dilakukan ASEAN Corporate Governance Scorecard in
oleh asesor independen berdasarkan penerapan 2019 was carried out by independent assessors
untuk tahun buku 2018 dengan capaian tingkat /! +* 0$! ,,(%0%+* "+. ü/( 5!. ĂĀāĉ
pemenuhannya 84,07 %, mengalami penurunan with achievement level of 84.07%, experiencing
5*# 1'1, /%#*%ü'* %* %*#'* score di /%#*%ü*0 !(%*! +),.! 0+ 0$! /+.! %*
tahun 2017 sebesar 95,87 % berdasarkan asesor ĂĀāĈ+"ĊĆċĉĈŌ/! +* %û!.!*0//!//+./*
yang berbeda dan rentang parameter yang lebar. wide parameter ranges.
Adapun penilaian berdasarkan Pedoman tata The assessment based on the Governance
kelola “Perusahaan Terbuka” dari Otoritas Guidelines for Public Company from the Financial
Jasa Keuangan (OJK) untuk tahun buku 2018 !.2%!/ Ƶ10$+.%05 Ĩ
ĩ "+. 0$! ü**%( 5!.
dilakukan secara self assessment dengan 2018 is carried out through self-assessment with
hasil bahwa ANTAM telah memenuhi seluruh results that ANTAM have met all regulations
ketentuan yang berlaku (Full Comply). (Fully Comply).
Secara keseluruhan, Dewan Komisaris merasa 2!.((Č0$!ǫ+. +"ƫ+))%//%+*!./%//0%/ü!

puas dengan hasil asesmen atas implementasi with the assessment results of the implementation
GCG pada tahun 2018 yang dilakukan oleh +"ƫ%*ĂĀāĉ3$%$.!..%! +105 %û!.!*0
asesor independen yang berbeda, tetapi secara independent assessors, but in general are still
umum masih dalam kisaran hasil penilaian pada within the range of the assessment results at
level tertinggi. Atas capaian prestasi tersebut the highest level. For the above achievements,
diatas, Dewan Komisaris sangat menghargai the Board of Commissioners highly appreciates
peran Organ Pendukung Dewan Komisaris dan the role of the Board of Commissioners and
Direksi beserta jajaranya dalam membantu Directors Supporting Organ and its role in
Dewan Komisaris untuk memastikan bahwa assisting the Board of Commissioners to ensure
Good Corporate Governance telah diterapkan that Good Corporate Governance has been
secara berkesinambungan di ANTAM. applied continuously at ANTAM. As is known
Sebagaimana diketahui sesuai dengan Permen in accordance with BUMN Regulation No. 1/
BUMN No. 1/MBU/2011 tentang Penerapan Tata MBU/2011 concerning the Implementation
Kelola Peusahaan Yang Baik (Good Corporate of Good Corporate Governance (GCG) in
Governance-GCG) pada BUMN, pasal 12 ayat SOEs, article 12 paragraph (7), the Board of
(7), Dewan Komisaris harus memantau dan Commissioners must monitor and ensure that
memastikan bahwa GCG telah diterapkan secara ƫ $/ !!* %),(!)!*0! !û!0%2!(5 *
efektif dan berkelanjutan. sustainably.
4.3. Laporan Pengaduan Pelanggaran 4.3. Violation Complaint Reports

(Whistleblowing) selama Tahun 2018 (Whistleblowing) in 2018
ANTAM termasuk pioneer dalam ANTAM being a pioneer for the implementation
mengimplementasikan sistem pelaporan pelanggaran of violation reporting system (Whistleblowing
(Whistleblowing System-WBS) sejak tahun 2009 System-WBS) since 2009 through the Board of
melalui Surat Keputusan Dewan Komisaris. Sejak Commissioners’ decree. Since its inception, the
awal, Tim WBS berada di bawah pengelolaan WBS team is under supervision of the Board of
Dewan Komisaris ANTAM melalui Surat Keputusan Commissioners, as declared in the Board of
Dewan Komisaris ANTAM No. 30/DK/IX/2014 Commissioners’ Decree No. 30/DK/IX/2014 regarding
perihal Pedoman dan Prosedur penanganan WBS Whistleblowing Guidelines and Handling Procedures
yang ditandatangani pada tanggal 19 September ǫ 3$%$ .0%ü! +* !,0!)!. āĊČ ĂĀāą * 0$!
2014 dan Surat Keputusan Dewan Komisaris No. 27/ Board of Commissioners’ Decree No. 27/DK/SK/V/2014
DK/SK/V/2014 perihal Pembentukan Tim Evaluasi concerning formation of Reporting Evaluation Team
Pelaporan WBS yang ditandatangani pada tanggal 30 of WBS which signed on May 30, 2014. The WBS team
Mei 2014. Tim WBS beranggotakan seluruh anggota consisted of all members of the Audit Committee and
Komite Audit dan seluruh anggota Komite GCG-NR GCG-NR Committee and appointed Dr. Ir. Rukmana


serta menunjuk Dr Ir Rukmana Nugraha Adhi, DEA Nugraha Adhi, DEA as Chairperson of the WBS since
sebagai Ketua Tim WBS sejak 1 Mei 2014 sampai May 1, 2014 until present.
sekarang.
Dalam tahun 2018, diterima 3 (tiga) laporan pengaduan, 1 (satu) laporan sudah
ditindaklanjuti 2 (dua) laporan sedang ditindaklanjuti. Dalam hal terjadi pelanggaran,
maka Direksi akan memberikan sanksi yang tegas dan konsisten agar menimbulkan
efek jera disamping juga sebagai masukan perbaikan sistem atau sebagai sumber
informasi. Dewan Komisaris menilai, Tim WBS sangat dibutuhkan kehadirannya
In 2018, 3 (three) reports are received and 1 (one) report has been followed up 2 (two) report are on going to
follow up. In the event of a violation, the Board of Directors will impose strict and consistent sanctions in order
0+.!0! !0!..!*0!û!0/3!((/"!! '"+./5/0!)%),.+2!)!*0/+.//+1.!+"%*"+.)0%+*ċ
The Board of Commissioners considers that the WBS Team is urgently needed
Mekanisme pengelolaaan Tim WBS masih mengacu The mechanism of the management of WBS team
kepada kedua Surat Keputusan Dewan Komisaris still refers to 2 (two) Board of Commissioners’ Decree
tersebut di atas, meskipun berbeda dengan yang / )!*0%+*! +2!Č 0$+1#$ %0 %/ %û!.!*0 ".+) 0$!
ditetapkan dalam Permen BUMN No. PER-01/ one agreed on SOE Ministry Regulation No. PER-01/
MBU/2011. Menurut Permen BUMN No. PER-01/ MBU/2011. According to SOE Ministry Regulation No.
MBU/2011 Direksi adalah sebagai pengelola Tim WBS PER-01/MBU/2011, the Board of Directors will manage
namun berdasarkan usulan praktek yang berjalan WBS team. Based on proposed governed practice
sejak tahun 2009 pengelolaan WBS ANTAM masih since 2009, the management of ANTAM WBS is still
tetap dibawah kendali Dewan Komisaris dengan under the control of the Board of Commissioners with
pertimbangan lebih independen dan relatif tidak consideration of more independency and fairly no
memiliki benturan kepentingan sehingga pihak +*ý%0+"%*0!.!/0/+0$00$!+),(%**0"!!(/)+.!
pelapor merasa lebih nyaman dan percaya akan +)"+.0(! * !(%!2!/ 0$! +*ü !*0%(%05 +" 0$!
terjamin kerahasian pihak pelapor. complainant would be guaranteed.
Pada tahun 2018, terdapat 3 (tiga) Laporan Pengaduan In 2018, there were 3 (three) Whistleblowing Reports, 1
Pelanggaran (Whistleblowing), 1 (satu) laporan telah (one) report was completed and 2 (two) report which
selesai ditindaklanjuti dan 2 (dua) lainnya yang received at the end of 2018 were still in the process
diterima di akhir tahun 2018 masih dalam proses of being completed at the Directors level. Compared
penyelesaian ditingkat Direksi. Dibandingkan dengan to 2017, the number of reports received increased
tahun 2017, jumlah laporan yang diterima meningkat compared to only 1 (one) report received in 2017. The
jika dibandingkan dengan hanya 1 (satu) laporan yang reported reports are still related to the Company’s
diterima pada tahun 2017. Adapun pelaporan yang internal problems
dilaporkan masih berkaitan dengan masalah internal
Perseroan.
Keterlibatan Senior Vice President (SVP) Corporate Involvement of Senior Vice President (SVP) Corporate
Secretary sebagai counterpart Tim WBS sangat Secretary as a counterpart of WBS team is very
membantu sebagai narasumber dan kordinator tindak !û!0%2! / ++. %*0+. 0+ "+((+3ġ1, ǫ .!,+.0
lanjut atas pelaporan WBS yang disampaikan kepada submitted to the Board of Directors to accelerate the
Direksi sehingga mempercepat penyelesaian laporan completion of the complaint repost. In the case of
pengaduan tersebut. Dalam hal benar-benar terjadi a violation, the Board of Directors will then impose
pelanggaran maka Direksi akan mengenakan sanksi strictly and give consistent sanctions in order to create
yang tegas dan konsisten agar menimbulkan efek !0!..!*0 !û!0 "+. +û!* !./ / 3!(( / %*,10 "+.
jera bagi pelaku pelanggaran disamping juga sebagai system improvement for the Company or as a source
masukan untuk perbaikan sistem bagi Perusahaan atau of information that still needs to be ascertained the
sebagai sumber informasi yang tetap perlu dipastikan truth. The Board of Commissioners assess that the
kebenarannya. Dewan Komisaris menilai, sejauh ini presence of WBS Team to the stakeholders are more
Tim WBS semakin dipercaya keberadaaannya oleh credible as a part of internal control and so far, the

stakeholder sebagai bagian dari pengendalian internal Board of Directors is very responsive to complaints.
dan sejauh ini Dewan Komisaris dan Direksi sangat ++*ü.)0$!1.5+"0$!+),(%*0Č0$!ǫ+.
responsif menanggapi pengaduan tersebut. Dalam of Commissioners considers that the WBS team has
memastikan kebenaran laporan pengaduan, Dewan been careful when bringing in internal auditors to
Komisaris menilai bahwa Tim WBS cukup berhati- conduct a special audit, if necessary.
hati dengan melibatkan auditor internal atau dengan
melakukan audit khusus, jika memang diperlukan.
5. PANDANGAN ATAS PROSPEK USAHA 5. VIEWS ON THE COMPANY’S BUSINESS

PERUSAHAAN PROSPECTS
5.1. Peluang dan Tantangan 2019 5.1. Challenges and Opportunities in 2019
Dewan Komisaris melihat peluang dan kendala The Board of Commissioners envisions the challenges
terhadap prospek usaha pada Tahun 2019 secara and opportunities towards business prospect in 2019
umum adalah sebagai berikut: as follows:
5.1.1. Peluang Tahun 2019 5.1.1. Opportunities of 2019

- Dalam industri pertambangan, volume - In the mining industry, production/sales
produksi/penjualan, harga komoditas, harga volume and commodity price, fuel price, and
BBM, serta kurs Dollar sangat sensitip USD exchange rate are sensitive towards
terhadap kinerja Keuangan ANTAM. ƵƵ Ě/ü**%(,!."+.)*!ċ
- Di Akhir tahun 2018 sudah terlihat tanda- - In the end of 2018, the sign of nickel price
tanda kenaikan harga nikel. Jika kenaikan increase has emerged. When it happens, the
harga nikel menjadi kenyataan maka peluang opportunities are open for ANTAM. Nickel
usaha akan terbuka lebar bagi ANTAM. Harga price throughout 2018 as released by Kitco, hit
nikel sepanjang 2018 menurut statistik Kitco, the peak at USD7.11 per-pound and the lowest
harga tertinggi USD7,11/pound dan terendah at USD4.81 per-pound. It was an improvement
USD4.81/pound jauh lebih baik dari periode from that of 2017 in which the highest was
sepanjang tahun 2017 dimana harga tertinggi USD6.37 per-pound and lowest was USD3.97
USD6,37/pound dan terendah USD3,97/ per pound.
pound. ġ û+.0/ 0+3. !þ%!*5 $/ !!*
ġ ,5 ü/%!*/% 5*# /!0%, 0$1* %('1'* %),(!)!*0! "+. ü2! 5!./ * $/ !!*
sudah berjalan selama 5 (lima) tahun dan yielding better realization than expected.
realisasinya lebih tinggi dari rencana. - Restructuring program of subsidiary entities
- Penataan Anak-anak Perusahaan sudah $/ !!* +),(!0! * ü.)Č %*(1 %*# 0$!
dilakukan, termasuk pentaan atas PT ICA restructuring of PT ICA has been on the right
sudah lebih jelas arahnya. track.
- Cash Cost UBPN Sulawesi Tenggara sudah - The Cash Cost of UBPN South East Sulawesi is
berdaya saing tinggi dimana rata-rata cash now highly competitive, in which during 2018
cost nya 2018 sebesar USD3,95/lb lebih the average Cash cost is only USD3.95 per-
rendah dari harga nikel terendah sepanjang pound, lower compared to the 2018 lowest
tahun 2018 yang besarnya USD4,83/pound. nickel price of USD4.83 per-pound.
- ANTAM sampai dengan Januari 2022 memiliki - ANTAM up to January 2022 will generate
incremental revenue dari penjualan bijih nikel incremental revenue from international sales
kadar rendah keluar negeri sebanyak 3,9 of low grade nickel ore at 3.9 million Wmt and
Juta Wmt dan 840.000 Wmt Bauksit tercuci 840,000 Wmt washed Bauxite, after the ore
sehubungan dengan diizinkannya ANTAM export ban was lifted.
mengekspor bijih tersebut. - In case of fuel price increase, ANTAM has
- Jika harga BBM melompat naik, ANTAM mitigated by using gas, after 8 (eight) Unit
memiliki alternative menggunakan gas karena +" .!0.+ü00! %!/!(ġ,+3!.! (!0.%%05
ĉ Ĩ !(,*ĩ *%0 Ĩ/1 $ %.!0.+ü0ĩ Generator with each capacity of 17 MW.
masing-masing berkapasitas 17 MW jika hasil $!*!2!.0$!0. !ġ+û,+%*0%/.!$! Č#/
ė0. ! +ûĘ )!*5%),1('* ,!*##1** #/ can be a more economical alternative.
sudah lebih ekonomis daripada penggunaan
BBM.


- Dalam hal Rupiah melemah atau kurs USD - In case of Rupiah depreciation or USD
menguat akan menguntungkan pihak appreciation, exporters of nickel ore or
exsportir bijih nikel, bauksit seperti ANTAM. bauxite like ANTAM will be of advantage.
- Analisa risiko terhadap kegagalan - Mitigation plan has been devised to
direalisasikannya RKAP 2019 sudah dipikirkan anticipate if the 2019 Company Work and
mitigasinya. Budget Plan failed to be realized;
- Secara psikologis kepercayaan diri ANTAM ġ $! ,.+ü0 +" ,ĉĈąċąă %((%+* %* ĂĀāĉ $/
untuk dapat menghasilkan keuntungan boosted ANTAM psychologically to generate
semakin kuat dengan diperolehnya /0.+*#!.,.+ü0ċ
keuntungan sebesar Rp874,43 miliar pada - Vast amount of nickel and bauxite ore
tahun 2018. reserves entails huge potential for further
- Jumlah Cadangan Bijih Nikel dan Bauksit development.
sangat besar potensinya untuk dikembangkan - ANTAM’s human resources, which are
lebih lanjut. experienced in mining industry for over
- SDM ANTAM yang berpengalaman dalam 50 years, integrated from exploration,
industri Pertambangan yang terintegrasi exploitation, production, trade, smelting,
selama 50 Tahun mulai dari Eksplorasi, * .!ü*!.5.!*+0$!./0.!*#0$+"ƵƵ ċ
Penambangan, Pengolahan, Perdagangan, - ANTAM has merged with PT INALUM
Peleburan dan Pemurnian merupakan (Persero) holding, implying a stronger synergy,
kekuatan tersendiri bagi ANTAM. better access to funding, stronger bargaining
- Bergabungnya ANTAM didalam holding ,+3!.Č * !00!. !þ%!*5 5 (!.*%*#
PT INALUM (Persero) semakin memiliki from success story of the holding members.
akses ke sumber Pendanaan dan kerjasama/
Sinergis, serta nilai tawar yang lebih kuat,
)!)%(%'% '/!/ 1*01' (!%$ !ü/%!* !*#*
mengambil sukses story dari anggota Holding
Industri Pertambangan.
5.1.2.Tantangan Usaha Tahun 2019 5.1.2.Business Challenge of 2019

- Terjadi kenaikan Energi/BBM dan Gas ġ %#*%ü*0 %*.!/! +" "1!( * #/ ,.%!
/!. /%#*%ü'* /!(%'*5 '!*%'* $.# surpassed the commodity price increase.
komoditas tidak setinggi harga energi. - Actively exploring for high-grade nickel
- Melakukan eksplorasi cadangan nikel berkadar .!/!.2!/%*+. !.0+*0%%,0!0$!/%#*%ü*0
tinggi untuk mengantisipasi turunnya harga nickel price drop. High grading (selectively
*%'!( /!. /%#*%ü'* /!$%*## 1*01' exploit the high grade) can be temporarily
sementara dapat dilakukan “high grading” exercised.
(selektif mengambil kadar tinggi). - Exploring for gold reserves as a substitute
- Melakukan eksplorasi cadangan bijih emas for gold reserve in Pongkor and Cibaliung
sebagai pengganti cadangan emas di Pongkor Sumber Daya (New Discovery).
dan Cibaliung Sumber Daya (New Discovery).
5.2. ANTAM Sukses Menghadapi Tantangan 2018 5.2. ANTAM To Successfully Overcome 2018
Challenges
Sebagaimana dijelaskan diawal Laporan Dewan As it has been elucidated in the beginning of the
Komisaris bahwa apa yang sudah dihadapi dalam Board of Commissioner Report, the way ANTAM
tahun 2018 cukup membanggakan sebagaimana was facing all the challenges in 2018 has been
sudah diuraikan pada butir 3.7.2 ANTAM mencatatkan nothing but extraordinary. It is noted in the section
Pertumbuhan Kinerja Operasi yang positif selama 3.7.2 that ANTAM has recorded positive Operational
Tahun 2018 dan secara kualitatif lebih baik dari yang Performance Growth in 2018 which is qualitatively an
dihadapi pada tahun 2017. improvement from that of 2017.

Dalam 2018, ANTAM berhasil merealisasikan RKAP 2018 dan berhasil meningkatkan
Daya Saing. ANTAM berhasil membukukan laba 2018 yang positif sebesar
Rp874,43 miliar tumbuh sebesar 540,61% atas laba 2017
In 2018, ANTAM succeeded in realizing the 2018 RKAP and succeeded in increasing competitiveness. ANTAM
/1!//"1((5,+/0! ,+/%0%2!ĂĀāĉ,.+ü0+",ĉĈąċąă%((%+*Č#.+3%*#5ĆąĀċćāŌ+2!.ĂĀāĈ!.*%*#/
Dengan melakukan Perubahan pola pikir & pola Shifting Paradigm to Overcome Challenges and
tindak dalam mengatasi tantangan & mencapai tujuan Achieving Goals is ANTAM’s commitment to overcome
(Shifting Paradigm to Overcome Challenges and challenges in the year 2018 to the point where the
Achieving Goals) yang merupakan komitmen ANTAM company successfully booked Rp874.43 billion which
untuk mengatasi tantangan Tahun 2018 sehingga +1*0 "+. ĆąĀċćāŌ %*.!/! ".+) ĂĀāĈ ,.+ü0 +"
akhirnya Perseroan berhasil membukukan Laba yang Rp136.5 billion, aligned with the 2018 Shareholder’s
positif Rp874,43 miliar yang setara dengan 540,61% Aspiration.
terhadap laba Perseroan tahun 2017 sebesar Rp136,5
sejalan dengan aspirasi pemegang saham 2018.
5.3. Rencana Kerja Anggaran Perseroan (RKAP) 5.3. Company Work And Budget Plan (RKAP) of
2019 2019
Sebagaimana dijelaskan pada butir 2.6 bagaimana *+. *!0+/!0%+*Ăċć%0$/!!*/,!%ü! 0$0
lingkup tugas Dewan Komisaris dalam mengawasi the scope of work of Board of Commissioner is to
pelaksanaan RKAP 2018 dan kemudian pada butir 2.7 supervise the implementation of 2018 Company Work
bagaimana mekanisme Pengawasan dan Penasihatan and Budget Plan as well as section 2.7 which covers
Dewan Komisaris yang diterapkan pada Tahun 2018. the mechanism of Supervision and Advisory of Board
Terkait dengan pandangan Dewan Komisaris perihak of Commissioner which take place in 2018. In order
Prospek Usaha 2018 yang disiapkan oleh Direksi maka to comply with the Board of Commissioner’s view in
sesuai dengan Anggaran Dasar Perseroan, Pasal relation to 2018 Business Prospect prepared by the
17 ayat (3), menyebutkan bahwa paling lambat 30 Board of Directors, and in accordance with Company
(enam puluh) hari sebelum tahun buku dimulai, Article of Association, Article 17 paragraph (3), at the
Direksi wajib menyampaikan RKAP kepada Dewan (0!/0 ăĀ Ĩ0$%.05ĩ 5/ !"+.! 0$! /0.0+" ü/(5!.Č
Komisaris untuk dimintakan pengesahannya kepada the Board of Directors is obliged to submit Company
Rapat Dewan Komisaris, dan kemudian Pasal 17 ayat Work and Budget Plan to the Board of Commissioners
(4) bahwa Rancangan Rencana Kerja dan Anggaran "+..0%ü0%+*%*0$!ǫ+. +"ƫ+))%//%+*!./ !!0%*#Č
Tahunan Perseroan disetujui oleh Dewan Komisaris and Article 17, paragraph (4) that Draft of the Company
paling lambat 30 (tiga puluh) hari setelah tahun +.'* ǫ1 #!0(*0+!.0%ü! 50$!ǫ+. +"
anggaran berjalan. Pasal 17 ayat (5) bahwa dalam hal Commissioners at the latest of 30 (thirty) days into
RKAP belum disampaikan oleh Direksi dan/atau belum the current budget period, Article 17 paragraph (5)
disetujui dalam kurun waktu sebagaimana dimaksud that In the event that The Company Work and Budget
pada ayat (4) maka RKAP tahun sebelumnya yang Plan is not yet submitted by the Board of Directors
diberlakukan. Dalam prakteknya pembuatan RKAP, * ĥ+.*+05!0,,.+2! 3%0$%*0$!0%)!/,!%ü! %*
sejak awal sudah dilakukan pembahasan bersama the paragraph (4), the Company Work and Budget
antara Organ Pendukung Dewan Komisaris (tugas Plan from the previous year will be used. As a matter
dan tanggung jawab Komite Manajemen Risiko sesuai of fact, in formulating the Company Work and
Charter dan prakteknya dilapangan dibantu oleh Budget Plan, the Board of Commissioners Supporting
Komite Audit) dengan Vice President Accounting, Body (duty and responsibility of Risk Management
Tax and Budgeting secara intensive dimana frekuensi Committee as regulated by the Charter and assisted
rapat dan durasi pembahasan tergantung sejauh by Audit Committee) actively collaborating with the
mana kesepakatan antara kedua pihak tersebut di Vice President of Accounting, Tax and Budgeting.
atas dapat tercapai. Adapun aspek teknis sudah The frequency and duration of such meetings
diputuskan oleh Tim Teknis Manajemen sehingga are subject to agreement between both parties.
disepakati asumsi-asumsi yang “reasonable” untuk !$*%( *#!)!*0!)"+.)1(0! * ü*(%6!
digunakan sebagai basis perhitungan untuk dapat technical aspects in order to ensure “reasonable”
mencapai besaran yang ditetapakan sebagai indikator assumptions are agreed upon and workable as a


Shareholder aspiration letter. Untuk tahun buku 2019 /%/+")!/1.!)!*00+00%*0.#!0/ !ü*! %*0$!
ANTAM akan meningkatkan penjualan komoditas Shareholder Aspiration Letter. One example for this
utama, feronikel dan trading emas serta peningkatan is coming from 2019, where ANTAM is expected to
!ü/%!*/% * %*+2/%ċ !.++/* * ,!.1$* ,+( increase its main commodity sales, ferronickel and
pikir dan pola tindak serta kekuatan nilai-nilai ANTAM #+( * ++/0!þ%!*5* %**+20%+*ċ$!/$%"0%*#
dalam tahun 2019 di kedepankan dalam menghadapi paradigm and action as well as ANTAM’s values are
tantangan di tahun 2019 guna tetap memberikan put forward to embrace challenges in 2019 in order to
imbal hasil yang attractive ke pemegang saham dan )%*0%* 00.0%2! ,.+ü0 "+. /$.!$+( !./ /3!(( /
pemangku kepentingan lainnya. other stakeholders.
Pada dasarnya RKAP 2019 lahir berkat kesamaan pandangan antara

Dewan Komisaris dan Direksi. Dalam hal pemberian persetujuan RKAP 2019,
Dewan Komisaris selalu memberikan catatan untuk hal-hal yang memerlukan
perhatian Pengawasan yang ketat dan Evaluasi risiko secara rutin
untuk mengawal & mensukseskan RKAP 2019
Basically Company Work and Budget Plan of 2019 is derived from the similar views between the Board of
Commissioners and the Board of Directors. In granting approval to Company Work and Budget Plan of 2019,
the Board of Commissioners always takes note on the matters that require more attention. Tight monitoring
and regular risk evaluation are exercised to guide and achieve Company Work and Budget Plan of 2019
Untuk Feronikel, ANTAM akan menargetkan volume ANTAM is setting a new target of production and
produksi dan penjualan di Tahun 2019 masing-masing sales volume in 2019 for ferronickel of 30,280 TNi
30.280 TNi, dan untuk komoditas emas, ANTAM whereas for gold commodity, ANTAM is targeting
akan menargetkan produksi emas mencapai 2.036 gold production of 2,036 Kg and 31,305 Tonne in
Kg dengan penjualan 31.305 Ton, suatu target yang /(!/ċ+1,(%"0#+( /(!/ČƵƵ +þ%((5!*0!./0$!
meningkat sangat pesat. Untuk mendorong penjualan jewellery industry with “brand LM” and leveraging 205
emas, ANTAM secara resmi memasuki industri outlets owned by PT Pos Indonesia (Persero) and 15
perhiasan dan batangan emas dengan “brand LM” ANTAM’s gold boutique outlets as well as 205 outlets
dan penjualan emas melalui fasilitas 205 gerai milik from partnership of ANTAM with PT Bank Jabar
PT Pos Indonesia (Persero) dan melalui 15 gerai ǫ*0!* 5.%$ Ĩǫ*' ǫ
ǫ 5.%$ĩċ ƫ!.0%ü! 3%0$
butik emas milik ANTAM serta gerai hasil kerjasama London Bullion Market Association (LBMA) standard,
ANTAM dengan PT Bank Jabar Banten Syariah (Bank ANTAM’s gold is categorized as Gold Products
ǫ
ǫ 5.%$ĩ !*#* /,!/%ü'/% !)/ !./0* . which can be invested in with repatriated fund as
London Bullion Market Association (LBMA) yang part of tax amnesty. This is regulated in the Ministry
diproduki oleh ANTAM. Produk emas batangan of Finance Regulation Republic of Indonesia No
ANTAM termasuk dalam kriteria produk emas yang 122/PMK.08/2016 regarding Investment Placement
dapat diinvestasikan dari dana repatriasi program tax outside of the Financial Market associated with the
amnesty sesuai Peraturan Menteri keuangan Republik Tax Amnesty.
Indonesia No. 122/PMK.08/2016 tentang Penempatan
Investasi diluat Pasar Keuangan dalam rangka
Pengampunan Pajak.
Setelah didapatkan titik temu pandangan antara Having obtained similar point of view between the
Dewan Komisaris dan Direksi mengenai prospek Board of Commissioners and the Board of Directors
usaha yang tercantum dalam RKAP 2019, akhirnya on the business prospects contained in Company
Dewan Komisaris mengesahkan RKAP 2019 dengan Work and Budget Plan in 2019, the Board of
Surat Keputusan Dewan Komisaris No. 23/DK/ ƫ+))%//%+*!./ ü*((5 .0%ü! 0$! +.' * ǫ1 #!0
SK/XI/2019 tentang Pengesahan Rencana Kerja Plan 2019 with the Board of Commissioners’ Decree
dan Anggaran Perusahaan Tahun 2019 dan Surat +ċĂăĥĥĥ ĥĂĀāĊ+*0$!0%ü0%+*+"0$!+.'
Keputusan Dewan Komisaris No. 24/DK/SK/XI/2019 Plan and Budget Year 2019 and Decree of the Board
of Commissioners No. 24/DK/SK/XI/2019 on the
0%ü0%+*+"+.'* ǫ1 #!0(*+".0*!./$%,

tentang Pengesahan RKA-PKBL Tahun 2019 disertai and Community Development Program 2019 along
catatan yang menjadi bagian yang tidak terpisahkan with written notes which became an integral part of
dari Surat Keputusan Dewan Komisaris tersebut. the Board of Commissioners’ Decree.
Dibandingkan dengan target RKAP 2018 atau In comparison from the target of the 2018 Company
sebelumnya maka target RKAP 2019 sebagaimana Work and Budget Plan or prior, the target of 2019
%&!(/'* %0/ !.1$ /!. /%#*%ü'*ċ ƫ+),*5 +.' * ǫ1 #!0 (* %/ /%#*%ü*0(5
Perubahan target produksi Feronikel menjadi 30.280 changed. The 2019 Ferronickel target adjustment
Ton Nikel dalam 2019 dapat dipahami, mengingat to 30,280 nickel tonnes is reasonable given that the
Proyek P3FH sudah terwujud artinya dalam 3 (tiga) P3FH Project has been completed in the last 3 (three)
bulan terakhir tahun 2019 sudah trial run prduksi months of 2019, the production run trial has generated
yang dihitung produksinya 5.280 ton nikel sisanya 5,280 nickel tonnes, meaning that the remaining
25.000 ton nikel berasal dari Smelter ANTAM lainnya 25,000 nickel tonnes will be generated from other
demikian juga dengan kapasitas trading emas akan ANTAM’s smelter. So is with the gold trading capacity,
melompat ke angka 31.305 Kg. Suatu peningkatan 3$%$ %/ %*.!/%*# 0+ ăāČăĀĆ 0+**!/ċ $%/ /%#*%ü*0
0.#!05*#/%#*%ü'*0!./!10/!&(* !*#*1,5 %*.!/!+"0.#!0%/(%#*! 3%0$0$!!û+.0/0+10%(%6!
pemanfaatan sumber daya ANTAM yang berlimpah ANTAM’s huge resources of nickel and bauxite, along
dalam bijih nikel dan bauksit, disertai nilai-nilai insan with the values of ANTAM to maximize corporate
ANTAM untuk meningkatkan hasil dari upaya aksi action result. In related to Company Work and
korporasi. Sehubungan dengan RKAP 2019 sudah Budget Plan 2019, the suggested theme sounds very
tepat sekali tema yang dikedepankan: Empowering true: “Empowering ANTAM’s Resources & Values To
ANTAM’s Resources & Values To Maximize Corporate Maximize Corporate Action Result”.
Action & Result, “Memanfaatkan Sumber Daya dan
Nilai Nilai ANTAM untuk Meningkatkan Hasil aksi
Korporasi”.
Dewan Komisaris dapat memahami bahwa ANTAM kedepan akan mulai menikmati buah
hasil Proyek-Proyek ANTAM untuk lebih tumbuh dan berkembang menjadi “ANTAM
baru yang lebih besar”. Oleh karenanya ANTAM masih perlu melanjutkan Pergeseran
pola pikir-pola tindak dalam menghadapi RKAP 2019
The Board of Commissioners understands that going forward ANTAM will reap on the results of the on going
projects, grow and develop to become “new and bigger ANTAM”, therefore the people have to continue
shifting the paradigm in achieving 2019 Company Work and Budget Plan
Dewan Komisaris dapat memahami bahwa ANTAM ke The Board of Commissioners understands that in the
depan akan mulai menikmati buah hasil Proyek-Proyek future ANTAM will reap on the results of the recently
yang baru saja diselesaikan. Namun demikian ANTAM completed projects. However ANTAM should not
tidak boleh berpuas diri, ANTAM harus terus tumbuh be complacent, ANTAM has to grow and develop to
dan berkembang menjadi ANTAM “baru yang lebih become “new and bigger ANTAM”.
besar “
5.4. Strategi Mengsukseskan Rencana Kerja 5.4. Strategies to Successfully Realize the
Anggaran Perusahaan 2019 Company’s 2019 Work And Budget Plan
Melengkapi apa yang sudah dijelaskan pada butir Complementing what is already described in section
5.0 diatas, maka Kajian Risiko atas RKAP 2019 dan 5.0 above, the risk assessment on 2019 Company
Evaluasi terhadap asumsi yang digunakan merupakan Work and Budget Plan and evaluation of the
salah satu upaya untuk mengamankan terealisirnya //1),0%+*/ 1/! %/ +*! +" !û+.0/ 0+ /!1.! 0$!
RKAP 2019 dan mengawal prospek usaha Tahun 2019. realization of 2019 Company Work and Budget Plan
Sebagai bagian dari Standard Operation Procedure and to secure business prospects in 2019. As part
(SOP), maka Perseroan akan melakukan kajian risiko of the Standard Operation Procedure (SOP), The
dengan standar yang sudah ditetapkan dan dilakukan Company will conduct a risk assessment with the
secara rutin pada setiap kuartal yang dilakukan standards that have been established and carried


oleh Vice President Accounting, Tax and Budgeting out routinely in each quarter conducted by the Vice
dan dilaporkan kepada Direksi. Evaluasi terhadap President of Accounting, Tax and Budgeting and
asumsi-asumsi yang digunakan dalam RKAP 2019 reported to the Board of Directors. Evaluation of
secara berkesinambungan juga dilakukan. Dengan the assumptions used in the Company Work and
demikian pada Tahun 2019 sudah ditetapkan seluruh Budget Plan 2019 is continuously performed. Thus, in
mitigasi dan di monitoring dan dievalusi capaiannya 2019, mitigation, monitoring and evaluation has been
setiap kuartal sehingga diharapkan prospek usaha enacted to the Company’s quarterly achievement so
menjadi kenyataan. Prinsip-prinsip manajemen it is expected that the prospects will become reality.
dalam pengamanan RKAP 2019 tentu saja perlu Management principles in securing Company Work
dipertimbangkan, untuk diimplemantasikan, seperti and Budget Plan 2019 surely need to be considered
manjemen operasi, manajemen risiko yang prima for implementation, such as operations management,
termasuk hedging didalamnya, serta mengedepankan robust risk management including hedging, as well as
GCG sebagai landasan operasional perusahaan. emphasizing GCG as the company’s operational basis.
5.5. Terbitnya Peraturan Pemerintah Nomor 1 Tahun 5.5. Issuance of Government Regulation No. 1 Year
2017 (PP No. 1-2017) 2017 (PP No. 1-2017)
Perseroan menyambut baik terbitnya Peraturan The Company welcomed the issuance of Government
Pemerintah Nomor 1 Tahun 2017 tentang perubahan Regulation No. 1 of 2017 on the fourth amendment
keempat atas Peraturan Pemerintah Nomor to Government Regulation No. 23 Year 2010 on the
23 Tahun 2010 tentang Pelaksanaan Kegiatan Usaha Implementation of Mineral and Coal Mining Activities
Pertambangan Mineral dan Batubara (PP No. 1 (PP No. 1 of 2017). Although ANTAM warmly
Tahun 2017). Sekalipun ANTAM menyambut baik welcomed the issuance of PP No. 1 in 2017, which is
penerbitan PP No. 1 Tahun 2017, yang tentunya tetap !ü*%0!(5 %û!.!*0 ".+) *%'!( +.! !4,+.0 !"+.!
berbeda dengan ekspor bijih nikel sebelum tahun 2014. Before 2014, nickel ore export comprising low
2014. Sebelum tahun 2014, ekspor bijih meliputi grade and high-grade nickel ore, while export in
bijih nikel kadar rendah dan kadar tinggi, sedangkan 2017 is only limited to unutilized low grade nickel ore
ekspor pada tahun 2017 hanya terbatas dengan (limonite layer-nickel ore below 1.70% Nickel grade).
bijih nikel kadar rendah yang belum termanfaatkan 0 )!*/ !4,+.0 /(!/ %/ ,.0 +" !þ%!*5 ,.+#.)Č
(lapisan limonite-bijih nikel di bawah kadar 1,70% utilizing low grade nickel ore reserve which has to
Nikel). Artinya penjualan ekspor merupakan bagian be extracted before mining the high-grade nickel ore
.% ,.+#.) !ü/%!*/%Č )!)*"0'* *#* which is located under limonite layer and currently
bijih nikel kadar rendah yang terpaksa ditambang unutilized. Whereas prior to 2014 export volume is
sebelum menambang bijih nikel kadar tinggi yang unlimited, the regulation implemented in accordance
letaknya di bawah lapisan limonite dan saat ini belum to PP No. 1 2017 provides relaxation only for 5 years
termanfaatkan. Sebelum tahun 2014, jumlah ekspor period, at the same number of tonnes fed to ANTAM
bijih nikel tidak terbatas, maka pada perizianan factory, i.e. 2.7 million wet metric tonnes of nickel ore
yang diterapkan sesuai dengan PP nomor 1 Tahun to Ferronickel Plant and 840,000 tonnes of washed
2017 sejauh ini relaksasi yang diberikan hanya untuk bauxite to Chemical Grade Alumina Factory. The limit
waktu 5 tahun, sebanyak jumlah tonase yang sama of bauxite export license will be expired by January 12,
dengan tonase yang diumpankan ke Pabrik ANTAM, 2022.
yaitu Pabrik Feronikel sebanyak 2,7 juta wet metric
ton bijih nikel dan Pabrik Chemical Grade Alumina
sebesar 840.000 Ton Washed Bauxite. Adapun Batas
ijin ekspor bauxite ini akan berakhir pada tanggal
12 Januari Tahun 2022.
Dengan terbitnya PP No. 1 Tahun 2017 seperti dijelaskan The issuance of PP No. 1 2017 as described above will
di atas, maka terbuka tambahan pendapatan melalui create additional revenues from utilizing the potential
pemanfaatan potensi bijih nikel kadar rendah dan mined low-grade nickel ore as the source of funds for
bauxite tertambang yang akan digunakan sebagai downstream acceleration program. ANTAM will keep
sumber dana percepatan hilirisasi. ANTAM akan
tetap berusaha memasok bijih nikel untuk kebutuhan
smelter domestik lain yang sudah berdiri di dalam

negeri yang disesuaikan dengan rencana jangka on supplying nickel ore for other domestic smelter to
panjang kebutuhan umpan Pabrik yang dimiliki saat match with factory feed long term plan so long it is
ini, sepanjang disepakati harga yang reasonable. negotiated at a reasonable price.
Dalam tahun 2017 ANTAM mendapat quota sebanyak In year 2017, ANTAM obtained export quota of low
ekspor bijih nikel kadar rendah sebanyak 3,9 Juta grade nickel ore of 3.9 million Wmt and 840,000
Wmt dan 840,000 Ton Bauksit tercuci. ANTAM akan tonnes washed bauxite. ANTAM will utilize source of
memanfaatkan sumber dana dari penjualan bijih nikel fund from low grade nickel ore sales optimally.
kadar rendah seoptimal mungkin.
6. MEMBANGUN BUDAYA ANTAM SECARA 6. BUILDING ANTAM VALUES CONTINUOUSLY

BERKESINAMBUNGAN
Dewan Komisaris, meyakini sepenuhnya bahwa The Board of Commissioner fully believes that ANTAM
kehadiran Sumber Daya Manusia (SDM) ANTAM Human Resources as a Human Capital Excellence
sebagai Human Capital yang Excellence mutlak is mandatory to establish ANTAM’s operation and
diperlukan untuk menciptkan operasi ANTAM yang business excellence. Without value of excellence in
excellence dan Business ANTAM yang Excellence. the human capital, it would be challenging to drive the
Tanpa adanya human capital yang excellence, kiranya change and growth of ANTAM in the future, especially
sulit untuk mengelola perubahan dan pertumbuhan achieving ANTAM’s 2030 Vision and Mission.
ANTAM kedepan, terlebih lagi untuk mencapai Visi
dan Misi ANTAM 2030.
Dewan Komisaris meyakini sepenuhnya bahwa kehadiran Sumber Daya Manusia (SDM)
ANTAM sebagai Human Capital yang Excellence mutlak diperlukan
untuk menciptakan operation ANTAM yang Excellence
The Board of Commissioners fully believes that ANTAM Human Resources as a Human Capital Excellence
is mandatory to establish ANTAM’s operation and business excellence
Sehubungan dengan itu Dewan Komisaris meyakini Therefore, the Board of Commissioners understands
pencapaian human capital yang excellence that to achieve Human Capital Excellence, it needs
memerlukan penajaman atas nilai-nilai insan ANTAM internalization of ANTAM Human Capital values and a
dan upaya yang keras untuk menjadikannya sebagai strong determination to turn the values into corporate
budaya Perusahaan yang kokoh dan membumi. Hal culture that is resilient and deep-rooted. It becomes
ini menjadi menarik karena hasil survei menyimpulkan interesting considering result from surveys which
bahwa nilai-nilai ANTAM masih selaras dengan Visi- concludes that ANTAM values are in alignment with
Misi ANTAM 2030. ANTAM’s 2030 Vision and Mission.
Dewan Komisaris mengapresiasi upaya Direksi The Board of Commissioners highly appreciates the
yang konsisten dan berkesinambungan terus +*/%/0!*0!û+.050$!ǫ+. +"%.!0+./0+ !2!(+,
mengembangkan berbagai inisiatif seperti Director various initiatives such as Director Talk, Wednesday
talk, Wednesday is English Day, Jumat PIONEER, 5R is English Day, PIONEER Friday, 5R Implementation,
Implementation, Director Walk, Culture Campaign, Director Walk, Culture Campaign, ANTAM Sport &
ANTAM Sport & Games Competition dalam proses Games Competition in the process to internalized
“pembumian” nilai-nilai ANTAM. Keikutsertaan proses ANTAM values. The inclusion of reward and
reward and punishment dalam pembangunan nilai- punishment in the development of the ANTAM values
nilai ANTAM tersebut tentu juga mutlak diperlukan is also deemed necessary as the balancer or check
sebagai upaya penyeimbang atau Check and Balance and balance in a management process.
dalam suatu rangkaian manajemen.


Sekalipun usia ANTAM sudah menginjak 50 Tahun, namun upaya yang berulang-ulang
dan terus menerus mutlak diperlukan agar nilai-nilai ANTAM menjiwai
“Corporate Culture ANTAM”, sehingga terjelma “Perubahan Pola Pikir dan Pola
Tindak“ dalam mengatasi Tantangan & Mencapai Tujuan
(Shifting Paradigm to Overcome Challenges and Achieving Goals)
!/,%0!ĆĀ5!./+"ƵƵ Č.!,!0%0%2!* +*/%/0!*0!û+.0/.! !!)! *!!//.5
so that ANTAM values embody “ANTAM Corporate Culture”, thus turning into
“Shifting Paradigm to Overcome Challenge and Achieve Goals”
Perlu kita sadari bahwa perjalanan dalam membangun The journey to develop Human Capital Excellence
Human Capital Excellence sendiri harus memiliki have to include BEST behaviour (Beyond
perilaku BEST (Beyond Expectation, Environment Expectation, Environment Awareness, Synergize
awareness, Synergize Partnership) serta didasari Partnership) and build on top of the rigid PIONEER
oleh kekuatan nilai-nilai PIONEER (Professionalisme, values (Professionalism, Integrity, Global Mentality,
Integrity, Global Mentality, Harmony, Excellence & Harmony, Excellence & Reputation) which consist
Reputation), yang mengandung 20 perilaku yang of 20 behaviour branded as “ANTAM Guiding
dikemas dalam “ANTAM Guiding Principle” dan Principles” and supported by SENSE-attributed
didukung para pemimpin ANTAM yang beratribut ANTAM management ranks (Speed, Energize,
kepemimpinan SENSE (Speed, Energize, Respect Respect & Courage), having IMAM basic character
& Courage), berkarakter dasar IMAM (Integrity, (Integrity, Maturity and Abundance Mentality) and
Maturity dan Abundance Mentality) dan prinsip GCG, GCG Principle, TARIF (Transparency, Accountability,
TARIF (Transparency, Accountability, Responsibility, Responsibility, Independency, Fairness).
Independency, Fairness).
Dapat dipahami bahwa pencapain hal tersebut It is understandable that all the above achievements
di atas merupakan proses yang terus menerus, %*2+(2!&+%*0!û+.0* %*%0%0! ".+)ė+*!00$!+,Ę
memerlukan perjuangan bersama yang dimulai dari and ensued by Leaders and Champions as “Agents of
“Tone at the Top” dilanjutkan oleh Leader-leader Change” towards “Strong Corporate Culture”, “Good
dan Champion-champion sebagai “agent of Change” relationship between company and employee” and
menuju pembentukan “Strong Corporate Culture” “High Employee Engagement”. We believe if ANTAM
(budaya perusahaan yang kuat)”, good relationship values are on the right track, it will drive the “Shifting
between company and employee (“hubungan yang Paradigm to Overcome Challenge and Achieving
baik antara karyawan dan perusahaan)” dan “High Goals” which in the end will bring ANTAM as a
Employee Engagement” (keterikatan ke perusahaan +*+.(!Č0.+*#Č.+)%*!*0Č* %#*%ü! ċ
yang tinggi). Kami meyakini jika nilai-nilai ANTAM
sudah “membumi”, maka dengan sendirinya akan
terjadi pergeseran pola pikir dan pola tindak dalam
mengatasi tantangan dan mencapai tujuan “Shifting
Paradigm to Overcome Challenges and Achieving
Goals” sehingga akhirnya dapat mewujudkan ANTAM
sebagai Perusahaan yang “Berintegritas, Tangguh,
Unggul serta Bermartabat”

7. KATA PENUTUP 7. CLOSING REMARKS.

Dewan Komisaris mengingatkan dengan nilai-nilai $! ǫ+. +" ƫ+))%//%+*!./ ü*((5 .!)%* ! 3%0$
ANTAM disertai tempaan pengalaman serta tekad ANTAM’s values along with the experience and
bersama seluruh Jajaran ANTAM dalam Tahun 2019 determination along with the entire ANTAM ranks
untuk bekerja keras, bekerja cerdas mensukseskan in 2019 working hard, working smart to succeed
pelaksanaan RKAP Tahun 2019 yang lebih “menantang” in implementing the 2019 Work and Budget Plan
dan menghadapinya dengan tema Empowering that was more “challenging” and facing it with the
ANTAM’s Resources & Values to Maximize Corporate theme “Empowering ANTAM’s Resources & Values
Action & Result (Memanfaatkan Sumber Daya to Maximize Corporate Action & Result” towards
dan Nilai-Nilai ANTAM untuk Meningkatkan Hasil ANTAM’s solid bright future.
Aksi Korporasi) menuju masa depan ANTAM yang
cemerlang “Solid bright future”.
Sebagai penutup Dewan Komisaris menyampaikan In closing statement, the Board of Commissioners
apresiasi kepada Direksi dan seluruh jajarannya expressed its appreciation to the Board of Directors
kepada pemegang saham, kepada stakeholder, * (( +" %0/ /0û 0+ /$.!$+( !./Č 0+ /0'!$+( !./Č
serta masyarakat dimana operasi ANTAM berada the community where ANTAM’s operations are
atas bantuan dan kerjasamanya sehingga Dewan for assistance and cooperation so that the Board
Komisaris dapat melaksanakan fungsi pengawasan of Commissioners can carry out supervisory and
dan penasihatan serta memastikan bahwa Good advisory functions and ensure that Good Corporate
Corporate Governance (GCG) menjadi landasan Governance (GCG) is the company’s operational
operasional perusahaan dan pada gilirannya akan foundation and in turn it will create optimum returns
menciptakan imbal hasil yang optimum kepada to shareholders and stakeholders.
shareholder maupun stakeholder lainnya.
Jakarta, 2 April 2019

Jakarta, April 2, 2019
Dewan Komisaris
Board of Commissioners
PT Aneka Tambang Tbk
Jenderal TNI (Purn) Fachrul Razi, Zaelani, S.E.

S.Ip, S.H., M.H. Komisaris
Komisaris Utama Commissioner
Prof. Robert A. Simanjuntak, Ph.D. Prof. Dr. der Soz. Gumilar Rusliwa Ir. Anang Sri Kusuwardono
Komisaris Somantri Komisaris Independen
Commissioner Komisaris Independen Independent Commissioner
Independent Commissioner

and
a d the
t e Board
oa d of
o Directors
ecto s
Dewan Komisaris
Baris depan, kiri ke kanan

Front row, left to right
Jenderal TNI (Purn) Fachrul Razi,

S.Ip, S.H., M.H.
Komisaris Utama
Zaelani, S.E
Komisaris
Commissioner
Baris Belakang, kiri ke kanan

Back row, left to right
Prof. Dr. der Soz. Gumilar Rusliwa

Somantri
Komisaris Independen
Prof. Robert A. Simanjuntak, Ph. D

Komisaris
Commissioner
Ir. Anang Sri Kusuwardono

Laporan Direksi
“Tahun 2018 ANTAM

memasuki usia emas
ke-50 tahun. Di tengah
tantangan bisnis
dan volatilitas harga
komoditas global, ANTAM
berhasil mencatatkan
pertumbuhan bisnis
*,.+ü0%(%0/
yang positif.”
“In 2018 marked as Golden year

of the 50th ANTAM’s anniversary.
In mids of mining business challenge
and volatility of global commodity
price, ANTAM has succeed to deliver
positive Company’s business &
,.+ü0%(%05#.+30$ċĘ
Arie Prabowo Ariotedjo, M.Sc.

Direktur Utama
President Director
ANTAM
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Pemegang saham dan pemangku kepentingan Dear Valued Shareholders and Stakeholders,
yang terhormat,
Merupakan kehormatan bagi saya, mewakili seluruh On behalf of Board of Directors, it is an honor for me
anggota Direksi yang lain, untuk menyampaikan bahwa to convey that 2018 was a positive year for ANTAM’s
tahun 2018 merupakan tahun pertumbuhan positif bagi +,!.0%+*( * ü**%( ,!."+.)*! #.+30$ċ $%/ 3/
kinerja operasional dan keuangan ANTAM, sejalan dengan in line with the commitment made by the Company’s
komitmen Manajemen untuk memperkuat capaian kinerja Management in 2017 to improve its performance. The year
positif Perusahaan di tahun 2017. Tahun 2018 merupakan 2018 was a special year for us, as it marked ANTAM’s 50th
tahun yang istimewa bagi kami, bertepatan dengan ANTAM year of operations. The Company’s extensive experience in
yang telah memasuki usia ke-50 tahun. Usia yang matang the mining industry is expected to help us overcome any
bagi sebuah Perusahaan pertambangan yang diharapkan future business challenge. If we measure the Company’s
mampu tetap eksis melewati setiap dinamika tantangan ,!."+.)*! %* 0!.)/ +" ,.+ü0 #.+30$Č * .!01.* +*
bisnis yang ada. Jika kita mengukur kinerja perusahaan dari !-1%05 * ,.+ü0%(%05 ).#%*/Č ĂĀāĉ 3/ #+( !* 5!.
sisi pertumbuhan laba, tingkat imbal hasil ekuitas dan juga "+. ƵƵ ċ $%/ %/ .!ý!0! %* ƵƵ /001/ / (.#!
).&%* ,.+ü0%(%0/Č 0$1* ĂĀāĉ )!.1,'* 0$1* !)/ ,.+ü0(!+),*50$0+*0%*1!/0+.!0!+,,+.01*%0%!/
#% '%*!.& ƵƵ 5*# )!.!ý!'/%'* ƵƵ /!#% and innovations to support the growth and production of
Perusahaan yang besar dan sehat melalui penciptaan its main commodities.
peluang serta inovasi yang mendukung pertumbuhan
produksi dan penjualan komoditas utama ANTAM.
Inovasi produk yang dilakukan diantaranya launching The Company’s product innovations in 2018 included the
desain dan kemasan emas ANTAM-Logam Mulia (ANTAM- launch of a new gold design and packaging of ANTAM-
LM) yang baru yang memiliki dimensi produk yang lebih Precious Metal (ANTAM-LM). The product has larger
besar dan dikemas dengan teknologi CertiCard® untuk dimensions and is packaged with a CertiCard® technology
meningkatkan rasa aman masyarakat dalam berivestasi layered security feature to enhance the public’s sense
!)/ 0*#* '.!* )!)!.%'* ü01. '!)** of security when investing in gold bars. In 2018, ANTAM
berlapis. Pada tahun 2018, ANTAM menginisiasi produk initiated the Indonesia Batik Series II gold bars, which
emas batangan Batik Indonesia Seri II yang mengusung feature four motifs, namely Batik Truntum from Surakarta,
empat motif yakni Batik Truntum dari Surakarta, Batik Batik Wahyu Tumurun from Yogyakarta, Batik Sekar Jagad
Wahyu Tumurun dari Yogyakarta, Batik Sekar Jagad from Yogyakarta, and Batik Purbonegoro from Yogyakarta.
dari Yogyakarta, dan Batik Purbonegoro yang juga dari Ƶ/ 3%0$ 0$! ƫ+),*5Ě/ ü./0 0%' )+0%" /!.%!/Č 0$! ǫ0%'
Yogyakarta. Sebagaimana seri emas motif batik yang Indonesia Series II gold bars are unique products not to be
pertama, emas batangan Batik Indonesia Seri II ini found anywhere else in the world. This serves to increase
merupakan satu-satunya di dunia sehingga meningkatkan the added value of ANTAM’s gold bullion products. In
nilai tambah produk emas batangan ANTAM. Selain produk addition to the Company’s Batik series gold bars, ANTAM
seri Batik, ANTAM juga meluncurkan emas batangan also launched a thematic gold bar 2018 Chinese New Year
tematik edisi Tahun Baru Imlek 2018 dengan motif Shio edition with the Zodiac Earth Dog motif.
Anjing Tanah.
Disamping inisiatif inovasi pengembangan produk, ANTAM The Company’s innovations initiatives were including the
juga memperluas jangkauan penjualan emas di dalam expansion of domestic gold sales through a strategic
negeri dengan melanjutkan kerjasama strategis distribusi cooperation with PT Pos Indonesia (Persero). The
emas dengan PT Pos Indonesia (Persero) dimana emas ANTAM Precious Metal gold can now be purchased at
Logam Mulia ANTAM saat ini dapat dibeli melalui 205 ĂĀĆ ,+/0 +þ!/ .+// * +*!/%ċ * %0%+*Č ƵƵ %/
kantor pos yang tersebar diseluruh Indonesia. Selain itu collaborating with PT Bank BJB Syariah to expand its gold
ANTAM bekerja sama dengan PT Bank BJB Syariah perihal sales coverage in the areas of DKI Jakarta, Banten and West
penjualan emas untuk memperluas jangkauan penjualan Java. To support the development of the gold business,
emas di wilayah DKI Jakarta, Banten dan Jawa Barat. Untuk in 2018 the Company entered into a trade cooperation
mendukung pengembangan bisnis emas, pada tahun 2018 with MKK Co. Ltd. Through this collaboration, ANTAM has
Perusahaan menjadi bagian dalam kerjasama perdagangan
antara Indonesia dan Jepang melalui produk logam emas

Laporan Direksi
batangan gold-kilo bar melalui kerjasama bisnis antara expanded its sale and purchase coverage of 1-kilogram
ANTAM dan MKK Co. Ltd, Jepang. Melalui kerjasama ini, gold bar products in Japan. The plan to purchase and sell
ANTAM memperluas cakupan tidak hanya penjualan saja gold bars represents the trade value of 200 kg of gold
melainkan pembelian emas di Jepang melalui MKK untuk every month for 1 year.
produk emas batangan dengan kepingan 1 kilogram.
Rencana jual beli logam emas batangan ini memiliki nilai
perdagangan 200 kg emas setiap bulan selama 1 tahun.
Di tahun 2018, ANTAM kembali mencatatkan capaian In 2018, ANTAM again recorded high production and
tertinggi produksi & penjualan feronikel dengan produksi sales of ferronickel, with a production of 24,868 tones of
sebesar 24.868 ton nikel dalam feronikel (TNi), naik nickel within ferronickel (TNi), up by 14% from 21,762 TNi in
sebesar 14% dari capaian tahun 2017 sebesar 21.762 TNi 2017. Meanwhile, the sales of nickel in ferronickel reached
dan penjualan mencapai 24.135 TNi, tumbuh sebesar 10% 24,135 TNi, growing by 10% from 21,878 TNi in 2017. This
dibandingkan tahun 2017 sebesar 21.878 TNi. Peningkatan increase in the ferronickel production and sales volume is
volume produksi dan penjualan feronikel sejalan dengan in line with the stability of ANTAM’s production operations
tercapainya stabilitas operasi produksi pabrik feronikel at its ferronickel plant in Pomalaa, which currently has
ANTAM di Pomalaa yang saat ini memiliki kapasitas a production capacity of up to 27,000 TNi per year. In
produksi terpasang hingga 27.000 TNi per tahun. Selain addition to the satisfactory performance of ferronickel,
kinerja feronikel yang memuaskan, pada tahun 2018 in 2018, ANTAM recorded the highest gold sales in its
ANTAM mencatatkan capaian penjualan emas tertinggi 50-year history. In 2018, the Company’s gold sales
sepanjang sejarah 50 tahun ANTAM. Pada tahun 2018, 2+(1)!.!$! ĂĈČĉĊą'#ĨĉĊćČĉāĂ0.+5+6ĩČ/%#*%ü*0
volume penjualan emas mencapai 27.894 kg (896.812 t.oz) increase of 111% from 13,202 kg (424,454 t.oz) in 2017. This
01 *%' /%#*%ü'* /!!/. āāāŌ %* %*#'* ,%* is in line with the Company’s domestic and international
tahun 2017 sebesar 13.202 kg (424.454 t.oz) seiring gold market development strategy, as well as ANTAM’s
dengan strategi pengembangan pasar emas baik domestik product innovations in the area of Precious Metals.
dan ekspor serta inovasi produk Logam Mulia ANTAM..
Di tahun 2018, kami mencatatkan pertumbuhan produksi * ĂĀāĉČ 0$! ƫ+),*5 .!+. ! /%#*%ü*0 #.+30$ %* 0$!
*,!*&1(*5*#/%#*%ü'*1*01''+)+ %0/%&%$*%'!( production and sales of nickel ore and bauxite ore. Also
dan bijih bauksit, seiring dengan peningkatan penjualan in 2018, the Company received an export license for low
bijih nikel domestik serta didapatkannya perpanjangan izin grade nickel ore (<1.7% Ni) and washed bauxite ore from
ekspor bijih nikel kadar rendah (<1,7 %Ni) dan bijih bauksit the Ministry of Energy and Mineral Resources (ESDM).
tercuci dari Kementerian Energi dan Sumberdaya Mineral This represents ANTAM’s commitment to developing the
(ESDM) atas komitmen nyata ANTAM mengembangkan downstream mineral industry in the country.
hilirisasi mineral di dalam negeri.
Pada tahun 2018 komoditas bijih nikel, tercatat volume In 2018, ANTAM’s nickel ore commodities recorded a
produksi sebesar 9,32 juta wet metric ton (wmt), atau production volume of 9.32 million wet metric tons (wmt),
naik sebesar 67% dibandingkan tahun 2017 yang tercatat an increase of 67% from 5.57 million wmt in 2017, with
sebesar 5,57 juta wmt dengan tingkat penjualan bijih *%'!(+.!/(!/.!+. ! 0ćċăă)%((%+*3)0Č/%#*%ü*0
*%'!( 0!.00 /!!/. ćČăă &10 3)0Č 01 *%' /%#%ü'* increase of 116% from the total sales volume in 2017.
116% dibandingkan dengan total volume penjualan tahun Bauxite commodities made a positive contribution to
2017. Komoditas bauksit turut memberikan kontribusi ANTAM’s operational performance growth with bauxite
positif terhadap pertumbuhan kinerja operasional ANTAM production reaching 1.10 million wmt, a 70% increase from
dengan capaian produksi bauksit mencapai 1,10 juta wmt, the Company’s production output in 2017. Meanwhile, the
naik sebesar 70% dibandingkan capaian produksi tahun volume of Bauxite ore sales totalled 963 thousand wmt, up
2017 sebesar 648 ribu wmt. Sedangkan untuk total volume 15% from 838 thousand wmt in 2017.
penjualan bijih bauksit tercatat sebesar 963 ribu wmt atau
naik 15% dari capaian penjualan tahun 2017 sebesar 838
ribu wmt.

Pencapaian yang positif di tahun 2018 ini merupakan The Company’s positive results in 2018 make us optimistic
landasan kami selanjutnya untuk dapat merubah tantangan about tackling the challenges of 2019. We have made
yang ada di tahun 2019 menjadi kesuksesan. Kami telah innovations to maximize our resources and successfully
menciptakan berbagai inovasi dalam memaksimalkan create added value for our shareholder. We are committed
sumber daya yang dimiliki sehingga berhasil dalam 0+ "101.! #.+30$ * !þ%!*5 %),.+2!)!*0/ %* +. !.
menciptakan nilai pemegang saham yang baik. Melalui to create even more value for our shareholders and
kinerja yang baik ini, kami bertekad untuk menciptakan stakeholders.
masa depan yang lebih baik dalam hal pertumbuhan,
!ü/%!*/%Č,!*%,0**%(%/!.0/,!',!*0%*#(%**55*#
penting bagi seluruh pemegang saham dan pemangku
kepentingan kami.
!,!.5*%*2!/0+. *,!)!#*#/$)0!.!ý!'/%'* $! +*ü !*! +" +1. %*2!/0+./ * /$.!$+( !./ %/
dengan peningkatan jumlah investor sebesar 27,68% dari .!ý!0! %*ĂĈċćĉŌ%*.!/!%*0$!*1)!.+"%*2!/0+./
36.877 investor pada tahun 2017 menjadi 47.085 investor from 36,877 investors in 2017 to 47,085 investors in 2018,
dengan rata-rata volume perdagangan saham ANTAM with an average daily trading volume of 74.79 million of
per hari sebesar 74,79 juta saham dengan rata-rata nilai ANTAM shares and an average daily transaction value of
transaksi harian sebesar Rp62,01 miliar. Pada tahun 2018, Rp62.01 billion. In 2018, ANTAM shares became a part of
saham ANTAM menjadi bagian dari Indeks MNC36. Saham the MNC36 Index. ANTAM shares also remain a part of
ANTAM juga tetap menjadi bagian dari Indeks IDX LQ45, the IDX LQ45 Index, IDX30 Index, Small-Mid Cap Index
Indeks IDX30, Indeks IDX Small-Mid Cap (SMC) Composite, (SMC) Composite, SMX Liquid IDX Index and PEFINDO
Indeks IDX SMC Liquid, Indeks PEFINDO Investment Grade Investment Grade (i-Grade) Index, Jakarta Islamic Index
(i-Grade), Jakarta Islamic Index dan Indeks Kompas100 and Kompas100 Index on the Indonesia Stock Exchange
di IDX yang merupakan kelompok saham dengan tingkat (IDX), which is the stock group with the highest level of
likuiditas tertinggi di IDX. Kinerja Perusahaan yang positif (%-1% %05ċ+/%0%2!+.,+.0!,!."+.)*!3/(/+.!ý!0!
&1# 0!.!ý!'/%'* .% %,!.+(!$*5 .*#'%*# ,!.0) %*0$!ƫ+),*5Ě/$%!2!)!*0/%*(1 %*#ü./0.*'%*0$!
dari Top 100 Excellent Growth-Company Ranks 2018 2018 Top 100 Excellent Growth-Company Ranking among
diantara para Emiten yang terdaftar di IDX berdasarkan rilis IDX listed companies based on the release of the top 100
peringkat 100 Perusahaan Publik teratas yang dilakukan Public Companies conducted by Bisnis Indonesia.
oleh Bisnis Indonesia.
ANALISIS ATAS KINERJA PERUSAHAAN ANALYSIS OF CORPORATE PERFORMANCE
Strategi dan Kebijakan Strategis Strategies and Strategic Policies

Kinerja tahun 2018 merupakan bukti bahwa strategi The Company’s positive performance in 2018 demonstrated
kami telah berjalan dengan baik. Kami menciptakan nilai 0$!!û!0%2!!4!10%+*+"%0//0.0!#%!/ċ!.!0! !
bagi pemegang saham dan pemangku kepentingan value for shareholders and stakeholders by adopting
melalui hilirisasi, perluasan basis cadangan dan sumber a downstreaming policy, expanding our reserves and
daya, menjalin kemitraan dalam pengembangan usaha, resources, further decreasing cash costs, improving the
menurunkan biaya tunai lebih jauh sekaligus meningkatkan Company’s competitiveness, as well as strengthening the
competitiveness Perusahaan, serta melakukan penguatan core business performance to improve the Company’s
kinerja bisnis inti untuk meningkatkan revenue Peusahaan. revenue. The Companies strategies are discussed further
Penjabaran lebih jauh strategi dan kebijakan strategis kami below:
• Perluasan melalui proyek pengolahan mineral bersifat • Expansion through the downstream mineral processing
hilir. project.
Kami meyakini bahwa posisi ANTAM sebagai perusahaan We believe that ANTAM’s position as the largest
)%*!.( 0!. %2!./%ü'/% 0!.!/. % Ƶ/% !*##. * %2!./%ü! )%*!.( +),*5 %* +10$!/0 Ƶ/% *
sebagai salah satu perusahaan berbasis sumber daya one of the largest state-owned natural resources-
alam milik negara terbesar di Asia Tenggara dengan /! +),*5 %* +10$!/0 Ƶ/% 3%0$ /%#*%ü*0
*#* *%'!( * 1'/%0 5*# /%#*%ü'*Č )),1 nickel and bauxite reserves means that the Company
memberikan peluang untuk memanfaatkan permintaan can take advantage of the increasing demand for
atas produk mineral industri yang terus meningkat industrial mineral products in Southeast Asia. Industrial

Laporan Direksi
di Asia Tenggara. Produk mineral industri tersebut mineral products play an important role in a number
memiliki fungsi penting dalam pasar akhir yang of rapidly growing markets such as infrastructure,
berkembang pesat seperti infrastruktur, konstruksi, construction, automotive, transportation, electronic
otomotif, transportasi, barang elektronik dan peralatan goods and household appliances. ANTAM plans to
rumah tangga. ANTAM berupaya menjadi produsen !+)! )*1"01.!. +" /!)%ġü*%/$! ,.+ 10/Č
produk setengah jadi, seperti feronikel dan chemical such as ferronickel and chemical grade alumina, which
grade alumina, yang penting bagi pengembangan is essential for the development of such sectors and is
sektor-sektor tersebut, yang sementara ini masih currently still being imported to Southeast Asia from
diimpor dari Tiongkok, Korea, Jepang dan Eropa ke China, Korea, Japan and Europe.
Asia Tenggara.
Dengan mempertimbangkan faktor-faktor tersebut By taking into account the above factors, we adopted a
di atas, kami mengambil kebijakan strategis untuk strategic policy to focus on major downstream mineral
berfokus pada proyek pengembangan dan pengolahan processing projects, which in 2018 included:
mineral hilir utama yang telah berjalan sepanjang tahun
2018 sebagai berikut:
• Proyek Pembangunan Pabrik Feronikel Haltim • East Halmahera Ferronickel Plant Development
(P3FH). Project (P3FH).
ANTAM berfokus pada proyek pembangunan pabrik ANTAM is involved in the Haltim ferronickel plant
feronikel Haltim, yang terletak di dekat cadangan development project, which is located near the
dan sumber daya nikel utama di Halmahera Timur. reserves and primary resources of nickel in East
),% !*#* '$%. ĂĀāĉČ '!)&1* ü/%' ,.+5!' Halmahera. Up to the end of 2018, the progress of
tahap I Line I tetap on track dengan capaian 92%. the phase I Line I of the project remained on track,
Direncanakan konstruksi proyek ini diperkirakan reaching a 92% completion rate. The project is
akan selesai pada Triwulan 1 tahun 2019 yang !4,!0! 0+ ! +),(!0! 5 0$! ü./0 -1.0!. +"
kemudian akan dilanjutkan dengan periode 2019 and continue to the commissioning period
commissioning pada periode Triwulan 2 tahun 2019. by the second quarter of 2019. With a production
Dengan kapasitas produksi sebesar 13.500 TNi, capacity of 13,500 TNi, the completion of the
nantinya dengan selesainya proyek pembangunan Haltim ferronickel plant (Line 1) project will increase
pabrik feronikel Haltim (Line 1) akan meningkatkan ANTAM’s total installed ferronickel production
kapasitas total terpasang feronikel ANTAM sebesar capacity by 50% to 40,500 TNi per year from the
50% dari kapasitas produksi feronikel terpasang current installed ferronickel production capacity of
saat ini sebesar 27.000 TNi menjadi 40.500 TNi per 27,000 TNi.
tahun.
• Sejalan dengan strategi ANTAM untuk meningkatkan • In line with ANTAM’s strategy to increase the
nilai tambah komoditas mineral, terutama untuk ! 2(1! +" )%*!.( +))+ %0%!/Č /,!%ü((5
mengolah cadangan bijih nikel kadar rendah (<1,7% for processing reserves of low grade nickel ore
Ni), pada tahun 2018 Perusahaan menandatangani (<1.7% Ni), in 2018, the Company signed the Head of
Head of Agreement (HoA) Proyek Pengembangan Agreement (HoA) East Halmahera Project for the
Pabrik Nickel Pig Iron (NPI) Blast Furnace Development of a Nickel Pig Iron (NPI) Blast Furnace
Halmahera Timur dengan mitra strategis Ocean Plant with Ocean Energy Nickel International Pte.
Energy Nickel International Pte. Ltd (OENI). Proyek Ltd. (OENI). The NPI Blast Furnace project will have
NPI Blast Furnace memiliki total kapasitas produksi a total production capacity of 320,000 tons of NPI,
mencapai 320.000 ton NPI atau setara dengan equivalent to 30,000 tons of nickel within NPI (TNi).
30.000 ton nikel dalam NPI (TNi).
• Pabrik )!(0!. . ! Ƶ(1)%* !ü*!.5 (SGAR) đ !),3$ )!(0!. . ! Ƶ(1)%* !ü*!.5 (*0
Mempawah. ANTAM menargetkan pembangunan (SGAR).
pabrik SGAR selain pabrik Chemical Grade ANTAM is planning the construction of the SGAR
Alumina (CGA) Tayan, satu-satunya pabrik CGA plant in addition to the Chemical Grade Alumina
di Asia Tenggara, yang memulai pra-produksi (CGA) plant, which is the only CGA plant in
pada tahun 2015. Pabrik Tayan memiliki kapasitas Southeast Asia that commenced pre-production in
tahunan sebesar 300.000 ton CGA. Proyek SGAR 2015. The Tayan plant maintains an annual capacity
of 300,000 tons of CGA. The SGAR, project which is

yang berlokasi di Mempawah, Kalimantan Barat located in Mempawah, West Kalimantan, represents
%*% )!.1,'* (*#'$ %2!./%ü'/% ,!*#+($* 0$! ƫ+),*5Ě/ %2!./%ü0%+* /0.0!#5 "+. 0$!
bauksit dan diproyeksikan akan menghasilkan processing of bauxite and is projected to produce
1 juta ton SGA pada tahap I yang direncanakan akan 1 million tonnes of SGA during stage I, which is
memasuki tahap groundbreaking pada tahun 2019. scheduled to for groundbreaking in 2019.
• Perluasan basis cadangan dan sumber daya. • Expansion of reserves and resources.
ANTAM memiliki cadangan dan sumber daya nikel ANTAM has considerable resources and reserves of
dan bauksit yang besar. Selain itu, ANTAM juga nickel and bauxite. Furthermore, we also have the
memiliki kemampuan dan keahlian yang diperlukan necessary capability and expertise to successfully
untuk mengoperasikan tambang-tambang yang telah operate the Company’s existing mines and to develop
ada dengan sukses dan mengembangkan proyek- pioneering projects such as the Pongkor gold mine,
proyek perintis seperti pengembangan tambang emas the nickel mine in Buli in East Halmahera and the East
Pongkor, tambang nikel Buli di Halmahera Timur dan Halmahera Ferronickel Plant Development Project
Proyek Pembangunan Pabrik Feronikel Haltim (P3FH). (P3FH). ANTAM continues to develop its resources and
ANTAM terus mengevaluasi dan mengembangkan large reserves to strengthen the Company’s market
basis cadangan dan sumber daya yang besar tersebut /$.!* ,.+ 10%+*,.+ü(!ċ
untuk memperkuat pangsa pasar, meningkatkan
*#* *)!),!.'10,.+ü(,.+ 1'/%!.1/$*ċ
Dengan mempertimbangkan strategi tersebut dan Taking into account the amount the ANTAM’s reserve
juga jumlah basis cadangan dan sumber daya nikel base and resources of nickel and bauxite, the Company’s
dan bauksit berjumlah besar yang dimiliki, Manajemen management has made the decision to increase its
mengambil kebijakan untuk lebih berfokus pada focus on the acquisition of gold reserves and resources.
peningkatan dan perolehan cadangan dan sumber daya In relation to gold exploration, ANTAM is currently
emas. Terkait dengan eksplorasi emas, saat ini ANTAM focusing on searching for additional gold sources both
memfokuskan untuk melakukan pencarian sumber in active Mining Business Permit (IUP) locations, as well
emas tambahan baik di lokasi IUP aktif maupun di area as locations in other prospective areas. ANTAM is also
prospek baru lainnya. ANTAM juga tengah mengkaji reviewing the option of acquiring gold mining assets
opsi untuk melakukan akuisisi aset tambang emas yang 0$0$2!#++ ,.+ü(!Ē,+0!*0%(ċ
)!)%(%'%,.+ü(Ē,+0!*/%5*#%'ċ
• Menjalin kemitraan untuk mengembangkan produksi • Establishment of a partnership to develop new

mineral olahan baru dari cadangan yang telah ada. processed mineral products from the existing reserves.
Cadangan dan sumber daya nikel milik ANTAM Due to its considerable amount of nickel reserves
yang berjumlah besar, serta memiliki kualitas yang and resources, which are of higher quality than the
relatif lebih tinggi dibandingkan deposit di Filipina, deposits in the Philippines, ANTAM has become an
menjadikan ANTAM sebagai perusahaan patungan attractive joint venture company for both local and
yang menarik bagi perusahaan Indonesia maupun foreign companies with access to both technology and
asing yang memiliki akses terhadap teknologi dan ü**%*#ċ ƵƵ %/ ,(**%*# 0+ !/0(%/$ 0$%. ,.05
pendanaan. ANTAM akan menjalin kemitraan dengan partnerships in order to further improve the Company’s
,%$''!0%#!. /.'*,.+ü0%(%0/)!*#1*01*#'* %2!./%ü! ,+.0"+(%++",.+!//! )%*!.(/ċ
#1* /!)'%* )!*%*#'0'* %2!./%ü'/% ,+.0+"+(%+
mineral olahan Perusahaan.
Manajemen menerapkan kebijakan strategis untuk ANTAM’s management has a policy of cooperating
bekerja sama dengan mitra nasional dan internasional. with national and international partners. For instance,
Sebagai contoh, dalam proyek SGAR, ANTAM when working on the SGAR project, we collaborate
bekerjasama dengan PT INALUM (Persero) dan with PT INALUM (Persero) and a strategic partner.
mitra strategis yag berepengalaman dalam industri Furthermore, ANTAM also cooperates with other State-
pengolahan SGA. ANTAM juga menjalin sinergi Owned Enterprises (SOEs) when developing projects.
dengan Badan Usaha Milik Negara (BUMN) lain dalam
pengembangan proyek Perusahaan.

Laporan Direksi
Pada tahun 2018, sejalan dengan upaya kami untuk * ĂĀāĉČ %* (%*! 3%0$ +1. !û+.0/ 0+ %*.!/! 0$! !
meningkatkan nilai tambah cadangan & sumber value of mineral reserves & resources, ANTAM signed the
daya mineral yang dimiliki, ANTAM menandatangani Head of Agreement (HoA) Project for the Development
Head of Agreement (HoA) Proyek Pengembangan of the East Halmahera Blast Furnace Nickel Pig Iron
Pabrik Nickel Pig Iron (NPI) Blast Furnace Halmahera (NPI) Plant with Ocean Energy Nickel International Pte.
Timur dengan mitra strategis Ocean Energy Nickel Ltd. (OENI). Through this collaboration, ANTAM will
International Pte. Ltd (OENI). Dalam kerja sama ini, guarantee the availability of raw nickel ore at the Blast
ANTAM akan menjamin ketersediaan bahan baku bijih Furnace NPI project while OENI will ensure funding
nikel di proyek NPI Blast Furnace sedangkan OENI sources and the timely completion of construction
akan memastikan sumber pendanaan dan penyelesaian projects. The NPI Blast Furnace project has a total
konstruksi proyek tepat waktu. Proyek NPI Blast production capacity of 320,000 tons of NPI, equivalent
Furnace memiliki total kapasitas produksi mencapai to 30,000 tons of nickel in the NPI (TNi) with a total
320.000 ton NPI atau setara dengan 30.000 ton %*2!/0)!*0+".+1* ĸăĂĀ)%((%+*ċ$!ü./0,$/!
nikel dalam NPI (TNi) dengan total investasi sekitar of the development (± 8,000 TNi) is expected to start
US$320 juta. Pengembangan tahap pertama (±8.000 production in the latter of 2021, with the project fully
TNi) diharapkan dapat memulai produksi pada akhir operational by 2023.
tahun 2021, sedangkan secara keseluruhan ditargetkan
beroperasi tahun 2023.
• Menurunkan lebih lanjut cash cost dan meningkatkan • Further decrease in cash costs and improvements in
daya saing biaya. cost competitiveness
Kebijakan ANTAM dalam strategi penurunan biaya tunai To implement its cash cost reduction and cost
dan meningkatkan daya saing biaya adalah melakukan competitiveness strategies, the Company has adopted
konversi energi. ANTAM telah mengoperasikan an energy conversion policy. At the end of 2016, ANTAM
Pembangkit Listrik Tenaga Uap (PLTU) Batubara completed the construction of a Coal Fired Power Plant
dengan kapasitas 2x30MW pada akhir tahun 2016 with a capacity 2x30MW to supply electricity for the
untuk memasok listrik bagi fasilitas pendukung pabrik supporting facilities of the Pomalaa ferronickel plant in
feronikel Pomalaa sebagai upaya mengurangi biaya * !û+.0 0+ .! 1! !*!.#5 +/0/ //+%0! 3%0$ 0$!
energi dalam proses produksi feronikel. Saat ini, ANTAM ferronickel production process. The Company is in the
&1#0!*#$)!*5!(!/%'*.!0.+ü0!)*#'%0%/0.%' ,.+!//+".!0.+ü00%*#%0/ĉ4āĈ %!/!(+3!.(*00+
Tenaga Diesel berkapasitas 8x17MW sehingga dapat use gas as primary energy
menggunakan bahan bakar gas.
Sebagai dampak positif dari kebijakan ini, ANTAM telah The above actions have allowed the Company to
berhasil menjaga tingkat biaya tunai feronikel tetap maintain ferronickel cash costs at US$3.95 per lb in
rendah sebesar US$3,95 per pon pada tahun 2018. ĂĀāĉċ ƵƵ +*0%*1!/ 0+ %),.+2! %0/ !þ%!*5 *
ƵƵ 0!.1/ )!*%*#'0'* !ü/%!*/% * )!('1'* cost cutting strategies, and in 2018 the Company saved
,!*#$!)0* * % 0$1* ĂĀāĉ *%(% !ü/%!*/% /1 $ Rp26.40 billion, 164% of the target of Rp16.04 billion.
mencapai Rp26,40 miliar atau 164% dari target sebesar
Rp16,04 miliar.
• Peningkatan kinerja bisnis inti untuk meningkatkan • Improved core business performance to increase
revenue Peusahaan. Company revenue.
!#%!.1/$*,!.0)*#*5*#0!. %2!./%ü'/% Ƶ/ 2!.0%((5 %2!./%ü! Č %*0!#.0! * !4,+.0ġ
dan terintegrasi secara vertikal yang berorientasi ekspor, oriented mining company, we are committed to
kami berkomitmen untuk mempertahankan kekuatan )%*0%*%*#+1.,+/%0%2!ü**%(,!."+.)*!0$.+1#$
keuangan perusahaan melalui peningkatan perolehan generating more revenue by strengthening the
pendapatan dengan berfokus pada penguatan kinerja performance of our core business operations.
operasi bisnis inti Perusahaan.
Komitmen kami untuk meningkatkan kinerja bisnis inti Our commitment to improving our core business
yang positif pada tahun 2018, tercermin dari pencapaian ,!."+.)*! %* ĂĀāĉ $/ !!* .!ý!0! %* 0$!
produksi dan penjualan tertinggi komoditas feronikel highest production and sales of ANTAM’s ferronickel
ANTAM yang mencapai masing-masing 24.868 TNi commodities, which reached 24,868 TNi and 24,135

dan 24.135 TNi. Tidak hanya komoditas feronikel, TNi respectively. In 2018, ANTAM also recorded the
pada tahun 2018, ANTAM mencatatkan nilai volume highest gold product sales volume in the history of the
penjualan produk emas tertinggi sepanjang sejarah Company with a sales volume of 27,894 kg(896,812
Perusahaan dengan volume penjualan sebesar 27.894 t.oz) of gold, a 111% increase from the previous year.
'#ĨĉĊćċĉāĂ0ċ+6ĩ!)/01*%'/%#*%ü'*/!!/.āāāŌ
dibandingkan tahun sebelumnya.
Pada tahun 2018 kami berhasil meningkatkan performa In 2018, we succeeded in unceasing the production and
produksi dan penjualan komoditas inti Perusahaan. sales of our core commodities. This positive operational
Capaian operasional positif tersebut berdampak positif achievement has had a favorable impact on the
bagi peningkatan nilai penjualan bersih Perusahaan. Company’s net sales value. In 2018, ANTAM recorded
Pada tahun 2018, ANTAM mencatatkan nilai penjualan net sales of Rp25.24 trillion, an increased of 99% from
bersih sebesar Rp25,24 triliun atau naik sebesar 99% Rp12.65 trillion in 2017. Gold sales made up the largest
dibandingkan nilai penjualan bersih tahun 2017 sebesar part of the Company’s revenue, contributing Rp16.69
Rp12,65 triliun. Komoditas emas merupakan komponen trillion, or 66% of the Company’s total net sales in 2018.
terbesar pendapatan Perusahaan dengan kontribusi
sebesar Rp16,69 triliun atau 66% dari total penjualan
bersih tahun 2018.
PERBANDINGAN ANTARA HASIL YANG DICAPAI COMPARISON BETWEEN ACTUAL AND TARGETED
DENGAN YANG DITARGETKAN RESULT
Secara umum, kami berhasil mempertahankan kinerja The Company continued its positive performance in 2017
positif tahun 2017 melalui pertumbuhan performa positif to post another year of performance growth in 2018.
pada tahun 2018. ANTAM mencatatkan pertumbuhan ANTAM recorded an Earnings Before Interest, Tax,
Earning Before Interest, Taxes, Depreciation, and Depreciation, and Amortization (EBITDA) of Rp3.33
Amortization (EBITDA) mencapai 51% menjadi Rp3,33 trillion in 2018, a 51% increase from Rp2.23 trillion in 2017.
triliun dibandingkan dengan capaian EBITDA 2017 sebesar $%/ #.+30$ %* ǫ Ƶ 3/ )%*(5 1! 0+ 0$! /%#*%ü*0
Rp2,23 triliun. Pertumbuhan EBITDA yang positif terutama increase in ANTAM’s main commodity production
%/!'* ,!.01)1$* /%#*%ü'* '%*!.& ,.+ 1'/% * * /(!/Č / 3!(( / !þ%!*5 )!/1.!/ 0$0 (! 0+
penjualan komoditas utama ANTAM serta peningkatan stable cash costs level. ANTAM’s net sales in 2018 were
!ü/%!*/% 5*# !.1&1*# , /0%(*5 (!2!( %5 01*% recorded at Rp25.24 trillion, up by 99% from 2017. ANTAM
operasi ANTAM. Penjualan bersih ANTAM di 2018 tercatat .!+. ! *!0 ,.+ü0 +" ,ĉĈąċąă %((%+* %* ĂĀāĉČ ĆąāŌ
sebesar Rp25,24 triliun, naik 99% dibandingkan tahun increase from Rp136.50 billion in 2017.
2017. Tercatat ANTAM membukukan laba bersih sebesar
Rp874,43 miliar di tahun 2018, naik tajam sebesar 541%
dibandingkan capaian laba bersih 2017 sebesar Rp136,50
miliar.
Realisasi Dibandingkan Target Komoditas Utama Tahun 2018

Realization & Target of Main Commodities in 2018
24.652 24.868 24.719 24.135 27.894

26.148
2.065 1.957
Target Realisasi Target Realisasi Target Realisasi Target Realisasi

Produksi Produksi Penjualan Penjualan Produksi Produksi Penjualan Penjualan
Feronikel (TNi) Emas (Kg)

Ferronickel (TNi) Gold (Kg)

Laporan Direksi
Dari sisi kinerja operasi, kami mencatatkan pertumbuhan *ĂĀāĉČ0$!ƫ+),*5(/+.!+. ! /%#*%ü*0#.+30$%*

kinerja operasi dan penjualan komoditas utama yang operations and sales of core commodities. The Company
/%#*%ü'*/!,*&*#0$1*ĂĀāĉ&%' %* %*#'*'%*!.& also completed several projects that were targeted for
operasi tahun 2017. Beragam inisiatif perusahaan yang completion in 2018. In addition, a number of key indicators
ditargetkan untuk selesai di tahun 2018 juga terselesaikan (/+ !)+*/0.0! 0$! ƫ+),*5Ě/ /0%/"0+.5 ü**%(
dengan baik. Untuk kinerja keuangan, capaian indikator performance in 2018. It should also be noted that the
utama yang juga menunjukkan hasil yang memuaskan. ƫ+),*5Ě/ü**%(,!."+.)*!$/!!*$%#$(5û!0!
Dapat pula disampaikan bahwa kinerja keuangan Perseroan by the volatility of commodity prices and the conversion
sangat tergantung pada volatilitas harga komoditas dan rate of the Rupiah against foreign currencies.
nilai tukar Rupiah terhadap mata uang asing.
Dari sisi operasi, kami kembali mencatatkan volume In 2018, we again recorded the highest production and
produksi dan penjualan feronikel tertinggi sepanjang sales volume of ferronickel in the Company’s history. The
sejarah Perusahaan. Volume produksi feronikel mencapai volume of ferronickel production reached 24,868 TNi, an
24.868 TNi, naik sebesar 14% dari capaian tahun 2017. increase of 14% from 2017. This achievement exceeded the
Capaian ini melampaui target 2018 sebesar 24.652 2018 target of 24,652 TNi, and constitutes 101% of 2018
TNi atau sebesar 101% dari target. Penjualan feronikel target. The ferronickel sales reached 24,135 TNi in 2018,
mengalami pertumbuhan 10% mencapai 24.135 TNi a 10% growth from 21,878 TNi in 2017. The sales volume
dibandingkan volume penjualan tahun 2017 sebesar 21.878 achievement of ferronickel reached 98% of the 2018 target.
TNi. Pencapaian volume penjualan feronikel mencapai 98% The increase in ferronickel production and sales volume is
dari target. Peningkatan volume produksi dan penjualan in line with the production stability at ANTAM’s ferronickel
feronikel sejalan dengan tercapainya stabilitas operasi plant in Pomalaa, which currently has an installed
produksi pabrik feronikel ANTAM di Pomalaa yang saat production capacity of up to 27,000 TNi per year. These
ini memiliki kapasitas produksi terpasang hingga 27.000 results are in line with the Company’s strategy to optimize
TNi per tahun sebagai upaya kami untuk mengoptimalkan its production and sales, and the positive momentum
kinerja produksi dan penjualan seiring dengan momentum created by the price increase of nickel.
positif trend kenaikan permintaan dan harga nikel.
Tahun 2018, ANTAM kembali mencatatkan produksi & penjualan feronikel tertinggi
serta capaian penjualan emas tertinggi sepanjang sejarah Perusahaan
In 2018, ANTAM remains recorded the all time high of ferronickel production
& sales and booked the highest achievement on gold sales volume
Untuk komoditas emas, sepanjang tahun 2018, ANTAM In 2018, ANTAM’s total volume of gold production from
mencatatkan total volume produksi emas dari tambang the mines of Pongkor and Cibaliung reached 1,957 kg
Pongkor dan Cibaliung sebesar 1.957 kg (62.887 t.oz) atau (62,887 t.oz) or 95% of the set target. This was mainly
95% dari target terutama disebabkan produksi emas yang due to the below-target gold production at the Cibaliung
dibawah target dari tambang Cibaliung. Sementara itu mine. Meanwhile ANTAM’s gold sales volume in 2018 was
volume penjualan emas ANTAM di sepanjang tahun 2018 27,894 kg (896,812 t.oz), an increase of 111% from 13,202
tercatat sebesar 27.894 kg (896.812 t.oz), tumbuh sebesar kg (424,454 oz) in 2017. The Company’s gold sales in 2018
111% dibandingkan volume penjualan periode 2017 sebesar reached 107% of the set target of 26,148 kg (840,677 oz).
13.202 kg (424.454 oz). Jika dibandingkan dengan target The Company’s gold sales in 2018 reached the all time high
penjualan emas 2018, kinerja penjualan emas mencapai achievement. ANTAM’s increase in gold sales volume is
107% dari target yang telah ditetapkan sebesar 26.148 %* (%*! 3%0$ 0$! ƫ+),*5Ě/ !û+.0/ 0+ +*0%*1! %0/ ).'!0
kg (840.677 t.oz). Prestasi penjualan emas tahun 2018 expansion and innovations in the Logam Mulia gold
merupakan capaian penjualan tertinggi sepanjang sejarah products. In 2018, the Precious Metal brand and ANTAM’s
Perusahaan. Peningkatan volume penjualan emas ANTAM Nickel products were awarded the 2018 Gold SNI Award
sejalan dengan upaya kami untuk terus berupaya untuk in the Large Organization that Deals with Electronics,

melakukan perluasan pasar serta inovasi pada produk emas Metal and Metal Products category. This achievement
Logam Mulia. Pada tahun 2018, brand Logam Mulia serta %/ .!ý!0%+* +" +*/1)!. +*ü !*! %* ƵƵ Ě/ #+(
produk Nikel ANTAM mendapatkan penghargaan meraih and nickel products, and demonstrates the high level of
SNI Award 2018 peringkat Emas dalam kategori penilaian customer satisfaction with the Company’s products. It also
Organisasi Besar Barang Sektor Elektronika, Logam dan shows the competitiveness of ANTAM’s commodities.
.+ 1' +#)ċ !*,%* 0!./!10 )!.1,'* .!ý!'/%
kepercayaan konsumen terhadap produk emas dan nikel
ANTAM dan membuktikan tingkat penilaian kepuasan,
loyalitas, advokasi dan tingkat daya saing komoditas
ANTAM yang baik.
Volume produksi bijih nikel di 2018 yang digunakan dalam In 2018, the production volume of nickel ore used in
produksi feronikel serta penjualan domestik dan ekspor ferronickel production, along with domestic and export
tercatat sebesar 9,32 juta wmt. Total produksi bijih nikel sales, were recorded at 9.32 million wmt. ANTAM’s total
ANTAM pada 2018 naik sebesar 67% dibandingkan volume nickel ore production in 2018 increase by 67% from 5.57
produksi tahun 2017 sebesar 5,57 juta wmt. Capaian ini million wmt in 2017, reaching 101% from the set target of
melebihi target produksi bijih nikel tahun 2018 sebesar 2018 which amounted to 9.22 wmt. In 2018, the Company
9,22 juta wmt atau setara dengan 101% dari target yang recorded a total sales volume of nickel ore of 6.33 million
telah ditetapkan. Pada tahun 2018, kami mencatatkan wmt. Nickel ore sales rose by 116% in 2018 from the previous
total volume penjualan bijih nikel sebesar 6,33 juta wmt. year, in line with the growing demand for third-party nickel
Capaian penjualan bijih nikel tersebut tercatat naik 116% smelter in the country. The 2018 nickel ore sales reached
dibandingkan volume penjualan tahun 2017 seiring dengan 94% of the set target for the year 2018.
tumbuhnya kebutuhan bijih nikel smelter pihak ketiga
didalam negeri. Capaian penjualan bijih nikel tahun 2018
mencapai 94% dari target tahun 2018.
ANTAM mencatatkan volume produksi bauksit sepanjang In 2018, ANTAM recorded bauxite production volume
periode 2018 sebesar 1,10 juta wmt mencapai 89% dari amounting to 1.10 million wmt, 89% of the set target,
target atau naik sebesar 70% dibandingkan volume and a 70% increase from 2017 production volume of 648
produksi bauksit 2017 sebesar 648 ribu wmt. Total volume thousand wmt. In 2018, bauxite sales volume reached 963
penjualan bauksit tahun 2018 mencapai 963 ribu wmt. thousand wmt, surplus by 15% compared to 2017 sales
Volume penjualan bauksit di tahun 2018 naik sebesar 15% number of 838 thousand wmt. The sales bauxite volume in
dibandingkan penjualan 2017 yang mencapai 838 ribu ĂĀāĉ"1(ü(/0$!ćĊŌ+"ĂĀāĉ/!00.#!0ċ
wmt. Capaian penjualan bauksit tersebut setara dengan
69% dari target tahun 2018.
Dengan masih berlanjutnya tantangan besar yang muncul Despite the ongoing challenges in 2018, in addition to
di tahun 2018, selain kinerja operasi, kami juga berhasil the Company’s positive operational performance, we
dalam menyelesaikan berbagai inisiatif sesuai target yang (/+/1!! ! %*ü*(%6%*#2.%+1/%*%0%0%2!/0+"1(ü((0$!
ada. Sebagai contoh, dalam aspek pengelolaan lingkungan, Company’s targets. For instance, in terms of environmental
pada tahun 2018, Perusahaan meraih tiga peringkat Hijau management, in 2018, the Company received recognition
dan tiga peringkat Biru dalam Penghargaan PROPER 0$.+1#$0$!+( Ƶ3. /"+.0$!ü./00%)!!2!.ċ
periode tahun 2017-2018. Predikat PROPER Hijau The Company’s Gold Mining Business Unit received a
diperoleh Unit Bisnis Pertambangan Emas (UBP Emas) gold rating in the mineral mining sub sector. Meanwhile,
di Kabupaten Bogor, Jawa Barat; Unit Bisnis Pengolahan 0$!.!%+1/ !0(.+!//%*#* !ü*%*#ǫ1/%*!//*%0
dan Pemurnian Logam Mulia (UBPP LM) di Jakarta; dan received a Green rating in the mineral processing sub
Unit Bisnis Pertambangan Bauksit (UBPB) di Tayan, sector. The Bauxite Mining Business Unit also received a
Kalimantan Barat. Sedangkan PROPER Biru diraih oleh Green rating. Meanwhile, a Blue rating was awarded to
Unit Bisnis Pertambangan Nikel Sulawesi Tenggara, Unit the Southeast Sulawesi Nickel Mining Business Unit, the
Bisnis Pertambangan Nikel Maluku Utara dan Entitas North Maluku Nickel Mining Business Unit and ANTAM’s
Anak Perusahaan, PT Cibaliung Sumberdaya dalam sub subsidiary, PT Cibaliung Resources, which received an

Laporan Direksi
sektor Tambang Mineral. Dengan capaian tiga peringkat award in the Mineral Mining sub sector. The achievement
Hijau dan tiga peringkat Biru dalam Penghargaan of one Gold rating, two Green ratings, and three Blue
PROPER merepresentasikan komitmen Perusahaan dalam ratings in the PROPER Awards represents the Company’s
melaksanakan pengelolaan lingkungan yang berada di atas commitment to environmental management in and around
standar berdasarkan kriteria penilaian PROPER di sekitar the Company’s areas of operations that is above the
maupun di luar wilayah operasi. standards of PROPER assessment criteria.
Dalam bidang pengelolaan lingkungan, ANTAM meraih tiga peringkat PROPER Hijau
dan tiga peringkat PROPER Biru pada tahun 2018
As a part of sound implementation of environmental management, ANTAM received three Green PROPER
and three Blue PROPER Ratings in 2018
Selain perolehan penghargaan PROPER, di bidang In 2018, the Company planted 1,006,125 trees, or 140%
pengelolaan lingkungan kami menanam 1.006.125 pohon of the set target of 719,813 trees. In 2018, ANTAM also
atau 140% dibandingkan target 719.813 pohon. Pada supported the development of Pongkor Geopark in the
tahun 2018, ANTAM turut mendukung pengembangan Bogor Regency, West Java. The support was provided
Geopark Pongkor di Kabupaten Bogor, Jawa Barat. Hal through the development of the Pongkor Underground
tersebut diwujudkan melalui inisiasi pengembangan Mine Museum and the Cikaret Tourism Area (KAWACI)
Museum Tambang Bawah Tanah Pongkor dan Kawasan located in the Geopark Pongkor area. The development of
Wisata Cikaret (KAWACI) yang berada di wilayah Geopark the Underground Mining Museum is aligned with the post-
Pongkor sebagai salah satu bagian dari keseluruhan mining plans for the Pongkor gold mine, which involve
Geopark Nasional di Kabupaten Bogor, Jawa Barat. converting the mine into an educational facility about
Pengembangan Museum Tambang Bawah Tanah sejalan gold mining and ore processing. In terms of community
dengan rencana pasca tambang emas di Pongkor, dimana development, the Partnership and Community Stewardship
inisiasi tersebut merepresentasikan aspek edukasi tentang Program (PKBL) and Community Development Program
aktivitas operasional penambangan dan pengolahan bijih also met their targets. The collection level reached 52%
emas serta berbagai kegiatan penunjang lainnya. Dari sisi with the total distributed funds amounting to Rp20.62
pengembangan masyarakat, kinerja Program Kemitraan dan billion.
Bina Lingkungan serta Program Community Development
juga sesuai dengan target. Tingkat kolektibilitas Program
Kemitraan mencapai 52% dengan jumlah dana yang
disalurkan Rp20,62 miliar.
Dalam hal pengembangan proyek-proyek pertumbuhan, One of ANTAM’s current key projects is the Haltim
proyek kunci ANTAM saat ini yang mencakup Proyek Ferronickel Plant Construction Project (P3FH) with a
Pembangunan Pabrik Feronikel Haltim (P3FH) dengan production capacity of 13,500 TNi (Line 1). The progress
kapasitas produksi sebesar 13.500 TNi (Line 1). Hingga of the construction reached 92% at the end of 2018, and
periode 2018 realisasi konstruksi P3FH telah mencapai 0$!,(*0%//$! 1(! "+.+),(!0%+*%*0$!ü./0-1.0!.+"
92% dan direncanakan konstruksi pabrik akan selesai pada 2019. In terms of bauxite, ANTAM is currently focusing on
periode Triwulan 1 tahun 2019. Dalam hal pengembangan 0$! !2!(+,)!*0 +" 0$! )!(0!. . ! Ƶ(1)%* !ü*!.5
komoditas bauksit, saat ini ANTAM terus berfokus pada (SGAR) plant in cooperation with PT INALUM (Persero),
pembangunan pabrik )!(0!. . ! Ƶ(1)%* !ü*!.5 with a processing capacity of 1 million ton SGA per annum
(SGAR) bekerjasama dengan PT INALUM (Persero) yang (Phase 1). The project’s Bankable Feasibility Study (BFS)
memiliki kapasitas pengolahan sebesar 1 juta ton SGA per has been completed, and the groundbreaking is planned
tahun (Tahap 1) yang telah menyelesaikan kajian Bankable to commence in 2019.
Feasibility Study (BFS) dan direncanakan aktivitas ground
breaking dilaksanakan pada tahun 2019.

KENDALA-KENDALA YANG DIHADAPI CHALLENGES ENCOUNTERED AND

PERUSAHAAN DAN LANGKAH-LANGKAH RESOLUTIONS
PENYELESAIANNYA
Di tahun 2018, ANTAM relatif tidak memiliki kendala dalam In 2018, ANTAM’s operations generally ran smoothly. In July
hal operasi Perusahaan. Pada bulan Juli 2017, Showa Denko 2017, Showa Denko K.K. (SDK), as a 20% shareholder of a
K.K. (SDK) sebagai pemilik 20% saham pada ventura joint venture with ANTAM (80%) in PT Indonesia Chemical
bersama ANTAM (80%) pada PT Indonesia Chemical Alumina (ICA), chose to terminate the partnership with
Alumina (PT ICA), memilih untuk mengakhiri kemitraan ANTAM due to the operational challenges at the CGA
dengan ANTAM di PT ICA seiring dengan tantangan dalam Tayan plant. SDK had expressed its desire to sell their share
mengoperasikan pabrik CGA Tayan dimana SDK telah ownership in PT ICA to ANTAM and/or third parties.
menyampaikan keinginannya untuk menjual kepemilikan
sahamnya di PT ICA ke ANTAM dan/atau pihak ketiga.
Pada tahun 2018, seiring dengan komitmen kami yang solid 1/!-1!*0(5Č þ.)%*# +1. /+(% +))%0)!*0 0+
untuk kembali mengoptimalkan operasi Pabrik Chemical optimizing the operations at the Tayan Chemical Grade
Grade Alumina (CGA) Tayan, pada bulan Desember 2018, Alumina (CGA) Plant, ANTAM, in December 2018, signed a
ANTAM bersama dengan Showa Denko K.K (SDK) Jepang share sale and purchase agreement with Showa Denko K.K.
telah menandatangani akta perjanjian jual beli saham (SDK) of Japan for the shares in PT Indonesia Chemical
PT Indonesia Chemical Alumina (PT ICA) sebagai proses Ƶ(1)%*Ĩ ƫƵĩċ$%/3/0$!ü*(/0!,%*0$!-1%/%0%+*
ü*( .% ,!)!(%* '!/!(1.1$* /$) % ƫƵ of the entire shareholding of SDK at PT ICA, following
yang merupakan hasil dari proses negosiasi dan evaluasi comprehensive negotiation and evaluation by ANTAM
secara menyeluruh yang dilakukan oleh kedua belah pihak, and SDK. With the signing of the share sale and purchase
ANTAM dan SDK terkait dengan restrukturisasi kerja sama #.!!)!*0ČƵƵ +þ%((5!)!0$!/+(!/$.!$+( !.
patungan di PT ICA. Dengan ditandatanganinya akta jual (100%) of PT ICA, whereas previously ANTAM held an 80%
beli saham ini, ANTAM secara resmi memiliki keseluruhan share ownership of the plant with the remaining 20% held
100% saham di PT ICA dari posisi kepemilikan sebelumnya by SDK. The sale and purchase of SDK shares in PT ICA
yaitu sebesar 80% dengan 20% kepemilikan saham dimiliki by ANTAM was conducted with the agreed-upon purchase
oleh SDK. Adapun nilai transaksi jual-beli saham SDK di value as set forth in the agreement amounting to US$1.00
PT ICA kepada ANTAM dilakukan dengan nilai pembelian (One United States Dollar).
yang telah disepakati dalam perjanjian sebesar US$1,00
(Satu Dolar Amerika Serikat).
Dengan adanya transfer teknologi, pengembangan produk With the transfer of technology, product development
serta dukungan pemasaran, kami optimis komoditas and marketing support, the Company is optimistic that
alumina ANTAM tetap memiliki daya saing global dan dapat ANTAM’s alumina commodities will remain globally
memberikan nilai ekonomi yang positif bagi Perusahaan competitive and provide positive economic value to the
dan para pemegang saham. Company and its shareholders.
GAMBARAN DAN ANALISIS TENTANG PROSPEK DESCRIPTION AND ANALYSIS OF BUSINESS

USAHA PROSPECT
Analisis tentang Prospek Usaha Perseroan Analysis of the Company’s Business Prospects
Kami berkeyakinan bahwa prospek usaha ANTAM akan We believe that ANTAM’s business prospects will improve
lebih baik yang didukung dengan selesainya proyek with the support of its expansion projects, reduction in
ekspansi, penurunan biaya tunai komoditas inti dan adanya core commodity cash costs and an increase in commodity
tren outlook peningkatan harga komoditas. Pada tahun prices. In 2019, we will target production and sales of
2019, kami menargetkan pertumbuhan produksi dan ANTAM’s main commodities including ferronickel, gold,
penjualan komoditas utama ANTAM yakni feronikel, emas, nickel ore and bauxite ore.
bijih nikel dan bijih bauksit.

Laporan Direksi
P3FH direncanakan memulai fase operasi komersial pada akhir tahun 2019
P3FH has been planed to commence commercial phase by end of 2019
Prospek usaha ANTAM di tahun 2019 akan lebih baik yang didukung dengan selesainya proyek
ekspansi, penurunan biaya tunai komoditas inti serta outlook peningkatan kinerja operasi Perusahaan
ANTAM business prospects in 2019 will be better in line with completion of expansion project,
decreasing on cash cost level of core commodity and growth outlook of Company’s operational target
Untuk feronikel, kami menargetkan volume produksi dan For ferronickel, we set a production and sales volume
penjualan di tahun 2019 sebesar 30.280 TNi, naik 22% target of 30,280 TNi for 2019, an increase of 22% from the
dibandingkan dengan target produksi dan penjualan production and sales target of 24,652 TNi for 2018. This
tahun 2018 sebesar 24.652 TNi. Peningkatan target ini target increase is in line with our strategy to gradually
sejalan dengan strategi ANTAM untuk meningkatkan increase the utilization of the Pomalaa Ferronickel plant,
utilisasi operasi pabrik Feronikel Pomalaa serta mulai as well as the scheduled commencement of production at
berproduksinya pabrik Feronikel di Halmahera Timur the Haltim Ferronickel Plant in the Third Quarter of 2019.
pada Triwulan 3 tahun 2019. Untuk komoditas emas, kami For gold commodities, we set a production target of 2,036
menargetkan produksi di tahun 2019 sebesar 2.036 kg kg (65,458 t.oz) for the Pongkor and Cibaliung gold mines
(65.458 t.oz) dari tambang emas Pongkor dan Cibaliung in 2019. Meanwhile, the Company’s gold sales target for
dengan tingkat penjualan emas mencapai 32.036 kg 2019 is 32,036 kg (1,029,981 t.oz), a 22% increase from the
(1.029.981 t.oz), meningkat sebesar 22% dibandingkan 2018 gold sales target of 26,148 kg (840,677 t.oz). These
target penjualan tahun 2018 sebesar 26.148 kg (840.677 target increases are in line with the Company’s initiatives
t.oz). Peningkatan penjualan ini seiring dengan upaya 0+%),.+2!0$!10%(%60%+*+"+1.#+( .!ü*!.5* !4,!0!
kami untuk meningkatkan utilitas pabrik pemurnian serta expansion in the marketing coverage of ANTAM’s Precious
ekspektasi peningkatan jangkauan pemasaran produk Metal products in both domestic and export markets.
Logam Mulia ANTAM baik di pasar domestik maupun
ekspor.
Untuk mendukung peningkatan target produksi feronikel, To support the Company’s target increase in ferronickel
pada tahun 2019 kami menargetkan total produksi bijih production, we have set the nickel ore production target at
nikel sebesar 10,50 juta wet metric ton (wmt), meningkat 10.50 million wet metric tons (wmt) for 2019, an increase
13% dibandingkan target produksi tahun 2018 sebesar 9,22 of 13% from the production target of 9.22 million wmt in
juta wmt. Sedangkan total penjualan bijih nikel ANTAM 2018. Meanwhile, ANTAM’s total domestic and export
tahun 2019 ditargetkan sebesar 8 juta wmt yang ditujukan market nickel ore sales in 2019 are targeted at 8 million
untuk memenuhi permintaan pasar domestik dan ekspor. wmt. For bauxite ore, the targeted production volume
Untuk bijih bauksit, kami menargetkan volume produksi "+.ĂĀāĊ%/ăċāĈ)%((%+*3)0Č/%#*%ü*0%*.!/!+"āĆĂŌ
%0$1*ĂĀāĊ/!!/.ăČāĈ&103)0Č)!*%*#'0/%#*%ü'* from the production target of 1.25 million wmt in 2018.
152% dibandingkan target produksi tahun 2018 sebesar Meanwhile, the bauxite ore sales target in 2019 has been
1,25 juta wmt. Sedangkan untuk penjualan bijih bauksit /!00ăċĂĂ)%((%+*3)0Č/%#*%ü*0%*.!/!+"āąĀŌ".+)
tahun 2019 ditargetkan sebesar 3,22 juta wmt, meningkat the sales target of 1.34 million wmt in 2018. This increase
/%#*%ü'* /!!/. āąĀŌ %* %*#'* 0.#!0 ,!*&1(* in the production and sales target of bauxite ore is in line
tahun 2018 sebesar 1,34 juta wmt. Peningkatan produksi
dan penjualan bijih bauksit seiring untuk pemenuhan
permintaan pasar domestik maupun ekspor. Sedangkan

untuk komoditas Alumina, kami mentargetkan tingkat with domestic and export market demands. As for Alumina
produksi dan penjualan Alumina dari Pabrik Chemical commodities, the targeted Alumina production and sales
Grade Alumina di Tayan masing-masing sebesar 105 ribu levels at the Chemical Grade Alumina Plant in Tayan each
ton alumina di tahun 2019. stand at 105 thousand tons of alumina in 2019.
Pengapalan Bijih Nikel ANTAM

ANTAM nickel ore shipment activity
Di tahun 2019, kami tetap fokus untuk menjaga level biaya In 2019, we will remain focused on keeping our cash
tunai produksi tetap rendah. Biaya bahan bakar untuk production costs low. The cost of fuel for energy plants
kebutuhan pembangkit energi merupakan komponen represented the largest component in the ferronickel cash
terbesar dalam struktur biaya tunai feronikel sekitar cost structure of approximately 30% - 40%. The completion
30% - 40%. Melalui pengoperasian PLTU Batubara yang of P3FP is expected to further cut the Company’s ferronickel
telah memasuki fase operasi yang semakin optimal, kami cash cost and strengthen the its market competitiveness.
berharap pengoperasian PLTU Batubara ini diharapkan $! ƫ+),*5 $/ (/+ +),(!0! .!0.+ü0 +" %0/ %!/!(
akan lebih menekan lagi biaya tunai feronikel yang akan Power Plant with a 8X17MW capacity to allow for use of gas
memperkuat competitiveness kami. Pada tahun 2018 /,.%).5!*!.#5%*+1.!û+.00+)%*0%*(+3,.+ 10%+*
')%&1#0!($)!*5!(!/%'*.!0.+ü0!)*#'%0%/0.%' costs amid the raising global oil prices.
Tenaga Diesel berkapasitas 8x17MW sehingga dapat
menggunakan bahan bakar gas sebagai upaya kami
)!*&#!ü/%!*/%%5,.+ 1'/% %0!*#$2+(0%(%0/$.#
minyak dunia.
Pada tahun 2019, kami berencana untuk menyelesaikan We expect to complete the construction and commissioning
proses konstruksi dan commissioning Proyek Pembangunan process of the East Halmahera Ferronickel Plant (Line 1)
Pabrik Feronikel Haltim (Line 1) P3FH. Dengan selesainya P3FH Development Project in 2019. With the completion of
P3FH akan meningkatkan kapasitas total terpasang P3FP, ANTAM ferronickel production capacity will increase
feronikel ANTAM sebesar 50% dari kapasitas produksi from 27,000 TNi to 40,500 TNi per year. The Company’s
feronikel terpasang saat ini sebesar 27.000 TNi menjadi target of ferronickel production in 2019 will be increased
40.500 TNi per tahun. Target produksi feronikel di tahun to 30,280 TNi and will be further increased in the coming
2019 ditingkatkan menjadi sebesar 30.280 TNi dan akan years.
ditingkatkan ke kapasitas produksi optimum di tahun-
tahun mendatang.

Laporan Direksi
Pada ahir tahun 2019, P3FH direncanakan akan memasuki periode produksi komersial.
Dengan selesainya P3FH akan meningkatkan kapasitas total terpasang feronikel
ANTAM sebesar 50% menjadi 40.500 TNi per tahun
On the latter of 2019, P3FH will commence the commercial production phase. After completion of P3FH,
ANTAM’s annual ferronickel production capacity will increase by 50% up to 40,500 TNi per annum
Sebagai Perusahaan berbasis pertambangan yang As a vertically integrated mining-based Company, we

terintegrasi secara vertikal, kami terus bertumbuh melalui continue to grow through our downstream development
proyek pengembangan hilirisasi Perusahaan. Di tahun 2019, projects. In 2019, ANTAM will strengthen the Company’s
kami senantiasa memiliki komitmen untuk memperkuat !þ%!*5 * %**+20%+*/ 0+ +,! 3%0$ *5 $((!*#!/Č
%*%/%0%"!ü/%!*/% *%*+2/%1*01')!*#$ ,%0*0*#* and achieve positive returns for its shareholders and
guna tetap memberikan imbal hasil yang baik ke pemegang stakeholders.
saham dan pemangku kepentingan.
Dari faktor harga komoditas, outlook pertumbuhan In terms of commodity prices, the increasingly positive
kebutuhan nikel global yang semakin positif yang didukung global outlook for nickel demand, supported by the
pengembangan mobil listrik serta ekspektasi berlanjutnya development of electric cars and expectations of continued
pertumbuhan ekonomi di Tiongkok akan mendorong economic growth in China, will increase the demand for
peningkatan permintaan baja nirkarat yang merupakan stainless steel, which is a nickel processed product. As
produk olahan nikel. Untuk emas, komoditas ini akan tetap for gold, such commodity will remain a safe haven for
menjadi safe haven bagi investor. investors.
Peningkatan Rating Korporat ANTAM Upgrade of ANTAM’s Corporate Rating

Pada tahun 2018, seiring dengan pertumbuhan positif In 2018, along with the positive growth of ANTAM’s
kinerja operasi & keuangan ANTAM serta progress +,!.0%+*/ Ē ü**%( ,!."+.)*!Č / 3!(( / /%#*%ü*0
5*# /%#*%ü'* , ,!*5!(!/%* ,.+5!' * %*2!/0/% progress in project completion and company investment,
Perusahaan, The Standard & Poor’s Global Rating the Standard & Poor’s Global Rating upgraded ANTAM’s
melakukan pembaharuan terhadap outlook kredit rating corporate credit rating from “B-/stable outlook” to “ B/
korporat ANTAM dari sebelumnya rating “B-/outlook outlook positive.” This upgrade in ANTAM’s corporate
stable” menjadi “B-/outlook positive”. Peningkatan outlook .0%*# +10(++' .!ý!0/ 0$! ƫ+),*5Ě/ %),.+2! .! %0
rating korporat ANTAM mencerminkan perbaikan rasio ratio and liquidity position during the last 12 months.
kredit dan posisi likuiditas ANTAM yang semakin membaik
sepanjang periode 12 bulan terakhir.
Selain itu, pada tahun 2018, PT Pemeringkat Efek Indonesia In addition, in 2018, PT Pemeringkat Efek Indonesia
(PEFINDO) mengumumkan kenaikan peringkat Korporasi (PEFINDO) announced an increase in the rating of the
dan Obligasi Berkelanjutan I ANTAM Tahun 2011 dari Sustainable Bond ANTAM I with Fixed Rates (Bonds 2011)
rating “idBBB+/outlook stabil” menjadi rating “idA-/ from idBBB+/outlook stable” to rating “idA-/outlook
outlook stabil”. Kenaikan peringkat tersebut didukung stable”. This increase in rating was supported by the
oleh membaiknya arus kas Perusahaan seiring dengan %*.!/!%*0$!ƫ+),*5Ě//$ý+3(+*#3%0$0$!#.+30$
pertumbuhan kinerja operasi dan penjualan komoditas in the operations and sales performance of the Company’s
utama Perusahaan yang berbasis nikel, emas dan bauksit. main commodities: nickel, gold and bauxite.
Dengan kinerja yang solid, kami percaya bahwa ANTAM ANTAM’s increasingly more solid performance places
berada di posisi yang sangat baik untuk memaksimalkan the Company in a very good position to maximize
peluang dan kekuatan yang dimiliki. Capaian positif its opportunities and strengths. ANTAM’s positive
ini menjadi landasan yang solid bagi kami untuk terus achievements are a solid foundation for us to continue the
melakukan ekspansi komoditas utama ANTAM yang expansion of the Company’s main commodities including
berbasis pada komoditas nikel, emas dan bauksit. Kami nickel, gold and bauxite. We believe that the Company’s
percaya fundamental Perusahaan akan semakin solid di performance will be even more solid in 2019, supported

tahun 2019 dengan ditopang peningkatan kinerja operasi, 5 %*.!/! +,!.0%*# ,!."+.)*!Č +/0 /2%*# !û+.0/
upaya penghematan biaya serta inovasi dalam penciptaan and innovations to create added value from ANTAM’s
nilai tambah komoditas ANTAM sehingga kami melihat +))+ %0%!/ċ ! .! +*ü !*0 0$0 0$! ƫ+),*5 3%((
)/ !,* !*#*,.+ü0%(%0/ *,!.01)1$*5*# +*0%*1!$%!2%*#/1/0%*(!,.+ü0%(%05* #.+30$%*
berkelanjutan. the future.
.+ 1')/ƵƵ 5*# %'!)/ !*#*ü01.'!)**5*#!.(,%/

ANTAM’s Gold Products are packed with layered security features
Perkembangan Penerapan Tata Kelola Perusahaan Implementation Of Good Corporate Governance

yang Baik (Good Corporate Governance) Pada for Financial Year 2018
Tahun Buku 2018
Kami meyakini bahwa hasil pencapaian ANTAM di Tahun We believe that ANTAM’s achievements in 2018 are
2018 tidak lepas dari komitmen ANTAM untuk terus inseparable from the Company’s commitment to improving
meningkatkan praktik Good Corporate Governance (GCG) its Good Corporate Governance (GCG), including the
di Perusahaan, diantaranya dengan terus menyempurnakan implementation of good governance in accordance with
penerapan tata kelola yang baik sesuai dengan best best industry practices and commitment to adopting
practice tata kelola Perusahaan serta komitmen untuk GCG parameters that are applied internationally, namely
mengadopsi parameter GCG yang berlaku Internasional, Australian Securities Exchange (ASX) Corporate
yakni Australian Securities Exchange (ASX) Corporate Governance Principles and Recommendation 3rd Edition as
Governance Principles and Recommendation 3rd Edition well as ASEAN Corporate Governance Scorecard. ANTAM
serta ASEAN Corporate Governance Scorecard. ANTAM also implemented criteria and methodology established by
juga menerapkan kriteria dan metodologi yang diterpakan The Ministry of State Owned Enterprises (SOEs) Number
oleh Kementerian Negara Badan Usaha Milik Negara SK-16/S.MBU/2012 dated on June 6, 2012 and Circular
(BUMN) Nomor: SK-16/S.MBU/2012 tanggal 6 Juni 2012 Letter of Financial Services Authority (FSA) Number
serta Surat Edaran Otoritas Jasa Keuangan Nomor 32/ 31/SEOJK.04/2015 regarding Corporate Governance
SEOJK.04/2015 tentang Pedoman Tata Kelola Perusahaan Guidelines for Public Company.
Terbuka.
Pada tahun 2018, pencapaian atas komitmen kami tersebut In 2018, achievement of Company’s commitment to GCG
dibuktikan dengan Penghargaan yang kami terima di tingkat was proven by the Awards that we received at the ASEAN
ASEAN, yakni Top 50 ASEAN Public Listed Companies level, namely the Top 50 ASEAN Public Listed Companies
dalam ajang 2ndƬ ƵƵ ƫ+.,+.0! +2!.**! Ƶ3. / in the 2nd ASEAN Corporate Governance Awards held by
yang dilaksanakan oleh Minority Shareholders Watch Minority Shareholders Watch Group (MSWG). This award
Group (MSWG). Penghargaan ini diinisiasi oleh ASIAN was initiated by ASIAN Capital Markets Forum (ACMF)
Capital Markets Forum (ACMF) bekerja sama dengan in collaboration with the Asian Development Bank (ADB)
Asian Development Bank (ADB) yang terselenggara di held in Kuala Lumpur, Malaysia.
Kuala Lumpur, Malaysia.

Laporan Direksi
Apresiasi atas komitmen kami dalam menerapakan GCG di Recognition of ANTAM’s commitment to implementing
tingkat nasional selama tahun 2018 juga dibuktikan dengan GCG at the national level can be seen in the numerous
berbagai penghargaan yang diterima ANTAM di tahun 2018, awards received by the Company in 2018 namely
yakni ANTAM kembali meraih penghargaan dari Indonesia ANTAM again won the Indonesia Institute for Corporate
Institute for Corporate Governance (IICG) dengan predikat Governance (IICG) award and was named a Most Trusted
Most Trusted Company Based on Corporate Governance Company Based on the Corporate Governance Perception
Perception Index (CGPI). ANTAM memperoleh penilaian Index (CGPI). ANTAM have received the GGPI Award for
CGPI Award sebagai The Most Trusted Company untuk ke- “The Most Trusted Company” for the 10th time since 2008,
10 (sepuluh) kali semenjak tahun 2008 serta merupakan and was the only company to participate in the CGPI
satu-satunya Perusahaan yang telah mengikuti program research and assessment program for 17 consecutive years.
riset dan pemeringkatan CGPI selama 17 (tujuh belas) tahun In addition, ANTAM also won the 10th Indonesia Institute
berturut-turut. Selain penghargaan dari IICG, ANTAM juga for Corporate Directorship (IICD) Corporate Governance
meraih penghargaan Indonesia Institute for Corporate Conference & Award in 2018 in two categories including
Directorship (IICD) Corporate Governance Conference “Best Overall” and “TOP 50 of The Biggest Market
& Award ke-10 tahun 2018. ANTAM mendapatkan dua Capitalization Public Listed Companies.”
penghargaan kategori “Best Overall” dan “Top 50 of The
Biggest Market Capitalization Public Listed Companies.”
Pada tahun 2018, Implementasi GCG ANTAM mendapatkan penghargaan Top 50 ASEAN
Public Listed Companies dalam ajang 2nd ASEAN Corporate Governance Awards
In 2018, ANTAM GCG Implementation received an international recognition of Top 50 ASEAN
Public Listed Companies in the 2nd ASEAN Corporate Governance Awards
Selama tahun 2018, berbagai kegiatan telah kami lakukan During 2018, ANTAM held various activities to further
untuk semakin memperkuat dan meningkatkan awareness strengthen and increase GCG awareness of the Company’s
GCG bagi seluruh Insan ANTAM, diantaranya dengan employees, including socialization concerning GCG,
)!('1'* +/%(%/% ƫČ .0%ü'/% * % .0%ü0%+*Č * 00! þ%( !(0$ !,+.0 Ĩĩ
Unit Bisnis Pertambangan Nikel Sulawesi Tenggara dan in Southeast Sulawesi Nickel Mining Business Unit and the
Unit Bisnis Pertambangan Emas. Dalam pelaksanaan Gold Mining Business Unit. The Company collaborated with
sosialisasi tersebut kami juga bekerja sama dengan Komisi the Corruption Eradication Commission (KPK) to present
Pemberantasan Korupsi (KPK) untuk menyampaikan %*"+.)0%+* .!(0! 0+ .0%ü0%+*ċ $%/ +((+.0%+* %/
)0!.% 0!.'%0 .0%ü'/%ċ !.&/) %*% )!.1,'* a follow-up to the signing of the Integrated Prevention
wujud tindak lanjut dari penandatanganan Komitmen Commitment between ANTAM’s President Director and
Pencegahan Terintegrasi yang dilakukan antara Direktur 0$! .0%ü0%+* %.!0+. +" 0$! ƫ+..1,0%+* . %0%+*
0) ƵƵ !*#* %.!'01. .0%ü'/% +)%/% Commission (KPK) in 2017, The program also aimed to
Pemberantasan Korupsi (KPK) pada tahun 2017 serta increase awareness among ANTAM’s employees that the
untuk semakin meningkatan pemahaman Insan ANTAM Company is committed to preventing corruption and all
bahwa ANTAM berkomitmen tinggi untuk menghindari forms of fraud. ANTAM’s collaboration with the Corruption
segala bentuk tindakan korupsi dan fraud. Kerja sama Eradication Commission (KPK) was also materialized
dengan KPK juga diwujudkan melalui pelaksanaan Training 0$.+1#$0$!.%*%*#+".%*!.Ĩ+ĩ.0%ü%0%+*ƫ+*0.+(
of Trainer Ĩ+ĩ!*#!* (%*.0%ü'/%5*# %%'10%+(!$ session attended by employee representatives from the
perwakilan Karyawan dari Kantor Pusat/Unit/Unit Bisnis. ! þ!ĥǫ1/%*!// *%0/ĥ*%0/ċ * %0%+*Č 3! $2!
Selain itu, untuk mempertajam implementasi GCG di Anak also conducted Assistance to Corporate Governance
Perusahaan, kami juga telah melakukan Asistensi Dokumen Documents to increase GCG implementation in the
Tata Kelola Perusahaan. Company’s Subsidiaries.
Untuk semakin meningkatkan pemahaman Insan ANTAM In 2018, we continued to evaluate the understanding of
atas Standar Etika Perusahaan, di tahun 2018 kami juga the Company’s Code of Conduct by ANTAM’s employees
tetap melakukan pengukuran atas pemahaman Standar as a part of the Key Performance Indicators (KPI) of
Etika Perusahaan kepada seluruh pegawai ANTAM yang each Division/Unit/Business Unit. ANTAM’s commitment
juga menjadi bagian dari Key Performance Indicator to the Company’s Code of Conduct in 2018 reached
(KPI) masing-masing Divisi/Unit/Unit Bisnis. Adapun hasil

pencapaian komitmen Insan ANTAM atas Standar Etika 100%. This further demonstrates our commitment to
Perusahaan di tahun 2018 mencapai 100% yang semakin the implementation of GCG in the Company’s business
menunjukkan komitmen kami untuk mengimplementasikan activities.
GCG dalam seluruh aktivitas bisnis Perusahaan.
Kami juga telah melakukan evaluasi atas softstructure GCG We also evaluated the Company’s GCG softstructure
di Perusahaan sesuai dengan perubahan regulasi serta 0+ !*/1.! 0$0 %0 .!ý!0/ (( .!#1(0+.5 $*#!/ *
perkembangan bisnis ANTAM. Berbagai Management developments. Numerous Company Management Policies
Policy Perusahaan telah diperbaharui di tahun 2018, were updated in 2018, including the GCG Implementation
diantaranya Pedoman Implementasi GCG, Kebijakan Guidelines, Company’s Strategic Management Policy,
Managemen Strategis Perusahaan, Kebijakan Treasury Treasury Policy and Project Management Policy. We believe
serta Kebijakan Manajemen Proyek. Kami meyakini bahwa that with regular evaluations of all Company policies, we will
dengan adanya evaluasi secara berkala atas seluruh further improve its check and balance functions to ensure
kebijakan Perusahaan akan semakin meningkatkan fungsi that the Company’s business processes are performed in
check and balance di Perusahaan serta memastikan bahwa an appropriate manner.
proses bisnis perusahaan telah dilaksanakan dengan baik
dan benar.
Di tahun 2018, ANTAM juga telah intensif melakukan In 2018, ANTAM conducted socialization sessions on
+/%(%/%0!.'%0.0%ü'/%Ē'!, /!(1.1$ */* .0%ü0%+* Ē "+. (( +" ƵƵ Ě/ !),(+5!!/
ANTAM melalui media komunikasi internal Perusahaan. through the Company’s internal communication media.
!() 0$1* ĂĀāĉČ ')% )!*!.%) ą ,+.* .0%ü'/% During 2018, we received 4 Gratuity Reports, which all
yang semunya telah kami tindak lanjuti. Sebagai wujud have been followed up. The Company gave an award to the
,.!/%/% ')% 0/ ,!(,+. #.0%ü'/% ,!.0) % ĂĀāĉČ ü./0.!,+.0!.%*ĂĀāĉ/"+.)+",,.!%0%+*ċ$!3.
Perusahaan memberikan penghargaan kepada pelapor. was presented by the President Director during the 50th
Penghargaan diserahkan oleh Direktur Utama dalam ANTAM Anniversary celebration. ANTAM’s compliance
moment perayaan HUT ANTAM ke-50. Terkait pengelolaan level with the State Operator Assets Report (LHKPN)
Laporan Harta Kekayaan Penyelenggara Negara (LHKPN) reached 93.56% in 2018.
yang secara intensif telah kami implementasikan di Tahun
2018, capaian tingkat kepatuhan pelaporan LHKPN ANTAM
mencapai 93,56%.
Untuk mengetahui sejauh mana implementasi praktik To measure the implementation of GCG in ANTAM, We
GCG di Perusahaan, kami secara konsisten melaksanakan consistently conducts annual assessments of its GCG
Assessment GCG setiap tahun. Assessment GCG di ANTAM practices. ANTAM’s GCG Assessment is conducted by
dilakukan dengan merujuk pada 4 (empat) parameter GCG, referring to 4 (four) GCG parameters, 3 (three) of which
3 (tiga) diantaranya yakni parameter Australian Securities are carried out by an independent assessor including
Exchange (ASX) Corporate Governance Principle and the Australian Securities Exchange (ASX) Corporate
Recommendation, ASEAN Corporate Governance Governance Principle and Recommendation parameters,
Scorecard, Kriteria dan Metodologi Implementasi GCG ASEAN Corporate Governance Scorecard, criteria and
yang ditetapkan oleh Kantor Kementerian Negara BUMN methodology established by The Ministry of State Owned
No. SK-16/S.MBU/2012 dilakukan oleh Independent Enterprises (SOEs) Number SK-16/S.MBU/2012 dated
Assessor sementara untuk parameter Pedoman Tata Kelola on June 6, 2012. Meanwhile, the Corporate Governance
Perusahaan Terbuka yang diterbitkan oleh Otoritas Jasa Guidelines for Public Company issued by the Financial
Keuangan (OJK) tahun 2015 dilakukan melalui metode self Services Authority (OJK) in 2015 are carried out on a self-
assessment. assessment basis.

Laporan Direksi
Penilaian Implementasi GCG ANTAM tahun 2018,

Implementasi GCG BUMN skor 97,01
ASX Corporate Governance Principles, skor 93,1 dengan predikat “Sangat Baik”
ASEAN Corporate Governance Scorecard predikat “Baik”
Pedoman Tata Kelola Perusahaan oleh OJK predikat “Fully Comply”
Assessment result of ANTAM’s GCG Implementation in 2018,
The SOEs GCG Implementation, score 97.01
ASX Corporate Governance Principles, score 93.1 with predicate “Very Good”
ASEAN Corporate Governance Scorecard, predicate “Good”
Corporate Governance Guidelines for Public Company by OJK, predicate “Fully Comply”
Berdasarkan hasil assessment GCG ANTAM tahun ǫ/! +*0$!.!/1(0+"ƵƵ Ě/ƫ//!//)!*0%*ü**%(

buku 2018 untuk parameter Penilaian dan Evaluasi atas year 2018, for the parameters of Evaluation and Evaluation
Penerapan Tata Kelola Perusahaan yang baik bagi BUMN of the Implementation of Good Corporate Governance
sesuai SK-16/S.MBU/2012, ANTAM memperoleh skor 97,01. for SOEs in accordance with SK-16/S.MBU/2012, ANTAM
Berdasarkan Standar ASX Corporate Governance Principles received a score of 97.01. Based on the ASX Corporate
and Recommendation, Tingkat Pencapaian ANTAM adalah Governance Principles and Recommendations, ANTAM’s
93,1% dengan predikat “Sangat Baik”. Untuk assessment level achievement is 93.1% with title “Very Good”. For the
ASEAN Corporate Governance Scorecard, yakni acuan ASEAN Corporate Governance Scorecard assessment,
yang diadopsi oleh perusahaan-perusahaan terbuka yang which is a reference adopted by leading public companies
terkemuka di ASEAN, ANTAM memperoleh predikat “Baik” in ASEAN, ANTAM obtains the tittle of “Good”. Meanwhile,
sedangkan berdasarkan self assessment atas parameter based on the results of the Company’s self assessment,
Pedoman Tata Kelola Perusahaan Terbuka oleh OJK pursuant to Corporate Governance Guidelines for Public
yang dilakukan dengan pendekatan “comply or explain”, Company by FSA was conducted using the “comply or
ANTAM telah berhasil memenuhi seluruh rekomendasi- !4,(%*Ę ,,.+$Č ƵƵ $/ /1!//"1((5 "1(ü((! ((
rekomendasi tersebut (fully comply). recommendations (fully comply).
Kami akan terus berupaya meningkatan praktik GCG We are committed to incorporating the practices of GCG
di Perusahaan dengan menindaklanjuti rekomendasi- in the Company’s operations by following up on any
rekomendasi yang dihasilkan dalam Assessment GCG recommendations of CGC Assessments and continuing
serta secara continues melakulan internalisasi GCG ke the internal implementation of GCG in all areas of the
seluruh wilayah operasi Perusahaan. Kami meyakini bahwa Company’s operations. We believe that our commitment
dengan semakin meningkatnya implementasi GCG, maka to the implementation of GCG, will continue to improve
dapat meningkatkan reputasi ANTAM dan kepercayaan ANTAM’s reputation and stakeholder trust. This is ANTAM’s
stakeholder yang akan menjadi kekuatan ANTAM untuk driving force to achieving sustainable business growth.
mencapai pertumbuhan bisnis yang berkelanjutan
(sustainable).
Pengelolaan Human Capital Human Capital Management

Sumber daya manusia merupakan salah satu aset Human resources constitute one of the Company’s most
perusahaan yang paling berharga bagi ANTAM. Fokus valuable assets. ANTAM is committed to investing in
dari pengelolaan sumber daya manusia ANTAM adalah the competence training of its employees, decreasing
meningkatkan kapabilitas tenaga kerja perusahaan the Company’s total headcount on a selective basis and
secara berkelanjutan, meningkatkan pelatihan tenaga aligning work achievements with compensation packages.
kerja, penurunan jumlah tenaga kerja secara selektif dan
penyelarasan antara prestasi kerja dengan kompensasi.
Di tahun 2018, jumlah pegawai tetap ANTAM naik sebesar In 2018, the total number of ANTAM’s permanent
15% menjadi 3.637 orang pegawai. Dari total pegawai employees increase by 15% to 3,637 employees. Out
tetap ANTAM pada tahun 2018, sekitar 29% adalah lulusan of the total of the Company’s permanent employees
universitas, 40% lulusan diploma sedangkan sekitar 31% in 2018, approximately 29% were university graduates,
adalah lulusan setara SMA sementara sisanya memiliki latar 40% diploma, and approximately 31% were high school
belakang pendidikan hingga SMP atau sederajat. graduates or its equivalent. The remaining number of
employees completed junior high school or its equivalent.

ANTAM juga secara berkesinambungan meningkatkan ANTAM strives to continually improve the competence and
kompetensi dan keterampilan pegawai untuk meningkatkan skills of its employees in order to improve the Company’s
prestasi dan produktivitas perusahaan secara keseluruhan. overall performance and productivity. In 2016, we made
Di tahun 2016, kami telah menyelesaikan perubahan Divisi the Learning and Development Division into a separate
Learning and Development menjadi Unit Bisnis tersendiri business unit to make ANTAM’s Learning and Development
sehingga keberadaan Learning and Development di ANTAM programs more strategic. In 2018, we held leadership
menjadi lebih strategis. Di tahun 2018 kami mengadakan development and technical competence development
program-program pengembangan kepemimpinan maupun programs, and comparative study and internship programs
pengembangan kompetensi teknis, studi banding dan in other mining companies. The unit also prepared a
program magang di perusahaan tambang lain. Unit bisnis feasibility study to create an information system to
ini juga sedang mempersiapkan studi kelayakan untuk integrate assessment results, competence models, learning
menciptakan suatu sistem informasi yang mengintegrasikan systems and talent management. In 2018, the Company’s
hasil assessment, model kompetensi, sistem pembelajaran employee education and training expenses amounted to
dan manajemen talenta pegawai. Pada tahun 2018, Rp27.16 billion, a 19% increase from Rp22.86 billion in 2017.
ANTAM mengeluarkan biaya sebesar Rp27,16 miliar untuk
pendidikan dan pelatihan, meningkat 19% dibandingkan
tahun 2017 sebesar Rp22,86 miliar.
Biaya Pendidikan dan Pelatihan

Education & Training
Rp Miliar Rp Billion
27,16
22,86
19,13
2016 2017 2018
Tanggung Jawab Sosial Perusahaan dan Corporate Social Responsibility And

Pengelolaan Lingkungan Environmental Management
Di dalam pelaksanaan tanggung jawab sosial perusahaan The Company is aware of the importance of communication
dan pengelolaan lingkungan, kami memahami betapa processes with stakeholders when it comes to the
pentingnya proses komunikasi yang dilakukan dengan para implementation of corporate social responsibility and
pemangku kepentingan. Hal ini penting untuk menunjang environmental management. Such communication
segala aktivitas ANTAM mulai dari perencanaan strategis, supports ANTAM’s activities, from strategic planning
implementasi, sampai dengan evaluasi inisiatif yang and implementation to the evaluation of the Company’s
dilakukan perusahaan. Mekanisme yang berjalan untuk initiatives. The Company has put in place a number of
memastikan berjalannya komunikasi yang efektif dengan )!$*%/)/ 0+ !*/1.! !û!0%2! +))1*%0%+* 3%0$
pemangku kepentingan diantaranya dilakukan melalui stakeholders including community development activities,
kegiatan community development dan community bipartite and tripartite forums, as well as the Development
relations, forum Bipartit dan Tripartit, serta Musyawarah Planning and Improvements Forum.
Perencanaan dan Pengembangan Pembangunan.
Kegiatan-kegiatan Pengembangan Masyarakat dan The Company continues to hold regular Community
Program Kemitraan dan Bina Lingkungan (PKBL) terus Development and Partnership program and Community
dilakukan ANTAM secara berkesinambungan. Program- Stewardship activities. These programs focus on education,
program ini difokuskan pada bidang pendidikan, kesehatan, health, public infrastructure and facilities, places of worship,

sarana dan prasarana umum, sarana ibadah, bantuan %//0!. .!(%!" * *01.( +*/!.20%+* !û+.0/ċ * ĂĀāĉČ
bencana alam, upaya pelestarian alam, dan lain-lain. ANTAM incurred expenses amounting to Rp118.67 billion
Pada tahun 2018, ANTAM membelanjakan Rp118,67 miliar for community development programs, a 25% increase
untuk program pengembangan masyarakat, atau naik from the previous year that amounted at Rp95.09 billion.
25% dibandingkan tahun sebelumnya sebesar Rp95,09 In 2018, ANTAM incurred expenses of Rp1.02 billion for
miliar. Pada tahun 2018, ANTAM menyalurkan Rp1,02 miliar its Community Stewardship program, while Partnership
untuk program Bina Lingkungan, sementara penyaluran program expenses amounted to Rp20.62 billion. Due to
untuk program Kemitraan mencapai Rp20,62 miliar. Atas 0$! ƫ+),*5Ě/ !û!0%2! ƫ+.,+.0! +%( !/,+*/%%(%05
pengelolaan Program Tanggung Jawab Sosial Perusahaan management and its Environmental Management Program,
dan Pengelolaan Lingkungan yang baik, pada tahun 2018 in 2018, ANTAM received an award in the Best I Partnership
ANTAM meraih penghargaan untuk kategori Program and Community Development Program category in the
Kemitraan dan Bina Lingkungan Terbaik I dalam ajang 2018 BUMN Awards, as well as the 2017 Sustainability
Anugerah BUMN 2018 serta mendapatkan penghargaan Reporting Awards (SRA) in the Commendation for Best
Sustainability Reporting Awards (SRA) 2017 untuk kategori Disclosure on CSR Master Plan category.
Commendation for Best Disclosure on CSR Master Plan.
Biaya Tanggung Jawab Sosial Perusahaan

Corporate Social Responsibility Expenses
257
227
197
2016 2017 2018
Komitmen di bidang lingkungan ditunjukkan dengan The Company continues to participate in the One Billion
adanya keberlanjutan program One Billion Indonesia * +*!/% .!!/ Ĩǫ ĩ ,.+#.) 0+ "1(ü(( %0/ +))%0)!*0
Trees (OBIT). Realisasi pengeluaran di bidang lingkungan to environmental protection. The Company’s environment-
untuk tahun 2018 tercatat sebesar Rp114,85 miliar. Sampai related expenses in 2018 amounted Rp114.85 billion. Up
akhir tahun 2018, total luas lahan yang digunakan adalah to the end of year 2018, the total area of land used was
6.202,7 hektar. Adapun luas lahan yang telah direklamasi 6,202.7 hectares. The reclaimed area reached 5,069.05
mencapai 5.069,05 hektar, sehingga persentase luasan hectares, resulting the percentage of reclaimed land area
lahan direklamasi terhadap bukaan adalah 81,72%. to openings is 81.72%.
Kami secara konsisten melakukan serangkaian program The Company’s CSR programs consist of Community
CSR, yang terdiri dari Community Development, Program Development, Partnership Programs and Environmental
Kemitraan, Bina Lingkungan dan Pengelolaan Lingkungan Management. These programs are a part of the Company’s
Hidup sebagai bagian komitmen Perusahaan untuk commitment to making a positive impact on community
memberikan kontribusi yang positif terhadap kesejahteraan welfare and environmental preservation.
dan kemandirian masyarakat serta pengelolaan lingkugan
hidup.

Penilaian Atas Kinerja Komite-Komite yang Berada Performance Evaluation of The Committees Under
Di Bawah Direksi The Board of Directors
Pada tahun 2018, Perusahaan tidak memiliki komite yang In 2018, there were no committees under the Board of
berada di bawah Direksi. Directors.
Perubahan Komposisi Anggota Direksi dan Alasan Changes In The Composition of The Board of
Perubahannya Directors and Reasons for Change
Pada tahun buku 2018, tidak ada perubahan komposisi In 2018, there were not changes to the composition of the
anggota Direksi. Board of Directors.
Ucapan Terima Kasih Acknowledgments

Direksi menyampaikan penghargaan atas usaha-usaha On behalf of the Board of Directors, I would like to convey
yang tidak mengenal lelah yang tidak hanya berhasil )5 ,,.!%0%+* "+. 5+1. .!(!*0(!// !û+.0/ 0+ *+0 +*(5
menghadapi tantangan yang ada, namun juga menorehkan successfully overcome all challenges, but also record
tinta emas yang membanggakan di tahun 2018. Tahun 2018 historical accomplishments in 2018. ANTAM reported
tercatat sebagai tahun emas pertumbuhan yang positif positive growth in 2018 to resume positive yield returns
bagi ANTAM untuk kembali memberikan imbal hasil dan and to display satisfactory performance. With the prayers,
kinerja yang memuaskan dan dengan doa, dukungan dan support and assistance of all parties, we believe that
bantuan semua pihak, kami yakin bahwa ANTAM akan ANTAM will continue to grow and improve its performance
terus bertumbuh dan meningkatkan performa Perusahaan in the years to come.
di masa mendatang.
Jakarta, 2 April 2019

Jakarta, April 2, 2019
Direksi
Board of Directors
Arie Prabowo Ariotedjo, M.Sc. Dimas Wikan Pramudhito, B.Sc., MBA Ir. Sutrisno S. Tatetdagat, M.M.
Direktur Utama Direktur Keuangan Direktur Pengembangan
President Director Finance Director Development Director
Tatang Hendra, S.T., M.Si. Ir. Hari Widjajanto, M.M. Johan N.B. Nababan, S.E.
Direktur Pemasaran Direktur Operasi Direktur Human Capital &
Mareketing Director Operations Director Corporate Social Responsibility
Human Capital & Corporate
Social Responsibility Director

Direksi
Board of Directors
Baris depan, kiri ke kanan

Front row, left to right
Arie Prabowo
Ariotedjo, M.Sc.
Direktur Utama
President Director
Ir.
I Hari Widjajanto, M.M.
Direktur Operasi
Operation Director
Baris
Bar belakang, kiri ke kanan
Back row, left to right
Ir. Sutrisno S.
Tatetdagat, M.M
Direktur Pengembangan
Development Director
Tatang
Ta Hendra, S.T., MSi.
Direktur Pemasaran
Marketing Director
Johan
Jo N.B. Nababan, S.E.
Direktur Human Capital &
Corporate
Corpo Social Responsibility
Human Capital & Corporate
H
Social
Soc Responsibility Director
Dimas Wikan Pramudhito,

Dim
B.Sc., MBA
Direktur Keuangan
Finance Director
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exceeding the community empowerment and Stakeholders based on
expected target. development based on the the principles of Good
principles of Operational Excellent Corporate Governance
and Corporate Social Responsibility. (GCG) and the Code of
Conduct.
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272
27
272 Laporan
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274 Gambaran Umum 322 Realisasi Penggunaan Dana Hasil

General Overview Penawaran Umum
Realisation of Use of Proceeds
279 Kinerja Operasi
Per Segmen Usaha 324 Divestasi, Penggabungan/Peleburan
Business Segment Usaha, Akuisisi atau Restrukturisasi
Operating Performance Hutang/Modal
Divestment, Merger, Acquisition or
284 Kinerja Segmen Perusahaan
!0ĥƫ,%0(!/0.101.%*#
Corporate Segment Performance
298 Uraian atas Kinerja Keuangan 324 Informasi Material Terkait Investasi,
Ekspansi, Divestasi, Penggabungan/
Perusahaan
Peleburan Usaha, Akuisisi atau
Review of the Company’s Financial
Restrukturisasi Hutang/Modal
Performance
Material Information on Investment,
299 Laporan Laba Rugi Komprehensif Expansion, Divestment, Merger,
Konsolidasian Ƶ-1%/%0%+*+.!0ĥƫ,%0(
Consolidated Comprehensive Restructuring
00!)!*0/+".+ü0+.+//
325 Informasi Transaksi Material yang
305 Laporan Posisi Keuangan Mengandung Benturan Kepentingan
Konsolidasian *ĥ01.*/'/%Ƶü(%/%
Consolidated Statements Information on Material Transaction
of Financial Position $%$ƫ+*0%*/ƫ+*ý%0+" *0!.!/0
* ĥ+.Ƶþ(%0!.*/0%+*
307 Laporan Arus Kas Konsolidasian
Consolidated Statements 330 Perubahan Peraturan Perundang-
of Cash Flows Undangan
ƫ$*#!/%*3/* !#1(0%+*/
309 Kemampuan Membayar Pinjaman dan
Kolektibilitas Piutang 331 Perubahan Kebijakan Akuntansi
%%(%0%!/!.2%%*#* !!%2(!/ Changes of Accounting Policy
ƫ+((!0%(%05
335 Kelangsungan Usaha
310 Struktur Modal dan Kebijakan Struktur ǫ1/%*!//1/0%*%(%05
Modal
Capital Structure and Capital Structure 336 Sanksi Administratif yang Dikenakan
Kepada Perseroan, Anggota Dewan
Policy
Komisaris dan Direksi, oleh Otoritas
312 Ikatan Material untuk Investasi Barang Pasar Modal dan Otoritas Lainnya
Modal Administrative Sanctions on the
Material Commitment for Capital ƫ+),*5Č)!)!.+"0$!ǫ+. +"
Investment ƫ+))%//%+*!./* )!)!.+"0$!
Board of Directors from the Capital
312 Investasi Barang Modal
Market Authority and other Regulating
Capital Goods Investment
Institutions
312 Target Perseroan di Awal Tahun 2018
337 Informasi Keuangan yang Telah
Dibandingkan Realisasi Tahun 2018
Dilaporkan yang Mengandung Kejadian
Comparison of Corporate Targets at
yang Sifatnya Luar Biasa dan Jarang
the Beginning of 2018 over Realisation
Terjadi
of 2018
%**%( *"+.)0%+*3$%$$/!!*
314 Target Tahun 2019 Reported with Extraordinary Events
2019 Corporate Targets and Rarely Occurs
316 Informasi dan Fakta Material yang 337 Peningkatan yang Material Dikaitkan
Terjadi Setelah Tanggal Laporan dengan Jumlah Barang yang dijual/
Akuntan Barang Baru
Material Event and Information that Material Increase Related to Sales
Occurred after the Accountant’s Volume/New Product
Reporting Date
338 .+ü0%(%0/
316 Uraian Tentang Prospek Usaha .+ü0%(%05
Perusahaan
Description of Corporate Business 340 Pengembangan Perusahaan
Corporate Development
Prospect
319 Uraian Tentang Aspek Pemasaran 348 Aktivitas Eksplorasi dan Estimasi
Cadangan Bijih dan Sumber Daya
Description on Marketing Aspects
Mineral
321 Kebijakan dan Pembayaran Dividen Exploration Activity and Estimation of
Dividend Policy and Dividend Payment Ore Reserves and Mineral Resources
322 Program Kepemilikan Saham oleh 362 Entitas Asosiasi dan Entitas
Karyawan dan/atau Manajemen yang Pertambangan Patungan
Dilakukan Perusahaan (Esop/Msop) Associates and Joint Mining Entities
Employee Share Ownership Program/
Management Share Ownership Program
(ESOP/MSOP)
ANTAM
ANTA
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ANTA
ANTAM
NTA
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Analisis dan Pembahasan

Manajemen
Management Discussion and Analysis
Pada tahun 2018, ANTAM mencatatkan pencapaian

kinerja positif. Perusahaan mampu mencatatkan laba
yang diatribusikan kepada pemilik entitas induk sebesar
Rp874,43 miliar, naik tajam 541% dibandingkan laba
yang diatribusikan kepada pemilik entitas induk sebesar
Rp136,50 miliar
*ĂĀāĉČƵƵ ,+/0! /%#*%ü*0#.+30$+*ü**%(,!."+.)*!ċƵƵ ,+/0!
,.+ü0"+.0$!5!.00.%10(!0++3*!./+"0$!,.!*0+",ĉĈąċąă%((%+*Č.+'!0!
ĆąāŌ+2!.,.+ü0"+.0$!5!.00.%10(!0++3*!./+"0$!,.!*0+",āăćċĆĀ%((%+*
GAMBARAN UMUM GENERAL OVERVIEW

ǫ$* 0)*# * +*!/% )!.1,'* '!'5* *#/ * +*!/%Ě/ 1* *0 )%*!.( !,+/%0/ .! *0%+*(
yang harus dimanfaatkan seoptimal mungkin untuk 3!(0$ 0+ ! 10%(%6! / +,0%)((5 / ,+//%(! "+. 0$!
)!*%*#'0'*'!/!&$0!.*.'50ċ!'0+.,!.0)*#* !00!.)!*0 * !*.%$)!*0 +" 0$! ,!+,(!Ě/ (%2!/ċ $!
juga merupakan sektor yang sangat strategis dalam )%*%*#/!0+.%/(/+$%#$(5/0.0!#%/!0+.%*+0$0$!
perekonomian pusat maupun daerah, sektor ini merupakan national and local economy, even considered as the prime
penggerak utama (prime moverĩ ,!)*#1** * )+2!.+" !2!(+,)!*00$0#!*!.0!/)1(0%,(%!.!û!00+
&1# )!)!.%'* )*"0 )1(0%,(%!. !û!0 5*# /*#0 /%#*%ü*0(5!*!ü00$!*0%+*ċƵ+. %*#0+ 0.!(!/!
/%#*%ü'*ċ ǫ!. /.'* 0 !)!*0!.%* *!.#% * 5 0$! %*%/0.5 +" *!.#5 * %*!.( !/+1.!/Č 0$!
1)!. 5 %*!.(Č 1 !'0+. %*!.( * ǫ01 ǫ. )%*!.( * +( /1ġ/!0+. +*0.%10!/ ,ĆĀċā 0.%((%+* 0+
!.'+*0.%1/% 0!.$ , !*!.%)* !#. ǫ1'* &' 0$!*+*ġ04/00!.!2!*1!Ĩǫĩ+.āĆćŌ+"0$!.!2!*1!
Ĩǫĩ /!!/. ,ĆĀČā 0.%(%1* 01 āĆćŌ .% 0.#!0 0.#!0+",ăĂċā0.%((%+*ċ$!ĂĀāĉü#1.!/.!ĂăċăŌ$%#$!.
,!*!.%)* 0$1* ĂĀāĉ /!!/. ,ăĂČā 0.%(%1*ċ ƫ,%* compared to the amount of PNPB derived from the mineral
0$1* ĂĀāĉ 0!./!10 0!.00 (!%$ 0%*##% ĂăČăŌ %( * +( /1ġ/!0+. 0 ,ąĀČć 0.%((%+*ċ ǫ ".+) 0$!
Pabrik Pengolahan Emas di Pongkor

Pongkor Gold Processing Plant

%* %*#'* !*#*ǫ1!'0+. %*!.( *ǫ01 %*!.( * ƫ+( 1ġ/!0+. +*0.%10! āĉċĂŌ 0+ 0+0(
ǫ./!!/.,ąĀČć0.%(%1*, 0$1*ĂĀāĈċƫ,%*ǫ ǫ%*0$!0%+*(ǫ1 #!0ĨƵǫġĩ+"ĂĀāĉċ
1 !'0+. %*!.( * ǫ01 ǫ. !.'+*0.%1/% /!!/.
āĉČĂŌ .%0+0(ǫƵǫĂĀāĉċ
Selama lima dekade ANTAM senantiasa berupaya meningkatkan nilai tambah mineral
yang dimiliki sejalan dengan kebijakan hilirisasi Pemerintah. Saat ini,
ANTAM sudah memiliki beragam fasilitas pengolahan mineral baik nikel,
emas, perak maupun bauksit
+.ü2! ! !/ČƵƵ %/+))%00! %*)%*!.( +3*/0.!)%* 1/0.5%*(%*!3%0$0$!+2!.*)!*0Ě/
)%*!.( +3*/0.!),+(%5ċƫ1..!*0(5ƵƵ $2! %2!./!)%*!.(,.+!//%*#"%(%0%!/"+.*%'!(Č
#+( Č/%(2!.* 14%0!
* +*!/% )!)%(%'% *#* * /1)!. 5 )%*!.( * +*!/% %/ +1*0!+1/(5 !* +3! 3%0$ )%*!.( * +(
* 01. 5*# !.(%),$ * )!)%(%'% ,+/%/% reserves and resources, making it one of the world’s key
5*# /0.0!#%/ % 1*%ċ !.00 * +*!/% )!.1,'* ,(5!./%*0$!)%*%*#%* 1/0.5ċ * +*!/%%/.!+#*%6! /
,!*#!'/,+. 01. 0!.!/. 1*%Č ,.+ 1/!* 0%)$ the largest coal exporter, second largest tin producer, ninth
0!.!/. '! 1 % 1*%Č ,.+ 1/!* 0!)# 0!.!/. largest copper producer, as well as the leading nickel and
'!/!)%(*Č,.+ 1/!**%'!(0!.!/. 1*%/!.0)!.1,'* #+( ,.+ 1%*#+1*0.5%*0$!3+.( ċ
,.+ 1/!*0!.'!)1'1*01'!)/ċ
() $( &1)($ *#* * /1)!. 5 *%'!( % Indonesia’s nickel reserves are estimated to reach
* +*!/% %,!.'%.'*)!*,%āČāą)%(%.0+* *#* āċāą %((%+* 0+*/Č 3$%(! %0/ *%'!( .!/+1.!/ .! !/0%)0!
* ăČĈă )%(%. 0+* /1)!. 5ċ !(%* *%'!(Č * +*!/% 0 ăċĈă %((%+* 0+*/ċ Ƶ,.0 ".+) *%'!(Č * +*!/% (/+ /%0/
&1# )!)%(%'% $* 0)*# 1'/%0 5*# %,!.'%.'* +* 2/0 .!,+/%0+.5 +" 14%0! ".+) 3$%$ * !/0%)0!
)!*,% āČćĂ )%(%. 0+* %&%$ 1'/%0 () '(/%ü'/% āċćĂ %((%+* 0+*/ +" 14%0! +.! .! (//%ü! / .!/!.2!/
*#* * ăČĊĈ )%(%. 0+* () '(/%ü'/% /1)!. * ăċĊĈ %((%+* 0+*/ .! % !*0%ü! / .!/+1.!/ċ+.#+(
5ċ *01' %&%$ !)/Č &1)($ *#* % * +*!/% +.!Č * +*!/% $/ * !/0%)0! ĂċĈĂ %((%+* 0+*/ +" #+(
%,!.'%.'*)!*,%ĂČĈĂ)%(%.0+* !*#*/1)!. 5 .!/!.2!/* ĉċć%((%+*0+*/+"#+( .!/+1.!/ċ
/!!/.ĉČć)%(%.0+*ċ
!#%* .% ,+0!*/% /1)!. 5 0!./!10 0!($ Ƶ ,+.0%+* +" 0$%/ %))!*/! .!/+1.! ,+0!*0%( $/ !!*
%0)*# * %!'/,+. +(!$ ƵƵ )!((1% ,.+/!/ !40.0! * !4,+.0! 5ƵƵ 0$.+1#$%0/,.+!//%*#
,!*#+($* * ,!)1.*%*ċ *01' '+)+ %0/ *%'!(Č * .!ü*%*# ,.+!//!/ċ ƵƵ ,.+!//!/ *%'!( +.! %*0+
ƵƵ 0!($)!*#+($%&%$*%'!()!*& %"!.+*%'!(5*# "!..+*%'!(Č 3$%$ %/ .3 )0!.%( "+. /0%*(!// /0!!(ċ *
)!*& %$*'1&*%.'.0ċ!)!*0.1*01'!)/Č %0%+*Č ƵƵ $/ 0$! ,%05 0+ ,.+!// * .!ü*!
ANTAM telah memiliki kemampuan hingga produk hilir #+( %*0+ +3*/0.!) ,.+ 10/ %* 0$! "+.) +" #+( ./ċ
!.1,!)/0*#*ċ*01''+)+ %0/1'/%0ČƵƵ ƵƵ (/+ ,.+!//!/ 14%0! +.!/ %*0+ $!)%( #. !
0!($ )!*#+($ %&%$ 1'/%0 )!*& % ,.+ 1' chemical (1)%*ĨƫƵĩċ
grade aluminaĨƫƵĩċ
!#%agent of developmentČƵƵ &1#!.'+)%0)!* Ƶ/*#!*0+" !2!(+,)!*0ČƵƵ ü.)(5/0* /50$!

1*01' )!('/*'* !.#% ,.+5!' $%(%.%//%ċ ƵƵ +))%0)!*0 0+ !*##! %* 2.%+1/ +3*/0.!) ,.+&!0/ċ
!'!.& /) !*#* Ƶ Ĩ!./!.+ĩ '* ƵƵ $/,++(! .!/+1.!/3%0$ Ƶ Ĩ!./!.+ĩ0+
)!)*#1* ,.%' smelter grade alumina (SGA) yang 1%( /)!(0!.#. !(1)%*ĨƵĩ.!ü*!.5%* !),3$Č
)!*#+($ %&%$ 1'/%0 )!*& % (1)%* % !),3$ !/0 (%)*0* 0+ ,.+!// 14%0! +.!/ %*0+ (1)%*ċ
(%)*0* ǫ.0ċ !(%* %01 ƵƵ &1# 0!($ ANTAM has also completed the expansion of the existing
)!*5!(!/%'* ,.+5!' ,!.(1/* ,.%' "!.+*%'!( 5*# "!..+*%'!(,(*0%*+)(Č%* %0%+*0+1%( %*#*!3
0!($ % +)( * )!)*#1* ,.%' "!.+*%'!( "!..+*%'!(,(*0%*/0()$!.ċ
.1 %()$!.%)1.ċ

GAMBARAN KINERJA PERUSAHAAN OVERVIEW OF CORPORATE PERFORMANCE

DIBANDINGKAN INDUSTRI PERTAMBANGAN AGAINST THE GLOBAL MINING INDUSTRY
GLOBAL
!*%*#'0* $.# /!.0 ,!.01)1$* ,!.)%*0* $! ,.%! /1.#! * !)* #.+30$ +" /% )!0(
'+)+ %0/ (+#) /. , 0$1* ĂĀāĉ )!*5!'* +))+ %05%*ĂĀāĉ .+2!0$!#(+()%*%*#/!0+.0+)+2!
/!'0+. ,!.0)*#* #(+( !.#!.' ,+/%0%"ċ !%.%*# 0+3. /,+/%0%2!0.&!0+.5ċ *(%*!3%0$0$!,.%!%*.!/!/
!*#* ,!*%*#'0* $.# * 1,5 !ü/%!*/%Č /!.0 * !þ%!*5%),.+2!)!*0)!/1.!/Č/3!((/%*.!/!
,!*%*#'0* ',/%0/ ,.+ 1'/%Č /!#%* ,!.1/$* ,.+ 10%+*,%05Č/!2!.(#(+()%*%*#+),*%!/$2!
,!.0)*#*#(+('!)(%!.'%*!.&,+/%0%"ċ .!+1* 0+ !(%2!.,+/%0%2!,!."+.)*!ċ
ƵƵ 01.10 )!*& % #%* .% ,!.1/$* ƵƵ %/+*!+"0$+/!+),*%!/0$0 !(%2!.! /%#*%ü*0
,!.0)*#* 5*# )!)1'1'* '%*!.& ,+/%0%" 5*# ,+/%0%2! ,!."+.)*!ċ * ĂĀāĉČ 0$! ƫ+),*5 ,+/0!
/%#*%ü'* , '%*!.&*5ċ 0$1* ĂĀāĉČ !.1/$* ,ĉĈąċąă%((%+*%*,.+ü000.%10(!0+0$!+3*!.+"0$!
)),1 )!*00'* 5*# %0.%1/%'* '!, ,.!*0+),*5Č3$%$%/*%*.!/!+"ĆąāŌ+),.! 0+
!)%(%' *0%0/ * 1' /!!/. ,ĉĈąČąă )%(%.Č *%' ĆąāŌ 0$!,.+ü000.%10(!0+0$!+3*!.+"0$!,.!*0+),*5
%* %*#'* 5*# %0.%1/%'* '!, !)%(%' 0,āăćċĆā%((%+*%*ĂĀāĈċ
*0%0/ * 1'/!!/.,āăćČĆā)%(%. %0$1*ĂĀāĈċ
,.1$ '! 1 0$1* ĂĀāĉČ %* 1/0.% ,!.0)*#* * 0$! /!+* $(" +" ĂĀāĉČ 0$! #(+( )%*%*# %* 1/0.5 %/
#(+( )/%$ )!*#$ ,% 0*0*#* 2+(0%(%0/ $.# still grappling with the serious challenge of price volatility
!./)* !*#*,!.'!)*#*$11*#*,!. #*#* simultaneously with the development of trade relations
*0. %+*#'+' * Ƶ)!.%' !.%'0ċ !.01)1$* !03!!* ƫ$%* * 0$! *%0! 00!/ċ $! !4,*/%2!
!'/,*/%" ,.%'ġ,.%' ,!*#+($* *%'!( /!. #(+( #.+30$ +" *%'!( ,.+!//%*# ,(*0/ #(+((5 $/ .%/!
01.10 )!*1)1$'* '!$30%.* '* !.(%),$*5 +*!.*/+100$!+2!./1,,(5+"*%'!(0#(+().'!0
,/+'* *%'!( #(+( 5*# '* )!),!*#.1$% 0%*#'0 3$%$ )%#$0 û!0 0$! (!2!( +" %*0!.*0%+*( *%'!(
$.#'+)+ %0/*%'!(%*0!.*/%+*(ċ!,*&*#0$1*ĂĀāĉČ +))+ %05,.%!/ċ$.+1#$+10ĂĀāĉČ0$! !)* "+./%
tingkat permintaan logam dasar terutama nikel menunjukan metals, especially nickel, showed a positive development
,!.'!)*#* 5*# ,+/%0%" !*#* %0* %*5 /).'! 50$! !.!/!%**%'!(/0+'%*0$!%*2!*0+.5
pengurangan stok nikel pada %*2!*0+.5 +* +* !0( +"0$!+* +* !0(4$*#!Ĩ ĩ* $*#$%101.!
Exchange Ĩ ĩ * Shanghai Future Exchange Ĩĩ 4$*#! Ĩĩ (+*# 3%0$ 0$! #.+30$ +" 0$! /0%*(!//
/!%.%*# !*#* ,!.01)1$* %* 1/0.% & 0$* '.0 /0!!( %* 1/0.5Č 3$%$ %/ +3*/0.!) +" .!ü*! *%'!(
5*#)!.1,'*,.+/!/$%(%. .%%* 1/0.%.!ü*! *%'!(ċ %* 1/0.5ċ
Di tengah semua tantangan ini ANTAM menempuh strategi Amid all these challenges, ANTAM has opted for the
1*01')!*%*#'0'*'%*!.&%/*%/%*0%1*01')!*%*#'0'* /0.0!#50+%),.+2!0$!,!."+.)*!+"%0/+.!1/%*!//
.!2!*1!,!.1/$*ċ*#'$0!./!10!. ),',+/%0%" %*2%!30+++/0+.,+.0!.!2!*1!ċ$%//0.0!#5$/$
0!.$ , ,!.01)1$* '%*!.& ,.+ 1'/% * ,!*&1(* a positive impact on performance in respect to growth in
'+)+ %0/ %*0% !.1/$*ċ 0$1* ĂĀāĉČ ƵƵ ,.+ 10%+** 0$!/(!+"0$!ƫ+),*5Ě/'!5+))+ %0%!/ċ
'!)(%)!*00'*,%*2+(1)!,.+ 1'/%Ē,!*&1(* In 2018, ANTAM again recorded an unprecedented level
komoditas feronikel serta capaian tertinggi penjualan of ferronickel production volume and sales, as well as the
!)/!.1/$*ċƵƵ )!*00'*,%*,.+ 1'/% $%#$!/0#+( /(!/ċƵƵ .!+. ! 2+(1)!+",.+ 10%+*
/!!/. Ăąċĉćĉ % * ,%* ,!*&1(* ĂąċāăĆ %ċ +"Ăąċĉćĉ%* /(!/+"ĂąċāăĆ%ċ$!ƫ+),*5(/+
!.1/$*&1#)!*00'*,!.01)1$*,.+ 1'/% * ,+/0! /%#*%ü*0 #.+30$ %* 0$! ,.+ 10%+* * /(! +"
,!*&1(*5*#/%#*%ü'*1*01''+)+ %0/%&%$*%'!(ċ *%'!( +.!/ċ * ĂĀāĉČ 0$! ,.+ 10%+* 2+(1)! +" *%'!( +.!
0$1* ĂĀāĉČ 2+(1)! ,.+ 1'/% %&%$ *%'!( *%' ćĈŌ !*#* %*.!/! 5 ćĈŌ 3%0$ 0+0( ,.+ 10%+* .!$%*# Ċċăā
0+0( ,.+ 1'/% /!!/. ĊČăā &10 3)0 !*#* 0%*#'0 )%((%+*3)0Č3$%(!/(!/2+(1)!)+1*0! 0+ćČăă)%((%+*
2+(1)!,!*&1(*)!*,%ćČăă&103)001*%'āāćŌ 3)0+.āāćŌ/1.#!+),.! 0+ü#1.!/$%!2! %*ĂĀāĈċ
%* %*#'*,%*0$1*ĂĀāĈċ

Pada tahun 2018, ANTAM mencatatkan capaian produksi & penjualan feronikel dan
penjualan emas tertinggi sepanjang sejarah Perusahaan. Nilai penjualan bersih ANTAM
tercatat sebesar Rp25,24 triliun tumbuh 99% Year over Year (YoY)
*ĂĀāĉƵƵ $/.!$! %0/((0%)!$%#$ü#1.!+""!..+*%'!(,.+ 10%+*Ē/(!//3!((/#+( /(!/
$%!2!)!*0ċƵƵ Ě/*!0/(!/.!$! ,ĂĆċĂą0.%((%+*Č.+/!ĊĊŌ++),.! 0+*!0/(!/+"ĂĀāĈ
ƫ,%* ,+/%0%" '%*!.& /!#)!* *%'!( 0!./!10 )!*& %'* Achieving positive performance for the nickel segment has
(1/$0$1*!.&(*/!#)!**%'!()!*,%,ĂČăĂ ((+3! 0$!ƫ+),*50+,+/0,ĂċăĂ0.%((%+*%*+,!.0%*#
0.%(%1* %0$1*ĂĀāĉČ*%'0&)/!!/.āāĈŌ %* %*#'* ,.+ü0 %* ĂĀāĉČ /$., %*.!/! 5 āāĈŌ +),.! 0+
(1/$/!#)!**%'!(0$1*ĂĀāĈ/!!/.,āČĀĈ0.%(%1*ċ +,!.0%*# ,.+ü0 "+. 0$! *%'!( /!#)!*0 %* ĂĀāĈ 0 ,āċĀĈ
0.%((%+*ċ
Untuk komoditas emas, pada tahun 2018, ANTAM In 2018, ANTAM recorded the highest sales of gold ever in
mencatatkan capaian penjualan tertinggi sepanjang 0$!$%/0+.5+"0$!ƫ+),*5Č)+1*0! 0+ĂĈČĉĊą'#ĨĉĊćČĉāĂ
/!&.$ !.1/$* !*#* ,%* ĂĈċĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩ +" #+( %*(%*! 3%0$ 0$! !2!(+,)!*0 +" 0$! ).'!0
0ċ+6ĩ !)/ /!%.%*# !*#* ,!.'!)*#* ,/. !)/ +" 0$! ƫ+),*5Ě/+( Č +0$ %* 0$! +)!/0% * !4,+.0
!.1/$* %' % ,/. +)!/0%' * !'/,+. /!.0 markets, as well as the ongoing ANTAM’s Precious Metals
%*+2/%!.'!(*&10*,.+ 1'+#) 1(%ƵƵ ċ%*#'0 %**+20%+*ċ +( ,.+ 10%+* ".+) +*#'+. * ƫ%(%1*#
,.+ 1'/%!)/0$1** .% 10)*#!)/ƵƵ % )%*!//$+3%*#.0$!./0(!0.!* 3%0$,.+ 10%+*(!2!(
+*#'+. * ƫ%(%1*# !* !.1*# /0%( !*#* 0%*#'0 +"āČĊĆĈ'#ĨćăČĂąĀ0ċ+6ĩċ%0$,.%!.*#!0ĸāČĀĀĀġ
,.+ 1'/% !)/ /!!/. āċĊĆĈ '# ĨćĂċĊāĊ 0ċ+6ĩċ !*#* ĸāČąĀĀ ,!. +6ċČ ƵƵ Ě/ /$ +/0 +" ĸĉĆĉČĈĆ ,!.
.!*0*#$.#ĸāċĀĀĀġĸāċąĀĀ,!.+6ċČ)'ƵƵ 0ċ+6 +" #+( /0%(( )*#! 0+ )%*0%* ,+/%0%2! ).#%*
5*#)!)%(%'%%501*%!)/ĸĉĆĉČĈĆ,!.0ċ+6)/%$ %*%0/+,!.0%*#,.+ü0"+.0$!1..!*05!."+.%0/#+( *
)!)%(%'% ).&%* 5*# ,+/%0%" !*#* ( 1/$ 0$1* .!ü*!.5/!#)!*00+0$!)+1*0+",ăĈĊċĈĊ%((%+*Č#.!3
!.&(*/!#)!*!)/ *,!)1.*%*)!*,%,ăĈĊČĈĊ 5 ĂąĂŌ +),.! 0+ 0$! ,.+ü0 +" 0$! #+( * .!ü*%*#
)%(%.Č 01)1$ ĂąĂŌ %* %*#'* ( 1/$ /!#)!* /!#)!*0/3$%$.!$! ,āāāċāĉ%((%+*%*ĂĀāĈ
emas dan pemurnian yang mencapai Rp111,18 miliar pada
0$1*ĂĀāĈċ
0.!)1'/%0ƵƵ 01.10)!)!.%'*'+*0.%1/%5*# ƵƵ Ě/ 14%0! +* /0.!) (/+ ,+/%0%2!(5 +*0.%10!
,+/%0%" #% ,!.01)1$* '%*!.& +,!./% * '!1*#* 0+ 0$! #.+30$ +" 0$! ƫ+),*5Ě/ +,!.0%*# * ü**%(
!.1/$* , 0$1* ĂĀāĉċ +(1)! ,.+ 1'/% 1'/%0 ,!."+.)*! %* ĂĀāĉċ $! 14%0! ,.+ 10%+* 2+(1)!
0!.00/!!/.āċāĀĂċăĉĆ3)0Č01)1$/%#%*%ü'*/!!/. .!$! āČāĀĂČăĉĆ 3)0Č /%#*%ü*0 #.+30$ +" ĈĀŌ 3%0$
ĈĀŌ !*#* 2+(1)! ,!*&1(* )!*,% ĊćăċĉąĂ 3)0Č /(!/2+(1)!/0++ 0ĊćăČĉąĂ3)0Č.+/!āĆŌ".+)0$!ĂĀāĈ
*%' /!!/. āĆŌ %* %*#'* ,%* ,!*&1(* 0$1* $%!2!)!*0ċ $! 14%0! /!#)!*0 %* ĂĀāĉ +*0.%10!
ĂĀāĈċ !#)!* 1'/%0 , 0$1* ĂĀāĉ )!)!.%'* ,ąĉĂċăĊ%((%+*%**!0/(!/3$%$#.!3/1/0*0%((5"+.
'+*0.%1/% ,!*&1(* /!!/. ,ąĉĂČăĊ )%(%.Č 01)1$ / )1$ / ĂĂŌ +),.! 0+ *!0 /(!/ "+. 0$! 14%0!
/!!/. ĂĂŌ %* %*#'* ,!*&1(* 0$1* ĂĀāĈ /!#)!* /!#)!*0%*ĂĀāĈ0,ăĊĉċĀą%((%+*ċ
1'/%0/!!/.,ăĊĉČĀą)%(%.ċ
ƵƵ &1# )!*#)%( (*#'$ !ü/%!*/% 5*# #.!/%" ANTAM has also taken aggressive measures to improve
guna dalam menghadapi tantangan volatilitas harga !þ%!*5%* !(%*#3%0$#(+(+))+ %05,.%!2+(0%(%05ċ
'+)+ %0/#(+(ċ !((1%(*#'$!ü/%!*/%%*%Č%501*% $.+1#$ 0$!/! !þ%!*5 %*.!/%*# )!/1.!/Č 0$! /$
"!.+*%'!(ƵƵ 0!.00/!!/.ĸăČĊĆ,!.,+**%'!(Č +/0 +" ƵƵ Ě/ "!..+*%'!( .!$! ĸăċĊĆ ,!. (ċ %Č
dan menempati posisi kuartil pertama produsen feronikel ((+3%*#0$!ƫ+),*5+*0$!ü./00%!.+"(+3!/0/$+/0
!.%5 0!.!* $ % 1*%ċ 0$1* ĂĀāĉ '%*!.& +*#(+("!..+*%'!(,.+ 1!.ċ *ĂĀāĉČ,.+ü0%(%05%/(/+
,.+ü0%(%0/&1# % 1'1*#0%*#'0!ü/%!*/%5*#0!.00 .%2!* 5 !þ%!*5 (!2!(/ 2(1! 0 ,ĂćċąĀ %((%+*Č +.
/!!/. ,ĂćČąĀ )%(%. 01 āćąŌ .% 0.#!0 !ü/%!*/% āćąŌ+"0$!!þ%!*50.#!0+",āćċĀą%((%+*ċ
/!!/.,āćČĀą)%(%.ċ

.+#.)ü/%!*/%ƵƵ $1*ĂĀāĉ
!(%60%+*+"ƫ+),*5þ%!*5.+#.)%*ĂĀāĉ
Rp Juta Rp Million
āĂċąăąČĊĀ
ĈċĂĊĀČĈĉ
ĆċĀĉąČćă ĆċăĂąČĆĈ
ĂċĈĈąČāĊ
ĂċĊĊĂČĉĆ
ĂċĆćăČĀĀ
ĂċĂĉćČĀĀ
909,10
ĈĉăČĂą
UBP Nikel Sulawesi Tenggara UBP Nikel Maluku Utara UBP Emas ǫ+#) 1(% ǫ!.0)*#*ǫ1'/%0
Southeast Sulawesi Nickel Mining North Maluku Nickel Gold Mining Business Unit .!%+1/ !0(/.+!//%*#Ē Bauxite Mining Business
Business Unit Mining Business Unit !ü*!.5ǫ1/%*!//*%0 Unit
Rencana Planning Realisasi !(%60%+*
GAMBARAN KINERJA PERUSAHAAN OVERVIEW OF CORPORATE PERFORMANCE

DIBANDINGKAN INDUSTRI PERTAMBANGAN AGAINST THE NATIONAL MINING INDUSTRY
NASIONAL
Pada tahun 2018, Badan Pusat Statistik (BPS) mencatat *ĂĀāĉČ 0$!0%+*(ǫ1.!1+"00%/0%/Ĩǫĩ+/!.2!
,!.01)1$* !'+*+)% * +*!/% 01)1$ $%*## ĆČāĈŌċ 0$0 * +*!/%* !+*+)5 #.!3 ĆċāĈŌČ /1,,+.0! 5 0$!
( 0!./!10 % 1'1*# +(!$ /!(1.1$ /!'0+. (,*#* ,+/%0%2!#.+30$%*((1/%*!///!0+./Č%*(1 %*#0$!/%
1/$5*#01)1$,+/%0%"Č0!.)/1'%* 1/0.%(+#) /.ċ )!0(%* 1/0.5ċǫ 0/$+3! 0$00$!%* 1/0.5%*ĂĀāĈ
ǫ )!*#0'* $3 /!'0+. 0!./!10 , 0$1* #.!3āĆċĆĂŌ5!.+*5!.Ĩ+ĩċ$%/%/)+.!/1/0*0%(
ĂĀāĉ 01)1$ āĆČĆĂŌ year on year Ĩ+ĩċ !*%*#'0* %*% %*.!/! +),.! 0+ ĂĀāĈ 0 )!.! ĈċĀĆŌċ $! #.+30$
(!%$ ,+/%0%" &%' %* %*#'* 0$1* ĂĀāĈ /!!/. ĈČĀĆŌċ %* 0$! /% )!0( %* 1/0.5 %* * +*!/% %/ .%2!* 5
!.01)1$* /!'0+. %* 1/0.% (+#) /. % * +*!/% international commodity price surges and the growth of
didorong oleh kenaikan harga komoditas internasional 0$! +)!/0%)%*!.(,.+!//%*#%* 1/0.5ċ
/!.0 01)1$*5 %* 1/0.% ,!*#+($* )%*!.( % ()
*!#!.%ċ
!.01)1$* /!'0+. %* 1/0.% (+#) /. * +*!/% &1# $! #.+30$ +" 0$! /% )!0( %* 1/0.5 %* * +*!/% (/+
/!(./ !*#* ,%* '%*!.& ,.+ü0%(%0/ ƵƵ ċ ,+/%0%2!(5 %),0! +* ƵƵ Ě/ ,.+ü0%(%05ċ Ƶ /+(%
%*!.& ,.+ü0%(%0/ 5*# /+(% %*% &1# 0!.!ý!'/%'* .% ,!."+.)*! %* 0!.)/ +" ,.+ü0%(%05 %/ .!ý!0! %* 0$!
,%* ( 1/$ ƵƵ 0$1* ĂĀāĉ 5*# )!*,% ƫ+),*5Ě/+,!.0%*#,.+ü00$0)+1*0! 0+,āċĉĆ0.%((%+*Č
,āČĉĆ 0.%(%1*Č *%' %* %*#'* ( 1/$ % 0$1* 3$%$ %/ * %*.!/! ".+) 0$! +,!.0%*# ,.+ü0 #!*!.0!
ĂĀāĈ 5*# )!*,% ,ćĀĀČćā )%(%.ċ ( %*% % 1'1*# %* ĂĀāĈ 0 ,ćĀĀċćā %((%+*ċ $%/ %/ (/+ ) ! ,+//%(! 5
+,0%)(*5 +,!./% ,.%'ġ,.%' "!.+*%'!( ƵƵ Č /!.0 the optimal operations of ANTAM’s ferronickel plants, and
,!.01)1$* '%*!.& +,!./%+*( '+)+ %0/ (%* /!,!.0% 0$! /%#*%ü*0 %*.!/! %* 0$! +,!.0%*# ,!."+.)*! +"
%&%$ *%'!(Č !)/Č * 1'/%0 5*# /%#*%ü'* /!$%*## +0$!. +))+ %0%!/ /1$ / *%'!( +.!Č #+( * 14%0!Č
)!* 1'1*#,!*,%*,.+ü0%(%0/!.1/$* %0$1* 0$1/ (! %*# 0+ 0$! (!2!( +" ,.+ü0%(%05 .!$! %* ĂĀāĉċ
ĂĀāĉċ !*#* !/0%)/% ,!*%*#'0* 2+(1)! ,.+ 1'/% * With production and sales projected to increase in 2019,
penjualan di tahun 2019 yang didukung dengan mulai /1,,+.0! 5 0$! +))!*!)!*0 +" 0$! ,.+ 10%+* +"
!.,.+ 1'/%*5 ,.%' "!..+*%'!( ƵƵ % ()$!. ƵƵ Ě/ "!..+*%'!( ,(*0 %* /0 ()$!. %* ĂĀāĊČ
Timur pada tahun 2019, outlook $.# '+)+ %0/ #(+( positive outlook on commodity prices and the completion
5*#,+/%0%"/!.0Č/!.0/!(!/%*5,.+5!'ġ,.+5!'$%(%.%//% +" +3*/0.!) ,.+&!0/ %* 0$! *!40 āġĂ 5!./Č ƵƵ %/
/0.0!#%/ 1*01' '+)+ %0/ *%'!( * 1'/%0 () āġĂ poised for a more solid future that generates satisfactory
tahun ke depan, ANTAM memiliki masa depan yang solid .!01.*/"+./0'!$+( !./ċ
1*01')!)!.%'*%)($/%(5*#%''!, ,!)*#'1
'!,!*0%*#*ċ

KINERJA OPERASI PER SEGMEN USAHA BUSINESS SEGMENT OPERATING PERFORMANCE
Dasar Penerapan Segmen Usaha ANTAM Cornerstones of ANTAM Business Segments

!#)!* ($ #%* '$1/1/ 5*# 0!.(%0 %' () Ƶ /!#)!*0 .!,.!/!*0/ /,!%ü +),+*!*0 !*##! %*
menyediakan produk dan jasa (segmen usaha), yang 0$!,.+2%/%+*+",.+ 10/* /!.2%!/Ĩ1/%*!///!#)!*0ĩČ
)!)%(%'% .%/%'+ * %)(* 5*# !.! .% /!#)!* which carries risks and generates returns that distinguishes
(%**5ċ %0".+)+0$!./!#)!*0/ċ
!* ,0*Č !*Č $/%(Č /!0 * (%%(%0/ /!#)!* $! %*+)!/Č !4,!*/!/Č +10+)!/Č //!0/ * (%%(%0%!/
0!.)/1' %0!)ġ%0!) 5*# ,0 %0.%1/%'* (*#/1*# +" /!#)!*0 %*(1 ! %0!)/ %.!0(5 00.%10(! 0+ 0$!
'!, /101 /!#)!* /!.0 %0!)ġ%0!) 5*# ,0 /!#)!*0Č* %0!)/((+0! /,!%ü((50+0$!/!#)!*0ċ
dialokasikan dengan dasar yang sesuai dengan segmen Ƶ /!#)!*0 %/ !0!.)%*! !"+.! %*0!.ġ+),*5 (*!/
0!./!10ċ!#)!* %0!*01'*/!!(1)/( + *0.*/'/% and transactions are eliminated as part of the consolidation
*0. ,!.1/$* %!(%)%*/% /!#% #%* .% ,.+/!/ ,.+!//ċ
'+*/+(% /%ċ
Manajemen telah menentukan segmen operasi *#!)!*0 $/ !/0(%/$! +,!.0%*# /!#)!*0/
didasarkan pada laporan yang ditelaah oleh Direksi, yang according to reports which the Board of Directors has
%#1*'* () )!*#)%( '!,101/* /0.0!#%/ċ %.!'/% .!2%!3! %*+. !.0+%*"+.)/0.0!#% !%/%+*ġ)'%*#ċ$!
)!),!.0%)*#'* +,!./% %/*%/ .% ,!./,!'0%" &!*%/ ǫ+. +" %.!0+./ +*/% !./ 1/%*!// +,!.0%+*/ /!
%/*%/ * #!+#.ü/ċ !#)!* +,!./% ,0 %! '* +* 0$! 05,! +" 1/%*!// * #!+#.,$% +*/% !.0%+*/ċ
menjadi tiga kegiatan usaha utama yaitu (a) nikel, Operating segments are distinguished according to three
Ĩĩ !)/ * ,!)1.*%* * Ĩĩ 1'/%0 * (1)%*ċ +.! 1/%*!//!/ Ĩĩ *%'!(Č Ĩĩ #+( * .!ü*!.5Č *
!(1.1$0.*/'/%*0./!#)!*0!($ %!(%)%*/%ċ Ĩĩ 14%0! * (1)%*ċ Ƶ(( %*0!.ġ/!#)!*0 0.*/0%+*/
$2!!!*!(%)%*0! ċ
%.!'/% )!*##1*'* 1'1.* ,!*&1(* !./%$ 1*01' The Board of Directors uses net sales to assess the
)!*%(%'%*!.&/!#)!*+,!./%ċ ,!."+.)*!+"+,!.0%*#/!#)!*0/ċ
Strategi Pengembangan Segmen Usaha Business Segment Development Strategy

/.*5 /0.0!#% ,!*#!)*#* /!#)!* 1/$ ƵƵ 1/%*!///!#)!*0/!//!*0%((5,,(50$!"+((+3%*#
ƵƵ ($/!#%!.%'10č !2!(+,)!*0/0.0!#5č
đ !.(1/* )!((1% ,.+5!' ,!*#+($* )%*!.( !./%"0 • Expansion through downstream mineral processing
$%(%.ċ projects
)% )!5'%*% $3 ,+/%/% ƵƵ /!#% ! !(%!2! 0$0 ƵƵ Ě/ ,+/%0%+* / 0$! (.#!/0
,!.1/$* )%*!.( 0!. %2!./%ü'/% 0!.!/. % %2!./%ü! )%*!.( +),*5 %* +10$!/0 Ƶ/% *
Ƶ/% !*##. * /!#% /($ /01 ,!.1/$* +*!+"0$!(.#!/0/00!ġ+3*! *01.(.!/+1.!ġ/!
!./%/ /1)!. 5 () )%(%' *!#. 0!.!/. % +),*5%*+10$!/0Ƶ/%3%0$/%#*%ü*0*%'!(*
Ƶ/% !*##. !*#* *#* *%'!( * 1'/%0 14%0! .!/!.2!/ * +,!* 1, +,,+.01*%0%!/ 0+ )!!0
5*# /%#*%ü'*Č )),1 )!)!.%'* ,!(1*# 1*01' the growing demand for industrial mineral products
memanfaatkan permintaan atas produk mineral %* +10$!/0 Ƶ/%ċ * 1/0.%( )%*!.( ,.+ 10/ ,(5 *
%* 1/0.%5*#0!.1/)!*%*#'0 %Ƶ/%!*##.ċ.+ 1' %),+.0*0.+(!%*"/0ġ!4,* %*#!* ).'!0//1$/
)%*!.( %* 1/0.% 0!./!10 )!)%(%'% "1*#/% ,!*0%*# infrastructure, construction, automotive, transportation,
() ,/. '$%. 5*# !.'!)*# ,!/0 /!,!.0% !(!0.+*% #++ / * $+1/!$+( ,,(%*!/ċ ƵƵ
%*"./0.1'01.Č'+*/0.1'/%Č+0+)+0%"Č0.*/,+.0/%Č.*# !* !2+./ 0+ !+)! ,.+ 1!. +" /!)%ġü*%/$!
!(!'0.+*%' * ,!.(0* .1)$ 0*##ċ ƵƵ products such as ferronickel and chemical grade
!.1,5 )!*& % ,.+ 1/!* ,.+ 1' /!0!*#$ & %Č alumina that are vital for the development of the
seperti feronikel dan chemical grade alumina, yang aforementioned sectors, particularly as these products
,!*0%*# #% ,!*#!)*#* /!'0+.ġ/!'0+. 0!./!10Č .! 1..!*0(5 /0%(( !%*# %),+.0! ".+) ƫ$%*Č +.!Č
5*#/!)!*0.%*%)/%$ %%),+. .%%+*#'+'Č+.!Č
,** 1.+,!"+.+10$!/0Ƶ/%ċ

!,*# *.+,'!Ƶ/%!*##.ċ

!*#* )!),!.0%)*#'* "'0+.ġ"'0+. 0!./!10 By taking into account these factors, Management
% 0/Č *&!)!* )!*#)%( '!%&'* /0.0!#%/ has decided on the strategic policy to focus on the
1*01' !."+'1/ , 1 ,.+5!' ,!*#!)*#* * following two main downstream development and
,!*#+($*)%*!.($%(%.10)/!#%!.%'10č )%*!.(,.+!//%*#,.+&!0/č
đ .+5!' !)*#1** .%' !.+*%'!( đ /0 ()$!. !..+*%'!( (*0 ƫ+*/0.10%+*

(0%) Ĩăĩċ ƵƵ !."+'1/ , ,.+5!' .+&!0ĨăĩċƵƵ "+1/!/+*0$!+*/0.10%+*
,!)*#1** ,.%' "!.+*%'!( (0%)Č 5*# +" "!..+*%'!( ,(*0 %* /0 ()$!. 0$0 %/
0!.(!0' % !'0 *#* */1)!. 5*%'!( located near major nickel reserves and resources in
10) % ()$!. %)1.ċ ),% !*#* '$%. 0$! .!#%+*ċ ǫ5 (0! ĂĀāĉČ 0$! ,$5/%( ,.+#.!// +"
ĂĀāĉČ '!)&1* ü/%' ,.+5!' 0$, line I tetap on ,$/! (%*! +"0$!,.+&!0.!)%*! +*0.'0ĊĂŌ
track !*#*,%*ĊĂŌċ%.!**'*'+*/0.1'/% +),(!0!ċ $! +*/0.10%+* ,.+&!0 %/ /$! 1(!
proyek ini diperkirakan akan selesai pada Triwulan 1 "+. +),(!0%+* 5 ü./0 1.0!. +" ĂĀāĊ 3$%$ 3%((
tahun 2019 yang kemudian akan dilanjutkan dengan 0$!* ! +*0%*1! 3%0$ 0$! +))%//%+*%*# ,!.%+
periode commissioning pada periode Semester %*0$!/!+* /!)!/0!.+"ĂĀāĊċ%0$,.+ 10%+*
Ă 0$1* ĂĀāĊċ !*#* ',/%0/ ,.+ 1'/% /!!/. ,%05 +" āăČĆĀĀ %Č 0$! +),(!0%+* +" 0$!
āăċĆĀĀ %Č **0%*5 !*#* /!(!/%*5 ,.+5!' (0%)"!..+*%'!(,(*0Ĩ%*!āĩ,.+&!03%((%*.!/!
,!)*#1**,.%'"!.+*%'!((0%)Ĩ%*! 1) akan ANTAM’s total installed ferronickel production
meningkatkan kapasitas total terpasang feronikel ,%055ĆĀŌ+"0$!1..!*0%*/0((! "!..+*%'!(
ƵƵ /!!/. ĆĀŌ .% ',/%0/ ,.+ 1'/% ,.+ 10%+*,%05Č+.".+)ĂĈČĀĀĀ%0+ąĀČĆĀĀ
"!.+*%'!( 0!.,/*# /0 %*% /!!/. ĂĈċĀĀĀ % %,!.5!.ċ
)!*& %ąĀċĆĀĀ%,!.0$1*ċ • In line with ANTAM’s strategy to increase added value
• Sejalan dengan strategi ANTAM untuk meningkatkan of mineral commodities, especially for processing
*%(% 0)$ '+)+ %0/ )%*!.(Č 0!.10) 1*01' .!/!.2!/+"(+3#. !*%'!(+.!ĨŕāċĈŌ%ĩČ%*ĂĀāĉ
)!*#+($ *#*%&%$*%'!(' ..!* $ĨŕāČĈŌ 0$! ƫ+),*5 !*0!.! %*0+ ! +" Ƶ#.!!)!*0
Ni), pada tahun 2018 Perusahaan menandatangani Ĩ+Ƶĩ3%0$/0.0!#%,.0*!./"+.0$!%'!(%# .+*
! +"Ƶ#.!!)!*0Ĩ+Ƶĩ.+5!'!*#!)*#* (NPI) Blasts Furnace Plant Development Project at
.%' Nickel Pig Iron (NPI) Blast Furnace /0()$!.ċ$! ǫ(/01.*!,.+&!0$/
()$!. %)1. !*#* )%0. /0.0!#%/ċ .+5!' 0+0(,.+ 10%+*,%05+"ăĂĀČĀĀĀ0+*/+" Č
NPI Blast Furnace memiliki total kapasitas produksi !-1%2(!*00+ăĀČĀĀĀ0+*/+"*%'!(%*0$! Ĩ%ĩċ
)!*,% ăĂĀċĀĀĀ 0+* 01 /!0. !*#*
ăĀċĀĀĀ0+**%'!( () Ĩ%ĩ
Fasilitas PLTU dan Jetty di Pomalaa

CFPP and Jetty Facility in Pomalaa

đ .%' )!(0!. . ! Ƶ(1)%* !ü*!.5 (SGAR) đ !),3$ )!(0!. . ! Ƶ(1)%* !ü*!.5
!),3$ċ ƵƵ )!*.#!0'* ,!)*#1** ĨƵĩċƵƵ ,(*/0+1%( 0$!Ƶ%* %0%+*
,.%' Ƶ /!(%* ,.%' Chemical Grade to the Tayan Chemical Grade Alumina (CGA) Plant
Alumina ĨƫƵĩ 5*Č /01ġ/01*5 ,.%' ƫƵ as the only CGA plant in Southeast Asia, which
% Ƶ/% !*##.Č 5*# )!)1(% ,.ġ,.+ 1'/% !#*,.!ġ,.+ 10%+*%*ĂĀāĆċ$!5*(*0$/
, 0$1* ĂĀāĆċ .%' 5* )!)%(%'% ',/%0/ * **1( ,.+ 10%+* ,%05 +" ăĀĀČĀĀĀ 0+*/
0$1** /!!/. ăĀĀċĀĀĀ 0+* ƫƵċ .+5!' Ƶ +" ƫƵċ $! Ƶ .+&!0 %* !),3$Č !/0
5*# !.(+'/% % !),3$Č (%)*0* ǫ.0 (%)*0*%/,.0+"*!û+.00+ %2!./%"514%0!
%*% )!.1,'* (*#'$ %2!./%ü'/% ,!*#+($* processing with an estimated capacity of producing
1'/%0 * %,.+5!'/%'* '* )!*#$/%('* ā 1 million tons of SGA in phase I planned to enter the
juta ton SGA pada tahap I yang direncanakan akan #.+1* .!'%*#/0#!%*0$!ā/01.0!.+"ĂĀāĊċ
)!)/1'% 0$, #.+1* .!'%*# , .%31(* ā
0$1*ĂĀāĊċ
đ !.(1/*/%/ *#* */1)!. 5 đ 4,* %*#0$!.!/!.2!* .!/+1.!/!

ƵƵ )!)%(%'% *#* * /1)!. 5 *%'!( ƵƵ $/ 2/0 *%'!( * 14%0! .!/!.2!/ *
* 1'/%0 5*# !/.ċ !(%* %01Č ƵƵ &1# .!/+1.!/ċ * %0%+*Č ƵƵ $/ 0$! ,%05
memiliki kemampuan dan keahlian yang diperlukan and expertise required for operating existing mines
1*01' )!*#+,!./%'* 0)*#ġ0)*# 5*# 0!($ successfully and for developing pioneering projects
!*#* /1'/!/ * )!*#!)*#'* ,.+5!'ġ such as the development of the Pongkor gold mine
,.+5!',!.%*0%//!,!.0%,!*#!)*#*0)*#!)/ * *%'!()%*!%*ǫ1(%Č/0()$!.Č/3!((/0$!
+*#'+.Č 0)*# *%'!( ǫ1(% % ()$!. %)1. * +*/0.10%+* +" 0$! /0 ()$!. "!..+*%'!( ,(*0
.+5!'!)*#1**.%'!.+*%'!((0%)Ĩăĩċ Ĩăĩċ ƵƵ .!#1(.(5 !2(10!/ * !2!(+,/ %0/
ƵƵ 0!.1/ )!*#!2(1/% * )!*#!)*#'* %))!*/!.!/!.2!/* .!/+1.!/%*+. !.0+1%( *
/%/ *#* */1)!. 55*#!/.0!./!10 strengthen its market share, increase reserves and
untuk memperkuat pangsa pasar, meningkatkan /0.!*#0$!*0$!ƫ+),*5Ě/,.+ 10%+*,.+ü(!ċ
*#* *)!),!.'10,.+ü(,.+ 1'/%!.1/$*ċ
!*#* )!),!.0%)*#'* /0.0!#% 0!./!10 * ǫ5 +*/% !.%*# 0$%/ /0.0!#5 * 0$! /1/0*0%( /%6!
&1# &1)($ /%/ *#* * /1)!. 5 *%'!( +" *%'!( * 14%0! .!/!.2!/ * .!/+1.!/ 0$0 0$!
*1'/%0!.&1)($!/.5*# %)%(%'%Č *&!)!* Company owns, Management has made the decision to
)!*#)%( '!%&'* 1*01' (!%$ !."+'1/ , focus more on increasing and acquiring gold reserves
,!*%*#'0* *,!.+(!$* *#* */1)!. 5 * .!/+1.!/ċ !#. %*# #+( !4,(+.0%+*Č ƵƵ
!)/ċ!.'%0 !*#*!'/,(+./%!)/Č/0%*%ƵƵ is currently focusing on searching for additional gold
)!)"+'1/'* 1*01' )!('1'* ,!*.%* /1)!. .!/+1.!/Č +0$ %* 0%2! (+0%+*/ * %* +0$!.
!)/0)$*%' %(+'/% '0%")1,1* %.! *!3,.+/,!0.!/ċƵƵ %/(/+.!2%!3%*#+,0%+*/
,.+/,!' .1 (%**5ċ ƵƵ &1# 0!*#$ )!*#'&% 0+ -1%.! #+( )%*%*# //!0/ 3%0$ #++ ,.+ü(! *
+,/%1*01')!('1'*'1%/%/%/!00)*#!)/5*# ,+0!*0%(ċ
)!)%(%'%,.+ü(Ē,+0!*/%5*#%'ċ
đ !*&(%* '!)%0.* 1*01' )!*#!)*#'* ,.+ 1'/% • Fostering partnerships to develop new processed
)%*!.(+($*.1 .% *#*5*#0!($ ċ )%*!.(,.+ 10/".+)!4%/0%*#.!/!.2!/ċ
ƫ *#* * /1)!. 5 *%'!( )%(%' ƵƵ Given ANTAM’s massive nickel reserves and resources
5*# !.&1)($ !/.Č /!.0 )!)%(%'% '1(%0/ 5*# of relatively higher quality in comparison to the deposits
.!(0%" (!%$ 0%*##% %* %*#'* !,+/%0 % %(%,%*Č %* 0$! $%(%,,%*!/Č ƵƵ %/2%!3! 5 +)!/0% *
)!*& %'* ƵƵ /!#% ,!.1/$* ,01*#* foreign corporations with access to technology and
5*# )!*.%' #% ,!.1/$* * +*!/% )1,1* ü**%*#/$%#$(500.0%2!&+%*02!*01.!+),*5ċ
asing yang memiliki akses terhadap teknologi dan ANTAM will foster partnerships with third parties
,!* **ċ ƵƵ '* )!*&(%* '!)%0.* !*#* /! +* ,.+ü0%(%05 "+. .+ !. %2!./%ü0%+* +"
,%$''!0%#!. /.'*,.+ü0%(%0/)!*#1*01*#'* 0$!ƫ+),*5Ě/,+.0"+(%++*,.+!//! )%*!.(/ċ
#1* /!)'%* )!*%*#'0'* %2!./%ü'/% ,+.0+"+(%+
)%*!.(+($*!.1/$*ċ

*&!)!* )!*!.,'* '!%&'* /0.0!#%/ 1*01' Management adopts the strategic policy of working
!'!.&/) !*#*)%0.*/%+*( *%*0!.*/%+*(ċ (+*#/% ! *0%+*( * %*0!.*0%+*( ,.0*!./ċ $!
!#% +*0+$Č () ,.+5!' ƵČ ƵƵ SGAR project for example, ANTAM partners with
!'!.&/) !*#* Ƶ Ĩ!./!.+ĩ * Ƶ Ĩ!./!.+ĩ * /0.0!#% ,.0*!./
)%0. /0.0!#%/ 5# !.!,!*#()* () %* 1/0.% !4,!.%!*! %* 0$! Ƶ ,.+!//%*# %* 1/0.5ċ ƵƵ
,!*#+($* Ƶċ ƵƵ &1# )!*&(%* /%*!.#% (/+ /5*!.#%6!/ 3%0$ +0$!. /00!ġ+3*! !*0!.,.%/!/
dengan Badan Usaha Milik Negara (BUMN) lain dalam Ĩǫ ĩ0+ !2!(+,ƫ+),*5,.+&!0/ċ
,!*#!)*#*,.+5!'!.1/$*ċ
Pada tahun 2018, sejalan dengan upaya kami untuk * ĂĀāĉČ %* (%*! 3%0$ +1. !û+.0/ 0+ %*.!/! 0$! !
)!*%*#'0'* *%(% 0)$ *#* Ē /1)!. 5 2(1!+".!/!.2!/Ē)%*!.(.!/+1.!/ČƵƵ /%#*!
mineral yang dimiliki, ANTAM menandatangani ! +" ! +"Ƶ#.!!)!*0Ĩ+Ƶĩ"+.0$!/0()$!.ǫ(/0
AgreementĨ+Ƶĩ.+5!'!*#!)*#*.%'Nickel Furnace (NPI) Plant Development Project with strategic
Pig Iron (NPI) Blast Furnace ()$!. %)1. !*#* ,.0*!. !* *!.#5 %'!( *0!.*0%+*( 0!ċ 0 ċ
)%0. /0.0!#%/ !* *!.#5 %'!( *0!.*0%+*( 0!ċ Ĩ ĩċ *0$%/+((+.0%+*ČƵƵ 3%((#1.*0!!0$!
0 Ĩ ĩċ()'!.&/)%*%ČƵƵ '*)!*&)%* 2%(%(%05+"*%'!(+.!/.3)0!.%("+.0$! ǫ(/0
'!0!./! %*$*'1%&%$*%'!( %,.+5!' Blast Furnace plant, while OENI will ensure funding sources
Furnace /! *#'* '* )!)/0%'* /1)!. * +*ġ0%)! +),(!0%+* +" +*/0.10%+* ,.+&!0/ċ
pendanaan dan penyelesaian konstruksi proyek tepat The NPI Blast Furnace project has a total production
3'01ċ.+5!' Blast Furnace memiliki total kapasitas ,%05+"ăĂĀČĀĀĀ0+*/+" Č!-1%2(!*00+ăĀČĀĀĀ
,.+ 1'/%)!*,%ăĂĀċĀĀĀ0+* 01/!0. !*#* tons of nickel in the NPI (TNi) with a total investment of
ăĀċĀĀĀ0+**%'!( () Ĩ%ĩ !*#*0+0(%*2!/0/% .+1* ĸăĂĀ)%((%+*ċ$!ü./0,$/!+" !2!(+,)!*0
/!'%0. ĸăĂĀ &10ċ !*#!)*#* 0$, ,!.0) ĨŗĉČĀĀĀ%ĩ%/!4,!0! 0+/0.0,.+ 10%+*%*0$!ą0$
ĨŗĉċĀĀĀ%ĩ %$.,'* ,0)!)1(%,.+ 1'/%, 1.0!.+"ĂĀĂĀČ3$%(!+2!.((%0%/0.#!0! 0++,!.0!
.%31(* ą 0$1* ĂĀĂĀČ /! *#'* /!. '!/!(1.1$* %*ĂĀĂăċ
%0.#!0'*!.+,!./%0$1*ĂĀĂăċ
()% *#,!*#!)*#*&*#'1*,/.ČƵƵ To expand market coverage, ANTAM and PT Pos

)!(*&10'*'!.&/)/0.0!#%/ %/0.%1/%!)/ () Indonesia (Persero) have agreed to enter into a
negeri dengan PT Pos Indonesia (Persero) dimana emas /0.0!#%,.0*!./$%,"+./!((%*##+( %*ĂĀĆ,+/0+þ!/
+#) 1(%ƵƵ /0%*% ,0 %!(%)!((1%ĂĀĆ %/,!./! .+// * +*!/%ċ * %0%+*Č ƵƵ %/
'*0+. ,+/ 5*# 0!./!. %/!(1.1$ * +*!/%ċ !(%* +((+.0%*#3%0$ǫ*'ǫ
ǫ5.%$0+!4,* 0$!
%01ƵƵ !'!.&/) !*#*ǫ*'ǫ
ǫ5.%$ +2!.#!+"#+( /(!/%*0$!
'.0Čǫ*0!**
perihal penjualan emas untuk memperluas jangkauan !/0
2.!#%+*/ċ+/1,,+.00$! !2!(+,)!*0+"#+(
,!*&1(* !)/ % 3%(5$
'.0Č ǫ*0!* * 1/%*!//Č%*ĂĀāĉ0$!ƫ+),*5,.0%%,0! %*0. !

3 ǫ.0ċ *01' )!* 1'1*# ,!*#!)*#* %/*%/ ++,!.0%+*!03!!* * +*!/%*
,*"+.#+( ġ'%(+
!)/Č , 0$1* ĂĀāĉ !.1/$* )!*& % #%* .,.+ 10/0$.+1#$1/%*!//+((+.0%+*!03!!*
dalam kerjasama perdagangan antara Indonesia dan ƵƵ * ƫ+ċ0 ċČ
,*ċ

!,*#)!((1%,.+ 1'(+#)!)/0*#*#+( ġ'%(+
. )!((1% '!.&/) %/*%/ *0. ƵƵ *
ƫ+ċ0 Č
!,*#ċ
đ !*1.1*'* (!%$ (*&10 cash cost dan meningkatkan • Further lowering cash costs and improving cost
5/%*#%5ċ competitiveness
!%&'*ƵƵ ()/0.0!#%,!*1.1**%501*% ƵƵ Ě/ /0.0!#5 %* .%*#%*# /$ +/0/ +3* *
*)!*%*#'0'* 5/%*#%5 ($)!('1'* increasing cost competitiveness is through energy
'+*2!./% !*!.#%ċ ƵƵ 0!($ )!*#+,!./%'* +*2!./%+*ċ $! ƫ+),*5Ě/ ƫ+(ġ%.! 0!) +3!.
!)*#'%0 %/0.%' !*# , Ĩĩ ǫ01. (*0 $/ !!* %* +,!.0%+*/ /%*! (0! ĂĀāćČ .1**%*#
!*#* ',/%0/ Ă4ăĀ , '$%. 0$1* ĂĀāć 0 ,%05 +" Ă4ăĀ 0+ /1,,(5 !(!0.%%05 0+ 0$!
1*01')!)/+'(%/0.%'#%"/%(%0/,!* 1'1*#,.%' supporting facilities of the Pomalaa ferronickel plant
"!.+*%'!( +)( /!#% 1,5 )!*#1.*#% %5 / * !û+.0 0+ .! 1! !*!.#5 +/0/ %* 0$! "!..+*%'!(
!*!.#% (),.+/!/,.+ 1'/%"!.+*%'!(ċ0%*%ČƵƵ ,.+ 10%+* ,.+!//ċ ƵƵ %/ (/+ %* 0$! )% (! +"
&1#0!*#$)!*5!(!/%'*.!0.+ü0!)*#'%0%/0.%' +),(!0%*# 0$! .!0.+ü00%*# +" 0$! ĉ4āĈ ġ,%05
!*# %!/!( !.',/%0/ ĉ4āĈ /!$%*## ,0 %!/!(+3!.00%+*"+.0$!1/!+"*01.(#//"1!(ċ
)!*##1*'*$*'.#/ċ

!#% ),',+/%0%" .%'!%&'*%*%ČƵƵ 0!($ This policy has had a positive impact on ANTAM as
!.$/%( )!*&# 0%*#'0 %5 01*% "!.+*%'!( 0!0, the Company has managed to maintain its ferronickel
.!* $ /!!/. ĸăČĊĆ ,!. ,+* , 0$1* ĂĀāĉċ /$ +/0 0 0$! (+3 (!2!( +" ĸăċĊĆ ,!. (ċ %* ĂĀāĉċ
ƵƵ 0!.1/ )!*%*#'0'* !ü/%!*/% * )!('1'* ƵƵ Ě/ +*/%/0!*0 !û+.0/ 0+ %),.+2! !þ%!*5 *
,!*#$!)0* * % 0$1* ĂĀāĉ *%(% !ü/%!*/% /1 $ /2%*#/$2!.!/1(0! %*!þ%!*%!/2(1! 0,ĂćċąĀ
)!*,%,ĂćČąĀ)%(%.01āćąŌ .%0.#!0/!!/. %((%+* %* ĂĀāĉČ +. āćąŌ ".+) 0$! 0.#!0! )+1*0 +"
,āćČĀą)%(%.ċ ,āćċĀą%((%+*ċ
PLTU ANTAM di Pomalaa Berkapasitas 2x30MW

$!Ă4ăĀ ƵƵ Ě/ƫ%(%05%*+)(
đ !*%*#'0* '%*!.& %/*%/ %*0% 1*01' )!*%*#'0'* đ ),.+2%*# 0$! ,!."+.)*! +" 0$! +.! 1/%*!// 0+
.!2!*1!!1/$*ċ ++/0+.,+.0!.!2!*1!
!#%!.1/$*,!.0)*#*5*#0!. %2!./%ü'/% Ƶ/ %2!./%ü! !4,+.0ġ+.%!*0! )%*%*#+),*50$0%/
*0!.%*0!#./%/!.2!.0%'(5*#!.+.%!*0/%!'/,+.Č vertically integrated, ANTAM is committed to maintain
')% !.'+)%0)!* 1*01' )!),!.0$*'* '!'10* 0$! ƫ+),*5Ě/ ü**%( /0.!*#0$ 5 !*$*%*# 0$!
keuangan perusahaan melalui peningkatan perolehan %(%05 0+ #!*!.0! $%#$!. %*+)! ,.0%1(.(5 5
,!* ,0* !*#*!."+'1/, ,!*#10*'%*!.& strengthening the operating performance of the
+,!./%%/*%/%*0%!.1/$*ċ ƫ+),*5Ě/+.!1/%*!//ċ
ƵƵ !.'+)%0)!* 1*01' )!*%*#'0'* '%*!.& ANTAM is committed to improve its positive core
%/*%/%*0%5*#,+/%0%", 0$1*ĂĀāĉČ0!.!.)%* .% 1/%*!// ,!."+.)*! %* ĂĀāĉČ / .!ý!0! 5 0$!
pencapaian produksi dan penjualan tertinggi komoditas highest achievement of production and sales of
"!.+*%'!( ƵƵ 5*# )!*,% )/%*#ġ)/%*# ƵƵ Ě/ "!..+*%'!( 0$0 ĂąČĉćĉ % * ĂąČāăĆ %
Ăąċĉćĉ % * ĂąċāăĆ %ċ % ' $*5 '+)+ %0/ .!/,!0%2!(5ċ * %0%+*0+"!..+*%'!(Č%*ĂĀāĉČƵƵ
feronikel, pada tahun 2018, ANTAM mencatatkan nilai recorded the highest sales and production volume ever
volume penjualan produk emas tertinggi sepanjang in the history of the Company with the volume of gold
/!&.$!.1/$* !*#*2+(1)!,!*&1(*/!!/. /(!/+"ĂĈČĉĊą'#+./%#*%ü*0(5#.!35āāāŌ+),.!
ĂĈċĉĊą '# !)/ 01 *%' /%#*%ü'* /!!/. āāāŌ 0+0$!(/05!.ċ
%* %*#'*0$1*/!!(1)*5ċ
0$1*ĂĀāĉ')%!.$/%()!*%*#'0'*,!."+.) In 2018, ANTAM succeeded in increasing production

,.+ 1'/% * ,!*&1(* '+)+ %0/ %*0% !.1/$*ċ ,!."+.)*! * 0$! /(! +" %0/ )%* +))+ %0%!/ċ Ƶ
ƫ,%*+,!./%+*(,+/%0%"0!./!10!. ),',+/%0%" ,+/%0%2!+,!.0%*#,!."+.)*!$/"2+.(5.!/1(0!
#% ,!*%*#'0* *%(% ,!*&1(* !./%$ !.1/$*ċ %*0$!ƫ+),*5Ě/%(%050+%*.!/!*!0/(!/2(1!ċ *
Pada tahun 2018, ANTAM mencatatkan nilai penjualan ĂĀāĉČ ƵƵ ,+/0! ,ĂĆċĂą 0.%((%+* %* *!0 /(!/Č +.
!./%$/!!/.,ĂĆČĂą0.%(%1*01*%'/!!/.ĊĊČĆĂŌ * %*.!/! +" ĊĊċĆĂŌ +),.! 0+ 0$! 5!. ĂĀāĈ 0
%* %*#'**%(%,!*&1(*!./%$0$1*ĂĀāĈ/!!/. ,āĂċćĆ0.%((%+*ċ!2!*1!/".+)#+( +))+ %05) !
,āĂČćĆ0.%(%1*ċ+)+ %0/!)/)!.1,'*'+),+*!* up the largest part of the Company’s revenues with a
0!.!/. ,!* ,0* !.1/$* !*#* '+*0.%1/% +*0.%10%+*+",āćċćĊ0.%((%+*+.ććŌ+"0+0(*!0/(!/
/!!/. , āćČćĊ 0.%(%1* 01 ććŌ .% 0+0( ,!*&1(* %*ĂĀāĉċ
!./%$0$1*ĂĀāĉċ

KINERJA SEGMEN PERUSAHAAN CORPORATE SEGMENT PERFORMANCE
Segmen Nikel Nickel Segment

Segmen operasi nikel terdiri dari komoditas feronikel The nickel operating segment consists of commodities
* %&%$ *%'!(ċ ƵƵ )!*#+,!./%'* 0)*# *%'!( "!..+*%'!( * *%'!( +.!ċ ƵƵ +,!.0!/ %0/ *%'!(
+)( %1(3!/%!*##. *0)*#*%'!('( % mines in Pomalaa, Southeast Sulawesi and in Pakal, North
(1'10.ċ!(%*%01ČƵƵ &1#)!*#+($%&%$*%'!( (1'1ċ * %0%+*Č ƵƵ "1.0$!. ,.+!//!/ *%'!( +.!
5*# %0)*# , ,.%' "!.+*%'!( 5*# !.(+'/% % at the Company’s ferronickel plant in Pomalaa, Southeast
+)(Č1(3!/%!*##.ċ 1(3!/%ċ
.+#.)ü/%!*/%
þ%!*5.+#.)
ćĊċāā
ąĉċćĊ ąćČąą
ăćČąą
26,40
16,04

Target Realisasi
Target !(%60%+*
Pengolahan Bauksit di Pabrik CGA Tayan

Bauxite Ore Processing Facility in Tayan CGA Plant
Kinerja Tahun 2018 termasuk Aspek Produksi, Performance in Production Volume, Production
Kapasitas Produksi dan Penjualan/Pendapatan Capacity and Sales/Revenue in 2018
Usaha
0$1* ĂĀāĉČ ƵƵ '!)(% )!*00'* 2+(1)! In 2018, ANTAM posted the highest production volume
produksi dan penjualan tertinggi sepanjang sejarah * /(!/!2!..!+. ! 50$!ƫ+),*5ċ$!,.+ 10%+*
!.1/$*ċ+(1)!,.+ 1'/%"!.+*%'!(, ĂĀāĉ0!.00 2+(1)!+""!..+*%'!(%*ĂĀāĉ0+0((! ĂąČĉćĉ%Č1,āąŌ
/!!/. Ăąċĉćĉ %Č *%' āąŌ %* %*#'* ,%* +),.! 0+ ĂĀāĈ 0 ĂāČĈćĂ %ċ Ƶ(/+ %* ĂĀāĉČ ƵƵ
,.+ 1'/% ĂĀāĈ /!!/. ĂāċĈćĂ %ċ ,!.%+ ! ĂĀāĉČ )*#! 0+ .!+. ĂąČāăĆ % %* "!..+*%'!( /(!/Č +.
ƵƵ )!)1'1'* ,!*&1(* "!.+*%'!( /!!/. ĂąċāăĆ āāŌ %*.!/! +),.! 0+ ĂĀāĈ 0 ĂāČĉāĂ %ċ $! /(!
% 01 *%' /!!/. āāŌ %* %*#'* ,!.%+ ! ĂĀāĈ +" "!..+*%'!( %/ 0$! /!+* (.#!/0 +*0.%10+. 0+ 0$!
5*#)!*,%ĂāċĉāĂ%ċ!*&1(*"!.+*%'!()!.1,'* ƫ+),*5Ě/ 0+0( *!0 /(!/ 0+ 0$! 01*! +" ,ąċćć 0.%((%+*Č
'+*0.%10+. 0!.!/. '! 1 .% 0+0( ,!*&1(* !./%$ +1*0%*# "+. āĉŌ +" 0+0( *!0 /(!/ %* ĂĀāĉċ $! /(!/
!.1/$*Č !*#* '+*0.%1/% /!!/. ,ąČćć 0.%(%1* 2(1! "+. 0$! +))+ %05 #.!3 ąĆŌ %* ĂĀāĉ +),.! 0+
01 āĉŌ .% 0+0( ,!*&1(* !./%$ ĂĀāĉċ %(% ,!*&1(* 0$!,.!2%+1/5!.0,ăċĂĂ0.%((%+*ċ
"!.+*%'!(, 0$1*ĂĀāĉ*%'/!!/.ąĆŌ %* %*#'*
*%(%,!*&1(*"!.+*%'!(0$1*ĂĀāĈ/!!/.,ăČĂĂ0.%(%1*ċ
% 0$1* ĂĀāĉČ 2+(1)! ,.+ 1'/% %&%$ *%'!( 5*# %#1*'* In 2018, the production volume of nickel ore used for the
dalam produksi feronikel serta penjualan domestik dan production of ferronickel and for domestic and export
!'/,+.0!.00/!!/.ĊċăāĈċĊćă3)05*#0!. %.% .%%&%$ /(!/ )+1*0! 0+ ĊČăāĈČĊćă 3)0 +),.%/%*# +" $%#$
*%'!(' .0%*##% *%&%$' ..!* $ċ+0(,.+ 1'/%%&%$ #. !*%'!(+.!* (+3#. !*%'!(+.!ċƵƵ Ě/0+0(
*%'!( ƵƵ , ĂĀāĉ *%' /!!/. ćĈŌ %* %*#'* ,.+ 10%+* "+. *%'!( +.! %* ĂĀāĉ /1.#! ćĈŌ +),.!
2+(1)!,.+ 1'/%0$1*ĂĀāĈ/!!/.ĆČĆĈ&103)0ċ.%/%/% 0+0$!,.!2%+1/5!.0ĆċĆĈ)%((%+*3)0ċ *0!.)/+"/(!/Č
,!*&1(*ČƵƵ )!*00'*0+0(2+(1)!,!*&1(*%&%$ ƵƵ )*#! 0+ ,+/0 ćČăăĆČĂĉā 3)0 %* 0+0( /(!/ +"
*%'!( /!!/. ćċăăĆċĂĉā 3)0ċ ƫ,%* ,!*&1(* %&%$ *%'!( *%'!( +.!ċ ƵƵ Ě/ /(!/ 2+(1)! "+. *%'!( +.! (%)!

ƵƵ %*%0!.00*%'āāćŌ %* %*#'*2+(1)!,!*&1(* āāćŌ+),.! 0+ 0$!5!. ĂĀāĈ+" ĂċĊă )%((%+*3)0ċ $!
0$1*ĂĀāĈ/!!/.ĂČĊă&103)0ċ!.1/$*)!*00'* ƫ+),*5)*#! 0+#!*!.0!,ĂċĊă0.%((%+*%*.!2!*1!
,!* ,0* .%%&%$*%'!(, ĂĀāĉ/!!/.,ĂČĊă0.%(%1* ".+)*%'!(+.!%*ĂĀāĉČ3$%$#.!3āāąŌ+),.! 0+/(!/
0101)1$/!!/.āāąŌ %* %*#'**%(%,!*&1(*%&%$ .!2!*1!+"*%'!(+.!%*ĂĀāĈ0,āċăĈ0.%((%+*ċ
*%'!(, ,!.%+ !ĂĀāĈ/!!/.,āČăĈ0.%(%1*ċ
Secara keseluruhan, segmen nikel mencatatkan penjualan $!*%'!(/!#)!*0%*+2!.((.!+. ! ,ĈċĆĊ0.%((%+*%**!0

!./%$/!!/.,ĈČĆĊ0.%(%1*01*%'ććŌ %* %*#'* /(!/Č+.*%*.!/!+"ććŌ+),.! 0+,ąČĆĊ0.%((%+*%*
,!*&1(*!./%$0$1*ĂĀāĈ/!!/.,ąČĆĊ0.%(%1*ċ ĂĀāĈċ
Dalam hal kapasitas produksi, di tahun 2018 kapasitas In terms of production capacity, in 2018 ANTAM’s ferronickel
,.+ 1'/%0!.,/*#,.%'"!.+*%'!(ƵƵ %($/!!/. ,(*0%*/0((! ,%053/ĂĈČĀĀĀ%,!.**1)ċ$%(!
ĂĈċĀĀĀ % ,!. 0$1*ċ () $( ',/%0/ ,.+ 1'/% %&%$ in terms of the production capacity of nickel ore, the level
*%'!(Č (!2!( ,.+ 1'/% 0)*# .!(0%" /0%( * ,0 +")%*%*#,.+ 10%+*$/!!*.!(0%2!(5/0(!Č &1/0%*#
%/!/1%'* !*#* 0%*#'0 ,!.)%*0* '!101$* %&%$ 0+0$!(!2!(+" !)* ċ
*%'!(ċ
Volume produksi dan penjualan feronikel ANTAM Volume produksi dan penjualan bijih nikel ANTAM
ANTAM’s Ferronickel Production and Sales Volume ANTAM’s Nickel Ore Production and Sales Volume
TNi Juta wmt Million wmt
24.868 24.135 9,32

ĂĀċĉĉĉ ĂāċĈćĂ ĂāċĉāĂ
ĂĀċĂĊă
6,33
ĆČĆĈ
ĂČĊă
āČćă
ĀČĈă

Produksi Feronikel Penjualan Feronikel Produksi Bijih Nikel Penjualan Bijih Nikel
Ferronickel Production Ferronickel Sales Nickel Ore Production Nickel Ore Sales
%*!.&$1*ĂĀāĉ ()$(.+ü0%(%0/ !."+.)*!%*.+ü0%(%05%*ĂĀāĉ

!%.%*# ,!*%*#'0* ,!*&1(* !./%$Č ( 1/$ 0$1* *(%*!3%0$%*.!/%*#*!0/(!/Č0$!+,!.0%*#,.+ü0"+.0$!
!.&(* /!#)!* *%'!( )!*,% ,ĂČăĂ 0.%(%1* % 0$1* *%'!(/!#)!*0"+.0$!1..!*05!..!$! ,ĂċăĂ0.%((%+*
ĂĀāĉČ *%' 0&) %* %*#'* ( 1/$ /!#)!* *%'!( %*ĂĀāĉČ/$.,.%/!+),.! 0+,āċĀĈ0.%((%+*%*ĂĀāĈċ
0$1*ĂĀāĈ/!!/.,āČĀĈ0.%(1*ċ
Analisa Kinerja Performance Analysis

Peningkatan volume produksi feronikel ANTAM didukung The increase in ANTAM’s ferronickel production volume
!*#* 0!.,%*5 /0%(%0/ +,!./% ,.%' "!.+*%'!( % %/ /1,,+.0! 5 0$! /0(! +,!.0%+* +" 0$! +)(
+)(/0%*%ċ 0$1*ĂĀāĉČ,.%'"!.+*%'!(+)( "!..+*%'!( ,(*0ċ * ĂĀāĉČ 0$! +)( "!..+*%'!( ,(*0
!. () ,!.%+ ! ramp up untuk meningkatkan is in a ramp up period to increase production utilities,
10%(%0/ ,.+ 1'/%Č /!0!($ , ĂĀāĈ .+5!' !.(1/* following the commencement of commercial operation
.%'!.+*%'!(+)(Ĩăĩ0!($)!)/1'%,!.%+ ! of the Pomalaa Ferronickel Plant Expansion Project
+,!./% '+)!./%(ċ !*#* /!(!/%*5 ă , 0$1* Ĩăĩ %* ĂĀāĈċ %0$ 0$! +),(!0%+* +" ă %* ĂĀāĈČ 0$!
ĂĀāĈČ )!*%*#'0'* ',/%0/ 0!.,/*# ,.%' "!.+*%'!( installed capacity of ANTAM’s ferronickel plant in Pomalaa
ƵƵ % +)( )!*& % ĂĈċĀĀĀ % .% /!!(1)*5 %*.!/! 0+ ĂĈČĀĀĀ % ".+) ,.!2%+1/(5 āĉČĀĀĀ % ,!.
āĉċĀĀĀ % ,!. 0$1*ċ .+5!' %*% &1# )!*'1, 5!.ċ *(1 ! %*0$%/,.+&!0%/0$!+*/0.10%+*+"ƫ+(
,!)*#1** !)*#'%0 %/0.%' !*# , Ĩĩ ü.! +3!. (*0 Ĩĩ 3%0$ ,%05 +" Ă 4 ăĀ Č
ǫ01. !.',/%0/ Ă 4 ăĀ Č ,!)*#1** +0.5 +*/0.10%+* +" +0.5 %(*ġą * 1,#. %*# +" ,(*0
%(*ġą /!.0 upgrading "/%(%0/ ,!* 1'1*# ,.%' /!,!.0% /1,,+.0%*#"%(%0%!/Č/1$/&!00%!/* !(0+*2!5+./ċ
jetty dan!(0+*2!5+./ċ

Volume penjualan feronikel juga mencatat peningkatan Ferronickel sales volume also increased in line with higher
/!%.%*#'!*%'*2+(1)!,.+ 1'/%ċ.+ 1'"!.+*%'!(ƵƵ ,.+ 10%+* 2+(1)!ċ ƵƵ Ě/ "!..+*%'!( ,.+ 10/ .!
/!,!*1$*5 %/!., +(!$ ,/. !'/,+. !*#* ,.+ü( "1((5 /+.! 5 0$! !4,+.0 ).'!0Č 3%0$ 0$! )&+.%05
,!(*##*/!#%*!/.)!.1,'*%* 1/0.%&0$* +" 1/0+)!./ !%*# /0%*(!// /0!!( )*1"01.!./ %* /0
'.05*#0!./!. %Ƶ/%%)1.Ĩ+.!!(0*Č%+*#'+' Ƶ/%Ĩ+10$+.!Čƫ$%*Ē%3*ĩ* +10$Ƶ/%Ĩ * %ĩ
Ē%3*ĩ *Ƶ/%!(0*Ĩ * %ĩċ +1*0.%!/ċ
*01' %&%$ *%'!(Č ,!*%*#'0* ,.+ 1'/% * ,!*&1(* * 0!.)/ +" *%'!( +.!Č ƵƵ /3 /%#*%ü*0 %*.!/!
ƵƵ 5*#/%#*%ü'*, 0$1*ĂĀāĉ % 1'1*# !*#* in production and sales in 2018 following the issuance
0!($ %0!.%)*5 %6%* !'/,+. %&%$ *%'!( ' . .!* $ +" !4,+.0 ,!.)%0 "+. (+3 #. ! *%'!( +.! 0 ăċĊ )%((%+*
!*#* 0+0( '1+0 /!!/. ăČĊ &10 3)0 ĨŕāČĈŌ %ĩ .% 3)0 ĨŕāċĈŌ %ĩČ ".+) 0$! %*%/0.5 +" *!.#5 * %*!.(
!)!*0!.%* *!.#% * 1)!. 5 %*!.( Ĩ ĩ !/+1.!/ Ĩ ĩ * 0$! #.+3%*# !)* ".+) (+(
/!.0 01)1$*5 ,!.)%*0* .% /)!(0!. ,%$' '!0%# 0$%. ġ,.05/)!(0!./0+/1,,(50$!%. !)* +".3)0!.%(ċ
+)!/0%'1*01',!)!*1$*$*'1smelter0!./!10ċ
Penjualan Segmen Nikel

Nickel Segment Sales
4.662
ăċĂĂĂ 2.933
ĂċĈĉĂ
āċăćĊ
295

Feronikel Bijih Nikel
Ferronickel Nickel Ore
Stockyard Bijih Nikel di Pomalaa

Nickel Ore Stockyard in Pomalaa
Prospek Usaha Business Prospect

!*#*+,0%)(*5+,!./%,.%'ġ,.%'"!.+*%'!(ƵƵ Given the optimal operations of ANTAM’s ferronickel plants,
/!.0 '* )1(% !.+,!./%*5 ,.%' "!.+*%'!( ƵƵ coupled with the planned commencement of operation of
% ()$!. %)1. , 0$1* ĂĀāĊ /!.0 % 1'1*# ƵƵ Ě/"!..+*%'!(,(*0%*/0()$!.%*ĂĀāĊ*
01)1$*5 ,/. %&%$ *%'!( +)!/0%' /!.0 '!/!),0* /1,,+.0! 50$!#.+30$+"0$! +)!/0%).'!0"+.*%'!(
1*01' )!('1'* !',+. %&%$ *%'!( ' . .!* $ 5*# ore well as the opportunity to export its low grade nickel
%)%(%'%ČƵƵ )!*0.#!0'*,!.01)1$*,+/%0%"'%*!.& ore products, ANTAM targets a positive growth in nickel
produksi dan penjualan segmen usaha nikel pada tahun /!#)!*0,.+ 10%+** /(!/,!."+.)*!5ĂĀāĊċ
ĂĀāĊċ
Untuk feronikel, ANTAM menargetkan volume produksi di In terms of ferronickeI, ANTAM expects to reach a
0$1*ĂĀāĊ/!!/.ăĀċĂĉĀ0+**%'!( ()"!.+*%'!(Ĩ%ĩČ ,.+ 10%+* 2+(1)! +" ăĀČĂĉĀ 0+* +" *%'!( %* "!..+*%'!(
)!*%*#'0 ĂăŌ %* %*#'* !*#* 0.#!0 ,.+ 1'/% Ĩ%ĩ%*ĂĀāĊČĂăŌ$%#$!.0$*0$!ĂĀāĉ,.+ 10%+*0.#!0
0$1* ĂĀāĉ /!!/. ĂąċćĆĂ %ċ !*%*#'0* 0.#!0 %*% +"ĂąČćĆĂ%ċ$!$%#$!.0.#!0%/+*/%/0!*03%0$ƵƵ Ě/
sejalan dengan strategi ANTAM untuk meningkatkan /0.0!#50+#. 1((5%*.!/!0$!10%(%60%+*+"%0/+)(
10%(%//% +,!./% ,.%' !.+*%'!( +)(Č /!.0 '* ferronickel plant and the commencing of operation of the
!.+,!./%*5 ,.%' !.+*%'!( % ()$!. %)1. , /0 ()$!. "!..+*%'!( ,(*0 %* 0$! /!+* /!)!/0!.
!)!/0!. Ă 0$1* ĂĀāĊċ !*#* .),1*#*5 ,.%' +" ĂĀāĊċ ,+* 0$! +),(!0%+* +" 0$! /0 ()$!.
"!.+*%'!(()$!.%)1.)''*)!*%*#'0'*0+0( ferronickel plant, ANTAM’s total ferronickel plant capacity
',/%0/ ,.%' "!.+*%'!( 5*# %)%(%'% ƵƵ /!!/. 3%((!%*.!/! 5ĆĀŌ0+ąĀČĆĀĀ%".+)0$!,.!2%+1/

ĆĀŌ)!*& %ąĀċĆĀĀ% .%/!!(1)*5ĂĈċĀĀĀ%,!. ĂĈČĀĀĀ%,!.5!.ċ *(%*!3%0$,.+ 10%+*#.+30$ČƵƵ

0$1*ċ !&(* !*#* ,!.01)1$* ,.+ 1'/%Č ƵƵ (/+0.#!0/"!..+*%'!(/(!/+"ăĀČĂĉĀ%+.*%*.!/!
&1#)!*.#!0'*,!*&1(*"!.+*%'!(/!!/.ăĀċĂĉĀ% +"ĂăŌ+),.! 0+0$!/(!/0.#!0%*ĂĀāĉ+"ĂąČĈāĊ%ċ
01)!*%*#'0ĂăŌ %* %*#'*0.#!0,!*&1(*0$1*
ĂĀāĉ/!!/.ĂąċĈāĊ%ċ
Untuk mendukung peningkatan target produksi feronikel, To support the increase in ferronickel production targets,
, 0$1*ĂĀāĊƵƵ )!*.#!0'*0+0(,.+ 1'/%%&%$ in 2019 ANTAM targets a total nickel ore production of
*%'!(/!!/.āĀČĆĀ&10 wet metric ton (wmt), meningkat āĀċĆĀ )%((%+* 3!0 )!0.% 0+*/ Ĩ3)0ĩČ %*.!/! 5 āăŌ
āăŌ %* %*#'*0.#!0,.+ 1'/%0$1*ĂĀāĉ/!!/.ĊČĂĂ +),.! 0+ 0$! ĂĀāĉ ,.+ 10%+* 0.#!0 +" ĊċĂĂ )%((%+*
&10 3)0ċ !*%*#'0* ,.+ 1'/% %&%$ *%'!( 0!./!10 '* 3)0ċ $! %*.!/! ,.+ 10%+*+" *%'!(+.!3%(( ! 1/!
%#1*'*/!#%$*'1,.+ 1'/%"!.+*%'!(ƵƵ as raw material for ANTAM’s ferronickel production and
/!.0 1*01' )!* 1'1*# ,!*&1(* %&%$ *%'!(ċ ! *#'* 0+ /1,,+.0 0$! /(!/ +" *%'!( +.!ċ ƵƵ Ě/ 0+0( *%'!(
0+0(,!*&1(*%&%$*%'!(ƵƵ 0$1*ĂĀāĊ %0.#!0'* ore sales in 2019 are targeted at 8 million wmt, which is
/!!/. ĉ &10 3)0 5*# %01&1'* 1*01' )!)!*1$% intended to meet domestic market demand (low and high
,!.)%*0* ,/. +)!/0%' Ĩ%&%$ *%'!( ' . .!* $ * #. !*%'!(+.!ĩ* !4,+.0/Ĩ(+3#. !*%'!(+.!ĩċ
0%*##%ĩ *!'/,+.Ĩ%&%$*%'!(' ..!* $ĩċ
Dengan estimasi peningkatan produksi dan penjualan With an estimated increase in production and sales in 2019
di tahun 2019 dan outlook harga komoditas yang positif and a positive commodity price outlook and liquid market
/!.0,!.)%*0*,/.5*#(%'1% ČƵƵ !.'!5'%** demand, ANTAM is optimistic that the nickel segment will
/!#)!* *%'!( '* !.'+*0.%1/% /%#*%ü'* 1*01' +*0.%10! /%#*%ü*0(5 0+ /1,,+.0%*# ƵƵ Ě/ 1/%*!//
)!* 1'1*#,!.01)1$*%/*%/ƵƵ %)/ !,*ċ #.+30$%*0$!"101.!ċ
Penjualan Bersih, Laba/(Rugi) Usaha dan Laba/ Aset dan Liabilitas Segmen Nikel
(Rugi) Tahun Berjalan Segmen Nikel Asset and Liabilities of Nickel Segment
Net Sales, Operating Income/(Loss) and Rp Miliar Rp Billion
Income/(Loss) for the year of Nickel Segment
7.595,89 āĀċĊĉĈČćĉ 11.132,86
ąċĆĊĂČăĊ
ćċĀĀĈČāĆ
ăċĀĈĈČĆă 2.344,35
2.318,70
āċĀąćČąĈ
ćĈĀČĀā āċĀĈĀČĆą
ąĈĀČĈĂ ĈĂāČĉĀ 948,98
ąĆćČĂĂ

Penjualan Bersih ĥ1#%/$ Aset Asset %%(%0/%%(%0%!/
Net Sales ,!.0%*# *+)!ĥĨ+//ĩ
ĥĨ1#%ĩ$1*ǫ!.&(*
*+)!ĥĨ+//ĩ"+.$!!.
Segmen Emas dan Pemurnian +( * !ü*!.5!#)!*0

Segmen operasi emas dan pemurnian terdiri dari komoditas $!#+( * .!ü*!.5/!#)!*0+*/%/0/+"0$!+))+ %0%!/
emas dan perak serta jasa pemurnian dan pengolahan #+( * /%(2!.Č / 3!(( / .!ü*!.5 /!.2%!/ * ,.!%+1/
(+#) )1(%ċ ƵƵ )!*#+,!./%'* 0)*# 3$ )!0(,.+!//%*#ċƵƵ +,!.0!/1* !.#.+1* )%*!/%*
0*$ % +*#'+.Č
3 ǫ.0 * ƫ%(%1*#Č ǫ*0!* +*#'+.Č!/0
2* ƫ%(%1*#Čǫ*0!*0$0+*0%*0$!
5*# )!*#* 1*# )%*!.( 10) !)/ * ,!.'ċ ǫ%&%$ )%*+))+ %0%!/Č#+( * /%(2!.ċ+( +.!%/)%*! *
!)/ 5*# %0)*# '!)1 %* %+($ (!%$ (*&10 , (0!. ,.+!//! %* "%(%0%!/ !/0(%/$! %* 0$! .!/,!0%2!
,.%'ġ,.%',!*#+($*5*# % %.%'* %)/%*#ġ)/%*# )%*!/ 0+ ! "1.0$!. .!ü*! %*0+ +.! 1((%+*/ !"+.!
0)*# )!*& % dore 1((%+* yang dimurnikan dan marketed through the Precious Metal Processing and
dipasarkan melalui Unit Bisnis Pengolahan dan Pemurnian !ü*%*#ǫ1/%*!//*%0Ĩǫ ĩċ
+#) 1(%Ĩǫ ĩċ

Selain mengolah 1((%+* $/%( 0)*#!)/ !.1/$*Č * %0%+* 0+ ,.+!//%*# 1((%+* ".+) 0$! ƫ+),*5Ě/
ǫ &1#)!* ,0'*$*'1!)/ *,!.' #+( )%*!Č 0$! ǫ (/+ -1%.!#+( * /%(2!. .3
.%/1)!.!)/5*#(!#(%' .% ())1,1*(1. )0!.%(/ ".+) (!#( #+( /+1.!/ +0$ ".+) 3%0$%* *
*!#!.%ċ !(%* !)/Č ,.+/!/ ,!*#+($* * ,!)1.*%* +10/% ! 0$! +1*0.5ċ Ƶ,.0 ".+) #+( Č 0$! +.! )!0(
logam dore % &1# )!*#$/%('* ,!.' /!#% 5 ,.+!//%*#* .!ü*%*#1*%0(/+,.+ 1!//%(2!./5ġ
productċ 1(%0/ * '!)1.*%* '+)+ %0/ !)/ * ,.+ 10ċ$!-1(%05* ,1.%05+"ƵƵ Ě/#+( * /%(2!.
perak ANTAM terakreditasi secara internasional dari %/%*0!.*0%+*((5.! %0! 50$!+* +*ǫ1((%+* .'!0
+* +*ǫ1((%+* .'!0Ƶ//+%0%+*Ĩǫ Ƶĩċ Ƶ//+%0%+*Ĩǫ Ƶĩċ
Volume Produksi dan Penjualan Emas ANTAM Volume Produksi dan Penjualan Perak ANTAM
ANTAM’s Gold Production and Sales Volume ANTAM’s Silver Production and Sales Volume
# #
27.894 āĉċĂĉĈ 18.357

āĆċĉāĉ āćċĆĉĉ
15.576
āąċāĊā
āăċĂĀĂ
āĀċĂĂĈ
ĂċĂĀĈ āċĊćĈ 1.957

Produksi Emas Penjualan Emas Produksi Perak Penjualan Perak
Gold Production Gold Sales Silver Production Silver Sales
Usaha
0$1* ĂĀāĉČ '+)+ %0/ !)/ ƵƵ )!)1'1'* In 2018, ANTAM posted the highest gold sales in the
capaian penjualan emas tertinggi sepanjang sejarah $%/0+.5+"0$!ƫ+),*5ċ$!ƫ+),*5Ě/#+( /(!/2+(1)!
!.1/$*ċ+(1)!,!*&1(*!)/!.1/$*)!*,% .!$! ĂĈČĉĊą'#ĨĉĊćČĉāĂ0ċ+6ĩČ/%#*%ü*0%*.!/!+"
ĂĈċĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩ 01 *%' /%#*%ü'* /!!/. āāāŌ āāāŌ+),.! 0+ĂĀāĈĚ/$%!2!)!*0+"āăČĂĀĂ'#ĨąĂąČąĆą
%* %*#'* ,%* 0$1* ĂĀāĈ /!!/. āăċĂĀĂ '# 0ċ+6ĩċ $%/ %/ %* (%*! 3%0$ !4,*/%2! ).'!0%*# /0.0!#%!/Č
ĨąĂąċąĆą 0ċ+6ĩ /!%.%*# !*#* /0.0!#% ,!*#!)*#* +0$ +)!/0% * !4,+.0Č / 3!(( / 0$! +*0%*1+1/
,/.!)/5*#!'/,*/%"%' +)!/0%' *!'/,+./!.0 innovation of ANTAM’s Precious Metal products
%*+2/%,.+ 1'+#) 1(%ƵƵ 5*#!.'!(*&10*ċ
Sepanjang tahun 2018, ANTAM mencatatkan total volume $.+1#$+10 ĂĀāĉČ ƵƵ .!+. ! /0(! 0+0(
,.+ 1'/% !)/ 5*# /0%( .% 0)*# +*#'+. * ,.+ 10%+*2+(1)!+"#+( +"āČĊĆĈ'#ĨćĂČĉĉĈ0ċ+6ĩ".+)
ƫ%(%1*#/!!/.āċĊĆĈ'#ĨćĂċĉĉĈ0ċ+6ĩċ +0$+*#'+.* ƫ%(%1*#)%*!/ċ
0$1* ĂĀāĉČ !)/ )!.1,'* '+*0.%10+. 0!.!/. * ĂĀāĉČ #+( +*0.%10!/ 0$! 1(' +" ƵƵ Ě/ *!0 /(!/Č
.% ,!*&1(* !./%$ ƵƵ !*#* '+*0.%1/% /!!/. +1*0%*#"+.ććŌČ!-1%2(!*00+,āćċćĊ0.%((%+*ċ$!*!0
ććŌ01/!0.,āćČćĊ0.%(%1*ċƫ,%*,!*&1(*!./%$ /(!/.!,.!/!*0! *%*.!/!+"āĂćŌ+),.! 0+,ĈċăĈ
0!./!10 *%' āĂćŌ %* %*#'* ,!*&1(* !./%$ !)/ 0.%((%+*%**!0/(!/+"#+( %*ĂĀāĈċ
0$1*ĂĀāĈ5*#0!.00/!!/.,ĈČăĈ0.%(%1*ċ
Untuk komoditas perak, pada tahun 2018 ANTAM In terms of silver commodities, in 2018 ANTAM recorded
)!*00'*0+0(2+(1)!,.+ 1'/% .%0)*#+*#'+. 0+0( ,.+ 10%+* 2+(1)! ".+) +*#'+. * ƫ%(%1*#
*ƫ%(%1*#/!!/.āĆċĆĈć'#ĨĆĀĀċĈĉĀ0ċ+6ĩ0101)1$ )%*!/+"āĆČĆĈć'#ĨĆĀĀċĈĉĀ0ċ+6ĩ+.#.!3āĀŌ+),.!
āĀŌ %* %*#'* ,.+ 1'/% 0$1* ĂĀāĈ /!!/. āąċāĊā '# 0+ ĂĀāĈ ,.+ 10%+* +" āąČāĊā '# ĨąĆćČĂĆā 0ċ+6ĩċ $!.!/
ĨąĆćċĂĆā0ċ+6ĩċ! *#'*2+(1)!,!*&1(*,!.'ƵƵ ƵƵ Ě/ /%(2!. /(!/ 2+(1)! 3/ .!+. ! 0 āĉČăĆĈ '#
0!.00 /!!/. āĉċăĆĈ '# ĨĆĀĊċāĊā 0ċ+6ĩ 01 *%' āāŌ ĨĆĀĊČāĊā0ċ+6ĩČ*%*.!/!+"āāŌ+),.! 0+ĂĀāĈĚ//(!/

%* %*#'* 2+(1)! ,!*&1(* ,!.' 0$1* ĂĀāĈ /!!/. 2+(1)!+" āćČĆĉĉ '# ĨĆăăČăāć 0ċ+6ĩċ ƵƵ Ě/ *!0 /(!/+"
āćċĆĉĉ '# ĨĆăăċăāć 0ċ+6ĩċ !*&1(* !./%$ ƵƵ .% /%(2!. +))+ %0%!/ 3!.! .!+. ! 0 ,āăĆċĊĈ %((%+*Č 1,
'+)+ %0/,!.'0!.00/!!/.,āăĆČĊĈ)%(%.01*%' ĉċāąŌ+),.! 0+ĂĀāĈ)+1*0%*#0+,āĂĆċĈă%((%+*ċ
ĉČāąŌ %* %*#'*0$1*ĂĀāĈ/!!/.,āĂĆČĈă)%(%.ċ
!(%* ,!*&1(* !./%$ !)/ * ,!.'Č ƵƵ &1# Aside from the net sales of gold and silver, ANTAM also
memperoleh pendapatan dari jasa pengolahan dan !.%2!/%0/.!2!*1!".+),.+2% %*#,.+!//%*#* .!ü*%*#
,!)1.*%* (+#) )1(%ċ %(% ,!* ,0* .% &/ /!.2%!/ +" ,.!%+1/ )!0(/ċ !2!*1! !.*! ".+) /1$
0!./!10 % 0$1* ĂĀāĉ 0!.00 /!!/. ,āāąČąĊ )%(%. /!.2%!/%*ĂĀāĉ.!$! ,āāąċąĊ%((%+*Č+. !.!/! 5
01 01.1* āąŌ %* %*#'* *%(% ,!*&1(* 0$1* ĂĀāĈ āąŌ".+),āăĂċĈą%((%+*%*ĂĀāĈċ
/!!/.,āăĂČĈą)%(%.ċ
!%.%*# !*#* ,!.01)1$* %),.!/%" ,!*&1(* Along with the impressive growth of gold sales, in 2018, the
emas, pada tahun 2018, segmen emas dan pemurnian #+( * .!ü*%*# /!#)!*0 .!+. ! *!0 /(!/+" ,āćċĊą
)!*00'*,!*&1(*!./%$/!!/.,āćČĊą0.%(%1*01 0.%((%+*Č 1, āĂĂŌ +),.! 0+ 0$! *!0 /(!/ +" 0$! #+(
*%'/!!/.āĂĂŌ %* %*#'*,!*&1(*!./%$/!#)!* /!#)!*0%*ĂĀāĈ+",Ĉċćă0.%((%+*ċ
!)/0$1*ĂĀāĈ/!!/.,ĈČćă0.%(%1*ċ
Nilai Penjualan Emas, Perak, Logam Mulia Lainnya & Pemurnian ANTAM
ƵƵ Ě/+( Č%(2!.Č0$!..!%+1/ !0(Ē!ü*!.5!2!*1!
16.693,42 āăăČĈć 135,97 4,72 276,23

āĂĆČĈĂ
ăČĊā
ăČăĊ
ĈċăĈĆČĆĀ āăăČĉă āăĂČĈą

ĆċĆąăČćă
ĂĀāć ĂĀāĈ 2018 ĂĀāć ĂĀāĈ 2018 ĂĀāć ĂĀāĈ 2018 ĂĀāć ĂĀāĈ 2018
Nilai Penjualan Emas Nilai Penjualan Perak %(%!*&1(*+#) Nilai Penjualan Jasa
Gold Revenue Silver Revenue 1(%%**5 Pemurnian
Other precious metal !ü*!.5!.2%!
Revenue Revenue
%*!.&$1*ĂĀāĉ ()$(.+ü0%(%0/ !."+.)*!%*.+ü0%(%05%*ĂĀāĉ

Pada tahun 2018 segmen emas dan pemurnian mencatat *ĂĀāĉČ0$!#+( * .!ü*!.5/!#)!*0#!*!.0! ,ăĈĊċĈĊ
(1/$/!!/.,ăĈĊČĈĊ)%(%.01)1$/!!/.ĂąĂŌ %((%+* %* +,!.0%*# ,.+ü0Č 3$%$ %/ ĂąĂŌ $%#$!. 0$* 0$!
%* %*#'* ,%* ( 1/$ 0$1* ĂĀāĈ /!!/. +,!.0%*#,.+ü0) !%*ĂĀāĈ0,āāāċāĊ%((%+*ċ
,āāāČāĊ)%(%.ċ

Volume produksi emas ANTAM di tahun 2018 yang relatif ANTAM’s gold production volume in 2018 remained
/0%( 0!.10) % 1'1*# ,.+ 1'/% .% 0)*# !)/ .!(0%2!(5/0(!Č3$%$%/)%*(5/1,,+.0! 5,.+ 10%+*
+*#'+. 5*# !.$/%( )!(!%$% 0.#!0 āĀāŌ 01 /!!/. from the Pongkor gold mine that managed to exceed
āċăąĀ '# ĨąăċĀĉĂ 0ċ+6ĩċ ƫ,%* ,.+ 1'/% .% +*#'+. ,.+ 10%+*0.#!0"+./)1$/āĀāŌ+.āČăąĀ'#ĨąăČĀĉĂ
ini mendukung keseluruhan produksi emas ANTAM 0ċ+6ċĩċ +*#'+.Ě/ ,.+ 10%+* $%!2!)!*0 $!(,! /1/0%*
)!*#%*#0 ,%* ,.+ 1'/% ƫ%(%1*# $*5 )!*,% ANTAM’s overall gold production, particularly as the
ćāć'#ĨāĊċĉĀĆ0ċ+6ĩ01ĉăŌ .%0.#!0ċ ƫ%(%1*# )%*! +*(5 )*#! 0+ ,.+ 1! ćāć '# ĨāĊČĉĀĆ
0ċ+6ĩČ+.ĉăŌ+"0$!0.#!0ċ

Produksi perak ANTAM di tahun 2018 secara keseluruhan ANTAM’s silver production in 2018 in overall experienced
)!*#()% ,!*%*#'0* /!!/. āĀŌ %* %*#'* * 1,3. 0.!* +" āĀŌČ +),.! 0+ 0$! $%!2!)!*0
,%* ,.+ 1'/% ,!.' .% 0)*# +*#'+. * +" /%(2!. ,.+ 10%+* ".+) 0$! +*#'+. * ƫ%(%1*#
ƫ%(%1*#, 0$1*ĂĀāĈ/!!/.āąċāĊā'#ĨąĆćċĂĆā0ċ+6ĩċ )%*!/ %* ĂĀāĈ )+1*0%*# 0+ āąČāĊā '# ĨąĆćČĂĆā 0ċ+6ĩċ $!
!(%//% ,.+ 1'/% ,!.' 5*# 01)1$ , 0$1* ĂĀāĉ .!(%60%+*+"/%(2!.,.+ 10%+*%*ĂĀāĉ)+1*0! 0+āĆČĆĈć
/!!/.āĆċĆĈć'#ĨĆĀĀċĈĉĀ0ċ+6ĩ)!(!%$%0.#!0,.+ 1'/% '# ĨĆĀĀċĈĉĀ 0ċ+6ĩ !4!! %*# 0$! 0.#!0 /!0 0 āąČăāĂ '#
,!.'5*# %0!0,'*/!!/.āąċăāĂ'#ĨąćĀċāąā0ċ+6ĩ01 ĨąćĀČāąā0ċ+6ĩ+.āĀĊŌ+"0$!0.#!0ċ
āĀĊŌ .%0.#!0ċ
%*!.& ,!*&1(* /!#)!* (+#) )1(% * ,!)1.*%* $!/(!/,!."+.)*!+"0$!,.!%+1/)!0(* .!ü*%*#

, 0$1* ĂĀāĉ 01)1$ /!. /%#*%ü'*Č !*#* /!#)!*0 %* ĂĀāĉ #.!3 /%#*%ü*0(5Č 3%0$ 0$! #+( /(!/
capaian penjualan emas tertinggi sepanjang sejarah recording the highest achievement in the history of the
!.1/$*/!!/.ĂĈČĉĊ0+*ĨĉĊćċĉāĂ0ċ+6ĩ *,!*&1(* ƫ+),*5Č 3$%$ )+1*0! 0+ ĂĈċĉĊ 0+*/ ĨĉĊćČĉāĂ 0ċ+6ĩ
,!.' /!!/. āĉČăĆ 0+* ĨĆĊĀċāĊā 0ċ+6ĩċ +(1)! ,!*&1(* * 0$! /%(2!. /(!/ +" āĉċăĆ 0+*/ ĨĆĊĀČāĊā 0ċ+6ĩċ $! /(!/
!)/ *,!.', 0$1*ĂĀāĉ01)1$)/%*#ġ)/%*# 2+(1)! +" #+( * /%(2!. %* ĂĀāĉ #.!3 5 āāāŌ * āāŌČ
/!!/. āāāŌ * āāŌ &%' %* %*#'* !*#* 0%*#'0 .!/,!0%2!(5Č+),.! 0+0$!(!2!(+"/(!/2+(1)!%*ĂĀāĈċ
2+(1)!,!*&1(*0$1*ĂĀāĈċ
Pada tahun 2018, mayoritas penjualan emas ANTAM *ĂĀāĉČ0$!)&+.%05+"ƵƵ Ě/#+( /(!/3!.!/+.!
diserap oleh pasar domestik dengan nilai penjualan 5 0$! +)!/0% ).'!0 3%0$ /(!/ 2(1! +" ,āĂċĈĆ
/!!/. ,āĂČĈą 0.%(%1* * ,/. !'/,+. /!!/. ,ăČĊą 0.%((%+** 50$!!4,+.0).'!0+",ăċĊą0.%((%+*ċ$!*
0.%(%1*ċ
%' %* %*#'* !*#* ,!*&1(* 0$1* ĂĀāĈČ +),.! 0+ /(!/ %* ĂĀāĈČ ƵƵ Ě/ +)!/0% /(!/ %*
penjualan domestik emas ANTAM pada tahun 2018 ĂĀāĉ#.!35ĂăąŌ+),.! 0+ +)!/0%/(!/%*ĂĀāĈ+"
01)1$ /!!/. ĂăąŌ %* %*#'* ,!*&1(* +)!/0%' ,ăċĉā0.%((%+*ċ$!.!/!4,+.0/(!/#.!35āāŌ+),.!
0$1* ĂĀāĈ /!!/. ,ăČĉā 0.%(%1*ċ ! *#'* ,!*&1(* 0+ĂĀāĈ#+( !4,+.0$%!2!)!*0+",ăċĆć0.%((%+*ċ
!'/,+. 01)1$ /!!/. āāŌ &%' %* %*#'* ,%*
!'/,+.!)/ĂĀāĈ/!!/.,ăČĆć0.%(1*ċ
Untuk produk perak, pada tahun 2018, penjualan domestik * ĂĀāĉČ +)!/0% #+( /(!/ #.!3 5 ĂććŌ +),.! 0+
01)1$ /!!/. ĂććŌ %* %*#'* 0$1* ĂĀāĈČ !*#* ĂĀāĈČ 3%0$ 0$! 2(1! +" +)!/0% /(!/ %* ĂĀāĉ .!$%*#
*%(% ,!*&1(* +)!/0%' 0$1* ĂĀāĉ )!*,% ,āĀĈČăć ,āĀĈċăć%((%+*ċ$%(!/%(2!.!4,+.0/(!/.!$! ,ĂĉċćĀ
)%(%.ċ ! *#'* ,!*&1(* !'/,+. ,!.' )!*,% %((%+*%*ĂĀāĉċ
,ĂĉČćĀ)%(%., 0$1*ĂĀāĉċ
Nilai Penjualan Domestik dan Ekspor

Segmen Logam Mulia & Pemurnian
Domestic and Export Revenue of Precious
!0(Ē!ü*!.5!#)!*0
12.966,16
ăċĊĈĂČąĆ
ăċāĆĉČąą ăċććāČĆĂ 3.976,48
ĂċćăćČćĊ

Domestik Ekspor
Domestic Export
Produk Granular Emas ANTAM

ANTAM’s Gold Granular Product


Prospek usaha segmen emas dan pemurnian ANTAM sangat ƵƵ Ě/ #+( * .!ü*!.5 /!#)!*0 $+( / %))!*/!
!.$ċ!.1/$*0!.1/!.1,51*01')!*#+,0%)('* 1/%*!// ,.+/,!0/ċ $! ƫ+),*5 /$(( +*0%*1! 0+ 3+.'
,!*&1(*!)/ !*#*)!('1'*!.#%%*+2/%Č/($ 0+3. / +,0%)%6%*# 0$! /(! +" #+( 0$.+1#$ 2.%+1/
/01*5 !*#*,!*#!)*#*,.+ 1'!)/0!)0%'/!.0 %**+20%+*/Č+*!+"3$%$%/5 !2!(+,%*#&!3!(.5,.+ 10/
,.+ 1',!.$%/*5*# %, 1'* !*#*!)/0*#* 0$0(!* #+( ./ !+.0! 3%0$0%')+0%"/Č* +0$!.
)+0%"0%'1*01')!%*#'0'**%(%0)$,.+ 1'!)/ 0$!)0%#+( ,.+ 10/ċ ƵƵ %/ 0$!+*(5#+( .!ü*!.5
ƵƵ ċ ƵƵ )!.1,'* /01ġ/01*5 #+( .!ü*!.5 %* * +*!/%0+!.*!.0%ü0%+*".+)0$!+* +*ǫ1((%+*
% * +*!/% 5*# )!)%(%'% /!.0%ü'0 +* +* ǫ1((%+* .'!0Ƶ//+%0%+*Ĩǫ ƵĩċƵƵ #1.*0!!/0$!3!%#$0
.'!0 Ƶ//+%0%+* Ĩǫ Ƶĩċ ƵƵ )!*&)%* '!,/0%* and purity of ANTAM’s precious metal products, thus can
!.0 * '!)1.*%* ,.+ 1' !)/ +#) 1(% ƵƵ !0. ! %*0!.*0%+*((5ċ
/!$%*## ,0 %,!. #*#'*/!.%*0!.*/%+*(ċ
!(%* ,!*#!)*#* ,.+ 1' ,!.$%/*Č ƵƵ &1# In addition to jewelry product development, ANTAM
akan mengintensifkan produk jasa depositori logam 3%(( (/+ %*0!*/%"5 !û+.0/ 0+ !2!(+, ,.!%+1/ )!0(
)1(% 01 5*# %'!*( !*#* ǫƵƵċ 0 %*% !,+/%0+.5/!.2%!/'*+3*/ǫƵƵċ+ 0!ČƵƵ
ƵƵ 0!($ )!*#!)*#'* ǫƵƵ )!*& % ă $/ !2!(+,! ă 05,!/ +" ǫƵƵ /!.2%!/ċ ǫƵƵ
(5**ċ ǫƵƵ ƫ+.,+.0! %01&1'* #% '+.,+./% ƫ+.,+.0!%/0.#!0! 01/%*!//!*0%0%!/3%/$%*#0+%*2!/0
5*# %*#%* !.%*2!/0/% , %*/0.1)!* 5*# (%'1% 5%01 %* (%-1% %*/0.1)!*0/ /1$ / #+( ċ ǫƵƵ ǫ!.6'0 %/
!)/ċǫƵƵǫ!.6'0 %01&1'*#%,!(*##*1)0 intended for Muslim clients interested in investing while
1/(%) 5*# %*#%* !.%*2!/0/% /!'(%#1/ )!*1*%'* "1(ü((%*#0$!%..!-1%.! 105+"()/#%2%*#Ĩ6'0ĩ0$.+1#$
6'0 )!((1% /%),** !)/*5ċ ! *#'* ǫƵƵ 0$!%. #+( /2%*#/ċ ǫƵƵ * %2% 1( +* 0$! +0$!.
%* %2% 1 )!*3.'* ,!)!(%* )%*%)1) ā #.) !)/ $* +û!./ 0$! )%*%)1) ,1.$/! +" ā #.) +" #+( 0
$*5 !*#*%5'!*##+0*)1(% .%,ĂĆċĀĀĀ,!. )!)!./$%, ,.%! /0.0%*# 0 +*(5 ,ĂĆČĀĀĀ ,!. )+*0$ċ
1(*ċ ǫƵƵ %* %2% 1 %*% %03.'* '!, %* %2% 1 ǫƵƵ * %2% 1(%/+û!.! 0+%* %2% 1(/+.,+0!*0%(
atau calon konsumen yang merencanakan masa depannya consumers who wish to secure their future in gold as an
!*#*!)//!#%/($/01%*/0.1)!*%*2!/0/%*5ċ %*2!/0)!*0ċ
() $( ,/. !)/Č ƵƵ &1# 0!.1/ !.1,5 Regarding the gold market, ANTAM consistently seeks
untuk meningkatkan jangkauan pemasaran di dalam dan to expand its market coverage at the national and
(1. *!#!.%ċ *01' ,/. () *!#!.%Č *%/%0%" ,!.(1/* %*0!.*0%+*((!2!(ċ+.0$! +)!/0%).'!0Č0$!ƫ+),*5
jangkauan penjualan emas salah satunya dilakukan $/.+ !*! 0$!/(!/+2!.#!+"%0/#+( ,.+ 10/5
)!((1% '!.&/) /0.0!#%/ %/0.%1/% !)/ !*#* !*0!.%*# %*0+ /0.0!#% ,.0*!./$%, "+. #+( %/0.%10%+*
+/ * +*!/% Ĩ!./!.+ĩ %)* !)/ +#) 1(% with PT Pos Indonesia (Persero) where ANTAM’s gold
ƵƵ /0%*% ,0 %!(%)!((1%ĂĀĆ'*0+.,+/5*# * *+3 ! +1#$0 0 ĂĀĆ ,+/0 +þ!/ (+0! .+//
0!./!. % /!(1.1$ * +*!/%ċ 0$1* ĂĀāĊČ ƵƵ * +*!/%ċ ƵƵ Č 0$.+1#$ ǫ +#) 1(% Ĩǫ
)!((1% ǫ +#) 1(% Ĩǫ ĩ !.!** 1*01' ĩČ ,(*/ 0+ !2!(+, +*(%*! #+( /(!/ %* ĂĀāĊČ %* +. !.
)!*#!)*#'* (5** ,!*&1(* !)/ /!. online to promote ANTAM services in selling gold to tap into the
untuk meningkatkan layanan penjualan emas di tengah #.+3%*#,1(%3.!*!//%*#+( %*2!/0)!*0ċ
01)1$*5 '!/ .* )/5.'0 () !.%*2!/0/%
!)/ċ

Aktivitas Penambangan Emas Bawah Tanah di Pongkor

Underground Gold Mining Activity in Pongkor
Sementara untuk mendukung peningkatan cadangan dan Meanwhile, in order to increase its gold reserves and
/1)!. 5 !)/Č /0 %*% ƵƵ )!)"+'1/'* 1*01' resources, ANTAM’s current focus is to search for additional
)!('1'*,!*.%*/1)!.!)/0)$*%' %(+'/% #+( .!/+1.!/Č +0$00%2! (+0%+*/Č * %*+0$!.
'0%" )1,1* % .! ,.+/,!' .1 (%**5ċ ƵƵ *!3 ,.+/,!0 .!/ċ ƵƵ %/ (/+ .!2%!3%*# +,0%+*/ 0+
juga tengah mengkaji opsi untuk melakukan akuisisi aset -1%.! #+( )%*%*# //!0/ 0$0 $2! #++ ,.+ü(! *
0)*#!)/5*#)!)%(%'%,.+ü(Ē,+0!*/%5*#%'ċ ,+0!*0%(ċ
Untuk komoditas emas, ANTAM menargetkan produksi di ƵƵ 0.#!0/%0/#+( ,.+ 10%+*%*ĂĀāĊ0+!ĂČĀăć'#
0$1*ĂĀāĊ/!!/.ĂċĀăć'# .%0)*#!)/+*#'+. * ".+)0$!+*#'+.* ƫ%(%1*##+( )%*!/3%0$#+( /(!/
ƫ%(%1*# !*#* 0%*#'0 ,!*&1(* !)/ )!*,% ăĂċĀăć .!$%*# ăĂČĀăć '# ĨāČĀĂĊČĊĉā 0ċ+6ĩČ * %*.!/! +" ĂĂŌ
'# ĨāċĀĂĊċĊĉā 0ċ+6ĩČ )!*%*#'0 /!!/. ĂĂŌ %* %*#'* +),.! 0+0$!/(!/0.#!0%*ĂĀāĉ+"ĂćČāąĉ'#ĨĉąĀČćĈĈ
0.#!0,!*&1(*0$1*ĂĀāĉ/!!/.Ăćċāąĉ'#ĨĉąĀċćĈĈ0ċ+6ĩċ 0ċ+6ĩċ $%(! 0$! /%(2!. ,.+ 10%+* 0.#!0 %/ 0 āćČĈĊą '#
! *#'*0.#!0,.+ 1'/%,!.' %0.#!0'*/!!/.āćċĈĊą ĨĆăĊČĊăĊ 0ċ+6ĩČ 1, 5 āĈŌ +),.! 0+ 0$! ĂĀāĉ /%(2!.
'# ĨĆăĊċĊăĊ 0ċ+6ĩČ *%' /!!/. āĈŌ %* %*#'* 0.#!0 ,.+ 10%+*0.#!0+"āąČăāĂ'#ĨąćĀČāąā0ċ+6ĩċ$!.!//%(2!.
,.+ 1'/% ,!.' 0$1* ĂĀāĉ /!!/. āąċăāĂ '# ĨąćĀċāąā 0ċ+6ĩċ /(!/0.#!0%*ĂĀāĊ%/āćČĀāĉ'#ĨĆāąČĊĊĀ0ċ+6ĩċ$%/%*.!/!
! *#'* ,!*&1(* ,!.' 0$1* ĂĀāĊ %0.#!0'* /!!/. in sales is expected as result from expanding market reach
āćċĀāĉ '# ĨĆāąċĊĊĀ 0ċ+6ĩċ !*%*#'0* ,!*&1(* %*% /!%.%*# +"ƵƵ Ě/.!%+1/ !0(/,.+ 10/+0$%*0$! +)!/0%
dengan ekspektasi peningkatan jangkauan pemasaran produk * !4,+.0).'!0/ċ
+#) 1(%ƵƵ %' %,/. +)!/0%')1,1*!'/,+.ċ
Penjualan Bersih, Laba/(Rugi) Usaha dan Laba/(Rugi) Aset dan Liabilitas Segmen Logam Mulia &
Tahun Berjalan Segmen Logam Mulai & Pemurnian Pemurnian
Net Sales, Operating Income/(Loss) and Income/(Loss) Asset and Liabilities of Precious Metal &
"+.0$!5!.+".!%+1/ !0(Ē!ü*!.5!#)!*0 !ü*!.5!#)!*0
Rp Miliar Rp Billion Rp Miliar Rp Billion
16.942,64 ăċĈĉĉČĈă
ăċćĀĉČĉĈ 3.566,46
ĈċćăăČĊć
ĆċĈĊĆČāă
379,79 646,33
255,12 ĂĉąČāĊ 305,20 ăĂćČĈă ăąćČĊĈ
111,19 5,81

Penjualan Bersih ĥ1#%/$ ĥĨ1#%ĩ$1*ǫ!.&(* Aset %%(%0/
Net Sales Operating *+)!ĥĨ+//ĩ"+.0$!5!. Asset %%(%0%!/

Segmen Bauksit dan Alumina Bauxite and Alumina Segments

+)+ %0/ 1'/%0 %,.+ 1'/% +(!$ ǫ ǫ1'/%0 5*# ƵƵ 14%0!%/,.+ 1! 5ǫǫ14%0!0$0+,!.0!/
)!*#+,!./%'* 0)*# 1'/%0 5*Č (%)*0* 0$! 14%0! )%*! %* 5*Č !/0 (%)*0*ċ $! )%*!
ǫ.0ċ ǫ1'/%0 5*# %0)*# '!)1 %* %+($ % 14%0! %/ 0$!* "1.0$!. ,.+!//! 0 0$! 5* ƫ$!)%(
,.%' Chemical Grade Alumina (CGA) Tayan yang telah Grade Alumina (CGA) Plant which has entered its
)!)/1'% 0$, ,.+ 1'/% '+)!./%(ċ .%' ƫƵ 5* +))!.%( ,.+ 10%+* /0#!ċ ,!.0%+* +" ƫƵ (*0
dioperasikan oleh entitas Anak Perusahaan, PT Indonesia .! +* 10! 1* !. ƵƵ /1/% %.5Č * +*!/%
ƫ$!)%(Ƶ(1)%*Ĩ ƫƵĩċ ƫ$!)%(Ƶ(1)%*Ĩ ƫƵĩċ
Produk alumina ICA

ICA’s alumina product
Usaha
0$1* ĂĀāĉČ /!,!.0% $(*5 , %&%$ *%'!(Č ƵƵ In 2018, similar to the situation for nickel ore, ANTAM
juga telah mendapatkan rekomendasi ekspor mineral $/ (/+ +0%*! .!+))!* 0%+* ".+) "+. 0$!
.% 1*01' %&%$ ǫ1'/%0 0!.1% /!!/. ĉĆĀ .%1 )%*!.( !4,+.0 +" 3/$! 14%0! +.! "+. ĉĆĀ 0$+1/*
3)0ċƵƵ )!*00'*2+(1)!,.+ 1'/%1'/%0, 3)0ċ ƵƵ Ě/ 14%0! ,.+ 10%+* 2+(1)! %* ĂĀāĉ
0$1* ĂĀāĉ /!!/. āċāĀĂċăĉą 3)0Č *%' /!!/. ĈĀŌ .!$! āČāĀĂČăĉą3)0Č3$%$%/ĈĀŌ/1.#!+),.! 0+
%* %*#'* 2+(1)! ,.+ 1'/% 1'/%0 , 0$1* ĂĀāĈ ,.+ 10%+*%*ĂĀāĈ0ćąĉČąăā3)0ċ *ĂĀāĉČ14%0!2+(1)!
/!!/.ćąĉċąăā3)0ċ+0(2+(1)!,!*&1(*1'/%0, 0+0(+"ĊćăČĉąĂ3)0Č#.!3āĆŌ".+)ĉăĉČĀćĊ3)0%*ĂĀāĉċ
0$1*ĂĀāĉ)!*,%ĊćăċĉąĂ3)001*%'/!!/.āĆŌ
%* %*#'*,!*&1(*ĂĀāĈ5*#)!*,%ĉăĉċĀćĊ3)0ċ
0$1* ĂĀāĉČ ,.+ 1'/% (1)%* )!*,% āăċĀāĈ 0+* * ĂĀāĉČ (1)%* ,.+ 10%+* 2+(1)! .!$! āăČĀāĈ 0+*Č
!*#*2+(1)!,!*&1(*(1)%*)!*,%ĈċĊĆć0+*ċ )!*3$%(!(1)%*/(!/2+(1)!.!$! ĈČĊĆć0+*ċ
Di tahun 2018, segmen Bauksit dan Alumina ANTAM ƵƵ Ě/%*+)! !.%2! ".+)14%0!/(!/)+1*0! 0+
)!*00'* ,!* ,0* .% ,!*&1(* 1'/%0 /!!/. ,ąĉĂċăĊ%((%+*Č3$%$%/*%*.!/!5ĂĀŌ+),.! 0+
,ąĉĂČăĊ )%(%.Č *%' ĂĀŌ %* %*#'* *%(% ,!*&1(* 14%0!/(!/%*ĂĀāĈ0+0$!01*!+",ăĊĉċĀą%((%+*ċ
ǫ1'/%0 * Ƶ(1)%* , 0$1* ĂĀāĈ /!!/. ,ăĊĉČĀą
)%(%.ċ

Volume Produksi dan Penjualan Bauksit ANTAM Volume Produksi dan Penjualan Alumina
ANTAM’s bauxite Production and Sales Volume Alumina Production and Sales Volume
%13)0 Thousand wmt %1+* Thousand Ton
1.102 āĀą
963
ĉăĉ ĈĊ
ćąĉ
52
ąą
298
Ăąā
13
8

Produksi Bauksit Penjualan Bauksit Produksi Alumina Penjualan Alumina
Bauxite Production Bauxite Sales Alumina Production Alumina Sales
%*!.&$1*ĂĀāĉ ()$(.+ü0%(%0/ !."+.)*!%*.+ü0%(%05%*ĂĀāĉ

Di tahun 2018, segmen Bauksit dan Alumina mencatatkan In 2018, Bauxite and Alumina segment posted operating
( 1/$ /!!/. ,āĆĉČĉĆ )%(%. (!%$ 0%*##% ĆćŌ ,.+ü0 +" ,āĆĉċĉĆ %((%+*Č %*.!/! ĆćŌ +),.! 0+
%* %*#'* ( 1/$ 0$1* ĂĀāĈ /!!/. ,āĀĂČāā +,!.0%*#,.+ü0%*ĂĀāĈ3$%$)+1*0! 0+,āĀĂċāā%((%+*ċ
)%(%.ċ 0$1* !.&(* /!#)!* 1'/%0 * (1)%* Meanwhile the 2018 income for the period of Bauxite
, 0$1*ĂĀāĉ0!.00/!!/.,ĈĀăČāā)%(%.Č01)1$ * Ƶ(1)%* /!#)!*0 .!$! ,ĈĀăċāā %((%+*Č %*.!/!
/%#*%ü'*/!!/.ĆćąŌ %* %*#'*.1#%0$1*!.&(* /%#*%ü*0(5 5 ĆćąŌ +),.! 0+ (+// "+. 0$! ,!.%+ +"
0$1*ĂĀāĈ/!!/.,āĀĆČćĈ)%(%.ċ ĂĀāĈ5,āĀĆċćĈ%((%+*ċ

0$1* ĂĀāĉČ '+)+ %0/ 1'/%0 01.10 )!)!.%'* ƵƵ Ě/ 14%0! ,.+ 10%+* 2+(1)! %* ĂĀāĉ +*0.%10!
'+*0.%1/% ,+/%0%" 0!.$ , ,!.01)1$* '%*!.& ,+/%0%2!(5 0+ 0$! +,!.0%+*( ,!."+.)*!ċ ǫ14%0! +.!
+,!./%+*( ƵƵ ċ ƫ,%* ,.+ 1'/% %&%$ 1'/%0 , ,.+ 10%+* %* ĂĀāĉ 3/ .!+. ! 0 āċāĀ )%((%+* 3)0Č 1,
0$1* ĂĀāĉ 0!.00 /!!/. āČāĀ &10 3)0Č *%' /!!/. 5 ĈĀŌ +),.! 0+ ĂĀāĈ ,.+ 10%+* +" ćąĉ 0$+1/*
ĈĀŌ %* %*#'* ,%* ,.+ 1'/% 0$1* ĂĀāĈ /!!/. 3)0ċ $!.!/ "+. 0$! 0+0( /(!/ 2+(1)! +" 14%0! +.!
ćąĉ .%1 3)0ċ ! *#'* 1*01' 0+0( 2+(1)! ,!*&1(* 3/ .!+. ! 0 Ċćă 0$+1/* 3)0Č 1, āĆŌ ".+) 0$!
%&%$ 1'/%0 0!.00 /!!/. Ċćă .%1 3)0 01 *%' /(!/$%!2!)!*0%*ĂĀāĈ+"ĉăĉ0$+1/* ċ$!!*$*!
āĆŌ .% ,%* ,!*&1(* 0$1* ĂĀāĈ /!!/. ĉăĉ ,!."+.)*! +" 14%0! +))+ %05 %* ĂĀāĉ %/ ) !
.%1ċ !*%*#'0* '%*!.& '+)+ %0/ 1'/%0 0$1* ĂĀāĉ ,+//%(! 5 0$! ƫ+),*5Ě/ ,+//!//%+* +" 0$! *!!//.5
% 1'1*# !*#* % ,0'**5 %6%* ,!*&1(* %&%$ ,!.)%0 %//1! 5 "+. 0$! /(!+" ĉąĀČĀĀĀ3)0+"
1'/%0 0!.1% .% /!!/. ĉąĀċĀĀĀ 3)0 0/ 3/$! 14%0!+.!Č3$%$3/#.*0! %*(%#$0+"ƵƵ Ě/
'+)%0)!* *50 ƵƵ () )!*#!)*#'* ,.%' +))%0)!*0 0+ !2!(+, 14%0! ,.+!//%*# ,(*0/ %* 0$!
,!*#+($*1'/%0 % ()*!#!.%ċ +1*0.5ċ

.+/,!' 1/$ /!#)!* %*ġ(%* /*#0 %' )!*#%*#0 $!1/%*!//,.+/,!0+"0$!./!#)!*0(++'/!40.!)!(5
terdapat outlook ,+/%0%" '+)+ %0/ 1'/%0 * (1)%*ċ .%#$0#%2!*0$!,+/%0%2!+10(++'"+.14%0!Č(1)%**
*01'%&%$1'/%0ČƵƵ )!*.#!0'*,.+ 1'/% %0$1* +(ċƵƵ 0.#!0/0$!,.+ 10%+*+"14%0!%*ĂĀāĊ0+
ĂĀāĊ /!!/. ăČāĈ &10 3)0Č )!*%*#'0 /%#*%ü'* āĆĂŌ !ăċāĈ)%((%+*3)0Č/%#*%ü*0%*.!/!+"āĆĂŌ+),.!
%* %*#'*0.#!0,.+ 1'/%0$1*ĂĀāĉ/!!/.āČĂĆ&10 0+ 0$! ,.+ 10%+* 0.#!0 %* ĂĀāĉ +" āċĂĆ )%((%+* 3)0ċ
3)0ċ! *#'*1*01',!*&1(*%&%$1'/%00$1*ĂĀāĊ !*3$%(!Č 0$! /(! +" 14%0! +.! %* ĂĀāĊ %/ 0.#!0! 0
%0.#!0'* /!!/. ăČĂĂ &10 3)0Č )!*%*#'0 /%#*%ü'* ăċĂĂ)%((%+*3)0Č/%#*%ü*0%*.!/!+"āąĀŌ+),.!
/!!/. āąĀŌ %* %*#'* 0.#!0 ,!*&1(* 0$1* ĂĀāĉ 0+0$!/(!/0.#!0%*ĂĀāĉ+"āċăą)%((%+*3)0ċ$!%*.!/!
/!!/.āČăą&103)0ċ!*%*#'0*,.+ 1'/% *,!*&1(* %*,.+ 10%+** /(!/+"14%0!+.!%/ 1!0+ +)!/0%
%&%$ 1'/%0 /!%.%*# 1*01' ,!)!*1$* ,!.)%*0* ,/. * !4,+.0).'!0 !)* ċ
+)!/0%')1,1*!'/,+.ċ

Pada tahun 2018, seiring dengan komitmen ANTAM yang * ĂĀāĉČ (+*# 3%0$ ƵƵ Ě/ /+(% +))%0)!*0 0+ .!ġ
solid 1*01' '!)(% )!*#+,0%)('* +,!./% .%' +,0%)%6! 0$! +,!.0%+* +" 0$! 5* ƫ$!)%( . !
Chemical Grade Alumina ĨƫƵĩ 5*Č , 1(* Ƶ(1)%* ĨƫƵĩ (*0Č %* !!)!. ĂĀāĉČ $! ƫ+),*5
!/!)!. ĂĀāĉČ !.1/$* !./) !*#* $+3 0+#!0$!. 3%0$ $+3 !*'+ ċ Ĩĩ
,*Č /%#*!
!*'+ ċ Ĩĩ
!,*# 0!($ )!** 0*#*% '0 sale and purchase agreement for PT Indonesia Chemical
,!.&*&%*&1(!(%/$) * +*!/%ƫ$!)%(Ƶ(1)%* Ƶ(1)%* Ĩ ƫƵĩČ / 0$! ü*( ,.+!// +" ,1.$/%*# ((
Ĩ ƫƵĩ/!#%,.+/!/ü*( .%,!)!(%*'!/!(1.1$* /$.!/%* ƫƵ3$%$%/0$!.!/1(0+"0$!*!#+0%0%+*
/$) % ƫƵ 5*# )!.1,'* $/%( .% ,.+/!/ ,.+!//Č* +),.!$!*/%2!!2(10%+*5+0$,.0%!/Č
negosiasi dan evaluasi secara menyeluruh yang dilakukan ƵƵ * Č .!(0! 0+ 0$! .!/0.101.%*# +" &+%*0
+(!$ '! 1 !($ ,%$'Č ƵƵ * 0!.'%0 !*#* 2!*01.!/0 ƫƵċ%0$0$!/%#*%*#+"0$%/ !! +"/(!*
restrukturisasi kerja sama patungan di PT ICA Dengan di ,1.$/!ČƵƵ +þ%((5+3*/0+0(+"āĀĀŌ/$.!/%*
0* 0*#*%*5 '0 &1( !(% /$) %*%Č ƵƵ /!. ƫƵ ".+) %0/ ,.!2%+1/+3*!./$%, ,+/%0%+*+" ĉĀŌ3%0$
.!/)% )!)%(%'% '!/!(1.1$* āĀĀŌ /$) % ƫƵ .% ĂĀŌ/$.!$+( %*#$!( 5ċ *ĂĀāĊČ,.+ 10%+**
,+/%/%'!,!)%(%'*/!!(1)*55%01/!!/.ĉĀŌ !*#* /(!/ +" ƫƵ ,.+ 10/ .! 0.#!0! 0 āĀĈČĀĀĀ 0+*/ +"
ĂĀŌ'!,!)%(%'*/$) %)%(%'%+(!$ċ 0$1*ĂĀāĊ (1)%*Č.!/,!0%2!(5ċ
%0.#!0'* ,.+ 1'/% * ,!*&1(* ,.+ 1' ƫƵ /!!/.
)/%*#ġ)/%*#āĀĈċĀĀĀ0+*(1)%*ċ
!.'%0 !*#* ,.+5!' ,!*#!)*#* 1'/%0Č ƵƵ * +**!0%+* 3%0$ 0$! 14%0! !2!(+,)!*0 ,.+&!0Č
melanjutkan proyek )!(0!. . ! Ƶ(1)%* !ü*!.5 ƵƵ +*0%*1! 0$! )!(0!. . ! Ƶ(1)%* !ü*!.5
ĨƵĩ 5*# !.(+'/% % !),3$Č (%)*0* ǫ.0 ĨƵĩ ,.+&!0 (+0! %* !),3$Č !/0 (%)*0*
!.',/%0/ ā &10 0+* Ƶ , 0$, ċ ,.+5!' 3%0$,%05+"ā)%((%+*0+*/+"Ƶ%*,$/! ċ *0$%/
%*% ƵƵ '* !./%*!.#% !*#* *(1) Ĩ!./!.+ĩ ,.+&!0Č ƵƵ 3%(( /5*!.#%6! 3%0$ *(1) Ĩ!./!.+ĩ
dan mitra strategis yang memiliki pengalaman dalam and strategic partners who have experience in operating
)!*#+,!./%'* ,.%' Ƶċ !((1% ,!*#+,!./%* 0$!Ƶ,(*0ċ$.+1#$0$!+,!.0%+*+"ƵČƵƵ
ƵČ ƵƵ * Ƶ ,0 )!*#+($ *#* * Ƶ * ,.+!// !4%/0%*# 14%0! .!/!.2!/ /+
1'/%0 5*# /!$%*## Ƶ '* )!),!.+(!$ 0$0 Ƶ 3%(( +0%* /1,,(5 +" +)!/0% (1)%*1)
,/+'*$*'1(1)%*%1) .% ()*!#!.%/!$%*## .3)0!.%(/* 0$!.!5.! 1! !,!* !*!+*(1)%*
mengurangi ketergantungan terhadap impor alumina %),+.0/3$%(!/2%*#"+.!%#*!4$*#!ċ
/!'(%#1/)!*#$!)0 !2%/ċ
Penjualan Bersih, Laba/(Rugi) Usaha dan Laba/(Rugi)

Tahun Berjalan Segmen Bauksit & Alumina
Net Sales, Operating Income/(Loss) and Income/(Loss)
for the year of Bauxite & Alumina Segment
703,11
482,39
ăĊĉČĀą
āĀĆČćĈ 158,85
102,11
ĂĀāĈ 2018
Penjualan Bersih ĥ1#%/$
Net Sales ,!.0%*# *+)!ĥĨ+//ĩ
ĥĨ1#%ĩ$1*ǫ!.&(*
*+)!ĥĨ+//ĩ"+.0$!5!.
Proses Pengolahan Bauksit di Tayan

Tayan Bauxite Processing Activity in Tayan

Segmen Kantor Pusat ! þ!!#)!*0

!#)!* *0+. 1/0 0% ' )!)%(%'% '+)+ %0/ 0)*# $! ! þ! /!#)!*0 $/ *+ )%*%*# +))+ %0%!/
1*01' %&1(ċ ( %*% /!/1% !*#* '.'0!.%/0%' *0+. 0+ /!((ċ $%/ %/ +*/%/0!*0 3%0$ 0$! $.0!.%/0% +"
Pusat yang mengelola aspek strategi Perusahaan sehingga ! þ! 0$0 )*#!/ +.,+.0! /0.0!#%!/Č 0$1/ 0$%/
/!#)!* %*% 0% ' )!)1'1'* ,!*&1(* !./%$ċ !/1% ,.0%1(./!#)!*0$/*+*!0/(!/ċ *+. *!3%0$%0/
'.'0!.%/0%'*5Č)'/!#)!**0+.1/0)!)1'1'* $.0!.%/0%Č 0$! ! þ! /!#)!*0 .!+. / ü**%(
,!*#$/%(* '!1*#*Č !* '!1*#*Č !* ,&' income and expenses, income tax expenses and other
,!*#$/%(* *,!*#$/%(*ĥ!*(%*ġ(%*Č!./%$ċ !.*%*#/ĥ!4,!*/!/Č*!0ċ
Usaha * (%*! 3%0$ %0/ $.0!.%/0%/Č 0$! ! þ! /!#)!*0
!/1% '.'0!.%/0%'*5Č )' /!#)!* *0+. 1/0 0% ' +!/ *+0 $2! *!0 /(!/ċ * ĂĀāĉČ 0$%/ /!#)!*0 ,+/0!
)!)%(%'% ,!*&1(* !./%$ċ % 0$1* ĂĀāĉČ /!#)!* %*% ü**%( %*+)! +" ,āĆĂċĊā %((%+*Č ü**%( !4,!*/!/ +"
)!)1'1'* ,!*#$/%(* '!1*#* /!!/. ,āĆĂČĊā ,ĆąĈċĈă%((%+*Č*%*+)!04!4,!*/!+",ăĊāċĀĉ%((%+*
)%(%.Č !* '!1*#* ,ĆąĈČĈă )%(%.Č !* ,&' * +0$!.%*+)!ġ*!0+",ĈĂāċĊĆ%((%+*ċ
,!*#$/%(* ,ăĊāČĀĉ )%(%. * ,!*#$/%(* (%*ġ(%*Č
!./%$/!!/.,ĈĂāČĊĆ)%(%.ċ
%*!.&$1*ĂĀāĉ ()$(.+ü0%(%0/ !."+.)*!%*.+ü0%(%05%*ĂĀāĉ

!*#* 0% ' *5 ,!*&1(* !./%$Č )' /!#)!* * 0$! /!*! +" *!0 /(!/Č 0$! ! þ! /!#)!*0
*0+. 1/0 )!)1'1'* .1#% 1/$ /!!/. ,ĈĈąČĆĂ ,+/0! *+,!.0%*#(+//+",ĈĈąċĆĂ%((%+*3%0$(+//"+.
)%(%. !*#*.1#%0$1*!.&(*/!!/.,ĂČĂĉ0.%(%1*ċ 0$!1..!*05!.+",ĂċĂĉ0.%((%+*ċ

!/1% '.'0!.%/0%'*5Č )' /!#)!* *0+. 1/0 * +. *! 3%0$ %0/ $.0!.%/0%/Č 0$! ! þ!
)!)1'1'* ,!*#$/%(* '!1*#*Č !* '!1*#*Č /!#)!*0 .!+. / ü**%( %*+)! * !4,!*/!/Č %*+)!
!* ,&' ,!*#$/%(* * ,!*#$/%(*ĥ!* (%*ġ 04!4,!*/!/* +0$!.!.*%*#/ĥ!4,!*/!/Č*!0ċ * %0%+*Č
(%*Č!./%$ċ!(%*%01Č/!#)!**0+.1/00% ')!)%(%'% 0$!! þ!/!#)!*0 +!/*+0$2!*!0/(!/ċ
,!*&1(*!./%$ċ
Other Segments
Segmen Lain-lain The others operating segment is compromised of coal
!#)!* %*ġ(%* 0!. %.% .% '+)+ %0/ 01 . commodity and other service revenue from ANTAM Group
dan pendapatan jasa lainnya dari operasi entitas Grup !*0%05ċ ƵƵ +( %/ ,.+ 1! 0 0$! .+(*#1* )%*!
!.1/$*ċ +)+ %0/ 01. ƵƵ %,.+ 1'/% % %*
)% 0$0 %/+,!.0! 5 /!+* ġ0%!. /1/% %.5Č %ċ!ċČ
0)*#.+(*#1*Č
)%Č5*# %+,!./%'*+(!$*' ƫ%0.+%* +1'/!/!.'/Ĩƫĩċƫ%/0$!
.% !*0%0/ *' ƵƵ Č 5%01 ƫ%0. +%* + 1'/!/ /1/% %.5+" * +*!/%ƫ+(!/+1.!/Ĩ ƫĩ3$%$
!.'/Ĩƫĩċƫ)!.1,'*!*0%0/*' .% %//1/% %.5+"ƵƵ ċ
PT Indonesia Coal Resources (PT ICR), yang merupakan
!*0%0/*'ƵƵ ċ
Performance in Production Volume, Production
Kinerja Tahun 2018 termasuk Aspek Produksi, Capacity and Sales/Revenue in 2018
Kapasitas Produksi dan Penjualan/Pendapatan
Usaha In 2018, ANTAM did not produce coal due to weak market
% 0$1* ĂĀāĉČ ƵƵ 0% ' )!),.+ 1'/% 01. !*2%.+*)!*0ċ $.+1#$ %0/ /1/% %.5 * +*!/% ƫ+(
/!%.%*# '+* %/% ,/. 5*# '1.*# '+* 1/%"ċ ĂĀāĉ !/+1.!/ Ĩ ƫĩČ ƵƵ /+( ăćĆČĉĉă 0+*/+"+( %*
ANTAM melalui entitas anak PT Indonesia Coal Resources ĂĀāĉČ#.!3ąĂāŌ".+)0$!/(!+"+(%*ĂĀāĈ0$0.!$!
Ĩ ƫĩ )!*&1( ăćĆċĉĉă 0+* 01.Č 01)1$ ąĂāŌ ĈĀČāĊĆ0+*ċ *ĂĀāĉČ0$!.!2!*1!".+)+(0. %*#)+1*0!
%* %*#'* 2+(1)! ,!*&1(* 0$1* ĂĀāĈ /!!/. 0+,ĆĂċćĂ%((%+*ČāĀąŌ%*.!/!+),.! 0+ĂĀāĈ+(
ĈĀċāĊĆ 0+*ċ ƵƵ )!*00'* ,!* ,0* ,!*&1(* .!2!*1! +" ,ĂĆċĉą %((%+*ċ ƵƵ .!+. ! .!2!*1!
.% 01. , 0$1* ĂĀāĉ /!!/. ,ĆĂČćĂ )%(%.
01 *%' āĀąŌ %* %*#'* *%(% ,!*&1(* 0$1* ĂĀāĈ
/!!/. ,ĂĆČĉą )%(%.ċ % 0$1* ĂĀāĉČ /!#)!* %*ġ(%*

)!*00'* ,!*&1(* /!!/. ,ĂĂĀČăă )%(%. 01)1$ ".+) 0$!./ /!#)!*0 %* ĂĀāĉ )+1*0! 0+ ,ĂĂĀċăă
/!!/. ćĆąŌ %* %*#'* *%(% ,!*&1(* !./%$ 0$1* %((%+*Č/%#*%ü*0%*.!/!+"ćĆąŌ+),.! 0+0$!*!0
ĂĀāĈ/!!/.,ĂĊČĂĂ)%(%.ċ /(!/%*ĂĀāĈ+",ĂĊċĂĂ%((%+*ċ
%*!.&$1*ĂĀāĉ ()$(.+ü0%(%0/ !."+.)*!%*.+ü0%(%05%*ĂĀāĉ

% 0$1* ĂĀāĉČ /!#)!* %*ġ(%* )!*00'* .1#% 1/$ 0$!./ /!#)!*0 ,+/0! * +,!.0%*# (+// +" ,āĊĆċĉĉ
/!!/. ,āĊĆČĉĉ )%(%.Č *%(% 0!./!10 *%' /!!/. āąŌ %((%+*%*ĂĀāĉČāąŌ$%#$!.0$*0$!+,!.0%*#(+//%*ĂĀāĈ
%* %*#'*.1#%0$1*ĂĀāĈ/!!/.,āĈāČĆą)%(%.ċ +",āĈāċĆą%((%+*ċ

*01''+)+ %0/01.Č ƫ!."+'1/, '0%2%0/ Related to ANTAM coal commodities, PT ICR focuses on
0. %*# ,!*&1(* 01 .ċ 0$1* ĂĀāĉČ 2+(1)! +(0. %*#0%2%0%!/ċ *ĂĀāĉČ ƫĚ/+(/(!/2+(1)!
,!*&1(* 01 . ƫ )!*#()% ,!.01)1$* #.!3 /%#*%ü*0(5 5 ăćĆČĉĉă 0+*/+"+(Č#.!3 5 ąĂāŌ
5*# %' /!!/. ăćĆċĉĉă 0+* 01.Č 01)1$ ąĂāŌ +),.! 0+/(!/2+(1)!%*ĂĀāĈ(+*#3%0$0$!#.+3%*#
%* %*#'*2+(1)!,!*&1(*0$1*ĂĀāĈ/!%.%*# !*#* level of coal demand to support the operation of ferronickel
01)1$*50%*#'0'!101$*01.1*01')!*1*&*# ,(*0/* ,+3!.,(*0/%*+)(Č+10$!/01(3!/%ċ
+,!./% ,.%' "!.+*%'!( * % +)(Č 1(3!/%
!*##.ċ

.+/,!' 1/$ /!#)!* %*ġ(%* /*#0 %' )!*#%*#0 Coal commodities are also expected to have a positive
0!. ,0 +10(++' ,+/%0%" '+)+ %0/ 01.ċ +)+ %0/ +10(++'ċ *5*(5/0/,.! %00$0+(*!*!*!.#5
01. &1# %,!.'%.'* '* )!)%(%'% +10(++' ,+/%0%"ċ source that will drive the world economy in the future, even
ǫ*5' *(%/ )!),!.'%.'* 01. )!*& % /1)!. !4!! %*#+%(* #/ċ$!1/!+"+(%/,.+&!0! 0+.!$
energi yang mendorong ekonomi dunia di masa depan, %0/$%#$!/0,+%*0%*0$!)% ġĂĀĂĀ/ċ * %%/0$!(.#!/0+(
$'* )!*#($'* )%*5' 1)% * #/ċ !)'%* 1/!. ).'!0+" (( 1/!/ %* 0$!3+.( Č %*.!/%*# 5 āĀŌ %*
01. %,.+5!'/%'* )!*,% 0%0%' 0!.0%*##%*5 , ĂĀāĆ* ĂĀŌ%*ĂĀăĆċ
,!.0!*#$* ĂĀĂĀġ*ċ * % )!.1,'* ,/. ,!)'%
01 . 0!.!/. .% '!/!(1.1$* ,!)'%* % 1*%Č
)!*%*#'0āĀŌ, ĂĀāĆ *ĂĀŌ, ĂĀăĆċ
Volume Produksi dan Penjualan BAtubara

Coal Production and Sales Volume
%1+* Thousand Ton
ăĆĀ 366
ĈĀ
0 0 0

.+ 1'/%ǫ01. !*&1(*ǫ01.
Coal Production Coal Sales

URAIAN ATAS KINERJA KEUANGAN REVIEW OF THE COMPANY’S FINANCIAL

PERUSAHAAN PERFORMANCE
Ƶ*(%/%/ * %/'1/% )*&!)!* %*% %10 !. /.'* The following management discussion and analysis
%*"+.)/% 5*# %,!.+(!$ .% ,+.* !1*#* %/ ,.!,.! /! +* %*"+.)0%+* +*0%*! %* 0$!
+*/+(% /%* !.1/$* Ƶ*!' )*# ' * ƫ+*/+(% 0! %**%(00!)!*0/+"Ƶ*!')*#
*0%0/ Ƶ*' 1*01' ,!.%+ ! ăā !/!)!. ĂĀāĉ 5*# ' * 1/% %.%!/ "+. 0$! ,!.%+ +" !!)!.
0!($ %1 %0 +(!$ *0+. Ƶ'1*0* 1(%' *1 %.! &Č ăāČ ĂĀāĉČ 1 %0! 5 0$! 1(% Ƶ+1*0*0 %.) +"
%%/*Č %*0%/ Ē !'*Č ü.) *##+0 &.%*#* #(+( *1 %.! &Č %%/*Č %*0%/ Ē .0*!.Č )!)!. ü.) +"
PricewaterhouseCoopers di Indonesia, dan memperoleh PricewaterhouseCoopers in Indonesia, with the opinion
pendapat wajar, dalam semua hal yang material, posisi of fair representation, in all material respects, the
'!1*#* '+*/+(% /%* Ƶ*!' )*# ' * +*/+(% 0! ü**%( ,+/%0%+* +" Ƶ*!' )*#
*0%0/ Ƶ*' 0*##( ăā !/!)!. ĂĀāĉČ /!.0 '%*!.& ' * 1/% %.%!/ / 0 !!)!. ăāČ ĂĀāĉČ * 0$!%.
keuangan dan arus kas konsolidasiannya untuk tahun yang +*/+(% 0! ü**%( .!/1(0/ * /$ ý+3/ "+. 0$! 5!.
!.'$%. , 0*##( 0!./!10Č /!/1% !*#* 0* . then ended, in accordance with Indonesian Financial
Ƶ'1*0*/%!1*#* % * +*!/%ċ Ƶ+1*0%*#0* . /ċ
'0+.ġ"'0+. 5*# )!),!*#.1$% '!#%0* 1/$ * 0+./ û!0%*# 0$! ƫ+),*5Ě/ 1/%*!// * +,!.0%*#
$/%(+,!./%+*(!.1/$* %*0.*5č .!/1(0/%*(1 !č
āċ (1'01/%$.#'+)+ %0/ *,!.)%*0*#(+( āċ (1010%+*/%*#(+(+))+ %05,.%!* !)*
.# '+)+ %0/ )!)%(%'% ,!*#.1$ /%#*%ü'* ƫ+))+ %05 ,.%!/ $2! /%#*%ü*0 %),0 +* 0$!
0!.$ ,,!*&1(*!.1/$*ċ.#'+)+ %0/0% ' ƫ+),*5Ě/ /(!/ċ +2!)!*0/ %* +))+ %05 ,.%!/
,0 %,.! %'/%'* !*#*,/0%ċ **+0!1.0!(5,.! %0! ċ
Ăċ !*5!(!/%*,.+5!'ġ,.+5!',!*#!)*#*10) Ăċ ƫ+),(!0%+*+")&+. !2!(+,)!*0,.+&!0/
+* %/% '!1*#* * $/%( +,!./%+*( !.1/$* $! ƫ+),*5Ě/ ü**%( +* %0%+* * .!/1(0/ +"
0!.'%0 (*#/1*# !*#* '!!.$/%(* ,!*5!(!/%* operations are directly related to the degree of
,.+5!'ġ,.+5!' ,!*#!)*#* 10)ċ !.1/$* +),(!0%+* +" %0/ )&+. !2!(+,)!*0 ,.+&!0/ċ $!
)!5'%*% $3 ,.+5!'ġ,.+5!' 0!./!10 !.,!.* ƫ+),*5 !(%!2!/ 0$0 0$!/! ,.+&!0/ .! '!5 0+ 0$!
penting dalam rencana Perusahaan untuk memperkuat Company’s intention to strengthen its position as a
,+/%/%/!#%,!.1/$*!./%//1)!. 5() *01.( .!/+1.!ġ/! +),*5 3%0$ +3*/0.!)
5*#!.+.%!*0/%'+)+ %0/$%(%. *0!. %2!./%ü'/%ċ 0%2%0%!/* %2!./%ü! ,.+ 10/ċ
ăċ (1'01/%$.# *%5$*'. ăċ ăċ(1010%+*/%*"1!(,.%!/* +/0/
!*#+($* "!.+*%'!( )!)101$'* (%/0.%' () Ferronickel processing requires large amounts of
&1)($ 5*# !/.ċ .%' "!.+*%'!( ƵƵ % !(!0.%%05ċƵƵ Ě/"!..+*%'!(,(*00+)(#!0/
+)()!* ,0'*,/+'* 5 .%,!)*#'%0 %0/!(!0.%%05/1,,(5".+) %!/!(,+3!.,(*0ċƵƵ
(%/0.%' 0!*# %!/!(ċ ƵƵ 0!($ )!*5!(!/%'* has completed the construction and has commenced
,!)*#1** *)!*#+,!./%'*,!)*#'%0(%/0.%' +,!.0%+*/ +" +(ġü.! ,+3!. ,(*0 0+ /1,,(5
0!*# 1, 01 . 1*01' )!)/+' (%/0.%' "/%(%0/ the electricity needs for the support facilities of its
,!* 1'1*# ,.%' "!.+*%'!( 5*# !.01&1* 1*01' ferronickel plant, and thus to reduce the cash cost of
menurunkan cash cost"!.+*%'!(!.1/$*ċ 0$!ƫ+),*5Ě/"!..+*%'!(ċ
ąċ !%&'*!)!.%*0$ *,!.1$*1* *#ġ1* *# ąċ ƫ$*#!/%*+2!.*)!*0,+(%%!/* .!#1(0%+*/
!)!.%*0$)1*#'%* .%3'01'!3'01)!*!.%0'* The Government may, from time to time, issue a
%*0!.,.!0/% .1 01 )!*#1$ %*0!.,.!0/% 01 new interpretation, or change the interpretation
,!*!.,* '!%&'*Č 1* *#ġ1* *# 01 ,!.01.* or implementation of existing policies, laws and
5*# 0!($ Č 5*# !. ),' , +,!./% .!#1(0%+*/Č û!0%*# %* 01.* +* 0$! ƫ+),*5Ě/
!.1/$*ċ +,!.0%+*/ċ
Ćċ !* **,.+5!',!*#!)*#* Ćċ 1* %*#"+. !2!(+,)!*0,.+&!0/
!.1/$* '* )!)101$'* ,!* ** 5*# $!ƫ+),*53%((*!! /%#*%ü*0)+1*0/+""1* %*#
/%#*%ü'* 1*01' )!*5!(!/%'* ,.+5!'ġ,.+5!' 0+ +),(!0! %0/ )&+. !2!(+,)!*0 ,.+&!0/ċ Ƶ0
,!*#!)*#* 10)*5ċ !.1/$* /0 %*% present, the Company is concentrating on the capital
!.'+*/!*0./%, !(*&)+ (5*# %.!**'* expenditures planned for its major development
1*01',.+5!'ġ,.+5!',!*#!)*#*10)*5ċ ,.+&!0/ċ

ćċ (1'01/%*%(%01'.)01*#/%*# ćċ ƫ1..!*5!4$*#!.0!ý1010%+*/

Saat ini, mata uang pelaporan Perusahaan adalah At present, the Company’s reporting currency is the
1,%$ċ!*#10*ĥ,!(!)$*1,%$0!.$ ,+(. 1,%$ċ Ƶ*5 !,.!%0%+*ĥ,,.!%0%+* +" 0$! 1,%$
AS akan memengaruhi kondisi keuangan dan hasil against the US Dollar will have an impact on the
+,!./%+*(!.1/$*ċ ƫ+),*5Ě/ü**%(+* %0%+** .!/1(0/+"+,!.0%+*/ċ
Ĉċ +5(0% *%1.*'!, !)!.%*0$ Ĉċ +5(0%!/* "!!/0+0$!+2!.*)!*0
!.1/$* )!)5. !.#% .+5(0% * %1.* The Company pays a variety of royalties and fees to
'!, !)!.%*0$ 0!.'%0 '!#%0* ,!.0)*#* 0$! +2!.*)!*0 .!(0! 0+ %0/ )%*%*# 0%2%0%!/ċ $!
5*# %('1'*ċ !.1/$* 3&% )!)5. .+5(0% ƫ+),*5%/.!-1%.! 0+,5.+5(0%!//! +*0$!05,!
!. /.'* &!*%/ * &1)($ '+)+ %0/ 5*# * )+1*0+"+))+ %05,.+ 1! ċ
%,.+ 1'/%ċ ĉċ (+(!+*+)%+* %0%+*
ĉċ +* %/%!'+*+)%#(+( +(0%(%0%!/%*#(+().'!0/* !+*+)%!/)5$2!
Volatilitas yang terjadi di pasar internasional dan a material impact on the pricing and sales volume of
!'+*+)% #(+( ,0 )!*%)1('* ),' )0!.%( 0$!ƫ+),*5Ě/+))+ %0%!/ċ
terhadap harga dan volume penjualan komoditas
!.1/$*ċ
LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED COMPREHENSIVE STATEMENTS

KONSOLIDASIAN OF PROFIT OR LOSS
Penjualan Sales
!*&1(*!./%$ƵƵ , 0$1*ĂĀāĉ0!.00/!!/. * ĂĀāĉČ ƵƵ ,+/0! *!0 /(!/ +" ,ĂĆċĂą 0.%((%+*Č 1,
,ĂĆČĂą0.%(%1*Č*%'ĊĊŌ %* %*#'*,%*,!*&1(* 5 ĊĊŌ +),.! 3%0$ /(!/ +" ,āĂČćĆ 0.%((%+* %* ĂĀāĈċ
0$1* ĂĀāĈ /!!/. ,āĂČćĆ 0.%(%1*ċ +)+ %0/ !)/ Gold sales accounted for the largest component of the
)!.1,'* '+),+*!* 0!.!/. ,!* ,0* !.1/$*Č ƫ+),*5Ě/.!2!*1!/Č+*0.%10%*#,āćċćĊ0.%((%+*Č+.ććŌ
!.'+*0.%1/% /!!/. ,āćČćĊ 0.%(%1* 01 ććŌ .% 0+0( +"0$!0+0(*!0/(!/%*ĂĀāĉċ
,!*&1(*!./%$0$1*ĂĀāĉċ
$1* ĂĀāĉČ ƵƵ '!)(% )!*00'* ,%* In 2018, ANTAM again recorded the highest sales volume
2+(1)!,!*&1(*0!.0%*##%/!,*&*#/!&.$!.1/$*ċ !2!. $%!2! %* 0$! ƫ+),*5Ě/ $%/0+.5ċ $! /(!/ +"
!*&1(*"!.+*%'!()!*#()%,!.01)1$*āĀŌ)!*,% "!..+*%'!( #.!3 5 āĀŌ 0+ ĂąċāăĆ %ċ !..+*%'!( /(!/
ĂąċāăĆ %ċ !*&1(* "!.+*%'!( , ĂĀāĉ )!.1,'* %* ĂĀāĉ 3/ .!+. ! / 0$! /!+* (.#!/0 +*0.%10+.
'+*0.%10+. 0!.!/. '! 1 .% 0+0( ,!*&1(* !./%$ +" ƵƵ Ě/ 0+0( *!0 /(!/Č +*0.%10%*# ,ąċćć 0.%((%+*
ƵƵ Č !*#*'+*0.%1/%/!!/.,ąČćć0.%(%1*01āĉŌ +. āĉŌ +" 0$! 0+0( *!0 /(!/ +" ĂĀāĉċ $! *!0 /(!/ .+/!
.%0+0(,!*&1(*!./%$ĂĀāĉċƫ,%*,!*&1(*!./%$ ąĆŌ+),.! 0+0$!ĂĀāĈ*!0"!..+*%'!(/(!/+",ăċĂĂ
0!./!10*%'ąĆŌ %* %*#'*,!*&1(*!./%$"!.+*%'!( 0.%((%+*ċ
0$1*ĂĀāĈ5*#0!.00/!!/.,ăČĂĂ0.%(%1*ċ
Untuk komoditas emas, ANTAM mencatatkan capaian ANTAM recorded the highest sales for gold commodities
penjualan tertinggi sepanjang sejarah Perusahaan di tahun in the history of the Company in 2018 with an achievement
ĂĀāĉ !*#* ,%* /!!/. ĂĈċĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩ +"ĂĈČĉĊą'#ĨĉĊćČĉāĂ0ċ+6ĩ#.!35āāāŌ+),.! 0+0$!
01)1$ /!!/. āāāŌ %* %*#'* 2+(1)! ,!*&1(* /(!/ 2+(1)! "+. 0$! 5!. ĂĀāĈ )+1*0%*# 0+ āăČĂĀĂ '#
,!.%+ ! 0$1* ĂĀāĈ /!!/. āăċĂĀĂ '# ĨąĂąċąĆą 0ċ+6ĩċ ĨąĂąČąĆą0ċ+6ĩċƵƵ Ě/.!2!*1!/".+)#+( /(!/%*ĂĀāĉ
Pendapatan ANTAM dari penjualan emas di tahun 2018 3/.!+. ! 0,āćċćĊ0.%((%+*ċ$!*!0/(!/$%!2!)!*0
0!.00/!!/.,āćČćĊ0.%(%1*ċƫ,%*,!*&1(*!./%$ .+/!āĂćŌ+),.! 0+0$!ĂĀāĈ*!0#+( /(!/3$%$3/
0!./!10 *%' āĂćŌ %* %*#'* ,!*&1(* !./%$ !)/ .!+. ! 0,ĈċăĈ0.%((%+*ċ
0$1*ĂĀāĈ5*#0!.00/!!/.,ĈČăĈ0.%(%1*ċ
0$1* ĂĀāĉČ '%*!.& ,!*&1(* %&%$ *%'!( 01)1$ In 2018, the sales performance of nickel ore grew
/!. /%#*%ü'*ċ !*#* ,.+ü( *#* Ē /1)!. /%#*%ü*0(5ċ %0$ /+(% ,.+ü(! +" *%'!( .!/!.2!/ Ē
5 *%'!(5*# /+(% /!.0 '!/!),0*!'/,+. %&%$ *%'!( resources, and the opportunity to export low grade
kadar rendah yang didapatkan ANTAM pada tahun 2018 *%'!( +.! #.*0! 5 0$! %*%/0.5 +" *!.#5 * %*!.(
/!!/. ăČĊ &10 3)0 ĨŕāČĈŌ %ĩ .% !)!*0!.%* *!.#%

* 1)!. 5 %*!.( Ĩ ĩČ '%*!.& ,!*&1(* !/+1.!/Ĩ ĩ%*ĂĀāĉČ3$%$%/ăċĊ)%((%+*3)0ĨŕāċĈŌ
%&%$*%'!( +)!/0%'01)1$/!.,+/%0%"/!%.%*# !*#* Ni), the performance of domestic nickel ore sales grew
!.+,!./%*5 %* 1/0.% /)!(0!. +)!/0%' ,%$' '!0%#ċ % ,+/%0%2!(5(+*#3%0$0$!+,!.0%+*+"0$%. ġ,.05 +)!/0%
0$1*ĂĀāĉČ2+(1)!,!*&1(*)!*,%ćČăă&103)001 /)!(0!. %* 1/0.%!/ċ * ĂĀāĉČ /(!/ 2+(1)! .!$! ćċăă
*%'āāćŌ %* %*#'*0$1*ĂĀāĈċƵƵ )!*00'* )%((%+*3)0Č1,āāćŌ+),.! 0+ĂĀāĈċƵƵ .!+. !
,!* ,0*,!*&1(* .%%&%$*%'!( %0$1*ĂĀāĉ/!!/. /(!/.!2!*1!".+)*%'!(+.!%*ĂĀāĉ)+1*0%*#0+,ĂċĊă
,ĂČĊă 0.%(%1* 01 01)1$ /!!/. āāąŌ %* %*#'* 0.%((%+*+.#.!35āāąŌ+),.! 0+0$!2(1!+"*%'!(+.!
*%(%,!*&1(*%&%$*%'!(, ,!.%+ !ĂĀāĈ/!!/.,āČăĈ /(!/%*ĂĀāĈ)+1*0%*#0+,āċăĈ0.%((%+*ċ
0.%(%1*ċ
!,!.0% $(*5 , %&%$ *%'!(Č ƵƵ &1# 0!($ As with nickel ore, ANTAM has also received
)!* ,0'* .!'+)!* /% !'/,+. )%*!.( .% recommendations for mineral exports from the MEMR for
1*01'%&%$1'/%00!.1%/!!/.ĉĆĀ.%13)0ċ 0$1* 3/$! 14%0!+.!+"ĉĆĀ0$+1/* 3)0ċ *ĂĀāĉČƵƵ
ĂĀāĉČƵƵ )!*00'*2+(1)!,!*&1(*%&%$1'/%0 .!+. ! /(!/ +" 14%0! +.! .!$%*# ĊćăČĉąĂ 3)0Č 1,
)!*,% ĊćăċĉąĂ 3)0Č *%' /!!/. āĆŌ %* %*#'* āĆŌ +),.! 0+ ĂĀāĈċ * ĂĀāĉ ƵƵ Ě/ .!2!*1! ".+)
,%*0$1*ĂĀāĈċ 0$1*ĂĀāĉƵƵ )!*00'* 0$! /(! +" 14%0! +.! )+1*0! 0+ ,ąĉĂċăĊ %((%+*Č 1,
,!* ,0* .%%&%$1'/%0/!!/.,ąĉĂČăĊ)%(%.*%' ĂāŌ +),.! 0+ 0$! 2(1! +" 14%0! +.! /(!/ %* ĂĀāĈ
ĂāŌ %* %*#'**%(%,!*&1(*%&%$1'/%0, 0$1* )+1*0%*#0+,ăĊĉċĀą%((%+*ċ
ĂĀāĈ/!!/.,ăĊĉČĀą)%(%.ċ
Komposisi Penjualan
Sales Composition
Ō
3 3 3
34 30
36
2016 2017 2018
63 67
61
!.+*%'!(Ēǫ%&%$%'!( )/Č!.'Ē!)1.*%* ǫ1'/%0ČƵ(1)%*Ē%**5

!..+*%'!(Ē%'!(.! +( Č%(2!.Ē!ü*!.5 ǫ14%0!ČƵ(1)%*Ē0$!./
Beban Pokok Penjualan Cost of Goods Sold

!%.%*# ,!.01)1$* ,!* ,0* !./%$ !.1/$*Č As the Company’s net income grew, ANTAM’s cost of goods
!* ,+'+' ,!*&1(* ƵƵ , 0$1* ĂĀāĉ 01.10 /+( %*ĂĀāĉ(/+%*.!/! 5ĊĊŌ".+),āāċĀā0.%((%+*%*
)!*#()% '!*%'* /!!/. ĊĊŌ .% ,āāČĀā 0.%(%1* ĂĀāĈ0+,ĂāċĈć0.%((%+*%*ĂĀāĉċ$%/%*.!/!3/)%*(5 1!
, 0$1*ĂĀāĈ)!*& %,ĂāČĈć0.%(%1*, 0$1*ĂĀāĉċ 0+*%*.!/!%*0$!,1.$/!+",.!%+1/)!0(/5āĆąŌ
!*%'* %*% 0!.10) %/!'* +(!$ '!*%'* %5 0+,āĆċĂĈ0.%((%+*Č%*(%*!3%0$0$!#.+30$%*0. %*#/(!/
,!)!(%* (+#) )1(% /!!/. āĆąŌ )!*& % ,āĆČĂĈ +" āăĂŌ 0+ ĂĆċĊă 0+*/ ".+) 0$! ĂĀāĈ $%!2!)!*0 +" āāċāĈ
0.%(%1* /!%.%*# !*#* ,!.01)1$* ,!*&1(* !)/ 0+*/ċ * %0%+*Č0$!.!%/(/+*%*.!/!ĥ !.!/!%*0$!
0. %*# /!!/. āăĂŌ )!*& % ĂĆČĊă 0+* %* %*#'* component of sales cost related to a series of ferronickel
,%* 0$1* ĂĀāĈ /!!/. āāČāĈ 0+*ċ !(%* %01Č 0!. ,0 production activities, ore mining and commodity sales,
,1( ,!*%*#'0*ĥ,!*1.1** '+),+*!* !* ,+'+' %*(1 %*#č
,!*&1(* 5*# !.$11*#* !*#* .*#'%* '0%2%0/ đ 1!( +*/1),0%+* !4,!*/!/ %*.!/! 5 āĀăŌ ".+)
,.+ 1'/% "!.+*%'!(Č ,!*)*#* %&%$ * ,!*&1(* ,ĊĈĂċĂĉ %((%+* %* ĂĀāĈ 0+ ,āċĊĈ 0.%((%+* %* ĂĀāĉċ $!
'+)+ %0/Č0!.)/1'č cost component for fuel mostly comes from energy
đ ǫ%5 ,!)'%* $* '. *%' /!!/. āĀăŌ
.% ,ĊĈĂČĂĉ )%(%. , 0$1* ĂĀāĈ )!*& % ,āČĊĈ

0.%(%1* , 0$1* ĂĀāĉċ +),+*!* %5 $* costs used to support ANTAM’s ferronickel plant
'. /!#%* !/. )!.1,'* %5 !*!.#% 5*# ,.+ 10%+*0%2%0%!/ċ$!2!.#!"1!(+/0+),+*!*0
dipergunakan untuk mendukung aktivitas produksi +*0.%10!/ ăĀġąĀŌ +" 0$! /$ +/0 /0.101.! +"
,.%' "!.+*%'!( ƵƵ ċ 0ġ.0 '+),+*!* %5 "!..+*%'!( ,.+ 10%+*ċ $! %*.!/! %* "1!( +/0/ %*
$* '. !.'+*0.%1/% /!!/. ăĀġąĀŌ .% 2018, in line with the increase in ferronickel production
/0.1'01.%501*%,.+ 1'/%"!.+*%'!(ċ!*%'*%5 2+(1)! 5 āąŌ 0+ ĂąČĉćĉ 0+*/ +" *%'!( %* "!..+*%'!(
$* '. 0$1* ĂĀāĉČ /!%.%*# !*#* ,!*%*#'0* (TNi) and due to rising prices of world oil and coal
2+(1)!,.+ 1'/%"!.+*%'!(/!!/.āąŌ)!*& %Ăąċĉćĉ +))+ %0%!/ċ
0+* *%'!( () "!.+*%'!( Ĩ%ĩ /!.0 %/!'* đ .! )%*%*# * 0.*/,+.00%+* /!.2%!/ .+/! 5 ĊĆŌ
'!*%'*$.#'+)+ %0/)%*5' 1*% *01.ċ ".+) ,ąĈĆċĂĀ %((%+* %* ĂĀāĈ 0+ ,ĊĂąċĉĀ %((%+* %*
đ
/0.*/,+.0/% *,!*)*#*%&%$*%'/!!/. ĂĀāĉċ $! %*.!/! %* +/0/ 3/ %* (%*! 3%0$ 0$! ćĈŌ
ĊĆŌ .% ,ąĈĆČĂĀ )%(%. , 0$1* ĂĀāĈ )!*& % %*.!/! %* *%'!( +.! ,.+ 10%+* * ĈĀŌ +" 14%0!
,ĊĂąČĉĀ )%(%. , 0$1* ĂĀāĉċ !*%'* %5 +.! +),.! 0+ ,.+ 10%+* ĂĀāĈċ %'!( +.! *
0!./!10 /!&(* !*#* '!*%'* ,%* ,.+ 1'/% 14%0! .! 0$! .3 )0!.%( "+. ƵƵ Ě/ "!..+*%'!(
2+(1)! %&%$ *%'!( /!!/. ćĈŌ /!.0 %&%$ 1'/%0 and alumina processing plants as well as to supply
/!!/. ĈĀŌ %* %*#'* ,.+ 1'/% 0$1* ĂĀāĈċ +)!/0%* !4,+.0).'!0 !)* ċ
.+ 1'/% %&%$ *%'!( * 1'/%0 %,!.1*01'* /!#% đ !*0( !4,!*/!/ 3!.! .!+. ! 0 ,ăĀćċĉć %((%+*
$* '1 ,.%' ,!*#+($* "!.+*%'!( * (1)%* %* ĂĀāĉċ $%/ ü#1.! %*.!/! 5 ĉĊŌ +),.! 0+
)%(%' ƵƵ /!.0 )!* 1'1*# ,!*&1(* %&%$ 1*01' 0$! ĂĀāĈĚ/ .!*0( !4,!*/!/ +" ,āćĂċĀĊ %((%+* 1! 0+
)!)!*1$%,!.)%*0*,/. +)!/0%')1,1*!'/,+.ċ the increase in rental expenses for mining production
đ ǫ!* /!3 0!.00 /!!/. ,ăĀćČĉć )%(%. equipment, in line with the increase in nickel and
, 0$1* ĂĀāĉċ Ƶ*#' 0!./!10 *%' /!!/. ĉĊŌ 14%0!+.!,.+ 10%+*5ćĈŌ* ĈĀŌ.!/,!0%2!(5ċ
%* %*#'*!*/!30$1*ĂĀāĈ/!!/.,āćĂČĀĊ đ ƵƵ Ě/ .+5(05 !4,!*/!/ %* ĂĀāĉ %*.!/! 5 ĆćŌ
)%(%.ċ!*%'*%5%*%0!.10) %/!'*'!*%'* ".+) ,ĂĆćċĂĂ %((%+* %* ĂĀāĈ 0+ ,ăĊćċăā %((%+* %*
!* /!3 (0 ,.+ 1'/% 0)*# /!&(* !*#* ĂĀāĉČ )%*(5 00.%10(! 0+ 0$! %*.!/!/ %* /(!/ +"
'!*%'* ,.+ 1'/% %&%$ *%'!( * 1'/%0 )/%*#ġ ƵƵ Ě/*%'!(Č#+( * 14%0!ċ
)/%*#/!!/.ćĈŌ *ĈĀŌċ đ ƵƵ Ě/ 04 * .!0.%10%+* %* ĂĀāĉ 3/ .!+. !
đ ǫ!* .+5(0% ƵƵ , 0$1* ĂĀāĉ *%' /!!/. 0 ,ăāĂċĈć %((%+*Č 1, 5 ĉāŌ ".+) ,āĈąċāā %((%+*
ĆćŌ .% ,ĂĆćČĂĂ )%(%. , 0$1* ĂĀāĈ )!*& % %* ĂĀāĈċ $%/ %*.!/! 3/ %* (%*! 3%0$ 0$! %*.!/! %*
,ăĊćČăā )%(%. 0$1* ĂĀāĉċ !*%*#'0* %*% 0!.10) !4,+.0 /(!/ +" (+3 #. ! *%'!( +.! * 14%0! +.!
%/!'*+(!$'!*%'*,!*&1(*'+)+ %0/ƵƵ %*ĂĀāĉċ
%' .%/!#)!**%'!(Č!)/ *1'/%0ċ
đ ǫ!* ,&' * .!0.%1/% ƵƵ , 0$1* ĂĀāĉ
0!.00/!!/.,ăāĂČĈć)%(%.Č*%'/!!/.ĉāŌ .%
,āĈąČāā )%(%. , 0$1* ĂĀāĈċ !*%'* %*% /!&(*
!*#* '!*%'* ,!*&1(* !'/,+. %&%$ *%'!( ' .
.!* $ *%&%$1'/%00$1*ĂĀāĉċ
Laba Kotor .+//.+ü0

'+0+. !.1/$* )!*%*#'0 āāāŌ .% ,āČćą 0.%(%1* $!ƫ+),*5Ě/#.+//,.+ü0%*.!/! 5āāāŌ".+),āċćą
, 0$1* ĂĀāĈ )!*& % ,ăČąĈ 0.%(%1* , 0$1* ĂĀāĉċ 0.%((%+*%*ĂĀāĈ0+,ăċąĈ0.%((%+*%*ĂĀāĈċ$!%*.!/!/3/
!*%*#'0* %*% 0!.& % %0+,*# ,!.01)1$* ,!*&1(* %* (%*! 3%0$ 0$! ĊĊŌ #.+30$ %* ƵƵ /(!/ .!2!*1! 0+
ƵƵ 5*#01)1$/!!/.ĊĊŌ)!*& %,ĂĆČĂą0.%(%1* ,ĂĆċĂą%*ĂĀāĈċ
, 0$1*ĂĀāĉċ
Beban Usaha Operating Expenses

0$1*ĂĀāĉČǫ!*1/$ƵƵ *%'/!!/.ĆćŌ *ĂĀāĉČƵƵ Ě/+,!.0%*#!4,!*/!/%*.!/! ĆćŌ".+)
.% ,āČĀą 0.%(%1* , 0$1* ĂĀāĈ )!*& % ,āČćĂ 0.%(%1* ,āċĀą0.%((%+*%*ĂĀāĈČ0+,āċćĂ0.%((%+*%*ĂĀāĉċ$!%*.!/!
, 0$1* ĂĀāĉċ !*%'* %*% 0!.10) %/!'* +(!$ was mainly due to the increase in sales and marketing
,!*%*#'0* !* ,!*&1(* * ,!)/.* /!%.%*# expenses in line with increased sales volume of ANTAM
!*#*,!*%*#'0*2+(1)!,!*&1(*'+)+ %0/ƵƵ ċ +))+ %0%!/ċ$!!4,(*0%+*+"0$!%*.!/!%*+,!.0%*#
!*&!(/*'!*%'*!*1/$ ($/!#%!.%'10č !4,!*/!/%//"+((+3/č

đ ǫ!* 1)1) * )%*%/0./% *%' /!!/. ăĈŌ .% đ !*!.(* )%*%/0.0%2!!4,!*/!/%*.!/! 5ăĈŌ
,ĈĊąČăĈ)%(%., 0$1*ĂĀāĈ)!*& %,āČĀĊ0.%(%1* ".+),ĈĊąċăĈ%((%+*%*ĂĀāĈ0+,āċĀĊ0.%((%+*%*ĂĀāĉČ
, 0$1* ĂĀāĉċ !*%'* %*% 0!.10) %/!'* )%*(5 1!0+č
+(!$č ő $! ĆĂŌ %*.!/! %* /(.%!/Č 3#!/Č +*1/!/ *
ő ǫ!* #&%Č 1,$Č +*1/ * '!/!&$0!.* !),(+5!! 3!(".! ".+) ,ĂĊĂċāĆ %((%+* %* ĂĀāĈ 0+
'.53* *%' /!!/. ĆĂŌ .% ,ĂĊĂČāĆ )%(%. % ,ąąąċćă%((%+*%*(%*!3%0$)!.%0%*.!/!* 0$!
0$1*ĂĀāĈ)!*& %,ąąąČćă)%(%./!%.%*# !*#* %*.!/!%*3#!+),+*!*0+"/%/(.5/3!((
merit increase dan kenaikan komponen upah pada / %*.!/! %* *1)!.+" ,!.)*!*0!),(+5!!/ %*
gaji pokok serta kenaikan jumlah pegawai tetap (%*!3%0$1/%*!//#.+30$+"0$!ƫ+),*5ċ
/!%.%*# !*#*,!.'!)*#*%/*%/!.1/$*ċ ő $! +.,+.0! /+%( * !*2%.+*)!*0(
ő .+#.) 0*##1*# &3 /+/%( * (%*#'1*#* .!/,+*/%%(%05 ,.+#.) 3/ .!+. ! %*.!/! 5
,!1/$* 0!.00 *%' /!!/. ĂĆŌ , 0$1* ĂĆŌ%*ĂĀāĉ0+,āāĉċćĈ%((%+*".+),ĊĆċĀĊ%((%+*
ĂĀāĉ )!*& % ,āāĉČćĈ )%(%. .% ,ĊĆČĀĊ )%(%. %*ĂĀāĈ%*(%*!3%0$0$!ƫ+),*5Ě/+))%0)!*0%*
, 0$1* ĂĀāĈ /!&(* !*#* '+)%0)!* !2!(+,%*#+))1*%0%!/Ē0$!!*2%.+*)!*0.+1*
!.1/$* () ,!*#!)*#* )/5.'0 Ē 0$!)%*%*#.!ċ
(%*#'1*#*/!'%0.3%(5$,!.0)*#* ő !*0( !4,!*/!/ %*.!/! 5 ąăŌ ".+) ,Ăĉċćă
ő ǫ!* /!3 *%' /!!/. ąăŌ .% ,ĂĉČćă )%(%. %((%+*%*ĂĀāĈ0+,ąĀċĊā%((%+*%*ĂĀāĉČ00.%10(!
, 0$1*ĂĀāĈ)!*& %,ąĀČĊā)%(%., 0$1* to the expenses incurred in the rental of
ĂĀāĉċ!*%'*%*%0!.10) %/!'*+(!$!* transportation equipment in line with the increase
sewa alat angkut sejalan dengan peningkatan %*0$!2+(1)!+"/$%,)!*0+"+.!/$%,)!*0ċ
2+(1)!,!*#,(*%&%$ċ
đ ǫ!* ,!*&1(* * ,!)/.* ƵƵ *%' āāąŌ đ ƵƵ Ě/ /(!/ * ).'!0%*# !4,!*/!/ .+/! āāăċćāŌ
.%,ĂąĉČĊĂ)%(%., 0$1*ĂĀāĈ)!*& %,ĆăāČĈĂ ".+) ,ĂąĉċĊĂ %((%+* %* ĂĀāĈ 0+ ,ĆăāċĈĂ %((%+* %*
)%(%. , 0$1* ĂĀāĉċ !*%*#'0* %*% 0!.10) ĂĀāĉċ $%/ %*.!/! 3/ )%*(5 1! 0+ 0$! %*.!/! %*
%/!'* +(!$ '!*%'* !* ,!*#,(* * Company’s shipping and the insurance costs amounting
/1.*/%!.1/$*/!!/.āāĉŌ .%,ĂąĀČĂĉ)%(%. 0+ āāĉŌ ".+) ,ĂąĀċĂĉ %((%+* %* ĂĀāĈ 0+ ,ĆĂĂċĊĀ
, 0$1*ĂĀāĈ)!*& %,ĆĂĂČĊĀ)%(%., 0$1* %((%+*%*ĂĀāĉ.!(0! 0+0$!%*.!/!%*"!..+*%'!(/(!/
2018 terkait dengan peningkatan volume penjualan 2+(1)!ċ
"!.+*%'!(ċ
Laba Usaha Operating Incomes

ƵƵ )!*00 0+0( ( 1/$ 0$1* ĂĀāĉ /!!/. In 2018, ANTAM recorded a total operating incomes of
,āČĉĆ 0.%(%1*Č 01)1$ /!!/. ĂĀĉŌ .% ( 1/$ ,āċĉĆ 0.%((%+*Č #.!3 5 ĂĀĉŌ ".+) 0$! ĂĀāĈĚ/ ,ćĀĀċćā
/!!/.,ćĀĀČćā)%(%., 0$1*ĂĀāĈċƫ,%*(%*% %((%+*ċ$%/,.+ü03/ 1!0+#.+30$%*/(!/+"((ƵƵ Ě/
0!.& %'.!*,!.01)1$*,!*&1(*0//!(1.1$,.+ 1' +))+ %05,.+ 10/%*ĂĀāĉċ
'+)+ %0/ƵƵ , 0$1*ĂĀāĉċ
Penjualan Bersih, Laba/(Rugi) Kotor dan Laba/(Rugi) Usaha

Net Sales, Gross Income/(Loss) and Operating Income/(Loss)
25.241,27
āĂċćĆăČćĂ
ĊċāĀćČĂć
3.476,44
āċćąăČĉĊ 1.852,73
851,80 ćĀĀČĉā
ĉČāć

Penjualan Bersih ĥ1#%+0+. ĥĨ1#%ĩ/$
Net Sales .+// *+)!ĥĨ+//ĩ ,!.0%*# *+)!ĥĨ+//ĩ

Beban Lain-Lain Other Incomes (Expenses)

0$1*ĂĀāĉƵƵ )!*00'*!*,!*#$/%(* *ĂĀāĉČƵƵ .!+. ! +0$!.!4,!*/!/ġ*!0+",ĆĉĈċĂĂ
(%*ġ(%*Č !./%$ /!!/. ,ĆĉĈČĂĂ )%(%.Č *%' /!!/. %((%+*Č 1, ăĀĂŌ +),.! 0+ 0$! ĂĀāĈĚ/ ,āąćċĂā %((%+*ċ
ăĀĂŌ %* %*#'* ,!*#$/%(* (%*ġ(%*Č !./%$ 0$1* $! %*.!/! 3/ 00.%10(! 0+ 0$! %*.!/! %* (+//!/
ĂĀāĈ /!!/. ,āąćČĂā )%(%.ċ !*%'* 0!./!10 0!.10) +" //+%0!/ * &+%*0 2!*01.!/ * %*.!/! %* ü**%(
%/!'*+(!$'!*%'*#%*'!.1#%*!*0%0//+/%/% !4,!*/!/ċ+!"1.0$!. !0%(! č
*2!*01.!./)/!.0,!*%*#'0*!*'!1*#*ċ • The Company’s share of losses in associates and joint
(0!./!10 %,!.%*%(!%$(*&10/!#%!.%'10č 2!*01.!/%*.!/! 5ĈŌ".+),ąĉĉċĂĈ%((%+*%*ĂĀāĈ
• Bagian kerugian entitas asosiasi dan pengendalian 0+,ĆĂĀċĂă%((%+*%*ĂĀāĉċ
!./)!.1/$**%'ĈŌ .%.1#%/!!/.,ąĉĉČĂĈ đ $! ƫ+),*5Ě/ ü**%( %*+)!/ !.!/! 5 ăĈŌ
)%(%. , 0$1* ĂĀāĈ )!*& % .1#% ,ĆĂĀČĂă )%(%. ".+) ,ĂĆĊċĉą %((%+* %* ĂĀāĈ 0+ ,āćăċĆĆ %((%+* %*
, 0$1*ĂĀāĉċ 2018, due to the decrease in interest incomes from
đ !*#$/%(* '!1*#* !.1/$* 01.1* /!!/. ăĈŌ /$+.0ġ0!.) !,+/%0/ċ
.%,ĂĆĊČĉą)%(%., 0$1*ĂĀāĈ)!*& %,āćăČĆĆ đ ƵƵ Ě/ ü**%( !4,!*/!/ !.!/! 5 ĊŌ ".+)
)%(%. , 0$1* ĂĀāĉċ ( 0!./!10 %/!'* ,ćĀĈċćĊ %((%+* %* ĂĀāĈ 0+ ,ĆĆąċăă %((%+* %* ĂĀāĉČ
,!*1.1** ,!* ,0* 1*# .% !,+/%0+ &*#' mainly due to the increase in interest expenses from
,!* !'ċ (+*#ġ0!.)*'(+*/ċ
đ ǫ!* '!1*#* ƵƵ 01.1* /!!/. ĊŌ .% đ $!ƫ+),*5Ě/+0$!.%*+)!Č*!0 !.!/! 5ĆăŌ0+
,ćĀĈČćĊ )%(%. , 0$1* ĂĀāĈ )!*& % ,ĆĆąČăă ,ăĂăČĈĉ%((%+*%*ĂĀāĉ".+),ćĉĊċĊĀ%((%+*%*ĂĀāĈċ
)%(%. , 0$1* ĂĀāĉċ !*1.1** 0!./!10 0!.10) The decrease was mainly due to an increase of loss on
%/!'*+(!$'!*%'*!*1*# .%,%*&)* "+.!%#*!4$*#!Č*!0* !4!,0%+*(+/0/ċ
*'&*#',*&*#ċ
đ !*#$/%(* (%*ġ(%* !./%$ !.1/$* 01.1* /!!/.
ĆăŌ )!*& % ,ăĂăČĈĉ )%(%. , 0$1* ĂĀāĉ .%
,ćĉĊČĊĀ)%(%., 0$1*ĂĀāĈċ!*1.1**0!./!10
0!.10) %/!'*+(!$,!*%*#'0*.1#%/!(%/%$'1./Č
!./%$ *%5,!*#!1(%*ċ
Laba Sebelum Pajak Penghasilan .+ü0ǫ!"+.! *+)!4

/!!(1) ,&' !.1/$* )!*#()% ,!*%*#'0* $! ƫ+),*5Ě/ ,.+ü0 !"+.! %*+)! 04 .!#%/0!.!
/!!/. āĈĊŌ .% ( /!!(1) ,&' ,ąĆąČąĀ )%(%. /%#*%ü*0 %*.!/! +" āĈĊŌ ".+) ,ąĆąċąĀ %((%+* %*
, 0$1* ĂĀāĈ )!*& % ,āČĂĈ 0.%(%1* , 0$1* ĂĀāĉ ĂĀāĈ 0+ ,āċĂĈ %((%+* %* ĂĀāĈċ $! *1)!. %/ %* (%*! 3%0$
/!%.%*# !*#* ,!.01)1$* ( 1/$ ƵƵ /!!/. ƵƵ Ě/+,!.0%*#,.+ü0#.+30$+"ĂĀĉŌ".+),ćĀĀċćā
ĂĀĉŌ .%,ćĀĀČćā)%(%., 0$1*ĂĀāĈ)!*& %,āČĉĆ %((%+*%*ĂĀāĈ0+,āċĉĆ0.%((%+*%*ĂĀāĉċ
0.%(%1*, 0$1*ĂĀāĉċ
Marjin Laba/(Rugi) Kotor, Marjin Laba/(Rugi) Usaha, Marjin Laba/(Rugi) Bersih

Gross Magin Income/(Loss), Operating Margin Income/(Loss), Net Margin Income/(Loss)
Ō
13,77
12,99
ĊČăĆ
7,34
ąČĈą
3,46
ĀČĈā āČĀĈ
0,09

.&%*ĥĨ1#%ĩ+0+. .&%*ĥĨ1#%ĩ/$ .&%*ĥĨ1#%ĩǫ!./%$
.+// .#%* *+)!ĥĨ+//ĩ ,!.0%*# .#%* *+)!ĥĨ+//ĩ !0 .#%* *+)!ĥĨ+//ĩ

Total Laba Tahun Berjalan .+ü0"+.0$!ƫ1..!*0!.

+0((0$1*!.&(*01)1$)!*& %,ĉĈąČąă)%(%.Č +0( ,.+ü0 "+. 0$! 1..!*0 5!. #.!3 /%#*%ü*0(5 0+
*%' /%#*%ü'* /!!/. ĆąāŌ %* %*#'* ,%* ( ,ĉĈąċąă %((%+*Č /$., %*.!/! +" ĆąāŌ ".+) ,.+ü0 +"
!./%$!.1/$*0$1*ĂĀāĈ/!!/.,āăćČĆĀ)%(%.ċ 0$! 5!. .!+. ! 5 0$! ƫ+),*5 %* ĂĀāĈ +" ,āăćċĆĀ
%((%+*ċ
Penghasilan Komprehensif Lain Other Comprehensive Income

Pada tahun 2018, total rugi komprehensif lain ANTAM * ĂĀāĉČ ƵƵ .!+. ! 0+0( +0$!.ġ+),.!$!*/%2!
)!*,% ,ąĂăČăă )%(%. *%' āċąĂĆŌ .% .1#% (+//!/ +" ,ąĂăċăă %((%+*Č * %*.!/! +" āČąĂĆŌ 3$!*
'+),.!$!*/%" (%* 0$1* ĂĀāĈ /!!/. ,ăāČĊć )%(%. +),.! +0$!.+),.!$!*/%2!(+//!/+"ĂĀāĈ+",ăāċĊć
/!&(* !*#*'!*%'**%(%0*$ .%.!2(1/%/!!/. %((%+*Č%*(%*!3%0$0$!%*.!/!+*(* ".+).!2(10%+*+"
,ąĂąČĆĂ)%(%.ċ ,ąĂąċĆĂ%((%+*ċ
Penghasilan Komprehensif Tahun Berjalan Total Comprehensive Income for the Current Year
+0( ,!*#$/%(* '+),.!$!*/%" 0$1* !.&(* ƵƵ ANTAM recorded a comprehensive income for the current
, 0$1* ĂĀāĉ )!*,% ,āČăĀ 0.%(%1* *%' /%#*%ü'* 5!. +" ,āċăĀ 0.%((%+*Č #.!3 /%#*%ü*0(5 5 āČąĉĊŌČ ".+)
/!!/. āċąĉĊŌ .% 0$1* ĂĀāĈ 5*# )!*,% ,ĉāČćā 0$!ĂĀāĈ/,ĉāċćā%((%+*ċ
)%(%.ċ
Laba Tahun Berjalan yang dapat Diatribusikan .+ü0"+.0$!ƫ1..!*0!.Ƶ00.%10(!0+3*!./

Kepada Pemilik Entitas Induk dan Kepentingan of Parent Entity and Non-Controlling Interest
Nonpengendali +0( ,.+ü0 "+. 0$! 1..!*0 5!. 00.%10(! 0+ +3*!./
+0((0$1*!.&(*5*# ,0 %0.%1/%'*'!, +" ,.!*0 !*0%05 * *+*ġ+*0.+((%*# %*0!.!/0 .!+. !
pemilik entitas induk dan kepentingan nonpengendali /%#*%ü*0%*.!/!+"ĆąāŌ".+),āăćċĆĀ%((%+*%*ĂĀāĈ
01)1$/!!/.ĆąāŌ .%(,āăćČĆĀ)%(%., 0$1* 0+,ĉĈąċąă%((%+*%*ĂĀāĉċ
ĂĀāĈ )!*& % ( /!!/. ,ĉĈąČąă )%(%. , 0$1*
ĂĀāĉċ
Laba Bersih Per Saham Dasar dan Dilusian yang Basic and Diluted Earnings per Share Attributable
Diatribusikan kepada Pemilik Entitas Induk (Nilai to Owners of Parent Entity (Full Amount)
Penuh)
+0( ( !./%$ ,!. /$) /. * %(1/%* 5*# +0(/%* %(10! !.*%*#/,!./$.!00.%10(!0+
%0.%1/%'* '!, ,!)%(%' !*0%0/ %* 1' )!*%*#'0 +3*!./ +" ,.!*0 !*0%05 %*.!/! /%#*%ü*0(5 5 ĆąāŌ
/!!/. ĆąāŌ .% ( !./%$ ,!. /$) /. ,ĆČćĉ ".+),Ćċćĉ,!./$.!%*ĂĀāĈ0+,ăćċăĊ,!./$.!%*ĂĀāĉċ
, 0$1*ĂĀāĈ)!*& %(/!!/.,ăćČăĊ,!./$)
, 0$1*ĂĀāĉċ
Penghasilan/(Rugi) Komprehesif Lain Setelah pajak, Jumlah Penghasilan Komprehensif tahun

Berjalan, Laba/(Rugi) Bersih Per Saham Dasar
Other Comprehensive Income/(Loss) Net of Tax, Total Comprehensive Income/(Loss) for the
Year, Basic Earnings/(loss) per share
1.296,60 36,39
422,18
ĆČćĉ
ĨĆąČĉĊĩ 92,08 ĉāČćā ă
ĂĈČĂĈ
ĂĀāć ĂĀāĈ 2018 ĂĀāć ĂĀāĈ 2018 ĂĀāć ĂĀāĈ 2018

!*#$/%(*ĥĨ1#%ĩ+),.!$!/%"
1)($!*#$/%(*+),.!$!*/%" ĥĨ1#%ĩǫ!./%$!.$)/.
%*!0!($&' tahun Berjalan Basic Earnings/(loss) per share
Other Comprehensive Income/ Total Comprehensive Income/ Rp
Ĩ+//ĩ!0+"4 Ĩ+//ĩ"+.0$!!.
Rp Miliar Rp Billion Rp Miliar Rp Billion

LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL POSITION
Total Aset Total Assets

0$1* ĂĀāĉČ 0+0( /!0 !.1/$* *%' /!!/. āāŌ * ĂĀāĉČ 0$! ƫ+),*5Ě/ 0+0( //!0/ #.!3 5 āāŌČ ".+)
.%,ăĀČĀā0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĈ)!*& % ,ăĀċĀā0.%((%+*/+"ăā!!)!.ĂĀāĈ0+,ăăČăā0.%((%+*/
,ăăČăā 0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĉċ !*%'* +"ăā!!)!.ĂĀāĉċ$!%*.!/!)%*(5 1!0+%*.!/!/
0!./!10 0!.10) %/!'* +(!$ '!*%'* /!0 0!0,Č %*ü4! //!0/Č)+1*0! 0+ąăŌ0+,ĂĀċāă0.%((%+**!0ċ
!./%$/!!/.ąăŌ)!*& %,ĂĀČāă0.%(%1*ċ
Aset Lancar Current Assets

Ƶ/!0 (*. 01.1* /!!/. ćŌ .% ,ĊČĀĀ 0.%(%1* ,!. ƫ1..!*0//!0/ !(%*! 5ćŌ".+),ĊċĀĀ0.%((%+*/+"ăā
0*##( ăā !/!)!. ĂĀāĈ )!*& % ,ĉČĆĀ 0.%(%1* ,!. !!)!.ĂĀāĈ0+,ĉċĆĀ0.%((%+*/+"ăā!!)!.ĂĀāĈċ
0*##( ăā !/!)!. ĂĀāĉċ !*1.1** %*% %,!.%*% (!%$ $! !(%*!%/!(+.0! /"+((+3č
(*&10/!#%!.%'10č đ ƫ/$ * /$ !-1%2(!*0/ !(%*! 5 ĂĊċăĈŌ ".+)
đ / * /!0. '/ 01.1* /!!/. ĂĊČăĈŌ .% ,ĆČĆĆ ,ĆċĆĆ 0.%((%+* / +" !!)!. ăāČ ĂĀāĈ 0+ ,ąċăĀ
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,ąČăĀ 0.%((%+*/+"ăā!!)!.ĂĀāĉċ$! !(%*!3/)%*(5
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĉċ !*1.1** %*% 00.%10(! 0+ !4,!*/!/ .!(0! 0+ 0$! ((+0%+*
0!.10) %/!'*+(!$(+'/%,!)%5*'0%2%0/ "+. ü**%*# 0$! +*/0.10%+* +" (0%) !..+*%'!(
'+*/0.1'/% .+5!' !)*#1** .%' !.+*%'!( (*0 ƫ+*/0.10%+* .+&!0 Ĩăĩċ * ĂĀāĈČ ,%0(
(0%) Ĩăĩċ 0$1* ĂĀāĉ !(*& )+ ( 5*# !4,!* %01.!//+.! 5ă)+1*0! 0+,ĂċĀĀ
%/!.,+(!$ă%($/!!/.,ĂČĀĀ0.%(%1* !*#* 0.%((%+*ċ
0%*#'0'!)&1*ü/%',.+5!')!*,%ĊĂŌċ đ . !.!!%2(!/ġ*!0Č".+)0$%. ,.0%!/ !(%*! 5
đ %10*# 1/$Č !./%$ ,%$' '!0%# 01.1* /!!/. ĆŌ ĆŌČ".+),ĊćĊċĀą%((%+*/+"!!)!.ăāČĂĀāĈ0+
.% ,ĊćĊČĀą )%(%. ,!. 0*##( ăā !/!)!. ĂĀāĈ ,ĊĂĂċĈĊ%((%+*/+"!!)!.ăāČĂĀāĉċ
)!*& %,ĊĂĂČĈĊ)%(%.,!.0*##(ăā!/!)!.ĂĀāĉċ đ *2!*0+.%!/ ġ *!0 .!+. ! * %*.!/! +" ćāŌ ".+)
đ !./! %*Č !./%$ *%' /!!/. ćāŌ .% ,āČĂć ,āċĂć0.%((%+*/+"!!)!.ăāČĂĀāĉ0+,ĂċĀă0.%((%+*
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,ĂČĀă /+"!!)!.ăāČĂĀāĉċ$%/%*.!/!3/)%*(5 1!
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĉċ !*%'* %*% to the increase in inventory of the Company’s main
0!.10) %/!'*+(!$'!*%'*,!./! %*,.+ 1' +))+ %05,.+ 10/ċ
'+)+ %0/10)!.1/$*ċ đ .!,% 04!/Č +0$!. 04!/ %*.!/! 5 āāĆŌ ".+)
đ &' %5. %)1'Č,&'(%*ġ(%**%'/!!/.āāĆŌ ,ĆĀąċĊĊ %((%+* %* ĂĀāĈ 0+ ,āċĀĉ 0.%((%+* 1! 0+ *
.%,ĆĀąČĊĊ)%(%., 0$1*ĂĀāĈ)!*& %,āČĀĉ %*.!/!%*2(1! ! 04ċ
0.%(%1* %/!'*'!*%'*,&',!.0)$**%(%ċ
Aset Tidak Lancar Non-Current Assets

Ƶ/!00% '(*.!.1/$*)!*%*#'0/!!/.āĉŌ .% $!ƫ+),*5Ě/*+*ġ1..!*0//!0/%*.!/! 5āĉŌ".+)
,ĂāČĀā 0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,ĂāċĀā0.%((%+*/+"ăā!!)!.ĂĀāĈ0+,ĂąċĉĀ0.%((%+*
,ĂąČĉĀ 0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĉċ !*%'* /+"ăā!!)!.ĂĀāĉċ$%/%*.!/!%/)%*(5 1!0+0$!
%*%0!.10) %/!'*+(!$'!*%'**%(%,!.+(!$*,+/ increasing of Property, plant and equipment, net value that
Ƶ/!00!0,Č!./%$5*#)!*%*#'0ąăŌ .%,āąČĀĊ0.%(%1* .%/!ąăŌ".+),āąċĀĊ0.%((%+*/+"!!)!.ăāČĂĀāĈ0+
,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,ĂĀČāă 0.%(%1* ,ĂĀċāă0.%((%+*/+"!!)!.ăāČĂĀāĉċ$!%*.!/%*#+"
,!. 0*##( ăā !/!)!. ĂĀāĉċ !*%'* %*% 0!.10) 0$!*+*ġ1..!*0//!0/2(1!%/(/+1/! 50$!+*0%)!
%/!'* +(!$ '!*%'* *%(% ,!.+(!$* .%'Č )!/%* ,.+#.!// +" +*/0.10%+* 0$! /0 ()$!. !..+*%'!(
dan peralatan seiring dengan kemajuan fase konstruksi Plant Project as well as asset development in Pomalaa and
.+5!' !)*#1** .%' !.+*%'!( ()$!. %)1. +*#'+.)%*!ċ
*,!*#!)*#*0)*# %+)( *+*#'+.ċ

Aset Tetap-Bersih, Jumlah Aset, Jumlah Liabilitas

Property, plant & equipment - Net, Total Asset, Total Liability
33.306,39
ĂĊċĊĉāČĆą ăĀċĀāąČĂĈ
20.128,16
āĂċĊĆĉČĊĆ āąċĀĊĂČĊĊ 13.567,16

āāċĆĈĂČĈą āāċĆĂăČĉĈ

Ƶ/!0!0,ġǫ!./%$ Jumlah Aset
1)($%%(%0/
.+,!.05Č,(*0Ē!-1%,)!*0ġ!0 Total Asset +0(%%(%05
Total Liabilitas Total Liabilities

+0((%%(%0/!.1/$**%'/!!/.āĉČćĆŌ .%,āāČĆĂ $! ƫ+),*5Ě/ 0+0( (%%(%0%!/ %*.!/! 5 āĉċćĆŌ ".+)
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,āăČĆć ,āāċĆĂ0.%((%+*/+"!!)!.ăāČĂĀāĈ0+,āăċĆć0.%((%+*
0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĉċ!*%'*%*%0!.10) / +" !!)!. ăāČ ĂĀāĉċ $%/ %*.!/! 3/ )%*(5 1!
%/!'* +(!$ ,!*%*#'0* ,%*&)* %*2!/0/% &*#' 0+ 0$! %*.!/! %* 0$! ƫ+),*5Ě/ /$+.0ġ0!.) * (+*#ġ
,!* !' *&*#',*&*#!.1/$*5*#*%')/%*#ġ 0!.) %*2!/0)!*0 (+*/ 3$%$ %*.!/! 5 āăāŌ * ćąŌ
)/%*#/!!/.āăāŌ *ćąŌ .%0$1*ĂĀāĈċ .!/,!0%2!(5".+)ĂĀāĈċ
Total Liabilitas Jangka Pendek Total Short Term Liabilities

+0((%%(%0/&*#',!* !'01.1*/!!/.āŌ .%,ĆČĆĆ +0( /$+.0ġ0!.) (%%(%0%!/ !.!/! 5 āŌ ".+) ,ĆċĆĆ
0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĈ)!*& %,ĆČĆā0.%(%1* 0.%((%+* / +" !!)!. ăāČ ĂĀāĈ 0+ ,ĆċĆā 0.%((%+* / +"
,!. 0*##( ăā !/!)!. ĂĀāĉċ !*1.1** %*% %,!.%*% !!)!. ăāČ ĂĀāĉċ $%/ !.!/! %/ "1.0$!. !0%(! /
(!%$(*&10/!#%!.%'10č "+((+3/č
đ 0*# 1/$ !.1/$* '!, ,%$' !.!(/% đ $! ƫ+),*5Ě/ +,!.0%*# ,5(!/ 0+ .!(0! ,.0%!/
*%' /!!/. ĆĂŌ .% ,ąĈĊČāĈ )%(%. ,!. 0*##( ăā %*.!/! 5ĆĂŌ".+),ąĈĊċāĈ%((%+*/+"!!)!.
!/!)!.ĂĀāĈ)!*& %,ĈĂĉČĈą)%(%.,!.0*##(ăā ăāČ ĂĀāĈ 0+ ,ĈĂĉČĈą %((%+* / +" !!)!. ăāČ ĂĀāĉċ
!/!)!.ĂĀāĉċ0*#1/$'!, ,%$''!0%#01.10 ,!.0%*# ,5(!/ 0+ 0$%. ,.0%!/ (/+ %*.!/! 5
)!*#()%'!*%'*/!!/.ąćŌ .%,ăĂĈČĂĂ)%(%. ąćŌ".+),ăĂĈċĂĂ%((%+*/+"!!)!.ăāČĂĀāĈ0+
,!.0*##(ăā!/!)!.ĂĀāĈ)!*& %,ąĈĊČăĆ)%(%. ,ąĈĊċăĆ%((%+*/+"!!)!.ăāČĂĀāĉċ
,!.0*##(ăā!/!)!.ĂĀāĉċ • Investment loans that are due in one year are recorded
• Pinjaman Investasi yang jatuh tempo dalam satu tahun %*ĂĀāĉ)+1*0%*#0+,āċāĂ0.%((%+*Č+.1,āăāŌ+),.!
0!.00 , 0$1* ĂĀāĉ /!!/. ,āČāĂ 0.%(%1*Č *%' 0+0$!ĂĀāĈĚ/ċ
āăāŌ %* %*#'*0$1*ĂĀāĈċ • Advances from customers were recorded to increase
đ *# )1' ,!(*##* 0!.00 *%' /!!/. āĈĆŌ 5āĈĆŌ0+,ăāĈċĀĉ%((%+*%*ĂĀāĉċ
)!*& %,ăāĈČĀĉ)%(%., 0$1*ĂĀāĉċ
Total Liabilitas Jangka Panjang Total Long-Term Liabilities

+0((%%(%0/&*#',*&*#!.1/$**%'/!!/.ăĆŌ $! ƫ+),*5Ě/ 0+0( (+*#ġ0!.) (%%(%0%!/ %*.!/! 5
.%,ĆČĊĈ0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĈ)!*& % ăąċĊĀŌ ".+) ,ĆċĊĈ 0.%((%+* / +" !!)!. ăāČ ĂĀāĈ 0+
,ĉČĀć0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĉċ(0!./!10 ,ĉċĀĆ 0.%((%+* / +" !!)!. ăāČ ĂĀāĉċ $%/ 3/ )%*(5
terutama dipengaruhi kenaikan pinjaman investasi setelah %*ý1!*! 50$!%*.!/!%*%*2!/0)!*0(+*/Č*!0+"0$!
%'1.*#% #%* 5*# &01$ 0!),+ () /01 0$1* ,+.0%+* )01.%*# %* +*! 5!.Č 5 ćąċĀăŌ ".+) ,ăċĂĀ
/!!/.ćąŌ .%,ăČĂĀ0.%(%1*,!.0*##(ăā!/!)!. 0.%((%+* / +" !!)!. ăāČ ĂĀāĈ 0+ ,ĆċĂĆ 0.%((%+* / +"
ĂĀāĈ)!*& %,ĆČĂĆ0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĉċ !!)!.ăāČĂĀāĉċ

Total Ekuitas Total Equity

+0( !'1%0/ !.1/$* *%' /!!/. ĈŌ .% ,āĉČąĊ $!ƫ+),*5Ě/0+0(!-1%05.+/!5ĈŌ".+),āĉċąĊ0.%((%+*
0.%(%1* ,!. 0*##( ăā !/!)!. ĂĀāĈ )!*& % ,āĊČĈą /+"!!)!.ăāČĂĀāĈ0+,āĊċĈą0.%((%+*/+"!!)!.
0.%(%1*,!.0*##(ăā!/!)!.ĂĀāĉċ!*%'*%*%0!.10) ăāČ ĂĀāĉċ $%/ %*.!/! 3/ )%*(5 1! 0+ * %*.!/! +"
%/!'*+(!$'!*%'*0$1*!.&(*/!.01.,(1/ ƫ+),*5Ě/.+ü0+"0$!5!.* Ƶ//!0.!2(10%+*/1.,(1/
.!2(1/%/!05*#01)1$/!!/.āĉŌ, 0$1*ĂĀāĉċ 0$0$%'! 5āĉŌ%*ĂĀāĉċ
Jumlah Ekuitas, Imbal Hasil Rata-Rata Aset, Imbal Hasil Rata-Rata Ekuitas
Total Equity, Return on Average Asset, Return on Average Asset
19.739,23
āĉċąĊĀČąĀ ĀČąć 2,76 4,57
0,21 ĀČăĆ ĀČĈą
āĉċąĀĉČĉ

Jumlah Ekuitas )(/%(0ġ0Ƶ/!0 )(/%(0ġ0'1%0/
Total Equity Return on Average Asset Return on Average Equity
Rp Miliar Rp Billion Ō Ō
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED CASH FLOW STATEMENT
Arus Kas dari Aktivitas Operasi Cash Flow from Operating Activities
Ƶ.1/ '/ !./%$ ƵƵ 5*# %,!.+(!$ .% '0%2%0/ ƵƵ Ě/ *!0 /$ ý+3 !.%2! ".+) +,!.0%*# 0%2%0%!/
+,!./% *%' /!!/. ăćŌ .% ,āČăĉ 0.%(%1* % 0$1* %*.!/! ăćŌ".+),āċăĉ0.%((%+*%*ĂĀāĈ0+,āċĉĈ0.%((%+*
ĂĀāĈ )!*& % ,āČĉĈ 0.%(%1* % 0$1* ĂĀāĉċ !*%*#'0* %*ĂĀāĉċ$%/%*.!/!3/)%*(5 1!0+0$!%*.!/!%*/$
%*% 0!.10) %/!'* +(!$ '!*%'* ,!*!.%)* '/ ,.+!! / .!!%2! ".+)1/0+)!./+" āĀĊŌ ".+) ,āĂċĂą
.%,!(*##*/!!/.āĀĊŌ .%,āĂČĂą0.%(%1* %0$1* 0.%((%+* %* ĂĀāĈ 0+ ,ĂĆċĆą 0.%((%+* %* ĂĀāĉČ 3$%$ %/ %* (%*!
ĂĀāĈ)!*& %,ĂĆČĆą0.%(%1* %0$1*ĂĀāĉ/!&(* !*#* with the increase in the value of ANTAM’s commodity net
,!*%*#'0* *%(% ,!*&1(* !./%$ '+)+ %0/ ƵƵ /(!/0$0#.!3ĊĊŌ0+,ĂĆċĂą0.%((%+*ċ
0$1*ĂĀāĉ5*#01)1$ĊĊŌ)!*& %,ĂĆČĂą0.%(%1*ċ
Arus Kas dari Aktivitas Investasi Cash Flow from Investment Activities
Ƶ.1/'/!./%$!.1/$*5*# %#1*'*1*01''0%2%0/ $!ƫ+),*5Ě/*!0/$ý+30$03/1/! "+.%*2!/0)!*0
%*2!/0/% 01.1* /!!/. āĀŌ .% ,ĂČĉĊ 0.%(%1* % 0$1* 0%2%0%!/ !.!/! āĀŌ ".+) ,ĂċĉĊ 0.%((%+* %* ĂĀāĈ 0+
ĂĀāĈ )!*& % ,ĂČĆĊ 0.%(%1* % 0$1* ĂĀāĉċ ( 0!./!10 ,ĂċĆĊ 0.%((%+* %* ĂĀāĉċ $%/ !.!/! 3/ )%*(5 1/!
0!.10) %/!'* +(!$ '!*%'* ,!*!.%)* ,+/ 5 0$! %*.!/! %* 0$! -1%/%0%+* +" ,.+,!.05Č ,(*0 *
dividen, divestasi saham dan perolehan kas dari aktivitas !-1%,)!*0/3!((/ !(%*!%*(+*/0+&+%*02!*01.!/ċ$!
'1%/%/%!*0%0/*'ċ(0!./!10%*% %,!.%*%(!%$(*&10 !0%(! %//"+((+3/č
/!#%!.%'10č đ ƫ/$ý+3"+. %2% !* .!!%,0%*ĂĀāĉ3/.!+. ! 0
• Arus kas dari penerimaan dividen di tahun 2018 tercatat ,ĂāĊČćĊ%((%+*+.ĂĉŌ$%#$!.+),.! 3%0$,āĈāċĊą
/!!/. ,ĂāĊČćĊ )%(%. *%' ĂĉŌ %* %*#'* %((%+* %* ĂĀāĈČ 3$%$ %/ %* (%*! 3%0$ 0$! %*.!/! %*
,āĈāċĊą)%(%. %0$1*ĂĀāĈ/!%.%*# !*#*'!*%'* %2% !* .!!%,0+"0$!ƫ+),*5%*ĂĀāĉċ
,!*!.%)* %2% !*!.1/$*0$1*ĂĀāĉċ

• Arus kas dari aktivitas divestasi saham tercatat đ ƫ/$ ý+3 "+. %2!/0)!*0 %* /$.!/ 3/ .!#%/0!.! 0
/!!/.,ăĂćČąĆ)%(%. %0$1*ĂĀāĉ*%'ĂċĉĀĂŌ .% ,ăĂćċąĆ %((%+* %* ĂĀāĉ +. $%#$!. 5 ĂČĉĀĂŌ ".+)
/!!(1)*5,āāČĂĆ)%(%. %0$1*ĂĀāĈ/!%.%*# !*#* ,.!2%+1/+",āāċĂĆ%((%+*%*ĂĀāĈċ
penerimaan kas dari divestasi kepemilikan saham đ ƫ/$ -1%.! ".+) -1%/%0%+* +" /1/% %.5 %* ĂĀāĉ
!.1/$* %!*0%0//+/%/%ċ 3/.!+. ! +",ĂĉąċĆĂ%((%+*ċ
• Arus kas dari penerimaan akuisi entitas anak, pada
0$1*ĂĀāĉ0!.00/!!/.,ĂĉąČĆĂ)%(%.ċ
Arus Kas Bersih yang Arus Kas Bersih yang Arus Kas Bersih yang
diperoleh dari Aktivitas digunakan untuk Aktivitas digunakan untuk Aktivitas
Operasi Investasi Pendanaan
Net Cash Flow Provided Net Cash Flow Used in Net Cash Flow Used in
From Operating Activities Investing Activities Financing Activities
Rp Miliar Rp Billion Rp Miliar Rp Billion Rp Miliar Rp Billion
1.874,58 ĂċĉĊĀČĆć 619,76

2.593,81 ĆćĉČăć
āċăĈĊČāĉ
āċĀāĆČăĊ
āċăĉĂČĀĆ
ĂćČĉą
Arus Kas dari Aktivitas Pendanaan Cash Flow from Financing Activities
ƵƵ )!*00 '!*%'* .1/ '/ !./%$ 5*# ƵƵ .!#%/0!.! * %*.!/! %* *!0 /$ ý+3 0$0 3/
%#1*'* 1*01' '0%2%0/ ,!* ** /!!/. ,ćāĊČĈć 1/! "+. ü**%*# 0%2%0%!/ +" ,ćāĊČĈć %((%+* %* ĂĀāĉ
)%(%. % 0$1* ĂĀāĉ %* %*#'* ,ĆćĉČăć )%(%. .1/ +),.! 0+ ,Ććĉċăć %((%+* %* *!0 /$ ý+3 +0%*!
'/ !./%$ 5*# %,!.+(!$ .% '0%2%0/ ,!* ** % ".+)ü**%*#0%2%0%!/%*ĂĀāĈċ$%/)!+10/0$!.!
0$1*ĂĀāĈċ(0!./!10 %/!'*'!*%'*,!)5.* 3/*%*.!/!%*,.+!! /".+)*'(+*/Č.!,5)!*0+"
'!3&%*,%*&)**'Č,!)5.*10*#+(%#/% * +* /,5(!* 5)!*0+"/$ %2% !* $! !0%(!
,!)5.* %2% !*ċ ( 0!./!10 %,!.%*% (!%$ (*&10 %//"+((+3/č
/!#%!.%'10č đ * ĂĀāĉČ %* +. *! 3%0$ 0$! !%/%+* +" 0$! ĂĀāĈ
• Pada tahun 2018, sesuai dengan keputusan Rapat Annual General Meeting of Shareholders, the Company
)1)!)!#*#$)$1*ǫ1'1ĂĀāĈČ!.1/$* %/0.%10! ăĆŌ +" 0$! 0+0( ,.+ü0 "+. 0$! 5!. "0!.
)!* %/0.%1/%'* /!!/. ăĆŌ .% 0+0( ( 0$1* 04"+.0$!ĂĀāĈü**%(5!.+.!-1%2(!*00+,ąĈċĈĉ
!.&(* /!0!($ ,&' 0$1* 1'1 ĂĀāĈ 01 /!0. %((%+*"+. %2% !* ,5)!*0/0+/$.!$+( !./ċ
!*#*,ąĈČĈĉ)%(%.1*01',!)5.* %2% !*#% đ ƫ/$ý+3/"+..!,5)!*0+"+* /,5(!)+1*0!
,!)!#*#/$)ċ 0+,ĊĀĀċĀĀ%((%+*%*ĂĀāĉ%*(%*!3%0$0$!,5)!*0+"
đ Ƶ.1/ '/ 1*01' ,!)5.* 10*# +(%#/% 0!.00 the Phase 1 ANTAM Series A Continuous Rupiah Bonds
/!!/. ,ĊĀĀČĀĀ )%(%. , 0$1* ĂĀāĉ /!%.%*# ,.%*%,(,5(! 1!%*!!)!.ĂĀāĉ
!*#* ,!)5.* 10*# ,+'+' (%#/% 1,%$ đ ƫ/$ ý+3/ "+. *' (+* ,5)!*0/ %* ĂĀāĉ .!$!
Berkelanjutan Tahap I ANTAM Seri A yang jatuh tempo ,ćċĂć0.%((%+*Č1,ĂĀŌ+),.! 0+ĂĀāĈ)+1*0%*#0+
, 1(*!/!)!.ĂĀāĉċ ,ĆċĂă0.%((%+*ċ
đ Ƶ.1/'/1*01',!)5.*,%*&)**', 0$1*
ĂĀāĉ )!*,% ,ćČĂć 0.%(%1*Č *%' ĂĀŌ %* %*#'*
0$1*ĂĀāĈ/!!/.,ĆČĂă0.%(%1*ċ
Selain itu pada tahun 2018 terjadi kenaikan penerimaan * %0%+*Č %* ĂĀāĉ 0$!.! 3/ * %*.!/! %* *' (+*
,%*&)**'/!!/.āąŌ .%,ąČćĈ0.%(%1*, 0$1* .!!%,0/ 5 āąŌ ".+) ,ąċćĈ 0.%((%+* %* ĂĀāĈ 0+ ,ćċĂĂ
ĂĀāĈ)!*& %,ćČĂĂ0.%(%1*, 0$1*ĂĀāĉċ 0.%((%+*%*ĂĀāĉċ

Rasio Lancar Rasio Total Liabilitas Rasio Total Liabilitas

Current Ratio Terhadap Ekuitasasi Terhadap Aset
Ō Total Liabilities to Equity Total Liabilities to Asset
Ratio Ratio
ĂąąČĂą Ō Ō
āćĂČāă 154,19
ćĂČĉĈ ćĂČăĂ 68,73

ăćČćĀ ăĉČăĊ 40,73
KEMAMPUAN MEMBAYAR PINJAMAN DAN DEBT SERVICING AND RECEIVABLES

KOLEKTIBILITAS PIUTANG COLLECTABILITY
Kemampuan Membayar Pinjaman Debt Servicing

ANTAM melakukan pengelolaan risiko likuiditas dengan ƵƵ ..%!/ +10 (%-1% %05 .%/' )*#!)!*0 5
memonitor ,.+ü( &01$ 0!),+ ,%*&)* * /1)!. )+*%0+.%*# 0$! )01.%05 ,.+ü(! +" (+*/ * "1* %*#
pendanaan, menjaga saldo kecukupan kas dan surat sources, maintaining adequate cash and securities, as well
!.$.# *'!/%,*1*01')!*&#,+/%/%,/.ċƵƵ /%0/.! %*!//0+)%*0%*).'!0,+/%0%+*ċƵƵ (/+
juga mempertahankan kemampuannya untuk melakukan )%*0%*/%0/%(%050+"1* %0/+..+3%*#.!-1%.!)!*0/5
,!)%5* 0/ ,%*&)* 5*# %)%(%'% !*#* . ü* %*#2.%+1//+1.!/+""1* %*#"%(%0%!/0$0 /%* %*#
)!*.% !.#% /1)!. "/%(%0/ ,!)%5* 5*# ".+) !,!* (!ü**%*#/+1.!/ċ
)!*#%'0 .%,!)!.%,%*&)*5*#* (ċ
*##( &01$ 0!),+ '+*0.'01( .% (%%(%0/ '!1*#* $! +*0.01( )01.%05 0! ".+) 0$! ü**%( (%%(%05
/!,!.0%10*#1/$Č%5)/%$$.1/ %5.Č10*#(%*ġ /1$/+1*0/,5(!Č.1! !4,!*/!/Č+0$!. !0/
(%* *,%*&)**'&*#',!* !' ($'1.*# .% * /$+.0ġ0!.) *' (+*/ .! (!// 0$*+*!5!.Č!4!,0
/010$1*Č'!1(%1*01'(%%(%0/'!1*#*/!,!.0%10*# "+.ü**%((%%(%0%!//1$/+* /* %*2!/0)!*0(+*/ċ
+(%#/% *,%*&)*%*2!/0/%ċ
/%+'!)),1*)!)5.,%*&)*0!.!ý!'/%'* () $! %(%05 0+ /!.2%! %0/ !0/ %/ .!ý!0! %* 0$! 1..!*0
./%+(*. *./%+'/ċ%'$%.0$1*ĂĀāĉČ./%+(*. .0%+* /$.0%+ċƵ/+"0$!!* +"ĂĀāĉČ0$!1..!*0.0%+
0!.00 /!!/. āĆąŌ /!)!*0. ./%+ '/ Ĩ/$ .0%+ĩ 3/āĆąŌ3$%(!0$!/$.0%+3/0ĈĉŌċ+0((%%(%0%!/
0!.00/!!/.ĈĉŌċ*01'./%+0+0((%%(%0/0!.$ , 0+!-1%0%!/.0%+3/++'! 0ćĊŌ* 0$!/+(2!*5.0%+
!'1%0/0!.00/!!/.ćĊŌ *./%+/+(2%(%0//!!/. )+1*0! 0+ĂąĆŌċ$!/+(2!*5.0%+%/0+0(//!0/+2!.
ĂąĆŌċ /%+ /+(2%(%0/ ($ ./%+ 0+0( /!0 0!.$ , 0+0((%%(%0%!/ċ *ĂĀāĉČƵƵ Ě/-1%'.0%+3/āāĈŌ3%0$
0+0((%%(%0/ċ%0$1*ĂĀāĉƵƵ )!)%(%'%./%+!,0 1..!*0 //!0/ )+1*0%*# 0+ ,ĉċĆĀ 0.%((%+* * 1..!*0
Ĩ-1%' .0%+ĩ /!!/. āāĈŌ !*#* &1)($ /!0 (*. (%%(%0%!/+",ĆċĆā0.%((%+*ċ
,ĉċĆĀ0.%(%1* *(%%(%0/(*.,ĆċĆā0.%(%1*ċ
Tingkat Kolektibilitas Piutang Receivables Collectability

+(!'0%%(%0/ ,%10*# 1/$ * ,%10*# (%*ġ(%* %0%*&1 $! +((!0%(%05 +" +1*0/ .!!%2(! * +0$!.
/!. !.'(ċ %10*# 5*# %'!0$1% 0% ' 0!.0#%$Č .!!%2(!/ %/ ,!.%+ %((5 .!2%!3! ċ !!%2(!/ '*+3*
dihapuskan dengan secara langsung dengan mengurangi 0+ ! 1*+((!0(! .! %.!0(5 3.%00!* +û 5 .! 1%*#
*%(% 0!.00*5ċ Ƶ'1* ,!*5%/%$* %#1*'* '!0%' 0$!%...5%*#)+1*0ċƵ*((+3*!+1*0%/1/! 3$!*
0!. ,0 1'0% 5*# +&!'0%" $3 ƵƵ 0% ' ,0 0$!.!%/+&!0%2!!2% !*!0$0ƵƵ **+0+((!0((
menagih seluruh nilai terutang sesuai dengan persyaratan outstanding amounts in accordance with the initial terms

3( ,%10*#ċ !/1(%0* '!1*#* /%#*%ü'* 5*# %()% +".!!%2(!/ċ%#*%ü*0ü**%( %þ1(0%!/!4,!.%!*!

!%01.Č '!)1*#'%** !%01. %*50'* ,%(%0 01 50$! !0+.Č0$!,+//%%(%05+"0$! !0+.!%*# !(.!
)!('1'* .!+.#*%//% '!1*#* * ##( 5. 01 *'.1,0+..!+.#*%6%*#0$!ü**!/* "%(%*#0+,5+.
)!*1*##' ,!)5.* )!.1,'* %* %'0+. 5*# delinquent payment is an indicator considered to indicate
dianggap dapat menunjukan adanya penurunan nilai !.!/!%*0$!2(1!+".!!%2(!/ċ
,%10*#ċ
Pada akhir tahun 2018, collection period memperlihatkan As of the end of 2018, the collection period showed a
,!*1.1** )!*& % āăČĈĀ $.% %* %*#'* 0$1* ĂĀāĈ !.!/!0+āăċĈĀ 5/+),.! 0+ĂćċĀą 5/%*ĂĀāĈċ+
5*# )!*,% ĂćČĀą $.%ċ *01' )!*#1.*#% .%/%'+ .! 1!0$!.%/'+" !"1(0515!./Č0$!ƫ+),*5,,(%!/
,!)!(% ##( 5. Ĩ !"1(0ĩČ !.1/$* )!*!.,'* * 2*! ,5)!*0 ,+(%5 "+. /,!%ü!4%/0%*# * *!3
'!%&'* ,!)5.* % 3( 1*01' ,!)!(% () * 15!./ 3%0$ (+*#ġ0!.) +*0.0/ċ +.!+2!.Č 0$! ƫ+),*5
.1 0!.0!*01 !*#* '+*0.' &*#' ,*&*#ċ !(%* %01 %/ (/+ ,.+0!0! 5 (+*#ġ0!.) +û 0'! /(!/ +*0.0
Perusahaan juga dilindungi oleh praktek kontrak penjualan ,.0%!/ "+. "!..+*%'!( ,.+ 10/ċ $!/! (+*#ġ0!.)
+û0'! &*#' ,*&*# 0!.10) 1*01' ,.+ 1' "!.+*%'!(ċ +*0.0/(.#!(5!*/1.!0$00$!ƫ+),*5$/15!./"+.
+*0.' &*#' ,*&*# %*% (!%$ )!*&)%* !.1/$* %0/,.+ 10/ċ
1*01',!)!(%*'+)+ %0/5*# %$/%('*ċ
Rasio Kas Rasio Solvabilitas Collecting Period

Cash Ratio Solvability Ratio Collecting Period
Ō Ō hari day
259 ĂćĀ ĂĆČĈĀ ĂćČĀą

245
āĈĆČāć
13,70
ĊĊČĊĈ
78,00
STRUKTUR MODAL DAN KEBIJAKAN STRUKTUR CAPITAL STRUCTURE AND CAPITAL STRUCTURE
MODAL POLICY
Dasar Pemilihan Kebijakan Manajemen atas Basis of Management’s Policy on Capital Structure
Struktur Modal
!%&'* )*&!)!* 0/ /0.1'01. )+ ( % /.'* *#!)!*0Ě/ ,+(%5 +* ,%0( /0.101.! %/ /! +*
untuk melindungi kemampuan Perusahaan dalam ,.+0!0%*# 0$! ƫ+),*5Ě/ %(%05 0+ +*0%*1! / #+%*#
mempertahankan kelangsungan usaha sehingga dapat concern so as to provide returns for shareholders and
0!0, )!)!.%'* %)( $/%( #% ,!)!#*# /$) !*!ü0/"+.+0$!./0'!$+( !./* 0+)%*0%**+,0%)1)
* )*"0 #% ,!)*#'1 '!,!*0%*#* (%**5 * ,%0(/0.101.!0+.! 1!0$!+/0+",%0(ċ
mempertahankan struktur permodalan yang optimal untuk
)!*#1.*#%%5)+ (ċ
Kebijakan Struktur Modal Capital Structure Policy

Untuk mempertahankan atau menyesuaikan struktur To maintain or adjust its capital structure, the Company
permodalannya, Perusahaan dan Entitas Anak dapat * %0/1/% %.5* &1/00$!)+1*0+" %2% !* ,%
)!*5!/1%'* &1)($ %2% !* 5*# %5. '!, to shareholders, issue new shares or sell assets to reduce
,!)!#*#/$)Č)!*!.%0'*/$).101)!*&1( (%%(%0%!/ċ
/!01*01')!*#1.*#%(%%(%0/ċ

+*/%/0!* !*#* !*0%0/ (%* () %* 1/0.%Č !.1/$* Consistent with other entities within the industry, the
dan Entitas Anak memonitor )+ ( !. /.'* ./%+ ƫ+),*5* 1/% %.%!/)+*%0+./,%0(/! +*0$!
$10*# 0!.$ , )+ (ċ /%+ %*% %$%01*# !*#* !0 0+ ,%0( .0%+ċ $%/ .0%+ %/ (1(0! 5 %2% %*#
)!)#% &1)($ $10*# !*#* 0+0( )+ (ċ 10*# 0$!)+1*0+" !03%0$0+0(,%0(ċ!0%/0$!)+1*0
)!.1,'*&1)($(%%(%0/, (,+.*,+/%/%'!1*#* +" (%%(%0%!/ 0 0$! +*/+(% 0! /00!)!*0/ +" ü**%(
'+*/+(% /%*ċ + (0!. %.% .%/!(1.1$'+),+*!*!'1%0/ ,+/%0%+*ċ$!,%0(+),.%/!/+"((!-1%05+),+*!*0//
5*# /!#%)* &1)($ () (,+.* ,+/%/% /$+3*%*0$!+*/+(% 0! /00!)!*0/+"ü**%(,+/%0%+*ċ
'!1*#*'+*/+(% /%*ċ
0.1'01. )+ ( )!.1,'* ,!.%)*#* *0. ƫ,%0( /0.101.! .!,.!/!*0/ (*! !03!!* 0$! 1/!
penggunaan modal sendiri dengan pinjaman/hutang +"%0/+3*,%0(3%0$(+*/ĥ !00$0+),.%/!+"/$+.0ġ
yang terdiri dari hutang jangka pendek dan hutang 0!.)* (+*#ġ0!.) !0ċƫ,%0(/0.101.!3%0$)%*%)1)
&*#' ,*&*#ċ 0.1'01. )+ ( !*#* )%*%)1) %5 Weighted Average Cost of Capital or WACC can result in
penggunaan dana (Weighted Average Cost of Capital, *%*.!/!%*0$!2(1!+"0$!ƫ+),*5Ě//$.!/Č10 +!/
Ƶƫƫĩ ,0 )!*#'%0'* ,!*%*#'0* *%(% /$) not necessarily imply an increase in the Company’s net
!.1/$*Č 0!0,% 0% ' !..0% )!*%*#'0'* ( .*%*#/!.$.!+.ċƵ/%6!(!(!2!.#!*%*.!/!
!./%$ ,!. /$) ĨEarning per ShareČ ĩċ !2!.#! Č 10 (/+ /%)1(0*!+1/(5 %*.!/! .%/'ċ $!.!"+.!Č
5*# !/. ,0 )!*%*#'0'* Č *)1* /!'(%#1/ ANTAM determines an optimum capital structure policy
)!*%*#'0'*.%/%'+ċ(!$'.!*%01ƵƵ )!*!0,'* 0$0/!!'/0+)4%)%6!0$!ƫ+),*5Ě/2(1!ċ
'!%&'* /0.1'01. ,!.)+ (* 5*# +,0%)( #. ,0
)!)'/%)('**%(%!.1/$*ċ
Rincian Struktur Modal Details of Capital Structure

Selama tahun 2018, Perusahaan dan Entitas Anak masih $.+1#$+10 ĂĀāĉČ 0$! ƫ+),*5 * %0/ 1/% %.%!/
)!),!.0$*'* /0.0!#% %0!.,'* , 0$1* ĂĀāĈ +*0%*1!/0+)%*0%*0$!/0.0!#50$0%0,,(%! %*ĂĀāĈČ
yaitu mempertahankan rasio hutang terhadap modal *)!(5 )%*0%*%*# )4%)1) !0 0+ !-1%05 .0%+ +"
)'/%)1)/!!/.Ăčā5%010+0((%%(%0/0!.$ ,!'1%0/ Ăčāċ$! !00+!-1%05.0%+3/$%#$!.".+)ćĂŌ%*ĂĀāĈ
*%' .% ćĂŌ , 0$1* ĂĀāĈ )!*& % ćĊŌ , 0$1* 0+ ćĊŌ %* ĂĀāĉċ $! %*0!.!/0 !.%*# !0 0+ 0+0( !-1%05
ĂĀāĉċ/%+10*#0!.$ ,)+ (Ĩ%*0!.!/0!.%*#) pada .0%+%*!!)!.ăāČĂĀāĉ)+1*0! 0+ĆĀċĂćŌ(+3!.".+)
ăā!/!)!.ĂĀāĉ)!*,%ĆĀČĂćŌ01.1* .%,!.%+ !ăā ĆĀċĉăŌ/+"!!)!.ăāČĂĀāĈċ
!/!)!.ĂĀāĈ5*#)!*,%ĆĀČĉăŌċ
Produk Koin Dinar ANTAM

ANTAM’s Dinar Coin Produk

IKATAN MATERIAL UNTUK INVESTASI BARANG MATERIAL COMMITMENT FOR INVESTMENTS IN

MODAL CAPITAL GOODS
Selama tahun 2018 tidak ada ikatan yang material atas There were no material commitments for investments in
%*2!/0/%.*#)+ (ċ ,%0(#++ /0$.+1#$+10ĂĀāĉċ
INVESTASI BARANG MODAL INVESTMENT IN CAPITAL GOODS

!%.%*# !*#* '+* %/% $.# '+)+ %0/ 5*# !(1) In line with commodity price conditions that are less than
)!*##!)%.'*Č )' /0.0!#% '!1*#* ƵƵ "2+1.(!ČƵƵ Ě/ü**%(/0.0!#5%/0$!*"+1/! +*
%"+'1/'* , ,!*#!(+(* * /!. !.$0%ġ$0% ,.1 !*0(5)*#%*#%0/"1* /%*+. !.0+#!*!.0!#.+30$ċ
!*#*0!.1/!.1/$1*01')!*%*#'0'*,!.01)1$*ċ Investment in capital goods that was carried out in 2018
!*%/ %*2!/0/% .*# )+ ( 5*# %('1'* , 0$1* was focused on capital goods related to the construction
ĂĀāĉ %"+'1/'* , .*# )+ ( 0!.'%0 '+*/0.1'/% +" 0$! /0 ()$!. !..+*%'!( !2!(+,)!*0 .+&!0
.+5!'!)*#1**.%'!.+*%'!((0%)Ĩăĩ/!.0 Ĩăĩ / 3!(( / ü**%*# "+. 0$! !2!(+,)!*0 +"
,!)%5* ,!*#!)*#* %*"./0.1'01. ,!* 1'1*# /1,,+.0%*#%*"./0.101.!"+.0$!ă"0+.5ċ
,.%'ăċ
1&1* %*2!/0/% .*# )+ ( 1*01' '!,!.(1* $! +&!0%2! +" 0$! ,%0( #++ / %*2!/0)!*0 %/ 0+
,!*#!)*#* !.1/$* ($ () .*#' !*$*! 0$! ƫ+),*5Ě/ 2(1! 5 !4,* %*# ,.+ 10%+*
meningkatkan nilai Perusahaan melalui ekspansi kapasitas ,%05Č !*$*! ,.+ 10%+* !þ%!*5 * %2!./%"5
,.+ 1'/%Č ,!*%*#'0* !ü/%!*/% ,.+ 1'/% * %2!./%ü'/% 1/%*!// (%*!ċ $.+1#$+10 ĂĀāĉČ ƵƵ Ě/ ,!.0%+*(
(%*%1/$ċ!,*&*#0$1*ĂĀāĉƵƵ )!)!(*&'* Support Investment or Routine investment amounted to
Investasi Penunjang Operasional atau Investasi Rutin ,āćąċĆĈ%((%+*)%*(50+/1,,+.0)$%*!* ,.+ 10%+*
0$1* ĂĀāĉ /!!/. ,āćąČĆĈ )%(%. 0!.10) 1*01' /1,,+.00++(+,!.0%+*/ċƵƵ (/+/,!*0,Ăċćă0.%((%+*
)!*1*&*# +,!./% )!/%* * (0 ,!*1*&*# ,.+ 1'/%ċ for development investment wherein most were focused
ƵƵ &1#)!)!(*&'*,ĂČćă0.%(%1*1*01'%*2!/0/% +* /1,,+.0%*# 0$! !2!(+,)!*0 +" ă "0+.5 *
,!*#!)*#* 5*# /!#%* !/. %"+'1/'* 1*01' %*"./0.101.!ċ !*3$%(!Č ,ăĀċāĂ %((%+* 3/ ((+0!
)!* 1'1*# ,!)*#1** ,.%' * %*"./0.1'01. for retained expenses to support concession exploration
ăċ! *#'*,ăĀČāĂ)%(%. %(+'/%'*1*01'%5 activities and develop the Company’s mines as well as
ditangguhkan guna mendukung aktivitas eksplorasi develop the Company’s ERP (Enterprise Resource Planning)
'+*/!/% * ,!*#!)*#* 0)*# !.1/$* /!.0 /5/0!)ċ2!.((ċƵƵ ,%0(!4,!* %01.!)+1*0! 0+
,!*#!)*#*/%/0!)ĨEnterprise Resource Planning) ,ĂċĉĀ 0.%((%+* %* ĂĀāĉČ +. ćĂŌ $%#$!. +),.! 3%0$ 0$!
!.1/$*ċ !. '!/!(1.1$* ƵƵ )!('1'* 0+0(,%0(!4,!* %01.!%*ĂĀāĈ+",āċĈă0.%((%+*ċ
!(*& )+ ( /!!/. ,ĂČĉĀ 0.%(%1* % 0$1* ĂĀāĉČ *%'
ćĂŌ %* %*#'* 0+0( !(*& )+ ( 0$1* ĂĀāĈ 5*#
)!*,%,āČĈă0.%(%1*ċ
TARGET PERUSAHAAN DI AWAL TAHUN 2018 CORPORATE TARGETS AT BEGINNING OF 2018

DIBANDINGKAN REALISASI TAHUN 2018 COMPARED TO 2018 ACTUAL
0*##(āĊġĂā
1(%ĂĀāĉČ!.1/$*)!*# '*Mid *
1(5 āĊġĂāČ ĂĀāĉČ 0$! ƫ+),*5 +* 10! % !.
!. !2%!3 !!0%*#5*# !.01&1* 1*01' )!5!(./'* Review Meeting that seeks to align the Company’s actual
realisasi kinerja dan target produksi dan penjualan performance and commodity production and sales target
'+)+ %0/!.1/$*0$1*ĂĀāĉċ "+.ĂĀāĉċ
Dari sisi operasi, volume produksi feronikel di 2018 tercatat In terms of operations, ferronickel production volume in
/!!/. Ăąċĉćĉ % 01 āĀāŌ &%' %* %*#'* 0.#!0 ĂĀāĉ )+1*0! 0+ ĂąČĉćĉ % +. āĀāŌ +),.! 0+ 0$!
ĂĀāĉ/!!/.ĂąċćĆĂ%ċ!)!*0.%01Č2+(1)!,!*&1(* ĂĀāĉ0.#!0+"ĂąČćĆĂ%ċ !*3$%(!Č0$!"!..+*%'!(/(!/
"!.+*%'!( % 0$1* ĂĀāĉ 0!.00 /!!/. ĂąċāăĆ % 01 2+(1)!%*ĂĀāĉ)+1*0! 0+ĂąČāăĆ%+.ĊĊŌ+),.!
ĊĊŌ %* %*#'*0.#!00$1*ĂĀāĉ/!!/.ĂąċĈāĊ%ċ 3%0$0$!0.#!0%*ĂĀāĈ+"ĂąČĈāĊ%ċ
+0( 2+(1)! ,.+ 1'/% %&%$ *%'!( , 0$1* ĂĀāĉ 5*# Total nickel ore production volume in 2018 that is used
%#1*'*/!#%1),*%&%$,.%'"!.+*%'!(ƵƵ * as raw material for ANTAM’s ferronickel plant and also
&1#,!*&1(* +)!/0%')1,1*!'/,+.0!.00/!!/. +)!/0% / 3!(( / !4,+.0 /(!/ )+1*0! 0+ ĊČăāĈČĊćă
ĊċăāĈċĊćă 3)0ċ +(1)! ,.+ 1'/% 0!./!10 0!.00 āĀāŌ 3)0ċ$%/,.+ 10%+*2+(1)!)+1*0! 0+āĀāŌ+),.!
&%' %* %*#'* 0.#!0 ,.+ 1'/% %&%$ *%'!( 0$1* ĂĀāĉ 0+ 0$! *%'!( +.! ,.+ 10%+* 0.#!0 "+. ĂĀāĉ +" ĊČĂĂćČĀĆĈ

/!!/. ĊċĂĂćċĀĆĈ 3)0ċ ĂĀāĉČ ƵƵ )!*00'* 3)0ċ *ĂĀāĉČƵƵ .!#%/0!.! *%'!(+.!/(!/2+(1)!+"
2+(1)! ,!*&1(* %&%$ *%'!( /!!/. ćċăăĆċĂĉā 3)0 01 ćČăăĆČĂĉā3)0+.ĊąŌ+"/(!/0.#!0"+.ĂĀāĉ+"ćČĈĆćČĈąĀ
ĊąŌ .%0.#!0,!*&1(*0$1*ĂĀāĉ/!!/.ćċĈĆćċĈąĀ 3)00+"1(ü( +)!/0%* !4,+.0).'!0 !)* ċ
wmt untuk memenuhi permintaan pasar domestik maupun
!'/,+.ċ
Untuk komoditas emas, ANTAM mencatatkan total volume In terms of gold commodities, ANTAM registered total
,.+ 1'/% !)/ .% 0)*# +*#'+. * ƫ%(%1*# #+( ,.+ 10%+* 2+(1)! ".+) %0/ +*#'+. * ƫ%(%1*#
/!!/. āċĊĆć '# ĨćĂċĉĉĈ 0ċ+6ĩ 01 )!*,% ĊĆŌ .% )%*!/ )+1*0%*# 0+ āČĊĆć '# ĨćĂČĉĉĈ 0ċ+6ĩ +. ĊĆŌ +"
0.#!0,.+ 1'/%!)/0$1*ĂĀāĉ/!!/.ĂċĀćĆ'#ĨććČăĊā 0$! #+( ,.+ 10%+* 0.#!0 "+. ĂĀāĉ +" ĂČĀćĆ '# ĨććČăĊā
0ċ+6ĩċ *01' ,.+ 1'/% 0)*# !)/ +*#'+. )!*,% 0ċ+6ĩċ $! +*#'+. #+( )%*%*# ,.+ 10%+* )+1*0! 0+
āċăąĀ '# ĨąăċĀĉĂ 0ċ+6ĩ )!(!%$% 0.#!0 /!!/. āĀāŌċ āČăąĀ '# ĨąăČĀĉĂ 0ċ+6ĩ 0$0 !4!! / 0$! 0.#!0 5 āĀāŌċ
!)!*0. ,.+ 1'/% 0)*# ƫ%(%1*# )!*,% ćāć '# !*3$%(!Č 0$! ƫ%((1*# )%*! ,.+ 10%+* )+1*0! 0+
ĨāĊċĉĀĆ 0ċ+6ĩ 01 )!*,% ĉăŌ .% 0.#!0ċ !)!*0. ćāć '# ĨāĊČĉĀĆ 0ċ+6ĩ +. ĉăŌ +" 0$! 0.#!0ċ ƵƵ Ě/ #+(
itu volume penjualan emas ANTAM di tahun 2018 tercatat /(!/2+(1)!%*ĂĀāĉ)+1*0! 0+ĂĈČĉĊą'#ĨĉĊćČĉāĂ0ċ+6ĩ
/!!/.ĂĈċĉĊą'#ĨĉĊćċĉāĂ0ċ+6ĩ01)!*,%āĀĈŌ .% +. āĀĈŌ +" 0$! 0.#!0 0$0 3/ !0!.)%*! 0 ĂćČĀćĆ '#
0.#!05*# %0!0,'* /!!/. ĂćċĀćĆ '# ĨĉăĉċĀĀĊ 0ċ+6ĩ ĨĉăĉČĀĀĊ 0ċ+6ĩ %* (%*! 3%0$ 0$! +)!/0% * !4,+.0 #+(
/!%.%*# !*#* /0.0!#% ,!*#!)*#* ,/. !)/ %' market development strategy as well as ANTAM’s Precious
+)!/0%' * !'/,+. /!.0 %*+2/% ,.+ 1' +#) 1(% !0(//1/0%*(!,.+ 10%**+20%+*ċ
ƵƵ 5*#!.'!(*&10*ċ
Perbandingan Target dan Realisasi Perbandingan Target dan Realisasi

2018 & Rencana 2019 Feronikel 2018 & Rencana 2019 Bijih Nikel
Feronickel Target and Realization of Nickel Ore Target and Realization of
2018 & Planning of 2019 2018 & Planning of 2019
TNi Juta wmt Million wmt
ăĀċĂĉĀ 10,51 8,00
ăĀċĂĉĀ
ĊČăĂ ĊČĂă
Ăąċĉćĉ ĂąċāăĆ ĂąċćĆĂ ĂąċĈāĊ ćČĈć
ćČăă
Rencana 2018 Realisasi 2018 Rencana 2019 Rencana 2018 Realisasi 2018 Rencana 2019
Planning 2018 !(%60%+*ĂĀāĉ Planning 2019 Planning 2018 !(%60%+*ĂĀāĉ Planning 2019
Produksi Production Penjualan Sales
ƵƵ )!*00'* 2+(1)! ,.+ 1'/% 1'/%0 , ƵƵ .!#%/0!.! 14%0! ,.+ 10%+* 2+(1)! %* ĂĀāĉ
ĂĀāĉ /!!/. āċāĀĂċăĉĆ3)0 01 ĉĉŌ .% 0.#!0 /!!/. +" āČāĀĂČăĉĆ 3)0 +. ĉĉŌ +" 0$! 0.#!0 +" āČĂĆĉČĀĀĀ 3)0ċ
āċĂĆĉċĀĀĀ3)0ċ!)!*0.%01Č, ĂĀāĉČ2+(1)!,!*&1(* !*3$%(!Č 14%0! /(!/ 2+(1)! %* ĂĀāĉ 3/ ĊćăČĉąĂ
1'/%0 0!.00 ĊćăċĉąĂ 3)0 01 ćĊŌ %* %*#'* 3)0 +. ćĊŌ +),.! 0+ %0/ 0.#!0 +" āČăąāČĆĀĀ 3)0ċ
0.#!0 /!!/. āċăąāċĆĀĀ 3)0ċ !*&1(* 1'/%0 ƵƵ ƵƵ Ě/ 14%0! /(!/ .! ..%! +10 0+ "1(ü( 0$! 5*
%('1'*1*01')!)!*1$%'!101$*$*'1,.%' CGA factory’s raw material demand as well as sales to the
ƫƵ5*/!.0,!*&1(*'!,/.!'/,+.ċ !4,+.0).'!0/ċ
ANTAM pada 2018 melalui entitas anak PT Indonesia Coal *ĂĀāĉČƵƵ Č0$.+1#$%0//1/% %.5Č * +*!/%ƫ+(
!/+1.!/ Ĩ ƫĩ )!*&1( ăćĆċĉĉă 0+* 01. 01 !/+1.!/Ĩ ƫĩ)+1*0! 0+ăćĆČĉĉă0+*/+"+(+.
ććŌ .% 0.#!0 ĆĆĂċĆĀĀ 0+*ċ % 0$1* ĂĀāĉ ƫ 0% ' ććŌ+"0$!0.#!0+"ĆĆĂċĆĀĀ0+*ċ ƫ % *+0,.+ 1!
)!),.+ 1'/%01.ċ +(%*ĂĀāĉċ

Pada 2018, ANTAM melalui PT Indonesia Chemical Alumina ANTAM, through PT Indonesia Chemical Alumina
Ĩ ƫƵĩ )!),.+ 1'/% āĀċąăĉ )!0.%' 0+* (1)%* 01 Ĩ ƫƵĩ ,.+ 1! āĀČąăĉ )!0.% 0+*/+" (1)%*+. ĆĂŌ
ĆĂŌ .% 0.#!0 ,.+ 1'/% ĂĀāĉ /!!/. ĂĀċĀĀĀ )!0.%' of the production target in 2018 of 20,000 metric tons of
0+* (1)%*ċ +(1)! ,!*&1(* ƫƵ % ,!.%+ ! 0!./!10 (1)%*ċ ƫƵ /(!/ 2+(1)! "+. 0$%/ ,!.%+ )+1*0! 0+
0!.00 /!!/. āĀċăĂć )!0.%' 0+* (1)%* 01 /!'%0. āĀČăĂć )!0.% 0+*/+" (1)%*+. .+1* ĆĈŌ+" 0$! ĂĀāĉ
ĆĈŌ .%0.#!0,!*&1(*ĂĀāĉ/!!/.āĉċĀĀĀ)!0.%'0+* /(!/0.#!0+"āĉČĀĀĀ)!0.%0+*/+"(1)%*ċ *(%*!3%0$
(1)%*ċ !%.%*# !*#* /!(!/%*5 ,.+/!/ .!/0.1'01.%/% 0$!+),(!0%+*+"0$!&+%*0.!/0.101.%*#,.+!//!03!!*
kerjasama antar pemegang saham, aktivitas produksi CGA 0$!/$.!$+( !./ČƫƵ,.+ 10%+*0%2%0%!/5 ƫƵ3/
+(!$ ƫƵ'!)(% %(*&10'*, ,!.%+ !'$%.0$1* .!/1)! 00$!!* +"0$!ĂĀāĉ,!.%+ ċ
ĂĀāĉċ
TARGET TAHUN 2019 2019 TARGET

ǫ!. /.'* !** !.& * Ƶ*##.* !.1/$* Based on the Corporate Business Plan and Budget
ĨƵĩČ 0.#!0ġ0.#!0 % 0$1* ĂĀāĊ %0!0,'* !*#* ĨƵĩČ0$!0.#!0/"+.ĂĀāĊ3/ !0!.)%*! +*0$!/%/
landasan untuk meningkatkan utilitas operasi serta 0+ !*$*! +,!.0%+* 10%(%0%!/ / 3!(( / +,0%)%6! 0$!
mengoptimalkan pendapatan Perusahaan seiring Company’s revenues in line with the upward momentum in
)+)!*01)0.!*'!*%'*$.#'+)+ %0/ċ +))+ %05,.%!/ċ
Untuk feronikel, ANTAM menargetkan volume produksi di In terms of ferronickel, ANTAM targets production volume
0$1*ĂĀāĊ/!!/.ăĀċĂĉĀ0+**%'!( ()"!.+*%'!(Ĩ%ĩČ %*ĂĀāĊ+"ăĀČĂĉĀ0+*/+"*%'!(%*"!..+*%'!(Ĩ%ĩČ3$%$
)/%*#ġ)/%*# )!*%*#'0 ĂĂŌ %* %*#'* .!(%//% .!/,!0%2!(5 .!,.!/!*0/ ĂĂŌ %*.!/! +),.! 0+
,.+ 1'/% ĂĀāĉ /!!/. Ăąċĉćĉ % /!.0 %* %*#'* 0$! 01( ,.+ 10%+* "+. ĂĀāĉ +" ĂąČĉćĉ % / 3!(( /
!*#* 0.#!0 ,.+ 1'/% 0$1* ĂĀāĉ /!!/. ĂąċćĆĂ %ċ +),.! 3%0$0$!ĂĀāĉ,.+ 10%+*0.#!0+"ĂąČćĆĂ%ċ
Peningkatan target ini sejalan dengan strategi ANTAM untuk This increase is in line with ANTAM’s strategy to enhance
)!*%*#'0'* 10%(%//% +,!./% ,.%' !.+*%'!( +)(Č ANTAM’s Pomalaa ferronickel factory that is targeted
/!.0 '* !.+,!./%*5 ,.%' !.+*%'!( % ()$!. to produce as much as 25,000 TNi while the ferronickel
%)1. , !)!/0!. Ă 0$1* ĂĀāĊċ Ƶ ,1* , 0$1* ,(*0%*/0()$!.%/,.+&!0! 0+,.+ 1!ĆČĂĉĀ%ċ
ĂĀāĊČ ,.%' "!.+*%'!( ƵƵ % +)( %0.#!0'* ƵƵ (/+0.#!0/"!..+*%'!(/(!/+"ăĀČĂĉĀ%Č+.ĂĆŌ
,0 !.,.+ 1'/% /!!/. ĂĆċĀĀĀ % /! *#'* $%#$!.+),.! 0+01(ĂĀāĉ/(!/+"ĂąČāăĆ%+.ĂĂŌ
,.%' "!.+*%'!( % ()$!. %)1. %,.+5!'/%'* ,0 $%#$!.+),.! 0+0$!ĂĀāĉ/(!/0.#!0+"ĂąČĈāĊ%ċ
!.,.+ 1'/%/!!/.ĆċĂĉĀ%ċƵƵ &1#)!*.#!0'*
,!*&1(* "!.+*%'!( /!!/. ăĀċĂĉĀ %Č *%' ĂĆŌ
%* %*#'*.!(%//%,!*&1(*0$1*ĂĀāĉ/!!/.ĂąċāăĆ
% 01 )!*%*#'0 ĂĂŌ %* %*#'* 0.#!0 ,!*&1(*
0$1*ĂĀāĉ/!!/.ĂąċĈāĊ%ċ
Perbandingan Target dan Realisasi Perbandingan Target dan Realisasi

2018 & Rencana 2019 Emas 2018 & Rencana 2019 Bauksit
Gold Target and Realization of 2018 Bauxite Target and Realization of 2018
& Planning of 2019 & Planning of 2019
# %13)0Thousand wmt
ăĂċĀăć ăċāĈĆ ăċĂĂć
ĂĈċĉĊą
ĂćċĀćĆ
āċĂĆĉ āċăąā
āċāĀĂ
Ċćă
ĂċĀćĆ āċĊĆĈ ĂċĀăć
Rencana 2018 Realisasi 2018 Rencana 2019 Rencana 2018 Realisasi 2018 Rencana 2019
Planning 2018 !(%60%+*ĂĀāĉ Planning 2019 Planning 2018 !(%60%+*ĂĀāĉ Planning 2019
Produksi Production Penjualan Sales

Untuk komoditas emas, ANTAM menargetkan total produksi In terms of gold commodities, ANTAM targets total
%0$1*ĂĀāĊ/!!/.ĂċĀăć'#ĨćĆċąĆĉ0ċ+6ĩ .%0)*# ,.+ 10%+* %* ĂĀāĊ +" ĂČĀăć '# ĨćĆČąĆĉ 0ċ+6ĩ ".+) 0$!
!)/ +*#'+. * ƫ%(%1*#ċ %0.#!0'* 0)*#!)/ +*#'+. * ƫ%(%1*# #+( )%*!/ċ $! +*#'+. #+(
+*#'+. ,0 !.,.+ 1'/% /!!/. āċăĀĆ '# ĨąāċĊĆć )%*!%/0.#!0! 0+,.+ 1!āČăĀĆ'#ĨąāČĊĆć0ċ+6ĩ* 0$!
0ċ+6ĩ * 0)*# !)/ ƫ%(%1*# %,.+5!'/%'* ,0 ƫ%((1*##+( )%*!%/,.+&!0! 0+,.+ 1!Ĉăā'#ĨĂăČĆĀĂ
!.,.+ 1'/% /!!/. Ĉăā '# ĨĂăċĆĀĂ 0ċ+6ĩċ %* %*#'* 0ċ+6ĩċ ƫ+),.! 3%0$ %0/ 01( #+( ,.+ 10%+* %* ĂĀāĉČ
dengan capaian produksi emas tahun 2018, target produksi 0$! ,.+ 10%+* 0.#!0 %* ĂĀāĊ %/ ąŌ $%#$!. * 0!* / 0+
0$1*ĂĀāĊ*%'ąŌ *!* !.1*#/0%(&%' %* %*#'* /0%(%6! 3%0$ 0$! #+( ,.+ 10%+* 0.#!0 %* ĂĀāĉċ * (%*!
!*#*0.#!0,.+ 1'/%!)/0$1*ĂĀāĉċ!&(* !*#* 3%0$ 0$! ƫ+),*5Ě/ !û+.0/ 0+ !*$*! 0$! ,.+!//%*#
1,5 !.1/$* 1*01' )!*%*#'0'* 10%(%0/ ,.%' * .!ü*%*#,(*0Ě/,.!%+1/)!0(//3!((/0$!#.+30$
,!*#+($* *,!)1.*%*(+#))1(%/!.001)1$*5 in interest and increased market reach for ANTAM’s gold
animo dan meningkatnya jangkauan pasar terhadap ,.+ 10/ +0$ +)!/0%((5 * ".+) !4,+.0/ċ * ĂĀāĊČ
,.+ 1'!)/ƵƵ %' +)!/0%')1,1*!'/,+.ċ 0$! ƫ+),*5 0.#!0! #+( /(!/ 2+(1)! +" ăĂČĀăć '#
tahun 2019 Perusahaan mentargetkan volume penjualan ĨāČĀĂĊČĊĉā0ċ+6ĩċ$%/0.#!03/āĆŌ(.#!.+),.! 3%0$
!)/ /!!/. ăĂċĀăć '# ĨāċĀĂĊċĊĉā 0ċ+6ĩċ .#!0 0!./!10 0$!#+( /(!/$%!2! %*ĂĀāĉ+"ĂĈČĉĊą'#ĨĉĊćČĉāĂ0ċ+6ĩ
(!%$ !/. āĆŌ %* %*#'* ,%* ,!*&1(* !)/ /3!((/$%#$!.5ĂĂŌ+),.! 3%0$0$!/(!/0.#!0%*
0$1* ĂĀāĉ /!!/. ĂĈċĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩ /!.0 (!%$ ĂĀāĉ+"ĂćČāąĉ'#ĨĉąĀČćĈĈ0ċ+6ĩċ
0%*##% /!!/. ĂĂŌ %* %*#'* 0.#!0 ,!*&1(* 0$1*
ĂĀāĉ/!!/.Ăćċāąĉ'#ĨĉąĀċćĈĈ0ċ+6ĩċ
!%.%*# !*#*0!($ % ,0'**5%6%*!'/,+.%&%$*%'!( In line with securing export permits for low grade nickel
' . .!* $ ĨŕāČĈ Ō%ĩ /!!/. 0+0( ăČĈ &10 wet metric +.! ĨŕāċĈŌ %ĩ +" 0+0( +" ăċĈ )%((%+* 3!0 )!0.% 0+*/
ton Ĩ3)0ĩ * %&%$ 1'/%0 0!.1% /!!/. ĉąĀċĀĀĀ Ĩ3)0ĩ * 3/$! 14%0! +.! +" ĉąĀČĀĀĀ 3)0 ".+)
3)0 .% !)!*0!.%* *!.#% * 1)!. 5 %*!.( the Ministry of Energy and Mineral Resources (ESDM) in
Ĩ ĩ 0/ '+)%0)!* *50 ƵƵ )!*#!)*#'* recognition of ANTAM’s actual commitment to develop
hilirisasi mineral di dalam negeri serta untuk mendukung +)!/0% +3*/0.!))%*!.(%60%+*/3!((/0+/1,,+.0
,!*%*#'0* 0.#!0 ,.+ 1'/% "!.+*%'!( * 01)1$*5 the increase of ferronickel production target and growth in
,!.)%*0*%&%$*%'!( .%/)!(0!.,%$''!0%# +)!/0%'Č demand for nickel ore from domestic third party smelter,
ƵƵ )!*.#!0'* 0+0( ,.+ 1'/% %&%$ *%'!( /!!/. ƵƵ 0.#!0/ 0+0( *%'!( +.! ,.+ 10%+* +" āĀċĆĀ
10,50 juta wet metric ton Ĩ3)0ĩČ )!*%*#'0 āăŌ )/%*#ġ )%((%+*3!0)!0.%0+*/Ĩ3)0ĩČ+.āăŌ$%#$!..!/,!0%2!(5
)/%*#&%' %* %*#'* !*#*.!(%//%,.+ 1'/%0$1* +),.! 3%0$ 0$! 01( ,.+ 10%+* %* ĂĀāĉ +" ĊċăĂ
ĂĀāĉ /!!/. ĊČăĂ &10 3)0 /!.0 0.#!0 ,.+ 1'/% 0$1* )%((%+* 3)0 / 3!(( / ĂĀāĉ ,.+ 10%+* +" ĊċĂĂ )%((%+*
ĂĀāĉ /!!/. ĊČĂĂ &10 3)0ċ ! *#'* 0+0( ,!*&1(* 3)0ċ !*3$%(!ČƵƵ Ě/0+0(*%'!(+.!/(!/%*ĂĀāĊ.!
%&%$ *%'!( ƵƵ 0$1* ĂĀāĊ %0.#!0'* /!!/. ĉ &10 0.#!0! 0ĉ)%((%+*3)00$0%/%)! 0+"1(ü( +)!/0%
wmt yang ditujukan untuk memenuhi permintaan pasar * !4,+.0).'!0 !)* ċ%'!(+.!/(!/0.#!0"+.ĂĀāĊ
+)!/0%' * !'/,+.ċ .#!0 ,!*&1(* %&%$ *%'!( 0$1* %/ĂćŌ$%#$!.+),.! 0+01(*%'!(+.!/(!/%*ĂĀāĉ+"
ĂĀāĊ(!%$0%*##%ĂćŌ %* %*#'*.!(%//%,!*&1(*%&%$ ćċăă)%((%+*3)0/3!((/āĉŌ$%#$!.0$*0$!ĂĀāĉ/(!/
*%'!(0$1*ĂĀāĉ/!!/.ćČăă&103)0/!.001)1$āĉŌ 0.#!0+"ćċĈĆ)%((%+*3)0ċ
.%0.#!0,!.*&1(*0$1*ĂĀāĉ/!!/.ćČĈĆ&103)0ċ
*01' %&%$ 1'/%0Č ƵƵ )!*.#!0'* ,.+ 1'/% % * 0!.)/ +" 14%0! +.!Č ƵƵ 0.#!0/ ,.+ 10%+* %*
0$1* ĂĀāĊ /!!/. ăČāĈ &10 3)0Č *%' āĉĉŌ .% .!(%//% ĂĀāĊ+"ăċāĈ)%((%+*3)0Č+.āĉĉŌ$%#$!.0$*01(ĂĀāĉ
,.+ 1'/% 0$1* ĂĀāĉ /!!/. āČāĀ &10 3)0 * 01)1$ ,.+ 10%+*+"āċāĀ)%((%+*3)0* āĆĂŌ/%#*%ü*0(5$%#$!.
/%#*%ü'* āĆĂŌ %* %*#'* 0.#!0 ,.+ 1'/% 0$1* ĂĀāĉ +),.! 3%0$ 0$! ĂĀāĉ ,.+ 10%+* 0.#!0+" āċĂĆ )%((%+*
/!!/. āČĂĆ &10 3)0ċ ! *#'* 1*01' ,!*&1(* %&%$ 3)0ċ !*3$%(!Č 14%0! +.! /(!/ %* ĂĀāĊ %/ 0.#!0! 0+
1'/%0 0$1* ĂĀāĊ %0.#!0'* /!!/. ăČĂĂ &10 3)0Č .!$ ăċĂĂ )%((%+* 3)0Č +. ĂăąŌ /%#*%ü*0(5 $%#$!. 0$*
*%'/%#*%ü'*/!!/.ĂăąŌ .%,%*,!*&1(*0$1* 0$!ĂĀāĉ01(/(!/+"Ċćă0$+1/* 3)0* āąĀŌ$%#$!.
ĂĀāĉ /!!/. Ċćă .%1 3)0 * 01)1$ /!!/. āąĀŌ +),.! 0+ 0$! ĂĀāĉ /(!/ 0.#!0 +" āċăą )%((%+* 3)0ċ
%* %*#'* 0.#!0 ,!*&1(* 0$1* ĂĀāĉ /!!/. āČăą $!14%0!+.!,.+ 10%+** /(!/%*.!/!%/%)! 0
&103)0ċ!*%*#'0*,.+ 1'/% *,!*&1(*%&%$1'/%0 "1(ü((%*# +)!/0%/3!((/!4,+.0).'!0 !)* ċ
seiring untuk pemenuhan permintaan pasar domestik
)1,1*!'/,+.ċ

Proyek Pembangunan Pabrik Feronikel Halmahera Timur

/0()$!.!..+*%'!(!2!(+,)!*0(*0.+&!0
Sejalan dengan strategi Perusahaan untuk meningkatkan In line with the Company’s strategy to enhance the Tayan
10%(%0/ ,.%' ƫƵ 5* /!. !.0$,Č , 0$1* ƫ ,(*0Ě/ 10%(%05 +* #. 1( /%/Č %* ĂĀāĊČ (1)%*
ĂĀāĊ ,.+ 1'/% (1)%* .% ƫƵ %0.#!0'* )/%*#ġ ,.+ 10%+*".+) ƫƵ%/0.#!0! .!/,!0%2!(50+āĀĆċĀĀĀ
)/%*# /!!/. āĀĆċĀĀĀ 0+* 1*01' ,.+ 1'/% )1,1* 0+*/"+.,.+ 10%+*/3!((//(!/ċ%0$0$!$%!2!)!*0
,!*&1(*ċ !*#* 0!.,%*5 /0%(%0/ +,!./% ,.%' +" ƫ ,(*0/ +,!.0%+*( /0%(%05Č /1/0%*(! ,.+ 10
ƫƵČ ,!*#!)*#* ,.+ 1' 5*# !.'!(*&10* /!.0 development as well as market support, the Company
dukungan pemasaran, Perusahaan optimis komoditas is optimistic that the alumina commodity will positively
(1)%* '* )!)!.%'* '+*0.%1/% 5*# ,+/%0%" #% +*0.%10! 0+ 0$! ƫ+),*5Ě/ .!2!*1!/ %* ĂĀāĊċ ƫ
,!* ,0* !.1/$* , 0$1* ĂĀāĊċ 0 %*% product market reach currently comprise of the domestic
jangkauan pasar produk CGA selain menjangkau pasar industry market as well as the export market in East Asia
industri domestik, juga di ekspor ke pasar Asia Timur Ĩ+10$+.!Ē
,*ĩ/3!((/1.'!5ċ
Ĩ+.!!(0*Ē
!,*#ĩ/!.01.'%ċ
INFORMASI DAN FAKTA MATERIAL YANG MATERIAL EVENTS AND INFORMATION

TERJADI SETELAH TANGGAL LAPORAN SUBSEQUENT TO THE ACCOUNTANTS
AKUNTAN REPORTING DATE
Tidak terdapat Informasi dan fakta material yang terjadi $!.!.!*+)0!.%(!2!*0/* %*"+.)0%+*/1/!-1!*0
/!0!($0*##(,!(,+.*'!1*#*ċ 0+0$! 0!+"0$!ü**%(.!,+.0%*#ċ
URAIAN TENTANG PROSPEK USAHA DESCRIPTION OF THE COMPANY’S BUSINESS

PERUSAHAAN PROSPECTS
ƵƵ )!.1,'* ,!.1/$* !./%/ /1)!. 5 ƵƵ %/ * +*!/%Ě/ (! %*# *01.( .!/+1.!ġ/!
alam terkemuka di Indonesia dan memiliki cadangan dan +),*5 * $/ /%#*%ü*0 *%'!( * 14%0! .!/!.2!/
/1)!. 5 *%'!( * 1'/%05*# !.&1)($ /%#*%ü'*ċ * .!/+1.!/ċ$!ƫ+),*5Ě//0.+*#0.'.!+. /!.2!/
Dengan rekam jejak yang kuat, merupakan dasar yang as a solid foundation to position the Company as a
'10 1*01' )!*!),0'* !.1/$* /!#% ,.+ 1/!* ,.+ 1!.+",.+!//! )%*!.(/3%0$ %2!./%ü! ,+.0"+(%+
)%*!.( +($* !*#* ,+.0+"+(%+ 5*# 0!. %2!./%ü'/% * !*(!/ 0$! ƫ+),*5 0+ ,%0(%6! +* 0$! #.+30$+"
dan memungkinkan Perusahaan untuk memanfaatkan * +*!/%Ě/)%*%*#%* 1/0.5ċ
,!.01)1$*%* 1/0.%,!.0)*#* * +*!/%ċ
%0$1*ĂĀāĊČƵƵ '!)(%)!*.#!0'*,!.01)1$* In 2019, ANTAM once again targets positive production and
positif produksi dan penjualan komoditas utama sales growth for its main commodities, namely ferronickel,
!.1/$* 5'*% "!.+*%'!(Č !)/Č %&%$ *%'!( * %&%$ #+( Č *%'!( +.! * 14%0! +.!Č / 3!(( / /0.!*#0$!*
1'/%0Č /!.0 ,!*#10* !ü/%!*/% * %*+2/% 1*01' !þ%!*5 * %**+20%+* 0+ )!!0 0$! $((!*#!/ %* ĂĀāĊ

menghadapi tantangan di tahun 2019 guna tetap while simultaneously continue to provide solid returns to
)!)!.%'* %)( $/%( 5*# %' '! ,!)!#*# /$) /$.!$+( !./* /0'!$+( !./ċ
*,!)*#'1'!,!*0%*#*ċ
!#% /($ /01 ,.+ 1/!* 0!.'!)1' "!.+*%'!( #(+(Č Ƶ/ +*! +" 0$! (! %*# #(+( ,.+ 1!./ +" "!..+*%'!(Č
ƵƵ !.'+)%0)!* 1*01' )!*&# (!2!( %5 01*% ANTAM is committed to maintain production cash expense
produksi tetap rendah dengan mempertahankan praktik (!2!((+35)%*0%*%*#!/03+.',.0%!/ċ$.+1#$3!((ġ
'!.& 5*# 0!.%'ċ !*#* '!/!0%(* +,!./% ,.%' )%*0%*! /0(! ,(*0 +,!.0%+*/ (+*# 3%0$ +,0%)1)
5*# 0!.&# !*#* %' /!.0 ,!*##1** '+)%*/% +)%*! 1/!+"!*!.#5/+1.!/".+)0$!0!)+3!.!
/1)!.!*!.#% .% *5*#+,0%)(ČƵƵ Ĩĩ* %!/!(ġ+3!.! Ĩĩ(!0.%(*0/ČƵƵ
,0 )!*&# 0%*#'0 %5 01*% ,.+ 1'/% "!.+*%'!( can maintain its ferronickel production cash expense level
/!!/. ĸăČĊĆ ,!. ,+* *%'!( %0!*#$ 0.!* '!*%'* +" ĸăċĊĆ ,!. *%'!( ,+1* )% /0 0$! 1,3. 0.!*
$.#'+)+ %0/)%*5' 1*% *01., 0$1* %* #(+( +%( * +( +))+ %05 ,.%!/ %* ĂĀāĉċ * ĂĀāĊČ
ĂĀāĉċ 0$1* ĂĀāĊČ !*#* .),1*#*5 .+5!' ANTAM’s ferronickel plant’s total installed capacity will
!)*#1** .%' !.+*%'!( ()$!. %)1. Ĩăĩ %*.!/!ĆĀŌ0+ąĀČĆĀĀ%,!.5!.".+)ĂĈČĀĀĀ%,!.
maka akan meningkatkan total kapasitas terpasang 5!.3%0$0$!+),(!0%+*+"0$!/0()$!.!..+*%'!(
,.%' "!.+*%'!( ƵƵ /!!/. ĆĀŌ )!*& % ąĀċĆĀĀ (*0ƫ+*/0.10%+*.+&!0ĨăĩċƵ/0$!/0()$!.
% ,!. 0$1* .% ĂĈċĀĀĀ % ,!. 0$1*ċ !*#* )1(% !..+*%'!( (*0 !+)!/ +,!.0%+*(Č 0$! ƫ+),*5
!.+,!./%*5 ,.%' "!.+*%'!( % ()$!. %)1. )' targets ferronickel production and sales respectively of
pada tahun 2019 Perusahaan mentargetkan produksi dan ăĀČĂĉĀ%%*ĂĀāĊċ
,!*&1(*"!.+*%'!()/%*#ġ)/%*#/!!/.ăĀċĂĉĀ%ċ
*01' '+)+ %0/ !)/Č ƵƵ !.1,5 1*01' For the gold commodity, ANTAM strives to maintain the
)!*&# '!/!0%(* 0%*#'0 +,!./% ,.+ 1'/% 0)*# /0%(%05 +" 0$! +*#'+. * ƫ%(%1*# %*!/ ,.+ 10%+*
!)/ +*#'+. * ƫ%(%1*#ċ 0$1* ĂĀāĊČ ƵƵ +,!.0%+*( (!2!(/ċ ƵƵ 0.#!0/ #+( ,.+ 10%+* 0+
)!*0.#!0'* ,.+ 1'/% !)/ ,0 )!*,% ĂċĀăć '# .!$ ĂČĀăć '# ĨćĆČąĆĉ 0ċ+6ĩ %* ĂĀāĊċ * ĂĀāĉČ ƵƵ
ĨćĆċąĆĉ 0ċ+6ĩċ 0$1* ĂĀāĉČ ƵƵ )!*00'* achieved the highest in the Company’s history in terms
capaian tertinggi sepanjang sejarah Perusahaan dalam +" #+( /(!/ +" ĂĈČĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩċ * ĂĀāĊČ 0$!
,!*&1(* !)/ /!!/. ĂĈċĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩċ ƫ+),*5 +*! #%* /0.%2!/ 0+ ++' %0/ $%#$!/0 /(!/
0$1* ĂĀāĊČ !.1/$* '!)(% !.1,5 1*01' $%!2! 0+ 0!3%0$/(!/0.#!0+"ăĂČĀăć'#ĨāČĀĂĊČĊĉā
mencatatkan capaian penjualan tertinggi dengan target 0ċ+6ĩċ ǫ5 +*/%/0!*0(5 ,,(5%*# ƫ ,.%*%,(!/ / 3!(( /
,!*&1(* /!!/. ăĂċĀăć '# ĨāċĀĂĊċĊĉā 0ċ+6ĩċ !*#* !û+.0/0+3% !*).'!0*!03+.'/* ,.+ 10%**+20%+*Č
'+*/%/0!*)!*!.,'*'% $0!(+(!.1/$*5*# #+( +))+ %0%!/.!!4,!0! 0+,+/%0%2!(5+*0.%10!0+
%'/!.01,5,!.(1/*&.%*#*,!)/.* *%*+2/% 0$!ƫ+),*5Ě/.!2!*1!/ċ
,.+ 1'Č %$.,'* '+)+ %0/ !)/ ,0 )!)!.%'*
'+*0.%1/% 5*# /!)'%* ,+/%0%" 0!.$ , ,!* ,0*
!.1/$*ċ
Proyek SGAR Mempawah

SGAR Mempawah Project

Untuk mendorong penjualan emas, pada tahun 2018, Ƶ/,.0+"%0/!û+.0/0+++/0#+( /(!/Č%*ĂĀāĉČƵƵ

ANTAM dan PT Pos Indonesia (Persero) (Pos Indonesia) * +/ * +*!/% Ĩ * +*!/%* +/0 þ! +. ė+/
!./!,'0 )!(*&10'* '!.& /) /0.0!#%/ 5*# Indonesia”) agreed to continue their strategic partnership
0!($ 0!.!*01' () % *# ,!*&1(* !)/ 1*01' that was formed in the area of gold sales to provide the
)!),!.)1 $ '/!/ )/5.'0 1*01' )!)!(% !)/ ,1(% !//%%(%05 0+ 15 #+( 0$.+1#$ +/0 þ!/ %*
ƵƵ % /!(1.1$ *0+. +/ % * +*!/%ċ !*5' * +*!/%ċ$!.!.!ĂĀĆ+/0þ!/0$.+1#$+10 * +*!/%Č
ĂĀĆ *0+. +/ % /!(1.1$ * +*!/%Č /!(%* )!((1% āĆ ,.0 ".+) āĆ ƵƵ #+( ,.!%+1/ )!0( +10%-1!/ċ +
10%' !)/ +#) 1(% ƵƵ ċ *01' )!*%*#'0'* !*$*!1/0+)!.Ě/!//%%(%050+15ƵƵ Ě/,.!%+1/
'!)1 $* '/!/ ,!(*##* 1*01' )!)!(% ,.+ 1' metal products, the Company will develop an online gold
logam mulia ANTAM, pada tahun 2019 Perusahaan akan /(!//5/0!)%*ĂĀāĊċ
)!*##!)*#'*/%/0!),!*&1(*!)//!.onlineċ
!.'%0 ,!*#!)*#* ,/. !'/,+.Č ƵƵ &1# 0!0, In relation to the growth of the export markets, ANTAM also
!.'!5'%** '* )!),!.+(!$ )*"0 ,+/%0%" .% +*0%*1!/0+!+*ü !*00$0%03%((#%*,+/%0%2!!*!ü0/
kerjasama perluasan pasar emas ekspor ke Jepang yang from the cooperation to expand gold market exports
0!($ %)1(% , '$%. 0$1* ĂĀāĈċ ƵƵ )!((1% *%0 0+
,* 0$0 3/ %*%0%0! 0 0$! !* +" ĂĀāĈċ ƵƵ Č
ǫ%/*%/ !*#+($* * !)1.%* +#) 1(% /!. 0$.+1#$ 0$! .!%+1/ !0(/ .+!//%*# * !ü*%*#
resmi melakukan perluasan penjualan ekspor produk ǫ1/%*!//*%0Č+þ%((5!4,* ! !4,+.0/(!/+"ƵƵ Ě/
+#) 1(% ƵƵ '!
!,*# )!((1% %*+2/% ,.+ 1' precious metal products to Japan through new product
.1 !.1, !)/ 0*#* )+0%" !((+ %005 Ĩ)%*0! ġ %**+20%+*%*0$!"+.)+"!((+%005#+( )%*0! ġ.ċ$!
.!((+%005ĩċ %*0! ġ.!((+%005)!.1,'*,.+ 1' !((+%005)%*0! ġ.%/0$!ü./0#+( .,.+ 10* 0$!
!)/0*#*,!.0) */01ġ/01*5 % 1*%/!&(* only one of its kind in the world that corresponds with the
!*#* 0%*##%*5 '+*/1)/% !)/ %
!,*#ċ !(%* $%#$ +*/1),0%+* %*
,*ċ Ƶ,.0 ".+) 0$%/Č %* !.1.5
%01Č , 1(* !.1.% ĂĀāĉ ƵƵ )!** 0*#% 2018, ANTAM signed a Memorandum of Understanding
*+0 '!/!,$)* !*#* ƫ+ċ 0 Č
!,*# 0!.'%0 3%0$ ƫ+ċ0 Č
,*,!.0%*%*#0+++,!.0%+*0+15
!*#* '!.&/) &1( !(% (+#) !)/ 0*#*ċ .%' * /!((#+( ./ċƵƵ Ě/.!%+1/ !0(/.!ü*%*#,(*0
,!)1.*%* +#) 1(% ƵƵ )!.1,'* ,!)1.*%* %/0$!+*(5+*!+"%0/'%* %* * +*!/%0$0%/!.0%ü! 5
!)/ /01ġ/01*5 % * +*!/% 5*# )!)%(%'% /!.0%ü'/% 0$! +* +* ǫ1((%+* .'!0 Ƶ//+%0%+* Ĩǫ Ƶĩċ ƵƵ
+* +* ǫ1((%+* .'!0 Ƶ//+%0%+* Ĩǫ Ƶĩċ ƵƵ guarantees the weight and ANTAM’s gold product content
)!*&)%*'!,/0%*!.0 *' .,.+ 1'!)/ƵƵ 3%0$,1.%05+"ĊĊċĊĊŌċ
!*#*'!)1.*%*ĊĊČĊĊŌċ
0$1* ĂĀāĊČ !.1/$* 0!0, !.'+)%0)!* 1*01' In 2019, the Company remained committed to continue
)!(*&10'* * )!*5!(!/%'* ,.+5!'ġ,.+5!' $%(%.%//% and complete downstream projects that were started as
5*#0!($ %%*%/%/%/!#%#%*5*#0% '0!.,%/$'* *%*0!#.(,.0+"0$!ƫ+),*5Ě/(+*#ġ0!.) !2!(+,)!*0
.% /0.0!#% ,!*#!)*#* !.1/$* &*#' ,*&*#ċ strategy over ANTAM’s actual commitment to develop
0/ '+)%0)!* *50 ƵƵ )!*#!)*#'* $%(%.%//% mineral downstream activities locally, the Company once
)%*!.( % ()*!#!.%Č!.1/$*'!)(%)!* ,0'* again received the license from the Ministry of Energy and
%6%* !'/,+. %&%$ *%'!( ' . .!* $ ĨŕāČĈ Ō%ĩ * %&%$ Mineral Resources (ESDM) to export low grade nickel ore
1'/%0 0!.1% .% !)!*0!.%* *!.#% * 1)!. 5 ĨŕāċĈ Ō%ĩ * 3/$! 14%0! +.!ċ * ĂĀāĊČ ƵƵ 3%((
%*!.(Ĩ ĩċ 0$1*ĂĀāĊČƵƵ '*!.1,5 strive to enhance the performance of nickel ore production
1*01' )!*%*#'0'* '+*!.& ,.+ 1'/% %&%$ *%'!( #1* to help achieve the ferronickel production target wherein
mendukung terpenuhinya target produksi feronikel dimana ƵƵ Ě/ !..+*%'!( ,(*0 %* /0 ()$!. %/ ,(**!
%.!**'*,.%'!.+*%'!(ƵƵ %()$!.%)1. 0+ !#%* ,.+ 10%+*ċ Ƶ,.0 ".+) "+1/%*# +* ,.!,.%*#
'*)1(%!.,.+ 1'/%ċ!(%*!."+'1/)!*5%,'*$* the ore raw materials for the Company’s smelter as well
'1 %&%$ 1*01' /)!(0!. !.1/$* /!.0 '!/!),0* / 0$! +,,+.01*%05 0+ !4,+.0Č 0$! ƫ+),*5 3/ (! 0+
untuk melakukan ekspor, pada tahun 2018 Perusahaan develop the ore domestic market reach in 2018, which is
!.$/%( )!*#!)*#'* &*#'1* ,!)/.* %&%$ in line with the growth of the domestic third party smelter
% () *!#!.% /!%.%*# 01)1$*5 %* 1/0.% /)!(0!. %* 1/0.5ċ ǫ5 0'%*# %*0+ +1*0 0$! ƫ+),*5Ě/ )%*%*#
,%$' '!0%# % () *!#!.%ċ !*#* )!),!.$%01*#'* and its other supporting operation’s production capacity
',/%0/,.+ 1'/%+,!./%0)*# *,!*1*&*#(%**5 as well as considering the positive outlook for nickel and
yang dimiliki Perusahaan serta memperhitungkan outlook 14%0!+))+ %0%!/ %* ĂĀāĊČ ƵƵ 0.#!0/ 0+0( *%'!(
,+/%0%"'+)+ %0/*%'!(Ē1'/%0, 0$1*ĂĀāĊČƵƵ +.!,.+ 10%+*+"āĀċĆĀ)%((%+*3!0)!0.%0+*/Ĩ3)0ĩČ3%0$
)!*.#!0'* 0+0( ,.+ 1'/% %&%$ *%'!( /!!/. āĀČĆĀ &10 ANTAM’s nickel ore sales in 2019 targeted at 8 million wmt
3!0)!0.%0+*Ĩ3)0ĩČ !*#*0.#!0,!*&1(*%&%$*%'!(

ƵƵ 0$1* ĂĀāĊ %0.#!0'* /!!/. ĉ &103)05*# 0$0%/%)! 0"1(ü((%*#!4,+.0* 0$! +)!/0%).'!0ċ
ditujukan untuk memenuhi permintaan pasar domestik dan *0!.)/+"14%0!+.!ČƵƵ 0.#!0/,.+ 10%+*%*ĂĀāĊ
!'/,+.ċ*01'%&%$1'/%0ČƵƵ )!*.#!0'*,.+ 1'/% +"ăċāĈ)%((%+*3)0/3!((/14%0!+.!/(!/%*ĂĀāĊ+"
% 0$1* ĂĀāĊ /!!/. ăČāĈ &10 3)0 /!.0 ,!*&1(* %&%$ ăċĂĂ)%((%+*3)0ċ
1'/%00$1*ĂĀāĊ %0.#!0'*/!!/.ăČĂĂ&103)0ċ
Dalam hal kegiatan eksplorasi mineral terutama emas, In regards to mineral exploration activities particularly
ƵƵ )!)"+'1/'*1*01')!('1'*,!*.%*/1)!. #+( Č ƵƵ "+1/!/ +* ü* %*# #+( )%*! /+1.!/ +0$
!)/ 0)$* %' % (+'/% '0%" )1,1* % .! within the active IUP location as well as in other new
,.+/,!' .1 (%**5ċ ƵƵ &1# 0!*#$ )!*#'&% +,/% ,.+/,!0.!/ċƵƵ %/(/+/01 5%*#+,0%+*/0+-1%.!
1*01')!('1'*'1%/%/%/!00)*#!)/5*#)!)%(%'% #+( )%*!//!0/0$0$/#++ ,.+ü(!* ,+0!*0%(ċ
,.+ü(Ē,+0!*/%5*#%'
!.'%0 !*#*!(*&)+ (ČƵƵ 0!0,)!*!.,'* In relation to capital expenditure, ANTAM continues to

,.%*/%, '!$0%ġ$0%* 1*01' )!*&# .1/ '/ !.1/$* apply prudent principles to maintain the Company’s sound
0!0, /!$0ċ !%.%*# !*#* ,!*5!(!/%* '+*/0.1/'/% /$ý+3ċ *(%*!3%0$0$!+),(!0%+*+"0$!+*/0.10%+*+"
.+5!' !)*#1** .%' !.+*%'!( (0%) ĨăĩČ 0$!/0()$!.0+.5!2!(+,)!*0.+&!0ĨăĩČ
,!)*#1**%*".0/01'01.,!* 1'1*#,.%'ăČ/!.0 the development of the supporting infrastructure of the
dimulainya fase lanjut proyek Smelter Grade Alumina ă "0+.5Č / 3!(( / 0$! /0.0 +" 0$! *!40 ,$/! +"
!ü*!.5 ĨƵĩ !),3$Č !(*& )+ ( ƵƵ % 0$! !),3$ )!(0!. . ! Ƶ(1)%* !ü*!.5 ĨƵĩ
0$1*ĂĀāĊ %,.+5!'/%'*'*)!*,%,ăČĈā0.%(%1*ċ project, ANTAM’s capital expenditure in 2019 Is projected
0+)+1*00+,ăċĈā0.%((%+*ċ
URAIAN TENTANG ASPEK PEMASARAN DESCRIPTION ON MARKETING ASPECTS

!.1/$* !./%*# % ,/. %*0!.*/%+*( )1,1* The Company competes in the international as well as the
* +*!/% !*#* ,.+ 1/!* )%*!.( * )!0( (%**5ċ +)!/0%).'!0/3%0$+0$!.)%*!.(* )!0(,.+ 1!./ċ
ANTAM memiliki kompetensi dari sisi kualitas, harga, ANTAM has the competency from the perspective of
keandalan pengiriman dan kemampuan perusahaan untuk -1(%05Č ,.%!Č .!(%%(%05 +" !(%2!.5 * 0$! ƫ+),*5Ě/
)!*5! %'* )%*!.( '!0%' * %( %,!.(1'* +(!$ %(%05 0+ /1,,(5 )%*!.(/ 3$!* * %" .!-1%.! 5
'+*/1)!*ċ ƵƵ )!)%(%'% '!1*##1(* '+),!0%0%" 5*# +*/1)!./ċ ƵƵ $/ /0.+*# +),!0%0%2! 2*0#!
'10 %* %*#'* ,!/%*#*5Č )!*#%*#0 ,+.0+"+(%+ +),.! 0+ %0/ +),!0%0+./Č %* 2%!3 +" 0$! %2!./%ü!
'+)+ %0/ 5*# 0!. %2!./%ü'/%Č '1(%0/ ,.+ 1' 5*# ,.+ 10 -1(%05Č .!(%(! !(%2!.5Č !þ%!*0 0.*/,+.00%+*
'+*/%/0!*Č ,!*#%.%)* 5*# * (Č %5 0.*/,+.0/% * cost and delivery to consumers, and proven track record in
,!*#%.%)* '! '+*/1)!* 5*# !ü/%!*Č * .!') &!&' /1,,(5%*#2.%+1/,.+ 10/0++*/1)!./ċ
5*# 0!($ 0!.1'0% () )!)/+' !.#% ,.+ 1' '!
,!(*##*ċ
ǫ%( %* %*#'* !*#* ,!.1/$* !)/ 5*# In comparison with gold companies that operate in
!.+,!./% % Ƶ/% !*##.Č !.1/$* %,!.'%.'* Southeast Asia, the Company Is expected to enter into the
)/1' '! () &&.* /!,1(1$ !/. ,.+ 1/!* !)/ % .*'/+"0$!0+,0!*(.#!/0#+( ,.+ 1!./%*0$%/.!#%+*ċ
'3/* 0!./!10ċ .+ 1/!* !)/ 0!.!/. % '3/* $! %##!/0 #+( ,.+ 1!. %* +10$!/0 Ƶ/% %/ .!!,+.0
Ƶ/% !*##. ($ .!!,+.0 ƫ+,,!. Ē +( Č )!((1% ƫ+,,!.Ē+( Č0$.+1#$%0/+3*!./$%,+"0$!./!.##+(
'!,!)%(%'**5 () 0)*# 0!)#ġ!)/ ./!.# )%*!/%* * +*!/%ċ0$!.#+( ,.+ 1!./%*+10$!/0Ƶ/%
% * +*!/%ċ .+ 1/!* !)/ (%* % Ƶ/% !*##. %*(1 !/ Ƶ#%*+1.0 !/+1.!/Č 3$%$ +3*/ 0$! .0!
%*0.*5Ƶ#%*+1.0!/+1.!/Č5*#)!)%(%'%0)*# #+( )%*! %* * +*!/%Č !3.!/0 %*%*# 0 ċ 0$.+1#$ %0/
!)/ .0! % * +*!/%Č !3.!/0 %*%*# 0 ċ )!((1% ownership in the Gosowong mine in Indonesia, PT Meares
'!,!)%(%'**5 () 0)*# +/+3+*# % * +*!/%Č +,10* %*%*# * )*# +* *+ 1/&5+2!.
!.!/ +,10* %*%*# * )*# +* *+ the Toka Tindung gold mine in North Sulawesi, Indonesia,
1/&5 0/ +,!./% 0)*# !)/ +' %* 1*# % %*#/#0!ƫ+*/+(% 0! 3$++3*/0$!*Ƶ1/0#+( )%*!Č
1(3!/% 0.ġ * +*!/%Č %*#/#0! ƫ+*/+(% 0! Č 5*# 0$.+1#$ %0/ +3*!./$%, %* 0$! $1 ǫ%Č $1 ) * ǫ*
)!)%(%'% 0)*# !)/ *Ƶ1/0Č )!((1% '!,!)%(%'**5 +154%)%*!/%*+/ċ
() 0)*# $1 ǫ%Č $1 ) * ǫ* +154% %
+/ċ

Destinasi Penjualan
Sales Destination
Ō
41 33 43
2016 2017 2018
57
59 67
Ekspor Export Domestik Domestic
0$1* ĂĀāĉČ ,.+ 1'/% *%'!( 0!.0)*# #(+( * ĂĀāĉČ #(+( )%*! *%'!( ,.+ 10%+* .!$! ĂċĂĉ
)!*,% ĂČĂĉ &10 0+* *%'!(Č 01)1$ /!'%0. ĆŌ )%((%+* *%'!( 0+*/Č+. #.+30$+" ĆŌ+),.! 3%0$ 0$!
%* %*#'*,.+ 1'/%*%'!(0!.0)*##(+(, 0$1* #(+( )%*! *%'!( ,.+ 10%+* %* ĂĀāĈ +" Ăċāĉ )%((%+*
ĂĀāĈ/!!/.ĂČāĉ&100+**%'!(ċ * +*!/%0!.00/!#% *%'!( 0+*/ċ * +*!/% %/ .!#%/0!.! / +*! +" 0$! 3+.( Ě/
*!#. ,.+ 1/!* *%'!( 0!.!/. 1*% !*#* ,.+,+./% (.#!/0 *%'!( ,.+ 1!./ 3%0$ ĂĈŌ /$.! +" 0$! #(+(
/!!/. ĂĈŌ .% ,.+ 1'/% *%'!( 0!.0)*##(+( 0$1* )%*! *%'!(,.+ 10%+*%*ĂĀāĉċ0$!.,.+ 1!./%*(1 !
ĂĀāĉċ!#.,.+ 1/!*(%**5%($%(%,%*Ĩ)!3'%(%āąŌ 0$! $%(%,,%*!/ Ĩ.!,.!/!*0/ āąŌ +" !/0%)0! #(+(
.%!/0%)/%,.+ 1'/%*%'!(0!.0)*##(+(ĩČ(! +*% )%*! *%'!( ,.+ 10%+*ĩČ !3 ƫ(! +*% ĨĊŌĩČ 1//%*
ǫ.1ĨĊŌĩČ! !./%1/%ĨĊŌĩČ* ĨĉŌĩ *Ƶ1/0.(% ! !.0%+* ĨĊŌĩČ ƫ* ĨĉŌĩ * Ƶ1/0.(% ĨĈŌĩċ %*!
ĨĈŌĩċ %'!( 0!.0)*# 5*# %,.+ 1'/% .% %(%,%*Č nickel produced in the Philippines, Indonesia, and New
* +*!/% *(! +*%ǫ.1/!#%*!/.!.1,%&%$ Caledonia are largely in the form of laterite nickel ore while
*%'!( (0!.%0 /! *#'* %&%$ /1(ü 1)1) %,.+ 1'/% % /1(,$% !+.!%/)%*(5,.+ 1! 5ƫ* ČƵ1/0.(%*
* ČƵ1/0.(% *! !./%1/%ċ 0$!1//%*! !.0%+*ċ
() )!*#$ ,% ,!./%*#*Č ƵƵ !.1,5 In order to deal with the competition, ANTAM strives to
)!),!.(1/ ,/. !*#* )/1' '! ,/.ġ,/. .1 expand its market to new markets and continue to maintain
dan tetap mempertahankan pasar yang ada dengan !4%/0%*#).'!0/5,.+2% %*#+),!0%0%2!,.%!/0$.+1#$
)!)!.%'* $.# 5*# '+),!0%0%" )!((1% !.#% !þ%!*5!û+.0/ 0+ .! 1! ,.+ 10%+*+/0ċ + !(3%0$
1,5 !ü/%!*/% 1*01' )!*1.1*'* %5 ,.+ 1'/%ċ the existing competition, the Company has a marketing
Untuk menghadapi persaingan yang ada, Perusahaan /0.0!#5 5 $2%*# .'!0%*# * ƫ1/0+)!. 1,,+.0
memiliki strategi pemasaran dengan memiliki Marketing Ĩ ƫĩ %2%/%+* * !,.!/!*00%2! þ! %* $*#$%Č
and Customer Support Ĩ ƫĩ %2%/%+* * &1# *0+. ƫ$%*0+/1,,+.00$!!û!0%2!ý+3+"+))1*%0%+*/*
Perwakilan di Shanghai, Tiongkok guna mendukung ,.+ 10 !(%2!.53%0$+*/1)!./%*Ƶ/%ċ+!û!0%2!(5 !(
kelancaran komunikasi dan pengiriman produk dengan with its competitors, the Company also controls product
'+*/1)!* %3%(5$Ƶ/%ċ())!*#$ ,%,!./%*#*Č -1(%050+%0/+*/1)!./ċ
Perusahaan juga melakukan pengendalian kualitas produk
0!.$ ,'+*/1)!*ċ
Perusahaan menerapkan sistem manajemen mutu terpadu The Company applies an integrated quality management
yang merupakan hasil dari serangkaian kegiatan proses system that is a culmination from the range of production
produksi yang sesuai dengan standar internasional yang process activities that is in line with international standards
%('1'*, /!0%,'!#%0*,.+ 1'/%)1,1* %/0.%1/% ..%! +10 %* !2!.5 ,.+ 10%+* / 3!(( / %/0.%10%+*
,!.1/$*ċ !*#!* (%* '1(%0/ ,.+ 1' * &/ 5*# 0%2%05 +" 0$! ƫ+),*5ċ Ƶ/ ,.0 +" %0/ !û+.0/ 0+3. /
%$/%('* +(!$ !.1/$* 0!($ )!* ,0'* /!.0ü'/% product and service quality control, the Company received
ĊĀĀāčĂĀĀĉ 1*01' )/%*#ġ)/%*# 1*%0ĥ1*%0 %/*%/ 0$! ĊĀĀāčĂĀĀĉ !.0%ü0%+* "+. 0$! ƫ+),*5Ě/
!.1/$* /!.0 *0+. 1/0ċ !(%* %01 !.1/$* .!/,!0%2!1*%0ĥ1/%*!//1*%0/3!((/"+.0$!! þ!ċ

&1# )!),!.+($ '.! %0/% (+.0+.%1) ,!*#1&% /!/1% +.!+2!.Č 0$! ƫ+),*5 (/+ /!1.! 0$! (+.0+.%1)
/0* . āĈĀĂĆ5*# %'!(1.'*+(!$+)%0!Ƶ'.! %0/% 0!/0%*# .! %00%+* %* +. *! 3%0$ āĈĀĂĆ
/%+*(ĨƵĩ1*01'*(%/!)/Č,!.'Č/!.0),1.* /0* . / 0$0 3/ %//1! 5 0$! 0%+*( Ƶ.! %00%+*
emas, perak dan platinum di Unit Bisnis Pengolahan dan ƫ+))%00!! ĨƵĩ "+. 0$! *(5/%/ +" #+( Č /%(2!.Č / 3!((
!)1.*%* +#) 1(%ċ !.1/$* &1# )!.1,'* as mixed gold, silver and platinum at the Precious Metals
/01ġ/01*5 ,.+ 1/!* !)/ % * +*!/% 5*# 0!($ .+!//%*# * !ü*%*# ǫ1/%*!// *%0ċ $! ƫ+),*5
mendapatkan akreditasi Good Delivery dari $! +* +* also is one of the gold producers that received the Good
Bullion Market Association Ĩǫ Ƶĩ !*#* '!)1.*%* !(%2!.5 .! %00%+* ".+) $! +* +* ǫ1((%+* .'!0
5*# 0!.,!.5 * /!.0%ü'0 Ƶƫ ĨRegistration, Ƶ//+%0%+* Ĩǫ Ƶĩ 3%0$ ,1.%05 0$0 %/ 0.1/0! *
Evaluation, Authorisation and Restriction of Chemicals) Ƶƫ Ĩ!#%/0.0%+*Č 2(10%+*Č Ƶ10$+.%/0%+* *
.%*%.+,5*#)!*!#/'*'!(5'*&1(,.+ 1'ċ !/0.%0%+*+"ƫ$!)%(/ĩ!.0%ü0%+*".+)0$!1.+,!*
*%+*0$0!.0%ü!/0$!,.+ 10Ě//(!%(%05ċ
Pada tahun 2018, pangsa pasar komoditas feronikel In 2018, ANTAM’s ferronickel commodity market share
ƵƵ )!*,%ĆČĈĆŌ .%0+0(,.+ 1'/%"!.+*%'!(#(+( )+1*0! 0+ ĆċĈĆŌ +" 0+0( #(+( "!..+*%'!( ,.+ 10%+*
5*# )!*,% ąāĊċĀĀĀ 0+* *%'!( () "!.+*%'!( Ĩ%ĩċ 0$0 )+1*0! 0+ ąāĊČĀĀĀ 0+*/ +" *%'!( %* "!..+*%'!(
+)+ %0/ "!.+*%'!( /!(1.1$*5 %!'/,+. /!$%*## 0% ' Ĩ%ĩċ Ƶ(( +" 0$! "!..+*%'!( +))+ %05 %/ !4,+.0!
,*#/ ,/. "!.+*%'!( ƵƵ % ,/. +)!/0%'ċ 0$!.!5 ƵƵ +!/ *+0 $2! ).'!0 /$.! %* 0$!
%'2+(1)!,.+ 1'/%!)/ƵƵ %ĂĀāĉ %* %*#'* +)!/0%).'!0ċ *+),.%/+*3%0$ * +*!/%Ě/0+0(#+(

dengan total produksi emas Indonesia diperkirakan production, ANTAM’s gold production volume in 2018 is
sekitar 100 ton, makaproporsi tingkat produksi emas ,.+&!0! 0+ ! .+1* āĀĀ 0+*/Č 0$!.!5 0$! ,.+,+.0%+*
ƵƵ ($ /!!/. āČĊĆŌċ ǫ!. /.'* 0 +.( +" ƵƵ Ě/ #+( ,.+ 10%+* (!2!( %/ āċĊĆŌċ ǫ/! +*
Gold Council, pada tahun 2018 tingkat penyerapan emas +.( +( ƫ+1*%(Ě/ 0Č 0$! (!2!( +" #+( /+.,0%+*
% * +*!/% )!*,% ćą 0+* ĨĂċĀĆĈċćąĈ 0ċ+6ĩċ !*#* %* * +*!/% %* ĂĀāĉ .!$! ćą 0+*/ ĨĂċĀĆĈċćąĈ 0ċ+6ĩċ
0%*#'0 ,!*&1(* !)/ ƵƵ % () *!#!.% /!!/. %2!* ƵƵ Ě/ +)!/0% #+( /(!/ (!2!( %/ 0 Ăāċāą 0+*/Č
ĂāČāą0+*Č)'0%*#'0,*#/,/.!)/ƵƵ % () 0$!.!"+.!ČƵƵ Ě/ +)!/0%#+( ).'!0/$.!%/ăăċĀăŌ
*!#!.% /!!/. ăăČĀăŌ , 0$1* ĂĀāĉ !*#* 0%*#'0 %*ĂĀāĉ3%0$ * +*!/%Ě/#+( !)* 0ćą0+*/ĨĂČĀĆĈČćąĈ
,!.)%*0* !)/ * +*!/% /!!/. ćą 0+* ĨĂċĀĆĈċćąĈ 0ċ+6 %* +. *! 3%0$ 0 .!(!/! 5 0$! +.( +(
0ċ+6ĩ/!/1% 0.%(%/+.( +( ƫ+1*%(ċ ƫ+1*%(ċ
Butik Logam Mulia ANTAM

ƵƵ Ě/+#) 1(%ǫ+10%-1!

KEBIJAKAN DAN PEMBAYARAN DIVIDEN DIVIDEND POLICY AND PAYMENT

ƵƵ )!)%(%'% '!%&'* 1*01' )!)5.'* %2% !* ANTAM has a policy to pay cash dividends to all
() !*01' 1*# 01*% '!, /!(1.1$ ,!)!#*# /$.!$+( !./ 0 (!/0 +*! 5!.ċ ǫ5 0'%*# %*0+ +1*0
/$)/!'1.*#ġ'1.*#*5/!'(% ()/!0$1*ċ!*#* 0$! ƫ+),*5Ě/ ü**%( ,+/%0%+* +. (!2!( +" /+1* *!//
tetap memperhatikan posisi keuangan atau tingkat and without ignoring the rights of the Company’s General
kesehatan Perusahaan dan tanpa mengurangi hak dari Meeting of Shareholders, the dividend policy is a minimum
,0 )1) !)!#*# $) !.1/$*Č '!%&'* +"ăĀŌ".+)0$!*!0,.+ü0"0!.04!4!,0/ !0!.)%*!
%2% !* ($)%*%)(ăĀŌ .%(!./%$/!0!($,&' +0$!.3%/!50$!!*!.( !!0%*#+"$.!$+( !./ċƵ00$!
kecuali ditentukan lain oleh Rapat Umum Pemegang ĂĀāć!*!.( !!0%*#+"$.!$+( !./ČĂĀāĆ!*!.(
$)ċ () ,0 )1) !)!#*# $) $1** !!0%*#+"$.!$+( !./* 0$!ĂĀāą!*!.( !!0%*#
$1*ǫ1'1ĂĀāćČ,0)1)!)!#*#$)$1** of Shareholders, the shareholders agreed that there
Tahun Buku 2015 dan Rapat Umum Pemegang Saham 3%(( ! *+ /$ %2% !* ,5)!*0 /%*! 0$! ƫ+),*5Ě/
$1** $1* ǫ1'1 ĂĀāąČ ,!)!#*# /$) )!*5!01&1% ,!."+.)*!!4,!.%!*! (+//%*ĂĀāą* ĂĀāĆċ
0% ' *5 ,!)#%* %2% !* 01*% )!*51/1( '%*!.&
!.1/$*5*#)!*#()%'!.1#%* %$1*ǫ1'1ĂĀāą
*ĂĀāĆċ
Pada Rapat Umum Pemegang Saham Tahun Buku Ƶ0 0$! ĂĀāĈ !*!.( !!0%*# +" $.!$+( !./Č 0$!
ĂĀāĈ ,!)!#*# /$) )!*5!01&1% 1*01' )!*!0,* /$.!$+( !./#.!! 0+ !0!.)%*!0$!1/!+"0$!ĂĀāĈ
,!*##1** ( !./%$ $1* ǫ1'1 ĂĀāĈ 5*# ,0 *!0 %*+)! 00.%10(! 0+ 0$! .!*0 *0%05 )+1*0%*#
%0.%1/%'* '!, !)%(%' *0%0/ * 1' !.1/$* 0+ ,āăćČĆĀćČĈĉāČćĉĀ / /$ %2% !* +" ăĆŌ ".+)
/!!/.,āăćċĆĀćċĈĉāċćĉĀ/!#% %2% !*01*%%/!!/. *!0 %*+)! "0!. 04 +. ,ąĈČĈĈĈČăĈăČĆĉĉ / 3!(( / 0$!
ăĆŌ .% ( !./%$ /!0!($ ,&' 01 ,ąĈċĈĈĈċăĈăċĆĉĉ .!)%*%*# ćĆŌ +. ,ĉĉČĈĂĊČąĀĉČĀĊĂ 3%(( ! ++'! /
/!.0 /%/*5 /!!/. ćĆŌ 01 ,ĉĉċĈĂĊċąĀĉċĀĊĂ .!0%*! !.*%*#/ċ
%00'*/!#%/( +(ċ
PROGRAM KEPEMILIKAN SAHAM OLEH EMPLOYEE AND/OR MANAGEMENT SHARE

KARYAWAN DAN/ATAU MANAJEMEN YANG OWNERSHIP PROGRAM (ESOP/MSOP)
DILAKUKAN PERUSAHAAN (ESOP/MSOP)
Pada tahun 2018 ANTAM tidak memiliki program ANTAM did not have an Employee and/or Management
!,!)%(%'* $) +(!$ .53* *ĥ01 )*&!)!* 0+'3*!./$%,.+#.)Ĩĥ ĩ%*ĂĀāĉċƵƵ
yang dilaksanakan Perusahaan (Employee Stock ..%! +10*ĥ 0$03/+),(!0! %*ĂĀāąċ
Ownership Program/Management Stock Ownership
Programĩċ ƵƵ 0!($ )!*5!(!/%'* ,.+#.) ĥ
5*#0!($ %/!(!/%'* %0$1*ĂĀāąċ
REALISASI PENGGUNAAN DANA HASIL ACTUAL USE OF PROCEEDS FROM PUBLIC

PENAWARAN UMUM OFFERINGS
Penawaran Umum Saham Perdana *%0%(1(%û!.%*#

Untuk mendukung pendanaan proyek ekspansi feronikel, ƵƵ +* 10! * %*%0%( ,1(% +û!.%*# %* āĊĊĈ 0+
, 0$1* āĊĊĈ ƵƵ )!('1'* ,!*3.* 1)1) support project funding for its ferronickel expansion
saham perdana, dimana jumlah dana yang diterima dari project, wherein the amount of funds it received amounts
$/%(,!*3.*1)1)0!./!10/!!/.,ĆĆćČăĈ)%((%.ċ 0+ ,ĆĆćċăĈ %((%+*ċ $! *%0%( 1(% û!.%*# ,.+!! /
% 0$1* ĂĀĀą ƵƵ 0!($ )!*##1*'* /!(1.1$ * 3!.!"1((510%(%6! %*ĂĀĀąċ
$/%(,!*3.*1)1),!. **5ċ
Penawaran Umum dengan Hak Memesan Efek 1(%û!.%*#3%0$.!ġ),0%2!%#$0/

Terlebih Dahulu (HMETD) ANTAM’s Extraordinary General Meeting of Shareholders
,0 )1) !)!#*# $) 1. ǫ%/ ƵƵ 5*# 0$0 3/ +*2!*! +* 0+!. ĈČ ĂĀāĆ ,,.+2! 0$!
% '* , Ĉ '0+!. ĂĀāĆ )!*5!01&1% ,!*!.%0* %//1*! +" āąČąĊĂČăĀąČĊĈĆ ƫ+))+* ǫ $.!/ 3%0$
āąċąĊĂċăĀąċĊĈĆ$)ǫ%/0/)!.%ǫ !*#**%(% *+)%*( 2(1! +" ,āĀĀ ,!. /$.! 0+ +0%* "1* %*#
nominal Rp100 per saham untuk memperoleh pendanaan )+1*0%*# 0+ ,ĆČăĈćČćąĆČāąĆČĈĂĆċ +/0 +" 0$!/! "1* /
/!!/. ,ĆċăĈćċćąĆċāąĆċĈĂĆċ !#%* !/. * 3%((!1/! 0$!/0()$!.!..+*%'!(!2!(+,)!*0

0!./!10 '* %#1*'* 1*01' .+5!' !)*#1** .+&!0 Ĩăĩċ $%/ /$.! +û!.%*# 3/ %.!0! 0
.%' !.+*%'!( (0%) Ĩăĩċ !*3.* /$) %*% shareholders whose names are registered in the Company’s
ditujukan kepada pemegang saham yang namanya tercatat $.!$+( !.!#%/0!.+*0+!.ĂĀČĂĀāĆČ0$.+1#$%)%0!
dalam Daftar Pemegang Saham Perusahaan pada tanggal 1(% û!.%*# Ĩ%#$0/ //1! ĩ 3%0$%* 0$! +*0!40 +"
ĂĀ '0+!. ĂĀāĆČ )!((1% !*3.* )1) !.0/ %//1%*# .!ġ),0%2! %#$0/ Ĩ ĩċ $ $+( !. +" ăāĀ
Ĩ ĩ () .*#' !*!.%0* ' !)!/* "!' /$.!/%/!*0%0(! 0+.!!%2!ąĈā.%#$0/Č3$!.!%*!2!.5+*!
!.(!%$ $1(1 Ĩ ĩċ !0%, ,!)!#*# ăāĀ /$) .%#$0.!/!.2!/0$!.%#$00+15+*!*!3/$.!0*!4!.%/!
()!.$')!* ,0'*ąĈā Č %)*/!0%,/01 ,.%!+",ăĈāċ
)!)!.%'*$'1*01')!)!(%/01/$).1
!*#*$.#,!('/**/!!/.,ăĈāċ
Ruang Kendali PLTU ANTAM

ANTAM’s CFPP Control Room
Penawaran Umum Obligasi ǫ+* /û!.%*#
Pada tahun 2011, ANTAM melakukan penawaran umum ANTAM conducted ANTAM Shelf Registration Bond I
!.'!(*&10* (%#/% ǫ!.'!(*&10* ƵƵ !*#* û!.%*# 3%0$ %4! 0! ĨĂĀāā ǫ+* /ĩċ $! !û!0%2!
%*#'0 ǫ1*# !0, Ĩ(%#/% ĂĀāāĩċ !.*50* !"!'0%" /00!)!*0"+.0$!+* +û!.%*#3/%//1! 5ǫƵƵ ġ
,!*3.* +(%#/% 0!./!10 %0!.%0'* +(!$ ǫƵƵ ġ +* !!)!. ĂČ ĂĀāā * 0$! ĂĀāā ǫ+* 3/ +þ%((5
, 0*##(Ă!/!)!.ĂĀāā *(%#/%ĂĀāā/!. (%/0! 3%0$ 0$! * +*!/% 0+' 4$*#! +* !!)!.
.!/)% %00'* %ǫ1./"!' * +*!/%, 0*##(āą āąČ ĂĀāā 0+ /1,,+.0 %*2!/0)!*0 "1* %*# * 1/%*!//
!/!)!.ĂĀāā1*01')!* 1'1*#,!('/**,!* ** !2!(+,)!*0ċ$%/!û!0%2!/00!)!*0!* /+*!!)!.
%*2!/0/% * ,!*#!)*#* 1/$ċ / !.('1 ĂČĂĀāăĨ03+5!./"0!.0$! 0!+"%//1*!+"0$!!û!0%2!
,!.*50* !"!'0%" %*% !.'$%. , 0*##( Ă !/!)!. (!00!.ĩċ$!.0%*#%//1! 5!)!.%*#'0"!' * +*!/%
ĂĀāăĨ 10$1*/!&'0*##(,!*!.%0*/1.0,!.*50* Ĩ ĩ"+.0$!ƫ+),*5Ě/+* /3/% Ƶġĥ/0(!Ĩ"+.
!"!'0%"ĩċ Rating yang dikeluarkan oleh PT Pemeringkat 0$! ,!.%+ ".+) !,0!)!. āĂČ ĂĀāĉ 1, 0+ !,0!)!. āČ
Efek Indonesia (PEFINDO) menempatkan peringkat untuk ĂĀāĊĩ1,".+)0$!,.!2%+1/.0%*#Ĩ!,0!)!.āāČĂĀāĈ1,
+(%#/%,!.1/$*, rating% Ƶġĥ/0(! (untuk periode 0+ !,0!)!. āČ ĂĀāĉĩ +" % ǫǫǫŐĥ/0(!ċ Ƶ"0!. ! 10%*#
āĂ!,0!)!.ĂĀāĉ/),% !*#*ā!,0!)!.ĂĀāĊĩ*%' 0$!+/0"+.0$!,1(%+û!.%*#Č0$!*!0,.+!! /".+)0$!
dari rating,!.%+ !/!!(1)*5Ĩāā!,0!)!.ĂĀāĈ/),% ĂĀāāǫ+* %//1*!%/,ĂċĊĊ0.%((%+*ċ
!*#* ā !,0!)!. ĂĀāĉĩ !*#* .0%*# % ǫǫǫŐĥ/0(!ċ
!0!($ %'1.*#% !*#* %5 ,!*3.* 1)1)Č $/%(
!./%$,!*!.%0*(%#/%ĂĀāā)!*,%,ĂČĊĊ0.%(%1*ċ
Pada tahun 2018, Perusahaan telah melakukan .!ü**%*# *ĂĀāĉČ0$!ƫ+),*5.!ü**! 0$!,.%*%,(+*ƵƵ Ě/
,!)5.* ,+'+' (%#/% ǫ!.'!(*&10* ƵƵ $!("!#%/0.0%+*ǫ+* 3%0$ü4! %*0!.!/0.0!,$/!
Dengan Tingkat Bunga Tetap Tahap I Tahun 2011 Seri of 2011 A Series (ANTAM A Series Bonds) with a tenor of
Ƶ Ĩ%#/% !.% Ƶ ƵƵ ĩ !*#* 0!*+. /!() 01&1$ /!2!*5!./* %*0!.!/0.0!+"ĉċăĈĆŌ,!.5!.)+1*0%*#
0$1* *0%*#'01*#/!!/.ĉČăĈĆŌ,!.0$1*/!*%(% 0+,ĊĀĀ%((%+*0$0)01.!/+*!!)!.āąČĂĀāĉċ$!
,ĊĀĀ )%(%. 5*# &01$ 0!),+ , āą !/!)!. ĂĀāĉċ ,.%*%,( .!ü**%*# +" ƵƵ Ě/ Ƶ !.%!/ ǫ+* / 3/
!ü**%*#0/,+'+'(%#/%!.%ƵƵƵ %('1'* ..%! +103%0$*'%*#%*2!/0)!*0.! %0(+*/$!)!ċ

!*#* /'!) ,%*&)* '.! %0 %*2!/0/% ,!.*'*ċ ANTAM received an investment credit facility from
ANTAM mendapatkan fasilitas kredit investasi dari PT Bank ǫ*' !#. * +*!/% Ĩ!./!.+ĩ ' )+1*0%*# 0+
!#. * +*!/% Ĩ!./!.+ĩ ' /!*%(% 0+0( ĸĉĂ &10 0+0( +" ĸĉĂ )%((%+* "+. 0$! ,1.,+/! +" .!ü**%*# 0$!
5*# %01&1'* 1*01' '!,!.(1* .!ü**%*# (%#/% !.% Ƶġ!.%!/ ǫ+* / / 3!(( / /1,,+.0 0$! ƫ+),*5Ě/ ĂĀāĉ
Ƶ/!.0)!* 1'1*#!(*&)+ (!.1/$*0$1*ĂĀāĉċ ,%0(!4,!* %01.!ċ
),% !*#* ăā !/!)!. ĂĀāĉČ ƵƵ 0!($ Ƶ/+"!!)!.ăāČĂĀāĉČƵƵ $/1/! ,ĂċĊć0.%((%+*
)!*##1*'* ,ĂČĊć 0.%(%1* 01 /!!/. ĊĉČĊĊŌ .% +.ĊĉċĊĊŌ+"0$!*!0,.+!! /+"0$!ĂĀāāǫ+* /0+"1* 0$!
$/%( !./%$ (%#/% ĂĀāā 1*01' )!* *% %*2!/0/% .10%* ƫ+),*5Ě/.+10%*!%*2!/0)!*0/* 1/%*!// !2!(+,)!*0ċ
* ,!*#!)*#* %/*%/ !.1/$*ċ %/ * $/%( $! .!)%*%*# ,.+!! / +" 0$! ,1(% +û!.%*# 1, 0+
,!*3.* 1)1) /),% !*#* ăā !/!)!. ĂĀāĉ !!)!.ăāČĂĀāĉ)+1*0/0+,ăĀċĀĉ%((%+*ċ
/!!/.,ăĀČĀĉ)%(%.ċ
DIVESTASI, PENGGABUNGAN/PELEBURAN DIVESTMENT, BUSINESS MERGER, ACQUISITION,

USAHA, AKUISISI ATAU RESTRUKTURISASI OR DEBT/CAPITAL RESTRUCTURING
HUTANG/MODAL
0*##(Ăĉ!/!)!.ĂĀāĉČƵƵ !./) !*#* *!!)!.ĂĉČĂĀāĉČƵƵ 0+#!0$!.3%0$$+3!*'+
$+3 !*'+ ċ Ĩĩ
!,*# 0!($ )!** 0*#*% ċĨĩ+"
,*/%#*! $.!1.$/!Ƶ#.!!)!*0+.
'0,!.&*&%*&1(!(%/$)Ĩshare purchase agreement Ƶ%* * +*!/%ƫ$!)%(Ƶ(1)%*Ĩ ƫƵĩ/0$!ü*(
ġ Ƶĩ * +*!/% ƫ$!)%( Ƶ(1)%* Ĩ ƫƵĩ /!#% ,.+!//%*0$!,1.$/!+"((+"Ě//$.!/%* ƫƵ5
,.+/!/ ü*( .% ,!)!(%* '!/!(1.1$* /$) % ƵƵ ċǫ5/%#*%*#0$%/ƵČƵƵ +þ%((5+3*/āĀĀŌ
ƫƵ+(!$ƵƵ ċ!*#* %0* 0*#*%*5'0&1( /$.! %* ƫƵ ".+) 0$! ,.!2%+1/ ,+/%0%+* +" ĉĀŌ 3%0$
!(%/$)%*%ČƵƵ /!..!/)%)!)%(%'%'!/!(1.1$* ĂĀŌ+3*! 5ċ
āĀĀŌ/$) % ƫƵ .%,+/%/%'!,!)%(%'*/!!(1)*5
5%01/!!/.ĉĀŌ !*#*ĂĀŌ'!,!)%(%'*/$) %)%(%'%
+(!$ċ
INFORMASI MATERIAL TERKAIT INVESTASI, MATERIAL INFORMATION ON INVESTMENT,

EKSPANSI, DIVESTASI, PENGGABUNGAN/ EXPANSION, DIVESTMENT, MERGER,
PELEBURAN USAHA, AKUISISI ATAU ACQUISITION OR DEBT/CAPITAL
RESTRUKTURISASI HUTANG/MODAL RESTRUCTURING
0*##(Ăĉ!/!)!.ĂĀāĉČƵƵ !./) !*#* *!!)!.ĂĉČĂĀāĉČƵƵ 0+#!0$!.3%0$$+3!*'+
$+3 !*'+ ċ Ĩĩ
!,*# 0!($ )!** 0*#*% ċĨĩ+"
,*/%#*! $.!1.$/!Ƶ#.!!)!*0+.
'0,!.&*&%*&1(!(%/$)Ĩ/$.!,1.$/!#.!!)!*0 Ƶ%* * +*!/%ƫ$!)%(Ƶ(1)%*Ĩ ƫƵĩ/0$!ü*(
ġ Ƶĩ * +*!/% ƫ$!)%( Ƶ(1)%* Ĩ ƫƵĩ /!#% ,.+!//%*0$!,1.$/!+"((+"Ě//$.!/%* ƫƵ5
,.+/!/ ü*( .% ,!)!(%* '!/!(1.1$* /$) % ƵƵ ċǫ5/%#*%*#0$%/ƵČƵƵ +þ%((5+3*/āĀĀŌ
ƫƵ+(!$ƵƵ ċ!*#* %0* 0*#*%*5'0&1( +" ƫƵċ
!(%/$)%*%ČƵƵ /!..!/)%)!)%(%'%'!/!(1.1$*
āĀĀŌ/$) % ƫƵċ
%0* 0*#*%*5 '0 &1( !(% %*%Č &1# )!*1*&1''* $.+1#$ 0$! /%#*%*# +" 0$%/ ƵČ ƵƵ * $/
$3 ƵƵ * 0!($ )!*5!(!/%'* '!3&%*ġ "1(ü((! %0/+(%#0%+*///$.!$+( !./%*+. *!3%0$
'!3&%* /!#% ,!)!#*# /$) /!/1% !*#* 0$! /$.! +3*!./$%, ,.+,+.0%+* / ,.!/.%! 3%0$%* 0$!
proporsi kepemilikan saham sesuai yang tertuang dalam Conditional Share Purchase Agreement (CSPA) that was
Conditional Share Purchase Agreement (CSPA) yang /%#*! +* 5ĂĊČĂĀāĉċ
%0* 0*#*%, 0*##(ĂĊ !%ĂĀāĉċ
+'+'ġ,+'+' '!/!,'0* () ƫƵ 0!./!10 The main points of the agreement stipulated within this
%*0.*5 )!*'1, ,!)5.* '!3&%* '!, ƫƵ %*(1 !/ !0 ,5)!*0/ 0+ .! %0+.Č 04 ,5(!/Č
'.! %01.Č '!3&%* ,&'Č ,!*#!(+(* (%*#'1*#*Č environmental management, factory repairs, including
,!.%'* ,.%'Č 0!.)/1' ,!)!.%* ,0!* )%(%' ,.+2% %*# ,0!*0/ +3*! 5 0+ ƫƵ "+. 0$!

kepada PT ICA untuk proses produksi dan produk yang ,.+ 10%+* ,.+!// * ,.+ 10/ (%/0! %* ăć +1*0.%!/ċ
0!($0!. "0. %ăć*!#.ċ.*/'/%&1(ġ!(%/$) Ě//$.!/(!/ġ,1.$/!#.!!)!*0%* ƫƵ0+ƵƵ
% ƫƵ'!, ƵƵ %('1'* !*#**%(%,!)!(%* was carried out at a value that was agreed to within the
5*# 0!($ %/!,'0% () ,!.&*&%* /!!/. ĸāČĀĀ #.!!)!*0+"ĸāċĀĀĨ**%0! 00!/+((.ĩċ
Ĩ01+(.Ƶ)!.%'!.%'0ĩċ
INFORMASI TRANSAKSI MATERIAL YANG INFORMATION ON MATERIAL TRANSACTION

MENGANDUNG BENTURAN KEPENTINGAN DAN/ THAT CONTAINS CONFLICT OF INTEREST AND/
ATAU TRANSAKSI AFILIASI OR AFFILIATED TRANSACTION
.*/'/%Ƶü(%/%!.1/$*!.1,0.*/'/%&1( $!ƫ+),*5Ě/Ƶþ(%0! .*/0%+*%*0$!

beli saham dengan entitas anak Perusahaan yakni form of share sales purchase transaction with a
PT Borneo Edo International (“PT BEI“) pada 31 subsidiary, namely PT Borneo Edo International
Mei 2018 (“PT BEI“) on May 31, 2018
ǫ!. /.'* Ƶ'0 !.*50* !,101/* !)!#*# Based on the Shareholders Decision Deed (outside of
$) Ĩ% 1. ,0ĩ ǫ +ċ ą 0*##( ĂĆ'0+!. 0$! !!0%*#ĩ +" ǫ +ċ ą 0! 0+!. ĂĆČ ĂĀāĆČ
2015, susunan pemegang saham PT BEI ialah Perusahaan PT BEI’s shareholder composition namely the Company
!*#* '!,!)%(%'* /!!/. ĊĊČĆŌ * /!(!%$*5 3%0$ĊĊċĆŌ+3*!./$%,* 0$!.!)%*%*#/$.!/+3*!
dimiliki oleh perusahaan terkedali Perusahaan, PT Antam 5 .!(0! +),*5Č Ƶ*0) !/+1.%* +Č 3%0$
!/+1.%* + !*#*'!,!)%(%'*/!!/.ĀČĆŌċ /$.!$+( %*#+"ĀċĆŌċ
1(* !% ĂĀāĉČ 0!($ %('1'* ,!** 0*#** * 5ĂĀāĉČ/$.!/(!/ġ,1.$/!#.!!)!*03//%#*!

'0&1(!(%*0.!.1/$* *ǫ !*#*+&!' !03!!*0$!ƫ+),*5* ǫ 3%0$0$!+&!0+"0$!
transaksi terkait dengan penjualan seluruh saham PT BEI transaction relating to the sale of all of PT BEI’s shares
yang ditempatkan dan disetor penuh pada PT BAI kepada that is issued and fully paid in at PT BAI to the Company
!./!.+*/!!/.ĂĂĀ/$) !*#**%(%*+)%*(/!0%, amounting to 220 shares at a nominal value of each
/$) /!!/. ,āĀĀċĀĀĀČĀĀ !*#* 0+0( 0.*/'/% /$.! )+1*0%*# 0+ ,āĀĀČĀĀĀċĀĀ 3%0$ 0+0( 0.*/0%+*
/!!/.,ĂĂċĀĀĀċĀĀĀČĀĀċ )+1*0%*#0+,ĂĂČĀĀĀČĀĀĀċĀĀċ
.*/'/% ü(%/% !.1/$* !*#* !*0%0/ *' $! ƫ+),*5Ě/ þ(%0! 0.*/0%+* 3%0$ 0$! /1/% %.5Č
!.1/$*Č ǫ 1'* )!.1,'* 0.*/'/% )0!.%( PT BEI is not a material transaction and is not included as
dan tidak termasuk dalam transaksi yang mengandung 0.*/0%+*0$0+*0%*/+*ý%0+"%*0!.!/0%*+. *!
!*01.*'!,!*0%*#*/!/1% !*#*.!#1(/%5*#!.('1ċ 3%0$ 0$! ,.!2%(%*# .!#1(0%+*/ċ $! þ(%0! 0.*/0%+*
.*/'/% ü(%/% *0. !.1/$* * ǫ %('1'* !03!!* 0$! ƫ+),*5 * ǫ %/ ..%! +10 0+
1*01' )!* 1'1*# '0%2%0/ /0.0!#%/ ,!*#!)*#* /1,,+.0 0$! /0.0!#% 1/%*!// !2!(+,)!*0 0%2%0%!/
%/*%/!.1/$*5*#!.%+.%!*0/%, ,!*#!)*#* of the Company that is oriented towards developing the
%* 1/0.% $%(%.%//% '+)+ %0/ )%*!.( 0)*# 0!.10) downstream mining commodity industries particularly for
'+)+ %0/1'/%0ċ 14%0!ċ
.*/'/%Ƶü(%/%!.1/$*!.1, 1'1*#* $!ƫ+),*5Ě/Ƶþ(%0! .*/0%+*%*0$!"+.)

ü**/%('!, ü(%/%!.1/$*5'*% +"ü**%(/1,,+.0"+.0$!þ(%0! +),*5Č
PT Indonesia Chemical Alumina (“PTICA“) pada 8 namely PT Indonesia Chemical Alumina (“PTICA“)
Juni 2018, 26 Oktober 2018 dan 13 Desember 2018 on June 8, 2018, October 26, 2018 and
December 13, 2018
Dalam rangka menjalankan kegiatan usaha utamanya, %0$%* 0$! +*0!40 +" %),(!)!*0%*# %0/ )%* 1/%*!//
!.1/$* /!**0%/ )!*#1/$'* ,!*#!)*#* activity, the Company constantly strives to develop its
1/$Č .*/'/% Ƶü(%/% !.1/$* !.1, 1'1*#* 1/%*!//Č$!ƫ+),*5Ě/Ƶþ(%0! .*/0%+*%*0$!"+.)
%**/%( '!, Ƶü(%/% !.1/$* 5'*% * +*!/% +" %**%( 1,,+.0 "+. %0/ þ(%0!Č *)!(5 * +*!/%
Ĩ ƫƵĩ /!*%(% ĸāćČĊĂ &10 , ĉ
1*% ĂĀāĉČ /!*%(% Ĩ ƫƵĩ )+1*0%*# 0+ ĸāćċĊĂ )%((%+* +*
1*! ĉČ ĂĀāĉČ
,āĆćČāĀ)%(%., Ăć'0+!.ĂĀāĉ */!*%(%ĸāćČąĊ )+1*0%*# 0+ ,āĆćċāĀ %((%+* +* 0+!. ĂćČ ĂĀāĉ *
&10, āă!/!)!.ĂĀāĉċ )+1*0%*#0+ĸāćċąĊ)%((%+*+*!!)!.āăČĂĀāĉċ
0*##( Ăą
1(% ĂĀāĈČ !.1/$* )!*#1)1)'* *
1(5 ĂąČ ĂĀāĈČ 0$! ƫ+),*5 **+1*! 0$0 %0 %/

$3 0!*#$ %('1'* !2(1/% %*2!/0/% !.1/$* % evaluating the Company’s investment in PT ICA in line with
PT ICA seiring dengan tantangan dalam mengoperasikan 0$!$((!*#!/%*+,!.0%*#0$!ƫƵ5*,(*0ċƵ/.!/1(0
,.%' ƫƵ 5*ċ !*#* *5 0*0*#* 0!./!10Č +"0$!/!$((!*#!/Č ƫƵ$/*+0$%!2! ,.+ü0%(%05
ƫƵ!(1))!)!.%'*,.+ü0%(%0/ *(!2!(,.+ 1'/% * %0/,.+ 10%+*(!2!(%/!(+30$! !/%.! (!2!(/ċ
!. %3$0%*#'05*# %%*#%*'*ċ
Seiring dengan tantangan yang ada, Perusahaan dan In line with these challenges, the Company and Showa
$+3 !*'+ ċ Ĩĩ 0!*#$ )!('1'* %/'1/% !*'+ċĨĩ+* 10! %/1//%+*/0+.!/0.101.!0$!
1*01' )!.!/0.1'01.%//% '!.&/) ,01*#* 0!./!10ċ &+%*0ġ2!*01.!ċ* 5ĂĊČĂĀāĉČƵƵ 0+#!0$!.3%0$
0*##( ĂĊ !% ĂĀāĉČ ƵƵ !./) signed the Conditional Share Purchase Agreement (CSPA)
menandatangani Conditional Share Purchase Agreement 0+ 15
,*Ě/ ĂĀŌ /$.! %* ƫƵ 5 ƵƵ ċ
ĨƫƵĩ,!)!(%*'!,!)%(%'*ĂĀŌ/$)
!,*# % $%/ ƫƵ /0%,1(0!/ 0$0 +0$ ,.0%!/Č ƵƵ * Č
ƫƵ +(!$ ƵƵ ċ () ƫƵ %*% '! 1 !($ ,%$'Č agree to provide support in reviving operations of the
ƵƵ * /!,'0 1*01' )!)!.%'* 1'1*#* CGA Tayan Plant as well as committed in settling other
() ,!*#+,!./%* '!)(% .%' ƫƵ 5* /!.0 +(%#0%+* / /$.!$+( !./ %* ƫƵ %* +. *! 3%0$
!.'+)%0)!* (),!)!*1$*'!3&%*(%**5/!#% 0$!%./$.!$+( %*#ċ
pemegang saham di PT ICA sesuai dengan proporsi
'!,!)%(%'*ċ
Sesuai kesepakatan antara Pemegang Saham PT ICA dan * +. *! 3%0$ 0$! #.!!)!*0 !03!!* ƫƵĚ/
!.&*&%* !)!.%* %*&)* !)!#*# $) *0. /$.!$+( !./ * 0$! $.!$+( !. !* %*# Ƶ#.!!)!*0
Perusahaan dengan PT ICA terkait dengan pemenuhan !03!!* 0$! ƫ+),*5 3%0$ ƫƵ ,!.0%*%*# 0+ 0$!
'!3&%* ƫƵ '!, ,%$' '!0%# * )!* 1'1*# "1(ü()!*0 +" ƫƵĚ/ +(%#0%+*/ 0+ 0$%. ,.0%!/ *
pelaksanaan kegiatan operasional dalam rangka support the implementation of operational activities within
,!*#+,!./%* '!)(% .%' ƫ$!)%( . ! Ƶ(1)%* the context of reviving operations of the Chemical Grade
ĨƫƵĩČ!.1/$*/!('1!)!#*#$))!)!.%'* Alumina (CGA) Plant, the Company as the Shareholder
1'1*#*ü**/%(!.1,!)!.%*%*&)*!)!#*# ,.+2% ! ü**%( /1,,+.0 %* 0$! "+.) +" $.!$+( !.
$) /!!/. ,āĆćċāĀĂċĊāćċāāĀČĀĀ '!, ƫƵ , !* %*#Ƶ#.!!)!*0)+1*0%*#0+,āĆćČāĀĂČĊāćČāāĀċĀĀ0+
0*##(Ăą'0+!.ĂĀāĉċ!*#*)!),!.$0%'*&1)($ ƫƵ +* 0+!. ĂąČ ĂĀāĉċ ǫ5 0'%*# %*0+ +1*0 0$!
!'1%0/ !.1/$* !. /.'* ,+.* !1*#* ƫ+),*5Ě/ !-1%05 )+1*0 /! +* 0$! ƫ+*/+(% 0!
+*/+(% /%* ,!. 0*##( ăĀ
1*% ĂĀāĉČ 5%01 /!!/. %**%( 00!)!*0 / +"
1*! ăĀČ ĂĀāĉČ *)!(5 +"
,āĉċĉĆĀċąąĊċāăĈċĀĀĀČĀĀ)'&1)($ 1'1*#*ü**/%( ,āĉČĉĆĀČąąĊČāăĈČĀĀĀċĀĀ 0$!* 0$! ü**%( /1,,+.0 0+
'!, ƫƵ )!*,% ĀČĉăŌ .% &1)($ !'1%0/ ƫƵ )+1*0/ 0+ ĀċĉăŌ +" 0$! ƫ+),*5Ě/ 0+0( !-1%05ċ
!.1/$*ċ.*/'/%,!)!.%* 1'1*#*ü**/%(+(!$ $!ü**%(/1,,+.00.*/0%+*#.*0! 50$!ƫ+),*5
Perusahaan kepada PTICA untuk mendukung kelancaran 0+ ƫƵ3/0+/1,,+.00$!ý+3* !(!.0!0$!.!2%2(
* ,!.!,0* ,!*#+,!./%* '!)(% .%' ƫƵ +"ƫƵĚ/"0+.5/3!((/0+"1(ü( ƫƵĚ/+(%#0%+*/0$0
/!.0 1*01' )!)!*1$% '!3&%*ġ'!3&%* ƫƵ 5*# %/!4(1 ! ".+),.+2%/%+*/+* 0!.%(.*/0%+*/ċ
%'!1(%'* .%'!0!*01*.*/'/% 0!.%(ċ
!#% 0$, ü*( .% ,!)!(%* '!/!(1.1$* /$) Ƶ/ ü*( /0#! ".+) 0$! ,1.$/! +" 0$! Ě/ !*0%.!
% ƫƵ +(!$ ƵƵ Č , 0*##( Ăĉ !/!)!. /$.!/ %* ƫƵ 5 ƵƵ Č +* !!)!. ĂĉČ ĂĀāĉČ
ĂĀāĉČ ƵƵ * )!** 0*#*% '0 ,!.&*&%* ƵƵ * /%#*! ƫƵ/$.!,1.$/!#.!!)!*0
&1( !(% /$) Ĩshare purchase agreement ġ Ƶĩ +. Ƶċ $.+1#$ 0$%/ #.!!)!*0Č ƵƵ +þ%((5 +3*/
ƫƵċ!*#* %0* 0*#*%*5'0&1(!(%/$)%*%Č āĀĀŌ+" ƫƵĚ//$.!/".+)%0/,.!2%+1//$.!,+/%0%+*+"
ƵƵ /!..!/)%)!)%(%'%'!/!(1.1$*āĀĀŌ/$) % ĉĀŌ3%0$ĂĀŌ+3*! 5ċ$!/%#*! Ƶ(/+/$+3/
ƫƵ .% ,+/%/% '!,!)%(%'* /!!(1)*5 5%01 /!!/. 0$0ƵƵ * $/"1(ü((! ((+"%0/+(%#0%+*//
ĉĀŌ !*#* ĂĀŌ '!,!)%(%'* /$) %)%(%'% +(!$ ċ shareholders in accordance with that stipulated within
%0* 0*#*%*5 '0 &1( !(% %*%Č &1# )!*1*&1''* 0$! ƫƵ 0$0 3/ /%#*! %* 5 ĂĊČ ĂĀāĉċ &+. ,+%*0/
$3 ƵƵ * 0!($ )!*5!(!/%'* '!3&%*ġ +" 0$! ƫƵ +2!./ ,5)!*0 +" 0$! +(%#0%+*/ 0+ 0$!
'!3&%* /!#% ,!)!#*# /$) /!/1% !*#* .! %0+.Č04,5(!/ċ*2%.+*)!*0()*#!)!*0Č"0+.5
proporsi kepemilikan saham sesuai yang tertuang .!,%./Č%*(1 %*#,0!*0/+3*! 50+ ƫƵ"+.0$!
dalam CSPA yang ditandatangani pada tanggal 29 Mei ,.+ 10%+*,.+!//* ,.+ 10/0$0.!.!#%/0!.! %*ăć
ĂĀāĉċ +'+'ġ,+'+' '!/!,'0* () ƫƵ 0!./!10
%*0.*5 )!*'1, ,!)5.* '!3&%* '!,

'.! %01.Č '!3&%* ,&'Č ,!*#!(+(* (%*#'1*#*Č +1*0.%!/ċ Ě/ /(!/ġ,1.$/! 0.*/0%+* %* ƫƵ 0+
,!.%'* ,.%'Č 0!.)/1' ,!)!.%* ,0!* )%(%' ANTAM was carried out with a purchase value that was
kepada PT ICA untuk proses produksi dan produk yang #.!! 1,+*3%0$%*0$!Ƶ#.!!)!*0)+1*0%*#0+ĸāċĀĀ
0!($0!. "0. %ăć*!#.ċ.*/'/%&1(ġ!(%/$) Ĩ*!*%0! 00!/+((.ĩċ
% ƫƵ'!, ƵƵ %('1'* !*#**%(%,!)!(%*
5*# 0!($ %/!,'0% () ,!.&*&%* /!!/. ĸāČĀĀ
Ĩ01+(.Ƶ)!.%'!.%'0ĩċ
Penandatanganan Perjanjian Pembelian Saham PT ICA

Singing Ceremony of PT ICA Share Purchase Agreement
!*#*,!.0%)*#*)/%$ *50*0*#* ()$( Considering the challenges that exists in terms of operating
,!*#+,!./%* ,.%' ƫƵ 5* 0!./!10Č !.1/$* 0$!ƫƵ,(*0Č0$!ƫ+),*5,.+2% !/ü**%(/1,,+.0/
)!)!.%'* 1'1*#* ü**/%( /!('1 ,!)!#*# /$) /$.!$+( !.0+0$!þ(%0! ƫ+),*5Č*)!(5 ƫƵ0
'!, ü(%/%!.1/$*5'*% ƫƵ/!!/.)'/%)( a maximum of PT ICA’s loan from the creditors that will
pinjaman PT ICA kepada kreditur yang akan jatuh tempo )01.! %* !!)!. ĂĀāĈ 1*0%( !!)!. ĂĀĂĀČ 3$!.!%*
% !/!)!. ĂĀāĈ /),% !*#* !/!)!. ĂĀĂĀ 0$! .3 +3*)+1*00+0$!ü**%(/1,,+.03%(( !,!*
dimana jumlah drawdown 0!.$ , 1'1*#* ü**/%( +* ƫƵĚ/ ü**%( * +,!.0%+*( ,!."+.)*!ċ $!
'* !.#*01*# , '%*!.& +,!./%+*( * ü**/%( )+1*0+"ü**%(/1,,+.00+,50$!.!/,!0%2!.! %0+./
ƫƵċ
1)($ 1'1*#* ü**/%( 1*01' ,!)5.* )+1*0/ 0+ ĸāćČĊāĊČąąĉċĀĀ Ĩ%),(!)!*0! +*
1*! ĉČ
'! '.! %01. )/%*#ġ)/%*# /!!/. ĸāćċĊāĊċąąĉČĀĀ ĂĀāĉĩ * ĸāćČąĊăČāćĀċĀĀ Ĩ%),(!)!*0! +* !!)!.
Ĩ %('/*'* , ĉ
1*% ĂĀāĉĩ * ĸāćċąĊăċāćĀČĀĀ āăČĂĀāĉĩ0$0.!,.!/!*0/,.0+"0$!ƫ+),*5Ě/ü**%(
Ĩ %('/*'* , āă !/!)!. ĂĀāĉĩ 5*# )!.1,'* support to PT ICA that amounts to a maximum of PT ICA’s
#%* .% .!** 1'1*#* ü**/%( !.1/$* loan to the creditors that is calculated since maturity in
'!, ƫƵ 5*# /!!/. )'/%)( ,%*&)* ƫƵ
1*!ĂĀāĉ1,0+!!)!.ĂĀĂĀ)+1*0%*#0+)4%)1)
kepada kreditur yang terhitung sejak jatuh tempo di Juni +" ĸĊĊČĆĀăČĆĉĀċĀĀ 0$0 3%(( ! &1/0! 3%0$ 0$!
ĂĀāĉ /),% !*#* !/!)!. ĂĀĂĀ /!!/. )'/%)( ,.!/.%! +* %0%+*/ċ
ĸĊĊċĆĀăċĆĉĀČĀĀ 5*# )* '* %/!/1%'* !*#*
'+* %/%5*# %,!./5.0'*ċ
!)!.%* 1'1*#* ü**/%( 0!./!10 %('1'* () $!,.+2%/%+*+"ü**%(/1,,+.0%/+* 10! 3%0$%*0$!

rangka pelaksanaan fungsi Perusahaan selaku penjamin framework of implementing the Company’s function as
0/ ,!('/** '!3&%* ƫƵ '!, ,%$' #1.*0+.+"0$!/!00(!)!*0+" ƫƵĚ/+(%#0%+*/0+0$!
.! %01.*5ċ !/1% '!/!,'0* *0. !.1/$* * .! %0+.ċ * +. *! 3%0$ 0$! #.!!)!*0 !03!!* 0$!

!. /.'* ,!.&*&%* ,!.1/$* ,01*#*Č /!.0 ƫ+),*5 * 0+ 0$! &+%*0 2!*01.! #.!!)!*0Č *
!. /.'*!.&*&%*!*&)%***0..!)!#*# 1* !. 0$! 0!.)/ +" 0$! 1.*0!! Ƶ#.!!)!*0 !03!!*
$) ƫƵ 5%01 !.1/$* * !*#* %$' ƫƵ$.!$+( !./Č*)!(50$!ƫ+),*5* Č3%0$0$!
.! %01.Č !.1/$* * /!('1 ,!)!#*# /$) ƫ.! %0+..05Č0$!ƫ+),*5* /0$!/$.!$+( !./
3&%)!* 1'1*# ƫƵ 1*01' )!)!*1$% '!3&%**5ċ /$(( /1,,+.0 ƫƵ 0+ "1(ü( %0/ +(%#0%+*/ċ ƫƵ /0%((
ƫƵ )/%$ )!)101$'* 1'1*#* .% !)!#*# *!! / 0$! $.!$+( !./ /1,,+.0 0+ "1(ü( %0/ +(%#0%+*/
$) () ,!)!*1$* '!3&%* ,!)5.* %%(* in terms of the payment of loan principal and interest to
,+'+' * 1*# '!, ,%$' '.! %01. ƫƵ )1,1* ƫƵĚ/ .! %0+./ * 0$! "1(ü()!*0 +" 0$! ü**%(
pemenuhan ü**%(+2!**0'!,%$''.! %01.ċ +2!**00+0$!.! %0+./ċ
Dengan memperhatikan jumlah ekuitas Perusahaan ƫ+*/% !.%*# 0$! ƫ+),*5Ě/ 0+0( !-1%05 /! +* 0$!
!. /.'*,+.*!1*#*+*/+(% /%*,!.0*##( ƫ+*/+(% 0! %**%( 00!)!*0/ / +" !!)!. ăāČ
ăā !/!)!. ĂĀāĈČ 5%01 /!!/. ,āĉċąĊĀċąĀăċĆāĈċĀĀĀ ĂĀāĈ )+1*0/ 0+ ,āĉČąĊĀČąĀăČĆāĈČĀĀĀČ 0$!* 0$! )+1*0
)' &1)($ 1'1*#* ü**/%( '!, ƫƵ '!, +"ü**%(/1,,+.00+ ƫƵ0+0$!.! %0+.0$0)01.!/
kreditur yang jatuh tempo di Juni 2018 sampai dengan %*
1*! ĂĀāĉ 1, 0+ !!)!. ĂĀĂĀ )+1*0/ 0+ ĈċĂĊŌ
!/!)!. ĂĀĂĀ )!*,% ĈČĂĊŌ .% &1)($ !'1%0/ of the Company’s total equity using the US$ to Rupiah
Perusahaan dengan menggunakan kurs nilai tukar !4$*#! .0! / +" !!)!. ăāČ ĂĀāĈ )+1*0/ 0+
ĸ 0!.$ , 1,%$ ,!. 0*##( ăā !/!)!. ĂĀāĈ ,āăČĆąĉ ,!. ĸāČ +. !-1%2(!*0 0+ ĸĊĊČĆĀăČĆĉĀċ $!
5%01 ,āăċĆąĉČĀĀ ,!. ĸā 01 /!0. !*#* ü**%( /1,,+.0 0.*/0%+* #.*0! 5 0$! ƫ+),*5
ĸĊĊċĆĀăċĆĉĀċ .*/'/% ,!)!.%* 1'1*#* ü**/%( 0+ ƫƵ 3/ 0+ /1,,+.0 0$! ý+3 * !(!.0! 0$!
oleh Perusahaan kepada PT ICA untuk mendukung .!2%2( +" ƫƵĚ/ "0+.5 / 3!(( / 0+ "1(ü( ƫƵĚ/
'!(*.* *,!.!,0*,!*#+,!./%*'!)(%.%' +(%#0%+*/ 0$0 %/ !4(1 ! ".+) ,.+2%/%+*/ +* 0!.%(
ƫƵ /!.0 1*01' )!)!*1$% '!3&%*'!3&%* ƫƵ .*/0%+*/ċ
5*# %'!1(%'* .%'!0!*01*.*/'/% 0!.%(ċ
Ƶ(/* %('1'**5 0.*/'/% 0!./!10 %* %*#'* The reason why the transaction was carried out compared
!*#*,%( %('1'*0.*/'/%(%*5*#/!&!*%/5*# to other similar types of transactions that are not performed
0% ' %('1'* !*#*%$'!.ü(%/%č 3%0$0$!Ƶþ(%0! .0%!/č
āċ !)!.%* 1'1*#* ü**/%( '!, ƫƵ āċ .+2% %*# ü**%( /1,,+.0 0+ ƫƵ %/ 0$!
)!.1,'* 0*##1*# &3 !.1/$* /!#% .!/,+*/%%(%05 +" 0$! ƫ+),*5 / /$.!$+( !. 0+
,!)!#*# /$) 1*01' )!)*01 '!0!./! %* '/ //%/0%*0$!2%(%(%05+" ƫƵĚ//$Č/+/0+"1(ü((
ƫƵČ 1*01' )!)!*1$% '!3&%* ƫƵ '!, ƫƵĚ/+(%#0%+*/0+.! %0+.,.0%!/ċ
,%$'ġ,%$''.! %01.ċ Ăċ "0$!ƫ+),*5 +!/*+0,.+2% !ü**%(/1,,+.00+
Ăċ ǫ%()* !.1/$* 0% ' )!)!.%'* 1'1*#* ƫƵČ0$!* ƫƵ!+)!/ !"1(0!1/!%0 +!/
ü**/%( '!, ƫƵČ )' ƫƵ )!*& % *+0"1(ü(%0/+(%#0%+*0+,50$!(+*/0$0.! 1!0+
3*,.!/0/% '.!* 0% ' )!)!*1$% '!3&%**5 .! %0+./%*+. *!3%0$0$0,.!/.%! 3%0$%*0$!
)!)5. ,%*&)* &01$ 0!),+ '!, ,%$'ġ,%$' ƫ+))+*!.)/Ƶ#.!!)!*0ĨƫƵĩċ
kreditur sesuai yang tertera dalam Common Terms
AgreementĨƫƵĩċ
.*/'/%Ƶü(%/%!.1/$*!.1,0.*/'/%&1( Ƶþ(%0! .*/0%+*%*0$!"+.)+"/$.!

beli saham dengan entitas anak Perseroan yakni sale-purchase transaction with the Company’s
PT International Mineral Capital (“PT IMC”) pada subsidiary, namely PT International Mineral Capital
12 Oktober 2018 (“PT IMC”) on October 12, 2018
Dalam rangka menjalankan kegiatan usaha utamanya, %0$%*0$!+*0!40+"+,!.0%*#%0/)%*1/%*!//0%2%05Č
!.1/$* /!**0%/ )!*#1/$'* ,!*#!)#* 0$! ƫ+),*5 +*/0*0(5 /0.%2! 0+ !2!(+, 0$! 1/%*!//Č
1/$Č 0!.)/1' ,.+5!' ,!*#!)*#* ,.%' $%(%.%//% including the mineral downstream factory development
)%*!.( % ()*!#!.%ċ*01')!* 1'1*#,!*#!)*#* ,.+&!0 (+((5ċ * /1,,+.0 +" 0$! !2!(+,)!*0 +" *%'!(
*%'!( ()!*01'Nickel Pig IronĨ ĩ!./%/0!'*+(+#% %*0$!"+.)+"%'!(%# .+*Ĩ ĩ0$0%//! +*ǫ(/0
ǫ(/01.*! *,!*#!)*#*%* 1/0.%0%*(!//0!!( Furnace technology and the development of the Stainless
% ()$!. %)1.Č !.1/$* )!((1% !*0%0/ *' 0!!(%* 1/0.5%*/0()$!.Č0$!ƫ+),*50$.+1#$%0/
!./!.+*Č *0!.*0%+*( %*!.( ƫ,%0( Ĩė ƫĘĩ /1/% %.5Č *0!.*0%+*( %*!.(ƫ,%0(Ĩė ƫĘĩ+3*/
)!)%(%'%'!,!)%(%'*/$), !*0%0/2!*01.!./) /$.!/ %* &+%*0 2!*01.! ((! Ƶ*0) %0!. (0%)
Ƶ*0) %0!. (0%) Ĩė ƵĘĩ 5*# !'!.&/) ĨėƵĘĩ0$0%/++,!.0%+*3%0$/0.0!#%,.0*!.Č
dengan mitra strategis Ocean Energy Nickel International !* *!.#5 %'!( *0!.*0%+*( 0!ċ 0 Ĩė ĘĩČ

0!ċ 0 Ĩė ĘĩČ !*0%0/ !. * $1'1) %*#,1.ċ %*#,+.!* (!#(!*0%05ċ $! /$.!$+( !.+),+/%0%+*+"
+),+/%/%,!)!#*#/$)Ƶ%($ ƫ)!)%(%'% Ƶ%/ ƫ3%0$ĂĆŌ/$.!$+( %*#* 0$0
'!,!)%(%'* /$) /!!/. ĂĆŌ * !*#* +3*/ĈĆŌ+"0+0(/$.!/%//1! 5Ƶċ
'!,!)%(%'* /!!/. ĈĆŌ .% &1)($ '!/!(1.1$* /$)
5*# %'!(1.'*+(!$Ƶċ
5!'0.*/'/% ($,!)!(%*'!/!(1.1$*/$)+(!$ $!+&!0+"0$!0.*/0%+*%/0$!,1.$/!+"((+"0$!

Perusahaan yang dimiliki oleh entitas anak Perusahaan, /$.!/ 5 0$! ƫ+),*5 0$0 %/+3*! 5 0$! ƫ+),*5Ě/
ƫ , !*0%0/ 2!*01. !./) Ƶ 5*# /1/% %.5Č ƫ%*0$!&+%*02!*01.!Ƶ0$0+3*/
)!3'%(%ĂĆŌ01ĂĈċĀĀĀ/$) .%&1)($'!/!(1.1$* ĂĆŌ +. ĂĈČĀĀĀ /$.!/ +" 0+0( /$.!/ %//1! 5 Ƶ
/$) 5*# %'!(1.'* +(!$ Ƶ !*#* )/%*#ġ 3%0$ *+)%*( /$.! 2(1! +" ,āČĀĀĀČĀĀĀċĀĀ !$ 3%0$
)/%*# /$) )!)%(%'% *%(% *+)%*( ,āċĀĀĀċĀĀĀČĀĀ 0.*/0%+*2(1!+",ĂĈČĀĀĀČĀĀĀČĀĀĀċĀĀ%((%+*1,%$ċ
!*#* *%(% 0.*/'/% /!!/. ,ĂĈċĀĀĀċĀĀĀċĀĀĀċĀĀ
)%(%.1,%$ċ
.*/'/% ü(%/% !.1/$* !*#* !*0%0/ *' $! ƫ+),*5Ě/ þ(%0! 0.*/0%+* 3%0$ 0$! /1/% %.5Č
!.1/$*Č ƫ 1'* )!.1,'* 0.*/'/% )0!.%( PT IMC is not a material transaction and is not included
dan tidak termasuk dalam transaksi yang mengandung /0.*/0%+*0$0%/ !!)! /+*ý%0+"%*0!.!/0%*
!*01.*'!,!*0%*#*/!/1% !*#*.!#1(/%5*#!.('1ċ +. *!3%0$,,(%(!,.+2%/%+*/ċ
Ƶ(/* %('1'**5 0.*/'/% 0!./!10 %('1'* 1*01' The reason for this transaction is to support the Company’s
mendukung aktivitas strategis Perusahaan dalam /0.0!#%0%2%0%!/%* !2!(+,%*#0$! +3*/0.!)1/%*!//Č
,!*#!)*#*%/*%/$%(%.%//%'$1/1/*51*01''+)+ %0/ /,!%ü((5"+.*%'!(+))+ %0%!/ċ
*%'!(ċ
.*/'/%Ƶü(%/%!.1/$*!.1,0.*/'/%&1( Ƶþ(%0! .*/0%+*%*0$!"+.)+"/$.!

beli saham dengan entitas anak Perusahaan yakni sale-purchase transaction with the Company’s
PT Borneo Edo International (“PT BEI“), PT Mega subsidiary, PT Borneo Edo International
Citra Utama (“PT MCU”), PT International Mineral (“PT BEI“), PT Mega Citra Utama (“PT MCU”),
Capital (“PT IMC”) dan PT Antam Resourcindo PT International Mineral Capital (“PT IMC”) and
(“PT Antamindo”) pada 27 September 2018 PT Antam Resourcindo (“PT Antamindo”) on
September 27, 2018
Dalam rangka menjalankan kegiatan usaha utamanya, %0$%*0$!+*0!40+"+,!.0%*#%0/)%*1/%*!//0%2%05Č
!.1/$* /!**0%/ )!*#1/$'* ,!*#!)*#* 0$! ƫ+),*5 +*/0*0(5 /0.%2!/ 0+ !2!(+, %0/ 1/%*!//Č
1/$Č 0!.)/1' )!*#)*'* *#* .1 1*01' including securing new reserves for commodities that it
komoditas yang diusahakan, termasuk untuk mengajukan 0.*/0/Č 3$%$ %*(1 !/ /1)%00%*# %*0!*0%+*/ +* +û!./
minat atas penawaran secara prioritas untuk wilayah usaha +* ,.%+.%0%6! /%/ "+. /,!%( )%*%*# .!/ +û!.! 5
,!.0)*#*'$1/1/5*# %03.'*+(!$!)!.%*0$ċ 0$!+2!.*)!*0ċ
!*0!.% *!.#% * 1)!. 5 %*!.( Ĩė Ęĩ 0!($ $! %*%/0!. +" *!.#5 * %*!.( !/+1.!/ Ĩė Ęĩ
)!*5),%'*'!, ǫ */$ %(%'!#.Ĩėǫ Ęĩ $/ /1)%00! ,.%+.%0%6! +û!./ 0+ 0$! 00! 3*!
*ǫ */$ %(%'!.$Ĩėǫ Ęĩ,!*3.*/!. *0!.,.%/!/ ĨėĘĩ * !#%+*( 3*! *0!.,.%/!/
,.%+.%0/ 0/ %*!.( * ǫ01. !. /.'* ĨėĘĩ+2!. %*!.(* ƫ+(/! +*0$!(!00!.
/1.0%.!'01.
!* !.( %*!.( *ǫ01.+ċĊąĈĥăĀĥ +" 0$! %.!0+. !*!.( +" %*!.( * ƫ+( +ċ ĊąĈĥăĀĥ

ǫĥĂĀāĉ0*##(ăĀ !%ĂĀāĉĨė!*3.* /!.
ǫĥĂĀāĉ 0! 5 ăĀČ ĂĀāĉ Ĩė.%+.%05 +û!.ĘĩČ
Prioritas”), surat mana telah diterima oleh Perseroan pada 3$!.!%*0$!(!00!.3/.!!%2! 50$!ƫ+),*5+*
1*!
0*##( ć
1*% ĂĀāĉċ !*3.* /!. .%+.%0/ ćČ ĂĀāĉċ $%/ .%+.%05 +û!. 3/ /1)%00! 0+ 0$!
0!./!10 %/),%'* '!, !.1/$* /!#% Company whose rights were equivalent to that of a SOE,
perusahaan yang dipersamakan haknya dengan BUMN, 3$%$ %/ /! +*+2!.*)!*0 !#1(0%+* 1)!. ĈĂ+"
5*# )!*#1 , !.01.* !)!.%*0$ +)+. ĈĂ ĂĀāć+*ƫ$*#!/0++2!.*)!*0!#1(0%+*1)!.ąą+"
$1*ĂĀāć0!*0*#!.1$*0/!.01.*!)!.%*0$ 2005 on Procedures for Participation and Administration
+)+.ąą$1*ĂĀĀĆ0!*0*#0ƫ.!*5!.0* * +"00!1* /%** %)%0! %%(%05ƫ+),*5ċ
Penatausahaan Modal Negara pada BUMN dan Perseroan
!.0/ċ

!*%* '(*&10% /1.0 .% !*0!.% 0!./!10Č In response to the EMR Minister’s letter, the Company
Perusahaan telah menyampaikan minatnya untuk /1)%00! %0/ %*0!.!/0 0+ ,1./1! 0$! +û!.Č / 3!((
)!*#1/$'* 5*# %03.'*Č /!.0 0!($ / /1)%0 (( 0$! .!-1%.!)!*0/ / /0%,1(0! 3%0$%* 0$!
)!*5),%'* /!(1.1$ ,!./5.0* /!#%)* %01. ,,(%(! ,.+2%/%+*/ċ $! ƫ+),*5 (/+ (.%ü! 0$!
() ,!.01.* ,!.1* *#* 5*# !.('1ċ () /0.101.! +" 1/%*# %0/ þ(%0! ƫ+),*5 / 3!(( / 3+.'
penyampaiannya, Perusahaan juga telah menjelaskan 3%0$*%*2!/0+.0$03%((!..%! +10"+.* %*(%*!3%0$
/0.1'01. !*#* )!*##1*'* ü(%/% !.1/$* /!.0 0$! 3+.'0$0%/+û!.! +*,.%+.%0%6! /%/ċ
kerjasama dengan investor yang akan dilakukan untuk dan
/!$11*#* !*#*,!*#1/$* 5*# %03.'*
/!.,.%+.%0/0!./!10ċ
!(*&10*5Č%.!'01.
!* !.( %*!.( *ǫ01.Ĩ0/ 1/!-1!*0(5Č0$!%.!0+.!*!.(+" %*!.(* ƫ+(Ĩ+*
*) !*0!.% *!.#% * 1)!. 5 %*!.(ĩ 0!($ !$(" +" 0$! %*%/0!. +" *!.#5 * %*!.( !/+1.!/ĩ
)!*50'*ƵƵ 'Ĩ!./!.+*ĩ(1(1/ * %01*&1' /00! 0$0 ƵƵ ' Ĩ!./!.+*ĩ $/ ,//! *
(*#/1*# /!#% ,!)!**# (!(*# 0/ % ǫ(+' is directly appointed as the winner of the tender over
0.,! !. /.'* 1.0 +)+. āăĊăĥăĀĥ
ǫĥĂĀāĉ 0$! 3+.' %* 0$! 0.,! ǫ(+' /! +* !00!.
0*##( Ăā Ƶ#1/01/ ĂĀāĉ * % ǫ(+' ǫ$+ +,% 1)!. āăĊăĥăĀĥ
ǫĥĂĀāĉ 0! Ƶ1#1/0 ĂāČ ĂĀāĉ *
0. !. /.'* 1.0 +)+. āĂĉĂĥăĀĥ
ǫĥĂĀāĉ %* 0$! +.0$ ǫ$+ +,% ǫ(+' /! +* !00!.
0*##(āƵ#1/01/ĂĀāĉċ 1)!.āĂĉĂĥăĀĥ
ǫĥĂĀāĉ 0! Ƶ1#1/0āČĂĀāĉċ
!*%* '(*&10% !*1*&1'* *#/1*# ǫ$+ +,% * .!/,+*/! 0+ 0$! %.!0 Ƶ,,+%*0)!*0 "+. 0$!
0. * !*1*&1'* *#/1*# 0.,!Č )' +" +.0$ ǫ$+ +,% * %.!0 Ƶ,,+%*0)!*0 %*
!.1/$* 0!($ )!('1'* .!/0.1'01.%//% , ü(%/% 0.,!Č 0$! ƫ+),*5 0$!* .!/0.101.! %/ þ(%0!
Perusahaan, sehingga Perseroan akan memilki kepemilikan ƫ+),*5Č3$!.!50$!ƫ+),*53%(( %.!0(5+3*/$.!/
saham langsung pada PT Borneo Edo International %* ǫ+.*!+ + *0!.*0%+*( Ƶ#.+ Ĩė ǫ ƵĘĩ *
Ƶ#.+ Ĩė ǫ ƵĘĩ * 3/* * 1/0.% Ƶ*0) %)1. 3/* * 1/0.% Ƶ*0) %)1. Ĩė ƵĘĩ 0+ +3*
Ĩė ƵĘĩ1*01')!)%(%'%/$), ,!.1/$*5*# /$.!/ %* 0$! +),*5 0$0 3%(( ! "+.)! * 1/! 0$!
'* %!*01' 5*# '* )!)%(%'% 6%* /$ %(5$ ,!%( %*%*# Ƶ.! ǫ1/%*!// !.)%0 +. Ĩ 6%* /$
!.0)*#*$1/1/Ĩė Ęĩ, )/%*#ġ)/%*#ǫ(+' %(5$!.0)*#*$1/1/ĩ.!/,!0%2!(5"+.0$!+.0$
ǫ$+ +,%0. *ǫ(+' 0.,!ċ ǫ$+ +,%ǫ(+'* 0$! 0.,!ǫ(+'ċ
!.1/$* 0!($ )!('1'* .!/0.1'01.%//% ü(%/% $! ƫ+),*5 $/ .!/0.101.! 0$! ƫ+),*5Ě/ þ(%0!/Č
!.1/$*Č5%01 !*#*./!#%!.%'10č *)!(50$.+1#$0$!"+((+3%*#35/č
đ !.1/$* )!('1'* ,!)!(%* /$) .% • The Company acquired shares from the shareholders
,!)!#*# /$) Ƶ Ĩ5%01 *0!.*0%+*( +" Ƶ Ĩ*)!(5 *0!.*0%+*( %*!.( ƫ,%0(
%*!.(ƫ,%0(Ĩė ƫĘĩ *Ƶ*0)!/+1.%* + Ĩė ƫĘĩ* Ƶ*0)!/+1.%* +ĨėƵ*0)%* +ĘĩČ
Ĩė Ƶ*0)%* +ĘĩČ /!(*&10*5 /!. !./)ġ/) 3$%$ !2!*01((5 3%(( +((!0%2!(5 ! .!"!..! 0+ /
%/!10 ė!)!#*# $) ƵĘĩČ /!$%*## ė ƵĚ/ $.!$+( !./ĘĩČ 3$!.!5 āĀĀŌ Ĩ+*!
'!,!)%(%'* āĀĀŌ Ĩ/!.01/ ,!./!*ĩ * ,!*#!* (%* $1* .! ,!.!*0ĩ/$.!$+( %*#* %* %.!0+*0.+(5
/!. 0% ' (*#/1*# )%(%' !./!.+* , Ƶ 0$!ƫ+),*5+* Ƶ!+)!/āĀĀŌĨ+*!$1* .!
)!*& % '!,!)%(%'* āĀĀŌ Ĩ/!.01/ ,!./!*ĩ * ,!.!*0ĩ+3*!./$%,* %.!0+*0.+(50$!ƫ+),*5
pengendalian secara langsung milik Perusahaan pada +" ƵĨė ƵĚ/!/0.101.%*#ĘĩĎ*
ƵĨė!/0.1'01.%//% ƵĘĩĎ * • The Company acquired shares from shareholders
đ !.1/$* )!('1'* ,!)!(%* /$) .% of PT BEIA (namely PT Borneo Edo International
pemegang saham PT BEIA (yaitu PT Borneo Edo Ĩėǫ ėĩ* !#ƫ%0.0)Ĩė ƫĘĩČ3$%$
*0!.*0%+*( Ĩė ǫ ėĩ * !# ƫ%0. 0) !2!*01((5 3%(( +((!0%2!(5 ! .!"!..! 0+ / ė ǫ Ƶ
Ĩė ƫĘĩČ/!(*&10*5/!.!./)ġ/) %/!10 $.!$+( !./ĘĩČ3$!.!5āĀĀŌĨ+*!$1* .! ,!.!*0ĩ
ė!)!#*# $) ǫ ƵĘĩČ /!$%*## '!,!)%(%'* /$.!$+( %*# * %* %.!0 +*0.+( 5 0$! ƫ+),*5
āĀĀŌ Ĩ/!.01/ ,!./!*ĩ * ,!*#!* (%* /!. 0% ' +* ǫ Ƶ !+)!/ āĀĀŌ Ĩ+*! $1* .! ,!.!*0ĩ
langsung milik Perusahaan pada PT BEIA menjadi +3*!./$%, * %.!0 +*0.+( 5 0$! ƫ+),*5 +"
'!,!)%(%'* āĀĀŌ Ĩ/!.01/ ,!./!*ĩ * ,!*#!* (%* ǫ ƵĨėǫ ƵĚ/!/0.101.%*#Ęĩċ
secara langsung milik Perseroan pada PT BEIA
Ĩė!/0.1'01.%//%ǫ ƵĘĩċ

Ƶ(/* %('1'**5 0.*/'/% 0!./!10 %('1'* 1*01' $! .!/+* !$%* 0$%/ 0.*/0%+* %/ 0+ /1,,+.0 0$!
)!* 1'1*# '0%2%0/ /0.0!#%/ ,!*#!)*#* %/*%/ /0.0!#%0%2%0%!/+"0$!ƫ+),*5Ě/1/%*!// !2!(+,)!*0
!.1/$*1*01')!*)$*%(% *#*5*# %)%(%'% 0+ 0$!2(1!+".!/!.2!/0$0%/+3*! 50$!ƫ+),*5
+(!$!.1/$*'$1/1/*51*01''+)+ %0/*%'!(ċ ,.0%1(.(5"+.*%'!(+))+ %0%!/ċ
PERUBAHAN PERATURAN PERUNDANG CHANGES IN LAWS AND REGULATIONS

UNDANGAN
0$1* ĂĀāĉČ !)!*0!.%* *!.#% * 1)!. 5 In 2018, the Ministry of Energy and Mineral Resources
%*!.(Ĩ ĩ0!($)!*!.%0'*!!.,,!.01.* * Ĩ ĩ%//1! *1)!.+".!#1(0%+*/* %*%/0!.Ě/
keputusan Menteri ESDM yang mengatur dan menetapkan !.!!/0$0#+2!.** !/0(%/$.1(!/+*0$!,.+!//"+.
'!0!*01*)!*#!*%,.+/!/,!)!.%*,.%+.%0/ *(!(*# granting priority and tenders of Special Mining Business
%(5$ 6%* /$ !.0)*#* $1/1/ Ĩ ĩ * !.)%0+*!/+. Ĩ%(5$ 6%*/$!.0)*#*
(!(*# %(5$ 6%* /$ !.0)*#* Ĩ ĩČ 5%01 $1/1/ĩ * %*%*# ǫ1/%*!// !.)%0 +*!/ +.
/!#%!.%'10č Ĩ%(5$ 6%*/$!.0)*#*ĩČ/"+((+3/č
āċ !.01.* !*0!.% *!.#% * 1)!. 5 %*!.( āċ %*%/0!. +" *!.#5 * %*!.( !/+1.!/ !#1(0%+*
+)+. āā $1* ĂĀāĉ /!#%)* %1$ +(!$ 1)!. āā +" ĂĀāĉ 0$0 3/ .!2%/! 5 %*%/0!. +"
!.01.* !*0!.% *!.#% * 1)!. 5 %*!.( *!.#5 * %*!.( !/+1.!/ !#1(0%+* 1)!. ĂĂ
+)+. ĂĂ $1* ĂĀāĉ 0!*0*# 0 ƫ. !)!.%* +" ĂĀāĉ +* .+! 1.!/ "+. .*0%*# +*!/Č %!*/!/
%(5$Č!.%6%** *!(,+.* !#%0*/$ and Reporting on Mineral and Coal Mining Business
!.0)*#* %*!.( * ǫ01. Ĩė!.)!* Ƶ0%2%0%!/Ĩė %*%/0!.!#1(0%+*āāĥĂĀāĉĘĩĎ
āāĥĂĀāĉĘĩĎ Ăċ %*%/0!.Ě/ !.!! 1)!. āĈĊćĥăĀĥ ĥĂĀāĉ
Ăċ !,101/* !*0!.% +)+.āĈĊćĥăĀĥ ĥĂĀāĉ +* 1% !(%*!/ "+. 1)%00%*# !-1!/0/Č 2(10%+* /
tentang Pedoman Pelaksanaan Permohonan, Evaluasi 3!((/ //1*!+"%!*/!/%*0$!Ƶ.!+" %*!.(*
/!.0 !*!.%0* !.%6%** % ǫ% *# !.0)*#* ƫ+( %*%*#Ď
%*!.( *ǫ01.Ď ăċ %*%/0!.Ě/ !.!! 1)!. āĈĊĉĥăĀĥ ĥĂĀāĉ
ăċ !,101/* !*0!.% +)+.āĈĊĉĥăĀĥ ĥĂĀāĉ on Guidelines for Implementing Preparation,
tentang Pedoman Pelaksanaan Penyiapan, Penetapan Determination and Granting of Mineral and Coal WIUP
*!)!.%*%(5$ 6%*/$!.0)*#* * * Ď
%(5$ 6%*/$!.0)*#*$1/1/ %*!.( * ąċ %*%/0!.Ě/!.!!1)!.āĉĀāċĥăĀĥ ĥĂĀāĉ+*
ǫ01.Ď +.)1("+.ƫ(1(0%*# * *"+.)0%+*
ąċ !,101/* !*0!.% *!.#% * 1)!. 5 %*!.( 0.%!ƫ+),!*/0%+*Ď
+)+. āĉĀāċĥăĀĥ ĥĂĀāĉ 0!*0*# +.)1( Ćċ %*%/0!.Ě/ !.!! 1)!. āĉĀĂċĥăĀĥ ĥĂĀāĉ
!.$%01*#*.#+),!*//%0 *"+.)/%%(5$ +* * "+.0$!ĂĀāĉ,!.%+ Ď*
6%* /$ !.0)*#* * %(5$ 6%* /$ ćċ %*%/0!.Ě/ !.!! 1)!. āĉĀĆċĥăĀĥ ĥĂĀāĉ
!.0)*#*$1/1/Ď +* * *"+.)0%+*0ƫ+),!*/0%+*
Ćċ !,101/* !*0!.% *!.#% * 1)!. 5 %*!.( .%!* * /! *"+.)0%+*"+.ĂĀāĉċ
+)+. āĉĀĂċĥăĀĥ ĥĂĀāĉ 0!*0*# %(5$
6%* /$ !.0)*#* * %(5$ 6%* /$
!.0)*#*$1/1/!.%+ !$1*ĂĀāĉĎ *
ćċ !,101/* !*0!.% *!.#% * 1)!. 5 %*!.(
+)+. āĉĀĆċĥăĀĥ ĥĂĀāĉ 0!*0*# .#
+),!*//%0 *"+.)/% * *"+.)/%!*##1**
$*%(5$ 6%*/$!.0)*#* *%(5$
6%*/$!.0)*#*$1/1/!.%+ !$1*ĂĀāĉċ
!#%)* 0!($ %01. () * *#ġ* *# +ċ Āą Ƶ/ /0%,1(0! 3%0$%* 3 +ċ Āą +" ĂĀĀĊ +* %*!.(
0$1*ĂĀĀĊ0!*0*#!.0)*#* %*!.( *ǫ01. * ƫ+( %*%*# Ĩ %*!.ĩ * %0/ %),(!)!*00%+*
Ĩ %*!.ĩ *,!.01.*,!('/**55%01!.01.* .!#1(0%+*Č*)!(5+2!.*)!*0!#1(0%+*+ċĂă+"ĂĀāĀ
!)!.%*0$ Ĩĩ +ċ Ăă 0$1* ĂĀāĀ /!#%)* %1$ 0$0 3/ .!!*0(5 .!2%/! 5 +2!.*)!*0 !#1(0%+* +ċ
0!.'$%. +(!$ +ċ Āĉ 0$1* ĂĀāĉ 0!*0*# !('/** 08 of 2018 on Implementation of Mineral and Coal Mining
!#%0* /$ !.0)*#* %*!.( * ǫ01.Č ǫ1/%*!// Ƶ0%2%0%!/Č %/ /,!%( )%*%*# 1/%*!//
)!.1,'*3%(5$%6%*1/$,!.0)*#*1*01' (%!*/!6+*!"+./,!%ü+))+ %0%!// !0!.)%*! 0+!
komoditas tertentu yang ditetapkan untuk kepentingan %*0$!*0%+*(/0.0!#%%*0!.!/03$!.!5+û!.! +*(!2!(
/0.0!#%/ */%+*( %)* !.%'* !. /.'* ,.%+.%0/ +",.%+.%050+00!ġ3*! *0!.,.%/!/Ĩĩ* !#%+*(

kepada Badan Usaha Milik Negara (BUMN) dan Badan Owned Enterprises (ROE), and if there are no SOE and/
Usaha Milik Daerah (BUMD), dan jika tidak ada BUMN dan/ +.0$0.!%*0!.!/0! %03%((0$!*!0!* !.! 0+0$!
01 ǫ 5*# !.)%*0 )' '* %03.'* /!. ,.%20! /!0+.ċ !*3$%(!Č 0$! %/ +û!.! %.!0(5
(!(*#'!, ,%$'/3/0ċ! *#'* %03.'* 3%0$+10#+%*#0$.+1#$0!* !.,.+!//ċ
/!.(*#/1*#)!((1%)!'*%/)!(!(*#ċ
PERUBAHAN KEBIJAKAN AKUNTANSI CHANGES IN ACCOUNTING POLICIES

0* ..1Č.!2%/% *%*0!.,.!0/%5*#0!($ %0!.%0'*Č The new standards, revisions and interpretations that have
* 5*# !.('1 !"!'0%" 1*01' 0$1* 1'1 5*# %)1(% !!*%//1! Č* 3$%$.!!û!0%2!"+.0$!ü**%(5!.
pada atau setelah tanggal 1 Januari 2018 namun tidak !#%**%*#+*+."0!.ā
*1.5ĂĀāĉ10$2!*+)0!.%(
!. ),' )0!.%( 0!.$ , (,+.* '!1*#* %),0+*ƵƵ Ě/+*/+(% 0! ü**%(/00!)!*0/.!
'+*/+(% /%*!.1/$* ($/!#%!.%'10č /"+((+3/č
đ Ƶ)* !)!*ƵĂė,+.*Ƶ.1//Ę đ Ƶ)!* )!*00+ƵĂė00!)!*0+"ƫ/$(+3/Ę
đ Ƶ)* !)!*Ƶāăė.+,!.0% *2!/0/%Ę đ Ƶ)!* )!*00+Ƶāăė *2!/0)!*0.+,!.05Ę
đ Ƶ)* !)!*ƵāĆė *2!/0/%, *0%0/Ƶ/+/%/% đ Ƶ)!* )!*00+ƵāĆė *2!/0)!*0%*Ƶ//+%0!/*
dan Ventura Bersama” Joint Ventures”
đ Ƶ)* !)!*ƵāćėƵ/!0!0,Ę đ Ƶ)!* )!*0 0+ Ƶ āć ė.+,!.05Č (*0 *
đ Ƶ)* !)!*Ƶąćė&'!*#$/%(*Ę Equipment”
đ Ƶ)* !)!*ƵĆăė!)5.*ǫ!./%/$)Ę đ Ƶ)!* )!*00+Ƶąćė *+)!4Ę
đ Ƶ)* !)!* Ƶ ćĈ ė!*#1*#',* !,!*0%*#* đ Ƶ)!* )!*00+ƵĆăė$.!ġ/! 5)!*0Ę
()*0%0/%*Ę đ Ƶ)!* )!*0 0+ Ƶ ćĈ ė%/(+/1.!/ +" *0!.!/0/ %*
đ ƵćĊėƵ#.%'1(01.Ę Other Entities”
đ ƵćĊėƵ#.%1(01.!Ę
),(!)!*0/% .% /0* .ġ/0* . 0!./!10 0% ' Implementing these standards did not result in accounting
)!*#$/%('* ,!.1$* '!%&'* '1*0*/% !.1/$* ,+(%5 $*#!/ "+. 0$! ƫ+),*5 * % *+0 û!0 0$!
dan tidak memiliki dampak terhadap jumlah yang amount that is reported in the current year or the previous
%(,+.'* %0$1*!.&(*010$1*/!!(1)*5ċ 5!.ċ
0*##( ,!*!.%0* (,+.* '!1*#* '+*/+(% /%* *0$! 0!+"0$!%//1*!+"0$!/!+*/+(% 0! ü**%(
ini, manajemen sedang mempelajari dampak yang mungkin /00!)!*0/Č)*#!)!*0%//01 5%*#0$!,+//%(!%),0/
0%)1( .% ,!*!.,* /0* . .1 * .!2%/% !.%'10 of the adoption of the new standards and the following
5*#0!($ %0!.%0'*Č*)1*!(1)!.('1!"!'0%"1*01' .!2%/%+*/ 0$0 3!.! %//1! 10 *+0 5!0 !û!0%2! "+.
0$1*1'15*# %)1(%ā
*1.%ĂĀāĉ0!.$ ,(,+.* 0$! ü**%( 5!. !#%**%*# +*
*1.5 āČ ĂĀāĉ +* 0$!
'!1*#*'+*/+(% /%*Č!.1/$*č ƫ+),*5Ě/+*/+(% 0! ü**%(/00!)!*0Č/"+((+3/č
"!'0%"ā
*1.%ĂĀāĊč û!0%2!
*1.5āČĂĀāĊč
đ Ƶ)* !)!*ƵĂĂė+)%*/%ǫ%/*%/Ę đ Ƶ)!* )!*00+ƵĂĂėǫ1/%*!//ƫ+)%*0%+*/Ę
đ Ƶ)!* !)!*ƵĂąė )(*!.&Ę đ Ƶ)!* )!*00+ƵĂąė),(+5!!ǫ!*!ü0/Ę
đ Ƶ)* !)!*ƵĂćėǫ%5%*&)*Ę đ Ƶ)!* )!*00+ƵĂćėǫ+..+3%*#ƫ+/0/Ę
đ Ƶ)* !)!*Ƶąćė&'!*#$/%(*Ę đ Ƶ)!* )!*00+Ƶąćė *+)!4!/Ę
đ Ƶ)* !)!*Ƶććė!*#!* (%*ǫ!./)Ę đ Ƶ)!* )!*00+Ƶććė
+%*0Ƶ..*#!)!*0/Ę
đ Ƶ)!* )!*00+Ƶććė
+%*0Ƶ..*#!)!*0/Ę đ Ƶăăė+.!%#*ƫ1..!*5.*/0%+*/* Ƶ 2*!
đ Ƶăăė.*/'/%(10Ƶ/%*# * )(* % 1'Ę Consideration”
đ Ƶ ăą ė!0% ',/0%* () !.('1* &' đ Ƶăąė*!.0%*05+2!. *+)!4.!0)!*0/Ę
Penghasilan”
"!'0%"ā
*1.%ĂĀĂĀč û!0%2!
*1.5āČĂĀĂĀč
đ Ƶ)* !)!*ƵāĆė *2!/0/%, *0%0/Ƶ/+/%/% đ Ƶ)!* )!*00+ƵāĆė *2!/0)!*0%*Ƶ//+%0!/*
dan Ventura Bersama” Joint Ventures”
đ Ƶ)* !)!*ƵćĂė+*0.'Ƶ/1.*/%ġ !*!.,'* đ Ƶ)!* )!*0 0+ Ƶ ćĂ ė */1.*! ƫ+*0.0/ ġ
Ƶ Ĉāč */0.1)!* !1*#* !*#* Ƶ ćĂč Ƶ,,(5%*# Ƶ Ĉāč %**%( */0.1)!*0/ 0+ Ƶ ćĂč
+*0.'Ƶ/1.*/%Ę Insurance Contracts”
đ Ƶ)* !)!*ƵĈāė */0.1)!*!1*#*Ę đ Ƶ)!* )!*00+ƵĈāė%**%( */0.1)!*0/Ę
đ ƵĈĂė!* ,0* .%+*0.' !*#*!(*##*Ę đ ƵĈĂė!2!*1!".+)ƫ+*0.0/3%0$ƫ1/0+)!./Ę

đ ƵĈăė!3Ę đ ƵĈăė!/!/Ę
"!'0%"ā
*1.%ĂĀĂāč û!0%2!
*1.5āČĂĀĂāč
đ ƵāāĂėƵ'1*0*/%'"Ę đ ƵāāĂėƵ+1*0%*#"+.* +3)!*0/Ę
!*!.,* %*% 0/ /0* .ġ/0* . 0!./!10 .(5 +,0%+*+"0$!+2!/0* . /%/,!.)%00! Č!4!,0
%,!.'!**'*Č '!1(% 1*01' Ƶ Ĉăċ !*!.,* %*% "+.ƵĈăċ.(5 +,0%+*+"ƵĈă%/,!.)%00! +*(5%"
1*01' Ƶ Ĉă %,!.+(!$'* $*5 &%' !*0%0/ 0!($ 0$!!*0%05,,(%!/ƵĈĂċ$!.+1, +!/*+0%*0!* 0+
)!*!.,'* Ƶ ĈĂċ !.1/$* 0% ' !.)'/1 +,00$!/!/0* . /!"+.!%0/!û!0%2! 0!ċ
1*01' )!*# +,/% /0* .ġ/0* . %*% /!!(1) 0*##(
!"!'0%"*5ċ
IKHTISAR PERBEDAAN SIGNIFIKAN ANTARA SUMMARY OF SIGNIFICANT DIFFERENCES

STANDAR AKUNTANSI KEUANGAN (“SAK”) DI BETWEEN INDONESIAN FINANCIAL
INDONESIA DAN DI AUSTRALIA ACCOUNTING STANDARDS (“FAS”) AND
AUSTRALIAN FAS
,+.*'!1*#*'+*/+(% /%* %/1/1*!. /.'*Ƶ $! +*/+(% 0! ü**%( /00!)!*0/ .! ,.!,.!
% * +*!/%5*# ()$(ġ$(0!.0!*01!.! !*#* /! +* * +*!/%* Ƶ 3$%$Č 0+ /+)! !40!*0Č %û!.
Ƶ % Ƶ1/0.(%ċ "!'0%" /!&' 0*##( ā
*1.% ĂĀĀĆČ ".+)0$+/!%*Ƶ1/0.(%ĨėƵ1/0.(%*ƵĘĩċû!0%2!".+)
Ƶ1/0.(%0!($)!*!.,'*ƵƵ1/0.(%ċ!.! *5*# January 1, 2005, Australia has implemented Australian
/%#*%ü'* *0. Ƶ % * +*!/% * Ƶ % Ƶ1/0.(% Ƶċ%#*%ü*0 %û!.!*!/!03!!* * +*!/%*Ƶ*
5*# .!(!2* !*#* !.1/$* %&!(/'* /!#% Australian FAS which are relevant to the Company are
!.%'10č !4,(%*! /"+((+3/č
ĩ Ƶ % * +*!/% 0% ' )!),!.'!**'* )+.0%//% ĩ * +*!/%*Ƶ +*+0((+3)+.0%/0%+*+"(* ġ.%#$0/Č

$' 0/ 0*$ '!1(% () '+* %/% 0!.0!*01ċ 3%0$ /!2!.( !4!,0%+*/ 1* !. !.0%* %.1)/0*!/ċ
!*#!1(%* 0!./!10 () $( 0!. ,0 ,!*1.1** These certain circumstances relate to the impairment
kualitas tanah, pemakaian tanah di daerah terpencil of the quality of land, temporary use of land in remote
5*#!./%"0/!)!*0. *,.! %'/%)*&!)!*0/ areas and management’s assessment that it is unlikely
'!,/0%*,!.,*&*#*$''!)1*#'%**!/.0% ' 0++0%*.!*!3(+"0$!(* .%#$0/ċ
%,!.+(!$ċ
ǫ!. /.'*Ƶ %Ƶ1/0.(%Č$'0/0*$ %0!($ Under Australian FAS, land rights are assessed if the
,%(.%/%'+ *$/%(5*#0!.'%0 !*#*'!,!)%(%'* risks and rewards incidental to the ownership of the
0*$ /!. /1/0*/% 0!($ %0.*/"!. .% (!//+. (* .! /1/0*0%((5 0.*/"!..! 5 0$! (!//+. 0+
'!, (!//!! * ,0 %'(/%ü'/%'*/!#%/!3 0$! (!//!! * 3+1( ! (//%ü! / ,%0( (!/!ċ
,!)%5*ċƵ %Ƶ1/0.(%)!*#$.1/'*$'0/ Australian FAS require land rights that are valid only
tanah yang memiliki jangka waktu tertentu, walaupun "+. !.0%* ,!.%+ /Č (0$+1#$ 0$!5 +1( ! !40!* ! Č
dapat diperpanjang, harus diamortisasi selama jangka 0+!)+.0%/! +2!.0$!(!/!0!.)+"0$!(* .%#$0/ċ
3'01 $' 0/ 0*$ċ ),' )+.0%//% 0!.$ , ),0 +" )+.0%/0%+* 0+ +*/+(% 0! ,.+ü0 +. (+//
( .1#% '+*/+( %/%* ĂĀāĉ * ĂĀāĈ )/%*#ġ)/%*# %* ĂĀāĉ * ĂĀāĈ )+1*0%*# 0+ ,ĂĂĉČĆāćČăĂĆ *
/!!/.,ĂĂĉċĆāćċăĂĆ *,ĂĈĉċĊĈăċĊĈĀċ ,ĂĈĉČĊĈăČĊĈĀČ.!/,!0%2!(5ċ
ĩ !&' 0*##( ā

*1.% ĂĀāāČ 0% ' ,!.! * ĩ .+)
*1.5 āČ ĂĀāāČ 0$!.! %/ *+ %û!.!*! !03!!*
*0. Ƶ % * +*!/% * Ƶ1/0.(% 0!.'%0 $( Indonesian and Australian FAS in relation to the
!.%'10ċ !!(1) ā
*1.% ĂĀāāČ Ƶ % * +*!/% !(+3ċ.%+.0+
*1.5āČĂĀāāČ * +*!/%*Ƶ((+3!
)!),!.+(!$'* )+.0%//% #++ 3%(( * ,!*#'1* goodwill amortisation and the recognition of negative
#++ 3%(( *!#0%"ċ
%' %)(* 5*# %(%$'* (!%$ #++ 3%((ċ "0$!+/0+"-1%/%0%+*%/(!//0$*0$!"%.
.!* $ .%, *%(% 3&. /!0 *!0+ 0!.% !*0%ü'/% 2(1!+"0$!*!0//!0/+"0$!/1/% %.5-1%.! Č0$!
entitas yang diakuisisi, nilai wajar dari aset nonmoneter "%. 2(1! +* *+*ġ)+*!0.5 //!0/ /$+1( ! .! 1!
dikurangkan secara proporsional sampai selisih ,.+,+.0%+*0!(5 1*0%( 0$! %û!.!*! %/ !(%)%*0! ċ " %0
0!.!(%)%*/%ċ
%' 0% ' 0!.!(%)%*/% ,!*1$Č /%/ /!(%/%$ %/ *+0 ,+//%(! 0+ +),(!0!(5 !(%)%*0! 0$! %û!.!*!
%'1% /!#% goodwill negatif dan diperlakukan 5 .! 1%*# 0$! "%. 2(1! +" *+*ġ)+*!0.5 //!0/Č
/!#% ,!*#$/%(* 5*# %0*##1$'* * 0$! .!)%*%*# %û!.!*! %/ .!+#*%/! / *!#0%2!

%)+.0%//% /!() ,!.%+ ! 0!.0!*01ċ !&' ā

*1.% goodwill and treated as deferred income and
ĂĀāāČƵ % * +*!/%0% '(#%)!*#%6%*'*)+.0%//% )+.0%/! +2!.!.0%*,!.%+ ċ.+)
*1.5āČĂĀāāČ
goodwill dan mengharuskan goodwill negatif Indonesian FAS no longer permits amortisation of
5*# !./( .% '+)%*/% %/*%/ ((1 %$!*0%'* goodwill and requires negative goodwill from prior
pengakuannya dengan melakukan penyesuaian 1/%*!//+)%*0%+*/0+! !.!+#*%/! 5)'%*#
0!.$ ,/( +(3(0*##(ā
*1.%ĂĀāāċ an adjustment to the opening retained earnings as at

*1.5āČĂĀāāċ
ĩ !. ,0,!.! *0$1* +,/%!. /.'*Ƶ % ĩ $!.!.!0%)%*# %û!.!*!/!03!!*Ƶ%* * +*!/%
* +*!/% * Ƶ1/0.(% /!$11*#* !*#* Ƶ Ĉā * Ƶ1/0.(% %* .!(0%+* 0+ 0$! +,0%+* +" Ƶ Ĉā
ė */0.1)!*!1*#*ĘĨ/!0. !*#* ĊĩČƵĈĂ ė%**%( */0.1)!*0/ĘĨ!-1%2(!*00+ ĊĩČƵĈĂ
ė!* ,0* .% +*0.' !*#* !(*##*Ę Ĩ/!0. ė!2!*1! ".+) ƫ+*0.0 3%0$ ƫ1/0+)!./Ę Ĩ!-1%2(!*0
!*#* āĆĩ5*#!.('1!"!'0%", 0$1*1'1 0+ āĆĩ 3$%$ .! !û!0%2! "+. 0$! ü**%( 5!.
dimulai atau setelah 1 Januari 2018 di Australia dan !#%**%*#+*+. "0!.
*1.5 āČ ĂĀāĉ %* Ƶ1/0.(% *
ā
*1.%ĂĀĂĀ % * +*!/% *ƵĈăė!3ĘĨ/!0.
*1.5 āČ ĂĀĂĀ %* * +*!/% * Ƶ Ĉă ė!/!/Ę
!*#* āćĩ5*#!.('1!"!'0%", 0$1*1'1 Ĩ!-1%2(!*0 0+ āćĩ 3$%$ .! !û!0%2! "+. 0$!
dimulai atau setelah 1 Januari 2019 di Australia dan ü**%( 5!. !#%**%*# +* +. "0!.
*1.5 āČ ĂĀāĊ
ā
*1.% ĂĀĂĀ % * +*!/%ċ .1, 0% ' !.)'/1 %* Ƶ1/0.(% *
*1.5 āČ ĂĀĂĀČ %* * +*!/%ċ $!
1*01' )!*# +,/% Ƶ ĈāČ Ƶ ĈĂ * Ƶ ƫ+),*5 +!/*+0%*0!* 0+ +,0ƵĈāČƵĈĂ
Ĉă /!!(1) 0*##( !"!'0%"*5 1*01' '!,!.(1* * ƵĈă!"+.!%0/!û!0%2! 0!"+.,1.,+/!/+"
penyusunan laporan keuangan konsolidasian ,.!,.0%+*+"+*/+(% 0! ü**%(/00!)!*0//!
!. /.'*Ƶ % * +*!/%ċ +* * +*!/%*Ƶċ
),' .% ,!*!.,* Ċ ($ 0)$* Impact from implementation of IFRS 9 was additional
,.+2%/%,!*1.1***%(%,%10*#1/$/!*%(%,ćĀĀċĂĊā ,.+2%/%+*+"0. !.!!%2(!/)+1*0%*#0+,ćĀĀČĂĊā
'.!* )!*##1*'* )!0+ ! !4,!0! .! %0 (+//!/ċ 1/%*#0$!!4,!0! .! %0(+//!/)!0$+ ċ$!.!3/*+
Tidak ada dampak material terhadap penerapan )0!.%(%),0.!(0! 0+%),(!)!*00%+*+" āĆċ
āĆċ
Perusahaan sedang mengkaji dampak dari standar dan The Company is assessing the impact of these new
%*0!.,.!0/%0!./!101*01''!,!.(1*,!*51/1**(,+.* standards and interpretations for the purposes of
'!1*#* '+*/+(% /%* !. /.'* Ƶ % Ƶ1/0.(% ,.!,.0%+*+"+*/+(% 0! ü**%(/00!)!*0//! +*
/!#%)* %&.'* %3$%*%č Ƶ1/0.(%*Ƶ//!0+10!(+3č
đ ƵĈăė!3Ę đ ƵĈăė!/!/Ę
Ƶ Ĉă %/$'* % !,0!)!. ĂĀāĈċ ( %*% '* ƵĈă3/%//1! %*!,0!)!.ĂĀāĈċ 03%((.!/1(0%*
!. ),' , $),%. /!(1.1$ /!3 5*# %'1% % ()+/0(((!/!/!%*#.!+#*%/! +*0$!/00!)!*0+"
(,+.*,+/%/%'!1*#*Č'.!*,!.! **0./!3 ü**%(,+/%0%+*Č/0$! %/0%*0%+*!03!!*+,!.0%*#
+,!./% * ,!)%5* %$,1/'*ċ () /0* . * ü**!(!/!/%/.!)+2! ċ* !.0$!*!3/0* . Č
5*# .1Č /!1$ /!0 Ĩ$' #1* 0/ .*# 5*# an asset (the right to use the leased item) and a
%/!3'*ĩ * (%%(%0/ '!1*#* 1*01' )!)5. ü**%((%%(%050+,5.!*0(/.!.!+#*%/! ċ$!+*(5
/!3 %'1%ċ !*#!1(%* $*5 0!. ,0 , /!3 !4!,0%+*/.!/$+.0ġ0!.)* (+32(1!(!/!/ċ
&*#',!* !' *5*#!.*%(%.!* $ċ
!.('1*'1*0*/%1*01',!/!30% ''*!.! $!+1*0%*#"+.(!//+./3%((*+0/%#*%ü*0(5$*#!ċ

/!./%#*%ü'*ċ
0* . %*% '* !. ),' 10) '!, ,!.('1* $! /0* . 3%(( û!0 ,.%).%(5 0$! +1*0%*# "+.
'1*0*/%!.1/$*0//!3+,!./%ċ 0*##( 0$! ƫ+),*5Ě/ +,!.0%*# (!/!/ċ Ƶ/ 0 0$! .!,+.0%*#
,!(,+.*Č !.1/$* )!)%(%'% !!., '+)%0)!* 0!Č 0$! .+1, $/ /!2!.( *+**!(((! +,!.0%*#
/!3 +,!./% 5*# 0% ' ,0 %0('*ċ )1*Č (!/! +))%0)!*0/ċ +3!2!.Č 0$! ƫ+),*5 $/ *+0
!.1/$*!(1))!*!*01'*/!&1$)*'+)%0)!* yet determined to what extent these commitments will
0!./!10 '* !. ),' '!, ,!*#'1* /!0 .!/1(0 %* 0$! .!+#*%0%+*+" * //!0 * (%%(%05 "+.
* (%%(%0/ 1*01' ,!)5.* % )/ !,* * "101.!,5)!*0/* $+30$%/3%((û!00$!ƫ+),*5Ě/
#%)* $( %*% '* !. ),' '!, ( * ,.+ü0* (//%ü0%+*+"/$ý+3/ċ
'(/%ü'/%.1/'/!.1/$*ċ

ǫ!!.,'+)%0)!* ,0 %'1,+(!$,!*#!1(%* +)! +" 0$! +))%0)!*0/ )5 ! +2!.! 5 0$!
1*01' /!3 &*#' ,!* !' * 5*# !.*%(% .!* $ !4!,0%+* "+. /$+.0ġ0!.) * (+3ġ2(1! (!/!/ *
* !!., '+)%0)!* ,0 !.$11*#* !*#* some commitments may relate to arrangements that
pengaturan yang tidak memenuhi syarat sewa dalam 3%((*+0-1(%"5/(!/!/1* !.ƵĈăċ
ƵĈăċ
0* . %*% &1# /!. 0% ' (*#/1*# )!)$/ The standard also indirectly addresses the accounting
,!.('1* '1*0*/% 1*01' ,!)!(%* $' 0/ 0*$ċ 0.!0)!*0 "+. ,1.$/! +" (* .%#$0/ċ $! ǫ/%/ +"
ǫ/%/+"ƫ+*(1/%+* āć)!*!'*'*$3*(%/%/ ƫ+*(1/%+*/ +" āćČ !),$/%/! 0$0 0$! *(5/%/
%('1'* !. /.'* /1/0*/% .% 0.*/'/%Č 1'* /$+1( ! /! +* 0$! /1/0*! +" 0$! 0.*/0%+*Č
!. /.'*!*01'$1'1)Č */0* .'1*0*/%5*# not on its legal form, and relevant accounting standards
relevan harus diterapkan dalam mencatat transaksi /$+1( ! ,,(%! 0+ +1*0 /1$ 0.*/0%+*ċ
0!./!10ċ !%$ (*&10Č !.(%$*5 ,!*#!* (%* 0/ Furthermore, the transfer of control over an asset
/!0 )!.1,'* ,!.0%)*#* 5*# ,!*0%*# () is a key consideration in determining whether the
)!*!*01'*,'$0.*/'/%0!./!10 %'(/%ü'/%'* 0.*/0%+* %/ * //!0 ,1.$/! +. (!/!ċ * )+/0
/!#% ,!)!(%* /!0 01 /!3ċ () /!#%* cases, the holders of land rights can resell or pledge as
!/. /%01/%Č ,!)%(%' $' 0/ 0*$ ,0 )!*&1( +((0!.(/Č+.!40!*/%+*,,.+2(50$!#+2!.*)!*0%/
'!)(% 01 )!*##1*'* $' 0/ 0*$ 0!./!10 *+0/1/0*0%(ċ$!/!+1( %* %0!0$0+*0.+(+2!.
/!#% &)%** 01 '+(0!.(Č 01 ,!*#1.1/* 0$!(* .%#$0/3/0.*/"!..! * %0+1( .!/!)(!0+
,!.,*&*#* $' 0/ 0*$ 0% ' /1/0*/%(ċ ( purchase of land transaction rather than lease of land
%*% ,0 )!*#%* %'/%'* $3 ,!*#!* (%* 0/ 0.*/0%+*ċƵĈă,.+2% !//!2!.(0.*/%0%+*.!(%!"/
$'0/0*$0!($!.(%$ *)!*5!.1,%0.*/'/% 3$%$)5%),0*+0+*(50$!(*!//0%*!,0%+*
,!)!(%* 0*$ * 1'* 0.*/'/% /!3 0*$ċ 0! 10 (/+ û!0 0$! /1/!-1!*0 +1*0%*# "+.
Ƶ Ĉă )!)!.%'* !!., '!!/* () purchase of land rights
transisi yang dapat mempengaruhi tidak hanya saldo
pada tanggal awal, tetapi juga pencatatan selanjutnya
1*01',!)!(%*$'0/0*$ċ
KELANGSUNGAN USAHA BUSINESS CONTINUITY

Perusahaan yakin akan kelangsungan usahanya meski di $!ƫ+),*5%/+*ü !*0+"%0/1/%*!//+*0%*1%05 !/,%0!
0$1*ĂĀāĉ2+(0%(%0/$.#'+)+ %0/%'1*01''+)+ %0/ 0$!+))+ %05,.%!2+(0%(%05!4,!.%!*! %*ĂĀāĉ"+.+0$
*%'!(Č !)/ * 01. )/%$ 0!.& %ċ +(0%(%0/ 0!.& % *%'!(Č#+( * +(0$0+*0%*1!/0+(++)ċ$!2+(0%(%05
%/!'* +(!$ )!(!)$*5 ,!.)%*0* '%0 '.%/%/ %/ 1/! 5 3!'!*%*# !)* 0.%##!.! 5 0$! #(+(
!'+*+)% #(+( /!.0 0!.1/ )!*%*#'0*5 (!2!( *#* economic crisis as well as continued increase in the level of
'+)+ %0/ 1*%ċ !.1/$* )!)%(%'% /%/ ,!(*##* #(+(+))+ %05.!/!.2!/ċ$!ƫ+),*5$/ %2!./%ü!
0!. %2!./%ü'/% *0% '0!.#*01*#, /01,/.01 1/0+)!./!* +!/*+0)!.!(5 !,!* +*+*!).'!0
negara saja sehingga volatilitas dapat termitigasi dengan +.+1*0.50$!.!5!û!0%2!(5)%0%#0%*#2+(0%(%05ċ
%'ċ
!(*#/1*#* 1/$ !.1/$* &1# 0!.,.+0!'/% !*#* $!ƫ+),*5Ě/1/%*!//+*0%*1%05%/(/+,.+0!0! 3%0$

*01.($! #%*#)!((1%,!*%*#'0*,+./%,+.0+"+(%+*+*ġ *01.($! #%*#5%*.!/%*#0$!*+*ġ*%'!(* *+*ġ#+(
*%'!( * *+*ġ!)/ Ĩ1'/%0 * 01.ĩċ !(%* %01 ,+.0"+(%+Ĩ14%0!* +(ĩċ +.!+2!.Č0$!ƫ+),*5%/(/+
Perusahaan juga dimungkinkan untuk melakukan mitigasi ((+3! 0+..5+10.%/')%0%#0%+*5$! #%*#0.*/0%+*/
risiko melalui transaksi lindung nilai dengan tujuan utama 3%0$0$!)%*+&!0%2!+",.+0!0%*#%0/.!2!*1!1 #!0ċ
1*01')!),.+0!'/%*##.*,!* ,0**5ċ

Fasilitas Tambang Bauksit dan Pabrik CGA yang Terintegrasi di Tayan

*0!#.0! ǫ14%0! %*!ĒƫƵ(*0%(%05%*5*
!.1/$* !.'!5'%** $3 . )!*#!(+( .%/%'+ $!ƫ+),*5!(%!2!/0$00$!!/0350+)*#!.%/'/

,!*1.1** $.# '+)+ %0/ 5*# ,(%*# %' ($ +" !(%*%*# +))+ %05 ,.%!/ %/ 5 .! 1%*# ,.+ 10%+*
!*#* . )!*1.1*'* %5 ,.+ 1'/%ċ !.1/$* +/0/ċ$!ƫ+),*5$/+))%0)!*00++*2!.0 * 1/0.%(
)!),1*5% '+)%0)!* 1*01' )!('1'* '+*2!./% $* Diesel Oil and Marine Fuel Oil sources with a cheaper fuel
'. Industrial Diesel Oil dan Marine Fuel Oil dengan /+1.!/1$/*01.(#/Č+(+.$5 .+,+3!.ċ
$*'.5*#(!%$)1.$/!,!.0%#/()Č01.
010!*#%.ċ
Perusahaan juga mengelola permodalan untuk melindungi The Company also manages its capital to safeguard the
kemampuannya dalam mempertahankan kelangsungan %(%050++*0%*1!/#+%*#+*!.*%*+. !.0+,.+2% !
1/$ /!$%*## !.1/$* ,0 0!0, )!)!.%'* .!01.*/"+./$.!$+( !./* !*!ü0/"+.+0$!./0'!$+( !./
%)( $/%( #% ,!)!#*# /$) * )*"0 #% and to maintain an optimum capital structure to reduce the
pemangku kepentingan lainnya dan mempertahankan +/0+",%0(ċ
/0.1'01.,!.)+ (*5*#+,0%)(1*01')!*#1.*#%%5
)+ (ċ
Dengan kemampuannya untuk terus mengendalikan dan $.+1#$ %0/ %(%05 0+ +*0%*1+1/(5 +*0.+( * )%*0%*
mempertahankan eksposur terhadap harga komoditas, exposure to commodity prices, markets as well as various
,/. )1,1* !.#) .%/%'+ 5*# Č !.1/$* .%/'/Č 0$! ƫ+),*5 !(%!2!/ 0$0 %0/ 1/%*!// +*0%*1%05
!.'!5'%**'!(*#/1*#*1/$*5'*0!0,solidċ .!)%*//+(% ċ
SANKSI ADMINISTRATIF YANG DIKENAKAN ADMINISTRATIVE SANCTIONS ON THE COMPANY,

KEPADA PERUSAHAAN, ANGGOTA DEWAN MEMBERS OF THE BOARD OF COMMISSIONERS
KOMISARIS DAN DIREKSI, OLEH OTORITAS AND MEMBERS OF THE BOARD OF DIRECTORS
PASAR MODAL DAN OTORITAS LAINNYA FROM THE CAPITAL MARKET AUTHORITY AND
0$1*ĂĀāĉ0!. ,0/*'/%!.1,/1.0,!.%*#0* OTHER REGULATING INSTITUTIONS
.%0+.%0/!1*#* *0+.%0//. + ('!, In 2018, there was a sanction imposed in the form of a
!.1/$*!.1,č warning letter from the Financial Authorities and Capital
đ *'/% !* )%*%/0.0%" /!!/. ,ĈċĀĀĀċĀĀĀČĀĀ .'!0Ƶ10$+.%0%!/0+0$!ƫ+),*5%*0$!"+.)+"č
yang dikenakan kepada Perusahaan oleh Otoritas đ Ƶ )%*%/0.0%2!/*0%+*)+1*0%*#0+,ĈČĀĀĀČĀĀĀċĀĀ

/ !1*#* Ĩ
ĩ !. .'* /1.0 +ċ ġāāćĥ 0$03/%),+/! +*0$!ƫ+),*55
+*0$!/%/
ċāāĂĥĂĀāĊċ +"(!00!.+ċġāāćĥ ċāāĂĥĂĀāĊċ

đ 1.0 !.%*#0* !.01(%/ 0/ !0!.()0* đ .%00!*.*%*#!00!.+*0$!0!1)%//%+*+"0$!

!*5),%* ,+.* !1*#* !*#$ $1** %4 +*0$/ %**%( 00!)!*0 / +"
1*! ăĀČ ĂĀāĉ
,!. ăĀ
1*% ĂĀāĉ 5*# %0!($ !. !.0/ 0$0 3/ !2%!3! +* %)%0! ǫ/%/ 5 0$! 1(%
+(!$ Ƶ'1*0* 1(%' .% ǫ1./ "!' * +*!/% Ĩǫ ĩ Accountant from the Indonesia Stock Exchange (IDX)
!. /.'* /1.0 +ċ ġĀĆĂĉćĥǫ ċāĥĀĊġĂĀāĉċ /! +* (!00!. +ċ ġĀĆĂĉćĥǫ ċāĥĀĊġĂĀāĉċ $!
!.1/$* 0!($ )!)!*1$% '!3&%* ,!*5),%* ƫ+),*5 $/ "1(ü((! %0/ +(%#0%+* +" /1)%00%*# %0/
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đ 1.0 !.%*#0* !.01(%/ 0/ !0!.()0* đ .%00!* .*%*# !00!. +2!. 0$! 0! 1)%//%+* +"
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āĥāāġĂĀāĉċ !.1/$* 0!($ )!)!*1$% '!3&%* ƫ+),*5$/"1(ü((! %0/+(%#0%+*+"/1)%00%*#0$%/
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đ !**##1$*!. #*#*ǫ1./0/!0!.()0* 0$! .!(%)%*.5 %*( !,+.0 0$0 !* / +* !!)!.
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ǫ!.'$%. !. ăā !/!)!. ĂĀāĈ .% Ƶ1/0.(%* 0! .$ āČ ĂĀāĉċ $! +(%#0%+* %* .!#. / 0+ 0$%/
!1.%0%!/ 4$*#! ĨƵĩ 0*##( ā .!0 ĂĀāĉċ ,!.%+ %.!,+.03/"1(ü((! 50$!ƫ+),*5+* .$
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+(!$ !.1/$* , 0*##( āă .!0 ĂĀāĉ 5*# /0+'0. %*#/1/,!*/%+*50$!Ƶ+* .$āąČĂĀāĉċ
ditindaklanjuti dengan pengakhiran penangguhan đ 1/,!*/%+*+"$.!. %*#"+.0$!!(5%*1(ü((%*#
,!. #*#*1./+(!$Ƶ, āą .!0ĂĀāĉċ 0$! 1)%//%+* +" 0$! !.%+ % !,+.0 0$0 !* / +*
đ !**##1$*!. #*#*ǫ1./0/!0!.()0*
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ăĀ
1*% ĂĀāĉ .% Ƶ1/0.(%* !1.%0%!/ 4$*#! .!-1%.! ,!.%+ %.!,+.03/"1(ü((! 50$!ƫ+),*5
ĨƵĩ 0*##( ă !,0!)!. ĂĀāĉċ !3&%* ,+.* +* !,0!)!. ĈČ ĂĀāĉ 0$0 3/ "+((+3! 5 0$!
periodik dimaksud telah dipenuhi oleh Perusahaan 0!.)%*0%+*+"0$!/0+'0. %*#/1/,!*/%+*50$!Ƶ
, 0*##( Ĉ !,0!)!. ĂĀāĉ 5*# %0%* '(*&10% +*!,0!)!.āĀĂĀāĉċ
!*#*,!*#'$%.*,!**##1$*,!. #*#*1./
+(!$Ƶ, āĀ!,0!)!.ĂĀāĉċ
INFORMASI KEUANGAN YANG TELAH FINANCIAL INFORMATION WHICH HAS

DILAPORKAN YANG MENGANDUNG KEJADIAN BEEN REPORTED WITH EVENTS OF AN
YANG SIFATNYA LUAR BIASA DAN JARANG EXTRAORDINARY NATURE
TERJADI
,+.* !1*#* ƵƵ 5*# %1 %0 1*01' ,!.%+ ! ANTAM’s Audited Financial Statement for the period
0$1* 5*# !.'$%. , 0*##(ġ0*##( ăā !/!)!. !* %*# +* 0$! 0!/ +" !!)!. ăāČ ĂĀāĉ * ĂĀāĈ +
ĂĀāĉ * ĂĀāĈ 0% ' )!)%(%'% %*"+.)/% '!1*#* 5*# *+0+*0%**5.!,+.0! ü**%(%*"+.)0%+*+*0%*%*#
telah dilaporkan yang mengandung kejadian yang sifatnya !2!*0/+"*!40.+. %*.5* ..!*01.!ċ
(1.%/ *&.*#0!.& %ċ
PENINGKATAN YANG MATERIAL DIKAITKAN MATERIAL INCREASE RELATED TO SALES

DENGAN JUMLAH BARANG YANG DIJUAL/ VOLUME/NEW PRODUCT
BARANG BARU
!*&1(*!./%$ƵƵ , 0$1*ĂĀāĉ0!.00/!!/. ƵƵ Ě/*!0/(!/)+1*0! 0+,ĂĆċĂą0.%((%+*%*ĂĀāĉČ+.
,ĂĆČĂą0.%(%1*Č*%'ĊĊŌ %* %*#'*,%*,!*&1(* ĊĊŌ $%#$!. +),.! 0+ /(!/ %* ĂĀāĈ +" ,āĂċćĆ 0.%((%+*ċ
0$1* ĂĀāĈ /!!/. ,āĂČćĆ 0.%(%1*ċ +)+ %0/ !)/ +( +))+ %0%!/+*0%*1!/0+!0$!(.#!/0+),+*!*0
)!.1,'* '+),+*!* 0!.!/. ,!* ,0* !.1/$*Č +"0$!ƫ+),*5Ě/.!2!*1!Č+*0.%10%*#,āćċćĊ0.%((%+*+.
!.'+*0.%1/% /!!/. ,āćČćĊ 0.%(%1* 01 ććŌ .% 0+0( ććŌ+"0+0(*!0/(!/%*ĂĀāĉċ
,!*&1(*!./%$0$1*ĂĀāĉċ
$1*ĂĀāĉƵƵ '!)(%)!*00'*2+(1)!,.+ 1'/% In 2018, ANTAM remains recorded the highest throughout
dan penjualan feronikel tertinggi sepanjang sejarah the Company’s history in terms of ferronickel production
!.1/$* !*#* ,%* )/%*#ġ)/%*# /!!/. and sales volume with achievements respectively

Ăąċĉćĉ %Č *%' /!!/. āąŌ .% ,%* ,.+1'/% 0$1* )+1*0%*# 0+ ĂąČĉćĉ % +. āąŌ $%#$!. 5!.ġ+*ġ5!. /
/!.0 ,%* ,!*&1(* /!!/. ĂąċāăĆ %Č 01)1$ 3!((//(!/+"ĂąČāăĆ%Č+.āĀŌ$%#$!.+),.! 0+ĂĀāĈċ
/!!/.āĀŌ %* %*#'*0$1*ĂĀāĈċ!*&1(*"!.+*%'!( !..+*%'!(/(!/%*ĂĀāĉ%/0$!/!+* %##!/0+*0.%10+.
, ĂĀāĉ )!.1,'* '+*0.%10+. 0!.!/. '! 1 .% +"ƵƵ Ě/0+0(*!0/(!/+*0.%10%*#,ąČćĈ0.%((%+*+.
0+0(,!*&1(*!./%$ƵƵ Č !*#*'+*0.%1/%/!!/. āĉŌ+"0+0(*!0/(!/%*ĂĀāĉċ
,ąČćĈ0.%(%1*01āĉŌ .%0+0(,!*&1(*!./%$ĂĀāĉċ
Fasilitas Jetty dan Belt Conveyor ANTAM di Pomalaa

ANTAM’s Jetty and Belt Conveyor Facility in Pomalaa
Untuk komoditas emas, ANTAM mencatatkan capaian For gold commodities, ANTAM registered the highest
,!*&1(* 0!.0%*##% /!,*&*# /!&.$ !.1/$*ċ /(!/ 0$.+1#$+10 0$! ƫ+),*5Ě/ $%/0+.5ċ * ĂĀāĉČ #+(
0$1* ĂĀāĉČ 2+(1)! ,!*&1(* !)/ )!*,% ĂĈċĉĊą /(!/ 2+(1)! )+1*0! 0+ ĂĈČĉĊą '# ĨĉĊćċĉāĂ 0ċ+6ĩ +.
'# ĨĉĊćċĉāĂ 0ċ+6ĩ 01 *%' /%#*%ü'* /!!/. āāāŌ /%#*%ü*0(5 $%#$!. 5 āāāŌ+),.! 0+ 0$0 $%!2! %*
%* %*#'*,%*0$1*ĂĀāĈċ! *#'*Č0+0(2+(1)! ĂĀāĈċ !*3$%(!Č ƵƵ Ě/ 0+0( #+( ,.+ 10%+* 2+(1)!
,.+ 1'/%!)/ƵƵ /0%(/!!/.āċĊĆć'#ĨćĂċĉĉĈ0ċ+6ĩċ 3//0(!)+1*0%*#0+āČĊĆć'#ĨćĂċĉĉĈ0ċ+6ĩċƵƵ Ě/
Pendapatan ANTAM dari penjualan emas di tahun 2018 .!2!*1!/ "+. #+( /(!/ %* ĂĀāĉ )+1*0! 0+ ,āćċćĊ
0!.00/!!/.,āćČćĊ0.%(%1*ċƫ,%*,!*&1(*!./%$ 0.%((%+*ċ $%/ *!0 /(!/ .!,.!/!*0/ * %*.!/! +" āĂćċăąŌ
0!./!10*%'āĂćČăąŌ %* %*#'*,!*&1(*!./%$!)/ +),.! 3%0$#+( *!0/(!/%*ĂĀāĈ+",ĈċăĈ0.%((%+*ċ
0$1*ĂĀāĈ5*#0!.00/!!/.,ĈČăĈ0.%(%1*ċ
*01''+)+ %0/%&%$*%'!(Č, 0$1*ĂĀāĉ0!.000+0( In terms of nickel ore commodity, total production volume
2+(1)! ,.+ 1'/% /!!/. ĊČăĂ &10 wet metric ton (wmt), "+.0$%/+))+ %05%*ĂĀāĉ3/ĊċăĂ)%((%+*3!0)!0.%0+*/
01 *%' /!!/. ćĈŌ %* %*#'* 0$1* ĂĀāĈċ 5*# Ĩ3)0ĩČ+.ćĈŌ$%#$!.+),.! 0+ĂĀāĈ0$0)+1*0! 0+
0!.00/!!/.ĆČĆĈ&103)0ċ+(1)!,!*&1(*%&%$*%'!( ĆċĆĈ )%((%+* 3)0ċ %'!( +.! /(!/ 2+(1)! )+1*0! 0+
0!.00 /!!/. ćČăă &10 3)0Č 01 *%' /%#%ü'* āāćŌ ćċăă)%((%+*3)0Č+./%#*%ü*0(5$%#$!.5āāćŌ+),.!
%* %*#'* !*#* 0+0( 2+(1)! ,!*&1(* 0$1* ĂĀāĈ 3%0$0+0(/(!/2+(1)!%*ĂĀāĈ+"ĂċĊă)%((%+*3)0ċƵƵ
/!!/. ĂČĊă &10 3)0ċ ƵƵ )!*00'* ,!* ,0* registered revenues from nickel ore sales in 2018 amounting
,!*&1(* .%%&%$*%'!( %0$1*ĂĀāĉ/!!/.,ĂČĊă0.%(%1* 0+,ĂċĊă0.%((%+*+..!,.!/!*0%*#āāąŌ#.+30$+),.!
0101)1$/!!/.āāąŌ %* %*#'**%(%,!*&1(*%&%$ 3%0$*%'!(+.!/(!/2(1!%*ĂĀāĈ+",āċăĈ0.%((%+*ċ
*%'!(, ,!.%+ !ĂĀāĈ/!!/.,āČăĈ0.%(%1*ċ
0$1* ĂĀāĉČ '+)+ %0/ 1'/%0 01.10 )!)!.%'* ǫ14%0! +))+ %05 %* ĂĀāĉ (/+ ,+/%0%2!(5 +*0.%10!
'+*0.%1/% ,+/%0%" 0!.$ , ,!.01)1$* '%*!.& 0+ ƵƵ Ě/ +,!.0%+*( ,!."+.)*! #.+30$ċ ǫ14%0!
+,!./%+*( ƵƵ ċ ƫ,%* ,.+ 1'/% %&%$ 1'/%0 , +.! ,.+ 10%+* $%!2! %* ĂĀāĉ )+1*0! 0+ āċāĀ )%((%+*
0$1*ĂĀāĉ0!.00/!!/.āČāĀ&103)0Č*%'/!!/.ĈĀŌ 3)0Č+.ĈĀŌ$%#$!.+),.! 3%0$,.+ 10%+*$%!2! %*
%* %*#'* ,%* ,.+ 1'/% 0$1* ĂĀāĈċ ! *#'* ĂĀāĈċ !*3$%(!Č0+0(14%0!+.!/(!/2+(1)!)+1*0!

1*01' 0+0( 2+(1)! ,!*&1(* %&%$ *%'!( 0!.00 /!!/. 0+ Ċćă 0$+1/* 3)0 +. āĆŌ $%#$!. 0$* %* ĂĀāĈ +" ĉăĉ
Ċćă.%13)001*%'āĆŌ .%,%*,!*&1(*0$1* 0$+1/* ċƵƵ ++'! %*ĂĀāĉ.!2!*1!/".+)14%0!
ĂĀāĈ /!!/. ĉăĉ .%1 3)0ċ 0$1* ĂĀāĉ ƵƵ +.!+",ąĉĂċăĊ%((%+*+.ĂāŌ+),.! 3%0$0$!14%0!
)!*00'* ,!* ,0* .% %&%$ 1'/%0 /!!/. +.!/(!/%*ĂĀāĈ+",ăĊĉ%((%+*ċ
,ąĉĂČăĊ)%(%.*%'ĂāŌ %* %*#'**%(%,!*&1(*%&%$
1'/%0, 0$1*ĂĀāĈ/!!/.,ăĊĉ)%(%.ċ
PROFITABILITAS PROFITABILITY
!%.%*# ,!.01)1$* '%*!.& +,!./%Č ,!*&1(* Ē * (%*! 3%0$ 0$! #.+30$ %* +,!.0%+*(Č /(!/ Ē ü**%(
keuangan pada tahun 2018, ANTAM mencatatkan performance growth in 2018, ANTAM registered Earnings
,!.01)1$*.*%*#ǫ!"+.! *0!.!/0Č4!/Č!,.!%0%+*Č ǫ!"+.! *0!.!/0Č 4!/Č !,.!%0%+*Č * Ƶ)+.0%60%+*
* Ƶ)+.0%60%+*Ĩǫ Ƶĩ)!*,%ĆāŌ)!*& %,ăČăă Ĩǫ Ƶĩ #.+30$ +" ĆāŌ 0+ ,ăċăă0.%((%+* +),.! 3%0$
0.%(%1* %* %*#'* !*#*,%*ǫ ƵĂĀāĈ/!!/. ǫ Ƶ $%!2! %* ĂĀāĈ +" ,ĂċĂă 0.%((%+*ċ $! ,+/%0%2!
,ĂČĂă0.%(%1*ċ!.01)1$*ǫ Ƶ5*#,+/%0%"0!.10) ǫ Ƶ#.+30$3/)%*(5 1!0+0$!/%#*%ü*0#.+30$
%/!'* ,!.01)1$* /%#*%ü'* '%*!.& ,.+ 1'/% in production and sales performance for ANTAM’s main
dan penjualan komoditas utama ANTAM serta peningkatan +))+ %0%!//3!((/!*$*! !þ%!*50$0.!/1(0!
!ü/%!*/% 5*# !.1&1*# , /0%(*5 (!2!( %5 01*% %* /0(! (!2!(/ +" ƵƵ Ě/ +,!.0%+*/ /$ !4,!*/!/ċ
+,!./% ƵƵ ċ !*&1(* !./%$ ƵƵ , 0$1* ƵƵ Ě/ *!0 /(!/ %* ĂĀāĉ )+1*0! 0+ ,ĂĆċĂą 0.%((%+*Č
ĂĀāĉ 0!.00 /!!/. ,ĂĆČĂą 0.%(%1*Č *%' ĊĊČąĉŌ +. ĊĊċąĉŌ $%#$!. +),.! 0+ ĂĀāĈ +" ,āĂċćĆ 0.%((%+*ċ
%* %*#'* ,%* 0$1* ĂĀāĈ /!!/. ,āĂČćĆ 0.%(%1*ċ ƵƵ ++'! *!0,.+ü0/+",ĉĈąċąă%((%+*%*ĂĀāĉČ+.
ƵƵ )!)1'1'*(!./%$/!!/.,ĉĈąČąă)%(%. ĆąāŌ $%#$!. +),.! 0+ *!0 ,.+ü0 $%!2! %* ĂĀāĈ +"
% 0$1* ĂĀāĉČ *%' /!!/. ĆąāŌ %* %*#'* ,%* ,āăćċĆĀ%((%+*ċ
(!./%$0$1*ĂĀāĈ/!!/.,āăćċĆĀ)%(%.ċ
KONTRIBUSI KEPADA NEGARA CONTRIBUTION TO THE STATE

Rp Juta Rp Million
Kontribusi Kepada Negara 2017 2018 Contribution to The State
Pendapatan Negara Bukan Pajak (PNBP) Non Tax Revenues (PNBP)
Iuran Produksi (Royalti) Royalties
Bijih Nikel ćĊċąćā āăĀċĆćą Nickel Ore
Feronikel āĂĆċćĆĀ āĊĂċćĉĊ Ferronickel
Emas dan Perak ăĂċăąĈ ăĂċĉāĂ Gold and Silver
Bauksit āąċĀĊĈ āĈċĂĀā Bauxite
Total Iuran Produksi (Royalti) ĂąāċĆĆĆ ăĈăċĂćć Total Royalties
1.*!0,Ĩ* !*0) ćċāąĂ ćċććĈ * !*0
Bea Masuk ĈċāĈą ĂċąĉĆ Import Duty
ǫ!!(1. āĂăċăĈą āĉćċĀĊĉ Export Duty
!)5.*%2% !*ĵ 0 ąĆċĊĉĉ %2% !* 5)!*0ĵ
!0.%1/%!*##1**3/*10* ĈċĆĉą Ĉċćăą !0.%10%+*+1/!+.!/0Ƶ.!
Subtotal PNBP 385.829 576.150 Subtotal Non Tax Revenues (PNBP)
Pajak Tax
&'!.0)$*%(% ăăċćĊĂ ćĂċąĀă Value Added Tax
Pajak Bumi dan Bangunan āĉċĈćĊ ăąċĀĆĈ * Ēǫ1%( %*#04
&'!*#$/%(*.53* ĈąċąćĈ āĀćċĂāć Employee Income tax
Pajak Penghasilan Badan āĉĆċąĈĉ ĂĉćċĈĈĂ Corporate Income Tax
ǫǫ *&'!* .*ĥ!0.%1/%!.$ ăĈċăĉĊ ććċĉăĉ !$%(!ĥ+(4
&'%**5 ćāċāĉĀ ăĈċĆăā Other Tax
Subtotal Pajak 410.975 593.817 Subtotal Tax
Total Kontribusi Kepada Negara 796.803 1.169.967 Total Contribution to The State
Catatan Notesč
ĵ!)5.* %2% !*gross/!!(1),&'%2% !*,5)!*0!"+.!04

Pengembangan Perusahaan
Corporate Development
INVESTASI UNTUK MENGHADAPI TANTANGAN INVESTMENT TO MEET THE FUTURE

KE DEPAN CHALLENGES
% 0$1* ĂĀāĉ ƵƵ )!),.%+.%0/'* !(*& )+ ( *ĂĀāĉČƵƵ ,.%+.%0%6! ,%0(!4,!* %01.!0+/1,,+.0
!.1/$* 1*01' )!* 1'1*# ,.+5!' ,!*#!)*#* the Company’s development projects particularly in
Perusahaan, terutama dalam penyelesaian fase konstruksi +),(!0%*#0$!+*/0.10%+*,$/!+"0$!/0()$!.
.+5!' !)*#1** .%' !.+*%'!( (0%) Ĩăĩ !..+*%'!( (*0 !2!(+,)!*0 .+&!0 Ĩăĩ * 0$!
* .+5!' %*"./0.1'01. ,!* 1'1*# ,.%'ċ !(%* %01Č ,(*0Ě//1,,+.0%*#%*"./0.101.!.+&!0ċ * %0%+*0+0$%/Č
pada tahun 2018 ANTAM juga melanjutkan Proyek in 2018 ANTAM also continued to pursue the Mempawah
)!(0!.. ! Ƶ(1)%* !ü*!.5 (SGAR) Mempawah dan )!(0!.. !Ƶ(1)%*!ü*!.5ĨƵĩ.+&!0* !#*
)!*#%*%//% '!.&/) /0.0!#%/ () ,!*#!)*#* its strategic cooperation in developing the Nickel Pig Iron
.+5!' !)*#1** .%' Nickel Pig Iron (NPI) di Ĩ ĩ (*0 !2!(+,)!*0 %* /0 ()$!.ċ +.!+2!.Č
()$!. %)1.ċ !(%* %01 ƵƵ &1# )!('1'* ANTAM also implemented various innovation to support
!.#% %*+2/% 1*01' )!*1*&*# +,!./% %/*%/ %*0% * %0/+.!1/%*!//+,!.0%+*/* /01 %! +,,+.01*%0%!/0+
)!*#'&%'!/!),0*!.)%0. !*#*,%$''!0%#ċ ,.0*!.3%0$0$%. ,.0%!/ċ
PROYEK-PROYEK PENGEMBANGAN ANTAM ANTAM’S DEVELOPMENT PROJECTS
Proyek Pembangunan Pabrik Feronikel Haltim East Halmahera Ferronickel Plant Development
(P3FH) & Pembangunan Infrastruktur Pendukung Project (P3FH) & Development of the Plant’s
Pabrik Supporting Infrastructure
%0$1*ĂĀāĉČƵƵ )!(*&10'*.+5!'!)*#1** *ĂĀāĉČƵƵ +*0%*1! 0+,1./1!0$!/0()$!.
.%' !.+*%'!( (0%) Ĩăĩ $, %*! I dan !..+*%'!( (*0 !2!(+,)!*0 .+&!0 Ĩăĩ $/!
%*"./0.1'01. ,!* 1'1*# ,.%' /!0!($ !)!.%*0$ %*! * 0$! ,(*0Ě/ /1,,+.0%*# %*"./0.101.! "0!. 0$!
)!* 1'1*# ,!* ** ă )!((1% !*5!.0* + ( +2!.*)!*0/1,,+.0! "1* %*#"+.0$!ă0$.+1#$0$!
Negara (PMN) yang diterima melalui mekanisme Rights State Investment (PMN) that was made through a Rights
Issue5*# %('/*'*, 1(*'0+!.ĂĀāĆċ //1!)!$*%/)0$03/..%! +10%*0+!.ĂĀāĆċ
ă $, %*! )!)%(%'% ',/%0/ ,.+ 1'/% "!.+*%'!( ă$/! %*! $/"!..+*%'!(,.+ 10%+*,%05
/!!/. āăċĆĀĀ % ,!. 0$1* !*#* *%(% %*2!/0/% +"āăČĆĀĀ%,!.5!.3%0$*%*2!/0)!*02(1!+",ăċĆ
/!!/. ,ăČĆ 0.%(%1*ċ /0 ă /!(!/%Č ',/%0/ 0.%((%+*ċ *! ă %/ +),(!0! Č ƵƵ Ě/ "!..+*%'!(
,.+ 1'/% 0!.,/*# ,.%' "!.+*%'!( ƵƵ '* ,(*0Ě/ %*/0((! ,.+ 10%+* ,%05 3%(( %*.!/! ĆĀŌ
)!*%*#'0/!!/.ĆĀŌ .%ĂĈċĀĀĀ%,!.0$1*)!*& % ".+)ĂĈČĀĀĀ%,!.5!.0+ąĀČĆĀĀ%,!.5!.Č/3!((/
ąĀċĆĀĀ % ,!. 0$1*Č /!.0 01.10 )!* 1'1*# ,.+#.) ,.0%%,0!/1,,+.00$!/0%*(!///0!!(/!)!0(%* 1/0.5
,!)*#1**%* 1/0.% /.(+#) stainless steelċ.%' !2!(+,)!*0 ,.+#.)ċ $! /0 ()$!. !..+*%'!(
!.+*%'!((0%)'* %01*&*# !*#*"/%(%0/,.+ 1'/% (*0 3%(( ! !-1%,,! 3%0$ )%* ,.+ 10%+* "%(%05
10) 5%01č +0.5 .5!. !.',/%0/ āĈĀ 0+* ,!. &)Č *)!(5č+0.5.5!.3%0$,%05+"āĈĀ0+*/,!.$+1.Č
Rotary %(* ',/%0/ āćĆ 0+* ,!. &)Č Electric Smelting +0.5 %(* 3%0$ ,%05 +" āćĆ 0+*/ ,!. $+1.Č (!0.%
Furnace !.',/%0/ ćĀ /!.0 ,!.(0* ,!*1*&*# )!(0%*# 1.*! 3%0$ ,%05 +" ćĀ / 3!(( /
(%**5ċ +0$!./1,,+.0%*#!-1%,)!*0ċ
Pada tahun 2018, ANTAM melanjutkan penyelesaian * ĂĀāĉČ ƵƵ +*0%*1! 0+ +),(!0! 0$! ă
'0%2%0/ '+*/0.1'/% ăċ %*## ,!.%+ ! !/!)!. +*/0.10%+* 0%2%0%!/ċ Ƶ/ +" 0$! !!)!. ĂĀāĉ ,!.%+ Č
ĂĀāĉČ '!)&1* '+*/0.1'/% ü/%' 0!($ )!*,% ĊĂŌ * 0$! ,$5/%( +*/0.10%+*Ě/ ,.+#.!// $/ $%!2! ĊĂŌ
dijadwalkan fase konstruksi akan selesai pada Triwulan * 0$! +*/0.10%+* ,$/! %/ /(0! 0+ ! +),(!0! %*
1 tahun 2019 yang akan dilanjutkan dengan rangkaian 0$!%./01.0!.+"ĂĀāĊ0$03%((+*0%*1!3%0$0$!,(*0
,!.%+ !'+)%/%+*%*#,.%'/!()ć1(*ċ%.!**'* +))%//%+*%*# ,!.%+ +" ć )+*0$/ċ $! /0 ()$!.
, ,!.%+ ! !)!/0!. Ă 0$1* ĂĀāĊČ ,.%' "!.+*%'!( !..+*%'!( (*0 %/ !4,!0! 0+ !#%* ,.+ 10%+* %* 0$!
(0%)'*)!)1(%!.,.+ 1'/%ċ !+* ("+"ĂĀāĊċ

!(%* ,!)*#1** ,.%' ,!*#+($*Č , 0$1* Apart from the development of the processing plant, the
ĂĀāĉ '0%2%0/ ,!)*#1** %*"./0.1'01. ,!* 1'1*# development of the plant’s supporting infrastructure that
,.%'5*#)!*'1,,!*#!)*#*.!town site dan covers the development of the town site area and provide
,!*5! %* 0!*# (%/0.%' !.&(* /!/1% !*#* 0.#!0 electrical power was carried out in accordance with their
5*#0!($ %0!0,'*ċ !0!.)%*! 0.#!0/%*ĂĀāĉċ
0$1* ĂĀāĊČ %0.#!0'* ,.%' "!.+*%'!( (0%) *ĂĀāĊČ0$!/0()$!."!..+*%'!(,(*0%/0.#!0! 0+

,0)!)1(%,.+ 1'/%*5/!!/.ĆċĉĂĀ%ċ+*0.%1/% !#%*,.+ 10%+*)+1*0%*#0+ĆČĉĂĀ%ċ$%/,.+ 10%+*
,.+ 1'/% .% ,.%' "!.+*%'!( (0%) '* )!*%*#'0'* +*0.%10%+* ".+) 0$! /0 ()$!. "!..+*%'!( ,(*0
target produksi feronikel ANTAM pada tahun 2019 will increase ANTAM’s ferronickel production target in
)!*,%ăĀċĂĉĀ%01*%'/!!/.ĂĂŌ %* %*#'* ĂĀāĊ0+.!$ăĀČĂĉĀ%+.ĂĂŌ$%#$!.+),.! 0+0$!
0.#!0,.+ 1'/%"!.+*%'!(0$1*ĂĀāĉċ ferronickel compared to the 2018 ferronickel production
0.#!0ċ
Proyek )!(0!.. !Ƶ(1)%*!ü*!.5 (SGAR) !),3$)!(0!.. !Ƶ(1)%*!ü*!.5

Mempawah Project (SGAR)
!)*#1**,.%'Ƶ)!.1,'*/($/01,.+5!' The SGAR plant development is one of the synergy projects
/%*!.#% () +( %*# * 1/0.% !.0)*#*ċ .+5!' 3%0$%*0$! %*%*# * 1/0.5+( %*#ċ$%/,.+&!0%/..%!
%*% %('1'* /!. !.0$, !*#* ',/%0/ 0$, +10%*/0#!/3%0$0$!ü./0/0#!,%05+"ā)%((%+*0+*/
,!.0) /!!/. ā &10 0+* Ƶ ,!. 0$1*ċ ! *#'* +"Ƶ,!.5!.ċ !*3$%(!Čā)%((%+*0+*/+"(1)%*/0#!
ā&100+*(1)%*0$,'! 1'* %*#1*/!0!($0$, 03+ 3%(( ! 1%(0 "0!. 0$! +),(!0%+* +" 0$! ü./0 /0#!ċ
,!.0) !.$/%(ċ Ƶ(1)%* 5*# %$/%('* %$.,'* Alumina that is produced is expected to meet demands
'*)!)!*1$%'!101$*$*'1 Ƶ 5*#/0 "+. Ƶ Ě/.3)0!.%(Č3$%$1..!*0(5+*0%*1!/0+!
%*%)/%$ %%),+.ċ %),+.0! ċ
!*#!)*#* .+5!' Ƶ !),3$ %('1'* The development of the Mempawah SGAR Project is
melalui kerja sama ANTAM dengan PT Indonesia Asahan ..%! +10 0$.+1#$ ++,!.0%+* !03!!* ƵƵ 3%0$
Ƶ(1)1*%1) Ĩ!./!.+ĩ Ĩ Ƶ ĩċ !(%* %01Č .!***5 * +*!/% Ƶ/$* Ƶ(1)1*%1) Ĩ!./!.+ĩ Ĩ Ƶ ĩċ
,.+5!'%*%&1#'*)!(%0'*)%0./0.0!#%/5*#'* In addition to this, this project’s plan also will involve
)!)3 ',%(%0/ 0!'*+(+#% * ,!* **ċ .+5!' the participation of strategic partners that will provide
%*% '* ,0 )!*#+($ *#* 1'/%0 5*# %)%(%'% 0!$*+(+#%( ,%(%05 * "1* %*#ċ $%/ ,.+&!0 3%((
ƵƵ * Ƶ &1# '* )!),!.+(!$ ,/+'* ,.+!// ƵƵ Ě/ 14%0! .!/!.2!/ * Ƶ 3%((
$* '1 (1)%*%1) .% () *!#!.% /!$%*## also receive aluminium raw material supplies locally
mengurangi ketergantungan terhadap impor alumina 0$!.!5 .! 1%*# !,!* !*! +* (1)%* %),+.0/ 3$%(!
/!'(%#1/)!*#$!)0 !2%/ċ /%)1(0*!+1/(5/2%*#"+.!%#*!4$*#!ċ
%0$1*ĂĀāĉČ Ƶ !.1/$*Ĩ Ƶ *ƵƵ ĩ * ĂĀāĉČ Ƶ ƫ+),*5 Ĩ Ƶ * ƵƵ ĩ

telah menyelesaikan penyusunan ǫ*'(! !/%%(%05 +),(!0! ,.!,.%*# ǫ*'(! !/%%(%05 01 5 Ĩǫĩ
Study (BFS) serta telah menandatangani perjanjian / 3!(( / /%#*! ++,!.0%+* #.!!)!*0 0+ 1%( 0$!
'!.&/) ,!)*#1** ,.%' Ƶ !*#* )%0. Ƶ,(*03%0$/0.0!#%,.0*!.ċ$!#.+1* .!'%*#
/0.0!#%/ċ %.!**'* 0$, ground .!'%*# yang ,$/! 0$0 /%#*%ü!/ 0$! +))!*!)!*0 +" 0$! ,(*0Ě/
)!** % %)1(%*5 ,.+/!/ '+*/0.1'/% ,.%' '* +*/0.10%+*,.+!//%/,(**! 3%0$%*0$!%./01.0!.+"
%('/*'*, ,!.%+ !.%31(*ā0$1*ĂĀāĊċ ĂĀāĊċ

Layout Pabrik SGAR di Mempawah

!),3$Ƶ(*05+10
Proyek Pengembangan Pabrik Nickel Pig Iron East Halmahera Nickel Pig Iron (NPI) Blast
(NPI) Blast Furnace Halmahera Timur Furnace Plant Development Project
Sejalan dengan strategi ANTAM untuk meningkatkan nilai In line with ANTAM’s strategy to enhance the mineral
0)$ '+)+ %0/ )%*!.(Č 0!.10) 1*01' )!*#+($ commodity’s added value, particularly for low grade nickel
*#* %&%$ *%'!( ' . .!* $Č , 0$1* ĂĀāĉ +.!Č 0$! ƫ+),*5 /%#*! Č %* ĂĀāĉČ ! +" Ƶ#.!!)!*0
Perusahaan menandatangani ! +" Ƶ#.!!)!*0 Ĩ+Ƶĩ Ĩ+Ƶĩ "+. 0$! /0 ()$!. %'!( %# .+* Ĩ ĩ ǫ(/0
.+5!' !*#!)*#* .%' Nickel Pig Iron (NPI) Blast Furnace Plant Development Project with a strategic
Furnace ()$!. %)1. !*#* )%0. /0.0!#%/ !* ,.0*!.Č!**!.#5%'!( *0!.*0%+*(0!ċ0 Ĩ ĩċ
*!.#5%'!( *0!.*0%+*(0!ċ0 Ĩ ĩċ
Proyek NPI Blast Furnace memiliki total kapasitas produksi The NPI Blast Furnace Project has a total production
)!*,% ăĂĀċĀĀĀ 0+* Ĩ ĩ 01 /!0. !*#* ,%05+"ăĂĀČĀĀĀ0+*/+" Ĩ ĩ+.!-1%2(!*03%0$
ăĀċĀĀĀ 0+* *%'!( () Ĩ%ĩ 5*# 0!. %.% .% ĉ (%*! ăĀČĀĀĀ0+*/+"*%'!(%* Ĩ%ĩ0$0+),.%/!+"ĉ(%*!/
!*#* 0+0( %*2!/0/% /!'%0. ĸăĂĀ &10ċ 1 (%*! 3%0$ 0+0( %*2!/0)!*0 +" ,,.+4%)0!(5 ĸăĂĀ )%((%+*ċ
pertama diharapkan dapat memulai produksi pada akhir $!ü./003+(%*!/.!!4,!0! 0+!#%*,.+ 10%+*%*0$!
tahun 2021, sedangkan secara keseluruhan ditargetkan (00!.+"ĂĀĂāČ3$!.!/"1((,.+ 10%+*%/0.#!0! "+.ĂĀĂăċ
!.+,!./%0$1*ĂĀĂăċ
Penandatanganan Joint Venture Agreement Proyek Pembangunan Pabrik NPI Halmahera Timur

+%*0!*01.!Ƶ#.!!)!*0%#*%*#+"/0()$!. (*0.+&!0
.+5!'!*#!)*#*.%' Blast Furnace()$!. $!/0()$!. ǫ(/01.*!(*0!2!(+,)!*0

Timur merupakan salah satu milestone penting dalam Project is an important milestone within the context of
.*#')!*%*#'0'**%(%0)$'+)+ %0/)%*!.(5*# enhancing the mineral commodities added value that is
%'!(+(+(!$!.1/$*ċ.+5!'0!./!10'*)!*)$ )*#! 50$!ƫ+),*5ċ$%/,.+&!03%(( ƵƵ Ě/
total produksi nikel tahunan ANTAM dan diharapkan annual total nickel production and is expected to support
'*)!* 1'1*#,!.01)1$*'%*!.&!.1/$*ċ 0$!ƫ+),*5Ě/,!."+.)*!#.+30$ċ
Ekspansi Bisnis Emas Melalui Kerja sama dengan Expansion of the Gold Business Through
Pos Indonesia & Bank BJB Syariah Cooperation with Pos Indonesia & Bank BJB Syariah
Sejalan dengan upaya Perusahaan untuk memperkuat *(%*!3%0$0$!ƫ+),*5Ě/!û+.0/0+/0.!*#0$!*%0/).'!0
&*#'1*,!)/.*'!, '+*/1)!*!)/+#) 1(% reach to ANTAM’s local Precious Metal gold consumers as
ANTAM di dalam negeri serta mendukung sinergi kerja sama 3!((//1,,+.0++,!.0%+*/5*!.#%!/!03!!*0$!00!ġ
antar Badan Usaha Milik Negara (BUMN), pada tahun 2018 Owned Enterprises (SOE), in 2018, ANTAM and PT Pos
ANTAM dan PT Pos Indonesia (Persero) (Pos Indonesia) * +*!/%Ĩ!./!.+ĩĨė+/ * +*!/%Ęĩ#.!! 0+..5+10
!./!,'0 1*01' )!(*&10'* '!.& /) /0.0!#%/ () a strategic partnership in the areas of gold sales to enhance
% *# ,!*&1(* !)/ 1*01' )!),!.)1 $ '/!/ ,1(% !// 0+ 15 ƵƵ Ě/ #+( %* (( +/0 þ!/ %*
)/5.'01*01')!)!(%!)/ƵƵ %/!(1.1$*0+. * +*!/%ċƵƵ !(%!2!/0$05!4,* %*# %/0.%10%+*
+/ % * +*!/%ċ ƵƵ )!5'%*% !*#* )!),!.(1/ /(!/ $**!(/ 3%(( %),.+2! %0/ 1/%*!// +),!0%0%2!*!//
/(1.* %/0.%1/%,!*&1(*'*)!*%*#'0'* 5/%*# ,.0%1(.(5"+.#+( +))+ %0%!/ċ
1/$'$1/1/*5, '+)+ %0/!)/ċ
()'!.&/)(*&10*%*%Č'! 1,!.1/$*)!*)$ $.+1#$0$%/&+%*02!*01.!Č0$!03++),*%!/ āĀĀġ

layanan pecahan 100 gram emas dalam sistem penjualan gram gold services through a gold sales system in the
!)/ %*0+.+/ċ(%*%/!#%!*01'.!/,+*'!, +/0 þ!ċ $%/ %/ ..%! +10 %* .!/,+*/! 0+ +*/1)!.
,!.)%*0* '+*/1)!* '$1/1/*5 /!#)!* '+.,+./%ċ !)* /,.0%1(.(5".+)0$!+.,+.0!/!0+.ċ1.$/!
!)!(%*!)/ƵƵ ,0 %(5*% %ĂĀĆ*0+.+/ of ANTAM’s gold is served through 205 Post Inspection
!)!.%'/ % * +*!/%ċ þ!/%* * +*!/%ċ
0$1* ĂĀāĉČ /!#% 1,5 )!),!.(1/ &.%*#* * ĂĀāĉČ / ,.0 +" !û+.0/ 0+ !4,* #+( ,.+ 10Ě/
pemasaran produk emas, ANTAM melalui Unit Bisnis marketing network, ANTAM through the Precious Metal
!*#+($* * !)1.*%* +#) 1(% Ĩǫ ĩ .+!//%*#* !ü*%*#ǫ1/%*!//*%0Ĩǫ ĩ..%!
)!('1'*'!.&/)/0.0!#%/,!*&1(*!)/ƵƵ +10/0.0!#%,.0*!./$%,"+.ƵƵ Ě/#+( /(!/3%0$
!*#*ǫ*'
.ǫ*0!*5.%$Ĩǫ*'ǫ
ǫ5.%$ĩċ ǫ*'
. ǫ*0!* 5.%$ Ĩǫ*' ǫ
ǫ 5.%$ĩċ $%/
!.&/) %*% )!.1,'* $( /0.0!#%/ * %$.,'* ++,!.0%+*%/ !!)! /0.0!#%* %/!4,!0! 0+!(!
)),1)!* 1'1*# *)!),!.(1/ %/0.%1/%,!*&1(* 0+/1,,+.0* !4,* ƵƵ Ě/#+( /(!/ %/0.%10%+*
!)/ ƵƵ )!((1% &.%*#* ǫ*' ǫ
ǫ 5.%$ through Bank BJB Syariah’s network particularly for the
0!.10) %3%(5$
3ǫ.0Čǫ*0!* *
'.0ċ !/0
2Čǫ*0!**
'.0.!#%+*/ċ
ƵƵ * ǫ*' ǫ

ǫ 5.%$ !.1,5 !./)ġ/) ANTAM and Bank BJB Syariah together strives to facilitate
)!)"/%(%0/% '!,!)%(%'* !)/ 1*01' '+*/1)!*Č %' +*/1)!.Ě/ !)* 0+ +3* #+( Č +0$ 0$.+1#$ %.!0
,!)!(%* /!. (*#/1*# )!((1% &.%*#* ǫ10%' )/ ,1.$/!/ 0$.+1#$ 0$! *!03+.' +" ƵƵ ġ.!%+1/
ƵƵ ġ+#) 1(% )1,1* ,!)!(%* )!((1% /%/0!) Metals Gold Boutiques as well as purchases through the
!)%5* !,!)%(%'* )/ %ǫ /($$ ǫ*' ǫ
ǫ iB Maslahah Bank BJB Syariah Gold Ownership Financing
5.%$ċ /5/0!)ċ

Butik Logam Mulia ANTAM

ƵƵ Ě/+#) 1(%ǫ+10%-1!
Medan, Banjarmasin,
Sumatera Utara North Sumatera (%)*0*!(0*+10$(%)*0*
Balikpapan,
(%)*0*%)1.East (%)*0*
1.5ĨĂ10%'+10%-1!),
Jawa Timur East Java Makassar,
Sulawesi Selatan South Sulawesi
+#5'.0
(!)*#Č
Sumatera Selatan
South Sumatera Denpasar,
Bali
Jakarta
Ĩą10%'+10%-1!)
.%'Ēă10%'
Processing (*0Ēă+10%-1!
Semarang,
Bandung, Jawa Tengah Central Java
Jawa Barat West Java
Proyek Enterprise Resource Planning Migration Enterprise Resource Planning Migration Project
Guna mencapai keselarasan antara sistem informasi In order to align the Company’s information system
!.1/$* !*#* %/% %/% ƵƵ ĂĀăĀČ )' , 3%0$ ƵƵ Ě/ ĂĀăĀ %/%+* * %//%+*Č %* ĂĀāĆČ ƵƵ
tahun 2015 ANTAM telah melakukan evaluasi atas sistem evaluated the Company’s Information System/Enterprise
Informasi/Enterprise Resource Planning Ĩĩ!.1/$*ċ !/+1.! (**%*# Ĩĩċ $%/ !2(10%+* 3/ !2!*01((5
2(1/%0!./!10'!)1 %* %(*&10'* !*#*'!,101/* "+((+3! 5 !%/%+* 0+ )%#.0! 0$! /5/0!) ".+)
untuk melakukan migrasi sistem ERP dari Ellipse menjadi ((%,/!0+Ƶċ
Ƶċ
Melanjutkan proses implementasi SAP di ANTAM yang In pursuit of the SAP implementation within ANTAM that
0!($ %)1(%, 0$1*ĂĀāĈČ)', 3(0$1*ĂĀāĉ 3//0.0! %*ĂĀāĈČ0$! %#.0%+*.+&!0!*0!.! %*0+
ERP Migration Project memasuki fase Final Preparation the Final Preparation Phase in early 2018 with activities
dengan adanya kegiatan seperti !5/!..%*%*# ĨĩČ /1$ / !5 /!. .%*%*# ĨĩČ /!. Ƶ!,0*! !/0
User Acceptance Test (UAT), End User Training Ĩĩċ ĨƵĩČ* * /!..%*%*#Ĩĩċ
Setelah penyelesaian tahap !5 /!. .%*%*#Č /!. ,+*+),(!0%+*+"0$!!5/!..%*%*#Č/!.Ƶ!,0*!

Acceptance Test, End User Training dan Tahap Final Test, End User Training and Final Preparation Phases, the
Preparation, Proyek Enterprise Resource Planning Enterprise Resource Planning Migration Project entered
Migration memasuki tahapan +ġ%2!, 1(*Ƶ#1/01/ %*0+ 0$! +ġ%2! ,$/! %* Ƶ1#1/0 ĂĀāĉ 3%0$ *1)!. +"
ĂĀāĉ !*#*!!.,'!#%0*,!* 1'1*#Č/!,!.0% Data supporting activities such as Data Migration, Upload Initial
Migration, ,(+ *%0%( ǫ(*!Č +ġ%2! ƵČ !/!.0 ǫ(*!Č+ġ%2!ƵČ/3!((/Ƶ"0!.+ġ%2!1,,+.0ċ
Ƶ"0!.+ġ%2!1,,+.0ċ
$,* +ġ%2! )!** % 0!($ %('1'**5 ,.+/!/ $!+ġ%2!,$/!/5)+(%6! 0$!1/!+"0$!ƫ+),*5Ě/
)%#./% !.1/$* .% /!!(1)*5 ((%,/! )!*& % ERP migration process from the previous Ellipse to that
Ƶċ ƵƵ )!*#%),(!)!*0/%'* )+ 1(ġ)+ 1( Ƶ +" Ƶċ ƵƵ %),(!)!*0! Ƶ )+ 1(!/ 0$0 3!.!
5*# /(%*# 0!.%*0!#./% *0. (%* )+ 1(č Finance (FI), %*0!#.0! )+*# +0$!./č %**! Ĩ ĩČ ƫ+*0.+((%*# ĨƫĩČ
Controlling (CO), and Fund Management (FM), Production and Fund Management (FM), Production Planning (PP) and
Planning (PP) * 1(%05 *#!)!*0 Ĩ ĩČ Sales 1(%05 *#!)!*0 Ĩ ĩČ (!/ %/0.%10%+* ĨĩČ (*0
%/0.%10%+* (SD), Plant Maintenance (PM) and Project %*0!**!Ĩ ĩ* .+&!05/0!)ĨĩČ1)*ƫ,%0(
System (PS), 1)*ƫ,%0( *#!)!*0Ĩƫ ĩČ Material *#!)!*0Ĩƫ ĩČ 0!.%( *#!)!*0Ĩ ĩČǫ1/%*!//
Management (MM), Business Planning and Consolidation (**%*#* ƫ+*/+(% 0%+*ĨǫƫĩĢ!#(ƫ+*/+(% 0%+*ċ
(BPC) – !#(ƫ+*/+(% 0%+*ċ

Preparation Blueprint Realization Final Preparation Go Live

đ %'+û !!0%*# • Workshop đ ƫ+*ü#1.0%+* • End User Training đ +%2!1,,+.0
• Team Building • Requirement Gathering • Installation • Data Migration đ .*/"!.*+3(! #!
• Blueprint Document đ !5/!..%*%*# • Custover
• User Acceptance Test
BELANJA MODAL CAPITAL EXPENDITURE

0$1*ĂĀāĉ.!(%//%0+0(!(*&)+ (ƵƵ ($ ƵƵ Ě/ 0+0( .!(%6! ,%0( !4,!* %01.! %* ĂĀāĉ
/!!/.,ĂČĉĀ0.%(%1* !*#*,!*#!(1.*,āćąČĆĈ)%(%. .!$! ,ĂċĉĀ 0.%((%+* 3%0$ ,āćąċĆĈ %((%+* "+. .+10%*!
1*01' %*2!/0/% .10%* * ,ĂČćĀ 0.%(%1* 1*01' %*2!/0/% %*2!/0)!*0/ * ,ĂċćĀ 0.%((%+* "+. !2!(+,)!*0
,!*#!)*#*ċƵƵ &1#)!*#!(1.'*,ăĀČāĂ)%(%. %*2!/0)!*0ċ $! ƫ+),*5 (/+ /,!*0 ,ăĀċāĂ %((%+* "+.
1*01'%5 %0*##1$'*ċǫ!(*&)+ (ƵƵ %0$1* !"!..! !4,!*/!/ċ ƵƵ Ě/ ,%0( !4,!* %01.! %* ĂĀāĉ
ĂĀāĉ *%' ćĂŌ %* %*#'* !(*& )+ ( 0$1* ĂĀāĈ 3/ ćĂŌ $%#$!. +),.! 0+ 0$! ,%0( !4,!* %01.!
/!%.%*# !*#* ,!*5!(!/%* '0%2%0/ '+*/0.1'/% ă %* ĂĀāĈ 1! 0+ +),(!0%+* +" 0$! ă +*/0.10%+*
5*#0!($ %)1(%, 0$1*ĂĀāĈċǫ!(*&)+ ( %0$1* 0%2%0%!/ 0$0 !#* %* ĂĀāĈċ ƫ,%0( !4,!* %01.! %* ĂĀāĊ
ĂĀāĊ %0.#!0'* 0% ' &1$ !.! !*#* 0.#!0 ĂĀāĉċ %/0.#!0! 0+!*+0/1/0*0%((5 %û!.!*00$*0$!ĂĀāĉ
Belanja Modal tahun 2019 dialokasikan untuk mendukung 0.#!0ċƫ,%0(!4,!* %01.!%*ĂĀāĊ%/((+0! 0+/1,,+.0
'0%2%0/,!*#!)*#*!.1/$*5*#'* %"+'1/'* the Company’s development activities that will focus on
, ,!*5!(!/%* '+*/0.1'/% * '+)%/%+*%*# ăČ +),(!0%*# +*/0.10%+* * +))%//%+*%*# +" ăČ
,!)*#1** %*"./0.1'01. ,!* 1'1*# ,.%' "!.+*%'!( 0$! !2!(+,)!*0 +" /0 ()$!. "!..+*%'!( ,(*0Ě/
(0%)Č ,!*#!)*#* .+5!' Ƶ 5*# %.!**'* supporting infrastructure, development of the SAGR
akan memulai fase konstruksi di tahun 2019 serta investasi Project that plans to commence the construction phase in
rutin lainnya yang difokuskan untuk menunjang oprimalisasi 2019 as well as other routine investments that is focused
/!0)!/%* *,!.(0*,.+ 1'/%!.1/$*ċ +*/1,,+.0%*#0$!+,0%)%60%+*+"0$!ƫ+),*5Ě/)$%*!
* ,.+ 10%+*!-1%,)!*0//!0/ċ
Belanja modal pada tahun 2019 ditargetkan mencapai ƫ,%0( !4,!* %01.! %* ĂĀāĊ %/ 0.#!0! 0+ .!$ ,ăċăĉ
,ăČăĉ0.%(%1*Č(!%$0%*##%/!!/.ĂāŌ .%.!(%//%!(*& 0.%((%+*Č+.ĂāŌ$%#$!.0$*0$!.!(%6! ,%0(!4,!* %01.!
)+ ( 0$1* ĂĀāĉČ /!%.%*# !*#* (+'/% ,!)%5* %* ĂĀāĉČ %* (%*! 3%0$ 0$! ((+0%+* +" ü**%*# "+. 0$!
,!*5!(!/%* '+*/0.1'/% ă 5*# +)%** 0!./!., +),(!0%+* +" 0$! ă +*/0.10%+* 0$0 3/ (.#!(5
, 0$1* ĂĀāĉċ ǫ!(*& )+ ( 0$* ĂĀāĊ 0!. %.% .% /,!*0 %* ĂĀāĉċ ƫ,%0( !4,!* %01.! %* ĂĀāĊ +),.%/! +"
,!*#!(1.*1*01'%*2!/0/%.10%*)!*,%,ĆĉĂČĂā)%(%.ċ !4,!*/!/ "+. .+10%*! %*2!/0)!*0/ )+1*0%*# 0+ ,ĆĉĂċĂā
!)!*0. 1*01' %*2!/0/% ,!*#!)*#* !.&1)($ %((%+*ċ !*3$%(!Č !2!(+,)!*0 %*2!/0)!*0 )+1*0/ 0+
,ĂČćą 0.%(%1* * %5 %0*##1$'* /!!/. ,āćĂČĉă ,Ăċćą0.%((%+** !"!..! !4,!*/!/)+1*0/0+,āćĂċĉă
)%(%.ċ %((%+*ċ
Realisasi Belanja Modal Tahun 2018 dan Rencana Tahun 2019

Realization of Capital Expenditure in 2018 and 2019 Planning
Rp30,12
miliar billion Rp164,57 Rp162,83
miliar billion
Rp582.21 miliar billion
1% miliar billion
5%
6% 17%
2018
Total Belanja Modal
2019
Total Belanja Modal
Capital Expenditure Capital Expenditure
Rp2.799,85 Rp3.389,85
miliar billion
78% miliar billion
93 %
Rp2.644,81
Rp2.605,16 miliar billion
miliar billion
Investasi Rutin Routine Investment *2!/0/%!*#!)*#*Development Investment Biaya ditangguhkan Deferred Expenses

Proyek-Proyek
Pengembangan Strategis
S rategic Development Projects
St
.+5!')!(0!.. !Ƶ(1)%*!ü*!.5 !),3$

!),3$)!(0!.. !Ƶ(1)%*!ü*!.5.+&!0
Smelter Grade Alumina Smelter Grade Alumina
Kepemilikan Ownership: Tahapan Diskusi In Discussion

Proyek Pembangunan Pabrik Feronikel Haltim (P3FH)

Eash Halmahera Ferronickel Plant Development Project (P3FH)
Feronikel Ferronickel
Kepemilikan Ownership: 100%

Aktivitas Eksplorasi dan Estimasi

Cadangan Bijih dan Sumber Daya Mineral
Exploration Activity and Estimation of Ore Reserves and Mineral Resources
!#% ,!.1/$* !./%/ ,!.0)*#*Č '!#%0* Ƶ/ )%*%*#ġ/! +),*5Č !4,(+.0%+* %/ '!5 "0+.
eksplorasi merupakan hal yang penting untuk %* )%*0%*%*# 0$! 1/%*!// /1/0%*%(%05 #%2!* 0$! *+*ġ
mempertahankan kelangsungan usaha mengingat suatu .!*!3(! $.0!.%/0% +" )%*!.( !,+/%0ċ !/,%0!
0)*#)!)%(%'%1/%0!.0!*01Ĩ*+*ġ.!*!3(!ĩċ !/'%,1* having a vast and high quality reserves and resources,
ƵƵ )!)%(%'%&1)($ *#* */1)!. 55*# ,.0%1(.(5 "+. *%'!( * 14%0! +))+ %0%!/Č %* ĂĀāĉ
!/. * !.'1(%0/ 0%*##% 0!.10) 1*01' '+)+ %0/ ANTAM continued its exploration activities to ensure the
*%'!( *1'/%0Č %0$1*ĂĀāĉƵƵ 0!0,)!(*&10'* ƫ+),*5Ě//1/0%*%(%050$.+1#$!+)%*1*%05"+1/%*#
'!#%0* !'/,(+./% 1*01' )!)/0%'* '!!.(*&10* +*!û+.0/0+!*$*!* +0%*#+( .!/+1.!/ċ
Perusahaan melalui Unit Geomin dengan fokus pada upaya
,!*%*#'0* *,!.+(!$*/1)!. 5!)/ċ
!(,+.* $/%( !'/,(+./% * !/0%)/% *#* %&%$ ANTAM reports its exploration results and the estimated
*/1)!. 5)%*!.(ƵƵ )!*#1, /0* . +.! .!/!.2!/ * )%*!.( .!/+1.!/ /! +* 0$!
,!(,+.* 5*# %0!.%0'* +(!$ Joint Ore Reserves .!,+.0%*# /0* . %//1! 5 0$!
+%*0 .! !/!.2!/
Committee Ĩ
ƫĩ 5*# !.*##+0'* Australian ƫ+))%00!! Ĩ
ƫĩČ 3$+/! )!)!./ +),.%/! +" 0$!
Institute of Mining and Metallurgy, Australian Institute Australian Institute of Mining and Metallurgy, Australian
+" !+/%!*0%/0/Č * %*!.(/ ƫ+1*%( +" Ƶ1/0.(%ċ Institute of Geoscientists, and the Minerals Council of
!*#* !/0%)/% *#* 5*# %10 !. /.'* Ƶ1/0.(%ċ $!.!"+.!Č +* 0$! /%/ +" 0$! !/0%)0! ) !
JORC Code ĂĀāĂ 0!./!10Č !/0%)/% *#* ƵƵ 5 0$%/
ƫ ĂĀāĂ ƫ+ !Č ƵƵ Ě/ !/0%)0! .!/!.2!/ %/
,0 %,!.* %*#'* !*#* !/0%)/% ,!.1/$* +),.(! 0+ +0$!. #(+( )%*%*# +),*5ċ +.!+2!.Č
,!.0)*#*#(+((%**5ċ!(%*%01!/0%)/% *#* ANTAM’s estimated reserves and resources is prepared
* /1)!. 5 ƵƵ %/1/1* )!*#%'10% ,1( '% $ in compliance with Indonesia Mineral Reserve Committee
+)%0! ƫ *#* %*!.( * +*!/% Ĩƫ ĩ Code Ĩƫ ĩ ĂĀāā ƫ+ !ċ ƵƵ Ě/ !4,(+.0%+* 0%2%0%!/ %/ (/+
ĂĀāāċ Ƶ'0%2%0/ !'/,(+./% ƵƵ % 1'1*# ,1( +(!$ /1,,+.0! 50$! !2!(+,)!*0+"*%*0!#.0! !+/,0%(
,!)*#1** /%/0!) !+/,0%( Ē !+(+#5 0/! Ē!+(+#50/!/5/0!)ċ
5*#0!.%*0!#./%ċ
!&(* !*#* ,!*#!)*#* %/*%/ 1/$ !.1/$*Č * (%*! 3%0$ 0$! ƫ+),*5Ě/ 1/%*!// !2!(+,)!*0Č /%*!
, /!&' 0$1* ĂĀāĈČ *%0 !+)%* )1(% )!('1'* ĂĀāĈČ0$!!+)%**%0+))!*! 0%2%0%!/0$0).'!0!
'!#%0* ,!)/.* &/ !./%/ '0%2%0/ !'/,(+./% %0/ )%*%*# !4,(+.0%+* /!.2%!/ 0%2%0%!/ 0$0 +û!.!
,!.0)*#* 5*# )!(%,10% &/ ,!*#!+.*Č &/ exploration services covering drilling services, geophysical
,!*#1'1.* #!+ü/%'Č &/ ,!*#1'1.* #!+ !/%Č &/ measurement services, geodetic measurement services,
(+.0+.%1) /!.0 &/ '+*/1(0* #!+(+#% 0)*#ċ (+.0+.5 /!.2%!/ * )%*! #!+(+#%( +*/1(0%*#
!#%1,5,!*#!)*#*%/*%/&/!'/,(+./%Č, /!.2%!/ċ * (%*! 3%0$ 0$! !2!(+,)!*0 +" !4,(+.0%+*
Aktivitas Eksplorasi Nikel di Sulawesi Ternggara

Nickel Exploration Activity in Southeast Sulawesi

+2!)!. ĂĀāĈČ ƵƵ !./%*!.#% !*#* 1+ü* + /!.2%!/1/%*!//ČƵƵ /5*!.#%6! 3%0$ƫ
(Persero) (SUCOFINDO) melalui penandatanganan Nota Ĩ!./!.+ĩ %* +2!)!. ĂĀāĈ 0$.+1#$ 0$! /%#*%*# +"
!/!,$)* *!.&*&%*!.&/)0!*0*#!#%0* Memorandum of Understanding (MoU) and Cooperation
!*#'&%*Č!*!(%0%* *!*#1&%* %ǫ% *#'/,(+./%ċ Agreement on Exploration Assessment, Research and
!#% 0$, 3( .% %),(!)!*0/% '!.&/) %*% !/0%*# Ƶ0%2%0%!/ċ $! %*%0%( ,$/! +" 0$! + %/ +(
($,!('/**,!'!.&*'/,(+./% *!*#!+.* drilling and exploration mining services on PT Bukit Asam
ǫ01. %ǫ1'%0Ƶ/)'5*#!.(+'/% %ǫ*#'+ Ĩ!./!.+ĩ ' (+0! %* ǫ*#'+ !*#$Č *&1*# *%)
!*#$Č *&1*# *%)Č .+2%*/% 1)0!. !(0*ċ %*!.#% !#!*5Č +10$ 1)0. .+2%*!ċ $%/ )%*%*# /!.2%!/
1*01'(5** %% *#,!.0)*#*%*%'*!.(*&10 /5*!.#53%((+*0%*1!"+.+0$!.,.+/,!0%2!,.+&!0/ċƵ/
1*01' !.#% ,.+5!' (%**5ċ !#% #%* .% part of this cooperation, SUCOFINDO will support ANTAM
kerjasama ini SUCOFINDO akan mendukung ANTAM (+*#3%0$ %0/ /1/% %.%!/ * þ(%0!/+* 0$!%. 1/%*!//
!/!.0 Ƶ*' !.1/$* * Ƶü(%/%*5 , ,.+/!/ processes that are in line with SUCOFINDO’s competencies,
%/*%/*5Č /!/1% !*#* '+),!0!*/% 5*# %)%(%'% *)!(5+*%*/,!0%+*Č!.0%ü0%+** 0!/0%*#/!.2%!/ċ
ƫ Č5%01%*/,!'/%Č/!.0%ü'/%Č *,!*#1&%*ċ
0$1* ĂĀāĈČ 1*01' )!*#!)*#'* '+),!0!*/% * ĂĀāĈČ 0+ /1,,+.0 +),!0!*5 %* 0$! ü!( +" #!+(+#%(
% *# !'/,(+./% #!+(+#%Č ƵƵ * %)$ ' !4,(+.0%+*ČƵƵ * %)$'!*##! %*.!/!.$
)!*&(%* '!.&//) ,!*!(%0%* * ,!*#!)*#* % * !2!(+,)!*0++,!.0%+*%*0$!.!+")%*!.(ċ$%/
% *# )%*!.(ċ !.&/) %*% )!*'1, /%*!.#% () cooperation covers synergy in the area of research and
% *#,!*!(%0%* *,!*#!)*#*0!'*+(+#%!'/,(+./%Č development in exploration technology, synergy in mineral
sinergi eksplorasi mineral, sinergi pemanfaatan peralatan exploration, synergy in use of exploration equipment,
!'/,(+./%Č(+.0+.%1*Čsoftware * 0/!!'/,(+./% (+.0+.%1*Č /+"03.! * !4,(+.0%+* 0 /! / 3!((
/!.0,!*#!)*#*/1)!. 5)*1/% ()(%*#'1, as human resource development within the framework of
!'/,(+./%#!+(+#%ċ #!+(+#%(!4,(+.0%+*ċ
!#%0* !'/,(+./% !.1/$* , 0$1* ĂĀāĉ The Company’s exploration cost in 2018 amounted to
)!*#$%/'* %5 /!!/. ,ăĂČĈā )%(%.Č *%' ĈăŌ ,ăĂċĈā %((%+*Č +. ĈăŌ $%#$!. +),.! 3%0$ !4,(+.0%+*
%* %*#'* !*#*%5!'/,(+./%0$1*ĂĀāĈ/!!/. +/0/%*ĂĀāĈ+",āĉċĊĆ%((%+*%*(%*!3%0$0$!ƫ+),*5Ě/
Rp18,95 miliar seiring dengan komitmen perusahaan commitment to strengthen its portfolio of mineral reserves
1*01')!),!.'10,+.0+"+(%+ *#* */1)!. 5 * /+1.!/ċ *0$%/5!.Č!4,(+.0%+*0%2%0%!/3!.!"+1/!
)%*!.(!.1/$*ċ%0$1*0!./!10Č'0%2%0/!'/,(+./% +*ü* %*#*!3#+( .!/!.2!/* /+1.!/ċ
%"+'1/'* , ,!*!)1* *#* * /1)!. 5
.1'+)+ %0/!)/ċ
Cadangan dan Suber Daya Mineral tahun 2018

Mineral Reserves and Resources in 2018
āċăăą ĊċĈĉĊ
ĆĈĉ
ąċĆĂć
ąăĉ
ăā
Bijih Nikel Bijih Bauksit Bijih Emas

Nickel Ore Bauxite Ore Gold Ore
(Juta wmt Million wmt) (Juta wmt Million wmt) Ĩ%1 )0Thousand dmt)
Cadangan 1)!.5 %*!.(

Reserves Mineral Reserves and
Resources
Aktivitas Perencanaan Penambangan Emas

Gold Mining Preparation Activity

NIKEL NICKEL
% 0$1* ĂĀāĉČ '0%2%0/ !'/,(+./% *%'!( !.'+*/!*0./% In 2018, nickel exploration activities focused on the
1*01' )!),!.+(!$ /1)!. 5 *%'!( /,.+(%0 #1* discovery of saprolite nickel resources to support the ore
)!*1*&*# '!(*#/1*#* 1),* %&%$ ,.%' "!.+*%'!( feed requirement of the Company’s ferronickel plants in
milik Perusahaan di Pomalaa, serta untuk mendukung Pomalaa as well as to support the supply of ore feed for
'!0!./! %*1),*%&%$#%,.+5!'ġ,.+5!',!#!)*#* 0$! ƫ+),*5Ě/ !2!(+,)!*0 ,.+&!0/ 0$0 .! /! +*
!./1/$* 5*# !./%/ , ,.+ 1'/% "!.+*%'!( /!.0 "!..+*%'!(,.+ 10%+** (+3#. !*%'!(,.+!//%*#ċ *
,!*#+($**%'!(' ..!* $ċ+0(%5!'/,(+./%*%'!( ĂĀāĉČƵƵ 3//,!* %*#,āćċĉą%((%+*0+/1,,+.0%0/
ƵƵ , 0$1*ĂĀāĉ)!*,%,āćČĉą)%(%.ċ *%'!(!4,(+.0%+*0%2%0%!/ċ
Pada akhir tahun 2018, total cadangan nikel ANTAM (turut By the end of 2018, ANTAM’s total nickel reserves (also
memperhitungkan cadangan nikel PT Gag Nikel) tercatat takes into account PT Gag Nikel’s nickel reserves) amounted
/!!/.ąăĉČăĊ&103)05*#0!. %.% .%ăĂĆČćā&103)0 0+ąăĉċăĊ)%((%+*3)00$0+*/%/0/+"ăĂĆċćā)%((%+*3)0
%&%$ *%'!( /,.+(%0 * āāĂČĈĉ &10 3)0 %&%$ *%'!( (%)+*%0ċ +"/,.+(%0!*%'!(+.!* āāĂċĈĉ)%((%+*3)0(%)+*%0!*%'!(
+0( *#* %&%$ *%'!( ƵƵ 0$1* ĂĀāĉ 01)1$ +.!ċƵƵ Ě/0+0(*%'!(+.!.!/!.2!/%*ĂĀāĉ/%#*%ü*0(5
/%#%ü'*/!!/.ăĂŌ&%' %* %*#'*&1)($ *#* #.!3ăĂŌ+),.! 0+0$!)+1*0+"0$!ƫ+),*5Ě/*%'!(
*%'!( !.1/$* 0$1* ĂĀāĈ /!!/. ăăĂČĊā &10 3)0ċ .!/!.2!/%*ĂĀāĈ+"ăăĂċĊā)%((%+*3)0ċ$%/%*.!/!%*0+0(
!*%'*&1)($ *#*0!./!10 % 1'1*#+(!$ *5 .!/!.2!/ 3/ /1,,+.0! 5 *%'!( )%*%*# 0%2%0%!/ %*
'0%2%0/ ,!*#!)*#* 0)*# *%'!( % # %'!( Gag Nikel that entered into the mine production phase
5*# 0!($ )!)/1'% "/! ,.+ 1'/% 0)*# , 0$1* %* ĂĀāĉċ +.!+2!.Č ƵƵ +* 10! "1.0$!. !4,(+.0%+*
ĂĀāĉċ !(%* %01Č ƵƵ )!('1'* '0%2%0/ !',(+./% activities in its mining concession areas (IUP) in Monorpo
(*&10, .! 6%*/$!.0)*#*Ĩ ĩƵƵ % * *&1*# ǫ1(%Č /0 ()$!. / 3!(( / %* ǫ$11(1Č
!.$ +*+.,+ **&1*#ǫ1(%Č()$!.%)1./!.0 +.0$ +*3! 0$0 (/+ ,+/%0%2!(5 +*0.%10! 0+ 0$!
% !.$ǫ$11(1Č+*3!0.5*#01.10)!)!.%'* %*.!/!%*0$!ƫ+),*5Ě/*%'!(.!/!.2!/ċ
'+*0.%1/% ,+/%0%" 0!.$ , ,!*%*#'0* &1)($ *#*
*%'!(!.1/$*ċ
0$1*ĂĀāĉČ0!.000+0(/1)!. 5*%'!(ƵƵ In 2018, ANTAM’s total nickel resources (that takes into
Ĩ01.10)!),!.$%01*#'*/1)!. 5*%'!(#%'!(ĩ account the nickel sources of PT Gag Nikel) reached
)!*,% āċăăąČąā &10 3)0 5*# 0!. %.% .% ĉĂćČĈĉ &10 āČăăąċąā)%((%+*3)00$0+),.%/! +"ĉĂćċĈĉ)%((%+*3)0
3)0%&%$*%'!(/,.+(%0 *ĆĀĈČćă&103)0%&%$(%)+*%0ċ +"/,.+(%0!*%'!(+.!* ĆĀĈċćă)%((%+*3)0+"(%)+*%0!
+.!ċ
ƫ,%* 0!./!10 )!*!),0'* ,+/%/% ƵƵ /!#% These achievements have placed ANTAM in the position as
/($ /01 !.1/$* ,!.0)*#* 0!.'!)1' !*#* one of the leading mining companies with a solid amount
&1)($ /1)!. 5 *%'!( 5*# solid untuk mendukung of nickel sources to support the Company’s continuity
'!!.(*&10* +,!./% !.1/$* 0!.10) )!*&)%* in operations particularly in ensuring the supply of raw
'!0!./! %*$*'1,.%',!*#+($**%'!(ƵƵ materials for ANTAM’s nickel processing plant as well
/!.0 )!* 1'1*# () ,!*#!)*#* ,.+5!'ġ,.+5!' / 0+ /1,,+.0 0$! ƫ+),*5Ě/ *%'!(ġ/! +3*/0.!)
$%(%.%//%!.1/$*!./%/*%'!(ċ !2!(+,)!*0,.+&!0/ċ

Cadangan Nikel Saprolit

Nickel Saprolite Reserves
Tonase Tonase
Lokasi Prospek Tonnage Tonnage Ni Fe SiO2 MgO Co
+0%+* Prospect (juta million (juta million (%) (%) (%) (%) (%)
wmt) dmt)
Cadangan Terbukti | Proved Reserves
()$!.%)1. Pulau Pakal āăČćĈ 8,92 ĂČĀą āĆČćĊ ăćČćć ĂāČĉć 0,05
/0)$!. Pakal Island
Tanjung Buli ĉČă ćČă 1,88 āąČăā ăĊČćĉ ĂćČăĈ 0,05
Mornopo ąĀČąă 29,92 2,02 āĀČĈć ąĂČĀă ĂĉČąą ĀČĀă
Sangaji 25,89 19,1 āČĈĉ āāČąā ąāČăć 28,01 ĀČĀă
+(' Pomalaa āĀČą ĈČćĈ 1,89 āăČĆă ąăČāć 18,95 ĀČĀă
+*3!0. ǫ$11(1 āāČăą ĈČĊą āČćĈ āăČĆĈ ăĊČĈą āĊČĆĈ ĀČĀą
+.0$+*3!
Tapunopaka āąČąă 10,1 āČćĈ āąČĆĂ ăćČĊć 19,55 ĀČĀą
1
1)($ƫ *#*,.+(%0!.1'0%ħ āĂąČąĈ 89,95 1,88 āĂČć ąĀČąą ĂąČĉć ĀČĀą
10+0(+",.+(%0!.+2! !/!.2!/
Cadangan Terkira | Probable Reserves
()$!.%)1. Pulau Pakal ĀČąā ĀČĂĈ āČĉą āăČĉĉ ąĀČĊĊ ĂăČĉĂ 0,05
/0)$!. Pakal Island
Tanjung Buli ĂČĊă ĂČĂă āČĉć āăČĀą ąĀČĆĈ ĂĈČćĆ ĀČĀą
Mornopo āĉČĆć āăČĈă āČĊă 11,21 ąăČĀĆ ĂĈČāĈ ĀČĀă
Sangaji ĈăČĂĊ ĆąČĀă āČĈĈ āāČĈā ąāČĂĆ ĂĈČĈă ĀČĀă
+(' Pomalaa 15,11 āāČāą āČĈĆ 12,85 ąĂČćĉ 19,81 ĀČĀă
+*3!0. ǫ$11(1 ąĀČĆĆ ĂĉČăĊ āČćā 15 ăĈČĈā āĈČćĂ ĀČĀą
+.0$+*3!
Tapunopaka āĀČĈĆ ĈČĆă āČĆĈ āąČĆā ăćČĊĉ āĊČăĂ ĀČĀą
1
1)($ƫ *#*,.+(%0!.'%.ħ āćāČć āāĈČăā āČĈą 12,8 ąĀČą ĂăČĉĂ ĀČĀă
10+0(+",.+(%0!.+(!!/!.2!/
Jumlah Cadangan Nikel Saprolit | 286,07 207,26 1,8 12,71 40,42 24,27 0,03
Total Nickel Saprolite Reserves
Sumber Daya Nikel Saprolit

Nickel Saprolite Resources
Tonase Tonase
wmt) dmt)
Sumber Daya Terukur | Measured Resources
()$!.%)1. Pulau Pakal 18,92 āąČĈć 2,11 āĆČąĈ ăĈČĂĂ 21,82 0,05
/0)$!. Pakal Island
Tanjung Buli āāČĆĈ 8,91 āČĊą āĂČą ąāČąĂ ĂĉČĀă ĀČĀă
Mornopo ąĆČĀā ăăČă ĂČĀĈ āĀČĈą ąĂČĀć ĂĉČąă ĀČĀă
Sangaji ăăČĉĈ ĂĆČĀć 1,81 11,55 ąāČăā ĂĈČĈĉ ĀČĀă
+(' Pomalaa āĂČĉą 8,99 āČĊă āăČĉā ąĂČĉą 18,82 ĀČĀă
+*3!0. /+(+ ĀČăĆ 0,25 āČĈĊ āąČĉ ăĈČćĊ ĂāČąĆ ĀČĀă
+.0$+*3! (%* 1
Tapunopaka āĈČĉą āĂČąĊ āČćĊ āąČĆā ăćČĊĈ 19,55 ĀČĀą
ǫ$11(1 āăČĀĊ ĊČāć āČĈ āăČĆā ăĊČĉă āĊČćĂ ĀČĀą
Mandiodo 12,18 8,52 āČĈĂ 22 ăāČĂĆ āćČĈą ĀČĀć
1
1)($1)!.5,.+(%0!.1'1.ħ āćĆČćĈ āĂāČąą 1,91 āăČĂć ăĊČĉą ĂąČĂą ĀČĀą
10+0(+",.+(%0! !/1.! !/+1.!/

Tonase Tonase
wmt) dmt)
Sumber Daya Terindikasi | Indicated
Resources
()$!.%)1. Pulau Pakal 1,22 0,95 ĂČĀą āąČĈĉ ăĊČĉą ĂĂČćă 0,05
/0)$!. Pakal Island
Tanjung Buli ĈČĊā ćČĀĊ 1,98 11,18 ąāČąĊ ĂĊČĀă ĀČĀă
Mornopo 22,28 āćČąĊ 1,98 11,19 ąăČāă ĂĈČĀĊ ĀČĀă
Sangaji ĊąČĂ ćĊČĈā 1,81 āāČĊć ąāČĀĊ ĂĈČăĆ ĀČĀă
+(' Pomalaa āĉČĀą āĂČćă āČĈĊ āăČĀą ąĂČĆĊ āĊČćą ĀČĀă
+*3!0. /+(+ ĈČăĉ ĆČāĈ āČĈć āąČąą ăĈČąā ĂăČĂĈ ĀČĀą
+.0$+*3! (%* 1
Tapunopaka āăČćĈ ĊČĆĈ 1,59 āąČĆĆ ăćČĊĈ āĊČāă ĀČĀą
ǫ$11(1 ąćČĈą ăĂČĈĂ āČćą āąČĊĉ ăĈČĉĀ āĈČćĀ ĀČĀă
Mandiodo 12,88 9,01 āČĈć ĂāČāą ăĂČāć āćČąĈ 0,05
1
1)($1)!.5,.+(%0!.%* %'/%ħ ĂĂąČăă āćĂČăą āČĈĉ āăČăĆ ăĊČĉĆ ĂăČąą ĀČĀă
10+0(+",.+(%0! * %0! !/+1.!/
Sumber Daya Tereka | Inferred Resources
()$!.%)1. Pulau Pakal ĀČĆą ĀČąĂ 2 āąČăă ăĉČąĈ ĂąČĊĊ 0,05
/0)$!. Pakal Island
Tanjung Buli āĊČāć āąČĈć āČĊĈ āāČāĈ ąāČĉĊ 29,95 ĀČĀă
Mornopo 0,21 ĀČāć 2,15 āāČăĉ ąĂČĀĉ ĂĈČĂĂ ĀČĀă
Sangaji āĂĊČĈĂ 95,99 1,82 āĂČćĈ ąĀČćā ĂĈČćĉ ĀČĀą
+(' Pomalaa āăČĀą ĊČāă āČĈă āĂČăĉ ąĂČĈć 21,08 ĀČĀă
+*3!0. /+(+ ăČăć ĂČăĆ āČĈ āąČąĈ ăĆČĉĈ ĂăČāą ĀČĀă
+.0$+*3! (%* 1
Tapunopaka 10,05 ĈČĀă āČąĈ āąČāą ăĈČąĊ ĂĀČć ĀČĀą
ǫ$11(1 82,82 ĆĈČĊĈ 1,51 āąČĊć ăĉČăą āĈČăĂ ĀČĀą
Mandiodo āĈČĉă āĂČąĉ āČĉă āĈČąĉ ăăČăĂ 19,09 ĀČĀą
1
1)($1)!.5,.+(%0!.!'ħ ĂĈćČĈĂ 200,29 āČĈĂ āăČćă ăĊČąĉ ĂăČĆć ĀČĀą
10+0(+",.+(%0! *"!..! !/+1.!/
Jumlah Sumber Daya Nikel Saprolit | 666,7 484,06 1,79 13,44 39,69 23,69 0,04
Total Nickel Saprolite Resources
Cadangan Nikel Limonit

%'!(%)+*%0!!/!.2!/
Tonase Tonase
wmt) dmt)
()$!.%)1. Pulau Pakal ĈČĊĂ ĆČāć āČĈ ăĊČĊĉ ĊČĉć ĂČĈĂ 0,19
/0)$!. Pakal Island
Tanjung Buli 2,19 āČćć āČĈĊ 28,09 ĂĆČĈ āăČĀĊ ĀČāă
Mornopo ąČĂĂ ă āČćĆ ăĉČĀĊ āĈČăĆ ąČĈą 0,18
Sangaji ĀČĆĈ ĀČą 1,58 ąĀČăĉ āąČĉā ĂČĈĆ 0,15
+(' Pomalaa āČāą ĀČĈć āČćă ăĉČĆĊ āĈČąĆ ăČąĈ ĀČāă
+*3!0. ǫ$11(1 ćČĉĉ ąČąĈ āČăĊ ăĉČĈ āĂČąĉ ąČĆă ĀČāą
+.0$+*3!
Tapunopaka ĂĈČĆă āĈČĊ āČăĉ ąĂČĀă 10,18 ĂČĈĂ āČą
1
1)($ƫ *#*%)+*%0!.1'0%ħ ĆĀČąć ăăČăą āČąĉ ąĀČĂĂ āāČĊă ăČć 0,15
10+0(+"%)+*%0!.+2! !/!.2!/


%'!(%)+*%0!!/!.2!/
Tonase Tonase
wmt) dmt)
()$!.%)1. Pulau Pakal 0,05 ĀČĀă āČĈā ăćČćĉ āćČćć ĆČăă ĀČĂć
/0)$!. Pakal Island
Tanjung Buli 0,51 ĀČăĊ āČĈć ĂĊČćā ĂăČĉĈ āăČĆą ĀČāă
Mornopo 1,58 1,12 āČćă ăăČĂą ĂăČć ćČăĊ 0,15
Sangaji āČąā 1 āČĆĈ ąāČāĆ āăČć 2,98 ĀČāć
+(' Pomalaa 1,12 ĀČĈą 1,59 ąāČāĆ āăČćĂ ăČăą ĀČāć
+*3!0. ǫ$11(1 ăăČĊā ĂĂČĀą āČăĉ ăćČāĆ āăČĈā ĈČĂĂ ĀČĀĈ
+.0$+*3!
Tapunopaka 15,52 10,09 āČăĈ ąĀČĈĂ āāČĈą ăČĈā 0,12
1
1)($ƫ *#*%)+*%0!.'%.ħ ĆąČā ăĆČąā āČą ăĈČĆĆ āăČĆă ćČĀĆ 0,09
10+0(+"%)+*%0!.+(!!/!.2!/
Jumlah Cadangan Nikel Limonit | 104,56 68,76 1,44 38,84 12,76 4,87 0,12
Total Nickel Limonite Reserves
Sumber Daya Nikel Limonit

%'!(%)+*%0!!/+1.!/
Tonase Tonase
wmt) dmt)
()$!.%)1. Pulau Pakal āĉČąĆ āăČąĈ āČĆĈ ąĀČĈā ĊČąć ĂČĆć 0,18
/0)$!. Pakal Island
Tanjung Buli ćČĀā ąČāĆ 1,51 ăćČāĊ āĈČćĉ ĆČăą ĀČāć
Mornopo āąČĊĆ āĀČćā āČąĆ ăĊČĈĆ āĆČćă ăČĆă 0,18
Sangaji āăČāĂ ĊČăĂ āČăĂ ąāČĊĉ āĂČĈć 2,11 ĀČāć
+(' Pomalaa 5,55 ăČĈĉ āČąā ăĉČĊą āćČĊĂ 2,9 ĀČāă
+*3!0. /+(+ ĀČćć ĀČąă āČąĆ ăĉČąĆ āąČā ăČąć ĀČāą
+.0$+*3! (%* 1
Tapunopaka ăāČćĆ ĂĀČĆĈ āČąĂ ąāČĊć āĀČĂą ĂČă ĀČāą
ǫ$11(1 ĈČĆć ąČĊĂ āČąă ăĉČĈā āĂČąĉ ąČĆă ĀČāą
Mandiodo ĂāČĈĈ āąČāĆ āČąā ąăČĊă ĉČĉć āČĉĈ 0,15
1
1)($1)!.5%)+*%0!!.1'1.ħ āāĊČĈă ĉāČăĊ āČąą ąāČĂ āāČćć ĂČĉă ĀČāć
10+0(+"%)+*%0! !/1.! !/+1.!/

Sumber Daya Nikel Limonit

%'!(%)+*%0!!/+1.!/
Tonase Tonase
wmt) dmt)
Sumber Daya Terindikasi |
Indicated Resources
()$!.%)1. Pulau Pakal ĀČćā ĀČąą āČĆć ăĈČĉĆ 15,11 ăČĊĉ 0,22
/0)$!. Pakal Island
Tanjung Buli ĂČćĉ 1,85 1,58 ăĈČĂć āćČĂĆ 5,21 ĀČāć
Mornopo ĈČăą 5,21 āČąĂ ăćČăć āĊČĈĂ ąČćā ĀČāć
Sangaji ĂćČāă 18,55 āČăă ąĂČĉĊ āāČćć ĂČăĉ ĀČāć
+(' Pomalaa ĉČăą ĆČćĈ āČăĉ ăĉČĊĊ āćČăą ăČā ĀČāă
+*3!0. /+(+ āĆČćĊ 10,2 āČą ăćČĊĉ āąČĊă ăČĊĆ 0,1
+.0$+*3! (%* 1
Tapunopaka āĉČāć 11,8 āČąā ąĀČĈĆ āāČĈą ăČĈ 0,12
ǫ$11(1 ăĈČĈĊ ĂąČĆĈ āČąĂ ăćČāć āăČĈā ĈČĂă ĀČĀĈ
Mandiodo āĈČĀĈ 11,1 āČąĂ ąăČăĈ ĉČćć āČćā ĀČāą
1
1)($1)!.5%)+*%0!.%* %'/%ħ āăăČĉā ĉĊČăĊ āČą ăĊČăă āăČĀĊ ąČĂĆ 0,12
10+0(+"%)+*%0! * %0! !/+1.!/
Pulau Pakal 0,15 0,11 āČĆĈ ăĊČĊą āąČāĆ ăČĉĆ 0,21
Pakal Island
()$!.%)1. Tanjung Buli ąČăā ĂČĊĈ āČćă ăćČāă 19,28 ĆČćā ĀČāć
/0)$!.
Mornopo 0,05 ĀČĀă āČăĆ ăąČĊą āĈČĊĉ ąČąă 0,15
Sangaji ăĀČą 21,59 āČăĆ ąĂČăĆ 10,8 ĂČćą ĀČāĈ
+(' Pomalaa āăČĂ 8,98 āČąā 29,8 18,82 2,89 0,11
/+(+ ąČāĈ ĂČĈā āČăĊ ąĀČāă āăČĆ ăČĉā 0,12
(%* 1
+*3!0. Tapunopaka ĉČĆă 5,55 āČąĂ ąĀČćĆ āāČĈć ăČą ĀČāą
+.0$+*3!
ǫ$11(1 ăĂČĈā ĂāČĂć āČăĈ ăĂČĉć āĊČă 8,92 ĀČĀĈ
Mandiodo ćČĂĂ ąČĀą āČăĉ ąăČĈā ĉČąĉ 1,92 0,15
1
1)($1)!.5%)+*%0!!.!'ħ ĊĊČĈą ćĈČĂă āČăĊ ăĈČāĆ āĆČĀĈ ąČĊă 0,12
10+0(+"%)+*%0! *"!..! !/+1.!/
Jumlah Sumber Daya Nikel Limonite | 353,27 238,01 1,41 39,35 13,17 3,96 0,13
Total Nickel Limonite Resources
ƫ00*č
đ 1)!. 5!.1'1.Ē!.%* %'/% %(,+.'*/!.%*'(1/%"#1*)!* ,0'**#' *#*%&%$
$! !/1.! Ē * %0! !/+1.!/.!.!,+.0! %*(1/%2!+"0$+/!)%*!.(.!/+1.!/)+ %ü! 0+,.+ 1!0$!+.!.!/!.2!ċ
đ %/!(1.1$(+'/%,.+/,!'Č10ġ+û#. !/1)!. 5*%'!(/,.+(%05*# %#1*'*%($āČĆŌ%Č'!1(%,1*+' *ǫ$11(1 !*#*
10ġ+û#. !/!!/.āČĂŌ%
$!10ġ+û#. !,,(%! "+./,.+(%0!.!/+1.!/%*((,.+/,!0.!/.!āċĆŌ%!4!,0"+.,1*+,'* ǫ$11(10$0.!1/%*#
āċĂŌ%/10ġ+û#. !
đ %/!(1.1$(+'/%,.+/,!'Č10ġ+û#. !/1)!. 5*%'!((+)+*%0/!/.āČĂŌ%ċ
$!10ġ+û#. !,,(%! "+.(%)+*%0!.!/+1.!/%*((,.+/,!0.!/.!āċĂŌ%ċ
đ %/!(1.1$(+'/%,.+/,!'Č10ġ+û#. ! *#**%'!(/,.+(%0 *(%)+*%05*# %#1*'*%($āČĆŌ%Č'!1(%,1*+' *
ǫ$11(1 !*#*10ġ+û#. !/!!/.āČĂŌ%
$!10ġ+û#. !,,(%! "+.+0$(%)+*%0!* /,.+(%0!.!/!.2!/%*((,.+/,!0.!/.!āċĆŌ%!4!,0"+.,1*+,'*
ǫ$11(10$0.!1/%*#āċĂŌ%ċ
đ $!10ġ+û#. !"+. +*+.,+,.+/,!00$0%/!!%*#1/! "+.(%)+*%0!.!/!.2!/%/āċĂŌ%Ĩ1/! 1*0%(ĂĀĂāĩ* "0!.ĂĀĂāČ%0%/0+!
$#! %*0+āċĆŌ%
ƫ10ġ+û#. ! *#**%'!((%)+*%0 % +*+.,+/!!/.āČĂŌ%Ĩ$%*##ĂĀĂāĩ */!!/.āČĆŌ%/!0!($0$1*ĂĀĂāċ

Cadangan Nikel Saprolit

Nickel Saprolite Reserves PT Gag Nikel
Tonase Tonase
wmt) dmt)
Pulau Gag Pulau Gag ĉČĉĈ ćČąĉ āČĊć āćČĂ ăćČăĂ āĊČąĈ 0,05
Gag Island Gag Island
Pulau Gag Pulau Gag ăĀČćĈ ĂĂČăĊ āČĉĈ āĆČą ăĉČĊ ĂāČĈ ĀČĀą
Jumlah Cadangan Nikel Saprolit | 39,54 28,86 1,89 15,58 38,32 21,2 0,04
Total Nickel Saprolite Reserves PT Gag Nikel

%'!(%)+*%0!!/!.2!/#%'!(
Tonase Tonase
wmt) dmt)
Pulau Gag Pulau Gag ĂČĀą āČăĈ āČĆĈ ąĂČĂĈ ĊČĈ ĂČćā ĀČāĈ
Cadangan Terukur | Probable Reserves
Pulau Gag Pulau Gag ćČāĈ ąČāą 1,55 ąĀČĉĉ 11,51 ĂČāă ĀČāĈ
Jumlah Cadangan Nikel Limonit | 8,22 5,5 1,55 41,23 11,06 2,25 0,17
Total Nickel Limonite Reserves PT Gag Nikel
Sumber Daya Nikel Saprolit

Nickel Saprolite Resources PT Gag Nikel
Tonase Tonase
wmt) dmt)
Pulau Gag Pulau Gag 11,89 ĉČćĉ ĂČĀć āćČĂĆ ăćČąć āĊČąă 0,05
Resources
Pulau Gag Pulau Gag ąăČĀą ăāČąĂ āČĊĈ āĆČăą ăĉČĉă ĂāČĈĂ ĀČĀą
Pulau Gag Pulau Gag āĀĆČāą ĈćČĈć 1,88 āćČĂć ăĈČć 20,59 ĀČĀą
Jumlah Sumber Daya Nikel Saprolit | 160,08 116,86 1,92 16,02 37,84 20,81 0,04
Total Nickel Saprolite Resources PT Gag
Nikel

Sumber Daya Nikel Limonite

%'!(%)+*%0!!/+1.!/#%'!(
Tonase Tonase
wmt) dmt)
Pulau Gag Pulau Gag ĉČă ĆČĆć āČąĆ ąăČĂĊ 9,25 2 ĀČāĈ
Resources
Pulau Gag Pulau Gag ĂĊČąĆ āĊČĈă āČąĂ ąĂČĆă āĀČĊą āČćĊ 0,15
Pulau Gag Pulau Gag āāćČćĂ āĀăČąĂ āČąć ăĊČăĉ 11,09 āČĈĊ 0,15
Jumlah Sumber Daya Nikel Limonit | 154,36 128,71 1,45 40,19 10,96 1,78 0,15
Total Nickel Limonite Resources PT Gag
Nikel
ƫ00*ħ+0!/
đ %.+/,!'#Č10ġ+û#. !5*# %#1*'*1*01'/1)!. 5*%'!(/,.+(%0/!!/.āČĆŌ% */1)!. 5*%'!((%)+*%0/!!/.
āČĂŌ%
$!10ġ+û#. !"+.#)%*!.(.!/+1.!/%/āċĆŌ%"+./,.+(%0!* āċĂŌ%"+.(%)+*%0!
đ %.+/,!'#Č10ġ+û#. !5*# %#1*'*1*01' *#**%'!(/,.+(%0 *(%)+*%0/!!/.āČĆŌ%
$!10ġ+û#. !+"#)%*!.(.!/!.2!/+0$(%)+*%0!* /,.+(%0!.!āċĆŌ%ċ
EMAS GOLD
0$1*ĂĀāĉČ0+0( *#*%&%$!)/'+*/+(% /%* In 2018, ANTAM’s consolidated gold ore reserves was
ƵƵ 0!.00 /!!/0 ąČĆă &10 .5 )!0.% 0+* Ĩ )0ĩ .!#%/0!.! 0ąċĆă)%((%+* .5)!0.%0+*/Ĩ )0ĩ!-1%2(!*0
01 /!0. !*#* ćĀĊ .%1 0.+5 +6 ĨāĉČĊą 0+*ĩ (+#) 3%0$ćĀĊ0$+1/* 0.+5+6ĨāĉċĊą0+*/ĩ+"#+( )!0(+.ĂĀŌ
!)/ 01 *%' /!!/. ĂĀŌ .% 0+0( *#* (+#) $%#$!.0$*ĂĀāĈ#+( )!0(.!/!.2!/+"ĆĀć0$+1/* 0.+5
!)/ 0$1* ĂĀāĈ /!!/. ĆĀć .%1 0.+5 +6 ĨāĆČĈă 0+*ĩċ +6ĨāĆċĈă0+*/ĩċ$%/$%!2!)!*0)%*(53//1,,+.0! 5
!*%*#'0* 0!./!10 % 1'1*# !*#* ,!*)$* additional gold reserves in the Papandayan prospect area,
cadangan emas di daerah prospek Papandayan, sedangkan 3$%(!0$!)+1*0+".!/!.2!/%*0$!ƫ%(%1*#)%*%*#.!
&1)($ *#* % !.$0)*#ƫ%(%1*#.!(0%"/0%( 3/.!(0%2!(5/0(!+),.! 3%0$.!/!.2!/%*ĂĀāĈċ
%* %*#'* *#*, 0$1*ĂĀāĈċ
1)!. 5 )%*!.( !)/ '+*/+(% /%* ƵƵ , ANTAM’s consolidated gold mineral resources in 2018
0$1* ĂĀāĉ 0!.00 /!!/. ĊČĈĊ &10 )0 01 /!0. )+1*0! 0+ ĊċĈĊ )%((%+* )0 +. !-1%2(!*0 3%0$ āČăăĈ
!*#*āċăăĈ.%10.+5+6ĨąāČĆĉ0+*ĩ(+#)!)/ċƫ,%* 0$+1/* 0.+5 +6 ĨąāċĆĉ 0+*/ĩ %* #+( )!0(ċ $! #+(
/1)!. 5!)/ƵƵ 0$1*ĂĀāĉ01)1$/!!/.ĉŌ )!0( .!/+1.!/ 3!.! %*.!/%*# 5 ĉŌ 0$* ,.!2%+1/
%* %#'*/1)!. 5(+#)!)/0$1*ĂĀāĈ/!!/. 5!. )!0( #+( .!/+1.!/ %* ĂĀāĈ 3$%$ )+1*0! 0+
āċĂąĂ .%1 0.+5 +6 ĨăĉČćă 0+*ĩ 5*# % 1'1*# !*#* āČĂąĂ 0$+1/* 0.+5 +6 Ĩăĉċćă 0+*/ĩċ $! #.+30$ +" #+(
,!*!)1* /1)!. 5 !)/ % ,.+/,!' ,* 5*ċ .!/+1.!/3/'! 5 %/+2!.%!/%*#+( /+1.!/%*0$!
0$1* ĂĀāĉ 0+0( %5 !'/,(+./% !)/ ƵƵ ,* 5*,.+/,!0ċƵƵ Ě/0+0(!4,(+.0%+*+/0/%*
, 0$1* ĂĀāĉ )!*,% ,āąČăā )%(%.ċ ƵƵ /!. ĂĀāĉ)+1*0! 0+,āąċăā%((%+*ċƵƵ 0%2!(5/0.0!
'0%")!*#%*%/%/%'0%2%0/!'/,(+./%.11*01')!*&# *!3 !4,(+.0%+* 0%2%0%!/ 0+ )%*0%* /1/0%*(! #+(
'!!.(*&10* /1)!. 5 )%*!.( !)/ċ Ƶ.! !',(+./% )%*!.( /+1.!/ċ !3#+( !4,(+.0%+* .!/3!.! /,.!
!)/.10!./!. % !.$1)0!.Č(%)*0*Č
3 %*1)0.Č(%)*0*Č
2Č* ,1ċ
*,1ċ
Selain aktivitas eksplorasi yang dilakukan oleh Unit Geomin, Ƶ,.0".+)!4,(+.0%+*0%2%0%!/..%! +1050$!!+)%*
saat ini Perusahaan juga tengah mengkaji opsi untuk Unit, the Company is also currently studying options to
)!('1'*'1%/%/%/!00)*#!)/5*#)!)%(%'%,.+ü( -1%.!#+( )%*!//!0/3%0$#++ ,.+ü(!* ,+0!*0%(ċ
Ē,+0!*/%5*#%'ċ

BAUKSIT BAUXITE
!#%0*!'/,(+./%1'/%0 %('/*'* % !.$5*Č Bauxite exploration activities was carried out in the areas of
!),3$ * * 'Č (%)*0* ǫ.0Č '!#%0**5 5*Č !),3$* * 'Č!/0(%)*0*Č3$!.!%*
)!(%,10% !2(1/% /1)!. 5 * *#*ċ +/%/% 0$!/! 0%2%0%!/ +2!. .!/!.2! * .!/+1.! !2(10%+*ċ
*#* * /1)!. 5 ƵƵ ,!. 0*##( ăā ƵƵ Ě/.!/!.2!/* .!/+1.!/,+/%0%+*/+"!!)!.
!/!)!.ĂĀāĉ0!.00)!*#()%'!*%'*5*#,+/%0%"ċ ăāČ ĂĀāĉ %*.!/! ,+/%0%2!(5ċ ƵƵ Ě/ 0+0( +*/+(% 0!
+0( *#* 1'/%0 '+*/+(% /%* ƵƵ 0!.00 14%0! .!/!.2!/ )+1*0! 0+ ăāċāĆ )%((%+* 3)0ċ * 0$!
/!!/.ăāČāĆ&103)0ċ!)!*0.%01Č&1)($/1)!. 5 )!*0%)!Č ƵƵ Ě/ +*/+(% 0! 14%0! .!/+1.!/
1'/%0 '+*/+(% /%* ƵƵ 0!.00 /!!/. ĆĈĉČĆĂ )+1*0! 0+ĆĈĉċĆĂ)%((%+*3)0+.#.!3ĂŌ+),.! 3%0$
&10 3)0 01 01)1$ /!!/. ĂŌ %* %*#'* ,!.%+ ! 0$! ,.!2%+1/ ,!.%+ +" ĆćĈċăĉ )%((%+* 3)0ċ $! %*.!/!
/!0$1* /!!(1)*5 /!!/. ĆćĈČăĉ &10 3)0ċ !*%'* %* 0$! 14%0! .!/!.2! * .!/+1.!/ 3/ /1,,+.0! 5
,+/%/% *#* * /1)!. 5 1'/%0 % 1'1*# +(!$ %*.!/! %* 14%0! )%*!.( /+1.!/ %* 0$! 5* *
,!*)$* /1)!. 5 )%*!.( 1'/%0 % ,.+/,!' !),3$,.+/,!0/.+1#$0+105ƵƵ Ě/!û+.0/
Tayan dan Mempawah sejalan dengan upaya ANTAM 0+ !2!(+,0$!14%0! +3*/0.!)/!#)!*0ċ
)!*#!)*#'*$%(%.%//%/!#)!*1'/%0ċ
Cadangan Bauksit
Bauxite Reserves
Tonase Tonase
Tonage Tonage
Lokasi Prospek CF Al2O3 R-SiO2 T-SiO2 Fe2O3 TiO2
(Juta | (Juta |
+0%+* Prospect (%) (%) (%) (%) (%) (%)
Million Million
WMT ) DMT )
Tayan Block A ĂĀČĀă āĈ ĆăČĉĆ ąĉČćĂ ăČąā āāČĊĈ āĂČĉą 0,9
Tayan Block A 11,12 ĊČąĆ ĆąČĉĂ ąĉČāĈ ąČāĂ āāČĆą āăČćĊ ĀČĊć
Jumlah Cadangan Bauksit |
31,15 26,48 54,2 48,46 3,66 11,81 13,14 0,92
Total Bauxite Reserves
Sumber Daya Bauxite

Bauxite Resources
Tonase Tonase
Tonage Tonage
(Juta | (Juta |
+0%+* Prospect (%) (%) (%) (%) (%) (%)
Million Million
WMT ) DMT )
Tayan Block AB ăĉČĀć ăĂČăĆ ĆĂČĂą ąĈČĈā ăČāć āąČĆ āāČĊą ĀČĉć
Block CDE ćČăą ĆČăĊ ĆąČăĉ ąĆČĂĆ ăČĂĈ āćČāą āĂČĈĂ 1,12
Munggu Pasir ąąČćă ăĈČĊă ĆăČĊĂ ąĈČāĈ 2,58 9,85 āĆČĉĈ 1,11
Mempawah Toho āăČĉă āāČĈĆ ąĉČĀć ąĆČĀĂ ĂČąĆ āĉČĂĈ āĂČĈĉ 0,89
* ' Mempawah ćąČĉĈ ĆĆČāą ąĉČąā ąĂČĂć ăČĊā ĂćČąĂ ĉČĉć ĀČĈ
1(1
1
1)($1)!.5ǫ1'/%0 āćĈČĈă āąĂČĆĈ ĆĀČĊć ąĆČāć ăČĂĆ 18,22 11,89 0,88
!.1'1.ħ10+0(+"ǫ14%0!
Measured Resources
Sumber Daya Terindikasi | Indicated Resources
Tayan Block AB ăĂČăć ĂĈČĆā 52,85 ąćČĊĂ ąČĀć āąČĂą āăČā ĀČĊą
Block CDE āĂČćĂ āĀČĈĂ ĆāČĆĈ ąĆČāĊ ăČćĆ 18,52 āĂČąĆ ĀČĊć
Munggu Pasir āĆČćĂ āăČĂĈ ĆăČĉĊ ąćČąĂ 2,99 āĀČāĈ āćČăĈ 1,19
Mempawah Toho ĉČĂą Ĉ ąĈČĆą ąĂČĈĉ ĂČĊă āĊČăĈ āąČą 0,92
* ' Mempawah ĉČĈă ĈČąĂ ąĊČĂĆ ąāČĊă ąČāĈ ĂćČĉĊ ĉČĉĈ ĀČćĆ
1(1
1
1)($1)!.5ǫ1'/%0 ĈĈČĆĈ ćĆČĊă ĆĂČĀą ąĆČćā ăČćĊ āć āăČĂĈ ĀČĊć
!.%* %'/%ħ10+0(+"ǫ14%0!
Indicated Resources

Sumber Daya Bauxite

Bauxite Resources
Tonase Tonase
Tonage Tonage
(Juta | (Juta |
+0%+* Prospect (%) (%) (%) (%) (%) (%)
Million Million
WMT ) DMT )
Tayan Block AB ĂČĈă ĂČăĂ ĆĀČćĂ ąćČĀă ąČĊĉ āćČĊĂ āĂČăĂ 0,85
Block CDE ăČăĉ ĂČĉĈ ąĈČąą ąąČĊĆ ăČĉą ĂāČĊą āĀČăą ĀČĈĉ
Munggu Pasir āĀČćĉ ĊČĀĈ 51,52 ąćČĀĈ ăČćĆ āąČąć āăČăĉ 0,92
Mempawah Toho ćČāĊ ĆČĂć ąĈČĆć ąĂČāĉ ĂČĊĈ 18,51 15,85 0,98
* ' Mempawah ąČĊĆ ąČĂā ąĊČăā ąăČĆĈ ăČĉą ĂĆČāą ĉČĆć ĀČĆĈ
1(1
1
1)($1)!.5ǫ1'/%0 ĂĈČĊĂ ĂăČĈă ąĊČĊā ąąČĆć ăČĆć āĉČāĈ āĂČĈā 0,85
!.!'ħ10+0(+"ǫ14%0!
Inferred Resources
Jumlah Sumber Daya Bauksit | 273,22 232,23 51,06 45,24 3,39 17,61 12,34 0,9
Total Bauxite Resources
ƫ00*ħ+0!/
đ %.+/,!'5*Č10ġ+û#. !/1)!. 5ǫ1'/%0ǫ(+'ƫ *ǫ(+'Ƶǫ+)%*āĒĂ/!!.ġƵ(Ăă*ăăŌ *ġ%Ă)ĉŌċ
! *#'*1*01'+)%*ă)!*##1*'*ġƵ(Ăă*ąĀŌ *ġ%Ă)ćŌ
$!10ġ+û#. !+"!/+1.!/"+.5*Ě/ǫ(+'ƫ* ǫ(+'Ƶǫ.! !/.%! 5ġƵ(Ăă*ăăŌ* ġ%Ă)ĉŌ"+.+)%*āĒ
Ăċ !*3$%(!"+.+)%*ă.!1/%*#ġƵ(Ăă*ąĀŌ* ġ%Ă)ćŌ
đ %ǫ(+' 1*##1/%.Č10ġ+û#. !1'/%0/!!/.ġ%ĂŕĉŌċ! *#'* %.+/,!' !),3$ ** '10ġ+û#. !1'/%0
/!!/.ġ%ĂŕĉċĀĀŌĒġƵ(Ăă, .!*0*#*0.ăĀġąĀŌ
$!10ġ+û#. !"+.ǫ(+' 1*##1/%.%/1/%*#ġ%ĂŕĉŌċ !*3$%(!0$!10ġ+û#. !+" !),3$* * 'Ƶ.!.!1/%*#
ġ%ĂŕĉċĀĀŌĒġƵ(Ăă.*#!!03!!*ăĀġąĀŌċ
đ %,.+/,!'5*ǫ(+'ƵČ10ġ+û#. ! *#*ǫ1'/%0/!!/.ġƵ(ĂăŖąĀČĀĀŌ *ġ%Ă)ĉŌ
$!10ġ+û#. !+"ǫ14%0!.!/!.2!/%*5*Ě/ǫ(+'Ƶ%/1/%*#ġƵ(ĂăŖąĀċĀĀŌ* ġ%Ă)ĉŌċ
Sumber Daya Bauxite PT Borneo Edo Internasional, PT Mega Citra Utama, PT Dwimitra Enggang
Khatulistiwa, PT Gunung Kendaik
Bauxite ResourcesPT Borneo Edo Internasional, PT Mega Citra Utama, PT Dwimitra Enggang
$01(%/0%3Č1*1*#!* %'
Tonase Tonase
Tonage Tonage
(Juta | (Juta |
+0%+* Prospect (%) (%) (%) (%) (%) (%)
Million Million
WMT ) DMT )
PT Borneo Edo Internasional Menjalin āăČĊĂ āāČĉą ĆāČć ąăČĊĈ ąČăĆ ĂĀČćć āĀČĉĈ ĀČćĉ
! 1 9,9 ĉČąā ĆĂČćĈ ąăČąĉ ăČĊ ĂăČĂĆ āĀČĂă ĀČćą
PT Mega Citra Utama Meliau ăāČĉą ĂĈČĀć ąĉČĆĈ ąĂČāć ăČĊć ĂĈČĉă ĈČĆć ĀČćā
PT Dwimitra Enggang Manjalin 1,8 āČĆă ĆāČăĆ ąąČĂĊ ăČĉą ĂāČąā āĀČĂĈ ĀČĈą
$01(%/0%3
1*1*#!* %' Mempawah ġ ġ ġ ġ ġ ġ ġ ġ
1(1
1
1)($1)!.5ǫ1'/%0 ĆĈČąć ąĉČĉą 50,1 ąĂČĉĊ ąČĀą 25,1 8,91 ĀČćą
!.1'1.ħ10+0(+"ǫ14%0!
Measured Resources

Sumber Daya Bauxite PT Borneo Edo Internasional, PT Mega Citra Utama, PT Dwimitra Enggang
Khatulistiwa, PT Gunung Kendaik
Bauxite ResourcesPT Borneo Edo Internasional, PT Mega Citra Utama, PT Dwimitra Enggang
$01(%/0%3Č1*1*#!* %'
Tonase Tonase
Tonage Tonage
(Juta | (Juta |
+0%+* Prospect (%) (%) (%) (%) (%) (%)
Million Million
WMT ) DMT )
PT Borneo Edo Internasional Menjalin ĈČĆĊ ćČąĆ 51,85 ąąČāĉ ąČąć āĊČĊą āāČĂă ĀČćĉ
! 1 ćČĉĈ ĆČĉą ĆĂČćĈ ąąČąĉ ą āĉČąă 12,92 ĀČĈĆ
PT Mega Citra Utama Meliau āąČĂĆ 12,11 ĆāČć ąĂČĂ ăČĉ ĂĈČć ĈČĈ ĀČć
PT Dwimitra Enggang Manjalin ġ ġ ġ ġ ġ ġ ġ ġ
$01(%/0%3
1*1*#!* %' Mempawah ġ ġ ġ ġ ġ ġ ġ ġ
1(1
1
1)($1)!.5ǫ1'/%0 ĂĉČĈ ĂąČą 51,92 ąăČĂĈ ąČĀĂ ĂăČăĉ 9,88 ĀČćć
!.%* %'/%ħ10+0(+"ǫ14%0!
Indicated Resources
PT Borneo Edo Internasional Menjalin ĂĆČĀą 21,28 ĆāČćā ąăČăć ąČăą ĂāČĊć āĀČąĆ ĀČćĉ
! 1 ĆĊČăą ĆĀČąą ąĉČĈć ąăČćą ąČāĉ ĂĂČĊă ĊČĊă ĀČćą
PT Mega Citra Utama Meliau āĉČĂć 15,52 ĆĂČĉă ąāČĊć ăČćă ĂĉČąĊ ĈČĈā ĀČćĂ
PT Dwimitra Enggang Manjalin 29,50 25,08 ĆăČăĊ ąăČĂĉ ąČĀĊ ĂąČĀĆ ĊČĆć ĀČćĉ
$01(%/0%3
1*1*#!* %' Mempawah ĉĈČĀĀ ĈăČĊĆ 52,00 ąăČĀĀ ąČĀĀ ĂćČĀĀ 9,50 0,50
1(1
1
1)($1)!.5ǫ1'/%0 ĂāĊČāą āĉćČĂĈ ĆāČăă ąăČāĈ ąČĀĈ ĂąČćĆ 9,59 0,59
!.!'ħ10+0(+"ǫ14%0!
Inferred Resources
Jumlah Sumber Daya Bauksit | 305,3 259,51 51,16 43,12 4,06 24,62 9,49 0,61
Total Bauxite Resources
Catatan
%/!(1.1$,.+/,!'Č10ġ+û#. !/1)!. 5ǫ1'/%0 %#1*'*/!!/.ġ%ĂŕĉċĀĀŌĒġƵ(Ăă!. ().!*0*#*0.ăĀġ
ąĀŌ
$!10ġ+û#. !+"ǫ14%0!!/+1.!/+"ǫ Č ƫČ* .!1/%*#ġ%ĂŕĉċĀĀŌĒġƵ(Ăă.*#!.!!033!*
ăĀġąĀŌċ
Cadangan Emas
Gold Reserves
Tonase Kandungan Metal |
Tonase Kadar | Grade
Bijih Contained Metal
Bijih
Lokasi Prospek Ore
Ore
+0%+* Prospect Tonage Au Ag
Tonage Au (gpt) Ag (gpt)
(Kilo (Kilo oz) (Kilo oz)
(Kilo DMT )
WMT)
Pongkor Pongkor ćąĀ Ćąą ąČĊć ćĆ ĈĀ ĆĈĆ
Pongkor Pongkor āĀĈ 91 ąČĆ ăĊ 11 58
Jumlah Cadangan Emas | 747 635 4,9 62 81 633
Total Gold Reserves


Bijih
Lokasi Prospek Ore
Ore
(Kilo DMT )
WMT)
Garut Papandayan ĂċĈĀĉ ĂċăĀā ĂČă ăą āĉă ĂċćĀĀ
Jumlah Cadangan Emas | 2.708 2.301 2,3 34 183 2.600
Total Gold Reserves
Sumber Daya Emas

Gold Resources
Bijih
Lokasi Prospek Ore
Ore
(Kilo DMT )
WMT)
Pongkor Pongkor āċćĉĀ āċąĂĉ 5,55 ĈĀ 255 ăċĂāą
Pongkor Pongkor āċćĆĀ āċąĀă ąČĉ ąĊ Ăāć ĂċĂāĀ
Pongkor Pongkor 250 Ăāă ą ąĉ ĂĈ ăĂĉ
Jumlah Sumber Daya Emas | 3.580 3.043 5,1 59 498 5.752
Total Gold Resources

Bijih
Lokasi Prospek Ore
Ore
(Kilo DMT )
WMT)
Garut Papandayan ĂċĊĂĀ ĂċąĉĂ 2,22 ăĆ āĈĈ ĂċĈĊă
Garut Papandayan āċĊĈĀ āċćĈĆ 2,1 ăā āāă āċććĊ
Garut Papandayan ąĉĆ ąāĂ 2 ĂĈ Ăć ăĆĉ
Total Gold Resources
Catatan
đ %,.+/,!'+*#'+.Č10ġ+û#. !/1)!. 5!)//!!/.ă#,0 * *#*!)//!!/.ą#,0
+*#'+.10ġ+û#. !+"Ƶ11/! ă#,0"+.)%*!.(.!/+1.!/* ą#,0"+.+.!.!/!.2!/
đ %,.+/,!',* 5*Č10ġ+û#. !/1)!. 5 * *#*!)//!!/.ā#,0ċ
,* 5*10ġ+û#. !+"Ƶ11/! ā#,0"+.+0$)%*!.(.!/+1.!/* .!/!.2!/

Cadangan Emas PT Cibaliung Sumber Daya

+( !/!.2!/ƫ%(%1*#1)!.5
Bijih
Lokasi Prospek Ore
Ore
(Kilo DMT )
WMT)
ƫ%(%1*# ƫ%(%1*# āċĈĂą āċąĀą ćČĊĆ Ćă ăāą ĂċąĀă
ƫ%(%1*# ƫ%(%1*# Ăăĉ āĉć 5,1 Ćą ăā ăĂĆ
Jumlah Cadangan Emas | 1.962 1.590 6,7 53 345 2.728
Total Gold Reserves PT Cibaliung
Sumber Daya
Sumber Daya Emas

Gold Resources
Bijih
Lokasi Prospek Ore
Ore
(Kilo DMT )
WMT)
ƫ%(%1*# ƫ%(%1*# ĂċĀĆĆ āċĈąĈ ĈČĉĂ ćā ąăĊ ăċąăă

ƫ%(%1*# ƫ%(%1*# ąăĀ ăćć ćČă ĈĂ Ĉą ĉąć
ƫ%(%1*# ƫ%(%1*# ĈĆ ćą ą ąă 8 88
Total Gold Resources PT Cibaliung
Sumber Daya
Catatan
%.+/,!'ƫ%(%1*#Č10ġ+û#. !/1)!. 5 * *#*!)//!!/.ă#,0ċ
ƫ%(%1*#10ġ+û#. !+"Ƶ11/! ă#,0"+.+0$)%*!.(.!/+1.!/* .!/!.2!/
Informasi terkait Hasil Eksplorasi, Sumber Daya Mineral atau Cadangan Bijih yang
tercantum di dalam laporan ini didasarkan pada informasi yang disusun oleh Saudara
Bronto Sutopo, yang merupakan anggota The Australasian Institute
of Mining and Metallurgy. Saudara Bronto Sutopo adalah karyawan tetap Perusahaan.
Saudara Bronto Sutopo memiliki pengalaman yang cukup dan yang relevan akan
jenis mineralisasi dan tipe deposit yang diukur dan terhadap aktivitas yang diambil
sebagai seorang Competent Person sesuai dengan 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
Saudara Bronto Sutopo menyetujui pengungkapan hal-hal yang terkait dengan Hasil
Eksporasi, Sumber Daya Mineral atau Cadangan Bijih di dalam laporan ini dengan
mengacu pada bentuk dan konteks informasi yang ada.
$!%*"+.)0%+*%*0$%/.!,+.00$0.!(0!/0+4,(+.0%+*!/1(0/Č %*!.(!/+1.!/+..!!/!.2!/%//!
+*%*"+.)0%+*+),%(! 5 .ċǫ.+*0+10+,+3$+%/ !)!.+"$!Ƶ1/0.(/%* */0%010!+" %*%*#
* !0((1.#5ċ .ċǫ.+*0+10+,+%/"1((ġ0%)!!),(+5!!+"0$!ƫ+),*5ċ .ċǫ.+*0+10+,+$//1þ%!*0
!4,!.%!*!3$%$%/.!(!2*00+0$!/05(!+")%*!.(%60%+** 05,!+" !,+/%01* !.+*/% !.0%+**
0+0$!0%2%053$%$$!%/1* !.0'%*#0+-1(%"5/ƫ+),!0!*0!./+*/ !ü*! %*0$!ĂĀāĂ %0%+*
+"0$!Ƶ1/0.(/%*ƫ+ !"+.!,+.0%*#+"4,(+.0%+*!/1(0/Č %*!.(!/+1.!/* .!!/!.2!/Ěċ
.ċǫ.+*0+10+,++*/!*0/0+0$!%*(1/%+*%*0$!.!,+.0+"0$!)00!.//! +*$%/%*"+.)0%+*
%*0$!"+.)* +*0!40%*3$%$%0,,!./ċ

Entitas Asosiasi dan Entitas

Pertambangan Patungan
Associates and Joint Mining Entities
($ /01 /0.0!#% '1*% ,!.01)1$* ƵƵ ($ One of ANTAM’s key growth strategies is to form strategic
menjalin kerja sama strategis dengan perusahaan cooperation with domestic and international mining
,!.0)*#* +)!/0%' * %*0!.*/%+*( 1*01' +),*%!/ 0+ !2!(+, 0$! ƫ+),*5Ě/ )%*%*# .!/ċ
)!*#!)*#'*3%(5$,!.0)*#*)%(%'!.1/$*ċ Through this cooperation scheme, ANTAM can receive
!((1% /'!) '!.& /) %*%Č ƵƵ %/ )!* ,0'* )%*+.%05 /$.!$+( %*# 3%0$+10 %*2!/0%*# "1* / Ĩ".!!ġ
porsi kepemilikan awal (minoritas) tanpa penyetoran ..%! %*0!.!/0ĩ / 3!(( / +0%* +,0%+*/ 0+ !*$*! %0/
dana (".!!ġ..%! %*0!.!/0) serta memperoleh opsi untuk /$.!$+( %*#,+.0%+*0$.+1#$(+*Ĩ(+*ġ..%! %*0!.!/0ĩ
meningkatkan porsi kepemilikannya melalui pinjaman !.(%!. %* 0$! +,!.0%+* 0%2%0%!/ċ $! ƫ+),*5 !(%!2!/
((+*ġ..%! %*0!.!/0ĩ %3('!#%0*+,!./%ċ!.1/$* 0$00$!/!!*0%0%!/$/#++ ,.+/,!0/0+ !2!(+,%*"101.!ċ
!.'!5'%** $3 !*0%0/ġ!*0%0/ 0!./!10 )!)%(%'%
,.+/,!'5*#%' (),!*#!)*#*'! !,*ċ
PT NUSA HALMAHERA MINERALS PT NUSA HALMAHERA MINERALS (ANTAM’S

(KEPEMILIKAN ANTAM: 25%) OWNERSHIP: 25%)
1/ ()$!. %*!.(/ Ĩ ĩ ($ 1/$ 1/ ()$!. %*!.(/ Ĩ ĩ %/ &+%*0 2!*01.!
,01*#* *0. !3.!/0 %*%*# %)%0! Ĩ ĩ )!((1% !03!!*!3.!/0 %*%*#%)%0! Ĩ ĩ0$.+1#$!3.!/0
!3.!/0%*#,+.!+( %*#/0!0 *ƵƵ ċ %*#,+.!+( %*#/0!0 * ƵƵ ċ $/!!*
0!($!.+,!./%/!&'0$1*ĂĀĀĆ %1,0!*()$!. %*+,!.0%+*/%*!ĂĀĀĆ%*+.0$()$!.Č+.0$ (1'1
Utara, Provinsi Maluku Utara dengan menggunakan .+2%*!51/%*#1* !.#.+1* )%*%*#)!0$+ /3!((/
)!0+ ! ,!*)*#* 3$ 0*$ /!.0 ,!).+/!/* ,.+!//%*#0+!40.0#+( * #+( +.!+*0!*0ċ
1*01')!*#!'/0.''* 1*#*!)/ .%%&%$!)/ċ
%3(0$1*ĂĀāĂČƵƵ )!)%(%'%āĈČĆŌ/$) * * !.(5 ĂĀāĂČ ƵƵ +3*/ āĈċĆŌ /$.!/ %* *
/%/*5 %)%(%'% /!,!*1$*5+(!$ ċ "!'0%" , 0*##( 0$! .!)%* !. %/ +3*! 5 ċ û!0%2! +* !!)!.
ĂĀ !/!)!. ĂĀāĂČ ƵƵ )!*%*#'0'* '!,!)%(%'* ĂĀČĂĀāĂČƵƵ %*.!/! %0//$.!$+( %*#%* 0+
/$) )!*& %ĂĆŌ !*#*%5/!!/.ĸāćĀ ĂĆŌ 0 +/0 +" ĸāćĀ )%((%+* "0!. /!1.%*# ,,.+2(
&10 /!0!($ )!* ,0'* ,!./!01&1* !)!*0!.%* *!.#% from the Ministry of Energy and Mineral Resources and
*1)!.5 %*!.( *ǫ *++. %*/%!**)* 0$! *2!/0)!*0 ƫ++. %*0%*# Ƶ#!*5 +" 0$! !,1(% +"
+ ( !,1(%' * +*!/%ċ
1)($ 0!./!10 %5.'* * +*!/%ċ $%/ )+1*0 3/ ,% %* /$ )+1*0%*# 0+
01*%/!!/.ĸāăĀ&10, /0,!*5!(!/%*0.*/'/% ĸāăĀ)%((%+*00$!0%)!+"0$!0.*/0%+*Ě//!00(!)!*0
* /%/*5 '* %5.'* ,%( )),1 * 0$!.!)%* !.3%((!,% %*0$!!2!*0 %/(!
)!*%*#'0'* *#*!)/*5/!!/.ā&10+*/ %'$%. to increase its gold reserves of 1 million ons at the end of
0$1*ĂĀāĈċ),'(%* .%0.*/'/%'1%/%/% %($ ĂĀāĈċ0$!.%),0".+) -1%/%0%+*0.*/0%+*%/
,!*00* '!1*01*#* *+*'/ /!!(1) ,&' /!!/. 0$!++'%*#+"*+*ġ/$#%*/!"+.!04+",Ăċąĉ0.%((%+*
,ĂČąĉ0.%(%1*, 0$1*ĂĀāĂ0/.!2(1/%*%(%3&.āĈČĆŌ %* ĂĀāĂ +2!. 0$! .!2(10%+* +" "%. 2(1! +" āĈċĆŌ /$.!/
/$) )%(%' !.1/$* +(!$ ,!*%(% %* !,!* !* %* +3*! 5 0$! ƫ+),*5 5 0$! %* !,!* !*0
13!* $+%*( 5Ē!'*ċ(%*%/!/1% !*#*'!0!*01* ,,.%/!. +" 13!* $+ %*( 5 Ē .0*!.ċ $%/ %/ %*
ƵĆĆč */0.1)!*!1*#*č!*#'1* *!*#1'1.*ċ accordance with the provisions set within SFAS 55 on
%**%( */0.1)!*0/č!+#*%0%+** !/1.!)!*0ċ
Ƶ'0%2%0/ +,!./% %('1'* , 1 .! (+'/% Ě/ +,!.0%+*( 0%2%0%!/ 3/ ..%! +10 %* 03+
,!*)*#* 3$ 0*$ 5%01 0)*# 3$ 0*$ 1* !.#.+1* )%*%*# (+0%+*/ 0$0 %*(1 ! !** *
!** * +#1.% !*#* ' . !)/ *0. ĉġāă +#1.% 3%0$ #+( +*0!*0 +" !03!!* ĉġāă #.) ,!.
#.) ,!. 0+* Ĩ#,0ĩċ ǫ!. /.'* 0 -1.0!.(%!/ .!,+.0 0+* Ĩ#,0ĩċ ǫ/! +* 0$! -1.0!.(%!/ .!,+.0 0 .!(!/!
5*# %.%(%/ Č , 0$1* ĂĀāĉČ ,.+ 1'/% !)/ 5 Č%*ĂĀāĉČ Ě/#+( ,.+ 10%+*)+1*0! 0+
)!*,% ĈċĀĂĉ '# ĨĂĂĆċĊĈă 0ċ+6ĩČ 01.1* ĂĆŌ %* %*#'* ĈČĀĂĉ'#ĨĂĂĆČĊĈă0ċ+6ĩČ+.ĂĆŌ(+3!.+),.! 3%0$#+(
,.+ 1'/% !)/ 0$1* ĂĀāĈ /!!/. Ċċăćă '# ĨăĀāċĀĆĉ 0ċ+6ĩ ,.+ 10%+* %* ĂĀāĈ +" ĊČăćă '# ĨăĀāČĀĆĉ 0ċ+6ĩ * /%(2!.
* ,!.' )!*,% ĈċąĆĆ '# ĨĂăĊċćĊĀ 0ċ+6ĩČ 01.1* ąĀŌ )+1*0! 0+ĈČąĆĆ'#ĨĂăĊċćĊĀ0ċ+6ĩČąĀŌ(+3!.+),.!
%* %*#'* .!(%//% ,.+ 1'/% ,!.' 0$1* ĂĀāĈ /!!/. 0+0$!/%(2!.,.+ 1! %*ĂĀāĈ+"āĂČĂĂĆ'#ĨăĊăČĀĆą+6ĩċ *
āĂċĂĂĆ'#ĨăĊăċĀĆą+6ĩċ%0$1*ĂĀāĉČ )!*&1(!)/

/!*5'ćċĉćĆ'#ĨĂĂĀċĈĂĈ0ċ+6ĩ(!%$.!* $/!!/.ĂĊŌ ĂĀāĉČ /+( #+( )+1*0%*# 0+ ćČĉćĆ '# ĨĂĂĀČĈĂĈ
%* %*#'* 0$1* /!!(1)*5 !*#* 2+(1)! ,!*&1(* 0ċ+6ĩ +. ĂĊŌ (+3!. +),.! 0+ 0$! ,.!2%+1/ 5!. 3%0$
/!!/.ĊċĈĂĀ'#ĨăāĂċĆăĂ0ċ+6ĩċ /(!/2+(1)!)+1*0%*#0+ĊČĈĂĀ'#ĨăāĂČĆăĂ0ċ+6ĩċ
Berdasarkan data annual report 0$1*1'1ĂĀāĉČ,!.ġ ǫ/! +* Ě/ **1( .!,+.0 0 "+. ĂĀāĉČ / +"
ăā!/!)!.ĂĀāĈČ )!)%(%'%0+0( *#*)%*!.( !!)!.ăāČĂĀāĈČ $/0+0(#+( )%*!.(.!/!.2!/
!)/ /!!/. āąČĊĂ 0+* ĨĀČąĉ &10 0ċ+6ĩ !*#* !/0%)/% +"āąċĊĂ0+*/ĨĀċąĉ)%((%+*0ċ+6ĩ3%0$ Ě/!/0%)0!
/1)!. 5)%*!.(!)/ )!*,%ăĈČăĂ0+*ĨāČĂ #+( )%*!.(.!/+1.!/+"ăĈċăĂ0+*/ĨāċĂ)%((%+*0ċ+6ĩċ
&100ċ+6ĩċ
Produksi NHM
NHM Production
Uraian Deskripsi Unit 2017 2018

0ċ+6 ăĀāċĀĆĉ ĂĂĆċĊĈă
Produksi Emas Gold Production
# Ċċăćă ĈċĀĂĉ
0ċ+6 ăāĂċĆăĂ ĂĂĀċĈĂĈ
Penjualan Emas Gold Sales
# ĊċĈĂĀ ćċĉćĆ
PT MERATUS JAYA IRON & STEEL PT MERATUS JAYA IRON & STEEL
(KEPEMILIKAN ANTAM: 34%) (ANTAM’S OWNERSHIP: 34%)
!.01/
5 .+*Ē0!!(Ĩ
ĩ %*#1*/!#% !.01/
5 .+* Ē 0!!( Ĩ
ĩ 3/ !/0(%/$!
!*01'/%*!.#%1/$*0.ƵƵ *.'010!!( / ,.0 +" 0$! 1/%*!// /5*!.#5 !03!!* ƵƵ *
Ĩ!./!.+ĩ'Ĩĩ %)*ƵƵ )!)%(%'%'!$(%* % .'010!!(Ĩ!./!.+ĩ'Ĩĩ3$!.!%*ƵƵ
% *#,!.0)*#*/!)!*0.)!)%(%'%'!$(%* $/ 0$! !4,!.0%/! %* )%*%*# 3$%(! $/ 0$! !4,!.0%/! %*
%% *#,!*#+($*!/%&ċ /0!!(,.+!//%*#ċ

0!($ )!)%(%'% ,.%' sponge iron !./%/ PT MJIS has a sponge iron plant with rotary kiln technology
teknologi rotary kiln5*#!.(+'/% %ǫ01(%%*Č1,0!* /! %* ǫ01(%%*Č *$ ǫ1)1 !#!*5Č +10$
*$ ǫ1)1Č (%)*0* !(0*ċ 1/1** ,!)!#*# (%)*0*ċ $! /$.!$+( !. +),+/%0%+* %*
%/
/$)
($ ććŌ %)%(%'% +(!$ * ăąŌ ććŌ+3*! 5* ăąŌ+3*! 5ƵƵ ċ,+*#!
%)%(%'% +(!$ ƵƵ ċ Sponge iron %#1*'* /!#% %.+*%/1/! /.3)0!.%("+.0$!,.+ 10%+*+"Ě
$*'1,!)10*&ċ /0!!(ċ
.%' sponge iron milik PT MJIS memiliki kapasitas PT MJIS’ sponge iron plant has an annual production
,.+ 1'/% /,+*#! %.+* /!!/. ăāĆċĀĀĀ 0+* ,!. 0$1* * ,%05 +" ăāĆČĀĀĀ 0+*/ ,!. 5!. 3%0$ !(!0.%%05 +10,10
)!*#$/%('* 0!*# (%/0.%' !*#* ',/%0/ /!!/. ,%05 +" Ăĉ ċ $! /,+*#! %.+* ,(*0 $/ !!* %*
Ăĉ ċ .%' sponge iron
0!($ !.+,!./% +,!.0%+*/%*!ĂĀāăċƫ1..!*0(5Č0$!,(*0Ě/+,!.0%+*/.!
/!&' 0$1* ĂĀāăċ 0 %*% +,!./% ,.%' !.$!*0% 1*01' /1/,!* ! 1!0+1*"2+1.(!).'!0ĥ%* 1/0.5+* %0%+*/
sementara waktu seiring kondisi pasar/industri dan harga /3!((/3!'/0!!(* %.+*+))+ %05,.%!/ċ

'+)+ %0/& *!/%5*#'1.*#%'ċ
0!*#$ %/1..!*0(5!2(10%*# 0$! ,+//%%(%05+"++,!.0%*#3%0$
!.1,5 1*01' )!*&(%* '!.& /) !*#* partner /0.0!#%,.0*!.,!.0%*%*#0+"101.!1/%*!///0.0!#5ċ
/0.0!#%/0!.'%0/0.0!#%%/*%/)/ !,*ċ
PT WEDA BAY NICKEL PT WEDA BAY NICKEL

! ǫ5 %'!( Ĩǫĩ %!*01' , 0$1* ! ǫ5%'!(Ĩǫĩ3/!/0(%/$! %*āĊĊĉ/!
āĊĊĉ !. /.'* $1'1) !,1(%' * +*!/% 1*01' +*0$!(3+"0$!!,1(%+" * +*!/%"+.%),(!)!*0%*#
)!('/*'* +*0.' .5 Ĩĩ #!*!./% '!ġĈ !*#* 0$! Ĉ0$ #!*!.0%+* ƫ+*0.0 +" +.' Ĩƫ+ĩ 3%0$ 0$!
!)!.%*0$ * +*!/%ċ ƵƵ )!* ,0'* free carried * +*!/%* +2!.*)!*0ċ ƵƵ .!!%2! ".!! ..%!
% 1/$ 2!*01. !./) !*#* .)!0 ċƵċ ĨƵĩ %*0!.!/0 %* %0/ &+%*02!*01.!3%0$ .)!0 ċƵċ ĨƵĩ 0+ /!0
1*01' )!* %.%'* 0)*# *%'!( * '+(0 /!.0 ,.%' 1,*%'!(* +(0)%*!/3!((/$5 .+)!0((1.#5
,!*#+($* *%'!( !.0!'*+(+#% $% .+)!0(1.#% % !(1' 0!$*+(+#5ġ/! *%'!(,.+!//%*#,(*00$0%/(+0! %*
! % 3%(5$ 5*# 0!.(!0' % *0. 1,0!* !(1'! %*.!#%+*0$0(%!/!03!!*ƫ!*0.(()$!.
()$!. !*#$ * 1,0!* ()$!. %)1.Č !#!*5 * /0 ()$!. !#!*5Č %* +.0$ (1'1
.+2%*/% (1'10.ċ .+2%*!ċ

Proyek nikel ini akan dikelola oleh PT Weda Bay Nickel $%/*%'!(,.+&!03%((!)*#! 5! ǫ5%'!(
(PT WBN) yang struktur kepemilikan sahamnya terdiri (PT WBN) whose shareholding structure comprise of
.% āĀŌ ƵƵ * ĊĀŌ 0.* %*!.(/ 0!ċ 0 ċ Ĩ ĩċ ƵƵ ĨāĀŌĩ* 0.* %*!.(/0!ċ0 ċ+. ĨĊĀŌĩċ
ANTAM memiliki opsi untuk meningkatkan porsi saham ANTAM has the option to increase its shares in PT WBN
ǫ )%(%'*5 )!*& % ĂĆŌċ +),+/%/% '!,!)%(%'* 0+ĂĆŌċ Ě//$.!$+( %*#%/1..!*0(5ĆĈŌ+3*! 50$!
/$) /0%*%%($ĆĈŌ/%*#/$*#.+1, *ąăŌ %)%(%'% /%*#/$*#.+1,* ąăŌ+3*! 5Ƶċ%0$*%'!(+.!
+(!$Ƶċ!*#*&1)($/1)!. 5%&%$*%'!((!%$ .% /+1.!/ )+1*0%*# 0+ +2!. ćĀĀ )%((%+* 0+*/Č ǫĚ/
ćĀĀ &10 0+*Č .+5!' *%'!( ǫ '* %'!)*#'* *%'!( ,.+&!0 3%(( ! !2!(+,! 1/%*# 0!$*+(+#5 /!
!*#* 0!'*+(+#% !./%/ ,.+/!/ ,%.+)!0(1.#% 1*01' +*,5.+)!0((1.#5,.+!//0+,.+ 1!"!..+((+5*%'!(5
memproduksi produk nickel ferroalloy !*#*)!)*#1* constructing a processing plant with capacity to produce
,.%' ,!*#+($* !.',/%0/ ăĀċĀĀĀ % ,!.ġ0$1* ăĀċĀĀĀ % ,!. 5!. / 3!(( / *%'!( ,.+!//%*# 1/%*#
/!.0 ,!*#+($* *%'!( /!. $% .+)!0(1.#%ċ 0$1* $5 .+)!0((1.#5ċ *ĂĀāĉČǫ$/!#1*+*/0.10%+*
ĂĀāĉČ ǫ 0!($ )!)1(% '!#%0* '+*/0.1'/% ,.%' +" 0$! ,.+!//%*# ,(*0Č !#%**%*#3%0$ 0$! ,(!)!*0+"
pengolahan, diawali dengan aktivitas pemancangan tiang 0$!ü./0,+(!+*0$!,(*0Ě//%0!%**&1*#(%!+*Ƶ1#1/0
,!.0) ,.%' % site *&1*# (%! , 0*##( ăĀ ăĀČ ĂĀāĉċ $! ,(*0 %/ !4,!0! 0+ !#%* ,.+ 10%+* %*
Ƶ#1/01/ĂĀāĉċ%.!**'*,.%''*)1(%!.,.+ 1'/% ĂĀĂĀċ
, 0$1*ĂĀĂĀċ
PT PELSART TEMBAGA KENCANA PT PELSART TEMBAGA KENCANA

!(/.0 )*# !** Ĩĩ !. %.% , 0$1* !(/.0 )*# !** Ĩĩ 3/ !/0(%/$!
āĊĊĉ !!*01' ,!.1/$* ,!**)* )+ ( /%*# in 1998 in the form of foreign investment company for
1*01' )!('/*'* +*0.' .5 Ĩĩ #!*!./% '!ġĈ %),(!)!*0%*# Ĉ0$ #!*!.0%+* ƫ+*0.0 +" +.' Ĩƫ+ĩ
dengan Pemerintah Indonesia dengan komoditas utama with the Indonesian Government with its main commodity
!.1, )%*!.( !)/ċ %(5$ 0!. %.% .% %*0$!"+.)+"#+( )%*!.(ċĚ/ƫ+.!#%+*+),.%/!
ǫ(+' %)1.1 * ǫ(+' 1/* 5*# !. % .+2%*/% +"0$!%)1.1ǫ(+'* 1/*ǫ(+'3$%$%//%010! %*
(%)*0*!(0*ċ +10$(%)*0*.+2%*!ċ
.+5!' *%'!( %*% '* %'!(+( +(!$ 5*# /0.1'01. $%/ *%'!( ,.+&!0 3%(( ! )*#! 5 3$+/!
'!,!)%(%'* /$)*5 0!. %.% .% āĆŌ ƵƵ Č )*# /$.!$+( %*#/0.101.!+),.%/!+"ƵƵ ĨāĆŌĩČ)*#
!** %*#,1. 05ċ 0 /!!/. ĆāŌČ !(/.0 !**%*#,1.05ċ0 ĨĆāŌĩČ!(/.0 *0!.*0%+*(ċ
*0!.*0%+*(ċ/!!/.āĊŌ *Ƶ1.+.%.*/!!/. ĨāĊŌĩ* Ƶ1.+.%.*ĨāĆŌĩċ
āĆŌċ
PT SUMBAWA TIMUR MINING PT SUMBAWA TIMUR MINING

1)3 %)1. %*%*# Ĩ ĩ )!.1,'* ,!.1/$* 1)3 %)1. %*%*# Ĩ ĩ %/ * * +*!/%* (!#(
!. * $1'1) * +*!/% 5*# )!)%(%'% +*0.' .5 !*0%05 0$0 $/ Ĉ0$ #!*!.0%+* ƫ+*0.0 +" +.' Ĩƫ+ĩ
Ĩĩ#!*!./%'!ġĈ !*#*'+)+ %0/10)!.1,)%*!.( with the main commodity in the form of gold metal and
(+#)!)/ *)%*!.(%'10*(%**5ċ )!*#!(+( +0$!.)%*!.(ċ )*#!/0$!)*#1Ě1.+&!0
.+5!' )*# 1Ě1 5*# !.(+'/% % 1,0!* ǫ%) that is located in the Bima and Dompu Regencies, West
*1,0!*+),1Č.+2%*/%1/!*##.ǫ.0ċ 1/!*##..+2%*!ċ
+),+/%/%,!)!#*#/$) .%ĂĀŌƵƵ * PT STM’s shareholding structure comprise of ANTAM

ĉĀŌ %)%(%'% +(!$ /0!.* 0. !/+1.!/ 05 0 Ĩĩ ĨĂĀŌĩ* /0!.*0.!/+1.!/050 +.ĨĉĀŌĩČ
5*#0!.ü(%/% !*#*(! *0!.*/%+*(ċƵƵ )!)%(%'% 3$%$%/þ(%0! 3%0$(! *0!.*0%+*(ċƵƵ $/0$!
opsi untuk meningkatkan porsi kepemilikan saham PT STM +,0%+* 0+ %*.!/! %0/ /$.!$+( %*# %* 0+ ĂĀŌċ *
/!!/. ĂĀŌċ 0$1* ĂĀāĉČ !."+'1/ , ĂĀāĉČ 3/"+1/! +*)%*!!4,(+.0%+*0%2%0%!/ċ
,!('/**'0%2%0/!'/,(+./%0)*#ċ
PT GORONTALO MINERALS PT GORONTALO MINERALS

ƵƵ )!)%(%'% ĂĀŌ '!,!)%(%'* ,.+5!' ,!*)*#* ƵƵ +3*/ĂĀŌ+3*!./$%,%*0$!+,,!.* #+( )%*!
0!)# * !)/ 5*# %'!(+( +(!$ +.+*0(+ 0$0%/)*#! 5+.+*0(+ %*!.(/Ĩ ĩ%*ǫ+*!
%*!.(/ Ĩ ĩ % 1,0!* ǫ+*! ǫ+(*#+Č .+2%*/% ǫ+(*#+!#!*5Č+.+*0(+.+2%*!ċǫ1)%!/+1.!/

+.+*0(+ċ ǫ1)% !/+1.!/ %*!.(/ 'Č )!((1% %*!.(/'Č0$.+1#$ *0!.*0%+*( %*!.(/ƫ+),*5ƫČ
*0!.*0%+*( %*!.(/ƫ+),*5ƫČ)!)%(%'%ĉĀŌ/$) $/*ĉĀŌ/0'!%* ċ Ě/+,!.0%+*/%//! +*
ċ ,!./% )!*#1 , #!*!./% '!ġĈ 0$!Ĉ0$#!*!.0%+*ƫ+3%0$0$!+2!.*)!*0+" * +*!/%
!*#*!)!.%*0$!,1(%' * +*!/% !*#*.! 3%0$.!+"ĂąČĊĊĆċƵ00$%/,.!/!*00%)!Č
/!(1/ ĂąċĊĊĆ ċ 0 %*% '0%2%0/ !."+'1/ , %/"+1/! +*!4,(+.0%+*0%2%0%!/ċ
'!#%0*!'/,(+./%ċ
PT SORIKMAS MINING PT SORIKMAS MINING

PT Sorikmas Mining (PT SM) merupakan perusahaan PT Sorikmas Mining (PT SM) is a joint venture that manages
,01*#* 5*# )!*#!(+( ,.+5!' ,!*)*#* %&%$ the gold ore project in Mandailing Natal Regency, North
!)/ % 1,0!* * %(%*# 0(Č .+2%*/% 1)0!. 1)0. .+2%*!ċ %$5++( %)%0! ĨĩČ ,1(%(5ġ
0.ċ %$5+ +( %)%0! ĨĩČ /!1$ ,!.1/$* (%/0! )%*%*#Ƶ1/0.(%*+),*5Č+3*/ĈĆŌ/$.!$+( %*#
0)*#,1(%'Ƶ1/0.(%Č)!)%(%'%ĈĆŌ/$) * in PT SM and the remainder of the shares in PT SM is
/!(1.1$ /%/ /$) %)%(%'% +(!$ ƵƵ ċ ,!./% +3*! 5ƵƵ ċ Ě/+,!.0%+*%//! +*0$!Ĉ0$
)!*#1, #!*!./%'!ġĈ !*#*!)!.%*0$ generation CoW with the Indonesian Government with a
!,1(%' * +*!/% !*#*.!(!%$ .%ĆĆċĀĀĀċ .! +" +2!. ĆĆČĀĀĀ ċ Ě/ )%*%*# 0%2%0%!/ %/
!#%0* ,!*)*#* %$.,'* ,0 %)1(% !4,!0! 0+ !#%* %* ĂĀāĊ 3%0$ * +,!.0%+*( ,!.%+ +"
, 0$1*ĂĀāĊ !*#*)/+,!./%/!()ăĀ0$1*ċ ăĀ5!./ċ
PT GALUH CEMPAKA PT GALUH CEMPAKA

ANTAM memiliki ".!!ġ..%! %*0!.!/0 /!!/. ĂĀŌ ƵƵ $/ ĂĀŌ ".!!ġ..%! %*0!.!/0 %* 0$! *0*
pada Proyek Intan Cempaka yang dioperasikan oleh ƫ!),' .+&!0 0$0 %/ +,!.0! 5 0$! &+%*0 2!*01.!
perusahaan patungan PT Galuh Cempaka (PT GC) untuk company, PT Galuh Cempaka (PT GC), to manage
mengelola cadangan intan aluvial di Cempaka dan Danau alluvial diamond reserves in Cempaka and Danau Seran,
!.*Č (%)*0*ċ !) %)+* / )!)%(%'% ĉĀŌ /$) (%)*0*ċ!)%)+* /$/*ĉĀŌ/$.!%*0$%/&+%*0
() ,!.1/$* ,01*#* %*%ċ )*# ƫ!),' 2!*01.!ċ $! ƫ!),' )%*! ,.+ 1!/ $%#$ -1(%05 3$%0!
)!*#$/%('*%*0*,10%$!.'1(%0/0%*##%/!.0!.#) %)+* //3!((/.*#!+"+(+.! %)+* /ċ
%*0*!.3.*ċ
Kepemilikan
Kontrak Karya
Perusahaan Komoditas Antam Lokasi Mitra Status
No Contract of
Company Commodities Antam’s +0%+* Partner Status
Work
Ownership
PT Nusa Emas !*!./%'!ġć ()$!.Č (1'10. Newcrest Singapore Produksi
1 ()$!. Gold ćth generation ĂĆŌ ()$!.Č +( %*#0!0 Č/1/% %.5 Production
Minerals Ƭ Ƭ North Maluku +"!3.!/0 %*%*#0 Ƭ
ǫ01(%%*Č*$ǫ1)1Č
PT Meratus
Sponge Iron (%)*0*!(0* .'010!!( Produksi
2
5 .+*Ē ġ ăąŌ
Sponge Iron ǫ01(%%*Č*$ǫ1)1Č+10$ Ĩ!./!.+ĩ' Production
Steel
(%)*0*
ǫ*&.ǫ.1Ē*$10Č
PT Galuh Intan !*!./%'!ġĈ (%)*0*!(0* Produksi
ă ĂĀŌ Ƶ/$0+* ƫ0!ċČ0 ċ
Cempaka Diamond Ĉth generation ǫ*&.ǫ.1Ē*$10Č+10$ Production
(%)*0*
Nikel !*!./%'!ġĈ ()$!.Č Strand Minerals (Indonesia) +*/0.1'/%
PT Weda Nickel Ĉth generation Maluku Utara 0!ċČ0 Č+3*! ĆĈŌ Construction
ą āĀŌ
Bay Nickel Ƭ Ƭ ()$!.Č 5/%*#/$*.+1,* Ƭ
Ƭ Ƭ North Maluku ąăŌ5.)!0ċƵ Ƭ
Emas dan
PT Sorikmas !*!./%'!ġĈ * %(%*#ġ0(Č1)0!.0. Ƶ!."+5(!1*#'10 Eksplorasi
5 +#)/. ĂĆŌ
Mining Ĉth generation * %(%*#ġ0(Č+.0$1)0!. *2!/0)!*0/0!ċ0 Exploration
Gold and Base Metal
PT Emas dan International Minerals
!*!./%'!ġĈ Bone Bolango, Sulawesi Utara !*#!)*#*
ć Gorontalo +#)/. ĂĀŌ +ċ1/% %.5+"
Ĉth generation Bone Bolango, North Sulawesi Development
Minerals Gold and Base Metal ǫ1)%!/+1.!/Č'ċ
PT 1)3%)1.Č1/!*##.
Emas dan
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Mining Tenggara
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PT Pelsart %*#,1.05ċ0 +3*!
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Ƶ1.+.%.*$+( āĆŌċ

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390 Dewan Komisaris 459 Komite Audit

Board of Commissioners Audit Committee
408 Direksi 466 Komite Good Corporate

Board of Directors Governance, Nominasi &
Remunerasi (GCG-NR)
429 Rapat Dewan Komisaris, Good Corporate Governance,
Rapat Dewan Komisaris yang Nomination and Remuneration
Mengundang Direksi, dan Rapat Committee (GCG-NR)
Direksi
The Board of Commissioners 474 Komite Manajemen Risiko
Meeting, the Board of Risk Management Committee
Commissioners Meeting Inviting
the Board of Directors, and the 482 Sekretaris Perusahaan
Board of Corporate Secretary
Directors Meeting
488 Audit Internal
Internal Audit
433 Keberagaman Komposisi Dewan
Komisaris dan Direksi
Diversity of the Board of
498 Sistem Pengendalian Intern
Internal Control System
Commissioners and the Board of
Directors Composition 502 Manajemen Risiko
Risk Management
445 Assessment/Penilaian Kinerja
Terhadap Dewan Komisaris dan 522 Akuntan Publik
Direksi Public Accountant
Performance Assessment of the
Board of Commissioners and the 538 Whistleblowing System
Whistleblowing System
Board of Directors
451 Remunerasi Dewan Komisaris & 543 Permasalahan Hukum

Perusahaan
Direksi
Legal Issues of the Company
Remunerations of the Board of
Commissioners and the Board of 545 Akses Informasi dan Data
Directors Perusahaan
Access to Information and Data
454 Hubungan Afiliasi antara
of the Company
Anggota Dewan Komisaris,
Direksi, dan Pemegang Saham 546 Penerapan atas Pedoman
Utama dan/atau Pengendali Tata Kelola Perusahaan Terbuka
Affiliation Between Members Implementation of Corporate
of the Board of Commissioners, Governance Guideline
the Board of Directors and/or for Public Company
Majority Shareholders
Lap
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pora 0 8 Annual Report ANTAM
an Tahunan 201
2018
01
Tata Kelola Perusahaan

Corporate Governance
ANTAM meraih Penghargaan Top 50 ASEAN Public Listed

Companies dalam Ajang 2nd ASEAN Corporate Governance
Awards ANTAM Receives the Top 50 ASEAN Public Listed
Companies at the 2nd ASEAN Corporate Governance Awards
Sebagai Perusahaan Publik yang terdaftar di Bursa Efek As a Public Company that listed on the Indonesia Stock
Indonesia (BEI) dan Bursa Efek Australia (Australian Exchange (IDX) and the Australian Securities Exchange/
Securities Exchange/ASX), penerapan Good Corporate ASX, the implementation of Good Corporate Governance
Governance (GCG) adalah salah satu indikator penting (GCG) is one of the important indicators for Shareholders
bagi Pemegang Saham untuk menilai kinerja Perusahaan to assess the Company’s performance and believe that the
dan meyakini bahwa Perusahaan telah dikelola dengan Company has been managed properly and able to protect
baik dan tepat serta diyakini mampu untuk melindungi the interests of the Shareholders.
kepentingan para Pemegang Saham.
ANTAM berkomitmen secara penuh untuk menjadikan ANTAM is fully committed to implement GCG as basis for
GCG sebagai dasar dalam setiap pengambilan keputusan every decision making in the Company. ANTAM believes
di Perusahaan. ANTAM meyakini bahwa penerapan 0$00$!%),(!)!*00%+*+"ƫ3+1( %),.+2!!þ%!*5Č
ƫ ,0 )!*%*#'0'* !ü/%!*/%Č !"!'0%ü0/Č * !û!0%2!*!// * /1/0%*%(%05 +" 0$! ƫ+),*5 *
kesinambungan Perusahaan dan akan memberikan contributes added value to the Shareholders, Employees
kontribusi dan nilai tambah yang berkelanjutan bagi and other Stakeholders both in short and long term.
Pemegang Saham, Pegawai dan Stakeholders lainnya baik
dalam jangka pendek maupun jangka panjang.

Sebagai wujud penerapan GCG yang komprehensif As a form of comprehensive GCG implementation, ANTAM
dan guna memastikan bahwa GCG diterapkan secara adopts the best applicable international standard, namely
konsisten di seluruh unit organisasi, ANTAM telah Australia Securities Exchange (ASX) Corporate Governance
mengadopsi standar terbaik yang berlaku di Internasional, Principle and Recommendation, and ASEAN Corporate
yakni Australia Securities Exchange (ASX) Corporate Governance Scorecard. ANTAM also applies the criteria
Governance Principle and Recommendation serta and methodology established by the Ministry of State
ASEAN Corporate Governance Scorecard. ANTAM juga Owned Enterprises (SOEs) Number SK-16/S.MBU/2012
menerapkan kriteria dan metodologi yang ditetapkan oleh dated June 6, 2012, and Circular Letter of the Financial
Kementerian Negara Badan Usaha Milik Negara (BUMN) Services Authority (FSA) Number 32/SEOJK.04/2015
Nomor SK-16/S.MBU/2012 tanggal 6 Juni 2012 serta Surat regarding Corporate Governance Guidelines for Public
Edaran Otoritas Jasa Keuangan Nomor 32/SEOJK.04/2015 Company.
tentang Pedoman Tata Kelola Perusahaan Terbuka.
Pada tahun 2018 ANTAM telah melakukan beberapa In 2018 ANTAM has conducted some improvement in
perbaikan dalam lingkup tata kelola Perusahaan, corporate governance scope, among others strengthening
diantaranya memperkuat komitmen untuk meningkatkan commitment to avoid any kind of corruption through
dan mencegah terjadinya praktik-praktik korupsi melalui cooperation with the Corruption Eradication Commission
kerjasama dengan Komisi Pemberantasan Korupsi (KPK) Ĩĩ%*+* 10%*#+%(%60%+*+".0%ü0%+*ƫ+*0.+(
() )!('1'* +/%(%//% !*#!* (%* .0%ü'/% '! to the ANTAM’s Business Unit as well as organizing Training
Unit Bisnis ANTAM serta penyelanggaraan Training of of Trainers attended by employee representatives of the
Trainer yang diikuti oleh perwakilan pegawai dari Kantor ! þ! * (( ǫ1/%*!// *%0/ĥ*%0/ċ * %0%+*Č %*
Pusat serta seluruh Unit/Unit Bisnis. Selain itu, di tahun 2018 there was a renewal of the Company’s infrastructure,
2018 juga terdapat pembaharuan atas softstructure including revisions to the Company’s GCG Implementation
Perusahaan, diantaranya pengkinian atas Pedoman Guidelines and the Company’s Strategic Management
Implementasi GCG Perusahaan serta Kebijakan Manajemen Policy, Treasury Policy and Project Management Policies.
Strategis Perusahaan, Kebijakan Treasury serta Kebijakan The company also sets up a Review/Update on the
Manajemen Proyek. Perusahaan juga menetapkan Reviu/ Company’s Management Policy as part of the Key
Pengkinian atas Management Policy Perusahaan sebagai Performance Indicator. This action as a control of the
bagian dari Key Performance Indicator. Hal ini merupakan Company to ensure that all Company Policies have been
bentuk pengendalian Perusahaan untuk memastikan bahwa reviewed regularly and are still relevant to the Company’s
seluruh Kebijakan Perusahaan telah dikaji secara berkala business processes.
dan masih relevan dengan proses bisnis Perusahaan.
Selama 2018, ANTAM juga telah memperoleh beberapa During 2018, ANTAM has received several award related
penghargaan terkait implementasi GCG, diantaranya to GCG Implementation, among others achieved the Top
meraih Penghargaan Top 50 ASEAN Public Listed 50 ASEAN Public Listed Companies at the 2nd ASEAN
Companies dalam Ajang 2nd ASEAN Corporate Governance Corporate Governance Awards which held in Kuala
Awards yang diselenggarakan di Kuala Lumpur, Malaysia Lumpur, Malaysia by Minority Shareholders Watch Group
oleh Minority Shareholders Watch Group (MSWG) dengan (MSWG) as the initiation of ASEAN Capital Markets
inisiasi oleh ASEAN Capital Markets Forum (ACMF) bekerja Forum (ACMF) together with Asian Development Bank
sama dengan Asian Development Bank (ADB). Selain itu, (ADB). ANTAM also received “Most Trusted Company”
ANTAM kembali meraih predikat “Most Trusted Company” of Corporate Governance Perception Index (CGPI) for 10
dalam Corporate Governance Perception Index (CGPI) (ten) consecutive period from the Indonesia Institute of
dari The Indonesia Institute of Corporate Governance Corporate Governance (IICG) 2008. ANTAM is also the only
(IICG) selama 10 (sepuluh) kali berturut-turut sejak tahun Company that has been consistent with this assessment
2008. ANTAM juga menjadi satu-satunya Perusahaan yang /%*!0$!ü./0ƫ 3/$!( %*ĂĀĀāċƵƵ (/+3+*0$!
telah konsisten mengikuti penilaian ini sejak pertama kali Best Overall and Top 50 Predicate of the Biggest Market
CGPI diselenggarakan di tahun 2001. ANTAM juga meraih Capitalization of Public Listed Companies at the 10th IICD
Predikat Best Overall dan Top 50 The Biggest Market Corporate Governance Conference & Award 2018.
Capitalization Public Listed Companies pada Ajang The
10th IICD Corporate Governance Conference & Award 2018.

Capaian Penilaian Penerapan GCG

GCG Assessment Achievement
97,01 93,01% 88,81
“Sangat Baik” “Sangat Baik” “Most Trusted

Very Good Very Good Company”
Pedoman GCG BUMN ASX CG Principles & Corporate Governance
GCG Guidelines for SOE Recommendation Perception Index (CGPI)
Fully Best
Good
Comply Overall
Pedoman Tata Kelola Indonesian Institute

ASEAN Corporate Perusahaan Terbuka for Corporate
Governance OJK Directorship
Scorecard Corporate Governance (IICD)
Guidelines for Public
Company by FSA
Highlight Aktivitas GCG Tahun 2018

Highlight GCG Event 2018
Januari 2018 1 Maret 2018 28 Maret 2018 18-19 April 2018

January 2018 March 1, 2018 March 28, 2018 April 18-19, 2018
ANTAM menetapkan ANTAM Melakukan Sosialiasi ANTAM Melakukan Sosialiasi ANTAM Melaksanakan
Implementasi GCG sebagai ƫČ.0%ü'/% * ƫČ.0%ü'/% * .%*%*#+".%*!..0%ü'/%
salah satu Key Performance di UBP Emas. di UBP Nikel Sulawesi berkerjasama dengan Komisi
Indicator (KPI) Divisi/Unit/ Tenggara. Pemberantasan Korupsi
Unit Bisnis. (KPK).
ANTAM settled GCG ANTAM Conducted ANTAM Conducted ANTAM Conducted Training
Implementation as one Socialization of GCG, Socialization of GCG, +".%*!.+".0%ü0%+*
of the Key Performance .0%ü0%+*Ē00!þ%( .0%ü0%+*Ē00!þ%( in associated with The
Indicator of the Division/ Wealth Report (LHKPN) in Wealth Report (LHKPN) in Indonesian Corruption
Unit/Business Unit. Gold Mining Business Unit. Southeast Sulawesi Nickel Eradication Commission
Mining Business Unit. (KPK).
28 Agustus 2018 21 November 2018 10 Desember 2018 19 Desember 2018

August 28, 2018 November 21, 2018 December 10, 2018 December 20, 2018
ANTAM Melakukan ANTAM Meraih Top 50 ANTAM Meraih Penghargaan ANTAM Meraih Penghargaan
pengkinian atas Pedoman ASEAN Public Listed Best Overall dan Top 50 The The Most Trusted
Implementasi GCG Companies dalam Ajang Biggest dalam ajang “The Company dalam Corporate
Perusahaan. 2nd ASEAN Corporate 10th Corporate Governance Governance Perception
Governance Awards. Conference & Award 2018. Index 2018.
ANTAM Updated the GCG
Implementation Policy of the ANTAM Achieved Top ANTAM Achieved The Most
Company. 50 ASEAN Public Listed ANTAM Achieved Best Trusted Company Award in
Companies in 2nd ASEAN Overall and Top 50 The The Corporate Governance
Corporate Governance Biggest in “The 10th Perception Index 2018.
Awards. Corporate Governance
Conference & Award 2018.

GCG Milestone 1997-2018

GCG Milestone 1997-2018
• *%0%(1(%û!.%*# (IPO) • Pengangkatan Komisaris

ANTAM di Bursa Efek Independen pertama
Jakarta dan Bursa Efek • Status ANTAM meningkat
Surabaya menjadi Full listing di ASX
• Pengangkatan Sekretaris • Pengesahan Charter
Perusahaan Komite Audit
đ *%0%(1(%û!.%*#Ĩ ĩ đ Ƶ,,+%*0)!*0+"0$!ü./0

ANTAM di Bursa Efek Independent Commissioner
Jakarta dan Bursa Efek • Pembentukan Komite Audit • ANTAM’s Status increased • Pembentukan Komite Audit
Surabaya to Full listing on the ASX
• Pengangkatan Sekretaris • Establishment of Audit đ 0%ü0%+*+"0$!Ƶ1 %0 • Establishment of Audit
Perusahaan Committee Committee Charter Committee
1997 1999 2000 2001 2002 2003 2004
• Tercatat sebagai • Pembentukan panel penjaringan Komisaris • Penandatanganan Komitmen implementasi GCG
foreign exempt entity Independen dengan dukungan konsultan oleh Direktur Utama dan Komisaris Utama
di Australian Securities independen • Pembentukan unit pengelola implementasi GCG
Exchange (ASX) • Asesmen implementasi GCG oleh konsultan • Pengesahan Pedoman Kebijakan Perusahaan (PKP)
independen mengacu pada standar internasional • Pengesahan Standar Etika Perusahaan
• Listed as foreign • Keikutsertaan dalam Ajang Pemeringkatan • Pengesahan Charter Dewan Komisaris dan Charter
exempt entity in Corporate Governance Perception Index Direksi
Australian Securities oleh IICG
Exchange (ASX) • Signing of GCG implementation commitments
• Establishment of an Independent Commissioner by the President Director and the President
selection panel with the support of an Commissioner
independent advisor • Establishment of GCG Implementation
• GCG implementation assessment by Management
independent assessor based on the international đ 0%ü0%+*+"1% !(%*!"+.ƫ+),*5+(%5
standard đ 0%ü0%+*+"ƫ+),*5ƫ+ !+"ƫ+* 10
• Participation in Corporate Governance đ 0%ü0%+*+"ǫ+. +"ƫ+))%//%+*!./ƫ$.0!.*
Perception Index Board of Directors Charter

• Revisi Standar Etika Perusahaan dan

penandatanganan komitmen pertama kali
bagi seluruh Insan ANTAM
• Adopsi ASX Corporate Governance Principle
and Recommendation (2nd edition) • Pembentukan Tim
• Adopsi Pedoman Umum GCG Indonesia Whistleblowing
yang dikeluarkan KNKG • Pengesahan Kebijakan
• Pembentukan Satuan Kerja Risk Management Manajemen Risiko
dan dimulainya Cycle 1 Risk Control Self • Penetapan GCG
Assessment (RCSA) sebagai salah satu KPI
• Pembaharuan nama Komite • Pembentukan Helpline ANTAM • Pengenalan nilai-nilai
Pasca Tambang menjadi sebagai Media Pelaporan Pelanggaran Perusahaan (PIONEER,
Komite Lingkungan dan SENSE, BEST, dan Human
Pasca Tambang • Revision of the Company’s Code of Conduct Capital Excellence)
• Asesmen GCG Tahun Buku * 0$!/%#*%*#+"0$!ü./0+))%0)!*00+(( • Implementasi
2004 oleh Standard & Insan ANTAM • Establishment of Information and
Poor’s • Adoption of ASX Corporate Governance Whistleblowing Team Communication
Principle and Recommendation (2nd edition) đ 0%ü0%+*+"%/' Technology (ICT)
• Change of name of the • Adoption of General Guideline of GCG Management Policy Governance
Post-Mining Committee to Indonesia issued by KNKG đ 0%ü0%+*+"ƫ
the Environment and Post- • Establishment of Risk Management Work Unit as one of KPIs • Implementation of
Mining Committee and the commencement of Cycle 1 • Introduction to Company Information and
• GCG Assessment of Fiscal Risk Control Self-Assessment (RCSA) values (PIONEER, SENSE, Communication
Year 2004 by Standard & • The Establishment of Helpline ANTAM BEST, and Human Technology (ICT)
Poor’s as Media Reporting of Violations Capital Excellence) Governance
2005 2006 2007 2008 2009 2010 2011
• Pembentukan organisasi • Perubahan nama Komite Lingkungan dan Pasca • Revisi penamaan Pedoman Kebijakan Perusahaan
GCG secara struktural Tambang menjadi Komite CSR, Lingkungan (PKP) menjadi Kebijakan Tata Kelola Perusahaan
• Asesmen GCG Tahun Buku dan Pasca tambang (Komite CSR-LPT) (Corporate Governance Policy)
2005 oleh Ernst and Young • Pengesahan pedoman dan prosedur
• Pengesahan Charter penanganan pelaporan pelanggaran • Revision of the naming of Corporate Policy
Internal Audit (Whistleblowing System) Guidelines (PKP) to Corporate Governance Policy
• Establishment of GCG • Change of name of Environment and Post

organizational structure Mining Committee to CSR, Environment and
• Implementation of GCG for Post-Mining Committee (CSR-LPT Committee)
Fiscal Year 2005 by Ernst đ 0%ü0%+*+"1% !(%*!/* .+! 1.!
and Young for the Handling of Violation Reporting
đ 0%ü0%+*+"0$! *0!.*( (Whistleblowing System)
Audit Charter
• Adopsi terhadap Pedoman GCG

BUMN No. SK-16/S.MBU/2012
• Penilaian BUMN Bersih dari BPKP • Adopsi ASEAN
• Adopsi ASX Corporate Governance Corporate Governance Scorecard
• Revisi Charter Direksi dan Principle and Recommendation • Pembentukan ANTAM GCG
Dewan Komisaris 2016 (3rd edition) Champion I
• Revisi Pedoman • Revisi Standar Etika • Penggabungan fungsi GCG dengan • Peleburan fungsi Komite CSR-LPT
Implementasi GCG Perusahaan dan Corporate Komite NRPSDM, sehingga ANTAM ke fungsi Komite GCG
• Training of Trainer Governance Policy Memiliki Tiga Komite yaitu Komite Audit,
Pengendalian • Revisi Charter Komite Komite GCG-NR, dan Komite • Adoption of SOE GCG Guideline
.0%ü'/%Ĩ+ĩ Manajemen Risiko No. SK-16/S.MBU/2012
• Revision of BOD Charter • Adoption zof ASEAN Corporate
• Revision of GCG and BOC Charter 2016 • BPKP Assessment of Clean SOE Governance Scorecard
Implementation • Revision of Company Code • Adoption of ASX Corporate Governance • Establishment of ANTAM GCG
Guidelines of Conduct and Corporate Principle and Recommendation Champion I
• Training of Trainer Governance Policy (3rd edition) • Consolidation of the functions
.0%ü0%+* • Revision of Committee • Consolidation of the Functions of CSR- of the CSR-LPT Committee
Control (ToT) Charter LPT Committee to GCG Committee to GCG Committee
2018 2017 2016 2015 2014 2013 2012
• Revisi Standar Etika Perusahaan • Adopsi Pedoman Tata Kelola • Pengukuran Pemahaman
đ !*#'%*%*!%&'*!*#!* (%*.0%ü'/% Perusahaan Terbuka oleh OJK Standar Etika Perusahaan
serta Penyampaian dan Pengelolaan LHKPN berdasarkan SEOJK No. 32/ • Pembentukan ANTAM GCG
đ !)!*01'**%0!*#!* (%.0%ü'/% SEOJK.04/2015 Champion II
dan Tim Administrator LHKPN • Penguatan GCG di Anak
• Adopsi ASEAN Corporate Perusahaan • Measurement of the
Governance Scorecard V.2.0 Understanding of Company
• Adoption of Corporate Governance Code of Conduct
• Revision to the Company’s Code of Conduct Guidelines for Public Company • Establishment of
đ , 0!+".0%ü0%+*ƫ+*0.+(+(%5* based on Circular Letter of FSA ANTAM GCG Champion II
Submission of LHKPN Management No. 32/SEOJK.04/2015
đ /0(%/$)!*0+".0%ü0%+*ƫ+*0.+(*%0* • GCG Strengthening in Subsidiaries
LHKPN Administrator Team
• Adoption of ASEAN Corporate Governance
Scorecard V.2.0

TUJUAN PENERAPAN TATA KELOLA DI ANTAM OBJECTIVES OF GOVERNANCE IMPLEMENTATION

IN ANTAM
Dalam kegiatan operasional ANTAM, GCG tidak hanya In ANTAM’s operational activities, GCG is not only an
merupakan kewajiban atau keharusan melainkan suatu obligation or a requirement, but a necessity. Therefore,
kebutuhan. Oleh karena itu, ANTAM berkomitmen ANTAM is committed to apply GCG principles consistently
menerapkan prinsip-prinsip GCG secara konsisten dan and continuously.
berkelanjutan.
Mencapai pertumbuhan dan imbal Mendukung aktivitas pengendalian

hasil yang maksimal bagi seluruh internal dan pengembangan
Stakeholders Perusahaan Perusahaan
To achieve the maximum growth To support the internal control and

and yield to all stakeholders development activities of the Company
Meningkatkan Mengendalikan
pertanggungjawaban dan mengarahkan
kepada Pemangku hubungan yang
Kepentingan baik antara Direksi,
Dewan Komisaris, dan
To enhance seluruh Stakeholders
accountability to the Perusahaan
stakeholders
To control and direct
good relationship
among the Board of
Directors, the Board
Mengelola sumber daya Memperbaiki budaya of Commissioners, and
secara lebih amanah kerja Perusahaan Stakeholders
To manage resources by To enhance the

upholding trustworthiness Company’s work
culture
TAHAPAN IMPLEMENTASI GCG DI ANTAM GCG IMPLEMENTATION STAGE IN ANTAM

Awal penerapan GCG dimulai sejak ANTAM resmi $!ƫ%),(!)!*00%+*%//0.0! 3$!*ƵƵ +þ%((5
mencatatkan sahamnya di Bursa dan merubah statusnya listed its shares on the Indonesia Stock Exchange and
menjadi Perusahaan Terbuka. Dimulai dari kesadaran changed its status to Public Company. This change has built
(awareness) ANTAM bahwa praktik Good Corporate ANTAM’s awareness of the importance of Good Corporate
Governance sangat penting diterapkan guna meningkatkan Governance practices within the Company to enhance
kepercayaan Stakeholders serta mewujudkan bisnis yang stakeholder trust and to create sustainable business
berkelanjutan bagi Perusahaan. Sebagai tindak lanjut for the Company. As a follow-up of such awareness and
dari awareness dan untuk mengukur kualitas penerapan to measure the quality of Good Corporate Governance
Good Corporate Governance, maka ANTAM melaksanakan implementation, ANTAM makes an assessment every year
asesmen setiap tahun baik yang dilakukan oleh Asesor carried out by an Independent Assessor or self assessment.
Independen maupun secara self assessment. Proses The assessment process refers to the parameters which
asesmen tersebut mengacu pada parameter-parameter relevant to ANTAM as a Public Company which listed
yang relevan dengan ANTAM sebagai Perusahaan Terbuka on the Indonesia Stock Exchange and the Australian
yang sahamnya tercatat di Bursa Efek Indonesia dan Bursa Securities Exchange. The assessment results attain advice
Efek Australia. Hasil dari asesmen tersebut menghasilkan and recommendations to maximize GCG best practices in
saran dan rekomendasi yang dipenuhi dalam upaya ANTAM. ANTAM’s GCG implementation is also published
memaksimalkan praktik terbaik GCG di ANTAM. Hasil on the Company’s website, Annual Report and media
implementasi GCG ANTAM secara keseluruhan akan release that can be accessed by all Stakeholders.
dipublikasikan melalui website Perusahaan, Laporan
Tahunan serta rilis media yang dapat diakses oleh seluruh
Stakeholders.

Tahapan Implementasi GCG ANTAM

GCG Implementation Stage in ANTAM
Kesadaran
Awareness
Pengungkapan Kajian
Disclosure Assessment
Peningkatan
Sosialisasi Praktik GCG
Socialization GCG Improvement
STRUKTUR TATA KELOLA PERUSAHAAN CORPORATE GOVERNANCE STRUCTURE

Sesuai dengan Undang-Undang Republik Indonesia In accordance with Limited Liability Company Law Number
Nomor 40 tahun 2007 tentang Perseroan Terbatas 40 of 2007 (UU PT), the structure of corporate governance
(UU PT), struktur tata kelola Perusahaan secara garis besar broadly portrayed on the Company’s principal organs,
tergambarkan pada organ utama Perusahaan yaitu Rapat namely the General Meeting of Shareholders (GMOS), the
Umum Pemegang Saham (RUPS), Dewan Komisaris dan Board of Commissioners and the Board of Directors. As
Direksi. Sebagaimana dimaksud dalam Anggaran Dasar mentioned in the Articles of Association and the prevailing
Perseroan dan peraturan perundang-undangan yang laws and regulation, each organ has a major role in the
berlaku, masing-masing organ mempunyai peran penting implementation of GCG and carry out the functions, duties,
dalam penerapan GCG dan menjalankan fungsi, tugas, dan * .!/,+*/%%(%0%!/"+.0$!!*!ü0+"0$!ƫ+),*5ċ
tanggung jawabnya untuk kepentingan Perusahaan.

Struktur Tata Kelola ANTAM

ANTAM Corporate Governance Structure
Rapat Umum Pemegang Saham Direksi Dewan Komisaris

General Meeting of Shareholders Board of Directors Board of Commissioners
Komite Penunjang Dewan Komisaris

Kantor Pusat
Supporting Committees of
! þ!
the Board of Commissioners
• Corporate • Risk Management • Internal Audit Komite Audit Komite Risk Komite Good
Secretary • Accounting, Tax • Corporate Finance Audit Management Corporate
• Legal & Compliance & Budgeting • Accounting, Tax Committee Risk Governance,
• CSR • Corporate Finance & Budgeting Management Nominasi &
• Information & • Operation Management, • Treasury, Funding Committee Remunerasi
Communication Health, Safety & & Insurance Good
Technology Environment • Post Mining Corporate
đ !*!.(Ƶû%./Ē • Supply Chain and Non Governance,
External Relations Management Productive Asset Nomination &
• Human Capital • Base Metals Sales Management Remuneration
Management & Marketing • Corporate Committee
• Post Mining & Non • Corporate Strategic Strategic
Productive Asset • Subsidiary & Project • Legal &
Management Management Compliance
• Organization • Representative
û!0%2!*!//Ē þ!
Development • Business Development
KEBIJAKAN TATA KELOLA PERUSAHAAN CORPORATE GOVERNANCE POLICY

Sebagai wujud dari komitmen ANTAM untuk As a manifestation of ANTAM’s commitment to fully
mengimplementasikan tata kelola perusahaan yang baik implement good corporate governance, ANTAM enacts
secara penuh, ANTAM memberlakukan berbagai kebijakan various policies such as Corporate Governance Policy
seperti Pedoman Tata Kelola Perusahaan (Corporate (CGP), Code of Conduct (CoC), Board of Commissioner
Governance Policy/CGP), Code of Conduct (CoC), Charter (BOC Charter) and Board of Directors Charter
Charter Dewan Komisaris (BoC Charter) dan Charter (BOD Charter), Supporting Committee to the Board
Direksi (BoD Charter), Charter Komite Penunjang Dewan of Commissioners Charter, Internal Audit Charter, Risk
Komisaris, Charter Internal Audit, Pedoman Kebijakan Management Policy and other policies that support the
Manajemen Risiko, serta kebijakan-kebijakan lainnya yang implementation of corporate governance continuously and
mendukung penerapan tata kelola perusahaan secara consistently. These policies are always updated periodically
berkesinambungan dan konsisten. Berbagai kebijakan ini to adapt to best practices, conditions and development of
selalu dimutakhirkan secara berkala untuk disesuaikan ANTAM’s business environment and changes to various
dengan best practices, kondisi dan perkembangan prevailing laws and regulations and have been published
lingkungan bisnis ANTAM serta perubahan berbagai on ANTAM’s website.
peraturan perundang-undangan yang berlaku dan telah
dipublikasikan dalam situs ANTAM.

Struktur Kebijakan di ANTAM terdiri dari 3 (tiga) tingkat, The Policy Structure in ANTAM consists of 3 (three) levels,
yaitu: namely:
Prinsip GCG
GCG Principles
Transparasi Akuntabilitas Tanggung Jawab Indepedensi Kewajaran

Transparency Accountability Responsibility Independency Fairness
Arahan Strategis Dewan

Komisaris dan Direksi Pedoman Kebijakan Tata Kelola Perusahaan
Strategic Direction of Boards Corporate Governance Policy (CGP) Level 1
Kebijakan Standar Etika

Kebijakan Manajemen Manajemen Perusahaan
Management Policy
Charter
Management Code of Conduct Level 2
Policy (COC)
Sistem dan Prosedur Operasional SOP & Instruksi Kerja

System and Operating Procedure SOP and Work Instruction
Level 3
Agar alur kebijakan tetap konsisten maka di dalam CoC, To keep the policy to remain consistent, in CoC, Charter,
Charter, MP, SOP dan WI harus memuat langsung bagian- MP, SOP and WI must clearly contain subject matters that
bagian yang terkait dengan CGP. Dengan demikian dapat .!(0! 0+ ƫċ $1/Č *5 %*+*/%/0!*5 * +*ý%0 %* 0$!
menghindari ketidakselarasan antara seluruh softstructure policies, which may occur, can be easily detected and
GCG ANTAM. avoided.
Pendekatan Penyusunan Kebijakan berdasarkan Policy Establishment Approach based on

Objective, Risk and Control serta Prinsip-Prinsip Objective, Risk and Control, and GCG Principles
GCG
Penyusunan kebijakan juga memperhatikan arahan The policy formation also considers the strategic directions
strategis dan kebijakan lain yang telah dituangkan dalam and other policies that have been set forth in the previous
kebijakan Dewan Komisaris dan Direksi sebelumnya. Proses policies established by the Board of Commissioners and Board
penyusunan dilakukan secara bertahap melalui Top Down of Directors. The formation process is conducted in stages
Approach dan Bottom Up Approach. through Top Down Approach and Bottom Up Approach.
Risk dan opportunity sebagai “dua sisi mata uang” untuk Risk and opportunity, like “two sides of a coin,” unite
menyatukan governance, risk, dan control. Tujuannya the governance, risk, and control. The aim is to provide
adalah untuk membumikan pemahaman konsep tata kelola understanding of the concept of governance to all levels,
pada semua tingkatan mulai dari manajemen puncak from top management to operators.
hingga penyelia.
Transparency Accountability
Objective
Responsibility Risk Control Independency
Fairness

Kebijakan Tata Kelola Perusahaan Corporate Governance Policy

Pada level 1 (satu), ANTAM memiliki Kebijakan Tata At level 1 (one), ANTAM has a Corporate Governance
Kelola Perusahaan/Corporate Governance Policy (CGP) Policy (CGP) as the principal policy of the Company which
sebagai induk kebijakan Perusahaan yang berisi himpunan contains a set of core management guidelines of the
pedoman-pedoman pokok pengelolaan Perusahaan yang Company that are holistic and integrated in accordance
bersifat holistik dan terintegrasi sesuai prinsip-prinsip with GCG principles. Thus, all regulations, decisions or
GCG. Dengan demikian seluruh peraturan, keputusan policies issued by ANTAM should refer to CGP as the
atau kebijakan yang dikeluarkan ANTAM harus merujuk standard and basic guidelines in its formation.
pada CGP sebagai standar dan pedoman dasar dalam
pembentukannya.
Corporate Governance Policy (CGP) sebagai induk kebijakan Perusahaan memuat

hal-hal sebagai berikut:
1. Hubungan antara Perusahaan dengan Pemegang Saham;
2. Fungsi serta Peran Dewan Komisaris dan Direksi;
3. Hubungan antara Perusahaan dengan Pemangku Kepentingan;
4. Pedoman GCG yang Diadopsi oleh Perusahaan;
5. Prinsip-prinsip mengenai Kebijakan Perusahaan.
Corporate Governance Policy (CGP) as the principal policy of the Company consists
of the followings:
1. Relationship between the Company and Shareholders;
2. Functions and roles of the Board of Commissioners and the Board of Directors;
3. Relationship between the Company and Stakeholders;
4. GCG Guidelines Adopted by the Company;
5. Principles of the Company’s policies.
INTERNALISASI GCG INTERNALIZATION OF GCG

Guna memberikan pemahaman tentang penerapan In order to provide an understanding of the implementation
tata kelola Perusahaan yang baik serta sejauh mana of good corporate governance and informed how far the
implementasi GCG di ANTAM telah dilaksanakan, implementation of GCG at ANTAM has been implemented,
pada tahun 2018 telah dilaksanakan Sosialisasi GCG, in 2018 the Company conducted socialization of GCG,
!*#!* (%* .0%ü'/% Ē !*#!(+(* % *%0 .0%ü0%+* ƫ+*0.+( Ē 00! þ%( !(0$ !,+.0
Bisnis Pertambangan Emas pada tanggal 1 Maret 2018 (LHKPN) Management in Gold Mining Business Unit
serta di Unit Bisnis Pertambangan Nikel Sulawesi Tenggara on March 1, 2018. The socialization is also conducted in
pada tanggal 27-28 Maret 2018. Dalam Sosialisasi ini, Southeast Sulawesi Nickel Mining Business Unit on March
ANTAM juga bekerja sama dengan Komisi Pemberantasan 27-28, 2018. In this socialization, ANTAM also associated
Korupsi (KPK) untuk menyampaikan pemaparan terkait with the Corruption Eradication Commission (KPK) to
!*#* (%*.0%ü'/%ċ present information related to Gratuity Control.
Penanaman nilai-nilai GCG juga dilakukan melalui portal The internalization of GCG values is also carried out
internal Perusahaan, sosialiasi melalui email kepada seluruh through the Company’s internal portal, email dissemination
Pegawai, maupun publikasi pada website Perusahaan yang to all employees, as well as publications on the Company’s
dapat dilihat dan diunduh dengan mudah oleh Pegawai website which can be viewed and downloaded easily by
Perusahaan maupun Stakeholders. the Company’s Employees and Stakeholders.

Rapat Umum Pemegang Saham

General Meeting of Shareholders
RUPS Tahunan Tahun Buku 2017

Annual GMOS for Financial Year 2017
Rapat Umum Pemegang Saham (RUPS) adalah organ General Meeting of Shareholders (GMOS) is the organ of
Perusahaan yang mempunyai wewenang yang tidak the Company, which has the authority that is not granted
diberikan kepada Direksi atau Dewan Komisaris dalam to the Board of Directors or the Board of Commissioners
batas yang ditentukan dalam Undang-undang Perseroan 3%0$%*0$!(%)%0//,!%ü! %*0$!%)%0! %%(%05ƫ+),*5
Terbatas dan/atau Anggaran Dasar Perseroan. RUPS Law and/or the Company’s Articles of Association.
merupakan wadah para Pemegang Saham untuk dapat GMOS is a forum for Shareholders to use their rights for
menggunakan hak yang dimilikinya untuk mengemukakan expressing opinions and obtaining information relating to
pendapat dan memperoleh keterangan yang berkaitan the Company as long as it relates to the agenda for the
dengan Perusahaan sepanjang berhubungan dengan mata meeting and not contrary to the interests of the Company
acara rapat dan tidak bertentangan dengan kepentingan by considering the provisions of the Company’s Articles of
Perusahaan serta memperhatikan ketentuan Anggaran Association and the laws and regulations. Decisions made
Dasar Perseroan dan peraturan perundang-undangan. at the GMOS should be based on the Company’s long-term
Keputusan yang diambil dalam RUPS harus didasarkan business interests.
pada kepentingan usaha Perusahaan dalam jangka panjang.
PEMEGANG SAHAM SHAREHOLDERS

Pemegang Saham adalah individu atau badan hukum yang Shareholders are individuals or legal entities that legally
secara sah memiliki saham Perusahaan. Sesuai Anggaran own the Company’s shares. According to the Company’s
Dasar Perseroan, saham Perseroan terdiri atas: Articles of Association, ANTAM’s share consist of:
1. Saham Seri A Dwiwarna yang hanya khusus dapat 1. Series A Dwiwarna Shares which may be owned
dimiliki Negara Republik Indonesia; dan /,!%ü((550$!00!+"0$!!,1(%+" * +*!/%Ď*
2. Saham Seri B yang dapat dimiliki oleh Negara Republik 2. Series B Shares which may be owned by the State of the
Indonesia dan/atau masyarakat. Republic of Indonesia and/or public.

Struktur kepemilikan Saham Seri B ANTAM sebesar 35% 35% of Series B Shares of ANTAM owned by Public and
dimiliki oleh Masyarakat/Publik dan 65% oleh PT Indonesia 65% by PT Indonesia Asahan Aluminium (Persero). The
Asahan Aluminium (Persero). Adapun penjelasan mengenai explanation about the shareholders composition is listed
susunan pemegang saham terdapat pada Laporan Tahunan in this Annual Report in the section of Shares and Bonds
ini bagian Ikhtisar Saham dan Obligasi. Overview.
Hak Pemegang Saham Shareholder Rights

Pemegang saham Seri A Dwiwarna dan Pemegang Saham The Series A Dwiwarna Shareholders and the Series
Seri B mempunyai hak yang sama sepanjang dalam B shareholders shall have equal rights in so far as not
Anggaran Dasar Perseroan tidak ditetapkan lain. determined otherwise in the Articles of Association.
Sesuai Anggaran Dasar Perseroan, Saham Seri A Dwiwarna According to the Articles of Association, the Series A
adalah saham yang dimiliki khusus oleh Negara Republik 3%3.*$.!/$((!0$!/$.!//,!%ü((5+3*! 5
Indonesia yang memberikan kepada pemegangnya hak the State of the Republic of Indonesia granting the owner
istimewa sebagai Pemegang Saham Seri A Dwiwarna. Hak- privileges as the Series A Dwiwarna Shareholder. The rights
hak Pemegang Saham Seri A Dwiwarna yang dimaksud of the Series A Dwiwarna Shareholder referred to the point
adalah: above comprise of:
1. Hak untuk menyetujui dalam RUPS mengenai hal-hal 1. The right to resolve in a General Meeting of Shareholder
sebagai berikut: on the following matters:
a. Persetujuan pengangkatan dan pemberhentian a. Approval on the appointment and dismissal of the
anggota Direksi dan Dewan Komisaris; members of the Board of Directors and the Board
b. Persetujuan perubahan Anggaran Dasar; of Commissioners;
c. Persetujuan perubahan struktur kepemilikan saham; b. Approval on the amendment to the Articles of
d. Persetujuan terkait penggabungan, peleburan, Association;
pemisahan dan pembubaran serta pengambilalihan c. Approval on the amendment of the structure of
Perseroan oleh perusahaan lain. shares ownership;
2. Hak untuk mengusulkan Calon Anggota Direksi dan d. Approval on the merger, consolidation, split and
Calon Anggota Dewan Komisaris; the liquidation as well as the acquisition of the
3. Hak untuk mengusulkan mata acara RUPS; Company by other company.
4. Hak untuk meminta dan mengakses data dan dokumen 2. The right to propose Candidate Members of the Board
Perseroan; of Directors and Candidate Members of the Board of
5. Hak untuk menetapkan pedoman yang bersifat Commissioners;
strategis Perseroan dalam bidang sebagai tercantum 3. The right to propose agenda of the GMOS;
dalam Anggaran Dasar Perseroan. 4. The right to request for and access the Company’s data
and documents;
5. The rights to determine the strategic guidelines of
the Company on the following sector as stated in the
Articles of Association:
Pelaksanaan terhadap hak istimewa Pemegang Saham Implementation of the Series A Dwiwarna Shareholder’s
Seri A Dwiwarna sebagaimana di atas dapat dikuasakan entitlement as above may be granted to the Majority of
kepada pemegang saham Seri B, terbanyak Perseroan, Shareholders of Series B, except for the exercise of the
kecuali pelaksanaan hak istimewa pada angka 1.c dan 1.d. privilege of 1.c and 1.d.
Selanjutnya, sesuai Surat Kuasa Khusus Nomor SKK-14/ Furthermore, in accordance with Special Power of Attorney
MBU/5/2018 tanggal 31 Mei 2018 Pemegang Saham Seri A Number SKK-14/MBU/5/2018 dated on May 31, 2018 Series
Dwiwarna memberikan kuasa khusus kepada PT Indonesia A Dwiwarna Shareholders gives special authority to PT
Asahan Aluminium (Persero) selaku pemegang saham Seri Indonesia Asahan Aluminium (Persero) as the Majority
B terbanyak Perseroan untuk melakukan tindakan-tindakan Shareholders of Series B to take actions that are the
yang menjadi kewenangan dan/atau hak Pemegang Saham authority and/or rights of Series A Dwiwarna Shareholders
Seri A Dwiwarna sebagaimana tercantum di atas, termasuk as listed above, including the right to approve the proposals
di dalamnya hak untuk menyetujui usulan Dewan Komisaris of the ANTAM’s Board of Commissioners for the actions
ANTAM atas tindakan-tindakan Direksi sebagaimana of the Board of Directors as referred to in the Articles of
dimaksud dalam Anggaran Dasar Perseroan. Association of the Company.

Tanggung Jawab Pemegang Saham Shareholder Responsibility

Seluruh pemegang saham harus dapat: All shareholders shall be able to:
1. Memisahkan kepemilikan harta Perusahaan dengan 1. Separate ownership of Company property from private
kepemilikan harta pribadi; property;
2. Memisahkan fungsinya sebagai pemegang saham dan 2. If a shareholder is also holding a position as a member
sebagai anggota Dewan Komisaris atau Direksi dalam of the Board of Commissioners or the Board of
hal pemegang saham menjabat pada salah satu dari Directors, separate its functions as a shareholder from
kedua organ tersebut. its function in any of those two Company’s organs.
Pemegang saham pengendali harus dapat: A controlling shareholder shall be able to:
1. Memperhatikan kepentingan pemegang saham 1. Consider the interests of minority shareholders and
minoritas dan para pemangku kepentingan sesuai stakeholders in accordance with the prevailing laws
peraturan perundang-undangan; and regulations;
2. Mengungkapkan kepada instansi penegak hukum 2. Disclose to the law enforcement authorities the
tentang pemegang saham pengendali yang sebenarnya actual Ultimate Shareholders if there is any alleged
(Ultimate Shareholders) dalam hal terdapat dugaan violation against the prevailing laws and regulation or
terjadinya pelanggaran terhadap peraturan perundang- being requested by the relevant authorities.
undangan atau dalam hal diminta oleh otoritas terkait.
Dalam hal pemegang saham menjadi pemegang saham In case a shareholder becomes controlling shareholders
pengendali pada beberapa perusahaan, perlu diupayakan in several companies, it is necessary to make his
agar akuntabilitas dan hubungan antar perusahaan dapat accountability and inter-company relationships
dilakukan secara transparan. Pemegang saham minoritas transparent. Minority shareholders are responsible for
bertanggung jawab untuk menggunakan haknya dengan exercising their rights appropriately in accordance with the
baik sesuai dengan Anggaran Dasar Perseroan dan Company’s Articles of Association and the prevailing laws
peraturan perundang-undangan. and regulations.
Kebijakan Hubungan dengan Pemegang Saham Shareholder Relation Policy

ANTAM telah menyediakan informasi yang sama kepada ANTAM has provided the Shareholders with same
Pemegang Saham secara tepat waktu, benar dan information in a timely, correct and regular manner.
teratur. Adapun kebijakan Perusahaan yang mendukung The Company’s policy that support the availability of
ketersediaan informasi kepada pemegang saham yaitu: information to shareholders are:
Kebijakan Proses Hubungan dengan K

Kebijakan Hubungan dan Komunikasi dengan
Investor dan Pemegang Saham Pihak Eksternal dan Internal Perusahaan
P
berdasarkan SK Direksi Nomor 192.K/0732/
2/
/ Berdasarkan SK Direksi Nomor 081.K/0502/
B
DAT/2009 tanggal 3 Agustus 2009 DAT/2011 tanggal 2 Mei 2011
D
Investor and Shareholder’s Relations E

External & Internal Relations Communication
Policy Based on the BOD Decree Number P
Policy Based on BOD Decree Number
192.K/0732/DAT/2009 on August 3, 2009 081.K/0502/DAT/2011 dated on May 2, 2011
0
Kebijakan Perdagangan Efek Berbentuk Kebijakan

K Pengungkapan Informasi diterbitkan
Saham diterbitkan melalui SK Direksi melalui
m SK Direksi Nomor 241.K/02/DAT/2013
Nomor 242.K/02/DAT/2013 tanggal yang
y ditandatangani oleh Direktur Utama
27 September 2013 tanggal
t 27 September 2013
Share Trading Policy through Securities Disclosure

D of Information Policy Based on BOD
Stock Based on the BOD Decree Number D
Decree Number 241.K/02/DAT/2013 signed by
242.K/02/DAT/2013 on September 27, 2013 3 t
the President Director on September 27, 2013
Saat ini Perusahaan sedang melakukan review terhadap Currently, company conducting review to all that policy
kebijakan tersebut sesuai dengan regulasi terkini dan related to the latest regulation and the development of the
perkembangan lingkungan bisnis terkini. Keempat (0!/01/%*!//!*2%.+*)!*0ċ$+/!"+1.,+(%%!/.!.%!ý5
kebijakan tersebut secara ringkas dipublikasikan dalam published on ANTAM internal portal and website.
portal internal dan situs ANTAM.

Akses Informasi kepada Pemegang Saham Access to Information for Shareholders

ANTAM telah menyediakan akses terhadap informasi untuk ANTAM has provided the shareholders with the access
memungkinkan pemegang saham melaksanakan hak dan to information to enable them to exercise their rights and
tanggung jawabnya, yaitu: carry out their responsibilities:
RUPS
General Meeting of Shareholders
Media penyampaian laporan dan informasi
dimana memungkinkan pemegang saham dapat
berpatisipasi dalam pengambilan keputusan
Media Sosial
The media to reporting and giving information Social Media
which all of shareholders can participate to make đ 3%00!.čĮ+þ%(ƵƵ
decision • Facebook: PT ANTAM Tbk
đ +101!$**!(þ%(ƵƵ
Media Elektronik Pertemuan dengan Investor

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PENYELENGGARAAN RUPS ORGANIZATION OF GENERAL MEETING OF

SHAREHOLDERS
Pada tahun 2018, Perusahaan melaksanakan Rapat In 2018, the Company conducted Annual General
Umum Pemegang Saham Tahunan pada tanggal Meeting of Shareholders that was held on April 12, 2018.
12 April 2018. Proses penyelenggaraan Rapat Umum The process for conducting the Annual General Meeting
Pemegang Saham Tahunan dilaksanakan berdasarkan of Shareholders refers to the Company’s Articles of
Peraturan Otoritas Jasa Keuangan Nomor 32/ Association and in accordance with the Regulation of the
POJK.04/2014 tentang Rencana dan Penyelenggaraan Financial Services Authority Number 32/POJK.04/2014
Rapat Umum Pemegang Saham Perusahaan Terbuka concerning the Planning and Organizationing of the
sebagaimana telah diubah menjadi Peraturan Otoritas Jasa General Meeting of Shareholders of the Public Companies
Keuangan Nomor 10/POJK.04/2017. that has been amended with Regulation of the Financial
Services Authority Number 10/POJK.04/2017.
Pada pelaksanaan RUPS Tahunan, rapat dipimpin oleh The Annual General Meeting of Shareholders shall be chaired
Komisaris Utama dengan terlebih dahulu menyampaikan 5 0$! .!/% !*0 ƫ+))%//%+*!. 5 ü./0(5 %*"+.)%*# 0$0
bahwa pelaksanaan RUPS mengacu pada tata tertib the General Meeting of Shareholders is held by referring to
RUPS yang telah dibagikan. Pimpinan Rapat memberikan the GMOS rules that have been distributed. The Chairman
kesempatan kepada pemegang saham dan/atau kuasanya of the Meeting gives opportunities to shareholders and/
untuk mengajukan pertanyaan/tanggapan dan/atau or their attorneys to put forward questions on/responses
usulan pada setiap mata acara rapat. Pimpinan Rapat atau 0+ !$ #!* "+. 0$! +*ý1!*!ċ $! ƫ$%.,!./+* +.
Direktur yang ditunjuk oleh Pimpinan Rapat menjawab Director appointed by the Chairperson gives answers or
atau menanggapi pertanyaan/catatan pemegang saham response to the questions raised or notice of shareholders
yang hadir. Setelah semua pertanyaan dijawab dan who attend the meeting. After that, the voting is carried
ditanggapi selanjutnya dilakukan pemungutan suara dan out and only shareholders and/or their legitimate attorneys
hanya pemegang saham dan/atau kuasanya yang sah yang are entitled to vote.
berhak untuk mengeluarkan suara.

Tahapan Penyelenggaraan RUPS Tahun Buku 2017

Stages of the Annual GMOS for Financial Year 2017
Pengumunan RUPS Pengumuman RUPS Pengumuman RUPS telah disampaikan melalui iklan
disampaikan paling lambat di harian Bisnis Indonesia dan Kontan, Situs Web
14 hari sebelum tanggal Bursa Efek Indonesia, Situs Web Otoritas Jasa
6 Maret 2018 pemanggilan RUPS Keuangan (OJK), Situs Web Bursa Efek Australia
March 6, 2018 dan Web Perseroan
Announcement of GMOS is
submitted no later than 14 Announcement of GMOS was made through
days prior to Invitation of advertisements in newspaper namely Bisnis Indonesia
GMOS and Kontan, the Indonesia Stock Exchange (BEI)
website, Financial Services Authority (FSA) Website,
Australian Securities Exchange (ASX) website,
the Company’s website
Pemanggilan RUPS Pemanggilan RUPS Pemanggilan RUPS telah disampaikan melalui iklan
disampaikan paling lambat di harian Bisnis Indonesia dan Kontan, Situs Web
Invitation of GMOS 21 hari sebelum tanggal Bursa Efek Indonesia, Situs Web Otoritas Jasa
pelaksanaan RUPS Keuangan (OJK), Situs Web Bursa Efek Australia
21 Maret 2018 dan Web Perseroan
Announcement of GMOS
March 21, 2018 is submitted no later than Announcement was made through advertisements
21 days prior to GMOS in newspaper namely Bisnis Indonesia and Kontan,
the Indonesia Stock Exchange website, Financial
Services Authority (FSA) Website, Australian Securities
Exchange (ASX) website, the Company’s website
Pelaksanaan RUPS Tempat | Location Jumlah Saham dengan

Flores Ballroom Hak Suara/Kuorum
GMOS Hotel Borobudur 18.581.417.146
Jl. Lapangan Banteng Number of Shares with Lembar Saham | Shares
12 April 2018 Selatan No. 1 Jakarta Options/Quorum 77,3234533%
April 12, 2018
Penyampaian Ringkasan Risalah RUPS Penyampaian Ringkasan Risalah RUPS melalui Situs
disampaikan paling lambat Web Bursa Efek Indonesia, Situs Web Otoritas Jasa
Ringkasan Risalah 2 hari setelah tanggal Keuangan, Situs Web Bursa Efek Australia serta Web
RUPS pelaksanaan RUPS Perseroan pada tanggal 13 April 2018, dan melalui iklan
Submission Summary di harian Bisnis Indonesia dan Kontan pada tanggal
Summary of Minutes 16 April 2018
of GMOS of Meeting of GMOS
is submitted 2 days Submission Summary of GMOS through Indonesia
13 & 16 April 2018 after GMOS Stock Exchange website, Financial Services Authority
(FSA) website, Australian Securities Exchange
April 13 & 16, 2018 website, Company’s website on April 13, 2018 and
advertisements in newspaper namely Bisnis Indonesia
and Kontan on April 16, 2018
Penyampaian Risalah/Berita Acara RUPS Penyampaian Risalah/Berita Acara RUPS melalui surat
disampaikan paling lambat kepada Otoritas Jasa Keuangan, Bursa Efek Indonesia,
Risalah/Berita Acara 30 hari setelah tanggal Kementerian BUMN dan dipublikasikan dalam web
RUPS pelaksanaan RUPS Perseroan.
Submission Minutes
Minutes of Meeting of GMOS Through a letter to the FSA, BEI, Ministry of SOE
of Meeting of GMOS is submitted 30 days and published in the Company’s website
after GMOS
11 Mei 2018
May 11, 2018

Ketentuan Kuorum Terms of Quorum

Kuorum kehadiran dan kuorum keputusan RUPS untuk A quorum for the attendance and resolution of GMOS on
mata acara yang harus diputuskan dalam RUPS dilakukan the agenda to be resolved in the GMOS shall be made in
dengan mengikuti ketentuan berdasarkan Peraturan accordance with the provisions under the Regulation of the
Otoritas Jasa Keuangan dan Anggaran Dasar Perseroan. Financial Services Authority and the Company’s Articles of
Association.
Kuorum kehadiran dalam RUPS Tahun Buku 2017 telah The quorum for attendance of the GMOS of Financial
terpenuhi dan Rapat adalah sah dan dapat mengambil Year 2017 has been met and the Meeting is valid and may
keputusan-keputusan yang sah dan mengikat bagi para take valid decisions which are binding on the Company’s
Pemegang Saham Perseroan untuk setiap Mata Acara Shareholders for each agenda for the GMOS.
Rapat.
Proses Penghitungan Suara Process of Vote Counting

Perhitungan suara dan prosedur pemungutan suara The vote counting and voting procedures in the Annual
dalam RUPS Tahunan dijelaskan dalam Tata Tertib RUPS General Meeting of Shareholders are described in the
yang dibagikan kepada pemegang saham dan dibacakan GMOS rules which distributed to shareholders and read by
oleh Pimpinan Rapat sebelum RUPS dimulai. Informasi the Chairman of the Meeting before the GMOS commences.
mengenai Tata Tertib RUPS dipublikasikan dalam situs The information about the rules of the GMOS is published
Perseroan sebelum pelaksanaan RUPS. on the Company’s website before the GMOS.
Adapun mekanisme pengambilan keputusan RUPS adalah The mechanism of taking resolutions in the GMOS are as
sebagai berikut: follow:
1. Keputusan Rapat diambil berdasarkan musyawarah 1. All resolutions shall be adopted by deliberation for
untuk mufakat. Dalam hal keputusan berdasarkan consensus. If failing to adopting deliberation for
musyawarah untuk mufakat tidak tercapai, maka consensus, the resolution shall be adopted by voting/
keputusan diambil dengan pemungutan suara, sesuai ballot, in accordance with taking resolutions’ quorum
dengan kuorum pengambilan keputusan yang diatur di as stipulated in the Company’s Articles of Association;
dalam Anggaran Dasar Perusahaan; 2. The voting in each agenda of the Meeting is carried out
2. Pemungutan suara terhadap setiap mata acara with open polling, of which those who are willing to cast
Rapat dilakukan secara terbuka dengan prosedur votes to DISAGREE and/or ABSTAIN, are permitted to
mempersilahkan mereka yang TIDAK SETUJU dan/ raise their hands and submit their completed voting
atau memberikan suara ABSTAIN untuk mengangkat . /0+0$!+þ!./+"0$! !!0%*#ċ$+/!3$+ +*+0
tangan dan menyerahkan kartu suara yang telah diisi raise their hands shall be deemed to have cast the same
kepada petugas Rapat. Mereka yang tidak mengangkat 2+0!//0$!)&+.%05$.!$+( !.//0%*#þ.)0%2!
tangan, dianggap mengeluarkan suara yang sama votes.
dengan suara mayoritas Pemegang Saham.
Perseroan telah menunjuk pihak independen dari The Company has appointed an independent party from
Biro Administrasi Efek dan Notaris untuk melakukan Security Administrator Bureau and Notary to perform vote
penghitungan suara dan/atau melakukan validasi. counting and/or validation.
Kehadiran Dewan Komisaris, Direksi, Lembaga & Attendance of the Board of Commissioners, the
Profesi Penunjang Pasar Modal Board of Directors, Capital Market Supporting
Institutions & Professions
Pelaksanaan RUPS Tahun Buku 2017 dihadiri oleh seluruh The Annual GMOS for Financial Year 2017 was attended
anggota Dewan Komisaris dan Direksi yang menjabat by all of the members of the Board of Commissioners and
sampai pada saat Rapat tersebut diselanggarakan dan the Board of Directors who had served the Company until
dihadiri oleh Lembaga & Profesi Penunjang Pasar Modal the meeting was held. The meeting was also attended by
sebagaimana tercantum dalam tabel di bawah ini. the Capital Market Supporting Institutions & Professions as
written in the table below.

Kehadiran Dewan Komisaris dalam RUPS Tahun Buku 2017

The Board of Commissioners Attendance in the GMOS for Financial Year 2017
Kehadiran dalam RUPS
Nama Jabatan Keanggotaan pada Komite Tahun Buku 2017
Name Position Membership in Committee Attendance in Annual GMOS
for Financial Year 2017
Fachrul Razi Komisaris Utama Ketua Komite GCG-NR
3
President Commissioner Chairman of GCG-NR Committee
Zaelani Komisaris Wakil Ketua Komite Audit
3
Commissioner Vice Chairman of Audit Committee
Robert A. Simanjuntak Komisaris Ketua Komite Manajemen Risiko
Commissioner Chairman of Risk Management 3
Committee
Gumilar Rusliwa Somantri Komisaris Independen Ketua Komite Audit
3
Independent Commissioner Chairman of Audit Committee
Anang Sri Kusuwardono Komisaris Independen Wakil Ketua Komite GCG-NR
3
Independent Commissioner Vice Chairman of GCG-NR Committee
Bambang Gatot Ariyono* Komisaris Wakil Ketua Komite Manajemen Risiko
Commissioner Vice Chairman of Risk Management 3
Committee
*) Berhenti tanggal 6 Agustus 2018 Ceased on August 6, 2018
Kehadiran Direksi dalam RUPS Tahun Buku 2017

The Board of Directors Attendance in the GMOS for Financial Year 2017
Nama Jabatan Kehadiran dalam RUPS Tahun Buku 2017
Name Position Attendance in Annual GMOS for Financial Year 2017
Arie Prabowo Ariotedjo Direktur Utama
3
President Director
Dimas Wikan Pramudhito Direktur Keuangan
3
Finance Director
Sutrisno S. Tatetdagat Direktur Pengembangan
3
Tatang Hendra Direktur Pemasaran
3
Marketing Director
Hari Widjajanto Direktur Operasi
3
Operations Director
Johan NB Nababan Direktur Human Capital & CSR
3
Human Capital & CSR Director
Kehadiran Lembaga & Profesi Penunjang Pasar Modal

Attendance of the Capital Market Supporting Institutions & Professions
Biro Administrasi Efek
Notaris Kantor Akuntan Publik
Securities Administration
Notary Public Accounting Firm
Agencies
PT Datindo Entrycom Jose Dima Satria, S.H., M.Kn. Akuntan Publik perwakilan Kantor Akuntan Publik
Tanudiredja, Wibisana, Rintis & Rekan
Public Accountant representative of Public Accountant
Firm Tanudiredja, Wibisana, Rintis & Partner
Hasil Keputusan RUPS Tahun Buku 2017 Resolution of GMOS of Financial Year 2017
Hingga Laporan Tahunan ini diterbitkan, seluruh keputusan Until this Annual Report is published, all resolution of the
RUPS Tahun Buku 2017, telah seluruhnya dilaksanakan. GMOS for Financial Year 2017 have been fully implemented.
Penjelasan atas setiap mata acara RUPS Tahun Buku 2017 Description of each agenda of the GMOS for Financial Year
tercantum dalam tabel di bawah ini. 2017 is listed in the table below.

Hasil RUPS Tahun Buku 2017

Resolution of Annual GMOS for Financial Year 2017
Mata Acara Rapat Pertama
The First Agenda of The Meeting
Mata Acara Agenda
Persetujuan Laporan Tahunan Perseroan mengenai keadaan dan The approval of the Annual Report of the Company on the
jalannya Perseroan selama Tahun Buku 2017 termasuk Laporan condition and activities of the Company during the Financial Year
Pelaksanaan Tugas Pengawasan Dewan Komisaris selama Tahun of 2017, including the Annual Supervisory Report of the Board of
Buku 2017 dan Pengesahan Laporan Keuangan Perseroan Tahun ƫ+))%//%+*!./ 1.%*#0$!%**%(!.+"ĂĀāĈ* 0$!.0%ü0%+*
Buku 2017 sekaligus pemberian pelunasan dan pembebasan of the Audited Financial Statements of the Company for the
tanggung jawab sepenuhnya (volledig acquit et de charge) kepada Financial Year of 2017, as well as the approval to fully release and
Direksi dan Dewan Komisaris Perseroan atas pengurusan dan discharge (volledig acquit et de charge) the members of the Board
pengawasan yang telah dijalankan selama Tahun Buku 2017. of Directors and the Board of Commissioners of the Company from
their managerial and supervisory responsibilities in relation to the
Company during the Financial Year of 2017.
Jumlah Pemegang Saham yang mengajukan pertanyaan dan/atau Number of Shareholders who rendered queries and/or opinions
memberikan pendapat 7 (seven) persons
7 (tujuh) orang
Hasil Pemungutan Suara The Results of the Voting
Setuju 18.288.343.946 98,4227619% Agree
Tidak Setuju 0 0,0000000% Do not Agree
Abstain 293.073.200 1,5772382% Abstain
Keputusan Mata Acara Rapat Pertama The Resolution of the First Agenda of the Meeting
1. Menyetujui Laporan Tahunan mengenai keadaan dan jalannya 1. Approved the Annual Report of the Company on the condition
Perseroan selama Tahun Buku 2017 termasuk Laporan and activities of the Company for the Financial Year of 2017
Pelaksanaan Tugas Pengawasan Dewan Komisaris selama Tahun including the Oversight Report of the Board of Commissioners
Buku 2017. for the Financial Year of 2017.
2. Mengesahkan Laporan Keuangan Konsolidasian Perseroan Ăċ 0%ü! 0$!ƫ+*/+(% 0! %**%(00!)!*0/+"0$!ƫ+),*5
yang telah diaudit oleh Kantor Akuntan Publik Tanudiredja, which has been audited by Public Accountant Firm Tanudiredja,
Wibisana, Rintis & Rekan sebagaimana dimuat dalam Laporannya Wibisana, Rintis & Rekan, as stated in Report Number: A180309010/
Nomor: A180309010/DC2/DKO/2018 tanggal 9 Maret 2018, DC2/DKO/2018 dated March 9, 2018 with the following opinion
dengan opini, “Wajar, dalam semua hal yang material, posisi ė%.Č%*(()0!.%(.!/,!0/Č0$!+*/+(% 0! ü**%(,+/%0%+*
keuangan konsolidasian PT Aneka Tambang Tbk dan entitas of PT Aneka Tambang Tbk and subsidiaries as at 31 December
anak tanggal 31 Desember 2017, serta kinerja keuangan dan ĂĀāĈČ * 0$!%. +*/+(% 0! ü**%( ,!."+.)*! * /$
arus kas konsolidasiannya untuk tahun yang berakhir pada ý+3/"+.0$!5!.0$!*!* ! Č%*+. *!3%0$0$! * +*!/%*
tanggal tersebut, sesuai dengan Standar Akuntansi Keuangan di Financial Accounting Standards”, and granted the full discharge
Indonesia”, sekaligus memberikan pelunasan dan pembebasan and release (volledig acquit et de charge) to the Board of
tanggung jawab sepenuhnya (volledig acquit et de charge) Directors and the Board of Commissioners for their actions for
kepada Direksi dan Dewan Komisaris atas tindakan pengurusan and supervision of, the Company for the Financial Year of 2017,
dan pengawasan Perseroan yang telah dilakukan selama in so far as the aforementioned actions and supervision do not
Tahun Buku 2017, sepanjang bukan merupakan tindak pidana constitute a criminal act or violates the prevailing regulation(s)
atau melanggar ketentuan dan prosedur hukum yang berlaku * (!#( ,.+! 1.!/Č * / (+*# / .!+. ! %* 0$! ü**%(
serta tercatat pada Laporan Keuangan Perseroan dan tidak statements of the Company and are not in contradiction with the
bertentangan dengan peraturan perundang-undangan. regulations.
Tindak Lanjut Follow up
Keputusan Langsung Berlaku $!!/+(10%+* ))! %0!(50++'!û!0
Mata Acara Rapat Kedua

The Second Agenda of The Meeting
Mata Acara Agenda
Pengesahan Laporan Tahunan termasuk Laporan Keuangan $! ,,.+2( +" 0$! Ƶ**1( !,+.0 %*(1 %*# 0$! ü**%( .!,+.0Č
Program Kemitraan dan Program Bina Lingkungan Tahun Buku of the Partnership Program and the Community Development
2017 sekaligus pemberian pelunasan dan pembebasan tanggung Program during the Financial Year of 2017 and the approval to fully
jawab sepenuhnya (volledig acquit et de charge) kepada Direksi release and discharge (volledig acquit et de charge) the members
dan Dewan Komisaris Perseroan atas pengurusan dan pengawasan of the Board of Directors and the Board of Commissioners from
Program Kemitraan dan Program Bina Lingkungan yang telah their managerial and supervisory responsibilities in relation to the
dijalankan selama Tahun Buku 2017. Partnership Program and the Community Development Program
during the Financial Year of 2017.
memberikan pendapat None
Tidak ada
Setuju 18.288.343.946 98,4227619% Agree
Abstain 293.073.200 1,5772382% Abstain

Mata Acara Rapat Kedua

The Second Agenda of The Meeting
Keputusan Mata Acara Rapat Kedua The Resolution of the Second Agenda of the Meeting
1. Mengesahkan Laporan Tahunan termasuk Laporan Keuangan āċ 0%ü! 0$! Ƶ**1( !,+.0 +" 0$! .0*!./$%, * ƫ+))1*%05
Program Kemitraan dan Program Bina Lingkungan Tahun Development Program for the date ended on December
Buku 2017 yang berakhir pada tanggal 31 Desember 2017 yang 31st, 2017, which was audited by the Public Accountant Firm
diaudit oleh Kantor Akuntan Publik Tanudiredja, Wibisana, Tanudiredja, Wibisana, Rintis & Rekan, as stated in Report
Rintis & Rekan, sebagaimana dimuat dalam laporannya Number A180309013/DC2/DKO/2018 dated March 09, 2018 with
Nomor: A180309013/DC2/DKO/2018 tanggal 09 Maret 2018 0$! "+((+3%*# +,%*%+* ė%.Č %* (( )0!.%( /,!0/Č 0$! ü**%(
Dengan pendapat “Wajar, dalam semua hal yang material, position of the Partnership and Community Development Unit
posisi keuangan Unit Program Kemitraan dan Bina Lingkungan of PT Aneka Tambang Tbk as of December 31st, 2017, and their
PT Aneka Tambang Tbk pada tanggal 31 Desember 2017, serta ü**%(0%2%05* 0$!%./$ý+3/"+.0$!5!.0$!*!* ! Č%*
aktivitas dan arus kasnya untuk tahun yang berakhir pada tanggal accordance with SAKETAP”, and granted the full discharge and
tersebut sesuai dengan Standar Akuntansi Keuangan Entitas release (volledig acquit et de charge) to the Board of Directors and
Tanpa Akuntabilitas Publik di Indonesia”, serta memberikan the Board of Commissioners for their actions for and supervision
pelunasan dan pembebasan tanggung jawab sepenuhnya of, the Partnership and Community Development Programs
(volledig acquit et de charge) kepada Direksi dan Dewan for the Financial Year of 2017, in so far as the aforementioned
Komisaris atas tindakan pengurusan pengawasan Program actions and supervision do not constitute a criminal act and/or
Kemitraan dan Bina Lingkungan yang telah dilakukan selama violates the prevailing regulation(s) and legal procedures, and as
Tahun Buku 2017, sepanjang bukan merupakan tindak pidana long as recorded in the Annual Report of the Partnership and
dan/atau melanggar ketentuan dan prosedur hukum yang Community Development Programs of the Company and are not
berlaku serta tercatat pada Laporan Tahunan Program Kemitraan in contradiction with the regulations.
dan Bina Lingkungan Perseroan dan tidak bertentangan dengan
peraturan perundang-undangan.
2. Memberikan kuasa kepada Dewan Komisaris dengan terlebih 2. Granted the authority to the Board of Commissioners upon
dahulu mendapat persetujuan tertulis dari Pemegang Saham obtaining the prior written approval from the A-Series Dwiwarna
Seri A Dwiwarna terkait kewenangan RUPS sebagaimana diatur Shareholder regarding the authority of the General Meeting of
dalam Peraturan Menteri BUMN Nomor: PER09/MBU/07/2015 Shareholders stipulated under the Regulations of the Minister of
sebagaimana diubah terakhir dengan Peraturan Menteri BUMN State-Owned Enterprises Number: PER09/MBU/07/2015 as lastly
Nomor: PER-02/MBU/7/2017 dan perubahan-perubahannya. amended with the Regulation of the Minister of State-Owned
Enterprises Number: PER02/MBU/7/2017 and their amendments.
Mata Acara Rapat Ketiga

The Third Agenda of The Meeting
Mata Acara Agenda
Penetapan penggunaan laba bersih termasuk pembagian dividen $!,,.+,.%0%+*+"0$!,.+ü0Č%*(1 %*#0$! %/0.%10%+*+" %2% !*
untuk Tahun Buku 2017. for the Financial Year of 2017.
Tidak ada
Setuju 18.244.441.620 98,1864918% Agree
Tidak Setuju 52.621.726 0,2831954% Do not Agree
Abstain 284.353.800 1,5303128% Abstain
Keputusan Mata Acara Rapat Ketiga The Resolution of the Third Agenda of the Meeting
1. Menyetujui penetapan penggunaan laba bersih Tahun Buku 2017 āċ Ƶ,,.+2! 0$!,,.+,.%0%+*"+.0$! %/0.%10%+*+"0$!*!0,.+ü0
yang dapat diatribusikan kepada Pemilik Entitas Induk Perseroan for the Financial Year of 2017, attributable to the Owner of the
sebesar Rp136.506.781.680,00 (seratus tiga puluh enam miliar Parent of the Company, in the amount of Rp136,506,781,680.00
lima ratus enam juta tujuh ratus delapan puluh satu ribu enam Ĩ+*! $1* .! 0$%.05 /%4 %((%+* ü2! $1* .! /%4 )%((%+*Č /!2!*
ratus delapan puluh Rupiah) sebagai berikut: hundred eighty one thousand, six hundred eighty Rupiah) as
a. Dividen sebesar 35% (tiga puluh lima persen) atau follows:
Rp47.777.373.588,00 (empat puluh tujuh miliar tujuh ratus ċ %2% !* %* 0$! )+1*0 +" ăĆŌ Ĩ0$%.05 ü2! ,!.!*0ĩ !-1( 0+
tujuh puluh tujuh juta tiga ratus tujuh puluh tiga ribu lima ratus Rp47,777,373,588.00 (forty seven billion seven hundred seventy
delapan puluh delapan Rupiah). Bagian PT Indonesia Asahan /!2!* )%((%+* 0$.!! $1* .! /!2!*05 0$.!! 0$+1/* ü2!
Aluminium (Persero) sebesar 65% (enam puluh lima persen) hundred and eighty eight Rupiah). The portion of PT Indonesia
atau Rp31.055.298.655,00 (tiga puluh satu miliar lima puluh Ƶ/$* Ƶ(1)%*%1) Ĩ!./!.+ĩ )+1*0%*# 0+ ćĆŌ Ĩ/%405 ü2!
lima juta dua ratus sembilan puluh delapan ribu enam ratus percent) or equal to Rp31,055,298,655.00 (thirty one billion
lima puluh lima Rupiah) dan publik sebesar 35% (tiga puluh ü"05ü2!)%((%+*03+$1* .! *%*!05!%#$00$+1/* /%4$1* .!
lima persen) atau Rp16.722.074.933,00 (enam belas miliar * ü"05ü2!1,%$ĩ* 0$!,+.0%+*+",1(%%*0$!)+1*0
tujuh ratus dua puluh dua juta tujuh puluh empat ribu sembilan +" ăĆŌ Ĩ0$%.05 ü2! ,!.!*0ĩ +. !-1( 0+ ,āćČĈĂĂČĀĈąČĊăăċĀĀ
ratus tiga puluh tiga Rupiah); dan (sixteen billion seven hundred and twenty two million seventy
b. Sisanya sebesar 65% (enam puluh lima persen) atau four thousand nine hundred and thrity three Rupiah); and
Rp88.729.408.092,00 (delapan puluh delapan miliar tujuh b. The rest of 65% (sixty percent) or amounting to
ratus dua puluh sembilan juta empat ratus delapan ribu Rp88,729,408,092.00 (eighty eight billion seven hundred and
sembilan puluh dua Rupiah) dicatat sebagai saldo laba. twenty nine million four hundred eight thousand and ninety
2. Memberikan wewenang dan kuasa kepada Direksi Perseroan two Rupiah) will be recorded as retained earnings.
dengan hak substitusi untuk menetapkan jadwal dan tata cara 2. Granted the authority and power to the Board of Management
pembayaran dividen Tahun Buku 2017 sesuai dengan ketentuan of the Company with the right of substition to determine the
yang berlaku. schedule, terms and conditions of the payment of dividend of the
Financial Year of 2017, in accordance with the prevailing laws and
regulations.

Mata Acara Rapat Ketiga

The Third Agenda of The Meeting
Tata Cara Pembayaran Dividen Tunai Tahun Buku 2017 tercantum !.)/+"/$ %2% !* "+.ü**%(5!.ĂĀāĈ$/!!*,1(%/$!
pada Ringkasan Hasil Keputusan RUPS Tahun Buku 2017 yang on the Summary of Minutes of Meeting Annual GMOS for Financial
dipublikasikan melalui Web Perseroan, Situs Web Bursa Efek Year 2017 through Company’s Website, Indonesia Stock Exchange
Indonesia, Situs Web Bursa Efek Australia serta Otoritas Jasa website, Australian Securities Exchange website, and submission
Keuangan pada tanggal 13 April 2018, dan melalui iklan di harian to the FSA on April 13rd, 2018 and advertisements in newspaper
Bisnis Indonesia dan Kontan pada tanggal 16 April 2018. namely Bisnis Indonesia and Kontan on April 16th, 2018.
Pembayaran dividen dari laba tahun buku 2017 telah dilakukan pada %2% !* ,5)!*0/ ".+) ü/( 5!. ĂĀāĈ !.*%*#/ $/ !!*
tanggal 14 Mei 2018 distributed on May 14, 2018
Mata Acara Rapat Keempat

The Fourth Agenda of The Meeting
Mata Acara Agenda
Penetapan Insentif Kinerja untuk anggota Direksi dan Dewan The determination of the incentives for the performance of the
Komisaris Perseroan Tahun Buku 2017 dan gaji/honorarium berikut members of the Board of Directors and the Board of Commissioners
fasilitas dan tunjangan Tahun Buku 2018. of the Company for the Financial Year of 2017 and their respective
salaries/honorarium including facilities and allowances for the
Financial Year of 2018.
Tidak ada
Setuju 18.270.813.046 98,3284154% Agree
Abstain 284.353.800 1,5303128% Abstain
Keputusan Mata Acara Rapat Keempat The Resolution of the Fourth Agenda of the Meeting
1. Memberikan wewenang dan kuasa kepada Pemegang Saham Seri 1. Granted the authority and power to the A-Series Dwiwarna
A Dwiwarna untuk menetapkan besarnya Insentif Kinerja untuk Shareholder to determine the amount of performance incentives
Tahun Buku 2017, serta menetapkan honorarium, tunjangan, for the Financial Year of 2017, and determine the honorarium,
fasilitas dan insentif lainnya bagi anggota Dewan Komisaris untuk allowances, facilities and other incentives for the members of the
Tahun 2018; Board of Commissioners for year 2018;
2. Memberikan wewenang dan kuasa kepada Dewan Komisaris 2. Granted the authority and power to the Board of Commissioners
dengan terlebih dahulu mendapatkan persetujuan tertulis dari upon obtaining the prior written approval from the A-Series
Pemegang Saham Seri A Dwiwarna untuk menetapkan besarnya Dwiwarna Shareholder, to determine the amount of performance
Insentif Kinerja untuk Tahun Buku 2017 serta menetapkan gaji, incentives for the Financial Year of 2017 and determine the salary,
tunjangan, fasilitas dan insentif lainnya bagi Direksi untuk tahun allowances, facilities and other incentives for the members of the
2018 Board of Directors for year 2018.
Persetujuan Pemegang Saham Seri A Dwiwarna melalui surat Nomor Approval of the Minister of State Owned Enterprises as the
SR-603/MBU/D3/06/2018 tanggal 5 Juni 2018 perihal Penyampaian Shareholder of Series A Dwiwarna through letter No. SR-603/
Penetapan Penghasilan Direksi dan Dewan Komisaris PT ANTAM MBU/D3/06/2018 dated June 5, 2018 regarding the Stipulation of
Tbk Tahun 2018. the Remuneration of the Board of Commissioners and the Board of
Directors 2018.
Surat Dewan Komisaris kepada Direktur Utama PT ANTAM Tbk The Board of Commissioners Letter to the President Director of
Nomor 168/DK/SRT/VI/2018/Rhs tanggal 6 Juni 2018 perihal PT ANTAM Tbk Nomor 168/DK/SRT/VI/2018/Rhs dated 6 June
Penyampaian Penetapan Penghasilan Direksi dan Dewan Komisaris 2018 concerning Determination of the Board of Directors and the
PT ANTAM Tbk Tahun 2018. Penjelasan lebih lanjut dapat dilihat di Board of Commissioners' Remuneration in 2018. Further explanation
bagian Remunerasi Dewan Komisaris dan Direksi. can be found on the section of Remuneration of the Board of
Commissioners and Board of Directors.

Mata Acara Rapat Kelima

The Fifth Agenda of The Meeting
Mata Acara Agenda
Persetujuan penunjukan Kantor Akuntan Publik untuk melakukan The approval for the appointment of Public Accountant Firm to
audit Laporan Keuangan Perseroan Tahun Buku 2018 dan Laporan carry out the audit of the Financial Statements of the Company
Keuangan Program Kemitraan dan Program Bina Lingkungan Tahun for the Financial Year of 2018 and the Financial Statements of the
Buku 2018. Partnership Program and the Community Development Program for
the Financial Year of 2018.
memberikan pendapat
Tidak ada None
Setuju 18.275.822.375 98,3553743% Agree
Abstain 284.353.800 1,5303128% Abstain
Keputusan Mata Acara Rapat Kelima The Resolution of the Fifth Agenda of the Meeting
1. Menyetujui penunjukan Akuntan Publik dari Kantor Akuntan Publik 1. Approved Public Accountant of the Public Accountant Firm
Tanudiredja, Wibisana, Rintis dan Rekan untuk melaksanakan Tanudiredja, Wibisana, Rintis & Rekan to carry out the General
Audit Umum atas Laporan Keuangan Konsolidasian Perseroan Audit on the Consolidated Financial Statements of the Company
Tahun Buku 2018 dan periode lainnya dalam Tahun Buku 2018 for the Financial Year of 2018 and other period in the Financial Year
serta melaksanakan audit umum atas laporan keuangan PKBL of 2018 as well as to carry out the general audit on the Financial
Tahun Buku 2018; Statements of the Partnership and Community Development
2. Melimpahkan wewenang kepada Dewan Komisaris untuk: Programs for the Financial Year 2018.
a. Menunjuk Akuntan Publik dan menetapkan Kantor Akuntan 2. Granted the authority and power to the Board of Commissioners
Publik Pengganti apabila Kantor Akuntan Publik yang telah to:
ditunjuk tidak dapat melanjutkan atau melaksanakan tugas a. Appoint the Public Accountant and to determine a substitute
karena sebab apapun berdasarkan ketentuan dan peraturan Public Accountant Firm should terms and conditions should
pasar modal; dan the selected Public Accountant Firm be unable to continue or
b. Menetapkan kondisi, persyaratan penunjukan, dan honorarium complete its works due to any reason whatsoever based on the
Kantor Akuntan Publik Pengganti. capital market provisions and laws/regulations;
b. Determine the appointment terms and conditions, and
honorarium of the substitute Public Accountant Firm.
Audit Umum atas Laporan Keuangan Konsolidasian Perseroan General Audit of the Company's Consolidated Financial Statements
Tahun Buku 2018 dan periode lainnya dalam Tahun Buku 2018 serta for Financial Year 2018 and other periods in the 2018 and general
audit umum atas laporan keuangan PKBL Tahun Buku 2018 telah 1 %0/ +" ǫ ü**%( /00!)!*0/ "+. %**%( !. ĂĀāĉ $2!
diterbitkan KAP Tanudiredja, Wibisana, Rintis & Rekan pada tanggal been issued by KAP Tanudiredja, Wibisana, Rintis & Partners on
5 Maret 2019. March 5, 2019.
Mata Acara Rapat Keenam

The Sixth Agenda of The Meeting
Mata Acara Agenda
Laporan Realisasi Penggunaan Dana Hasil Penawaran Umum $! !,+.0 +" 0$! /! +" .+!! / +" 0$! 1(% û!.%*# +" 0$!
Perseroan dan Pengesahan Laporan Realisasi Penggunaan Dana ƫ+),*5 * .0%ü0%+* +" 0$! .!,+.0 "+. 0$! .!(%60%+* +" 0$!
Penyertaan Modal Negara (PMN) Perseroan. utilization of the Additional Capital Participation of the State
(Penyertaan Modal Negara (PMN) for the Company.
memberikan pendapat
Tidak ada None
Setuju 18.308.719.946 98,5324198% Agree
Abstain 272.697.200 1,4675802% Abstain
Keputusan Mata Acara Rapat Keenam The Resolution of the Sixth Agenda of the Meeting
1. Menerima laporan pertanggungjawaban realisasi penggunaan 1. Accepted the report for the realization of the utilization of the
dana hasil Penawaran Umum; dan rights issue proceeds; and
2. Mengesahkan Laporan Realisasi Penggunaan Dana Pernyertaan Ăċ Ƶ,,.+2! 0$! .0%ü0%+* +" 0$! !(%60%+* !,+.0 +* 0$!
Modal Negara (PMN) Perseroan. Utilization of the Additional Capital Participation of the State in
the Company.

Mata Acara Rapat Ketujuh

The Seventh Agenda of The Meeting
Mata Acara Agenda
Persetujuan Perubahan Anggaran Dasar Perseroan. The approval for the amendment to the Articles of Association of
the Company.
Jumlah Pemegang Saham yang mengajukan pertanyaan Number of Shareholders who rendered queries
dan/atau memberikan pendapat and/or opinions
Tidak ada None
Setuju 17.333.686.756 93,2850634% Agree
Abstain 272.697.200 1,4675802% Abstain
Keputusan Mata Acara Rapat Ketujuh The Resolution of the Seventh Agenda of the Meeting
1. Menyetujui perubahan Anggaran Dasar Perseroan; 1. Approved the amendments to the Articles of Association;
2. Menyetujui untuk menyusun kembali seluruh ketentuan dalam 2. Approved the restatement of the Articles of Association with
Anggaran Dasar sehubungan dengan perubahan sebagaimana regard to the amendments referred to in point 1 (one) of the
dimaksud pada butir 1 (satu) keputusan tersebut di atas; dan resolution mentioned above; and
3. Memberikan kuasa dan wewenang kepada Direksi dengan hak 3. Approved the granting of power to the Board of Directors of
substitusi untuk melakukan segala tindakan yang diperlukan the Company with the right of substitution, to take any action
berkaitan dengan keputusan mata acara Rapat ini, termasuk required in connection with the resolutions of this agenda in
menyusun dan menyatakan kembali seluruh Anggaran Dasar the Meeting, including to preparing and restating the complete
dalam suatu Akta Notaris dan menyampaikan kepada instansi Articles of Association into a notarial deed and to submit to the
yang berwenang untuk mendapatkan persetujuan dan/atau relevant authorities to obtain the approval and/or the receipt of
tanda penerimaan pemberitahuan perubahan Anggaran Dasar, *+0%ü0%+* +* 0$! )!* )!*0 0+ 0$! Ƶ.0%(!/ +" Ƶ//+%0%+*Č
melakukan segala sesuatu yang dipandang perlu dan berguna taking any actions deemed required and needed for such
untuk keperluan tersebut dengan tidak ada satu pun yang purposes without any exception whatsoever, including to making
dikecualikan, termasuk untuk mengadakan penambahan dan/ any addition and/or amendments to the mentioned Articles of
atau perubahan dalam perubahan Anggaran Dasar tersebut jika Association as required by the relevant authorities.
hal tersebut dipersyaratkan oleh instansi yang berwenang.
Perubahan Anggaran Dasar Perseroan yang disetujui dalam The amendment of Article Association of PT Aneka Tambang Tbk
RUPS Tahun Buku 2018 telah dinyatakan dalam Akta Pernyataan has been stated In the deed resolution of the amendment of Article
Keputusan Rapat Perubahan Anggaran Dasar PT Aneka Tambang Association PT Aneka Tambang Tbk Number 33 dated May 11, 2018
Tbk Nomor 33 tanggal 11 Mei 2018 yang di buat di hadapan Jose made before Notary Jose Dima Satria SH, M.Kn., Notary in South
Dima Satria S.H., M.Kn., Notaris di Kota Administrasi Jakarta Selatan,
'.0ƫ%05Č3$%$*+0%ü20%+*+"0$!$*#!$/!!*/1)%00! 0+
yang pemberitahuan mengenai perubahan anggaran dasar tersebut the Minister of Justice and Human Right of Republic Indonesia as the
telah disampaikan kepada Menteri Hukum dan Hak Asasi Manusia receipt in accordance with Letter number AHU-AH.01.03-0212350
Republik Indonesia sebagaimana telah diterima sesuai dengan Surat dated June 05, 2018.
Nomor AHU-AH.01.03-0212350 tanggal 05 Juni 2018.
Mata Acara Rapat Kedelapan

The Eighth Agenda of The Meeting
Mata Acara Agenda
Persetujuan Perubahan Pengurus Perseroan. The approval for the change to the Members of the Boards of the
Company.
Tidak ada
Oleh karena tidak ada usulan Perubahan Pengurus Perseroan dari The A-Series Dwiwarna Shareholder did not submit any proposal on
Pemegang Saham Seri A Dwiwarna, maka dalam Mata Acara Rapat the change to the members of the boards of the Company, therefore,
Kedelapan ini tidak diambil Keputusan with regard to the Eight Agenda of the Meeting, no resolution has
been adopted by the shareholders.
Hasil Keputusan RUPS Tahun Buku 2016 Resolution of GMOS of Financial Year 2016
Atas seluruh keputusan RUPS Tahun Buku 2016, telah All the Resolution of GMOS for Financial Year 2016 have
seluruhnya dilaksanakan pada tahun 2017. Tidak terdapat been followed up in 2017. There were no resolution of the
keputusan RUPS Tahun Buku 2016 yang dilaksanakakan GMOS for Financial Year 2016 which were carried out in
pada tahun 2018. Tindak lanjut atas Keputusan RUPS Tahun 2018. The follow-up of Resolution of GMOS for Financial
Buku 2016 tersebut telah tercantum dalam Annual Report Year 2016 was stated in the ANTAM Annual Report 2017.
ANTAM Tahun Buku 2017.

Dewan Komisaris
The Board of Commissioners
Dewan Komisaris merupakan organ Perusahaan yang The Board of Commissioners is an organ of the Company
bertugas melakukan pengawasan secara umum dan/atau 3$%$ .!/,+*/%(! "+.#!*!.( * ĥ+. /,!%ü /1,!.2%/%+*
khusus sesuai dengan Anggaran Dasar Perseroan serta in accordance with the Company’s Articles of Association
memberi nasihat kepada Direksi dan memastikan bahwa and providing advices to the Board of Directors, as well
Perusahaan telah menerapkan GCG secara efektif dan as ensuring that the Company has implemented GCG
berkelanjutan. Fungsi Non Executive Director pada sistem !û!0%2!(5* /1/0%*(5ċ$!"1*0%+*+"+*ġ4!10%2!
1 (satu) Dewan sebagaimana berlaku di ASX terwakili oleh Director in 1 (one) Board system, as applied in ASX, is
Dewan Komisaris dalam sistem 2 (dua) Dewan di Indonesia. represented by the Board of Commissioners in 2 (two)
Dalam memenuhi tugas dan tanggung jawab itu, Dewan ǫ+. /5/0!) %* * +*!/%ċ * "1(ü((%*# 0$! 10%!/ *
Komisaris wajib bertindak secara independen. responsibilities, the Board of Commissioners must act
independently.
Kriteria dan Proses Pengangkatan Anggota Dewan Criteria and Process of Appointment Members of
Komisaris the Board of Commissioners
ANTAM memiliki kriteria persyaratan calon anggota Dewan ANTAM has requirement criteria for the member candidate
Komisaris sebagaiman tercantum dalam Anggaran Dasar +" 0$! ǫ+. +" ƫ+))%//%+*!./ / /,!%ü! %* Ƶ.0%(! āą
Perseroan Pasal 14 Ayat 4, yakni Anggota Dewan Komisaris Paragraph 4 of the Company’s Articles of Association, i.e.
ANTAM adalah orang perseorangan yang memenuhi member of the Board of Commissioners of ANTAM is an
persyaratan sebagai berikut: %* %2% 1(3%0$0$!"+((+3%*#-1(%ü0%+*č
1. Mempunyai akhlak, moral, dan integritas yang baik; 1. Have good character, morals, and integrity;
2. Cakap melakukan perbuatan hukum; 2. Competent in performing legal acts;
3. Dalam 5 (lima) tahun sebelum pengangkatan dan ăċ %0$%* Ć Ĩü2!ĩ 5!./ ,.%+. 0+ $%/ ,,+%*0)!*0 *
selama menjabat: during his tenure:
a. Tidak pernah dinyatakan pailit; a. Has not been declared bankrupt;
b. Tidak pernah menjadi anggota Direksi dan/atau b. Has never been a member of the Board of Directors
anggota Dewan Komisaris yang dinyatakan bersalah and/or member of the Board of Commissioners
menyebabkan suatu perusahaan dinyatakan pailit; declared guilty for causing a company bankrupt;
c. Tidak pernah dihukum karena melakukan tindak ċ / *!2!. !!* +*2%0! +" .%)%*( +û!*/!
pidana yang merugikan keuangan negara dan/atau 0$0%/ !0.%)!*0(0+0$!+1*0.5Ě/ü**%(* ĥ+.
yang berkaitan dengan sektor keuangan; dan .!(0%*#0+0$!ü**%(/!0+.Ď*
d. Tidak pernah menjadi anggota Direksi dan/atau d. Has never been a member of the Board of Directors
anggota Dewan Komisaris yang selama menjabat: and/or a member of the Board of Commissioners
• Pernah tidak menyelenggarakan RUPS tahunan; 1.%*#$%/0!.)+"+þ!č
• Pertanggungjawabannya sebagai anggota • Never hold an Annual GMOS;
Direksi dan/atau anggota Dewan Komisaris • His accountability as a member of the Board
pernah tidak diterima oleh RUPS atau pernah of Directors and/or a member of the Board of
tidak memberikan pertanggungjawaban Commissioners was ever not accepted by the
sebagai anggota Direksi dan/atau anggota GMOS or has never conveyed an accountability
Dewan Komisaris kepada RUPS; dan report as a member of the Board of Directors
• Pernah menyebabkan perusahaan yang and/or a member of the Board of Commissioners
memperoleh izin, persetujuan, atau pendaftaran to the GMOS; and
dari OJK tidak memenuhi kewajiban • Has had a company holding a permit, approval,
menyampaikan laporan tahunan dan/atau or registration from the Financial Services
laporan keuangan kepada OJK. Authority fails to satisfy the responsibility to
4. Memiliki komitmen untuk mematuhi peraturan /1)%0 **1( .!,+.0/ * ĥ+. ü**%( .!,+.0/
perundang-undangan; to the Financial Services Authority.
5. Memiliki pengetahuan dan/atau keahlian di bidang 4. Have commitment to comply with prevailing laws and
yang dibutuhkan Perseroan; dan regulations;
Ćċ 2!'*+3(! #!* ĥ+.!4,!.0%/!%*0$!ü!( /.!-1%.!
by the Company; and

6. Memenuhi persyaratan lainnya sebagaimana ditentukan ćċ 1(ü((+0$!..!-1%.!)!*0// !0!.)%*! %*0$!%)%0!
dalam Undang-Undang Perseroan Terbatas, Peraturan Liability Company Law, Capital Market Regulation and
Pasar Modal dan Peraturan Perundang-Undangan prevailing laws and regulations.
lainnya yang berlaku.
Proses pengangkatan seorang calon anggota Dewan Process of the appointment of a member of the Board of
Komisaris mengikuti proses uji kelayakan dan kepatutan ƫ+))%//%+*!./%/%*+. *!3%0$0$!,.+!//+"ü0*
Dewan Komisaris berdasarkan Anggaran Dasar Perseroan proper test of the Board of Commissioners according to
dan Peraturan Perundang-undangan yang berlaku. Company’s Articles of Association and Prevailing Law and
Regulation.
Susunan dan Komposisi Dewan Komisaris Structure and Composition of the Board of
Commissioners
Komposisi dan jumlah anggota Dewan Komisaris The composition and number of the members of the Board
ditetapkan oleh RUPS dengan memperhatikan visi, misi, of Commissioners are determined by the General Meeting
dan rencana strategis ANTAM untuk memungkinkan of Shareholders by considering the vision, mission and
pengambilan keputusan yang efektif, tepat dan cepat, ƵƵ Ě//0.0!#%,(*/0+!*(!!û!0%2!Č1.0!*
serta dapat bertindak secara independen. independent decision makings.
Pada tahun 2018, telah terjadi perubahan komposisi Dewan In 2018, there was a change in the composition of the
Komisaris sesuai dengan Salinan Keputusan Menteri BUMN Board of Commissioners in accordance with a copy of the
Nomor SK-225/MBU/08/2018 tanggal 6 Agustus 2018 Decree of the Minister of Stated Owned Enterprise Number
tentang Pengangkatan Anggota Dewan Komisaris dan SK-225/MBU/08/2018 dated on August, 6 2018 concerning
Penetapan Komisaris Independen Perusahaan Perseroan Appointment of Members of the Board of Commissioners
(Persero) PT Indonesia Asahan Aluminium serta Surat and Independent Commissioner of PT Indonesia Asahan
PT Indonesia Asahan Aluminium (Persero) Nomor Aluminium and Letter from PT Indonesia Asahan Aluminium
395/L-Dirut/VIII/2018 perihal Pemberitahuan (Persero) Number 395/L-Director/VIII/2018 concerning
Pengangkatan Bambang Gatot Ariyono sebagai Komisaris notice of Appointment of Bambang Gatot Ariyono
PT Indonesia Asahan Aluminium (Persero) tanggal 10 as Commissioner of PT Indonesia Asahan Aluminium
Agustus 2018. Sesuai dengan Anggaran Dasar Perseroan (Persero) dated on August, 10 2018. In accordance with
Pasal 14 Ayat 27, jabatan Anggota Dewan Komisaris the Company’s Articles of Association Article of Article
berakhir secara hukum apabila tidak lagi memenuhi 14 Paragraph 27, the position of Members of the Board of
persyaratan sebagai Anggota Dewan Komisaris sesuai ƫ+))%//%+*!./ (!#((5 !4,%.!/ %" 0$!5 *+ (+*#!. "1(ü(( 0$!
dengan larangan rangkap jabatan Anggota Dewan requirements as Members of the Board of Commissioners
Komisaris sesuai Peraturan yang berlaku serta Anggaran in accordance with the concurrent position prohibition of
Dasar Perseroan. Dengan demikian, jabatan Bambang the Board of Commissioners according to the to Articles of
Gatot Ariyono sebagai Komisaris di ANTAM berakhir Association and Prevailing Law and Regulation. Thus, the
efektif sejak terjadinya rangkap jabatan tersebut. position of Bambang Gatot Ariyono as Commissioner at
ƵƵ !* ! !û!0%2!(5/%*!0$!+*1..!*0,+/%0%+*ċ
Pengukuhan terhadap pengakhiran masa jabatan Bambang The termination of Bambang Gatot Ariyono’s term as
Gatot Ariyono sebagai Dewan Komisaris ANTAM akan ANTAM’s Board of Commissioners will be conducted at
dilakukan dalam RUPS Tahun Buku 2018. Mengacu pada the Annual GMOS for Financial Year 2018. Refers to the
ketentuan Anggaran Dasar Perseroan, tindakan-tindakan provisions of Company’s Articles of Association, actions
Bambang Gatot Ariyono selama menjabat sebagai of Bambang Gatot Ariyono while serving as a member of
anggota Dewan Komisaris di ANTAM yang belum diterima the Board of Commissioners at ANTAM that has not been
pertanggungjawabannya oleh RUPS akan dilakukan pada received the responsibility by the GMOS will be held at the
RUPS Tahun Buku 2018. Annual GMOS for Financial Year 2018.

Dengan demikian, komposisi Dewan Komisaris ANTAM per Therefore, the composition of The Board of Commissioners
tanggal 31 Desember 2018 sebagai berikut: of ANTAM as of December 31, 2018 is as follows:
Fachrul Razi Zaelani Robert A. Gumilar Rusliwa Anang Sri Bambang Gatot
Komisaris Utama Komisaris Simanjuntak Somantri Kusuwardono Ariyono*
President Commissioner Komisaris Komisaris Independen Komisaris Independen Komisaris
Commissioner Commissioner Independent Independent Commissioner
Commissioner Commissioner
Nama Jabatan Dasar Pengangkatan Pengangkatan Kembali

Name Position Basic Appointment Re-Appointment
Fachrul Razi Komisaris Utama Keputusan RUPS Luar Biasa -
President Commissioner tanggal 7 Oktober 2015
Resolution of Extraordinary GMOS
on October 7, 2015
Zaelani Komisaris Keputusan RUPS Tahun Buku 2011 Keputusan RUPS Tahun Buku
Commissioner tanggal 31 Mei 2012 2016 tanggal 2 Mei 2017
!/+(10%+*+" "+.ü**%(5!. !/+(10%+*+" "+.ü**%(
2011 on May 31, 2012 year 2016 on May 2, 2017
Robert A. Simanjuntak Komisaris Keputusan RUPS Tahun Buku 2013 -
Commissioner tanggal 26 Maret 2014
!/+(10%+*+" "+.ü**%(5!.
2013 on March 26, 2014
Gumilar Rusliwa Somantri Komisaris Independen Keputusan RUPS Tahun Buku 2016 -
Independent Commissioner tanggal 2 Mei 2017
!/+(10%+*+" "+.ü**%(5!.
2016 on May 2, 2017
Anang Sri Kusuwardono Komisaris Independen Keputusan RUPS Tahun Buku 2016 -
Independent Commissioner tanggal 2 Mei 2017
!/+(10%+*+" "+.ü**%(5!.
2016 on May 2, 2017
Bambang Gatot Ariyono* Komisaris Keputusan RUPS Luar Biasa -
Commissioner tanggal 7 Oktober 2015
Resolution of Extraordinary GMOS
on October 7, 2015
Independent Commissioners
Bukan merupakan orang yang bekerja atau mempunyai

wewenang dan tanggung jawab untuk merencanakan, memimpin,
mengendalikan, atau mengawasi kegiatan Perusahaan dalam
waktu 6 (enam) bulan terakhir, kecuali untuk pengangkatan
kembali sebagai Komisaris Independen
Tidak mempunyai saham baik langsung maupun tidak
Not become a person which work or have authority and langsung pada Perusahaan
responsibility to plan, lead control, or supevice Company’s activity Not having shares both direct and indirect in Company
in 6 (six) month, except for re-appointment as Independent
Commissioners
2
1 % ')!),1*5%$11*#*Ƶü(%/% !*#*!.1/$*Č
anggota Dewan Komisaris, anggota Direksi, atau
Pemegang Saham Pengendali Perusahaan
Tidak mempunyai hubungan usaha baik langsung maupun tidak +0$2%*#þ(%0!.!(0%+*/$%,3%0$0$!ƫ+),*5Čǫƫ
langsung yang berkaitan dengan kegiatan usaha Perusahaan member, BOD member or controlling Shareholders
Not having bussiness relationship both direct indirect related to
Company’s bussiness activity
3
4

Jumlah Komisaris
Independen
Number of
Independent 40% 60%
Commissioners
5 Komisaris dengan 40% dari keseluruhan 60% dari keseluruhan

2 Komisaris Independen Komisaris adalah Komisaris adalah
Komisaris Independen Komisaris Independen
5 Commissioners
with 2 Independent 40% of All Commissioner is 60% of All Commissioner is
Commissioners Independent Commissioner Independent Commissioner
Anggota Dewan Komisaris ANTAM per 31 Desember The Board of Commissioners of ANTAM as of December
2018 berjumlah 5 (lima) orang, 2 (dua) diantaranya 31, 2018 consist of 5 (six) members, 2 (two) of whom are
merupakan Komisaris Independen yang keduanya Independent Commissioners who appointed based on
diangkat berdasarkan Keputusan RUPS Tahunan yang the Annual General Meeting of Shareholders held on May
diadakan pada 2 Mei 2017. Jumlah Komisaris Independen 2, 2017. The number of Independent Commissioners has
ini telah memenuhi ketentuan Peraturan OJK Nomor 33/ "1(ü((! 0$! ,.+2%/%+*/ +" Ƶ !#1(0%+* 1)!. ăăĥ
POJK.04/2014, dimana setiap perusahaan publik harus POJK.04/2014, which stipulates that any public company
memiliki Komisaris Independen sekurang-kurangnya 30% must have an Independent Commissioner of at least 30%
dari jumlah seluruh anggota Dewan Komisaris. of the total members of the Board of Commissioners.
Apabila mengacu pada kriteria ASX Corporate Governance According to the ASX Corporate Governance Principles
Principles, ANTAM memiliki 3 (tiga) Komisaris Independen criteria, ANTAM has 3 (three) Independent Commissioners,
dan telah memenuhi jumlah minimal Komisaris Independen and as stipulated in the ASEAN Corporate Governance
yang diatur dalam ASEAN Corporate Governance Scorecard, which requires the minimum number of
Scorecard yang mensyaratkan jumlah Komisaris Independent Commissioners of 50% of the total members
Independen berjumlah 50% dari jumlah seluruh anggota of the Board of Commissioners, ANTAM has met the
Dewan Komisaris. requirement of minimum number of Independent
Commissioners.

Gumilar Bambang
Kriteria Independensi ASX Robert A. Anang Sri
Fachrul Razi Zaelani Rusliwa Gatot
ASX Independent Criteria Simanjuntak Kusuwardono
Somantri Ariyono*
Bukan bagian dari manajemen.
3 3 3 3 3 3
Not part of Company management.
Bebas dari hubungan usaha dan
hubungan lainnya yang dapat
mempengaruhi keputusan.
3 3 3 3 3 3
Independent of business or other
.!(0%+*/$%,3$%$)5%*ý1!*!0$!
decision making.
Bukan pemegang saham mayoritas
atau pejabat pada institusi pemegang
saham mayoritas, atau terasosiasi
langsung dengan pemegang saham
mayoritas. 3 X X 3 3 X
Not majority shareholder, or
management of majority shareholder
institution, or direct association to
majority shareholder.
Bukan karyawan atau pernah
dipekerjakan sebagai eksekutif pada
!.1/$*ĥ,!.1/$*ü(%/%Č
setidaknya 3 (tiga) tahun sebelum
menjadi Komisaris. 3 3 3 3 3 3
Not the employee or was hired as
!4!10%2!+þ!.50$!ƫ+),*5
+.%0/þ(%0%+*/Č0(!/0%*0$!(/0
3 (three) years.
Bukan penasihat atau konsultan
utama yang material bagi perusahaan/
,!.1/$*ü(%/%Č01'.53*
yang terasosiasi langsung dengan
penyediaan jasa, setidaknya 3 (tiga)
3 3 3 3 3 3
tahun sebelum menjadi Komisaris.
Not the major consultant or advisor to
0$!ƫ+),*5+.%0/þ(%0%+*/Č+.0$!
employee of the service company, at
least in the last 3 (three) years.
Bukan pemasok/pelanggan utama
yang material dari perusahaan/
,!.1/$*ü(%/%01,!&0,
perusahaan pemasok/pelanggan
utama, atau terasosiasi secara
langsung maupun tidak langsung
3 3 3 3 3 3
dengan pemasok/pelanggan utama.
Not the major supplier/customer
0$!ƫ+),*5+.%0/þ(%0%+*Č+.0$!
management of the major supplier,
or direct/indirect association to the
major supplier/customers.
Tidak terikat dalam perjanjian dengan
,!.1/$*ĥ,!.1/$*ü(%/%/!(%*
sebagai Komisaris.
3 3 3 3 3 3
Not bound to any material agreement
3%0$0$!ƫ+),*5+.%0/þ(%0%+*Č
except than be a Commissioner.
Tidak memiliki hubungan keluarga
sedarah dan semenda serta
memegang posisi direktur di tempat
lain yang dapat mempengaruhi
independensi.
Not having consanguinity up to
3 3 3 3 3 3
3 (three) grade horizontally and
vertically due to the marriage with
other members of BOC or BOD or
holding Director position in other
+),*53$%$)5%*ý1!*!%0/
independency.
Status 3 X X 3 3 X
3 = Independent
X = Not Independent

Masa Jabatan Anggota Dewan Komisaris !.)+"þ!+"0$!ǫ+. +"ƫ+))%//%+*!./

Anggota Dewan Komisaris diangkat untuk jangka A member of the Board of Commissioners is appointed
waktu terhitung sejak ditutupnya atau tanggal yang for the period commencing from the closure or the date
ditetapkan oleh RUPS yang mengangkatnya dan berakhir determined by the GMOS to the date of the closure of the
pada penutupan RUPS Tahunan yang ke-5 (kelima) 5th Ĩü"0$ĩ Ƶ**1( "0!. $%/ ,,+%*0)!*0Č ,.+2% !
setelah tanggal pengangkatannya, dengan syarat tidak %0 %/ *+0 !4!! %*# 0$! ,!.%+ +" Ć Ĩü2!ĩ 5!./Č 5 0'%*#
boleh melebihi jangka waktu 5 (lima) tahun, dengan into account to the prevailing laws and regulations in the
memperhatikan peraturan perundang-undangan di bidang Capital Market, but without prejudice to the rights of GMOS
Pasar Modal, namun dengan tidak mengurangi hak dari to remove the members of the Boards of Commissioners
RUPS untuk sewaktu-waktu dapat memberhentikan para 0 *5 0%)! ,.%+. 0+ 0$! !* +" 0$!%. 0!.) +" +þ!ċ
anggota Dewan Komisaris sebelum masa jabatannya Upon completion of his term, a member of the Board of
berakhir. Setelah masa jabatannya berakhir, anggota Commissioners may be reappointed by the GMOS for the
Dewan Komisaris dapat diangkat kembali oleh RUPS untuk next 1 (one) term.
satu kali masa jabatan.
Ketentuan ini juga berlaku untuk Komisaris Independen This condition is also applied to an Independent
yang diangkat sesuai keputusan RUPS. Commissioner who appointed as the resolutions of GMOS.
Kebijakan Terkait Pengunduran Diri Dewan Policies Related to Resignation of the Board of
Komisaris Commissioners
Apabila dalam menjalankan tugasnya, Dewan Komisaris "%*..5%*#+10%0/ 10%!/Č0$!ǫƫ%/%*2+(2! %*ü**%(
terlibat dalam kejahatan keuangan, maka tindak lanjut yang crimes, then the follow-up conducted by the Company
dilakukan Perusahaan mengacu pada ketentuan dalam refers to the provisions of the Articles of Association and
Anggaran Dasar Perseroan dan peraturan perundang- prevailing laws and regulation.
undangan yang berlaku.
Pedoman Kerja Dewan Komisaris Work Guidelines of the Board of Commissioners

Dalam menjalankan tugasnya Dewan Komisaris telah In carrying out its duties, the Board of Commissioners
memiliki Pedoman Kerja (Charter) Dewan Komisaris has had Work Guidelines (Charter) of the Board of
yang ditandatangani oleh Dewan Komisaris pada tanggal Commissioners signed by the Board of Commissioner on
21 Juni 2016 yang merupakan pengkinian dari Pedoman June 21, 2016, which is an updated version of Charter of
Kerja Dewan Komisaris tanggal 27 November 2015. Pedoman the Board of Commissioner dated November 27, 2015. The
Kerja tersebut ditinjau secara berkala dan dimutakhirkan Charter is reviewed periodically and updated when deemed
apabila dianggap perlu dengan memperhatikan ketentuan necessary by considering provisions of the prevailing laws
perundangan yang berlaku. Selengkapnya terdapat pada and regulations. The complete information can be found
situs Perusahaan www.antam.com. on the Company’s website www.antam.com.

Pedoman Kerja Dewan Komisaris

Board of Commissioners Charter
I. Pendahuluan I. Introduction
• Latar Belakang • Background
• Visi dan Misi Dewan Komisaris • Vision and Mission of the BOC
• Maksud dan Tujuan • Purpose and Objectives
II. Pembentukan, Organisasi, dan Masa Kerja II. Establishment, Organization and Service Period
• Dasar Hukum • Legal Basis
• Pengangkatan dan Pemberhentian • Appointment and Dismissal
• Tujuan dan Kedudukan dalam Organisasi • Purpose and Position in Organization
• Organisasi Dewan Komisaris • Organization of the BOC
III. Tugas, Tanggung Jawab dan Kewenangan III. Duties, Responsibilities and Authorities
• Tugas dan Tanggung Jawab • Duties and Responsibilities
• Wewenang • Authority
• Pembagian Tugas dan Wewenang • Distribution of Duties and Authorities
• Komite Penunjang Dewan Komisaris • Supporting Committee of the Board of
• Pelaksanaan Tugas Khusus Commissioners
• Remunerasi • Special Assignment
• Pendidikan Berkelanjutan • Remuneration
• Rapat, Pelaporan, dan Anggaran • Continuous Learning
• Kode Etik • Meeting, Reporting and Budgeting
• Pertanggungjawaban • Code of Conduct
IV. Hubungan Dewan Komisaris dengan Direksi • Accountability
V. Evaluasi Kinerja IV. Relationship of BOC and BOD
V. Performance Evaluation
Tugas dan Tanggung Jawab Dewan Komisaris Duties and Responsibilities of the Board of
Commissioners
Dewan Komisaris bertugas mengawasi dan memberikan The Board of Commissioners oversees supervising
nasihat kepada Direksi sebagai pengurus Perusahaan and providing advices to the Board of Directors as the
yang pelaksanaan tugas, tanggung jawab dan ƫ+),*5Ě/ )*#!)!*0ċ $! "1(ü(()!*0 +" /1$ 10%!/Č
kewenangannya dilaporkan kepada RUPS. Setiap anggota responsibilities and authorities is reported to the GMOS.
Dewan Komisaris tidak dapat bertindak sendiri-sendiri, To carry out their duties and responsibilities, the scope
melainkan berdasarkan keputusan Dewan Komisaris. of work of the Board of Commissioners, according to the
Untuk melaksanakan tugas dan tanggung jawabnya, prevailing laws and regulations, as well as the Company’s
lingkup pekerjaan Dewan Komisaris berdasarkan peraturan Articles of Association is among others:
perundangan yang berlaku dan Anggaran Dasar Perseroan
antara lain:
Duties and Responsibilities

No. Tugas dan Tanggung Jawab Dewan Komisaris
of the Board of Commissioners
1. Melakukan pengawasan atas jalannya pengurusan Perusahaan To supervise the course of management of the Company
oleh Direksi serta memberikan persetujuan atas rencana performed by the Board of Directors, and to provide an approval
pengembangan Perusahaan, Rencana Jangka Panjang for the Company’s development plan, Company’s Long Term
Perusahaan (RJPP), Rencana Kerja dan Anggaran Perusahaan Plan (RJPP), Company’s Work Plan and Budget (RKAP) and
(RKAP); other plans in relation to the accomplishment of the Company’s
business and activities.
2. Melakukan tugas, wewenang dan tanggung jawab serta tugas To carry out duties, authorities and responsibilities, as well
yang secara khusus diberikan kepada Dewan Komisaris sesuai as special tasks assigned to the Board of Commissioners in
dengan ketentuan Anggaran Dasar Perseroan, keputusan RUPS +. *!3%0$0$!,.+2%/%+*//,!%ü! 1* !.0$!ƫ+),*5Ě/
dan ketentuan peraturan perundang-undangan serta wajib Articles of Association, GMOS resolutions and the prevailing
)!*!.,'*,.%*/%,,.+"!/%+*(%/)!Č!ü/%!*Č0.*/,.*Č)* %.%Č laws and regulations, as well as must implement the principles
akuntabel, bertanggung jawab dan adil; +" ,.+"!//%+*(%/)Č !þ%!*5Č 0.*/,.!*5Č /!("ġ.!(%*!Č
accountability, accountableness and fairness.
3. Mengikuti perkembangan kegiatan Perusahaan, memberikan To keep abreast of the development of the Company’s activities,
pendapat dan saran kepada RUPS mengenai setiap persoalan give opinions and advices to the GMOS regarding any matters
yang dianggap penting bagi pengelolaan Perusahaan serta that are deemed necessary for the management of the Company
melaporkan kepada Pemegang Saham Seri A Dwiwarna apabila and report to the Series A Dwiwarna Shareholder on any
terjadi gejala penurunan kinerja Perusahaan; deteriorative performance of the Company;

Duties and Responsibilities

No. Tugas dan Tanggung Jawab Dewan Komisaris
of the Board of Commissioners
4. Memberikan pendapat dan saran atas persoalan yang dianggap To provide GMOS with opinions and advices, according to
penting bagi pengelolaan Perusahaan yang sesuai dengan tugas the supervisory function of the Board of Commissioners, on
pengawasan Dewan Komisaris kepada RUPS; any other matter that is deemed necessary for managing the
Company.
5. Setiap anggota Dewan Komisaris wajib dengan itikad baik, Every member of the Board of Commissioners must perform
kehati-hatian, dan bertanggung jawab dalam menjalankan his supervisory tasks and advisory provision to the Board of
tugas pengawasan dan pemberian nasihat kepada Direksi untuk Directors in good faith, prudently, and full responsibility for the
kepentingan Perusahaan dan sesuai dengan maksud dan tujuan !*!ü0 +" 0$! ƫ+),*5 * %* +. *! 3%0$ 0$! ,1.,+/!/
Perusahaan, dan tidak dimaksudkan untuk kepentingan pihak and objectives of the Company, and shall not be intended for the
atau golongan tertentu; !*!ü0+"*5,.0%1(.,.05+.#.+1,Ď
6. Meneliti dan menelaah laporan tahunan yang dipersiapkan oleh To examine, review and sign the annual reports prepared by
Direksi serta menandatangani laporan tersebut, dan memastikan the Board of Directors, and ensure that the Company’s Annual
bahwa Laporan Tahunan Perusahaan telah memuat informasi Report contains information in accordance with the provisions
yang sesuai dengan ketentuan Otoritas Pasar Modal; of the Capital Market Authority
7. Memberikan tanggapan atas laporan berkala Direksi serta To respond to the Board of Directors’ periodic reports (quarterly,
pada setiap waktu yang diperlukan mengenai perkembangan annually) and any other necessary report concerning the
Perusahaan dan melaporkan hasil pelaksanaan tugasnya kepada !2!(+,)!*0 +" 0$! ƫ+),*5Č * 0+ .!,+.0 0$! "1(ü(()!*0 +"
Pemegang Saham Seri A Dwiwarna tepat pada waktunya; its duties to Series A Dwiwarna Shareholder in a timely manner;
8. Memberikan arahan atas tata kelola teknologi informasi, To provide guidance on information technology governance,
kebijakan mutu dan pelayanan, kebijakan pengadaan dan quality and services policy, procurement policy and subsidiary
kebijakan pengelolaan Anak Perusahaan, serta memantau )*#!)!*0 ,+(%5Č * )+*%0+. 0$! !û!0%2!*!// +" %0/
efektivitas pelaksanaannya secara periodik; implementation periodically;
9. Melakukan pengkajian secara berkala atas efektivitas sistem + +* 10 ,!.%+ % //!//)!*0 +" 0$! !û!0%2!*!// +" .%/'
manajemen risiko dan memantau efektivitas pelaksanaan fungsi )*#!)!*0 /5/0!)/ * 0+ )+*%0+. 0$! !û!0%2!*!// +"
pengawasan internal Perusahaan dan serta pengendalian intern implementation of the Company’s internal supervision and
Perusahaan; internal control functions;
10. Memberikan arahan mengenai pengawasan dan pemantauan To provide guidance on supervision and monitoring of the BoD’s
kepatuhan Direksi atas perjanjian dengan pihak ketiga serta compliance with a third-party agreement and its conformity to
kesesuaiannya dengan peraturan perundang-undangan yang the prevailing laws and regulations;
berlaku;
11. Melaksanakan proses penunjukan calon auditor eksternal sesuai To implement the appointment of external auditor candidates
dengan ketentuan pengadaan barang dan jasa di Perusahaan, in accordance with the provisions of goods and services
dan apabila diperlukan dapat meminta bantuan Direksi dalam procurement of the Company, and if required, may ask for
proses penunjukkannya, serta menyampaikan kepada RUPS atas assistance of the Board of Directors in the appointment process,
usulan calon auditor eksternal tersebut untuk persetujuan; and convey to GMOS the proposal of external auditor candidate
for approval;
12. Menunjuk penilai (assessor) independen dalam proses asesmen To appoint an independent assessor to evaluate the GCG
penerapan GCG di Perusahaan sesuai dengan ketentuan implementation in the Company in accordance with the
pengadaan barang dan jasa yang bilamana diperlukan dapat provisions of procurement of goods and services, and may as for
meminta bantuan Direksi dalam proses penunjukannya; assistance of the Board of Directors in the appointment process
when required;
13. Menentukan sistem nominasi, evaluasi kinerja, remunerasi To determine the transparent nomination, performance
yang transparan bagi Dewan Komisaris dan Direksi setelah evaluation, remuneration systems for the Board of Commissioners
mempertimbangkan hasil kajian Komite GCG-NR untuk and Board of Directors after considering the results of GCG-NR
selanjutnya diajukan agar memperoleh persetujuan RUPS; Committee’s review, to be further submitted for approval of
GMOS;
14. Meningkatkan kompetensi dan pengetahuannya secara To continuously improve the Board of Commissioners’
berkesinambungan untuk menjalankan fungsi sebagai Dewan competences and knowledges to implement its functions as the
Komisaris secara profesional; Board of Commissioners professionally;
15. Memberikan laporan tentang tugas pengawasan yang telah To provide GMOS with reports on supervisory duties that have
dilakukan selama tahun buku yang baru lampau kepada RUPS; been performed during the past Financial Year;
16. Memberikan penjelasan tentang segala hal yang ditanyakan atau To provide explanations of all matters asked or requested by
yang diminta anggota Dewan Komisaris dan pemegang saham members of the Board of Commissioners and Series A Dwiwarna
Seri A Dwiwarna, dengan memperhatikan peraturan perundang- shareholder, by complying with the laws and regulations,
undangan khususnya peraturan di bidang Pasar Modal yang especially the applicable Capital Market regulations;
berlaku;
17. Melaksanakan kewajiban lainnya dalam rangka tugas pengawasan + "1(ü(( +0$!. +(%#0%+*/ %* ,!."+.)%*# %0/ /1,!.2%/+.5 *
dan pemberian nasihat, sepanjang tidak bertentangan dengan advisory tasks, to the extend not contrary to the laws and
peraturan perundang-undangan, Anggaran Dasar Perseroan regulations, the Company’s Articles of Association and/or GMOS
dan/atau keputusan RUPS. resolutions.

Tugas dan tanggung jawab Komisaris Utama adalah sebagai primus inter pares
yakni mengkoordinasikan kegiatan Dewan Komisaris disamping tugas-tugas lainnya diantaranya:
Duties and Responsibilities of President Commissioners as primus inter pares
is coordinating all of BOC’s activity beside other duties namely:
Memberikan perintah tertulis

Melaksanakan fungsi Memimpin Rapat Tugas dan tanggung
untuk pemberian tugas khusus
pengawasan sebagaimana Dewan Komisaris jawab lainnya sesuai
kepada anggota Dewan Melakukan
yang dilaksanakan oleh atau Rapat Dewan dengan peraturan dan
Komisaris sesuai dengan pemanggilan Rapat
anggota Dewan Komisaris Komisaris yang perundangan
keputusan rapat Dewan Dewan Komisaris
lainnya mengundang Direksi Other duties and
Komisaris Inviting BOC’s
Carries out supervision Leading BOC’s responsibilities related
Giving written orders of special Meeting
function such as other meeting or BOC’s to prevailing laws and
assignment to BOC refer to
BOC’s Duties Meeing inviting BOD regulation
BOC’s meeting decision
Wewenang Dewan Komisaris Authorities of the Board of Commissioners

1. Memeriksa buku, surat, serta dokumen lainnya, 1. Reviewing books and accounts, letters and other
)!)!.%'/'/1*01''!,!.(1*2!.%ü'/% *(%*ġ(%*Č +1)!*0/Č / 3!(( $!' +* /$ "+. 2!.%ü0%+*
surat berharga dan memeriksa kekayaan Perseroan. purposes and other securities, and an examination on
2. Memasuki pekarangan, gedung, dan kantor yang the Company’s assets.
dipergunakan oleh Perseroan. Ăċ *0!.%*#0$!5. Č1%( %*#* +þ!+1,%! 50$!
3. Meminta penjelasan dari Direksi dan/atau pejabat Company.
lainnya mengenai segala persoalan yang menyangkut 3. Asking for explanations from the Board of Directors
pengelolaan Perseroan. * ĥ+.+0$!.+þ%(/+10(()00!./.!(0%*#0+0$!
4. Mengetahui segala kebijakan dan tindakan yang telah management of the Company.
dan akan dijalankan oleh Direksi. 4. Being aware of all policies and actions taken and/or to
5. Meminta Direksi dan/atau pejabat lainnya di bawah be taken by the Board of Directors.
Direksi dengan sepengetahuan Direksi untuk Ćċ !-1!/0%*#0$!ǫ+. +"%.!0+./* ĥ+.+0$!.+þ%(/
menghadiri rapat Dewan Komisaris. under the Board of Directors with acknowledged
6. Mengangkat dan memberhentikan seorang Sekretaris by the Board of Directors, to attend the Board of
Dewan Komisaris. Commissioners’ meeting.
7. Memberhentikan sementara Anggota Direksi sesuai 6. Appointing and dismissing Secretary to the Board of
dengan ketentuan Anggaran Dasar Perseroan. Commissioners.
8. Membentuk Komite Audit, Komite Remunerasi dan 7. Temporarily dismissing a member of the Board of
Nominasi, Komite Pemantau Risiko dan Komite-Komite Directors in accordance with the provisions of the
lain, jika dianggap perlu dengan memperhatikan Company’s Articles of Association.
kemampuan Perusahaan. 8. Establishing Audit Committee, Remuneration and
9. Menggunakan tenaga ahli untuk hal tertentu dan dalam Nomination Committee, Risk Monitoring Committee
jangka waktu tertentu atas beban Perseroan, jika and other Committees if deemed necessary by
dianggap perlu. considering the Company’s condition.
10. Melakukan tindakan pengurusan Perseroan dalam 9. Hiring expert for certain case and period at the
keadaan tertentu untuk jangka waktu tertentu sesuai Company’s Cost when deemed necessary.
dengan ketentuan Anggaran Dasar Perseroan. 10. Being responsible for managing the Company for
11. Menyetujui pengangkatan dan pemberhentian certain period in accordance with the Company’s
Sekretaris Perusahaan dan/atau Kepala Satuan Articles of Association.
Pengawas Intern. 11. Approving the appointment and dismissal of the
12. Menghadiri rapat Direksi dan memberikan pandangan Corporate Secretary and/or Head of Internal Control
terhadap hal yang dibicarakan. Unit.
13. Melaksanakan kewenangan pengawasan lainnya 12. Attending the Board of Directors’ meeting and giving
sepanjang tidak bertentangan dengan peraturan opinions on the matters discussed.
perundang-undangan, Anggaran Dasar Perseroan, 13. Carrying out other supervisory authority to the extent
dan/atau keputusan RUPS. not contrary to the laws and regulations, the Company’s
Articles of Association and/or GMOS’ resolutions.

Pendelegasian Wewenang Dewan Komisaris Delegation of Authorities of the Board of

Commissioners
Pendelegasian wewenang oleh seorang anggota Dewan Delegation of authority given by a member of the Board
Komisaris kepada anggota Dewan Komisaris lainnya hanya of Commissioners to other member of the Board of
dapat dilakukan melalui surat kuasa khusus untuk keperluan Commissioners can only be done through a special
dimaksud dan pendelegasian wewenang tersebut tidak power of attorney for such purpose and the delegation
melepaskan tanggung jawab Dewan Komisaris secara of authority shall not release the liability of the Board of
kolektif. Commissioners collectively.
Praktiknya, pada tahun 2018 tidak terdapat pendelegasian In 2018, there was no delegation of authority made by
wewenang seorang Anggota Dewan Komisaris kepada a member of the Board of Commissioners for another
Anggota Dewan Komisaris lainnya melalui surat kuasa member of the Board of Commissioner through a special
khusus. Seluruh kuorum Rapat Dewan Komisaris untuk power of attorney. All of the Board of Commissioners’
pengambilan keputusan dapat terpenuhi. Meetings for decision making were able to achieve the
quorum.
Pembagian Tugas Dewan Komisaris Segregation Duties of the Board of Commissioners

Dewan Komisaris mengatur sendiri pembagian kerja di The Board of Commissioners shall set their distribution
antara para anggota dan untuk kelancaran tugasnya, Dewan of work among the members and for to smooth
Komisaris dapat dibantu oleh Sekretaris Dewan Komisaris out the implementation of their duties, the Board of
yang diangkat oleh Dewan Komisaris. Namun demikian, Commissioners may be assisted by the Secretary to the
fokus bidang pengawasan masing-masing anggota Dewan Board of Commissioners who appointed by the Board of
Komisaris mengacu pada pembagian peran sebagai Ketua Commissioners. Nevertheless, the focus area of supervision
dan Wakil Ketua dari Komite Penunjang Dewan Komisaris of each member of the BOC refers to the division of roles as
sesuai kompetensi dan pengalaman yang dimiliki. Chairman and Vice Chairman of the Supporting Committee
of the BOC based on the competencies and experiences.
Fokus Bidang Pengawasan

Focus Areas of Supervision
GCG, Nominasi & Remunerasi

Manajemen Risiko
Audit GCG, Nomination &
Risk Management
Remuneration
• Gumilar Rusliwa Somantri • Fachrul Razi • Robert A. Simanjuntak

• Zaelani • Anang Sri Kusuwardono • Bambang Gatot Ariyono
Independensi & Kepemilikan Saham Anggota Independency & Share Ownership of the Member
Dewan Komisaris of the Board Commissioners
Setiap anggota Dewan Komisaris membuat pernyataan Each member of the Board of Commissioners shall give a
independensi pada tiap awal tahun untuk menyatakan statement of independency in the beginning of the year to
status independensinya dan pada setiap akhir tahun declare his independency status and at the end of the year
untuk menyatakan apakah selama tahun terakhir terdapat to state whether there were any situation which may be
situasi yang memiliki benturan kepentingan oleh Dewan 0!#+.%6! /+*ý%0+" %*0!.!/0 0+ *5 0%+* 0'!* 5
Komisaris atas tindakan yang dilakukan. Anggota Dewan the Board of Commissioners during the year. A member of
Komisaris juga berkewajiban untuk melapor apabila terjadi the Board of Commissioners shall also be obliged to report
perubahan status yang mempengaruhi independensinya +* *5 $*#! +" /001/ 0$0 û!0/ $%/ %* !,!* !*5Č
termasuk apabila terdapat perubahan kepemilikan including change in share ownership in ANTAM or other
saham baik Pribadi ataupun keluarga di ANTAM dan atau company, either personal or family ownership. The
perusahaan lain. Sekretaris Dewan Komisaris bertugas Secretary to the Board of Commissioners must ensure that
memastikan apakah praktik ini telah dilaksanakan sesuai the implementation of this practice has been in accordance
dengan prinsip GCG. with the GCG principles.

Sepanjang tahun 2018, tidak terdapat situasi dengan During 2018, there has been no situation with potential
potensi benturan kepentingan yang dihadapi oleh anggota +*ý%0 +" %*0!.!/0 "! 5 )!)!./ +" 0$! ǫ+. +"
Dewan Komisaris dalam pengambilan keputusannya Commissioners in making decisions as stated in the
sebagaimana tercantum pada Surat Pernyataan Bertindak Statements of Having Acted Independently in Operational
Independen dalam Pengawasan Operasional Perusahaan Supervision of the Company that has been published on
yang telah dipublikasikan dalam situs Perusahaan. the Company’s website.
Pernyataan Independensi Anggota Dewan Komisaris

Independence Statement of the Board of Commissioners
Gumilar Bambang
Pernyataan Robert A. Anang Sri
Statement Simanjuntak Kusuwardono
Somantri Ariyono*
1. Kepemilikan saham pribadi pada
ANTAM X X X X X X
Share ownership on ANTAM
Kepemilikan saham oleh keluarga
pada ANTAM X X X X X X
Family Shareholding on ANTAM
Kepemilikan saham pribadi di luar
ANTAM X X X X X X
Share ownership outside of ANTAM
Kepemilikan saham oleh keluarga di
luar ANTAM
X X X X X X
Family Shareholding outside of
ANTAM
2. Hubungan keluarga sedarah sampai
derajat ke-3 (ke tiga), baik menurut
garis lurus maupun garis ke samping
ataupun hubungan yang timbul
karena perkawinan dengan anggota
Dewan Komisaris lainnya atau dengan
anggota Direksi. X X X X X X
Consanguinity until the third degree,
either vertically or horizontally or
relationship as a result of marriage
with the member of other Board of
Commissioners or with the member
of the Board of Directors.
3. Aktivitas sebagai berikut:
• Menjabat sebagai Direktur pada
Badan Usaha milik Negara,
Badan Usaha Milik Daerah atau
Badan Usaha Milik Swasta yang
dapat menimbulkan benturan
kepentingan terkait dengan
jabatan saya di ANTAM;
• Menjabat sebagai pengurus partai
politik dan/atau calon/anggota
legislatif dan/atau merupakan
calon atau menjabat sebagai
kepala/wakil kepala pemerintahan
daerah;
• Jabatan lain yang dapat
menimbulkan benturan
kepentingan terkait dengan X X X X X X
jabatan saya di ANTAM.
Activities as following:
• Acting as a Director for a State
Owned Enterprise, Regional
Owned Enterprise or Private
*0!.,.%/!0$0)5%*%0!+*ý%0
of interest with my position in
ANTAM;
đ Ƶ0%*#/*+þ!.+",+(%0%(
party and/or legislative candidate/
member and/or as candidate
or acting as head/vice head of
regional government;
• Other positions that may incite
+*ý%0+"%*0!.!/03%0$)5
position in ANTAM.

Pernyataan Independensi Anggota Dewan Komisaris

Independence Statement of the Board of Commissioners
Gumilar Bambang
Pernyataan Robert A. Anang Sri
Statement Simanjuntak Kusuwardono
Somantri Ariyono*
4. Menghindari benturan kepentingan
yang dapat berpengaruh pada
pengawasan sebagai Komisaris
ANTAM.
3 3 3 3 3 3
Ƶ2+% *5+*ý%0+"%*0!.!/00$0
)5%*ý1!*!/1,!.2%/%+* !%/%+*
as the Board of Commissioners of
ANTAM.
5. Dalam melaksanakan aktivitas fungsi
pengawasan operasional Perusahaan
pada tahun 2018 telah bertindak
independen terutama dalam hal
proses pengambilan keputusan,
termasuk tetapi tidak terbatas pada
hal-hal yang tertulis di atas. 3 3 3 3 3 3
During the operational supervision
of the Company in 2018 has acted
independently in decision making
process including but not limited to
the above mentioned issues.
Setiap adanya perubahan portofolio kepemilikan saham For any change of the share ownership portfolio of
Dewan Komisaris, baik di ANTAM atau diluar ANTAM, the members of the Board of Commissioners, either in
maka Dewan Komisaris wajib melaporkan kepada SVP ANTAM or outside ANTAM, shall be reported through the
Corporate Secretary melalui penyerahan Daftar Khusus submission of share ownership special registers to the SVP
Kepemilikan Saham untuk selanjutnya disampaikan kepada Corporate Secretary for further submission to the Capital
Otoritas Pasar Modal selambat-lambatnya 3 (tiga) hari Market Authority no later than 3 (three) days after the
sejak terjadinya transaksi. transaction date.
Berdasarkan laporan bulanan Biro Administrasi Efek, According to the monthly report of Securities Administration
PT Datindo Entrycom selaku perusahaan yang bertugas Agency, PT Datindo Entrycom that is assigned to register
untuk melaksanakan pencatatan pemilik efek, selama the securities ownership, during the year 2018, there has
tahun 2018 tidak terdapat perubahan kepemilikan saham been no change in the Company’s shares owned by the
Perusahaan yang dimiliki Dewan Komisaris. Hal tersebut members of the Board of Commissioners. This information
diperkuat dengan pernyataan Dewan Komisaris yang %/ (/+ +*ü.)! 5 0$! ǫ+. +" ƫ+))%//%+*!./Ě
tertuang dalam Daftar khusus Kepemilikan Saham Dewan statement contained in document of the Special Register
Komisaris yang telah dipublikasikan di situs Perusahaan. of Share Ownership by the Board of Commissioners that
has been published on the Company’s website.
Kepemilikan Saham Dewan Komisaris dan Keluarga

Share Ownership of the Board of Commissioners and Their Families
Kepemilikan Saham
Share Ownership
Pribadi/Keluarga pada
Nama Pribadi pada Perusahaan
Keluarga pada Perusahaan Perusahaan Lain*
Name Individual Shareholding at
Family at ANTAM Individual/Family on other
ANTAM
Company*
2017 2018 2017 2018 2017 2018
Fachrul Razi - - - - - -
Zaelani - - - - - -
Robert A. Simanjuntak - - - - - -
Gumilar Rusliwa Somantri - - - - - -
Anang Sri Kusuwardono - - - - - -
Bambang Gatot Ariyono* - - - - - -

Setiap adanya perubahan portofolio kepemilikan saham For any change of the share ownership portfolio of the
Perusahaan, maka Dewan Komisaris wajib melaporkan members of the Board of Commissioners in the Company,
kepada Corporate Secretary melalui penyerahan Daftar shall be reported through the submission of share
Khusus Kepemilikan Saham untuk selanjutnya disampaikan ownership special registers to the Corporate Secretary for
kepada Otoritas Pasar Modal selambat-lambatnya 3 (tiga) further submission to the Capital Market Authority no later
hari sejak terjadinya transaksi. than 3 (three) days after the transaction date.
Selama tahun 2018 tidak terjadi perubahan jumlah kepemilikan saham

Dewan Komisaris di ANTAM
During 2018, there was no change in the number of shares of the Board of Commissioners in ANTAM
Kebijakan Rangkap Jabatan Dewan Komisaris Policy on Concurrent Positions of the Board of
Commissioners
Menurut Anggaran Dasar Perseroan Pasal 14 Ayat 29, According to Company’s Articles of Association Articles
Anggota Dewan Komisaris dilarang memangku jabatan 14 Paragraph 29, Members of the Board of Commissioners
rangkap sebagai: shall be prohibited from having concurrent positions as:
1. Anggota Direksi pada Badan Usaha Milik Negara, 1. Member of the Board of Directors at State-Owned
Badan Usaha Milik Daerah, Badan Usaha Milik Swasta, Enterprises (SOEs), Regional-Owned Enterprises
kecuali anggota Direksi pada Badan Usaha Milik Negara (ROEs), and Private Owned Enterprises, except
sebagai Pemegang Saham Seri B terbanyak; members of the Board of Directors in State-Owned
2. Pengurus partai politik dan/atau calon/anggota DPR, Enterprises as the largest B Series Shareholders;
DPD, DPRD tingkat I, dan DPRD Tingkat II dan/atau 2. Management of Political parties and/or candidates/
calon kepada daerah/wakil kepala daerah; members of DPR, DPD, level I DPRD, and level II DPRD
3. Jabatan lainnya sesuai dengan ketentuan dalam and/or candidates to regions/deputy regional heads;
peraturan perundang-undangan; 3. Other positions are in accordance with the provisions
4. Jabatan lain yang dapat menimbulkan benturan in the legislation;
kepentingan. ąċ 0$!.,+/%0%+*/0$0*1/!+*ý%0/+"%*0!.!/0ċ
Ketentuan mengenai rangkap jabatan Dewan Komisaris Regulation of the Board of Commissioners’ concurrent
ANTAM juga tercantum dalam Peraturan Otoritas Jasa positions also refers to Financial Service Authority
Keuangan Nomor 33/POJK.04/2014 tentang Direksi dan Regulation Number 33/POJK.04/2014 regarding the
Dewan Komisaris Emiten atau Perusahaan publik serta Issuer’s or Pubic Company’s Board of Director and Board of
Peraturan Perundang-Undangan lainnya. Commissioner and others Prevailing Laws and Regulations.

Nama Jabatan Pada Perusahaan Lain Jabatan Instansi lain

Name Position on Other Company Position on Other Institution
• Komisaris Holding Company pada PT Toba Sejahtera
(2005-sekarang)
• Komisaris Utama CP Prima (2010-sekarang)
Fachrul Razi -
• Commissioner of Holding Company of PT Toba
Sejahtera (2005-now)
• President Commissioner CP Prima (2010-now)
Sekretaris Utama Badan Intelijen Negara
Zaelani - (sejak 2014-sekarang)
Chief Secretary of State Intelligence Agencies (2014-now)
Staf Khusus Menteri Keuangan Bidang Perumusan
Robert A. Kebijakan Fiskal (2014-sekarang)
-
Simanjuntak ,!%(0û+"%**! %*%/0!.+"%/(+(%5
Formulation (2014-now)
Guru Besar Fakultas Ilmu Sosial dan Ilmu Politik Universitas
Gumilar
Indonesia (2006-sekarang)
Rusliwa -
Profesor of Social and Political Science in University of
Somantri
Indonesia (2006-now)
• Komisaris Utama PT Prama Energi Nusantara
Anang Sri (2011-sekarang)
-
Kusuwardono • President Commissioner of PT Prama Energi Nusantara
(2011-now)
Direktur Jenderal Mineral & Batubara Kementerian Energi
Bambang
dan Sumber Daya Alam (2015-sekarang)
Gatot -
Director General of Mineral and Coal of the Ministry of
Ariyono*
Energy and Mineral Resources (2015-now)
Program Pengenalan Perusahaan untuk Dewan Induction Program for the Board of Commissioners
Komisaris
ANTAM melaksanakan program pengenalan bagi anggota ANTAM executes an induction program for the new
Dewan Komisaris yang baru dengan tujuan memberikan member of the Board of Commissioners to provide the full
gambaran atas aktivitas bisnis, rencana perusahaan ke picture of the Company’s business activities, Company’s
depan, pedoman kerja dan hal lainnya yang menjadi plans, work guidelines and other thing which responsibility
tanggung jawab Dewan Komisaris. Program pengenalan falls on the Board of Commissioners. The induction program
diatur dalam Pedoman Kerja Dewan Komisaris. is regulated under Charter of the Board of Commissioners.
Materi pengenalan diberikan oleh SVP Corporate Secretary Materials of the induction program were given by SVP
kepada anggota Dewan Komisaris. Selain pemaparan atas Corporate Secretary to the Board of Commissioners. In
Perusahaan, dalam program pengenalan Perusahaan juga addition to the Company’s exposure, the new members of
disampaikan dokumen-dokumen penunjang, diantaranya the BOC were also provided with supporting documents
Laporan Tahunan, Rencana Kerja dan Anggaran Perusahaan relating to the Company, such as Annual Report, Corporate
(RKAP), Rencana Jangka Panjang Perusahaan (RJPP), Work Plan and Budget (RKAP), Long Term Corporate Plan
Anggaran Dasar Perseroan, Corporate Governance Policy (RJPP), Company’s Articles of Association, Corporate
(CGP), Standar Etika Perusahaan, Program Kerja Dewan Governance Policy (CGP), Code of Conduct, Work
Komisaris dan Komite Penunjang Dewan Komisaris, Charter Program of the BOC and Supporting Committee of the
Dewan Komisaris, Charter Direksi dan Charter Komite BOC, BOC Charter, B0D Charter and Charter of Supporting
Penunjang Dewan Komisaris, serta peraturan-peraturan Committee of the BOC, as well as regulations relating
yang terkait dengan pelaksanaan tugas Dewan Komisaris. to implementation of the BOC’ duties. Furthermore, to
Selain itu, guna memahami secara langsung proses bisnis clearly understand the Company’s business processes, the
Perusahaan, program pengenalan Perusahaan juga meliputi Company’s induction program also included direct visits to
kunjungan langsung ke Unit/Unit Bisnis Perusahaan. Units/Business Units.
Pada tahun 2018, tidak terdapat Dewan Komisaris baru In 2018, there was no new Board of Commissioners so that
sehingga tidak dilaksanakan Program Pengenalan the Company Induction Program was not implemented to
Perusahaan kepada Dewan Komisaris. the Board of Commissioners.

Program Pengembangan Kapabilitas Dewan Capability Development Program for the Board of
Komisaris Commissioners
Guna meningkatkan kompetensi dan pengetahuan Dewan In order to enhance the competence and knowledge of
Komisaris dan sejalan dengan program pengembangan the Board of Commissioners and in line with the Board of
Dewan Komisaris sebagaimana tercantum dalam Charter Commissioners’ development program as stated in Charters
Dewan Komisaris, yakni bahwa anggota Dewan Komisaris of the Board of Commissioners, the Board of Commissioners
harus senantiasa menambah dan memutakhirkan must constantly add and update its knowledge through
pengetahuannya melalui kegiatan pelatihan, workshop, training, workshops, seminars, conferences or in the form
seminar, conference, ataupun dalam bentuk kunjungan of work visits and benchmarking, the following Training
kerja serta banding kaji (benchmark), maka pada tahun and Development Programs were held and attended by
2018 realisasi Program Pelatihan dan Pengembangan yang the Board of Commissioners during 2018:
dilakukan oleh Dewan Komisaris yakni:
Nama Tanggal Program Pelatihan Dan Pengembangan Lokasi

Name Date Training & Development Program Location
Fachrul Razi 11-12 Agustus 2018 Kunjungan Kerja ke UBP Bauksit
Sanggau
Komisaris Utama August 11-12, 2018 Working Visit to Bauxite Mining Business Unit
President
Commissioner 4-7 September 2018 Pelatihan In Depth Directorship Program oleh Indonesian Institute for
September 4-7, 2018 Corporate Directorship (IICD)
Bali
Training In Depth Directorship Program by Indonesian Institute for
Corporate Directorship
21 November 2018 2nd ASEAN Corporate Governance Awards Ceremony
Kuala Lumpur
November 21, 2018 2nd ASEAN Corporate Governance Awards Ceremony
Zaelani 14-15 Juli 2018 Workshop Nickel Hidromet New Technology Venture Nickel Lithium
Komisaris July 14-15, 2018 the New Gasoline di Institut Teknologi Bandung
Bandung
Commissioner Nickel Hidromet New Technology Venture Nickel Lithium the New
Gasoline Workshop in Institut Teknologi Bandung
27-29 Juli 2018 Kunjungan Kerja ke UBP Nikel Maluku Utara Halmahera Timur,
July 27-29, 2018 Working Visit to North Maluku Nickel Mining Business Unit East Halmahera
11-12 Agustus 2018 Kunjungan Kerja ke UBP Bauksit
Sanggau
August 11-12, 2018 Working Visit to Bauxite Mining Business Unit
Robert A. 14-15 Juli 2018 Workshop Nickel Hidromet New Technology Venture Nickel Lithium
Simanjuntak July 14-15, 2018 the New Gasoline di Institut Teknologi Bandung
Bandung
Komisaris Nickel Hidromet New Technology Venture Nickel Lithium the New
Commissioner Gasoline Workshop in Institut Teknologi Bandung
11-12 Agustus 2018 Kunjungan Kerja ke UBP Bauksit
Sanggau
August 11-12, 2018 Working Visit to Bauxite Mining Business Unit
4-7 September 2018 Pelatihan In Depth Directorship Program oleh Indonesian Institute for
September 4-7, 2018 Corporate Directorship (IICD)
Bali
Training In Depth Directorship Program by Indonesian Institute for
Corporate Directorship
Gumilar Rusliwa 25-27 Januari 2018 Kunjungan Kerja ke UBP Nikel Sulawesi Tenggara
Pomalaa, Kolaka
Somantri January 25-27, 2018 Working Visit to South East Sulawesi Nickel Mining Business Unit
Komisaris
Independen 27-29 Juli 2018 Kunjungan Kerja ke UBP Nikel Maluku Utara Halmahera Timur,
Independent July 27-29, 2018 Working Visit to North Maluku Nickel Mining Business Unit East Halmahera
Commissioner 4-7 September 2018 Pelatihan Corporate Governance Leadership Program oleh Indonesian
September 4-7, 2018 Institute for Corporate Directorship (IICD)
Bali
Training Corporate Governance Leadership Program by Indonesian
Institute for Corporate Directorship (IICD)

Nama Tanggal Program Pelatihan Dan Pengembangan Lokasi

Anang Sri 14-15 Juli 2018 Workshop Nickel Hidromet New Technology Venture Nickel Lithium
Kusuwardono July 14-15, 2018 the New Gasoline di Institut Teknologi Bandung
Bandung
Independen Gasoline Workshop in Institut Teknologi Bandung
Independent
Commissioner 4-7 September 2018 Pelatihan Corporate Governance Leadership Program oleh Indonesian
September 4-7, 2018 Institute for Corporate Directorship (IICD)
Bali
Training Corporate Governance Leadership Program by Indonesian
Institute for Corporate Directorship (IICD)
Bambang Gatot 14-15 Juli 2018 Workshop Nickel Hidromet New Technology Venture Nickel Lithium
Ariyono* July 14-15, 2018 the New Gasoline di Institut Teknologi Bandung
Bandung
Commissioner Gasoline Workshop in Institut Teknologi Bandung
Fokus Pengawasan serta Realisasi Pelaksanaan Supervision Focus Areas and Realization
Tugas dan Tanggung Jawab Dewan Komisaris of the Board of Commissioners’ Duties and
Tahun 2018 Responsibilities in 2018
Dengan memperhatikan isu-isu penting yang menjadi By considering the important issues that become
tantangan pengawasan Dewan Komisaris, maka challenges for the Board of Commissioners to carry out
dengan dukungan Komite Penunjang Dewan Komisaris, its supervisory duties, with the support of the Supporting
Dewan Komisaris konsisten melaksanakan pengawasan Committee, the Board of Commissioners consistently
diantaranya dengan: performs the supervision by, among others:
Memperhatikan hal-hal Memperhatikan Fokus, proaktif, Meningkatkan kerja

yang sifatnya strategis, penanganan GCG, intensif serta konsisten sama sinergi antar
disamping hal-hal isu sosial, lingkungan dalam melakukan Komite dan Komite
yang sifatnya rutin dan dan berfungsinya IT pengawasan dengan Divisi mitra
jangka pendek Governance serta kerjanya dalam
pengendalian internal Focus, proactive, mencapai target
Pay attention to yang berbasis intensive and Perusahaan
strategic issues, manajemen risiko consistent in
besides routine and monitoring Improving cooperation
short-term matters Pay attention to the between the Committee
implementation of and the synergy of the
GCG, social issues, the Committee with the
environment Division of its partners
and IT Governance in achieving the
function and internal Company’s target.
control-based risk
management
Selama Tahun Buku 2018, Dewan Komisaris telah During Financial Year 2018, the Board of Commissioners
melaksanakan tugas pengawasan atas kegiatan operasional has performed the following supervisory duties over the
Perusahaan, diantaranya: Company’s operations:
1. Membuat Program Kerja dan Anggaran Dewan 1. Preparing Work Plan and Budget of the Board of
Komisaris Tahunan 2019; Commissioners for 2019;
2. Membuat laporan pelaksanaan pengawasan Dewan 2. Preparing reports on the implementation of the
Komisaris Tahun Buku 2018; supervisory function of the Board of Commissioners
for Financial Year 2018;

3. Mengevaluasi usulan besaran Insentif Kerja Tahun Buku 3. Evaluating the amount of work incentive for the
2017 dan Remunerasi Direksi Perseroan Tahun Buku Financial Year 2017 and Remuneration of the Board of
2018; Directors for Financial Year 2018;
4. Melakukan penilaian kinerja Direksi Tahun Buku 2018; 4. Carrying out an assessment of the Board of Directors’
5. Melakukan penilaian kinerja Dewan Komisaris Tahun performance 2018;
2018 dengan metode self assessment; 5. Carrying out an assessment of the Board of
6. Meneliti dan menelaah laporan-laporan dari Komite Commissioners’ performance of 2018 using self-
Penunjang Dewan Komisaris yang menjadi kepanjangan assessment method;
tangan Dewan Komisaris dalam melaksanakan fungsi 6. Reviewing and analyzing the reports received from
pengawasan Dewan Komisaris; the Board of Commissioners’ Supporting Committee,
7. Menyelenggarakan rapat internal Dewan Komisaris dan who became the representative of the Board of
rapat yang mengundang Direksi serta memberikan Commissioners in executing the supervisory function
pandangan atas laporan kinerja bulanan dan of the Board of Commissioners;
tahunan Direksi serta terhadap hal-hal lainnya yang 7. Convening the Board of Commissioners’ internal
diperlukan; meetings and the Board of Commissioners’ meetings
8. Melaporkan hasil pelaksanaan tugas pengawasan %*2%0%*# 0$! ǫ+. +" %.!0+./ * %0/ /0ûČ / 3!((
Dewan Komisaris kepada Pemegang Saham Seri A as giving opinion on the Board of Directors’ monthly
Dwiwarna tepat pada waktunya (triwulanan) dan performance report and other matters if required;
tahunan dalam RUPS tahun 2018; 8. Reporting the results of the implementation of the
9. Mengikuti perkembangan kegiatan Perseroan baik Board of Commissioners’ supervisory duties to Series A
dari informasi-informasi internal yang disediakan oleh Dwiwarna Shareholders in a timely manner (quarterly)
Perseroan maupun dari informasi-informasi eksternal and annually in the GMOS 2018;
yang berasal dari media maupun dari sumber-sumber 9. Keeping abreast of the development of the Company’s
lainnya dalam Tahun 2018; activities either from internal information provided by
10. Melakukan kajian atas permintaan persetujuan the Company or from external information generated
tertulis dari Direksi atas hal-hal sesuai ketentuan by media or any other sources during 2018;
dalam Anggaran Dasar Perseroan dan/atau peraturan 10. Review the request for written approval from the
perundang-undangan. Board of Directors on matters in accordance with the
Company’s Articles of Association and/or the laws and
regulations.
Selama tahun 2018, transaksi atau tindakan yang dilakukan During 2018, transactions or actions made by the Board
oleh Direksi Perusahaan yang memerlukan persetujuan of Directors of the Company that require the written
tertulis dari Dewan Komisaris sesuai dengan Anggaran approval of the Board of Commissioners in accordance
Dasar Perseroan Pasal 12 Ayat (7.i) antara lain sebagai with the Articles of Association of the Company Article 12
berikut: Paragraph (7.i), among other:
1. Mengadakan kerjasama dengan badan usaha atau pihak 1. Conduct cooperation with business entities or other
lain dan perjanjian-perjanjian lain yang mempunyai parties and other agreements which have the same
sifat yang sama yang jangka waktunya ataupun nilainya nature whose time period or value exceeds that
melebihi dari yang ditetapkan oleh Dewan Komisaris; stipulated by the Board of Commissioners;
2. Melakukan penyertaan modal, melepaskan penyertaan 2. Conduct equity participation, release equity
modal termasuk perubahan struktur permodalan participation including changes in capital structure
dengan nilai tertentu yang ditetapkan Dewan Komisaris with certain value set by the Board of Commissioners
pada perseroan lain, anak perusahaan dan perusahaan of other companies, subsidiary companies and joint
patungan yang tidak dalam rangka penyelamatan ventures which is not in the framework of receivables
piutang dengan memperhatikan ketentuan di bidang rescue receivable by taking into account the provisions
pasar modal; in the capital market sector;
3. Mendirikan anak perusahaan dan/atau perusahaan 3. Establish a subsidiary and/or joint venture company
patungan dengan nilai tertentu yang ditetapkan Dewan with a certain value determined by the Board of
Komisaris dengan memperhatikan ketentuan di bidang Commissioners by taking into account the provisions in
Pasar Modal; the Capital Market sector

4. Mengusulkan wakil perseroan untuk menjadi calon 4. Propose company representatives to be candidates
Anggota Direksi dan Dewan Komisaris pada anak for Members of the Board of Directors and Board of
,!.1/$* 5*# )!)!.%'* '+*0.%1/% /%#*%ü'* ƫ+))%//%+*!./ %* /1/% %.%!/ 0$0 )'! /%#*%ü*0
kepada perseroan dan/atau bernilai strategis yang contribution to the company and/or strategic value
ditetapkan oleh Dewan Komisaris; determined by the Board of Commissioners;
5. Melakukan pengambilalihan dengan nilai tertentu yang 5. Take over with certain values set by the Board of
ditetapkan Dewan Komisaris dengan memperhatikan Commissioners by taking into account the provisions in
ketentuan di bidang pasar modal; the capital market sector;
6. Mengikat perseroan sebagai penjamin (borg atau 6. Binding the company as guarantor (borg or avalist)
avalist) dengan nilai tertentu yang ditetapkan Dewan with certain values determined by the Board of
Komisaris dengan memperhatikan ketentuan di bidang Commissioners by taking into account the provisions in
Pasar Modal; the Capital Market sector;
7. Menerima pinjaman jangka menengah/panjang dan 7. Receiving medium/long term loans and providing
memberikan pinjaman jangka menengah/panjang medium/long term loans with certain values determined
dengan nilai tertentu yang ditetapkan Dewan Komisaris by the Board of Commissioners by taking into account
dengan memperhatikan ketentuan di bidang Pasar the provisions in the Capital Market sector;
Modal; 8. Providing short/medium/long term loans that are not
8. Memberikan pinjaman jangka pendek/menengah/ operational, except loans to subsidiaries are reported
panjang yang tidak bersifat operasional, kecuali to the Board of Commissioners.
pinjaman kepada anak perusahaan cukup dilaporkan
kepada Dewan Komisaris.
Penilaian atas Kinerja Komite Penunjang Dewan Assessment of the Performance of the Board of
Komisaris Commissioners’ Supporting Committee
Evaluasi terhadap kinerja anggota Komite Penunjang The evaluation of the performance of members of the
Dewan Komisaris dilakukan baik secara individual maupun Board of Commissioners’ Supporting Committee, either
secara kolektif dengan periode setiap 1 (satu) tahun secara individually or collectively, is carried out every year
self-assessment dengan menggunakan metode evaluasi through self-assessment by using evaluation method
dalam suatu sistem yang ditetapkan dalam Keputusan in a system determined in the Decision of the Board of
Dewan Komisaris. Hasil evaluasi kinerja anggota Komite Commissioners. The result of performance evaluation
Penunjang Dewan Komisaris menjadi bahan penilaian of members of the Board of Commissioners’ Supporting
untuk perpanjangan masa kerja anggota Komite Penunjang Committee serves as an assessment factor for determining
Dewan Komisaris untuk tahun berikutnya. Penilaian the period extensions of members of the Board of
diantaranya meliputi kehadiran dalam rapat, kemampuan Commissioners’ Supporting Committee for the following
bekerja sama dan berkomunikasi secara aktif sesama year. The evaluation, among others, covers attendance in
anggota Komite, integritas, kemampuan memahami visi a meeting, capability for establishing active cooperation
misi dan rencana strategis ANTAM, serta kualitas atas and communication with peer members of the Committee,
saran/rekomendasi yang diberikan terkait program kerja integrity, ability to understand vision, mission and strategic
masing-masing Komite Penunjang Dewan Komisaris. plans of ANTAM, and quality of advices/recommendations
given in relation to the respective work program of the
Board of Commissioners’ Supporting Committee.
Pada tahun 2018, capaian Kinerja Komite Audit sebesar In 2018, achievement of Audit Committee was 107.96%,
107,96%, Komite GCG-NR sebesar 101,82% serta Komite GCG-NR Committee Performance was 101.82%, and Risk
Manajemen Risiko sebesar 92,47%. Adapun detil penjelasan Management Committee was 92.47%. Detailed explanation
dari penilaian kinerja masing-masing Komite Penunjang on the performance assessment of the Supporting
Dewan Komisaris tercantum dalam Laporan Tahunan ini Committee of the Board of Commissioners is available in
pada bagian Komite Penunjang Dewan Komisaris. Supporting Committee section of this Annual Report.

Direksi
The Board of Directors
Direksi merupakan organ Perusahaan yang bertanggung The Board of Directors is an organ of the Company which
jawab penuh secara kolegial atas pengurusan is fully responsible for managing the Company collectively
Perusahaan untuk kepentingan dan tujuan Perusahaan for the interests and objectives of the Company as well
serta mewakili Perusahaan baik di dalam maupun di luar as representing the Company both inside and outside
pengadilan sesuai dengan ketentuan Anggaran Dasar the court in accordance with the Company’s Articles of
Perseroan. Association.
Masing-masing anggota Direksi dapat melaksanakan tugas Each member of the Board of Directors shall perform his
pengambilan keputusan sesuai dengan pembagian tugas decision-making duty in accordance with the segregation
dan wewenangnya, namun pelaksanaan tugas oleh masing- of duties and authorities of the Board of Directors.
masing anggota Direksi tetap merupakan tanggung However, the execution of duties by each member of the
jawab bersama. Kedudukan masing-masing anggota Board of Directors remains a collective responsibility.
Direksi termasuk Direktur Utama adalah setara. Tugas The position of each member of the Board of Directors
Direktur Utama adalah mengkoordinasikan seluruh including the President Director is equivalent. The duties
kegiatan Direksi. of the President Director is coordinating all of the Board of
Directors’ activities.
Kriteria dan Proses Pengangkatan Anggota Direksi Criteria and Process of Appointment of Members
of the Board of Directors
ANTAM memiliki kriteria persyaratan calon anggota ANTAM has requirement criteria for candidate of the
Direksi yang terdapat dalam Anggaran Dasar Perseroan member of the Board of Directors as contained in the
dan Charter Direksi. Anggota Direksi ANTAM adalah Company’s Articles of Association and Charter of the
orang perseorangan yang memenuhi persyaratan sebagai Board of Directors. Member of ANTAM’s Board of Directors
berikut: is an individual who meets the following requirements:
1. Mempunyai akhlak, moral, dan integritas yang baik; 1. Have good character, morals, and good integrity;
2. Cakap melakukan perbuatan hukum; 2. Competent in performing legal act;
3. Dalam 5 (lima) tahun sebelum pengangkatan dan ăċ %0$%* Ć Ĩü2!ĩ 5!./ ,.%+. 0+ $%/ ,,+%*0)!*0 *
selama menjabat: 1.%*#$%/0!.)+"+þ!č
a. Tidak pernah dinyatakan pailit; a. Has never been declared bankrupt;
b. Tidak pernah menjadi anggota Direksi dan/ b. Has never been a member of the Board of Directors
atau anggota Dewan Komisaris yang dinyatakan and/or a member of the Board of Commissioners
bersalah menyebabkan suatu Perusahaan declared guilty for causing a company bankrupt;
dinyatakan pailit; ċ / *!2!. !!* +*2%0! +" .%)%*( +û!*/!
c. Tidak pernah dihukum karena melakukan tindak 0$0%/ !0.%)!*0(0+0$!+1*0.5Ě/ü**%(* ĥ+.
pidana yang merugikan keuangan negara dan/atau .!(0%*#0+0$!ü**%(/!0+.Ď
yang berkaitan dengan sektor keuangan; d. Has never served as a member of the Board
d. Tidak pernah menjadi anggota Direksi dan/atau of Directors and/or a member of the Board of
anggota Dewan Komisaris yang selama menjabat: ƫ+))%//%+*!./0$0 1.%*#$%/0!.)+"+þ!č
• Pernah tidak menyelenggarakan RUPS Tahunan; • Ever did not hold an Annual GMOS;
• Pertanggungjawabannya sebagai anggota • His accountability as a member of the Board
Direksi dan/atau anggota Dewan Komisaris of Directors and/or a member of the Board of
pernah tidak diterima oleh RUPS atau pernah Commissioners was ever not accepted by the
tidak memberikan pertanggungjawaban GMOS or has never conveyed an accountability
sebagai anggota Direksi dan/atau anggota report as a member of the Board of Directors
Dewan Komisaris kepada RUPS; dan and/or a member of the Board of Commissioners
• Pernah menyebabkan Perusahaan yang to the GMOS; and
memperoleh izin, persetujuan, atau pendaftaran • Ever caused a company, which was holding
dari Otoritas Jasa Keuangan tidak memenuhi a permit, approval, or registration from the
kewajiban menyampaikan laporan tahunan dan/ %**%( !.2%!/ Ƶ10$+.%05Č "%(! 0+ "1(ü(( %0/
atau laporan keuangan kepada Otoritas Jasa obligation to submit annual reports and/or
Keuangan. ü**%( /00!)!*0/ 0+ 0$! %**%( !.2%!/
Authority.

4. Memiliki komitmen untuk mematuhi peraturan 4. Have the commitment to comply with prevailing laws
perundang-undangan; and regulations;
5. Memiliki pengetahuan dan/atau keahlian di bidang Ćċ 2!'*+3(! #!* ĥ+.!4,!.0%/!%*0$!ü!( /.!-1%.!
yang dibutuhkan Perseroan; dan by the Company; and
6. Memenuhi persyaratan lainnya sebagaimana ditentukan ćċ 1(ü((+0$!..!-1%.!)!*0// !0!.)%*! 50$!Ƶ.0%(!
dalam Anggaran Dasar Perseroan dan peraturan of Association and prevailing laws and regulations.
perundang-undangan yang berlaku.
Kebijakan Suksesi Direksi Policy of The Board of Directors Succession

Untuk menyiapkan pimpinan Perusahaan, khususnya To prepare company leaders, especially members
anggota Direksi yang professional, berintegritas, of the Board of Directors who are professional, with
berdedikasi dan memiliki kompetensi dalam menjalankan integrity, dedicated and competent in carrying out the
kegiatan Operasional Perusahaan, maka Persyaratan Company’s operational activities, the Board of Directors
pencalonan Direksi yang akan ditetapkan dalam RUPS nomination requirements to be determined in the GMOS
mengacu pada Anggaran Dasar Perseroan, Peraturan refer to the Company’s Articles of Association, Financial
Otoritas Jasa Keuangan (POJK) Nomor 33/POJK.04/2014 Services Authority Regulation Number 33/POJK.04/2014
tentang Direksi dan Dewan Komisaris Emiten atau concerning Directors and Commissioners of Issuers or
Perusahaan Publik dan Peraturan Perundang-undangan Public Companies and other Legislation. As stated in
lainnya. Sebagaimana tercantum dalam POJK Nomor 33/ POJK Number 33/POJK.04/2014, the proposal for the
POJK.04/2014, Usulan pengangkatan, pemberhentian, appointment, dismissal, and/or replacement of members
dan/atau penggantian anggota Direksi kepada RUPS of the Board of Directors to the GMOS must consider the
harus memperhatikan rekomendasi dari Dewan Komisaris recommendations of the Board of Commissioners or the
atau komite yang menjalankan fungsi nominasi. Dalam hal committee that carries out the nomination function. In
ini ANTAM memiliki Komite GGG, Nominasi & Remunerasi this case ANTAM has a GGG, Nomination & Remuneration
(Komite GCG-NR) yang memiliki peran dalam proses Committee (GCG-NR Committee) which has a role in the
pencalonan Anggota Direksi Perseroan. nomination process of the Company’s Board of Directors.
Selain itu, sebagaimana tercantum dalam Anggaran Dasar In addition, as stated in the Company’s Articles of Association
Perseroan Pasal 5 Ayat 4 huruf c.2, Pemegang Saham Seri Article 5 Paragraph 4 letter c.2, the Series A Dwiwarna
A Dwiwarna mempunyai hak istimewa untuk mengusulkan Shareholders have the privilege to propose candidates for
calon Anggota Direksi dan calon Anggota Dewan the Board of Directors and prospective members of the
Komisaris. Pada Pasal 5 ayat 4 huruf e mengatur tentang Board of Commissioners. In Article 5 paragraph 4 letter e
pelaksanaan terhadap hak istimewa Pemegang Saham regulates the implementation of the privileges of the Series A
Seri A Dwiwarna dapat dikuasakan kepada pemegang Dwiwarna Shareholders can be authorized to the majority of
saham seri B terbanyak Perseroan. Berdasarkan Surat the Company’s Series B shareholders. Based on the Special
Kuasa Khusus Pemegang Saham Seri A Dwiwarna kepada Power of Attorney of Series A Dwiwarna Shareholders
PT Indonesia Asahan Aluminium (Persero) Nomor SKK- to PT Indonesia Asahan Aluminium (Persero) Number
14/MBU/5/2018 tanggal 31 Mei 2018, Pemegang Saham SKK-14/MBU/5/2018 dated May 31, 2018, Shareholders of
Seri A Dwiwarna memberikan kuasa kepada PT Indonesia Series A Dwiwarna give authority to PT Indonesia Asahan
Asahan Aluminium (Persero) selaku pemegang saham seri Aluminium (Persero) as majority of the Company’s Series
B terbanyak Perseroan untuk mengusulkan calon anggota B shareholders to propose candidates for the Board of
Direksi dan calon anggota Dewan Komisaris Perseroan. Directors and prospective members of the Company’s Board
Sebagaimana diatur lebih lanjut dalam peraturan internal of Commissioners. As further stipulated in internal regulations
PT Indonesia Asahan Aluminium (Persero), sumber bakal of PT Indonesia Asahan Aluminium (Persero), the source of
calon Direksi yang diusulkan oleh PT Indonesia Asahan prospective Directors proposed by PT Indonesia Asahan
Aluminium (Persero) dalam RUPS, berasal dari: Aluminium (Persero) in the GMS, comes from:
1. Anggota Direksi Perusahaan Anggota Holding, 1. Members of the Holding Member Company Directors,
Anak Perusahaan Anggota Holding dan/atau Anak Subsidiaries of Holding Members and/or Holding
Perusahaan Holding; Subsidiaries;
2. Pejabat internal Perusahaan Anggota Holding, 2. Internal Membership of the Holding Company,
Anak Perusahaan Anggota Holding dan/atau Anak Subsidiary Members of the Holding Company and/
Perusahaan Holding minimal dua tingkat dibawah or Holding Subsidiaries at least two levels below the
Direksi; Directors;
3. Sumber lain yang memiliki reputasi baik, relevan dan 3. Other sources that have a good reputation, are relevant
dapat dipertanggungjawabkan. and accountable.

Dalam proses pengusulan calon anggota Direksi dan calon In the process of proposing candidates for the Board of
anggota Dewan Komisaris Perseroan yang berasal dari Directors and prospective members of the Company’s
Internal ANTAM, PT Indonesia Asahan Aluminium (Persero) Board of Commissioners from Internal ANTAM, PT
melibatkan Komite GCG-NR Perseroan dalam proses Fit Indonesia Asahan Aluminium (Persero) involved the
and Proper Test dengan sumber calon merupakan pegawai 1 Company’s GCG-NR Committee in the Fit and Proper Test
Ĩ/01ĩ(!2!( %3$%.!'/%5*#0!($)!)!*1$%'1(%ü'/% process with prospective sources being 1 level employees
setelah mengikuti asesmen yang dilakukan oleh Lembaga 1* !.-1(%ü! %.!0+./"0!.,.0%%,0%*#%*//!//)!*0/
Independen. Pada tahun 2018 asesmen dilakukan oleh conducted by Independent Institutions. In 2018 the
PT Daya Dimensi Indonesia. assessment was carried out by PT Daya Dimensi Indonesia.
Selanjutnya, seluruh bakal calon baik yang berasal dari Furthermore, all prospective candidates from both the
Internal Perseroan maupun di luar Perseroan, akan Internal Company and outside the Company will be
dievaluasi oleh PT Indonesia Asahan Aluminium (Persero) evaluated by PT. Indonesia Asahan Aluminium (Persero)
untuk selanjutnya disampaikan kepada Kementerian Badan for further submission to the Ministry of SOE before being
Usaha Milik Negara sebelum diusulkan dalam RUPS. proposed at the GMOS.
Susunan dan Komposisi Direksi Structure and Composition of the Board of

Directors
Komposisi dan jumlah anggota Direksi ditetapkan oleh The composition and number of members of the Board
RUPS dengan memperhatikan visi, misi ANTAM untuk of Directors are determined by the GMOS by considering
memungkinkan pengambilan keputusan yang efektif, tepat the vision, mission of ANTAM to enable the creation of
dan cepat, serta melaksanakan operasional Perusahaan !û!0%2!Č ,.+,!. * -1%' !%/%+*/ )'%*#Č / 3!(( /
dengan penuh strategi. strategical undertaking of the Company’s operations.
Pada tahun 2018, tidak terjadi perubahan komposisi Direksi, In 2018, there was no change in the composition of the
dengan demikian komposisi Direksi ANTAM per tanggal Board of Directors, therefore the composition of the Board
31 Desember 2018 sebagai berikut: of Directors of ANTAM as of December 31, 2018 as follows:
Arie Prabowo Dimas Wikan Sutrisno S. Tatang Hendra Hari Widjajanto Johan N.B.
Ariotedjo Pramudhito Tatetdagat Direktur Pemasaran Direktur Operasi Nababan
Direktur Utama Direktur Keuangan Direktur Marketing Director Operations Director Direktur Human Capital
President Director Finance Director Pengembangan & CSR
Development Director Human Capital & CSR
Director
Nama Jabatan Dasar Pengangkatan

Name Position Appointment Basis
Arie Prabowo Ariotedjo Direktur Utama Keputusan RUPS Tahun Buku 2016 tanggal 2 Mei 2017
President Director Resolution of GMOS for Financial Year 2016 on May 2, 2017
Dimas Wikan Pramudhito Direktur Keuangan Keputusan RUPS Luar Biasa tanggal 7 Oktober 2015
Finance Director Resolution of Extraordinary GMOS on October 7, 2015
Sutrisno S. Tatetdagat Direktur Pengembangan Keputusan RUPS Tahun Buku 2016 tanggal 2 Mei 2017
Development Director Resolution of GMOS for Financial Year 2016 on May 2, 2017
Tatang Hendra Direktur Pemasaran Keputusan RUPS Tahun Buku 2016 tanggal 2 Mei 2017
Marketing Director Resolution of GMOS for Financial Year 2016 on May 2, 2017
Hari Widjajanto Direktur Operasi Keputusan RUPS Tahun Buku 2013 tanggal 26 Maret 2014
Operations Director Resolution of GMOS for Financial Year 2013 on March 26, 2014
Johan N.B. Nababan Direktur Human Capital & CSR Keputusan RUPS Tahun Buku 2014 tanggal 31 Maret 2015
Human Capital & CSR Director Resolution of GMOS for Financial Year 2014 on March 31, 2015

Masa Jabatan Direksi !.)+"þ!+"0$!ǫ+. +"%.!0+./

Para Anggota Direksi diangkat untuk jangka waktu The members of the Board of Directors shall be appointed
terhitung sejak ditutupnya atau tanggal yang ditetapkan for a period commencing from the date of the closure of
oleh RUPS yang mengangkatnya dan berakhir pada GMOS or the date stipulated by the GMOS appointing them
penutupan RUPS Tahunan yang ke-5 (lima) setelah tanggal and ending at the closure of the 5th Annual General Meeting
pengangkatannya, dengan syarat tidak boleh melebihi of Shareholders after the date of their appointments but
jangka waktu 5 (lima) tahun, dengan memperhatikan /$(( *+0 !4!! Ć Ĩü2!ĩ 5!./ċ $! 0!.) +" +þ! +" 0$!
peraturan perundang-undangan di bidang Pasar Modal, Board of Directors’ member shall be in accordance with
namun dengan tidak mengurangi hak dari RUPS untuk the Capital Market regulations, but without prejudice to the
sewaktu-waktu dapat memberhentikan para Anggota rights of the GMOS to dismiss the members of the Board
Direksi sebelum masa jabatannya berakhir. +"%.!0+./0*50%)!!"+.!0$!%.0!.)+"+þ!!4,%.!/ċ
Setelah masa jabatannya berakhir, Direksi tersebut dapat Ƶ"0!.0$!%.0!.)/+"+þ!!4,%.! Č)!)!./+"0$!ǫ+.

diangkat kembali oleh RUPS untuk 1 (satu) kali masa of Directors may be reappointed by the GMOS for another
jabatan. 1 (one) term.
Kebijakan Terkait Pengunduran Diri Direksi Apabila Policies Relating to Resignation of the Board of
Terlibat Dalam Kejahatan Keuangan Directors if Committing a Financial Crime
Apabila dalam menjalankan tugasnya, Direksi terlibat dalam "%*..5%*#+10%0/ 10%!/Č0$!ǫ%/+))%00%*#ü**%(
kejahatan keuangan, maka tindak lanjut yang dilakukan crimes, then the follow-up action taken by the Company
Perusahaan mengacu pada ketentuan dalam Anggaran shall refer to the provisions of the Company’s Articles of
Dasar Perseroan dan peraturan perundang-undangan yang Association and prevailing laws and regulation.
berlaku.
Pedoman Kerja Direksi Board of Directors Charter

Direksi ANTAM mempunyai Pedoman Kerja Direksi atau The Board of Directors of ANTAM has had the Board of
Charter Direksi yang senantiasa dievaluasi secara berkala Directors’ Charter that is regularly evaluated in order to be
agar sejalan dengan perubahan peraturan perundang- consistent with the amendments to the prevailing laws and
undangan yang berlaku dan disesuaikan dengan kebutuhan regulations and tailored to the needs and development
Perusahaan. Pedoman Kerja Direksi telah ditandatangani of the Company. The Board of Directors’ Charter was
oleh Direksi pada tanggal 1 April 2016 yang merupakan signed by the Board of Directors on April 1, 2016 which
pengkinian dari Charter Direksi tanggal 9 November 2015 is an updated version of the Board of Directors’ Charter
dan telah diunggah ke situs Perusahaan. dated November 9, 2015 and has been uploaded on the
Company’s website.
Cakupan Charter Direksi

Scope of The Board of Directors’ Charter
I. Pendahuluan I. Introduction
• Latar Belakang • Background
• Visi dan Misi Direksi • Vision and Mission of the BOC
• Maksud dan Tujuan • Purpose and Objectives
II. Pembentukan, Organisasi, dan Masa Kerja II. Establishment, Organization and Service Period
• Dasar Hukum • Legal Basis
• Pengangkatan dan Pemberhentian • Appointment and Dismissal
• Tujuan dan Kedudukan dalam Organisasi • Purpose and Position in Organization
• Organisasi Direksi • Organization of the BOC
III. Tugas, Tanggung Jawab dan Kewenangan III. Duties, Responsibilities and Authorities
• Tugas dan Tanggung Jawab • Duties and Responsibilities
• Wewenang • Authority
• Pembagian Tugas dan Wewenang Setiap • Distribution of Duties and Authorities
Anggota Direksi • Supporting Committee of the Board of
• Pendelegasian Wewenang Commissioners
• Fungsi Utama Pendukung Direksi • Special Assignment
• Remunerasi • Remuneration
• Pendidikan Berkelanjutan • Continuous Learning
• Rapat, Pelaporan, dan Anggaran • Meeting, Reporting and Budgeting
• Kode Etik • Code of Conduct
• Pertanggungjawaban • Accountability
IV. Hubungan Direksi dengan Dewan Komisaris IV. Relationship of BOC and BOD
V. Evaluasi Kinerja V. Performance Evaluation
VI. Penutup

Tugas dan Tanggung Jawab Direksi Duties and Responsibilities of the Board of
Directors
Direksi bertugas dan bertanggung jawab secara kolegial The Board of Directors is collectively liable for and in charge
dalam mengelola Perusahaan. Tugas dan tanggung jawab of managing the Company. Duties and Responsibilities
Direksi tertuang dalam Anggaran Dasar Perusahaan of the Board of Directors are set forth in the Company’s
dan Charter Direksi yang telah diunggah pada website Articles of Association and the Board of Directors’ Charter
Perusahaan. and have been completely uploaded on the Company’s
Website.
No. Tugas dan Tanggung Jawab Direksi Duties and Responsibilities of the Board of Directors
1. Memimpin, mengurus dan mengendalikan Perseroan sesuai To lead, manage and control the Company in accordance with
dengan tujuan Perseroan dan senantiasa berusaha meningkatkan the objectives of the Company and continue to improve the
!ü/%!*/% *!"!'0%2%0/!./!.+*Ď !þ%!*5* !û!0%2!*!//+"0$!ƫ+),*5Ď
2. Menetapkan kebijakan yang dipandang tepat dalam Stipulate the policy deemed appropriate in the management of
kepengurusan Perseroan; the Company;
3. Menguasai, memelihara dan mengurus kekayaan Perseroan To control, maintain and manage the assets of the Company in
sesuai dengan Peraturan yang berlaku dan Anggaran Dasar accordance with the prevailing laws and regulation and Articles
Perseroan; of Association;
4. Mengkaji Visi dan Misi Perseroan, RJPP dan RKAP secara berkala To review the vision and mission of the Company, Long
dan memberikan persetujuan (apabila terdapat perubahan); Term Corporate Planning, Corporate Work and Budget Plan,
periodically and grant the approval (if there is a change);
5. Melaksanakan prinsip pengelolaan GCG, dimana salah To implement the principles of GCG management, whereby
seorang Anggota Direksi ditunjuk oleh Rapat Direksi sebagai one of the members of the Board of Directors is appointed
penanggung jawab dalam penerapan dan pemantauan GCG di by the Board of Directors’ Meeting to be responsible for GCG
Perseroan termasuk di dalam penerapan dan pemantauan GCG implementation and monitoring in the Company including in
di Perseroan termasuk di dalam membangun BUMN yang bersih !/0(%/$%*# (!* 3$%$ %/ ".!! ".+)#.0%ü0%+*Č ".1
*!/ .%#.0%ü'/%Čfraud, dan KKN; and corruption;
6. Membantu Dewan Komisaris apabila diperlukan dalam proses To assist the Board of Commissioners, if necessary, in the process
penunjukan penilai (assessor) independen dalam proses of appointment of independent assessor in the assessment
assessment penerapan GCG di Perseroan dan apabila dipandang process of GCG implementation in the Company and when
(!%$ !"!'0%" * !ü/%!*Č ,!*%(%* ,0 %('1'* !*#* !!)! )+.! !û!0%2! * !þ%!*0Č 0$! //!//)!*0 * !
menggunakan jasa Instansi Pemerintah yang berkompeten di done by using the services of Government agencies that are
bidang GCG, yang penunjukannya dilakukan oleh Direksi melalui competent in GCG, which appointment shall be made by the
penunjukan langsung; Board of Directors through a direct appointment;
7. Menyelenggarakan suatu sistem pengendalian internal yang + /!0 1, * !û!0%2! %*0!.*( +*0.+( /5/0!) 0+ ,.+0!0 0$!
efektif untuk mengamankan investasi dan aset Perseroan; Company’s investments and assets;
8. Melaksanakan tugasnya dengan itikad baik untuk kepentingan + ..5 +10 %0/ 10%!/ %* #++ "%0$ "+. 0$! !*!ü0/ +" 0$!
Perseroan dan sesuai dengan maksud dan tujuan Perseroan, Company and in accordance with the Company’s aims and
serta memastikan agar Perseroan melaksanakan tanggung +&!0%2!/Č * 0+ !*/1.! 0$0 0$! ƫ+),*5 "1(ü((/ %0/ /+%(
jawab sosialnya serta memperhatikan kepentingan dari berbagai responsibility and protects the stakeholders interests in
Pemangku Kepentingan sesuai dengan ketentuan peraturan accordance with the prevailing laws and regulations;
perundang-undangan;
9. Menyampaikan informasi mengenai identitas, pekerjaan- To convey information regarding the identity, main jobs, position
pekerjaan utamanya, jabatan Dewan Komisaris di Anak of the Board of Commissioners in subsidiaries/joint ventures
Perusahaan/Perusahaan patungan dan/atau Perusahaan lain, * ĥ+.+0$!.+),*%!/Č%*(1 %*#)!!0%*#/$!( %*+*!ü**%(
termasuk rapat-rapat yang dilakukan dalam satu tahun buku (rapat year (internal meetings and joint meetings with the Board
internal maupun rapat gabungan dengan Dewan Komisaris), of Commissioners), and remuneration, facilities, and/or other
serta gaji, fasilitas, dan/atau tunjangan lain yang diterima dari !*!ü0/ .!!%2! ".+) 0$+/! .!(!2*0 +),*%!/ĥ/1/% %.%!/ĥ
Perseroan yang bersangkutan dan anak Perusahaan/Perusahaan joint venture companies, to be published in the Annual Report
patungan Perseroan yang bersangkutan, untuk dimuat dalam of the Company;
Laporan Tahunan Perseroan;
10. Untuk memenuhi syarat akuntabilitas, keterbukaan, dan tertib To meet the requirements of accountability, transparency, and
administrasi, Direksi wajib: proper administration, members of the Board of Directors shall:
a. Membuat Daftar Pemegang Saham, Daftar Khusus, Risalah a. Prepare Shareholders’ Register, Special Register, Minutes of
RUPS dan Risalah Rapat Direksi; GMOS and Minutes of the Board of Directors’ Meeting;
b. Membuat Laporan Tahunan dan Dokumen Keuangan ċ.!,.! 0$! ƫ+),*5Ě/ Ƶ**1( !,+.0 * ü**%(
Perseroan; documents;
c. Memelihara seluruh Daftar, Risalah, dan Dokumen Keuangan c. Maintain all registers, Minutes of Meeting, and Financial
Perseroan dan dokumen lainnya; Documents and other documents;
d. Menyimpan di tempat kedudukan Perseroan, seluruh daftar, d. Keep in the Company’s domicile, all registers, minutes, the
risalah, dokumen keuangan Perseroan, dan dokumen lainnya. ƫ+),*$Ě/ü**%( +1)!*0/Č* +0$!. +1)!*0/ċ
11. Mengelola Perseroan dan wajib mempertanggungjawabkan To manage the Company and shall be accountable for the
pelaksanaan tugasnya kepada Pemegang Saham/Pemilik Modal; performance of its duties to the Shareholders/Capital Owners;

No. Tugas dan Tanggung Jawab Direksi Duties and Responsibilities of the Board of Directors
12. Membangun dan melaksanakan program manajemen risiko To establish and implement an integrated corporate risk
korporasi secara terpadu yang merupakan bagian dari management program which is part of the GCG program
pelaksanaan program GCG. Pelaksanaan program manajemen implementation. The risk management program is executed by
risiko dilakukan dengan membentuk unit kerja tersendiri yang establishing a separate work unit under the Board of Directors;
ada di bawah Direksi;
13. Menangani risiko-risiko tersebut dengan menggunakan strategi To manage the risks by using the Company’s risk control and
pengendalian dan pengelolaan risiko Perseroan yang meliputi: management strategies which include:
ċ !*0%ü'/% *!*!0,*%/%'+Ď ċ %/' !*0%ü0%+** !0!.)%*0%+*Ď
b. Penilaian dan Pengukuran Risiko; b. Risk Assessment and Measurement;
c. Pengelolaan dan Penanganan Risiko; c. Risk Management and Handling;
d. Pemantauan dan Pelaporan Risiko. d. Risk Monitoring and Reporting.
14. !*5),%'*(,+.*,.+ü()*&!)!*.%/%'+ *,!**#** ++*2!50$!.!,+.0+*.%/')*#!)!*0,.+ü(!* %0/$* (%*#
nya bersamaan dengan laporan berkala Perseroan; together with the periodic reports of the Company;
15. Menyelenggarakan pengawasan intern, yakni dengan To maintain internal control by establishing the Internal Control
membentuk Satuan Pengawasan Intern dan membuat Piagam Unit and Internal Control Charter as well as appointed and
Pengawasan Intern (Charter Internal Audit) serta mengangkat dismissed Head of Internal Audit with the approval of the Board
dan memberhentikan Kepala Satuan Pengawasan Intern dengan of Commissioners;
Persetujuan Dewan Komisaris;
16. Menjaga dan mengevaluasi kualitas fungsi pengawasan intern To maintain and evaluate the quality of internal control functions
di Perseroan serta secara periodik menyampaikan laporan in the Company as well as to periodically submit reports on the
pelaksanaan fungsi pengawasan intern di Perseroan kepada implementation of internal control function in the Company to
Dewan Komisaris; the Board of Commissioners;
17. Menyelenggarakan fungsi Sekretaris Perusahaan (Corporate To carry out the Corporate Secretary function as well as to
Secretary) serta menjaga dan mengevaluasi kualitas fungsi maintain and evaluate the quality of the Corporate Secretary
Sekretaris Perusahaan; function;
18. Menetapkan tata kelola teknologi informasi yang efektif, +!/0(%/$*!û!0%2!%*"+.)0%+*0!$*+(+#5#+2!.**!Č0+
menjaga dan mengevaluasi kualitas fungsi tata kelola teknologi maintain and evaluate the quality of the function of information
informasi di Perseroan, serta secara periodik menyampaikan technology governance functions in the Company, as well
laporan pelaksanaan tata kelola teknologi informasi kepada as to periodically submit the reports on the implementation
Dewan Komisaris; of information technology governance to the Board of
Commissioners;
19. Apabila diperlukan atau diminta oleh Dewan Komisaris melalui If necessary or requested by the Board of Commissioners
Komite Audit, Direksi membantu Dewan Komisaris dalam proses through Audit Committee, the Board of Directors shall assist
penunjukan calon auditor eksternal sesuai dengan ketentuan the Board of Commissioners in the process of appointment of
pengadaan barang dan jasa Perseroan; external auditor candidates in accordance with the provisions of
the procurement of goods and services of the Company;
20. Bersama-sama dengan Dewan Komisaris memastikan bahwa Together with the Board of Commissioners, to ensure that the
auditor eksternal, auditor internal, dan Komite Audit, serta external auditors, internal auditors, and the Audit Committee, as
Komite Penunjang lainnya, memiliki akses terhadap catatan well as other supporting committees, have access to accounting
akuntansi, data penunjang, dan informasi mengenai Perseroan, records, supporting data, and information regarding the
sepanjang diperlukan untuk melaksanakan tugasnya; Company, to the extent necessary to perform its duties;
21. Memastikan bahwa aset dan lokasi usaha serta fasilitas Perseroan To ensure that the Company’s assets and business location, as
lainnya, memenuhi peraturan perundang-undangan berkenaan well as other facilities comply with the laws and regulations
dengan kesehatan dan keselamatan kerja serta pelestarian relating to occupational health and safety and environmental
lingkungan; preservation;
22. Menyiapkan susunan organisasi Perseroan lengkap dengan Prepare the Company's organizational structure complete with
perincian dan tugasnya; the details and duties;
23. Mempekerjakan, menetapkan besarnya gaji, memberikan To employ, determine the remuneration value, provide
pelatihan, menetapkan jenjang karir, serta menentukan training, make career paths, as well as to determine other job
persyaratan kerja lainnya, tanpa memperhatikan latar belakang requirements, regardless of the ethnic background, religion,
etnik, agama, jenis kelamin, usia, cacat tubuh yang dipunyai gender, age, physical disability or other special circumstances
seseorang, atau keadaan khusus lainnya yang dilindungi oleh protected by the legislations;
peraturan perundang-Undangan;
24. Menyediakan lingkungan kerja yang bebas dari segala To provide a work environment that is free from any form
bentuk tekanan (pelecehan) yang mungkin timbul sebagai +" ,.!//1.! Ĩ1/!ĩ 0$0 )5 .%/! !1/! +" %û!.!*!/ %*
akibat perbedaan watak, keadaan pribadi, dan latar belakang character, personal circumstances and cultural background of a
kebudayaan seseorang. person.
Wewenang Direksi Authorities of the Board of Directors

1. Direksi berhak mewakili Perseroan di dalam dan di 1. The Board of Directors shall have the right to represent
luar pengadilan tentang segala hal dan dalam segala the Company inside and outside the Court in respect of
kejadian, mengikat Perseroan dengan pihak lain dan all matters and in all events, to bind the Company with
pihak lain dengan Perseroan, serta menjalankan segala other parties and other parties with the Company, and
tindakan, baik yang mengenai kepengurusan maupun to undertake all actions, both relating to management

kepemilikan, dengan pembatasan yang ditetapkan and ownership, with limitations determined in the
dalam Anggaran Dasar Perseroan dan dengan Company’s Articles of Association with due observance
memperhatikan peraturan perundang-undangan yang of the prevailing laws and regulations applicable in the
berlaku di bidang Pasar Modal di Indonesia. Capital Market in Indonesia.
2. Untuk melakukan tindakan tertentu, Direksi terlebih 2. In order to perform a particular action, the Board of
dahulu harus mendapat persetujuan tertulis dari Dewan Directors must obtain prior written approval from the
Komisaris sesuai ketentuan Anggaran Dasar Perseroan. Board of Commissioners according to the provisions in
the Company’s Articles of Association.
Pendelegasian Wewenang Direksi Delegation of Authorities of the Board of Directors

Pada tahun 2018, tidak terdapat pendelegasian wewenang In 2018, there has been no delegation of authority given by
seorang Anggota Direksi kepada anggota Direksi lainnya a member of the Board of Directors to another member of
melalui surat kuasa khusus, mengingat rapat Direksi untuk the Board of Directors through a special power of attorney,
pengambilan keputusan selalu memenuhi kuorum rapat. considering that the Board of Directors’ meeting for
decision making have always met the quorum requirements.
Pembagian Tugas Direksi Segregation of Duties of the Board of Directors

Pembagian tugas dan wewenang setiap anggota The segregation of duties and authority of each member
Direksi ditetapkan berdasarkan nama jabatan masing- of the Board of Directors shall be determined according to
masing anggota Direksi sebagaimana ditetapkan dalam position name of each member of the Board of Directors
pengangkatan anggota Direksi oleh RUPS. Selanjutnya as stipulated in the appointment of members of the Board
Direksi menetapkan pembagian tugas dan wewenang of Directors by the GMOS. Furthermore, the Board of
setiap anggota Direksi. Adapun pembagian tugas Direksi Directors shall determine the segregation of duties and
ANTAM sebagaimana tercantum dalam Charter Direksi authority of each member of the Board of Directors. The
yaitu: segregation of duties of ANTAM’s Board of Directors as
written in the Board of Directors’ Charter is as follows:
Direktur Utama
President Director
1. Merencanakan, mengkoordinasikan, mengarahkan, 1. To plan, coordinate, direct, control, supervise and evaluate the
mengendalikan, mengawasi dan mengevaluasi tugas korporasi task of corporate and business units, so that all activities run in
dan unit bisnis, agar seluruh kegiatan berjalan sesuai dengan accordance with the vision, mission, business targets, strategies,
visi, misi, sasaran usaha, strategi, kebijakan dan program kerja policies and work programs adopted.
yang ditetapkan.
2. Menyelaraskan seluruh inisiatif-inisiatif internal Perseroan, serta 2. To align all of the Company’s internal initiatives, as well as to
memastikan terjadinya peningkatan kemampuan bersaing ensure an increase in the Company’s ability to compete.
Perseroan.
3. Mengkoordinasikan pelaksanaan tugas operasional di bidang 3. To coordinate the implementation of operational tasks in the
pelaksanaan audit internal dan kesekretariatan korporasi, ü!( +. %*0!.*( 1 %0 * +.,+.0! /!.!0.%(Č (!#( /!.2%!/Č
pelayanan hukum, serta memastikan kepatuhan terhadap as well as ensuring compliance with laws and regulations and
hukum dan regulasi serta proses manajemen risiko. risk management process.
4. Memastikan pelaksanaan GCG di Perseroan. 4. To Ensure the implementation of GCG in the Company.
5. Mengkoordinasikan, mengendalikan dan mengevaluasi 5. To perform coordination, control and evaluation of the
internalisasi prinsip-prinsip GCG dan Standar Etika secara internalization of the principles of GCG and Code of Conduct
konsisten dalam Perseroan. consistently in the Company.
6. Memastikan informasi yang terkait dengan korporasi selalu 6. To ensure that the information relating to the corporation is
tersedia bila diperlukan oleh Dewan Komisaris. always available when required by the Board of Commissioners.
7. Menyelenggarakan dan memimpin Rapat Direksi secara 7. To organize and lead meetings of the Board of Directors on a
periodik sesuai ketetapan Direksi atau rapat-rapat lain apabila periodic basis according to the determination of the Board of
dipandang perlu sesuai usulan Direksi. Directors or other meeting if deemed necessary, as proposed by
the Board of Directors.
8. Mengesahkan Keputusan Direksi tentang Kebijakan Manajemen 8. To ratify the resolution of the Board of Directors on Management
Perseroan (Management Policy). Policies of the Company.
9. Apabila tidak ditetapkan lain dalam kebijakan kepengurusan Ċċ " *+0 +0$!.3%/! /,!%ü! %* 0$! )*#!)!*0 ,+(%5 +" 0$!
Perseroan, Direktur Utama berhak dan berwenang bertindak Company, the President Director is entitled and authorized to
untuk dan atas nama Direksi serta mewakili Perseroan di dalam act for and on behalf of the Board of Directors and represent
maupun di luar pengadilan. the Company inside and outside of the Court.
10. Menunjuk Anggota Direksi lain untuk bertindak atas nama 10. To appoint another member of the Board of Directors to act on
Direksi. behalf of the Board of Directors.

Direktur Keuangan
Finance Director
1. Merencanakan, mengkoordinasikan, mengarahkan, 1. To plan, coordinate, direct, control, supervise and evaluate the
mengendalikan, mengawasi dan mengevaluasi pelaksanaan %),(!)!*00%+* +" +,!.0%+*( 0/'/ %* 0$! ü!( / +" 0.!/1.5Č
tugas operasional bidang kebendaharaan, asuransi, akuntansi, assurance, accounting, budget, and funding, subsidiary portfolio
pajak, anggaran, dan pendanaan. and risk management.
2. Merencanakan, mencari dan memastikan penyediaan dana 2. To plan, search for and ensure the provision of funds for
untuk pengembangan Perseroan sesuai dengan rencana the development of the Company in accordance with the
strategis Perseroan. Company’s Strategic Plan.
3. Memastikan informasi yang terkait dengan unit kerjanya selalu 3. To ensure information related to the work unit is always available
tersedia untuk Dewan Komisaris. for the Board of Commissioners.
ąċ !*#!(+(,+.0+"+(%+%*2!/0/%'!1*#* *'!,101/*ü**/%( ąċ + )*#! ,+.0"+(%+ +" ü**%( %*2!/0)!*0/ * ü**%(
untuk mencapai nilai tambah maksimal dan tercapainya tujuan- decisions to achieve maximum added value and to achieve the
tujuan Perseroan sesuai ketetapan Direksi. objectives of the Company according to the resolutions of the
Board of Directors.
5. Memimpin dan mengawasi pelaksanaan kebijakan dalam 5. To lead and supervise the implementation of policies within the
lingkup kewenangan Direktorat Keuangan. authority of the Directorate of Finance.
6. Memberikan putusan bisnis Direktorat Keuangan sesuai lingkup 6. To provide a business decision of the Directorate of Finance
kewenangannya. within the scope of its authority.
7. Memimpin pembinaan pekerja sesuai pedoman yang berlaku. 7. To lead the development of employees in line with guidelines
and regulations.
Direktur Pengembangan
1. Merencanakan, mengkoordinasikan, mengarahkan, memonitor, 1. To plan, coordinate, direct, monitor, supervise and evaluate the
mengawasi dan mengevaluasi penyusunan dan pelaksanaan preparation and implementation of the Long Term Corporate
Rencana Jangka Panjang Perseroan (RJPP). Planning (RJPP).
2. Mengkoordinasikan, mengendalikan dan mengevaluasi 2. To coordinate, control and evaluate the implementation of
pelaksanaan tugas operasional di bidang eksplorasi, penelitian +,!.0%+*( 0/'/ %* 0$! ü!( / +" !4,(+.0%+*Č .!/!.$ *
dan pengembangan, studi kelayakan, serta pembangunan development, feasibility studies, as well as development of
proyek-proyek pertumbuhan Perseroan serta pengelolaan dan growth projects of the Company as well as management and
pengawasan Anak Perusahaan. supervision of subsidiaries.
3. Mengembangkan hubungan baik dengan mitra strategis serta 3. To develop good relationships with strategic partners and to
mencari dan menangkap peluang bisnis baru. search and capture new business opportunities.
4. Memastikan informasi yang terkait dengan unit kerjanya selalu 4. To ensuring information related to the work unit is always
tersedia untuk Dewan Komisaris. available for the Board of Commissioners.
lingkup kewenangan Direktorat Pengembangan. authority of the Directorate of Development.
6. Memberikan putusan bisnis Direktorat Pengembangan sesuai 6. To provide business decision of the Directorate of Development
lingkup kewenangannya. within the scope of its authority.
and regulations.
Direktur Pemasaran
Marketing Director
1. Merencanakan, mengkoordinasikan, mengarahkan, mengendalikan, 1. To plan, coordinate, direct, monitor, supervise and evaluate the
mengawasi dan mengevaluasi pelaksanaan tugas operasional implementation of operational tasks in marketing, supply chain
bidang Pemasaran, Supply Chain Management serta Kantor )*#!)!*0Č* .!,.!/!*00%2!+þ!/.+ ċ
Perwakilan di Luar Negeri.
2. Mengembangkan hubungan baik dengan mitra strategis serta 2. To develop a relationship with strategic partners as well as
mencari dan menangkap peluang bisnis baru. capturing new business opportunities.
lingkup kewenangan Direktorat Pemasaran. scope of authority of the Marketing Directorate.
5. Memberikan putusan bisnis Direktorat Pemasaran sesuai 5. To provide business decision of the Marketing Directorate
lingkup kewenangannya. within the scope of its authority.
6. Memimpin pembinaan pekerja sesuai pedoman yang berlaku. 6. To lead the development of workers in accordance with the
applicable guidelines.

Direktur Operasi
Operations Director
1. Merencanakan, mengkoordinasikan, mengarahkan, mengendalikan, 1. To plan, coordinate, direct, control, supervise and evaluate the
mengawasi dan mengevaluasi pelaksanaan tugas operasional %),(!)!*00%+*+"+,!.0%+*(0/'/%*0$!ü!( /+",.+ 10%+*Č
bidang produksi, keselamatan kerja, lingkungan, pemeliharaan safety, environmental, maintenance and engineering, post
dan rekayasa, lingkungan pasca tambang, pengelolaan aset non mining, non-productive asset, as well as information &
produktif, serta teknologi informasi dan komunikasi. communication technology.
Ăċ !*#!)*#'*,.+#.)!ü/%!*/% *)*&!)!*)101/!.0 Ăċ + !2!(+,!þ%!*5* -1(%05)*#!)!*0,.+#.)/* 0+
memastikan dilaksanakannya secara konsisten di lingkungan make sure they are performed consistently in works units.
unit-unit kerja.
lingkup kewenangan Direktorat Operasi. scope of authority of the Director of Operations Directorate.
5. Memberikan putusan bisnis Direktorat Operasi sesuai lingkup 5. To provide a business decision of the Directorate of Operations
kewenangannya. within the scope of its authority.
and regulations.
Direktur Human Capital & CSR

Human Capital & CSR Director
1. Merencanakan, mengkoordinasikan, mengarahkan, mengendalikan, 1. To design, organize, direct, control, monitor and appraise the
mengawasi dan mengevaluasi pelaksanaan proses pengelolaan implementation of Human Resource management process,
Sumber Daya Manusia (SDM), mulai dari proses perencanaan, from planning, supply, development, maintenance, and use of
penyediaan, pengembangan, pemeliharaan dan pemanfaatan human resources supported by the utilization of technology
SDM yang didukung dengan pemanfaatan teknologi informasi. information.
2. Merencanakan, mengkoordinasikan, mengarahkan, mengendalikan, 2. To plan, coordinate, direct, control, monitor and evaluate
mengawasi dan mengevaluasi pelaksanaan tugas operasional the implementation of operational tasks in public services,
bidang pelayanan umum, pengembangan kemasyarakatan, community development, partnership and community
program kemitraan dan bina lingkungan, kegiatan tanggung stewardship programs, social responsibility activities of the
jawab sosial Perseroan serta kantor-kantor perwakilan di dalam ƫ+),*5/3!((/.!,.!/!*00%2!+þ!/%*0$!/00!ċ
negeri.
3. Mengembangkan hubungan baik dengan kalangan 3. To develop a relationship with the government, all
pemerintahan, segenap pihak luar dan stakeholders lainnya outside parties, and other stakeholders and to ensure the
serta memastikan terselenggaranya kegiatan sumber daya implementation of human resource activities, corporate social
manusia dan kegiatan corporate social responsibility serta responsibility activities, and public service activities of the
kegiatan pelayanan umum Perseroan secara efektif dan tepat ƫ+),*5!û!0%2!(5* ,,.+,.%0!(5ċ
guna.
5. Memimpin dan mengawasi pelaksanaan kebijakan dalam 5. To lead and supervise the implementation of policies within
lingkup kewenangan Direktorat Human Capital & Corporate the scope of authority of the Directorate of Human Capital &
Social Responsibility. Corporate Social Responsibility.
6. Memberikan putusan bisnis Direktorat Human Capital & 6. To provide business decision of the Directorate of Human
Corporate Social Responsibility sesuai lingkup kewenangannya. Capital & Corporate Social Responsibility within the scope of its
authority.
and regulations.
Perbuatan Direksi yang Memerlukan Persetujuan The Board of Directors Actions which must Obtain
Dewan Komisaris Approval from The Board of Commissioners
Dalam Anggaran Dasar Perseroan Pasal 12 Ayat (7) Related to article 12 paragraph 7 letter i in Company’s
huruf i, terdapat Perbuatan-perbuatan Direksi yang harus Articles of Association, The actions of the Board of
mendapat persetujan tertulis dari Dewan Komisaris antara Directors which must obtain a written approval from the
lain: Board of Commissioners as well as:
a. Melepaskan/memindahtangankan dan/atau mengagunkan a. To release/transfer and/or pledge, the Company’s
aset Perseroan dengan nilai melebihi jumlah tertentu assets in the value exceeding a particular amount
yang ditetapkan oleh Dewan Komisaris, kecuali aset yang determined by the Board of Commissioners, unless such
dicatat sebagai persediaan, dengan memperhatikan assets are recorded as supplies, with due observance of
ketentuan di bidang pasar modal; 0$!,.+2%/%+*/%*0$!ü!( +",%0().'!0Ď

b. Mengadakan kerjasama dengan badan usaha atau b. To enter into a cooperation with other business entities
pihak lain, dalam bentuk kerjasama operasi (KSO), or parties, in the form of operational cooperation;
kerjasama usaha (KSU), kerjasama lisensi, Bangun Guna business cooperation; license cooperation; Build,
Serah (Build, Operate and Transfer/BOT), Bangun Serah Operate and Transfer/BOT; Build, Transfer and
Guna (Build, Transfer and Operate/BTO), Bangun Guna Operate/BTO; Build, Operate and Own/BOO and other
Milik (Build, Operate and Own/BOO) dan perjanjian- agreements of similar characteristics with the period or
perjanjian lain yang mempunyai sifat yang sama yang value exceeding the period or value determined by the
jangka waktunya ataupun nilainya melebihi dari yang Board of Commissioners;
ditetapkan oleh Dewan Komisaris; c. To determine and change the Company’s logo;
c. Menetapkan dan mengubah logo Perusahaan; d. To determine the organizational structure 1 (one) level
d. Menetapkan struktur organisasi 1 (satu) tingkat di below the Board of Directors;
bawah Direksi; e. To perform capital participation, ceasing/releasing the
e. Melakukan penyertaan modal, melepaskan penyertaan capital participation including the change to the capital
modal termasuk perubahan struktur permodalan structure with certain value determined by the Board
dengan nilai tertentu yang ditetapkan Dewan Komisaris of Commissioners in other companies, subsidiaries,
pada Perseroan lain, Anak Perusahaan dan Perusahaan and joint venture companies not in the context of
Patungan yang tidak dalam rangka penyelamatan restructuring the receivables with due observance of
piutang dengan memperhatikan ketentuan di bidang 0$!,.+2%/%+*/%*0$!ü!( +"ƫ,%0( .'!0Ď
Pasar Modal; f. To establish a subsidiary and/or joint venture company
f. Mendirikan Anak Perusahaan dan/atau Perusahaan in particular value determined by the Board of
Patungan dengan nilai tertentu yang ditetapkan Dewan Commissioners with due observance of the provisions
Komisaris dengan memperhatikan ketentuan di bidang %*0$!ü!( +"ƫ,%0( .'!0Ď
Pasar Modal; g. To nominate the Company’s representatives to become
g. Mengusulkan wakil perseroan untuk menjadi calon candidate Members of the Board of Directors and
Anggota Direksi dan Dewan Komisaris pada Anak the Board of Commissioners in a subsidiary giving
!.1/$* 5*# )!)!.%'* '+*0.%1/% /%#*%ü'* /%#*%ü*0 +*0.%10%+* 0+ 0$! ƫ+),*5 * ĥ+.
kepada Perseroan dan/atau bernilai strategis yang having strategic value determined by the Board of
ditetapkan oleh Dewan Komisaris; Commissioners;
h. Melakukan penggabungan, peleburan, pengambilalihan, h. To perform merger, consolidation, takeover, separation,
pemisahan, dan pembubaran Anak Perusahaan dan and dissolution of subsidiaries and joint venture
Perusahaan patungan dengan nilai tertentu yang companies in particular value determined by the
ditetapkan Dewan Komisaris dengan memperhatikan Board of Commissioners with due observance of the
ketentuan di bidang Pasar Modal; ,.+2%/%+*/%*0$!ü!( +"ƫ,%0( .'!0Ď
i. Mengikat Perseroan sebagai penjamin (borg atau i. To bind the Company as guarantor (borg or avalist)
avalist) dengan nilai tertentu yang ditetapkan Dewan in particular value determined by the Board of
Komisaris dengan memperhatikan ketentan di bidang Commissioners with due observance of the provisions
Pasar Modal; %*0$!ü!( +"ƫ,%0( .'!0Ď
j. Menerima pinjaman jangka menengah/panjang dan j. To receive medium/long-term loan and extend
memberikan pinjaman jangka menengah/panjang medium/long-term loan in particular value determined
dengan nilai tertentu yang ditetapkan Dewan Komisaris by the Board of Commissioners with due observance of
dengan memperhatikan ketentuan di bidang Pasar 0$!,.+2%/%+*/%*0$!ü!( +"ƫ,%0( .'!0Ď
Modal; k. To extend short/medium/long-term non-operational
k. Memberikan pinjaman jangka pendek/menengah/ (+*Č 1*(!// (+* 0+ /1/% %.%!/ /$(( ! /1þ%!*0(5
panjang yang tidak bersifat operasional, kecuali reported to the Board of Commissioners;
pinjaman kepada anak perusahaan cukup dilaporkan (ċ + 3.%0! +û ".+) ++''!!,%*# 0$! 1*+((!0%(!
kepada Dewan Komisaris; receivables and supplies of inanimate objects in the
l. Menghapuskan dari pembukuan terhadap piutang value exceeding the limit determined by the Board of
macet dan persediaan barang mati dalam nilai yang Commissioners;
melebihi batas yang ditetapkan oleh Dewan Komisaris;

m. Melakukan tindakan-tindakan yang termasuk dalam m. To undertake actions included in the material
transaksi material sebagaimana ditetapkan oleh transactions as determined by laws and regulations in
peraturan perundang-undangan di bidang pasar modal 0$!ü!( +",%0().'!0%*,.0%1(.2(1! !0!.)%*!
dengan nilai tertentu yang ditetapkan Dewan Komisaris, by the Board of Commissioners, unless such actions are
kecuali tindakan tersebut termasuk dalam transaksi included in the material transactions exempted by the
material yang dikecualikan oleh Peraturan Perundang- (3/* .!#1(0%+*/%*0$!ü!( +"ƫ,%0( .'!0Ď
Undangan yang berlaku di bidang Pasar Modal; n. To undertake the actions not yet determined in the
n. Tindakan-tindakan yang belum ditetapkan dalam Corporate Work and Budget Plan;
RKAP; o. To release rights on operation-production mining
o. Melepaskan hak atas izin usaha pertambangan operasi business license or rights on mining business license
produksi atau hak atas izin usaha pertambangan dalam in other valid forms that have entered the operation-
bentuk lain yang sah yang sudah memasuki tahap production stage.
operasi produksi.
Persetujuan Dewan Komisaris khusus berkenaan dengan Ƶ,,.+2( +" 0$! ǫ+. +" ƫ+))%//%+*!./ /,!%ü((5
poin a, b, e, f, g, h, i, j, k, l, dan m dengan batasan dan/ regarding points a, b, e, f, g, h, i, j, k, l, and m with certain
atau kriteria tertentu, ditetapkan setelah mendapatkan threshold and/or criteria, is determined after obtaining
persetujuan Pemegang Saham Seri A Dwiwarna. Penetapan approval from the Series A Dwiwarna Shareholder.
batasan dan/atau kriteria oleh Dewan Komisaris dilakukan Determination of approval and/or assessment by the
setelah mendapatkan persetujuan Pemegang Saham Seri Board of Commissioners is carried out after obtaining the
A Dwiwarna. Kewenangan persetujuan Pemegang Saham approval of the Series A Dwiwarna Shareholder. Authority
Seri A Dwiwarna sebagaimana dimaksud tersebut, dapat of Shareholder of Series A Dwiwarna approval as stated
dikuasakan kepada pemegang saham Seri B terbanyak. above can be authorized to the most Series B Shareholders.
Berdasarkan Surat Kuasa Khusus Nomor SKK-14/ Based on special letter of authorization Number SKK-14/
MBU/5/2018 tanggal 31 Mei 2018, Pemegang Saham Seri MBU/5/2018 dated May 31, 2018, The Series A Shareholders
A Dwiwarna telah memberikan kuasa kepada PT Indonesia have authorized PT Indonesia Asahan Aluminium (Persero)
Asahan Aluminium (Persero) selaku Pemegang Saham Seri as the majority shareholders of Series B Shares from
B terbanyak dari ANTAM dalam hal kewenangan menyetujui ANTAM in the case of the authority to approve the Board of
usulan Dewan Komisaris atas tindakan-tindakan Direksi Commissioners proposal for the Board of Directors’ actions
sebagaimana dimaksud dalam Anggaran Dasar Perseroan. as stated in the Company’s Articles of Association. As for
Adapun batasan dan/atau kriteria persetujuan mengacu restrictions and/or criteria of approval referring to Letter
pada Surat Menteri BUMN Nomor S-849/MBU/12/2018 of SOE Minister Number S-849/MBU/12/2018 regarding
tentang Batasan Kewenangan Dewan Komisaris. Authority Threshold of the Board of Commissioners.
Independensi & Kepemilikan Saham Anggota Independency & Share Ownership of the Board of
Direksi Directors
Setiap anggota Direksi membuat pernyataan independensi Each member of the Board of Directors shall make an
berupa Surat Pernyataan Bertindak Independen dalam independent statement in the form of a Statement of
Pelaksanaan Pengelolaan Operasional Perusahaan pada Acting Independently in implementing the Company’s
tiap awal tahun untuk menyatakan status independensinya Operational Management at every beginning of the year
dan setiap akhir tahun untuk menyatakan apakah selama to declare his independent status and at every end of the
tahun terakhir terdapat situasi yang memiliki benturan year to declare whether there during the year has been
kepentingan oleh Direksi atas tindakan yang dilakukan. /%010%+* +" +*ý%0 +" %*0!.!/0 .!0! 5 0$! ǫċ Ƶ
Anggota Direksi berkewajiban melapor apabila terjadi member of the Board of Commissioners shall also be
perubahan status yang mempengaruhi independensinya +(%#! 0+ .!,+.0 +* *5 $*#! +" /001/ 0$0 û!0/
termasuk apabila terdapat perubahan kepemilikan his independence, including change in share ownership
saham baik pribadi maupun keluarga di ANTAM dan atau in ANTAM or other company, either personal or family
Perusahaan lain. ownership.

Pernyataan Independensi dan Potensi Benturan Kepentingan Direksi

* !,!* !*!00!)!*0* +0!*5+"ƫ+*ý%0+" *0!.!/0/+"0$!ǫ+. +"%.!0+./
Arie Dimas
Pernyataan Sutrisno S. Tatang Hari Johan N.B.
Prabowo Wikan
Statement Tatetdagat Hendra Widjajanto Nababan
Ariotedjo Pramudhito
1. Kepemilikan saham pribadi pada X я X я я X
ANTAM
Share ownership on ANTAM
Kepemilikan saham oleh keluarga pada X X X X X X
ANTAM
Family Shareholding on ANTAM
Kepemilikan saham pribadi di luar я я я X X X
ANTAM
Share ownership outside of ANTAM
Kepemilikan saham oleh keluarga di X X X X X X
luar ANTAM
Family Shareholding outside of ANTAM
2. Hubungan keluarga sedarah sampai X X X X X X
derajat ke-3 (ke tiga), baik menurut
garis lurus maupun garis ke samping
ataupun hubungan yang timbul karena
perkawinan dengan anggota Direksi
lainnya atau dengan anggota Dewan
Komisaris, dan/atau dengan Pemegang
Saham Pengendali.
Consanguinity until the third degree,
either vertically or horizontally or
relationship as a consequence of
marriage with the member of other
BOD or with the member of the BOC.
3. Tidak memiliki aktivitas sebagai X X X X X X
berikut:
• Menjabat sebagai anggota Direksi
pada BUMN lain, BUMD atau Badan
Usaha Milik Swasta;
• Anggota Dewan Komisaris BUMN;
• Menempati jabatan struktural dan
fungsional lainnya dalam instansi
atau lembaga pemerintah pusat
dan/atau daerah;
• Menempati jabatan sebagai
pengurus partai politik dan/atau
calon/anggota legislatif dan/atau
merupakan calon/kepala daerah/
wakil kepala daerah; dan
• Jabatan lain yang dapat
menimbulkan benturan
kepentingan terkait dengan
jabatan di ANTAM
Activities as following:
• Acting as a Director for other SOE,
Regional Owned Enterprises or
Private Enterprise;
• The Member of the BOC of the
SOE;
• Acting as structural and other
functional position in the
central government or regional
government;
đ Ƶ0%*# / * +þ!. +" ,+(%0%(
party and/or legislative candidate/
member and/or as a candidate
or acting as head/vice head of
regional government;
• Other positions that may incite
+*ý%0+"%*0!.!/03%0$,+/%0%+*%*
ANTAM
4. Menghindari benturan kepentingan я я я я я я
yang dapat berpengaruh pada proses
pengambilan keputusan operasional
Perusahaan.
Ƶ2+% *5+*ý%0+"%*0!.!/00$0)5
%*ý1!*! 0$! +,!.0%+*( !%/%+*
making of the Company.

Pernyataan Independensi dan Potensi Benturan Kepentingan Direksi

* !,!* !*!00!)!*0* +0!*5+"ƫ+*ý%0+" *0!.!/0/+"0$!ǫ+. +"%.!0+./
Arie Dimas
Pernyataan Sutrisno S. Tatang Hari Johan N.B.
Prabowo Wikan
Statement Tatetdagat Hendra Widjajanto Nababan
Ariotedjo Pramudhito
5. Dalam melaksanakan pengelolaan я я я я я я
operasional Perusahaan pada tahun
2018 telah bertindak independen
terutama dalam hal proses
pengambilan keputusan, termasuk
tetapi tidak terbatas pada hal-hal yang
tertulis di atas.
During the operational management
of the Company in 2018 will act
independently in the decision-making
process, including but not limited to
issues mentioned above.
Kepemilikan Saham Direksi dan Keluarga

Share Ownership of the Board of Directors & Their Families
Kepemilikan Saham
Share Ownership
Pribadi/Keluarga pada
Nama
Pribadi pada Perusahaan Keluarga pada Perusahaan Perusahaan Lain*
Name
Individual at ANTAM Family at ANTAM Individual/Family on other
Company*
2017 2018 2017 2018 2017 2018
Arie Prabowo Ariotedjo - - - - 1.148.000 500.000
Dimas Wikan Pramudhito 7.500 7.500 - - 111.500 217.300
Sutrisno S. Tatetdagat - - - - 7.398 7.398

Tatang Hendra 30.000 30.000 - - - -
Hari Widjajanto 134.785 134.785 - - - -
Johan N.B. Nababan - - - - - -
* Arie Prabowo Ariotedjo, 2018: APOL, 2017: APOL, ADHI
Dimas Wikan Pramudhito, 2018: BBKP, MNCN, BBRI, TLKM, PTBA, 2017: BBKP, MNCN
Sutrisno S. Tatetdagat, 2017 & 2018: TINS
Perusahaan, maka Direksi wajib melaporkan kepada members of the Board of Directors in the Company, shall
Corporate Secretary melalui penyerahan Daftar Khusus be reported through the submission of share ownership
Kepemilikan Saham untuk selanjutnya disampaikan kepada special registers to the Corporate Secretary for further
Otoritas Pasar Modal selambat-lambatnya 3 (tiga) hari submission to the Capital Market Authority no later than 3
sejak terjadinya transaksi. (three) days after the transaction date.
Selama tahun 2018 tidak terjadi perubahan jumlah kepemilikan saham Dewan
Komisaris di ANTAM
During 2018, there was no change in the number of shares of the Board of Commissioners in ANTAM

Kebijakan Rangkap Jabatan Direksi Policy on Concurrent Positions of the Board of

Directors
Selama tahun 2018 tidak terjadi perubahan jumlah During 2018, there was no change in the number of shares
kepemilikan saham Direksi dan Dewan Komisaris ANTAM. of ANTAM’s Board Directors and Board of Commissioners.
Setiap adanya perubahan portofolio kepemilikan For any change of the share ownership portfolio of the
saham Dewan Komisaris dan Direksi, baik di ANTAM members of the Board of Commissioners and the Board
atau diluar ANTAM, maka Dewan Komisaris dan Direksi of Directors, either in ANTAM or outside ANTAM, shall
wajib melaporkan kepada Corporate Secretary melalui be reported through the submission of share ownership
penyerahan Daftar Khusus Kepemilikan Saham untuk special registers to the Corporate Secretary for further
selanjutnya disampaikan kepada Otoritas Pasar Modal submission to the Capital Market Authority no later than
selambat-lambatnya 3 (tiga) hari sejak terjadinya transaksi. 3 (three) days after the transaction date.
Menurut Anggaran Dasar Perusahaan Pasal 11 Ayat 28, According to the Articles of Association Articles 11
anggota Direksi dilarang memangku jabatan rangkap Paragraph 28, Members of the Board of Directors shall be
sebagai: prohibited from having concurrent positions as:
a. Anggota Direksi pada Badan Usaha Milik Negara, a. Member of the Board of Directors at State-Own
Badan Usaha Milik Daerah, Badan Usaha Milik Swasta; Enterprises (SOEs), Regionally-Owned Enterprises
b. Anggota Dewan Komisaris dan/atau Dewan Pengawas (ROEs), and Private Owned Enterprises;
pada BUMN; b. Members of the Board of Commissioners at SOE’s;
c. Jabatan struktural dan fungsional lainnya pada instansi/ c. Other structural and functional positions in central
lembaga pemerintah pusat dan/atau daerah; and/or regional government agencies/institutions;
d. Pengurus partai politik dan/atau calon/anggota DPR, d. Management of Political parties and/or candidates/
DPD, DPRD tingkat I, dan DPRD Tingkat II dan/atau members of House of Representative, Regional
calon kepada daerah/wakil kepala daerah; Representative Council, Regional House of
e. Jabatan lainnya sesuai dengan ketentuan dalam Representative, level I and II and/or candidates to
peraturan perundang-undangan; regions, deputy regional heads;
f. Jabatan lain yang dapat menimbulkan benturan e. Other positions are in accordance with the provisions
kepentingan. in the legislation;
"ċ 0$!.,+/%0%+*/0$0*1/!+*ý%0/+"%*0!.!/0ċ
Ketentuan mengenai rangkap jabatan Direksi ANTAM Regulation of the Board of Directors’ concurrent positions
juga tercantum dalam Peraturan Otoritas Jasa Keuangan also refers to Financial Service Authority Regulation
Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Number 33/POJK.04/2014 regarding the Issuer’s or Pubic
Komisaris Emiten atau Perusahaan publik serta Peraturan Company’s Board of Director and Board of Commissioner
Perundang-Undangan lainnya. and others Prevailing Laws and Regulations.
Jabatan pada Perusahaan/ Jabatan Pada Anak Perusahaan ANTAM/

Nama
Instansi Lain Joint Venture
Name
Position on Other Company/Institution Position on ANTAM’s Subsidiary/Joint Venture
Arie Prabowo Ariotedjo - -
Komisaris Utama PT Indonesia Chemical Alumina
Dimas Wikan Pramudhito -
President Commissioners at PT Indonesia Chemical Alumina
• Plt. Komisaris Utama PT Cibaliung Sumberdaya
• Komisaris PT Borneo Alumina Indonesia
Sutrisno S. Tatetdagat -
• Acting President at PT Cibaliung Sumberdaya
• Commissioner at PT Borneo Alumina Indonesia
Komisaris Utama PT Gag Nikel
Tatang Hendra -
President Commissioners at PT Gag Nikel
Komisaris Utama PT Nusa Halmahera Minerals
Hari Widjajanto -
President Commissioners at PT Nusa Halmahera Minerals
Johan N.B. Nababan - -

Program Pengenalan Perusahaan untuk Direksi Induction Program for the Board of Directors
ANTAM melaksanakan program pengenalan bagi anggota ANTAM executes an induction program for the new
Direksi yang baru dengan tujuan memberikan gambaran member of the Board of Directors to provide the full
atas aktivitas bisnis, rencana perusahaan ke depan, picture of the Company’s business activities, Company’s
pedoman kerja dan hal lainnya yang menjadi tanggung plans, work guidelines and other thing which responsibility
jawab Direksi. Program pengenalan diatur dalam Pedoman falls on the Board of Directors. The induction program is
Kerja Direksi. regulated under Charter of the Board of Directors.
Materi pengenalan diberikan oleh SVP Corporate Secretary Materials of the induction program were given by SVP
kepada anggota Direksi. Selain pemaparan atas Perusahaan, Corporate Secretary to the Board of Director. In addition
dalam program pengenalan Perusahaan juga disampaikan to the Company’s exposure, the new members of the BOD
dokumen-dokumen penunjang, diantaranya Laporan were also provided with supporting documents relating to
Tahunan, Rencana Kerja dan Anggaran Perusahaan (RKAP), the Company, such as Annual Report, Corporate Work and
Rencana Jangka Panjang Perusahaan (RJPP), Anggaran Budget Plan (RKAP), Long Term Corporate Planning (RJPP),
Dasar Perseroan, Corporate Governance Policy (CGP), Company’s Articles of Association, Corporate Governance
Standar Etika Perusahaan, Program Kerja Dewan Komisaris Policy (CGP), Code of Conduct, Work Program of the BOC
dan Komite Penunjang Dewan Komisaris, Charter Dewan and Supporting Committee of the BOC, BOC Charter,
Komisaris, Charter Direksi dan Charter Komite Penunjang B0D Charter and Charter of Supporting Committee of the
Dewan Komisaris, serta peraturan-peraturan yang terkait BOC, as well as regulations relating to implementation of
dengan pelaksanaan tugas Direksi. Selain itu, guna the BOD’s duties. Furthermore, to clearly understand the
memahami secara langsung proses bisnis Perusahaan, Company’s business processes, the Company’s induction
program pengenalan Perusahaan juga meliputi kunjungan program also included direct visits to Units/Business Units.
langsung ke Unit/Unit Bisnis Perusahaan.
Pada Tahun 2018, tidak terdapat Direksi baru sehingga In 2018, there was no new Board of Director so that the
tidak dilaksanakan Program Pengenalan Perusahaan Company Induction Program was not implemented to the
kepada Direksi. Board of Director.
Pelatihan & Pengembangan Keahlian Berkelanjutan Sustainable Trainings and Competency Development
Tahun 2018, Direksi telah mengikuti pendidikan In 2018, the Board of Directors has attended the following
berkelanjutan, yang dikombinasikan dalam self-study continuous learning, which is combined with self-study
dan keikutsertaan pada pendidikan khusus, pelatihan, and participation in special education, training, workshop,
workshop, seminar ataupun conference yang bermanfaat seminars or conferences, which are useful in improving
dalam meningkatkan efektivitas fungsi Direksi, 0$! !û!0%2!*!// +" 0$! ǫ+. +" %.!0+./Ě "1*0%+*/ /
sebagaimana ketentuan yang diatur dalam Charter Direksi, /,!%ü! %*0$!ƫ$.0!.+"0$!ǫ+. +"%.!0+./č
sebagai berikut:
Nama Tanggal Program Pelatihan dan Pengembangan Lokasi

Arie Prabowo Ariotedjo 5-7 Februari 2018 Benchmarking ke POSCO Gwangyang Steel Plant, Korea Selatan
Direktur Utama February 5-7, 2018 SNNC, dan SeAH Changwong Special Steel South Korea
President Director Benchmarking to POSCO Gwangyang Steel Plant,
SNNC, and SeAH Changwong Special Steel
26 Februari 2018 Pembicara pada FGD Dampak Kebijakan Relaksasi Jakarta
February 26, 2018 Ekspor Mineral Mentah yang diselenggarakan oleh
Komite Ekonomi dan Industri Nasional RI
Speaker at FGD Impact of Relaxation of Ore Export
Policy, held by Committee of National Economic
and Industrial Republic of Indonesia
27 Februari-8 Maret Benchmarking ke Mitsubishi Corporation RTM, Jepang
2018 1)%0+)+ !0( %*%*# ƫ+ċ 0 * %ü !0( Japan
February 27- March 8, Co. Ltd
2018 Benchmarking to Mitsubishi Corporation RTM,
1)%0+)+ !0( %*%*#ƫ+ċ0 * %ü !0(ƫ+ċ
Ltd
16 Maret 2018 Benchmarking ke PT Indonesia Morowali Industrial Morowali, Sulawesi Tengah
March 16, 2018 Park Morowali, Central Sulawesi
Benchmarking to PT Indonesia Morowali industrial
Park


16 April 2018 Benchmarking ke Coral Bay Nickel Corporation Filipina
April 16, 2018 Benchmarking to Coral Bay Nickel Corporation Philippines
18-20 April 2018 Benchmarking ke Showa Denko KK Jepang
April 18-20, 2018 Benchmarking to Showa Denko KK Japan
21-26 April 2018 International Tin Conference 2018 Hungaria
April 21-26, 2018 Hungary
8-9 Mei 2018 Coaltrans Conference 2018 Bali
May 8-9, 2018
16 Mei 2018 Sharing Session dengan Kepala LKPP & Kementerian Jakarta
May 16, 2018 BUMN
Sharing Session with National Public Procuremsent
Agency Head and Ministry of State Owned
Enterprises
28-30 Juni 2018 Benchmarking ke Inmatec Gase Technologie Jerman
June 28-30, 2018 Benchmarking to Inmatec Gase Technologie Germany
1-3 Juli 2018 Benchmarking ke Meta Nikel Kobalt A.S. Turki
July 1-3, 2018 Benchmarking to Meta Nikel Kobalt A.S Turkey
4 Agustus 2018 Pembicara Team Building Holding Tambang Batch Bogor
August 4, 2018 II (FHCI)
Speaker at Team Building for Mining Holding
Company Batch II (FHCI)
15 Agustus 2018 Workshop Opportunities for Indonesia-Australia Jakarta
August 15, 2018 Cooperation in the Mining and Energy Sector
30 Agustus 2018 Benchmarking ke Kawasan Industri Weda Bay Nickel Halmahera, Maluku Utara
August 30, 2018 Benchmarking to Weda Bay Nickel Industry Area Halmahera, North Maluku
5-12 September 2018 Benchmarking ke Korea Chemical Co. Ltd Jepang
September 5-12, 2018 Benchmarking to Korea Chemical Co. Ltd Japan
28 September-8 Stanford Business-Executive Program in Leadership: Amerika Serikat
Oktober 2018 $!û!0%2!/!+"+3!. United States of America
September 28-October
8, 2018
9-11 Oktober 2018 IMF World Bank (Infrastructure) Conference Bali
October 9-11, 2018
14 November 2018 Pembicara pada Acara One Hour University- Jakarta
November 14, 2018 Kementerian Energi dan Sumber Daya Mineral
Speaker at One Hour University event-Ministry of
Energy and Mineral Resources
18-23 November 2018 Benchmarking ke CHALCO L.td Tiongkok
November 18-23, 2018 Benchmarking to CHALCO L.td China
3 Desember 2018 CEO Networking 2018 Embrace Networking & Jakarta
December 3, 2018 Synergy to Complete Globally
Dimas Wikan Pramudhito 4 Mei 2018 Pembicara pada Sharing Session bersama Duta Bogor
Direktur Keuangan May 4, 2018 BUMN
Finance Director Speaker at Sharing Session with SOE's Ambassador
8 Mei 2018 The 6th Jakarta Marketing Week 2018 Jakarta
May 8, 2018
4 Juni 2018 CFO Forum 2018 Jakarta
June 4, 2018
23-27 Juli 2018 Market Visit bersama Asuransi Jasindo Inggris
July 23-27, 2018 Market Visit with Asuransi Jasindo United Kingdom
18 September 2018 8th Annual Best Corporate-Institutional Investor Singapura
September 18, 2018 Award Singapore
9-11 Oktober 2018 IMF World Bank (Infrastructure) Conference 2018 Bali
October 9-11, 2018
13 Desember 2018 Narasumber dalam Kegiatan Executive Gathering Jakarta
December 13, 2018 BLU Kesehatan Tahun 2018
Speaker at Executive Gathering of Health Public
Service Agency 2018


Sutrisno S. Tatetdagat 27 Februari-8 Maret Benchmarking ke Mitsubishi Corporation RTM, Jepang
Direktur Pengembangan 2018 1)%0+)+ !0( %*%*# ƫ+ċ 0 * %ü !0( Japan
Development Director February 27- March 8, Co. Ltd
2018 Benchmarking to Mitsubishi Corporation RTM,
1)%0+)+ !0( %*%*# ƫ+ċ 0 * %ü !0(
Co. Ltd
16 April 2018 Benchmarking ke Coral Bay Nickel Corporation Filipina
April 16, 2018 Benchmarking to Coral Bay Nickel Corporation Philippines
28-30 Juni 2018 Benchmarking ke Inmatec Gase Technologie Jerman
June 28-30, 2018 Benchmarking to Inmatec Gase Technologie Germany
1-3 Juli 2018 Benchmarking ke Meta Nikel Kobalt A.S. Turki
July 1-3, 2018 Benchmarking to Meta Nikel Kobalt A.S Turkey
9-11 Oktober 2018 IMF World Bank (Infrastructure) Conference Bali
October 9-11, 2018
15-19 Oktober 2018 Benchmarking ke Rusal Management dan Norilsk Rusia
October 15-19, 2018 Nickel Russia
Benchmarking to Rusal Management and Norilsk
Nickel
11-14 November 2018 Harvard Business - Executive Program in Leadership: Amerika Serikat
November 11-14, 2018 .%2%*#.+ü0(!.+30$ United States of America
Tatang Hendra 5-7 Februari 2018 Benchmarking ke POSCO Gwangyang Steel Plant, Korea Selatan
Direktur Pemasaran February 5-7, 2018 SNNC, dan SeAH Changwong Special Steel South Korea
Marketing Director Benchmarking to POSCO Gwangyang Steel Plant,
SNNC, and SeAH Changwong Special Steel
15 Februari 2018 Pelatihan Dasar Muamalah Maaliyah terkait Kegiatan Jakarta
February 15, 2018 Bisnis
Basic Training of Muamalah Maaliyah concerning
Business Activity
26 Februari-1 Maret Benchmarking ke MKK Co. Ltd., Sanrio Co.Ltd. dan Jepang
2018 Mitsubishi Corporation RTM Japan
February 26- March 1, Benchmarking to MKK Co. Ltd., Sanrio Co.Ltd. and
2018 Mitsubishi Corporation RTM
29-31 Maret 2018 Benchmarking ke FED Gold Co. Ltd. dan YLG Bullion Thailand
March 29-31, 2018 International Co. Ltd.
Benchmarking to FED Gold Co. Ltd. and YLG Bullion
International Co. Ltd.
24-30 Agustus 2018 Benchmarking ke Showa Denko KK dan Sojitz Jepang
August 24-30, 2018 Corporation Japan
Benchmarking to Showa Denko KK and Sojitz
Corporation
6 September 2018 The 4th ASEAN Marketing Summit 2018 Jakarta
September 6, 2018
24-25 September 2018 Benchmarking ke Vakif Katilim Bank dan Istanbul Turki
September 24-25, 2018 +( !ü*!.5 Turkey
Benchmarking to Vakif Katilim Bank and Istanbul
+( !ü*!.5
26 September 2018 Benchmarking ke Dar Al Sharia Limited Uni Emirat Arab
September 26, 2018 Benchmarking to Dar Al Sharia Limited, United Arab Emirates
22-26 Oktober 2018 Strategic Marketing Program dari INSEAD Perancis
October 22-26, 2018 Strategic Marketing Program from INSEAD France


Hari Widjajanto 7 Februari 2018 Pembicara dalam FGD Holding BUMN Jakarta
Direktur Operasi February 7, 2018 Pertambangan, Divestasi Freeport dan Kelanjutan
Operations Director Operasi Pasca 2021 di TPT PERHAPI
Speaker in FGD Mining SOE Holding Company,
concerning Freeport Divestment and Continuation
of Post-2021 Operations at TPT PERHAPI
9-10 Maret 2018 Benchmarking ke Semen Gresik Surabaya
March 9-10, 2018 Benchmarking to Semen Gresik
28 April-3 Mei 2018 Benchmarking ke Cadia, Orange, New South Wales Australia
April 28-May 3, 2018 Benchmarking to Cadia, Orange, New South Wales
6 Juni 2018 Benchmarking ke PT Astra Indonesia Jakarta
June 6, 2018 Benchmarking to PT Astra Indonesia
30 Juni-2 Juli 2018 Benchmarking ke Sado Gold Mine, Nishimikawa Jepang
June 30-July 2, 2018 Gold Park dan Toi Gold Mine Benchmarking to Sado Japan
Gold Mine, Nishimikawa Gold Park and Toi Gold Mine
25 Juli 2018 Pembicara pada Simposium Internasional ITB Bandung
July 25, 2018 Speaker at International symposium in ITB
14-15 Oktober 2018 Workshop ABB Mining and Mineral Process Swiss
October 14-15 2018 Switzerland
16-17 Oktober 2018 Benchmarking ke Open Pit Coal Mine, ABB Mining Jerman
October 16-17 2018 Benchmarking to Open Pit Coal Mine, ABB Mining Germany
2-10 November 2018 Executive Program Leadership: “Executing Strategy Inggris
November 2-10, 2018 for Results Course” by London Business School United Kingdom
Johan N.B. Nababan 5 Februari 2018 Pertamina International Learning Conference Jakarta
Direktur HC & CSR February 5, 2018
HC & CSR Director
6-7 Februari 2018 In House Training Manajemen Umum Dana Pensiun Jakarta
February 6-7, 2018 In House Training Pensiun Fund General Management
22 Februari 2018 Workshop Launching Badan Layanan Umum PPSDM Balikpapan
February 22, 2018 Geominerba 2018
Workshop of Public Service Agency PPSDM
Geominerba 2018
4-7 Maret 2018 Benchmarking ke PAMCO, Ltd Jepang
March 4-7, 2018 Benchmarking to PAMCO Ltd Japan
26 April 2018 Pembicara pada FGD Wilayah Pertambangan Jakarta
April 26, 2018 Rakyat, dan Penambangan Emas Tanpa Izin yang
diselenggarakan oleh Komite Ekonomi dan Industri
Nasional RI
Speaker at FGD People's Mining Areas, and Illegal
Gold Mining held by Committee of National
Economic and Industrial Republic of Indonesia
8-9 Mei 2018 Seminar dan Musyawarah Nasional-Asosiasi Dana Manado
May 8-9, 2018 Pensiun Indonesia tahun 2018
Seminar and National Conference-Indonesian
Pension Fund Association 2018
10-13 Juni 2018 Human Resource Executive Suites Connection, Amerika Serikat
June 10-13, 2018 Harvard Business School United States of America
13-15 November 2018 Training of Trainer Batch II Session I-III for Field Jakarta
November 13-15, 2018 Coaches Making Indonesia 4.0
23 November 2018 Narasumber dalam FGD Sinergi Pengembangan Bali
November 23, 2018 Sumber Daya Manusia Sektor ESDM
Speaker in FGD Synergy of Human Resource in
ESDM Setor

Pelaksanaan Tugas dan Tanggung Jawab Direksi The Implementation of Duties and Responsibilities
Selama Tahun 2018 of the Board of Directors in 2018
Selama tahun 2018, Direksi telah melaksanakan tugas yang During 2018, the Board of Directors have carried out
bersifat strategis, antara lain sebagai berikut: strategic tasks, including the following:
1. Melakukan review dan mengesahkan RJPP 2018-2023; 1. Review and ratify Long Term Company Plan 2018-2023;
2. Menyusun RKAP Tahun 2018 dan melakukan review 2. Prepare the Corporate Work and Budget Plan in 2018
terhadap RKAP 2018; and conduct a review of the Corporate Work and
3. Menyelenggarakan RUPS Tahunan tahun buku 2017; Budget Plan;
4. Membuat Daftar Pemegang Saham, Daftar Khusus. ăċ .#*%6%*#0$! +"ü**%(5!.ĂĀāĈĎ
Risalah RUPS dan Risalah Rapat Direksi; 4. Make a List of Shareholders, Special Register, Minutes
Ćċ !('1'*% !*0%ü'/%.%/%'+!.1/$* *)!*51/1* of GMOS and Minutes of Board of Directors’ Meetings;
strategi upaya pengendalian Risiko; 5. Identify Company’s risks and develop strategies for risk
6. Menyusun strategi penyelesaian proyek-proyek +*0.+(!û+.0/Ď
pengembangan; 6. Develop strategies for the completion of development
7. Menyusun strategi dan program eksplorasi dan projects;
pengembangan Perusahaan; 7. Develop strategies and programs for exploration and
8. Melakukan inovasi penjualan dan penjajakan pasar; development of the Company;
9. Menyusun laporan tahunan, laporan keuangan dan 8. Make innovative sales and market assessments;
laporan lainnya bagi Pemegang Saham, Regulator dan Ċċ .!,.! **1( .!,+.0/Č ü**%( .!,+.0/ * +0$!.
pemangku kepentingan lainnya; reports for Shareholders, Regulators and other
10. Melakukan review terhadap struktur organisasi stakeholders;
Perusahaan; 10. Reviewing the organizational structure of the Company;
11. Menelaah rencana program promosi dan rotasi Pegawai 11. Reviewing the promotion program plan and employee
serta remunerasi Pegawai; rotation and employee remuneration;
12. Melakukan Inventarisasi aset Perusahaan; 12. Conducting inventory of Company’s assets;
13. Melakukan pemilihan Kantor Akuntan Publik yang akan 13. Conducting the selection of the Public Accounting
diusulkan pada RUPS; Firm that will be proposed at the GMOS;
14. Melakukan pengawasan atas kinerja Anak Perusahaan; 14. Supervise the performance of the Subsidiaries; and
dan 15. Hold meetings with investors and other Stakeholders.
15. Mengadakan pertemuan-pertemuan dengan para
investor dan pemangku kepentingan lainnya.
Evaluasi Atas Strategi Perusahaan Evaluation of Corporate Strategy

Dewan Komisaris dan Direksi bertanggung jawab untuk The Board of Commissioners and the Board of Directors
memberikan arahan dalam proses penyusunan arahan are responsible for providing direction in the process of
strategis Perusahaan. Penyusunan dan review strategi implementing strategic direction. The preparation and
Perusahaan mengacu pada Surat Keputusan Direksi Nomor review of the Company’s strategy refers to the Directors
402.K/51/DAT/2018 tanggal 6 April 2018 tentang Kebijakan Decree Number 402.K/51/DAT/2018 dated April 6, 2018
Manajemen Strategis Perusahaan yang merupakan concerning the Corporate Strategic Management Policy
pengkinian atas Surat Keputusan Direksi Nomor 165.K/51/ which is an update of Directors Decree Number 165.K/51/
DAT/2010 tanggal 24 September 2010. DAT/2010 dated September 24, 2010.
Proses penyusunan arahan strategis dilakukan oleh tim The process of formulating strategic direction is carried out
yang ditunjuk oleh Direksi dengan melibatkan beberapa by a team appointed by the Board of Directors involving
%2%/% * /!'1.*#ġ'1.*#*5 $.1/ )!)10 !ü*%/% /!2!.( %2%/%+*/ * )1/0 0 (!/0 +*0%* !ü*%0%+*/
kondisi yang diinginkan, nilai-nilai Perusahaan, Analisis of the desired conditions, Company values, Strategic
Strategis (Strategic Analysis), dan Strategic Objective. Analysis, and Strategic Objectives. The strategic direction
Proses evaluasi dan review arahan strategis dikoordinasikan of the evaluation and review process is coordinated by the
oleh Direktorat Pengembangan dengan melibatkan Divisi/ Development Directorate by involving the Division/Work
Satuan Kerja/Unit/Unit Bisnis terkait yang dilakukan secara Unit/Business Unit/Unit that are carried out periodically or
berkala atau dalam hal terjadinya perubahan lingkungan %*0$!!2!*0+"/%#*%ü*0/0.0!#%!*2%.+*)!*0($*#!/
/0.0!#%/ 5*# /%#*%ü'* () ,!.%+ ! !.&(* !*#* in the current period with the aim of minimizing deviations
maksud untuk memperkecil penyimpangan dan menguji and testing the accuracy of Company’s strategic direction.

ketepatan arah strategis Perusahaan. Hasil evaluasi dan The results of the evaluation and review of strategic
review arahan strategis adalah berupa rekomendasi perlu direction are in the form of recommendations on whether
atau tidaknya perbaikan terhadap strategi Perusahaan. or not to improve the Company’s strategy.
Perusahaan telah melakukan evaluasi RJPP sebelumnya The company has evaluated previous Long Term Corporate
dan melakukan analisis strategis terhadap faktor-faktor Planning and conducted a strategic analysis of the
internal dan eksternal Perusahaan sehingga menghasilkan Company’s internal and external factors to produce the
empat strategi utama Perusahaan dalam lima tahun ƫ+),*5Ě/ "+1. )%* /0.0!#%!/ %* 0$! *!40 ü2! 5!./Č
kedepan yaitu Quick Cash Action, Mineral Sustainability, namely Quick Cash Action, Mineral Sustainability, Maximize
Maximize Added Value dan Asset Optimization. Strategi Added Value and Asset Optimization. The strategy is
tersebut dituangkan dalam dokumen RJPP 2018-2022 yang stated in the Long Term Company Plan 2018-2022 which
telah disahkan pada tanggal 30 Januari 2018 oleh Direksi 3/.0%ü! +*
*1.5ăĀČĂĀāĉ50$!ǫ+. +"%.!0+./
dan Dewan Komisaris. Selain Itu evaluasi juga dilaksanakan and the Board of Commissioners. In addition, evaluations
pada Rapat Pimpinan Tahunan dan Rapat Pimpinan Tengah were also held at the Annual Leadership Meetings and Mid
Tahun (Mid Year Review). Year Review Meetings.
Keputusan-Keputusan Direksi Decisions of the Board of Directors

Anggota Direksi telah mengeluarkan berbagai keputusan Members of the Board of Directors have issued various
baik di bidang keuangan, pengembangan, operasional, !%/%+*/%*0$!.!/+"ü**!Č !2!(+,)!*0Č+,!.0%+*/Č
human capital & CSR serta pemasaran. Surat Keputusan human capital & CSR as well as marketing. The Decree of
Direksi yang dihasilkan selama tahun 2018, antara lain the Board of Directors made during 2018 are as follows:
sebagai berikut: 1. Replacement/Rotation of PT ANTAM Tbk’s employees;
1. Penempatan Kembali/Rotasi/Promosi/mutasi Pegawai 2. Appointment of Permanent Employees;
PT ANTAM Tbk; 3. Employee Tenure Award and Employee Allowances;
2. Pengangkatan Pegawai Tetap; 4. Composition of Company Organizations;
3. Penghargaan Masa Kerja Pegawai dan Tunjangan 5. Appointment of Procurement Team, Land Procurement
Kepegawaian; Team, Quality Management Team, Prime Mover
4. Susunan Organisasi Perusahaan; Corporate Culture, Development Team, Company Asset
5. Penunjukan Tim Pengadaan, Tim Pengadaan Lahan, Tim Inventory Team, Management System Internal Audit
Pengelolaan Manajemen Mutu, Prime Mover Budaya Team, Evaluation Team for Prospective Directors and
Perusahaan, Tim Pengembangan, Tim Inventarisasi Board of Commissioners of Subsidiaries;
Aset Perusahaan, Tim Internal Audit Sistem Manajemen, 6. Guidelines for the Pension Time Gold Savings Program;
Tim Evaluasi Calon Direksi dan Dewan Komisaris Anak 7. Nickel Low Grade Material Management Policy
Perusahaan; Guidelines;
6. Pedoman Program Simpanan Emas Hari Tua (SEHAT); 8. Guidelines for GCG Implementation;
7. Pedoman Kebijakan Nickel Low Grade Material Ċċ +(%5 +" .!ü*%*# 1((%+* * .!%+1/ !0( (!/
Management; between Gold Mining Business Unit and Precious Metal
8. Pedoman Implementasi GCG; .+!//%*#* !ü*!.5ǫ1/%*!//*%0Ď
9. Kebijakan Pemurnian dore bullion dan Penjualan Logam 10. Project Management Policy;
Mulia antara UBP Emas dan UBPP Logam Mulia; 11. Contractor Safety Management System Policy;
10. Kebijakan Pengelolaan Proyek; 12. Treasury Policy;
11. Kebijakan Contractor Safety Management System; 13. Corporate Strategic Management Policy;
12. Kebijakan Treasury; 14. Performance Management System Policies;
13. Kebijakan Manajemen Strategis Perusahaan; 15. ANTAM’s Pension Fund Regulations.
14. Kebijakan Sistem Manajemen Unjuk Kerja;
15. Peraturan Dana Pensiun ANTAM.
Penilaian atas Kinerja Komite di Bawah Direksi Assessment of the Performance of Committees
under the Board of Directors
ANTAM tidak memiliki Komite yang berada di bawah ANTAM does not have any Committee under the Board
Direksi. Pelaksanaan tugas dan tanggung jawab Direksi of Directors. Duties and responsibilities of the Board of
didukung oleh satuan kerja yang dipimpin oleh Senior Directors are supported by the work units headed by
Vice President/Vice President/General Manager/Project Senior Vice President/Vice President/General Manager/
Manager serta organ fungsional lainnya. Project Manager as well as other functional organs.

Hubungan Dewan Komisaris dan Direksi

The Relationship between the Board of
Dalam mewujudkan fungsi check & balance di Perusahaan, In performing check and balance in the Company, the
Dewan Komisaris dan Direksi memiliki hubungan dalam Board of Commissioners and the Board of Directors
pelaksanaan tugas dan tanggung jawabnya sebagaimana has relationships in the execution of its duties and
diamanahkan dalam Anggaran Dasar Perseroan, Charter responsibilities as mandated by the Articles of Association,
Dewan Komisaris dan Direksi serta Peraturan Perundang- BOC and BOD Charter and the prevailing laws and
undangan yang berlaku. Hubungan Dewan Komisaris regulations. The relationship between the Board of
dengan Direksi dapat mencakup tetapi tidak terbatas pada Commissioners and the Board of Directors may include,
hal-hal antara lain sebagai berikut: but not limited to the following matters:
1. Dewan Komisaris menyetujui secara tertulis usulan 1. The Board of Commissioners approves in written the
Direksi mengenai RJPP, RKAP, Pengangkatan dan proposals of the Board of Directors regarding the Long
pemberhentian Kepala Satuan Pengawasan Intern & Term Corporate Planning, Corporate Work and Budget
Sekretaris Perusahaan serta hal-hal lain sebagaimana Plan, the Appointment and Dismissal of Head of Internal
tercantum dalam Anggaran Dasar Perseroan dan Audit and Corporate Secretary, and other matter as
peraturan perundang-undangan yang berlaku; /,!%ü! %*0$!ƫ+),*5Ě/Ƶ.0%(!/+"Ƶ//+%0%+**
2. Direksi wajib menyampaikan laporan berkala kepada the prevailing laws and regulations;
Dewan Komisaris sebagai fungsi pengawasan Dewan 2. The Board of Directors shall present periodic reports
Komisaris terhadap kebijakan pengurusan Perseroan to the Board of Commissioners as the implementation
serta bersama-sama dengan Direksi menyampaikan of the Board of Commissioners’ supervisory function
Laporan Tahunan kepada RUPS; towards the Company’s management policy. The Board
3. Dewan Komisaris wajib mengadakan rapat bersama of Commissioners together with the Board of Directors
Direksi dalam rangka mengikuti perkembangan shall submit the Annual Report to the GMOS;
kegiatan Perseroan, memberikan pendapat, saran dan 3. The Board of Commissioners shall hold meetings with
nasihat kepada Direksi dalam melakukan pengurusan the Board of Directors in order to keep abreast of the
Perseroan; Company’s activities, provide opinions, suggestions
4. Bersama-sama dengan Direksi melakukan kajian Visi and advices to the Board of Directors in conducting the
dan Misi Perusahaan; management of the Company;
5. Apabila diperlukan, Dewan Komisaris dibantu Direksi 4. The Board of Commissioners together with the Board
dalam proses penunjukan calon auditor eksternal of Directors review the Company’s vision and mission;
sesuai dengan ketentuan pengadaan barang & jasa, 5. When deemed necessary, the Board of Commissioners
dan penunjukan penilai (assessor) independen dalam may be assisted by the Board of Directors in the
proses asesmen penerapan GCG di Perseroan; process of appointment of external auditor candidates
6. Dewan Komisaris berhak memperoleh akses atas in accordance with the provisions of goods and
informasi Perseroan secara tepat waktu, terukur dan services procurement and appointment of independent
lengkap; assessors in the process of GCG implementation
7. Dengan pemberitahuan terlebih dahulu sebelumnya, assessment;
Dewan Komisaris dapat menghadiri rapat Direksi dan 6. The Board of Commissioners is entitled to obtain access
memberikan pandangan-pandangan terhadap hal-hal to the Company’s information in a timely, measurable
yang dibicarakan; and complete manner;
8. Hal-hal lainnya sebagaimana tercantum dalam Charter 7. Upon giving a prior notice, the Board of Commissioners
Dewan Komisaris dan Charter Direksi serta Anggaran may attend Board of Directors’ meetings and provide
Dasar Perseroan dan peraturan perundang-undangan opinions on issues discussed;
yang berlaku. ĉċ Ƶ*5 +0$!. )00!. / /,!%ü! %* 0$! ƫ$.0!. +" 0$!
Board of Commissioners, the Charter of the Board of
Directors and Articles of Association as well as the
prevailing laws and regulations.

Rapat Dewan Komisaris, Rapat Dewan Komisaris

yang Mengundang Direksi dan Rapat Direksi
The Board of Commissioners’ Meeting, the Board
of Commissioners’ Meeting Inviting the Board of
Directors, and the Board of Directors’ Meeting
Rapat Dewan Komisaris The Board of Commissioners’ Meeting
Rapat Dewan Komisaris telah diagendakan sebelum tahun The BOC meeting is scheduled before the ongoing year as
berjalan sebagaimana tercantum dalam program kerja stipulated in the BOC working program in 2018. According
Dewan Komisaris tahun 2018. Sesuai Anggaran Dasar to the Company’s Article of Association, the BOC’s meeting
Perseroan, rapat Dewan Komisaris diadakan sekurang- shall be held at least 1 (one) in every 2 (two) months. The
kurangnya 1 (satu) kali dalam 2 (dua) bulan. Rapat Dewan meeting of the Board of Commissioners is valid and entitled
Komisaris adalah sah dan berhak mengambil keputusan to take binding decisions if attended or represented by
yang mengikat apabila dihadiri atau diwakili oleh lebih dari more than 1/2 (half) from the total members of the Board
1/2 (satu per dua) dari jumlah anggota Dewan Komisaris. of Commissioners.
Bahan rapat disampaikan kepada peserta rapat paling The material was delivered to participants meeting no
lambat 5 (lima) hari sebelum rapat diselenggarakan (0!.0$*ĆĨü2!ĩ 5/!"+.!0$!)!!0%*#%/$!( +.*
atau dapat disesuaikan dengan tingkat kebutuhan dan be adjusted according to the level of need and complexity
kompleksitas materi Rapat. Dalam hal terdapat rapat yang of the meeting’s material. In the event of a meeting held
diselenggarakan di luar jadwal yang telah disusun, bahan outside of the schedule, the materials are submitted to the
rapat disampaikan kepada peserta rapat paling lambat participant at the latest before the meeting is held.
sebelum rapat diselenggarakan.
Sesuai Program Kerja Dewan Komisaris Tahun 2018 According to the BOC working program of 2018, the
dijelaskan bahwa Rapat Internal Dewan Komisaris Internal Meeting of the Board of Commissioners is held
dilaksanakan 1 (satu) kali dalam sebulan yang dihadiri once a month which attended by all members of the Board
oleh seluruh anggota Dewan Komisaris. Untuk Rapat of Commissioners. The Board of Commissioners meeting
Dewan Komisaris yang mengundang Direksi dilaksanakan which inviting the Board of Directors is held at least
minimum 1 (satu) kali dalam sebulan yang dihadiri oleh once a month, attended by all members of the Board of
seluruh anggota Dewan Komisaris dan Direksi. Commissioners and the Board of Directors.
Rapat Dewan Komisaris dipimpin oleh Komisaris Utama, The Board of Commissioners meeting is led by the
dalam hal Komisaris Utama tidak dapat hadir atau President Commissioner, in the event that the President
berhalangan, rapat Dewan Komisaris dipimpin oleh Commissioner cannot be present or unable to attend, the
seorang anggota Dewan Komisaris lainnya yang ditunjuk Board of Commissioners will be led by other members of
oleh Komisaris Utama. Dalam hal Komisaris Utama tidak the Board of Commissioners appointed by the President
melakukan penunjukan, maka anggota Dewan Komisaris Commissioner. In the event that the President Commissioner
yang paling lama menjabat sebagai anggota Dewan does not make an appointment, the longest member of the
Komisaris bertindak sebagai pimpinan Rapat Dewan Board of Commissioners shall led the meeting. In the case
Komisaris. Dalam hal anggota Dewan Komisaris yang of the longest member of the Board of Commissioners are
paling lama menjabat lebih dari satu orang, maka yang more than one person, then the eldest member shall led
memimpin rapat adalah anggota Dewan Komisaris yang the meeting.
tertua dalam usia.

Selama tahun 2018, Dewan Komisaris menyelenggarakan During the year 2018, the BOC executed 24 (twenty four)
24 (dua puluh empat) kali rapat yang terdiri atas 12 (dua meeting, which consisted of 12 (twelve) internal BOC
belas) kali rapat internal Dewan Komisaris dan 12 (dua meeting and 12 (twelve) meeting with BOD. The internal
belas) kali rapat Dewan Komisaris yang mengundang BOC meeting can only be attended by the member of the
Direksi. Rapat Internal Dewan Komisaris dihadiri oleh BOC and may invite related interviewees if necessary.
anggota Dewan Komisaris serta dapat mengundang
narasumber sesuai dengan kebutuhan.
Kehadiran Anggota Dewan Komisaris dalam Rapat Dewan Komisaris Tahun 2018
Attendance of the Member of the Board of Commissioners on the Board of Commissioners’ Meeting in
2018
1 2 3 4 5 6 7 8 9 10 11 12
Jumlah Jumlah Persentase
Nama Jabatan Kehadiran Rapat Kehadiran
Name Position 19- 23- 28- 27- 17- 29- 31- 31- 21- 26- 27- 18- Number of Total Percentage of
Jan Feb Mar Apr Mei Jun Jul Ags Sep Okt Nov Des Attendance Meeting Attendance
Komisaris Utama
Fachrul Razi President 3 3 3 3 3 X 3 3 3 3 3 3 11 12 91,67%
Commissioner
Komisaris
Zaelani 3 3 3 3 3 3 3 3 3 X 3 3 11 12 91,67%
Commissioner
Robert A. Komisaris
3 3 3 3 3 3 3 3 3 3 3 3 12 12 100,00%
Simanjuntak Commissioner
Komisaris
Gumilar
Independen
Rusliwa 3 3 3 3 3 3 3 3 3 3 3 3 12 12 100,00%
Independent
Somantri
Commissioner
Komisaris
Anang Sri Independen
3 3 3 3 3 3 X 3 3 3 3 3 11 12 91,67%
Kusuwardono Independent
Commissioner
Bambang Komisaris
3 3 X X 3 X 3 4 7 57,14%
Gatot Ariyono* Commissioner
Rata-Rata Kehadiran Dewan Komisaris

88,69%
Average Meeting Attendance of the Board of Commissioners
Agenda Rapat Dewan Komisaris Tahun 2018

Agenda of the Board of Commissioners’ Meeting in 2018
Tanggal Rapat Meeting
No. Agenda Rapat
Date of Meeting Agenda
1. 19 Januari 2018 · Tindak Lanjut dari Rapat Gabungan Dewan · Follow-up of the Joint Meetings of the Board of
January 19, 2018 Komisaris dan Direksi atas Kinerja PT CSD Commissioners and Directors for Performance of
· Progres PT ICA PT CSD
· Program Kerja Pengawasan Internal dan Kajian · Progress of PT ICA
Risiko · Internal Supervision and Risk Assessment Work
Programs
2. 23 Februari 2018 · RJPP ANTAM 2018-2022 · ANTAM's Long Term Corporate Planning 2018-2022
February 23, 2018 · Perkembangan Holding Industri Pertambangan · Progress Holding of Mining Industry
· Penunjukan Pimpinan RUPS Tahun Buku 2017 · Appointment of Chairperson of the Annual GMOS of
· Progres Laporan Keuangan Konsolidasian Tahun PT ANTAM Tbk for Financial Year 2017
Buku 2017 · Progress of the Consolidated Financial Statements
· Persiapan yang perlu diajukan ke RUPS terkait Financial Year 2017
Remunerasi dan Insentif Kinerja Dewan Komisaris · Preparations that Need to be Submitted to the GMOS
dan Direksi Regarding the Remuneration and Performance
· Laporan Kunjungan Dewan Komisaris dan Incentives of the Board of Commissioners and
Komite Audit ke UBP Nikel Sulawesi Tenggara Directors
· Report of the Board of Commissioners and Audit
Committee Visits to the Southeast Sulawesi Nickel
Mining Business Unit.
3. 28 Maret 2018 · Perkembangan Holding Industri Pertambangan · Progress Holding of Mining Industry after GMOS
March 28, 2018 Pasca RUPS · Progress of PT ICA
· Progres PT ICA · Prospects for Cooperation with Sihayo Gold Limited
· Prospek Kerjasama dengan Sihayo Gold Limited · Audited Financial Report of PT ANTAM Tbk for the
· Laporan Keuangan Audited PT ANTAM Tbk Financial Year 2017
untuk Tahun Buku 2017


No. Agenda Rapat
4. 27 April 2018 · Progres PT ICA · Progress of PT ICA
April 27, 2018 · Perkembangan Project Anode Slime · Progress of Anode Slime Project
· Tindak Lanjut Keputusan RUPS Tahun Buku 2017: · Follow Up of the Decision of GMOS for Financial
Penetapan Insentif Kerja, Honorarium, Fasilitas & Year 2017: Determination of Work Incentives,
Tunjangan bagi Dewan Komisaris & Direksi Honorarium, Facilities & Allowances for the Board of
· Laporan Kunjungan Dewan Komisaris ke Commissioners & the Board of Directors.
UBP Nikel Maluku Utara, P3FH, P3LA dan P2FIP · Report of the Board of Commissioners Visits to the
North Maluku Nickel Mining Business Unit, P3FH,
P3LA, & P2FIP
5. 17 Mei 2018 · Progres, Strategi dan Prospek Penjualan Bijih · Progress, Strategy and Prospect of Low Grade Nickel
May 17, 2018 Nikel Kadar Rendah Ore sales
· Nickel Hydromet New Technology Venture Nickel · Nickel Hydromet New Technology Venture Nickel
Lithium the New Gasoline Lithium the New Gasoline
· Draft Penetapan Key Performance Indicator untuk · Draft Stipulation of Key Performance Indicators for
Direksi, Dewan Komisaris dan Komite Penunjang the Board of Directors, Board of Commissioners
Dewan Komisaris Tahun 2018 serta Draft/Usulan and Supporting Committees of the Board of
Penetapan Evaluasi Kinerja (Performance Commissioners in 2018 and Proposal for the
Evaluation) Individual Anggota Dewan Komisaris Determination of Individual Performance Evaluations
· Program Kerja Komite Audit, Komite Manajemen of the Board of Commissioners
Risiko dan Komite GCG-NR untuk Tahun Buku · Working Program of Audit Committee, Risk
2018 Management Committee and GCG-NR Committee
· Kinerja Keuangan Triwulan I-2018, Kendala dan "+.ü**%(5!.ĂĀāĉ
Mitigasinya · Financial Performance Quarter I-2018, Constraints
· Lain-lain and Mitigation
· Others
6. 29 Juni 2018 · Progress Project Enterprise Resource Planning · Progress Project Enterprise Resource Planning
June 29, 2018 Migration (ERP) Migration (ERP)
· Fungsi Pengendalian ANTAM dalam Program · ANTAM's Control Function in PKBL Funding and
Pendanaan PKBL dan Community Development; Community Development Program
· Tindak Lanjut Rapat Internal Dewan Komisaris · Follow-up the previous Internal Monthly Meeting of
Bulan Sebelumnya terkait Penetapan KPI Dewan the Board of Commissioners related to Determination
Komisaris of KPI of the Board of Commissioners
· Laporan terkait Batasan Kewenangan Direksi dan · Report Related to the Limits of the Authority of the
Dewan Komisaris Board of Directors and the Board of Commissioners
· Laporan tentang Rencana Realokasi Penggunaan · Report on the Reallocation Plan of the Use of
Dana Penyertaan Modal Negara (PMN) dan State Capital Participation (PMN) and Documents
Persiapan Dokumen Pendukung Preparation
7. 31 Juli 2018 · Laporan & Strategi Pengawasan Keselamatan · Safety Monitoring Report & Strategy in Subsidiaries
July 31, 2018 Kerja di Anak Perusahaan · Strategy for Providing Electrical Energy for
· Strategi Penyediaan Energi Listrik untuk Preparation of P3FH Commissioning
Persiapan Komisioning P3FH · Discussion of Various Outstanding Issues in the
· Pembahasan Berbagai Outstanding Issue di Board of Commissioners
Internal Dewan Komisaris · Evaluation of ANTAM's Whistleblowing System
· Evaluasi Penerapan Whistleblowing System · Signing of the Board of Commissioners' Decree
ANTAM regarding the Evaluation of the Board of
· Penandatanganan SK Dewan Komisaris terkait Commissioners' Performance and the Supporting
Evaluasi Kinerja Dewan Komisaris dan Komite Committees of the Board of Commissioners
Penunjang Dewan Komisaris
8. 31 Agustus 2018 · Laporan dan Prospek Pemanfaatan Teknologi · Report and Prospects for the Utilization of
August 31, 2018 Hidrometalurgi di ANTAM Hydrometallurgical Technology at ANTAM
· Laporan Kunjungan Kerja Dewan Komisaris ke · Report of the Board of Commissioners Working Visit
UBP Nikel Maluku Utara, P3FH, P3LA dan P2FIP to the North Maluku Nickel Mining Business Unit,
· Laporan Outstanding Issue Komite Penunjang P3FH, P3LA, & P2FIP
Dewan Komisaris · Outstanding Issue Reports of the Supporting
Committee of the Board of Commissioners
9. 21 September 2018 · Strategi ANTAM Jangka Pendek Menyongsong · ANTAM's Short-term Strategy in Welcoming End of
September 21, 2018 akan Berakhirnya Izin Ekspor Bijih Nikel Kadar Nickel Ore Low Grade Export Permit in 2022
Rendah pada tahun 2022 · Progress of Restructurisation of PT ICA
· Progres Restrukturisasi Saham PT ICA · Financial Performance Report on First Half-2018 and
· Laporan Kinerja Keuangan Semester I-2018 dan Important Matters in the Change of Corporate Work
Hal-Hal Penting pada Perubahan RKAP 2018 and Budget Plan 2018
· Rencana Organisasi dan Persiapan SDM UBP · Organizational Plan and Human Resources
Nikel Maluku Utara untuk Tahap Commissioning Preparation for the North Maluku Mining Business
P3FH serta Persiapan Fasilitas Pendukungnya Unit in the Commissioning Stage of P3FH and
Preparation of Supporting Facilities
10. 26 Oktober 2018 · Laporan Kunjungan Dinas Anggota Direksi ke · Reports of the Business Trip of the Board of Directors
October 26, 2018 Luar Negeri to Overseas
· Sistem dan Strategi Pengelolaan Izin Usaha · System and Strategy for Managing Mining Business
Pertambangan (IUP) Permit (IUP)
· Kinerja Keuangan Perseroan sampai dengan · Financial Performance up to September 2018
September 2018 · Discussion and Update of the P3FH Progress until
· Pembahasan dan Progress P3FH hingga September 2018
September 2018 · Others
· Lain-lain


No. Agenda Rapat
11. 27 November 2018 · Pemaparan Analisa Keuangan atas Pengaruh Đ .!/!*00%+* +" %**%( Ƶ*(5/%/ +* 0$! û!0 +"
November 27, 2018 Pelemahan Nilai Rupiah terhadap Dollar US Weakening of Rupiah Value Against US Dollar on
kepada Pendapatan ANTAM ANTAM's Revenues
· Laporan Kunjungan Kerja Anggota Direksi ke · Reports of the Business Trip of the Board of
Luar Negeri Directors to Overseas
· Progres PT ICA · Progress of PT ICA
· Pembahasan dan Progres P3FH hingga Oktober · Discussion and Update of the P3FH Progress until
2018 October 2018
· Lain-lain · Others
12. 18 Desember 2018 · Pembahasan Rencana Kerja Anggaran PKBL · Work & Budget Plan of Partnership and Community
December 18, 2018 · Laporan Kunjungan Dinas Anggota Direksi ke Development Program (PKBL)
Luar Negeri · Reports of the Working Visit of the Board of
· Tindak Lanjut Rapat Bulan Selanjutnya: Progres Directors to Overseas
PT ICA · Follow Up Previous Monthly Meeting: Progress of
· Perkembangan Proyek SGA Mempawah PT ICA
· Lain-lain · Update of SGA Mempawah Project
· Others
Rapat Dewan Komisaris yang Mengundang Direksi The Board of Commissioners’ Meeting Inviting the
Board of Directors
Sesuai Anggaran Dasar Perseroan, Rapat Gabungan According to the Company’s Article Association, the
diselenggarakan oleh Dewan Komisaris dengan meeting of the Board of Commissioners inviting the Board
mengundang Direksi secara berkala paling kurang 1 (satu) of Directors is held at least 1 (one) time in 4 (four) months.
kali dalam 4 (empat) bulan, dengan agenda pembahasan The meeting agenda is such as discussing progress of the
diantaranya membahas progress kinerja Perusahaan, isu- Company’s performance, issues of corporate strategic or
isu strategis Perseroan atau corporate action yang perlu corporate action that needs to be known/approved by the
diketahui/disetujui oleh Dewan Komisaris. Board of Commissioners.
Kehadiran Dewan Komisaris dan Direksi dalam Rapat Dewan Komisaris yang Mengundang Direksi Tahun 2018
Attendance of the Board of Commissioners and the Board of Directors on the Board of Commissioners’ Meeting
Inviting the Board of Directors in 2018
1 2 3 4 5 6 7 8 9 10 11 12
Persentase
Jumlah Jumlah
Kehadiran
Nama Jabatan Kehadiran Rapat
19- 23- 28- 27- 17- 29- 31- 31- 21- 26- 27- 18- Percentage
Name Position Number of Total
Jan Feb Mar Apr Mei Jun Jul Ags Sep Okt Nov Des of
Attendance Meeting
Attendance
Komisaris
Utama
Fachrul Razi 3 3 3 3 3 X 3 3 3 3 3 3 11 12 91,67%
President
Commissioner
Komisaris
Zaelani 3 3 3 3 3 3 3 3 3 X 3 3 11 12 91,67%
Commissioner
Robert A. Komisaris
3 3 3 3 3 3 3 3 3 3 3 3 12 12 100,00%
Simanjuntak Commissioner
Komisaris
Gumilar
Independen
Rusliwa 3 3 3 3 3 3 3 3 3 3 3 3 12 12 100,00%
Independent
Somantri
Commissioner
Komisaris
Anang Sri Independen
3 3 3 3 3 3 X 3 3 3 3 3 11 12 91,67%
Kusuwardono Independent
Commissioner
Bambang
Komisaris
Gatot 3 3 X 3 3 3 X 5 7 71,43%
Commissioner
Ariyono*
Rata-Rata Kehadiran Dewan Komisaris

91,07%
Average Meeting Attendance of the Board of Commissioners

Kehadiran Dewan Komisaris dan Direksi dalam Rapat Dewan Komisaris yang Mengundang Direksi Tahun 2018
Attendance of the Board of Commissioners and the Board of Directors on the Board of Commissioners’ Meeting
Inviting the Board of Directors in 2018
1 2 3 4 5 6 7 8 9 10 11 12
Persentase
Jumlah Jumlah
Kehadiran
19- 23- 28- 27- 17- 29- 31- 31- 21- 26- 27- 18- Percentage
Name Position Number of Total
Jan Feb Mar Apr Mei Jun Jul Ags Sep Okt Nov Des of
Attendance Meeting
Attendance
Direktur Utama
Arie Prabowo
President 3 3 3 X 3 X 3 3 3 3 3 3 10 12 83,33%
Ariotedjo
Director
Direktur
Dimas Wikan
Keuangan 3 3 3 3 3 3 3 3 3 3 3 3 12 12 100,00%
Pramudhito
Finance Director
Direktur
Sutrisno S. Pengembangan
3 3 3 3 3 X 3 3 3 3 3 3 11 12 91,67%
Tatetdagat Development
Director
Direktur
Tatang Pemasaran
3 3 3 X 3 X 3 3 3 X 3 3 9 12 75,00%
Hendra Marketing
Director
Direktur Operasi
Hari
Operation 3 3 3 3 3 X 3 3 3 3 3 3 11 12 91,67%
Widjajanto
Director
Direktur Human
Johan N.B. Capital dan CSR
3 3 3 3 3 3 X 3 3 3 3 3 11 12 91,67%
Nababan Human Capital &
CSR Director
Rata-Rata Kehadiran Direksi

88,89%
Average Meeting Attendance of the Board of Directors
Rata-Rata Kehadiran Dewan Komisaris dan Direksi

89,98%
Average Meeting Attendance of the Board of Commissioners and the Board of Directors
Agenda Rapat Dewan Komisaris yang Mengundang Direksi di Tahun 2018

Agenda of the Board of Commissioners’ Meeting Inviting the Board of Directors in 2018
Tanggal Rapat
No. Agenda Rapat Meeting Agenda
Date of Meeting
1. 19 Januari 2018 · Persiapan dan Strategi ANTAM Menghadapi · ANTAM's Preparation and Strategy for the Annual
January 19, 2018 RUPS Tahunan untuk Tahun Buku 2017 GMOS for the Financial Year 2017
· Laporan Kinerja Manajemen s/d Desember 2017 · Management Performance Report until December
· Lain-Lain 2017
· Others
2. 23 Februari 2018 · Progres Hasil Assessment Implementasi GCG · Progress of GCG Implementation Assessment
February 23, 2018 2017 Results of 2017
· Progres Persiapan RUPS Tahun Buku 2017 · Progress for Annual GMOS of 2017
· Laporan Kinerja Manajemen s/d Januari 2018 · Performance Management Report until January
· Lain-lain 2018
· Others
3. 28 Maret 2018 · Progres Persiapan RUPS Tahun Buku 2017 · Progress for Annual GMOS of 2017
March 28, 2018 · Laporan Kinerja Manajemen s/d Februari 2018 · Performance Management Report until February
· Lain-lain 2018
· Others
4. 27 April 2018 · Penjelasan Anggaran Dasar Perseroan Pasca · Explanation of the Company's Articles of
April 27, 2018 RUPS Tahun Buku 2017 Association after GMOS for Financial Year 2017
· Laporan Kinerja Manajemen s/d Maret 2018 · Management Performance Report until March
· Lain-lain 2018
· Others
5. 17 Mei 2018 · Laporan Kunjungan Kerja Direksi ke Luar Negeri · Report of the Board of Director Business Trip to
May 17, 2018 · Laporan Kinerja Manajemen s/d April 2018 Overseas
· Lain-lain · Management Performance Report until April 2018
· Others

Agenda Rapat Dewan Komisaris yang Mengundang Direksi di Tahun 2018

Agenda of the Board of Commissioners’ Meeting Inviting the Board of Directors in 2018
Tanggal Rapat
Date of Meeting
6. 29 Juni 2018 · Tindak Lanjut Kerjasama dengan Showa Denko · Follow-up Cooperation with Showa Denko K.K
June 29, 2018 K.K · Management Performance Report until May 2018
· Laporan Kinerja Manajemen s/d Mei 2018 · Plans for the Next Joint Meeting of the Board of
· Rencana Rapat Gabungan Dewan Komisaris dan Commissioners and the Board of Directors
Direksi Bulan Selanjutnya
7. 31 Juli 2018 · Laporan Rapat Koordinasi Komite Integrasi · Report of the 5th Holding Mining Industry
July 31, 2018 Holding Industri Pertambangan yang ke-5 dan Integration Committee Coordination Meeting and
Laporan Kunjungan Direksi ke Luar Negeri Report of the Board of Director Business Trip to
· Laporan Kinerja Manajemen s/d Juni 2018 Overseas
· Rencana Rapat Gabungan Dewan Komisaris dan · Management Performance Report until June 2018
Direksi Bulan Selanjutnya · Schedule for the Next Joint Meeting of the Board
of Commissioners and the Board of Directors
8. 31 Agustus 2018 · Laporan Perkembangan Penandatanganan · Conditional Sale and Purchase Agreement
August 31, 2018 Conditional Sale and Purchase Agreement (CSPA) Signing Progress Report
(CSPA) · Management Performance Report until July 2018
· Laporan Kinerja Manajemen s/d Juli 2018 · Progress PT Antam Niterra Haltim (ANH)
· Progres PT Antam Niterra Haltim (ANH) · Problems with Bahodopi and Matarate WIUPK in
· Permasalahan WIUPK Bahodopi dan Matarape di Central Sulawesi
Sulawesi Tengah · Shares Divestment of PT Vale Indonesia Tbk
· Divestasi Saham PT Vale Indonesia Tbk · Schedule for the Next Joint Meeting of the Board
· Rencana Rapat Gabungan Dewan Komisaris dan of Commissioners and the Board of Directors
Direksi Bulan Selanjutnya
9. 21 September 2018 · Laporan Rapat Koordinasi Komite Integrasi · Report of the 6th Holding Mining Industry
September 21, 2018 Holding Industri Pertambangan yang ke-6 dan Integration Committee Coordination Meeting
· Laporan Kinerja Manajemen s/d Agustus 2018 · Performance Management Performance Report
· Permasalahan WIUPK Bahodopi dan Matarape di until August 2018
Sulawesi Tengah · Problems with Bahodopi and Matarape WIUPK in
· Rencana Rapat Gabungan Dewan Komisaris dan Central Sulawesi
10. 26 Oktober 2018 · Observasi Corporate Governance Perception · Observation of Corporate Governance Perception
October 26, 2018 Index (CGPI) 2017 Index (CGPI) 2017
· Laporan Kinerja Manajemen s/d September 2018 · Management Performance Report until
· Rencana Rapat Gabungan Dewan Komisaris dan September 2018
11. 27 November 2018 · Pemaparan RKAP 2019 dan Penandatanganan · Presentation of Corporate Work and Budget
November 27, 2018 RKAP 2019 oleh Dewan Komisaris dan Direksi Plan 2019 and Signing Ceremony of Corporate
· Pemaparan PT Antam Niterra Haltim (ANH), Work Plan and Budget 2019 by the Board of
termasuk hasil Kunjungan Kerja Direktur Utama Commissioners and the Board of Directors
ke Beijing · Presentations and updates of PT Antam Niterra
· Laporan Rapat Koordinasi Holding Industri Haltim (ANH), including the Results of the
Pertambangan yang ke-8 President Director's Working Visit to Beijing
· Laporan Kinerja Manajemen s/d Oktober 2018 · Report of the 8th Holding Mining Industry
· Rencana Rapat Gabungan Dewan Komisaris dan Integration Committee Coordination Meeting
Direksi Bulan Selanjutnya · Management Performance Report Until October
2018
· Schedule for the Next Joint Meeting of the Board
12. 18 Desember 2018 · Laporan Rapat Koordinasi Holding Industri · Report of the 8th Holding Mining Industry
December 18, 2018 Pertambangan yang ke-8 dan Perayaan HUT ke-1 Integration Committee Coordination Meeting and
Holding Industri Pertambangan Celebration of 1st Anniversary Holding Mining
· Laporan Kinerja Manajemen s/d November 2018 Industry
· Lain-lain · Management Performance Report Until
November 2018
· Others

Rapat Direksi The Board of Directors Meeting

Berdasarkan Anggaran Dasar Perseroan, Direksi wajib According to Article of Association, the Board of Directors
mengadakan Rapat Direksi secara berkala paling kurang must convene a meeting of the Board of Directors at least
1 (satu) kali dalam setiap bulan atau setiap waktu bilamana 1 (one) time in every month or any time when deemed
dipandang perlu oleh seorang atau lebih anggota Direksi necessary by one or more members of the Board of
atau atas permintaan tertulis dari seorang atau lebih Directors or by written request by one or more members
anggota Dewan Komisaris. Rapat Direksi adalah sah dan of the Board of Commissioners. The Board of Directors’
berhak mengambil keputusan yang sah dan mengikat Meeting is valid and may take valid and binding decisions if
apabila dihadiri dan atau diwakilkan oleh lebih dari ½ (satu at least attended and or represented by more that ½ (one-
per dua) dari jumlah anggota Direksi. half) the numbers of members of the Board of Directors.
Bahan rapat disampaikan kepada peserta rapat paling The material of the Meeting is delivered to participants
lambat 5 (lima) hari sebelum rapat diselenggarakan. )!!0%*# *+ (0!. 0$* Ć Ĩü2!ĩ 5/ !"+.! 0$! )!!0%*#
Dalam hal terdapat rapat yang diselenggarakan di luar is held. In the event of a meeting is held outside of the
jadwal yang telah disusun, bahan Rapat disampaikan schedule that has been scheduled, the materials are
kepada peserta rapat paling lambat sebelum rapat submitted to the participant at the latest before the
diselenggarakan. meeting is held.
Rapat Direksi dipimpin oleh Direktur Utama, dalam hal The Board of Directors meeting is led by the President
Direktur Utama tidak hadir atau berhalangan, maka salah Director, in the event that the President Director cannot
seorang Direktur yang ditunjuk secara tertulis oleh Direktur be present or unable to attend, the Board of Directors
Utama yang memimpin Rapat Direksi. Dalam hal Direktur meeting will be led by other members of the Board of
Utama tidak melakukan penunjukan, maka salah seorang Directors appointed by the President Director. In the event
Direktur yang terlama dalam jabatan sebagai anggota Direksi that the President Director does not make an appointment,
yang memimpin Rapat Direksi. Dalam hal Direktur the longest member of the Board of Directors shall led the
yang paling lama menjabat sebagai anggota Direksi meeting. In the case of the longest member of the Board
Perseroan lebih dari 1 (satu) orang, maka Direktur yang of Directors more than 1 (one) person, then the eldest
memimpin rapat Direksi adalah Direktur yang tertua dalam member shall led the meeting.
usia.
Kehadiran Direksi dalam Rapat Direksi Tahun 2018

Attendance of the Board of Directors in the Board of Director’s Meeting 2018
1 2 3 4 5 6 7 8 9 10 11 12 13
Nama Jabatan
Name Position 08- 09- 16- 30- 13- 9- 14- 20- 3- 5- 30- 15- 22-
Jan Jan Jan Jan Feb Mar Mar Mar Apr Apr Apr May May
Arie Prabowo Direktur Utama

3 3 3 3 3 3 3 3 3 3 3 3 3
Ariotedjo President Director
Dimas Wikan Direktur Keuangan
3 3 3 3 3 3 3 3 3 3 3 3 3
Pramudhito Finance Director
Sutrisno S. Direktur
Tatetdagat Pengembangan 3 3 3 3 3 3 3 3 3 3 3 3 3
3 3 3 3 3 3 X 3 3 3 3 3 3
Marketing Director
3 3 3 3 3 X 3 3 3 3 X 3 3
Operations Director
Johan N.B. Direktur Human
Nababan Capital dan CSR
3 3 3 3 3 3 3 3 3 3 3 3 3
Human Capital & CSR
Director

Kehadiran Direksi dalam Rapat Direksi Tahun 2018

Attendance of the Board of Directors in the Board of Director’s Meeting 2018
14 15 16 17 18 19 20 21 22 23 24
Nama Jabatan
Name Position 5- 21- 12- 13- 16- 23- 15- 21- 28- 03- 18-
Jun Jun Jul Jul Jul Jul Aug Aug Aug Sept Sept

3 3 3 3 3 3 3 3 3 3 3
3 3 3 3 3 X 3 3 3 3 X
Tatetdagat Pengembangan 3 3 3 3 3 3 3 3 3 3 3
3 3 3 3 3 3 3 3 X 3 3
Marketing Director
3 3 3 3 X 3 3 3 3 3 3
Operations Director
3 X 3 3 X 3 3 3 X 3 3
Human Capital & CSR
Director
25 26 27 28 29 30 31 32 33 34 35
Nama Jabatan
Name Position 25- 12- 17- 23- 24- 25- 26- 31- 05- 27- 04-
Sep Oct Oct Oct Oct Oct Oct Oct Nov Nov Dec

3 3 3 3 3 3 3 3 3 3 3
X 3 3 3 3 3 3 3 3 3 3
Tatetdagat Pengembangan 3 3 X 3 3 3 3 3 3 3 3
3 3 3 X X X X 3 3 3 3
Marketing Director
3 3 X 3 3 3 3 3 X 3 3
Operations Director
3 3 3 3 3 3 3 3 3 3 3
Human Capital & CSR
Director
36 37 Jumlah Presentasi
Jumlah Rapat
Nama Jabatan Kehadiran Kehadiran
Number of
Name Position 17-Dec 18-Dec Total Percentage of
Meetings
Attendance Attendance
3 3 37 37 100,00%
3 3 37 37 91,89%
Sutrisno S. Direktur Pengembangan
3 3 37 36 97,30%
Tatetdagat Development Director
3 3 37 30 81,08%
Marketing Director
3 3 37 32 86,49%
Operations Director
Johan N.B. Direktur Human Capital dan CSR
3 3 37 35 94,59%
Nababan Human Capital & CSR Director
Rata-Rata Kehadiran Direksi
91,89%
Average Meeting Attendance of the Board of Directors

Agenda Rapat Direksi di Tahun 2018

Agenda of the Board of Directors Meeting in 2018
Tanggal Rapat
Date of Meeting
1. 8 Januari 2018 · Pergerakan Level Bureau · Bureau Level Rotation
January 8, 2018 · Perpanjangan Kontrak Advisor · Advisor’s Contract Amandement
· Ketua Dewan Pengawas Dana Pensiun · Head of Pension Fund Supervisory
· Pelantikan Pejabat · Placement Inauguration
· Penjualan Produk FeNi LCS & HCS · Product Sales of FeNi LCS & HCS
· Progres Pengembangan Stainless Steel Pomalaa · Discussion of Recent Progress for Stainless Steel
& Sorong · Others
· Lain-lain
2. 9 Januari 2018 · Persetujuan Remunerasi Direksi PT ANH · Approval Remuneration for Directors PT ANH
January 9, 2018 · Progres PT ICA · Progress of PT ICA
· Anggaran Dasar & Penetapan Persetujuan SK · Articles of Association & Approval Agreement of
· Penyampaian Ajuan KPI Korporat Tahun 2018 Decision Letter
· Progres SGAR Mempawah · Key Performance Indicator Corporate for 2018
· Strategi Eksplorasi Emas · Progress of SGAR Mempawah
· Proses Pengadaan SCM · Gold Exploration Strategy
· Persiapan Acara 50 Tahun ANTAM · SCM Procurement Process
· Lain-lain · 50th ANTAM Events Preparation
· Others
3. 16 Januari 2018 · Usulan Tema & Konsep RAPIM 2018 · Ideas and Concept for RAPIM 2018
January 16, 2018 · Suksesi Level Bureau & Division Head · Succession of Bureau Level & Division Head
· Review Kebijakan Supply Chain Management · Review of Supply Chain Management (SCM)
(SCM) Policy
· Reseller Precious Metal-UBPP Logam Mulia · Reseller of Precious Metal-Precious Metal
· Stok Logam Emas UBPP Logam Mulia .+!//%*#* !ü*!.5ǫ1/%*!//*%0
· Evaluasi Anak Perusahaan · Stock of Precious Metal of Precious Metal
· Kalender Tahunan .+!//%*#* !ü*!.5ǫ1/%*!//*%0
· Lain-lain · Evaluation of Subsidiaries
· Annual Calendar
· Others
4. 30 Januari 2018 Suksesi Level Divisi Division Level Succession
January 30, 2018
5. 13 Februari 2018 · Update Divestasi Saham PT Dairy Prima Mineral · Update of Stock Divestment PT Dairy Prima
February 13, 2018 · Update PT ICA Mineral
· Suksesi Human Capital Management · Update of PT ICA
· Update Pemilihan Auditor Keuangan · Human Capital Management Succession
· Pemaparan .#*%60%+*(û!0%2!*!// · Update of Financial Auditor Selection
Development (OED) · .#*%60%+*(û!0%2!*!//!2!(+,)!*0
· Progres Pengadaan Lahan P3FH (OED) Presentation
· Pemaparan SGAR Mempawah · Progress of P3FH Land Procurement
· Laporan Pengadaan (SCM) · SGAR Mempawah Report
· Lain-lain · Procurement (SCM) Report
· Others
6. 9 Maret 2018 · Update Kinerja · Performance Update
March 9, 2018 · Usulan Remunerasi Dewan Komisaris & Direksi · Remuneration Proposal of the Board of
· Siaran Pers Laporan Keuangan Audited 2017 Commissioners and the Board of Directors
· Cover Annual Report tahun Buku 2017 · Press Conference of Audited Financial Report
· Usulan Sewa Kendaraan Direksi 2017
· Lain-lain · Cover Annual Report 2017
· Proposal of Transportation Rental for the Board
of Directors
· Others
7. 14 Maret 2018 · Persiapan RUPS Anak Perusahaan · RUPS Preparation for Subsidiary
March 14, 2018 · Rekapitulasi Daftar Executive Program · Recapitulation of Executive Program
8. 20 Maret 2018 · Suksesi Level Bureau & Divisi · Succession of Bureau Level & Division
March 20, 2018 · Market Analyzed Wood Mackenzie PT ICA · Market Analyzed Wood Mackenzie of PT ICA
· Progres Penunjukan Kantor Akuntan Publik · Progress of Appointment Progress Public
(KAP) & Financial Advisor Ƶ+1*0*0þ!Ē%**%(Ƶ 2%/+.
· Update Executive Program · Update Executive Program
· Gugatan PTUN terhadap CNC ANTAM di · Lawsuit of PTUN to CNC ANTAM at Mandiodo
Mandiodo · Overview of PT FHT
· Overview PT FHT · Exploration Planning in North Maluku-Wailukum
· Rencana Eksplorasi Maluku Utara-Wailukum · Annual Mineral Resources & Ore Reserves
· Annual Mineral Resources & Ore Reserves Statement
Statement · Update of PT ANH
· Update PT ANH · Others
· Lain-lain


Tanggal Rapat
Date of Meeting
9. 3 April 2018 · Peraturan Persetujuan Usulan Direksi & Komisaris · Approval Agreement for Proposal of the Board
April 3, 2018 Anak Perusahaan of Directors & the Board of Commissioners of
· Suksesi Human Capital Management Subsidiaries
· Evaluasi Advisor · Succession of Human Capital Management
· Modernisasi Pabrik UBPP Logam Mulia · Evaluation of Advisor
· Progres Implementasi SAP ERP · Plant modernization of Precious Metal
· Pemaparan Non Productive Asset Management .+!//%*#* !ü*!.5ǫ1/%*!//*%0
(NPAM) · SAP ERP Implementation Progress
· Proses Pelelangan Izin Usaha Pertambangan · Non Productive Asset Management (NPAM)
(IUP) Exposure
· Proses Pengadaan (SCM) · The Auction Process for Mining Business Permt
· Film Sultan Agung Dalam Rangka 50 Tahun (IUP)
ANTAM · Procurement Process (SCM)
· Lain-lain · Sultan Agung's Film to Celebrate 50 Years of
ANTAM
· Others
10. 5 April 2018 · Progres PT ANH · Progress of PT ANH
April 5, 2018 · Update Progres PT ICA · Update on PT ICA's Progress
· Update Pembebasan Lahan Proyek SGA · SGA Mempawah Project Land Acquisition
Mempawah Update
· Sewa Kendaraan Dinas Direksi 2018-2021 · !*0+"þ%(!$%(!"+.0$!ǫ+. +"%.!0+./
2018-2021
11. 30 April 2018 · Review Keputusan Rapat Direksi · Review of Board of Directors Meeting Decisions
April 30, 2018 · Suksesi Human Capital Management · Succession of Human Capital Management
· Program Pensiun & Pensiun Dini · Pension Program & Early Pension
· Persiapan HUT 50 & Safari Ramadhan 2018 · Preparation for 50th Anniversary & Safari
· Rencana Kerjasama PT ANTAM Resourcindo & Ramadhan 2018
UBPP Logam Mulia · Plans for Cooperation between PT ANTAM
· Progres Beauty Contest Stainless Steel Resourcindo & UBPP Logam Mulia
· Progres PT ICA · Beauty Contest Progress of Stainless Steel
· Lain-lain · PT ICA Progress
· Others
12. 15 Mei 2018 · Rencana Kinerja Strategis Direksi · The Board of Directors Strategic Performance
May 15, 2018 · Fit & Proper Test Plan
· Update PT ICA · Fit & Proper Test
· Pembayaran PPH Final Proyek SGAR Mempawah · Update of PT ICA
· Progres P3LA · Final PPH Payment for SGAR Mempawah Project
Đ /1%#*%ü'*Marketing · P3LA Progress
· Pemaparan Human Capital Management · %#*%ü*0 //1!/+" .'!0%*#
· Lain-lain · Presentation of Human Capital Management
· Others
13. 22 Mei 2018 · Laporan PPN Tahun 2016 · 2016 PPN Report
May 22, 2018 · Prognosa 2018 · Prognosis 2018
· Progres Report & Outstanding Isu Marketing · Progress Report & Outstanding Marketing Issues
· Rencana Tolling Pamco · Pamco Tolling Plan
· Manajemen Karir · Career Management
· Program Pengembangan Pegawai · Employee Development Program
· .+ü%!*5!2!(-Level Bureau 2018 · .+ü%!*5!2!(ġ!2!(ǫ1.!1ĂĀāĉ
· Suksesi HCM · Succession of HCM
14. 5 Juni 2018 · Presentasi Advisor Risk Management · Presentation of Risk Management Advisor
June 5, 2018 · Executive Development Program · Executive Development Program
· Suksesi Human Capital Capital Management · Human Capital Management Succession
· Kinerja Produksi · Production Performance
· Pajak Penerangan Listrik · Electricity Tax
· Laporan Panitia HUT ANTAM 2018 · Report of the 2018 ANTAM Anniversary
· Lain-lain Committee
· Others


Tanggal Rapat
Date of Meeting
15. 21 Juni 2018 · Laporan Penanganan Kecelakaan Tambang · Report of PT CSD Mine Accident Handling
June 21, 2018 PT CSD · Operations & Sales Performance Reports
· Laporan Kinerja Operasi & Penjualan · Update of ROOF F4 Repairing Plan
· Update Rencana Perbaikan ROOF F4 · ANTAM's Website
· Website ANTAM · Update of ANTAM Gold Run
· Update ANTAM Gold Run
16. 12-13 Juli 2018 · Revisi RKAP 2018 · Revision of the Corporate Work and Budget Plan
July 12-13, 2018 · Lelang IUP-Mekanisme Free Carry/Loan Carry for 2018
· Laporan PT ANH · IUP Auction-Free Carry/Loan Carry Mechanism
· !ü**%*# Obligasi/Jasa Penyedia Pendanaan · PT ANH Progress Report
ANTAM 2018 · ǫ+* ĥ!.2%!!ü**%*#.+2% !."+.ĂĀāĉ
· BSO UBP Nikel Maluku Utara ANTAM Funding
· BSO of North Maluku Nickel Mining Business Unit
17. 16 Juli 2018 · Lelang WIUPK · WIUPK auction
July 16, 2018 · Laporan PT BAI · PT BAI report
· Strategy Development Holding · Strategy Development Holding
· Progres P3LA · P3LA Progress
· Progres Pembangunan Mesjid Nurul Iman · Progress of the Construction of the Nurul Iman
Mosque
18. 23 Juli 2018 · Tugas Personal Assistant Direksi · Duty of the Board of Directors Personal
July 23, 2018 · Laporan Panitia Pembangunan Masjid Nurul Iman Assistant
· Suksesi Human Capital Management · Report of the Mosque Construction Committee
· Human Capital Management Succession
19. 15 Agustus 2018 · Inisiatif Rencana Jangka Panjang Holding · Holding Long Term Plan Initiative for 2019-2023
August 15, 2018 2019-2023 · PT ANH's Progress
· Progres PT ANH · Revision of Corporate Work and Budget Plan for
· Revisi RKAP 2018 2018
· Human Resources Consultant · Human Resources Consultant
20. 21 Agustus 2018 · Laporan Marketing · Marketing Reports
August 21, 2018 · Suksesi Human Capital Management · Succession of Human Capital Management
· Laporan PT ANH · PT ANH Report
· Progres PT ICA · PT ICA Progress
21. 15 Agustus 2018 Struktur Transaksi dan Legal Agreement Terkait Structur of Transaction and Legal Agreement of
August 28, 2018 PT GAG Nikel PT GAG Nikel
22. 3 September 2018 · Progres PT ICA · PT ICA Progress
September 3, 2018 · Perwakilian ANTAM di PT Weda Bay Nickel · ANTAM's Representative at PT Weda Bay Nickel
23. 18 September 2018 · Update Progres Penambahan Kuota Ekspor · Progress of the Increase in Export Quota
September 18, 2018 · Laporan Human Capital Management · Human Capital Management Report
· Update PT GAG Nikel · Update on PT GAG Nickel
· Presentasi Tim DDI · DDI Team Presentation
· Perubahan Bisnis Model PT NKA ke Angkutan · PT NKA Business Model Changes to Sea
Laut (Logistik) Transportation (Logistics)
· Modernisasi UBPP Logam Mulia · .!%+1/ !0(.+!//%*#* !ü*!.5ǫ1/%*!//
· Update Rencana Jangka Panjang Holding Unit modernization
· Update on Long Term Corporate Planning
Holding
24. 25 September 2018 · Laporan Update Bagan Struktur Organisasi · Report on Organizational Structure Chart
September 25, 2018 · Laporan Panitia Family Gathering 2018 Update
· Rencana ,%*ûPLTU · Report of the 2018 Family Gathering Committee
· Laporan Perkembangan P3FH & P2FIP · ,%*û(*
· Action Plan Anak Perusahaan Dorman · P3FH & P2FIP Progress Reports
· Lelang Travel Agent & Kendaraan Pegawai Level · Action Plan for Dorman Subsidiaries
Bureau · Auction of Travel Agent & Employee Vehicle of
· Laporan PT ANH Bureau Level
· Progres Pembangunan RS Umum Daerah Kolaka- · PT ANH Report
Bantuan CSR ANTAM · Progress on the Construction of the ANTAM CSR
· Update PT GAG Nikel Hospital-ANTAM Corporate Social Responsibility
Program
· Update on PT GAG Nickel


Tanggal Rapat
Date of Meeting
25. 12 Oktober 2018 · Personal Asistance/Executive Assistance · Personal Assistance/Executive Assistance
October 12, 2018 · Suksesi Human Capital Management · Succession of HCM
· Progres Pembangunan RSUD Kolaka · Progress of Construction of the Kolaka Hospital
· Persiapan Family Gathering · Preparation of Family Gathering
· Progres Proyek Perbaikan ROOF ESF 4 · Progress Improvement on ROOF ESF Project 4
· Presentasi CGPI 2017 · Presentation of CGPI 2017
· Laporan YAKESPEN terkait PT APP · YAKESPEN Report Regarding PT APP
26. 17 Oktober 2018 · Timeline Proses Finalisasi SPA PT ICA · Timeline of PT ICA SPA Finalization Process
October 17, 2018 · Business Plan PT ICA · PT ICA Business Plan
· Kinerja Keuangan s/d September 2018 · Financial Performance as of September 2018
· Finalisasi RKAP 2019 · Finalization of Corporate Work and Budget Plan
· Kajian Pajak Emas 2019
· Gold Tax Evaluation
27. 23 Oktober 2018 · Laporan Update Setoran Modal PT BAI · Update Report of PT BAI's Capital Deposit
October 23, 2018 · Update Smelter Blast Furnace PT ANH · Update of PT ANH's Smelter Blast Furnace
· Laporan Organization û!0%2!*!// & · !,+.0+*.#*%60%+*û!0%2!*!//Ē
Development Development
· Laporan Human Capital Management dan Unit · Human Capital Management and Learning &
Bisnis Learning & Development Development Business Units
· Suksesi Human Capital Management · Succession of Human Capital Management
28. 23-26 Oktober 2018 · RKAP 2019 UBP Nikel Sulawesi Tenggara · Corporate Work and Budget Plan (CBP) 2019 -
October 23-26, 2018 · RKAP 2019 UBP Nikel Maluku Utara Southeast Sulawesi Nickel Mining Business Unit
· RKAP 2019 P3FH · CBP 2019 North Maluku Nickel Mining Business
· RKAP 2019 P2FIP Unit
· RKAP 2019 P3LA · CBP 2019 P3FH
· RKAP 2019 UBP Bauksit · CBP 2019 P2FIP
· RKAP 2019 UBPP Logam Mulia · CBP 2019 P3LA
· RKAP 2019 UBP Emas · CBP 2019 Bauxite Mining Business Unit
· RKAP 2019 Unit Geomin · CBP 2019 Precious Metal Processing and
· RKAP 2019 Divisi Corporate Strategic !ü*!.5ǫ1/%*!//*%0
· RKAP 2019 Proyek SGA Mempawah · CBP 2019 Gold Mining Business Unit
· RKAP 2019 Divisi Business Development, SPM & · CBP 2019 Geomin Unit
Legal · CBP 2019 Corporate Strategic Division
· RKAP 2019 Divisi Corporate Secretary · CBP 2019 SGA Mempawah Project
· RKAP 2019 Divisi Risk Management · CBP 2019 Business Development, Subsidiary &
· RKAP 2019 Divisi Internal Audit Project Management and Legal & Compliance
Division
· CBP 2019 Corporate Secretary Division
· CBP 2019 Risk Management Division
· CBP 2019 Internal Audit Division
29. 31 Oktober 2018 · Update PWC · Update of PWC
October 31, 2018 · Suplai PLN untuk UPB Nikel Sulawesi Tenggara · PLN Supply for Southeast Sulawesi Nickel Mining
· RKAP 2019: Business Unit
1) Divisi CSR · CBP 2019:
2) Divisi PMNPAM 1) CSR Division
3) Divisi OMHSE 2) PMNPAM Division
4) Divisi ICT & Project ERP 3) OMHSE Division
5) Divisi Base Metals Sales & Marketing 4) ICT Division and ERP Project
· Update Project SGAR Mempawah 5) Base Metal Sales and Marketing Division
· Lain-lain · Update Project of SGAR Mempawah
· Others
30. 5 November 2018 · Pembahasan RKAP 2019: · Discussion of CBP 2019:
November 5, 2018 1) Divisi Human Capital Management 1) Human Capital Management Division
2) Unit Bisnis Learning & Development 2) Learning & Development Business Unit
3) Divisi GA & External Relation ăĩ!*!.(Ƶû%.Ē40!.*(!(0%+*%2%/%+*
4) Finalisasi RKAP 2019 4) CBP 2019 Finalization
· Update P2FIP · Update P2FIP
· Update Rencana BOD Retreat · Update of BOD Retreat Planning


Tanggal Rapat
Date of Meeting
31. 27 November 2018 · Laporan Human Capital Management dan · Report of HCM and Policy that includes:
November 27, 2018 Kebijakan-Kebijakan terkait: Perekrutan, Pro- Recruitment, Pro-Hired, Advisory/Experts,
hired, Advisor/Tenaga Ahli, Outsource to Outsource to Employment, Special Recruitment,
Employment, Special Recruitment, Hukuman, Punishment, and Policy about Human Capital
serta Kebijakan Human Capital Management Management related to Employee Costs.
yang Berdampak terhadap Biaya Pegawai · Organization Structure of ICT Division &
· Struktur Organisasi Divisi ICT & Accounting, Tax Accounting, Tax & Budgeting and Precious Metal
& Budgeting Kantor Pusat dan UBPP Logam .+!//%*#* !ü*!.5ǫ1/%*!//*%0
Mulia · Gold Acquisition
· Akuisisi Emas · Procurement Evaluation of One-Roof Insurance
· Evaluasi Pengadaan Asuransi Satu Atap · Report of Learning & Development Business
· Kajian UBLD dan Rencana Pengembangan Unit and Employee Competency Development
Pegawai Program
32. 4 December 2018 · Internal Direksi · Internal Directors
December 4, 2018 · Permasalahan Hukum ANTAM · Legal Issues in ANTAM
· Beauty Contest PT GAG Nikel · Beauty Contest of PT GAG Nickel
· Rencana Joint Venture, TimelineČ *%#*%ü'* ·
+%*0!*01.!(**%*#Č%)!(%*!* %#*%ü*0
Isu dari PT ANH & PT BAI Issue from PT ANH & PT BAI
· Kajian UBLD dan Pengembangan Pegawai · Review of Learning and Development Business
· Laporan SCM Unit & Employee Development
· Lain-lain · Report of SCM
· Others
33. 17-18 December 2018 · Internal Direksi · Internal of the Board of Directors
December 17-18, 2018 · Laporan UBPP Logam Mulia · Report of Precious Metal Processing and
· Kajian Konversi Granule !ü*!.5ǫ1/%*!//*%0
· Laporan Progres Certiline · Evaluation of Granule Conversion
· Laporan Human Capital Management · Progress Report of Certiline
· Kordinasi Persiapan Bidder PT GAG Nikel · Report of Human Capital Management
· Lain-lain · Preparation of Bidder PT GAG Nikel
· Others

Rencana Rapat Dewan Komaris dan Rapat Direksi Meeting Plan of the Board of Commissioners and
di Tahun 2019 the Board of Directors in 2019
Dalam Anggaran Dasar Perseroan telah diatur ketentuan In the Company’s Articles of Association, the Board of
mengenai pelaksanaan Rapat Dewan Komisaris dan Rapat Commissioners’ Meeting has been stipulated at least
Direksi, yakni bahwa Rapat Dewan Komisaris dilaksanakan once every 2 (two) months, the Board of Commissioners
minimal sekali setiap 2 (dua) bulan, Rapat Dewan Komisaris meeting invites the Board of Directors to be held at least
mengundang Direksi dilaksanakan minimal sekali setiap once every 4 (four) months and the Board of Directors
4 (empat) bulan, serta Rapat Direksi dilaksanakan minimal Meeting at least once every 1 (one) month.
sekali setiap 1 (satu) bulan.
Untuk lebih meningkatkan koordinasi dan pengambilan + "1.0$!. %),.+2! ++. %*0%+* * !û!0%2! !%/%+*ġ
keputusan yang lebih efektif, maka untuk tahun 2019, making, then for 2019, in accordance with the Working
sesuai Program Kerja Dewan Komisaris, Rapat Internal Program of the Board of Commissioners, Internal
Dewan Komisaris dan Rapat Dewan Komisaris yang Meetings of the Board of Commissioners and the Board of
mengundang Direksi akan dilaksanakan minimal sekali Commissioners Meeting which invites the Board of Directors
dalam 1 (satu) bulan. Penyelenggaraan rapat Dewan will be held minimum once in 1 (one) month. The meeting is
Komisaris tersebut direncanakan dilakukan setiap minggu planned to be conducted on the third week of the current
ke-3 pada bulan berjalan dengan agenda rapat diantaranya month with a meeting agenda such as discussing the
membahas tentang Laporan Bulanan Kinerja Manajemen, Monthly Report on Management Performance, Evaluation
Evaluasi terhadap pelaksanaan keputusan Rapat Dewan of the previous Board of Commissioners Meeting and
Komisaris sebelumnya serta tindak lanjut atas arahan Follow up actions on the direction and/or decision of the
dan/atau keputusan Dewan Komisaris dan/atau tindak Board of Commissioners and/or Follow Up conducted
lanjut yang dilaksanakan oleh Direksi serta hal-hal lain by the Board of Directors and other matters deemed
yang dianggap perlu sesuai tugas dan fungsi pengawasan necessary in accordance with the duties and functions of
Dewan Komisaris. supervision of the Board of Commissioners.
Untuk Rapat Direksi di tahun 2019 direncanakan For the Board of Directors Meeting in 2019 is planned
dilaksanakan minimal sekali setiap 1 (satu) bulan, dengan to be conducted at least once every 1 (one) month, on
waktu pelaksanaan pada setiap minggu ke-3 pada bulan the third week of the current month. The agenda of the
berjalan. Agenda rapat diantaranya membahas tentang meeting includes discussing the Monthly Report of each
Laporan Bulanan masing-masing Direktorat, penetapan Directorate, the determination of the Company’s strategic
kebijakan strategis Perusahaan, kinerja operasional, policy, operational performance, corporate strategy and
strategi perusahaan serta hal-hal lain yang dianggap perlu other matters deemed necessary according to the duties
sesuai tugas dan fungsi Direksi. and functions of the Board of Directors.

Keberagaman Komposisi Dewan Komisaris

dan Direksi
Diversity in Composition of the Board of
ANTAM meyakini bahwa keragaman keahlian, pengalaman, ANTAM believes that the diversity of skills, experience,
dan latar belakang pendidikan sangat diperlukan untuk and educational background is indispensable for the
efektivitas tugas pengawasan Dewan Komisaris dan !û!0%2!*!// +" /!.2%!Č /1,!.2%/+.5 10%!/ +" 0$! ǫ+.
pengurusan Perusahaan oleh Direksi dengan tidak of Commissioners and management of the Company by
mengenal perbedaan gender. Dewan Komisaris dan Direksi the Board of Directors which does not recognize gender
ANTAM yang ditunjuk berdasarkan Keputusan Rapat %û!.!*!/ċ$!ǫ+. +"ƫ+))%//%+*!./* 0$!ǫ+. +"
Umum Pemegang Saham berdasarkan usulan Pemegang Directors ANTAM who appointed by the General Meeting
Saham Seri A Dwiwarna atau kuasanya, memiliki komposisi of Shareholders based on the proposal of Shareholder
yang cukup beragam, baik berdasarkan usia, latar belakang Series A Dwiwarna or its attorney, has a composition that is
pendidikan, keahlian serta pengalaman yang dibutuhkan quite diverse, both based on age, educational background,
dalam pelaksanaan tugas dan tanggung jawabnya. skills and experience needed in the execution of duties and
responsibilities.
Perusahaan berupaya untuk menjaga bauran keahlian dan The Company preserve the variety of expertise and
pengalaman anggota Dewan Komisaris dan Direksi yang experience of members of the Board of Commissioners and
mencakup diantaranya bidang pertambangan, keuangan, the Board of Directors in, among others, mining sectors,
sosial, politik, hukum, tata kelola, sumber daya manusia, ü**!Č/+%(Č,+(%0%Č(!#(Č#+2!.**!Č$1)*.!/+1.!/
* !'+*+)%ċ !*0%ü'/% '!$(%* !3* +)%/.%/ * * !+*+)5ċ !*0%ü0%+*+"0$!4,!.0%/!+"0$!ǫ+.
Direksi dilakukan berdasarkan latar belakang pendidikan, of Commissioner and the Board of Directors are conducted
pengalaman kerja serta pelatihan yang pernah diikuti. based on educational background, work experience and
ANTAM juga berkomitmen untuk meningkatkan training. ANTAM is committed to improve the competency
kompetensi Dewan Komisaris dan Direksi, baik melalui of the Board of Commissioners and the Board of Directors
training, workshop serta kegiatan lainnya yang relevan bagi through training, workshop and other relevant activities.
peningkatan kompetensi Dewan Komisaris dan Direksi.
Keberagaman Komposisi Dewan Komisaris dan Direksi

Diversity Composition of the Board of Commissioners and the Board of Directors
Tingkat
Pendidikan
Keahlian
Terakhir
Usia per 31 Expertise
Latest Level
Jenis Desember of Education
Nama
Kelamin 2018
Name
Gender Age per Manajemen/ Sumber Daya Sosial
Dec 31, 2018 Keuangan Hukum Manusia Pertambangan Politik
S1 S2 S3
Management/ Law Human Mining Social
Finance Capital Politics
Dewan Komisaris | Board of Commissioners

Laki-laki
Fachrul Razi 71 3 3 3
Male
Laki-laki
Zaelani 58 3 3
Male
Robert A. Laki-laki
56 3 3
Simanjuntak Male
Gumilar Rusliwa Laki-laki
55 3 3
Somantri Male
Anang Sri Laki-laki
55 3 3
Kusuwardono Male
Bambang Gatot Laki-laki
58 3 3 3
Ariyono* Male

Keberagaman Komposisi Dewan Komisaris dan Direksi

Diversity Composition of the Board of Commissioners and the Board of Directors
Tingkat
Pendidikan
Keahlian
Terakhir
Usia per 31 Expertise
Latest Level
Jenis Desember of Education
Nama
Kelamin 2018
Name
Gender Age per Manajemen/ Sumber Daya Sosial
Dec 31, 2018 Keuangan Hukum Manusia Pertambangan Politik
S1 S2 S3
Management/ Law Human Mining Social
Finance Capital Politics
Direksi | Board of Directors

Arie Prabowo Laki-laki
58 3 3
Ariotedjo Male
Dimas Wikan Laki-laki
36 3 3
Pramudhito Male
Sutrisno S. Laki-laki
54 3 3 3
Tatetdagat Male
Laki-laki
Tatang Hendra 48 3 3
Male
Laki-laki
Hari Widjajanto 55 3 3 3
Male
Johan NB Laki-laki
52 3 3
Nababan Male

Assessment/Penilaian Kinerja Terhadap Dewan

Komisaris dan Direksi
Performance Assessment of the Board of
Penilaian Kinerja terhadap Dewan Komisaris Performance Assessment of the Board of

Commissioners
Dewan Komisaris melakukan pengukuran dan penilaian The Board of Commissioners (BOC) carries out assessment
terhadap kinerja Dewan Komisaris secara kolegial. Ketentuan of the Board of Commissioners’ work performance
terkait dengan kewajiban Dewan Komisaris dalam melakukan collegially. Provisions relating to the obligations of the
pengukuran dan penilaian terhadap kinerja Dewan Komisaris Board of Commissioners in carrying out such assessment
telah tercantum dalam Pedoman Kerja (Charter) Dewan has been set forth in the Charter of the Board of
Komisaris dan Charter Komite GCG-NR. Commissioners and Charter of the GCG-NR Committee.
Penilaian kinerja Dewan Komisaris dilakukan berdasarkan The performance assessment of the BOC was conducted
SK Dewan Komisaris Nomor 6/DK/SK/IV/2018 tanggal refers to the BOC Decree Number 6/DK/SK/IV/2018
28 April 2018 tentang Penetapan Evaluasi Kinerja dated April 28, 2018 concerning the Determination of
(Performance Evaluation) Tahun 2018 Dewan Komisaris Performance Evaluation of the BOC for the year 2018 and
PT ANTAM Tbk yang kemudian direvisi sesuai dengan SK the amendment refers to the BOC Decree Number 12/DK/
Dewan Komisaris Nomor 12/DK/SK/VII/2018 tanggal 1 Juli SK/VII/2018 dated July 1, 2018. Performance evaluation
2018. Evaluasi terhadap kinerja Dewan Komisaris, dilakukan of the BOC is carried out every year and the results are
setiap tahun dan hasilnya disampaikan dalam RUPS. presented in the GMOS.
Pencapaian Kinerja Dewan Komisaris Tahun 2018

Achievement of the Board of Commissioners Performance in 2018
Bobot Indikator x
Pencapaian Nilai Pencapaian Nilai
Bobot Indikator
Score Weight Indicator x
Key Performance Indicator Weight Indicator
Achievement Score
Achievement
(%) (%) (%)
Terlaksananya Pemantauan Efektivitas Praktik GCG
7 100,00 7,00
Ƶ+),(%/$)!*0+"0$!û!0%2!*!//+"ƫ,.0%!/)+*%0+.%*#
Tercapainya Pendapatan Usaha
7 108,56 7,60
Achievement of Income
Terlaksananya Rencana Kerja dan Anggaran Perusahaan (RKAP)
6 100,00 6,00
Execution of the Corporate Work and Budget Plan (RKAP)
Tercapainya Laba Usaha
5 103,02 5,15
Achievement of Operating Income
Tercapainya Laba Bersih
4 120,00 4,80
Achievement of Net Income
Terlaksananya Tugas Khusus
5 100,00 5,00
Execution of Special Assignment
Tercapainya Tingkat Kesehatan Perusahaan
3 105,00 3,15
Achievement of Corporate’s Health Level
Adanya Tanggapan Komisaris atas Laporan Triwulanan dan
Tahunan Direksi 3 100,00 3,00
BOC’s Response to the BOD’s Quarterly and Annual Reports
Kehadiran Dewan Komisaris pada Rapat Internal Dewan Komisaris 3 2,66 2,66
Tercapainya Kinerja Komite Audit
19 107,96 20,51
Achievement of the Audit Committee Performance
Tercapainya Kinerja Komite GCG-NR
19 101,82 19,35
Achievement of the GCG-NR Committee Performance
Tercapainya Kinerja Komite Manajemen Risiko
19 92,47 17,57
Achievement of the Risk Management Committee Performance
Total 100 101,78

Penilaian Kinerja Anggota Dewan Komisaris Performance Evaluation of the Member of the
Penilaian masing-masing Anggota Dewan Komisaris The assessment of each member of the Board of
dapat dilihat melalui pencapaian KPI Komite Penunjang Commissioners can be seen through the KPI achievement of
Dewan Komisaris mengingat Dewan Komisaris merupakan the Supporting Committee of the Board of Commissioners
anggota dari Komite Penunjang Dewan Komisaris. with consideration that the Board of Commissioners is also
a member of the Supporting Committee of the Board of
Commissioners.
Penilaian Kinerja terhadap Direksi Performance Assessment of the Board of Directors

Penetapan Key Performance Indicator (KPI) Korporat The determination of Key Performance Indicator (KPI)
(Kontrak Manajemen) dilakukan berdasarkan Surat Corporate was conducted based on a circular of the
Edaran Sekretariat Kementerian BUMN Nomor S-08/S. Secretariat of the Ministry of SOE’s Number S-08/S.
MBU/2013 tanggal 16 Januari 2013 tentang Penyampaian MBU/2013 dated January 16, 2013 on the Guidelines for
Pedoman Penentuan KPI dan Kriteria Penilaian Kinerja Determination of KPI and General Performance Assessment
Unggul (KPKU) pada BUMN. Selain itu, penentuan KPI Criteria (KPKU) in SOE. In addition, the determination of
ANTAM Tahun 2018 juga mengacu pada Surat Edaran KPI ANTAM 2018 is also referring to the Ministry of SOE’s
Kementerian BUMN terkait Aspirasi Pemegang Saham/ Circular Letter concerning Shareholders Aspiration for
Pemilik Modal untuk Penyusunan Rencana Kerja dan Determining of Annual Budget and Work Plan of 2018
Anggaran Perusahaan Tahun 2018 serta disusun selaras and compiled in accordance with the Corporate Strategic
dengan Dokumen Strategis Perusahaan. Dasar tersebut Document. The basis is then stipulated in the Decree of
kemudian ditetapkan dalam Surat Keputusan Dewan the Board of Commissioners Number 13/DK/SK/IIV/2018
Komisaris Nomor 13/DK/SK/IIV/2018 tentang Penetapan on the Determination of Key Performance Indicator (KPI)
Key Performance Indicator (KPI) sebagai dasar Evaluasi as the basis for the Performance Evaluation of the Board
Kinerja (Performance Evaluation) Tahun 2018 Direksi dan of Directors and Directors of 2018 which consisting of
Anggota Direksi yang terdiri dari target-target pencapaian achievement targets of 18 (eighteen) key performance
18 (delapan belas) indikator kinerja kunci dengan metode indicators by using calculation method that has been
perhitungan yang sudah disepakati dan ditetapkan agreed and approved by all members of the Board of
bersama seluruh anggota Direksi. Directors.
Evaluasi atas pencapaian hasil KPI Direksi akan dilakukan The achievement evaluation of KPI results of the Board
oleh Dewan Komisaris melalui Komite GCG-NR yang of Directors is conducted by the Board of Commissioners
disampaikan kepada Dewan Komisaris berdasarkan through the GCG-NR Committee which submitted to the
kajian data yang dibandingkan dengan target yang Board of Commissioners based on data review compared
telah disepakati. Pada akhir tahun, pencapaian KPI akan to the agreed targets. At year-end, KPI’s achievements will
disampaikan kepada Pemegang Saham Seri A Dwiwarna be submitted to the Shareholders of Series A Dwiwarna
dan Pemegang Saham Mayoritas serta dalam Rapat Umum and Majority Shareholders as well as presented in the
Pemegang Saham Tahunan Perusahaan. Company’s Annual General Meeting of Shareholders.
Pencapaian Kinerja Direksi Tahun 2018

Achievement of the Board of Directors’ Performance in 2018
Bobot Indikator x
Pencapaian Nilai
Bobot Indikator Pencapaian Nilai
Perspektif Score
Key Performance Weight Indicator Weight Indicator x
Perspective Achievement
Score Achievement
(%) (%) (%)
Keuangan dan Pasar Laba Bersih
6 120,00 7,20
Financial and Market !0.+ü0
CAPEX 5 90,29 4,51
Total Ekuitas
5 103,85 5,19
Total Equity
Sales to Average Asset 5 108,57 5,43
Return on Equity 5 120,00 6,00

Pencapaian Kinerja Direksi Tahun 2018

Achievement of the Board of Directors’ Performance in 2018
Bobot Indikator x
Pencapaian Nilai
Bobot Indikator Pencapaian Nilai
Perspektif Score
Key Performance Weight Indicator Weight Indicator x
Perspective Achievement
Score Achievement
(%) (%) (%)
Fokus Pelanggan Customer Satisfaction Index Feronikel 10 105,00 10,50
Customer Focus
Customer Satisfaction Index Gold 10 101,93 10,19
Efektivitas Produk dan Lower Cost per Production Volume 3 94,55 2,84
Proses
$!!û!0%2!*!//+" Production Growth 6 105,00 6,30
products and processes Sales Growth 6 102,87 6,17
(*0ĥ!ü*!.50%(%60%+*0! 3 100,13 3,00
HSE Performance 4 105,00 4,20
Fokus Tenaga Kerja Employee Engagement Index 8 98,40 7,87
Labor Focus
Employee Productivity 8 102,23 8,18
Kepemimpinan, Tata Community Satisfaction Index 4 103,42 4,14
Kelola dan Tanggung
Jawab Kemasyarakatan Realisasi Program Kemitraan (PK) Rate
Leadership, Governance dan Bina Lingkungan (BL)
4 97,84 3,91
and Social Responsibility Partnership Program Rate and
Community Stewardship Realization
Tingkat Kesehatan Perusahaan
4 102,07 4,08
Level of Company’s Health
GCG Score 4 100,00 4,00
Total 100 103,72
Penilaian Kinerja Anggota Direksi Performance Evaluation of the Member of the

Board of Directors
Selain penilaian menggunakan KPKU, ANTAM juga telah In addition to the assessment by using KPKU, ANTAM
menetapkan KPI di masing-masing Direktorat yang also has set the Key Performance Indicator (KPI) for
dievaluasi setiap triwulan. Penilaian KPI di masing-masing each Directorate that is evaluated on a quarterly basis.
Direktorat merepresentasikan kinerja masing-masing The KPI’s assessment in each Directorate represents the
Direktur Perusahaan, mengingat masing-masing Direktur performance of each Director of the Company, as each
bertanggung jawab atas kinerja Divisi-Divisi yang berada Director is responsible for the performance of the divisions
pada setiap Direktorat. Parameter kinerja dalam KPI within each Directorate. Performance parameters in KPI
Direktorat terdiri atas KPI generik yakni KPI yang ditetapkan Directorate consist of generic KPI that is KPI which set the
sama di seluruh Direktorat serta KPI yang diambil dari hasil same in all Directorates and KPI which taken from main
kinerja utama Divisi-Divisi di setiap Direktorat tersebut. performance indicator in each divisions of each Directorate.
Pencapaian Pencapaian Pencapaian Pencapaian

Direktorat Triwulan I Triwulan II Triwulan III Triwulan IV
Directorate Achievement of Achievement of Achievement of Achievement of
First Quarter Second Quarter Third Quarter Fourth Quarter
Direktorat Utama
105,94% 102,53% 107,66% 103,67%
Main Directorate
Direktorat Keuangan
112,34% 113,16% 112,37% 107,05%
Finance Directorate
Direktorat Pengembangan
109,71% 103,95% 105,10% 104,53%
Development Directorate
Direktorat Pemasaran
100,88% 111,04% 110,38% 106,53%
Marketing Directorate
Direktorat Operasi
105,78% 106,31% 109,17% 104,95%
Operation Directorate
Direktorat Human Capital & CSR
107,89% 107,41% 110,00% 104,12%
Human Capital & CSR Directorate

Penilaian Kinerja Dewan Komisaris dan Direksi Performance Assessment of the Board of
Berdasarkan Implementasi Tata Kelola Perusahaan Commissioners and the Board of Directors Based
on Implementation of Corporate Governance
Untuk mengetahui sejauh mana tingkat Penilaian Kinerja To know the performance of the Board of Commissioners
Dewan Komisaris dan Direksi berdasarkan implementasi and the Board of Directors based on the implementation
Tata Kelola Perusahaan, ANTAM menggunakan kriteria of Good Corporate Governance, ANTAM uses the criteria
yang terdapat dalam SK-16/S.MBU/2012 tanggal 06 Juni regulated in letter SK-16/S.MBU/2012 dated June 6, 2012
2012 tentang Indikator/Parameter Penilaian dan Evaluasi regarding Indicators/Parameters of Assessment and
Atas Penerapan Tata Kelola Perusahaan yang Baik (Good Evaluation of the Implementation of Good Corporate
Corporate Governance) pada Badan Usaha Milik Negara. Governance (GCG) in State-Owned Enterprises. In addition,
Selain itu, penilaian juga mengacu pada Surat Edaran the assessment also refers to the Circular of Financial
Otoritas Jasa Keuangan Nomor 32/SEOJK.04/2015 tanggal Services Authority Number 32/SEOJK.04/2015 dated
17 November 2015 tentang Pedoman Tata Kelola November 17, 2015 regarding the Guidelines on Corporate
Perusahaan Terbuka, dan ASEAN Corporate Governance Governance for Public Company, and ASEAN Corporate
Scorecard. Governance Scorecard.
Asesmen Dewan Komisaris berdasarkan SK-16/S.MBU/2012 tanggal 6 Juni 2012

The Board of Commissioners Assessment Refers to SK-16/S.MBU/2012 dated June 6, 2012
Tingkat Pemenuhan
No. Indikator Indicators Level of Compliance
(%)
1. Dewan Komisaris/Dewan Pengawas melaksanakan The Board of Commissioners (BOC) continuously 83
program pelatihan/pembelajaran secara attends training/learning programs.
berkelanjutan.
2. Dewan Komisaris/Dewan Pengawas melakukan The BOC implements segregation of duties and 96
pembagian tugas, wewenang dan tanggung jawab establishes required factors to support its duties
secara jelas serta menetapkan faktor-faktor yang execution.
dibutuhkan untuk mendukung pelaksanaan tugas
Dewan Komisaris/Dewan Pengawasan.
3. Dewan Komisaris/Dewan Pengawas memberikan The BOC grants approval of draft long-term and 100
persetujuan atas rancangan RJPP dan RKAP yang annual budget and work plan delivered by the
disampaikan oleh Direksi. Board of Directors (BOD).
4. Dewan Komisaris/Dewan Pengawas memberikan The BOC provides directions to the BOD on 96
arahan terhadap Direksi atas implementasi the implementation of the Company’s plan and
rencana dan kebijakan perusahaan. policies.
5. Dewan Komisaris/Dewan Pengawas melaksanakan The BOC performs oversight over the BOD on the 100
pengawasan terhadap Direksi atas implementasi implementation of Company’s plan and policies.
rencana dan kebijakan perusahaan.
6. Dewan Komisaris/Dewan Pengawas melakukan The BOC performs oversight over the 97
pengawasan terhadap pelaksanaan kebijakan implementation of management policy of
pengelolaan anak perusahaan/perusahaan subsidiaries/joint ventures.
patungan.
7. Dewan Komisaris/Dewan Pengawas berperan The BOC takes role in the nomination of 95
dalam pencalonan anggota Direksi, menilai kinerja the BOD’s members, assesses the BOD’s
Direksi (individu dan kolegial) dan mengusulkan performance (individual and collegial) and
tantiem/insentif kinerja sesuai ketentuan yang proposes performance bonuses/tantiem by
berlaku dan mempertimbangkan kinerja Direksi. applicable regulation and considering the BOD’s
performance.
8. Dewan Komisaris/Dewan Pengawas melakukan $!ǫƫ0'!/0%+*/#%*/0,+0!*0%(+*ý%0+" 100
tindakan terhadap potensi benturan kepentingan interest concerning him.
yang menyangkut dirinya.
9. Dewan Komisaris/Dewan Pengawas memantau The BOC monitors and ensures that the GCG 90
dan memastikan bahwa praktik Tata Kelola ,.%*%,(!/$/!!*%),(!)!*0! %**!û!0%2!
Perusahaan yang Baik telah diterapkan secara and sustainable manner.
efektif dan berkelanjutan.
10. Dewan Komisaris/Dewan Pengawas $!ǫƫ$!( !û!0%2!ǫƫĚ/)!!0%*#/* 94
menyelenggarakan rapat Dewan Komisaris/Dewan attended the meeting by the applicable rules and
Pengawas yang efektif dan menghadiri Rapat regulations.
Dewan Komisaris/Dewan Pengawas sesuai dengan
ketentuan perundang-undangan.

Asesmen Dewan Komisaris berdasarkan SK-16/S.MBU/2012 tanggal 6 Juni 2012

The Board of Commissioners Assessment Refers to SK-16/S.MBU/2012 dated June 6, 2012
Tingkat Pemenuhan
No. Indikator Indicators Level of Compliance
(%)
11. Dewan Komisaris/Dewan Pengawas memiliki The BOC has a Secretary to the BOC to support 100
Sekretaris Dewan Komisaris/Dewan Pengawas the secretarial duties of the BOC.
untuk mendukung tugas kesekretariatan Dewan
Komisaris/Dewan Pengawas.
12. Dewan Komisaris/Dewan Pengawas memiliki $!ǫƫ$/*!û!0%2!ǫƫƫ+))%00!!/ċ 100
Komite Dewan Komisaris/Dewan Pengawas yang
efektif.
Asesmen Direksi berdasarkan SK-16/S.MBU/2012 tanggal 6 Juni 2012

The Board of Directors Assessment Refers to SK-16/S.MBU/2012 dated June 6, 2012
Tingkat Pemenuhan
No. Indikator Indicators The Level of
Compliance (%)
1. Direksi melaksanakan program pelatihan/ The BOD conducted a training program/learning 100
pembelajaran secara berkelanjutan. on an ongoing basis.
2. Direksi melakukan pembagian tugas/fungsi, The BOD has a clear segregation of duties/ 90
wewenang dan tanggung jawab secara jelas. functions, authorities, and responsibility.
3. Direksi menyusun perencanaan perusahaan. The BOD establishes Corporate Plan. 97
4. Direksi berperan dalam pemenuhan target kinerja The BOD takes role in achieving Company’s 96
perusahaan. Performance goals.
5. Direksi melaksanakan pengendalian operasional $!ǫ,!."+.)/+,!.0%+*(* ü**%( 100
dan keuangan terhadap implementasi rencana dan control over Company’s plan and policies
kebijakan perusahaan. implementation.
6. Direksi melaksanakan pengurusan perusahaan The BOD manages company in accordance with 100
sesuai dengan peraturan perundang-undangan prevailing laws and regulations and Articles of
yang berlaku dan Anggaran Dasar. Associations.
7. Direksi melakukan hubungan yang bernilai tambah The BOD builds value added relations for the 98
bagi perusahaan dan stakeholders. Company and stakeholders.
8. Direksi memonitor dan mengelola potensi The BOD monitors and manages potential 100
benturan kepentingan anggota Direksi dan ƫ+*ý%0+"%*0!.!/0+"0$!ǫĚ/)!)!./*
manajemen di bawah Direksi. management.
9. Direksi memastikan perusahaan melaksanakan The BOD ensures the company carries out 94
keterbukaan informasi dan komunikasi sesuai Information disclosure and communication by
peraturan perundang-undangan yang berlaku dan prevailing laws and regulations moreover, delivery
penyampaian informasi kepada Dewan Komisaris/ of information to the BOC and shareholders is
Dewan Pengawas dan Pemegang Saham tepat promptly.
waktu.
10. Direksi menyelenggarakan rapat Direksi dan The BOD holds BOD meetings and attends the 93
menghadiri Rapat Dewan Komisaris/Dewan meetings in accordance with prevailing laws and
Pengawas sesuai dengan ketentuan perundang- regulations.
undangan.
11. Direksi wajib menyelenggarakan pengawasan $!ǫ/$((,!."+.)+2!./%#$0+*!û!0%2!* 97
intern yang berkualitas dan efektif. -1(%ü! %*0!.*(1 %0ċ
12. Direksi menyelenggarakan fungsi Sekretaris $!ǫ,!."+.)/!û!0%2!* -1(%ü! 94
Perusahaan yang berkualitas dan efektif. Corporate Secretary functions.
13. Direksi menyelenggarakan RUPS Tahunan dan The BOD holds the annual GMOS and other GMOS 100
RUPS lainnya sesuai peraturan perundang- by prevailing laws and regulations.
undangan.

Hasil Assessment Dewan Komisaris dan Direksi sesuai Surat The results of the Assessment of the Board of
Edaran Otoritas Jasa Keuangan Nomor 32/SEOJK.04/2015 Commissioners and the Board of Directors, pursuant to
tanggal 17 November 2015 tentang Pedoman Tata Kelola the Financial Services Authority Circular Number 32/
Perusahaan Terbuka dan berdasarkan ASEAN CG Scorecard SEOJK.04/2015 dated November 17, 2015 of the Guidelines
dapat dilihat dalam Section Tata Kelola Perusahaan bagian on Corporate Governance for Public Companies and as
Evaluasi Implementasi Tata Kelola Perusahaan. referred to ASEAN CG Scorecard, can be found in the
Corporate Governance section of the Evaluation of the
Implementation of Corporate Governance.
Pihak yang Melakukan Asesmen Parties Undertake the Assessment

Penilaian Dewan Komisaris dan Direksi berdasarkan Performance Assessment of the Board of Commissioners
Implementasi Tata Kelola Perusahaan untuk parameter and the Board of Directors based on the implementation
BUMN dilakukan oleh pihak independen yaitu PT RSM of Good Corporate Governance aspects that refers to the
Indonesia Konsultan (RSM Indonesia). Adapun penilaian parameters set by the Ministry of SOE was undertaken by
berdasarkan Pedoman Tata Kelola Perusahaan Terbuka an independent party, PT RSM Indonesia Konsultan (RSM
dari OJK dilakukan melalui self assessment. Indonesia). Otherwise, for The Corporate Governance
Guideline for Public Company by FSA was conducted by
self assessment.

Remunerasi Bagi Dewan Komisaris Dan Direksi

Remuneration of the Board of Commissioners and
the Board of Directors
Acuan dan Indikator Penetapan Remunerasi References and Indicators Determination of
Remuneration
Besaran remunerasi Dewan Komisaris dan Direksi The Remuneration for the Board of Commissioners and
Tahun 2018 diusulkan kepada RUPS setelah dilakukan the Board of Directors for the year 2018 was proposed
kajian oleh Komite GCG-NR. Berdasarkan kajian Komite to the GMOS after It has been reviewed by the GCG-NR
GCG-NR serta Keputusan Rapat Dewan Komisaris, Committee. According to their evaluation, the GCG-NR
ANTAM mengusulkan dalam RUPS Tahun Buku 2017 Committee proposed in the GMOS for Financial Year 2017
untuk: for:
1. Memberikan wewenang dan kuasa kepada Pemegang 1. Granted the authority and power to the Series A
Saham Seri A Dwiwarna untuk menetapkan besarnya Dwiwarna Shareholder to determine the amount of
Insentif Kinerja untuk Tahun Buku 2017, serta performance incentives for the Financial Year of 2017,
menetapkan honorarium, tunjangan, fasilitas dan and determine the honorarium, allowances, facilities
insentif lainnya bagi anggota Dewan Komisaris untuk and other incentives for the members of the Board of
Tahun 2018; Commissioners for year 2018;
2. Memberikan wewenang dan kuasa kepada Dewan 2. Granted the authority and power to the Board of
Komisaris dengan terlebih dahulu mendapatkan Commissioners upon obtaining the prior written
persetujuan tertulis dari Pemegang Saham Seri approval from the Series A Dwiwarna Shareholder, to
A Dwiwarna untuk menetapkan besarnya Insentif determine the amount of performance incentives for
Kinerja untuk Tahun Buku 2017 serta menetapkan gaji, the Financial Year of 2017 and determine the salary,
tunjangan, fasilitas dan insentif lainnya bagi Direksi allowances, facilities and other incentives for the
untuk tahun 2018. members of the Board of Directors for year 2018.
Berdasarkan keputusan RUPS Tahun Buku 2017, Pemegang According to the Resolution of GMOS for the Financial Year
Saham menyetujui terkait usulan tersebut di atas. 2017, the Shareholders agreed on the proposal mentioned
above.
Dengan mengacu pada keputusan RUPS serta hasil Relating to the Resolution of GMOS and evaluation of GCG-
kajian Komite GCG-NR dengan mempertimbangkan, NR Committee which use some considerations among
%*0.*5 0%*#'0 %*ý/%Č '+),(!'/%0/ +,!./%+*( +0$!./Č %*ý0%+* .0!Č 0$! +),(!4%05 +" 0$! ƫ+),*5Ě/
Perusahaan, pencapaian kinerja Perusahaan, serta operations, as well as formulation as stated on Regulation
formulasi sebagaimana tercantum dalam Peraturan of Minister of SOE Number PER-04/MBU/2014 regarding
Menteri BUMN Nomor PER-04/MBU/2014 tentang Guidelines for Determining the Remuneration of the
Pedoman Penetapan Penghasilan Direksi, Dewan Komisaris Board of Directors and the Board of Commissioners, then
dan Dewan Pengawas BUMN, maka selanjutnya Dewan the Board of Commissioners of ANTAM submitted the
Komisaris ANTAM menyampaikan usulan tersebut kepada proposal to the Ministry of BUMN as the Series A Dwiwarna
Kementerian BUMN selaku Pemegang Saham Seri A Shareholder by letter Number 126/DK/SRT/IV/2018/Rhs
Dwiwarna melalui surat Nomor 126/DK/SRT/IV/2018/Rhs dated April 24, 2018 concerning Proposal Remuneration of
tanggal 24 April 2018 perihal Usulan Remunerasi Direksi the Board of Directors and the Board of Commissioners of
dan Dewan Komisaris PT ANTAM Tbk Tahun Buku 2018 dan PT ANTAM Tbk for Financial Year 2018 and Performance
Insentif Kerja Tahun Buku 2017. Incentives for Financial Year 2017.

Persetujuan Pemegang Saham Seri A Dwiwarna diberikan Approval of the Shareholders of Series A Dwiwarna was
berdasarkan surat Nomor SR-603/MBU/D3/06/2018 given according to the letter Number SR-603/MBU/
tanggal 5 Juni 2018 perihal Penyampaian Penetapan D3/06/2018 dated June 5, 2018 concerning Determination
Penghasilan Direksi dan Dewan Komisaris PT ANTAM of Remuneration of the Board of Directors and the Board
Tbk Tahun 2018 yang selanjutnya oleh Dewan Komisaris of Commissioners’ of PT ANTAM Tbk 2018 which is
ANTAM disampaikan kepada Direksi ANTAM melalui surat subsequently submitted by the Board of Commissioners
Nomor 168/DK/SRT/VI/2018/Rhs tanggal 6 Juni 2018. to the Board of Directors by letter Number 168/DK/SRT/
VI/2018/Rhs dated June 6, 2018.
Proses Penetapan Remunerasi Dewan Komisaris & Direksi

Remuneration Process
Keputusan RUPS terkait Pengkajian Usulan Surat Dewan Komisaris Surat Penetapan oleh Surat Dewan Komisaris
Pendelegasian Wewenang Besaran Penghasilan kepada Pemegang Saham Pemegang Saham kepada Direksi terkait
kepada Pemegang Dewan Komisaris & Seri A Dwiwarna perihal Seri A Dwiwarna atas Penetapan Penghasilan
Saham Seri A Dwiwarna Direksi oleh Komite Usulan Penghasilan Penghasilan Dewan Direksi & Dewan
& Dewan Komisaris untuk GCG-NR Dewan Komisaris & Komisaris & Direksi Komisaris
Menetapkan Besaran Direksi ANTAM
Penghasilan Dewan Review the Remuneration Letter from th BOC to
Komisaris & Direksi Proposal of the BOC BOC letter to the Decree of the Shareholder the BOD Relating to the
& BOD by GCG-NR Shareholders of Series of Series A Dwiwarna Remuneration of the BOC
GMOS Resolutions Committee A Dwiwarna Regarding Relating to the & BOD
regarding delegation to the Proposal of the Remuneration of the BOC
the Shareholder of Series Remuneration of the BOC & BOD
A Dwiwarna and the & BOD
in determining the
Remuneration of
the BOD & BOC
Struktur Remunerasi Remuneration Structure

Berdasarkan persetujuan dari Pemegang Saham Seri A Based on the approval of the Minister of State Owned
Dwiwarna melalui surat Nomor SR-603/MBU/D3/06/2018 Enterprises as the Shareholder of Series A Dwiwarna
tanggal 5 Juni 2018 perihal Penyampaian Penetapan through letter Number SR-603/MBU/D3/06/2018 dated
Penghasilan Direksi dan Dewan Komisaris PT ANTAM Tbk June 5, 2018 regarding the Stipulation of the Remuneration
Tahun 2018, struktur remunerasi Dewan Komisaris dan of the ANTAM’s Board of Commissioners and the Board
Direksi ANTAM adalah sebagai berikut: of Directors 2018, the remuneration structure is as follows:
Dewan Komisaris Direksi

The Board of Commissioners The Board of Directors
Komponen Keputusan Komponen Keputusan
Component Decision Component Decision
Gaji Komisaris Utama: Gaji Direktur Utama:
Salary 45% dari Gaji Direktur Utama Salary Rp200.000.000 per bulan
President Commissioner: President Director:
45% of President Director Rp200,000,000 per month
Honorarium Direktur:
Komisaris: 85% dari Gaji Direktur Utama
90% dari Gaji Komisaris Utama Director:
Commissioner: 85% of President Director
90% of The President Honorarium
Commissioner Honorarium
Tunjangan: Tunjangan:
Allowance: Allowance:
a. Tunjangan Hari Raya a. 1 (satu) kali Gaji a. Tunjangan Hari Raya a. 1 (satu) kali Gaji
Keagamaan 1 (one) time Honorarium Keagamaan 1 (one) time Honorarium
Religious Holiday Religious Holiday
Allowance Allowance
b. Asuransi Purna Jabatan b. Premi yang ditanggung oleh b. Asuransi Purna Jabatan b. Premi yang ditanggung oleh
Retirement Insurance Perusahaan sebesar 25% Gaji Retirement Insurance Perusahaan sebesar 25% Gaji
dalam 1 (satu) Tahun dalam 1 (satu) Tahun
Premiums Borne by the Premiums Borne by the
Company Amounted to 25% of Company Amounted to 25% of
Honorarium in 1 (one) year Honorarium in 1 (one) Year
c. Tunjangan Transportasi c. 20% dari Gaji per Bulan c. Tunjangan Perumahan c. Rp27.500.000
Transport Allowance 20% of Monthly Honorarium Housing Allowance Rp27,500,000
d. Tunjangan Profesi d. Rp10.000.000 per bulan d. Tunjangan Profesi d. Rp3.000.000 per bulan
Profession Allowance Rp10,000,000 per month Profession Allowance Rp3,000,000 per month


The Board of Commissioners The Board of Directors
Komponen Keputusan Komponen Keputusan
Component Decision Component Decision
Fasilitas: Fasilitas:
Facilities: Facilities
a. Fasilitas Kesehatan a. Sebesar Pemakaian a. Fasilitas Kendaraan a. 1 (satu) Unit Beserta Biaya
Health Facility At cost Vehicle Facility Pemeliharaan dan Biaya
Operasional, dengan
Memperhatikan Kondisi
Keuangan Perusahaan
1 (one) Unit along with
Maintenance and Operational
Costs, with Attention to the
Financial Condition of the
Company
b. Fasilitas Bantuan Hukum b. Sebesar Pemakaian b. Fasilitas Kesehatan b. Sebesar Pemakaian
Legal Aid Facility At cost Health Facility At cost
c. Fasilitas Bantuan Hukum c. Sebesar Pemakaian
Legal Aid Facility At cost
Remunerasi Aktual Dewan Komisaris Selama Tahun 2018

Actual Remuneration of the Board of Commissioners in 2018
Remunerasi Bulanan Opsi/
Insentif
Monthly Remuneration Total Gaji & Saham yang
Kinerja
Tunjangan Tunjangan Diterima di
Tahun Buku
Nama Gaji Tunjangan Tahunan 2018 2018
2017
Name Pokok Bulanan Annual Total Salary & Option/
Total Performance
Basic Monthly Allowance Allowance in Shares
Incentive for
Salary Allowance 2018 Received in
2017
2018
Fachrul Razi 90.000.000 21.000.000 111.000.000 90.000.000 1.422.000.000 432.000.000 -
Zaelani 81.000.000 19.200.000 100.200.000 81.000.000 1.283.400.000 388.800.000 -
Robert A.
81.000.000 19.200.000 100.200.000 81.000.000 1.283.400.000 388.800.000 -
Simanjuntak
Gumilar Rusliwa
81.000.000 19.200.000 100.200.000 81.000.000 1.283.400.000 388.800.000 -
Somantri
Anang Sri
81.000.000 19.200.000 100.200.000 81.000.000 1.283.400.000 388.800.000 -
Kusuwardono
Bambang Gatot
81.000.000 19.200.000 100.200.000 81.000.000 882.600.000 388.800.000 -
Ariyono*
Remunerasi Aktual Direksi Selama Tahun 2018

Actual Remuneration of the Board of Directors in 2018
Remunerasi Bulanan Opsi/
Insentif
Monthly Remuneration Total Gaji & Saham yang
Kinerja
Tunjangan Tunjangan Diterima di
Tahun Buku
Nama Gaji Tunjangan Tahunan 2018 2018
2017
Name Pokok Bulanan Annual Total Salary & Option/
Total Performance
Basic Monthly Allowance Allowance in Shares
Incentive for
Salary Allowance 2018 Received in
2017
2018
Arie Prabowo
200.000.000 37.500.000 237.500.000 200.000.000 3.050.000.000 960.000.000 -
Ariotedjo
Dimas Wikan
170.000.000 37.500.000 207.500.000 170.000.000 2.660.000.000 864.000.000 -
Pramudhito
Sutrisno S.
170.000.000 37.500.000 207.500.000 170.000.000 2.660.000.000 864.000.000 -
Tatetdagat
Hari Widjajanto 170.000.000 37.500.000 207.500.000 170.000.000 2.660.000.000 864.000.000 -
Tatang Hendra 170.000.000 37.500.000 207.500.000 170.000.000 2.660.000.000 864.000.000 -
Johan N.B. Nababan 170.000.000 37.500.000 207.500.000 170.000.000 2.660.000.000 864.000.000 -

Hubungan Afiliasi antara Anggota Dewan Komisaris,

Direksi dan Pemegang Saham Pengendali
Ƶþ(%0!!(0%+*/$%,ǫ!03!!*ǫ+. +"
Commissioners, Board of Directors and Controlling
Shareholders
Dewan Komisaris dan Direksi ANTAM tidak memiliki ANTAM’s Board of Commissioners and the Board of
$11*#* ü(%/% %' /!. '!1*#* )1,1* %.!0+./ $2! *+ þ(%0! .!(0%+*/$%, 3%0$ !$ +0$!.
kekeluargaan antar satu sama lain, serta antara Dewan !%0$!. ü**%((5 +. 5 '%*/$%,Č (/+ !03!!* 0$! ǫ+.
Komisaris, Direksi dan Pemegang Saham Pengendali. of Commissioners, the Board of Directors and Controlling
Shareholders.
11*#*Ƶü(%/%*0.Ƶ*##+0!3*+)%/.%/Č%.!'/% *!)!#*#$)!*#!* (%

Ƶþ(%0%+*ǫ!03!!* !)!./+"0$!ǫ+. +"ƫ+))%//%+*!./Č0$!ǫ+. +"%.!0+./* ĥ+.ƫ+*0.+((%*#
Shareholders
Hubungan Keluarga Dengan Hubungan Keuangan Dengan
Family Relationship With Financial Relationship With
Pemegang Pemegang
Dewan Dewan
Direksi Saham Direksi Saham
Nama Komisaris Komisars
The Board of Pengendali** The Board of Pengendali**
Name The Board of The Board of
Directors Controlling Directors Controlling
Commissioners Commissioners
Shareholder Shareholder
Ya Tidak Ya Tidak Ya Tidak Ya Tidak Ya Tidak Ya Tidak
Yes No Yes No Yes No Yes No Yes No Yes No
Dewan Komisaris | The Board of Commissioners
Fachrul Razi - 3 - 3 - 3 - 3 - 3 - 3
Bambang Gatot 3 3 3 3 3 3
- - - - - -
Ariyono
Zaelani - 3 - 3 - 3 - 3 - 3 - 3
Robert A. 3 3 3 3 3 3
- - - - - -
Simanjuntak
Gumilar Rusliwa 3 3 3 3 3 3
- - - - - -
Somantri
Anang Sri 3 3 3 3 3 3
- - - - - -
Kusuwardono
Bambang Gatot 3 3 3 3 3 3
- - - - - -
Ariyono*
Direksi | The Board of Directors
Arie Prabowo 3 3 3 3 3 3
- - - - - -
Ariotedjo
Dimas Wikan 3 3 3 3 3 3
- - - - - -
Pramudhito
Sutrisno S. Tatetdagat - 3 - 3 - 3 - 3 - 3 - 3
Tatang Hendra - 3 - 3 - 3 - 3 - 3 - 3
Johan N.B. Nababan - 3 - 3 - 3 - 3 - 3 - 3
Hari Widjajanto - 3 - 3 - 3 - 3 - 3 - 3
**) Pemegang Saham Seri A Dwiwarna dan Pemegang Saham Mayoritas
Series A Dwiwarna Shareholder and Majority Shareholder

Organ Penunjang Dewan Komisaris

Supporting Committees of the Board of
Commissioners
Untuk mendukung fungsi pengawasan, Dewan Komisaris To support the oversight function, the Board of
telah membentuk tiga Komite Penunjang Dewan Commissioners has established three BOC Supporting
Komisaris yakni Komite Audit, Komite Good Corporate Committees, namely Audit Committee, Good Corporate
Governance, Nominasi dan Remunerasi (GCG-NR) dan Governance, Nomination and Remuneration (GCG-
Komite Manajemen Risiko serta didukung oleh fungsi NR) Committee and Risk Management Committee and
Sekretaris Dewan Komisaris. Setiap Komite Penunjang supported by the Secretary to the Board of Commissioners.
Dewan Komisaris diketuai oleh anggota Dewan Komisaris, Each Board of Commissioners Supporting Committee
dan tugas serta tanggung jawab masing-masing Komite is chaired by a member of the Board to Commissioners,
tercantum dalam masing-masing pedoman kerja (charter). and the duties and responsibilities of each Committee are
Adapun dasar hukum pembentukan organ penunjang listed in each charter. The legal basis for the formation of
Dewan Komisaris mengacu pada: supporting organs of the Board of Commissioners refers
1. Peraturan Menteri Negara BUMN Nomor PER-01/ to:
MBU/2011 tentang Penerapan Tata Kelola Perusahaan 1. SOE Minister’s Regulation Number PER-01/MBU/2011
yang baik; regarding the implementation of Good Corporate
2. Peraturan Menteri Negara BUMN Nomor PER-12/ Governance;
MBU/2012 tentang Organ Pendukung Dewan Komisaris/ 2. SOE Minister’s Regulation Number PER-12/MBU/2012
Dewan Pengawas Badan Usaha Milik Negara; regarding Supporting Organ of the Board of
3. ASX Corporate Governance Principles and Commissioners of State-Owned Enterprises;
Recommendations, 3rd Edition tahun 2014; 3. ASX Corporate Governance Principles and
4. Surat Edaran Otoritas Jasa Keuangan Nomor 32/ Recommendations 3rd Edition for the year 2014;
SEOJK.04/2015 tentang Pedoman Tata Kelola 4. Financial Service Authority Circular Number 32/
Perusahaan Terbuka; SEOJK.04/2015 regarding Corporate Governance
5. Peraturan Otoritas Jasa Keuangan Nomor 55/ Guidelines;
POJK.04/2015 tentang Pembentukan dan Pedoman 5. Financial Service Authority Regulation Number 55/
Pelaksanaan Kerja Komite Audit; POJK.04/2015 regarding Formation and Code of Work
6. Peraturan Otoritas Jasa Keuangan Nomor 34/ Implementation of Audit Committee;
POJK.04/2014 tentang Komite Nominasi dan 6. Financial Service Authority Regulation Number 34/
Remunerasi Emiten atau Perusahaan Publik; POJK.04/2014 about Nomination and Remuneration
7. Anggaran Dasar (AD) Perseroan sebagaimana terakhir Committee of Public Company;
tercantum dalam Akta Pernyataan Keputusan Rapat 7. The Articles of Association which was last amended
Perubahan Anggaran Dasar PT Aneka Tambang Tbk by The Deed of Meetings Resolution of amendment
atau disingkat PT ANTAM Tbk Nomor 33 tanggal of Article Association of PT Aneka Tambang Tbk
11 Mei 2018 yang dibuat dihadapan Notaris Jose Dima abbreviated as PT ANTAM Tbk Number 33 dated
Satria S.H., M.Kn., Notaris di Kota Administrasi Jakarta May 11, 2018 made before Notary Jose Dima Satria SH,
Selatan, yang pemberitahuan mengenai perubahan ċ*ċČ+0.5%*+10$
'.0ƫ%05Č3$%$*+0%ü0%+*
anggaran dasar tersebut telah disampaikan kepada of the change has been submitted to the Minister of
Menteri Hukum dan Hak Asasi Manusia Republik Justice and Human Right of Republic Indonesia as
Indonesia sebagaimana telah diterima sesuai dengan the receipt in accordance with Letter number AHU-
Surat Nomor AHU-AH.01.03-0212350 tanggal 5 Juni AH.01.03-0212350 dated June 5, 2018.
2018.

Dalam setiap Rapat Komite Penunjang Dewan Komisaris, In every Board of Commissioners Supporting Meeting,
setiap anggota diberi kebebasan seluas-luasnya untuk each member of the Committee was given the freedom to
menyampaikan pendapat profesionalnya. Keputusan rapat express professional opinion. The decision of the meeting
diambil berdasarkan musyawarah untuk mufakat. Segala is taken based on consultation and consensus. Everything
sesuatu yang dibicarakan dan diputuskan dalam rapat discussed and decided in the meeting of the Committee,
termasuk pendapat yang berbeda (dissenting opinions), including a dissenting opinions, stated in the Minutes of
dituangkan dalam Risalah Rapat yang ditandatangani oleh Meeting, which was signed by all committee members
seluruh anggota Komite yang hadir dan diketahui oleh who were present and known by the Chairman and Vice
Ketua dan Wakil Ketua Komite, sebagai bukti yang sah atas Chairman of the Committee, as a valid evidence for
keputusan yang diambil dalam rapat. decisions taken at the meeting.
Seluruh Organ Pendukung Dewan Komisaris wajib All the Supporting Organs of the Board of Commissioners
membuat laporan pada Dewan Komisaris atas setiap shall prepare a report to the Board of Commissioners
penugasan yang diterima, disertai dengan rekomendasi for each assignment received, accompanied by a
jika diperlukan. Laporan tersebut ditandatangani oleh recommendation if necessary. The report is signed by the
Ketua, Wakil Ketua dan anggota Komite. Chairman, Vice Chairman and Committee member.

Sekretaris Dewan Komisaris

Secretary to the Board of Commissioners
Sigit Priyambodo menjabat sebagai Sekretaris Dewan Sigit Priyambodo serves as Secretary to the Board
Komisaris, yang diangkat berdasarkan Surat Keputusan of Commissioners, appointed based on the Board of
Dewan Komisaris Nomor 10/DK/SK/IV/2016 tanggal Commissioners Decree Number 10/DK/SK/IV/2016 dated
26 April 2016 tentang Pengangkatan Sekretaris Dewan April 26, 2016 concerning Appointment of the Secretary to
Komisaris dengan masa jabatan selama 3 (tiga) tahun. the Board of Commissioners with term of 3 (three) years.
Sekretaris Dewan Komisaris bekerja secara full time dan The Secretary to the Board of Commissioners works full
bertanggung jawab kepada Dewan Komisaris yang rincian time and is responsible to the Board of Commissioners,
tugas, tanggung jawab, dan kewenangannya diatur dalam whose details of duties, responsibilities, and authorities
Pedoman Kerja (Charter) Sekretaris Dewan Komisaris. stipulated in the Charter of the Secretary to the Board of
Commissioners.
Pedoman Kerja Sekretaris Dewan Komisaris Charter Secretary to the Board of Commissioners
Pedoman Kerja (Charter) Sekretaris Dewan Komisaris Secretary to the Board of Commissioners Charter set by
ditetapkan oleh Dewan Komisaris berdasarkan Keputusan the Board of Commissioners and based on the BOC Decree
Dewan Komisaris Nomor 10/DK/SK/IV/2013 tanggal Number 10/DK/SK/IV/2013 dated April 22, 2013 which
22 April 2013 yang memuat tugas dan tanggung jawab containing the duties and responsibilities of Secretary to
Sekretaris Dewan Komisaris antara lain: the Board of Commissioners, among others:
1. Mempersiapkan rapat, termasuk bahan rapat (.%!ü*# 1. Preparing for the meeting, including meeting materials
sheet) Dewan Komisaris, serta membuat risalah rapat Ĩ.%!ü*# /$!!0ĩ +" 0$! ǫ+. +" ƫ+))%//%+*!./Č /
Dewan Komisaris sesuai ketentuan Anggaran Dasar well as making the minutes of meetings of the Board of
Perseroan; Commissioners in accordance with the company’s Articles
2. Mengadministrasikan dokumen Dewan Komisaris, baik of Association;
persuratan, risalah rapat maupun dokumen lainnya; 2. Making administration of BOC’s documents, both
3. Menyusun Rencana Kerja dan Anggaran Tahunan mailing, minutes of meetings and other documents;
Dewan Komisaris; 3. Preparing Annual Corporate Work Plan and Budget of
4. Menyusun laporan-laporan Dewan Komisaris; the BOC;
5. Memastikan bahwa dokumen penyelenggaraan 4. Preparing Reports of the BOC;
kegiatan Dewan Komisaris tersimpan dengan baik 5. Ensuring that the BOC’s document stored properly in
di Perusahaan dalam rangka tertib administrasi dan the Company in the context of good administration
pelaksanaan tata kelola Perusahaan yang baik; and implementation of good corporate governance;
6. Memberikan informasi yang dibutuhkan oleh Dewan 6. Providing the information that required by the BOC
Komisaris secara berkala dan atau sewaktu-waktu periodically or at any time if necessary;
apabila diperlukan; Ĉċ Ƶ/ (%%/+* +þ!. +" 0$! ǫƫ * .!(!2*0 ,.0%!/
7. Sebagai penghubung ((%%/+*+þ!.) Dewan Komisaris within ANTAM as well as other parties outside ANTAM;
dengan pihak-pihak terkait di lingkungan ANTAM 8. Attending the BOC meetings both internally and
maupun pihak-pihak lain di luar lingkungan ANTAM; externally (with the BOD) as well as meeting of
8. Menghadiri rapat Dewan Komisaris baik internal Supporting Committee of the BOC;
maupun eksternal (dengan Direksi) serta rapat Komite Ċċ ƫ..5%*#+100$!+0$!. 10%!/* /,!%ü//%#*)!*0
Penunjang Dewan Komisaris; from the Board of Commissioners;
9. Melaksanakan tugas lain dan tugas khusus dari Dewan āĀċ !."+.)%*# /!("ġ//!//)!*0 +" 0$! !û!0%2!*!// +"
Komisaris; dan its operation, and periodically update Secretary to the
10. Melakukan self-assessment terhadap efektivitas Board of Commissioners’ Charter.
pelaksanaan tugasnya, dan memutakhirkan pedoman
kerja Sekretaris Dewan Komisaris secara periodik.

.+ü(!'.!0.%/!3*+)%/.%/
.+ü(!+"!.!0.50+0$!ǫ+. +"ƫ+))%//%+*!./
Ir. Sigit Priyambodo

Sekretaris Dewan Komisaris
Secretary to the Board of Commissioners
Usia Age 48 tahun per 31 Desember 2018 48 years old as of December 31, 2018
Tempat & Tanggal Lahir Surabaya, 28 Juli 1970 Surabaya, July 28, 1970
Place & Date of Birth
Kewarganegaraan Indonesia Indonesian
Citizenship
Riwayat Pendidikan Sarjana Kehutanan, Universitas Gadjah Mada (1994) Bachelor of Forestry, Gadjah Mada University (1994)
History of Education
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan Surat Keputusan Dewan Komisaris No. 10/ Decree of the Board of Commissioners No. 10/DK/SK/
Legal Basis of DK/SK/IV/2016 tanggal 26 April 2016 tentang IV/2016 dated April 26, 2016 concerning Appointment
Appointment Pengangkatan Sekretaris Dewan Komisaris of Secretary to the Board of Commissioners
• Pengalaman Kerja 1. PT Inhutani II (Persero) Tahun 1995-2016 1. PT Inhutani II (Persero) Year 1995-2016
Working Experiences 2. Staf Penghubung di Kementerian BUMN, Deputi Ăċ %%/+* +þ!. 0 0$! %*%/0.5 +" /Č !,105
Bidang Usaha Pertambangan Industri Strategis Mining Industry Strategies and Media
dan Media
• Jabatan Rangkap Tidak memiliki jabatan rangkap Does not have concurrent position
Concurrent Position
Pendidikan atau Pelatihan • Kunjungan Kerja ke UBP Nikel Sulawesi • Working Visit to Southeast Sulawesi Nickel Mining
untuk Meningkatkan Tenggara (25-27 Januari 2018) Business Unit (January 25-27, 2018)
Kompetensi • Kunjungan Kerja ke UBP Nikel Maluku Utara • Working Visit to North Maluku Nickel Mining
Education or Training for (2-4 April 2018) Business Unit (April 2-4, 2018)
Competency Development • Forum Group Discussion di Bandung (14-15 Juli • Forum Group Discussion at Bandung (July 14-15,
2018) 2018)
• Kunjungan Kerja ke PT ICA (18-19 Juli 2018) • Working Visit to PT ICA (July 18-19, 2018)
• Kunjungan Kerja ke UBP Nikel Maluku Utara • Working Visit to North Maluku Nickel Mining
(27-29 Juli 2018) Business Unit (July 27-29, 2018)
• Kunjungan Kerja ke UBP Bauksit (10-12 Agustus • Working Visit to Bauxite Mining Business Unit
2018) (August 10-12, 2018)
• Forum Group Discussion PT ANH di Yogyakarta • Forum Group Discussion PT ANH at Yogyakarta
(9-10 November 2018) (November 9-10, 2018)

Komite Audit
Audit Committee
ANTAM membentuk Komite Audit dengan tujuan untuk ANTAM established Audit Committee to assist the
membantu Dewan Komisaris dalam melaksanakan fungsi Board of Commissioners in performing its supervisory
pengawasan, memastikan perusahaan dikelola dengan function, ensure that the company is managed properly
manajemen yang sehat sesuai dengan prinsip-prinsip GCG, in accordance with GCG principles, provide advice on
memberikan nasihat dalam pelaksanaan pengendalian the implementation of internal controls and corporate
internal dan audit perusahaan, membuat laporan secara audits, prepare a written report on any assignment given
tertulis atas setiap penugasan yang diberikan oleh Dewan by the Board of Commissioners as well as reports on the
Komisaris, serta membuat laporan pelaksanaan kegiatan implementation of the activities of the Audit Committee
Komite Audit dan tingkat pencapaian kinerjanya untuk and the achievement of its performance level to be
diungkapkan dalam Laporan Tahunan Perusahaan. disclosed in the Company’s Annual Report.
Keanggotaan Komite Audit Audit Committee Membership Structure

Sesuai Peraturan Otoritas Jasa Keuangan Nomor 55/ According to the Regulation of FSA Number 55/
POJK.04/2015 tentang Pembentukan dan Pedoman POJK.04/2015 on the Establishment and Guidelines for
Pelaksanaan Kerja Komite Audit dijelaskan bahwa Komite the Implementation of the Work of the Audit Committee
Audit terdiri paling sedikit 3 (tiga) orang anggota yang %/ /,!%ü! 0$0 0$! Ƶ1 %0 ƫ+))%00!! +*/%/0/ +" 0
berasal dari Komisaris Independen dan Pihak dari luar least 3 (three) members, who come from Independent
Perusahaan Publik yang diangkat dan diberhentikan oleh Commissioners and a Party from outside of the Company,
Dewan Komisaris. Ketua Komite Audit harus diketuai who are appointed and dismissed by the Board of
oleh Komisaris Independen. Dengan demikian, mayoritas Commissioners. The Chairman of the Audit Committee
anggota Komite Audit merupakan pihak Independen. shall be held by an Independent Commissioner. Therefore,
Susunan Komite Audit ANTAM di tahun 2018 adalah most members of the Audit Committee are independent
sebagai berikut: parties. The composition of ANTAM’s Audit Committee in
2018 is shown in the following table:
Nama Jabatan Masa Jabatan

Name Position !.)/+"þ!
Gumilar Rusliwa Somantri Ketua (Komisaris Independen) Diangkat pada tanggal 16 Mei 2017 dan masa
Chairman jabatannya berlaku sampai dengan berakhirnya
(Independent Commissioner) masa jabatan sebagai Dewan Komisaris ANTAM
Ƶ,,+%*0! +* 5āćČĂĀāĈ* $%/0!.)+"+þ!%/
valid until the end of his tenure as ANTAM’s Board
of Commissioners
Zaelani Wakil Ketua (Komisaris) Diangkat pada tanggal 16 Mei 2017 dan masa
Vice Chairman (Commissioner) jabatannya berlaku sampai dengan berakhirnya
masa jabatan sebagai Dewan Komisaris ANTAM
Ƶ,,+%*0! +* 5āćČĂĀāĈ* $%/0!.)+"+þ!%/
valid until the end of his tenure as ANTAM’s Board
of Commissioners
Mursyid Amal Anggota (Pihak Independen) 1 Mei 2018-30 April 2020

Member (Independent Party) May 1, 2018-April 30, 2020
Rukmana Nugraha Adhi Anggota (Pihak Independen) 1 Mei 2018-30 April 2020
Mayoritas Anggota Komite Audit ANTAM merupakan pihak independen

dan dipimpin oleh Komisaris Independen
Most of the Members of ANTAM’s Audit Committee are independent
parties and is chaired by Independent Commissioner

.+ü(Ƶ*##+0+)%0!Ƶ1 %05*#ǫ1'*+)%/.%/

.+ü(!+"Ƶ1 %0ƫ+))%00!! !)!.$+.!*+00$!ǫƫ
Drs. Mursyid Amal, M.M.

Anggota Komite Audit
Member of Audit Committee
Tempat & Tanggal Lahir Tobelo, 14 November 1948 Tobelo, 14 November 1948
Citizenship
Riwayat Pendidikan 1. Sarjana Ekonomi, Universitas Islam Bandung 1. Bachelor of Economics, UNINUS Bandung (1986)
History of Education (1986) 2. Master Degree, School of Management Bandung
2. S2-Sekolah Tinggi Manajemen Bandung (1996) (1996)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan SK Dewan Komisaris No. 4/DK/SK/IV/2018 tentang BOC Decree No. 4/DK/SK/IV/2018 about Re-
Legal Basis of Pengangkatan Kembali Anggota Komite Audit Appointment of the member of Audit Committee
Appointment
• Pengalaman Kerja Direktur Keuangan PT Telkom (Persero) Tbk Finance Director of PT Telkom (Persero) Tbk
Working Experiences (2000-2002) (2000-2002)
• Jabatan Rangkap Tidak memiliki rangkap jabatan Do not have concurrent position
Concurrent Position
Pendidikan atau Pelatihan 1. Kunjungan Kerja ke UBP Nikel Sulawesi Tenggara 1. Working Visit to Southeast Sulawesi Nickel
untuk Meningkatkan (25-27 Januari 2018) Mining Business Unit (January 25-27, 2018)
Kompetensi 2. Kunjungan Kerja ke UBP Nikel Maluku Utara (27- 2. Working Visit to North Maluku Nickel Mining
Education or Training for 29 Juli 2018) Business Unit (July 27-29, 2018)
Competency Development 3. Kunjungan Kerja ke UBP Bauksit (10-12 Agustus 3. Working Visit to Bauxite Mining Business Unit
2018) (August 10-12, 2018)
4. Forum Group Discussion perihal PT ANH di 4. Forum Group Discussion Concerning PT ANH at
Yogyakarta (9-10 November 2018) Yogyakarta (November 9-10, 2018)
5. Forum Group Discussion RKAP 2019 di 5. Forum Group Discussion Concerning Corporate
Yogyakarta (18-21 November 2018) Work and Budget Plan 2019 in Yogyakarta
6. Narasumber pada Rapat Koordinasi Internal (November 18-21, 2018)
Audit di Banyuwangi (12-15 Desember 2018) 6. Speakers at the Internal Audit Coordination
Meeting in Banyuwangi (December 12-15, 2018)

Dr. Ir. Rukmana Nugraha Adhi, DEA

Anggota Komite Audit
Member of Audit Committee
Tempat & Tanggal Lahir Sumedang, 4 Maret 1951 Sumedang, March 4, 1951
Citizenship
Riwayat Pendidikan 1. S1 Teknik Pertambangan, ITB (1987) 1. Bachelor of Mining, ITB (1987)
History of Education 2. DiplÃ´me d’Etudes Approfondies, Ecole 2. DiplÃ´me d’Etudes Approfondies, Ecole
Nationale Superieure des Mines de Paris Nationale Superieure des Mines de Paris
(ENSMP), Perancis (1984) (ENSMP), France (1984)
3. S-3 Docteur Ingenieur, ENSMP, Perancis (1986) 3. Docteur Ingenieur, ENSMP, France (1986)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan SK Dewan Komisaris No. 4/DK/SK/IV/2018 tentang BOC Decree No. 4/DK/SK/IV/2018 about Re-
Legal Basis of Pengangkatan Kembali Anggota Komite Audit Appointment of the member of Audit Committee
Appointment
• Pengalaman Kerja 1. Pegawai Negeri Sipil di Direktorat Sumber Daya 1. Civil Servant in Directorate of Mineral Resources,
Working Experiences Mineral, Direktorat Jenderal Geologi dan Sumber Directorate General Geology and Mineral
Daya Mineral, DESDM (1980-2005) dan di badan Resources DESDM (1980-2005) and Geology
Geologi, KESDM Institution KESDM (2006-2007)
(2006-2007) 2. Lecturer at the College of Technology Minerals
2. Dosen di Sekolah Tinggi Teknologi Mineral Indonesia, Bandung (1988-now)
Indonesia, Bandung (1988-sekarang) 3. Lecturer at the Polytechnic of Geology and
3. Dosen Luar Biasa di Politeknik Geologi dan Mining Bandung, (2005-now)
Pertambangan Bandung (2005-sekarang) 4. Lecturer at Institute of Science & Technology,
4. Dosen Luar Biasa di Institut Teknologi & Sains Bandung (2005-now)
Bandung (2005-sekarang)
Concurrent Position
Pendidikan atau Pelatihan 1. Kunjungan Kerja ke UBP Nikel Sulawesi Tenggara 1. Working Visit to Southeast Sulawesi Nickel
untuk Meningkatkan (25-27 Januari 2018) Mining Business Unit (January 25-27, 2018)
Kompetensi 2. Kunjungan Kerja ke UBP Nikel Maluku Utara (27- 2. Working Visit to North Maluku Nickel Mining
2018) (August 10-12, 2018)
5. Forum Group Discussion About RKAP 2019 di 5. Forum Group Discussion Concerning Corporate
Yogyakarta (18-21 November 2018) Work and Budget Plan 2019 in Yogyakarta
6. Narasumber pada Rapat Koordinasi Internal (November 18-21, 2018)
Audit di Banyuwangi (12-15 Desember 2018) 6. Speakers at the Internal Audit Coordination
Meeting in Banyuwangi (December 12-15, 2018)

Independensi Komite Audit Independency of Audit Committee

Untuk dapat menjaga independensi setiap anggota To maintain the independency of each member of the
Komite, masing-masing anggota Komite Penunjang Committee, annually each member of the Supporting
Dewan Komisaris setiap tahunnya memberikan pernyataan Committee of the Board of Commissioners shall provide
independensi. Pernyataan Independensi Komite Audit independency statement. The independency statement
ANTAM disusun berdasarkan Peraturan Otoritas Jasa of ANTAM Audit Committee is organized in conformity
Keuangan Nomor 55/POJK.04/2015 tentang Pembentukan with the Financial Services Authority Regulation Number
dan Pedoman Pelaksanaan Kerja Komite Audit Pasal 7 55/POJK.04/2015 regarding the Establishment and
terkait Persyaratan dan Keanggotaan dan Masa Tugas Implementation Guidance of the Audit Committee Articles
Komite Audit serta Charter Komite Audit. Ĉ+*!.*%*# !)!./$%,!-1%.!)!*0/* !.)+"þ!
of Audit Committee and the Audit Committee Charter.
Gumilar Rukmana
Penyataan Independensi Mursyid
Rusliwa Zaelani Nugraha
Independency Statement Amal
Somantri Adhi
Bukan merupakan orang dalam Kantor Akuntan Publik, Kantor Konsultan
Hukum, Kantor Jasa Penilai Publik atau pihak lain yang memberi jasa asuransi,
jasa non-asuransi, jasa penilai dan/atau jasa konsultasi lain kepada ANTAM
dalam waktu 6 (enam) bulan terakhir; 3 3 3 3
+0,!./+*%*,1(%+1*0%*#ü.)Č(3ü.)Č0$!þ!+"1(%Ƶ,,.%/(
Service or others who provide insurance, non-insurance services, appraisal
services and/or other consulting services to ANTAM within 6 (six) months;
Bukan merupakan orang yang bekerja atau mempunyai wewenang dan
tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau
mengawasi kegiatan ANTAM dalam waktu 6 (enam) bulan terakhir (kecuali
Komisaris Independen); 3 3 3 3
Not a person who work or have the authority and responsibility for planning,
directing, controlling, or supervise the activities ANTAM within 6 (six) months
(unless the Independent Commissioner);
Tidak mempunyai saham langsung maupun tidak langsung di ANTAM;
3 3 3 3
Not having shares directly or indirectly in ANTAM;
Keluarga tidak mempunyai saham langsung maupun tidak langsung di
ANTAM; 3 3 3 3
The family does not have a direct or indirect shares in ANTAM;
% ')!),1*5%$11*#*Ƶü(%/% !*#**##+0!3*+)%/.%/Č
anggota Direksi, atau Pemegang Saham Utama ANTAM;
3 3 3 3
+0$2%*#þ(%0%+*3%0$)!)!./+"0$!ǫ+. +"ƫ+))%//%+*!./Č)!)!./
of the Board of Directors, or major shareholders of ANTAM;
Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung
yang berkaitan dengan kegiatan usaha ANTAM;
3 3 3 3
Not having business relationship directly or indirectly related to the business
activities ANTAM;
Tidak menjabat sebagai pengurus partai politik dan/atau calon/anggota
legislatif dan/atau merupakan calon atau menjabat sebagai kepala/wakil
kepala pemerintahan daerah; 3 3 3 3
Not serve on the board of political parties and/or candidates/members of
legislative and/or a candidate or as head/deputy head of regional government;
Tidak memiliki jabatan lain yang dapat menimbulkan benturan kepentingan
terkait dengan jabatan di ANTAM.
3 3 3 3
+0$2%*#+0$!.,+/%0%+*3$%$)5#%2!.%/!0++*ý%0/+"%*0!.!/0/.!(0!
to positions in ANTAM.
Pedoman Kerja Komite Audit Audit Committee Charter

Ƶ#. +)%0! Ƶ1 %0 ,0 !.,!.* /!. !ü/%!* * * +. !. 0+ Ƶ1 %0 ƫ+))%00!! ,!."+.)/ !þ%!*0(5 *
efektif, maka disusun Pedoman Kerja Komite Audit yang !û!0%2!(5Č Ƶ1 %0 ƫ+))%00!! ƫ$.0!. 3/ !2!(+,! *
dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris $/!!*1, 0! * .0%ü! 50$!ǫƫ+*
1(5ĂĊČĂĀāć
pada tanggal 29 Juli 2016 serta telah dipublikasikan and has been published on ANTAM’s website. The Charter
di situs ANTAM. Pedoman Kerja tersebut mencakup %*(1 !/ )!)!./$%, /0.101.!Č )!)!./$%, -1(%ü0%+*
struktur keanggotaan, persyaratan keanggotaan termasuk including their competence and independence requirement,
persyaratan kompetensi dan independensi, tugas, duty, responsibility, authority, as well as meeting, reporting
tanggung jawab dan wewenang, serta rapat, pelaporan and budgeting.
dan anggaran.

Tugas dan Tanggung Jawab Komite Audit Duties and Responsibilities of Audit Committee
Komite Audit bertugas dan bertanggung jawab The Audit Committee is in charge and responsible for
memberikan pendapat profesional dan independen providing professional and independent advice to the
kepada Dewan Komisaris atas laporan atau hal-hal yang Board of Commissioners on reports or others matters
disampaikan oleh Direksi, dan melaksanakan tugas-tugas submitted by the Board of Directors, and carry out other
lain yang berkaitan dengan tugas Dewan Komisaris. Untuk tasks related to the duties of the Board of Commissioners.
melaksanakan tanggung jawabnya, Komite Audit harus To carry out its responsibilities, the Audit Committee shall
mengetahui ruang lingkup pekerjaannya yang meliputi: determine the scope of work that includes:
1. Menelaah informasi keuangan yang akan dikeluarkan āċ !2%!3%*# ü**%( %*"+.)0%+* 0+ ! %//1! 5 0$!
Perusahaan kepada publik dan/atau pihak otoritas; Company to the public and/or authorities;
2. Melakukan Seleksi, Penunjukan serta Pengawasan 2. Conducting Selection, Appointment and Supervision
Pekerjaan Auditor Keuangan, termasuk mengusulkan of Occupational of Financial Auditor’s Work,
pemutusan hubungan kerja dengan auditor independen including propose termination of employment with an
kepada Dewan Komisaris jika terdapat indikasi kuat independent auditor to the Board of Commissioners if
bahwa independensi auditor dapat terganggu atau there are strong indications that auditor independence
terbukti bahwa auditor tidak melakukan pemeriksaan can be disrupted or it is evident that the auditor does
sesuai dengan standar pemeriksaan akuntan publik. not carry out an audit in accordance with the audit
3. Mengevaluasi efektivitas pelaksanaan tugas pokok dan standards of public accountants;
fungsi dari Internal Auditor; ăċ 2(10%*#0$!!û!0%2!*!//+"0$!%),(!)!*00%+*+"
4. Menelaah desain dan pelaksanaan kebijakan serta the main tasks and functions of the Internal Auditor;
prosedur untuk memastikan efektivitas pengendalian 4. Reviewing the design and implementation of policies
internal untuk menghindari kesalahan penyajian * ,.+! 1.!/0+!*/1.!0$!!û!0%2!*!//+"%*0!.*(
Laporan Keuangan, penyalahgunaan aktiva serta controls to avoid misrepresentation of Financial
mencegah terjadinya perbuatan lainnya yang Statements, misuse of assets and prevent other acts
melanggar peraturan perundang-undangan; that violate statutory regulations;
5. Memantau untuk memastikan bahwa pengendalian 5. Monitoring to ensure that internal control over the
internal atas kegiatan operasional Perusahaan Company’s operational activities is maintained by
dijalankan sesuai peraturan perundang-undangan yang applicable laws and regulations;
berlaku; 6. Ensuring coordination with the Risk Management
6. Berkoordinasi dengan Komite Manajemen Risiko dalam Committee relating to risk monitoring and mitigation,
hal pemantauan risiko dan mitigasinya, terutama dalam Especially in the preparation of ANTAM’s Financial
penyusunan Laporan Keuangan; Reports;
7. Pelaksanaan Tugas Khusus sesuai perintah tertulis dari Ĉċ 1(ü((%*#,!%(Ƶ//%#*)!*0/,!.3.%00!*%*/0.10%+*
Dewan Komisaris; from the Board of Commissioners;
8. Melakukan Self Assesment Pelaksanaan Tugas Komite 8. Carrying out self-assessment of the implementation of
Audit. Audit Committee Duties.
Atas setiap penugasan yang diberikan, Komite Audit For each assignment, the Audit Committee shall prepare
wajib membuat laporan kepada Dewan Komisaris, disertai a report to the Board of Commissioners, accompanied by
dengan rekomendasi jika diperlukan. Laporan tersebut a recommendation where necessary. The report is signed
ditandatangani oleh Ketua, Wakil Ketua, dan anggota by the Chairman, Vice Chairman, and Committee members.
Komite.
Rapat Komite Audit Meeting of the Audit Committee

Ketentuan pelaksanaan Rapat Komite Audit tercantum The rules of the Audit Committee Meeting are stated
dalam Charter Komite Audit. Komite Audit sekurang- in the Audit Committee Charter. The Audit Committee
kurangnya mengadakan rapat 2 (dua) kali dalam satu shall hold meetings at least twice a month, comprising a
bulan, yang terdiri dari Rapat Pleno yang dihadiri oleh Plenary Meeting which attended by the Chairman, Vice
Ketua, Wakil Ketua dan anggota Komite Audit dan Rapat Chairman and members of the Audit Committee, and the
Khusus yang hanya dihadiri oleh Anggota Komite Audit. Special Meeting which attended only by members of the
Kedua jenis rapat tersebut dapat mengundang Divisi atau Audit Committee. Both meetings may invite other relevant
pihak terkait lainnya sesuai kebutuhan. Division or parties as required.

Sepanjang tahun 2018 telah dilaksanakan 28 (dua puluh During 2018, Audit Committee held 28 (twenty eight)
delapan) kali rapat Komite Audit yang terdiri dari 14 (empat meetings of the Audit Committee which comprising 14
belas) kali rapat umum (pleno) dan 14 (empat belas) kali (fourteen) plenary meetings and 14 (fourteen) special
rapat khusus Komite Audit. Adapun kehadiran masing- meetings. The attendance of each member of the Audit
masing anggota Komite Audit dalam Rapat Komite Audit Committee in Audit Committee Meetings during 2018 as
selama tahun 2018 sebagai berikut: follows:
Total Kewajiban
Kehadiran Rapat
Nama Jabatan Rapat Jumlah Kehadiran
No. Meeting
Name Position Total Compulsary Number of Attendance
Attendance
Meeting
1. Gumilar Rusliwa Somantri Ketua 12 14 116,67%
Chairman
2. Zaelani Wakil Ketua 12 11 91,67%
Vice Chairman
3. Mursyid Amal Anggota 24 28 116,67%
Member
4. Rukmana Nugraha Adhi Anggota 24 28 116,67%
Member
Rata-Rata Kehadiran Rapat
110,42%
Average of Meeting Attendance
Penilaian Kinerja (KPI) Komite Audit Key Performance Indicator (KPI) of Audit Committee
Penilaian kinerja Komite Audit dilakukan dengan KPI evaluation of the Audit Committee is conducted by
berpedoman pada Keputusan Dewan Komisaris Nomor 16/ referring to the BOC Decree Number 16/DK/SK/VI/2013
DK/SK/VI/2013 tentang Tata Cara Penilaian Kinerja Komite concerning the Procedures of Performance Appraisal
Penunjang Dewan Komisaris. Proses penilaian Komite of the Board of Commissioners. The Audit Committee’s
Audit dilakukan melalui mekanisme self-assessment Evaluation Process is carried out through a self-assessment
dengan menggunakan metode evaluasi dalam suatu sistem mechanism using evaluation methods in a system stipulated
yang ditetapkan dalam Keputusan Dewan Komisaris. Hasil in the Board of Commissioners’ Decree. The achievements
pencapaian KPI Komite Audit di tahun 2018 adalah sebagai of KPI Audit Committee in 2018 are as follows:
berikut:
Bobot Indikator x
Bobot Indikator Pencapaian Nilai Pencapaian Nilai
No. Key Performance Indicator Weight Indicator Score Achievement Weight Indicator x
(%) (%) Score Achievement
(%)
1. Penilaian Realisasi Pertemuan dan Program Kerja
• Penilaian Realisasi Pelaksanaan Rapat 15 116,67 17,50
• Penilaian Realisasi Program Kerja 15 108,57 16,29
Assessment of Meeting and Work Program Realization
• Assessment of Meeting Realization
• Assessment of Work Program Realization
2. Penilaian Tingkat Kehadiran di Rapat 40 110,42 44,17
Assessment of Meeting Attendance Level
3. Penilaian Ketepatan Waktu Pemasukan Laporan 30 100,00 30,00
Assessment of on time Entry Reports
Capaian KPI Komite Audit Tahun 2018
100 107,96
Achievement of KPI of Audit Committee 2018

Remunerasi Komite Audit Remuneration of Audit Committee

Penentuan jumlah remunerasi Komite Audit ditetapkan The Remuneration of Audit Committee is established
dengan mengacu pada Peraturan Menteri BUMN Nomor refers to the Regulation of Minister of SOE Number PER-
PER-12/MBU/2012 tentang Organ Pendukung Dewan 12/MBU/2012 concerning Supporting Organ of BOC/
Komisaris/Dewan Pengawas Badan Usaha Milik Negara Supervisory Board of the State-Owned Enterprises that set
yang mengatur bahwa penghasilan anggota Komite the honorarium of the members of Committee at maximum
Audit, yakni berupa honorarium maksimal sebesar 20% of 20% (twenty percent) of the salary of the President
(dua puluh persen) dari gaji Direktur Utama Perusahaan Director of the Company with the provisions of the tax
dengan ketentuan pajak ditanggung Perusahaan dan paid by the Company and not allowed to receive other
tidak diperkenankan menerima penghasilan lain selain income in addition to the honorarium. Members of the
honorarium tersebut. Anggota Dewan Komisaris yang Board of Commissioners who acts as Chairman/member
menjadi Ketua/anggota Komite Audit tidak diberikan of the Audit Committee was not granted the additional
penghasilan tambahan dari jabatan tersebut. income from the position.
Pelaksanaan Tugas Komite Audit Implementation of Audit Committee Duties

Selama tahun 2018, Komite Audit telah melaksanakan During 2018, the Audit Committee has carried out its
tugas dan tanggung jawabnya sesuai Pedoman Kerja duties and responsibilities in accordance with Audit
Komite Audit serta Program Kerja Komite Audit Tahun Committee Charter and Audit Committee Work Program
2018. Realisasi pelaksanaan tugas Komite Audit di tahun of 2018. Actual implementation of the tasks of the Audit
2018 diantaranya: Committee in 2018 were:
āċ !*!($* *(.%ü'/%0/ *"+.)/%!1*#*Ď āċ !2%!3%*#* ƫ(.%ü0%+*2!.%**%( *"+.)0%+*Ď
2. Seleksi, Penunjukan, dan Pengawasan Pekerjaan Auditor 2. Selection, Appointment, and Oversight of the Independent
Independen; Auditor;
3. Evaluasi Efektivitas Pelaksanaan Fungsi Internal Audit; ăċ 2(10%+*+"0$!û!0%2!*!//+" *0!.*(Ƶ1 %01*0%+*Ď
4. Penelaahan Efektivitas Pengendalian Internal; ąċ 01 5+* *0!.*(ƫ+*0.+(û!0%2!*!//Ď
5. Pemantauan Kepatuhan terhadap Peraturan Perundang- 5. Monitoring on Compliance to the Regulations and Internal
undangan dan Prosedur Internal yang berlaku; Procedures;
6. Pembahasan Manajemen Risiko dan Mitigasi Risiko; 6. Discussion of the Risk Management and Risk Mitigation;
7. Self Assessment pelaksanaan tugas Komite Audit; 7. Self-assessment of the implementation of the duties of the
8. Penyampaian laporan tertulis kepada Dewan Komisaris perihal Audit Committee;
laporan rapat, saran perbaikan pengawasan dan pengendalian 8. Submission of written report to the BOC regarding the report
intern dan/atau perihal penugasan khusus, risalah rapat Komite of the meeting, recommendation on supervision improvements
Audit, Laporan Triwulan dan Tahunan pelaksanaan kegiatan and internal control and/or special assignments concerning
Komite Audit; among others, report the minutes of monthly of Audit
9. Pembahasan Pengaduan yang masuk pada Tim Whistleblowing. Committee meeting, Quarterly and Annual Reports;
9. Follow Up of ANTAM’s Whistleblowing System Accusation.

Komite Good Corporate Governance,

Nominasi dan Remunerasi (GCG-NR)
Good Corporate Governance,
Nomination and Remuneration Committee
Komite Good Corporate Governance, Nominasi dan Good Corporate Governance, Nomination, and
Remunerasi (GCG-NR) dibentuk untuk membantu Remuneration Committee (GCG-NR Committee) was
tugas pengawasan dan penasihatan Dewan Komisaris formed to assist the supervisory and advisory duties of
dalam memantau dan memastikan diterapkannya Good the Board of Commissioners in monitoring and ensuring
Corporate Governance termasuk pengelolaan tanggung the implementation of Good Corporate Governance
jawab sosial (CSR) dan lingkungan Perseroan termasuk including social responsibility management (CSR) and the
penutupan dan pascatambang, pengawasan proses Company’s environment including mine closure and post-
nominasi, remunerasi, dan pengembangan SDM secara )%*%*#Č!û!0%2!* /1/0%*(!/1,!.2%/%+*+"*+)%*0%+*Č
efektif dan berkelanjutan di Perusahaan. Selain itu, Komite remuneration and Human Resources development
GCG-NR juga wajib membuat laporan secara tertulis processes in the Company. GCG-NR Committee shall also
kepada Dewan Komisaris atas setiap penugasan yang prepare a written report to the Board of Commissioners
diberikan, pelaksanaan kegiatan Komite GCG-NR dan on each assignment given, implementation of the GCG-NR
tingkat pencapaian kinerjanya untuk diungkapkan dalam Committee activities and its performance achievement
Laporan Tahunan Perusahaan. level, to be disclosed in the Company’s Annual Report.
Keangotaan Komite GCG-NR Membership Structure of GCG-NR Committee

Anggota Komite GCG-NR ANTAM terdiri dari 2 (dua) orang Members of GCG-NR Committee of ANTAM consists of
anggota Dewan Komisaris yang salah satunya merupakan 2 (two) members of the Board of Commissioners, one
Komisaris Independen serta 2 (dua) orang anggota ahli of which is an Independent Commissioner and 2 (two)
yang bukan karyawan kunci di ANTAM. Ketua Komite expert members who are not key employees of ANTAM.
GCG-NR dijabat oleh Komisaris Utama yang memenuhi The position of Chairman of GCG-NR Committee is held
syarat Komisaris Independen sesuai kriteria ASX. Dengan 5 0$! .!/% !*0 ƫ+))%//%+*!. 3$+ %/ -1(%ü! / *
demikian, mayoritas Komite GCG-NR merupakan pihak Independent Commissioner according to the ASX criteria.
independen. Therefore, most members of the GCG-NR Committee are
independent parties.
Komposisi Komite GCG-NR telah mengacu pada Peraturan Composition of GCG-NR Committee has referred to the
Otoritas Jasa Keuangan Nomor 34/POJK.04/2014 tentang Financial Services Authority Regulation Number 34/
Komite Nominasi dan Remunerasi Emiten atau Perusahaan POJK.04/2014 about the Nomination and Remuneration
Publik. Susunan keanggotaan GCG-NR ANTAM di tahun Committee of Public Company. The composition of the
2018 ditunjukkan pada tabel berikut: ANTAM GCG-NR Committee in 2018 are as follows:

Fachrul Razi Ketua (Komisaris Utama) Diangkat pada tanggal 7 Oktober 2015 dan masa jabatannya
Chairman (President Commissioner) berlaku sampai dengan berakhirnya masa jabatan sebagai
Dewan Komisaris ANTAM
Ƶ,,+%*0! +*0+!.ĈČĂĀāĆ* $%/0!.)+"+þ!%/2(% 1*0%(
the end of his tenure as ANTAM’s Board of Commissioners
Anang Sri Wakil Ketua (Komisaris Independen) Diangkat pada tanggal 16 Mei 2017 dan masa jabatannya berlaku
Kusuwardono Vice Chairman (Independent Commissioner) sampai dengan berakhirnya masa jabatan sebagai Dewan
Komisaris ANTAM
Ƶ,,+%*0! +* 5āćČĂĀāĈ* $%/0!.)+"+þ!%/2(% 1*0%(0$!
end of his tenure as ANTAM’s Board of Commissioners
Yunus Kusumahbrata Anggota (Pihak Independen) 1 Mei 2017-30 April 2019
Nina Insania K. Anggota (Pihak Independen) 1 Maret 2018-28 Februari 2019
Permana Member (Independent Party) March 1, 2018-February 28, 2019

.+ü(Ƶ*##+0+)%0!ƫġ5*#ǫ1'*+)%/.%/

.+ü(!+"ƫġƫ+))%00!! !)!.$+.!*+00$!ǫƫ
Dr. Ir. Yunus Kusumahbrata, M.Sc

Anggota Komite GCG-NR
Member of GCG-NR Committee
Tempat & Tanggal Lahir Cianjur, 14 Desember 1956 Cianjur, December 14, 1956
Citizenship
Riwayat Pendidikan 1. S1 Geologi, Universitas Padjadjaran (1981) 1. Bachelor Degree of Geology, University of
History of Education 2. Master of Science In Sedimentology, Universitas Padjadjaran (1981)
Wollongong New South Wales Australia (1992) 2. Master of Science In Sedimentology, University
3. Doktor dalam bidang Aplikasi Sedimentologi, of Wollongong, New South Wales, Australia
Universitas Wollongong New South Wales (1992)
Australia (1995) 3. Doctorate in Sedimentology Applications,
University of Wollongong, New South Wales,
Australia (1995)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan SK Dewan Komisaris No. 8/DK/SK/IV/2017 tentang BOC Decree No. 8/DK/SK/IV/2017 about
Legal Basis of Pengangkatan Anggota Komite GCG-NR Appointment of the member of GCG-NR
Appointment Committee
• Pengalaman Kerja 1. Pejabat Fungsional di Badan Geologi, āċ 1*0%+*(þ!.%*0$!!+(+#%(Ƶ#!*5+"
Working Experiences Kementerian Energi dan Sumber Daya Mineral the Ministry of Energy and Mineral Resources
(1982-2005) (1982-2005)
2. Kepala Bidang Informasi, Badan Geologi 2. Head of Information in the Geological Agency
Kementerian Energi dan Sumber Daya Mineral of the Ministry of Energy and Mineral Resources
(2006-2007) (2006-2007)
3. Kepala Museum Geologi Bandung, Badan 3. Head of Museum Geology Bandung, the Geology
Geologi Kementerian Energi dan Sumber Daya Agency of the Ministry of Energy and Mineral
Mineral (2007-2010) Resources (2007-2010)
4. Sekretaris Badan Geologi (2010-2014) 4. Secretary of Geological Agency (2010-2014)
5. Staf Ahli Menteri Energi dan Sumber Daya Ćċ4,!.0þ!.0+ %*%/0!.+"*!.#5* %*!.(
Mineral Bidang Lingkungan Hidup dan Tata Resources of Environment and Spatial Planning
Ruang (2014-2016) (2014-2016)
6. Ketua Tim Percepatan Pengembangan Destinasi 6. Head of Acceleration and Development of
Geopark Indonesia Kementerian Pariwisata Indonesia Geopark Destination of Ministry of
Tourism
Concurrent Position
Pendidikan atau Pelatihan 1. Sharing Session Putaran III-6 di Pongkor (1-2 1. Sharing Session Round III-6 in Pongkor (August
untuk Meningkatkan Agustus 2018) 1-2, 2018)
Kompetensi 2. 2nd ASEAN Corporate Governance Award di Kuala 2. 2nd ASEAN Corporate Governance Award in Kuala
Education or Training for Lumpur (21-22 November 2018) Lumpur (November 21-22, 2018)
Competency Development

Dr. Nina Insania K. Permana, S.Psi., M.M.

Anggota Komite GCG-NR
Member of GCG-NR Commiittee
Tempat & Tanggal Lahir Sukabumi, 3 Desember 1963 Sukabumi, December 3, 1963
Citizenship
Riwayat Pendidikan 1. S1 Psikologi, Universitas Padjajaran (1987) 1. Bachelor Degree of Psychology, University of
History of Education 2. Magister Management, PPM Graduate School of Padjajaran (1987)
Management (1997) 2. Master of Management, PPM Graduate School of
3. Doktor dalam bidang Administrasi Bisnis (DBA), Management (1997)
Universitas Padjajaran (2009) 3. Doctorate in Business Administration (DBA),
University of Padjajaran (2009)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan SK Dewan Komisaris No. 2/DK/SK/II/2018 tentang BOC Decree No. 2/DK/SK/II/2018 about
Legal Basis of Pengangkatan Anggota Komite GCG-NR. Appointment of the member of GCG-NR
Appointment Committee.
• Pengalaman Kerja 1. Director of Executive Development Program 1. Director of Executive Development Program PPM
Working Experiences PPM Manajemen Jakarta (2009-2012) School of Management Jakarta (2009-2012)
2 Executive Advisor of Human Capital 2. Executive Advisor of Human Capital
Development IPC Development IPC
PT Pelabuhan Indonesia II (2012-2013) PT Pelabuhan Indonesia II (2012-2013)
3. Vice Chairman for Cooperation of the 3. Vice Chairman for Cooperation of the
Management Board IICD (2012-sekarang) Management Board IICD (2012-now)
4. President Director of IPC Corporate University 4. President Director of IPC Corporate University
PT Pendidikan Maritim dan Logistik Indonesia PT Pendidikan Maritim and Logistik Indonesia
(2013-2017) (2013-2017)
5. Director of Assessment Center Kom Ferry|Hay 5. Director of Assessment Center Kom Ferry|Hay
Group (2017-sekarang) Group (2017-now)
Concurrent Position
Pendidikan atau Pelatihan - -
untuk Meningkatkan
Kompetensi
Education or Training for
Independensi Komite GCG-NR Independency Of GCG-NR Committee

Sebagai upaya untuk dapat menjaga independensi To maintain the independency of each member of the
setiap anggota Komite, setiap tahunnya masing-masing Committee, annually each member of the Supporting
anggota Komite Penunjang Dewan Komisaris memberikan Committee of the Board of Commissioners shall provide
pernyataan independensi. Pernyataan independensi independency statement. The independency statement
Komite GCG-NR disusun berdasarkan Peraturan Otoritas of GCG-NR Committee refers to the FSA Regulation
Jasa Keuangan Nomor 34/POJK.04/2014 tentang Komite Number 34/POJK.04/2014 concerning Nomination and
Nominasi dan Remunerasi Emiten atau Perusahaan Publik. Remuneration Committee of Public Listed Company.

Penyataan Independensi Anang Sri Yunus Nina Insania K.

Fachrul Razi
Independency Statement Kusuwardono Kusumahbrata Permana
Tidak berasal dari pihak yang menduduki jabatan
manajerial di bawah Direksi yang membidangi sumber
daya manusia;
3 3 3 3
Do not come from the parties occupying managerial
positions under the Board of Directors in charge of
human resources.
Tidak mempunyai saham langsung maupun tidak
langsung di ANTAM; 3 3 3 3
Keluarga tidak mempunyai saham langsung maupun
tidak langsung di ANTAM;
3 3 3 3
The family does not have a direct or indirect shares in
ANTAM;
% ')!),1*5%$11*#*Ƶü(%/% !*#**##+0
Dewan Komisaris, anggota Direksi, atau Pemegang
Saham Utama ANTAM;
3 3 3 3
+0 $2%*# þ(%0%+* 3%0$ )!)!./ +" 0$! ǫ+. +"
Commissioners, members of the Board of Directors, or
major shareholders ANTAM;
Tidak mempunyai hubungan usaha baik langsung
maupun tidak langsung yang berkaitan dengan
kegiatan usaha ANTAM; 3 3 3 3
Not having business relationship directly or indirectly
related to the business activities ANTAM;
Tidak merangkap jabatan sebagai anggota komite
lainnya di ANTAM;
3 3 3 3
No concurrent positions as other committee members
in ANTAM;
Tidak menjabat sebagai pengurus partai politik dan/
atau calon/anggota legislatif dan/atau merupakan
calon atau menjabat sebagai kepala/wakil kepala
pemerintahan daerah; 3 3 3 3
Not serve on the board of political parties and/or
candidates/members of legislative and/or a candidate
or as head/deputy head of regional government;
Tidak memiliki jabatan lain yang dapat menimbulkan
benturan kepentingan terkait dengan jabatan di
ANTAM. 3 3 3 3
Not having other position which may give rise to
+*ý%0/+"%*0!.!/0/.!(0! 0+,+/%0%+*/%*ƵƵ ċ
Pedoman Kerja Komite GCG-NR GCG-NR Committee Charter

Ƶ#. +)%0! ƫġ ,0 !.,!.* /!. !ü/%!* * *+. !.0$00$!ƫġƫ+))%00!!,!."+.)/!þ%!*0(5
efektif, maka disusun Pedoman Kerja Komite GCG-NR yang * !û!0%2!(5Č ƫġ ƫ+))%00!! ƫ$.0!. 3/
dimutakhirkan dan disahkan terakhir oleh Dewan Komisaris !2!(+,! * $/!!*1, 0! * .0%ü! 50$!ǫƫ
pada tanggal 29 Juli 2016 serta telah dipublikasikan di on July 29, 2016 and has been published on ANTAM’s
situs ANTAM. Pedoman Kerja tersebut mencakup struktur website. The Charter includes membership structure,
keanggotaan, keanggotaan, persyaratan keanggotaan )!)!./$%,-1(%ü0%+*%*(1 %*#0$!%.+),!0!*!*
termasuk persyaratan kompetensi dan independensi, independence requirement, duty, responsibility, authority,
tugas, tanggung jawab dan wewenang, rapat, pelaporan as well as meeting, reporting and budgeting.
dan anggaran.
Tugas Dan Tanggung Jawab Komite GCG-NR Duties And Responsibilities of GCG-NR Committee
Tugas dan tanggung jawab Komite GCG-NR berpedoman The duties and responsibilities of the GCG-NR Committee
pada Pedoman Kerja (Charter) Komite GCG-NR di are referring to the GCG-NR Committee Charter are as
antaranya adalah sebagai berikut: follows:
1. Penilaian kepatuhan terhadap peraturan perundang- 1. Assessment of compliance with prevailing laws and
undangan yang berlaku dan merekomendasikan regulations and recommend any changes deemed
perubahan yang dianggap perlu; necessary;
2. Penerapan Prinsip-prinsip GCG & Standar Etika 2. Implementation of GCG Principles & Code of Conduct:
Perusahaan:

a. Memastikan kelengkapan, review, validitas dan a. Ensuring completeness, review, validity and
penerapan dari CGP, MP, Charter, CoC dan SOP; implementation of CGP, MP, Charter, CoC and SOP;
b. Mengawasi dan melakukan evaluasi implementasi b. Supervising and evaluating the implementation
dan evaluasi mengenai kebijakan GCG serta tindak and evaluation of GCG policies and follow-up GCG
lanjut hasil asesmen; assessment;
c. Pemantauan pelaksanaan ICT Governance; c. Monitoring the implementation of ICT governance;
d. Pemantauan publikasi (disclosure) informasi terkait d. Monitoring publications (disclosure) related to the
penerapan GCG. implementation of GCG.
3. Pemantauan atas penelaahan dan evaluasi, rencana dan 3. Monitoring of evaluation, planning and implementation
implementasi serta risiko penerapan sistem, prosedur as well as the risk of the application of systems,
dan kebijakan pengelolaan tanggung jawab sosial procedures and policies of social responsibility
(CSR) dan lingkungan Perseroan termasuk penutupan (CSR) and environmental include mine closure and
dan pascatambang, sebelum mendapat persetujuan postmining before getting the approval of the Board of
dari Dewan Komisaris; Commissioners;
4. Pengawasan Proses Nominasi dan Remunerasi Direksi 4. Monitoring Process of Nomination and Remuneration of
dan Komisaris dalam pengelolaan Human Capital the Board of Directors and the Board of Commissioners
Perseroan: in the management of Human Capital of the Company:
a. Melakukan pengawasan mengenai implementasi a. Supervising the implementation of systems, policies
sistem, kebijakan dan prosedur proses pelaksanaan and procedures for selection and nomination
seleksi dan nominasi serta penilaian calon-calon as well as evaluation process of the candidates
Direksi/Komisaris dan pejabat satu tingkat di bawah for the Board of Directors/Commissioners and
Direksi khususnya bidang Sekretaris Perusahaan senior management under the Board of Directors
dan Internal Audit; especially Corporate Secretary and Internal Audit;
b. Melakukan pengawasan dan evaluasi terhadap b. Monitoring and evaluation of the system of
sistem remunerasi dan kompensasi khususnya remuneration and compensation, especially for the
bagi Direksi dan Dewan Komisaris berjalan Board of Directors and the Board of Commissioners
transparan, adil dan bersaing dengan pasar industri running transparent, fair and competitive with
pertambangan; mining industry market;
c. Membantu Dewan Komisaris melakukan evaluasi c. Assist the Board of Commissioners to evaluate the
kinerja Direksi dan unit kerja hingga kinerja tingkat performance of the Board of Directors, work units
individual, penilaian kinerja Dewan Komisaris dan and individual levels, performance assessment
Komite-komite penunjang Dewan Komisaris; of the Board of Commissioners and Supporting
d. Membantu memberikan kajian dan evaluasi terkait Committees to the Board of Commissioners;
dengan konsep pengelolaan Human Capital dan d. Helping in providing research and evaluation related
pengembangan karyawan yang baik sesuai regulasi. to the concept of Human Capital management and
employee development refers to the regulation.
Rapat Komite GCG-NR Meeting of GCG-NR Committee

Ketentuan mengenai Rapat Komite GCG-NR tercantum The provisions on the GCG-NR Committee Meetings are
dalam Charter Komite GCG-NR. Komite GCG-NR sekurang- stated in the Charter of GCG-NR Committee. The GCG-NR
kurangnya mengadakan rapat 2 (dua) kali dalam satu bulan Committee shall hold at least 2 (two) meetings in a month,
untuk menyelesaikan Program Kerja Komite GCG-NR yang to complete the GCG-NR Committee Work Program,
terdiri dari Rapat Pleno yang dihadiri oleh Ketua, Wakil comprise of Plenary Meeting attended by the Chairman,
Ketua serta anggota Komite GCG-NR dan Rapat Khusus Vice Chairman and members of the GCG-NR Committee,
yang hanya dihadiri oleh Anggota Komite GCG-NR. Kedua and Special Meeting attended only by Member of the GCG-
jenis rapat tersebut dapat mengundang divisi terkait dari NR Committee. Both meetings may invite other relevant
manajemen ataupun pihak terkait lainnya sesuai kebutuhan. divisions from management or other parties as needed.
Selama tahun 2018 telah dilaksanakan 24 (dua puluh During 2018, GCG-NR Committee held 24 (twenty four)
empat) kali rapat Komite GCG-NR yang terdiri dari 12 (dua meetings comprised of 12 (twelve) plenary meetings and
belas) kali rapat pleno dan 12 (dua belas) kali rapat khusus 12 (twelve) special meetings. The attendance of each
Komite. Adapun kehadiran masing-masing anggota Komite member of GCG-NR Committee in GCG-NR Committee
GCG-NR dalam Rapat Komite GCG-NR selama tahun 2018 Meetings during 2018 as follows:
sebagai berikut:

Total Kewajiban
Jumlah Kehadiran
Nama Jabatan Rapat Kehadiran Rapat
No. Number of
Name Position Total Compulsary Meeting Attendance
Attendance
Meeting
Ketua
1. Fachrul Razi 12 11 91,67%
Chairman
Wakil Ketua
2. Anang Sri Kusuwardono 12 12 100,00%
Vice Chairman
Anggota
3. Yunus Kusumahbrata 24 24 100,00%
Member
Anggota
4. Nina Insania K. Permana 24 20 83,33%
Member
Rata-rata Average 93,75%
Agenda Rapat Komite GCG-NR GCG-NR Committee Meeting Agenda

Dengan total 12 (dua belas) kali rapat pleno dan 12 (dua Within total 12 (twelve) plenary meetings and 12 (twelve)
belas) kali rapat khusus Komite GCG-NR di Tahun 2018, special meetings of GCG-NR Committee in 2018, there were
terdapat 76 (tujuh puluh enam) agenda Rapat. Terkait 76 (seventy six) meeting agenda. Related to the Nomination
agenda pembahasan khusus mengenai Nominasi dan and Remuneration of the Board of Commissioners and the
Remunerasi Anggota Dewan Komisaris dan Direksi, Board of Directors were conducted as follows:
dilaksanakan dengan detail sebagai berikut:
1. Jumlah Agenda Rapat Komite GCG-NR terkait Nominasi 1. The Agenda of the GCG-NR Committee Meeting
terdiri atas 2 (dua) Agenda yang dilaksanakan dalam regarding Nominations consists of 2 (two) Agenda
2 (dua) kali Rapat, yakni pada tanggal 19 November which conducted in 2 (two) meetings on November 19,
2018 dan 23 Juli 2018; 2018 and July 23, 2018.
2. Jumlah Agenda Rapat Komite GCG-NR terkait Remunerasi 2. The Agenda of the GCG-NR Committee Meeting
terdiri atas 3 (tiga) Agenda yang dilaksanakan dalam 3 regarding Remunerations consists of 3 (three) Agenda
(tiga) kali Rapat, yakni pada tanggal 20 Februari 2018, 20 which conducted in 3 (three) meetings February 20,
Maret 2018 dan 24 April 2018. 2018, March 20, 2018 and April 24, 2018.
Penilaian Kinerja (KPI) Komite GCG-NR Key Performance Indicator (KPI) of GCG-NR
Committee
Pencapaian KPI Komite GCG-NR dilakukan dengan Achievement of KPI the GCG-NR Committee is conducted
berpedoman pada Keputusan Dewan Komisaris Nomor 16/ by referring to the BOC Decree Number 16/DK/SK/
DK/SK/VI/2013 tentang Tata Cara Penilaian Kinerja Komite VI/2013 concerning the Procedures of Performance
Penunjang Dewan Komisaris. Penilaian Komite GCG-NR Appraisal of the Board of Commissioners. The GCG-NR
dilakukan melalui mekanisme self-assessment dengan Committee’s Evaluation Process is carried out through a
menggunakan metode evaluasi dalam suatu sistem yang self-assessment mechanism using evaluation methods in a
ditetapkan dalam Keputusan Dewan Komisaris. Hasil system stipulated in the Board of Commissioners’ Decree.
pencapaian KPI Komite GCG-NR di tahun 2018 adalah The achievements of KPI GCG-NR Committee in 2018 are
sebagai berikut: as follows:
Bobot Pencapaian Bobot Indikator

Indikator Nilai x Pencapaian Nilai
No. Key Performance Indicator Weight Score Weight Indicator
Indicator Achievement x Score Achievement
(%) (%) (%)
Assessment of on time Entry Reports
Capaian KPI Komite GCG-NR Tahun 2018 100 101,82
Achievement of KPI of GCG-NR Committee 2018

REMUNERASI KOMITE GCG-NR REMUNERATION OF GCG-NR COMMITTEE

Remunerasi Komite GCG-NR ditetapkan dengan mengacu The Remuneration of GCG-NR Committee is established
pada Peraturan Menteri BUMN Nomor PER-12/MBU/2012 refers to the Regulation of Minister of SOE Number PER-12/
tentang Organ Pendukung Dewan Komisaris/Dewan MBU/2012 concerning Supporting Organ of BOC/Supervisory
Pengawas Badan Usaha Milik Negara mengatur terkait Board of the State-Owned Enterprises that set the honorarium
penghasilan anggota Komite yakni berupa honorarium of the members of Committee at maximum of 20% (twenty
maksimal sebesar 20% (dua puluh persen) dari gaji Direktur percent) of the salary of the President Director of the
Utama Perusahaan dengan ketentuan pajak ditanggung Company with the provisions of the tax paid by the Company
Perusahaan dan tidak diperkenankan menerima penghasilan and not allowed to receive other income in addition to the
lain selain honorarium tersebut. Anggota Dewan Komisaris honorarium. Members of the Board of Commissioners who
yang menjadi Ketua/anggota Komite GCG-NR tidak acts as Chairman/member of the GCG-NR Committee was not
diberikan penghasilan tambahan dari jabatan tersebut. granted an additional income from the position.
PELAKSANAAN TUGAS KOMITE GCG-NR IMPLEMENTATION OF GCG-NR COMMITTEE TASKS

Selama tahun 2018, Komite GCG-NR telah melaksanakan During 2018, GCG-NR Committee has carried out its
tugas dan tanggung jawabnya sesuai Pedoman Kerja duties and responsibilities in accordance with GCG-NR
(Charter) Komite GCG-NR serta Program Kerja Komite Committee Charter and Work Program 2018. The realization
GCG-NR 2018. Realisasi pelaksanaan tugas Komite GCG- of implementation of GCG-NR Committee’s duties in 2018
NR di tahun 2018 di antaranya: includes:
1. Penilaian kepatuhan terhadap Peraturan Perundang- 1. Assessment of compliance with the Laws and
undangan; Regulations;
2. Monitoring dan evaluasi struktur remunerasi penggajian 2. Monitoring and evaluation of remuneration structure
*!*!ü0'.53*/!/1% !*#*,!.'!)*#* +" !),(+5!! /(.5 * !*!ü0/ %* +. *! 3%0$
bisnis dan pasar; business and market;
3. Monitoring dan evaluasi rencana kerja dan rencana 3. Monitoring and evaluation of work plans and plans for
program pelaksanaan pengelolaan tanggung jawab implementing corporate social responsibility programs;
sosial perusahaan; 4. Monitoring and evaluation of the performance appraisal
4. Monitoring dan evaluasi terhadap sistem penilaian system of the Board of Directors, the performance of
kinerja Direksi, kinerja Unit Kerja (SMK), dan sistem the Work Unit, and the individual performance appraisal
penilaian kinerja tingkat individual (SMUK); system;
5. Evaluasi dan kajian pengembangan perangkat IT 5. Evaluation and review of IT tools development and
dan penerapan sistem ICT yang terintegrasi dengan implementation of integrated ICT system with Human
pengelolaan Human Capital dan CSR ANTAM dan Anak Capital and CSR ANTAM and Subsidiary management;
Perusahaan; 6. Evaluation and improvement of GCG socialization
6. Evaluasi dan improvement atas program sosialisasi GCG program to Subsidiaries;
kepada Anak Perusahaan; 7. Monitoring and evaluation of the implementation of
7. Monitoring dan evaluasi penerapan budaya organisasi, organizational culture, employee achievement reward
sistem penghargaan prestasi pegawai, perencanaan system, study planning/training/seminars abroad and
studi/training/seminar luar negeri dan pengembangan development of knowledge management model;
model knowledge management; 8. Reviewing of the nomination and remuneration process
8. Kajian mengenai proses nominasi dan remunerasi with the employment and other industrial relations
dengan bidang ketenagakerjaan dan hubungan sectors;
industrial lainnya; 9. Monitoring and evaluation of working mechanisms of the
9. Monitoring dan evaluasi mekanisme kerja Divisi Legal & Legal & Compliance Division in overseeing all legal and
compliance dalam mengawasi keseluruhan aspek legal compliance aspects of the Company and Subsidiaries to
dan compliance di Perusahaan dan Anak Perusahaan monitor legal issues that have occurred and potentially
untuk memantau permasalahan hukum yang telah will occur;
terjadi maupun berpotensi akan terjadi. 10. Monitoring and evaluation of environmental management
10. Monitoring dan evaluasi atas rencana implementasi implementation plans, including reclamation, mine
pengelolaan lingkungan, termasuk program reklamasi, closure and postmining programs.
penutupan tambang dan pasca tambang.
KEBIJAKAN SUKSESI DIREKSI POLICY OF THE BOARD OF DIRECTORS

SUCCESSION
Untuk menyiapkan pimpinan Perusahaan, khususnya anggota To prepare company leaders, especially members of the Board
Direksi yang profesional, berintegritas, berdedikasi dan of Directors who are professional, with integrity, dedicated
memiliki kompetensi dalam menjalankan kegiatan operasional and competent in carrying out the Company’s operational
Perusahaan, maka persyaratan pencalonan Direksi yang activities, the Board of Directors nomination requirements to
akan ditetapkan dalam RUPS mengacu pada Anggaran be determined in the GMOS refer to the Company’s Articles of
Dasar Perseroan, Peraturan Otoritas Jasa Keuangan (POJK) Association, Financial Services Authority Regulation Number

Nomor 33/POJK.04/2014 tentang Direksi dan Dewan 33/POJK. 04/2014 concerning Directors and Commissioners
Komisaris Emiten atau Perusahaan Publik dan Peraturan of Issuers or Public Companies and other Legislation. As
Perundang-undangan lainnya. Sebagaimana tercantum stated in FSA Number 33/POJK.04/2014, the proposal for
dalam POJK Nomor 33/POJK.04/2014, Usulan pengangkatan, the appointment, dismissal, and/or replacement of members
pemberhentian, dan/atau penggantian anggota Direksi of the Board of Directors to the GMOS must consider the
kepada RUPS harus memperhatikan rekomendasi dari Dewan recommendations of the Board of Commissioners or the
Komisaris atau Komite yang menjalankan fungsi nominasi. Committee that carries out the nomination function. In
Dalam hal ini ANTAM memiliki Komite GGG, Nominasi & this case ANTAM has a GGG, Nomination & Remuneration
Remunerasi (Komite GCG-NR) yang memiliki peran dalam Committee (GCG-NR Committee) which has a role in the
proses pencalonan Anggota Direksi Perseroan. nomination process of the Company’s Board of Directors.
Selain itu, sebagaimana tercantum dalam Anggaran Dasar In addition, as stated in the Company’s Articles of Association
Perseroan Pasal 5 Ayat 4 huruf c.2, Pemegang Saham Seri Article 5 Paragraph 4 letter c.2, the Series A Dwiwarna
A Dwiwarna mempunyai hak istimewa untuk mengusulkan Shareholders have the privilege to propose candidates for
calon Anggota Direksi dan calon Anggota Dewan the Board of Directors and prospective members of the
Komisaris. Pada Pasal 5 ayat 4 huruf e mengatur tentang Board of Commissioners. In Article 5 paragraph 4 letter e
pelaksanaan terhadap hak istimewa Pemegang Saham regulates the implementation of the privileges of the Series A
Seri A Dwiwarna dapat dikuasakan kepada pemegang Dwiwarna Shareholders can be authorized to the majority of
saham Seri B terbanyak Perseroan. Berdasarkan Surat the Company’s Series B shareholders. Based on the Special
Kuasa Khusus Pemegang Saham Seri A Dwiwarna kepada Power of Attorney of Series A Dwiwarna Shareholders
PT Indonesia Asahan Aluminium (Persero) Nomor SKK- to PT Indonesia Asahan Aluminium (Persero) Number
14/MBU/5/2018 tanggal 31 Mei 2018, Pemegang Saham SKK-14/MBU/5/2018 dated May 31, 2018, Shareholders of
Seri A Dwiwarna memberikan kuasa kepada PT Indonesia Series A Dwiwarna give authority to PT Indonesia Asahan
Asahan Aluminium (Persero) selaku pemegang saham Seri Aluminium (Persero) as majority of the Company’s Series
B terbanyak Perseroan untuk mengusulkan calon anggota B shareholders to propose candidates for the Board of
Direksi dan calon anggota Dewan Komisaris Perseroan. Directors and prospective members of the Company’s Board
Sebagaimana diatur lebih lanjut dalam peraturan internal of Commissioners. As further stipulated in internal regulations
PT Indonesia Asahan Aluminium (Persero), sumber bakal of PT Indonesia Asahan Aluminium (Persero), the source of
calon Direksi yang diusulkan oleh PT Indonesia Asahan prospective Directors proposed by PT Indonesia Asahan
Aluminium (Persero) dalam RUPS, berasal dari: Aluminium (Persero) in the GMS, comes from:
1. Anggota Direksi Perusahaan Anggota Holding, 1. Members of the Holding Member Company Directors,
Anak Perusahaan Anggota Holding dan/atau Anak Subsidiaries of Holding Members and/or Holding
Perusahaan Holding; Subsidiaries;
2. Pejabat internal Perusahaan Anggota Holding, 2. Internal Membership of the Holding Company,
Anak Perusahaan Anggota Holding dan/atau Anak Subsidiary Members of the Holding Company and/
Perusahaan Holding minimal dua tingkat dibawah or Holding Subsidiaries at least two levels below the
Direksi; Directors;
3. Sumber lain yang memiliki reputasi baik, relevan dan 3. Other sources that have a good reputation, are relevant
dapat dipertanggungjawabkan. and accountable.
Dalam proses pengusulan calon anggota Direksi dan calon In the process of proposing candidates for the Board of
anggota Dewan Komisaris Perseroan yang berasal dari Directors and prospective members of the Company’s
Internal ANTAM, PT Indonesia Asahan Aluminium (Persero) Board of Commissioners from Internal ANTAM, PT
melibatkan Komite GCG-NR Perseroan dalam proses Fit Indonesia Asahan Aluminium (Persero) involved the
and Proper Test dengan sumber calon merupakan pegawai Company’s GCG-NR Committee in the Fit and Proper
āĨ/01ĩ(!2!( %3$%.!'/%5*#0!($)!)!*1$%'1(%ü'/% !/0,.+!//3%0$,.+/,!0%2!/+1.!/3$%$.!-1(%ü!
setelah mengikuti asesmen yang dilakukan oleh Lembaga employees 1 (one) level under the Board of Directors after
Independen. Pada tahun 2018 asesmen dilakukan oleh participating in assessments conducted by Independent
PT Daya Dimensi Indonesia. Institutions. In 2018 the assessment was carried out by
PT Daya Dimensi Indonesia.
Selanjutnya, seluruh bakal calon baik yang berasal dari Furthermore, all prospective candidates from both the
internal Perseroan maupun dari luar Perseroan, akan internal Company and outside the Company will be
dievaluasi oleh PT Indonesia Asahan Alumunium (Persero) evaluated by PT. Indonesia Asahan Aluminium (Persero)
untuk selanjutnya disampaikan kepada Kementerian Badan for further submission to the Ministry of SOE before being
Usaha Milik Negara sebelum diusulkan dalam RUPS. proposed at the GMOS.

Komite Manajemen Risiko

Risk Management Committee
Komite Manajemen Risiko ANTAM dibentuk untuk ANTAM’s Risk Management Committee was established to
membantu tugas Dewan Komisaris dalam upaya melakukan assist the Board of Commissioners in identifying, mapping,
% !*0%ü'/%Č ,!)!0*Č *(%/%/Č * )%0%#/% .%/%'+ 0/ analyzing, and mitigating the risks of ANTAM’s entire
seluruh proses bisnis ANTAM yang ditujukan untuk business processes to prevent and minimize risks. Also, the
mencegah dan meminimalisasi risiko. Selain itu, Komite Risk Management Committee shall prepare a written report
Manajemen Risiko membuat laporan secara tertulis atas on each assignment given by the Board of Commissioners
setiap penugasan yang diberikan oleh Dewan Komisaris and prepare report on the implementation of the activities
serta menyusun laporan pelaksanaan kegiatan Komite of the Risk Management Committee and the achievement
Manajemen Risiko dan tingkat pencapaian kinerjanya level of its performance to be disclosed in the Company’s
untuk diungkapkan dalam Laporan Tahunan Perusahaan. Annual Report.
Keanggotaan Komite Manajemen Risiko Membership Structure of Risk Management

Committee
Anggota Komite Manajemen Risiko ANTAM terdiri dari ANTAM’s Risk Management Committee members consist
2 (dua) orang anggota Dewan Komisaris dan 2 (dua) orang of 2 (two) members of the Board of Commissioners and
anggota ahli yang bukan karyawan kunci di ANTAM dalam 2 (two) expertise members who are not ANTAM key
6 (enam) bulan terakhir. Komposisi Manajemen Risiko pada employees within the last 6 (six) months. The composition
tahun 2018 ditunjukkan pada tabel berikut: of Risk Management in 2018 is shown in the following table:

Robert A. Simanjuntak Ketua (Komisaris) Diangkat pada tanggal 25 April 2014 dan masa jabatannya
Chairman (Commissioner) berlaku sampai dengan berakhirnya masa jabatan sebagai Dewan
Komisaris ANTAM
Ƶ,,+%*0! +*Ƶ,.%(ĂĆČĂĀāą* $%/0!.)+"+þ!%/2(% 1*0%(0$!
end of his tenure as ANTAM’s Board of Commissioners
Bambang Gatot Ariyono* Wakil Ketua (Komisaris) Diangkat pada tanggal 15 Oktober 2015 dan masa jabatannya
Vice Chairman (Commissioner) berlaku sampai dengan berakhirnya masa jabatan sebagai Dewan
Komisaris ANTAM
Ƶ,,+%*0! +*0+!.āĆČĂĀāĆ* $%/0!.)+"+þ!%/2(% 1*0%(
the end of his tenure as ANTAM’s Board of Commissioners
Adi Djoko Guritno Anggota (Pihak Independen) 1 Mei 2017-30 April 2019
Benjamin Hassan** Anggota (Pihak Independen) 1 Mei 2018-30 April 2019
Brahmantio Isdijoso*** Anggota (Pihak Independen) 1 Mei 2017- 1 April 2018
Member (Independent Party) May 1, 2017- 1 April 2018
**) Diangkat tanggal 1 Mei 2018 Appointed in May 1, 2018
***) Berhenti tanggal 1 April 2018 Ceased on April 1, 2018

.+ü(Ƶ*##+0+)%0! *&!)!*%/%'+5*#ǫ1'*+)%/.%/

.+ü(!+"%/' *#!)!*0ƫ+))%00!! !)!.$+.!*+00$!ǫƫ
Ir. Adi Djoko Guritno, MSIE, Ph.D

Anggota Komite Manajemen Risiko
Member of Risk Management Committee
Tempat & Tanggal Lahir Madiun, 12 November 1963 Madiun, November 12, 1963
Citizenship
Riwayat Pendidikan 1. Sarjana Teknologi Pertanian, Universitas Gadjah 1. Bachelor of Agricultural Technology of Gadjah
History of Education Mada Yogyakarta (1982) Mada University, Yogyakarta (1982)
2. Master dalam Teknik Industri, Institut Teknologi 2. Master of Industrial Engineering, Bandung
Bandung (1991) Institute of Technology (1991)
3. Doktor dalam Ekonomi Pertanian, United 3. Ph.D in Agricultural Economy and Agribusiness,
Graduate School of Agricultural Science, Ehime Ehime University Japan (2000)
University Jepang (2000)
Riwayat Jabatan
History of Position
Legal Basis of Pengangkatan Anggota Komite Manajemen Risiko. Appointment of Risk Management Committee.
Appointment
• Pengalaman Kerja 1. Anggota Komite Audit di PT Timah (Persero) 1. Member of Audit Committee at PT Timah
Working Experiences Tbk (2001-2007) (Persero) Tbk (2001-2007)
2. Anggota Komite Audit PT PLN (Persero) 2. Member of Audit Committee at PT PLN (Persero)
(2009-2011) (2009-2011)
3. Ketua Komite Manajemen Risiko dan Investasi 3. Chairman of Risk and Investment Management
di PT Timah (Persero) Tbk (2007-2012) Committee of PT Timah (Persero) Tbk (2007-
2012)
4. Subject Matters Expert (SME) PT Telkom Tbk 4. Subject Matters Expert (SME) of PT Telkom
(2012) (Persero) Tbk (2012)
5. Ketua Jurusan Teknologi Industri Pertanian, 5. Head of Agriculture Industrial Technology,
Fakultas Teknologi Pertanian, Universitas Gadjah Faculty of Agricultural Technology, Gadjah Mada
Mada (2011-sekarang) University (2011-now)
• Rangkap Jabatan Tidak memiliki rangkap jabatan Do not have concurrent position
Concurrent Position
Pendidikan atau Pelatihan 1. Forum Group Discussion di Bandung (14-15 Juli 1. Forum Group Discussion at Bandung (July 14-15,
untuk Meningkatkan 2018) 2018)
Kompetensi 2. Kunjungan Kerja ke UBP Nikel Maluku Utara ( 27- 2. Working Visit to North Maluku Nickel Mining
2018) (August 10-12, 2018)

Benjamin Hassan, B.Ec

Usia Age 61 Tahun per 31 Desember 2018 61 years old as of December 31, 2018
Tempat & Tanggal Lahir Jakarta, 24 Desember 1957 Jakarta, December 24, 1957
Citizenship
Riwayat Pendidikan 1. Sarjana Ekonomi di University of Sydney, 1. Bachelor Economics at University of Sydney,
History of Education Australia (1986) Australia (1986)
2. MBA Distance Learning Program di Herriot- 2. MBA Distance Learning Program at Herriot-
00*%2!./%05Č'+0(* %ĨāĊĊćĩĪ!.0%ü'0 00*%2!./%05Č+0(* ĨāĊććĩĪƫ!.0%ü0!/%*
Keuangan dan Metode Kuantitatif] Finance and Quantitative Methods]
Riwayat Jabatan
History of Position
Legal Basis of Pengangkatan Anggota Komite Manajemen Risiko Appointment of the member of Risk Management
Appointment Committee
• Pengalaman Kerja āċ 0û!'.!0.%0!3*+)%/.%/ĨĂĀāăġĂĀāąĩ āċ ǫ+. +"ƫ+))%//%+*!./!.!0.%00û
Working Experiences (2013-2014)
2. Konsultan Keuangan dan Manajemen di 2. Financial and Management Consultants
PT IMG Kapital dan PT IMG Sejahtera at PT IMG Kapital and PT IMG Sejahtera
(2011-sekarang) (2011-sekarang)
3. Direktur Keuangan dan Operasi Badan Tim 3. Director of Finance and Operations of the PSSI
Nasional PSSI (2010) National Team (2010)
4. Kepala Keuangan dan Administrasi di Barwil 4. Head of Finance and Administration at Barwil
Agencies Indonesia (1999-2002) Agencies Indonesia (1999-2002)
Concurrent Position
Pendidikan atau Pelatihan 1. Forum Group Discussion di Bandung (14-15 Juli 1. Forum Group Discussion at Bandung (July 14-15,
untuk Meningkatkan 2018) 2018)
Kompetensi 2. Kunjungan Kerja ke UBP Nikel Maluku Utara 2. Working Visit to North Maluku Nickel Mining
Education or Training for (27-29 Juli 2018) Business Unit (July 27-29, 2018)
2018) (August 10-12, 2018)

Ir. Brahmantio Isdijoso, M.Sc.*

Tempat & Tanggal Lahir Malang, 2 Januari 1965 Malang, January 2, 1965
Citizenship
Riwayat Pendidikan 1. Sarjana Agribisnis, Institut Pertanian Bogor 1. Bachelor of Agribusiness, Bogor Agricultural
History of Education (1987) University (1987)
2. S2 Ekonomi Pertanian, Institut Pertanian Bogor 2. Master of Agricultural Economy, Bogor
(1991) Agricultural University (1991)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan SK Dewan Komisaris No. 19/DK/SK/V/2014 tentang BOC Decree No. 19/DK/SK/V/2014 about
Legal Basis of Pengangkatan Anggota Komite Manajemen Risiko. Appointment of Risk Management Committee.
Appointment
• Pengalaman Kerja 1. Kepala Bidang Rekomendasi Pengelolaan Risiko 1. Head of Fiscal Risk Management
Working Experiences Fiskal pada Pusat Pengelolaan Risiko Fiskal Recommendations on Fiscal Risk Management
Badan Kebijakan Fiskal, Kementerian Keuangan Center Fiscal Policy Agency, Ministry of Finance
(2011-2015) (2011-2015)
2. Direktur Pengelolaan Risiko Keuangan Negara, 2. Director of State Financial Risk Management,
Kementerian Keuangan (2015-sekarang) Ministry of Finance (2015-now)
• Jabatan Rangkap Komisaris PT INKA (2017-sekarang) Commissioner of PT INKA (2017-now)
Concurrent Position
Pendidikan atau Pelatihan - -
untuk Meningkatkan
Kompetensi
Education or Training for
*) Berhenti tanggal 1 April 2018 Ceased on April 1, 2018

Independensi Komite Manajemen Risiko Independency of Risk Management Committee

Dalam upaya untuk dapat menjaga independensi setiap In order to maintain the independency of each member of
anggota Komite, setiap tahun masing-masing anggota the Committee, annually each member of the Supporting
Komite Penunjang Dewan Komisaris memberikan Committee of the Board of Commissioners provides
pernyataan independensi. independency statement.
Bambang
Penyataan Independensi Robert A. Adi Djoko Benjamin Brahmantio
Gatot
Independency Statement Simanjuntak Guritno Hassan Isdijoso**
Ariyono*
Tidak berasal dari pihak yang menduduki jabatan
manajerial di bawah Direksi yang membidangi sumber
daya manusia.
3 3 3 3 3
Do not come from the parties occupying managerial
positions under the Board of Directors in charge of
human resources;
Tidak mempunyai saham langsung maupun tidak
langsung di ANTAM; 3 3 3 3 3
Keluarga tidak mempunyai saham langsung maupun
tidak langsung di ANTAM;
3 3 3 3 3
The family does not have a direct or indirect shares in
ANTAM;
% ')!),1*5%$11*#*Ƶü(%/% !*#**##+0
Dewan Komisaris, anggota Direksi, atau Pemegang
Saham Utama ANTAM;
3 3 3 3 3
+0 $2%*# þ(%0%+* 3%0$ )!)!. +" 0$! ǫ+. +"
Commissioners, members of the Board of Directors, or
major shareholders ANTAM;
Tidak mempunyai hubungan usaha baik langsung
maupun tidak langsung yang berkaitan dengan
kegiatan usaha ANTAM; 3 3 3 3 3
Not having business relationship directly or indirectly
related to the business activities ANTAM;
Tidak merangkap jabatan sebagai anggota komite
lainnya di ANTAM;
3 3 3 3 3
No concurrent positions as other committee members
in ANTAM;
Tidak menjabat sebagai pengurus partai politik dan/
atau calon/anggota legislative dan/atau merupakan
calon atau menjabat sebagai kepala/wakil kepala
pemerintahan daerah; 3 3 3 3
Not serve on the board of political parties and/or 3
candidates/members of legislative and/or a candidate
or as head/deputy head of regional government;
Tidak memiliki jabatan lain yang dapat menimbulkan
benturan kepentingan terkait dengan jabatan di
ANTAM. 3 3 3 3
3
Not having other position which may give rise to
+*ý%0/+"%*0!.!/0/.!(0! 0+,+/%0%+*/%*ƵƵ ċ
**) Berhenti tanggal 1 April 2018 Ceased on April 1, 2018
Pedoman Kerja Komite Manajemen Risiko Risk Management Committee Charter

Agar Komite Manajemen Risiko dapat berperan secara In order that the Risk Management Committee performs
!ü/%!* * !"!'0%"Č )' %/1/1* ! +)* !.& +)%0! !þ%!*0(5 * !û!0%2!(5Č %/' *#!)!*0 ƫ+))%00!!
Manajemen Risiko yang dimutakhirkan dan disahkan ƫ$.0!.3/ !2!(+,! * $/!!*1, 0! * .0%ü!
terakhir oleh Dewan Komisaris pada tanggal 29 Juli 2016 by the BOC on July 29, 2016 and has been published on
serta telah dipublikasikan di situs ANTAM. Pedoman Kerja ANTAM’s website. The Charter includes membership
tersebut mencakup struktur keanggotaan, persyaratan /0.101.!Č )!)!./$%, -1(%ü0%+* %*(1 %*# 0$!%.
keanggotaan termasuk persyaratan kompetensi dan competency and independency requirement, duty,
independensi, tugas, tanggung jawab dan wewenang, serta responsibility, authority, as well as meeting, reporting and
rapat, pelaporan dan anggaran. budgeting.

Tugas dan Tanggung Jawab Komite Manajemen Duties and Responsibilities of Risk Management
Risiko Committee
Tugas dan Tanggung Jawab Komite Manajemen Risiko The duties and responsibilities of the Risk Management
berpedoman pada Pedoman Kerja Komite Manajemen Committee are referring to the Risk Management
Risiko, diantaranya adalah: Committee Charter, which include:
1. Menelaah dan memberikan rekomendasi atas 1. Conducting reviews and providing recommendations
efektivitas pelaksanaan manajemen risiko Perusahaan +*0$!!û!0%2!*!//+"0$!ƫ+),*5Ě/.%/')*#!)!*0
dan atas rencana investasi Perusahaan yang material and on the Company’s investment plan which material
yang dilakukan oleh Divisi Manajemen Risiko; carried out by the Risk Management Division;
2. Pengawasan atas kegiatan dan pelaksanaan 2. Supervising over the activities and the implementation of
rekomendasi Komite Manajemen Risiko oleh Divisi the Risk Management Committee by the Risk Management
Manajemen Risiko dalam memantau pelaksanaan Division in monitoring the implementation of risk mitigation
mitigasi risiko oleh unit-unit kerja terkait; by related work units;
3. Analisis dan evaluasi atas RKAP dan review tahunan 3. Performing Analysis and evaluation of the Corporate
atas RJPP yang diajukan oleh Direksi, termasuk Work and Budget Plan and annual review of Long Term
usulan setoran modal dan rencana investasi di Anak Corporate Planning which submitted by the Board of
Perusahaan; Directors, including the proposed capital participation
4. Penelaahan melalui diskusi bersama manajemen atas and investment plans in Subsidiaries;
informasi risiko dan manajemen risiko Perusahaan yang 4. Conducting a review through discussions with
akan dipublikasikan; management of the Company’s for risk information and
5. Pembahasan atas risiko-risiko penting Perusahaan, risk management that will be published;
termasuk risiko pada perjanjian dengan pihak ketiga Ćċ %/1//%*# 0$! ƫ+),*5Ě/ /%#*%ü*0 .%/'/Č %*(1 %*#
yang dalam lingkup kewenangan pengawasan Dewan risks on agreements with third party within the
Komisaris; scope of the supervisory authority of the Board of
6. Memberikan masukan tentang kriteria dan kompetensi Commissioners;
kepada Direksi serta melakukan monitoring pekerjaan 6. Providing input on criteria and competencies to the
apabila Direksi menganggap perlu untuk menunjuk Board of Directors and monitoring the work of an
Konsultan Independen untuk menelaah proses Independent Consultant if the Board of Directors
Manajemen Risiko Perusahaan. considers it is necessary to appoint an Independent
Consultant to review the Company’s Risk Management
process.
Rapat Komite Manajemen Risiko Meeting of Risk Management Committee

Ketentuan atas pelaksanaan Rapat Komite Manajemen The Risk Management Committee meetings rules are stated
Risiko tercantum dalam Charter Manajemen Risiko. Komite in the Risk Management Charter. The Risk Management
Manajemen Risiko sekurang-kurangnya mengadakan rapat Committee Meeting is hold at least 2 (two) times in a month
2 (dua) kali dalam satu bulan, yang terdiri dari Rapat Pleno which consists of a Plenary Meeting that was attended
yang dihadiri oleh Ketua, Wakil Ketua serta anggota Komite by the Chairman, Vice Chairman and member of the Risk
Manajemen Risiko dan Rapat Khusus yang hanya dihadiri Management Committee and Special Meeting attended
oleh Anggota Komite Manajemen Risiko, Kedua jenis only by members of the Risk Management Committee.
rapat tersebut dapat mengundang Divisi dari manajemen Both meetings may invite the relevant division from the
ataupun pihak terkait lainnya sesuai kebutuhan. management or other related parties as needed.
Selama tahun 2018 telah dilaksanakan 23 (dua puluh tiga) During 2018, Risk Management Committee held 23 (twenty
kali rapat Komite Manajemen Risiko yang terdiri dari 12 three) meetings which comprising 12 (twelve) special
(dua belas) kali rapat khusus dan 11 (sebelas) kali rapat meetings and 11 (eleven) plenary meetings. The attendance
umum (pleno) Komite. Adapun kehadiran masing-masing of each member of Risk Management Committee in the
anggota Komite Manajemen Risiko dalam Rapat Komite Risk Management Committee Meeting 2018 as follows:
Manajemen Risiko selama tahun 2018 sebagai berikut:

Total Kewajiban Rapat Jumlah Kehadiran

No. Total Compulsary Number of
Name Position Meeting Attendance
Meeting Attendance
Ketua
1. Robert A. Simanjuntak 12 11 91,67%
Chairman
Bambang Gatot Wakil Ketua
2. 7 2 28,57%
Ariyono* Vice Chairman
Anggota
3. Adi Djoko Guritno 24 20 83,33%
Member
Anggota
4. Benjamin Hassan** 16 17 106,25%
Member
Anggota
5. Brahmantio Isdijoso*** 6 3 50,00%
Member
Rata-rata Kehadiran Rapat
71,96%
Average of Attendance Meeting
**) Diangkat tanggal 1 Mei 2018 Appointed in May 1, 2018
***) Berhenti tanggal 1 April 2018 Ceased on April 1, 2018
Penilaian Kinerja (KPI) Komite Manajemen Risiko Key Performance Indicator (KPI) of Risk
Management Committee
Dalam menjalankan tugas dan tanggung jawab, Komite In carrying out its duties and responsibilities, the Risk
Manajemen Risiko berpedoman pada Pedoman Kerja Management Committee refers to Risk Management
(Charter) Komite Manajemen Risiko yang kemudian Committee (Charter) which is described in detail under the
dijabarkan lebih detail dalam Program Kerja Komite Work Programme of Risk Management Committee 2018.
Manajemen Risiko untuk tahun 2018. Penilaian Komite The Risk Management Committee’s Evaluation Process is
Manajemen Risiko dilakukan melalui mekanisme self- carried out through a self-assessment mechanism using
assessment dengan menggunakan metode evaluasi dalam evaluation methods in a system stipulated in the Board
suatu sistem yang ditetapkan dalam Keputusan Dewan of Commissioners’ Decree. KPI achievement of the Risk
Komisaris. Pencapaian KPI Komite Manajemen Risiko di Management Committee in 2018 are as follows:
tahun 2018 sebagai berikut:
Bobot Pencapaian Bobot Indikator

Indikator Nilai x Pencapaian Nilai
No. Key Performance Indicator Weight Score Weight Indicator
Indicator Achievement x Score Achievement
(%) (%) (%)
Assessment of On Time Entry Reports
Capaian KPI Komite Manajemen Risiko Tahun 2018 100 92,47
Achievement of KPI of Risk Management Committee 2018

Remunerasi Komite Manajemen Risiko Remuneration of Risk Management Committee

Penetuan jumlah remunerasi Komite Manajemen Risiko The Remuneration of Risk Management Committee is
ditetapkan dengan mengacu pada Peraturan Menteri BUMN established refers to the Regulation of Minister of SOE
Nomor PER-12/MBU/2012 tentang Organ Pendukung Number PER-12/MBU/2012 concerning Supporting Organ
Dewan Komisaris/Dewan Pengawas Badan Usaha Milik of BOC/Supervisory Board of the State-Owned Enterprises
Negara yang mengatur bahwa penghasilan anggota that set the honorarium of the members of Committee at
Komite, yakni berupa honorarium maksimal sebesar 20% maximum of 20% (twenty percent) of the salary of the
(dua puluh persen) dari gaji Direktur Utama Perusahaan President Director of the Company with the provisions of
dengan ketentuan pajak ditanggung Perusahaan dan the tax paid by the Company and not allowed to receive
tidak diperkenankan menerima penghasilan lain selain other income in addition to the honorarium. Members
honorarium tersebut. Anggota Dewan Komisaris yang of the Board of Commissioners who acts as Chairman/
menjadi Ketua/anggota Komite Manajemen Risiko tidak member of the Risk Management Committee was not
diberikan penghasilan tambahan dari jabatan tersebut. granted the additional income from the position.
Pelaksanaan Tugas Komite Manajemen Risiko Implementation of Risk Management Committee Task
Selama tahun 2018, Komite Manajemen Risiko telah During 2018, the Risk Management Committee had carried
melaksanakan tugas dan tanggung jawabnya sesuai out its duties and responsibilities in accordance with Risk
Pedoman Kerja Komite Manajemen Risiko serta Program Management Committee Charter and Risk Management
Kerja Komite Manajemen Risiko 2018. Adapun realisasi Committee Work Program 2018. The realization of
pelaksanaan tugas Komite Manajemen Risiko di tahun 2018 the implementation of the tasks of Risk Management
diantaranya: Committee in 2018 were:
1. Program untuk mitigasi risiko hilirisasi; 1. Mitigation program of downstream risk;
2. Penelaahan atas informasi risiko dan manajemen 2. Review of risk information and risk management
risiko Perusahaan dalam laporan-laporan yang akan reports to be published;
dipublikasi; 3. Submission of a written report to the Board of
3. Penyampaian laporan tertulis kepada Dewan Komisaris Commissioners concerning the advice on improving
perihal saran perbaikan pengawasan dan pengendalian the supervision and internal controls and/or special
intern dan/atau penugasan khusus; assignments;
4. Melakukan pembahasan atas risiko-risiko kritis 4. Discuss the critical risks of the units and subsidiaries
pada unit-unit dan anak perusahaan di lingkungan within the Company, as required.
Perusahaan, sesuai kebutuhan.

Sekretaris Perusahaan
Corporate Secretary
Sebagai sebuah Perusahaan Terbuka, ANTAM wajib As a listed company, ANTAM shall have a Corporate
memiliki Sekretaris Perusahaan yang berfungsi sebagai Secretary that serves as a liaison between Company and
penghubung antara Perusahaan dengan Pemegang Saham the Shareholders as well as other Stakeholders to ensure the
serta Pemangku Kepentingan lainnya untuk memastikan Company’s compliance with the capital market regulations
kepatuhan Perusahaan terhadap peraturan perundang- * "1(ü()!*0 +" %0/ 10%!/ * .!/,+*/%%(%0%!/ / /00!
undangan di bidang Pasar Modal serta tugas dan tanggung in Financial Services Authority Regulation Number
jawab lainnya sebagaimana tercantum dalam Peraturan 35/POJK.04/2014 concerning of Corporate Secretary on
Otoritas Jasa Keuangan Nomor 35/POJK.04/2014 tentang Public Company. In addition to regulate the duties and
Sekretaris Perusahaan Emiten atau Perusahaan Publik. responsibilities of Corporate Secretary, the regulation
Selain mengatur tentang tugas dan tanggung jawab also include the requirements and competencies that the
Sekretaris Perusahaan, dalam peraturan tersebut juga Corporate Secretary must have.
mencantumkan tentang persyaratan dan kompetensi yang
harus dimiliki oleh Sekretaris Perusahaan.
Sekretaris Perusahaan bertanggung jawab langsung kepada Corporate Secretary is directly responsible to the Board
Direksi serta diangkat dan diberhentikan berdasarkan of Directors and appointed and dismissed based on the
Keputusan Direksi dengan mekanisme internal Perusahaan Decree of the Board of Directors in accordance with the
dengan persetujuan Dewan Komisaris. Company’s internal mechanism and subject to the Board
of Commissioners approval.

Tim Corporate Secretary ANTAM

ANTAM’s Corporate Secretary Team
Struktur Organisasi Sekretaris Perusahaan Organizational Structure of Corporate Secretary

Berdasarkan Keputusan Direksi Nomor 1308.K/0251/ Based on the Decree of the Board of Directors Number
DAT/2018 tanggal 4 Desember 2018 tentang Susunan 1308.K/0251/DAT/2018 dated December 4, 2018
Organisasi Kantor Pusat ANTAM, Divisi Corporate Secretary concerning Organizational Structure of ANTAM, The
berada di bawah Direktur Utama dengan struktur sebagai Corporate Secretary Division is below the President
berikut: Director with the following structure:
Direktur Utama
President Director
Senior Vice President

Corporate Secretary
Secretariat
Assistant Manager
GCG Implementation Investor Relations Public Relations

Manager Manager Manager

.+ü(!'.!0.%/!.1/$*
.+ü(!+"ƫ+.,+.0!!.!0.5
Aprilandi Hidayat Setia, S.T., M.M., MBA

Sekretaris Perusahaan
Corporate Secretary
Tempat & Tanggal Lahir Palembang, 29 April 1975 Palembang, April 29, 1975
Citizenship
Riwayat Pendidikan 1. S1 Tambang Umum, ITB (1998) 1. Bachelor Degree of Mining, ITB (1998)
History of Education 2. Magister Manajemen, STIE IPMI (2004) 2. Master in Management, STIE IPMI (2004)
3. Magister Administrasi Bisnis, Monash University 3. Master of Business Administration, Monash
(2005) University (2005)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan Surat Keputusan Direksi No. 275.K/7333/DAT/2017 Decree of the Board of Directors No. 275.K/7333/
Legal Basis of DAT/2017
Appointment
• Pengalaman Kerja 1. ASM Trading (2008-2011) 1. ASM Trading (2008-2011)
Working Experiences 2. ASM Nickel Marketing (2011-2012) 2. ASM Nickel Marketing (2011-2012)
3. Nickel Marketing Bureau Head (2012-2013) 3. Nickel Marketing Bureau Head (2012-2013)
4. Manajer Pemasaran Feronikel dan Produk lain 4. Ferronickel-Other Product Marketing Manager
(2013-2015) (2013-2015)
5. Vice President, Sales and Marketing (2015-2017) 5. Vice President, Sales and Marketing (2015-2017)
• Jabatan Rangkap Tidak memiliki rangkap jabatan sesuai POJK Do not have concurrent position regarding FSA
Concurrent Position No. 35/POJK.04/2014 Regulation No. 35/POJK.04/2014
Domisili Lebak Bulus, Jakarta Selatan Lebak Bulus, South Jakarta
Domicile
Alur Pengangkatan/Pemberhentian SVP Corporate Secretary

Mechanism of Appointment and Dismissal SVP Corporate Secretary
1 2 3 4
Penyampaian Usulan
Menyampaikan Laporan
Pengangkatan/ Penetapan
Mengenai Pengangkatan/
Pemberhentian SVP Pengangkatan/
Persetujuan Dewan Pemberhentian SVP
Corporate Secretary Pemberhentian melalui
Komisaris Corporate Secretary
kepada Dewan Komisaris Surat Keputusan Direksi
kepada OJK
Submission of Propossed Approval of the Board Decision of the
of Commissioners Submit a Report of the
Appointment/Dismissal Appointment/Dismissal
Appointment/Dismissal of
of SVP Corporate by the Decree of the
SVP Corporate Secretary
Secretary to the Board of Board of Directors
to the FSA
Commissioners

Pengangkatan Sekretaris Perusahaan telah disampaikan The appointment of Corporate Secretary has reported to
kepada OJK melalui surat Nomor 2324/09/DCS/2017 the FSA by letter Number 2324/09/DCS/2017 dated May
tanggal 23 Mei 2017, serta diumumkan dalam website 23, 2017 and announced on the Company’s website.
Perusahaan.
Program Pengembangan Keahlian Sekretaris Competency Development Program of Corporate

Perusahaan Secretary
Program pengembangan keahlian yang diikuti Sekretaris Competency development programs attended by the
Perusahaan selama tahun 2018, sebagai berikut: Corporate Secretary in 2018 were as follows:
Waktu Pelaksanaan
Pelatihan/Workshop Penyelenggara
No. Training
Training/Workshop Organizer
Date of Training
1. 2nd Indonesian Conference on Governance and Sustainability April 5, 2018 IICG
2. .%*%*#+".%*!.*%0!*#!* (%.0%ü'/% April 18-19, 2018 KPK
.%*%*#+".%*!..0%ü0%+*ƫ+*0.+(*%0
3. !)%*. *%0%(1(%û!.%*#1*01'!.1/$*!.00 * October 8, 2018 IDX
Entitas Anak
!)%*. *%0%(1(%û!.%*#"+.%/0! ƫ+),*5* 1/% %.%!/
4. The 11th Annual dbAccess Indonesia Conference 2018 November 14, 2018 Deutsche Bank
5. Strategic Leaders Alignment Workshop December 6-7, 2018 DDI
6. 10 IICD Corporate Governance Conference
th
December 10, 2018 IICD
Tugas dan Tanggung Jawab Sekretaris Perusahaan Duties and Responsibilities of Corporate Secretary
Tugas dan tanggung jawab Sekretaris Perusahaan Duties and responsibilities of Corporate Secretary are
tercantum dalam Job Description SVP Corporate Secretary listed in Job Description of SVP Corporate Secretary
yang diperbaharui terakhir sesuai dokumen Nomor 0556/ which is lastly updated in accordance with the document
JD tanggal 13 Desember 2017. Tanggung jawab utama Number 0556/JD dated December 13, 2017. The main
Sekretaris Perusahaan diantaranya pengelolaan terhadap: responsibilities of the Corporate Secretary include the
1. Compliance Perusahaan yang berhubungan dengan following management:
regulasi, penyelenggaraan dan dokumentasi RUPS 1. Compliance of the Company related to Regulation, the
termasuk penyusunan materi internal dan eksternal, implementation and documentation of GMOS including
mengarahkan koordinasi internal terkait aspek the preparation of internal and external material,
compliance pasar modal serta kajian peraturan pasar directing the internal coordination related to capital
modal dan dampaknya terhadap Perusahaan; market compliance aspects and review of capital
2. Ekspektasi Pasar meliputi penetapan strategi market regulation and its impact to the Company;
dan monitoring program investor relations untuk 2. Market Expectations include the establishment of
memastikan ekspektasi pasar terhadap Perusahaan; strategy and monitoring the investor relations program
3. Reputasi Perusahaan di Mata Publik & Media melalui to ensure market expectation to the Company;
penetapan dan pelaksanaan strategi Corporate 3. Corporate Reputation in the Public and Media through
Communications untuk publik, media dan internal the adoption and implementation of Corporate
Perusahaan; Communications strategy in communicating with the
4. Materi publikasi dengan menetapkan strategi Public, Media and internal of the Company;
implementasi atas publikasi non media Perusahaan 4. Publication material by determining the implementation
1*01' ,1(%' *+*ġü**/%(Č %*2!/0+. * )/5.'0 strategy on the Company’s non-media publications for
keuangan melalui iklan media massa Perusahaan *+*ġü**%(,1(%Č%*2!/0+./* ü**%(+))1*%05
0!.'%0 /,!' ü**/%( * *+* ü**/%( #. .!,10/% 0$.+1#$ 2!.0%/%*#+*)//)! %.!(0! 0+ü**%(
Perusahaan dan ekspektasi pasar dapat terjaga dengan * *+*ġü**%( /,!0/ 0+ )%*0%* 0$! ƫ+),*5Ě/
baik; reputation and market expectations;
5. Ketersediaan informasi dan pengkinian konten situs 5. Information availability, accessibility and update
ANTAM; content on ANTAM’s website;
6. Hubungan dan Komunikasi ANTAM dengan pihak 6. ANTAM relationship and communications with internal
internal dan eksternal; and external parties;

7. GCG Manual Building seperti review dan pengkinian atas 7. GCG Manual Building such as review and update the
Charter Direksi, Corporate Governance Policy, Standar Charter of the Board of Directors, Corporate Governance
Etika Perusahaan dan softstructure GCG lainnya untuk Policy, Code of Conduct and other GCG softstructures
memastikan keselarasan dan kelengkapan dokumen to ensure the alignment and completeness of
serta publikasi (disclosure) sesuai regulasi yang berlaku documents and publications (disclosure) on ANTAM’s
baik di situs maupun di portal internal ANTAM; website and internal portal in accordance with the
8. Praktik GCG dan continuous improvement dengan prevailing regulations;
menetapkan strategi pelaksanaan tata kelola 8. GCG practice and continuous improvement by determining
Perusahaan yang baik, asesmen GCG dan monitoring a good corporate governance implementation strategy,
implementasi tindak lanjut rekomendasi asesmen; GCG assessment and monitoring the follow up of GCG
9. Penguatan GCG melalui internalisasi dan sosialisasi praktik assessment recommendations;
GCG pada seluruh proses hingga ke Anak Perusahaan; 9. Strengthening GCG through internalization and
10. Penyelenggaraan dan dokumentasi Rapat Direksi; socialization of GCG practices in the whole process of
11. Orientasi/program pengenalan bagi anggota Dewan the and Subsidiaries;
Komisaris dan Direksi; 10. Conducting and documenting of the Board of Directors’
12. Administrasi kesekretariatan Perusahaan dan Meeting;
dokumentasi database Perusahaan. 11. Induction program for members of the Board of
Commissioners and the Board of Directors;
12. Corporate secretarial administration and the Company’s
database documentation.
Pelaksanaan Tugas Sekretaris Perusahaan Tahun Implementation of Duties and Responsibilities of

2018 Corporate Secretary 2018
Selama tahun 2018, Sekretaris Perusahaan telah During 2018, the Corporate Secretary had been carrying
melaksanakan tugasnya antara lain sebagai berikut: out the following duties:
1. Menyelenggarakan RUPS Tahun Buku 2017 1. Organizing GMOS for Financial Year 2017 held on April
yang diselenggarakan pada 12 April 2018 dan 12, 2018, and documenting the minutes of the meeting,
mendokumentasikan risalah rapat, akta-akta RUPS GMOS deeds and other matters related to the GMOS
beserta hal-hal lain yang terkait dengan pelaksanaan implementation to be further reported to Capital Market
RUPS selanjutnya dilaporkan kepada Otoritas Pasar Authorities and published on the Company’s website;
Modal dan dipublikasikan pada situs Perusahaan; 2. Coordinating BOD’s meeting and preparing, maintaining
2. Mengkoordinasikan Rapat Direksi serta Membuat, and documenting the Minutes of the BOD’s Meeting;
menyimpan dan mendokumentasikan Risalah Rapat 3. Documenting list of Shareholders;
Direksi; 4. Ensuring that the quality management system is in
3. Mendokumentasikan Daftar Pemegang Saham; accordance with ISO 9001:2015;
4. Memastikan bahwa pelaksanaan sistem manajemen Ćċ ),(!)!*0%*# +),(%*! !û+.0/ .!(0! 0+ *0%ġ
mutu sesuai dengan standar ISO 9001:2015; +..1,0%+* 00%01 !Č #.0%ü0%+* +*0.+( *
5. Melaksanakan upaya kepatuhan terkait sikap anti submission and socialization in co-ordination with KPK;
'+.1,/%Č ,!*#!* (%* #.0%ü'/% * ,!*5),%* 6. Related to GCG Implementation Activities:
LHKPN serta pelaksanaan sosialisasi dengan bersinergi a. Managing and carrying out review on the Corporate
dengan KPK; Governance documentations;
6. Terkait kegiatan GCG Implementation: b. Carrying out ANTAM GCG Implementation
a. Mengelola dan melakukan review terhadap Assessment 2018;
dokumen tata kelola Perusahaan; c. Conducting GCG socialization to Units/Business
b. Melaksanakan Assessment Implementasi GCG Units and Subsidiaries.
ANTAM Tahun Buku 2018; d. Providing Company Induction Program for New
c. Melakukan sosialisasi GCG ke Unit/Unit Bisnis dan Employee
Anak Perusahaan. 7. Related to Investor Relations Activities:
d. Memberikan Program Pengenalan Perusahaan bagi a. Organizing Investor Conference and Non-Deal
Pegawai baru Roadshow;
7. Terkait Kegiatan Investor Relation: b. Conducting Mine Site Visit with investors to
a. Melakukan Investor Conference and Non Deal Southeast Sulawesi Nickel Mining Business Unit and
Roadshow; Bauxite Mining Business Unit;
b. Melakukan Mine Site Visit dengan investor ke UBP
Nikel Sulawesi Tenggara dan UBP Bauksit;

c. Melakukan korespondensi dengan Wali Amanat; c. Carrying on correspondences with Trustees;

d. Melaksanakan pelaporan Informasi material kepada d. Reporting any material information to the Indonesia
Bursa Efek Indonesia, Otoritas Jasa Keuangan, dan Stock Exchange, the Financial Services Authority
ASX; and the ASX;
e. Melakukan pengkinian informasi pada website e. Updating the information contained in Company’s
Perusahaan; website;
f. Melakukan pertemuan dengan Analis Pasar Modal. f. Meeting with Capital Market Analyst.
8. Terkait Kegiatan Public Relation: 8. Related to Public Relations Activities:
a. Melakukan pengkinian informasi dan pengelolaan a. Updating Company’s information and managing
media komunikasi perusahaan, bulletin Perusahaan Company’s media communication, Company’s bulletin
(ANTAMedia) pada portal internal Perusahaan; (ANTAMedia) on Company’s Internal Portal portal;
b. Mengelola keikutsertaan ANTAM pada kegiatan di b. Managing events in the public through exhibitions,
publik umum melalui pameran, penghargaan publik, public awards, sponsorship participation, social
partisipasi sponsorship, dan pengelolaan media media and internal activity management;
sosial dan kegiatan internal ANTAM; c. Preparing the Company’s publication material in
c. Melakukan persiapan materi publikasi perusahaan printed, audio or visual form;
dalam bentuk cetak, audio, ataupun visual; d. Managing relations with media through publication
d. Mengelola hubungan dengan media melalui materi material, advertisement and advertorial.
publikasi, iklan dan advertorial. 9. Related to Secretariat Administration:
9. Terkait Administrasi Kesekretariatan: a. Managing correspondences and archival;
a. Melakukan pengelolaan persuratan dan kearsipan; b. Organizing the socialization of the Company’s
b. Melakukan sosialisasi Kebijakan Pengelolaan Business Correspondence Management and
Persuratan Dinas dan Kearsipan Perusahaan; Archiving Policy;
c. Pengelolaan penyimpanan dokumen Perusahaan. c. Performing the Company’s document retention
management.
Evaluasi Kinerja Divisi Corporate Secretary Performance Evaluation of Corporate Secretary

Division
Kinerja Divisi Corporate Secretary diukur dan dinilai dari The performance of Corporate Secretary Division is
pencapaian Key Performance Indicator (KPI) yang dinilai measured and assessed according to the achievement of
secara tahunan dan merupakan bentuk kontrak manajemen its Key Performance Indicator (KPI) which is evaluated
antara SVP Corporate Secretary dengan Direktur Utama. annually and constitutes as a management contract
Beberapa Indikator Utama dalam KPI Corporate Secretary between SVP Corporate Secretary and President Director.
adalah sebagai berikut: Some Key Indicators of Risk Management Division are:
1. Pengelolaan atas Pemenuhan dan Ketersediaan āċ *#!)!*0 +" 1(ü()!*0 * Ƶ2%(%(%05 +"
Informasi dan Kecukupan Corporate Governance; Information and Adequacy of Corporate Governance;
2. GCG Improvement; 2. GCG Improvement;
3. Implementation of Media Relation Events and 3. Implementation of Media Relation Events and
Publications; Publications;
4. Implementation of Corporate Events and Internal 4. Implementation of Corporate Events and Internal
Publication; Publication;
5. On time Stock Exchange Related Report and Press 5. On time Stock Exchange Related Report and Press
Release; Release;
6. Implementation of Investor Relations Events and 6. Implementation of Investor Relations Events and
Follow Up; Follow Up;
7. Pemenuhan Kepatuhan Peraturan Pasar Modal; Ĉċ 1(ü()!*0+"ƫ+),(%*!0+ƫ,%0( .'!0!#1(0%+*Ď
8. Pengelolaan Kesekretariatan (Persuratan dan ĉċ !.!0.%0 *#!)!*0 Ĩ+..!/,+* !*! * ü(%*#ĩĎ
Kearsipan); dan and
9. Implementation of External Events 9. Implementation of External Events
Berdasarkan realisasi kinerja, rata-rata pencapaian Key Based on the performance realization, average of the
Performance Indicator (KPI) Divisi Corporate Secretary achievement of Key Performance Indicator (KPI) of
pada tahun 2018 sebesar 108,52%. Corporate Secretary Division in 2018 is 108.52%.

Audit Internal
Internal Audit
Dalam Pelaksanaan Tugas dan Tanggung Jawabnya, Internal Audit

ƵƵ /!((1ǫ!.0%* '&!'0%"ČƬ * !,!* !* *ǫ!.%*0!#.%0/
In the Implementation of Duties and Responsibilities, ANTAM’s Internal
Audit always Acts Objectively, Independently and with Integrity
Audit Internal merupakan suatu kegiatan pemberian Internal Audit is activities that includes the provision of
keyakinan (assurance) dan konsultasi yang bersifat +*ü !*! Ĩ//1.*!ĩ * %* !,!* !*0 * +&!0%2!
independen dan obyektif, dengan tujuan untuk consultation, which aims to increase the Company’s value
meningkatkan nilai Perusahaan dan memperbaiki kinerja and improve the Company’s operational performance,
operasional Perusahaan, melalui pendekatan yang through a systematic approach, by evaluating and
sistematis, dengan cara mengevaluasi dan meningkatkan %),.+2%*# 0$! !û!0%2!*!// +" .%/' )*#!)!*0Č %*0!.*(
efektivitas manajemen risiko, pengendalian internal, dan control, and corporate governance process.
proses tata kelola Perusahaan.
Struktur Organisasi Divisi Internal Audit Organizational Structure of Internal Audit Division
Dalam struktur organisasi Perusahaan, Divisi Internal Audit In the organizational structure, Internal Audit Division
ditempatkan langsung di bawah Direktur Utama sesuai is positioned directly under the President Director by
dengan SK Direksi Nomor 1308.K/0251/DAT/2018 tanggal the BOD Decree Number 1308.K/0251/DAT/2018 dated
4 Desember 2018. December 4, 2018.
Dalam hubungan dengan Dewan Komisaris selaku Organ In relation to the Board of Commissioners as the
Pengawas Perusahaan, Pimpinan Divisi Internal Audit juga Supervisory Organ, the Head of the Internal Audit Division
menyampaikan seluruh laporan hasil pemeriksaannya also submits all reports on the results of the audit to the
kepada Dewan Komisaris. Divisi Internal Audit juga Board of Commissioners. The Internal Audit Division also
mengadakan pertemuan rutin dengan Direksi dan holds regular meetings with the Board of Directors and the
Dewan Komisaris ataupun Komite Audit selaku Komite Board of Commissioners or the Audit Committee as the
Penunjang Dewan Komisaris untuk membahas hal-hal yang Supporting Committee of the Board of Commissioners to
mengandung indikasi kelemahan pengendalian internal discuss matters that contain indications of weaknesses in
Perusahaan. the Company’s internal controls.

Struktur Organisasi Divisi Internal Audit

Organizational Structure of Internal Audit Division
Direktur Utama
President Director
Senior Vice President

Internal Audit
Internal Audit Quality

Audit & Consulting Lead Auditor &
Assurance & System
Manager Senior Auditor
Development Manager
Pengangkatan SVP Internal Audit Appointment of SVP Internal Audit

Dasar hukum pengangkatan Kepala Unit Internal Audit The legal basis for the appointment of the Head of Internal
(SVP Internal Audit) mengacu pada Peraturan Otoritas Jasa Audit Unit (SVP Internal Audit) refers to the Regulation of
Keuangan Nomor 56/POJK.04/2015 tentang Pembentukan the Financial Services Authority Number 56/POJK.04/2015
dan Pedoman Penyusunan Piagam Unit Audit Internal yang concerning the Establishment and Guidelines for the
mengatur bahwa Kepala Unit Audit Internal diangkat dan Formation of the Charter of the Internal Audit Unit which
diberhentikan oleh Direktur Utama atas persetujuan Dewan stipulates that the Head of the Internal Audit Unit is
Komisaris. Selanjutnya, setiap terjadinya pengangkatan, appointed and dismissed by the President Director upon
penggantian, atau pemberhentian Kepala Unit Audit the approval of the Board of Commissioners. Furthermore,
Internal, Perusahaan wajib menyampaikan pemberitahuan the Company shall notify the Financial Services Authority
kepada Otoritas Jasa Keuangan (OJK). (OJK) of any appointment, replacement or dismissal of the
Head of the Internal Audit Unit.
SVP Internal Audit dijabat oleh Hardianto Tumpak Based on decision of the Board of Directors Number
Manurung ST, MEBM, CIA berdasarkan Keputusan Direksi ĉăĀċĥĈăăăĥƵĥĂĀāĈČ 3$%$ !û!0%2! +* +2!)!. āČ
Nomor 830.K/7333/DAT/2017 yang berlaku efektif per 2017, the position of SVP Internal Audit is held by Hardianto
1 November 2017. Pengangkatan SVP Internal Audit Tumpak Manurung ST, MEBM, CIA. The appointment of
tersebut telah mendapatkan persetujuan Dewan Komisaris the SVP Internal Audit has been approved by the Board
berdasarkan Surat Dewan Komisaris kepada Direktur Utama of Commissioners based on the Letter of the Board
Nomor 227/DK/SRT/X/2017/Rhs tanggal 27 Oktober 2017 of Commissioners to the President Director Number
tentang Persetujuan Pengangkatan Penggantian Pejabat 227/DK/SRT/X/2017/Rhs dated October 27, 2017,
SVP Internal Audit, dan telah diberitahukan kepada concerning Approval for the Appointment and
Otoritas Jasa Keuangan melalui surat Nomor 5996/09/ !,(!)!*0+"0$!þ%(+" *0!.*(Ƶ1 %0* $/
DCS/2017 tanggal 15 Desember 2017 tentang Penyampaian !!**+0%ü! 0+0$!%**%(!.2%!/Ƶ10$+.%050$.+1#$
Perubahan Kepala Unit Audit Internal. letter Number 5996/09/DCS/2017 dated December 15,
2017, concerning the Notice of Changes to the Head of the
Internal Audit Unit.

Alur Pengangkatan/Pemberhentian SVP Internal Audit

Mechanism of Appointment and Dismissal SVP Internal Audit
1 2 3 4
Penyampaian Usulan
Menyampaikan Laporan
Pengangkatan/ Penetapan
Mengenai Pengangkatan/
Pemberhentian SVP Pengangkatan/
Persetujuan Dewan Pemberhentian SVP
Internal Audit kepada Pemberhentian melalui
Komisaris Internal Audit kepada
Dewan Komisaris Surat Keputusan Direksi
OJK
Submission of Proposed Approval of the Board Decision of the
of Commissioners Submit a Report on the
Appointment/Dismissal Appointment/Dismissal
Appointment/Dismissal of
of SVP Internal Audit by the Decree of the
the SVP Internal Audit to
to the Board of Board of Directors
the FSA
Commissioners
.+ü( *0!.*(Ƶ1 %0
.+ü(!+" *0!.*(Ƶ1 %0
Hardianto Tumpak Manurung, MEBM., CIA.,

CRMP, CRMA
Senior Vice President Internal Audit
Tempat & Tanggal Lahir Medan, 18 Mei 1971 Medan, May 18, 1971
Citizenship
Riwayat Pendidikan 1. Sarjana Teknik Kimia, Universitas Sumatera Utara 1. Bachelor of Chemical Engineering, Sumatera
History of Education (1996) Utara University (1996)
2. Magister Manajemen Bisnis dan Lingkungan, 2. Master of Environmental and Business
$!*%2!./%05+"!3/0(!ġƵ1/0.(%ƬĨĂĀĀćĩ Management, The University of Newcastle -
Australia (2006)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan Surat Keputusan Direksi No. 830.K/7333/DAT/2017 The Board of Directors Decree No. 830.K/7333/
Legal Basis of DAT/2017
Appointment
• Pengalaman Kerja 1. Auditor Madya pada Senior Manager Internal 1. Auditor Madya in Senior Manager Internal Audit
Working Experiences Audit Service Delivery (2008) Service Delivery (2008)
2. Assistant Senior Manager Auditing and 2. Assistant Senior Manager Auditing and
Consulting (2008-2012) Consulting (2008-2012)
3. Audit and Consulting Manager (2012-2014) 3. Audit and Consulting Manager (2012-2014)
4. Lead Auditor 2 (2014-2017) 4. Lead Auditor 2 (2014-2017)

1)($!./+*%(Č1(%ü'/%!.0!.0%ü'/%%2%/% 1)!.+"!./+**!(Č1(%ü0%+**

Internal Audit ƫ!.0%ü0%+*+" *0!.*(Ƶ1 %0%2%/%+*
Dalam menjalankan fungsi pengawasan, per 31 Desember In performing the Control function, as per December 31,
2018, Divisi Internal Audit memiliki 12 (dua belas) personil 2018, the Internal Audit Division has 12 (twelve) personnel
!*#*'1(%ü'/%/!.0%ü'/%/!#%!.%'10č 3%0$0$!!.0%ü0%+*-1(%ü0%+*//"+((+3/č
Nama Jabatan Background Pendidikan

No
Name Position Education Background
1. Hardianto Tumpak Senior Vice President Internal Audit - Teknik Kimia (S1)
Manurung Bachelor of Chemical Engineering
- Magister Manajemen Bisnis dan Lingkungan (S2)
Master of Environment Bussiness Management
2. 10!&+Ƶ.%ü* Lead Auditor - Teknik Informatika (S1)
Bachelor of Information Technology
3. Pertiwi Maladjuwita Lead Auditor - Teknik Kimia (S1)
Bachelor of Chemical Engineering
- Magister Manajemen Pemasaran (S2)
Master of Marketing Management
4. Aldila Kusuma Internal Audit Quality Assurance & System - Teknik Industri (S1)
Wardhani Development Manager Bachelor of Industrial Engineering
- Magister Ilmu Manajemen Keuangan (S2)
Master of Finance Management
5. Heru Dharma Senior Auditor 1 - Teknik Pertambangan (S1)
Bachelor of Mining Engineering
6. Fuad Ashari Senior Auditor 1 - Teknik Tambang Metalurgi (S1)
Bachelor of Mining Metallurgy Engineering
- Magister Manajemen Keuangan (S2)
Master of Finance Management
7. Siti Auliah Senior Auditor 2 - Ekonomi Manajemen (S1)
Bachelor of Economic Management
8. Anis Dwi Harwati Senior Auditor 2 - Akuntansi (S1)
Bachelor of Accounting
- Magister Management (S2)
Master of Management
9. Muhammad Adityo K Auditor 1 - Teknik Metalurgi (S1)
Bachelor of Metallurgy Engineering
10. Yudi Tjahjono Auditor 2 - Manajemen (S1)
Bachelor of Management
- Magister Manajemen (S2)
Master of Management
11. Putra Mardhika Utama Operation and Production Audit Specialist - Teknik Mesin (S1)
Bachelor of Mechanical Engineering
12. Rahmad Nur Huda Internal Audit Quality Assurance - Akuntansi (D3)
!*%+.þ!. Diploma of Accounting
Program Pengembangan Kapabilitas Sumber Programs For Capability Development of the

5 *1/%Ĩ ĩ *0!.*(Ƶ1 %0 *!.0%ü'/% Internal Audit Human Resources (HR) and
Profesi Audit ƫ!.0%ü0%+*+"Ƶ1 %0.+"!//%+*
Dalam meningkatkan kualitas personil Internal Audit sesuai For enhancing the quality of Internal Audit personnel in
dengan kebutuhan untuk pelaksanaan tugas Internal Audit, accordance with the need for Internal Audit duties, in 2018
di tahun 2018 personil Internal Audit telah mengikuti Internal Audit personnel have attended various capability
berbagai program pengembangan kapabilitas dalam development programs to improve their knowledge and
rangka meningkatkan pengetahuan dan kemampuan, capabilities, including:
antara lain:

Jumlah Personil IA
Waktu Pelaksanaan yang Mengikuti
Penyelenggara
No. Training/Workshop/Seminar Training The Number of
Organizer
Date of Training Internal Audit
Personnel Who Follow
1. Inhouse Training Key User SAP Modul PMPS 9-19 Januari 2018 ANTAM 1
Key User SAP Modul PMPS Inhouse Training January 9-19, 2018
2. CIA Review Course 5-14 Maret 2018 IIA 1
March 5-14, 2018
3. !(0%$*!.0%ü'/% ƵČƵ1 %0 *0!.*%*#'0 8-29 Maret 2018 YPIA 1
Dasar I March 8-29, 2018
Ƶƫ!.0%ü0%+*.%*%*#Č *0!.*(Ƶ1 %0ǫ/%
Level I
4. Pendekatan Hipnoterapi untuk Menunjang 21-23 Maret 2018 FKSPI ESDM 3
Tugas Auditor dalam Era Disruption March 21-23, 2018
Hypnotherapy Approach to Support the
Auditor's Duties in an Era of Disruption
5. Inhouse Training User SAP 22-23 Maret 2018 ANTAM 1
SAP User In house Training March 22-23, 2018
6. Auditors Talk Ramadhan FKSPI 7 Juni 2018 FKSPI 2
June 7, 2018
7. !(0%$*!.0%ü'/% ƵČƵ1 %0 *0!.*%*#'0 25 Juni-6 Juli 2018 YPIA 1
Dasar II June 25-July 6, 2018
Ƶƫ!.0%ü0%+*.%*%*#Čǫ/% *0!.*(Ƶ1 %0
8. Round Table Discussion “Anti Bribery 26 Juni 2018 IIA 1
Management System – Ethical Perspective” June 26, 2018
9. Block Chain is the Future, Unleash the Power 3 Juli 2018 ISACA Indonesia 1
Seminar July 3, 2018 Chapter
10. !(0%$*!.0%ü'/% ƵČƵ1 %0 *0!.*%*#'0 20-31 Agustus 2018 YPIA 2
Dasar I August 20-31, 2018
Ƶƫ!.0%ü0%+*.%*%*#Č *0!.*(Ƶ1 %0ǫ/%
Level I
11. Psikologi Auditor Professional 4-5 Oktober 2018 FKSPI ESDM 2
Psychology of Professional Auditors October 4-5, 2018
12. Inhouse Training User SAP 29 November 2018 ANTAM 1
SAP User In house Training November 29, 2018
13. Konferensi Akbar ISACA (untuk 15-16 November 2018 ISCA Indonesia 1
)!),!.0$*'*/!.0%ü'/%ƫ Ƶĩ November 15-16, 2018 Chapter
ISACA Grand Conference (to maintain CISA
!.0%ü0%+*ĩ
14. Best Practice in Internal Auditing Workshop 5-6 Desember 2018 IIA 1
December 5-6, 2018
15. DAI’s RBIA Journey 29 Desember 2018 Professional 1
December 29, 2018 Auditor Forum
(PAF) &
Department
Audit Intern Bank
of Indonesia
16. Rapat Koordinasi IA dan QMA Unit/Unit Bisnis 13-14 Desember 2018 Internal Audit 14
Coordination Meeting of Internal Audit and December 13-14, 2018 ANTAM
QMA Unit/Business Unit
!.0%ü'/%!./+*%(%2%/% *0!.*(Ƶ1 %0

ƫ!.0%ü0%+*+" *0!.*(Ƶ1 %0!./+*!(/
Jumlah Personil Internal Audit
!.0%ü'/% Dikeluarkan Oleh
No. Number of Internal Audit
ƫ!.0%ü0%+* Issued By
Personnel
1. ƫ!.0%ü! *0!.*(Ƶ1 %0+. The Institute of Internal Auditor (The IIA), New York USA 1
2. $!ƫ!.0%ü0%+*%*%/' The Institute of Internal Auditor (The IIA), New York USA 1
Management Assessment (CRMA)
3. ƫ!.0%ü! *"+.)0%+* The Information Systems Audit and Control Association 1
Systems Auditor (ISACA), USA

Jumlah Personil Internal Audit

!.0%ü'/% Dikeluarkan Oleh
No. Number of Internal Audit
ƫ!.0%ü0%+* Issued By
Personnel
4. 1(%ü! *0!.*(Ƶ1 %0+. Yayasan Pendidikan Internal Audit (YPIA)-Jakarta 2
Internal Audit Education Foundation-Jakarta
5. Professional Internal Auditor Pusat Pengembangan Akuntansi & Keuangan (PPAK)- 1
Jakarta
Accounting & Finance Development Center (PPAK)-
Jakarta
6. ƫ!.0%ü! %/' *#!)!*0 !)#!.0%ü'/%.+"!/% *&!)!*%/%'+Ĩ ĩġ 3
Professional Jakarta
%/' *#!)!*0.+"!//%+*(ƫ!.0%ü0%+*Ƶ#!*5
(LSPMR)-Jakarta
7. Tax Brivet A, B, C - Ikatan Konsultan Pajak Indonesia 1
Tax Consultant Indonesia Association
- Pusat Pengembangan Akuntansi (PPA) FEB UI
Center of Accounting Development FEB UI
Personil Internal Audit juga aktif dalam berbagai organisasi Personnel of the Internal Audit are also active in various
profesi Internal Audit yang memiliki kegiatan seminar, organizations of Internal Audit profession, which
diskusi, dan workshop yang bertujuan untuk pelatihan dan conducted seminars, discussions and workshops that
pengembangan kompetensi audit anggotanya, yaitu: aimed to train and enhance the audit competency of its
1. The Institute of Internal Auditor (the IIA)-Indonesia members, namely:
Chapter; 1. The Institute of Internal Auditor (the IIA)-Indonesia
2. Forum Komunikasi Satuan Pengawasan Intern (FKSPI); Chapter;
3. Forum Komunikasi Satuan Pengawasan Intern (FKSPI) 2. Forum of Internal Control Audit Communication;
Komisariat ESDM. 3. Forum of Internal Control Audit Communication ESDM
Commissariat.
Tugas dan Tanggung Jawab Internal Audit Duties and Responsibilities of Internal Audit
Aktivitas Audit Internal adalah bagian dari proses tata Internal Audit is part of the governance process that
kelola perusahaan yang memberikan jaminan atas sistem provides reasonable assurance on internal control system,
,!*#!* (%* %*0!.*(Č !"!'0%2%0/ * !ü/%!*/% +,!./%Č +,!.0%+*( !û!0%2!*!// * !þ%!*5Č +),(%*! 3%0$
ketaatan terhadap peraturan perundang-undangan yang applicable laws and regulations and accuracy and reliability
berlaku serta ketepatan dan kehandalan pelaporan. of reporting.
Tugas dan Tanggung Jawab Divisi Audit Internal antara Duties and Responsibilities of the Internal Audit Division
lain: are, among others:
1. Menyusun dan melaksanakan Rencana Pemeriksaan Tahunan 1. Prepare and conduct a Risk Based Annual Audit Plan which
Berbasis Risiko yang terdiri dari Audit Operasional, Internal may consist of operational audit, Internal Control Review on
Control Review atas proses pelaporan keuangan, review/ 0$!ü**%(.!,+.0%*#,.+!//!/Č.!2%!3ĥ!2(10%+*+"0$!
evaluasi atas pelaksanaan manajemen risiko serta Audit implementation of risk management and Special Audit;
Khusus;
Ăċ !('1'*,!)!.%'/* *,!*%(%*0/!ü/%!*/% * Ăċ !."+.)*!4)%*0%+** //!//)!*0+"0$!!þ%!*5
efektivitas pada seluruh kegiatan operasional Perusahaan * !û!0%2!*!//+"0$!!*0%.!+,!.0%+*/+"0$!ƫ+),*5%*
sesuai dengan Rencana Pemeriksaan Tahunan; accordance with the Annual Inspection Plan;
3. Melakukan audit/review0/Ƶ*'!.1/$* *ü(%/% ăċƫ+* 101 %0ĥ.!2%!3+"0$!/1/% %.%!/* þ(%0!/1,+*
Perusahaan atas permintaan yang berasal dari RUPS Anak 0$! !)* +"/1/% %.%!/ĥþ(%0!/ +..!-1!/0! 5
!.1/$*ĥƵü(%/%!.1/$*01!3*+)%/.%/Ƶ*' $!ǫ+. +"ƫ+))%//%+*!./".+)/1/% %.%!/ĥþ(%0!/0+0$!
!.1/$*ĥƵü(%/%!.1/$*'!, %.!'01.0) President Director of the Company;
Perusahaan;
4. Melakukan audit/review atas Dana Pensiun ANTAM dan 4. Conduct an audit/review of Pension Fund (Dana Pensiun)
Yayasan Kesehatan Pensiunan ANTAM yang didirikan ANTAM and Yayasan Kesehatan Pensiunan ANTAM (hereinafter
Perusahaan; referred to as the Agency), which was established by the
Company;
5. Membuat laporan hasil audit dan laporan hasil review/ 5. Prepare reports on the audit results and review/evaluation
evaluasi dan menyampaikan laporan tersebut kepada Direktur results and submit the reports to the President Director of
Utama Perusahaan dan pihak terkait dalam menindaklanjuti the Company and other related parties in following up the
rekomendasi; recommendations;
6. Memantau, menganalisis, dan melaporkan pelaksanaan tindak 6. Monitor, analyze, and report the implementation of the follow-
lanjut perbaikan yang telah disarankan; up of the recommendation;

Piagam Internal Audit Internal Audit Charter

Perusahaan telah memiliki Piagam Internal Audit (Internal The Company has had the Internal Audit Charter in
Audit Charter) tahun 2014 yang ditandatangani oleh 2014, signed by the Board of Directors and the Board of
Direksi dan Dewan Komisaris ANTAM tanggal 9 Juni 2014 Commissioners of ANTAM dated on June 9, 2014, which
yang merupakan pembaharuan dari Internal Audit Charter is the updated version of the Internal Audit Charter 2012.
tahun 2012.
Hal-hal yang dimuat dalam Internal Audit Charter adalah: The Scope of Internal Audit Charter are:
1. Bab I Pendahuluan: Latar belakang, Pengertian, Visi, 1. Chapter I Preliminary: Background, Meaning, Vision,
Misi, Maksud dan Tujuan, Strategi; Mission, Purposes, and Objectives, Strategy;
2. Bab II Organisasi: Struktur dan Kedudukan Internal 2. Chapter II Organization: Structure and Internal Audit
Audit, Persyaratan dan Kewajiban Internal Auditor, Position, Requirements and Responsibility of Internal
Tugas, tanggung Jawab dan Kewenangan Internal Auditor, Duties, Responsibility and Authorities of
Audit; Internal Audit;
3. Bab III Kode Etik, Hubungan dengan Pihak lain dan 3. Chapter III Code of Conduct, Relationship with other
Tindak Lanjut Hasil Audit dan Reviu. Party and follow up to Audit and Review Results.
Pada tahun 2018 telah dilakukan evaluasi dan penyusunan In 2018 an evaluation and preparation of the Internal Audit
Internal Audit Charter serta Pedoman/Kebijakan Strategik Charter and the Strategic Guidelines/Strategic Internal
Internal Audit Holding bersama dengan Tim Internal Audit Audit Holding were carried out together with the Internal
Holding Industri Pertambangan, yang disesuaikan dengan Audit team of Mining Industry Holding which were adjusted
perkembangan regulasi dan/atau kebijakan serta peraturan to the development of regulations and/or applicable
yang berlaku. Selanjutnya Perusahaan akan mengadopsi policies and regulations. Furthermore, the Company will
Charter serta Pedoman/Kebijakan dari Holding tersebut. adopt the Charter and the Guidelines/Policies from the
Holding.
Kode Etik Auditor Internal Ethical Code of Internal Auditor

Dalam menjalankan tugasnya, Internal Auditor ANTAM In performing his duties, an Internal Auditor has rules of
telah memiliki Kode Etik, antara lain: conduct, which are among others:
Integritas Objektivitas dan Independensi Kerahasiaan Kompetensi

Integrity Objectivity and Independency ƫ+*ü !*0%(%05 Competency
Menunjukkan Tidak melakukan kegiatan yang dapat Bersikap hati-hati Melaksanakan setiap
kejujuran, !.,+0!*/%ĥ)!*%)1('*'+*ý%' !*#* dan bijaksana dalam penugasan dengan
obyektivitas, dan kepentingan Perusahaan, tidak menerima menggunakan informasi menggunakan pengetahuan,
kesungguhan sesuatu dalam bentuk apapun dari yang diperoleh, selalu keahlian, pengalaman, dan
dalam auditee dan pihak lain yang terkait dengan menjaga kerahasiaan kompetensi profesional
melaksanakan pekerjaan audit, tidak memiliki rasa data dan informasi terkait yang dimiliki, senantiasa
tugas, serta taat keberpihakan, ketakutan dan ambisi yang dengan pelaksanaan meningkatkan kompetensi
hukum dan etika dapat/patut diduga dapat mempengaruhi tugasnya serta tidak serta efektivitas dan kualitas
perusahaan. pertimbangan profesionalnya, bebas menggunakan informasi pelaksanaan tugasnya, serta
dari intervensi atas hasil pemeriksaan, untuk keuntungan pribadi wajib mengikuti pendidikan
Must mengungkapkan fakta penting dan material atau kelompok yang dapat profesi berkelanjutan.
demonstrate serta tidak menutupi adanya praktik-praktik menimbulkan kerugian
honesty, yang melanggar hukum. Perusahaan. Carry out any assignment
objectivity, using the knowledge,
and sincerity in Not engage in activities that may lead to Be careful and judicious expertise, experience, and
performing the +*ý%03%0$%*0!.!/0/+"0$!ƫ+),*5Č in using information professional competence
duties and must not receive something in any form from obtained, always maintain possessed, constantly
comply with the the auditee and other party that relates to 0$!+*ü !*0%(%05+" 0 improve the competence
law and, ethics of the audit, not have a sense of alignment, and information related * 0$!!û!0%2!*!//*
the Company. "!.Č* )%0%+*0$0)5%*ý1!*!$%/ to the implementation of quality of execution of their
professional judgment, must be free from their duties and not use the duties, and must follow the
any intervention on the examination results, information for personal continuing professional
revealing important facts and materials and gain or groups which can education.
does not cover the practices of unlawful. result in losses Company.

Rencana Pemeriksaan Tahunan Annual Audit Plan

Internal Audit menyusun Rencana Pemeriksaan Tahunan Internal Audit prepares the Annual Audit Plan with a risk-
(RPT) dengan pendekatan berbasis risiko (risk based based approach (risk-based Audit), which includes the
Audit) yang mencakup Audit Operasional, Internal Control Operational Audit, Internal Control Review (ICR), Review/
Review (ICR), Reviu/Evaluasi atas pelaksanaan Manajemen Evaluation of the implementation of Risk Management, and
Risiko, Internal Control Review over Financial Reporting Internal Control Review over Financial Reporting (ICOFR),
(ICoFR), dan Audit Khusus. as well as Special Audit.
Rencana Pemeriksaan Tahunan disusun dengan The annual audit plan is prepared by considering, among
mempertimbangkan antara lain: others:
āċ .+ü( .%/%'+ +5!' 1 %0 5*# %,!.+(!$ .% $/%( āċ $! .%/' ,.+ü(! +" 0$! 1 %0 +&!0Č 3$%$ %/ +0%*!
penilaian risiko melalui kegiatan Risk and Control Risk from the risk assessment results generated from
Assessment (RCSA) yang dikoordinasikan oleh Divisi Risk Control Risk Assessment (RCSA) activity in
Risk Management; coordination with Risk Management Division;
Ăċ .+ü( 1 %0 5%01 ',* 0!.'$%. +5!' 1 %0 0!./!10 Ăċ Ƶ1 %0 ,.+ü(! )!*/ 0$! 0%)!3$!* 0$! (/0 1 %03/
diaudit; performed on the audit objects;
ăċ .+ü( (%**5 5*# %,!.$%01*#'* *0. (%* ăċ 0$!. ,.+ü(!/ 0$0 .! 0'!* %*0+ +1*0/Č /1$ /
/%#*%ü'*/%ĥ)0!.%(%0/ 0.*/'/%Č '+* %/% internal 0$! /%#*%ü*!ĥ)0!.%(%05 +" 0$! 0.*/0%+*Č 0$!
control dari hasil audit sebelumnya, efektivitas quality conditions of internal control of the previous audit
management assurance atau quality control Unit Bisnis, .!/1(0/Č 0$! !û!0%2!*!// +" 0$! -1(%05 )*#!)!*0
dan pergantian pimpinan; dan assurance or quality control of the Business Unit, and
4. Adanya permintaan dari Direktur Utama Perusahaan. the change of management; and
4. The request from the President Director of the
Company.
Untuk tahun 2018, Rencana Pemeriksaan Tahunan (RPT) +. ü**%( 5!. ĂĀāĉČ Ƶ**1( Ƶ1 %0 (* Ĩĩ ĂĀāĉ
dan Program Kerja Internal Audit 2018 disampaikan oleh and Internal Audit Work Program have been delivered by
SVP Internal Audit kepada Direktur Utama melalui Nota the SVP Internal Audit to the President Director, through
Dinas Nomor 07DU/IA/851/2018 tanggal 19 Januari 2018 þ%( !)+.* 1)Č 1)!. ĀĈĥ ƵĥĉĆāĥĂĀāĉ 0!
dan Nomor 76DU/IA/851/2018 tanggal tanggal 11 Oktober January 19, 2018 and Number 76DU/IA/851/2018 dated
2018. October 11, 2018.
Laporan Pelaksanaan Kegiatan Internal Audit Internal Audit Activity Report 2018
Tahun 2018
Sesuai dengan Rencana Pemeriksaan Tahun 2018 (RPT Related to Annual Audit Plan 2018 (RPT 2018), Internal
2018), Audit Internal telah melakukan audit operasional Audit has conducted audits of operational within all Units/
di seluruh Unit/Unit Bisnis dan beberapa entitas Anak Business Units and several Subsidiary Entities, Internal
Perusahaan, Internal Control Over Financial Reporting Control Over Financial Reporting (ICOFR), and evaluation
(ICoFR), evaluasi atas penerapan manajemen risiko of the implementation of the Company’s risk management,
Perusahaan, dan Audit atas Permintaan/Audit Khusus. and On-demand Audit/Special Audit.
Adapun realisasi atas Pemeriksaan Tahunan Tahun 2018 Realization of Annual Audit for the year 2018 is as follows:
adalah sebagai berikut: 1. Operational Audit
1. Audit Operasional Related to Annual Plan 2018 which set forth by the
Sesuai dengan Rencana Pemeriksaan Tahun 2018 President Director, Internal Audit has assessed 6 (six)
yang ditetapkan oleh Direktur Utama, selama tahun Audit Objects during 2018. The audits were performed
2018 Internal Audit telah melaksanakan pemeriksaan on Unit/Business Unit. Monitoring of the follow-up to
6 (enam) Obyek Audit. Audit tersebut dilakukan Audit Result Recommendations is conducted through
pada Unit/Unit Bisnis. Monitoring tindak lanjut atas a conventional mechanism quarterly;
Rekomendasi Hasil Audit dilakukan melalui mekanisme
rutin setiap Triwulan;

2. Audit Atas Permintaan/Audit Khusus 2. On-demand Audit/Special Audit

Pelaksanaan Audit Khusus dilakukan berdasarkan Implementation of Special Audit is conducted
Rencana Pemeriksaan Tahun 2018 dan adanya according to the Annual Audit Plan 2018 and upon
permintaan dari Direktur Utama untuk melakukan a request of the President Director for doing an
pemeriksaan/review terhadap Anak Perusahaan dan inspection/review of the Subsidiary and any particular
permasalahan tertentu yang dipandang perlu untuk problem on which the evaluation is deemed necessary
dilakukan evaluasi. Dalam hal ini, Internal Audit telah to be performed. In this instance, the Internal Audit has
melaksanakan pemeriksaan 2 (dua) Obyek Audit conducted examinations of 2 (two) Audit Objects with
dengan tujuan khusus. /,!%ü,1.,+/!/ċ
Pelaksanaan Evaluasi dan Audit Tahun 2018 Evaluation and Audit 2018
• Audit Operasional Unit Bisnis Pertambangan Emas tanggal • Operational Audit of Gold Mining Business Unit, dated February
28 Februari 2018. 28, 2018.
• Audit Operasional Unit Bisnis Pertambangan Bauksit tanggal • Operational Audit of Bauxite Mining Business Unit, dated
28 Februari 2018. February 28, 2018.
• Evaluasi Internal Control Over Financial Reporting, tanggal • Evaluation of Internal Control Over Financial Reporting, dated
9 Mei 2018. May 9, 2018.
• Audit Operasional Unit Bisnis Pertambangan Nikel Sulawesi • Operational Audit of Southeast Sulawesi Nickel Mining Business
Tenggara tanggal 31 Mei 2018. Unit, dated May 31, 2018.
• Audit Operasional Unit Geomin tanggal 25 Juni 2018. • Operational Audit of Geomin Unit, dated June 25, 2018.
• Audit Khusus atas Hutang dan Piutang PT ICA pada pihak ketiga • Special Audit of PT ICA's Payables and Receivables to third
dalam kaitan CSPA PT ICA, tanggal 18 Oktober 2018. parties in connection with CSPA of PT ICA dated October 18,
• Audit Operasional Unit Bisnis Pertambangan Emas tanggal 2018.
5 Desember 2018. • Operational Audit of Gold Mining Business Unit, dated December
• Audit Khusus Penjualan Bijih Nikel Ekspor tanggal 5, 2018.
6 Desember 2018. • Special Audit of Exporting Nickel Ore, dated December 6, 2018.
Atas seluruh pelaksanaan evaluasi dan audit di tahun For all evaluations and audits in 2018, there are 229
2018, terdapat 229 rekomendasi untuk temuan Audit .!+))!* 0%+*/ "+. 0$! ü* %*#/ +" 0$! ,!.0%+*(
Operasional/ ICOFR/EMR/Audit Khusus. Per 31 Desember Audit/ICOFR/EMR/Special Audit. As of December 31, 2018,
2018, sebanyak 88,21% rekomendasi Audit Operasional/ 88.21% of recommendations for Operational Audit/ICOFR/
ICOFR/EMR dan Audit Khusus telah selesai ditindaklanjuti EMR and Special Audit were completed and the remainder
dan selebihnya masih dalam proses tindak lanjut. was still being followed up. Recommendations on audit
Rekomendasi hasil audit diantaranya dilakukan dengan results are conducted by improving the Company’s
perbaikan sistem dan prosedur Perusahaan. systems and procedures.
Quality Assurance Quality Assurance

Agar Internal Audit sebagai fungsi assurance perusahaan To enable the Internal Audit as the Company assurance
dapat berjalan dengan baik dan efektif, maka fungsi "1*0%+*Č3+.'3!((* !û!0%2!Č0$! *0!.*(Ƶ1 %0"1*0%+*
Internal Audit didukung oleh berbagai komponen/elemen is assisted by various mutually supportive components/
yang saling mendukung. Secara periodik Internal Audit elements. The Internal Audit performs a periodic internal
melaksanakan periodic internal assessment untuk mereviu assessment for reviewing all aspects of the Internal Audit
seluruh aspek dari kegiatan/aktivitas Internal Audit dan 0%2%05* +*0%*1+1/(5)+*%0+./0$!!û!0%2!*!//(!2!(ċ
secara berkelanjutan memonitor tingkat keefektifannya.
Disamping dilaksanakannya periodic internal assessment, In addition to the implementation of periodic internal
untuk memenuhi International Standards for the Professional assessment, to comply with the International Standards
Practice of Internal Auditing (“ISPPIA/Standar IIA”) yang for the Professional Practice of Internal Auditing (“ISPPIA/
menyatakan bahwa penilaian oleh pihak eksternal terhadap Standard IIA”) which states that the evaluation of the
fungsi audit internal harus dilakukan sekurang-kurangnya internal audit function by external parties should be
sekali dalam 5 (lima) tahun, Perusahaan telah menunjuk ,!."+.)! 0(!/0+*!%*ĆĨü2!ĩ5!./Č0$!ƫ+),*5$/
External Assessor untuk me-review Divisi Internal Audit appointed External Assessors to review the Internal Audit
pada tahun 2006 dan 2011 yang masing-masing dilakukan Division in 2006 and 2011. The reviews were carried out by
oleh Ernst & Young dan PricewaterhouseCoopers dimana Ernst & Young and PricewaterhouseCoopers respectively,
secara keseluruhan jika dibandingkan dengan Standar IIA, where the overall Internal Audit practices in PT ANTAM
praktik-praktik Audit Internal di PT ANTAM Tbk adalah: Tbk are if compared to the IIA Standard: generally conform
umumnya sesuai (generally conform) dengan Standar with the standards (International Standards for the
tersebut (International Standards for the Professional Professional Practice of Internal Auditing). The IIA Quality

Practice of Internal Auditing). Quality Assessment Assessment Manual uses three level of satisfaction (based
Manual IIA menggunakan tiga tingkat rating pemenuhan on best measurement), which are Generally Conforms,
(berdasarkan urutan terbaik), yaitu Generally Conforms, Partially Conforms and Does not Conforms.
Partially Conforms dan Does not Conforms.
Proses Quality External Review (QER) yang dilakukan atas aktivitas Internal Audit
ANTAM tahun 2011-2016 dilakukan oleh Deloitte dan disimpulkan bahwa secara
keseluruhan Generally Conforms (Secara Umum Sesuai) dengan Standar dan kode
etika yang dikeluarkan oleh the Institute of Internal Audit (the IIA)
Quality External Review (QER) process for ANTAM’s Internal Audit activity in 2011-2016 conducted by
Deloitte conclude that overall “Generally Conform” with standards and ethics code which issued by the
Institute of Internal Audit (IIA)
Sistem Informasi Internal Audit Information System of The Internal Audit

Internal Audit telah meningkatkan Sistem Informasi The Internal Audit has enhanced the Information System of
Manajemen Audit (SIMA) dengan menggunakan aplikasi Audit Management (SIMA) by using the Integrated System
Sistem Manajemen Audit dan Review Terpadu (SMART) of Audit and Review Management (SMART) to support the
untuk mendukung Internal Audit dalam mengelola Internal Audit in managing the audit and review processes,
pelaksanaan audit dan review, mulai dari perencanaan from planning to reporting of the results of audits and
hingga pelaporan hasil audit dan review, serta melakukan reviews, as well as monitoring the follow-up of the audit
monitoring terhadap tindak lanjut hasil audit. results.
Fitur Aplikasi SMART

SMART Application Features
3 Terintegrasi dengan aplikasi risk managemet
Integrated with risk management application
3 Penilaian tingkat kecukupan dan efektivitas internal control

Ƶ//!//)!*0+" !-15* *0!.*(ƫ+*0.+(!û!0%2!*!//
3 Penilaian Kinerja auditor internal dalam pelaksanaan tugas audit dan review
Assessment Internal Auditor Performance in implementation of audit duty and review
3 Monitoring tindak lanjut hasil audit melalui reminder otomatis yang terkirim ke email auditee
Monitoring the follow up of audit result through automatic reminder emails sent to auditee
3 Review tindak lanjut hasil audit yang disampaikan oleh auditee

Review the follow up of audit result submitted by auditee
3 Pelaporan hasil audit/review serta Pelaporan status tindak lanjut hasil audit/review
Report of Audit Result/review and report of the status of the follow up of audit/review
Pengguna Aplikasi SMART

User of SMART Application
Dewan Komisaris
Audit Internal Direktur Utama Manajemen/Obyek Audit Direksi
/Komite Audit
Internal Audit President Director Management/ Board of Directors
Audit Object
/Audit Committee
Approvall dan Monitoring Tindak lanjut temuan Monitoring
g RPT, Monitoring
g tindak lanjut
modul SMART RPT, temuan dan dan monitoring g tindak temuan dan pemantauan temuan di
Users of all SMART pemantauan tindak lanjut lanjut temuan tindak lanjut Direktorat terkait
Modules Approval and Monitoring "+((+3ġ1,ü* %*#/* Monitoring of RPT, Monitoring of follow-up
+"Č1 %0ü* %*#/* monitoring of follow-up ü* %*#/* "+((+3ġ1, ü* %*#/%*0$!.!(!2*0
follow-up ü* %*#/ monitoring Directorate

Sistem Pengendalian Intern

Pengendalian internal adalah proses yang dirancang dan Internal Control is a process that has been designed
dijalankan oleh Dewan Komisaris, Direksi dan anggota and executed by the Board of Commissioners, Board of
manajemen lainnya serta seluruh personil Perusahaan, yang Directors and other members of management and the
ditujukan untuk memberikan keyakinan yang memadai atas entire personnel of the Company, which is intended to
0!.,%*5 !"!'0%2%0/ * !ü/%!*/% +,!./%Č '!* (* provide reasonable assurance of the achievement in the
pelaporan keuangan. kepatuhan terhadap hukum dan !û!0%2!*!// * !þ%!*5 +" +,!.0%+*/Č .!(%%(%05 +"
peraturan yang berlaku, serta penerapan mekanisme check ü**%( .!,+.0%*#Č +),(%*! 3%0$ 0$! ,.!2%(%*# (3/
and balance. and regulations as well as check and balance mechanism
implementation.
Direksi sebagai organ perusahaan yang bertanggung The BOD as the company organ that is responsible for
jawab atas pengurusan perusahaan harus memastikan company’s management should ensure the availability
bahwa fungsi pengendalian internal dan manajemen risiko * !û!0%2!*!//+"%*0!.*(+*0.+(* .%/')*#!)!*0
telah tersedia dan diterapkan pada semua aspek dan lini system, and that such system is adequately implemented
perusahaan. in all aspects and level at the Company.
Kebijakan Tata Kelola Perusahaan (Corporate Governance Corporate Governance Policy (CGP) 2016 of ANTAM,
Policy/CGP) ANTAM 2016 butir 2.8.3 menegaskan bahwa points 2.8.3 stipulates that one of the functions of the
salah satu fungsi Direksi dalam Pengendalian Internal Board of Directors in the internal control, states:
(Internal Control) Perusahaan adalah: 1. The Board of Directors shall establish and implement
1. Direksi harus menyusun dan melaksanakan sistem a reliable internal control system to preserve the
pengendalian internal Perusahaan yang handal dalam Company’s assets and performance as well as to
rangka menjaga kekayaan dan kinerja Perusahaan serta comply to the laws and regulations;
memenuhi peraturan perundang-undangan; 2. Internal Audit conducts the tests and reviews of the
2. Internal Audit melaksanakan pengujian dan review internal control system;
terhadap sistem pengendalian internal Perusahaan; 3. Internal Audit reports the execution of its duty to the
3. Internal Audit melaporkan pelaksanaan tugasnya President Director;
kepada Direktur Utama; 4. Internal Audit is structurally responsible to the
4. Secara struktural Internal Audit bertanggung jawab President Director and has a coordination relationship
kepada Direktur Utama dan mempunyai hubungan with the Audit Committee.
koordinasi dengan Komite Audit.
Untuk menilai rancangan serta efektivitas pelaksanaan To ensure the implementation of internal control system,
Pengendalian Internal, Direksi didukung oleh Divisi Internal the BOD supported by Internal Audit Division, within
Audit, yang dalam implementasinya selalu berkoordinasi the implementation always coordinate with the Audit
dengan Komite Audit, guna memberikan keyakinan bahwa Committee, to provide assurance that the implementation
penerapan Pengendalian Internal telah sesuai dengan of internal control system is accordance with Company’s
tujuan dan sasaran perusahaan. goals and objectives.
Evaluasi atas Efektivitas Sistem Pengendalian 2(10%+* +" 0$! û!0%2!*!// +" 0$! *0!.*(
Pada tahun 2018, Direksi ANTAM telah malakukan Evaluasi In 2018, the Board of Directors have conducted an Internal
Pengendalian Internal bersama dengan unit Internal Audit. Control Evaluation along with Internal Audit Unit.
Evaluasi atas kecukupan efektivitas penerapan 2(10%+* +" 0$! !-15 +" 0$! !û!0%2!*!// +" 0$!

Pengendalian Internal di ANTAM merujuk ke kerangka Internal Control implementation in ANTAM refers to the
yang diakui secara internasional, yaitu COSO-Internal internationally recognized framework, namely COSO-
Control Framework yang juga sejalan dengan cakupan Internal Control Framework, which is also in line with the
yang diatur pada Peraturan Menteri Negara BUMN Nomor scope regulated under the Regulation of the Minister of SOEs
PER-09/MBU/12 yang terdiri atas 5 (lima) komponen yaitu: 1)!.ġĀāĥ ǫĥāā+*/%/0%*#+"ĆĨü2!ĩ+),+*!*0/č
Lingkungan Pengendalian Intern, Kajian Risiko, Aktivitas Internal Control Environment, Risk Assessment, Controlling
Pengendalian, Sistem Informasi dan Komunikasi, serta Activities, Information and Communication System as well
Pemantauan. as Monitoring.
ANTAM telah merancang dan memberlakukan sejumlah ANTAM has designed and applied some policies and
kebijakan dan mekanisme yang terkait dengan kelima )!$*%/)/.!(0! 0+0$!ü2!+),+*!*0/+"0$! *0!.*(
komponen Pengendalian Internal tersebut di atas, antara control mentioned above, among others:
lain:
Lima Komponen Pengendalian Internal Berbasis COSO dan PER-01/MBU/11 di ANTAM
Five Components of COSO Internal Control-Based and PER-01/MBU/11 in ANTAM
1. Lingkungan Pengendalian Intern 1. Internal Control Environment
a. Memberlakukan Standar Etika Perusahaan yang selalu a. Apply the Corporate Code of Conduct that is always reviewed
direviu dan direvisi secara berkala. and updated periodically.
b. Telah ada pembagian tugas dan kewenangan yang jelas b. A clear division between tasks and authorities has been
dengan diberlakukannya Charter Dewan Komisaris, Charter available following the implementation of the Charter of the
Direksi, dan Charter Komite Penunjang Dewan Komisaris. Board of Commissioners, the Board of Directors’ Charter,
c. Penyusunan Struktur Organisasi, Job Description dan RACI, and Charter of Supporting Committee to the Board of
matriks dirancang atas setiap proses bisnis dan unit untuk Commissioners.
menciptakan tugas dan kewenangan yang jelas. c. In preparing the Organizational Structure, Job Description, and
d. Merancang mekanisme rekrutmen dan pengembangan RACI, the matrix is designed for every business process and
pegawai berkelanjutan untuk mendukung pelaksanaan unit to create clear tasks and authorities.
aktivitas di unit kerja. d. Designing the mechanisms of recruitment and sustainable
e. Menetapkan kebijakan-kebijakan terkait Human Capital. employee development to support the implementation of
activities in the work unit.
e. Establish policies referred to Human Capital.
2. Kajian Risiko 2. Risk Assessment
a. Menetapkan tujuan Perusahaan secara keseluruhan berupa ċ !ü*!/0$!ƫ+),*5Ě/+2!.((+&!0%2!/%*0$!"+.)+"+*#ġ
Rencana Jangka Panjang Perusahaan (RJPP), Rencana Term Plan Corporate Planning (RJPP), the Corporate Work and
Kerja dan Anggaran Perusahaan (RKAP), Sistem Manajemen Budget Plan (RKAP), Work Achievement Management System
Kinerja (SMK), Sistem Manajemen Unjuk Kerja (SMUK) dan (SMK), Individual Performance Management System (SMUK)
target lainnya. and other targets.
b. Memberlakukan dan menerapkan Kebijakan Manajemen b. Apply and implements the Risk Management Policy so that the
%/%'+/!$%*##.%/%'+ ,0 %% !*0%ü'/%Č %*(%/Č * Company can identify and analyze the risks and formulate the
dirumuskan metode mitigasi risiko yang paling efektif & )+/0!þ%!*0* !û!0%2!.%/')%0%#0%+*)!0$+ /ċ
!ü/%!*ċ c. Develops the applications related to risk management.
c. Membangun aplikasi yang terkait manajemen risiko.
3. Aktivitas Pengendalian 3. Controlling Activities
a. Merancang dan memberlakukan Corporate Governance a. Designs and enacts the Corporate Governance Policy,
Policy, Kebijakan Perusahaan, SOP, WI, dan Form dalam Management Policy, SOP, WI, forms in their activities.
melakukan aktivitasnya. b. Establish the controls that are preventive and has the capability
b. Membangun kontrol yang bersifat preventif dan detective, to detect manually and automatically.
serta manual dan otomasi. c. Develop some applications/equipment related to Information
c. Membangun sejumlah aplikasi/peralatan yang terkait Technology
Teknologi Informasi.
4. Sistem Informasi dan Komunikasi 4. Information and Communication System
a. Menetapkan mekanisme/alur pelaporan. a. Establish reporting lines/mechanism.
b. Menetapkan mekanisme komunikasi Internal dan Komunikasi b. Develop Internal and External Communication mechanism.
Eksternal.
5. Pemantauan 5. Monitoring
a. Adanya evaluasi terus menerus dan terpisah yang dilakukan a. Conducts continues and separate evaluation performed by the
Internal Audit atau fungsi-fungsi lain yang sejenis. Internal Audit or other similar functions.
b. Adanya evaluasi yang dilakukan auditor eksternal. b. Conducts evaluation that is performed by an external auditor.

Selain kelima komponen di atas, ANTAM juga * %0%+* 0+ 0$! +2! ü2! +),+*!*0/Č ƵƵ (/+
memberlakukan mekanisme pelaporan atas dugaan applies a reporting mechanism on the alleged irregularities,
penyimpangan sebagaimana diamanahkan pada peraturan as mandated by Regulation of the Minister of State-Owned
Menteri Negara BUMN Nomor PER-01/MBU/2011. Enterprises Number PER-01/MBU/2011. The mechanism
Mekanisme tersebut adalah Mekanisme Pengaduan %/ $%/0(!(+3%*# 5/0!)ċ $%/ )!$*%/) / !û+.0/ +"
(Whistleblowing System). Mekanisme ini diberlakukan ANTAM to continuously improve the transparency and
sebagai upaya ANTAM untuk terus meningkatkan praktik information disclosure practices, particularly related to
transparansi dan keterbukaan informasi khususnya yang reporting of violations committed by either employee or
terkait dengan pelaporan pelanggaran baik yang dilakukan the management of the Company. Further explanation of
oleh pegawai maupun manajemen Perusahaan. Adapun Whistleblowing System is included in this Annual Report
penjelasan lebih lanjut terkait Whistleblowing System on the Whistleblowing System section.
terdapat dalam Laporan Tahunan ini bagian Whistleblowing
System.
Review atas Pelaksanaan Sistem Pengendalian Review to the Implementation of Internal Control
Internal dalam Pelaporan Keuangan (Internal System over Financial Reporting (ICoFR Review)
Control Over Financial Reporting Review, ICoFR
Review)
Pengendalian internal atas pelaporan keuangan (Internal û!0%2! *0!.*( ƫ+*0.+( +2!. %**%( !,+.0%*#ĥ
Control Over Financial Reporting/ICoFR) yang efektif ICOFR is an essential element in the management of the
merupakan unsur penting dalam pengelolaan Perusahaan Company and serves as a basis for the Company’s healthy
dan menjadi dasar bagi kegiatan operasional Perusahaan * /"! +,!.0%+*( 0%2%0%!/ċ û!0%2! ƫ * $!(,
yang sehat dan aman. ICoFR yang efektif dapat membantu the Company’s management to improve the Company’s
manajemen Perusahaan meningkatkan kepatuhan compliance with prevailing laws and regulations, ensure the
Perusahaan terhadap ketentuan dan peraturan perundang- 2%(%(%05 +" ,,.+,.%0!Č +),(!0!Č * 0%)!(5 ü**%(
undangan yang berlaku, menjamin tersedianya laporan .!,+.0/ * )*#!)!*0 .!,+.0/Č * )'! * !þ%!*0
keuangan dan laporan manajemen yang benar, lengkap, * !û!0%2! ,.!,.0%+* +" 0$! ƫ+),*5Ě/ ü**%(
* 0!,0 3'01Č * )!*,% !ü/%!*/% * !"!'0%2%0/ report.
dari kegiatan penyusunan laporan keuangan Perusahaan.
Evaluasi penerapan ICoFR merupakan kegiatan yang Evaluation of ICoFR implementation is an activity that
dilakukan oleh Internal Audit untuk menilai rancangan conducted by Internal Audit to assess the planning and
serta efektivitas pelaksanaan ICoFR guna memberikan !û!0%2%05+" ƫ+%*+. !.0+,.+2% !//1.*!0$00$!
keyakinan bahwa penerapan ICoFR telah sesuai dengan implementation of ICoFR is accordance with Company’s
tujuan dan sasaran perusahaan. goals and objectives.
Audit Internal telah melakukan review atas pelaksanaan Internal Audit has reviewed the implementation of Internal
sistem pengendalian Internal dalam Pelaporan Keuangan Control over Financial Reporting Review (ICoFR Review)
(Internal Control over Financial Reporting Review, concerning the internationally recognized framework of
ICoFR Review) dengan mengacu pada kerangka yang COSO-Internal Control Framework,
diakui secara internasional yaitu COSO-Internal Control
Framework,
Berdasarkan evaluasi untuk periode tahun 2018, tingkat kecukupan dan efektivitas
ICoFR berada pada skor 79,85 (tingkat efektivitas BAIK).
ǫ/! +"0$!!2(10%+*"+.0$!,!.%+ +"ĂĀāĉČ0$!(!2!(+" !-15* !û!0%2!*!//.!0/+.!ĈĊċĉĆ
Ĩ(!2!(+"!û!0%2!*!//%/ĩċ

Berdasarkan evaluasi untuk periode tahun 2018 tingkat Based on the evaluation for the period of 2018, the level of
'!1'1,* * !"!'0%ü0/ ƫ+ ($ .0ġ.0 ĈĊČĉĆŌ ƫ+ !-15 * !û!0%2!*!// %/Č %* 2!.#!Č ĈĊČĉĆŌ
1*01'/!0%,'+),+*!*01!. , 0%*#'0!"!'0%ü0/ for each component or at a GOOD level (the score range
BAIK (nilai berada pada range 75% s/d 90%). is at 75% to 90%).
Review atas Sistem Pengendalian Internal dalam Review of the Internal Control System in the
Pelaksanaan Kegiatan Operasional Perusahaan Implementation of Operational Activities
Sesuai dengan Rencana Pemeriksaan Tahun 2018 (RPT In accordance with the Annual Audit Plan in 2018,
2018), Audit Internal telah melakukan audit operasional Internal Audit Division has conducted operational audits
di seluruh Unit/Unit Bisnis dan beberapa entitas Anak throughout Unit/Business Unit and several Subsidiary
Perusahaan, evaluasi atas penerapan manajemen risiko entities, an evaluation of the implementation of enterprise
Perusahaan, dan Audit atas Permintaan/Audit Khusus risk management, and on-demand Audit/Special Audit as
sebagaimana telah dijelaskan dalam Laporan Tahunan ini described in this Annual Report on the section of Internal
pada bagian Internal Audit-Laporan Pelaksanaan Kegiatan Audit-Report of the Internal Audit Division Activity 2018.
Internal Audit Tahun 2018.

Manajemen Risiko
Risk Management
Pengelolaan Risiko Perusahaan dilaksanakan guna Mengendalikan dan Memastikan

Kesinambungan Operasional Perusahaan di Masa Mendatang
Risk Management Implementation is Conducted to Control and Ensure the Company’s
Operational Sustainability in the Future.
Sebagai Perusahaan yang bergerak dalam bidang As a mining Company, which has high inherent risks,
pertambangan yang memiliki risiko inherent yang cukup the Company has its risk philosophy that in managing
!/.Č !.1/$* )!)%(%'% ü(+/+ü .%/%'+ $3 () its business, the Company is committed to manage all
pengelolaan bisnis, Perusahaan berkomitmen mengelola .%/'/ !û!0%2!(5 * !þ%!*0(5 * 0+ !*/1.! 0$! +.!
/!)1 .%/%'+ /!. !"!'0%" * !ü/%!* /!.0 )!)/0%'* business sustainability and the growing risk by managing
kesinambungan dan risiko pertumbuhan dari bisnis inti risk proactively, focus on the most important risks, and
yang berkelanjutan melalui pengelolaan risiko secara pay attention to the allocation of capital in the control
proaktif, berfokus pada risiko yang terpenting, dan process. The Company’s risk management is performed in
memberikan perhatian terhadap alokasi modal dalam a coordinated and integrated manner.
proses pengendalian. Pengelolaan risiko Perusahaan
dilakukan secara terkoordinasi dan terintegrasi.
Dalam melakukan pengawasan dan pengelolaan In conducting material business risk supervision and
risiko bisnis yang material, ANTAM memiliki Kebijakan management, ANTAM has the Risk Management Policy
Manajemen Risiko berdasarkan Surat Keputusan Direksi based on the Decree of the Board of Directors Number
Nomor 373.K/01/DAT/2015 yang ditandatangani oleh 373.K/01/DAT/2015 signed by the President Director on
Direktur Utama tanggal 10 Desember 2015. December 10, 2015.
Kebijakan manajemen risiko digunakan untuk memastikan Risk management policy used to ensure that all levels of
bahwa semua level manajemen Perusahaan selalu the Company’s management are always considering risk
mempertimbangkan aspek pengelolaan risiko dalam management aspects in carrying out the decision-making
menjalankan proses pengambilan keputusan. Kebijakan process. Risk management policy aims to enhance the risk-
manajemen risiko bertujuan untuk meningkatkan budaya

sadar risiko dengan menetapkan tahapan-tahapan proses conscious culture by determining the stages of the risk
standar pengelolaan risiko yang berlaku di Perusahaan. management standard process applicable in the Company.
Kebijakan Manajemen Risiko Perusahaan saat ini sudah The Company’s Risk Management Policy currently has
mengadopsi standar ISO 31000 yang terdiri dari Prinsip adopted the ISO 31000 standard which comprises Risk
Manajemen Risiko, Kerangka Kerja Manajemen Risiko dan Management Principle, Risk Management Framework, and
Proses Manajemen Risiko yang memiliki tujuan utama: Risk Management Process which main purposes are:
1. Tersedianya panduan dasar bagi Perusahaan dan Anak 1. Assurance of the availability of basic guidelines for the
Perusahaan dalam pengelolaan risiko Perusahaan serta Company and Subsidiaries to manage the risks of the
Anak Perusahaan; dan Company and its Subsidiaries; and
2. Terkoordinasinya proses dan kegiatan manajemen risiko 2. Existence of the coordination of integrated and
yang terintegrasi dan tersinkronisasi di lingkungan synchronized risk management process and activities
Perusahaan. in the Company.
Strategi Manajemen Risiko Risk Management Strategy

Dalam mencapai visi dan misi pengelolaan risiko In achieving the vision and mission of risk management of
Perusahaan, diperlukan strategi manajemen risiko sebagai the Company, the following risk management strategies
berikut: are required:
Pengembangan Budaya
Peningkatan Komitmen Sadar Risiko “Risk is
Pengkomunikasian Kebijakan dan
Pimpinan dalam penerapan Manajemen Risiko Everybody’s Business”
Konsultasi Praktik Manajemen
Risiko dengan Stakeholder
Increasing Top Management Commitment for Developing Risk Awareness Culture “Risk is
Risk Management Implementation Everybody’s Business”
Communicating the Policy and
Consulting the Risk Management
Practice with Stakeholders
Pengembangan Kompetensi
secara Berkelanjutan Menjalin Koordinasi dengan
Berbagai Pihak dalam
Sustainable Competency Pengelolaan Risiko Pengukuran dan Evaluasi
Development Kinerja Berbasis Risiko
Coordinating with Various Parties
in Risk Management Risk-Based Performance
Assessment and Evaluation
Struktur Pengelolaan Risiko Perusahaan Company Risk Management Structure

Pengelolaan Manajemen Risiko melibatkan Divisi Risk Risk Management implementation involves the Risk
Management yang berada dibawah Direktur Utama Management Division that is under the President Director
berdasarkan Keputusan Direksi Nomor 1308.K/0251/ according to the Decree of the Board of Directors Number
DAT/2018 tanggal 4 Desember 2018 tentang Susunan 1308.K/0251/DAT/2018 dated December 4, 2018 about
Organisasi Kantor Pusat ANTAM. .#*%60%+*(0.101.!ƵƵ ! þ!ċ
Untuk pengelolaan risiko di Divisi Kantor Pusat/Unit/Unit +.)*#%*#0$!.%/'/%*! þ!ĥ*%0ĥǫ1/%*!//*%0

Bisnis dan Proyek Pengembangan, Divisi Risk Management and Development Project, Risk Management Division
dibantu Risk Unit Coordinator dan %/'þ!. sedangkan %/ //%/0! 5 %/' *%0 ƫ++. %*0+. * %/' þ!.
pengawasan pelaksanaan pengelolaan manajemen risiko while supervision of risk management implementation is
Perusahaan dilakukan oleh Divisi Internal Audit dan Komite performed by Internal Audit Division and Risk Management
Manajemen Risiko. Committee.

Struktur Pengelolaan dan Pengawasan Risiko Perusahaan

Structure of Risk Management and Monitoring
Dewan Komisaris Direktur Utama

Board of Commissioners President Director
Komite Manajemen Internal Audit

Risk Management Division
Risiko Division
Risk Management
Committee Vice President Risk Management
Divisi di Kantor Pusat
Division at Head
Opr Risk Mng. þ!
Portofolio
Risk Senior
Specialist Unit/Unit Bisnis
Opr. Risk Spec 1 Unit/Business Unit
Opr. Risk Spec 2
Anak Perusahaan
Subsidiary
%/'ƫ++. %*0+.ĥ%/'þ!.
Proyek
Pengembangan
Development Project
.+ü(%/' *#!)!*0
%/' *#!)!*0.+ü(!
10!&+Ƶ.%ü*Čċ+)
Vice President Risk Management
Tempat & Tanggal Lahir Jakarta, 10 Oktober 1970 Jakarta, October 10, 1970
Citizenship
Riwayat Pendidikan Sarjana Teknik Informatika, Universitas Bina Bachelor of Informatics Engineering, Bina
History of Education Nusantara (2003) Nusantara University (2003)
Riwayat Jabatan
History of Position
• Dasar Hukum Penunjukan Keputusan Direksi No. 263.K/7333/DAT/2019 Board of Directors’ Decree
Legal Basis of Appointment tanggal 6 Maret 2019 No. 263.K/7333/DAT/2019
dated March 6, 2019

Peran dan Tanggung Jawab Divisi Risk Management: Roles and Responsibilities of Risk Management Division:
1. Menyusun strategi, kebijakan dan program pengelolaan 1. Develop strategies, policies and risk management
risiko Perusahaan guna mengendalikan dan memastikan programs for the Company to control and ensure the
kesinambungan operasi dan bisnis Perusahaan di masa company’s operation and business sustainability in the
depan; future;
2. Melakukan supervisi dan mengkoordinasi proses Risk 2. Supervising and coordinating the Risk & Control Self-
& Control Self Assessment (RCSA) terhadap seluruh Assessment (RCSA) process on all operational activities
kegiatan operasional Perusahaan di lingkungan Kantor +" 0$! ƫ+),*5 %* ! þ!ĥ*%0/ĥǫ1/%*!// *%0/
Pusat/Unit/Unit Bisnis dan seluruh proyek atau inisiatif and all projects or strategic initiatives. RCSA process
strategis. Proses RCSA dilakukan terhadap Anak was conducted on Subsidiaries and Supporting Unit, if
Perusahaan dan Unit Pendukung, jika ada permintaan requested by Company’s Management;
dari manajemen Perusahaan; 3. Performing Loss Event Management (LEM) process
3. Melakukan proses Loss Event Management (LEM) yang by collecting data and evaluating the events which
berupa pengumpulan data dan evaluasi terhadap event 1/! ü**%( * *+*ġü**%( (+//!/ / 3!(( / %0/
5*#)!*%)1('*'!.1#%*ü**/%( **+*ġü**/%( necessary follow-up actions;
serta langkah-langkah tindak lanjut yang diperlukan; 4. Managing Key Risk Indicator (KRI) as an early alert to
4. Mengelola Key Risk Indicator (KRI) sebagai early *0%%,0!0$!.%/'/0$0)5û!00$!$%!2!)!*0+"
warning untuk mengantisipasi terjadinya risiko yang the strategic objectives of the Company;
dapat berpengaruh pada pencapaian tujuan strategis 5. Conducting special assessments for strategic initiatives/
Perusahaan; new projects in accordance with management request
5. Melakukan kajian-kajian khusus untuk inisiatif strategis/ to support decision making;
proyek baru sesuai dengan permintaan manajemen 6. Providing recommendations or inputs for long-term
untuk menunjang pengambilan keputusan; and short-term strategic risk factors and operations in
6. Memberikan pertimbangan/masukan untuk faktor preparing the Company’s management policy;
risiko strategis dan operasional jangka panjang maupun 7. Ensure Corporate Work and Budget Plan drafting in all
jangka pendek dalam penyusunan management policy Unit/Business Unit, Division, Development Project and
Perusahaan; Subsidiaries have considered risk factor; and
7. Memastikan penyusunan RKAP di setiap Unit/ 8. Managing risks to potential disasters that can disrupt
Unit Bisnis, Divisi, Proyek Pengembangan dan Anak the sustainability of the company’s business through
Perusahaan telah mempertimbangkan faktor risiko; dan the concept of Business Continuity Management.
8. Mengelola risiko terhadap potensi bencana yang dapat
mengganggu keberlanjutan bisnis perusahaan melalui
konsep Business Continuity Management.
Pengembangan Kompetensi Personil Manajemen Competency Development of Risk Management

Risiko Personnel
Program pengembangan keahlian yang diikuti personil Competency development programs attended by the
Divisi Risk Management selama Tahun 2018, sebagai Division of Risk Management personnel in 2018, are as
berikut: follows:

Pelatihan Tempat dan Waktu Kegiatan Penyelenggara

No.
Workshop Place and Date of Activity Organizer
1. ǫ1/%*!//ƫ+*0%*1%05 *#!)!*0ƫ!.0%ü! .+#.) Jakarta, 5-8 Maret 2018 RAP & LSPMR
Jakarta, March 5-8, 2018
2. ƫ!.0%ü! %/'+2!.**!.+#.) Jakarta, 21-23 Maret 2018 RAP & LSPMR
Jakarta, March 21-23, 2018
3. Workshop Risk Based Bugdeting (RBB) & Risk Awareness Bogor, 13-14 Agustus 2018 Risk Advisor
Bogor, August 13-14, 2018
Sistem Informasi Manajemen Risiko Risk Management Information System

Perusahaan mengembangkan suatu sistem Manajemen The Company has developed an enterprise risk management
Risiko Perusahaan yang disebut dengan ANTAM Risk system called ANTAM Risk Management System (ARMS)
Management System (ARMS) dalam mendukung proses to support the risk management process. ARMS is an
pengelolaan risiko. ARMS merupakan sistem informasi bagi information system for the Company to conduct the risk
Perusahaan untuk melakukan proses pengelolaan risiko yang management process that can assist to communicate
dapat membantu komunikasi secara efektif pada semua !û!0%2!(5 3%0$ (( 0'!$+( !./ +10 0$! .%/' +" 0$!
Stakeholder risiko Perusahaan. Adanya alur informasi dan Company. The existence of information and communication
'+)1*%'/%%*%!.#1* (),.+/!/% !*0%ü'/%Č,!*%(%* ý+3%/1/!"1(%*0$!,.+!//!/+"% !*0%ü0%+*Č//!//)!*0
dan respon risiko sehingga membantu dalam pencapaian and risk response to assist in achieving the vision and
visi dan misi Manajemen Risiko Perusahaan. Ruang lingkup mission of Corporate Risk Management. The scope of
ARMS mencakup 4 (empat) hal pokok yaitu RCSA, KRI, ARMS includes 4 (four) main points, namely RCSA, KRI,
LEM, dan Kajian Risiko. Reviu dan pengembangan sistem LEM, and Risk Analysis. ARMS’ review and the system
ARMS dilakukan secara periodik sesuai dengan mekanisme development conducted periodically related to applicable
yang berlaku sesuai kebutuhan. mechanism as needed.
ARMS digunakan di seluruh lingkungan Perusahaan ARMS is used throughout the Company’s including
meliputi Divisi dan Biro pada Kantor Pusat/Unit/Unit %2%/%+*/ * ǫ1.!1/ 0 0$! ! þ!ĥ*%0/ĥǫ1/%*!//
Bisnis dan Proyek sebagai perangkat untuk membantu Units and Project as a tool for assisting the implementation
pelaksanaan Manajemen Risiko. of Risk Management.
Seluruh data yang masuk ke dalam sistem ARMS telah Ƶ(( 0 !*0!.! %* Ƶ /5/0!) $/ !!* 2!.%ü! *
%2!.%ü'/% * %2(% /%/!.!.0%*#'0)1(% .% Risk 2(% 0! %*/0#!//0.0%*#".+)%/'þ!.Č%/'3*!.
þ!.Č%/'3*!. hingga pejabat berwenang. Persetujuan 1,0+10$+.%6! +þ!.ċƵ,,.+2(+".%/',.+ü(!/+* 10!
,.+ü(.%/%'+ %('1'*)!((1%,(%'/%Ƶ ċ through ARMS applications.
Informasi yang dihasilkan melalui ARMS akan digunakan Information generated through the ARMS will be used by
oleh Divisi Internal Audit dalam membantu pelaksanaan the Internal Audit Division in assisting the implementation
proses audit berdasarkan risiko (Risk Based Audit). of the audit process based on risks (Risk Based Audit).

RCSA LEM KRI

Risk & Control Self
Loss Event Management Key Risk Indicator
RISK ANALYSIS
Assessment
đ !*0%ü'/% * • Inventarisasi data kerugian • Sebagai early warning • Penyusunan analisis risiko
assessment risiko korporat (ü**%(* *+* system suatu kondisi berdasarkan permintaan
secara sistematis dan ü**%() audited yang mengarah pada limit dari User (Divisi, Unit/Unit
periodik berdasarkan pada • Analisa kondisi dan tertentu Bisnis)
aktivitas/proses bisnis upaya-upaya yang telah • Terukur, dapat ditelusuri • Analisis risiko dalam
• Dilakukan secara dilakukan dengan mudah dan pengambilan keputusan
terintegrasi berbasis pada • Knowledge management mengarah pada penyebab terkait aksi korporasi
teknologi informasi antar fungsi dan level risiko yang dapat dikontrol atau inisiatif strategi
• Analisa kajian risiko untuk manajemen oleh perusahaan perusahaan
kondisi/kasus • Di update secara kontinyu
• Data of loss sesuai karakteristik • Preparation of risk analysis
đ !*0%ü0%+** %*2!*0.%60%+*Ĩü**%( indikator upon request from the
assessment of corporate * *+*ü**%(ĩ1 %0! User (Division, Unit/Unit
risk systematically and • Analysis of the conditions • As an early warning Business)
periodically based on the * 0$!!û+.00$0$/ system for a condition • Risk analysis in decision-
activity/business process been acted that leads to a certain limit making related to
• Conduct cohesively on • Knowledge management • Measurable, can be corporate action or
Information technology among functions and traced easily and lead strategy initiative of the
based levels of management to the risk caused that company
• Analysis of risk can be controlled by the
assessment for special company
condition/case • Updated continuously
based on indicators
characteristics
Evaluasi Kinerja Divisi Risk Management Performance Evaluation of Risk Management

Division
Kinerja Divisi Risk Management diukur dan dinilai dari The performance of Risk Management Division is measured
pencapaian Key Performance Indicator (KPI) yang and assessed according to the achievement of its Key
dinilai secara tahunan dan merupakan bentuk kontrak Performance Indicator (KPI) which is evaluated annually
manajemen antara VP Risk Management dengan Direktur and constitutes as a management contract between
Utama. Beberapa Indikator Utama dalam KPI Divisi Risk VP Risk Management and President Director. Some Key
Management adalah sebagai berikut: Indicators of Risk Management Division are:
1. Penyusunan Konsep Risk Based Budgeting; 1. Risk Based Budgeting Concept Drafting
2. Risk and Portfolio Analysis; 2. Risk and Portfolio Analysis
3. Penyelesaian Reviu atas Management Policy seluruh 3. Completion of Review of the Management Policy in
Divisi Kantor Pusat; dan ! þ!Ď*
4. ARMS Enhancement 4. ARMS Enhancement
• Pengembangan Modul Kajian Risiko • Development of Risk Analysis Modul
• Perubahan Risk Map berdasarkan Risk Appetite dan • Transformation of Risk Map based on newest Risk
Risk Tolerance terbaru Appetite and Risk Tolerance
Berdasarkan realisasi kinerja, rata-rata pencapaian Key Based on the performance realization, average of the
Performance Indicator (KPI) Divisi Risk Management pada achievement of Key Performance Indicator (KPI) of Risk
tahun 2018 sebesar 112,63%. Management Division in 2018 is 112.63%.
Risiko-Risiko Utama Perusahaan The Company’s Key Risks

Melalui proses RCSA, Divisi Risk Management memperoleh RSCA process shall provide the Risk Management
peta seluruh risiko Perusahaan. Selanjutnya Divisi Risk Division with a map of all Company’s risks. Furthermore,
Management menentukan risiko-risiko yang berpengaruh Risk Management Division shall determine the risks that
/%#*%ü'* 0!.$ , .$ !.1/$* 5*# 0!.*#'1) $2! /%#*%ü*0 %),0 +* 0$! ƫ+),*5Ě/ %.!0%+* /
dalam Risk That Matter (RTM). RTM diperoleh dari summarized in Risk That Matter (RTM). RTM is obtained
pendekatan bottom up dan top down. from bottom up and top down approach.

Risk That Matter 2018
No. Risk Type Risk Issue Risk Treatment

1. Risiko Stratejik Keterlambatan pelaksanaan 1. Menambah intensitas monitoring dan reviu progres proyek
Strategic Risk commissioning Proyek khususnya dalam penyelesaian konstruksi furnace dan
Pembangunan Pabrik Feni pendukungnya, konstruksi pembangkit listrik beserta interface
Halmahera Timur serta infrastruktur pendukung lainnya.
2. Melakukan follow up serta percepatan pengurusan perijinan
Delay in commisioning of East ke instansi terkait dan pemenuhan persyaratan dokumen yang
Halmahera Ferronickel Plant dibutuhkan untuk pengajuan izin.
Development Project
1. Enhance monitoring intencity and project progress review
particularly in furnace construction completion and its supporting,
power plant and interface construction as well as other supporting
infrasturcture
2. Following up and acceleration of obtaining permits to relevant
#!*%!/* "1((ü(()!0+" +1)!*0.!-1%.!)!*03$%$*!! !
in permit submission
2. Risiko Stratejik Potensi terhambatnya 1. Percepatan pembebasan lahan termasuk status lahan untuk
Strategic Risk pembangunan Pabrik SGA dan tambang dan pabrik serta pemenuhan segala aspek perizinannya.
Tambang Mempawah 2. Melakukan studi optimalisasi harga komoditas dan bahan baku,
eksplorasi lanjutan sumberdaya bauksit serta melanjutkan studi
Potential constraints SGA Plant pabrik dan tambang.
and Mempawah Mine construction
1. Acceleration of land acquisition includeing land status for mine
* ,(*0/3!((/"1((ü(()!*0+"((,!.)%//%+*/,!0ċ
2. Do study about comodity price optimization and raw material,
further exploration of bauxite resources as well as continue plant
and mine study.
3. Risiko Stratejik Tidak tercapainya target Laba 1. Peningkatan koordinasi Anak Perusahaan kepada Kontraktor
Risiko Likuiditas Anak Perusahaan, Laba Entitas untuk meningkatkan kinerja Kontraktor.
Strategic Risk Asosiasi, dan Rugi Ventura 2. Pemenuhan aspek perizinan kepada Instansi terkait untuk
Liquidity Risk Bersama mendukung kelancaran operasional Anak Perusahaan.
3. Mencari sumber pendapatan lain melalui alternatif market.
*$%!2! +",.+ü00.#!0+" 4. Segera menemukan root cause kendala pabrik dan
1/% %.%!/Č* Ƶ//+%0!/,.+ü0 mengoptimalkan Tenaga Ahli/Engineer.
and Joint Venture Loses
1. Enhancement Subsidiaries coordination toward Contractor to
increase Contractor performance.
Ăċ1((ü(()!*0+",!.)%0//,!00+3. .!(!2*0Ƶ#!*50+ý1!*5
of Subsidiaries operational.
3. Finding other income source through alternative market.
4. Finding root cause of plant problem immediately and optimization
of Experts/Engineer.
4. Risiko Stratejik Tidak tercapainya target divestasi 1. Melakukan pencarian Partner Strategis melalui kajian bisnis dan
Strategic Risk beberapa Anak Perusahaan juga melengkapi database calon partner melalui studi banding.
2. Menjajaki hubungan dengan Partner Strategis dan dalam
Unachieved of Divestment Target prosesnya telah melalui NDA dan MoU sesuai ketentuan yang
of several Subsidiaries telah ditetapkan.
āċ %* %*# 0.0!#% .0*!. 0$.+1#$ 1/%*!// *(5/%/ * ü0 +10
database of partner candidate through benchmarking.
2. Strenghtening relationship toward Strategic Partner and in
that process have through NDA and MoU related to stipulated
condition.


5. Risiko Stratejik Keberlangsungan portfolio bisnis 1. Melakukan pemodelan dan pemetaan geologi secara keseluruhan
Strategic Risk penambangan emas serta melakukan evaluasi sumber daya yang dapat dikonversi
menjadi cadangan.
Sustainability of gold mining 2. Melakukan kerjasama eksplorasi maupun penjajakan dalam bidang
business portfolio Bisnis Pertambangan komoditas Emas baik dalam negeri maupun
luar negeri.
3. Melakukan usaha terbaik untuk melakukan komunikasi kepada
semua stakeholder dalam rencana pencarian IUP Komoditas Baru
dalam negeri.
4. Membuat Rencana Bisnis Optimasi Pemanfaatan Joint Venture
Komoditas Emas
1. Modelling and geological mappping relatibely as well as evaluating

source which can be converted to reserve.
2. Exploration cooperating as well as exploration within gold
comodity mining business both domestic and overseas.
ăċ + !/0 !û+.0 0+ +))1*%0%*# 0+3. (( /0'!$+( !./ 3%0$%*
,(**%*# +" ü* %*# *!3 +)+ %05 )%*%*# 1/%*!// ,!.)%0 Ĩ ĩ
domestic.
4. Making business plan for optimization Joint Venture Usage Gold
Comodity.
6. Risiko Likuiditas Penurunan/$ý+3ANTAM āċ !(*&10'* ,.+#.) !ü/%!*/% 5*# 0!($ !.&(* 1*01'
Risiko Operasional ! 10%+*ƵƵ ŏ//$ý+3 menurunkan biaya operasional.
Liquidity Risk 2. Meningkatkan intensitas fungsi marketing dan promosi untuk
Operational Risk meningkatkan penjualan Logam Mulia.
3. Melakukan perpanjangan SPE kuota ekspor bijih nikel dan bauksit
tahun 2018.
4. Meningkatkan volume penjualan untuk pasar eksisting dan
membuka pasar baru.
āċ ƫ+*0%*1%*#!ü%!*5,.+#.)3$%$$/!!*.1**%*#0+.! 1!

operating costs.
2. Enhancing marketing function intencity and promotion for
increasing precious metal gold sales.
3. Do extension of export approval letter of nickel ore and bauxite
export quota in 2018.
4. Increasing sales volume to existing market and opening new
market.
7. Risiko Stratejik Potensi tidak diperolehnya partner Pembuatan konsep kerjasama untuk calon partner dalam mendukung
Strategic Risk strategis untuk pengembangan pencapaian RJPP ANTAM (Hilirisasi Mineral).
bisnis ANTAM
Potential is not obtained by Making the concept of cooperation for prospective partners in
strategic partners for ANTAM's supporting the achievement of ANTAM's Long Term Corporate
business development Planning (Mineral Downstreaming)
8. Risiko Stratejik Kelangsungan PT ICA pasca 1. Melaksanakan rekomendasi Technical Advisor terkait operasional
Strategic Risk pengambilalihan seluruh saham pabrik serta mempersiapkan anggaran yang dibutuhkan untuk
Showa Denko oleh ANTAM stabilitas operasi.
Going concern of PT ICA after the 2. Melaksankan pencarian Partner Strategis baru untuk divestasi
acquisition of all Showa Denko saham.
shares by ANTAM 3. Menunjuk konsultan pajak untuk melakukan evaluasi terhadap
beban pajak.
1. Implementing recommendations of Technical Advisor related

plant operational as well as budgetting which needed for
operational stability.
2. Finding new Partner Strategic for share divestment.
3. Appoint a tax consultant to evaluate the tax burden


9. Risiko Operasional Tidak tercapainya target produksi 1. Menyediakan sparepart untuk critical equipment, melakukan
Operational Risk FeNi dan Bijih Nikel preventive maintenance, dan monitoring kondisi peralatan
menjaga kestabilan operasi dan monitoring terhadap kondisi
Unachieved of FeNi production pabrik.
target and Nickel ore 2. Mencari alternatif sumber bahan baku umpan pabrik serta
Melakukan long term contract sesuai dengan perencanaan
produksi.
3. Memastikan terlaksananya rencana investasi untuk meningkatkan
produksi yang telah dianggarkan.
4. Meningkatkan koordinasi & pengawasan atas kinerja Kontraktor.
5. Percepatan pengurusan aspek perizinan dengan menyesuaikan
rencana penambangan.
1. Providing sparepart for critical equiment, do preventive

maintanance and monitoring condition of equipment to maintain
operating stability and monitoring through plant condition.
2. Finding alternative raw material source for plant feed as well as
make long term contract related to production plan.
3. Ensure Implementde of Investment plan for Increase badgeted
production.
4. Intensify coordination and monitoring of Contractor performance.
5. Acceleration of permits aspect management by adjusting to
development plan.
10. Risiko Operasional Tidak tercapainya target penjualan 1. Menawarkan penjualan domestik bijih nikel dengan sistem
Operational Risk domestik dan ekspor bijih nikel dan bundling serta memperoleh kepastian penyerapan pasar dalam
bauksit bentuk MoU atau komitmen calon buyer.
2. Melakukan blending dan peningkatan metode sampling untuk
Unachieved of nickel ore and )!),!.+(!$'1(%0/+.!/!/1% !*#*/,!/%ü'/% ()'+*0.'
bauxite sales target In domestic dengan buyer.
and export 3. Menerapkan skema FOB (Freight On Board) sehingga potensi
kerugian dari kendala pengiriman ore karena cuaca buruk maupun
kondisi kapal dan faktor lainnya ditanggung sepenuhnya oleh
buyer.
4. Peningkatan kapasitas washing plant dengan mengacu pada
referensi washing plant existing.
1. Proposing domestic sales of nickel ore with bundling system as

well as obtain certainty of market absorption in the form of MoU
or commitment of prospective buyers;
2. Blending and improving sampling method for get appropriate ore
-1(%05.!(0! 0+/,!/%ü0%+*3%0$%*0$!+*0.03%0$15!.ċ
3. Implementing FOB (Freight On Board) scheme so that loss
potential from ore delivery problem caused by bad weather as
well as ship condition and other factors fully borne by buyer.
4. Enhancement washing plant capacity related to washing plant
existing as reference.
11. Risiko Operasional Tidak tercapainya target penjualan 1. Melakukan evaluasi rutin atas efektivitas penggunaan modal kerja.
Operational Risk UBPP Logam Mulia 2. Meningkatkan strategi penjualan di Butik Emas dan evaluasi rutin
kinerja Butik Emas.
Unachieve of Precious Metal 3. Menyediakan sparepart untuk critical equipment, melakukan
.+!//%*#* !ü*!.5ǫ1/%*!// preventive maintenance, dan monitoring kondisi peralatan pabrik.
Unit sales target 4. Memastikan terlaksananya rencana investasi untuk meningkatkan
produksi.
1. Routine evaluation concerning efectivity of working capital usage.

2. Enhance sales strategy in Gold Boutique and routine evaluation of
Gold Boutique Performance.
3. Providing sparepart for critical equipment, do preventive
maintenance, and monitoring plant equipment condition.
4. Ensure implementation of investment planning for increase
production.


12. Risiko Operasional Kenaikan biaya operasional Bijih 1. Melakukan renegosiasi dengan vendor untuk memperoleh harga
Operational Risk Nikel, FeNi, dan Emas BBM yang sesuai dengan asumsi dalam RKAP
2. Mencari pemasok lokal untuk bahan-bahan import dengan
Increasing of operational cost of menetapkan standar yang sesuai dengan kebutuhan operasional
Nickel Ore, FeNi and Gold pabrik.
3. Melakukan usaha terbaik untuk meminimalisasi single vendor
supplier.
1. Renegotiating with vendor for get fuel price which appropriate

with Corporate Work and Budget Plan (RKAP) prediction.
2. Finding local supplier for import material which setting standard
related to plant operational needed.
ăċ+!/0!û+.00+)%*%)(%6%*#/%*#(!2!* +./1,,(%!.ċ
13. Risiko Kepatuhan Terjadinya permasalahan tekait 1. Melakukan koordinasi lebih lanjut dengan para stakeholdes
Compliance Risk IUP ANTAM (Tumpang tindih serta Pihak Berwenang untuk memperoleh kepastian status IUP
IUP ANTAM dengan status ANTAM.
kawasan hutan, Penyerobotan 2. Menyelesaikan segala bentuk kewajiban dalam menjaga
IUP, Pencabutan IUP dari Instansi '!,!)%(%'* * '+* 1/%ü0/ ,!./%+*( % 3%(5$ *%0
Terkait) Bisnis, Proyek Pengembangan ANTAM dan Anak Perusahaan.
Problem related to ANTAM mining 1. Further coordination with stakeholders as well as authorized
business permit (IUP) (overlapping party for obtain assurance of ANTAM's mining business permit
with forest area status, dispute of (IUP) status.
mining business permit, revocation 2. Finishing entire of obligation within keep ownership of mining
of mining business permit by business permit (IUP) and operational conductivity in Business
relevant agency) Unit area, Development Project and Subsidiaries.
Inisiasi Business Continuity Management Business Continuity Management Initiation

Pengelolaan risiko Perusahaan terhadap event atau Management of the Company’s risk for events or events
kejadian yang memiliki dampak fatal sangat dibutuhkan that have fatal impacts is needed in supporting the
dalam mendukung tercapainya Visi, Misi dan Tujuan achievement of the Company’s Vision, Mission and
Perusahaan. Dalam menghadapi suatu kejadian yang Objectives. In the face of an event that has a very fatal
berdampak sangat fatal (Catastrophic), perlu adanya impact (Catastrophic), it is necessary to have an integrated
respon manajemen yang terintegrasi dan terkoordinasi and coordinated management response from all Divisions,
dari seluruh Divisi, Unit, dan Unit Bisnis baik secara internal Units and Business Units both internally and externally. The
maupun eksternal. Pengembangan dan penerapan Business development and implementation of Business Continuity
Continuity Management menyediakan framework dalam Management provides a framework in compiling detailed
)!*51/1* !0%( '0%ü0/ 5*# /!/1% #% !.1/$* activities that are appropriate for the Company in deal
dalam menghadapi kejadian bencana (disaster), potensi with the disasters, other potential hazards as well as
bahaya lainnya serta kondisi diluar normal yang dapat conditions beyond normal that can potentially interfere
berpotensi mengganggu keberlangsungan atau bahkan with sustainability or even stop Company’s business
)!*#$!*0%'*'0%ü0/%/*%/!.1/$*/!,!.0%č activity such as:
1. Natural Disaster: banjir, gempa bumi, gunung meletus; āċ 01.( %//0!.č ý++ Č !.0$-1'! * 2+(*%
2. Man-made disaster: sabotase, peperangan, serangan eruption;
teroris, kerusuhan, pembajakan data; 2. Man-made disaster: sabotage, war, terrorism, riot, data
3. Main Facility Failure: kegagalan pasokan listrik, piracy;
kegagalan sistem pendingin dan lain sebagainnya; 3. Main Facility Failure: failure of electricity supply, system,
4. Governmental Issues: pemogokan, embargo ekonomi, cooling system failure, and others;
dan sebagainya; 4. Government Issues: strike, economic embargo, and
5. Penyebaran penyakit menular dan sebagainnya. others;
5. The spread of infectious diseases and others.
Divisi Risk Management telah memulai inisiasi pelaksanaan Risk Management Division has initiated business continuity
business continuity management pada tahun 2013 dengan management implementation in 2013 focusing to
berfokus pada keberlangsungan bisnis perusahaan business sustainability (human Resource, information and
(sumberdaya manusia, sistem manajemen dan Government management system, as well as other supporting facility).
Issues, serta fasilitas pendukung lainnya). Pada tahun 2018, * ĂĀāĉČ %/' *#!)!*0 %2%/%+* $/ ü*%/$! 1, 0%*#
Divisi Risk Management telah melakukan pembaruan Business Continuity Management policy which a stage
atas Kebijakan Business Continuity Management (BCM) within developing defense and company sustainability.

dengan mengikuti kondisi dan perkembangan bisnis BCM Policy is guide of Business Continuity Plan (BCP). BCP
Perusahaan, dimana langkah tersebut merupakan development will be prepared in accordance with business
tahapan dalam membangun peningkatan ketahanan dan processes and characteristics in each Unit, Business Unit
keberlanjutan Perusahaan. Kebijakan BCM merupakan * ! þ!ċ$!ǫƫ %),(!)!*00%+*%*0$!ƫ+),*5
acuan bagi penyusunan Business Continuity Plan (BCP). focuses on employee safety, minimizing losses and the
Pengembangan BCP akan disusun sesuai dengan proses sustainability of the Company’s main business processes.
bisnis dan karakteristik di setiap Unit, Unit Bisnis dan Kantor The company realizes the importance of integrating BCM
Pusat. Penerapan BCM di Perusahaan berfokus terhadap 3%0$ 1/%*!// 0%2%0%!/ %* 0$! ! þ!ĥ*%0ĥǫ1/%*!//
keselamatan pegawai, meminimalisir kerugian serta Unit environment so that the Company’s losses from the
keberlanjutan proses bisnis utama Perusahaan. Perusahaan occurrence of disasters can be as minimal as possible.
menyadari pentingnya melakukan integrasi BCM dengan
aktivitas bisnis di lingkungan Kantor Pusat/Unit/Unit Bisnis
sehingga kerugian Perusahaan dari terjadinya kejadian
bencana dapat seminimal mungkin.
Evaluasi Kebijakan Manajemen Risiko Evaluation of Risk Management Policy

Pada tahun 2018 telah dilakukan evaluasi terhadap Kebijakan In 2018 an evaluation of the Company’s Risk Management
Manajemen Risiko Perusahaan. Evaluasi dilakukan terhadap Policy was conducted. Evaluation is carried out on
Kriteria Risiko Perusahaan untuk memastikan bahwa Kriteria the Company’s Risk Criteria to ensure that the Risk
Risiko tersebut masih relevan dengan kondisi Perusahaan Criteria are still relevant to the Company’s condition by
dengan mempertimbangkan masukan dari Stakeholder considering input from the relevant Stakeholders. Risk
terkait. Evaluasi Kriteria Risiko ditindaklanjuti dengan Criteria Evaluation was followed up with revisions to the
revisi Risk Appetite dan Risk Tolerance Perusahaan, serta Company’s Risk Appetite and Risk Tolerance, as well
penyesuaian pemetaannya pada Risk Map Perusahaan as adjusting its mapping on the Company’s Risk Map to
untuk memastikan keselarasannya. ensure its alignment.
Berdasarkan arahan Direksi, pernyataan selera risiko (Risk Based on the directives of the Board of Directors, the
Appetite Statement) Perusahaan adalah sebagai berikut: Company’s Risk Appetite statements are as follows: “The
“Perusahaan hanya menerima risiko-risiko yang mempunyai Company only accepts risks that have very low and low
potensi dampak Sangat Rendah dan Rendah. Risiko-risiko potential impacts. Risks that have Medium, High and Very
yang mempunyai potensi dampak Menengah, Tinggi dan High potential impacts are those risks that go beyond the
Sangat Tinggi adalah risiko-risiko yang melampaui Selera Company’s Risk Appetite”.
Risiko Perusahaan”.
Selain itu, pada tahun 2018 juga telah dilakukan penyusunan In addition, in 2018, the preparation of Grand Design
Grand Design Risk Based Budgeting yang akan dijadikan Risk Based Budgeting has been made as a basis for
sebagai dasar bagi praktek Manajemen Risiko Perusahaan the Company’s Risk Management practices to begin
untuk mulai menjalankan penyusunan anggaran 2020 yang implementing the 2020 risk-based budgeting.
berbasis risiko.
ANTAM telah menyusun grand design Risk Based Budgeting yang akan digunakan
dalam proses penyusunan Anggaran Perusahaan berbasis risiko
ANTAM has compiled the grand design of Risk Based Budgeting that will be used in the process of risk-
based company Budgeting

Upaya Peningkatan Budaya Risiko û+.0/0+ *.!/!%/'ƫ1(01.!

Untuk meningkatkan efektivitas dan mencapai tujuan + %),.+2! 0$! !û!0%2!*!// * 0+ $%!2! 0$! .%/'
penerapan manajemen risiko, Divisi Risk Management management implementation goals, the Risk Management
senantiasa berupaya meningkatkan komitmen pimpinan Division continuously strives to enhance the Company’s
Perusahaan untuk memberi dukungan dan kontribusi penuh leadership commitment to provide full support and
dalam pelaksanaan Manajemen Risiko, mengembangkan contribution in the implementation of Risk Management, to
budaya sadar risiko (corporate risk culture) ke seluruh develop a corporate risk culture throughout the Company’s
proses Perusahaan dengan menitikberatkan konsep risiko process by emphasizing the risk concept as a responsibility
sebagai tanggung jawab setiap orang (risk is everybody’s of each person (risk is everybody’s business) through
business) melalui sosialisasi yang berkelanjutan serta selalu continuous socialization and development of competency
mengembangkan kompetensi dan proses pembelajaran and learning process through Risk Management training
secara berkesinambungan melalui pelatihan Manajemen #!*!.((5* /,!%ü((5ċ
Risiko baik secara umum ataupun khusus.
Pada tahun 2018 telah dilaksanakan Sosialisasi, Training, dan In 2018, there have been several events held for the above
Sharing Knowledge Risk Management yang dilaksanakan purposes, such as Socialization, Training, and Sharing
pada tanggal 13-14 Agustus 2018 bagi Risk Owner pada Knowledge of Risk Management conducted on August
Unit/Unit Bisnis/Divisi/Proyek Pengembangan/Anak 13-14, 2018. The training was addressed for Risk Owner
Perusahaan di ANTAM, serta telah dilakukan refreshment in Units/Business Units/Divisions/Project Development/
mengenai proses Manajemen Risiko kepada Risk Owner & Subsidiaries in ANTAM, and refreshment of the Risk
%/'þ!.*%0/Unit Bisnis/Divisi/Proyek Pengembangan/ *#!)!*0 ,.+!// 0+ 0$! %/' 3*!. Ē %/' þ!.
Anak Perusahaan sebelum pelaksanaan pendampingan of Business Units/Units/Division/Projects Development/
RCSA periode tahun 2019. Penanaman budaya sadar risiko Subsidiaries prior to the implementation of RCSA
juga dilakukan melalui sosialisasi menggunakan media assistance for the 2019 period. Planting a risk awareness
email “risk campaign” kepada seluruh Pegawai ANTAM. culture was also carried out through socialization using the
email media “risk campaign” to all ANTAM employees.
Evaluasi Efektivitas Sistem Manajemen Risiko 2(10%+*+"û!0%2!*!//+"%/' *#!)!*0

System
Evaluasi efektivitas sistem manajemen risiko ANTAM 2(10%+*+"0$!!û!0%2!*!//+"ƵƵ .%/')*#!)!*0
dilakukan oleh pihak Asesor Independen PT Wisma Inti system is carried out by an Independent Assessor, PT Wisma
Mangement (Wimconsult) melalui penilaian tingkat Inti Management (Wimconsult), through the assessment
kematangan penerapan manajemen risiko (risk maturity). of maturity level of risk management implementation
Penilaian risk maturity menggunakan model maturitas yang (risk maturity). The risk maturity assessment applies the
dipublikasikan oleh RIMS (Risk & Insurance Management maturity model published by RIMS (Risk & Insurance
Society, Inc). Dalam RIMS Risk Maturity Model (RMM) Management Society, Inc.). In RIMS Risk Maturity Model
terdapat 7 (tujuh) elemen dan karakteristik manajemen (RMM) there are 7 (seven) elements and risk management
risiko yang dalam skala 5 (lima) level maturitas yang $.0!.%/0%/0$0Č%*ĆĨü2!ĩ)01.%05(!2!(/Č+),.%/!/čāĩ
terdiri dari: 1) Penerapan pendekatan berbasis Enterprise Application of Enterprise Risk Management (ERM)-based
Risk Management (ERM), 2) Pengelolaan Proses ERM, 3) approach, 2) ERM Process Management, 3) Risk Appetite
Pengelolaan Selera Risiko, 4) Penerapan Analisis Akar Management, 4) Application of Root Cause Analysis, 5)
Penyebab, 5) Pengungkapan Risiko, 6) Pengelolaan Kinerja, Risk Disclosure, 6) Performance Management, 7) Business
7) Ketahanan dan Keberlanjutan Usaha. Resilience and Sustainability.
Hasil analisis atas Efektivitas Sistem Manajemen Risiko $!*(5/%/.!/1(0"+.0$!!û!0%2!*!//+"%/' *#!)!*0

di tahun 2017 menunjukkan bahwa kondisi penerapan System in 2017 showed that the risk management
manajemen risiko di ANTAM berada pada tingkat %),(!)!*00%+* %* ƵƵ %/ 0 !û!0%2!*!// (!2!( +"
efektivitas BAIK (69,16%) dan capaian tingkat kematangan GOOD (69.16%) and the maturity level achievement is 3.46
sebesar 3,46 atau tingkat kematangan sedang bergerak move up from REPEATABLE level to MANAGED level.
naik dari level REPEATABLE ke level MANAGED.

Tata Kelola Teknologi Informasi & Komunikasi

Information & Communication Technology
Governance
Revitalisasi Enterprise Resource Planning ANTAM bertujuan untuk Meningkatkan

Transparansi Proses Bisnis dan Mendukung Upaya Menuju Hilirisasi
Revitalization of ANTAM’s Enterprise Resource Planning aims to Enhance
.*/,.!*5+"ǫ1/%*!//.+!//!/* 1,,+.0Ƭ+3*0.!).+!//
Dalam rangka penerapan prinsip-prinsip GCG khususnya In order to implement GCG principles, especially in
dalam pengelolaan Teknologi Informasi dan Komunikasi Information and Communication Technology (ICT)
(ICT), perlu disusun Tata Kelola ICT yang menjadi bagian management, it is necessary to establish ICT Governance
integral dari Enterprise Governance agar dapat menjamin which is an integral part of Enterprise Governance to
pemanfaatan implementasi ICT yang optimal, terukur dan !*/1.!0$!+,0%)(Č)!/1.(!* !û!0%2!10%(%60%+*+"
terarah. ICT implementation.
Guna mencapai keselarasan antara rencana pengembangan To achieve the alignment of the Company’s information
sistem informasi Perusahaan dengan Visi Misi ANTAM system development plan with ANTAM Mission and Vision
2030, maka pada tahun 2018 ANTAM telah melakukan 2030, since 2018, ANTAM has evaluated the Company’s
evaluasi atas sistem informasi Perusahaan yang diwujudkan Information System, which is manifested into decisions
dengan keputusan untuk migrasi sistem Enterprise to migrate the Enterprise Resources Planning (ERP) from
Resources Planning (ERP) dari Ellipse menjadi SAP. Migrasi Ellipse to SAP. The ERP migration was marked with Go-Live
ERP ini ditandai dengan Go-Live Implementasi SAP yang of SAP Implementation held in August 7, 2018. Revitalization
dilakukan pada tanggal 7 Agustus 2018. Revitalisasi of ANTAM Enterprise Resource Planning aims to increase
Enterprise Resource Planning ANTAM bertujuan untuk !û!0%2%05* +1*0%(%05%*!4!10%*#0$!ƫ+),*5Ě/
dapat meningkatkan efektivitas dan akuntabilitas 1/%*!//,.+!///3!((/0+%),.+2!!þ%!*5ċƵ(/+Č%*
dalam mengeksekusi proses bisnis Perusahaan serta line with ANTAM’s intention in downstream, the features
)!*%*#'0'* !ü/%!*/%ċ !(%* %01Č /!&(* !*#* 1,5 on SAP are considered more able to accommodate
ƵƵ )!*1&1$%(%.%//%Čü01.ġü01. % ()Ƶ %*##, comprehensive administrative activities.
lebih dapat mengakomodir kegiatan administratif yang
lebih luas dan komprehensif.

Arsitektur Kebijakan ICT ANTAM The Architecture of ANTAM ICT Policy

Kebijakan tata kelola ICT merupakan dasar bagi ICT governance policy is the foundation for the
penyusunan seluruh kebijakan dan pengambilan keputusan establishment of all Company’s policies and decision-
Perusahaan yang terkait dengan ICT ANTAM. Kerangka making related to ICT of ANTAM. The ICT governance
Kerja (Framework) tata kelola ICT, meliputi proses serta framework, including processes and activities in ICT
aktivitas-aktivitas dalam pengelolaan ICT yang mengacu management, refers to Regulation of the Minister of SOE
pada Peraturan Menteri BUMN Nomor PER-02/MBU/2013 Number PER-02/MBU/2013 concerning Guidelines for SOE
tentang Panduan Penyusunan Pengelolaan Teknologi Information Technology Management.
Informasi BUMN.
ANTAM memiliki Kebijakan Teknologi Informasi ANTAM has Information & Communication Technology
yang mengacu pada Surat Keputusan Direksi Nomor policy refers to the Decree Letter of the Board of Directors
309.K/0941/DAT/2015 tanggal 15 Desember 2015 tentang Number 309.K/0941/DAT/2015 dated December 15, 2015
Kebijakan Strategis ICT, dan kemudian dijabarkan tata cara regarding ICT Strategic Policy, which implementation
pelaksanaannya pada Surat Keputusan Direksi Nomor procedures are elaborated in the Decree of the Board of
310.K/0941/DAT/2015 tanggal 15 Desember 2015 Tentang Directors Number 310.K/0941/DAT/2015 dated December
Kebijakan Operasional ICT. 15, 2015 on ICT Operational Policy.
Lingkup Kebijakan Strategis ICT Lingkup Kebijakan Operasional ICT

Scope of ICT Strategic Policy Scope of ICT Operational Policy
• Penetapan Peran ICT Perusahaan • Pengelolaan Layanan, Sekuriti, Operasional dan Mutu ICT
• Perencanaan, Kerangka Kerja Proses dan Organisasi ICT • Transfer Knowledge dan Pengelolaan Data ICT
• Pengelolaan Investasi, Sumber Daya dan Risiko ICT • Evaluasi Kinerja, Monitoring dan Evaluasi Pengendalian Internal
• Pengelolaan Proyek ICT ICT
đ !**#**!101$*/!.0 !*0%ü'/%+(1/% • Pengelolaan Compliance serta Regulasi Eksternal
• Determination of the Role of ICT in Company • Management of Service, Security, Operational and Quality of ICT
• Planning, Processing and Organizational Framework of ICT • Transfer Knowledge and ICT Database Management
• Investment Management, Resource Management and Risk • Performance evaluation, monitoring and evaluation of ICT internal
Management of ICT control
• ICT Project Management • Management of Compliance and External Regulation
• Addressing the needs and Identify Solutions
Nama
Aplikasi Deskripsi Fungsional Pemilik Aplikasi Pengguna Aplikasi
No.
Application Functional Description Application Owner Application User
Name
1. Surat Perintah Aplikasi untuk mengelola permintaan dan approval !*!.(Ƶû%./Ē40!.*( Seluruh Divisi, dan Unit/
Perjalanan Dinas perjalanan dinas Relations Division Unit Bisnis di ANTAM
(SPPD) Application for managing the request and approval and Human Capital All Divisions and Unit/
of business travel managements Management Division Business Units in ANTAM
2. E-Mas Sistem Informasi untuk pengelolaan dan penjualan Unit Bisnis Pengolahan Direksi, Unit Bisnis
produk logam mulia dan Pemurnian Logam Pengolahan dan
Information systems for the sales management of Mulia Pemurnian Logam Mulia
precious metal product Precious Metals Processing BOD, Precious Metals
* !ü*!.5ǫ1/%*!//*%0 .+!//%*#* !ü*!.5
Business Unit
3. Human Capital Manajemen pengelolaan sumber daya manusia mulai Human Capital Seluruh Divisi dan Unit/
Information dari recruitment hingga retirement Management Division Unit Bisnis di ANTAM
System (HCIS) Management of human capital starting from the All Divisions and Unit/
recruitment to retirement Business Units in ANTAM
4. E-SCM Sistem Informasi Manajemen untuk Procurement dan Supply Chain Management Seluruh Divisi dan Unit/
Supply Chain Division Unit Bisnis di ANTAM
Information Management System for Procurement All Divisions and Business
and Supply Chain Units in ANTAM
5. ICT Care Sistem Informasi Manajemen untuk Layanan dan Information & Seluruh Divisi dan Unit/
Keluhan pengguna ICT Communication Unit Bisnis di ANTAM
Information Management System for Service and Technology Division All Divisions and Unit/
Complaints from ICT users Business Units in ANTAM
6. Corporate Sistem Informasi Manajemen untuk pencatatan data Operation Management, Direksi, seluruh Unit/Unit
Operation produksi, operasi dan safety Health, Safety and Bisnis di ANTAM
Performance Information Management System for recording data Environment Division BOD and all capital Unit/
(COP) on production, operation and safety Business Units in ANTAM

Nama
Aplikasi Deskripsi Fungsional Pemilik Aplikasi Pengguna Aplikasi
No.
Application Functional Description Application Owner Application User
Name
7. SMART Sistem Informasi Manajemen Audit/Sistem Internal Audit Direksi, Internal Audit
Manajemen Audit dan Review Terpadu Division BOD, Internal Audit
Audit and Review Management System
8. ANTAM Risk Sistem Informasi Manajemen untuk pengelolaan Risk Management Division Direksi, Finance, seluruh
Management risiko Unit Bisnis
System (ARMS) Information Management System for risk BOD, Finance, All
management Business Units
9. Online Aplikasi untuk mengelola permintaan dan approval Treasury, Funding Seluruh Divisi dan Unit/
Document transaksi pembayaran & Insurance Division Unit Bisnis di ANTAM
Payment Online Document Payment Application for managing All divisions and Unit/
(ODP ) the request and approval of payment transactions Business Units in ANTAM
10. Corporate Sistem Informasi Manajemen untuk pengelolaan Treasury, Funding Direksi, Treasury, Funding
Insurance asuransi aset perusahaan & Insurance Division & Insurance Division
System (COINS) Information Management System for managing the BOD, Treasury, Funding
insurance of the Company’s assets & Insurance Division
11. Treasury Vision Sistem Informasi Manajemen untuk pengelolaan Treasury, Funding & Direksi, Treasury, Funding
posisi keuangan di setiap unit bisnis Insurance Division & Insurance Division
Information Management System for managing BOD, Treasury, Funding &
ü**%(,+/%0%+*%*!$1/%*!//1*%0 Insurance Division
12. QC System Sistem Informasi untuk pengelolaan hasil analisa Quality Control Unit Bisnis Quality Control Unit Bisnis
Laboratorium Unit Bisnis Pertambangan Emas Pertambangan Emas Pertambangan Emas
Information System for Laboratory of Gold Mining Gold Mining Business Unit Quality Control in Gold
Business Unit Analysis Result Management Quality Control Mining Business Unit
13. HR Service Desk Sistem Informasi untuk memenuhi layanan terkait Human Capital Seluruh Divisi
kebutuhan Sumber Daya Manusia Management Division di Kantor Pusat
Information System for Human Resources Services All Divisions
%*! þ!
14. MADE Sistem Informasi untuk memonitor perangkat Seat Information Information &
Management & Communication Communication
Information System for Seat Management Device Technology Division Technology Division
Monitoring
15. OPTIMA Sistem Informasi untuk mengelola aset yang dimiliki Post Mining & Post Mining & Non
oleh ANTAM Non Productive Asset Productive Asset
Information System for ANTAM’s Asset Management Management Division Management Division
Survei Kepuasan Pelanggan ICT ICT Customer Satisfaction Survey

Untuk mengetahui tingkat kepuasaan pegawai atas layanan *+. !.0+ü* +100$!(!2!(+"0$!!),(+5!!/0%/"0%+*
yang telah diberikan oleh ICT dan guna memperoleh over ICT services and to get recommendation for the
masukan untuk peningkatan kinerja ICT yang lebih optimal, improvement of ICT performance more optimal, then every
maka setiap tahun telah dilakukan pengukuran atas tingkat year has been measured on the level of ICT customer
kepuasan pelanggan ICT. satisfaction.
Tingkat Kepuasan Pelanggan ICT

ICT Customer Satisfaction Level
(%)
Pada tahun 2018, hasil survei menunjukan tingkat
72,38 73,15 72,20 kepuasan pengguna layanan ICT mencapai 72,20%.
Hal ini membuktikan bahwa rata-rata pengguna
layanan ICT berada pada kategori PUAS.
In 2018, the survey shows that the level of ICT users

satisfaction over ICT services was 72.20%
which means that the average users of ICT services
are at the category of SATISFIED.
2016 2017 2018

Service Level Agreement (SLA) Service Level Agreement (SLA)

Divisi ICT telah membuat Perjanjian Tingkat Kinerja (Service ICT Division has developed a Service Level Agreement/
Level Agreement/SLA) antara Divisi ICT dan Divisi-divisi SLA between ICT Division and ICT user in all ANTAM unit/
pengguna ICT di seluruh unit/unit bisnis ANTAM serta business units, and issued ICT Service Catalogue or ICT
penerbitan ICT Service Catalogue atau daftar layanan ICT service list that can be used by employees. Also, ICT has
yang dapat digunakan oleh karyawan. Selain itu ICT juga ICT Care application to serve ICT customers.
memiliki aplikasi ICT Care untuk melayani pelanggan ICT.
Process of IT
Service Management
ICT Customers ICT Care Service Level Service ICT Division

Application Agreement Catalogue (Service Provider)
(SLA)
Process of ICT
Governance
Pencapaian Service Level Agreement

Achievement of Service Level Agreement
(%)
Pada tahun 2018, hasil pengukuran tingkat pencapaian
97,28 98,00 96,54 SLA ICT mencapai 96,54%. Hal ini membuktikan
bahwa hampir seluruh request tiket yang masuk ke
aplikasi ICT Care dapat diselesaikan tepat waktu.
In 2018, the results of the measurements of ICT SLA

achievement level reached 96.54%. This proves
that almost all request tickets registered in ICT Care
application have been completed in timely manner.
2016 2017 2018

Pengadaan Barang dan Jasa

Procurement of Goods and Services
.+/!/!*# *ǫ.*# *

/ %!.1/$*Ƭ %('1'*/!.
Transparan, Obyektif, dan dapat Dipertanggungjawabkan.
Procurement of Goods and Services in the Company is carried out
Transparently, Objectively, and Accountably.
Kebijakan Pengadaan Barang dan Jasa The Policy of Procurement of Goods and Services
Dalam menjalankan bisnisnya, ANTAM telah memiliki In conducting its business, ANTAM has had Policy on
kebijakan terkait Pengadaan Barang dan Jasa yang menjadi the procurement of goods and services as the primary
acuan utama semua aktivitas pengadaan barang dan jasa guideline for all procurement of goods and services
yang dilakukan dengan mempertimbangkan kualitas, activities by considering the quality, delivery time, from
delivery time, dari sumber yang tepat dan dilakukan ,,.+,.%0!/+1.!/* ..%! +100$.+1#$!û!0%2!*
melalui strategi, perencanaan, proses dan pengendalian !þ%!*0 ,.+1.!)!*0 /0.0!#5Č ,(**%*#Č ,.+!//!/ *
,!*# * 5*# !"!'0%" * !ü/%!* /!.0 )!)!*1$% control as well as in compliance with the prevailing laws
peraturan perundang-undangan yang berlaku di Indonesia. and regulations in Indonesia.
Pada tahun 2017, ANTAM telah melakukan review dan In 2017, ANTAM has reviewed and evaluated the
evaluasi atas Kebijakan Pengadaan Barang dan Jasa yang Procurement Policy of Goods and Services, which is then
kemudian ditetapkan dalam SK Direksi Nomor 333.K/92/ stipulated in Board of Directors Decree Number 333.K/92/
DAT/2017 tanggal 20 Juni 2017 tentang Pedoman DAT/2017 dated June 20, 2017, on the Supply Chain
Pengelolaan Rantai Pasokan. Pedoman Pengelolaan Rantai Management Guidelines. The Supply Chain Management
Pasokan tersebut mengatur Pengelolaan Pengadaan Guidelines regulates the Procurement Management of
Barang dan Jasa, Pengelolaan Kontrak Pengadaan Barang Goods and Services, the Management of Procurement
dan Jasa, Pengelola Penyedia Barang dan Jasa, dan Contracts of Goods and Services, the Managers of
Pengelolaan Material. Di dalam Pedoman Pengelolaan Suppliers and Services, and the Materials Management.
Penyedia Barang dan Jasa terdapat kebijakan terkait seleksi In the Guidelines for Supplier and Service Provider
pemasok yaitu memiliki mekanisme untuk mencari dan *#!)!*0 /,!%ü!/ 0$! ,+(%5 .!(0%*# 0+ /1,,(%!.
memilih calon Penyedia Barang dan Jasa (,.-1(%ü0%+*) /!(!0%+*Č )!$*%/) 0+ ü* * /!(!0 0$! * % 0!
maupun mengevaluasi kinerjanya secara periodik, sehingga +".+2% !.+"++ /* !.2%!/Ĩ,.!ġ-1(%ü0%+*ĩ*

akan diperoleh daftar Penyedia Barang dan Jasa yang evaluate its performance periodically, to obtain the list of
terpilih dan berkualitas (shortlisted) di bidangnya masing- /!(!0! .+2% !./+"++ /* !.2%!/0$0.!-1(%ü!
masing. Mekanisme tersebut dilakukan secara transparan, %* 0$!%. .!/,!0%2! ü!( ċ $! )!$*%/) %/ +* 10!
obyektif, dan dapat dipertanggungjawabkan. transparently, objectively, and accountable.
Etika Perusahaan dalam Pengadaan Barang dan Jasa Corporate Ethics in Procurement of Goods and Services
Standar Etika: Code of Conduct:
1. Mengikuti seluruh peraturan pengadaan barang dan 1. To comply with all regulations of goods and services
jasa yang ditetapkan ANTAM, pada saat melakukan procurement set forth by ANTAM when dealing with
pengadaan atas barang atau jasa yang dibutuhkan. the procurement of goods or services required.
2. Menggunakan pemasok-pemasok yang memenuhi 2. To appoint the suppliers that meet the requirements
'1(%ü'/% 5*# %0!0,'* ƵƵ * /!. !0!.)%*! 5ƵƵ * $2!0$!,%(%050+"1(ü((
konsisten mampu memenuhi standar kualitas baik the quality standard of the goods and services with the
barang dan jasa dengan biaya yang kompetitif dan competitive and reasonable costs.
representatif. 3. To establish business relationship only with the suppliers
3. Melakukan hubungan kerja hanya dengan pemasok that comply with the prevailing laws and regulations,
yang mematuhi peraturan perundang-undangan and additional requirements set by ANTAM, especially
yang berlaku dan persyaratan tambahan dari ANTAM, for those relating to the employment, environment,
terutama yang berkaitan dengan ketenagakerjaan, health and safety, intellectual property rights, and
lingkungan, kesehatan dan keamanan, hak kekayaan unreasonable payment.
intelektual dan pembayaran yang tidak wajar. 4. Both parties shall carry out a mutual evaluation for
4. Kedua belah pihak juga saling melakukan upaya improvement and maintain more harmonious and
evaluasi guna perbaikan dan hubungan yang lebih constructive relationship.
harmonis dan konstruktif.
Kode Etik berdasarkan Pedoman Pengelolaan Rantai Pasokan

Code of Conduct based on the Supply Chain Management Guidelines
Tidak meminta/menerima
Patuh terhadap
Menghindari persaingan Bekerja secara Tertib imbalan/hadiah
Etika Bisnis Terbuka dan Bersaing
tidak sehat Work neatly and in an Prohibited from
Comply with Open and Competitive
Avoid unfair competition orderly manner requesting/receiving
Business Ethics
a reward/gift
Tidak melebihi batas

Menghindari terjadinya
Menggunakan dokumen kewenangan dalam
Adil dan Wajar benturan kepentingan Transparan
yang valid bertindak
Fair and Reasonable Ƶ2+% +*ý%0/ Transparent
Using valid documents Do not act exceeding its
of interest
authority limit

Untuk meningkatkan kualitas hubungan dan komunikasi To improve the quality of relations and communication with
dengan semua Penyedia Barang dan Jasa, ANTAM all Providers of Goods and Services, ANTAM always holds
senantiasa mengadakan pertemuan (gathering) dengan periodic meetings with all Providers of Goods and Services
semua Penyedia Barang dan Jasa yang terdaftar di ANTAM registered in ANTAM. In 2018, the Company provides the
secara periodik. Pada tahun 2018, Perusahaan memberikan suppliers with a capability/knowledge enhancement in the
peningkatan kemampuan/pengetahuan kepada pemasok form of explanation regarding the Company’s new policy
berupa pemberian penjelasan terkait kebijakan pengadaan of goods/services procurement. Also, every partner who
barang/jasa yang baru diperbaharui di Perusahaan. has procurement cooperation with ANTAM shall have
Selain itu, untuk setiap mitra kerja yang melakukan kerja occupational safety and health standards and obligations
sama pengadaan dengan ANTAM, diharuskan memiliki to comply with the rules and regulations both implemented
standar keselamatan dan kesehatan kerja serta kewajiban in ANTAM and refers to prevailing laws and regulation.
untuk patuh (comply) terhadap standar dan regulasi
yang berlaku, baik di ANTAM ataupun sesuai peraturan
perundang-undangan yang berlaku.
Sistem Electronic Supply Chain Management Electronic Supply Chain Management System
(e-SCM)
Untuk meningkatkan kualitas dan akuntabilitas praktik To improve the quality and accountability of procurement
pengadaan barang dan jasa, mencegah terjadinya practices, to prevent corruption, collusion, and nepotism,
tindak pidana korupsi, kolusi dan nepotisme serta untuk / 3!(( / 0+ %),.+2! 0$! !þ%!*5 * !û!0%2!*!// +"
)!*%*#'0'* !ü/%!*/% * !"!'0%2%0/ /%/0!) ,!*# *Č procurement systems, ANTAM has developed electronic
ANTAM telah mengembangkan sistem electronic Supply Supply Chain Management (e-SCM) system. The e-SCM
Chain Management (e-SCM). Sistem e-SCM mencakup system includes the modules for both internal and external
modul user internal dan eksternal. Modul user internal users. The internal user module is used by internal parties
digunakan oleh pihak internal Perusahaan yang memiliki of the Company who have access and have been integrated
hak akses dan telah terintegrasi dengan tim pengadaan with the procurement team in entire Business Units/Units.
di seluruh Unit/Unit Bisnis Perusahaan. Adapun modul The external user module consists of vendor registration
eksternal terdiri atas vendor registration dan vendor and vendor transaction. External modules are available on
transaction. Modul eksternal tersedia dalam website the Company’s website in eproc.antam.com menu.
Perusahaan bagian menu eproc.antam.com.
Menu eproc.antam.com dapat dengan mudah diakses The eproc.antam.com menu can be accessed easily by the
oleh publik. Bagi masyarakat umum yang ingin menjadi public through the Company’s website. For the public who
rekanan ANTAM sebagai penyedia barang dan jasa dapat would like to become partners of ANTAM as providers of
mendaftar melalui eproc.antam.com. Panduan untuk goods and services, they can register through eproc.antam.
menjadi mitra kerja ANTAM dapat diperoleh dengan com. Guidelines for becoming ANTAM’s partners can be
mengunduh Petunjuk Penggunaan Mitra Kerja yang obtained by downloading the Usage Partner Guidelines
terdapat pada menu e-Procurement. Input pemenuhan found in the e-Procurement menu. The data input for
kriteria untuk menjadi Mitra Kerja dalam eproc.antam. 0$! .%0!.% "1(ü(()!*0 %* !,.+ċ*0)ċ+) * +*(5 !
com dapat dilakukan setelah calon pemasok melakukan made after the prospective supplier make a registration.
.!#%/0./%ċƵƵ '*)!*!.%0'*!.0%ü'0 %0.!.& ƵƵ 3%(( %//1! .0*!. ƫ!.0%ü0! "+. ,.0*!./ 3$+
(SMK) bagi Mitra Kerja yang telah selesai melakukan $2!ü*%/$! .!#%/0!.%*#* %/2(% %*((ƵƵ *%0/ĥ
registrasi dan berlaku di seluruh Unit/Unit Bisnis ANTAM. Business Units.

Tata Cara Pendaftaran Mitra Kerja ANTAM

Registration Procedure for ANTAM’s Partner
Pendaftaran di Menu Data

Mulai E-Proc Input Data di E-Proc Administratif
Start Registration via Input Data via E-Proc Administrative Data
E-Proc Menu
Selesai MenyerahkanDokumen Menu Data Tambahan Menu Data Teknis

End Submit Document Additional Data Menu Technical Data Menu
Selain itu, semua ketentuan dan informasi mengenai Moreover, all provisions and information concerning
Pengadaan Barang dan Jasa termasuk syarat teknis Procurement of Goods and Services including technical
administrasi pengadaan, tata cara evaluasi, hasil evaluasi, requirements of procurement administration, evaluation
penetapan calon Penyedia Barang dan Jasa, sifatnya procedures, evaluation results, determination of Providers
terbuka bagi peserta Penyedia Barang dan Jasa yang of Goods and Services candidate, are open to participants
berminat melakukan pendaftaran mitra kerja ANTAM of Goods and Services Providers who are interested in
melalui e-Procurement. Sejauh ini penerapan ini telah registering as ANTAM partners through e-Procurement.
berjalan dengan cukup baik, setara dan wajar. ANTAM terus This application has been running quite well, equally
melakukan evaluasi dan perbaikan untuk dapat semakin and fair. ANTAM continues to make evaluations and
mengoptimalkan sistem pengadaan ini kedepannya. improvements to optimize the system further.
Survei Pemasok Supplier Survey

Untuk mengetahui sejauh mana tingkat kepuasan To identify the supplier’s satisfaction level, ANTAM
pemasok, ANTAM secara konsisten melakukan pengukuran consistently carries out a measurement every year. In 2018,
setiap tahun. Pada Tahun 2018, survei kepuasan pemasok supplier satisfaction survey is conducted by an online
dilaksanakan pada bulan Desember 2018 secara online method and was held in December 2018 through the
melalui sistem e-SCM. e-Procurement system.
Hasil Survei Kepuasan Pemasok Tahun 2018 sebesar 77,42% yang menyatakan
bahwa pemasok menilai PUAS atas proses pengadaan Barang dan Jasa di ANTAM.
The Result of Supplier Satisfaction Survey 2018 was 77.42% which stated that suppliers were SATISFIED
with the procurement process in ANTAM.

Akuntan Publik
Public Accountant
Dalam Rapat Umum Pemegang Saham Tahunan Tahun Buku In the Annual General Meeting of Shareholders of Fiscal
2017 yang diselenggarakan di Jakarta pada tanggal 12 April Year 2017 held in Jakarta on April 18, 2018 ANTAM
2018 pemegang saham ANTAM menyetujui penunjukan shareholders approved the appointment of Public
Kantor Akuntan Publik (KAP) Tanudiredja, Wibisana, Accountant Firm Tanudiredja, Wibisana, Rintis & Partner to
Rintis dan Rekan untuk melaksanakan Audit Umum atas carry out the General Audit on the Consolidated Financial
Laporan Keuangan Konsolidasian Perseroan Tahun Buku Statements of the Company for the Financial Year of 2018
2018 dan periode lainnya dalam Tahun Buku 2018 serta and other period in the Financial Year of 2018 as well as
melaksanakan audit umum atas laporan keuangan PKBL to carry out the general audit on the Financial Statements
Tahun Buku 2018. of the Partnership and Community Development Programs
for the Financial Year 2018.
Penunjukan tersebut telah memenuhi ketentuan Peraturan $!,,+%*0)!*0+"/1$%.)$/"1(ü((! 0$!.!-1%.!)!*0/

OJK Nomor 13/POJK.03/2017 tentang Penggunaan Jasa of FSA Regulation Number 13/POJK.03/2017 regarding
Akuntan Publik dan Kantor Akuntan Publik dalam Kegiatan Use of Service of Public Accountant and Public Accountant
Jasa keuangan. Firm in Financial Services Activity.
Lingkup audit mencakup: Scopes of the audit:

1. Reviu Laporan Keuangan Interim Konsolidasian 1. Review of Interim Consolidated Financial Statements
PT ANTAM Tbk Semester I 2018; of PT ANTAM Tbk of First Half 2018;
2. Audit Laporan Keuangan Konsolidasian PT ANTAM Tbk 2. Audit of Consolidated Financial Statements PT ANTAM
Tahun Buku 2018; Tbk for Financial Year 2018;
3. Audit Laporan Keuangan Program Kemitraan dan Bina 3. Audit of Financial Statements of the Partnership and
Lingkungan PT ANTAM Tbk Tahun Buku 2018. Community Development Program PT ANTAM Tbk for
Financial Year 2018.
Jasa Lain yang Diberikan Akuntan Selain Jasa Audit Others Services Provided in Addition to Audit
Laporan Keuangan Tahunan Services of Annual Financial Statement
Pihak yang ditunjuk Perseroan sebagai Akuntan Publik Party appointed by the Company as Public Accountant
memberikan jasa lain selain lingkup audit sebagaimana was provide other services in addition to the scope of
0!./!10 % 0/Č 5%01
/ !.%ü'/% !*5!.0* + ( the audit mentioned-above, namely the Government of
Negara 2015 tahun buku 2018. * +*!/%ƫ,%0( *&!0%+*ĂĀāĆ!.%ü0%+*!.2%!"+.0$!
ü**%(5!.+"ĂĀāĉċ
Besarnya Fee untuk Masing-Masing Jenis Jasa yang Amount of Fee for Each Service Rendered by
Diberikan oleh Akuntan Publik Public Accountant
Perusahaan menetapkan nilai fee Jasa Reviu Laporan The Company sets the Fees for the Review of Interim
Keuangan Interim Konsolidasian Semester I 2018 dan Consolidated Financial Statements of PT ANTAM Tbk
Jasa Audit Laporan Keuangan Tahun Buku 2018 sebesar of First Half 2018 and Audit of Consolidated Financial
Rp1.230.000.000 (Sebelum PPN 10%). Adapun untuk Jasa Statements PT ANTAM Tbk for Financial Year 2018
Audit Laporan Keuangan Program Kemitraan dan Bina amounted to Rp1,230,000,000 (Before VAT 10%). The fees
Lingkungan Tahun Buku 2018 sebesar Rp180.000.000 for the Audit of Financial Statements of the Partnership
(Sebelum PPN 10%). Sedangkan nilai fee jasa lainnya yaitu and Community Development Program PT ANTAM Tbk for
/!.%ü'/%!*5!.0* + (!#.ĂĀāĆ0$1*1'1 Financial Year 2018 amounted to Rp180,000,000 (Before

2018 ditetapkan sebesar kurang lebih Rp90.000.000,00. Ƶ āĀŌĩċ $%(! 0$! "!!/ "+. !.%ü0%+* !.2%!/ +" 0$!
Government of Indonesia Capital Injection 2015 for the
ü**%(5!.+"ĂĀāĉČ)+1*0! 0+,ĊĀČĀĀĀČĀĀĀċ

Proses Penunjukan Akuntan Publik Appointment Process of Public Accountant

Proses penunjukan Akuntan Publik dilakukan berdasarkan Appointment Process of Public Accountant refers to Audit
Pedoman Kerja Komite Audit yang di dalamnya mengatur Committee Charter, which regulates the selection and
tentang proses seleksi dan penunjukan Akuntan Publik, appointment process of the Public Accountant, as well as
serta ketentuan yang harus dipatuhi terkait legalitas, the provisions to be complied with regarding the legality,
kompetensi dan independensi Akuntan Publik yang berlaku competence and independence of public accountants
di Indonesia dan Australia. Komite Audit bertanggung applicable in Indonesia and Australia. The Audit Committee
jawab dalam pemilihan Akuntan Publik. is responsible for the selection of the Public Accountant.
Adapun proses penunjukan Akuntan Publik melalui As for the Public Accountant appointment process through
mekanisme sebagai berikut: the following mechanism:
RUPS
GMOS
4
Kantor Akuntan Publik
Public Accountant Firm
Komite Audit Dewan Komisaris Direksi
Audit Commitee The Board of Commissioners The Board of Directors
3
1 2
1 2 3
Meminta Direksi untuk melakukan Melakukan proses pengadaan KAP
proses pengadaan Jasa Audit KAP melalui penunjukan langsung dan
• Rapat membahas pengadaan Jasa Audit KAP dan berdasarkan hasil evaluasi KAP negosiasi terkait nilai jasa audit dan
Evaluasi atas pelaksanaan KAP tahun sebelumnya dan sesuai ketentuan ANTAM serta ruang lingkup audit.
yaitu Kantor Akuntan Publik (KAP) Tanudiredja, melakukan negosiasi terkait nilai jasa
Wibisana, Rintis & Rekan. Hasil evaluasi memuaskan, audit dan ruang lingkup audit. Processed the KAP procurement
sehingga dapat dilakukan penunjukan langsung. through the direct appointment and
• Menyampaikan kepada Dewan Komisaris atas evaluasi Requested the Board of Directors negotiate the audit services fee amount
KAP dan memberikan saran terkait pengadaan Jasa to process the Audit Services and scope of the audit.
Audit KAP berdasarkan hasil rapat Komite Audit. Procurement based on the Public
Accountant Firm evaluation result
and by ANTAM’s provisions, as well 5
• Held a meeting to discuss the Procurement of
Public Accountant Firm services and Evaluation of as negotiate the audit services fee RUPS menyetujui penunjukan KAP
Implementation in the previous year, namely Public amount and scope of the audit. dan melimpahkan wewenang kepada
Accountant Firm Tanudiredja, Wibisana, Rintis & Dewan Komisaris untuk menetapkan
Partners. The evaluation result was satisfactory. This penambahan ruang lingkup dan
4
direct appointment could be made. besaran imbalan jasa audit.
• Deliver to The Board of Commissioners related to
Public Accountant Firm evaluation and provide GMOS approved the appointment of
Mengajukan usulan jasa Audit KAP
the recommendation related to Audit services Public Accountant Firm audit services
procurement based on the results of the Audit dan delegated the authority to the
Proposed for Public Accountant
Committee meeting. Board of Commissioners to determine
Firm audit services
the additional scope and the fee
amount of the audit services

Jumlah Periode Akuntan Publik dan Kantor Total Number of Periods of Public Accountant Firm
Akuntan (KAP) Telah Melakukan Audit Laporan has Audited Annual Financial Statements
Keuangan Tahunan
Berikut Kantor Akuntan Publik yang telah mengaudit The following Public Accountant Firm that has audited
Laporan Keuangan ANTAM sepanjang tahun 2014-2018, Financial Statements ANTAM throughout the years 2014-
sebagai berikut: 2018, as follows:
Tahun Buku Kantor Akuntan Publik Akuntan Publik

Fiscal Year Public Accounting Firm Public Accountant
KAP Tanudiredja, Wibisana, Rintis & Rekan
2018 Daniel Kohar, S.E., CPA
Public Accounting Firm Tanudiredja, Wibisana, Rintis & Partners
2017 Daniel Kohar, S.E., CPA
2016 Drs. Haryanto Sahari, CPA
2015 Yusron, S.E., Ak., CPA
2014 Yusron, S.E., Ak., CPA

Kebijakan Tentang Pemenuhan Hak-Hak Kreditor

+(%5+"1(ü(()!*0+"ƫ.! %0+.Ě/%#$0/
Mitra bisnis (termasuk Kreditur) berhak memperoleh Business partners (including creditors) are entitled to obtain
informasi yang relevan sesuai hubungan bisnis dengan any relevant information in accordance with its business
Perusahaan sehingga masing-masing pihak dapat relationship with the Company, thus each party can adopt
membuat keputusan atas dasar pertimbangan yang adil a decision through a fair and reasonable consideration. In
dan wajar. Selain itu, untuk menjaga objektivitas dalam addition, to maintain objectivity in conducting business,
menjalankan bisnis, ANTAM menyediakan informasi ANTAM provides material and relevant information, is
material dan relevan, mudah diakses, dan dipahami oleh accessible and understandable to Stakeholders including
Pemangku Kepentingan termasuk kreditur. Hal tersebut creditors. This is clearly stated in ANTAM’s Corporate
tercantum dalam Corporate Governance Policy (CGP) Governance Policy (CGP).
ANTAM.
Di dalam Standar Etika Perusahaan mengenai hubungan Related to Company’s Code of conducts Chapter 2 point
dengan kreditur pada bagian Bab 2 poin 1.8 dijelaskan āċĉ .!#. %*# .!(0%+*/$%, 3%0$ .! %0+./ /,!%ü!/ 0$0
bahwa dalam mencapai visi dan misinya, ANTAM berupaya in achieving its vision and mission, ANTAM strives to
untuk terus mengembangkan bisnisnya dengan ditunjang continue developing its business supported by proper
pendanaan baik melalui Investor maupun dari Kreditur. funding through Investors and Creditors. In maintaining its
Dalam menjalin hubungan dengan Kreditur ANTAM relationship with Creditors, ANTAM is committed to apply
berkomitmen untuk selalu menerapkan perilaku-perilaku behaviors in accordance with the business ethics, work
yang berlandaskan pada etika bisnis, etika kerja dan ethics, as well as the prevailing laws and regulations.
peraturan perundang-undangan yang berlaku, yakni: āċ $0((0$!!(!0%+*/+"ƫ.! %0+./%/$!( "+.0$!!*!ü0
1. Bahwa segala proses pemilihan Kreditor dilaksanakan and development of Company’s business and be able
demi kepentingan dan pengembangan bisnis to create added value for the company. The election
Perusahaan serta mampu menciptakan nilai tambah bagi process is implemented in accordance with the
Perusahaan dengan mempertimbangkan kemampuan principles of GCG while maintaining the credibility and
Perusahaan. Proses pemilihan dilaksanakan sesuai reputation of Creditors;
prinsip-prinsip GCG dengan tetap mempertimbangkan 2. The Company continues to provide actual and relevant
kredibilitas dan reputasi Kreditur; information and can be accounted and refer to the
2. Perusahaan senantiasa menyediakan informasi applicable disclosure policy of the Company;
yang bersifat aktual dan relevan serta dapat ăċ $! ƫ+),*5 %/ +))%00! 0+ "1(ü(( 0$! .%#$0/ +"
dipertanggungjawabkan dan mengacu kepada Creditors in accordance with the Company policies
kebijakan pengungkapan informasi yang berlaku di and the prevailing laws and regulations or agreement
Perusahaan; specifying the rights and obligations of ANTAM and its
3. Perusahaan berkomitmen untuk memenuhi hak-hak creditors.
Kreditur sesuai kebijakan Perusahaan dan ketentuan/
peraturan perundang-undangan yang berlaku ataupun
berdasarkan kesepakatan yang mengatur terkait hak
dan kewajiban ANTAM dan Kreditur.
Selama tahun 2018, Perusahaan selalu memenuhi kewajiban terhadap Kreditur

(Bank, Lembaga Keuangan Non-Bank dan Pemegang Obligasi)
1.%*#ĂĀāĉČ0$!ƫ+),*5$/"1(ü((! %0/+(%#0%+*/0+0$!ƫ.! %0+.
(Bank, Non-Bank Financial Institutions and Bond Holders)

Standar Etika Perusahaan

Code of Conduct (CoC)
Penandatanganan Komitmen Implementasi Standar Etika Perusahaan

dilakukan oleh Seluruh Insan ANTAM pada Setiap Awal Tahun.
Ƶ((+"ƵƵ ),(+5!!/.!%#*%*#0$!ƫ+))%0)!*0+"0$!Ƭƫ+ !+"
ƫ+* 10 ),(!)!*00%+*%*2!.5Ƭǫ!#%**%*#+"0$!!.ċ
Pengesahan Standar Etika Perusahaan 0%ü0%+*+"ƫ+ƫ

ANTAM memiliki Standar Etika Perusahaan atau Code ANTAM has had Corporate Ethical Standards or Code of
of Conduct (CoC) sejak tahun 2007 yang disusun untuk Conduct (CoC) since 2007 that has been established to
mempengaruhi, membentuk, mengatur, dan mengendalikan %*ý1!*!Č "+.)Č +.#*%6!Č * +*0.+( ,,.+,.%0!*!// +"
kesesuaian tingkah laku Insan ANTAM yang sejalan dengan Insan ANTAM behaviour in line with ANTAM’s culture to
budaya ANTAM dalam mencapai visi misinya. achieve the Company’s vision and mission.
CoC terkini diterbitkan tahun 2017 dan telah ditandatangani The latest CoC was signed in 2017 and have re-signed by
kembali oleh Dewan Komisaris dan Direksi pada tanggal the Board of Commissioners and Board of Directors on
5 Juli 2018. CoC ini senantiasa disesuaikan dengan July, 5 2018. This CoC is always adjusted to the changes in
perkembangan hukum, sosial, norma, peraturan dan bisnis laws, social norms, and regulation and ANTAM’s business.
ANTAM.

Obyek Standar Etika Perusahaan Objects of the Company’s Code of Conduct

Standar Etika Perusahaan ini wajib dipatuhi dan The Company’s Code of Conduct must be obeyed and
dilaksanakan oleh: implemented by:
Direksi, Dewan TKWT, Pegawai

Komisaris, serta Outsourcing,
Seluruh Insan Pegawai Anak seluruh Pihak yang Investor Mitra Kerja
ANTAM di Perusahaan dan bertindak untuk dann ANTAM ANTAM
Semua Level Ƶü(%/% atas nama ANTAM
The Entire of ANTAM’s ANTAM’s

BOD, BOC, Employee Certain
Insan ANTAM Investor Partner
Employee of Time, Outsorcing
at all levels Subsidiaries and employee, and Other
Ƶþ(%0%+* person acting on
behalf
beha lf of
of ANTAM
AM
Penandatanganan Komitmen Standar Etika Signing of the Company’s Code of Conduct

Perusahaan
Sebagai bentuk komitmen tersebut, Standar Etika As a form of commitment, the Code of Conduct must be
Perusahaan wajib ditandatangani setiap tahunannya oleh signed every year by all Insan ANTAM. ANTAM have used
seluruh Insan ANTAM. ANTAM telah menggunakan sistem an online system for signing of the commitment through
online untuk pemberian komitmen melalui portal internal * ƵƵ %*0!.*( ,+.0(Č 0$1/ %0 %/ )+.! !û!0%2! *
ƵƵ /!$%*##(!%$!"!'0%" *!ü/%!*ċ !þ%!*0ċ
Tingkat Pemberian Komitmen CoC

Level of CoC Commitment
(%)
Pada tahun 2018, persentase pemberian komitmen
100 100 100 atas Standar Etika Perusahaan mencapai 100%
yang membuktikan bahwa seluruh Insan ANTAM
berkomitmen untuk patuh pada
Standar Etika Perusahaan.
In 2018, 100% of Insan ANTAM gave commitment of

ƫ+ƫ0$0.!ý!0(( */*ƵƵ 3!.!+))%00! 0+
comply with CoC.
2016 2017 2018
Isi Standar Etika Perusahaan Content of the Company Code of Conduct

Standar Etika ANTAM telah memuat sebagian besar ANTAM CoC has included most of the fundamentals
pokok-pokok yang direkomendasikan oleh ASX recommended by the ASX Corporate Governance
Corporate Governance Principle and Recommendation Principles and Recommendations 3rd edition, such as
3rd edition seperti Persamaan dan Penghormatan pada Equality and Respect for Human Rights, relationships with
Hak Asasi Manusia (HAM), hubungan dengan pemasok suppliers and customers, relationship with competitors,
dan pelanggan, hubungan dengan pesaing, hubungan relationship with the surrounding community, ethical
dengan masyarakat sekitar, perilaku etis terhadap sesama behavior towards fellow employees, compliance with laws
karyawan, kepatuhan terhadap hukum serta kesempatan and fair employment opportunities. It likewise includes
kerja yang adil. Standar Etika ANTAM juga telah memuat 0$! ,.%*%,(!/ +" 1/%*!// !0$% #1% !(%*!/ /,!%ü! 5
pokok-pokok pedoman etika bisnis dari Komite Nasional the National Committee on Governance Policies (KNKG).
Kebijakan Governance (KNKG). Dalam Standar Etika juga In addition, the CoC also regulates behavioural conformity
telah mengatur kesesuaian tingkah laku Insan ANTAM of Insan ANTAM, which includes: anti-corruption, not
antara lain: perilaku anti korupsi, tidak mengkonsumsi obat-

obatan terlarang, narkoba dan minuman keras serta tidak taking illegal drugs and alcohol, and not committing sexual
melakukan tindakan pelecehan seksual ataupun perilaku harassment or other immoral behaviour. In addition, in line
amoral lainnya. Selain itu, seiring dengan perkembangan with development of the information technology, ANTAM
teknologi informasi, ANTAM juga mengatur mengenai also regulates the ethics in using of the social media for
etika dalam penggunaan media sosial bagi Insan ANTAM. Insan ANTAM.
Standar Etika Perusahaan mencakup Etika Usaha dan Company’s Code of Conduct include Business Ethics
Etika Kerja. Etika Usaha mengatur mengenai standar and Work Ethics. Business Ethics regulates standards of
perilaku dalam berinteraksi dan berhubungan dengan behaviour in interacting and dealing with Stakeholders,
Stakeholders, sedangkan Etika Bisnis mengatur standar while Work Ethics sets the standard of Insan ANTAM’s
perilaku Insan ANTAM dalam melaksanakan pekerjaan behaviour in performing works and interaction.
maupun berinteraksi.
Etika Usaha Etika Kerja

Business Ethics Work Ethics
a. Hubungan dengan Karyawan a. Kepatuhan terhadap hukum

Relationship with Employees Compliance to the law
b. Hubungan dengan Pelanggan b. Benturan kepentingan
Relationship with Customers ƫ+*ý%0+"%*0!.!/0
c. Hubungan dengan Pemasok c. Memberi dan menerima
Relationship with Suppliers Giving and receiving
d. Hubungan dengan Pesaing d. Persamaan dan penghormatan pada Hak Asasi Manusia (HAM)
Relationship with Competitors Equality and respect for Human Rights
e. Hubungan dengan Regulator e. Kesempatan kerja yang adil
Relationship with Regulators Fair Employment opportunities
f. Hubungan dengan Masyarakat Sekitar f. Pembayaran tidak wajar
Relationship with the Community Unreasonable Payment
g. Hubungan dengan Investor dan Pemegang Saham g. Kerahasiaan data dan informasi
Relationship with Investors and Shareholders ƫ+*ü !*0%(%05+" 0* *"+.)0%+*
h. Hubungan dengan Kreditor h. Pengawasan dan penggunaan aset
Relationship with Creditors Asset utilization and supervision
i. Hubungan dengan Anak Perusahaan/Perusahaan Patungan i. Keselamatan Pertambangan dan Lingkungan
Relationships with Subsidiaries/Joint Ventures Mining and Environment Safety
j. Hubungan dengan Media j. Hak Atas Kekayaan Intelektual (HAKI)
Relationship with the Media Intellectual Property Rights (IPR)
k. Perdagangan Internasional k. Perilaku etis terhadap sesama karyawan
International Trading Ethical behavior among employees
l. Hubungan dengan Komunitas/Organisasi Profesi l. Penggunaan Media Sosial
Relationship with Community/Professional Organization Usage the Social Media
Sosialisasi Standar Etika Perusahaan Socialization of the Company’s Code of Conduct

Agar dapat memberikan pemahaman kepada seluruh In order to provide the understanding all of Insan ANTAM,
Insan ANTAM, di tahun 2018 Perusahaan telah melakukan In 2018 the Company conducted socialization of the Code
sosialisasi Standar Etika Perusahaan secara langsung ke +"ƫ+* 10 %.!0(50+!),(+5!!0! þ!Čǫ1/%*!//
Pegawai di Kantor Pusat, Unit Bisnis dan Anak Perusahaan Units and Subsidiaries as well as through ANTAM website,
serta melalui website, portal internal ANTAM, serta email %*0!.*(,+.0(* !),(+5!!/+þ!!)%(/ċ "0$!,1(%/$!
Pegawai. Apabila informasi yang telah dipublikasikan %*"+.)0%+* ! +*/% !.! %*/1þ%!*0Č !),(+5!!/ )5
kurang lengkap, Pegawai sewaktu-waktu dapat bertanya raise any question to their direct supervisor or to the
kepada atasan langsung maupun ke unit kerja yang authorized work unit in charge of the GCG implementation,
bertanggung jawab atas implementasi GCG yaitu Divisi i.e. Corporate Secretary Division through the function of
Corporate Secretary melalui fungsi GCG Implementation the GCG Implementation Manager.
Manager.
Pengukuran Pemahaman Standar Etika Perusahaan Measurement of the Understanding of Code of

Conduct
Pengukuran atas pemahaman Standar Etika Perusahaan Measurement of the understanding of Code of Conduct
dilakukan untuk mengetahui sejauh mana Insan ANTAM is performed to know how far Insan ANTAM perceive
telah menyadari dan memahami mengenai implementasi and have been aware of the implementation of Good
Good Corporate Governance dan Standar Etika Perusahaan Corporate Governance and the Code of Conduct of their

di area kerja masing-masing serta bagaimana Insan ANTAM respective work areas, and how Insan ANTAM understands
memahami mekanisme pelaporan atas pelanggaran the mechanisms for reporting on violation of the Code of
terhadap Standar Etika Perusahaan. Sejak tahun 2013, Conduct. Since 2013, measurement of the understanding
pengukuran pemahaman Standar Etika Perusahaan of Code of Conduct has been a part of Key Performance
menjadi bagian dalam Key Performance Indicator (KPI) Indicator (KPI) of each Division/Unit/Business Unit which
masing-masing Divisi/Unit/Unit Bisnis yang selanjutnya 3%(( û!0 //!//)!*0 * 3+.' %*!*0%2! +" !$
akan berdampak pada hasil penilaian KPI dan Insentif employee. The understanding level of Insan ANTAM about
kerja yang diterima karyawan. Tingkat pemahaman Insan the implementation of the Company Code of Conduct in
ANTAM terhadap implementasi Standar Etika Perusahaan 2018 is Good.
di tahun 2018 berada dalam kategori Baik.
Sanksi Pelanggaran Standar Etika Perusahaan Sanctions Violations on Code of Conduct

Sanksi yang diberikan atas pelanggaran terhadap Standar Type of sanctions imposed on the CoC violations are:
Etika Perusahaan yaitu:
Mitra Kerja ANTAM Atas Pelanggaran Hukum

Insan ANTAM
ANTAM’s Partner Violation of Law
Sanksi sesuai dengan tindakan- Sanksi sesuai dengan kontrak, Pemasalahan dapat diteruskan
tindakan disipliner berupa teguran peraturan perundang-undangan kepada pihak yang berwajib
lisan maupun tulisan, hukuman dan keputusan Perusahaan
disiplin, sampai pemutusan The problem can be forwarded
hubungan kerja sesuai dengan Sanctioned in accordance to the authorities
mekanisme yang ditetapkan dalam with the contract prevailing
Perjanjian Kerja Bersama laws and decisions of the
Company
Disciplinary actions in the form
of oral and written reprimands,
disciplinary punishment, until
termination of employment in
accordance with the mechanism
set by in the Collective Labor
Agreement
Selama tahun 2018, sanksi atas pelanggaran telah diberikan During 2018, sanctions that have been to the employee in
untuk pegawai di lingkup Kantor Pusat dengan mengacu ! þ!.!3$+#%*/0ƫ+ƫ%*+. *!3%0$0$!
pada peraturan Internal Perusahaan dan Perjanjian Kerja Company’s internal rules and Collective Labor Agreement
Bersama (PKB), yakni: (CLA) are as follows:
Jenis Pelanggaran Aturan Perjanjian Kerja Bersama (PKB) Jumlah Pelanggaran 2018
Type of Violation Provisions of Collective Labor Agreement Number of Violations 2018
Sanksi berupa pemotongan insentif sampai dengan Pemutusan Hubungan
Berat Kerja
7
Severe Sanctions consist of deductions from incentives to termination of
employment
Dengan Sanksi Berupa Teguran Tertulis dan Masa Pembinaan Selama
Sedang 6 (enam) Bulan Serta Pemotongan Insentif Tahunan
4
Moderate Sanction in the form of Written Reprimand and Coaching Period of 6 (six)
Months as well as deduction of Annual Incentive
Sanksi Berupa Teguran Tertulis dan Masa Pembinaan Selama 1 (satu) Bulan
Ringan
Sanction in the form of Written Reprimand and Coaching Period of 1 (one)
Mild 9
month

Pengelolaan Benturan Kepentingan

dan Hubungan dengan Pihak Berelasi
*#!)!*0+"ƫ+*ý%0+" *0!.!/0
and Relations with Related Parties
Benturan kepentingan adalah keadaan di mana terdapat ƫ+*ý%0+"%*0!.!/0%//%010%+*3$!.!0$!.!%/ %û!.!*!
'+*ý%' *0. '!,!*0%*#* !'+*+)%/ !.1/$* !*#* between the economic interests of the Company and the
kepentingan ekonomis pribadi anggota Direksi, anggota personal economic interests of members of the Board
Dewan Komisaris, atau pemegang saham utama yang of Directors, members of the Board of Commissioners,
dapat merugikan Perusahaan. Pencegahan benturan or major shareholders who may disserve the Company.
kepentingan di ANTAM tercantum dalam: .!2!*0%+*+"+*ý%0/+" %*0!.!/0 %* ƵƵ %/+*0%*!
in:
Anggaran Dasar Corporate Governance

Perseroan Policy (CGP)
Bahwa untuk transaksi yang memuat Bahwa setiap anggota Dewan Komisaris,
benturan kepentingan ekonomis anggota Direksi dan Karyawan Perusahaan
yang memiliki wewenang pengambilan Standar Etika
Direksi, Dewan Komisaris atau Pemegang
Saham, diperlukan persetujuan RUPS keputusan diharuskan setiap tahun Perusahaan (CoC)
sebagaimana diatur lebih lanjut dalam membuat pernyataan tidak memiliki Bagian Benturan Kepentingan yaitu,
Anggaran Dasar Perseroan benturan kepentingan terhadap setiap setiap Insan ANTAM mempunyai
keputusan yang telah dibuat olehnya dan hak untuk ikut serta dalam kegiatan
The Articles of Association telah melaksanakan Standar Etika yang keuangan, usaha, sosial budaya, politik
ditetapkan oleh Perusahaan dan kegiatan lain yang sah di luar
of the Company
$00$!0.*/0%+*+*0%*%*#+*ý%0 pekerjaan dengan tetap memperhatikan
Corporate Governance Policy (CGP) kewajibannya kepada Perusahaan.
of economic interest of members of the
That each member of the BOC, BOD and Kegiatan tersebut harus sah dan
BOC, BOD or Shareholders, required the
Employees of the Company who have !/ .%'+*ý%''!,!*0%*#* !*#*
GMOS approval as further stipulated
decision-making authority is required tanggung jawab mereka sebagai Insan
in the Articles of Association of the
every year to make a statement no ANTAM. Insan ANTAM tidak boleh
Company
+*ý%0+"%*0!.!/0#%*/0*5 !%/%+* menyalahgunakan sumber daya atau
that has been made by him and has pengaruh Perusahaan sehingga dapat
implemented the Code of Conduct set by mendiskreditkan nama baik dan reputasi
the Company Perusahaan
Charter Dewan Komisaris
Bahwa Anggota Dewan Komisaris harus Code of Conduct (CoC)
mengungkapkan seluruh benturan *ƫ+*ý%0+" *0!.!/0/!0%+*Č3$%$
kepentingan yang sedang dihadapi Charter Direksi stated that every Insan ANTAM have
maupun yang berpotensi menjadi Bahwa Anggota Direksi harus the right to participate in the activities
benturan kepentingan atau segala mengungkapkan seluruh benturan +"ü**%(Č1/%*!//Č/+%(Č1(01.(Č
sesuatu yang dapat menghambat kepentingan yang sedang dihadapi political and other lawful activities
anggota Dewan Komisaris untuk maupun yang berpotensi menjadi outside their work with still consider
bertindak independen benturan kepentingan atau segala their obligation to the Company.
sesuatu yang dapat menghambat These activities must be legal and
Charter of the Board of anggota Direksi untuk bertindak ".!!+"+*ý%0/+"%*0!.!/03%0$0$!%.
independen responsibilities as Insan ANTAM. Insan
Commissioners
That Members of the Board of ANTAM must not misuse the resources
Charter of the Board of Directors +.%*ý1!*!+"0$!ƫ+),*50$0*
ƫ+))%//%+*!./)1/0 %/(+/!((+*ý%0/
That the Board of Directors must disclose discredit reputation of the Company
+"%*0!.!/0"%*#+.,+0!*0%(+*ý%0
0$!!*0%.!+*ý%0/+"%*0!.!/00$0%/
of interest or anything that can inhibit
!%*#"! +.$/,+0!*0%(+*ý%0+"
members of the Board of Commissioners
interest which can inhibit member of the
to act independently
Board of Directors to act independently
Sepanjang tahun 2018, tidak terdapat benturan kepentingan $.+1#$+10 ĂĀāĉČ 0$!.! 3/ *+ +*ý%0 +" %*0!.!/0
yang dilakukan oleh Dewan Komisaris dan Direksi conducted by the Board of Commissioners and the Board
Perusahaan. Hal ini tercantum dalam surat pernyataan of Directors. This statement was stipulated in the letter
yang menyatakan telah bertindak independen selama signed by the Board of Commissioners and the Board of
tahun 2018 dan publikasi daftar khusus kepemilikan saham Directors that stated if he had acted independently during
perseroan yang ditandatangani oleh Dewan Komisaris dan 2018 and the publication of a special register of share
Direksi serta telah dipublikasikan pada website Perusahaan. ownership of the Company’s on the Company’s website.

Pencegahan Transaksi Orang Dalam

Insider Trading Prevention
Kebijakan Perdagangan Efek Berbentuk Saham Securities Trading Policy
Perusahaan
Perusahaan memiliki Kebijakan Perdagangan Efek The Company has set out the Company’s securities
Berbentuk Saham Perusahaan berdasarkan Keputusan Trading Policy in accordance with the Directors’ Resolution
Direksi Nomor 242.K/02/DAT/2013 dan telah dipublikasikan Number 242.K/02/DAT/2013 and has been published on
di portal internal dan website Perusahaan. Orang Dalam the Company’s internal portal and website. Insiders of the
Perusahaan atau pihak-pihak yang mempunyai Hubungan Company or parties who have a Special Relationship with
Istimewa dengan Perusahaan dilarang memperdagangkan the Company are prohibited from trading the Company’s
sekuritas Perusahaan berdasarkan Informasi atau Fakta securities based on the information or material facts that
Material yang belum diungkap. have not been disclosed.
!ü*%/%.*#()!.1/$*)!(%,10%č !ü*%0%+*+"0$!ƫ+),*5Ě/ */% !.%*(1 !/č

1. Pemegang Saham Utama Perusahaan; 1. Majority shareholder of the Company;
2. Komisaris, Direktur, atau Karyawan Perusahaan; 2. Commissioner, Director, or Employee of the Company;
3. Orang perseorangan yang karena kedudukan 3. An individual person who, because of his status or
atau profesinya atau karena hubungan usahanya profession or because of his business relationship with
dengan Perusahaan memungkinkan orang tersebut the Company, has a possibility of receiving information
memperoleh Informasi Orang Dalam; atau from the Insider; or
4. Pihak yang dalam waktu 6 (enam) bulan terakhir tidak 4. A party who holds no longer been listed in point (1), (2)
lagi menjadi Pihak sebagaimana disebutkan dalam and (3) stated above for the past 6 (six) months.
angka (1), (2) dan (3) di atas.
Pejabat Pengawas 1,!.2%/+.5þ%(/

Pejabat Pengawas Ketaatan Perdagangan Surat Berharga 1,!.2%/+.5 þ%( +" 0$! ƫ+),*5Ě/ !1.%0%!/ . %*#
Perusahaan adalah SVP Corporate Secretary. Dalam hal Compliance is SVP Corporate Secretary, and if SVP
SVP Corporate Secretary tidak ada atau berhalangan Corporate Secretary is unavailable or absent, Investor
maka Pejabat Investor Relations diberi wewenang untuk !(0%+* þ!. %/ 0$!.!"+.! #.*0! 0$! 10$+.%05 0+
memastikan ketaatan tersebut. ensure the compliance.
Selama tahun 2018, tidak terdapat pelanggaran perdagangan saham yang dilakukan
oleh Orang Dalam Perusahaan
Throughout 2018, there were no violations of share trading conducted by Insiders of the Company
Dewan Komisaris dan Direksi, baik di ANTAM atau members of the Board of Commissioners and the Board
diluar ANTAM, maka Dewan Komisaris dan Direksi wajib of Directors, either in ANTAM or outside ANTAM, shall
melaporkan kepada SVP Corporate Secretary melalui be reported through the submission of share ownership
penyerahan Daftar Khusus Kepemilikan Saham untuk special registers to the SVP Corporate Secretary for further
selanjutnya disampaikan kepada Otoritas Pasar Modal submission to the Capital Market Authority no later than 3
selambat-lambatnya 3 (tiga) hari sejak terjadinya transaksi. (three) days after the transaction date.
Selama tahun 2018 tidak terjadi perubahan jumlah During 2018, there was no change in the number of shares of
kepemilikan saham Direksi dan Dewan Komisaris ANTAM. ANTAM’s Board of Directors and Board of Commissioners.

!*#!* (%*.0%ü'/%
.0%ü0%+*ƫ+*0.+(
ƵƵ !('/*'*.%*%*#+".%*!.!*#!* (%*.0%ü'/%

bekerja sama dengan Komisi Pemberantasan Korupsi
.%*%*#+".%*!..0%ü0%+*ƫ+*0.+(3/!( %*ƫ++,!.0%+*3%0$
Corruption Eradication Commission.
ANTAM berkomitmen untuk tidak memberi dan menerima ANTAM is committed not to give and receive gifts and
$ %$ /!.0 #.0%ü'/%Č !*#* %0!.%0'**5 %.!'/% #.0%ü0%+*Č 3%0$ 0$! %//1*! +" 0$! ǫ+. +" %.!0+./Ě
Nomor 202.K/701/DAT/2009 yang telah dimutakhirkan Decree Number 202.K/701/DAT/2009 that has been
dengan SK Direksi Nomor 690.K/083/DAT/2017 updated with the Board of Directors’ Decree Number
0!*0*# !%&'* !*#!* (%* .0%ü'/%ċ !%&'* %*% 690.K/083/DAT/2017 regarding Policy on Preventing
)!*#01. 0!*0*# ,!)!.%* * ,!*!.%)* .0%ü'/% .0%ü0%+*ċ$%/+(%5/!0+*!.*%*##%2%*#* .!!%2%*#
yang dilakukan oleh Insan ANTAM serta upaya-upaya 0%+* +" #.0%ü0%+* 3$%$ +* 10! 5 */* ƵƵ
,!*!#$* * ,!*#!* (%* .0%ü'/% % (%*#'1*#* / 3!(( / ,.!2!*0%2! 0%+* * #.0%ü0%+* +*0.+((%*#
ANTAM. Kebijakan ini mengacu pada Peraturan KPK in ANTAM. This policy refers to regulation of Indonesian
Nomor 6 Tahun 2015 tentang Perubahan atas Peraturan Corruption Eradication Commission Number 6 year 2015
KPK Nomor 2 Tahun 2014 tentang Pedoman Pelaporan regarding the Amendment of Regulation of Indonesian
*!*!0,*001/.0%ü'/%ċ!%&'*!*#!* (%* Corruption Eradication Commission Number 2 year 2014
.0%ü'/% 0!($ %,1(%'/%'* () ,+.0( %*0!.*( * regarding Guidelines for Reporting and Determination of
website Perusahaan. .0%ü0%+* 001/ċ $! .0%ü0%+* ƫ+*0.+( +(%5 $/
been published on the Company’s internal portal and
website.
*01' )!),!.'10 1 5 *0% #.0%ü'/% % ƵƵ Č +/0.!*#0$!*ƵƵ Ě/*0%ġ#.0%ü0%+*1(01.!ČƵƵ

pada tahun 2017 ANTAM menandatangani Komitmen has signed an Integrated Prevention Commitment with the
Pencegahan Terintegrasi bersama KPK. Dalam Komitmen Indonesian Corruption Eradication Commission in 2017.
tersebut salah satunya ANTAM berkomitmen untuk In this commitment, ANTAM is committed to implement
)!*!.,'* ,!*#!* (%* #.0%ü'/% #1* )!* 1'1*# #.0%ü0%+* +*0.+( 0+ /1,,+.0 +..1,0%+* !. %0%+*

upaya pemberantasan tindak pidana korupsi di !û+.0/ 3%0$%* ƵƵ ċ * +0$!. 0$0Č (( +" */* ƵƵ
lingkungan ANTAM. Selain Itu seluruh Insan ANTAM juga $2!/%#*! +))%0)!*00+,.0%%,0!%*!û+.0/0++*0.+(
menandatangani komitmen untuk turut serta dalam upaya #.0%ü0%+*3$%$.!+*!+"0$!,+%*0/%*0$!+),(%*!
,!*#!* (%* #.0%ü'/% 5*# )!*& % /($ /01 ,+%* regime of the Company’s Code of Conduct.
dalam komitmen kepatuhan Standar Etika Perusahaan.
0%'!.'%0.0%ü'/% 0$%/!(0%*#0+.0%ü0%+*
ANTAM berkomitmen untuk menjalankan bisnisnya secara ANTAM is committed to carry out its business truthfully
jujur, adil tanpa melakukan tindakan yang mengarah and fairly without performing any unlawful act (fraud) and
kepada segala bentuk kecurangan (fraud) dan tindakan corruption. The Company’s Code of Conduct also regulates
korupsi. Dalam Standar Etika Perusahaan telah diatur Etika the Ethics of Giving and Receiving, as follows:
Kerja Memberi dan Menerima sebagaimana berikut: 1. To strictly prohibit Insan ANTAM in performing acts of
1. Melarang keras Insan ANTAM melakukan tindakan corruption, including acts of bribery in any form, either
Korupsi termasuk tindakan penyuapan (bribery) dalam directly or indirectly;
segala macam bentuk, baik secara langsung maupun 2. To strictly prohibit Insan ANTAM in giving or
tidak langsung; promising, either directly or indirectly, a gift to the
2. Melarang keras untuk memberikan atau menjanjikan, parties associated with the Company, whereby such
baik langsung maupun tidak langsung hadiah kepada giving or promising is known or reasonably suspected
para pihak yang berhubungan dengan Perusahaan, 0+ ! 1/! 0+ %*ý1!*! +. .%2! 0$! ,.0%!/ 0+ + +.
dimana pemberian tersebut diketahui atau patut diduga not do something in a position that is contrary to its
digunakan untuk mempengaruhi atau menggerakkan obligations;
para pihak tersebut melakukan atau tidak melakukan 3. ANTAM may give donations/contributions associated
sesuatu dalam jabatannya yang bertentangan dengan with ANTAM’s responsibility of the surroundings and
kewajibannya; the donation shall not be related to politics or to
3. ANTAM dapat memberikan donasi/sumbangan terkait %*ý1!*!ƵƵ Ď
dengan tanggung jawab ANTAM terhadap lingkungan 4. All expenses in relation to donations or contributions
sekitarnya dan donasi tersebut tidak terkait dengan must obtain appropriate authorization and can be fully
politik atau untuk mempengaruhi ANTAM; accounted for transparently;
4. Semua pengeluaran yang berhubungan dengan donasi 5. Strictly prohibits Insan ANTAM from receiving any
dan sumbangan harus mendapatkan otorisasi yang #%"0 ".+) *5 ,.05Č 3$%$ #%"0 %/ % !*0%ü! * +1(
sesuai dan dapat dipertanggungjawabkan dengan reasonably be expected to be used to motivate them to
jelas; or not to perform any action against their obligations in
5. Dilarang keras menerima hadiah dari pihak manapun, relation to their positions. This prohibition also includes
yang diketahui dan patut diduga bahwa hadiah tersebut direct or indirect provision/acceptance of gifts/rewards
diberikan untuk menggerakkan agar melakukan atau from/to Insan ANTAM or on behalf of Insan ANTAM;
tidak melakukan sesuatu dalam jabatannya, yang 6. Strictly prohibits Insan ANTAM from making deduction
bertentangan dengan kewajibannya. Pelarangan or taking payment in any amount from any third party
ini juga meliputi pemberian/penerimaan langsung as a reward for performing their duties and obligations;
ataupun tidak langsung yang ditujukan kepada Insan 7. Ensures that all incomes and expenses are for the
ANTAM atau mengatasnamakan Insan ANTAAM; Company’s operational activity purposes.
6. Dilarang keras memotong atau mengambil pembayaran
dalam jumlah berapapun kepada pihak ketiga sebagai
imbalan atas pelaksanaan tugas dan kewajibannya;
7. Memastikan semua penerimaan dan pengeluaran
adalah peruntukan kegiatan operasional Perusahaan.
*%0!*#!* (%.0%ü'/% .0%ü0%+*ƫ+*0.+(*%0

Pada tahun 2017, ANTAM telah membentuk Struktur Unit * ĂĀāĈČ ƵƵ $/ "+.)! 0$! /0.101.!+".0%ü0%+*
!*#!* (% .0%ü'/% 5*# !.01&1* 1*01' )!),!.'10 ƫ+*0.+( *%0 3$%$ %*0!* 0+ /0.!*#0$!* 0$! #.0%ü0%+*
,!*#!* (%*.0%ü'/% %!.1/$*ċ control in the Company.

0.1'01.*%0!*#!* (%.0%ü'/%
0.101.!+".0%ü0%+*ƫ+*0.+(*%0

!01*%0!*#!* (%.0%ü'/%
ƫ$%.)*.0%ü0%+*ƫ+*0.+(*%0
VP Legal and Compliance SVP Human Capital Management

!01 *%0!*#!* (%.0%ü'/% !01 *%0!*#!* (%.0%ü'/%
%!ƫ$%.)* .0%ü0%+*ƫ+*0.+(*%0 %!ƫ$%.)* .0%ü0%+*ƫ+*0.+(*%0
Performance
GCG Implementation Manager Compliance Manager
and Remuneration Manager
Anggota Anggota
Anggota
Member Member
Member
1#/*%0!*#!* (%.0%ü'/%
10%!/+".0%ü0%+*ƫ+*0.+(*%0
Menerima dan
mendokumentasikan laporan
Sosialisasi dan internalisasi #.0%ü'/% .%,%$'%*0!.*(
budaya pengendalian dan eksternal
#.0%ü'/%
Receiving and archieving
Socialization and internalisation #.0%ü0%+*.!,+.0/".+)%*0!.*(
#.0%ü0%+*+*0.+( and external parties
!*0%ü'/%0%0%'.3*
,+0!*/%#.0%ü'/%
!*0%ü0%+*+"#.0%ü0%+* Menyampaikan hasil

vulnerable point ,!*#!* (%*#.0%ü'/%
kepada Direksi
Reporting the result of

#.0%ü0%+*+*0.+(0+ǫ
Melakukan Analisa
/001/#.0%ü'/%
Analyzing
#.0%ü0%+*/001/
Berkoordinasi dengan KPK

Coordinating with KPK

!()$1*ĂĀāĉČ0!. ,0ąĨ!),0ĩ,!(,+.*.0%ü'/% %ƵƵ

*/!)1(,+.*0!($ %0%* '(*&10%+(!$*%0!*#!* (%..%ü'/%
1.%*#ĂĀāĉČ0$!.!3!.!ąĨ"+1.ĩ.0%ü0%+*.!,+.0/0ƵƵ * ((.!,+.0/
3!.!"+((+3! 1,5.0%ü0%+*ƫ+*0.+(*%0
ǫ1 5Ƶ*0%.0%ü'/% Ƶ*0%.0%ü0%+*ƫ1(01.!
Sebagai tindak lanjut dari penandatanganan komitmen As a follow up to the signing of an integrated prevention
pencegahan terintegrasi bersama KPK, selain melakukan commitment with KPK, in addition to updating policies,
pengkinian kebijakan, ANTAM juga menanamkan budaya ƵƵ (/+ %*/0%((! * *0%ġ#.0%ü0%+* 1(01.! "+. ((
*0%#.0%ü'/%'!, /!(1.1$ */*ƵƵ )!((1%+0 */* ƵƵ 0$.+1#$ 0$! .!/% !*0 %.!0+.Ě/ þ%(
Dinas Direktur Utama Nomor 51/D/09/2018 tanggal 18 Mei Memorandum Number 51/D/09/2018 dated May 18, 2018
2018 perihal Larangan Pemberian dan Penerimaan Hadiah concerning Prohibition of Giving and Receiving Gifts or
01.0%ü'/%'!, /!(1.1$ */*ƵƵ ċƵƵ &1# .0%ü0%+* 0+ (( ƵƵ !),(+5!!/ċ ƵƵ 3/ (/+
bekerja sama dengan KPK untuk melaksanakan Training cooperate with the KPK to carry out Training of Trainer
of Trainer (ToT) !*#!* (%* .0%ü'/% ƵƵ !*#* .0%ü0%+*ƫ+*0.+(3%0$,.0%%,*0/".+)ƵƵ Ě/!
peserta yang berasal dari perwakilan Pegawai dari Kantor þ!ĥ*%0ĥǫ1/%*!//*%0Ě/.!,.!/!*00%2!/+*Ƶ,.%(āĉġāĊČ
Pusat/Unit/Unit Bisnis ANTAM pada 18-19 April 2018 di 2018 in Bogor. ANTAM was also conducted a socialization
Bogor. Selain itu, ANTAM telah melaksanakan sosialisasi of the management and employees of the Gold Mining
kepada manajeman dan Pegawai Unit Bisnis Pertambangan Business Unit on March 1, 2018 and socialization In
Emas pada tanggal 1 Maret 2018 dan UBP Nikel Sulawesi Southeast Sulawesi Nickel Mining Business Unit on March
Tenggara pada tanggal 28 Maret 2018. 28, 2018.
Ƶ,.!/%/%'!, %+*%.,+..0%ü'/% Ƶ,,.!%0%+*0+%+*!!.+".0%ü0%+*!,+.0

Komitmen ANTAM dalam upaya pencegahan korupsi dan ƵƵ Ě/ +))%0)!*0 !û+.0/ 0+ ,.!2!*0 +..1,0%+*
,!*#!* (%* #.0%ü'/% %31&1 '* )!((1% ,!)!.%* * #.0%ü0%+* +*0.+( .! .!(%6! 0$.+1#$ #%2%*#
,.!/%/% '!, ,%+*%. ,!(,+.#.0%ü'/%5*# %!.%'* ,,.!%0%+* 0+ 0$! ,%+*!!. +" #.0%ü0%+* .!,+.0!./
oleh Direktur Utama bertepatan dengan perayaan HUT which given by President Director coincides with ANTAM’s
ke-50 ANTAM di Kantor Pusat ANTAM. Apresiasi diberikan 50th Ƶ**%2!./.5 !(!.0%+* 0 ƵƵ Ě/ ! þ!ċ
'!, !#3% ,!.0) 5*# )!(,+.'* #.0%ü'/% Ƶ,,.!%0%+* %/ #%2!* 0+ 0$! ü./0 !),(+5!! 3$+ .!,+.0/
5*# %0!.%)'!, *%0!*#!* (%.0%ü'/%ƵƵ #.0%ü0%+* .!!%2! 0+ ƵƵ Ě/ .0%ü0%+* ƫ+*0.+(
yang terbentuk pada Tahun 2018. Hal ini bertujuan untuk Unit which was formed in 2018. This aims to encourage
mendorong keterlibatan seluruh Insan ANTAM dalam the involvement of all Insan ANTAM in implementing the
,!('/**,.+#.),!*#!* (%*#.0%ü'/% %ƵƵ ċ gratuity control program at ANTAM. This appreciation is
Apresiasi ini diharapkan dapat meningkatkan kesadaran expected to increase the awareness of Insan ANTAM to
Insan ANTAM untuk menghindari tindakan korupsi yang avoid corruption that is detrimental and has a negative
merugikan dan berdampak negatif bagi Perusahaan. impact to the Company.

Pengelolaan Laporan Harta Kekayaan

Penyelenggara Negara (LHKPN)
*#!)!*0+"00!þ%(/Ě!(0$!,+.0
(LHKPN)
Kebijakan Penyampaian dan Pengelolaan LHKPN Policy on LHKPN Report Submission and
Management
ANTAM memiliki kebijakan mengenai Penyampaian dan ANTAM has a policy on Submission and Management
Pengelolaan Laporan Harta Kekayaan Penyelenggara +" 00! þ%(/ !(0$ !,+.0 Ĩĩ %* +. *!
Negara (LHKPN) berdasarkan SK Direksi Nomor with the Board of Directors decree Number 356.K/083/
356.K/083/DAT/2017 tanggal 13 Juni 2017, yang DAT/2017 dated June 13, 2017 which is the updated of
merupakan pemutakhiran dari SK Direksi Nomor 65.K/701/ the Board of Directors Decision Letter Number 65.K/701/
DAT/2014 tanggal 12 Maret 2014. Kebijakan ini mengatur DAT/2014 dated March 12, 2014. This policy regulates the
tata cara penyampaian, pengelolaan LHKPN, Pegawai procedures for submitting LHKPN, managing LHKPN,
yang diwajibkan untuk menyampaikan LHKPN dan sanksi Employees who are required to submit LHKPN, and
bagi pegawai terkait yang tidak melaporkan LHKPN. sanctions imposed for Employees who do not submit
Kebijakan ini mengacu pada Peraturan KPK Nomor 7 Tahun LHKPN. This policy refers to the Regulation of Indonesian
2016 tentang Tata Cara Pendaftaran, Pengumuman dan Corruption Eradication Commission Number 7 year 2016
Pemeriksaan Harta Kekayaan Penyelenggara Negara. concerning the Procedures for Registration, Announcement
* */,!0%+*+"00!þ%(/Ě!(0$!,+.0ċ
Wajib Lapor LHKPN Compulsory Reporter of LHKPN

Berdasarkan Kebijakan Penyampaian dan Pengelolaan In accordance with the Policy on Submission and
Laporan Harta Kekayaan Penyelenggara Negara, Wajib *#!)!*0 +" 00! þ%(/ !(0$ !,+.0 ĨĩČ
Lapor LHKPN di ANTAM adalah: 0$!+þ%(/3$+.!.!-1%.! 0+/1)%00$!!,+.0
in ANTAM are:
Pegawai hingga 2 (dua)

The Board of level di bawah Direksi
The Board of Directors Employees up to 2 (two) levels
Commissioners
below the Board of Directors
Pengelola LHKPN LHKPN Management

Struktur Administrator Pengelola LHKPN ANTAM yaitu: Administrator structure of ANTAM’s LHKPN management:
SVP Human Capital Management

Administrator Instansi Pengelola LHKPN
Administrator of LHKPN Management Agency

Wakil Administrator Instansi Pengelola LHKPN
Vice Administrator of LHKPN Management Agency
Good Corporate Governance Specialist !)1*!.0%+*!*%+.þ!.

Anggota Anggota
Member Member

1. Administrator Instansi Pengelola LHKPN adalah SVP āċ */0%010%+* )%*%/0.0+. +" 00! þ%(/Ě !(0$
Human Capital Management dan SVP Corporate Report (LHKPN) Management are SVP Human Capital
Secretary dengan tugas: Management and SVP Corporate Secretary with the
a. Berkoordinasi dengan KPK dalam hal monitoring following tasks:
dan evaluasi terhadap kepatuhan Wajib Lapor a. Coordinating with Indonesia’s Corruption
LHKPN; Eradication Commission (KPK) in monitoring and
b. Menyampaikan data kepegawaian dan data evaluating the compliance of compulsory reporter
perubahan jabatan Wajib Lapor LHKPN kepada of LHKPN;
KPK; b. Submitting data on employment and change of
c. Mengingatkan Wajib Lapor LHKPN di lingkungan compulsory reporter of LHKPN to KPK;
ANTAM untuk memenuhi kewajiban penyampaian c. Reminding the compulsory reporter of LHKPN in
dan pengumuman LHKPN; ƵƵ 0+ "1(ü(( 0$!%. +(%#0%+*/ 0+ /1)%0 *
d. Mengatur bentuk dan jenis sanksi administratif bagi declare the LHKPN;
Wajib Lapor LHKPN yang tidak melaporkan dan d. Arranging the form and type of administrative
mengumumkan; sanction for compulsory reporter of LHKPN who do
e. Melakukan sosialisasi kewajiban dan tata cara not report and declare their LHKPN;
pengisian Formulir LHKPN kepada Wajib Lapor e. Organizing a dissemination of the requirement
LHKPN. and procedures for completing LHKPN forms for
2. Administrator Unit Kerja Pengelola LHKPN adalah Good compulsory reporter of LHKPN;
Corporate Governance Specialist dan Remuneration 2. Work Unit Administrator of LHKPN Management
!*%+.þ!. !*#*01#/č are Good Corporate Governance Specialist and
a. Melakukan pemutakhiran data kepegawaian dan !)1*!.0%+*!*%+.þ!.3%0$0$!"+((+3%*#0/'/č
data perubahan jabatan Wajib Lapor LHKPN; dan a. Updating data of employment and change of
b. Berkoordinasi dengan Administrator Instansi compulsory reporter of LHKPN; and
Pengelola LHKPN dalam rangka monitoring b. Coordinating with Institution Administrator of
kepatuhan Wajib Lapor LHKPN. LHKPN Management in monitoring the compliance
of compulsory reporter of LHKPN.
Laporan LHKPN Tahun 2018 LHKPN Report of 2018

Sesuai Surat Edaran Pimpinan KPK Nomor 08 Tahun 2016 According to the Circular Letter of Deputy Chairman
tentang Petunjuk Teknis Penyampaian dan Pengelolaan of KPK Number 08 year 2016 concerning Technical
LHKPN setelah diberlakukannya Peraturan KPK Nomor 07 Guidelines for the Submission and Management of
Tahun 2016 tentang Tata cara Pendaftaran, Pengumuman LHKPN after the enactment of KPK Regulation Number
dan Pemeriksaan Harta Kekayaan Penyelenggara Negara, 07 Year 2016 concerning the Procedure of Registration,
pelaporan LHKPN akan dilakukan secara tahunan Announcement and Inspection of State Administration
selambat-lambatnya tanggal 31 Maret setelah tahun Property, submission of LHKPN report will be conducted
berjalan dan dilakukan secara elektronik menggunakan on an annually no later than March, 31 after the current year
aplikasi e-LHKPN. and conducted electronically using e-LHKPN application.
Selama 2018, capaian tingkat kepatuhan pelaporan LHKPN ANTAM

mencapai 93,56%
During 2018, the achievement of the level of compliance of ANTAM’s LHKPN reporting reached 93.56%

Whistleblowing System
Untuk Menjamin Independensi dan Perlindungan terhadap Pelapor, Pengelolaan

Whistleblowing System dilakukan di bawah Pengawasan Dewan Komisaris
To Ensure the Independency and Protection of the Whistleblower, Whistleblowing System is
Conducted under the Supervision of the Board of Commissioners.
Whistleblowing System Whistleblowing System

Whistleblowing System merupakan suatu sistem yang The whistleblowing system is a system that can be used
dapat dijadikan media bagi saksi pelapor untuk as a media for reporting the information regarding the
menyampaikan informasi mengenai indikasi tindakan indication of a violation that is occurring in a Company
pelanggaran yang terjadi di dalam suatu perusahaan (fraud, discrimination or other deviation), and as well
(fraud, diskriminasi atau penyimpangan lainnya) serta as promoting the fairness principle in the Company’s
mendukung asas kewajaran dalam hubungan antara relationship with Stakeholders.
Perusahaan dengan Stakeholders.
Pedoman dan prosedur penanganan pelaporan melalui The latest guidelines and procedure for reporting through
Whistleblowing System ANTAM yang terkini ditetapkan ANTAM’s Whistleblowing System are stipulated based on
berdasarkan SK Dewan Komisaris ANTAM Nomor 30/DK/ Decision Letter of the Board of Commissioners of ANTAM
SK/IX/2014 dan ditandatangani oleh Dewan Komisaris Number 30/DK/SK/IX/2014 and signed by the Board of
pada tanggal 19 September 2014. Commissioners on September 19, 2014.

Pihak yang Mengelola Whistleblowing System Parties Who Manage Whistleblowing System
Dewan Komisaris telah membentuk Tim Evaluasi Pelaporan The Board of Commissioners has established a Violation
Pelanggaran yang disebut Tim Whistleblowing (Tim WBS). Reporting Evaluation Team called the Whistleblowing Team.
Tim WBS berasal dari Komite Audit, Komite GCG-NR serta The WBS Team consists of the Audit Committee, the GCG-
pihak lain yang diperlukan sesuai keahlian dan fungsinya. NR Committee as well as any other party required according
Tim bertugas untuk mengevaluasi dan memberi saran to its expertise and functions. The Whistleblowing Team is
tindak lanjut atas pelaporan pelanggaran yang disampaikan assigned to evaluate and provide follow up advice of the
kepada Dewan Komisaris. violating report to the Board of Commissioners.
Berdasarkan Keputusan Dewan Komisaris Nomor Pursuant to the Decision Letter of the Board of
27/DK/SK/V/2014 tanggal 30 Mei 2014 tentang Commissioners Number 27/DK/SK/V/2014 dated May, 30
Pengangkatan Ketua Tim Evaluasi Pelaporan Pelanggaran 2014 regarding Appointment of the Head of the Violation
(Whistleblowing), ANTAM mengangkat Dr. Ir. Rukmana Reporting Evaluation (whistleblowing) Team, ANTAM has
Nugraha Adhi, DEA sebagai Ketua Tim Evaluasi Pelaporan appointed Dr. Ir. Rukmana Nugraha Adhi, DEA as Head of
Pelanggaran (Whistleblowing). Violation Reporting Evaluation (Whistleblowing) Team.
Tata Cara Penyampaian Laporan Whistleblowing Procedures for Submitting a Whistleblowing

Report
Tata cara penyampaian laporan Whistleblowing dapat The procedures for submitting a Whistleblowing report can
dilakukan secara tertulis melalui surat resmi yang ditujukan be done in written form through formal letter addressed to
kepada Dewan Komisaris ANTAM dengan cara diantar the Board of Commissioners of ANTAM, either submitting
langsung, dikirim melalui faksimili, pos, atau melalui email directly, fax, post, or email whistleblowing@antam.com. If
whistleblowing@antam.com. Apabila laporan pelanggaran Whistleblowing report is submitted through Stakeholders
diajukan melalui perwakilan stakeholders, maka dokumen representative, thus additional documents must be
tambahan harus diserahkan antara lain: presented as follows:
1. Fotokopi bukti identitas Stakeholders dan perwakilan 1. Copy of Stakeholders’ identity and Stakeholder
Stakeholders; representative;
2. Surat kuasa dari Stakeholders kepada perwakilan 2. Letter of authorization from Stakeholders to the
Stakeholders yang menyatakan bahwa Stakeholders representative which states that Stakeholders
memberikan kewenangan bertindak untuk dan atas are delegating authority for and on behalf of the
nama Stakeholders; dan Stakeholders.
3. Jika perwakilan Stakeholders adalah lembaga atau 3. If the representative is an institution or a legal
badan hukum, maka harus melampirkan dokumen yang entity, hence a document, stating that the party who
menyatakan bahwa pihak yang mengajukan Pelaporan proposes the Whistleblowing report have the authority
Pelanggaran berwenang untuk mewakili lembaga atau to represent the institution or legal entity, must be
badan hukum tersebut. attached.

Dewan Komisaris PT ANTAM Tbk Alamat Email

Board of Commissioners PT ANTAM Tbk Email Address
Jl. Letjen TB Simatupang, No. 1 whistleblowing@antam.com

Lingkar Selatan, Tanjung Barat,
Jakarta, 12530
Persyaratan Dokumen Pelaporan

Requirements of Reporting Document
Pelaporan Perorangan Perwakilan Stakeholders

Individual Reporting Reporting by Stakeholders
Representative
Pelapor beridentitas:
• Fotokopi identitas • Fotokopi identitas Stakeholders
• Fotokopi dokumen pendukung dan perwakilan
Pelapor tidak beridentitas: • Surat Kuasa dari Stakeholders
• Fotokopi dokumen pendukung
• Copy of identity of Stakeholder
Sources person with identity and Stakeholder representative
• Copy of identity card • Authorization Letter from
• Copy of supporting document Stakeholders
Sources person with no identity
• Copy of supporting document

Prosedur Penanganan Pengaduan Whistleblowing

Whistleblowing Report Handling Procedures
Persetujuan
Tidak
Dewan Komisaris No
untuk tindak
lanjut?
Approval of
the BOC to be
followed up?
Pelaporan Registrasi oleh Sekretaris Evaluasi dan usulan Tindak

Pelanggaran Tertulis Dewan Komisaris Lanjut Pelaporan oleh Tim WBS Ya Penutupan Kasus dan
Written Registration by Secretary Evaluation and Propose Follow Yes Registrasi Keputusan
Whistleblowing to the BOC Up Reporting by WBS Team Case Closing and
Report Registration
Tidak Tidak
No No
Dapat Menyangkut
Dibuktikan? Direksi?
Can be Invoving the
Proven? BOD?
Penutupan Kasus dan Tindak Lanjut Internal

Registrasi Keputusan Ya Audit atas Penugasan Ya
Closing the case and Yes Direksi Yes
Decision Registration Follow Up by Internal
Audit based On BOD’s Penugasan kepada Tim
Assignment Whistleblowing untuk
Evaluasi Kasus
Assignment to
Whistleblowing Team to
Make Case Evaluation
Penutupan Kasus Perbaikan Sistem dan/

dan Registrasi atau Penindakan Sesuai
Keputusan Ketentuan yang Berlaku
Evaluasi Usulan Tim
Closing the case System Improvement
WBS oleh
and and/or Enforcement
Dewan Komisariss
Decision as per Applicable
Evaluation of WBS Team
Registration Regulation
Proposal by BOC
Tidak
No
Ya
Yes
Dapat
Dibuktikan?
Can be
Proven?
Perbaikan Sistem dan/atau

Monitoring Keputusan Penutupan Kasus dan Penindakan Sesuai Ketentuan Penutupan Kasus dan
Registrasi Keputusan Dapat Dibuktikan? Registrasi Keputusan
dilakukan yang Berlaku
Closing the case and Can be Proven? Case Closing and
oleh Tim WBS System Improvement and/
Monitoring of Decision by Decision Registration or Enforcement as per Registration
WBS Team Applicable Regulation

Perlindungan Pelapor Protection of Whistleblowers

Tim Whistleblowing menjaga kerahasiaan identitas pelapor $%/0(!(+3%*# !) )%*0%*/ 0$! +*ü !*0%(%05 +"
sesuai dengan Pedoman dan Prosedur Penanganan whistleblower’s identity in accordance with the Guidelines
Pelaporan Pelanggaran pasal 8 ayat 1 yang menyatakan and Procedures for Whistleblowing Handling, Article 8
bahwa Perusahan wajib merahasiakan identitas pelapor paragraph 1 that states that the Company is obliged to
dan isi laporan. Selain itu, menurut pasal 8 ayat 2, ,.!/!.2!0$!+*ü !*0%(%05+"0$!3$%/0(!(+3!.Ě/% !*0%05
Perusahaan juga dapat memberikan penghargaan kepada and content of the report. Additionally, according to Article
pelapor atas pelanggaran yang dapat dibuktikan dan 8 paragraph 2, the Company can also grant a reward to the
menyelamatkan aset dan keuangan Perusahaan. Pihak- whistleblower for violations that can be proven and protect
pihak yang berpartisipasi dalam pelaporan pelanggaran 0$! //!0/ * ü**%( +" 0$! ƫ+),*5ċ $! ,.0%!/
berhak mendapat perlindungan hukum dari Perusahaan. participating in the reporting of violations are entitled to
get legal protection from the Company.
Pelaporan Kasus dan Tindak Lanjut Case Reporting and Follow-up

Pada tahun 2018, terdapat 3 (tiga) pelaporan atas dugaan In 2018, there was 3 (three) violations reporting submitted
pelanggaran yang disampaikan oleh pelapor. Dari ketiga by the whistleblower. From those 3 (three) reports, there
laporan tersebut terdapat 1 (satu) laporan yang telah was 1 (one) report has been settled and closed and the
selesai ditindaklanjuti dan 2 (dua) laporan yang masih other 2 (two) reports are still in process. The handling/
dalam proses. Penanganan/tindak lanjut dari laporan yang follow-up on the reports received have been solved in
diterima telah dilakukan sesuai dengan kebijakan yang conformity with the Company’s policies.
dimiliki Perusahaan.
Jumlah Pelaporan Whistleblowing System

Number of Whistleblowing Reporting Laporan Whistleblowing yang diterima Perusahaan
8 di tahun 2018 telah ditindaklanjuti dengan
penyampaian kepada manajemen untuk lebih
meningkatkan konsistensi atas pelaksanaan
prosedur kerja di Perusahaan.
3
Whistleblowing report which received by the Company
1 in 2018 has been executed by improving consistency
over the implementation of working procedures
2016 2017 2018
in the Company.
Sosialisasi Socialization
Pada tahun 2018 Perusahaan telah melakukan sosialisasi In 2018, the Company has conducted socialization with
kepada stakeholders melalui portal internal dan situs stakeholders through the Company’s internal portal and
Perusahaan. Pelaksanaan sosialisasi bertujuan untuk website. The implementation of socialization aims to
memberikan pemahaman tentang sistem pelaporan provide an understanding of ANTAM’s violation reporting
pelanggaran ANTAM yang dikelola secara independen system which is managed independently as well as
serta jaminan perlindungan bagi pelapor pelanggaran. protection for reporters.

Permasalahan Hukum Perusahaan

Legal Issues of the Company
Perdata dan Pidana Civil and Criminal Cases

Permasalahan hukum yang dihadapi ANTAM selama tahun Legal issues faced by ANTAM during 2018 did not materially
2018 secara material tidak berpengaruh terhadap status, û!0 0$! 1/%*!// /001/Č ,+/%0%+* * +*0%*1%05 +" 0$!
kedudukan dan kelangsungan kegiatan usaha Perusahaan. Company.
Perkara Hukum yang dihadapi Perusahaan selama tahun During 2018, the Company had faced the following
2018 adalah sebagai berikut: lawsuits:
1. Para Pihak Pokok dan Nilai Perkara Status Perkara

Parties Subject and Value of the Case Case Status
Penggugat: PT Perto mengklaim bahwa Pemerintah melalui Sampai dengan tanggal 31 Desember 2018,
(%*0%ûč PT Nikel Indonesia (sekarang PT ANTAM Tbk) putusan terhadap perkara ini telah dibacakan dan
PT PERTO telah mengambil alih usaha pertambangan dan memenangkan Perusahaan. Adapun amar putusan
aset PT Perto di Pomalaa, Sulawesi Tenggara dan adalah bahwa Majelis Hakim menyatakan Gugatan
Tergugat: belum diberikan ganti kerugian secara penuh. Penggugat tidak dapat diterima (niet ontvankelijk
Defendant: verklaard) dengan pertimbangan karena Gugatan
PT ANTAM Tbk dkk Nilai gugatan sebesar Rp107.889.043.233.057 Penggugat ne bis in idem.
PT ANTAM Tbk etc (materiil), Rp12.000.000.000 (immateriil) dan
Rp100.000.000.000 atas biaya-biaya yang Perusahaan menerima pemberitahuan dari Pengadilan
ditimbulkan dalam Perkara. bahwa Perto mengajukan banding dan memori Banding
terhadap putusan pengadilan.
The essence of the lawsuit is that PT Perto
claims that the government through PT Nikel Perusahaan telah mengajukan Kontra Memori
Indonesia (now PT ANTAM Tbk) has taken over Banding Perkara 116/Pdt.G/2017/PN.JKT.SEL melalui
the mining business and PT Perto’s assets in Kepaniteraan Perdata Pengadilan Negeri Jakarta
Pomalaa, Southeast Sulawesi and has not been Selatan.
fully compensated
As of December 31, 2018, the verdict on this case was
The lawsuit value is Rp107,889,043,233,057 read and won the Company. The decision was that the
(material), Rp12,000,000,000 (immaterial) and *!(+"
1 #!//00! 0$00$!(%*0%ûĚ/ƫ(%)+1(
Rp100.000.000.000 over those costs not be accepted (niet ontvankelijk verklaard) with
%*ý%0! %*ƫ/!ċ +*/% !.0%+*!1/!0$!(%*0%ûĚ/(3/1%0ne bis in
idem.
$!+),*5.!!%2! *+0%ü0%+*".+)0$!ƫ+1.0
0$0!.0+ü(! *,,!(* )!)+.5+"0$!Ƶ,,!(
against the court ruling.
The company has submitted a Counter Memory Appeal

Case 116/Pdt.G/2017/PN.JKT.SEL through the Civil
Registrar of the South Jakarta District Court.
Upaya Manajemen Pengaruh/Risiko terhadap Perusahaan
*#!)!*0û+.0 Impact to the Company
ANTAM telah membantah dalil-dalil dan/ ANTAM akan dikenakan tuntutan sebesar nilai gugatan.
atau tuduhan dari Penggugat dan saat ini
mengumpulkan bukti-bukti pendukung untuk ANTAM will be charged a suit as the value of the claim.
memenangkan perkara ini.
ANTAM has denied the arguments and/or

1/0%+*/".+)0$!(%*0%û* 1..!*0(5
collects supporting evidence to win this case.

Permasalahan Hukum yang Melibatkan Dewan Legal Issues Involving the Board of
Komisaris dan Direksi Commissioners and the Board of Directors
Selama tahun 2018 tidak terdapat permasalahan hukum There were no legal issue involving members of the Board
yang melibatkan anggota Dewan Komisaris dan Direksi of Commissioners and the Board of Directors of the
Perusahaan. Company during 2018.
Sanksi Administratif oleh Regulator Administrative Sanctions imposed by the

Regulators
Pada tahun 2018 terdapat sanksi berupa surat peringatan In 2018 there were sanctions in the form of warning letters
dari Otoritas Keuangan dan Otoritas Pasar Modal kepada from the Financial Authority and the Capital Market
Perusahaan berupa: Authority to the Company in the form of:
• Sanksi Administratif atas Keterlambatan Penyampaian • Administrative Sanctions for Delay in Submission and
dan Pengumuman Laporan Keuangan Tengah Tahunan Announcement of the Mid-Year Financial Statements
per 30 Juni 2018 sebesar Rp7.000.000,00 yang as of June 30, 2018 in the amount of Rp7,000,000.00
dikenakan kepada Perusahaan oleh Otoritas Jasa imposed on the Company by the Financial Services
Keuangan (OJK) berdasarkan surat Nomor S-116/ Authority (OJK) based on letter Number S-116/
PM.112/2019. Perusahaan telah memenuhi kewajiban ċāāĂĥĂĀāĊċ $! +),*5 $/ "1(ü((! 0$! +(%#0%+*
penyampaian laporan tersebut pada tanggal to submit the report on September 7, 2018.
7 September 2018. • Written Warning Letter on Delay in Submitting Mid-
• Surat Peringatan Tertulis atas Keterlambatan Term Financial Reports as of June 30, 2018 which
Penyampaian Laporan Keuangan Tengah Tahunan is Limitedly Reviewed by Public Accountants from
per 30 Juni 2018 yang ditelaah Secara Terbatas oleh the Indonesia Stock Exchange (IDX) based on letter
Akuntan Publik dari Bursa Efek Indonesia (BEI) Number S-05286/BEI.PP1-09-2018. The company
berdasarkan surat Nomor S-05286/BEI.PP1/09-2018. $/ "1(ü((! 0$! +(%#0%+* 0+ /1)%0 0$! .!,+.0 +*
Perusahaan telah memenuhi kewajiban penyampaian September 7, 2018.
laporan tersebut pada tanggal 7 September 2018. • Written Warning Letter on Delay in Submitting Third
• Surat Peringatan Tertulis atas Keterlambatan Quarter Financial Reports Ending September 30, 2018
Penyampaian Laporan Keuangan Triwulan III yang from the Indonesia Stock Exchange (IDX) based on
Berakhir Per 30 September 2018 dari Bursa Efek letter Number S-06563/BEI.PP1/11-2018. The company
Indonesia (BEI) berdasarkan surat Nomor S-06563/ $/ "1(ü((! 0$! +(%#0%+* 0+ /1)%0 0$! .!,+.0 +*
BEI.PP1/11-2018. Perusahaan telah memenuhi November 30, 2018.
kewajiban penyampaian laporan tersebut pada tanggal • Suspension of Stock Trading on Delay in Compliance
30 November 2018. with the Preliminary Final Report Ended December 31,
• Penangguhan Perdagangan Bursa atas Keterlambatan 2017 from the Australian Securities Exchange (ASX)
Pemenuhan Laporan Akhir Pendahuluan yang dated March 1, 2018. Obligation The periodic report
Berakhir Per 31 Desember 2017 dari Australian $/ !!* "1(ü((! 5 0$! ƫ+),*5 +* .$ āăČ ĂĀāĉ
Securities Exchange (ASX) tanggal 1 Maret 2018. followed by the termination of suspension of trading
Kewajiban Laporan periodik dimaksud telah dipenuhi exchanges by ASX on March 14, 2018.
oleh Perusahaan pada tanggal 13 Maret 2018 yang • Suspension on Stock Trading for Delay in Compliance
ditindaklanjuti dengan pengakhiran penangguhan with Periodic Reports Ended June 30, 2018 from the
perdagangan bursa oleh ASX pada 14 Maret 2018. Australian Securities Exchange (ASX) dated September
• Penangguhan Perdagangan Bursa atas Keterlambatan ăČĂĀāĉċ(%#0%+*$!,!.%+ %.!,+.0$/!!*"1(ü((!
Pemenuhan Laporan Periodik yang Berakhir Per by the Company on September 7, 2018 followed by the
30 Juni 2018 dari Australian Securities Exchange termination of suspension of trading exchanges by ASX
(ASX) tanggal 3 September 2018. Kewajiban Laporan on September 10, 2018.
periodik dimaksud telah dipenuhi oleh Perusahaan
pada tanggal 7 September 2018 yang ditindaklanjuti
dengan pengakhiran penangguhan perdagangan bursa
oleh ASX pada 10 September 2018.

Akses Informasi dan Data Perusahaan

Access to the Company’s Information and Data
ANTAM secara berkala memperbarui informasi dan ANTAM periodically updates the information about the
memberikan kemudahan akses informasi mengenai Company and provides simple information access about
aktivitas dan kinerja Perusahaan kepada stakeholders agar Company’s performance and strategy to all stakeholders,
mengetahui kondisi Perusahaan secara jelas dan terbuka. thus it enables them to understand the condition of the
ANTAM memiliki berbagai sarana yang berfungsi sebagai Company clearly and transparently. ANTAM has various
saluran pengungkapan informasi, diantaranya sebagai media which has function as channels of information
berikut: disclosure, such as:
RUPS Situs
Website Email
GMOS
Media pengambilan Media pengambilan Email Resmi Perusahaan

keputusan tertinggi keputusan tertinggi þ%(ƫ+.,+.0!)%(
Perusahaan Perusahaan
Corsec@antam.com
The Company’s highest The Company’s highest
decision-making media decision-making media
Media Sosial
ANTAMedia
Social Media
Sarana Informasi internal PT ANTAM Tbk

ANTAM dalam bentuk
e-magazine Į+þ%(*0)
ANTAM’s internal information þ%(ƵƵ

in e-magazine format
+þ%(ċ*0)
Media Komunikasi Lainnya Other Media Communication

Sarana/media komunikasi lainnya yang digunakan ANTAM Other communication facilities/media used by ANTAM
untuk berhubungan dengan Pemegang Saham ataupun to interact with the Shareholders or other stakeholders
Stakeholders lainnya selama tahun 2018 antara lain melalui: during the year of 2018, among others through:
• Investor Relations related Meetings & Conference Call • Investor Relations related Meetings & Conference Call
(319 kali); (319 times);
• Investor Conference, Non Deal Roadshow and Public • Investor Conference, Non Deal Roadshow and Public
Expose (28 kali); Expose (28 times);
• Investor Site Visit (2 kali); • Investor Site Visit (2 times);
• Kegiatan Media Relations meliputi press conference • Media Relations activity includes press conference
(5 kali), news release (49 kali), iklan yang terdiri dari (5 times), news release (49 times), advertisement
advertorial, native writing and display (18 kali); comprises advertorial, native writing and display
• Pameran (6 kali); (18 times);
• Penyampaian Laporan kepada OJK dan Bursa Efek • Exhibition (6 times);
Indonesia (113 kali) dan kepada ASX (61 kali). • Reporting to FSA and IDX (113 times) and to ASX (61
times).

Penerapan atas Pedoman Tata Kelola Perusahaan

Terbuka
Implementation of Corporate Governance Guideline
for Public Company
Untuk mengetahui tingkat kecukupan penerapan GCG di To determine the adequacy level of the GCG
Perusahaan, setiap tahun Perusahaan melakukan penilaian implementation, every year the Company conducts GCG
penerapan GCG yang pelaksanaannya dilakukan secara assessment which carried out by self assessment as well
self assessment serta menggunakan Asesor Independen as Independent Assessor and Independent Institution.
dan Lembaga Independen. Penilaian tahunan oleh pihak The annual assessments by independent parties have
independen sudah berjalan sejak tahun 2004 dan dalam been undertaken since 2004 in cooperation with and
pelaksanaannya bekerjasama dan didukung penuh oleh fully supported by GCG-NR Committee. The assessments
Komite GCG-NR. Penilaian yang dilakukan oleh ANTAM carried out by ANTAM use various practice standards
menggunakan berbagai acuan standar praktik, baik which applicable in Indonesia as well as in international.
yang berlaku di Indonesia maupun yang berlaku secara
internasional.
ANTAM menunjuk Asesor Independen PT RSM Indonesia ANTAM appoint an Independent Assessor PT RSM
Konsultan (RSM Indonesia) untuk melakukan assessment Indonesia Konsultan to carry out GCG assessment in 2018.
GCG di tahun 2018.Penunjukan RSM Indonesia telah dilakukan The appointment of RSM Indonesia has been made in
sesuai mekanisme yang diatur dalam Peraturan Menteri accordance with the mechanisms set forth in Regulation
BUMN Nomor PER-01/MBU/2011 dan dilakukan melalui of the Minister of SOE Number PER-01/MBU/2011 and
proses pengadaan barang/jasa. Assessment yang dilakukan carried through the goods/services procurement process.
oleh RSM Indonesia mencakup penilaian berdasarkan The assessment conducted by RSM Indonesia includes
SK-16/S. MBU/2012 tentang Indikator atau Parameter assessment based on SK-16/S.MBU/2012 on Indicators
Penilaian dan Evaluasi atas Penerapan Tata Kelola or Parameters of Assessment and Evaluation of the
Perusahaan yang Baik (Good Corporate Governance) pada Implementation of Good Corporate Governance (GCG)
BUMN, parameter Australian Securities Exchange (ASX) in SOEs, Australian Securities Exchange (ASX) Corporate
Corporate Governance Principles & Recommendations 3rd Governance Principles and Recommendation 3rd Edition
Edition, serta ASEAN Corporate Governance Scorecard Parameter, and the ASEAN Corporate Governance
v.2.0 yang diterbitkan oleh ASEAN Market Capital Forum Scorecard v.2.0 which published by the ASEAN Market
(ACMF). Capital Forum (ACMF).
Penilaian Corporate Governance Perception Index Corporate Governance Perception Index (CGPI)
(CGPI) Assessment
Sejak tahun 2001, ANTAM secara konsisten ikut serta Since 2001, ANTAM has consistently participated in
dalam Riset dan Pemeringkatan Corporate Governance the Research and Ratings of Corporate Governance
Perception Index (CGPI) yang diselenggarakan oleh Perception Index (CGPI) organized by the Indonesian
Indonesian Institute of Corporate Governance (IICG). Riset Institute of Corporate Governance (IICG). The annual
dan pemeringkatan yang dilakukan IICG setiap tahunnya research and rating conducted by IICG will review the
akan melihat implementasi GCG dari perspektif yang ƫ %),(!)!*00%+* ".+) %û!.!*0 ,!./,!0%2! 5
berbeda dengan menggunakan kerangka Governance using framework of Governance Structure, Governance
Structure, Governance Process dan Governance Outcome. Process and Governance Outcome. As the realization of its
Sebagai perwujudan atas kerangka tersebut, Riset dan framework, the Research and Ratings of CGPI uses 4 (four)
Pemeringkatan CGPI menggunakan 4 (empat) tahapan assessment stages, namely:
penilaian, yakni: 1. Self Assessment;
1. Self-assessment; 2. Documentation System;
2. Sistem dokumentasi; 3. Presentation;
3. Presentasi; 4. Observation and Discussion.
4. Observasi dan Diskusi.

pada CGPI tahun 2018 yang dilaksanakan untuk penilaian In the CGPI 2018 which was held for the assessment of
tahun buku 2017, tema yang diangkat yakni terkait 0$! ü**%( 5!. ĂĀāĈČ 0$! 0$!)! .%/! 3/ .!(0! 0+
“Transformasi Model Bisnis dalam Kerangka Good “Transforming the Business Model in the Good Corporate
Corporate Governance”. Dalam penilaian di tahun 2018 Governance Framework”. In this assessment in 2018,
ini, ANTAM berhasil memperoleh nilai 88,81 dimana nilai ANTAM succeeded in obtaining score of 88.81 where the
tersebut meningkat dari hasil penilaian yang dilaksanakan score increased from the results of the assessment carried
pada tahun 2017. Atas hasil tersebut, ANTAM kembali +10 %* ĂĀāĈċ +. 0$!/! .!/1(0/Č ƵƵ 3/ .!þ.)! /
dikukuhkan sebagai Perusahaan dengan predikat “Most a Company with the title “Most Trusted Company” for 10
Trusted Company” selama 10 (sepuluh) kali berturut-turut. (ten) consecutive times.
Nilai CGPI ANTAM 2013-2017

ANTAM CGPI Score 2013-2017
88,92 89,12 88,64 88,69 88,81
2013 2014 2015 2016 2017
Capaian Penerapan Good Corporate Governance Achievement of Good Corporate Governance

Berdasarkan SK-16/S-MBU/2012 Tanggal 6 Juni Implementation based on SK-16/S-MBU/2012
2012 dated June 6, 2012
Review terhadap Penerapan GCG di ANTAM juga dilakukan Review for the implementation of GCG in ANTAM is also
berdasarkan scorecard yang ditetapkan Kementerian BUMN conducted based on the scorecard set by the Ministry
yaitu mengacu pada SK-16/S.MBU/2012 tanggal 06 Juni of SOEs, which refers to SK-16/S.MBU/2012 dated June
2012 tentang Indikator/Parameter Penilaian dan Evaluasi 6, 2012 on the Indicators/Parameters of Assessment and
Atas Penerapan Tata Kelola Perusahaan yang baik (Good Evaluation on the Implementation of Good Corporate
Corporate Governance) pada Badan Usaha Milik Negara. Governance in State-Owned Enterprises. For the period of
Untuk periode Tahun 2018 (1 Januari 2018-31 Desember 2018 (January 1, 2018-December 31, 2018), the assessment
2018) assessment dilakukan oleh RSM Indonesia. Adapun of Good Corporate Governance implementation in ANTAM
hasil penilaian penerapan Good Corporate Governance conducted by RSM Indonesia and the results of the
ANTAM tahun 2018 sebagai berikut: assessment are as follows:

Capaian Tahun 2017 Capaian Tahun 2018

Achievement of 2017 Achievement of 2018
Nilai
Aspek Pengujian Asesmen GCG Maksimal Tingkat Tingkat
GCG Assessment Aspect Maximal Skor Capaian Pemenuhan Skor Capaian Pemenuhan
Score Achievement 1(ü(()!*0 Achievement 1(ü(()!*0
Score Level Score Level
(%) (%)
(1) (2) (3) (4=3/2) (4) (6=5/2)
Komitmen Terhadap Penerapan Tata 7 6,891 98,45 7,000 100,00%

Kelola Secara Berkelanjutan
Commitment to Sustainable
Governance
Pemegang Saham dan RUPS 9 8,753 97,25 8,720 96,87%
Shareholders and GMOS
Dewan Komisaris 35 33,959 97,02 33,648 96,13%
Direksi 35 33,611 96,03 33,876 96,79%
Board of Directors
Pengungkapan Informasi dan 9 8,800 97,78 8,771 97,45%
Transparansi
Information Disclosure and
Transparency
Aspek Lainnya 5 5,000 100,00 5,000 100,00%
Other Aspects
Total 100 97,014 97,01 97,014 97,01%
Peringkat Kualitas Penerapan GCG Sangat Baik
Rating of the Implementation of GCG Very Good
Beberapa rekomendasi hasil assessment yang perlu Several recommendations that need to be considered are
diperhatikan adalah sebagai berikut: as follows:
1. Menyampaikan Kontrak Manajemen & Target Kinerja 1. Submit the Contract Management & the Board of
Dewan Komisaris kepada RUPS/Pemegang Saham Seri Commissioners’ performance targets to the GMOS/
A Dwiwarna untuk disetujui; Series A Dwiwarna Shareholders to be approved;
2. Meningkatkan kompetensi Dewan Komisaris melalui 2. Improve the competency of the Board of Commissioners
program pelatihan dan program pengembangan through training and other development program;
lainnya; 3. Review the Board of Commissioners’ Charter and ensure the
3. Mengkaji ulang Piagam Dewan Komisaris dan standard time for submitting the Board of Commissioners’
memastikan standar waktu penyampaian keputusan decisions to the Board of Directors in accordance with the
Dewan Komisaris kepada Direksi sesuai dengan provisions of Ministry of SOE’s Regulations;
ketentuan Peraturan Kementerian BUMN; 4. Increasing the role of the Board of Commissioners to
4. Meningkatkan peran Dewan Komisaris agar sesuai be in accordance with Ministry of SOE’s Regulations
dengan Peraturan Kementerian BUMN dan aturan- and the Company’s internal rules;
aturan internal perusahaan; 5. Review the Board of Directors Charter and ensure the
5. Mengkaji ulang Piagam Direksi dan memastikan standard time for the level of immediacy of decision
standar waktu tingkat kesegeraan pengambilan making by the Board of Directors in accordance with
keputusan Direksi sesuai dengan ketentuan Peraturan the provisions of the Ministry of SOE’s Regulations;
Kementerian BUMN; 6. Ensure that the decision of the Board of Directors is
6. Memastikan pengambilan keputusan Direksi telah in accordance with the standard time determined by
sesuai dengan standar waktu yang ditentukan oleh the Ministry of SOE’s Regulations and the Company’s
Peraturan Kementerian BUMN dan aturan-aturan internal rules;
internal Perusahaan; 7. Improve the quality of the Board of Directors’ Meetings
7. Meningkatkan kualitas Rapat Direksi beserta Risalah and Minutes of the Board of Directors’ Meetings in
Rapat Direksi agar sesuai dengan ketentuan Peraturan accordance with the provisions of Ministry of SOE’s
Kementerian BUMN; Regulations;

8. Memastikan Dewan Komisaris & Direksi menandatangani 8. Ensure the Board of Commissioners and the Board of
Laporan Manajemen Triwulanan dan Tahunan; Directors sign the Quarterly and Annual Management
9. Memastikan pelaksanaan kegiatan usaha Perusahaan Report;
sesuai dengan SOP yang ditetapkan; 9. Ensure the implementation of the Company’s business activities
10. Meningkatkan kualitas proses penempatan karyawan are in accordance with Standard Operating Procedures;
, /!0%,(!2!(&0*#./!/1% !*#*/,!/%ü'/% 10. Improve the quality of the employee placement process
dan rencana yang ditentukan; 0!$(!2!(+"+þ!/+0$0%0)0$!/0$!/,!%ü!
11. Mempublikasikan pedoman/kebijakan pengadaan /,!%ü0%+*/* ,(*/Ď
perusahaan dan nilai HPS kepada umum; 11. Publish company procurement guidelines/policies and
12. Memastikan Perusahaan menjalankan peraturan the Own Price Estimate to the public;
perundang-undangan yang berlaku agar tidak terdapat 12. Ensure that the Company complies with the prevailing
teguran atau sanksi kepada Perusahaan oleh otorisasi/ laws and regulations in order to avoid any reprimand
instansi yang berwenang di bidang usaha perusahaan; or sanction imposed to the Company by the relevant
13. Memastikan Perusahaan menyelesaikan seluruh authorities;
sengketa/permasalahan dengan pihak ketiga; 13. Ensure that the Company resolves all disputes/
14. Memuat informasi mengenai rincian biaya dari kegiatan problems with third parties;
peningkatan layanan kepada konsumen di Laporan 14. Annual Report disclose the information about the
Tahunan Perusahaan; details of costs from service improvement activities to
15. Meningkatkan kualitas sistem seleksi atas permohonan consumers;
bantuan mitra kerja untuk meminimalisir kemungkinan 15. Improve the quality of the selection system for requests
gagal bayar piutang. from partners to minimize the possibility of default on
16. Target keragaman gender di dalam struktur keanggotan accounts receivable.
Dewan Komisaris dan Direksi untuk dituangkan di 16. Gender diversity target in the structure of the Board
()'!%&'*/,!/%ü')!*#!*%'!.#)*#!* !.ċ of Commissioners and the Board to be stated in the
17. Melakukan monitoring atas informasi-informasi special policy on gender diversity.
yang disampaikan di website agar informasi yang 17. Monitoring information on the website so that the
disampaikan adalah informasi yang relevan (update) information submitted is relevant information (renewal)
dan sesuai dengan kondisi Perusahaan yang and in accordance with the actual conditions of the
sebenarnya. Company.
18. Menetapkan kebijakan terkait tugas komite di bawah 18. Establish policies related to tasks under the Board of
Dewan Komisaris untuk melakukan review atas material Commissioners to conduct reviews on RPT material
RPTs dan memastikan kebijakan tersebut dilaksanakan; and ensure policies are carried out;
Pemenuhan ANTAM atas Peraturan Otoritas Compliance with the Regulation of the Financial
Jasa Keuangan tentang Penerapan GCG pada Services Authority on the Implementation of GCG
Perusahaan Terbuka in Public Companies
Perusahaan telah memenuhi rekomendasi sesuai Peraturan $!ƫ+),*5$/"1(ü((! 0$!.!+))!* 0%+*/+. %*#
Jasa Keuangan (POJK) Nomor 21/POJK.04/2015 tentang to the Regulation of Financial Services Authority Number
Penerapan Pedoman Tata Kelola Perusahaan Terbuka dan 21/POJK.04/2015 regarding the Implementation of the
Surat Edaran Otoritas Jasa Keuangan (SEOJK) Nomor 32/ Corporate Governance Guideline on Public Company
SEOJK.04/2015 tentang Pedoman Tata Kelola Perusahaan and Circular of the Financial Services Authority (SEOJK)
Terbuka. Dalam penerapan 5 (lima) aspek, 8 (delapan) Number 32/SEOJK.04/2015 on Corporate Governance
prinsip tata kelola perusahaan yang baik serta 25 (dua Guideline for Public Company. In the implementation of
puluh lima) rekomendasi penerapan aspek dan prinsip Ć Ĩü2!ĩ /,!0/Č ĉ Ĩ!%#$0ĩ ,.%*%,(!/ +" #++ +.,+.0!
tata kelola perusahaan yang baik berdasarkan pendekatan #+2!.**! * ĂĆ Ĩ03!*05ġü2!ĩ .!+))!* 0%+*/ %*
“comply or explain” dapat disampaikan sebagai berikut: respect of the implementation of aspects and good
corporate governance principles based on “comply or
explain” approach, it can be described as follows:

A
Rekomendasi Recommendation
HUBUNGAN PERUSAHAAN TERBUKA DENGAN PEMEGANG SAHAM DALAM MENJAMIN HAK-HAK PEMEGANG SAHAM
RELATIONSHIP BETWEEN PUBLIC COMPANY AND THE SHAREHOLDERS IN PROTECT THE SHAREHOLDERS’ RIGHTS
Prinsip 1 Principle 1
Meningkatkan Nilai Penyelenggaraan Rapat Umum Pemegang Saham (RUPS)
Improving the Value of General Meeting of Shareholders (GMOS)
1.1 Perusahaan Terbuka memiliki cara atau prosedur teknis pengumpulan suara (voting) baik secara terbuka maupun tertutup yang
mengedepankan independensi, dan kepentingan pemegang saham
A Public Company has technical methods or procedures for open or close voting that promote the independency and interests of
the shareholders
Keterangan Remarks
Terpenuhi Comply
Perusahaan mempunyai prosedur pengambilan suara dalam pengambilan keputusan atas suatu mata acara yang tercantum dalam
Tata Tertib RUPS, dimana Tata Tertib Rapat telah disampaikan kepada Pemegang Saham sebelum Rapat dimulai. Perusahaan telah
menunjuk pihak independen yaitu Biro Administrasi Efek PT Datindo Entrycom dan Notaris Jose Dima Satria dalam melakukan
proses penghitungan suara dan/atau melakukan validasi.
The Company has voting procedures in decision making on the agenda listed in the GMOS rules that have been provided to the
Shareholders before the meeting begin. The Company has appointed independent parties, Company’s Securities Administration
Bureau (“BAE”) PT Datindo Entrycom and Notary Jose Dima Satria to do the vote count and/or make the vote validation.
1.2 Seluruh anggota Direksi dan anggota Dewan Komisaris Perusahaan Terbuka hadir dalam RUPS Tahunan
All members of the Board of Directors and Board of Commissioners were present in the Annual GMOS.
Keterangan Remarks
Terpenuhi Comply
Dalam Berita Acara RUPS Tahunan No. 25 tanggal 12 April 2018 mengungkapkan bahwa seluruh anggota Direksi dan Dewan
Komisaris Perusahaan turut hadir dalam RUPS Tahunan tersebut.
As contained in the Minutes of Annual GMOS No. 25 dated April 12, 2018, discloses all members of the Board of Commissioners
and the Board of Directors of the Company were present in the Annual GMOS.
1.3 Ringkasan risalah RUPS tersedia dalam Situs Perusahaan Terbuka paling sedikit selama 1 (satu) tahun
Summary of the GMOS Minutes is available on the Public Company’s website by no less than 1 (one) year.
Keterangan Remarks
Terpenuhi Comply
Dalam website ANTAM telah tercantum risalah RUPS mulai dari RUPS Tahunan Tahun Buku 2006 sampai dengan RUPS Tahunan
Tahun Buku 2017.
The of Minutes of GMOS, from Annual GMOS for Fiscal Year 2006 to Annual GMOS for 2017, is available on ANTAM’s website.
Meningkatkan Kualitas Komunikasi Perusahaan Terbuka dengan Pemegang Saham atau Investor
Improving the Quality of Communication of Public Company with Shareholders or Investors
2.1 Perusahaan Terbuka memiliki suatu kebijakan komunikasi dengan pemegang saham atau investor
Public Company has a policy on communication with Shareholders and Investors
Keterangan Remarks
Terpenuhi Comply
Perusahaan telah mempunyai kebijakan terkait komunikasi dengan Pemegang Saham atau investor sebagai berikut:
1. Kebijakan Hubungan & Komunikasi dengan Pihak Eksternal & Internal Perusahaan;
2. Kebijakan Proses Hubungan dengan Investor dan Pemegang Saham;
3. Kebijakan Pengungkapan Informasi Perusahaan;
4. Kebijakan Perdagangan Efek Berbentuk Saham Perseroan
5. Standar Etika Perusahaan
Saat Ini Perusahaan sedang melakukan reviu terhadap seluruh kebijakan tersebut sesuai dengan regulasi terkini,
The Company has had policies relating to communication with its Shareholders and Investors, namely:
1. Policy of Relationship and Communication with External and Internal Parties of the Company;
2. Policy of the Process of Relationship with Investors and Shareholders;
3. Policy of the Company’s Information Disclosure;
4. Policy of the Corporate Securities Trading.
5. Code of Conduct
Currently the Company is reviewing all of these policies in accordance with the latest regulations.
2.2 Perusahaan Terbuka mengungkapkan kebijakan komunikasi Perusahaan Terbuka dengan pemegang saham atau investor dalam
Situs Web
Public Company discloses its communication policy with shareholders or investors in Website
Keterangan Remarks
Terpenuhi Comply
Kebijakan terkait komunikasi dengan Pemegang Saham atau investor telah tersedia dalam situs ANTAM pada Menu Tata Kelola
Kami bagian Manual Kebijakan Perusahaan. Selain itu di dalam situs Perusahaan juga tersedia alamat, nomor telepon dan email
Perusahaan yang dapat dihubungi.
The policy of communication with Shareholders or Investors is available on ANTAM’s website, under Governance menu in
Company Policy Manual section. In addition, information about Company’s complete address, contact numbers and email are also
available on the Company’s website.

B
FUNGSI DAN PERAN DEWAN KOMISARIS
FUNCTIONS AND ROLES OF BOARD OF COMMISSIONERS’
Memperkuat Keanggotaan dan Komposisi Dewan Komisaris
Strengthening the Membership and Composition of the Board of Commissioners
3.1 Penentuan jumlah anggota Dewan Komisaris mempertimbangkan kondisi Perusahaan Terbuka
Determination of quantity of the members of the Board of Commissioners’ member shall be made by considering the condition of
Public Company
Keterangan Remarks
Terpenuhi Comply
Penentuan jumlah Dewan Komisaris telah mempertimbangkan kondisi Perusahaan, yang mengacu pada Anggaran Dasar
Perusahaan dan Peraturan Perundang-Undangan yang berlaku. Jumlah Dewan Komisaris ANTAM per tanggal 31 Desember 2018
adalah 5 (lima) orang.
Determination of the quantity of members of the Board of Commissioners has been made by considering the condition of the
Company with reference to the Company’s Articles of Association and Prevailing Laws and Regulations. Quantity of Board of
ƫ+))%//%+*!.%*ƵƵ ,!.!!)!.ăāČĂĀāĉ%/ĆĨü2!ĩ,!./+*ċ
3.2 Penentuan komposisi anggota Dewan Komisaris memperhatikan keberagaman keahlian, pengetahuan, dan pengalaman yang
dibutuhkan
Determination of composition of the Board of Commissioners’ members has been made by considering the diversity in expertise,
knowledge and required experience.
Keterangan Remarks
Terpenuhi Comply
Penentuan komposisi anggota Dewan Komisaris telah memperhatikan keberagaman keahlian, pengetahuan, dan pengalaman
yang dibutuhkan. Hal ini juga mengacu pada Pedoman Kerja (Charterĩ!3*+)%/.%/ *)!(%$0,.+ü(/%*#'0*##+0!3*
Komisaris. Dewan Komisaris ANTAM memiliki keahlian, pengetahuan dan pengalaman di bidang pertambangan, manajemen/
keuangan, hukum, sosial dan politik
Determination of the composition of the members of the Board of Commissioners has been made by considering the diversity
of expertise, knowledge and experience required. This has been performed by referring to the Charter of the Board of
ƫ+))%//%+*!./* .!2%!3%*#0$!.%!",.+ü(!/+"0$!)!)!./+"0$!ǫ+. +"ƫ+))%//%+*!./ċǫ+. +"ƫ+))%/+*!./ŏƵƵ
have expertise, knowledge and experience in Mining, Managemnet/Finance, Law and Social Politics.
Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris
),.+2%*#0$!1(%05+"1(ü(()!*0+"0$!ǫ+. +"ƫ+))%//%+*!./Ě10%!/* !/,+*/%%(%0%!/
4.1 Dewan Komisaris mempunyai kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris
The Board of Commissioners has a self-assessment policy to assess its performance
Keterangan Remarks
Terpenuhi Comply
Dewan Komisaris telah memiliki kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris yang
tercantum dalam Charter Dewan Komisaris. Untuk Tahun 2018, Dewan Komisaris telah menetapkan KPI berdasarkan Keputusan
Dewan Komisaris No. 6/DK/SK/IV/2018 tanggal 28 April 2018 tentang Penetapan Evaluasi Kinerja (Performance Evaluation)
Dewan Komisaris Tahun 2017 yang kemudian direvisi sesuai dengan SK Dewan Komisaris Nomor 12/DK/SK/VII/2018 tanggal 1 Juli
2018
The Board of Commissioners has had a self-assessment policy to evaluate the performance of the Board of Commissioners
as described in the Charter of the Board of Commissioners. In 2018, the Board of Commissioners has stipulated the KPI
in accordance with the Resolution of the Board of Commissioners No. 6/DK/SK/IV/2018 dated April 28, 2018 regarding
Establishment of Performance Evaluation of the Board of Commissioners for 2018 and the amendment refers to the BOC Decree
No. 12/DK/SK/VII/2018 dated July 1, 2018.
4.2 Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris, diungkapkan melalui Laporan Tahunan
Perusahaan Terbuka
Self-assessment policy to assess the performance of the Board of Commissioners is disclosed in the Public Listed Company’s
Annual Report
Keterangan Remarks
Terpenuhi Comply
Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Dewan Komisaris yang tercantum dalam Charter Dewan
Komisaris telah diungkapkan melalui Laporan Tahunan Perusahaan bagian Tata Kelola Perusahaan sub bagian Dewan Komisaris.
Self-assessment policy to evaluate the performance of the Board of Commissioners as described in the Charter of the Board of
Commissioners has been disclosed in the Company’s Annual Report part Governance, sub-section of the Board of Commissioners.
4.3 Dewan Komisaris mempunyai kebijakan terkait pengunduran diri anggota Dewan Komisaris apabila terlibat dalam kejahatan
keuangan
The Board of Commissioners has a policy relating to the resignation of member of the Board of Commissioners if committed to a
ü**%(.%)!

Keterangan Remarks
Terpenuhi Comply
Dewan Komisaris mempunyai kebijakan terkait pengunduran diri anggota Dewan Komisaris apabila terlibat dalam kejahatan
keuangan yang tercantum dalam Charter Dewan Komisaris yang mengacu pada Anggaran Dasar Perusahaan pasal 14.
The Board of Commissioners has a policy related to the resignation of a member of the Board of Commissioners if committed to a
ü**%(.%)!ċ$%/,+(%5%/+*0%*! %*0$!ƫ$.0!.+"0$!ǫ+. +"ƫ+))%//%+*!./3$%$.!"!./0+Ƶ.0%(!āą+"0$!ƫ+),*5Ě/
Articles of Association.
4.4 Dewan Komisaris atau Komite yang menjalankan fungsi Nominasi dan Remunerasi menyusun kebijakan suksesi dalam proses
Nominasi anggota Direksi
The Board of Commissioners or Committee that performs the functions of Nomination and Remuneration formulates the
succession policy in the process of Nomination of the Board of Directors’ member.
Keterangan Remarks
Terpenuhi Comply
Perusahaan telah mempunyai Komite Good Corporate Governance, Nominasi dan Remunerasi (Komite GCG-NR). Salah satu
tugas Komite GCG-NR adalah melakukan pegawasan mengenai implementasi sistem, kebijakan dan prosedur proses pelaksanaan
seleksi dan nominasi serta penilaian calon-calon Direksi dan pejabat satu tingkat di bawah Direksi khususnya bidang Sekretaris
Perusahaan dan Internal Audit.
The Company has Good Corporate Governance and Nomination and Remuneration (GCG-NR) Committees. One of the tasks of
GCG-NR Committee is to be responsible for the supervision of the implementations of system, policy and procedures for the
/!(!0%+** *+)%*0%+*,.+!//!/Č/3!((///!//)!*0+"* % 0!/+"%.!0+./* +þ%(/+*!(!2!(!(+30$!%.!0+.
level, especially for Head of Corporate Secretary and Internal Audit.
Kebijakan suksesi dalam proses Nominasi anggota Direksi Perusahaan mengacu kepada Anggaran Dasar Perseroan, Peraturan
Otoritas Jasa Keuangan (POJK) Nomor 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik
dan Peraturan Perundang-undangan lainnya.
The succession policy in the nomination process of members of the Board of Directors refers to the Company’s Articles of
Association, Financial Services Authority Regulation No. 33 / POJK. 04/2014 concerning the Board of Directors and the Board of
Commissioners of Public Companies and other Prevailing Laws and Regulations.
C
FUNGSI DAN PERAN DIREKSI FUNCTIONS AND ROLES OF THE BOARD OF DIRECTORS
Memperkuat Keanggotaan dan Komposisi Direksi
Strengthening the Membership and Composition of the Board of Directors
5.1 !*!*01*&1)($*##+0%.!'/%)!),!.0%)*#'*'+* %/%!.1/$*!.1'/!.0!"!'0%ü0/ (),!*#)%(*
keputusan
Determination of quantity of the Board of Directors’ members shall be made by considering the condition of public company and
!%/%+*ġ)'%*#!û!0%2!*!//
Keterangan Remarks
Terpenuhi Comply
!*!*01*&1)($*##+0%.!'/%0!($)!),!.0%)*#'*'+* %/%!.1/$*!.1'/!.0!"!'0%ü0/ (),!*#)%(*
keputusan yang mengacu pada Anggaran Dasar Perseroan dan Peraturan Perundang-Undangan yang berlaku. Jumlah Direksi
ANTAM per tanggal 31 Desember 2018 adalah 6 (enam) orang.
Determination of the quantity of members of the Board of Directors has been made by considering the condition of the Company
* !û!0%2!*!//+"0$! !%/%+*ġ)'%*#,.+!//0$0.!"!./0+0$!ƫ+),*5Ě/Ƶ.0%(!/+"Ƶ//+%0%+** ,.!2%(%*#3/*
!#1(0%+*/ċ1*0%05+"ǫ+. +"%.!0+./%*ƵƵ ,!.!!)!.ăāČĂĀāĉ%/ĆĨü2!ĩ,!./+*ċ
5.2 Penentuan komposisi anggota Direksi memperhatikan, keberagaman keahlian, pengetahuan, dan pengalaman yang dibutuhkan
Determination of the composition of the Board of Directors’ member has been made by considering the diversity in expertise,
knowledge, and required experience.
Keterangan Remarks
Terpenuhi Comply
Penentuan komposisi anggota Direksi telah memperhatikan, keberagaman keahlian, pengetahuan, dan pengalaman yang
dibutuhkan yang mengacu pada Charter%.!'/% * ,0 %(%$0 .%,.+ü(/%*#'0)/%*#ġ)/%*#%.!'/%ċ%.!'/%ƵƵ
memiliki keahlian, pengetahuan dan pengalaman di bidang Pertambangan, Sumber Daya Manusia dan Manajemen/Keuangan.
Determination of composition of the Board of Directors members has been made by considering the diversity of the required
expertise, knowledge, and experience in reference with the Charter of the Board of Directors as well as by reviewing the brief
,.+ü(!/+"0$!.!/,!0%2!)!)!./+"0$!ǫ+. +"%.!0+./ċǫ+. +"%.!0+./ƵƵ $2!!4,!.0%/!Č'*+3(! #!*
experience in Mining, Human Capital and Management/Finance.
5.3 Anggota Direksi yang membawahi bidang akuntansi atau keuangan memiliki keahlian dan/atau pengetahuan di bidang akuntansi
!)!.+"0$!ǫ+. +"%.!0+./Č3$+%/.!/,+*/%(!"+.+1*0%*#+.ü**!Č$/+1*0%*#!4,!.0%/!* ĥ+.'*+3(! #!
Keterangan Remarks
Terpenuhi Comply
Direktur Keuangan Perusahaan adalah seorang ahli keuangan yang berpengalaman di beberapa perusahaan serta memiliki latar
belakang pendidikan keuangan yaitu lulusan dari McLaren School of Business, University of San Francisco dan Ageno School of
Business, Golden Gate University.
$!%**!%.!0+.+"0$!ƫ+),*5%/ü**%(!4,!.03$+$/!4,!.%!*!%*3+.'%*#"+./!2!.(+),*%!/* $/*
! 10%+*('#.+1* %*ü**!ċ!#. 10! ".+) .!*$++(+"ǫ1/%*!//Č*%2!./%05+"*.*%/+Č* Ƶ#!*+
School of Business, Golden Gate University.

Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Direksi
),.+2%*#0$!1(%05+"1(ü(()!*0+"0$!ǫ+. +"%.!0+./Ě10%!/* !/,+*/%%(%0%!/
6.1 Direksi mempunyai kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi
The Board of Directors has a self-assessment policy to assess its performance
Keterangan Remarks
Terpenuhi Comply
Direksi telah mempunyai kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi yang tercantum dalam
Charter Direksi. Dewan Komisaris telah menetapkan penilaian bagi Direksi dalam Keputusan Dewan Komisaris Nomor 13/DK/SK/
VII/2018 tentang Penetapan Key Performance Indicator (KPI) sebagai dasar Evaluasi Kinerja (Performance Evaluation) Direksi dan
Anggota Direksi Tahun 2018. Selain penetapan KPI Perusahaan berbasis Kriteria Penilaian Kinerja Unggul (KPKU), Perusahaan juga
telah menetapkan Key Performance Indicator (KPI) masing-masing Direktorat selama tahun 2018.
The Board of Directors has had self-assessment policy to evaluate its performance as contained in the Charter of the Board of
Directors. The policy has been published on the Company’s website. The Board of Commissioners has determined the assessment
of the Directors based on the Decision of the Board of Commissioners No. 13/DK/SK/VII/2018 concerning the Determination
of Key Performance Indicator (KPI) as the foundation of Performance Evaluation of the Board of Directors and Members of the
Board of Directors in 2018. Aside from using Excellence Performance Assessment Criteria (KPKU) as the basis for determining the
Corporate KPI, the Company has also determined the KPI of each Directorate during 201.
6.2 Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi diungkapkan melalui Laporan Tahunan Perusahaan
Terbuka
Self-assessment policy to assess the performance of Board of Directors is disclosed in Annual Report of Public Company
Keterangan Remarks
Terpenuhi Comply
Kebijakan penilaian sendiri (self-assessment) untuk menilai kinerja Direksi tercantum dalam Charter Direksi dan telah diungkapkan
melalui Laporan Tahunan Perusahaan bagian Tata Kelola Perusahaan sub bagian Direksi.
Self-assessment policy to evaluate the performance of the Board of Directors is contained in the Charter of the Board of Directors
and has been disclosed in the Company’s Annual Report, under the Corporate Governance section, sub-section of the Board of
Directors.
6.3 Direksi mempunyai kebijakan terkait pengunduran diri anggota Direksi apabila terlibat dalam kejahatan keuangan
$!ǫ+. +"%.!0+./$/,+(%5.!(0%*#0+.!/%#*0%+*+"0$!ǫ+. +"%.!0+./Ě)!)!./%"+))%00! 0+ü**%(.%)!
Keterangan Remarks
Terpenuhi Comply
Direksi mempunyai kebijakan terkait pengunduran diri anggota Direksi apabila terlibat dalam kejahatan keuangan yang tercantum
dalam Charter Direksi yang mengacu pada Anggaran Dasar Perusahaan Pasal 11
$!ǫ+. +"%.!0+./$/,+(%5.!(0%*#0+0$!.!/%#*0%+*+")!)!.+"0$!ǫ+. +"%.!0+./%"+))%00! 0+ü**%(
crime as described in the Charter of the Board of Directors which refers to Article 11 of the Company’s Articles of Association.
D
PARTISIPASI PEMANGKU KEPENTINGAN PARTICIPATION OF STAKEHOLDERS
Meningkatkan Aspek Tata Kelola Perusahaan melalui Partisipasi Pemangku Kepentingan
Improving Corporate Governance Aspects through Stakeholders’ Participation
7.1 Perusahaan Terbuka memiliki kebijakan untuk mencegah terjadi nya insider trading
Public Company has a policy to prevent insider trading
Keterangan Remarks
Terpenuhi Comply
Kebijakan terkait Insider Trading ANTAM tercantum dalam Kebijakan Perdagangan Efek Berbentuk Saham Perseroan yang
ditetapkan berdasarkan Surat Keputusan Direksi No. 242.K/02/DAT/2013.
Policy related to ANTAM Insider Trading is set forth in the Insider Trading Policy that has been stipulated by the Board of
Directors Decision No. 242.K/02/DAT/2013.
7.2 Perusahaan Terbuka memiliki kebijakan anti korupsi dan anti-fraud
Public Company has anti-corruption and anti-fraud policy
Keterangan Remarks
Terpenuhi Comply
!.*01) ()0* .0%'!.1/$*Č%.!'/%+)+.ćĊĀċĥĀĉăĥƵĥĂĀāĈ0!*0*#!%&'*!*#!* (%*.0%ü'/%
Kebijakan Pengendalian dan Perjanjian Kerja Bersama Periode 2018-2019 terkait Pelanggaran Disiplin.
!0"+.0$%*0$!ƫ+),*5ƫ+ !+"ƫ+* 10Čǫ!.!!+ċćĊĀċĥĀĉăĥƵĥĂĀāĈ+*!.*%*#.0%ü0%+*ƫ+*0.+(+(%5*
ƫ+((!0%2!+.Ƶ#.!!)!*0ĂĀāĉġĂĀāĊ.!#. %*#%/%,(%*.5û!*/!/ċ
7.3 Perusahaan Terbuka memiliki kebijakan tentang seleksi dan peningkatan kemampuan pemasok atau vendor
Public Company has policies of selection and capability improvement of suppliers and vendors

Keterangan Remarks
Terpenuhi Comply
Tercantum dalam Pedoman Pengelolaan Rantai Pasokan berdasarkan Surat Keputusan Direksi Nomor 333.K/92/DAT/2017. Kriteria
dan proses seleksi pemasok secara rinci juga terdapat dalam situs Perusahaan pada menu eproc.antam.com yang dapat dengan
mudah diakses oleh publik. Perusahaan memberikan peningkatan kemampuan kepada pemasok berupa pemberian penjelasan
terkait kebijakan pengadaan barang/jasa yang berlaku di Perusahaan dan K3 (Kesehatan dan Keselamatan Kerja) pada saat
penjelasan pengadaan suatu pekerjaan.
Set forth in the Guidelines for Supply Chain Management based on the Decision of the Board of Directors No. 333.K/92/DAT/2017.
The criteria and process of supplier selection are contained in detail on the Company's website in the menu of eproc.antam.
com that can be easily accessed by the public. The company provides the suppliers with capability improvement in the form
of explanation relating to goods/services procurement policy applicable in Company and K3 (Health and Safety) during the
explanation of a job procurement is given.
7.4 Perusahaan Terbuka memiliki kebijakan untuk pemenuhan hak-hak kreditur
1(%ƫ+),*5$/,+(%5.!(0%*#0+0$!"1(ü(()!*0+".! %0+.Ě/.%#$0/
Keterangan Remarks
Terpenuhi Comply
Tercantum dalam Corporate Governance Policy (CGP) 2016 dan Standar Etika Perusahaan. Selain itu juga terdapat dalam
Kebijakan Pendanaan ANTAM yang ditetapkan berdasarkan Surat Keputusan Direksi ANTAM No. 314.K/834/DAT/2014.
Set forth in Corporate Governance Policy (CGP) 2016 and Company Code of Conduct. It is also contained in ANTAM Financing
Policy as stipulated under Decision of the Board of Directors of ANTAM No. 314.K/834/DAT/2014.
7.5 Perusahaan Terbuka memiliki kebijakan sistem Whistleblowing
Public Company has policy of Whistleblowing system
Keterangan Remarks
Terpenuhi Comply
Tercantum dalam Pedoman dan Prosedur Penanganan Pelaporan Pelanggaran (Whistleblowing) berdasarkan Surat Keputusan
Dewan Komisaris No. 30/DK/SK/IX/2014.
Set forth in the Guidelines and Procedures for Handling of Violation Reporting (Whistleblowing) based on Decision of the Board
of Commissioners No. 30/DK/SK/IX/2014.
7.6 Perusahaan Terbuka memiliki kebijakan pemberi insentif jangka panjang kepada Direksi dan Karyawan
Public Company has policy on long-term incentive for the Board of Directors and Employees
Keterangan Remarks
Terpenuhi Comply
Berdasarkan persetujuan dari Persetujuan Pemegang Saham Seri A Dwiwarna berdasarkan surat Nomor SR-603/MBU/
D3/06/2018 tanggal 5 Juni 2018 perihal Penyampaian Penetapan Penghasilan Direksi dan Dewan Komisaris PT ANTAM Tbk Tahun
2018, struktur remunerasi Direksi ANTAM salah satunya adalah Tunjangan Asuransi Purna Jabatan sebesar 25 % gaji dalam 1 (satu)
tahun,Sedangkan untuk karyawan, kebijakan tersebut terdapat dalam Perjanjian Kerja Bersama (PKB) Periode 2016-2017.
Based on the approval of the Minister of State Owned Enterprises as the Shareholder of Series A Dwiwarna through letter No. SR-
603/MBU/D3/06/2018 dated June 5, 2018 regarding the Stipulation of the Remuneration of the Board of Commissioners and the
Board of Directors 2018, one of remuneration is allowance of retirement insurance, amount 25% of honorarium in 1(one) year. As
for the employees, the policy is set forth in Collective Labour Agreement (CLA) Period 2016-2017.
E
KETERBUKAAN INFORMASI INFORMATION DISCLOSURE
Meningkatkan Pelaksanaan Keterbukaan Informasi
Improving Implementation of Information Disclosure
8.1 Perusahaan Terbuka memanfaatkan penggunaan teknologi informasi secara lebih luas selain Situs sebagai media keterbukaan
informasi
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disclosure
Keterangan Remarks
Terpenuhi Comply
Selain situs web, Perusahaan memanfaatkan teknologi informasi dan aplikasi media sosial lainnya seperti melalui portal internal,
e-mail, Twitter, Facebook, Instagram, Youtube dan Call Center.
Aside from website, the Company utilizes the information technology and other social media applications, such as internal portal,
e-mail, Twitter, Facebook, Instagram Youtube and Call Center.
8.2 Laporan Tahunan Perusahaan Terbuka mengungkapkan pemilik manfaat akhir dalam kepemilikan saham Perusahaan Terbuka
paling sedikit 5% (lima persen), selain pengungkapan pemilik manfaat akhir dalam kepemilikan saham Perusahaan Terbuka melalui
pemegang saham utama dan pengendali.
Ƶ**1(!,+.0+"1(%ƫ+),*5 %/(+/!/0$!!*!ü%(+3*!./%*/$.!+3*!./$%,+",1(%+),*5+"0(!/0ĆŌĨü2!
percent), in addition to the disclosure through major and controlling shareholders.
Keterangan Remarks
Terpenuhi Comply
Dalam Laporan Tahunan dan website Perusahaan telah mengungkapkan Struktur Pemegang Saham dengan Kepemilikan Kurang
dari 5% per 31 Desember 2018.
The Company’s Annual Report and website have disclosed the Shareholder Structure that includes the ownership of less than 5%
as at December 31, 2018.

Adopsi Prinsip dan Rekomendasi ASX Adoption of ASX Principles and Recommendations
Penjelasan mengenai praktik tata kelola ANTAM untuk The explanation about ANTAM’s governance practices
tahun 2018, sesuai dengan ASX Corporate Governance in 2018, in accordance with the ASX Principles and
Principles and Recommendations Edisi 3 termuat pada Recommendation 3rd edition, is contained in the Compliance
tabel kepatuhan di bawah ini: table below:
Rekomendasi Assessment of ASEAN Corporate Governance

Pelaksanaan
No.
Recommendation Implementation
Prinsip 1 - Meletakkan Pondasi yang Kuat bagi Pengawasan dan Pengelolaan Perusahaan
Principle 1 - Lay Solid Foundations for Management and Oversight
1.1 Perusahaan Terbuka harus mengungkapkan: Seluruhnya Terpenuhi (Fully Comply)
(a) Peran dan tanggung jawab dari masing-masing Dewan
Komisaris/Direksi dan Manajemen; dan Peran dan tanggung jawab masing-masing Dewan Komisaris
(b) Hal-hal tersebut disampaikan kepada Dewan Komisaris/ dan Direksi telah diungkapkan di dalam:
Direksi secara tegas dan jelas dan didelegasikan kepada 1. Anggaran Dasar Perusahaan,
manajemen. 2. Corporate Governance Policy,
A listed entity should disclose: 3. Charter Dewan Komisaris,
(a) The respective roles and responsibilities of its board and 4. Charter Direksi,
management; and 5. Laporan Tahunan 2017 bagian Tata Kelola Perusahaan
(b) Those matters expressly reserved to the board and those The respective roles and responsibilities of the Board of
delegated to management. Commissioners and the Board of Directors are disclosed in:
1. Article of Association;
2. Corporate Governance Policy;
3. The Board of Commissioners’ Charter;
4. The Board of Directors’ Charter;
5. Annual Report 2017, Corporate Governance section
ƬāċĂ Perusahaan Terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
(a) Melakukan pemeriksaan secara tepat, sebelum menunjuk/
mengangkat seseorang, atau mengajukan kandidat yang • Kebijakan pengangkatan dan pemberhentian anggota Dewan
akan dipilih kepada Pemegang Saham, sebagai Komisaris/ Komisaris dan Direksi Perusahaan mengacu ke Anggaran
Direksi; dan Dasar Perseroan dan Peraturan Perundang-Undangan yang
(b) Memberikan seluruh informasi yang material yang berlaku.
dimilikinya kepada Pemegang Saham terkait dengan • Pada tahun 2018 tidak terdapat pengangkatan dan
keputusan tentang apakah akan memilih atau memilih pemberhentian anggota Dewan Komisaris dan Direksi.
kembali Komisaris/Direksi atau tidak. • The policy of appointment and dismissal of the Board
A Listed entity should disclose: of Commissioners and the Board of Directors refers the
(a) Undertake appropriate checks before appointing a person, Company’s Article of Association and Prevailing Laws &
or putting forward to security holders a candidate for Regulations.
election, as a director; and • In 2018, there was no appointment nor dismissal of the Board
(b) Provide security holders with all material information in its of Commissioners and the Board of Directors.
possession relevant to a decision on whether or not to elect
or re-elect a director.
Ƭāċă Perusahaan Terbuka harus memiliki perjanjian tertulis dengan Seluruhnya Terpenuhi (Fully Comply)
masing-masing Komisaris/Direksi dan Manajemen yang
menetapkan persyaratan pengangkatan mereka. Perusahaan memiliki Surat Pernyataan Kesanggupan
A listed entity should have a written agreement with each Melaksanakan Tugas yang ditandatangani oleh seluruh anggota
Director and Senior Executive setting out the terms of their Direksi dan anggota Dewan Komisaris, sebagai perjanjian
appointment. tertulis terkait pengangkatan mereka.
The company has a Statement of Capacity to Carry Out Tasks
signed by all members of the Board of Directors and members
of the Board of Commissioners, as a written agreements
relating to their appointment.
Ƭāċą Sekretaris Perusahaaan Terbuka harus Seluruhnya Terpenuhi (Fully Comply)

mempertanggungjawabkan secara langsung kepada Dewan
Komisaris/Direksi, melalui Komisaris Utama, seluruh hal yang Perusahaan telah memiliki Sekretaris Perusahaan yang
dilakukan agar Dewan Komisaris/Direksi dapat berfungsi dalam struktur organisasi Perusahaan berada langsung di
dengan baik. bawah Direktur Utama. Sekretaris Perusahaan diangkat dan
The company secretary of a listed entity should be accountable diberhentikan oleh Direktur Utama berdasarkan keputusan
directly to the board, through the chair, on all matters to do Direksi dan dengan persetujuan dari Dewan Komisaris, yakni
with the proper functioning of the board. berdasarkan hasil pemeriksaan atas dokumen Surat Keputusan
Direksi Nomor 275.K/733/DAT/2017. Tugas Sekretaris
Perusahaan diatur di dalam dokumen Job Description SVP
Corporate Secretary Nomor Dokumen 0556/JD tanggal 13
Desember 2017.
The company has had a Corporate Secretary function that
respons directly to the President Director. Corporate Secretary
is appointed and dissmissed by President Director based on
the Board of Directors Decree Number 275.K/733/DAT/2017.
Duties of Corporate Secretary are stipulated in Job Description
SVP Corporate Secretary Document Number 0556/JD dated
December 13, 2017.

Rekomendasi Pelaksanaan
No.
1.5 Perusahaan Terbuka harus memiliki kebijakan yang meliputi: Tidak Terpenuhi (Not Comply)
(a) Persyaratan terhadap Dewan Komisaris/Direksi atau
Komite yang terkait dari Dewan Komisaris/Direksi untuk !.1/$*!(1))!)%(%'%'!%&'*/,!/%ü')!*#!*%
menetapkan tujuan yang terukur dalam mewujudkan '!.#)*#!* !. *!(1))!*!*01'*/!./,!/%ü'
kesetaraan gender dan untuk melakukan penilaian tahunan target yang harus dicapai dalam keragaman gender di dalam
atas tujuan dan kemajuan entitas dalam dalam mencapai struktur keanggotaan Dewan Komisaris dan Direksi. Oleh karena
tujuan tersebut; itu, tidak terdapat pengungkapan atas:
(b) Mengungkapkan kebijakan atau ringkasan tersebut; (a) Kebijakan atau ringkasan kebijakan keragaman gender; and
(c) Mengungkapkan Laporan pada akhir periode pelaporan (b) Laporan pada akhir periode terhadap hasil pencapaian
secara terukur dan obyektif terhadap hasil pencapaian atas kesetaraan gender yang ditetapkan.
kesetaraan gender yang ditetapkan oleh Dewan Komisaris/ ƫ+),*5$/$ *+/,!%ü,+(%5.!#. %*#0+#!* !.
Direksi atau Komite yang relevan dari Dewan Komisaris/ %2!./%055!0* $/*+0 !0!.)%*!/,!%ü((50$!#!* !.
Direksi sesuai dengan kebijakan dan progres pencapaian diversity target that company’ want to achieve yet. Thus, there
dari suatu Perusahaan. is no disclosure of:
(1) Proporsi masing-masing pria dan wanita di Dewan (a) Policy or summary of gender diversity policy; and
di posisi Senior Eksekutif dan di seluruh organisasi (b) Report at the end of period regarding to the achievement
Ĩ0!.)/1'#%)*!*0%0/0!($)!* !ü*%/%'* +"/,!%ü! #!* !.!-1(%05ċ
"Senior Eksekutif" untuk tujuan ini); atau
(2) Jika entitas adalah "Pemberi Kerja yang terkait" di
bawah Undang-Undang Kesetaraan Gender di tempat
kerja, entitas mengungkapkan "Indikator Kesetaraan
!* !.ŎČ/!#%)* % !ü*%/%'* () *
diterbitkan berdasarkan Undang-Undang itu.
A listed entity should:
(a) Have a diversity policy which includes requirements for
the board or a relevant committee of the board to set
measurable objectives for achieving gender diversity and
to assess annually both the objectives and the entity’s
progress in achieving them;
(b) Disclose that policy or a summary of it; and
(c) Disclose as at the end of each reporting period the
measurable objectives for achieving gender diversity
set by the board or a relevant committee of the board
in accordance with the entity’s diversity policy and its
progress towards achieving them, and either:
(1) The respective proportions of men and women on
the board, in senior executive positions and across
the whole organisation (including how the entity has
!ü*! ė/!*%+.!4!10%2!Ę"+.0$!/!,1.,+/!/ĩĎ+.
(2) If the entity is a “relevant employer” under the
Workplace Gender Equality Act, the entity’s most
.!!*0ė!* !.-1(%05 * %0+./ĘČ/ !ü*! %**
published under that Act.
ƬāċćƬ Perusahaan Terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
(a) Memiliki dan mengungkapkan proses evaluasi secara
berkala atas kinerja Dewan, komite Dewan dan Direktur • Perusahaan telah memiliki dan mengungkapkan kebijakan
secara individu dan evaluasi kinerja Dewan Komisaris dan Direksi, secara kolegial
(b) Mengungkapkan, terkait dengan setiap periode pelaporan, dan individu, serta Komite dibawah Dewan Komisaris di
apakah evaluasi kinerja dilakukan pada periode pelaporan dalam Pedoman Kerja masing-masing.
sesuai dengan proses. • Perusahaan telah mengungkapkan pelaksanaan evaluasi
A listed entity should: kinerja Dewan Komisaris secara kolegial dan individu
(a) Have and disclose a process for periodically evaluating the dan Komite dibawah Dewan Komisaris berdasarkan Key
performance of the board, its committees and individual Perfomance Indicators (KPI) pada tahun 2017 di dalam
directors, and Laporan Tahunan 2017 bagian Tata Kelola Perusahaan.
(b) Disclose, in relation to each reporting period, whether a • Company has disclosed the policy of evaluating the
performance evaluation was undertaken in the reporting performance of the Board of Commissioners and the Board
period in accordance with the process of Directors, collegially and individually, and Committees of
the Board of Commissioners’ in their Charter.
• Company has disclosed the practice of performance
evaluation of the Board of Commissioners and the Board
of Directors and Supporting Committees of the Board of
Commissioners in the Annual Report 2017 in Corporate
Governance section.

No.
ƬāċĈƬ Perusahaan Terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
(a) Memiliki dan mengungkapkan proses penilaian berkala atas
kinerja dari Senior Eksekutif Perusahaan; dan • Perusahaan telah mengungkapkan mengenai kebijakan
(b) Mengungkapkan terkait dengan setiap periode pelaporan evaluasi kinerja Direksi di dalam Pedoman Kerja Direksi.
apakah evaluasi kinerja telah dilakukan sesuai dengan • Perusahaan telah mengungkapkan proses evaluasi kinerja
proses. Direksi berdasarkan Key Perfomance Indicators (KPI) pada
A listed entity should: tahun 2017 di dalam Laporan Tahunan 2017 bagian Tata
(a) Have and disclose a process for periodically evaluating the Kelola Perusahaan.
performance of its senior executives; and • The company has disclosed the Board of Directors
(b) Disclose, in relation to each reporting period, whether a ‘performance evaluation policies in the Charter of the Board
performance evaluation was undertaken in the reporting of Directors.
period in accordance with the process. • The company has revealed the performance evaluation
process of Directors based on the Key Performance
Indicators (KPI) in 2017 in the 2017 Annual Report on
Corporate Governance Section.
Prinsip 2 - Struktur Dewan Komisaris dan Direksi yang Memberi Nilai Tambah
Principle 2 - Structure The Board to Add Value
2.1 Dewan Komisaris Perusahaan Terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
Ƭ (a) Memiliki Komite Nominasi,
Ƭ (1) Yang setidaknya memiliki 3 anggota, yang sebagian • Perusahaan memiliki Komite Nominasi, dimana Komite GCG
besar adalah independen; dan - Nominasi dan Remunerasi memiliki 4 anggota, dimana
(2) Dipimpin oleh seorang Direktur independen, serta terdiri dari 1 Komisaris Utama, 1 Komisaris Independen, dan
mengungkapkan; 2 anggota ahli dari pihak independen. Komite dipimpin oleh
(3) Piagam Komite; Komisaris Utama yang telah memenuhi kriteria independensi
(4) Susunan anggota Komite; dan ASX, meskipun bukan berperan sebagai Komisaris
(5) Pada setiap akhir periode melaporkan jumlah waktu Independen di Perusahaan.
pertemuan, termasuk kehadiran setiap anggotanya. đ !.1/$*0!($)!*#1*#','*,.+ü(*##+0+)%0! *
(b) Jika tidak memiliki Komite, mengungkapkan fakta dan Charter Komite di website perusahaan dan Laporan Tahunan.
proses terhadap proses suksesi dari Dewan Komisaris/ Adapun Jumlah rapat dan kehadiran masing-masing anggota
Direksi dan memastikan bahwa Dewan Komiaris/Direksi telah diungkapkan di Laporan Tahunan Perusahaan.
secara keseluruhan memiliki keahlian yang relevan, • The company has a Nomination Committee, where the
pengetahuan, pengalaman, independensi dan keragaman dikasih bullets has 4 members, which consist of 1 President
yang diperlukan untuk dapat melaksanakan tugas dan Commissioner, 1 Independent Commissioner, and 2 expert
tanggung jawabnya secara efektif. members from independent parties. The Committee is
The Board of listed entity should: $%.! 50$!.!/% !*0ƫ+))%//%+*!.3$+$/"1(ü((! 0$!
(a) Have a nomination committee which: ASX independence criteria, even though he does not act as
(1) Has at least 3 members, a majority of whom are an Independent Commissioner in the Company.
independent directors; and đ $!ƫ+),*5$/ %/(+/! 0$!.+ü(!* ƫ$.0!.+"0$!
(2) Is chaired by an independent director, and disclose Committee on the company’s website and Annual Report.
(3) The charter of the committee; The number of meetings and attendance of each member
(4) The members of the committee; and has been disclosed in the Annual Report.
(5) As at the end of each reporting period, the number of
times the committee met throughout the period and
the individual attendances of the members at those
meetings; or
(b) If it does not have a committee, disclose that fact and
its processes it employs to address board succession
issues and to ensure that the board has the appropriate
balance of skills, knowledge, experience, independence
and diversity to enable it to discharge its duties and
.!/,+*/%%(%0%!/!û!0%2!(5
2.2 Perusahaan Terbuka harus memiliki dan mengungkapkan matrik Seluruhnya Terpenuhi (Fully Comply)
keahlian dari Dewan Komisaris/Direksi dan keragaman yang
saat ini dimiliki Dewan Komisaris/Direksi atau sedang mencari • Perusahaan telah mengungkapkan matriks skills masing-
paduan keragaman keahlian dalam keanggotaannya. masing anggota Direksi dan Dekom di Laporan Tahunan
A listed entity should have and disclose a board skills matrix 2017. Berdasarkan pengungkapan tersebut, masing-masing
setting out the mix of skills and diversity that the board anggota Direksi dan Dekom telah memiliki keberagaman atas
currently has or is looking to achieve in its membership. masing-masing skill.
• Keberagaman skill masing-masing anggota Direksi dan
Dekom digambarkan melalui tingkat pendidikan akhir, dan
keahlian.
• The company has disclosed the matrix skills of each member
of the Board of Directors and Board of Commissioners in
the 2017 Annual Report. Based on these disclosures, each
member of the Board of Directors and Board of Directors has
a diversity of each skill.
• The diversity of skills of each member of the Board of
Directors and Board of Commissioners is illustrated through
0$!(!2!(+"ü*(! 10%+*Č* !4,!.0%/!ċ

No.
ƬĂċăƬ Perusahaan Terbuka harus mengungkapkan: Seluruhnya Terpenuhi (Fully Comply)
(a) nama-nama Komisaris/Direksi yang sedang
dipertimbangkan oleh Dewan Komisaris untuk menjadi • Perusahaan telah mengungkapkan anggota Dewan Komisaris
Komisaris/Direktur independen; yang berperan sebagai Komisaris Independen dalam website
(b) jika Komisaris/Direktur memiliki kepentingan, posisi, dan Laporan Tahunan Perusahaan.
asosiasi atau hubungan dari tipe yang diuraikan dalam • Di dalam website Perusahaan juga telah terdapat Pernyataan
Kotak 2.3 namun Dewan Komisaris/Direksi berpendapat Independensi Anggota Dewan Komisaris dan pengungkapan
bahwa hal tersebut tidak membahayakan terhadap masa jabatan Direksi yaitu 5 tahun setelah tanggal
independensi Komisaris/Direktur, sifat kepentingan, posisi pengangkatannya. Tanggal pengangkatan Direksi pun telah
asosiasi atau hubungan sebagaimana yang dimaksud, diungkapkan.
penjelasan mengenai mengapa Dewan Komisaris • The company has disclosed members of the Board of
berpendapat atas hal tersebut; dan Commissioners who act as Independent Commissioners on
(c) masa kerja dari masing-masing Komisaris/Direktur. the ANTAM Website and Annual Report.
A listed entity should disclose: • In the website, there has been an Independence Statement
(a) the names of the directors considered by the board to be by the Board of Commissioners and disclosure of the
independent directors; Board of Directors’ tenure, which is 5 years after the date of
(b) if a director has an interest, position, association or appointment. The appointment date of the Directors is also
relationship of the type described in Box 2.3 but the disclosed.
board is of the opinion that it does not compromise the
independence of the director, the nature of the interest,
position, association or relationship in question and an
explanation of why the board is of that opinion; and
(c) the length of service of each director
ĂċąƬ Mayoritas anggota Dewan Komisaris Perusahaan terbuka harus Seluruhnya Terpenuhi (Fully Comply)
merupakan Direktur Independen.
A majority of the board of a listed entity should be independent Berdasarkan penilaian atas Independensi Anggota Dekom,
Directors. mengacu kepada Kriteria Independensi ASX, Per 31 Desember
2018, 3 dari 5 Anggota Dekom adalah Independen. Maka, 60%
dari anggota adalah Komisaris Independen menurut ASX.
Based on the assessment of the Independence of the Board
of Commissioners, referring to the ASX Independence
Criteria, as of December 31, 2018, 3 of the 5 Dekom Members
are Independent. So, 60% of the members are Independent
Commissioners according to ASX.
2.5 Komisaris Utama dari Dewan Komisaris Perusahaan Terbuka Seluruhnya Terpenuhi (Fully Comply)
harus merupakan Komisaris independen dan secara khusus,
bukan merupakan orang yang sama yang menjabat sebagai Komisaris Utama ANTAM merupakan orang yang berbeda
Direktur Utama dalam Perusahaan. dengan Direktur Utama ANTAM dan merupakan Komisaris
The chair of the board of a listed entity should be an Independen berdasarkan kriteria independensi ASX.
independent director and, in particular, should not be the same ANTAM’s President Commissioner is not ANTAM’s President
person as the CEO of the entity. Director and is an Independent Commissioner based on ASX
independence criteria.
ƬĂċćƬ Perusahaan Terbuka harus memiliki program pengenalan Seluruhnya Terpenuhi (Fully Comply)
bagi Komisaris/Direksi baru dan memberikan kesempatan
pengembangan profesional yang sesuai bagi Komisaris/ Perusahaan telah memiliki program pengenalan bagi Komisaris/
Direksi untuk mengembangkan dan memelihara keahlian dan Direksi baru sebagaimana yang diatur dalam Charter Dewan
pengetahuan yang dibutuhkan dalam melakukan perannya Komisaris/Direksi, serta memiliki kebijakan terkait program
sebagai Direktur secara efektif. pelatihan bagi anggota Dewan Komisaris/Direksi yang
A listed entity should have a program for inducting new tercantum dalam Charter Dewan Komisaris/Direksi yang
directors and provide appropriate professional development dipublikasikan dalam website Perusahaan. Hal tersebut juga
opportunities for directors to develop and maintain the skills diungkapkan di dalam Laporan Tahunan Perusahaan.
and knowledge needed to perform their role as directors The Company has had an induction program for new
!û!0%2!(5ċ Commissioners/Directors as set forth in the Charter of the
Board of Commissioners/the Board of Directors and has
policies related to a training program for new members of the
ǫ+. +"ƫ+))%//%+*!./ĥ0$!ǫ+. +"%.!0+.///,!%ü!
in the Charter which published on the website. This is also
disclosed in the Annual Report.

No.
Prinsip 3 - Bertindak Secara Etis dan Bertanggung Jawab
Principle 3 - Act Ethically and Responsibly
3.1 Perusahaan Terbuka harus Seluruhnya Terpenuhi (Fully Comply)
(a) memiliki Kode Etik bagi Komisaris/Direktur, Senior
Eksekutif dan Karyawan; dan • ANTAM memiliki Standar Etika Perusahaan yang berlaku
(b) mengungkapkan Kode Etik tesebut atau ringkasannya. untuk seluruh Insan ANTAM di semua level termasuk
A listed entity should: Direksi dan Dewan Komisaris, Tenaga Kerja Waktu Tertentu
(a) have a code of conduct for its Directors, senior executives (TKWT), tenaga kerja Outsourcing dan seluruh pihak yang
and employees; and bertindak untuk dan atas nama ANTAM, serta Pegawai
(b) disclose that code or a summary of it. Ƶ*'!.1/$* *Ƶý%/% %3$,!*#!* (%*Ƶ*'
Perusahaan atau Badan Usaha lain yang dimiliki ANTAM,
Investor ANTAM dan Mitra kerja ANTAM.
• ANTAM turut mengungkapkan Standar Etika Perusahaan
secara rinci yang terbagi atas Etika Usaha dan Etika Kerja
yang diungkapkan dalam website Perusahaan.
• ANTAM has a company code of ethics that applies to all
*/*ƵƵ 0(((!2!(/Č,!%ü%)!+.'!./ĨĩČ
Outsourcing workers and all parties acting for and on
behalf of ANTAM, Directors, Board of Commissioners,
* 1/% %.%!/* Ƶþ(%0!/%*1* !.0$!+*0.+(+"0$!
Subsidiary or other Business Entity owned by ANTAM,
ANTAM Investors and ANTAM’s working partners.
• ANTAM also discloses the Company’s Code of onduct in
detail which is divided into Business Ethics and Work Ethics
which are also disclosed in the website.
Prinsip 4 - Menjaga Integritas Pelaporan Perusahaan
Principle 4 - Safeguard Integrity in Corporate Reporting
4.1 Dewan Komisaris Perusahaan terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
Ƭ (a) memiliki Komite Audit,
(1) yang setidaknya adalah 3 anggota, seluruhnya adalah • Dewan Komisaris telah memiliki Komite Audit yang berjumlah
Direktur Non-eksekutif; dan 4 (empat) orang. Mayoritas Komite Audit terdiri dari anggota
(2) dipimpin oleh seorang Direktur independen yang yang independen (75%), yaitu 1 (satu) Komisaris Independen
bukan merupakan Ketua Dewan Komisaris, serta dan 2 (dua) anggota lainnya bukan Komisaris dan berasal
mengungkapkan dari luar Perusahaan. Komite Audit diketuai oleh Komisaris
(3) Piagam Komite; Independen yang bukan merupakan Komisaris Utama.
Ĩąĩ 1(%ü'/% *,!*#()* .%*##+0+)%0!5*# • Perusahaan telah mengungkapkan informasi mengenai
relevan dan; ! +)*!.&+)%0!Ƶ1 %0Č.+ü(Ƶ*##+0+)%0!Ƶ1 %0
(5) jumlah rapat Komite pada akhir periode pelaporan dalam website Perusahaan dan Laporan Tahunan, dan
tersebut, termasuk kehadiran dari setiap anggotanya. informasi atas realisasi Rapat Komite Audit selama tahun
(b) Jika tidak memiliki Komite Audit, mengungkapkan fakta 2017 di dalam Laporan Tahunan 2017 bagian Tata Kelola
tersebut dan proses yang digunakan oleh Perusahaan untuk Perusahaan.
)!)2!.%ü'/%/!.%* !,!* !* *)!*&#%*0!#.%0/ • The Board of Commissioners has an Audit Committee
dari pelaporan Perusahaan, termasuk proses pengangkatan which consists of 4 (four) people. The majority of the
dan pemberhentian auditor eksternal serta rotasi dari mitra Audit Committee consists of independent members (75%),
kerja audit. namely 1 (one) Independent Commissioner and 2 (two)
The board of a listed entitiy should: other members are not Commissioners and are from
(a) have an audit committee, which: outside the Company. The Audit Committee is chaired by
(1) has at least 3 members, all of whom are non-executive an Independent Commissioner who is not the President
directors and a majority of whom are independent Commissioner.
directors; and • The company has disclosed information regarding the Audit
(2) is chaired by an independent director who is not the ƫ+))%00!!+.'1% !(%*!/Č.+ü(!+"Ƶ1 %0ƫ+))%00!!
chair of the board, and disclose; Members on the website and Annual Report, and Realization
(3) the charter of the committee; of the Audit Committee Meetings during 2017 in the 2017
Ĩąĩ 0$!.!(!2*0-1(%ü0%+*/* !4,!.%!*!+"0$! Annual Report on Corporate Governance section.
members of the committee and;
(5) in relation to each reporting period the number of
meetings; or.
(b) If it does not have an audit committee, the disclose that
fact and the processes it employs that independently verify
and safeguard the integrity of its corporate reporting,
including the processes for the appointment and removal
of the external auditor and the rotation of the audit
engagement partner.

No.
4.2 Dewan Komisaris/Direksi harus, sebelum menyetujui laporan Seluruhnya Terpenuhi (Fully Comply)
keuangan Perusahaan pada periode keuangan, menerima
pernyataan tersebut dari Direktur Utama dan Direktur Informasi diungkapkan di dalam Laporan Tahunan 2017
Keuangan, menurut opini mereka, bahwa catatan laporan bagian Surat Pernyataan Direksi tentang Tanggung Jawab
keuangan Perusahaan telah dipelihara dengan baik dan laporan atas Laporan Keuangan Konsolidasian dan Surat Pernyataan
keuangan telah sesuai dengan standar akuntansi yang berlaku Direksi tentang Tanggung Jawab atas Manajemen Risiko dan
serta memberikan gambaran dengan benar dan wajar atas Pengendalian Internal yang ditandatangani oleh Direktur Utama
posisi keuangan dan kinerja Perusahaan di mana opini tersebut dan Direktur Keuangan.
dibentuk berdasarkan pada pendekatan manajemen risiko dan Information is disclosed in the 2017 Annual Report section of
pengendalian internal yang dioperasikan secara efektif. the Directors ‘Statement of Responsibility for Consolidated
The board of a listed entity should, before it approves the Financial Reports and Directors’ Declaration of Responsibility
!*0%05Ě/ü**%(/00!)!*0/"+.ü**%(,!.%+ Č.!!%2! for Risk Management and Internal Control signed by the
from its CEO and CFO a declaration that, in their opinion, the President Director and the Finance Director.
ü**%(.!+. /+"0$!!*0%05$2!!!*,.+,!.(5)%*0%*!
* 0$00$!ü**%(/00!)!*0/+),(53%0$0$!,,.+,.%0!
accounting standards and give a true and fair view of the
ü**%(,+/%0%+** ,!."+.)*!+"0$!!*0%05* 0$00$!
opinion has been formed on the basis of a sound system of risk
)*#!)!*0* %*0!.*(+*0.+(3$%$%/+,!.0%*#!û!0%2!(5ċ
Ƭąċă Perusahaan Terbuka dalam menyelenggarakan RUPS harus Seluruhnya Terpenuhi (Fully Comply)
memastikan bahwa Auditor Eksternal menghadiri RUPS dan
bersedia untuk menjawab pertanyaan secara relevan yang RUPS Tahun Buku 2017 dihadiri oleh Kantor Akuntan Publik.
diajukan oleh Pemegang Saham terkait dengan proses audit. Berdasarkan Berita Acara RUPS Tahun Buku 2017 diketahui
bahwa: Akuntan Publik Laporan Keuangan Perseroan adalah
A listed entity that has an AGM should ensure that its external Kantor Akuntan Publik Tanudiredja, Wibisana, Rintis & Rekan
auditor attends its AGM and is available to answer questions dalam hal ini diwakili oleh Bapak Daniel Kohar, S.E., C.P.A.
from security holders relevant to the audit. The Annual GMOS for the Financial Year 2017was attended
50$!1(%Ƶ+1*0%*#þ!ċǫ/! +*0$!)%*10!/
of the GMOS for Financial Year 2017 it is known that: The
Public Accountant of the Company’s Financial Report is the
*1 %.! &1(%Ƶ+1*0*0þ!Č%%/*Č%*0%/Ē
Partners, in this case represented by Mr. Daniel Kohar, S.E.,
C.P.A.

No.
Prinsip 5 - Melakukan Pengungkapan Informasi Secara Tepat Waktu dan Seimbang
Principle 5 - Make Timely and Balanced Disclosure
5.1 Perusahaan Terbuka harus: Seluruhnya Terpenuhi (Fully Comply)
(a) memiliki kebijakan tertulis untuk mentaati kewajiban
pengungkapan yang dilakukan secara terus menerus di • ANTAM telah memiliki Kebijakan Tata Kelola Perusahaan
bawah Peraturan Listing; dan Edisi 2013 PT ANTAM Tbk yang didalamnya terdapat
(b) mengungkapkan kebijakan atau ringkasannya. informasi pada Kebijakan Tata Kelola Perusahaan Edisi
A listed entity should: 2016 Bab II Panduan Tata Kelola Perusahaan yang Baik,
(a) have a written policy for complying with its continuous pada sub bab 2.7.2 ASX Corporate Governance Principles &
disclosure obligations under the Listing Rules; and Recommendation huruf e yang Menyatakan untuk melakukan
(b) disclose that policy or a summary of it. pengungkapan informasi secara tepat waktu dan seimbang.
• ANTAM juga memiliki Kebijakan Pengungkapan Informasi
yang dinyatakan pada ayat Bab I “Pendahuluan” sub bab I.2
“Maksud dan Tujuan” menyatakan bahwa Tujuan Kebijakan
Pengungkapan Informasi Perseroan ini adalah agar Perseroan
dapat secara Kredibel melaksanakan pengungkapan yang
lengkap, akurat dan tepat waktu atas semua informasi atau
fakta material kepada Pemegang Saham, Komunitas Investasi
secara publik pada umumnya agar para pelaku pasar dapat
mengambil keputusan berdasarkan informasi yang dapat
dipertanggungjawabkan.
• Berdasarkan informasi pada Kebijakan Pengungkapan
Informasi Bab III sub bab III.2 tentang “Pengungkapan
Informasi Material” halaman 14, dijelaskan bahwa tanggung
jawab untuk memastikan bahwa informasi atau fakta material
dipublikasikan secara tepat waktu, akurat, lengkap, dan sesuai
dengan undang-udang yang berlaku berada di Corporate
Secretary Division. Selain itu, ANTAM juga memiliki
Standar Operating Procedures (SOP) Komunikasi Internal
dan Eksternal untuk prosedur mengungkapan informasi
sehingga terdapat Pemeriksaan dan Proses Otorisasi yang
dirancang untuk memastikan informasi perusahaan: Tepat
waktu, berdasarkan fakta, tidak menghilangkan Informasi
Material, dan dinyatakan secara jelas dan obyektif yang
memungkinkan investor untuk menilai dampak dari informasi
ketika membuat keputusan investasi. Kebijakan tersebut
diungkapkan di dalam website dan Laporan undang-undang
yang berlaku berada di Divisi Corporate Secretary Tahunan
Perusahaan.
• ANTAM already has the Corporate Governance Policy
which contains information in Chapter II Good Corporate
Governance Guidelines Sub-section 2.7.2 ASX Corporate
Governance Principles & Recommendations letter e which
Declares to disclose nformation in a timely and balanced
manner.
• ANTAM also has an Information Disclosure Policy stated
in paragraph I “Introduction” sub-chapter I.2 “Purpose and
Objectives” which states that the purpose of the Corporate
Information Disclosure Policy is to disclose all material
information or facts credibly, complete, accurate and timely
to the Shareholders and Investment Community so that
market players can make decisions based on the information.
Based on information on the Information Disclosure Policy
Chapter III sub chapter III.2 on “Material Information
Disclosure” page 14, it is explained that the responsibility for
ensuring that material information or facts are published in a
timely, accurate, complete, and in accordance with applicable
laws is in the Corporate Secretary Division.
• In addition, ANTAM has also Internal and External Standard
Operating Procedures (SOP) for information disclosure
procedures so that there is an Inspection and Process
Authorization designed to ensure company information
is timely, based on facts, does not eliminate Material
Information, and clearly and objectively stated which allows
investors to assess the impact of information when making
investment decisions. This policy is disclosed in the website
and Annual Report.

No.
Prinsip 6 - Menghargai Hak-Hak Pemegang Saham
Principle 6 - Respect The Rights of Security Holders
6.1 Perusahaan Terbuka harus memberikan informasi tentang Seluruhnya Terpenuhi (Fully Comply)
Perusahaan dan tata kelola kepada para investor melalui situs
Perusahaan. Perusahaan telah memiliki situs Perusahaan www.antam.com
A listed entity should provide information about itself and its yang berisi informasi penting dan tata kelola Perusahaan.
governance to investors via its website. The Company has had Corporate website www.antam.com that
contains essential information and Corporate Governance
ƬćċĂ Perusahaan Terbuka harus merancang dan Seluruhnya Terpenuhi (Fully Comply)
mengimplementasikan program hubungan kerja sama dengan
investor untuk mefasilitasi komunikasi dua arah yang efektif • Perusahaan merancang dan melaksanakan program
dengan para investor. hubungan investor untuk memfasilitasi komunikasi dua
A listed entity should design and implement an investor arah yang efektif dengan investor melalui RUPS, investor
.!(0%+*/,.+#.)0+"%(%00!!û!0%2!03+ġ35 conference, external meetings, public expose, conference call,
communication with investors. site visit, analyst meetings, dan non-deal road shows.
• Perusahaan telah membuat program ataupun kalender
kegiatan dengan para investor yang dimuat di dalam KPI
Sekretaris Perusahaan Tahun 2018. Informasi tersebut juga
telah diungkapkan dalam Laporan Tahunan Perusahaan.
• The company designs and implements investor relations
,.+#.)/0+"%(%00!!û!0%2!03+ġ35+))1*%0%+*
with investors through GMOS, investor conferences, external
meetings, public expose, conference calls, site visits, analyst
meetings, and non-deal road shows.
• The company has created a program or calendar of activities
with investors that are included in the KPI of the Corporate
Secretary in 2018. The information above has also been
disclosed in the Annual Report.
Ƭćċă Perusahaan Terbuka harus mengungkapkan kebijakan dan Seluruhnya Terpenuhi (Fully Comply)
proses yang ada untuk memfasilitasi dan mendorong partisipasi
pada rapat Pemegang Saham. • Perusahaan telah mengungkapkan prosedur
A listed entity should disclose the policies and processes it has penyelenggaraan RUPS yang diatur di dalam Anggaran Dasar
in place to facilitate and encourage participation at meetings of Perusahaan (Pasal 20-25) untuk mendorong partisipasi/
security holders. kehadiran Pemegang Saham di RUPS. Informasi mengenai
praktik penyelenggaraan RUPS diungkapkan di dalam
Laporan Tahunan.
• The Company has disclosed the procedure for holding
the GMS which is regulated in the Company’s Articles of
Association (Articles 20-25) to encourage the participation/
presence of Shareholders at the GMOS. Information about
the practice of holding a GMS is disclosed in the Annual
Report.
Ƭćċą Perusahaan Terbuka harus memberikan Pemegang Saham Seluruhnya Terpenuhi (Fully Comply)
pilihan untuk menerima komunikasi dari dan mengirim
komunikasi kepada Perusahaan dan dan Biro Administrasi Efek Perusahaan telah memiliki website Perusahaan www.antam.
secara elektronik. com untuk memfasilitasi Investor dan Pemangku Kepentingan
A listed entity should give security holders the option to lainnya dalam mengakses informasi tentang Perusahaan. Selain
receive communications from, and send communications to, the itu, penyampaian atau permintaan informasi terkait Perusahaan
entity and its security registry electronically. dapat disampaikan melalui email ke alamat corsec@antam.com.
Informasi tersebut telah diungkapan di dalam Laporan Tahunan
Perusahaan.
The company has a Company website www.antam.com
to facilitate Investors and other stakeholders in accessing
information about the Company. In addition, the submission or
request for information regarding the Company can be sent via
e-mail to corsec@antam.com. This information is disclosed in
the Annual Report.

No.
Principle 7 – Recognise and Manage Risk
Prinsip 7 – Memahami dan Mengelola Risiko
7.1 Dewan Komisaris/Direksi harus: Tidak Seluruhnya Terpenuhi (Not Fully Comply)
(a) memiliki Komite atau Komite untuk mengawasi risiko, yang
setidaknya: • Perusahaan memiliki Komite Manajemen Risiko sebagai
(1) terdiri atas 3 orang anggota, mayoritas dari mereka penanggung jawab pengelolaan risiko yang terdiri dari
adalah Direktur Independen; dan 3 anggota Komite dan mayoritas merupakan anggota
(2) dipimpin oleh Direktur Independen; serta independen. Namun, Komite Manajemen Risiko tidak diketuai
mengungkapkan oleh Komisaris Independen.
(3) Piagam Komite; • !.1/$*0!($)!*#1*#','*.+ü( *%#)+)%0!
(4) anggota Komite; dan Manajemen Risiko di Website Perusahaan dan Laporan
(5) jumlah rapat Komite pada setiap akhir periode, Tahunan Perusahaan dan serta realisasi jumlah meeting
termasuk kehadiran dari anggota. beserta tingkat kehadiran masing-masing anggota Komite di
(b) Jika tidak memiliki Komite atau Komite yang telah dalam Laporan Tahunan Perusahaan.
disebutkan di atas; Perusahaan harus mengungkapkan • The company has a Risk Management Committee as the
fakta dan proses Perusahaan dalam mengawasi kerangka person in charge of risk management consisting of 3
kerja manajemen risikonya. Committee members and the majority are independent
The board of a listed entity should: members. However, the Risk Management Committee is not
(a) have a committee or committees to oversee risk, each of chaired by an Independent Commissioner.
which: • $!ƫ+),*5$/ %/(+/! 0$!.+ü(!* ƫ$.0!.+"%/'
(1) has at least 3 members, a majority of whom are Management on the Company’s Website and the Company’s
independent directors; and Annual Report and the number of Committee meetings
(2) is chaired by an independent director; along with the attendance of each committee member in the
and disclose Company’s Annual Report..
(3) the charter of the committee;
(4) the members of the committee; and
(5) as at the end of each reporting period, the number of
meetings; or.
(b) If it does not have risk committee or committees that
satisfy the above, disclose that fact and the processes
it employs for overseeing the entity’s risk management
framework.
ƬĈċĂ Dewan Komisaris/Direksi atau Komite dari Dewan Komisaris/ Seluruhnya Terpenuhi (Fully Comply)
Direksi harus:
(a) meninjau kerangka kerja manajemen risiko Perusahaannya • Dewan Komisaris meninjau kerangka kerja manajemen
yang setidaknya setiap tahun untuk memenuhi persyaratan risiko Perusahaan melalui Rapat Dewan Komisaris yang
yang disampaikan secara terus menerus; dan mengundang Direksi, Rapat Komite Manajemen Risiko
(b) diungkapkan, terkait dengan masing-masing periode dengan Direksi maupun Pejabat satu level di bawah Direksi,
pelaporan, apakah tinjauan tersebut telah dilakukan. yang didokumentasikan dalam Risalah Rapat. Hal tersebut
The board or a committee of the board should: sesuai dengan yang diatur di dalam Corporate Governance
(a) review the entity’s risk management framework at least Policy dan Pedoman Kerja Komite Manajemen Risiko.
annually to satisfy it self that it continues to be sound; and • Terdapat pengungkapan aktivitas “review atas informasi
disclose, in relation to each reporting period, whether such risiko dan manajemen perusahaan dalam laporan-laporan
a review has taken place. yang akan dipublikasi” pada bagian Pelaksanaan Tugas
Komite Manajemen Risiko di Laporan Tahunan 2017.
• The Board of Commissioners reviews the Company’s risk
management framework through a Board of Commissioners
Meeting that invites Directors, Risk Management Committee
!!0%*#/3%0$%.!0+./* þ%(/+*!(!2!(!(+30$!
Board of Directors, which is documented in the Minutes of
Meeting. This is in accordance with what is stipulated in the
Corporate Governance Policy and the Risk Management
Committee Work Guidelines.
• There is disclosure of activities “review of risk information
and company management in the reports to be published”
in the section of the Risk Management Committee’s Duties in
the 2017 Annual Report.

No.
ƬĈċă Perusahaan Terbuka harus mengungkapkan: Seluruhnya Terpenuhi (Fully Comply)
(a) jika memiliki fungsi Audit Internal, mengungkapkan
bagaimana fungsi tersebut disusun dan peran apa yang Perusahaan telah mengungkapkan struktur fungsi Audit
dilakukan; atau Internal di dalam Laporan Tahunan 2017. Pengungkapan peran
(b) jika tidak memiliki fungsi Audit Internal, mengungkapkan dan tanggung jawab dari fungsi Audit Internal diatur di dalam
fakta dan proses yang digunakan untuk mengevaluasi Piagam Internal Audit. The company has disclosed the structure
dan secara terus menerus meningkatkan efektivitas risiko of the functions of Internal Audit in the Annual Report 2017.
manajemen dan proses pengendalian internal. Disclosure of the roles and responsibilities of the Internal Audit
A listed entity should disclose: function is regulated in the Internal Audit Charter.
(a) if it has an internal audit function, how the function is
structured and what role it performs; or
(b) if it does not have an internal audit function, that fact and
the processes it employs for evaluating and continually
%),.+2%*#0$!!û!0%2!*!//+"%0/.%/')*#!)!*0*
internal control processes.
ƬĈċą Perusahaan Terbuka harus mengungkapkan apakah Perusahaan Seluruhnya Terpenuhi (Fully Comply)
memiliki eksposur yang material, lingkungan dan sosial yang
material dan, jika tidak, bagaimana mengelola atau berniat Informasi tersebut telah diungkapkan di dalam Laporan
untuk mengelola risiko tersebut. Keberlanjutan (Sustainability Report) 2017 dan Laporan
A listed entity should disclose whether it has any material Tahunan 2017 bagian Laporan Dewan Komisaris. Selain itu, salah
exposure to economic, environmental and social sustainability satu Risk That Matter (RTM) 2017 Perusahaan adalah Risiko
risks and, if it does, how it manages or intends to manage those Lingkungan.
risks. The information has been disclosed in the 2017 Sustainability
Report and 2017 Annual Report section Board of
Commissioners Report. In addition, one of the Company’s 2017
Risk That Matter (RTM) is Environmental Risk.
Prinsip 8 – Pemberian Remunerasi yang Wajar dan Bertanggung Jawab
Principle 8 – Remunerate Fairly and Responsibly
8.1 Dewan Komisaris harus: Seluruhnya Terpenuhi (Fully Comply)
(a) Memiliki Komite Remunerasi dengan setidaknya:
(1) Terdiri atas tiga orang anggota, mayoritas dari mereka Perusahaan telah memiliki komite remunerasi yang disebut
adalah Komisaris Independen; Komite GCG-NR yang mana:
(2) Dipimpin oleh Komisaris Independen, serta (a) Terdiri dari 4 orang dengan 1 diantaranya merupakan
mengungkapkan; Komisaris Independen dan 2 diantaranya merupakan
(3) Piagam Komite; Anggota Independen.
(4) Anggota Komite; dan (b) Diketuai oleh Komisaris Utama yang telah memenuhi kriteria
(5) Laporan dari jumlah rapat pada setiap akhir periode, independensi ASX.
termasuk kehadiran dari para anggota.
(b) Jika tidak memiliki Komite Remunerasi, Perusahaan harus Perusahaan juga telah mengungkapkan:
mengungkapkan fakta dan mengungkapkan proses terkait (a) Piagam Komite GCG-NR di dalam website perusahaan
dengan penetapan level dan komposisi remunerasi dari (b) Anggota Komite GCG-NR di dalam website perusahaan
Direktur dan Senior Eksekutif dan memastikan bahwa level (c) Frekuensi rapat dan tingkat kehadiran masiing-masing
remunerasi tersebut sesuai dan tidak berlebihan. Anggota Komite di dalam Laporan Tahunan 2017.
The board of a listed entity should: The company has a remuneration committee called the GCG-
(a) have a remuneration committee which: NR Committee which:
(1) has at least 3 members, a majority of whom are (a) Consist of 4 people with 1 of them being Independent
independent directors; and Commissioners and 2 of them being Independent Members.
(2) is chaired by an independent director; and disclose (b) Chaired by the President Commissioner who has met the
(3) the charter of the committee; ASX independence criteria
(4) the members of the committee; and
(5) as at the end of the reporting period, the number of The company has also revealed:
times the committee met throughout the period and (a) The charter of the GCG-NR committee on the company’s
the individual attendances of the members at those website
meetings; or (b) Members of the GCG-NR committee on the company’s
(b) If does not have a remuneration committee, disclose website
that fact and the processes it employs for setting the (c) The frequency of meetings and the level of attendance of
level and composition of remuneration for directors and each committee member in the 2017 Annual Report.
senior executives and ensuring that such remuneration is
appropriate and not excessive.
ĉċĂƬ Perusahaan Terbuka harus secara terpisah mengungkapkan Seluruhnya Terpenuhi (Fully Comply)
kebijakan dan praktik mengenai remunerasi dari non Direktur
dan remunerasi dari Direktur Eksekutif dan Senior Eksekutif Berdasarkan Laporan Tahunan 2017, telah diungkapkan:
lainnya. (a) Kebijakan/acuan dan indikator penetapan remunerasi
Direksi dan Dewan Komisaris;
A Listed entity should separately disclose its policies and (b) Struktur Remunerasi;
practices regarding the remuneration of non-executive (c) Praktik remunerasi Direksi dan Dewan Komisaris.
directors and the remuneration of executive directors and other Based on the 2017 Annual Report, it has been disclosed:
senior executives. (a) Policies/references and indicators for determining the
remuneration of the Board of Directors and the Board of
Commissioners;
(b) Remuneration Structure;
(c) Practice of remuneration of the Board of Directors and
Board of Commissioners.

No.
ĉċăƬ Perusahaan Terbuka yang memiliki skema remunerasi berbasis Seluruhnya Terpenuhi (Fully Comply)
ekuitas harus:
(a) memiliki kebijakan yang mengatur apakah peserta diizinkan Perusahaan telah menyusun Kebijakan Perdagangan Efek
untuk melakukan transaksi (baik melalui penggunaan Bebentuk Saham Perusahaan berdasarkan Keputusan
derivative atau sebaliknya) yang membatasi risiko ekonomi Direksi Nomor 242.K/02/DAT/2013. Ringkasan kebijakan
dari kepesertaan dalam skema; dan tersebut diungkapkan di dalam website dan Laporan Tahunan
(b) mengungkapkan kebijakan tersebut atau ringkasannya. Perusahaan.
The company has compiled a Securities Exchange Policy for
A listed entity which has an equity-based remuneration scheme Company Shares based on Directors Decree Number 242.K/02/
should: DAT/2013. Summary of these policies is disclosed in the
(a) have a policy on whether participants are permitted website and Annual Report.
to enter into transactions (whether through the use of
derivatives or otherwise) which limit the economic risk of
participating in the scheme; and
(b) disclose that policy or a summary of it.
Penilaian ASEAN Corporate Governance Scorecard Scorecard by RSM Indonesia

oleh RSM Indonesia
ANTAM berkomitmen untuk terus berupaya meningkatkan ANTAM is committed to keep improving implementation
penerapan praktik tata kelola Perusahaan ke level yang of corporate governance practices to a higher level
lebih tinggi dengan menerapkan ASEAN CG Scorecard by applying the ASEAN CG Scorecard since 2012.
sejak tahun 2012. Penilaian atas penerapan ASEAN CG The assessment of the implementation of ASEAN CG
Scorecard di ANTAM dilakukan oleh PT RSM Indonesia Scorecard in ANTAM is carried out by PT RSM Indonesia
Konsultan (RSM Indonesia). Penilaian didasarkan pada Konsultan (RSM Indonesia). The assessment is based on
informasi publik, terutama pada laporan tahunan serta public information, especially on the Company’s annual
situs Perusahaan. Tingkat penerapan ASEAN Corporate report and website. Adoption rate of ASEAN Corporate
Governance Scorecard adalah 84,07% dengan peringkat Governance Scorecard is 84.07% with rating of Good. In
Baik. Secara umum gambaran penerapan kriteria ACGS general, the description of the application of ACGS criteria
pada ANTAM pada tahun 2018 adalah sebagai berikut: to ANTAM in 2018 is as follows:
Standar Minimum yang Diharapkan

Level 1
Expected Minimum Standard
Aspek Review !)!*1$*Ƭ
Item N/A
Review Aspects 1(ü(()!*0
Hak-Hak Pemegang Saham
21 - 18 85,71%
Right of Shareholder
Perlakuan Setara Terhadap Pemegang Saham
15 2 10 76,92%
Equitable Treatment of Shareholders
Peran Pemangku Kepentingan
13 - 12 92,31%
Role of Stakeholders
Pengungkapan dan Transparansi
32 - 30 93,75%
Disclosure and Transparency
Tanggung Jawab Dewan Komisaris
65 - 54 83,08%
Responsibility of the Board
Melebihi Standar Minimum

Level 2 – Item Bonus/Bonus Items
Beyond Minimum Standard
Aspek Review Pemenuhan
Item
Review Aspects 1(ü(()!*0
1 - 0%
1 - 0%
1 1 100%
2 1 50%
8 3 37,50%

Di bawah Standar Minimum

Level 2 – Item Penalti/Penalty Items
Under the Minimum Standard
Aspek Review Temuan
Item
Review Aspects Finding
8 - 0%
3 - 0%
2 1 50%
4 - 0%
8 - 0%
Penerapan
Prinsip & Rekomendasi Adoption Keterangan
No.
Principles & Recommendation Penuh Sebagian Description
Full Partial
Hak-hak Pemegang Saham
Rights of Shareholders
1. Hak-hak Dasar Pemegang Saham 3 đ !.1/$*)!)5. %2% !*ü*(0% ' ()
Basic Righs of Shareholders jangka waktu 30 hari.
• Tanggal Pengumuman (RUPS Tahunan):
12 April 2018
• Tanggal Pembayaran: 16 Mei 2018
• Total hari sejak diumumkan hingga pembayaran:
34 hari
đ $!+),*5,5/ü*( %2% !* *+03%0$%*

30 days.
• Announce Date (GMOS): 12 April 2018
• Payment Date: 16 May 2018
• Total days from announce to payment: 34 days
2. Hak untuk berpartisipasi dalam keputusan yang 3
terkait dengan perubahan mendasar dalam
Perusahaan
Right to participate in decisions relating to
fundamental changes in the Company
3. Hak untuk berpartisipasi secara efektif dalam 3 ANTAM memiliki Pemegang Saham Pengendali
memberikan suara dalam RUPS dan memperoleh dan Non Pengendali yang berpartisipasi dan
informasi mengenai aturan-aturan termasuk memberikan suara dalam RUPS. Namun Pemegang
prosedur pemungutan suara yang berlaku dalam Saham Non Pengendali tidak dapat mencalonkan
RUPS anggota Dewan Komisaris/Direksi Perusahaan.
%#$00+,.0%%,0!!û!0%2!(5%*0$!2+0!
casting in GMOS and obtain information of the ANTAM has Controlling and Non-Controlling
rules, including voting procedures applicable in Shareholders who participated and cast their
GMOS votes in the GMOS. However, the Non-Controlling
Shareholders are not allowed to nominate member
of the Board of Commissioners/Board of Directors
of the company.
4. /.1*01')!*#+*0.+(!.1/$*#.!ü/%!* 3
dan transparan
Markets for controlling the Company to function
%**!þ%!*0* 0.*/,.!*0)**!.
5. Pelaksanaan hak kepemilikan oleh semua 3
pemegang saham, termasuk investor institusi,
harus difasilitasi
The exercise of ownership rights by all
shareholders, including institutional investors,
should be facilitated

Penerapan
No.
Full Partial
Perlakuan Setara Terhadap Para Pemegang Saham
Equal Treatment for the Shareholders
1. Kepemilikan saham dan hak suara 3
Share ownership and voting rights
2. Pemberitahuan RUPS/Sirkuler 3 Kualitas informasi dalam pengangkatan dan

Notice of GMOS/Circular penunjukkan Kantor Akuntan Publik tidak
diungkapkan.
Quality of Information in the appointment of the

Public Accounting Firm was not disclosed.
3. Larangan insider trading dan penyalahgunaan 3
transaksi pribadi
Insider trading and personal transaction misuse
4. Transaksi Pihak Terkait oleh Direksi dan Eksekutif 3 Perusahaan tidak memiliki kebijakan yang
Utama mengharuskan Komite atau Komisaris Independen
Related-party transactions by the Board of untuk menilai apakah transaksi pihak terkait
Directors and key executives yang material telah sesuai dengan kepentingan
perusahaan dan pemegang saham atau belum.
The company does not have a policy requiring

a Committee of Independent Directors/
Commissioners to review material RPTs to
determine whether they are in the best interests of
the company and shareholders.
5. Melindungi Pemegang Saham Minoritas dari 3 Tidak terdapat pengungkapan terkait praktik RPT
tindakan sewenang-wenang yang dilakukan secara adil dan independen (arm’s
Protecting Minority Shareholders from arbitrarily length basis)
actions
There is no disclosure about RPT's are conducted
in such a way to ensure that they are fair and at
arm's length.
Peran Para Pemangku Kepentingan
1. Menghargai hak-hak para pemangku 3
kepentingan yang telah ditetapkan oleh hukum
dan perundang-undangan.
Respect the rights of stakeholders as stipulated
by the laws and regulations.
2. Kesempatan mendapatkan ganti rugi atas 3
pelanggaran oleh Perusahaan terhadap hak para
pemangku kepentingan yang diatur oleh hukum.
The opportunity to get compensation for the
infringement committed by Company against
0$!/0'!$+( !./Ě/.%#$0///,!%ü! 5(3ċ
3. Mekanisme bagi peningkatan kinerja, 3 Tidak terdapat pengungkapan atas kebijakan
pengembangan, dan partisipasi karyawan dalam kompensasi jangka panjang untuk.
Perusahaan There is no disclosure about long-term incentive.
The mechanisms for improving the performance,
development and employee participation in the
Company
4. Terdapat kebebasan bagi para pemangku 3
kepentingan termasuk karyawan Perusahaan
untuk mengkomunikasikan adanya praktek
pelanggaran hukum dan tindakan tidak
etis dalam Perusahaan dan mendapatkan
perlindungan atas tindakan tersebut
Availability of a freedom for the Stakeholders
including the Company’s employees in
communicating the occurrence of violation of
law and unethical behavior in the Company and
obtaining protection against such action.

Penerapan
No.
Full Partial
1. Transparansi Struktur Kepemilikan 3
Transparent Ownership Structure
2. Kualitas Laporan Tahunan 3

Quality of Annual Report
3. Pengungkapan Transaksi Pihak Terkait 3 Perusahaan belum mengungkapkan kebijakan

Disclosure of related-party transactions (RPT) yang mencakup peninjauan dan persetujuan
transaksi pihak terkait yang bersifat material
The company has not disclosed its policy covering

the review and approval of material RPTs.
4. Direksi dan Dewan Komisaris melakukan 3 Tidak terdapat pengungkapan kepemilikan saham
transaksi saham oleh Dekom dan Direksi di awal dan akhir tahun di
The Board of Directors and the Board of dalam Laporan Tahunan.
Commissioners conduct transaction of the There is no disclosure about the levels of holding
Company’s shares at the beginning and at the end of the year
5. Laporan Audit dan External Auditor 3
External auditor and auditor report
6. Media Komunikasi 3
Communication Media
7. Penyampaian Laporan Tahunan/Keuangan 3

secara tepat waktu
Timely submission of Annual Report/Financial
Statements
8. Situs Perusahaan 3
Company Website
9. Hubungan Investor 3
Investor Relations
Tanggung Jawab Dewan

Responsibilities of the Board
1. Tugas dan Tanggung Jawab Dewan 3
Duties and Responsibilities of the Board
2. Struktur Dewan 3 • Komisaris Utama bukan merupakan Komisaris

Board Structure Independen, begitupun dengan Ketua Komite
GCG-NR yang bukan Komisaris Independen.
Selain itu tidak terdapat informasi terkait
dengan pembatasan rangkap jabatan, yaitu
sebanyak lima jabatan di perusahaan lain, yang
dapat dimiliki oleh seorang Direktur/Komisaris
Independen/Non-Eksekutif.
• Tidak terdapat informasi mengenai agenda
rapat Komite Remunerasi selama tahun 2018.
• The Chairman is not an independent director/

commissioner, and the Chairman of GCG-NR
Committee is not an Independent Director/
Commissioner. Furthermore there is no
%*"+.)0%+*.!(0! 0+0$!(%)%00%+*+"ü2!
board seats that an Individual Independent/
Non-Executive Director/Commissioner can hold
simultaneously.
• There is no information about agenda meeting
of the Remuneration Committee.

Penerapan
No.
Full Partial
3. Proses Dewan 3 Tidak semua Direktur dan Dewan Komisaris
Board Process menghadiri setidaknya 75% Rapat Dewan yang
diadakan pada tahun tersebut, selain itu tidak
terdapat informasi tentang standar yang dapat
diukur untuk menyelaraskan remunerasi berbasis
kinerja dari Direktur Eksekutif dan Senior
Manajemen untuk jangka panjang
Not all the Directors/Commissioners attended at

least 75% of all the Board Meetings held during
the year, moreover There is no information about
measurable standards to align the performance-
based remuneration of the Executive Directors
and Senior with long-term interest
4. Anggota Dewan 3 Komisaris Utama bukan merupakan Komisaris
People on the Board Independen. Selain itu, tidak terdapat informasi
terkait penunjukkan dari Pemimpin/Direktur
Independen Senior
The President Commissioners of the company

is not an Independent Director/Commissioner.
Moreover, there is no statement related to
appointment of Lead/Senior Independent Director.
5. Kinerja Dewan 3
Board Performance



57
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Kepentingan
Engaging Stakeholders
577 Fokus Topik dan Isu Ekonomi,
Lingkungan, dan Sosial
Tahun 2018
Focused Topics and Issues
of Economic, Environmental,
and Social in 2018
577 Tata Kelola, Strategi, Program
Kerja & Anggaran Ekonomi,
Lingkungan & Sosial
Governance, Strategy,
Economic, Environment,
and Social Work & Budget Plan
581 Pelaksanaan Tanggung Jawab
Hak Asasi Manusia
Related to Human Rights
Operasi yang Adil
Related to Fair Operations
Lingkungan Hidup
Related to The Environment
Ketenagakerjaan & K3
Related to Manpower & OHS
Tanggung Jawab Kepada
Konsumen
Implementation of Social
Responsibility & Related
to Consumers
Pengembangan Sosial &
Kemasyarakatan
Related to Social & Community
Development

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Tanggung
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Perusahaan
Corporate Social Responsibility

Tanggung Jawab Sosial

Perusahaan
ANTAM berkomitmen merealisasikan tanggung jawab sosial dan lingkungan

secara terpadu dalam seluruh kegiatan usaha guna mencapai tujuan
pembangunan berkelanjutan sesuai dengan hukum dan norma yang berlaku
serta menjunjung tinggi prinsip-prinsip praktik usaha yang baik, keadilan
sosial dan keadilan lingkungan.
ANTAM is committed to conduct integrated corporate social and environment responsibility in

its line of business. the company aims to attain sustainable development based on prevailing
laws and norms as well as upholding good business practices, social justice and social
environment.
ANTAM mengelola sumber daya alam untuk kemajuan dan ANTAM manages natural resources for the progress and
kesejahteraan para pemangku kepentingan Perusahaan, welfare of the Company’s stakeholders, especially the
terutama masyarakat sekitar area operasional ANTAM. communities where ANTAM is operating. Other than that,
Lebih dari itu, Perusahaan menyadari sebagai bagian dari the Company realizes that being a part of Mining Industry
Holding Industri Pertambangan ANTAM mengemban Holding Company, ANTAM has been mandated to ensure
amanat dalam memastikan berbagai sumber daya alam that various natural resources managed by the Company
yang dikelola oleh Perusahaan dapat memberikan manfaat * ,.+2% ! /1/0%*(! !*!ü0/ 0+ /0'!$+( !./ * 0$!
berkelanjutan bagi para pemangku kepentingan dan Indonesian community at large, both today and in the
masyarakat Indonesia secara luas, baik hari ini maupun future. This mandate is the main spirit that underlies the
pada masa yang akan datang. Amanat inilah yang menjadi duties, expectations and courses of action of ANTAM’s
semangat utama yang melandasi tugas, harapan, dan social and environmental responsibilities.
pelaksanaan tanggung jawab sosial dan lingkungan
ANTAM.
Kegiatan Pemeliharaan Lingkungan di Wilayah Tambang Bauksit ANTAM di Tayan, Kalimantan Barat
Environment Preservation Activity in ANTAM’s Bauxite Mine in Tayan, West Kalimantan

Dalam pelaksanaan, penyusunan berbagai strategi, In the implementation, preparation of various strategies,
pendekatan, desain program, serta monitoring dan approaches, program design, together with monitoring
evaluasi pelaksanaan CSR, ANTAM mengacu pada standar and evaluation of the implementation of CSR, ANTAM
internasional pelaksanaan Tanggung Jawab Sosial dan refers to international standards for the implementation
Lingkungan (TJSL) atau Corporate Social Responsibility of Social and Environmental Responsibility (ISO) or
(CSR) SNI ISO 26000:2013, serta turut menjunjung tinggi Corporate Social Responsibility (CSR) ISO 26000:2013,
prinsip-prinsip: and also upholds following principles:
1. Akuntabilitas 1. Accountability
2. Transparansi 2. Transparency
3. Etika dan integritas 3. Ethics and integrity
4. Pelibatan pemangku kepentingan 4. Stakeholder involvement
5. Kepatuhan terhadap hukum, perundang-undangan 5. Compliance with laws and legislations
6. Menghormati norma-norma internasional, serta 6. Respect international norms, as well as
7. Menghormati dan melindungi hak asasi manusia (HAM). 7. Respect and preserve human rights
Sebagai perwujudan prinsip-prinsip tersebut dan sesuai As an embodiment of these principles and in accordance
dengan Undang-Undang No. 19 Tahun 2003 tentang Badan with Law No. 19 of 2003 concerning State-Owned
Usaha Milik Negara dan Undang-Undang No. 40 Tahun Enterprises and Law No. 40 of 2007 concerning Limited
2007 tentang Perseroan Terbatas serta Peraturan Menteri Liability Companies and Minister of State Owned
Badan Usaha Milik Negara No. PER-09/MBU/07/2015 Enterprises Regulation No. PER-09/MBU/07/2015
tentang Program Kemitraan dan Program Bina Lingkungan concerning State-Owned Enterprises’ Partnership and
Badan Usaha Milik Negara jo PER-02/MBU/7/2017 tentang Community Development Program in connection with PER-
Perubahan Kedua Atas Peraturan Menteri Badan Usaha 02/MBU/7/2017 concerning the Second Amendment to
Milik Negara Nomor PER-09/MBU/07/2015 tentang Minister of State-Owned Enterprises Regulation No. PER-
Program Kemitraan dan Program Bina Lingkungan 09/MBU/07/2015 Regarding the State-Owned Enterprise
Badan Usaha Milik Negara, ANTAM menerbitkan Laporan Partnership Program and Community Development
Keberlanjutan dan Laporan Kinerja Program Kemitraan dan Program, ANTAM published a Sustainability Report and
Bina Lingkungan (PKBL) dalam laporan tersendiri namun Partnership and Community Development Program
menjadi bagian yang tak terpisahkan dari Laporan Tahunan Performance Report in a separate report, however, is an
ini. integral part of this Annual Report.
Kedua laporan tersebut memuat informasi komprehensif Both reports contain comprehensive and in-depth
dan mendalam mengenai berbagai strategi, program, information on various strategies, programs, achievements,
pencapaian, tantangan, dan evaluasi terkait tanggung challenges, and evaluations related to social and
jawab sosial dan lingkungan yang dilaksanakan oleh environmental responsibilities carried out by the Company.
Perusahaan. Paparan dalam bab Tanggung Jawab Sosial Exposure in the section on Social Responsibility in this
dalam Laporan Tahunan ini merupakan ikhtisar dari kedua Annual Report is an overview of the two reports.
laporan tersebut.
MELIBATKAN PARA PEMANGKU KEPENTINGAN ENGAGING STAKEHOLDERS

Perusahaan memahami peran penting para pemangku The company understands the important role of
kepentingan dalam aktivitas dan operasional Perusahaan. stakeholders in the activities and operations of the
Untuk itu ANTAM senantiasa menjalin hubungan baik serta Company. For this reason, ANTAM always maintains good
memperhatikan apa yang menjadi aspirasi, kebutuhan, relations and listens to the aspirations, needs, concerns,
kekhawatiran, serta masukan para pemangku kepentingan and input of stakeholders in all ANTAM’s operational areas
di seluruh wilayah operasional ANTAM yang telah that have helped the Company in making decisions and
membantu Perusahaan dalam mengambil keputusan dan determining the Company’s accurate and fruitful strategic
menentukan arah strategis Perusahaan yang tepat dan direction.
bermanfaat.
Standar AA1000 Stakeholder Engagement Standard *..5%*#+10/0'!$+( !.% !*0%ü0%+** !*##!)!*0

(AA1000SES - 2015); SNI ISO 26000:2013 dengan tujuh in all operational areas, the Company employs AA1000
subyek inti (core subjects) yang mencakup tata kelola, HAM, Stakeholder Engagement Standard (AA1000SES - 2015);
ketenagakerjaan lingkungan, praktik operasi yang adil, SNI ISO 26000:2013 with seven core subjects covering

konsumen, serta pelibatan dan pengembangan masyarakat; governance, human rights, environmental employment,
serta IFC Performance Standards on Environmental and fair operation practices, consumers, and community
Social Sustainability (2012) sebagai standar penilaian involvement and development; along with IFC Performance
kinerja keberlanjutan adalah panduan yang digunakan oleh Standards on Environmental and Social Sustainability
!.1/$* ())!('/*'*% !*0%ü'/% *,!(%0* (2012) as standards for evaluating sustainability
pemangku kepentingan di seluruh area operasional. performance. This methodology is enriched with primary
Metodologi ini diperkaya dengan data primer dari masing- data from each area adjusted to the needs and capabilities
masing area yang telah disesuaikan dengan kebutuhan of the local community and the regional potential of each
dan kemampuan masyarakat serta potensi yang dimiliki area.
masing-masing daerah.
/%( ,.+/!/ % !*0%ü'/% 0!./!10 )!*& % /. #% $! .!/1(0/ +" 0$! % !*0%ü0%+* ,.+!// .! 0$! /%/ "+.
Perusahaan dalam melakukan pelibatan pemangku the Company in carrying out stakeholder engagement,
kepentingan (stakeholder engagement), pengelolaan isu, issue management, and formulation of community
dan merumuskan program pengembangan masyarakat development programs that are suitable to the context and
yang sesuai dengan konteks dan kebutuhan masing-masing needs of each local community. ANTAM also synergizes
masyarakat setempat. ANTAM juga bersinergi dengan with various stakeholders such as the Local Community,
berbagai Pemangku Kepentingan seperti Masyarakat, Local Government, and Non-Governmental Organizations
Pemerintah Daerah, maupun Lembaga Swadaya Masyarakat (NGOs) in identifying, analyzing impacts, preparing
Ĩ ĩ () % !*0%ü'/%Č *(%/ ),'Č ,!*51/1** programs, as well as monitoring and evaluating the
program, serta monitoring dan evalusi program-program Company’s CSR programs.
TJSL Perusahaan.
!)*#'1 '!,!*0%*#* 5*# %%* !0%ü'/% * 0!($ 0'!$+( !./3$+3!.!% !*0%ü! * $ !!*!*##!
terlibat di berbagai program dan aktivitas TSJL Perusahaan in various Company’s CSR programs and activities
sepanjang tahun 2018 mencakup: throughout 2018 include:
• Pemegang Saham • Shareholders
• Karyawan dan Serikat Pekerja • Employees and Employee Union
• Pemerintah Pusat, Pemerintah Daerah, serta Anggota • Central Government, Regional Government, and related
Legislatif terkait Legislative Members
• Industri, Pelaku Usaha Pertambangan dan Asosiasi • Industry, Mining Entrepreneurs and Associations
• Kontraktor dan mitra kerja lain • Contractors and other business partners
• Pembeli/pelanggan • Buyer/customer
• Masyarakat setempat • Local community
• Media massa • Media
• Lembaga Swadaya Masyarakat • Non-Governmental Organization
• Lembaga Pendidikan dan asosiasi industri • Educational institutions and industry associations
Pengeluaran Tanggung Jawab Sosial Perusahaan

Corporate Social Responsibility Expenses
Rp miliar Rp billion
118,67 114,85
108,09 Pengembangan Masyarakat
95,09 Comdev
68,24 70,35 Program Kemitraan

57,07 Partnership Program
Program Bina Lingkungan

22,61 Community Stewardship Program
17,93
6,38 Pengelolaan Lingkungan
1,47 1,02
Environmental Management Program
2016 2017 2018

FOKUS TOPIK DAN ISU EKONOMI, LINGKUNGAN FOCUSED TOPICS AND ISSUES OF ECONOMIC,
DAN SOSIAL TAHUN 2018 ENVIRONMENTAL AND SOCIAL IN 2018
Melalui berbagai pelibatan dan interaksi Perusahaan Through various engagements and interactions with these
dengan para pemangku kepentingan tersebut, ANTAM stakeholders, ANTAM formulated a number of important
merumuskan sejumlah topik dan isu penting yang 0+,%/ * %//1!/ 0$0 %*ý1!*! /0'!$+( !. //!//)!*0
berpengaruh terhadap penilaian dan pengambilan * !%/%+*)'%*#Č* $//%#*%ü*0%),0+*0$!
keputusan oleh pemangku kepentingan, serta memiliki Company’s economic, environmental and social impacts
/%#*%ü'/% 0!.$ , ),' !'+*+)%Č (%*#'1*#*Č * throughout 2018, namely:
sosial Perusahaan sepanjang tahun 2018, yakni: 1. Reserve & Exploration
1. Cadangan & Eksplorasi 2. Corporate Economic Performance
2. Kinerja Ekonomi Perusahaan 3. Occupational Safety and Health
3. Keselamatan dan Kesehatan Kerja (K3) 4. Local Communities
4. Masyarakat Lokal 5. Reclamation
5. Reklamasi 6. Employment
6. Ketenagakerjaan Ĉċ /0!* !ÿ1!*0
Ĉċ %)$ *ý1!* 8. Water
8. Air 9. Energy
9. Energi 10. Biodiversity
10. Keanekaragaman Hayati 11. Emissions
11. Emisi 12. Compliance
12. Kepatuhan 13. Postmining Management
13. Pengelolaan Pascatambang 14. Strategic Direction of Mining Industry Holding
14. Arah Strategis Holding Industri Pertambangan 15. Anti-Corruption
15. Anti-Korupsi
TATA KELOLA, STRATEGI, PROGRAM KERJA GOVERNANCE, STRATEGY, ECONOMIC,

DAN ANGGARAN EKONOMI, LINGKUNGAN ENVIRONMENT, AND SOCIAL WORK & BUDGET
& SOSIAL PLAN
Strategi dan program kerja Perusahaan terkait kinerja The Company’s strategies and work plan related to
ekonomi, lingkungan dan sosial yang mengelola topik serta economic, environment and social performance to handle
isu-isu penting yang menjadi perhatian para pemangku topics and important issues that are of concern to ANTAM
kepentingan ANTAM dapat dikategorikan menjadi lima /0'!$+( !./ * ! 0!#+.%6! %*0+ ü2! ,%((./ +"
pilar katergori, yakni: Prosperity, People, Planet, Partnership, category, namely: Prosperity, People, Planet, Partnership,
dan Prudence. and Prudence.
Kegiatan Penanaman Mangrove di Pomalaa

Mangrove Planting Activity in Pomalaa

Pilar Kategori
Fokus Area
Pillars of Strategi dan Program Kerja Strategy and Work Plan
Area of Focus
Category
Prosperity Kinerja bisnis Secara khusus terkait strategi bisnis, operasional, * ĂĀāĉČ /,!%ü((5 %* .!(0%+* 0+ 1/%*!//Č
dan Operasional dan keuangan, pada tahun 2018 ANTAM berfokus +,!.0%+*( * ü**%( /0.0!#%!/Č ƵƵ
pada: focused on:
Business and • Ekspansi ke pengolahan mineral bersifat hilir. • Expansion to downstream mineral processing.
Opertional • Perluasan basis cadangan dan sumber daya. • Expansion of the reserve and resource base.
Performance • Menjalin kemitraan untuk mengembangkan • Establishing partnerships to develop new
produksi mineral olahan baru dari cadangan processed mineral production from existing
yang ada. reserves.
• Menurunkan lebih lanjut cash cost dan • Reducing further cash costs and increasing
meningkatkan daya saing biaya cost competitiveness
• Peningkatan kinerja bisnis inti untuk • Improved core business performance to
meningkatkan revenue increase revenue
Pengembangan ANTAM berkomitmen untuk turut berkontribusi ANTAM is committed to contributing to
masyarakat dalam peningkatkan kualitas hidup dan improving the quality of life and welfare of the
sekitar tambang kesejahteraan masyarakat, antara lain melalui community, among others through a number of
sejumlah strategi dan pendekatan: strategies and approaches:
Community • CSR Strategy • CSR Strategy
Development • Masterplan CSR • CSR master plan
• Program Kemitraan dan Bina Lingkungan • Partnership and Community Development
(PKBL) sesuai dengan Undang-Undang No. 19 Program (PKBL) in accordance with Law No. 19
Tahun 2003 tentang Badan Usaha Milik Negara of 2003 concerning State-Owned Enterprises
dan Undang-Undang No. 40 Tahun 2007 and Law No. 40 of 2007 concerning Limited
tentang Perseroan Terbatas serta Peraturan Liability Companies and Minister of State-
Menteri Badan Usaha Milik Negara No. PER- Owned Enterprises Regulation No. PER-09/
09/MBU/07/2015 tentang Program Kemitraan MBU/07/2015 concerning State-Owned
dan Program Bina Lingkungan Badan Usaha Enterprises’ Partnership and Community
Milik Negara jo PER-02/MBU/7/2017 tentang Development Program in connection
Perubahan Kedua Atas Peraturan Menteri with PER-02/MBU/7/2017 concerning the
Badan Usaha Milik Negara Nomor PER-09/ Second Amendment to Minister of State-
MBU/07/2015 tentang Program Kemitraan dan Owned Enterprises Regulation No. PER-
Program Bina Lingkungan Badan Usaha Milik 09/MBU/07/2015 about the State-Owned
Negara Enterprise Partnership Program and
• PROPER Kementerian Lingkungan Hidup dan Community Development Program
Kehutanan • Ministry of Environment and Forestry PROPER
Manajemen Strategi, persiapan dan perencanaan pasca- ANTAM’s post-mining strategy, preparation
Pascatambang tambang ANTAM dilakukan dengan seksama and planning are carried out meticulously and
dan komprensif dengan tujuan untuk optimalisasi comprehensively with the aim of optimizing
Post Mining manfaat positif dan meminimalisasi dampak ,+/%0%2!!*!ü0/* )%*%)%6%*#*!#0%2!%),0/
Management negatif serta berbagai risiko, termasuk yang terkait as well as various risks, including those related
lingkungan hidup, ketenagakerjaan, keselamatan to the environment, employment, occupational
dan kesehatan kerja (K3), aset perusahaan, safety and health (K3), company assets,
keberlanjutan hidup masyarakat sekitar tambang. community sustainability in the mine surrounding
Strategi, persiapan, perencanaan, dan pelaksanaan areas. The Company’s post-mining strategy,
pasca-tambang Perusahaan diatur dalam preparation, planning and implementation are
Keputusan DIreksi Nomor 644.K/026/DAT/2017 regulated in the Decree of the Board of Directors
yang telah diselaraskan dengan Kebijakan Number 644.K/026/DAT/2017 which has been
Penutupan Tambang dan Peraturan Menteri Energi aligned with the Mine Closure Policy and Minister
dan Sumber Daya Mineral (ESDM) Nomor 41 Tahun of Energy and Mineral Resources (ESDM)
2016 tentang Pengembangan dan Pemberdayaan Regulation Number 41 of 2016 concerning
Masyarakat Pada Kegiatan Usaha Pertambangan Development and Community Empowerment in
Mineral dan Batubara. Mineral and Coal Mining Business Activities.

Pilar Kategori
Fokus Area
Area of Focus
Category
People Keselamatan & ANTAM berkomitmen untuk menciptakan ANTAM is committed to creating a safe and
Kesehatan Kerja lingkungan kerja yang aman dan sehat, serta healthy work environment as well as presenting
(K3), Manajemen menghadirkan pengalaman kerja yang berharga a valuable work experience for all ANTAM
Talenta dan bagi seluruh Insan ANTAM tanpa terkecuali employees without exception so that they can
Ketenagakerjaan sehingga mereka dapat berkembang, mengasah develop, groom their interests and expertise, and
minat dan keahlian, serta meraih cita-cita. achieve their goals.
Occupational
Health & Untuk mewujudkan komitmen tersebut, ANTAM To realize this commitment, ANTAM continues to
Safety, Talent terus mengembangkan berbagai strategi, develop various strategies, policies, and programs
Management kebijakan, dan program-program terkait K3 dan related to Occupational Safety and Health (OSH)
and Employment ketenagakerjaan, antara lain: and employment, including:
• Sistem Manajemen Keselamatan Pertambangan • Mining Safety Management System (MSMP)
(SMKP) No.923.K/09/DAT/2017, dengan No.923.K/09/DAT/2017, with the SUPER SAFE
kampanye utama SUPERSAFE yang mencakup main campaign which covers all the principles
seluruh prinsip-prinsip keselamatan kerja di of work safety at ANTAM.
ANTAM.
• Komitmen dan program kesehatan karyawan, • Employee health plan and commitments,
terutama pencegahan berbagai penyakit yang especially prevention of various diseases that
dapat berakibat kematian. can result in death.
• Contractor Safety Management System (CSMS) • Contractor Safety Management System
sebagai kebijakan pengelolaan keselamatan (CSMS) as a safety management policy for
pada mitra kerja/kontraktor sebagai salah satu work partners/contractors as one of the
komitmen untuk mewujudkan zero fatality. commitments to achieve zero fatality.
• Master Plan Human Capital yang mencakup • Human Capital Master Plan which includes a
proses rekrutmen yang berkualitas, penilaian quality recruitment process, competency and
kompetensi dan kinerja, Talent Management performance assessment, Talent Management
System, kesejahteraan pegawai, hubungan System, employee welfare, industrial relations,
industri, sampai dengan pelatihan dan as well as training and retirement planning.
perencanaan purnakarya.
• Perjanjian Kerja Bersama (PKB) yang memuat • The Collective Labor Agreement (PKB) which
hak dan kewajiban manajemen Perusahaan dan contains the rights and obligations of the
para insan ANTAM secara seimbang dan secara Company and ANTAM’s management in a
strategis untuk mendukung pencapaian visi balanced and strategic manner to support
ANTAM, merupakan perwujudan rasa saling the achievement of ANTAM’s vision, is a
percaya, saling menghargai dan komitmen manifestation of mutual trust, mutual respect,
untuk menciptakan hubungan industrial yang and a commitment to create constructive and
konstruktif dan transparan. transparent industrial relations.
Planet Good Mining ANTAM memastikan Good Mining Practice ANTAM ensures that Good Mining Practice along
Practice, disertai prinsip kehati-hatian dan kepatuhan with principles of prudence and compliance with
Reklamasi, terhadap ketentuan dan peraturan yang berlaku current regulations are applied by every ANTAM
Pengelolaan diterapkan oleh setiap Insan ANTAM di seluruh employee in all business lines and operations
%)$Ēý1!*Č lini bisnis dan operasional Perusahaan, mulai dari, of the Company, from exploration, mining,
Air, Energi, eksplorasi, penambangan, pengolahan mineral, mineral processing, environmental management,
Keanekaragaman pengelolaan lingkungan, penerapan K3 di area occupational safety and health implementation
Hayati dan kerja, pengembangan masyarakat sejak tambang in the waork area, community development
Pascatambang dibuka sampai kegiatan pascatambang. Strategi beginning from the mine opening until the post-
dan panduan pelaksanaan mencakup: mining activities. Implementation strategies and
Good Mining guidelines include:
Practice, • Dokumen Analisis Dampak Lingkungan • Document on Environmental Impact Analysis
Reclamation, (AMDAL), (EIA),
/0!Ēÿ1!*0Č • Rencana Pemantauan Lingkungan (RPL), dan • Agreed Environmental Monitoring Plans (RPL),
Water, Energy, Rencana Pengelolaan Lingkungan (RKL) serta and Environmental Management Plans (RKL)
Biodiversity and Rencana Pascatambang (RPT) yang telah and Post-Mining Plans (RPT).
Post Mining disepakati.
• ANTAM Green Standard (AGS) sesuai Surat • ANTAM Green Standard (AGS) in accordance
Keputusan Direksi ANTAM nomor 01.K/0084/ with ANTAM’s Board of Directors Decree
DAT/2013 tentang Pedoman Pengelolaan number 01.K/0084/DAT/2013 concerning
Lingkungan tanggal 3 Januari 2013. Dalam Environmental Management Guidelines
AGS, terdapat standar lingkungan yang berlaku dated January 3, 2013. In AGS, there are
di seluruh wilayah kerja ANTAM yang dapat environmental standards that is applicable
dijadikan acuan dalam pembuatan kebijakan in all ANTAM’s work areas which serve as
atau prosedur pengelolaan lingkungan unit/ references in making policies or procedures
unit bisnis/proyek pengembangan/kantor for environmental management units/business
pusat dan anak perusahaan. 1*%0/ĥ !2!(+,)!*0 ,.+&!0/ĥ$! +þ! *
subsidiaries.

Pilar Kategori
Fokus Area
Area of Focus
Category
Partnership Supplier & ANTAM senantiasa memastikan kemitraan yang ANTAM always ensures partnerships based on the
Contractor dilandaskan pada prinsip saling menguntungkan, ,.%*%,(!+")101(!*!ü0Č"%.*!//Č0.*/,.!*5
Management adil, transparan, dan berintegritas. Hal diwujudkan and integrity. It is manifested in various strategic
dalam berbagai kebijakan strategis Perusahaan policies of the Company and programs related
Operasional dan program terkait vendor dan supply chain to vendors and supply chain management at
yang Adil dan management di ANTAM antara lain: ANTAM, including:
Transparan • Kebijakan Pengelolaan Rantai Pasokan (Supply • Supply Chain Management Policy in
Chain Management) sesuai dengan Surat accordance with ANTAM’s Board of Directors’
Supplier & Keputusan Direksi ANTAM Nomor 333.K/92/ Decree Number 333.K/92/DAT/2017
Contractor DAT/2017 • Establish, collaborate and maintain strategic
Management • Menjalin, berkolaborasi, dan menjaga kemitraan partnerships with various external associations
strategis dengan berbagai asosiasi dan institusi and institutions in the mining sector
Transparency eksternal dalam sektor pertambangan • Implementing the Code of Conduct which
and Operational • Menerapkan Standar Etika Perusahaan (Code applies to shareholders, business partners
Fairness of Conduct) yang juga berlaku bagi pemegang and all stakeholders who conduct business
saham, mitra kerja, dan seluruh pemangku cooperation with ANTAM
kepentingan yang melakukan kerja sama bisnis • Optimizing the use of e-SCM in all ANTAM
dengan ANTAM business units
• Optimalisasi penggunaan e-SCM di seluruh unit
bisnis ANTAM
Prudence Tata Kelola Prinsip-prinsip Tata Kelola Perusahaan atau Good The principles of Corporate Governance or Good
Perusahaan Corporate Governance (GCG) menjadi panduan Corporate Governance (GCG) are a guideline for
(GCG) bagi seluruh Insan ANTAM dalam menjalankan all ANTAM employees in carrying out operational
kegiatan operasional, berinteraksi dengan activities, interacting with fellow colleagues, as
Kepatuhan sesama kolega, maupun dengan pihak eksternal well as with external parties and stakeholders.
hukum dan pemangku kepentingan. Hal ini diwujudkan This is achieved through strategic policies and
melalui kebijakan dan pedoman strategis, antara guidelines, including:
Etika, Integritas lain:
dan Anti-Korupsi • Pedoman Kebijakan Tata Kelola Perusahaan, • Guidelines for Corporate Governance, as well
serta Nilai dan Budaya Perusahaan as Corporate Values and Culture
Good Corporate • Charter, Kebijakan Manajemen, Standar Etika • Charter, Management Policy, Code of Conduct,
Governance Perusahaan (Code of Conduct), Standard Standard Operating Procedure (SOP) and
Operating Procedure (SOP) dan Instruksi Kerja Work Instruction
Compliance • Manajemen Risiko • Risk management
• Anti-Korupsi • Anti Corruption
Ethics, Integrity • Whistleblowing System yang telah disahkan đ $! $%/0(!(+3%*# 5/0!) 0$0 3/ .0%ü!
and Anti pada tahun 2008 dan pembaharuannya in 2008 and renewed in accordance with the
Corruption sesuai SK Dewan Komisaris No.30/DK/SK/ Board of Commissioners Decree No.30/DK/SK/
IX/2014 tanggal 19 September 2014 tentang IX/2014 dated September 19, 2014 concerning
Pedoman dan Prosedur Penanganan Pelaporan ANTAM’s Guidelines and Procedures for
Pelanggaran (Whistleblowing) ANTAM. Handling Whistleblowing.

Informasi selanjutnya dalam bab Tangung Jawab Sosial Further information in the chapter on Corporate Social
Perusahaan ini mengikuti struktur core subject SNI ISO Responsibility follows the core subject structure of SNI ISO
26000:2013, yakni: 26000:2013, namely:
c Integrated Appro
listi ac
Ho h
Community
Involvement and Human
Development Rights
ganizational
Or
Consumer Labour
Issues Practices
Go
ve r n a n c e
Fair Operating The

Practices Environment
Interd
ependence
PELAKSANAAN TANGGUNG JAWAB SOSIAL & IMPLEMENTATION OF SOCIAL & ENVIRONMENTAL

LINGKUNGAN TERKAIT HAK ASASI MANUSIA RESPONSIBILITIES RELATED TO HUMAN RIGHTS
Penghormatan dan perlindungan terhadap Hak Asasi Respect and protection of human rights is an integral
Manusia (HAM) menjadi bagian yang tidak terpisahkan dari part of the Company’s daily operations and in interactions
operasional Perusahaan sehari-hari dan dalam interaksi with stakeholders, both in the work environment with
dengan para pemangku kepentingan, baik di lingkungan the employees, with suppliers and contractors, as well
kerja dengan para pegawai Perusahaan, dengan supplier as our interactions with the local community around the
dan kontraktor, sampai interaksi kami dengan masyarakat operation area.
sekitar area operasional.
Anti Diskriminasi & Perlindungan HAM di Lingkungan Kerja Anti-Discrimination & Protection of Human Rights in the
ANTAM memiliki wilayah operasional yang beragam dan Work Environment ANTAM has a diverse operational
tersebar di berbagai pulau di Indonesia sehingga insan area and is spread across various islands in Indonesia
ANTAM memiliki beragam suku, ras, agama, jenis kelamin, so ANTAM’s employees come from diverse ethnicities,
* '+* %/% ü/%'ċ ƵƵ )!*5'%*% '!!.#)* races, religions, genders and physical conditions. ANTAM
merupakan salah satu fondasi yang mampu menumbuhkan believes that the diversity of human resources is one of the
keberlanjutan Perusahaan. Untuk menjaga keberagaman foundations that can assure the Company’s sustainability.
dan keharmonisan, ANTAM secara konsisten menerapkan To maintain diversity and harmony, ANTAM consistently
pengelolaan SDM dengan prinsip non-diskriminasi yang applies HR management with strict anti-discrimination
ketat. principles.
Perusahaan juga menentang segala diskriminasi dan The company also opposes all discrimination and holds
memegang prinsip kemanusiaan serta menghormati hak humanitarian principles and respects human rights in the
asasi manusia dalam pengelolaan sumber daya manusia. human resources management.

Berdasarkan gender, pada 2018 total pegawai ANTAM By gender, in 2018, ANTAM’s total employees amounted to
berjumlah 2.598 orang dengan persentase pegawai 2,598 people with a percentage of male employees 96%
laki-laki 96% dari total pegawai. Jumlah pegawai laki- of the total employees. The number of male employees of
laki ANTAM yang jauh lebih besar dibandingkan dengan ANTAM which is far greater than that of female employees
pegawai perempuan ini didorong oleh karakteristik dari is driven by the characteristics of the mining industry
industri tambang yang lebih diminati oleh kaum laki-laki which are more favored by men than women. Nevertheless,
dibandingkan perempuan. Meskipun demikian, proses the recruitment process at ANTAM is always done fairly
rekrutmen di ANTAM senantiasa dilakukan secara adil and openly and in accordance with the requirements and
*0!.1' */!/1% !*#*'!101$* *'1(%ü'/% !4,!0! -1(%ü0%+*/Č .!#. (!// +" !0$*% %û!.!*!/Č
yang diperlukan, tanpa memandang perbedaan suku, etnis ethnicity, race, religion, gender and physical condition.
./Č #)Č &!*%/ '!()%* * '+* %/% ü/%'ċ !'.10)!* Full recruitment and performance appraisal is carried
serta penilaian kinerja sepenuhnya dilakukan berdasarkan out based on the experience, competence, expertise, and
pengalaman, kompetensi, keahlian, serta pencapaian achievement of each employee. Throughout 2018, the
masing-masing pegawai. Sepanjang 2018, dapat dilaporkan Company did not receive reports or incidents related
bahwa Perusahaan tidak menerima pelaporan ataupun to discrimination and human rights violation at work.
insiden terkait diskriminasi dan HAM di tempat kerja. Protecting Local Community’s Human Rights Around
Mining Area
Melindungi Hak Asasi Manusia Masyarakat Sekitar Protection of Human Rights for the Local Community
Tambang
Perlindungan Hak Asasi Manusia (HAM) bagi masyarakat Around the mine area is realized through a number of
sekitar tambang diwujudkan melalui sejumlah pendekatan approaches that are integrated with the CSR Master Plan,
yang terintegrasi dengan CSR Master Plan, Pelaksanaan Implementation of ANTAM’s Partnership and Community
Program Kemitraan dan Bina Lingkungan ANTAM, serta Development Program, and Post-Mining Management.
Manajemen Pascatambang. Perusahaan memastikan The company ensures that the approach, interaction,
pendekatan, interaksi, komunikasi, dan pelibatan communication, and involvement of the community around
masyarakat sekitar area operasi dilakukan tanpa intimidasi, the operating area are carried out without intimidation,
penuh rasa hormat dan pemahaman terhadap budaya respect and understanding of the local culture and
setempat serta hak-hak ulayat masyarakat adat dan customary rights of indigenous peoples and are based on
dilandasi dengan prinsip saling menguntungkan. 0$!,.%*%,(!+")101(!*!ü0ċ
Sepanjang 2018, dapat dilaporkan bahwa Perusahaan Throughout 2018, the Company did not receive reports or
tidak menerima pelaporan ataupun insiden terkait HAM incidents related to human rights around the Company’s
masyarakat sekitar area operasional Perusahaan. operation area.
Program Pemberdayaan Masyarakat

Community Empowerment Program

PELAKSANAAN TANGGUNG JAWAB SOSIAL & IMPLEMENTATION OF SOCIAL &

LINGKUNGAN TERKAIT OPERASI YANG ADIL ENVIRONMENTAL RESPONSIBILITIES RELATED
TO FAIR OPERATIONS
ANTAM berkomitmen menciptakan praktik bisnis yang ANTAM is committed to creating clean business practices
bersih dan menjauhi segala bentuk kecurangan. ANTAM and avoiding all forms of fraud. ANTAM makes anti-
menjadikan anti-korupsi sebagai aspek utama yang corruption as the main aspect that is continuously
secara terus-menerus diawasi pada setiap kegiatan dan monitored in every activity and is socialized to all ANTAM
disosialisasikan kepada seluruh Insan ANTAM serta pihak- employees and parties involved in the Company’s activities.
pihak yang terlibat dalam kegiatan Perusahaan.
Pada tahun 2018, diselenggarakan Sosialisasi GCG, * ĂĀāĉČ ƫ +%(%60%+*Č .0%ü0%+* !,+.0%*# *
!(,+.* .0%ü'/% * ,+.* .0 !'5* +2!.*)!*0 þ%( Ƶ//!0/ !,+.0 Ĩĩ 3!.! $!(
Penyelenggara Negara (LHKPN) melalui portal internal through ANTAM’s internal portal and directly to Business
ANTAM maupun secara langsung ke Unit/Unit Bisnis, di Units/Units, including Precious Metals Processing and
antaranya di UBPP Logam Mulia dan UBP Nikel Sulawesi !ü*!.5 ǫ1/%*!// *%0 * +10$!/0 1(3!/% %'!(
Tenggara, bekerja sama dengan Komisi Pemberantasan Mining Business Unit, in collaboration with the Corruption
Korupsi (KPK) untuk menyampaikan pemaparan terkait Eradication Commission (KPK) to deliver exposure related
,!*#!* (%* #.0%ü'/%ċ !(%* %01Č !'!.& /) 0+#.0%ü0%+*+*0.+(ċ * %0%+*Č3+.'%*#3%0$0$!
dengan KPK juga dilaksanakan Training of Trainer (ToT) also carried out training of trainers (ToT) to control gratuities
,!*#!* (%* #.0%ü'/% 5*# %%'10% +(!$ ,!.3'%(* which were attended by employee representatives from
pegawai dari Kantor Pusat/Unit/Unit Bisnis. 0$!! þ!ĥ*%0ĥ*%0ǫ1/%*!//ċ
ANTAM menetapkan kebijakan terkait Laporan Harta ANTAM establishes policies related to the Government
Kekayaan Penyelenggara Negara (LHKPN) dimana seluruh þ%( Ƶ//!0/ !,+.0 Ĩĩ 3$!.!5 (( ƵƵ
Insan ANTAM hingga 2 level di bawah Direksi diwajibkan employees up to 2 levels below the Board of Directors
untuk menyampaikan LHKPN setiap tahunnya. Selama are required to submit LHKPN annually. During 2018, the
2018, capaian tingkat kepatuhan pelaporan LHKPN ANTAM level of compliance of ANTAM’s LHKPN reporting reached
mencapai 93,56%. 93.56%.

LINGKUNGAN TERKAIT LINGKUNGAN HIDUP RESPONSIBILITIES RELATED TO THE ENVIRONMENT
ANTAM senantiasa berkomitmen terhadap penerapan ANTAM is always committed to the implementation
praktik pertambangan yang baik (Good Mining of good mining practices that are accompanied by
Practice) yang disertai penerapan prinsip kehati-hatian the implementation of the Precautionary Principle and
(Precautionary Principle) dan kepatuhan terhadap compliance with current regulations.
ketentuan dan peraturan yang berlaku.
Implementasi pengelolaan dampak lingkungan di seluruh The implementation of the environmental impact
area ANTAM berpedoman pada dokumen Analisis management in all areas of ANTAM is guided by the
Mengenai Dampak Lingkungan (AMDAL), Rencana Environmental Impact Assessment (AMDAL) document,
Pemantauan Lingkungan (RPL), dan Rencana Pengelolaan Environmental Monitoring Plan (RPL), and Environmental
Lingkungan (RKL) serta Rencana Pasca-tambang (RPT) Management Plan (RKL) and agreed Post-Mining Plan
yang telah disepakati. (RPT).
Good Mining Practice telah diterapkan pada setiap lini Good Mining Practice has been applied to every ANTAM’s
bisnis dan operasional ANTAM mulai dari penambangan, business line and operations starting from mining, mineral
pengolahan mineral, pengelolaan lingkungan, penerapan processing, environmental management, implementing
K3 di area kerja, pengembangan masyarakat sejak tambang OSH in the work area, local community development from
dibuka sampai kegiatan pasca-tambang. the mine opening until post-mining activities.

Fasilitas Pembibitan Tanaman di Area Pertambangan Nikel ANTAM di Pomalaa, Sulawesi Tenggara
ANTAM’s Plan Nursery Facility in Pomalaa Nickel Mine, Southeast Sulawesi
Pada 2018, dana dan investasi lingkungan ANTAM In 2018, ANTAM’s environmental funds and investments
tercatat sebesar Rp114,85 miliar, atau meningkat 6% jika were recorded at Rp114.85 billion, an increase by 6%
dibandingkan dengan tahun 2017 yang tercatat Rp108,09 compared to 2017 which was recorded at Rp108.09 billion.
miliar. Komposisi terbesar dari dana dan investasi The largest composition of funds and environmental
lingkungan adalah untuk pengelolaan limbah, pengendalian investments is for waste management, erosion control and
erosi dan sedimentasi, serta reklamasi dan sedimentasi. sedimentation, as well as reclamation and sedimentation.
Selain itu, juga digunakan untuk membiayai penelitian dan * %0%+*0+0$0Č%0%/(/+1/! 0+ü**!.!/!.$*
sejumlah kerja sama dalam bidang lingkungan, aktivitas *1)!. +" +((+.0%+*/ %* 0$! ü!( +" !*2%.+*)!*0Č
pemantauan lingkungan dan lain-lain. environmental monitoring activities and others.
!.0%ü'/%ǫ% *#%*#'1*#* * *2%.+*)!*0(ƫ!.0%ü0%+**

Pada tahun 2018, Perusahaan meraih 3 peringkat Hijau In 2018, the Company won 3 Green ratings and 3 Blue
dan 3 peringkat Biru dalam PROPER atau Program ratings in PROPER or the Performance Rating Program
Penilaian Peringkat Kinerja Perusahaan Dalam Pengelolaan in Environmental Management from the Ministry of
Lingkungan dari Kementerian Lingkungan Hidup dan Environment and Forestry (KLHK).
Kehutanan (KLHK).
Predikat PROPER Hijau diperoleh UBP Emas, UBPP Logam Green PROPER predicate obtained by Gold Mining
Mulia dan UBP Bauksit. Sedangkan PROPER Biru diraih Business Unit, Logam Mulia Precious Metals Processing
UBP Nikel Sulawesi Tenggara, UBP Nikel Maluku Utara dan * !ü*!.5 ǫ1/%*!// *%0 * ǫ14%0! %*%*#
Entitas Anak Perusahaan, PT Cibaliung Sumberdaya dalam Business Unit. Whereas Blue PROPER was achieved
sub sektor Tambang Mineral. by Southeast Sulawesi Nickel Mining Business Unit,
Nickel Mining Business Unit, and Subsidiary Entity,
PT Cibaliung Sumberdaya in the Mineral Mining sub sector.
Pencapaian kinerja lingkungan yang baik ini adalah hasil This environmental performance achievement is a
dari kerja keras, dedikasi dan konsistensi seluruh insan .!ý!0%+* +" $. 3+.'Č ! %0%+*Č * +*/%/0!*5 +"
ANTAM dalam implementasi standar-standar manajemen ANTAM’s employee towards the best environmental
lingkungan terbaik, best practice dan adopsi teknologi. management standards, best practices, and technology
ANTAM berkomitmen meningkatkan kinerja lingkungan, utility implementation. ANTAM is committed to improve its
serta berupaya melakukan perbaikan berkesinambungan environmental performance, as well as strives to conduct
dan inovasi dalam bidang lingkungan.Kinerja terbaik ini continuous improvement and innovation.
akan terus dipertahankan dan ditingkatkan melalui sistem
manajemen lingkungan terintegrasi.

Unit Bisnis Peringkat PROPER

ISO 14001
Business Unit 2016 2017 2018
UBP Nikel Sulawesi Tenggara 3
Southeast Sulawesi Nickel Mining Business Unit
UBP Nikel Maluku Utara 3
North Maluku Nickel Mining Business Unit
UBP Emas 3
Gold Mining Busniess Unit
UBPP Logam Mulia 3
+#) 1(%.!%+1/ !0(/.+!//%*#* !ü*!.5ǫ1/%*!//
Unit
UBP Bauksit 3
Bauxite Mining Business Unit
Mengelola Energi dan Air Managing Energy and Water

Pengelolaan energi di ANTAM mengacu pada ketentuan- Energy management at ANTAM refers to the provisions
ketentuan yang diatur dalam Peraturan Menteri ESDM No. stipulated in the Minister of Energy and Mineral Resources
14 Tahun 2012 tentang Manajemen Energi. Regulation No. 14 of 2012 concerning Energy Management.
ANTAM memiliki kebijakan penggunaan energi di ANTAM has an energy consumption policy in each
/!0%, 1*%0 %/*%/ /!.0 )!('1'* % !*0%ü'/% %*0!*/%0/ 1/%*!// 1*%0 * % !*0%ü!/ !*!.#5 %*0!*/%05ċ .%+1/
energi. Berbagai inisiatif dan program konservasi energi energy conservation initiatives and programs are
dilaksanakan di setiap unit bisnis seperti sosialisasi, carried out in every business unit such as socialization,
pengaturan pemakaian, penggunaan proses atau peralatan consumption arrangements, process utilization or energy-
hemat energi, modernisasi alat dan pemanfaatan energi saving equipment, modernization of tools and utilization of
terbarukan. renewable energy
Pengelolaan air di ANTAM dilakukan untuk keperluan Water management at ANTAM is carried out for operational
operasional dan keperluan pendukung. Perusahaan and supporting needs. The company fully understands
memahami air merupakan sumber daya yang berharga that water is a valuable resource as human’s life support,
sebagai faktor penyokong kehidupan manusia, karena itu therefore ANTAM is always committed to managing water
ANTAM senantiasa berkomitmen mengelola air dengan properly and strives to minimize environmental impacts.
baik dan berupaya meminimalisir dampak lingkungan. The company has carried out water management in
Perusahaan telah melakukan pengelolaan air sesuai dengan accordance with good mining principles.
kaidah penambangan yang baik.
ANTAM menggunakan kembali air daur ulang dari limbah ANTAM reuses recycled water from waste by returning it
dengan mengembalikannya pada proses produksi. Hal 0+ 0$! ,.+ 10%+* ,.+!//ċ $%/ 3/ +*! / * !û+.0 0+
tersebut dilakukan sebagai upaya untuk mengurangi reduce the use of surface water and raw water. Another
penggunaan air permukaan dan air baku. Upaya Perusahaan ƫ+),*5 !û+.0 %/ 0+ )%*0%* 30!. -1(%05 .%0!.% %*
lainnya adalah dengan menjaga kriteria kualitas air sesuai accordance with applicable regulations. In addition,
dengan ketentuan yang berlaku. Selain itu ANTAM juga ANTAM also uses water by using waste water that has
melakukan pemanfaatan air dengan menggunakan air been processed for non-operational activities.
limbah yang telah diolah untuk kegiatan non operasional.
Mengendalikan Emisi Controlling Emissions

Dalam upaya menjadi corporate citizen yang baik, ANTAM **!û+.00+!+)!#++ +.,+.0!%0%6!*ČƵƵ %/
berkomitmen mematuhi regulasi terkait upaya penurunan +))%00! 0++),(53%0$.!#1(0%+*/.!(0! 0+!û+.0/0+
efek Gas Rumah Kaca (GRK), antara lain Peraturan Presiden .! 1!0$!!û!0/+".!!*$+1/!/!/ĨĩČ%*(1 %*#
No. 61 Tahun 2011 tentang Rencana Aksi Penurunan Gas Presidential Decree No. 61 of 2011 concerning Action Plans
Rumah Kaca (GRK) dan Peraturan Presiden No. 71 Tahun for Reducing Greenhouse Gas (GHG) and Presidential
2011 tentang Pencatatan Inventarisasi GRK Nasional. Decree No. 71 of 2011 concerning Registration of National
GHG Inventories.

Emisi GRK terutama ditimbulkan dari kegiatan GHG emissions are mainly generated from mining
penambangan, penggunaan energi, pengolahan limbah, activities, energy use, waste treatment, chemical processes
proses kimia serta kegiatan transportasi. Emisi GRK dapat and transportation activities. GHG emissions can also be
pula ditimbulkan dari pembukaan dan pemanfaatan lahan. generated from the opening and use of land. Therefore,
Oleh karena itu, ANTAM berupaya mengembalikan fungsi ANTAM seeks to restore the function of land to absorb CO2
lahan untuk menyerap CO2 sehingga mengurangi emisi so that it reduces GHG emissions.
GRK.
Dalam mengendalikan dan mereduksi emisi GRK, ANTAM In controlling and reducing GHG emissions, ANTAM is
berkomitmen untuk konsisten menerapkan berbagai committed to consistently applying various innovations
inovasi dan reengineering proses produksi, dan teknologi and reengineering the production process, and the latest
terbaru yang lebih ramah lingkungan, serta melakukan technologies that are more environmentally friendly, as well
pemantauan emisi secara rutin, maupun memaksimalkan as monitoring emissions regularly, as well as maximizing
kemampuan alami vegetasi untuk menyerap karbon dari the natural ability of vegetation to absorb carbon from the
atmosfer. atmosphere.
!*#!(+(%)$ 0Čƫ%. *ý1!* *#%*#+(% Č%-1% * ÿ1!*0/0!

ANTAM memiliki kebijakan pengelolaan limbah untuk ANTAM has a waste management policy for Hazardous
Bahan Berbahaya dan Beracun (B3) dan non B3 serta and Toxic Materials (B3) and Non B3 as well as establishes
menetapkan prosedur standar pengelolaan limbah standard waste management procedures based on their
berdasarkan karakteristiknya. Hal ini dilakukan agar characteristics. This is conducted to ensure that waste
pengelolaan limbah di seluruh unit bisnis memiliki management in all business units have good planning,
perencanaan yang baik, sistem monitoring berkala tepat timely monitoring system, as well as continuous evaluation.
waktu serta melakukan evaluasi terus menerus.
Dalam melakukan pengelolaan limbah B3, ANTAM mengacu In managing B3 waste, ANTAM refers to Government
pada Peraturan Pemerintah No. 101 Tahun 2014 tentang Regulation No.101/2014 on the Management of Hazardous
Pengelolaan Limbah Bahan Berbahaya dan Beracun. Dalam and Toxic Waste. In this case, ANTAM separates waste
hal ini, ANTAM melakukan pemisahan karakteristik limbah characteristics and collaborates with accredited
dan bekerja sama dengan laboratorium independen yang independent laboratories.
terakreditasi.
ANTAM melakukan pengelolaan B3 dengan pendekatan ANTAM conducts Hazardous and Toxic Materials (B3)
Reduce-Reuse-Recycle atas limbah B3 yang dihasilkan. management using the Reduce-Reuse-Recycle approach
Apabila tidak dapat dimanfaatkan kembali, ANTAM akan for B3 waste produced. In case it cannot be reused,
mengirimkan limbah B3 kepada pihak ketiga yang memiliki ANTAM will send B3 waste to a licensed third party who
izin untuk dikelola sesuai aturan yang berlaku. Selain itu has the required permits to manage according to the
dilakukan juga pemantauan dan evaluasi pengelolaan applicable rules. In addition, monitoring and evaluation of
limbah dilakukan secara berkala dan dilaporkan secara waste management is carried out regularly and reported
rutin kepada manajemen dan instansi terkait. regularly to management and relevant agencies.
Guna mengurangi beban lingkungan, ANTAM berkomitmen In order to reduce the environmental burden, ANTAM is
melakukan penanganan dan pengelolaan agar selalu committed to handling and managing wastewater so that it
memiliki baku mutu air limbah yang ditetapkan peraturan always has regulated wastewater quality standards before
sebelum mengalirkan kembali ke lingkungan. ý+3%*#'%*0+0$!!*2%.+*)!*0ċ
Pemantauan dilakukan secara berkala baik oleh internal Monitoring is carried out periodically both by ANTAM
ANTAM maupun instansi eksternal yang bekerja sama internals and external agencies that work together with
!*#* (+.0+.%1) 0!.'.! %0/%Č #. '1(%0/ !ý1!* .! %0! (+.0+.%!/Č/+0$00$!-1(%05+"!ÿ1!*0/0$0
yang dialirkan kembali ke lingkungan sesuai dengan are delivered back to the environment is in accordance
standar baku mutu lingkungan. with environmental quality standards.

Aktivitas Pemantauan Lingkungan di UBP Emas Pongkor, Jawa Barat

Environment Monitoring Activity in ANTAM Gold Mining Business Unit, Pongkor, West Java
Reklamasi Lahan & Manajemen Pascatambang Land Reclamation & Post-Mining Management
ANTAM selalu berupaya melakukan pemulihan fungsi ANTAM always strives to restore the function of the land
lahan setelah kegiatan tambang selesai dengan sebaik dan after the mining activities have been completed to the best
semaksimal mungkin sebagaimana diatur dalam dokumen- possible way as stipulated in environmental documents
dokumen lingkungan seperti AMDAL, Rencana Reklamasi, such as the AMDAL, Reclamation Plan, Post-mine Plan
Rencana Pasca-tambang (RPT), serta Keputusan Menteri (RPT), and Minister of Energy and Mineral Resources Decree
ESDM No. 1827 Tahun 2018 tentang Pedoman Pelaksanaan No. 1827 of 2018 concerning Good Mining Engineering
Kaidah Teknik Pertambangan yang Baik. Code Implementation Guidelines.
Dalam melakukan reklamasi ANTAM bekerja sama dengan In conducting reclamation, ANTAM works in collaboration
berbagai pihak seperti Institusi Pendidikan, Lembaga with various parties such as Educational Institutions,
Penelitian, dan Kementerian Energi dan Sumber Daya Research Institutions, and the Ministry of Energy and
Mineral (ESDM) dan Kementerian Lingkungan Hidup dan Mineral Resources (ESDM) and the Ministry of Environment
Kehutanan (KLHK) khususnya yang berkaitan dengan and Forestry (KLHK) in conjunction to technical guidance
bimbingan teknis kegiatan reklamasi dan penanaman on reclamation and planting of local plants.
tanaman lokal.
Berpedoman pada perencanaan tahunan (RKAP) dan 1% ! 5 +.' * ǫ1 #!0 (* ĨƵĩ * ü2!ġ5!.
perencanaan lima tahunan (Rencana Reklamasi) yang planning (Reclamation Plan) approved by the government,
disetujui oleh pemerintah, ANTAM melakukan reklamasi ANTAM conducts land reclamation consisting of land
lahan yang terdiri dari penataan lahan (regrading), management (regrading), planting (revegetation), erosion
penanaman (revegetasi), pengendalian erosi dan control and sedimentation and plant maintenance. To
sedimentasi serta pemeliharaan tanaman. Untuk restore the condition of the land as before, reclamation
memulihkan kondisi lahan seperti semula, kegiatan activities also consider local biodiversity conservation
reklamasi juga mempertimbangkan program konservasi programs.
keanekaragaman hayati setempat.

Sepanjang tahun 2018 ANTAM telah merehabilitasi lahan During 2018, ANTAM has rehabilitated 5,069.05 hectares of
seluas 5.069,05 hektar di wilayah pasca-tambang dengan land in post-mining areas with 131,799 trees rehabilitated.
jumlah tanaman yang direhabilitasi sebanyak 131.799 pohon.
Realiasi Program Penanaman Pohon

Realization of Tree Planting Program
Ribu Pohon Thousand Tree
1.006
720
582
2016 2017 2018
ANTAM Berkomitment Meningkatkan Kinerja

dan Inovasi Dalam Bidang Lingkungan
ANTAM Commited to Conduct Continuoes Improvement
and Inovation on Environment Preservation
Menjaga Kelestarian Keanekaragaman Hayati Maintaining the Conservation of Biodiversity

ANTAM berkomitmen melakukan upaya-upaya pelestarian ANTAM is committed to take part in biodiversity
keanekaragaman hayati terutama bagi habitat ekosistem +*/!.20%+* !û+.0/Č ,.0%1(.(5 "+. 0$! !+/5/0!) *
*ý+."1*5*#!. %/!'%0..!+,!./%+*(ċ ý+."1*$%00/(+0! .+1* 0$!+,!.0%+*(.!ċ
ANTAM melakukan reklamasi dan revegetasi untuk ANTAM conducts reclamation and revegetation to restore
memulihkan habitat pada lahan bekas tambang yang diikuti the habitat in the former mines. These activities are
dengan pelaksanaan konservasi keanekaragaman hayati followed with biodiversity conservation which consists of
yang meliputi upaya rehabilitasi lahan yang progresif dan progressive land rehabilitation and restoring of biodiversity
pengembalian keanekaragaman hayati seperti rona awal, through replantation of local plants.
seperti menanam kembali jenis tanaman lokal.
ANTAM juga melakukan konservasi atas satwa yang ANTAM also conducts conservation of endangered animals,
terancam punah baik secara ex-situ maupun in-situ. ANTAM both ex-situ and in-situ. ANTAM selects endangered
memilih satwa endemik yang langka, kemudian melakukan species, and further proliferating, releasing and monitoring
pengembangbiakan, pelepasan dan pemantauan. the animals.
Di UBP Emas, ANTAM membangun dan mengembangkan At the Gold Mining Business Unit, ANTAM builds and
Pusat Konservasi Keanekaragaman Hayati (PKKH) dan develops the Biodiversity Conservation Centre (PKKH)
Pusat Penelitian dan Pendidikan Pohon dan Tanaman Asli and Plants Research and Education Centre (P4TA) in Gold
(P4TA), bekerja sama dengan Taman Nasional Gunung Mining Business Unit. The initiative is ANTAM’s cooperation
Halimun Salak (TNGHS) dan PT Rimbawan Bangun Lestari with the Halimun Salak Mountain National Park and PT
(Sustainable Management Group). Rimbawan Bangun Lestari (Sustainable Management
Group).
Di P4TA tersebut, ANTAM melakukan konservasi In this place, ANTAM conducts biodiversity conservation
keanekaragaman hayati sejalan dengan rencana inline with the Postmining Plan. One of the plans is to
pascatambang, salah satunya untuk menjadikan eks lahan transform the mine site into a conservation tourism region
penambangan menjadi bagian dari kawasan wisata sesuai based on “Agrogeoedutourism”.
konsep “Agrogeoedutourism”.

Berikut ini daftar fauna yang menjadi bagian dari program The following is a list of fauna that are part of the
konservasi keanekaragaman hayati yang dilaksanakan di biodiversity conservation program carried out in each of
masing-masing area operasional ANTAM. ANTAM’s operational areas.
Nama (Spesies) Unit Bisnis

No. Status
Name (Species) Business Unit
UBP Nikel Sulawesi Tenggara
Anoa Terancam Punah
1 Southeast Sulawesi Nickel Mining Business
(Bubalus Depressicornis) Critically Endangered
Unit
Jalak Putih UBP Emas Kritis
2
(Sturnus Melanopterus) Gold Mining Busniess Unit Critical
Surili UBP Emas Terancam Punah
3
(Prebytis Ayqula) Gold Mining Busniess Unit Critically Endangered
Elang Jawa UBP Emas Terancam Punah
4
(Nisaetus Bartelsi) Gold Mining Busniess Unit Critically Endangered
Owa Jawa UBP Emas Terancam Punah
5
(Hylobates Moloch) Gold Mining Busniess Unit Critically Endangered
Macan Tutul UBP Emas Kritis
6
(Panthera Pardus) Gold Mining Busniess Unit Critical
Elang Ular Bido UBP Emas Risiko Rendah
7
(Spilorni Scheela) Gold Mining Busniess Unit Least Concern
Burung Bidadari Halmahera UBP Nikel Maluku Utara Risiko Rendah
8
(Semioptera Wallacii) North Maluku Nickel Mining Business Unit Least Concern
Kakatua Putih UBP Nikel Maluku Utara Rentan
9
(Cacatua Alba) North Maluku Nickel Mining Business Unit Vulnerable
Burung Nuri Bayan UBP Nikel Maluku Utara Risiko Rendah
10
(Eclectus Roratus) North Maluku Nickel Mining Business Unit Least Concern
Kasturi Ternate UBP Nikel Maluku Utara Rentan
11
(Lorius Garrulous) North Maluku Nickel Mining Business Unit Vulnerable
Gagak Halmahera UBP Nikel Maluku Utara Risiko Rendah
12
(Corvus Validus) North Maluku Nickel Mining Business Unit Least Concern
Elang Bondol UBP Nikel Maluku Utara Risiko Rendah
13
(Haliastur Indus) North Maluku Nickel Mining Business Unit Least Concern
Elang Laut UBP Nikel Maluku Utara Risiko Rendah
14
(Haliaeetus Leucogaster) North Maluku Nickel Mining Business Unit Least Concern
Rusa Timor UBP Nikel Maluku Utara Rentan
15
(Cervus Timorensis) North Maluku Nickel Mining Business Unit Vulnerable
Burung Paruh Bengkok UBP Nikel Maluku Utara Risiko Rendah
16
(Loriini) North Maluku Nickel Mining Business Unit Least Concern
Kelampiau UBP Bauksit Terancam Punah
17
(Hylobates Albibarbis) Bauxite Mining Business Unit Critically Endangered
Kukang UBP Bauksit Rentan
18
(Nycticebus Coucang) Bauxite Mining Business Unit Vulnerable
Beruang Madu UBP Bauksit Rentan
17
(Helarctos Malayanus) Bauxite Mining Business Unit Vulnerable

LINGKUNGAN TERKAIT KETENAGAKERJAAN & K3 RESPONSIBILITIES RELATED TO MANPOWER & OHS
ANTAM senantiasa menempatkan Kesehatan dan ANTAM always puts Occupational Health and Safety
Keselamatan Kerja (K3) sebagai prioritas utama di kegiatan (OHS) as a top priority in operational activities as it
operasional karena menyadari operasi Perusahaan memiliki .!(%6!/0$00$!ƫ+),*5Ě/+,!.0%+*/$2! %û!.!*0.%/'
karakteristik risiko yang berbeda dengan industri yang lain. characteristics with other industries. In this regard, ANTAM
Berkenaan dengan hal itu, ANTAM berupaya menjamin seeks to ensure that the miners are secured, healthy, and
pekerja tambang agar selamat, sehat dan mewujudkan .!(%6! /"! * !þ%!*0 +,!.0%+*/ 0$.+1#$ 0$! )%*%*#
'!#%0* +,!./% 5*# )* * !ü/%!* )!((1% /%/0!) safety management system.
manajemen keselamatan pertambangan.

Untuk operasional pertambangan ANTAM, Bagian K3 For ANTAM mining operations, OHS Section is led by the
dipimpin oleh Kepala Teknik Tambang, yang juga menjabat Head of Mine Engineering, who also serves as General
sebagai Kepala Unit/Unit Bisnis (General Manager). Manager.
ANTAM memiliki Komite K3 atau Safety Committee yang Furthermore, ANTAM has an OHS Committee or Safety
beranggotakan manajemen dan karyawan ANTAM, untuk Committee, which includes ANTAM Management and
melakukan pengawasan dan evaluasi atas pengelolaan K3 employees, to conduct supervision and evaluation on OHS
di unit/unit bisnis, serta atas tenaga kerja kontraktor, atau management in the business units, including contractor labor
mitra kerja dan tamu yang berkerja di area operasional. or partners and guests who work in the operational area.
Pada tahun 2018, ANTAM memiliki 262 karyawan yang In 2018, ANTAM had 262 employees who joined the Safety
bergabung dalam Safety Committee di unit bisnis atau Committee across the business units or as many as 11% of
sebanyak 11% dari total pegawai tetap seluruh unit bisnis the total permanent employees of all ANTAM’s business
ANTAM. units.
Sampai akhir tahun 2018, telah terjadi total 4 kali kecelakaan Until the end of 2018, there have been a total of 4
kerja yang terdiri dari 3 kecelakaan kerja kategori ringan workplace accidents consisting of 3 work accidents in the
dan 1 kecelakaan kerja kategori berat. Jumlah ini menurun minor accident and 1 work accident in the major accident.
banyak dibandingkan dengan tahun 2017 sebesar 8 kali $%/*1)!.$/ !.!/! /%#*%ü*0(5+),.! 0+ĂĀāĈ
kecelakaan. Pada 2018 ANTAM berhasil mencapai target at 8 accidents. In 2018, ANTAM achieved the target of
Nihil Kecelakaan Fatal atau Zero Fatality di seluruh daerah Zero Fatal Accident or Zero Fatality in all the Company’s
operasi Perusahaan. operation areas.
Pada 2018, ANTAM telah mengesahkan kebijakan Contractor In 2018, ANTAM has passed the Contractor Safety
Safety Management System (CSMS) sebagai kebijakan Management System (CSMS) policy as a safety
pengelolaan keselamatan pada mitra kerja/kontraktor management policy for business partners/contractors as
sebagai salah satu komitmen untuk mewujudkan Zero one of the commitments to realize Zero Fatality. In addition,
Fatality. Selain itu, ANTAM juga mulai berkomitmen untuk ANTAM also began to commit to preventing disease which
melakukan pencegahan penyakit yang bisa berakibat fatal could have fatal consequences for all ANTAM employees,
bagi seluruh Insan ANTAM, calon pegawai dan pegawai prospective employees, and employees of the Company’s
mitra kerja Perusahaan. business partners.
ANTAM Mendukung Pengembangan Geopark Pongkor

ANTAM Participations on Pongkor Geopark Development

ANTAM Memiliki Komitmen yang Kuat dalam Penerapan Keselamatan dan Kesehatan Kerja dalam Setiap Operasi Perusahaan
ANTAM Has a Solid Commitment on Implementation of Occupational Health and Safety in Every Company’s Operational Activity
Beberapa program keselamatan pertambangan kepada Some mining safety programs for contractors throughout
kontraktor sepanjang 2018 antara lain: 2018 include:
āċ !('1'* % !*0%ü'/% $5 * .%/%'+ , /!(1.1$ 1. Identify hazards and risks throughout the work area
area kerja serta menilai dan melakukan pengendalian and assess and control risks.
risiko. 2. Improve and/or refresh education and training to all
2. Meningkatkan pendidikan dan pelatihan dan/atau miners.
refresh kepada seluruh pekerja tambang. 3. Improve socialization of mining safety to all employees
3. Meningkatkan sosialisasi tentang keselamatan and contractors.
pertambangan kepada seluruh pegawai dan kontraktor. 4. Improve coordination and meetings for all intensive
4. Meningkatkan koordinasi dan pertemuan kepada ANTAM business units.
semua unit bisnis ANTAM yang intensif. 5. Carry out safety and environmental observations/
5. Melakukan observasi/inspeksi keselamatan dan inspections between ANTAM’s business units which are
lingkungan antar unit bisnis ANTAM yang dikoordinasi ++. %*0! 50$!$! +þ!ċ
oleh kantor pusat. 6. Increasing the Board of Directors messages related
6. Meningkatkan himbauan dari Direksi terkait keselamatan to mining safety on the Top-to-Down Management
pertambangan, khususnya Program Manajemen Turun Program.
Ke Bawah (GEMBA). 7. Remind reporting unsafe conditions and actions on an
7. Meningatkan pelaporan kondisi dan tindakan tidak ongoing basis.
aman secara berkelanjutan. 8. Improve corporate mining safety campaigns in all
8. Meningkatkan kampanye keselamatan pertambangan ANTAM business units
secara korporasi di seluruh unit bisnis ANTAM.
Kinerja K3 ANTAM Tahun 2018

2018 Occupational Health and Safety Performance
2016 2017 2018
Kecelakaan Ringan 5 5 3 Minor Accident
Kecelakaan Berat 2 3 1 Major Accident
Kecelakaan Fatal 1 0 0 Fatal Accident

Menciptakan Pengalaman Bekerja yang Berharga Creating a Valuable Working Experience for Every
Bagi Setiap Insan ANTAM ANTAM Employee
ANTAM mendukung penuh kebebasan pegawai untuk ANTAM fully supports the freedom of employees to gather,
berkumpul, berserikat dan berpendapat dalam menjalin organize and argue in establishing industrial relations
hubungan industrial melalui serikat pekerja. Serikat pekerja through employee union. The employee union is a forum
ini menjadi wadah komunikasi bagi Insan ANTAM dalam for ANTAM’s employees in communicating to fellow
berkomunikasi sesama karyawan di industri pertambangan. employees in the mining industry.
Selama 2018 ANTAM menerima 82 orang pegawai During 2018 ANTAM received 82 employees so that the
sehingga total pegawai tetap pada 2018 mencapai 2.598 total permanent employees in 2018 reached 2,598 people.
orang. Secara keseluruhan, ANTAM berhasil mencatat Overall, ANTAM managed to record an average turnover
rata-rata tingkat turnover 0,08%. Sejak 2016 ANTAM telah rate of 0.08%. Since 2016, ANTAM has utilized online
memanfaatkan teknologi secara daring (online) dalam 0!$*+(+#5%*0$!$%#$(5!þ%!*0* !û!0%2!.!.1%0)!*0
proses rekrutmen yang sangat efesien dan efektif bagi process, both for ANTAM and the participants.
ANTAM maupun para peserta.
Seluruh Insan ANTAM yang berstatus pegawai tetap All ANTAM employees who are permanent employees
telah menjadi anggota serikat pekerja dan terlindungi have become members of Employee Union and have their
kepentingannya yang terdaftar dalam Kementerian interests protected as registered in the Indonesian Ministry
Ketenagakerjaan RI c.q. Direktorat Jenderal Pembinaan of Manpower through Directorate General of Industrial
Hubungan Industrial dan Jaminan Sosial Tenaga Kerja Relations Development and Labor Social Security No. 166/
No. 166/Pdf.7/PKB/X/2015 tanggal 19 Oktober 2015. Pdf.7/PKB/X/2015 dated October 19, 2015.
Untuk memastikan bahwa ANTAM telah To ensure that ANTAM has implemented a good Human
mengimplementasikan sistem pengelolaan SDM yang baik, Capital management system, every year ANTAM conducts
setiap tahun ANTAM melaksanakan survei terkait dengan surveys related to employee engagement (Employee
keterikatan pegawai (Employee Engagement Survey) Engagement Survey) and employee satisfaction (Employee
dan kepuasan pegawai (Employee Satisfaction Index). Satisfaction Index). The survey results in 2018 showed that
Hasil survei tahun 2018, menunjukan bahwa Employee the Employee Engagement Survey reached 90.53% and
Engagement Survey mencapai 90,53% dan Employee the Employee Satisfaction Index reached 3.20 from the
Satisfaction Index mencapai 3,20 dari skala 4,00. 4.00 scale.
Pendidikan dan Pelatihan Education and Training

ANTAM berkomitmen terus meningkatkan kesejahteraan ANTAM is committed to continuously improving employee
karyawan karena Perusahaan menyadari bahwa setiap welfare because the Company realizes that every employee
pegawai mempunyai kesempatan untuk mengembangkan has the opportunity to develop their potential. ANTAM has
potensi mereka. ANTAM memiliki Unit Bisnis (UB) Learning a Learning and Development Business Unit that manages
and Development yang mengelola program pelatihan, employee training, development and education programs.
pengembangan dan pendidikan pegawai. Selain itu juga In addition, it also develops employee development
melakukan pembangunan infrastruktur pengembangan infrastructure, such as training for mentors, facilitators,
pegawai, seperti pelatihan untuk mentor, fasilitator, trainer, trainers, and assessors, and making training modules.
dan asesor, serta pembuatan modul pelatihan.
Pada tahun 2018, ANTAM mengeluarkan biaya Rp27,16 In 2018, ANTAM spent Rp27.16 billion in training and
miliar untuk pelaksanaan kegiatan pelatihan dan employee development activities, where the spending
pengembangan pegawai, di mana biaya tersebut increased 19% compared to Rp22.86 billion in 2017. Various
mengalami peningkatan 19% jika dibandingkan Rp22,86 training and competency development programs were
miliar di tahun 2017. Berbagai program pelatihan dan attended by 5,294 participants.
pengembangan kompetensi ini diikuti 5.294 orang peserta.
Remunerasi yang Adil Fair Remuneration

ƵƵ /!**0%/)!*&#,.+ 1'0%ü0//!(1.1$,!#3% ANTAM always maintains the productivity of all employees
dengan menciptakan suasana kerja yang kondusif, nyaman by creating a conducive, comfortable working atmosphere
serta terjaminnya fasilitas yang dibutuhkan. Selain itu, and guaranteed facilities needed. In addition, the Company

Perusahaan juga melakukan pengelolaan peningkatan also manages the improvement of employee competencies
kompetensi pegawai dengan penyelarasan antara prestasi by harmonizing work performance with remuneration.
kerja dengan remunerasi.
Kebijakan remunerasi dibuat berdasarkan konsep 3P Remuneration policy is based on the 3P concept (People,
(People, Performance, Position). Untuk mendukung Performance, Position). To support remuneration, also
remunerasi, juga dikembangkan Sistem Penilaian developed the Employee Capability Assessment System
Kemampuan Pegawai (PKP) dan Penghargaan Masa Kerja. (PKP) and Tenure Award.
ANTAM Mendukung Penuh Kebebasan Pegawai untuk Berserikat, dan Berpendapat dalam Wadah Serikat Pekerja
ANTAM Supports the Employees Right to Organize and Express their Mind through the Employee Union
PELAKSANAAN TANGGUNG JAWAB SOSIAL IMPLEMENTATION OF SOCIAL RESPONSIBILITY

& LINGKUNGAN TERKAIT TANGGUNG JAWAB & RELATED ENVIRONMENTAL RESPONSIBILITIES
KEPADA KONSUMEN TO CONSUMERS
ANTAM senantiasa memperhatikan kualitas produk yang ANTAM always pay attention to the quality of products
dihasilkan dalam proses produksi guna mencapai kepuasan generated in order to achieve customer satisfaction.
pelanggan karena menyadari bahwa pelanggan adalah ANTAM is aware that the customers are the stakeholders
pemangku kepentingan yang memegang peranan penting who play an important role in business sustainability.
bagi keberlanjutan usaha.
ANTAM menerapkan sistem manajemen mutu terpadu ANTAM implements an integrated quality management
sebagai bagian dari pengendalian kualitas produk terhadap system as part of the products’ quality control to consumers,
konsumen yang merupakan hasil dari serangkaian kegiatan which is the result of a series of production process activities
proses produksi sesuai dengan standar internasional pada in accordance with international standards, performed on
setiap tahapan kegiatan produksi maupun distribusi. every production and distribution activities.
Untuk pengendalian kualitas atas produk dan jasa Quality control of products and services produced by
5*# %$/%('*Č ƵƵ )!* ,0'* /!.0%ü'/% ƵƵ $/ +0%*! 0$! ĊĀĀāčĂĀĀĉ !.0%ü0%+*
9001:2008 di seluruh Unit/Unit Bisnis. Selain itu ANTAM throughout Units/ Business Units. ANTAM also obtained
juga memperoleh akreditasi laboratorium penguji sesuai the accreditation of testing laboratories according to the

standar ISO 17025 yang diterbitkan Komite Akreditasi ISO 17025 standard issued by the National Accreditation
Nasional (KAN) untuk laboratorium UBPP Logam Mulia Committee (KAN) for Precious Metal Processing and
dan UBP Nikel Maluku Utara. !ü*!.5 ǫ1/%*!// *%0 / 3!(( / +.0$ (1'1 %'!(
Mining Business Unit laboratories.
ANTAM juga satu-satunya di Indonesia yang memiliki ANTAM is also the only precious metal producer in
,.%',!*#+($* *,!)1.*%*!)/5*#0!./!.0%ü'/% Indonesia that has received the Good Delivery accreditation
London Bullion Market Association (LBMA) guna menjaga from the London Bullion Market Association (LBMA) with
kualitas kepastian berat dan kemurnian produk emas reliable level of purity. ANTAM also received the REACH
Logam Mulia ANTAM di mata konsumen dalam maupun (Registration, Evaluation, Authorization and Restriction
luar negeri. Selain itu, ANTAM juga merupakan salah +"ƫ$!)%(/ĩ!.0%ü0!".+)0$!1.+,!**%+*+*0$!
satu produsen terkemuka feronikel di tingkat global yang utilization of safe chemicals in the ferronickel processing
)!),!.+(!$ /!.0%ü'0 Ƶƫ ĨRegistration, Evaluation, cycle.
Authorisation and Restriction of Chemicals) dari Uni Eropa
mengenai penggunaan bahan kimia yang aman dalam
siklus pengolahan feronikel.
Guna meningkatkan keamanan pelanggan dalam In order to improve customer security in investing in gold
berinvestasi produk emas, pada 2018 ANTAM meluncurkan products, in 2018 ANTAM launched the latest design and
desain dan kemasan terbaru produk ANTAM-Logam Mulia packaging of ANTAM-Logam Mulia products (ANTAM-
(ANTAM-LM). Kemasan baru ini memiliki dimensi produk LM). This new packaging has a larger product dimension
lebih besar dan dikemas dengan teknologi certicard and is packaged with certicard technology to provide
/!$%*##)!)!.%'*ü01.'!)**!.(,%/ċ layered security features.
Indeks Kepuasan Pelanggan

Customer Satisfaction Index
%
84,08
82,70 82,65
2016 2017 2018
ANTAM Senantiasa Memperhatikan Kualitas Produk

yang Dihasilkan Guna Mencapai Kepuasan Pelanggan
ANTAM Have a Solid Commitment to Deliver
a Good Quality Product to Meet Customer Satisfaction
Sesuai dengan visi menjadi korporasi global terkemuka, In accordance with the vision of becoming a leading global
pelanggan ANTAM tersebar dalam pasar domestik dan corporation, ANTAM’s customers are spread in domestic as
manca negara seperti Tiongkok, Taiwan, India, Korea well as foreign markets such as China, Taiwan, India, South
Selatan, Jepang dan Ukraina dan Singapura. Setiap negara Korea, Japan, Ukraine and Singapore. Each country has a
memiliki segmentasi produk yang berbeda, sesuai dengan %û!.!*0 ,.+ 10 /!#)!*00%+*Č %* (%*! 3%0$ !$ ).'!0
karakteristik pasar. Untuk menjaga kepuasan pelanggan, characteristic. To maintain customer satisfaction, ANTAM
ANTAM melakukan survei berkala dalam rangka melihat conducts periodic surveys in order to understand the level
tingkat kepuasan pelanggan. Hasil survei pada tahun 2018 of customer satisfaction. In 2018, the survey results of the
menunjukan tingkat kepuasan pelanggan base metals level of base metals Customer Satisfaction Index (CSI)
(Customer Satisfaction Index atau CSI) mencapai 84,08%. reached 84.08%.

PELAKSANAAN TANGGUNG JAWAB SOSIAL & IMPLEMENTATION OF SOCIAL &

LINGKUNGAN TERKAIT PENGEMBANGAN SOSIAL ENVIRONMENTAL RESPONSIBILITIES RELATED
& KEMASYARAKATAN TO SOCIAL & COMMUNITY DEVELOPMENT
Tanggung jawab sosial dan kemasyarakatan ANTAM The implementation of ANTAM’s social responsibility is
dilaksanakan melalui Program Pengembangan Masyarakat .!ý!0! %* 0$! 1/0%*(! ƫ+))1*%05 !2!(+,)!*0
Berkelanjutan (PPMB) yang terdiri atas Program Program (PPMB) which consists of Community
Community Development (Comdev), Program Kemitraan Development (Comdev) Program, Partnership and
dan Bina Lingkungan (PKBL) dan Pascatambang. Community Stewardship Program (PKBL) and Postmining
program.
ANTAM mengkategorikan tingkat kedalaman hubungan ANTAM categorizes the level of community engagement
atau pelibatan masyarakat (community engagement and & involvement in the implementation of the Sustainable
involvement) pada pelaksanaan Program Pengembangan Community Development Program in 3 categories, namely:
Masyarakat Berkelanjutan (PPMB) dalam 3 kategori, yaitu: 1. Community Relations
1. Community Relations 2. Community Services
2. Community Services 3. Community Empowerment
3. Community Empowerment
Komponen program Comdev dalam pelaksanaannya dapat In its implementation, the components of the Comdev
mengarah pada Community Relations, Community Services program may lead to Community Relations, Community
dan Community Empowerment. Sementara program Services, and Community Empowerment. While the
pengembangan masyarakat pascatambang, sesuai dengan postmining community development program, in
tujuannya diarahkan pada program Community Services accordance with its objectives is directed at Community
dan Community Empowerment. Services and Community Empowerment programs.
Sedangkan PKBL yang dibagi menjadi dua subkomponen, While PKBL is divided into two subcomponents, namely
yaitu Program Kemitraan (PK) dan Bina Lingkungan Partnership Program (PK) and Community stewardship
(BL). Subkomponen program PK diarahkan sepenuhnya (BL). The PK program subcomponents are directed
untuk Community Empowerment, sedangkan program towards Community Empowerment, while the BL program
BL difokuskan pada Community Services dan Community is focused on Community Services and Community
Empowerment. Empowerment.
CSR Master Plan ANTAM 2015 – 2019 ANTAM 2015 - 2019 CSR MASTER PLAN
Master Plan CSR ANTAM 2015-2019 ditetapkan sebagai ANTAM’s 2015-2019 CSR Master Plan was established as
strategi keberlanjutan dalam merealisasikan program CSR a sustainable strategy in realizing ANTAM’s CSR program.
ANTAM. Dengan demikian pelaksanaan program CSR The goal is to ensure the implementation of ANTAM’s CSR
ANTAM akan semakin terarah, terukur dan terkonsolidasi program to be convergent, measurable and consolidated.
dengan baik.
Setiap daerah operasi memiliki keunikan, kebutuhan dan $ +,!.0%*# .! $/ 1*%-1!*!//Č %û!.!*0 /+%(Č
aset sosial, ekonomi, dan budaya yang berbeda-beda, economic and cultural needs and assets, for which each
untuk itu setiap daerah operasi memiliki CSR Master Plan operating area has a unique CSR Master Plan and is tailored
yang unik dan disesuaikan dengan kebutuhan, potensi to the needs, regional potential, and local community
daerah, serta karakteristik masyarakat masing-masing characteristics of each area. The CSR Master Plan for each
area. CSR Master Plan masing-masing area operasional of these operational areas complements the plans listed in
ini melengkapi perencanaan yang tercantum dalam CSR the CSR Master Plan at the corporate level.
Master Plan di tingkat korporasi.

Di tahun 2018, CSR Master Plan ANTAM telah mencakup In 2018, ANTAM’s CSR Master Plan covered and was
dan dilaksanakan di lima unit bisnis dan Kantor Pusat, yakni: %),(!)!*0! %* "+1. 1/%*!// 1*%0/ * 0$! ! þ!Č
1. UBP Emas namely:
2. UBP Nikel Sulawesi Tenggara 1. Gold Mining Business Unit
3. UBP Nikel Maluku Utara 2. Southeast Sulawesi Nickel Mining Business Unit
4. UBP Bauksit 3. North Maluku Nickel Mining Business Unit
5. Kantor Pusat 4. Bauxite Mining Business Unit
Ćċ ƵƵ ! þ!
Program Pengembangan Masyarakat Community Development Program

Program Community Development (Comdev) mengacu The Community Development (Comdev) Program refers to
pada Peraturan Menteri Energi dan Sumber Daya Mineral the Minister of Energy and Mineral Resources Regulation
No. 41 Tahun 2016 tentang Pengembangan dan No.41/2016 on Community Development and Empowerment
Pemberdayaan Masyarakat pada Kegiatan Usaha in Mineral and Coal Mining Business Activities.
Pertambangan Mineral dan Batubara.
Pada tahun 2018 program Comdev disalurkan untuk In 2018 the Comdev program was channeled to 6 aid
6 sektor bantuan telah terealisasi sejumlah Rp118,67 miliar sectors which had been realized to the amount of Rp118,67
yang mayoritas disalurkan untuk masyarakat di wilayah miliar, the majority of which was channeled to communities
operasi Perusahaan. in the Company’s operational areas.
Comdev memiliki Program Peningkatan Kesejahteraan Comdev has a Community Economic Social Welfare
Sosial Ekonomi Masyarakat yang terbagi dalam beberapa ),.+2!)!*0.+#.)3$%$%/ %2% ! %*0+/!2!.(ü!( /
bidang yang sesuai dengan Master Plan CSR ANTAM 2015- in accordance with the 2015-2019 ANTAM CSR Master
2019, antara lain: Plan, including:
• Pendidikan • Education
• Kesehatan • Health
• Ekonomi Lokal • Local Economy
• Sosial Budaya • Socio-cultural
• Konservasi dan Rehabilitasi Lingkungan • Environmental Conservation and Rehabilitation
• Penguatan Kapasitas Kelembagaan • Strengthening Institutional Capacity
Dalam menentukan program Peningkatan Kesejahteraan In determining the program for Enhancing Community
Sosial Ekonomi Masyarakat, ANTAM selalu melibatkan Social Welfare, ANTAM always engaged stakeholders
pemangku kepentingan dalam merumuskan arah strategis in formulating the company’s strategic direction for
perusahaan untuk pengembangan masyarakat seperti community development as stated in the core subject of
yang tertuang dalam subyek inti ISO 26000. ISO 26000.
Program Kemitraan ANTAM untuk Mendukung Pengembangan Ekonomi Masyarakat

ANTAM Partnership Program Have Aim to Support the Community Economic Development

Bidang Pendidikan Education

Pemenuhan kebutuhan dasar bidang pendidikan senantiasa 1(ü((%*# 0$! /% *!! / %* ! 10%+* $/ (35/ !!*
menjadi salah satu perhatian utama program CSR ANTAM one of the main concerns of ANTAM’s CSR program,
mengingat pendidikan adalah komponen strategis untuk considering that education is a strategic component
membangun berbagai aspek kehidupan masyarakat dan to building various aspects of people’s lives and is able
mampu mempengaruhi perilaku ekonomi, sosial, budaya, 0+ %*ý1!*! 0$! !+*+)%Č /+%(Č 1(01.(Č * 1(01.(
dan adat istiadat masyarakat. customs of the community.
Secara konsisten ANTAM memberikan beasiswa bantuan ANTAM regularly provides scholarships for tuition fees,
biaya studi, bantuan akhir studi serta bantuan biaya thesis support and supporting fees assistance for selected
penunjang bagi para siswa/mahasiswa terpilih yang students who are pursuing basic, secondary, tertiary
tengah menempuh jenjang pendidikan dasar, menengah, education or doctoral studies.
perguruan tinggi hingga studi doktoral.
Bidang Kesehatan Health

Sebagai rangkaian perayaan Hari Ulang Tahun ANTAM In conjunction to ANTAM’s 50th Anniversary celebrations,
ke-50, dilaksanakan bakti sosial berupa khitanan massal social services were held in the form of mass circumcisions
terhadap 160 anak serta operasi katarak terhadap 45 orang of 160 children and cataract surgeries on 45 people in
di beberapa wilayah operasi dan Kantor Pusat. ANTAM juga /!2!.(+,!.0%*#.!/* 0$!! þ!ċƵƵ 3/
hadir membantu pembangunan Pos Pelayanan Terpadu also present to assist in the construction of an Integrated
(Posyandu) di 4 kampung di Kecamatan Nanggung, Bogor Service Post (Posyandu) in 4 villages in Nanggung
dan di 2 desa di Kecamatan Kota Maba, Halmahera Timur. District, Bogor and in 2 villages in Kota Maba District, East
Halmahera.
Bidang Pengembangan Ekonomi Lokal Local Economic Development

Melalui social mapping dan pemetaan terhadap kebutuhan Through social mapping and mapping of the needs and
dan aset yang dimiliki oleh masyarakat, ANTAM bersama assets of the community, ANTAM and the community
masyarakat dan pemangku kepentingan merumuskan and stakeholders formulated a program that was in line
program yang sesuai dengan sumber daya tersedia with the available resources to consistently promote the
untuk secara konsisten bersama-sama mendorong development of the local economy of the community.
pengembangan ekonomi lokal masyarakat.
ANTAM melakukan program inkubator usaha sesuai dengan ANTAM conducted business incubator programs in
potensi lokal yang dimiliki masyarakat pada masing-masing accordance with the potential of the local community
Unit/Unit Bisnis. Diharapkan dengan adanya program ini in each Business Unit/Unit. It is expected that with this
masyarakat mulai mampu menggerakkan usaha secara program the community will be able to further grow their
mandiri. businesses independently.
Pada 4 unit bisnis utama yaitu UBP Nikel Sulawesi In ANTAM’s business units, namely Southeast Sulawesi
Tenggara, UBP Nikel Maluku Utara, UBP Emas dan UBP Nickel Mining Business Unit, North Maluku Nickel Mining
Bauksit ANTAM menginisiasi program inkubator usaha Business Unit, Gold Mining Business Unit and Bauxite
sesuai dengan potensi lokal yang dimiliki oleh masyarakat. Mining Business Unit, the Company initiated a business
Program ini bertujuan memunculkan sumber-sumber incubator program inherent with the local’s potentials of
ekonomi baru di luar pertambangan pada saat sumberdaya resources. The program aims to generate new economic
mineral di wilayah tersebut telah habis cadangannya. non-mining sector when the mineral reserve in the area
have depleted.
Beberapa inkubator usaha baru yang dikembangkan pada A number of new business incubators developed in 2018
2018 adalah budidaya ayam pedaging metode closed were closed-house chicken farming in Pongkor and Etawa
house di Pongkor dan budidaya ternak kambing Peranakan breed goat farming in Pomalaa.
Ettawa (PE) di Pomalaa.

Bidang Pelestarian Nilai-Nilai Sosial Budaya Civil Society Cultural Values Preservation
Masayarkat
Pelestarian sosial budaya merupakan bagian penting Preservation of socio-culture value is an important part of
dari program pengembangan masyarakat. ANTAM selalu community development programs. ANTAM always puts
mengedepankan pendekatan yang konstruktif dengan para forward a constructive approach with stakeholders so as to
pemangku kepentingan sehingga menciptakan kondisi create a conducive social climate and create a good socio-
iklim sosial yang kondusif dan menciptakan tatanan sosial cultural order around the operational area.
budaya yang baik di sekitar wilayah operasional.
Komitmen ini diwujudkan antara lain dengan mendukung This commitment was realized, among others, by
kegiatan pelestarian adat budaya Suku Togutil di Halmahera supporting the preservation of the Togutil Tribe cultural
melalui bakti sosial pembangunan 2 unit rumah panggung, customs in Halmahera through a social service for the
bantuan sembako, bantuan pakaian layak pakai, pemberian construction of 2 houses on stilts, basic food aid, hand-me-
bibit tanaman pala, kelapa dan kacang bagi masyarakat down clothes donation, and nutmeg, coconut and peanut
adat Togutil. seedlings distribution to the Togutil indigenous people.
Sementara di Tayan, Kalimantan Barat dimulai program Meanwhile in Tayan, West Kalimantan, the M’Batik
M’Batik Masterclass untuk menumbuhkan kecintaan Masterclass program began to foster a love for the art of
terhadap seni membatik sekaligus menciptakan motif- batik while creating regional batik motifs. This activity was
motif batik khas daerah. Kegiatan ini diikuti 47 orang ibu attended by 47 housewives with written batik techniques,
rumah tangga dengan teknik batik tulis, batik cap, dan printed batik, and written combination batik. The future
batik kombinasi tulis. Target ke depan program dilanjutkan target of the program is continued with production
dengan kelas persiapan produksi dan juga kepesertaan preparation classes as well as participation in national-level
pada festival budaya tingkat nasional. cultural festivals.
Bidang Konservasi dan Rehabilitasi Lingkungan Environmental Conservation and Rehabilitation

Menyadari bahwa kegiatan pertambangan akan berdampak Recognizing that mining activities will have an impact on
0!.$ ,!*0*#())1,1*ý+. *"1* %/!'%0. 0$!(* /,!* ý+.* "1*.+1* 0$!+,!.0%+*(
wilayah operasional, ANTAM selalu mengedepankan Good area, ANTAM always prioritizes Good Mining Practice and
Mining Practice dan melakukan berbagai inisiatif dan carries out various initiatives and conservation programs in
program pelestarian di bidang lingkungan. 0$!!*2%.+*)!*0(ü!( ċ
Salah satunya program rehabilitasi lingkungan adalah One of the environmental rehabilitation programs was
penyelamatan mata air di Kampung Cibuluh, Bogor the rescue of springs in Cibuluh village, Bogor, which aims
yang bertujuan mendorong percepatan Cibuluh sebagai to encourage the acceleration of Cibuluh as a tourism
kampung wisata yang ramah lingkungan dan berbasis village that is environmentally friendly and based on local
potensi lokal. potential.
Di kampung Ciguha, Bogor, ANTAM bersama pemangku In the village of Ciguha, Bogor, ANTAM together with
kepentingan menginiasi program sarana air bersih berbasis stakeholders initiated the Pansimas-based clean water
Pansimas (Penyediaan Air Minum dan Sanitasi Berbasis facility (Community-based Water Supply and Sanitation)
Masyarakat) sebagai solusi keterbatasan air bersih di Ciguha program as a solution to the limitations of clean water in
yang merupakan kawasan enclave UBP Emas. Tahapan Ciguha which Gold Mining Business Unit enclave area. The
kontruksi sarana air bersih sudah selesai dengan pengguna stages of construction of clean water facilities have been
air bersih 225 KK (700 orang) dan 3 sarana umum. completed with users of clean water 225 families (700
Atas program ini, UBP Emas memperoleh penghargaan people) and 3 public facilities. For this program, UBPP Gold
pencapaian SDG’s poin nomor 1 (Tanpa Kemiskinan) dari Mining Business Unit won the achievement of SDG’s point
ajang Indonesian Sustainable Development Goals Award number 1 (Without Poverty) from the 2018 Indonesian
(ISDA) 2018 dengan kategori Gold. Sustainable Development Goals Award (ISDA) in the Gold
category.

Program Kemitraan Partnership Program

Program Kemitraan difokuskan untuk pengembangan The Partnership Program (PK) is focused on the development
Usaha Mikro dan Kecil (UMK) yang dimulai dari pemberian of Micro and Small Enterprises (MSEs), which starts from
pinjaman modal usaha dengan biaya administrasi ringan providing business capital loans with light administration
dan disertai dengan pendampingan dan pembinaan. costs accompanied by assistance and guidance. Then micro
Kemudian para pengusaha mikro dan kecil yang ikut serta and small entrepreneurs who participate in the Partnership
dalam Program Kemitraan disebut Mitra Binaan. Program are called Foster Partners.
Melalui PK, ANTAM berupaya mendorong pertumbuhan Through PK program, ANTAM encourage for growth of the
kegiatan ekonomi masyarakat di sekitar daerah operasi communities’ economic activities in surround operation
melalui penyaluran dana program pemitraan dalam bentuk: area by delivering the partnership program funds in the
forms of:
• Pemberian pinjam modal dengan syarat lunak yang • Capital lending with soft terms, used for business
dipergunakan untuk pengembangan usaha. development.
• Pembinaan kewirausahaan melalui pendidikan dan • Entrepreneurship development through training,
pelatihan, pendampingan usaha, pengembangan pasar business assistance, market development and
dan promosi melalui pameran. promotion through exhibitions activities.
Pada tahun realisasi penyaluran dana Program Kemitraan In 2018, the realization of the Partnership Program funds
mencapai Rp22,61 miliar yang terdiri dari Rp20,62 miliar distribution reached Rp22,61 billion, consisting of Rp20.62
untuk pinjaman mitra binaan dan Rp1,99 miliar untuk billion for loans to fostered partners and Rp1,99 billion for
pembinaan mitra binaan. the fostering program.
Penyaluran pinjaman disalurkan kepada 583 Mitra Binaan Loan disbursement was channeled to 583 Fostered
yang disalurkan secara langsung oleh seluruh Unit/Unit Partners who are channeled directly by ANTAM’s Business
Bisnis ANTAM serta melalui skema kerja sama dengan Units/Units and through cooperation schemes with other
BUMN Pembina lain. Akumulasi mitra binaan sampai Foster SOEs. The number of fostered partners until the end
dengan akhir tahun 2018 mencapai 40.912 Mitra Binaan of 2018 has reached 40,912 fostered partners (including
(termasuk dengan penyaluran BUMN Pembina Lain pada the distribution of other Foster SOEs in previous years).
tahun-tahun sebelumnya).
Dana PK disalurkan ke 7 sektor yaitu sektor industri, Partnership Program funds were channeled to 7 sectors,
perdagangan, pertanian, peternakan, perkebunan, namely the industrial sector, trade, agriculture, livestock,
perikanan dan jasa. ANTAM berfokus pada pengembangan ,(*00%+*/Č ü/$!.%!/ * /!.2%!/ċ ƵƵ "+1/! +*
kluster-kluster usaha, untuk mendapatkan dampak positif developing business clusters, to get a positive impact that
5*#)!(%,10%!ü/%!*/%,!*#3/*Č'!)1 $*'++. %*/% %*(1 !/0$!!þ%!*5+"/1,!.2%/%+*Č!/!+"++. %*0%+*
dan komunikasi dengan mitra binaan. and communication with fostered partners.

Program Kemitraan ANTAM di Halmahera Timur, Maluku Utara

ANTAM Partnership Program in East Halmahera, North Maluku
Program Bina Lingkungan Community Stewardship Program

Program Bina Lingkungan (BL) adalah program The Community stewardship Program (BL) is a community
pemberdayaan kondisi sosial masyarakat oleh BUMN yang based social empowerment program by SOEs that is
disalurkan untuk 7 sektor bantuan dan tahun 2018 telah distributed to 7 aid sectors, and in 2018, as much as
terealisasi sebesar Rp1,02 miliar yang mayoritas disalurkan Rp1.02 billion has been realized, mostly to communities in
untuk masyarakat di wilayah operasi Perusahaan dan the surround operating areas.
korban bencana alam di berbagai wilayah Indonesia.
ANTAM turut serta dalam membantu korban bencana In 2018, ANTAM participated in assisting disaster victims by
dengan memberikan dukungan moril dan materill melalui providing a moral and material support through logistical
bantuan logistik dan peralatan serta menugaskan tim and equipment assistance and assigning Emergency
Emergency Response Group (ERG) ke wilayah yang terkena !/,+*/! .+1, Ĩĩ 0!)/ 0+ %//0!.ġû!0! .!/
dampak bencana di Lombok, Palu, dan Banten. “ANTAM in Lombok, Palu and Banten. “ANTAM Peduli” campaign
Peduli” untuk korban bencana alam juga disalurkan selama for victims of natural disasters was also support to assist a
tahun 2018 antara lain untuk membantu korban longsor di 2%0%)/+"(* /(% !/%*ǫ*&.*!#.Č+2!.ý+3%*#ý++ /+"
Banjarnegara, banjir luapan sungai Ciliwung di Jagakarsa, the Ciliwung river in Jagakarsa, South Jakarta and natural
Jakarta Selatan dan bantuan bencana alam di Klaten, Jawa disaster relief in Klaten, Central Java.
Tengah.

Laporan
Keuangan
Konsolidasi
Consolidated Financial Statements

dan Entitas Anak/and Subsidiaries
31 Desember 2018 dan 2017

December 31, 2018 and 2017

602 Laporan Dewan Komisaris dan Direksi
L .+ü(!.1/$* Analisis & Pembahasan Manajemen
Re
eport from the Board of Commissioners ƫ+.,+.0!.+ü(! Management Discussion & Analysis


Re


Re
and the Board of Directors PT ANEKA TAMBANG TBK
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 1/1 Schedule
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN FINANCIAL POSITION
31 DESEMBER 2018 DAN 2017 DECEMBER 31, 2018 AND 2017
(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain) (Expressed in thousands of Rupiah, unless otherwise stated)
Catatan/
Notes 2018 2017
ASET ASSETS
ASET LANCAR CURRENT ASSETS

Kas dan setara kas 5 4,299,068,085 5,550,677,020 Cash and cash equivalents
Piutang usaha, bersih 6 Trade receivables, net
- Pihak ketiga 922,789,874 969,035,598 Third parties -
- Pihak berelasi 1,105,746 2,132,558 Related parties -
Piutang lain-lain, bersih 8 51,014,028 406,181,959 Other receivables, net
Persediaan, bersih 7 2,027,731,541 1,257,785,082 Inventories, net
Pajak dibayar di muka Prepaid taxes
- Pajak lain-lain 17a 1,083,998,624 504,991,958 Other taxes -
Biaya dibayar di muka 24,226,763 88,645,395 Prepaid expenses
Aset lancar lain-lain 88,507,975 222,489,185 Other current assets
Jumlah aset lancar 8,498,442,636 9,001,938,755 Total current assets
ASET TIDAK LANCAR NON-CURRENT ASSETS

Kas yang dibatasi penggunaannya 9 108,355,869 21,570,067 Restricted cash
Piutang lain-lain, bersih Other receivables, net
- Pihak ketiga 8 455,070,658 389,426,081 Third party -
- Pihak berelasi 31 - 1,421,481,050 Related parties -
Piutang derivatif 4,363,484 - Derivative receivable
Investasi pada entitas asosiasi, bersih 10a 1,097,162,918 1,690,633,406 Investments in associates, net
Investasi pada ventura bersama 10b - 835,350,024 Investment in a joint venture
Aset tetap, bersih 11 20,128,155,732 14,092,994,799 Property, plant and equipment, net
Properti pertambangan, bersih 12 868,955,970 933,832,021 Mining properties, net
Aset eksplorasi dan evaluasi 13 670,169,961 665,322,451 Exploration and evaluation assets
Biaya tangguhan 100,095,911 25,463,937 Deferred charges
- Pajak penghasilan badan 17a 507,008,558 247,306,564 Corporate income taxes -
Goodwill 14 101,759,427 101,759,427 Goodwill
Aset pajak tangguhan 17d 220,095,687 306,609,010 Deferred tax assets
Aset tidak lancar lain-lain 546,753,996 280,585,860 Other non-current assets
Jumlah aset tidak lancar 24,807,948,171 21,012,334,697 Total non-current assets
JUMLAH ASET 33,306,390,807 30,014,273,452 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian merupakan bagian The accompanying notes to the consolidated financial statements
yang tidak terpisahkan dari laporan keuangan konsolidasian form an integral part of these consolidated financial statements

PT ANEKA TAMBANG TBK

Catatan/
Notes 2018 2017
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha 15 Trade payables
- Pihak ketiga 429,241,388 327,219,276 Third parties -
- Pihak berelasi 728,749,573 479,165,925 Related parties -
Beban akrual 16 756,944,297 388,295,108 Accrued expenses
Liabilitas imbalan karyawan Short-term employee
jangka pendek 118,518,440 27,736,785 benefit liabilities
Uang muka pelanggan 317,082,067 115,294,680 Advances from customers
Liabilitas derivatif 2,620,644 - Derivative liability
Utang pajak 17b Taxes payable
- Pajak penghasilan badan 8,405,083 162,486 Corporate income taxes -
- Pajak lain-lain 115,414,183 36,106,464 Other taxes -
Pinjaman bank jangka pendek 18 1,452,000,000 2,715,620,000 Short-term bank loans
Utang obligasi yang jatuh tempo Current maturities of
dalam satu tahun 19 - 899,594,174 bonds payable
Pinjaman investasi yang jatuh tempo Current maturities of
dalam satu tahun 20 1,121,605,386 486,103,998 investment loans
Provisi atas pengelolaan dan Current maturities of provision
reklamasi lingkungan hidup yang for environmental and
jatuh tempo dalam satu tahun 21 25,909,091 17,508,398 reclamation costs
Utang lain-lain 23 435,253,992 59,654,341 Other payables
Jumlah liabilitas jangka pendek 5,511,744,144 5,552,461,635 Total current liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang obligasi, setelah dikurangi
bagian yang jatuh tempo dalam Bonds payable,
satu tahun 19 2,097,852,666 2,097,246,586 net of current maturities
Pinjaman investasi, setelah dikurangi
bagian yang jatuh tempo dalam Investment loans,
satu tahun 20 5,249,741,153 3,200,350,554 net of current maturities
Provisi atas pengelolaan dan
reklamasi lingkungan hidup, Provision for environmental
setelah dikurangi bagian yang and reclamation costs,
jatuh tempo dalam satu tahun 21 277,340,285 258,351,652 net of current maturities
Kewajiban pensiun dan Pension and other
imbalan pascakerja lainnya 30 412,301,501 411,697,465 post-retirement obligations
Liabilitas jangka panjang lainnya 18,180,335 3,762,043 Other non-current liabilities
Jumlah liabilitas jangka panjang 8,055,415,940 5,971,408,300 Total non-current liabilities
JUMLAH LIABILITAS 13,567,160,084 11,523,869,935 TOTAL LIABILITIES

Re

Catatan/
Notes 2018 2017
EKUITAS EQUITY
EKUITAS YANG DAPAT

DIATRIBUSIKAN KEPADA EQUITY ATTRIBUTABLE
PEMILIK ENTITAS INDUK TO OWNERS OF THE PARENT
Modal saham Share capital
Modal dasar - 1 saham preferen Authorised capital - 1 preferred
seri A Dwiwarna dan series A Dwiwarna share and
37.999.999.999 saham biasa 37,999,999,999 series B ordinary
seri B; Modal ditempatkan dan shares; Issued and fully paid capital
disetor penuh - 1 saham preferen - 1 preferred series A Dwiwarna
seri A Dwiwarna dan share and 24,030,764,724
24.030.764.724 saham biasa series B ordinary shares
seri B dengan nilai nominal with a par value of Rp100
Rp100 (nilai penuh) per saham 22 2,403,076,473 2,403,076,473 (full amount) per share
Tambahan modal disetor 22 3,934,833,124 3,934,833,124 Additional paid-in capital
Komponen ekuitas lainnya: Other equity components:
Selisih kurs karena penjabaran Difference in foreign
laporan keuangan 54,944,998 56,100,179 currency translation
Surplus revaluasi aset 2,755,178,114 2,330,655,281 Asset revaluation surplus
Saldo laba: Retained earnings:
Yang telah ditentukan
penggunaannya 9,113,209,777 11,613,209,777 Appropriated
Yang belum ditentukan
penggunaannya 1,477,969,267 (1,847,488,724) Unappropriated
Jumlah ekuitas yang dapat

diatribusikan kepada pemilik Total equity attributable to
entitas induk 19,739,211,753 18,490,386,110 owners of the parent
Kepentingan nonpengendali 40 18,970 17,407 Non-controlling interests
JUMLAH EKUITAS 19,739,230,723 18,490,403,517 TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 33,306,390,807 30,014,273,452 TOTAL LIABILITIES AND EQUITY

LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
Catatan/
Notes 2018 2017
PENJUALAN 25 25,241,268,367 12,653,619,205 SALES
BEBAN POKOK PENJUALAN 26 (21,764,832,184) (11,009,726,759) COST OF GOODS SOLD
LABA KOTOR 3,476,436,183 1,643,892,446 GROSS PROFIT
BEBAN USAHA OPERATING EXPENSES

Umum dan administrasi 27 (1,091,989,469) (794,369,050) General and administrative
Penjualan dan pemasaran 27 (531,717,863) (248,917,078) Selling and marketing
Jumlah beban usaha (1,623,707,332) (1,043,286,128) Total operating expenses
LABA USAHA 1,852,728,851 600,606,318 OPERATING PROFIT
(BEBAN)/PENGHASILAN LAIN-LAIN OTHER (EXPENSES)/INCOME

Bagian kerugian entitas asosiasi Share of loss of associates
dan ventura bersama 10 (520,228,547) (488,268,854) and joint venture
Pendapatan keuangan 28 163,547,193 259,842,315 Finance income
Beban keuangan 28 (554,331,857) (607,685,684) Finance costs
Penghasilan lain-lain, bersih 29 323,786,166 689,902,429 Other income, net
(Beban)/penghasilan lain-lain, bersih (587,227,045) (146,209,794) Other (expenses)/income, net
LABA SEBELUM PAJAK PENGHASILAN 1,265,501,806 454,396,524 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan 17c (391,075,213) (317,893,255) Income tax expense
LABA TAHUN BERJALAN 874,426,593 136,503,269 PROFIT FOR THE YEAR
PENGHASILAN/(RUGI) OTHER COMPREHENSIVE

KOMPREHENSIF LAIN INCOME/(LOSS)
Pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi: to profit or loss:
- Kenaikan nilai tanah dari revaluasi 11 424,522,833 - Increase on land from revaluation -
- Pengukuran kembali kewajiban Remeasurement of pensions and -
pensiun dan pascakerja lainnya 30 (5,209,400) (44,541,782) other post-retirement obligations
- Dampak pajak pengukuran Tax effect on remeasurement -
kembali kewajiban pensiun of pensions and other
dan pascakerja lainnya 17d 1,302,350 11,135,445 post-retirement obligations
- Bagian penghasilan komprehensif Share of other comprehensive -
lain dari entitas asosiasi dan income of associates and
ventura bersama - pengukuran joint venture - remeasurement
kembali kewajiban pensiun dan of pensions and other
pascakerja lainnya 10 2,717,385 1,446,339 post-retirement obligation
423,333,168 (31,959,998)
Pos yang akan direklasifikasi Items that will be reclassified

ke laba rugi: to profit or loss:
- Bagian rugi komprehensif lain dari entitas Share of other comprehensive -
entitas asosiasi dan ventura bersama - loss of associates and joint
selisih kurs karena penjabaran venture - difference in foreign
laporan keuangan 10 (1,155,181) (22,935,327) currency translation
PENGHASILAN/(RUGI) KOMPREHENSIF OTHER COMPREHENSIVE

LAIN, SETELAH PAJAK 422,177,987 (54,895,325) INCOME/(LOSS), NET OF TAX
JUMLAH PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 1,296,604,580 81,607,944 FOR THE YEAR

Re
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
Catatan/
Notes 2018 2017
LABA TAHUN BERJALAN YANG PROFIT FOR THE YEAR

DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 874,425,030 136,506,782 Owners of the parent
Kepentingan nonpengendali 40 1,563 (3,513) Non-controlling interests
874,426,593 136,503,269
JUMLAH PENGHASILAN
KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE INCOME
BERJALAN YANG DAPAT FOR THE YEAR
DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 1,296,603,017 81,611,457 Owners of the parent
Kepentingan nonpengendali 40 1,563 (3,513) Non-controlling interests
1,296,604,580 81,607,944
LABA BERSIH PER SAHAM DASAR BASIC AND DILUTED EARNINGS

DAN DILUSIAN YANG DAPAT PER SHARE ATTRIBUTABLE
DIATRIBUSIKAN KEPADA PEMILIK TO OWNERS OF THE PARENT
ENTITAS INDUK (NILAI PENUH) 32 36.39 5.68 (FULL AMOUNT)

Good Corporate Governance

Tata Kelola Perusahaan
Lampiran 3 Schedule
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2018 DAN 2017 FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017
Diatribusikan kepada pemilik entitas induk/Attributable to owners of the parent

Selisih kurs
Modal karena
ditempatkan Tambahan penjabaran Surplus
dan disetor modal laporan revaluasi Saldo laba/Retained earnings
penuh/ disetor/ keuangan/ aset/ Yang telah Yang belum Kepentingan
Issued and Additional Difference in Asset ditentukan ditentukan nonpengendali/
fully paid paid-in foreign currency revaluation penggunaannya/ penggunaannya/ Jumlah/ Non-controlling Jumlah ekuitas/
capital capital translation surplus Appropriated Unappropriated Total interest Total equity
Balance as at
Tanggung Jawab Sosial Perusahaan

Saldo per 1 Januari 2017 2,403,076,473 3,934,833,124 79,035,506 2,330,655,281 11,613,209,777 (1,952,035,508) 18,408,774,653 20,920 18,408,795,573 January 1, 2017

laporan keuangan - - (22,935,327) - - - (22,935,327) - (22,935,327) currency translation
Laba tahun berjalan - - - - - 136,506,782 136,506,782 (3,513) 136,503,269 Profit for the year
Penghasilan komprehensif lain, Other comprehensive
setelah pajak: income, net of tax:
Bagian penghasilan Share of other
komprehensif lain comprehensive income
dari entitas asosiasi from associates
dan ventura bersama - - - - - 1,446,339 1,446,339 - 1,446,339 and joint venture
Pengukuran kembali Remeasurements of pensions
kewajiban pensiun dan and other post-retirement
pascakerja lainnya - - - - - (33,406,337) (33,406,337) - (33,406,337) obligations
Balance as at
Saldo per 31 Desember 2017 2,403,076,473 3,934,833,124 56,100,179 2,330,655,281 11,613,209,777 (1,847,488,724) 18,490,386,110 17,407 18,490,403,517 December 31, 2017

laporan keuangan - - (1,155,181) - - - (1,155,181) - (1,155,181) currency translation
Laba tahun berjalan - - - - - 874,425,030 874,425,030 1,563 874,426,593 Profit for the year
Dividen - - - - - (47,777,374) (47,777,374) - (47,777,374) Dividend
Reklasifikasi saldo laba yang telah Reclassification of appropriated
ditentukan pengunaannya - - - - (2,500,000,000) 2,500,000,000 - - - retained earnings

Penghasilan komprehensif lain, Other comprehensive
setelah pajak: income, net of tax:
Laporan Keuangan Konsolidasi

Revaluasi tanah - - - 424,522,833 - - 424,522,833 - 424,522,833 Land revaluation

Bagian penghasilan Share of other
komprehensif lain comprehensive income
dari entitas asosiasi from associates
dan ventura bersama - - - - - 2,717,385 2,717,385 - 2,717,385 and joint venture
Pengukuran kembali Remeasurements of pensions
kewajiban pensiun dan and other post-retirement
pascakerja lainnya - - - - - (3,907,050) (3,907,050) - (3,907,050) obligations
Balance as at
Saldo per 31 Desember 2018 2,403,076,473 3,934,833,124 54,944,998 2,755,178,114 9,113,209,777 1,477,969,267 19,739,211,753 18,970 19,739,230,723 December 31, 2018
611
Re
Lampiran 4 Schedule
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS

2018 2017
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES
Penerimaan dari pelanggan 25,547,387,115 12,239,306,888 Cash receipts from customers
Penerimaan bunga 165,630,043 262,588,507 Cash receipts from interest income
Pembayaran kepada pemasok (21,393,706,262) (9,772,810,344) Payments to suppliers
Pembayaran kepada komisaris, Payments to commissioners,
direksi dan karyawan (1,224,228,892) (916,259,496) directors and employees
Pembayaran pajak penghasilan badan (551,348,245) (195,949,984) Payments of corporate income tax
Pembayaran pajak dan retribusi (312,762,511) (174,112,420) Payments of tax and retribution
Penerimaan kas dari restitusi pajak 98,808,309 142,445,749 Cash receipt from tax restitution
Penerimaan kas dari pajak lain-lain - 233,963,560 Cash receipt from other taxes
Pembayaran bunga (524,548,812) (484,229,818) Payments of interest
Penerimaan lain-lain, bersih 69,347,686 44,233,770 Other receipts, net
Arus kas bersih yang diperoleh dari Net cash provided from
aktivitas operasi 1,874,578,431 1,379,176,412 operating activities

INVESTASI INVESTING ACTIVITIES
Penerimaan dividen 219,692,558 171,944,592 Dividend receipt
Pembelian aset tetap (2,137,853,867) (2,321,508,104) Purchases of property, plant and equipment
Penerimaan dari Proceeds from sales of property,
penjualan aset tetap - 2,277,201 plant and equipment
Peningkatan investasi saham (80,051,000) (15,000,000) Increase in investment in shares
Divestasi saham 326,458,000 11,250,000 Divestment of shares
Pengeluaran aset eksplorasi Disbursements for exploration and
dan evaluasi (4,847,510) (3,081,983) evaluation assets
Pengeluaran properti pertambangan (1,416,126) (27,697,963) Disbursements for mining properties
Pengeluaran biaya tangguhan (18,917,895) (12,244,137) Disbursements for deferred charges
Pemberian pinjaman kepada entitas
ventura bersama (782,516,038) (696,500,963) Loan to a joint venture
Pengeluaran untuk aset tidak lancar lain-lain (368,850,000) - Disbursements for other non-current assets
Biaya transaksi terkait dengan Transaction costs relating to the
akuisisi entitas anak (30,028,420) - acquisition of subsidiary
Kas yang diperoleh dari akuisisi entitas anak 284,520,934 - Cash acquired from acquisition of subsidiary
Arus kas bersih yang digunakan Net cash used in

untuk aktivitas investasi (2,593,809,364) (2,890,561,357) investing activities

PENDANAAN FINANCING ACTIVITIES
Pembayaran dividen (47,777,374) - Payment of cash dividend
Pembayaran utang obligasi (900,000,000) - Repayment of bonds payable
Penerimaan pinjaman bank 6,222,198,569 4,665,000,000 Proceeds from bank loans
Pembayaran pinjaman bank (6,263,031,093) (5,233,358,413) Repayments of bank loans
Penerimaan dari utang lain-lain 368,850,000 - Receipts from other payables
Arus kas bersih yang digunakan untuk Net cash used in

aktivitas pendanaan (619,759,898) (568,358,413) financing activities
PENURUNAN BERSIH NET DECREASE IN

KAS DAN SETARA KAS (1,338,990,831) (2,079,743,358) CASH AND CASH EQUIVALENTS
EFFECT OF FOREIGN EXCHANGE

EFEK PERUBAHAN NILAI KURS RATE DIFFERENCES ON CASH
PADA KAS DAN SETARA KAS 87,381,896 7,034,940 AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AWAL TAHUN 5,550,677,020 7,623,385,438 AT THE BEGINNING OF THE YEAR
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AKHIR TAHUN 4,299,068,085 5,550,677,020 AT THE END OF THE YEAR
Lihat Catatan 37 untuk penyajian transaksi non-kas Grup. Refer to Note 37 for presentation of the Group’s non-cash
transactions.

CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED

KONSOLIDASIAN FINANCIAL STATEMENTS
1. INFORMASI UMUM 1. GENERAL INFORMATION
a. Pendirian dan informasi lainnya a. Establishment and other information
PT Aneka Tambang Tbk (“Perusahaan”) didirikan PT Aneka Tambang Tbk (the “Company”) was
dengan nama “Perusahaan Negara (“PN”) Aneka established as “Perusahaan Negara (“PN”)
Tambang” di Republik Indonesia pada tanggal 5 Aneka Tambang” in the Republic of Indonesia
Juli 1968 berdasarkan Peraturan Pemerintah on July 5, 1968, based on Government
(“PP”) No. 22 Tahun 1968. Pendirian tersebut Regulation (“GR”) No. 22 of 1968. The
diumumkan dalam Tambahan No. 36, Berita establishment was published in Supplement No.
Negara No. 56, tanggal 5 Juli 1968. Pada tanggal 36 of the State Gazette No. 56 dated July
14 September 1974, berdasarkan PP No. 26 5, 1968. On September 14, 1974, based on GR
Tahun 1974, status Perusahaan diubah dari PN No. 26 of 1974, the status of the Company was
menjadi Perusahaan Negara Perseroan Terbatas changed from a PN to a state-owned limited
(“Perusahaan Perseroan”) berdasarkan Akta liability company (“Perusahaan Perseroan”)
Pendirian No. 320 tanggal 30 Desember 1974. based on Deed of Incorporation No. 320 dated
Pada tanggal 29 November 2017, berdasarkan December 30, 1974. On November 29, 2017,
berita acara Rapat Umum Pemegang Saham based on the minutes of the Extraordinary
Luar Biasa (“RUPSLB”), status Perusahaan General Meeting of Shareholders (“EGMS”), the
diubah kembali menjadi perseroan terbatas dan status of the Company was changed to a limited
sejak saat itu dikenal sebagai “PT Aneka liability company and since then has been
Tambang”. known as “PT Aneka Tambang”.
Anggaran Dasar (“AD”) Perusahaan telah The Company’s Articles of Association (“AA”)
mengalami beberapa kali perubahan. Perubahan have been amended several times. The latest
yang terakhir pada tanggal 11 Mei 2018 amendment took place on May 11, 2018, in
sehubungan dengan, antara lain, perubahan AD relation to, among others, changes of AA
terkait penggunaan laba. Perubahan ini telah regarding changes in appropriation of earnings.
dinyatakan dalam Akta Notaris No. 33 tertanggal These changes were stated in Notarial Deed
11 Mei 2018 oleh Jose Dima Satria, S.H., M.Kn. No. 33 dated May 11, 2018, of Jose Dima
dan telah disetujui oleh Menteri Hukum dan Hak Satria, S.H., M.Kn. and were approved by the
Asasi Manusia Republik Indonesia berdasarkan Minister of Law and Human Rights of the
Surat Keputusan (“SK”) No. AHU-AH.01.03- Republic of Indonesia, based on Decision Letter
0212350 tanggal 5 Juni 2018. (“SK”) No. AHU-AH.01.03-0212350 dated June
5, 2018.
Berdasarkan Pasal 3 AD Perusahaan, maksud According to Article 3 of the Company’s AA, its
dan tujuan Perusahaan adalah berusaha dalam purpose and business objective consists of the
bidang pertambangan berbagai jenis bahan mining of natural deposits and also
galian, serta menjalankan usaha di bidang manufacturing, trading, transportation and other
manufaktur, perdagangan, pengangkutan dan mining-related services. The Company
jasa yang berkaitan dengan pertambangan. commenced its commercial operations on
Perusahaan mulai beroperasi secara komersial July 5, 1968.
pada tanggal 5 Juli 1968.
Pada tahun 1997, Perusahaan melakukan In 1997, the Company conducted an Initial Public
penawaran saham perdana kepada masyarakat Offering (“IPO”) of 430,769,000 shares or 35% of
sebanyak 430.769.000 saham yang merupakan its 1,230,769,000 issued and fully paid shares.
35% dari 1.230.769.000 saham ditempatkan dan The shares offered to the public during the IPO
disetor penuh. Penawaran saham kepada were listed on the former Jakarta Stock Exchange
masyarakat tersebut dicatat di Bursa Efek Jakarta and Surabaya Stock Exchange on November 27,
dan Bursa Efek Surabaya pada tanggal 27 1997. In 2008, these stock exchanges were
November 1997. Pada tahun 2008, kedua bursa merged to become the Indonesia Stock Exchange
tersebut digabung menjadi Bursa Efek Indonesia (“IDX”).
(“IDX”).

Re

1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
a. Pendirian dan informasi lainnya (lanjutan) a. Establishment and other information

(continued)
Pada tanggal 7 Oktober 2015, Perusahaan On October 7, 2015, the Company conducted a
melakukan Penawaran Umum Terbatas (“PUT I”) Limited Public Offering (the “Rights Issue”) to the
kepada para pemegang saham Perusahaan shareholders of the Company in the Framework
dalam rangka penerbitan Hak Memesan Efek of an Issuance of Preemptive Rights (“IPR”)
Terlebih Dahulu (“HMETD”) dimana Perusahaan where the Company offered up to 14,492,304,975
menawarkan sejumlah 14.492.304.975 saham newly issued Series B common shares with a par
biasa atas nama Seri B dengan nilai nominal value of Rp100 (full amount) per share or up to
Rp100 (nilai penuh) per saham atau sebanyak- 60% (sixty percent) of the Company’s issued and
banyaknya 60% (enam puluh persen) dari modal fully paid capital after the Rights Issue.
ditempatkan dan disetor penuh setelah PUT I.
Dalam PUT I tersebut, Pemerintah Republik During the Rights Issue, the Government of the
Indonesia melaksanakan seluruh HMETD-nya Republic of Indonesia exercised all of its
dan menyetorkan dana sebesar Rp3.494.820.000 Preemptive Rights and injected Rp3,494,820,000
untuk mendapatkan saham biasa Seri B sejumlah to obtain 9,420,000,000 Series B common
9.420.000.000 lembar. Sisa saham sejumlah shares. The remaining 5,072,304,975 shares
5.072.304.975 lembar telah diserap penuh oleh were fully absorbed by Public Shareholders and
Pemegang Saham Publik dan memberikan generated additional capital of Rp1,881,825,146.
tambahan modal sebesar Rp1.881.825.146. The composition of the ownership of the
Komposisi kepemilikan modal yang ditempatkan Company’s issued and fully paid capital as at the
dan disetor penuh Perseroan pada akhir completion of the Rights Issue is the Government
pelaksanaan PUT I Perseroan adalah Pemerintah of the Republic of Indonesia (65%) and the Public
Republik Indonesia (65%) dan Pemegang Saham Shareholders (35%).
Publik (35%).
Pada tanggal 29 November 2017, Perusahaan On November 29, 2017, the Company held an
mengadakan RUPSLB terkait perubahan EGMS regarding changes in ownership from the
kepemilikan saham dari Pemerintah Republik Government of the Republic of Indonesia to PT
Indonesia menjadi PT Indonesia Asahan Indonesia Asahan Aluminium (Persero)
Aluminium (Persero) (“Inalum”). Komposisi (“Inalum”). The composition of the ownership of
kepemilikan modal yang ditempatkan dan disetor the Company’s issued and fully paid capital as at
penuh Perusahaan pada tanggal 31 Desember December 31, 2018 and 2017, is Inalum (65%)
2018 dan 2017 adalah Inalum (65%) dan and public shareholders (35%).
pemegang saham publik (35%).
Pada tanggal 31 Desember 2018 dan 2017, As at December 31, 2018 and 2017, all of the
semua saham ditempatkan dan disetor penuh Company’s issued and fully paid shares of
sejumlah 24.030.764.725 lembar saham telah 24,030,764,725 shares were listed on the IDX.
dicatat di IDX.
Pada tahun 2002, saham Perusahaan dicatatkan In 2002, the Company’s shares were listed on the
di Bursa Efek Australia (“BEA”) sebagai Chess Australian Securities Exchange (“ASX”) where its
Depository Interests (“CDI”). Pada tanggal 31 shares have been traded as Chess Depository
Desember 2018 dan 2017, unit yang Interests (“CDI”). As at December 31, 2018 and
diperdagangkan di BEA adalah sejumlah 2017, a total of 1,301,315 CDI units were traded
1.301.315 unit CDI yang merupakan 6.506.575 on the ASX representing 6,506,575 Series B
saham biasa Seri B. common shares.
Kantor pusat Perusahaan berlokasi di Gedung The Company’s head office is located in Gedung
Aneka Tambang, Jl. Letjen T.B. Simatupang No. Aneka Tambang, Jl. Letjen T.B. Simatupang No.
1, Lingkar Selatan, Tanjung Barat, Jakarta, 1, Lingkar Selatan, Tanjung Barat, Jakarta,
Indonesia. Grup memiliki Izin Usaha Indonesia. The Group has Mining Business
Pertambangan (“IUP”) di berbagai lokasi di Permits (“IUP”) in several locations in Indonesia.
Indonesia.


a. Pendirian dan informasi lainnya (lanjutan) a. Establishment and other information

(continued)
Berdasarkan keputusan Rapat Umum Pemegang Based on the resolution of the General Meeting of
Saham (“RUPS”) yang diselenggarakan pada Shareholders (“GMS”) held on April 12, 2018, the
tanggal 12 April 2018, susunan Dewan Komisaris composition of the Company’s Boards of
dan Direksi Perusahaan pada tanggal 31 Commissioners and Directors as at December 31,
Desember 2018 adalah sebagai berikut: 2018, is as follows:
Dewan Komisaris Board of Commissioners

Komisaris Utama Jenderal TNI (Purn) Fachrul Razi, S.Ip, S.H., M.H. President Commissioner
Komisaris Prof. Robert A. Simanjuntak, S.E., M.Sc., Ph.D. Commissioners
Zaelani, S.E.
Komisaris Independen Prof. Dr. der Soz. Gumilar Rusliwa Somantri Independent Commissioners
Direksi Board of Directors

Direktur Utama Arie Prabowo Ariotedjo, M.Sc. President Director
Direktur Dimas Wikan Pramudhito, B.Sc, MBA Directors
Ir. Sutrisno S. Tatetdagat, M.M.
Tatang Hendra, S.T., M.Si.
Ir. Hari Widjajanto, M.M.
Johan N.B. Nababan, S.E.
Berdasarkan keputusan RUPS yang Based on the resolution of the GMS held on May
diselenggarakan pada tanggal 2 Mei 2017, 2, 2017, the composition of the Company’s
susunan Dewan Komisaris dan Direksi Boards of Commissioners and Directors as at
Perusahaan pada tanggal 31 Desember 2017 December 31, 2017, was as follows:
Dewan Komisaris Board of Commissioners

Komisaris Utama Jenderal TNI (Purn) Fachrul Razi, S.Ip, S.H., M.H. President Commissioner
Komisaris Prof. Robert A. Simanjuntak, S.E., M.Sc., Ph.D. Commissioners
Ir. Bambang Gatot Ariyono M.M., DESS.
Zaelani, S.E.
Komisaris Independen Prof. Dr. der Soz. Gumilar Rusliwa Somantri Independent Commissioners
Direksi Board of Directors

Direktur Utama Arie Prabowo Ariotedjo, M.Sc. President Director
Direktur Dimas Wikan Pramudhito, B.Sc, MBA Directors
Ir. Sutrisno S. Tatetdagat, M.M.
Tatang Hendra, S.T., M.Si.
Ir. Hari Widjajanto, M.M.
Johan N.B. Nababan, S.E.
Susunan Komite Audit Perusahaan pada tanggal The composition of the Company’s Audit
31 Desember 2018 dan 2017 adalah sebagai Committee as at December 31, 2018 and 2017,
berikut: is as follows:
Ketua Prof. Dr. der Soz. Gumilar Rusliwa Somantri Chairman
Wakil Ketua Zaelani, S.E. Vice Chairman
Anggota Drs. Mursyid Amal, M.M. Members
Dr. Ir. Rukmana Nugraha Adhi, DEA.
Pada tanggal 31 Desember 2018 dan 2017, Grup As at December 31, 2018 and 2017, the Group
mempunyai masing-masing 3.637 dan 3.151 had 3,637 and 3,151 permanent employees,
orang karyawan tetap (tidak diaudit). respectively (unaudited).

Re

b. Entitas anak b. Subsidiaries
Perusahaan melakukan konsolidasi atas entitas The Company consolidates the following
anak di bawah ini karena mempunyai kepemilikan subsidiaries due to its majority ownership or its
mayoritas atau hak untuk mengendalikan operasi: right to control their operations:
Mulai
Persentase beroperasi
kepemilikan/ komersial/
Percentage of Start of Jumlah aset sebelum eliminasi/
Entitas anak/ Domisili/ Jenis usaha/ ownership commercial Total assets before elimination
Subsidiaries Domicile Nature of business 2018 2017 operations 2018 2017
Kepemilikan langsung/Direct ownership:

1. Asia Pacific Nickel Australia Perusahaan investasi/ 100.00% 100.00% 2003 227,307,551 121,877,063
Pty., Ltd. (“APN”) Investment company
2. PT Indonesia Coal Indonesia Eksplorasi dan operator 100.00% 100.00% 2010 68,170,140 70,902,451
Resources tambang batubara/
(“ICR”) Coal mining exploration
and operator
3. PT Antam Indonesia Eksplorasi dan operator 99.98% 99.98% 1997 153,498,418 112,694,067
Resourcindo tambang/
(“ARI”) Mining exploration
and operator
4. PT Mega Citra Indonesia Konstruksi, perdagangan, 100.00% 100.00% - 106,909,062 114,625,013
Utama perindustrian, pertanian
(“MCU”)* dan pertambangan/
Construction, trading, industry,
agriculture and mining
5. PT Abuki Jaya Indonesia Pengolahan stainless steel/ 100.00% 100.00% - 54,864,988 49,683,324
Stainless Indonesia Manufacturing of
(“AJSI”)* stainless steel
6. PT Borneo Edo Indonesia Pembangunan, perdagangan, 100.00% 100.00% - 44,477,294 37,877,063
International perindustrian, pertanian
(“BEI”)* dan pertambangan/
agriculture and mining
7. PT Dwimitra Indonesia Eksplorasi dan 100.00% 100.00% - 5,375,103 3,814,340
Enggang operator tambang/
Khatulistiwa Mining exploration
(”DEK”)* and operator
8. PT Cibaliung Indonesia Eksplorasi, konstruksi dan 100.00% 100.00% 2010 1,031,484,362 1,040,929,549
Sumberdaya pengembangan tambang,
(“CSD”) penambangan, produksi,
pengolahan dan pemurnian,
pengangkutan dan penjualan
di industri emas/
Exploration, construction and
mine development, mining,
production, processing and
refining, haulage and sales in
the gold mining industry
9. PT International Indonesia Jasa dan perdagangan/ 100.00% 100.00% 2011 628,282,951 621,360,679
Mineral Capital Services and trading
(“IMC”)
10. PT Borneo Edo Indonesia Perkebunan, perindustrian, 100.00% 100.00% - 41,586 39,436
International Agro pengangkutan hasil
(“BEIA”)* perkebunan, perdagangan
dan jasa/
Agriculture, industry,
agricultural land
transportation, trading
and services
11. PT Kawasan Industri Indonesia Jasa manajemen 100.00% 100.00% - 47,519 51,000
Antam Timur kawasan industri/
(“KIAT”)* Management service
of industrial area
12. PT Indonesia Indonesia Pengolahan dan pemurnian 100.00% 80.00% 2010 4,981,379,890 408,907,557
Chemical Alumina hasil tambang bauksit
(“ICA”) menjadi produk alumina,
pengangkutan, perdagangan
dan pendistribusian produk
alumina/
Production and refinery of
bauxite ore into alumina
products, transportation,
trade and distribution of
alumina products
* Sampai dengan tanggal 31 Desember 2018 dan 2017, MCU, AJSI, BEI, DEK, BEIA, * As at December 31, 2018 and 2017, MCU, AJSI, BEI, DEK, BEIA, GK, AEI
GK, AEI dan KIAT belum beroperasi secara komersial. and KIAT had not yet started their respective commercial operations.



b. Entitas anak (lanjutan) b. Subsidiaries (continued)
Mulai
Persentase beroperasi
kepemilikan/ komersial/
Percentage of Start of Jumlah aset sebelum eliminasi/
Entitas anak/ Domisili/ Jenis usaha/ ownership commercial Total assets before elimination
Subsidiaries Domicile Nature of business 2018 2017 operations 2018 2017
Kepemilikan tidak langsung/Indirect ownership:
13. PT Gag Nikel Indonesia Eksplorasi dan 100.00% 100.00% 2018 226,688,381 124,120,078
(“GAG”) (melalui operator tambang/
APN/through APN) Mining exploration
and operator
14. PT Citra Tobindo Indonesia Eksplorasi dan operator 100.00% 100.00% 2011 51,301,842 27,050,317
Sukses Perkasa tambang batubara/
(“CTSP”) (melalui Coal mining exploration
ICR/through ICR) and operator
15. PT Feni Haltim Indonesia Perdagangan, 100.00% 100.00% 2016 999,019,070 1,080,648,908
(“FHT”) (melalui pembangunan dan jasa/
IMC/through IMC) Trading, construction
and services
16. PT Gunung Kendaik Indonesia Pembangunan, perdagangan, 100.00% 100.00% - 6,165,852 6,667,078
(“GK”)* (melalui perindustrian, pertanian,
MCU/through pengangkutan darat, jasa,
MCU) pertambangan dan
percetakan/
agriculture, ground
transportation, services,
mining and printing
17. PT Nusa Karya Indonesia Jasa pertambangan 100.00% 100.00% 2014 13,286,895 17,534,726
Arindo (“NKA”) mineral dan batubara/
(melalui ARI/ Mineral and coal
through ARI) mining service
18. PT Sumberdaya Indonesia Jasa pertambangan 100.00% 100.00% 2015 47,674,543 31,510,375
Arindo (“SDA”) mineral dan batubara/
(melalui ARI/ Mineral and coal
through ARI) mining service
19. PT Antam Energi Indonesia Jasa, perdagangan, 100.00% 100.00% - 140,917 143,884
Indonesia (“AEI”)* dan perindustrian/
(melalui IMC, ARI Services, trade
dan ICR/through and industry
IMC, ARI, and ICR)
* Sampai dengan tanggal 31 Desember 2018 dan 2017, MCU, AJSI, BEI, DEK, BEIA, * As at December 31, 2018 and 2017, MCU, AJSI, BEI, DEK, BEIA, GK, AEI
GK, AEI dan KIAT belum beroperasi secara komersial. and KIAT had not yet started their respective commercial operations.
c. Ventura bersama c. Joint venture
Di Februari 2007, Perusahaan mendirikan In February 2007, the Company established a

ventura bersama dengan nama ICA. ICA joint venture called ICA. ICA processes
melakukan pengolahan bauksit di Kalimantan bauxite in West Kalimantan, Indonesia.
Barat, Indonesia.
Pada tanggal 31 Desember 2017, Perusahaan As at December 31, 2017, the Company did
memiliki kepemilikan saham ICA sebesar 80% not have control over the financial and
namun hanya memiliki pengendalian bersama operating policies of ICA despite the Company
sehingga kepemilikan Perusahaan pada ICA owning 80% of shares in ICA, but only had a
dicatat dengan menggunakan metode ekuitas. joint control, as such it was using the equity
method.
Pada tanggal 28 Desember 2018, Perusahaan On December 28, 2018, the Company
memperoleh pengendalian penuh atas ICA obtained full control over ICA because Showa
karena Showa Denko K.K. (“SDK”) menyerahkan Denko K.K. (“SDK”) transferred all of its
seluruh sahamnya di ICA kepada Perusahaan interest in ICA to the Company (Note 4).
(Catatan 4).

Re

d. Wilayah eksplorasi dan eksploitasi d. Exploration and exploitation areas
Pada tanggal 31 Desember 2018, Grup memiliki As at December 31, 2018, the Group has
wilayah eksplorasi dan eksploitasi yang tercakup exploration and exploitation areas covered by
dalam berbagai IUP, sebelumnya disebut “Kuasa several IUPs, previously known as “Kuasa
Pertambangan”. Rincian dari masing-masing IUP Pertambangan”. The details of each of the IUP
adalah sebagai berikut: are as follows:
Izin Usaha Cadangan (dalam ’000 ton)/ Sumber daya (dalam ’000 ton)/
Pertambangan/ IUP Operasi Reserves (in ’000 tons) Resources (in ’000 tons)
Mining Area (Ha) Produksi/ (tidak diaudit/unaudited) (tidak diaudit/unaudited)
Business Permits (tidak diaudit/ IUP Eksplorasi/ IUP Operation Terbukti/ Terkira/ Terukur/ Terkini/
Lokasi/Location (IUP) unaudited) IUP Exploration Production Proved Probable Measured Indicated
Milik Perusahaan/Owned by the Company:
Batang Asai, KW.05 KP 010407 4,556 SK Bupati Sarolangun - - - - -

Sarolangun, Jambi*** No. 624 Tahun/Year 2014
(dalam proses suspensi
sampai dengan/
suspended until 4/3/2019)
Kec. Sungai Tenang, 184/ESDM/2010 9,690 SK Bupati Merangin - - - - -

Merangin, Jambi*** No. 184/ESDM/2010
sampai dengan/
Desa Talang Tembago, 185/ESDM/2010 7,633 SK Bupati Merangin - - - - -

Merangin, Jambi*** No. 185/ESDM/2010
sampai dengan/
Cibaliung, KW 96PP019 5,302 - SK Bupati Pandeglang No. - - - -

Pandeglang, 541.23/Kep.747-BPPT/2013
Banten berlaku sampai dengan/
valid until 3/5/2025
UBPP Logam Mulia, - - - IUP Operasi Produksi - - - -

Jakarta Khusus untuk Pengolahan
dan Pemurnian Mineral
sesuai SK Menteri ESDM
No. 261.K/30/DJB/2011
Ds. Bantar Karet, KW 98PP0138 6,047 - SK Bupati Bogor No. 640 107 1,680 1,650
Kec. Nanggung, 541.2/005/kpts/ESDM/
Bogor, Jawa Barat/ 2010 (98PP0138)
West Java berlaku sampai dengan/
Ciarinem, Papandayan - 4,513 - SK Bupati Garut - 2,708 2,920 1,970

Garut, Jawa Barat/ No. 540/Kep.279-
West Java **** SDAP/2010
berlaku sampai dengan/
Desa Wotgalih, Kec. - 462.4 - SK Bupati Lumajang No. - - - -

Yosowilangun, Kec. 188.45/225/427.12/2011
Lumajang, Jawa berlaku sampai dengan/
Timur/East Java** valid until 23/7/2020
Mempawah Hulu, MPH/MSL/SMP- 20,710 SK Bupati Landak No. - - 64,870 8,730

Landak, Kalimantan PROD02.14 544.11/330/HK-2014
Barat/ berlaku sampai dengan/
West Kalimantan valid until 16/12/2034
Toho, Mempawah, - 12,630 - SK Bupati Pontianak - - 13,830 8,240

Pontianak, No. 221 Tahun/Year 2009
Kalimantan Barat/ berlaku sampai dengan/
Toho, Mempawah, - 2,374 - SK Gubernur - - - -

Pontianak, Kalimantan Barat No.
Kalimantan Barat/ 444/Distamben/2015
West Kalimantan berlaku sampai dengan/
Tayan, Sanggau, KW 98PPO183 34,360 - SK Gubernur 20,030 11,120 89,030 60,600

Kalimantan Barat/ Kalimantan Barat
West Kalimantan No. 15/Distamben/2015
Lasolo, KW 99STP057a 6,213 - SK Bupati Konawe Utara - - 34,950 53,020

Konawe Utara, No. 15 Tahun/Year 2010
Sulawesi Tenggara/ berlaku sampai dengan/
Southeast Sulawesi valid until 11/1/2030
*) dalam proses peningkatan operasi produksi/production operation upgrade of permits in progress

**) dalam proses pelepasan/discharge of permits in progress
***) dalam proses suspensi/suspension of permits in progress
****) dalam proses pengalihan/transfer of permits in progress
*****) dalam proses perpanjangan/extension of permits in progress


d. Wilayah eksplorasi dan eksploitasi (lanjutan) d. Exploration and exploitation areas

(continued)
Milik Perusahaan (lanjutan)/Owned by the Company (continued):
Asera dan/and Molawe, KW 10 APR OP 16,920 - SK Bupati Konawe Utara 4,470 70,940 76,180 122,520
Konawe Utara, 005 No. 158 Tahun/Year 2010
Sulawesi Tenggara/ berlaku sampai dengan/
Southeast Sulawesi valid until 29/4/2030
Pomalaa, Kolaka, WSPM 016 1,954 - SK Bupati Kolaka No. 198 11,540 16,230 18,390 26,380
Sulawesi Tenggara/ Tahun/Year 2010
Southeast Sulawesi berlaku sampai dengan/
Batu Kilat, Kolaka, WSPM 017 878.2 - SK Bupati Kolaka No. 199 - - - -
Sitallo, Kolaka, KW WSPM.015 584.3 - SK Bupati Kolaka - - - -

Sulawesi Tenggara/ No.188.45/100/2014
Maniang, Kolaka, WSWD 003 195 - SK Bupati Kolaka No. 150 - - - -

Tambea, Kolaka, KW WSPM.014 2,712 - SK Bupati Kolaka No. - - - -

Sulawesi Tenggara/ 188.45/099/2014
Buli Serani, KW 97PPO443 39,040 - SK Bupati Halmahera Timur 113,920 87,680 180,580 147,440
Halmahera Timur, No. 188.45/540-170/2011
Maluku Utara/ berlaku sampai dengan/
North Maluku valid until 27/10/2040
Oxybil, 49,740 SK Gubernur Papua - - - - -

Pegunungan - No. 540/2876/SET Tahun/Year
Bintang, Papua*** 2010
sampai dengan/

(dalam proses suspense
sampai dengan/

sampai dengan/

sampai dengan/
Milik Entitas Anak/Owned by the Subsidiaries:
Mandiangin, KW.97 KP. 199 - SK Bupati Sarolangun No. 34 - - - -

Sarolangun, Jambi 290310 Tahun/Year 2010
Sebadu, Mandor, MJL/MDR/SmP/S 19,090 - SK Bupati Landak - - 9,900 6,870

Kalimantan Barat/ HT/SBK- No. 544.11/264/HK-2014
West Kalimantan PROD01.14 berlaku sampai dengan/
Menjalin, Landak, MPH/MJL/SPK/S 18,630 - SK Bupati Landak - - 13,920 7,590

Kalimantan Barat/ TH/MYK- No. 544.11/98/HK-2013
West Kalimantan PROD01.13 berlaku sampai dengan/
Menjalin, Landak, MJL-EKPR17.10 4,900 SK Bupati Landak - - - - -

Kalimantan Barat/ No. 544.2/213/HK-2010
West Kalimantan***** (dalam proses suspensi
sampai dengan/

***) dalam proses suspensi/suspense of permits in progress
*****) dalam proses perpanjangan izin/extension of permits in progress

Re


(continued)
Milik Entitas Anak (lanjutan)/Owned by the Subsidiaries (continued):
Meliau, Sanggau, 444/2009/SGU 10,000 - SK Bupati Sanggau - - 31,840 14,250

Kalimantan Barat/ No. 444 Tahun/Year 2009
West Kalimantan berlaku sampai dengan/
Tayan Hilir, Sanggau, 668.K/30/DJB/ - - IUP Operasi Produksi - - - -

Kalimantan Barat/ 2012 Khusus untuk Pengolahan
West Kalimantan dan Pemurnian Mineral
sesuai SK Menteri ESDM No.
668.K/30/DJB/2012
Mandiodo, - 343 - IUP Operasi Produksi Khusus - - - -

Konawe Utara, Pengolahan dan Pemurnian
Sulawesi Tenggara/ sesuai SK Bupati Konawe Utara
Southeast Sulawesi No. 87 Tahun/Year 2011
Mandiodo, - - - IUP Operasi Produksi Khusus - - - -

Konawe Utara, Pengangkutan dan Penjualan
Sulawesi Tenggara/ sesuai SK Bupati Konawe Utara
Southeast Sulawesi No. 88 Tahun/Year 2011
Pulau Gag, 96PK0053 13,136 - Kontrak Karya/ 10,880 36,170 20,170 71,530
Raja Ampat, Contract of Work sesuai
Papua Barat/ SK Menteri ESDM
West Papua* No.430 K/30/DJB/2017
Cibaliung, KW 96 1,340 - SK Bupati Pandeglang No. 1,497 347 2,200 560

Pandeglang Banten PPO019 821.13/Kep.1351-BPPT/2014
Mempawah Hulu dan/ 23.61.08.2.17. 12,184 - SK Gubernur Kalimantan Barat - - - -

and Banyuke Hulu, 2.015.059 573/Distamben/2015 berlaku
Kalimantan Barat/ sampai dengan/
Buli, Maba, 872.K/30/DJB/ - - IUP Operasi Produksi Khusus - - - -

Maluku Utara/ 2012 untuk Pengolahan dan
North Maluku Pemurnian Mineral sesuai SK
Menteri ESDM No.
872.K/30/DJB/2012
Buli, Maba, 872.K/30/DJB/ - - IUP Operasi Produksi Khusus - - - -

Maluku Utara/ 2012 untuk Pengolahan dan
North Maluku Pemurnian Mineral sesuai SK
Menteri ESDM No.
872.K/30/DJB/2012
Tayan, Sanggau, - 268 - IUP Operasi Produksi - - - -

Kalimantan Barat/ Khusus untuk Pengolahan dan
West Kalimantan Pemurnian Mineral sesuai SK
Menteri ESDM No.
668.K/30/DJB/2012 berlaku
sampai dengan/valid until
20/06/2032

***) dalam proses suspensi/suspense of permits in progress
*****) dalam proses perpanjangan izin/extension of permits in progress
Informasi terkait hasil eksplorasi, sumber daya The information in this consolidated financial
mineral atau cadangan bijih (tidak diaudit) yang statement that relates to exploration results,
tercantum di dalam laporan keuangan mineral resources or ore reserves (unaudited) is
konsolidasian ini didasarkan pada informasi yang based on information compiled by Bronto
disusun oleh Bronto Sutopo, yang merupakan Sutopo, who is a Member of the Australasian
anggota The Australasian Institute of Mining and Institute of Mining and Metallurgy. Bronto
Metallurgy. Bronto Sutopo memiliki pengalaman Sutopo possesses relevant experience as a
yang relevan untuk menjadi Competent Person Competent Person as defined in the 2012
sebagaimana didefinisikan dalam 2012 Edition of Edition of the 'Australasian Code for Reporting
the 'Australasian Code for Reporting of of Exploration Results, Mineral Resources and
Exploration Results, Mineral Resources and Ore Ore Reserves'.
Reserves'.



(continued)
Terkait dengan laporan mengenai jenis Related to the reports of mineralisation and type
mineralisasi dan tipe kandungan mineral yang of deposit being reported on by him and to the
diukur dan aktivitas yang beliau lakukan, beliau activity which he was undertaking, he consents
menyetujui pengungkapan di dalam laporan to the inclusion in these consolidated financial
keuangan konsolidasian ini atas hal-hal statement of the matters based on his report of
berdasarkan informasinya dalam bentuk dan mineralisation and type of deposit reported in
konteks informasi tersebut ditampilkan. the form and context in which the information
appeared.
2. KEBIJAKAN AKUNTANSI PENTING 2. SIGNIFICANT ACCOUNTING POLICIES
Manajemen Perusahaan bertanggung jawab atas The management of the Company is responsible for
penyusunan laporan keuangan konsolidasian yang the preparation of the consolidated financial
selesai disusun dan diotorisasi oleh Direksi untuk statements that were completed and authorised for
diterbitkan pada tanggal 5 Maret 2019. issuance by the Board of Directors on March 5,
2019.
a. Dasar penyusunan laporan keuangan a. Basis of consolidated financial statements

konsolidasian preparation
Laporan keuangan konsolidasian Grup disusun The Group’s consolidated financial statements
berdasarkan Standar Akuntansi Keuangan di have been prepared in accordance with
Indonesia dan Peraturan yang ditetapkan oleh Indonesian Financial Accounting Standards and
Otoritas Jasa Keuangan (“OJK”) No. VIII.G.7 Regulation of the Financial Services Authority
mengenai Pedoman Penyajian Laporan (“OJK”) No. VIII.G.7 concerning Guidance on
Keuangan. Financial Statements Presentation.
Laporan keuangan konsolidasian disusun The consolidated financial statements have

berdasarkan konsep akuntansi harga perolehan, been prepared under the historical cost concept
yang dimodifikasi oleh revaluasi tanah dan of accounting, as modified by the revaluation of
instrumen keuangan derivatif yang diukur pada land and derivative financial instruments at fair
nilai wajar melalui laporan laba rugi, serta value through profit and loss, and using the
menggunakan dasar akrual kecuali untuk laporan accrual basis except for the consolidated
arus kas konsolidasian. statement of cash flows.
Kecuali dinyatakan pada Catatan 2b, kebijakan Except as described in Note 2b, the accounting
akuntansi telah diterapkan secara konsisten policies applied are consistent with those of the
dengan laporan keuangan konsolidasian tahunan annual consolidated financial statements for the
untuk tahun yang berakhir 31 Desember 2017 year ended December 31, 2017, which conform
yang telah sesuai dengan Standar Akuntansi to Indonesian Financial Accounting Standards.
Keuangan di Indonesia.
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial

sesuai dengan Standar Akuntansi Keuangan di statements in conformity with Indonesian
Indonesia mengharuskan penggunaan estimasi Financial Accounting Standards requires the
dan asumsi. Hal tersebut juga mengharuskan use of certain critical accounting estimates and
manajemen untuk membuat pertimbangan dalam asumptions. It also requires management to
proses penerapan kebijakan akuntansi Grup. exercise its judgment in the process of applying
Area yang kompleks atau memerlukan tingkat the Group’s accounting policies. The areas
pertimbangan yang lebih tinggi atau area di mana involving a higher degree of judgment or
asumsi dan estimasi dapat berdampak signifikan complexity, or areas where assumptions and
terhadap laporan keuangan konsolidasian estimates are significant to the consolidated
diungkapkan di Catatan 3. financial statements are disclosed in Note 3.

Re

2. KEBIJAKAN AKUNTANSI PENTING (lanjutan) 2. SIGNIFICANT ACCOUNTING POLICIES

(continued)
b. Perubahan pada Pernyataan Standar b. Changes to Statements of Financial

Akuntansi Keuangan (“PSAK”) dan Accounting Standards (“SFAS”) and
Interpretasi Pernyataan Standar Akuntansi Interpretations of Statements of Financial
Keuangan (“ISAK”) Accounting Standards (“ISFAS”)
Standar baru, revisi dan interpretasi yang telah New standards, amendments and
diterbitkan, dan yang berlaku efektif untuk tahun interpretations issued and effective for the
buku yang dimulai pada atau setelah tanggal 1 financial year beginning January 1, 2018, which
Januari 2018 namun tidak berdampak material did not have a material impact on the
terhadap laporan keuangan konsolidasian Grup consolidated financial statements of the Group
adalah sebagai berikut: are as follows:
- Amandemen PSAK 2 “Laporan Arus Kas” - Amendment to SFAS 2 “Statement of Cash

Flows”
- Amandemen PSAK 13 “Properti Investasi” - Amendment to SFAS 13 “Investment
Property”
- Amandemen PSAK 15 “Investasi pada Entitas - Amendment to SFAS 15 “Investment in
Asosiasi dan Ventura Bersama” Associates and Joint Ventures”
- Amandemen PSAK 16 “Aset Tetap” - Amendment to SFAS 16 “Property, Plant and
Equipment”
- Amandemen PSAK 46 “Pajak Penghasilan” - Amendment to SFAS 46 “Income Tax”
- Amandemen PSAK 53 “Pembayaran Berbasis - Amendment to SFAS 53 “Share-based
Saham” Payment”
- Amandemen PSAK 67 “Pengungkapan - Amendment to SFAS 67 “Disclosures of
Kepentingan dalam Entitas Lain” Interests in Other Entities”
- PSAK 69 “Agrikultur” - SFAS 69 “Agriculture”
Implementasi dari standar-standar tersebut tidak The implementation of the above standards did
menghasilkan perubahan kebijakan akuntansi not result in any changes to the Group’s
Grup dan tidak memiliki dampak terhadap jumlah accounting policies and had no effect on the
yang dilaporkan di tahun berjalan atau tahun amounts reported for current or prior financial
sebelumnya. years.
Standar baru, amandemen dan interpretasi yang New standards, amendments and
telah diterbitkan, yang relevan dengan operasi interpretations issued that are relevant to the
Grup, namun belum berlaku efektif untuk tahun Group’s operations, but not yet effective for the
buku yang dimulai pada tanggal 1 Januari 2018 financial year beginning January 1, 2018, are as
adalah sebagai berikut: follows:
Efektif 1 Januari 2019: Effective January 1, 2019:

- Amandemen PSAK 22 “Kombinasi Bisnis” - Amendment to SFAS 22 “Business
Combinations”
- Amendemen PSAK 24 “Imbalan Kerja” - Amendment to SFAS 24 “Employee
Benefits”
- Amandemen PSAK 26 “Biaya Pinjaman” - Amendment to SFAS 26 “Borrowing Costs”
- Amandemen PSAK 46 “Pajak Penghasilan” - Amendment to SFAS 46 “Income Taxes”
- Amandemen PSAK 66 “Pengendalian - Amendment to SFAS 66 “Joint
Bersama” Arrangements”
- ISAK 33 “Transaksi Valuta Asing dan Imbalan - ISFAS 33 “Foreign Currency Transactions
di Muka” and Advance Consideration”
- ISAK 34 “Ketidakpastian dalam Perlakuan - ISFAS 34 “Uncertainty over Income Tax
Pajak Penghasilan” Treatments”



(continued)
b. Perubahan pada Pernyataan Standar b. Changes to Statements of Financial

Akuntansi Keuangan (“PSAK”) dan Accounting Standards (“SFAS”) and
Interpretasi Pernyataan Standar Akuntansi Interpretations of Statements of Financial
Keuangan (“ISAK”) (lanjutan) Accounting Standards (“ISFAS”) (continued)

- Amandemen PSAK 15 “Investasi pada Entitas - Amendment to SFAS 15 “Investment in
Asosiasi dan Ventura Bersama” Associates and Joint Ventures”
- Amandemen PSAK 62 “Kontrak Asuransi - - Amendment to SFAS 62 “Insurance
Menerapkan PSAK 71: Instrumen Keuangan Contracts - Applying SFAS 71: Financial
dengan PSAK 62: Kontrak Asuransi” Instruments to SFAS 62: Insurance
Contracts”
- Amandemen PSAK 71 “Instrumen Keuangan” - Amendment to SFAS 71 “Financial
Instruments”
- PSAK 72 “Pendapatan dari Kontrak dengan - SFAS 72 “Revenue from Contracts with
Pelanggan” Customers”
- PSAK 73 “Sewa” - SFAS 73 “Leases”

- PSAK 112 “Akuntansi Wakaf” - SFAS 112 “Accounting for Endowments”
Penerapan dini atas standar-standar tersebut Early adoption of the above standards is
diperkenankan, kecuali untuk PSAK 73. permitted, except for SFAS 73. Early adoption
Penerapan dini untuk PSAK 73 diperbolehkan of SFAS 73 is permitted only if the entity applies
hanya jika entitas telah menerapkan PSAK 72. SFAS 72. The Group does not intend to adopt
Grup tidak bermaksud untuk mengadopsi these standards before its effective date.
standar-standar ini sebelum tanggal efektifnya.
c. Prinsip-prinsip konsolidasi c. Principles of consolidation
Entitas anak Subsidiaries
Entitas anak adalah seluruh entitas (termasuk Subsidiaries are all entities (including structured
entitas yang terstruktur) dimana Grup memiliki entities) over which the Group has control. The
kontrol. Grup memiliki kontrol atas entitas anak Group controls an entity when the Group is
apabila Grup memiliki dampak dari, atau memiliki exposed to, or has rights to, variable returns
hak atas, penerimaan variabel dari hubungannya from its involvement with the entity and has the
dengan entitas anak dan memiliki kemampuan ability to affect those returns through its power
untuk mempengaruhi penerimaan tersebut over the entity. Subsidiaries are fully
melalui kuasa atas entitas anak. Entitas anak consolidated from the date on which control is
secara utuh dikonsolidasikan dari tanggal dimana transferred to the Group. Subsidiaries are
kontrol dialihkan ke Grup. Entitas anak tidak lagi deconsolidated from the date that control
dikonsolidasikan sejak tanggal kehilangan ceases.
pengendalian.
Grup menerapkan metode akuisisi untuk The Group applies the acquisition method to
mencatat kombinasi bisnis. Imbalan yang account for business combinations. The
dialihkan untuk akuisisi suatu entitas anak adalah consideration transferred for the acquisition of a
sebesar nilai wajar aset yang dialihkan, liabilitas subsidiary is the fair value of the assets
yang diakui terhadap pemilik pihak yang diakusisi transferred, the liabilities incurred by the former
sebelumnya dan kepentingan ekuitas yang owners of the acquiree and the equity interests
diterbitkan oleh Grup. Imbalan yang dialihkan issued by the Group. The consideration
termasuk nilai wajar aset atau liabilitas yang transferred includes the fair value of any asset
timbul dari kesepakatan imbalan kontinjensi. Aset or liability resulting from a contingent
teridentifikasi yang diperoleh dan liabilitas serta consideration arrangement. Identifiable assets
liabilitas kontinjensi yang diambil alih dalam suatu acquired and liabilities and contingent liabilities
kombinasi bisnis diukur pada awalnya sebesar assumed in a business combination are
nilai wajar pada tanggal akuisisi. measured initially at their fair values at the
acquisition date.

Re


(continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
Entitas anak (lanjutan) Subsidiaries (continued)
Grup mengakui kepentingan nonpengendali pada The Group recognises any non-controlling
pihak yang diakuisisi untuk setiap akuisisi yang interest in the acquiree on an acquisition-by-
dilakukan baik sebesar nilai wajar atau sebesar acquisition basis, either at fair value or at the
bagian proporsional kepentingan nonpengendali non-controlling interest’s proportionate share of
atas aset neto pihak yang diakuisisi. Kepentingan the acquiree’s net assets. Non-controlling
nonpengendali disajikan di ekuitas dalam laporan interest is reported as equity in consolidated
posisi keuangan konsolidasian, terpisah dari statements of financial position, separate from
ekuitas pemilik entitas induk. the owner of the parent’s equity.
Imbalan kontinjensi yang masih harus dialihkan Any contingent consideration to be transferred by
oleh Grup diakui sebesar nilai wajar pada tanggal the Group is recognised at fair value as at the
akuisisi. Perubahan selanjutnya atas nilai wajar acquisition date. Subsequent changes to the fair
imbalan kontinjensi yang diakui sebagai aset atau value of the contingent consideration that is
liabilitas dan dicatat sesuai dengan PSAK 55 deemed to be an asset or a liability are
“Instrumen Keuangan: Pengakuan dan recognised in accordance with SFAS 55
Pengukuran”, dalam laporan laba rugi “Financial Instruments: Recognition and
konsolidasian. Imbalan kontinjensi yang Measurement” in the consolidated profit or loss.
diklasifikasikan sebagai ekuitas tidak diukur Contingent consideration that is classified as
kembali dan penyelesaian selanjutnya equity is not remeasured and its subsequent
diperhitungkan dalam ekuitas. settlement is accounted for within equity.
Biaya terkait akuisisi dibebankan pada saat Acquisition related costs are expensed as
terjadinya. incurred.
Jika kombinasi bisnis diperoleh secara bertahap, If the business combination is achieved in stages,
nilai wajar pada tanggal akuisisi dari kepentingan the acquisition date fair value of the acquirer’s
ekuitas yang sebelumnya dimiliki oleh pihak previously held equity interest in the acquiree is
pengakuisisi pada pihak yang diakuisisi diukur remeasured to fair value at the acquisition date
kembali ke nilai wajar tanggal akuisisi melalui through profit or loss. The acquirer may have
laporan laba rugi. Pihak pengakuisisi mungkin telah recognised changes in the value of its equity
mengakui perubahan nilai wajar atas kepentingan interest in other comprehensive income. If so, the
ekuitasnya dalam penghasilan komprehensif lain. amount that was recognised in other
Jika demikian, jumlah yang telah diakui dalam comprehensive income shall be recognised on
penghasilan komprehensif lain diakui dengan dasar the same basis as would be required if the
yang sama sebagaimana dipersyaratkan jika pihak acquirer has disposed directly of the previously
pengakuisisi telah melepas secara langsung held equity interest.
kepentingan ekuitas yang dimiliki sebelumnya.
Selisih lebih imbalan yang dialihkan, jumlah The excess of the consideration transferred, the
kepentingan nonpengendali pada pihak yang amount of any non-controlling interest in the
diakuisisi serta nilai wajar pada tanggal akuisisi acquiree and the acquisition-date fair value of
kepentingan ekuitas sebelumnya dimiliki pihak any previously held equity interest in the
pengakuisisi atas nilai wajar aset teridentifikasi acquiree over the fair value of the identifiable
yang diakuisisi dicatat sebagai goodwill. Jika net assets acquired are recorded as goodwill. If
jumlah tersebut lebih kecil dari nilai wajar atas those amounts are less than the fair value of the
aset bersih teridentifikasi dari bisnis yang net identifiable assets of the business acquired
diakuisisi dan pengukuran atas seluruh jumlah and the measurement of all amounts has been
tersebut telah ditelaah, dalam hal pembelian reviewed, in the case of a bargain purchase, the
dengan diskon, selisih tersebut diakui langsung difference is recognised directly in the
ke dalam laporan laba rugi konsolidasian. consolidated profit or loss.



(continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
Entitas anak (lanjutan) Subsidiaries (continued)
Transaksi, saldo dan keuntungan antar entitas Inter-company transactions, balances and
dalam Grup yang belum direalisasi telah unrealised gains on transactions between
dieliminasi. Kerugian yang belum direalisasi juga Group companies are eliminated. Unrealised
dieliminasi. Jika diperlukan, nilai yang dilaporkan losses are also eliminated. When necessary
oleh entitas anak telah diubah untuk amounts reported by subsidiaries have been
menyesuaikan dengan kebijakan akuntansi yang adjusted to conform to the Group’s accounting
diadopsi oleh Grup. policies.
Perubahan kepemilikan Changes in ownership interests
Transaksi dengan kepentingan nonpengendali Transactions with non-controlling interests that do

yang tidak mengakibatkan hilangnya pengendalian not result in loss of control are accounted for as
merupakan transaksi ekuitas. Selisih antara nilai equity transactions. The difference between the
wajar imbalan yang dibayar dan bagian yang fair value of any consideration paid and the
diakuisisi atas nilai tercatat aset neto entitas anak relevant share acquired of the carrying value of
dicatat pada ekuitas. Keuntungan atau kerugian net assets of the subsidiary is recorded in equity.
pelepasan kepentingan nonpengendali juga dicatat Gains or losses on disposals to non-controlling
pada ekuitas. interests are also recorded in equity.
Pelepasan entitas anak Disposal of subsidiaries
Ketika Grup tidak lagi memiliki mengkonsolidasikan When the Group ceases to consolidate or equity
atau mencatat menggunakan metode ekuitas untuk account for an investment because of a loss of
investasi karena hilangnya pengendalian, control, joint control or significant influence, any
pengendalian bersama atau pengaruh signifikan, retained interest in the entity is remeasured to
maka kepentingan yang masih tersisa atas entitas its fair value at the date when the control is lost,
diukur kembali berdasarkan nilai wajarnya, dan with the change in carrying amount recognised
perubahan nilai tercatat diakui dalam laporan laba in the consolidated profit or loss. The fair value
rugi konsolidasian. Nilai tercatat awal adalah is the initial carrying amount for the purposes of
sebesar nilai wajar untuk kepentingan pengukuran subsequently accounting for the retained
kembali kepentingan yang tersisa sebagai entitas interest as an associate, joint venture or
asosiasi, ventura bersama atau aset keuangan. Di financial asset. In addition, any amounts
samping itu, jumlah yang sebelumnya diakui pada previously recognised in other comprehensive
pendapatan komprehensif lain sehubungan dengan income in respect of that entity are accounted
entitas tersebut dicatat seolah-olah Grup telah for as if the Group had directly disposed of the
melepas aset atau liabilitas terkait. Hal ini dapat related assets or liabilities. This may mean that
berarti bahwa jumlah yang sebelumnya diakui pada amounts previously recognised in other
penghasilan komprehensif lain direklasifikasi ke comprehensive income are reclassified to
laporan laba rugi konsolidasian. consolidated profit or loss.

Re


(continued)
d. Transaksi dan saldo dalam mata uang asing d. Foreign currency transactions and balances
Laporan keuangan konsolidasian disajikan dalam The consolidated financial statements are
Rupiah yang merupakan mata uang fungsional dan presented in Rupiah, which is the functional and
penyajian Perusahaan. presentation currency of the Company.
Transaksi dalam mata uang asing dijabarkan Foreign currency transactions are translated
menjadi mata uang fungsional menggunakan kurs into the functional currency using the exchange
yang berlaku pada tanggal transaksi. Keuntungan rate prevailing at the date of the transaction.
dan kerugian selisih kurs yang berasal dari Foreign exchange gains and losses resulting
pembayaran atas transaksi-transaksi tersebut dan from the settlement of such transactions and
dari penjabaran aset dan liabilitas moneter dalam from the translation at year end exchange rates
mata uang asing menggunakan kurs yang berlaku of monetary assets and liabilities denominated
pada akhir tahun diakui dalam laporan laba rugi in foreign currencies are recognised in the
konsolidasian. consolidated profit or loss.
Kurs yang digunakan pada tanggal pelaporan, As at the reporting dates, the exchange rates
berdasarkan kurs tengah yang diterbitkan Bank used, based on the middle rates published by
Indonesia, adalah sebagai berikut (nilai penuh): Bank Indonesia, were as follows (full amount):
2018 2017
1 Dolar Amerika Serikat 1 United States Dollar

(“Dolar AS”) 14,481 13,548 (“US Dollar”)
100 Yen Jepang 13,112 12,022 100 Japanese Yen
1 Dolar Australia 10,211 10,557 1 Australian Dollar
1 Dolar Singapura 10,603 10,134 1 Singapore Dollar
1 Euro 16,560 16,174 1 Euro
1 Renminbi Cina 2,110 2,073 1 Chinese Renminbi
e. Investasi pada entitas asosiasi dan ventura e. Investments in associates and joint ventures
bersama
Investasi pada entitas asosiasi Investment in associates
Entitas asosiasi adalah seluruh entitas dimana Associates are all entities over which the Group
Grup memiliki pengaruh signifikan namun tidak has significant influence but not control,
mengendalikan, biasanya melalui kepemilikan hak generally accompanying a shareholding of
suara antara 20% dan 50%. Investasi pada entitas between 20% and 50% of the voting rights.
asosiasi dicatat dengan metode ekuitas. Investments in associates are accounted for
Berdasarkan metode ekuitas, investasi pada using the equity method of accounting. Under
awalnya diakui sejumlah nilai perolehan dan nilai the equity method, the investment is initially
tercatat akan meningkat atau menurun untuk recognised at cost and the carrying amount is
mengakui bagian laba atau rugi investor dari laba increased or decreased to recognise the
atau rugi entitas asosiasi setelah tanggal akuisisi. investor’s share of profit or loss of the investee
Di dalam investasi Grup atas entitas asosiasi after the date of acquisition. The Group’s
termasuk goodwill yang diidentifikasi ketika akuisisi. investment in associates includes goodwill
identified on acquisition.
Jika kepemilikan kepentingan pada entitas asosiasi If the ownership interest in an associate is
berkurang, namun tetap memiliki pengaruh reduced but significant influence is retained,
signifikan, hanya suatu bagian proporsional atas only a proportionate share of the amount
jumlah yang telah diakui sebelumnya pada previously recognised in other comprehensive
penghasilan komprehensif lainnya yang income is reclassified to consolidated profit or
direklasifikasi ke laporan laba rugi konsolidasian. loss where appropriate.



(continued)
bersama (lanjutan) (continued)
Investasi pada entitas asosiasi (lanjutan) Investment in associates (continued)
Bagian Grup atas laba atau rugi entitas asosiasi The Group’s share of post-acquisition profits or
pasca akuisisi diakui dalam laporan laba rugi losses is recognised in the consolidated profit or
konsolidasian dan bagian atas mutasi penghasilan loss and its share of post-acquisition
komprehensif lainnya pasca akuisisi diakui di dalam movements in other comprehensive income is
penghasilan komprehensif lainnya dengan recognised in other comprehensive income with
melakukan penyesuaian atas jumlah tercatat a corresponding adjustment to the carrying
investasi. Jika bagian Grup atas kerugian entitas amount of the investment. When the Group’s
asosiasi sama dengan atau melebihi share of losses in an associate equals or
kepentingannya pada entitas asosiasi, termasuk exceeds its interest in the associate, including
piutang tanpa agunan, Grup menghentikan any other unsecured receivables, the Group
pengakuan bagian kerugiannya, kecuali jika Grup does not recognise further losses, unless it has
memiliki kewajiban atau melakukan pembayaran incurred legal or constructive obligations or
atas nama entitas asosiasi. made payments on behalf of the associate.
Pada setiap tanggal pelaporan, Grup menentukan The Group determines at each reporting date
apakah terdapat bukti objektif bahwa telah terjadi whether there is any objective evidence that the
penurunan nilai atas investasi pada entitas investment in the associate is impaired. If this is
asosiasi. Jika demikian, maka Grup menghitung the case, the Group calculates the amount of
besarnya penurunan nilai sebagai selisih antara impairment as the difference between the
jumlah yang terpulihkan dan nilai tercatat atas recoverable amount of the investment in
investasi pada entitas asosiasi dan mengakui associate and its carrying value and recognises
selisih tersebut pada “bagian kerugian entitas the amount to “share of loss of associates and
asosiasi dan ventura bersama” dalam laporan laba joint venture” in the consolidated profit or loss.
rugi konsolidasian.
Laba atau rugi yang dihasilkan dari transaksi hulu Profits and losses resulting from upstream and
dan hilir antara Grup dengan entitas asosiasi diakui downstream transactions between the Group
dalam laporan keuangan konsolidasian Grup hanya and its associates are recognised in the Group’s
sebesar bagian investor lain dalam entitas asosiasi. consolidated financial statements only to the
Kerugian yang belum direalisasi juga dieliminasi extent of unrelated investors’ interests in the
kecuali transaksi tersebut memberikan bukti associates. Unrealised losses are eliminated
penurunan nilai atas aset yang ditransfer. unless the transaction provides evidence of an
Kebijakan akuntansi entitas asosiasi disesuaikan impairment of the asset transferred. The
jika diperlukan untuk memastikan konsistensi accounting policies of associates have been
dengan kebijakan yang diterapkan oleh Grup. changed where necessary to ensure
consistency with the policies adopted by the
Group.
Keuntungan dan kerugian dilusi yang timbul pada Dilution gains and losses arising in investments
investasi entitas asosiasi diakui dalam laporan laba in associates are recognised in the consolidated
rugi konsolidasian. profit or loss.
Harga perolehan entitas asosiasi yang diperoleh The cost of an associate acquired in stages is
secara bertahap diukur sebesar jumlah dari nilai measured as the sum of the fair value of the
wajar kepentingan ekuitas yang sebelumnya interest previously held, plus the fair value of
dimiliki dan nilai wajar dari imbalan yang any additional consideration transferred as at
diserahkan pada tanggal ketika investasi menjadi the date when the investment became an
entitas asosiasi. associate.
Imbalan kontinjensi yang masih harus dialihkan Any contingent consideration to be transferred
oleh Grup diakui sebesar nilai wajar pada tanggal by the Group is recognised at fair value at the
akuisisi. Perubahan selanjutnya atas nilai wajar acquisition date. Subsequent changes to the fair
imbalan kontinjensi diakui dalam laporan laba rugi value of the contingent consideration is
konsolidasian. recognised in the consolidated profit or loss.

Re


(continued)
bersama (lanjutan) (continued)
Investasi pada ventura bersama Investment in joint ventures
Berdasarkan PSAK 66, investasi pada pengaturan Under SFAS 66, investments in joint
bersama diklasifikasikan sebagai operasi bersama arrangements are classified as either joint
atau ventura bersama tergantung pada hak dan operations or joint ventures depending on the
kewajiban kontraktual dari setiap investor. Grup contractual rights and obligations of each
telah menelaah sifat dari pengaturan bersamanya investor. The Group has assessed the nature of
dan menyimpulkan bahwa pengaturan bersama its joint arrangements and determined them to
tersebut adalah ventura bersama. Ventura be joint ventures. Joint ventures are accounted
bersama dicatat dengan metode ekuitas. for using the equity method.
Berdasarkan metode akuntansi ekuitas, Under the equity method of accounting,

kepentingan pada ventura bersama awalnya diakui interests in joint ventures are initially recognised
sebesar nilai perolehan dan disesuaikan at cost and adjusted thereafter to recognise the
setelahnya untuk mengakui bagian Grup atas Group’s share of the post-acquisition profits or
keuntungan atau kerugian entitas ventura bersama losses and movements in other comprehensive
pasca akuisisi dan perubahan di penghasilan income. When the Group’s share of losses in a
komprehensif lainnya setelah akuisisi. Ketika joint venture equals or exceeds its interests in
bagian Grup atas kerugian di ventura bersama the joint ventures (which includes any long-term
menyamai atau melebihi kepentingannya di ventura interests that, in substance, form part of the
bersama (termasuk kepentingan jangka panjang Group’s net investment in the joint ventures),
yang, pada dasarnya, membentuk bagian investasi the Group does not recognise further losses,
bersih milik Grup pada ventura bersama), Grup unless it has incurred obligations or made
tidak lagi mengakui kerugian, kecuali jika Grup payments on behalf of the joint ventures.
memiliki kewajiban atau melakukan pembayaran
atas nama ventura bersama.
Keuntungan yang belum terealisasi atas transaksi Unrealised gains on transactions between the
antara Grup dan ventura bersama dieliminasi Group and its joint ventures are eliminated to
sebesar bagian kepentingan Grup di ventura the extent of the Group’s interest in the joint
bersama. Kerugian belum terealisasi juga ventures. Unrealised losses are also eliminated
dieliminasi kecuali transaksi memberikan bukti atas unless the transaction provides evidence of an
adanya penurunan nilai dari aset yang dialihkan. impairment of the asset transferred. Accounting
Kebijakan akuntansi ventura bersama disesuaikan policies of the joint ventures have been
jika diperlukan untuk memastikan konsistensi changed where necessary to ensure
dengan kebijakan yang diadopsi oleh Grup. consistency with the policies adopted by the
Group.
f. Aset keuangan f. Financial assets
Klasifikasi Classification
Grup mengklasifikasikan aset keuangan dalam The Group classifies its financial assets in the
kategori berikut ini: diukur pada nilai wajar melalui following categories: at fair value through profit
laporan laba rugi, pinjaman yang diberikan dan or loss, loans and receivables, available-for-
piutang, tersedia untuk dijual dan dimiliki hingga sale, and held-to-maturity. The classification
jatuh tempo. Klasifikasi ini tergantung pada tujuan depends on the purpose for which the financial
perolehan aset keuangan. Manajemen menentukan assets were acquired. Management determines
klasifikasi aset keuangan pada saat awal the classification of its financial assets at initial
pengakuan. Pada tanggal pelaporan, Grup hanya recognition. As at the reporting dates, the Group
memiliki aset keuangan dengan kategori sebagai only has financial assets which are categorised
pinjaman yang diberikan dan piutang dan aset as loans and receivables and financial assets at
keuangan diukur pada nilai wajar melalui laporan fair value through profit or loss.
laba rugi.



(continued)
f. Aset keuangan (lanjutan) f. Financial assets (continued)
Klasifikasi (lanjutan) Classification (continued)
i. Pinjaman dan piutang i. Loans and receivables
Pinjaman yang diberikan dan piutang adalah Loans and receivables are non-derivative
aset keuangan nonderivatif dengan financial assets with fixed or determinable
pembayaran yang tetap atau dapat payments that are not quoted in an active
ditentukan dan tidak mempunyai kuotasi market. They are included in current
harga di pasar aktif. Pinjaman yang diberikan assets, except for those with maturities
dan piutang dimasukkan sebagai aset lancar, greater than twelve months after the end of
kecuali jika jatuh temponya melebihi dua reporting period. These are classified as
belas bulan setelah akhir periode pelaporan. non-current assets.
Pinjaman yang diberikan dan piutang ini
dimasukkan sebagai aset tidak lancar.
ii. Aset keuangan diukur pada nilai wajar ii. Financial assets at fair value through
melalui laporan laba rugi profit or loss
Aset keuangan diukur pada nilai wajar Financial assets at fair value through profit
melalui laporan laba rugi adalah aset or loss are financial assets held for trading.
keuangan yang dimiliki untuk A financial asset is classified in this
diperdagangkan. Aset keuangan category if it is acquired principally for the
diklasifikasikan ke dalam kategori ini jika purpose of selling in the short-term.
perolehannya terutama untuk dijual dalam Derivatives are also categorised as held for
jangka pendek. Derivatif juga dikategorikan trading unless they are designated as
sebagai dimiliki untuk diperdagangkan hedges. Assets in this category are
kecuali jika ditetapkan sebagai lindung nilai. classified as current assets if they are
Aset pada kategori ini diklasifikasikan expected to be settled within twelve
sebagai aset lancar jika diharapkan dapat months; otherwise, they are classified as
diselesaikan dalam waktu dua belas bulan; non-current.
jika tidak, aset tersebut diklasifikasikan
sebagai tidak lancar.
Pengakuan dan penghentian pengakuan Recognition and derecognition
Pembelian dan penjualan aset keuangan yang Regular purchases and sales of financial assets
lazim (reguler) diakui pada tanggal perdagangan are recognised on the trade date – the date on
– yaitu tanggal dimana Grup berkomitmen untuk which the Group commits to purchase or sell
membeli atau menjual aset. Aset keuangan the asset. Financial assets are derecognised
dihentikan pengakuannya ketika hak untuk when the rights to receive cash flows from the
menerima arus kas dari investasi tersebut telah investments have expired or have been
jatuh tempo atau telah ditransfer dan Grup telah transferred and the Group has transferred
mentransfer secara substansial seluruh risiko dan substantially all the risks and rewards of
manfaat atas kepemilikan aset. ownership.
Pengukuran Measurement
Investasi pada awalnya diakui sebesar nilai Investments are initially recognised at fair value
wajarnya ditambah biaya transaksi untuk seluruh plus transaction costs for all financial assets not
aset keuangan yang tidak diukur pada nilai wajar carried at fair value through profit or loss.
melalui laporan laba rugi. Aset keuangan yang Financial assets carried at fair value through
diukur pada nilai wajar melalui laporan laba rugi profit or loss are initially recognised at fair value
pada awalnya dicatat sebesar nilai wajar dan and transaction costs are expensed in the
biaya transaksinya dibebankan pada laporan laba consolidated profit or loss.
rugi konsolidasian.

Re


(continued)
f. Aset keuangan (lanjutan) f. Financial assets (continued)
Pengukuran (lanjutan) Measurement (continued)
Aset keuangan yang diukur pada nilai wajar Financial assets at fair value through profit or
melalui laporan laba rugi selanjutnya dicatat loss are subsequently carried at fair value.
sebesar nilai wajar. Pinjaman yang diberikan dan Loans and receivables and financial assets
piutang dan aset keuangan dimiliki hingga jatuh held-to-maturity are carried at amortised cost
tempo dicatat sebesar biaya perolehan using the effective interest method.
diamortisasi dengan menggunakan metode suku
bunga efektif.
Selisih neto yang timbul dari perubahan nilai Net differences arising from changes in the fair
wajar kategori “aset keuangan diukur pada nilai value of the “financial assets at fair value
wajar melalui laporan laba rugi” disajikan pada through profit or loss” category are presented in
laporan laba rugi konsolidasian dalam the consolidated profit or loss within “finance
“pendapatan keuangan” dalam periode income” in the period in which they arise.
terjadinya. Pendapatan dividen dari aset Dividend income from financial assets at fair
keuangan yang diukur pada nilai wajar melalui value through profit or loss is recognised in the
laporan laba rugi diakui pada laporan laba rugi consolidated profit or loss as part of “other
konsolidasian sebagai “penghasilan lain-lain, income, net” when the Group’s right to receive
bersih” ketika hak Grup untuk menerima payments is established. Interest income from
pembayaran sudah ditetapkan. Pendapatan these financial assets is included in the “finance
bunga aset keuangan tersebut dicatat pada income”.
“pendapatan keuangan”.
g. Instrumen keuangan derivatif dan aktivitas g. Derivative financial instruments and hedging
lindung nilai activities
Derivatif pada awalnya diakui sebesar nilai wajar Derivatives are initially recognised at fair value
pada tanggal kontrak derivatif disepakati dan on the date a derivative contract is entered into
selanjutnya diukur kembali sebesar nilai and are subsequently remeasured at their fair
wajarnya. Metode untuk mengakui keuntungan value. The method of recognising the resulting
atau kerugian yang dihasilkan tergantung apakah gain or loss depends on whether the derivative
derivatif ditetapkan sebagai instrumen lindung is designated as a hedging instrument, and if
nilai, dan jika demikian, sifat unsur yang dilindung so, the nature of the item being hedged.
nilainya.
Pada tanggal 31 Desember 2018 dan 2017, Grup As at December 31, 2018 and 2017, the Group
tidak menetapkan derivatif sebagai instrumen did not designate its derivatives as a hedging
lindung nilai, dengan demikian mutasi dari nilai instruments. As such, the movement of its fair
wajar diakui pada laporan laba rugi value is recognised in the consolidated profit or
konsolidasian. loss.
Nilai wajar penuh derivatif lindung nilai The full fair value of a hedging derivative is
diklasifikasikan sebagai aset tidak lancar atau classified as a non-current asset or liability
liabilitas jangka panjang jika jatuh tempo yang when the remaining maturity of the hedged item
tersisa untuk unsur yang dilindung nilai melebihi is more than 12 months, and as a current asset
12 bulan, dan sebagai aset lancar atau liabilitas or liability when the remaining maturity of the
jangka pendek jika jatuh tempo yang tersisa hedged item is less than 12 months. Trading
kurang dari 12 bulan. Derivatif yang derivatives are classified as a current asset or
diperdagangkan diklasifikasikan sebagai aset current liability.
lancar atau liabilitas jangka pendek.



(continued)
g. Instrumen keuangan derivatif dan aktivitas g. Derivative financial instruments and hedging
lindung nilai (lanjutan) activities (continued)
Grup menggunakan beberapa teknik penilaian The Group uses widely recognised valuation
yang digunakan secara umum untuk menentukan models for determining the fair values of non-
nilai wajar dari instrumen keuangan dengan standardised financial instruments of lower
tingkat kompleksitas yang rendah, seperti kontrak complexity, such as swaps and forward
swap dan forward. Input yang digunakan dalam contracts. For these financial instruments,
teknik penilaian untuk instrumen keuangan di inputs into models are generally market
atas adalah data pasar yang dapat diobservasi. observable.
Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are
diperdagangkan di pasar aktif ditentukan dengan not traded in active markets is determined by
menggunakan teknik penilaian. Grup using valuation techniques. The Group uses
menggunakan metode diskonto arus kas dengan discounted cash flow methods and makes
menggunakan asumsi-asumsi yang didasarkan assumptions that are based on market
pada kondisi pasar pada tanggal akhir periode conditions existing at each period end date
yang kemudian digunakan untuk menentukan which are used to determine fair value for the
nilai wajar dari instrumen keuangan. financial instruments.
h. Penurunan nilai aset keuangan h. Impairment of financial assets
Pada setiap akhir periode pelaporan, Grup At the end of each reporting period, the Group
menilai apakah terdapat bukti objektif bahwa aset assesses whether there is objective evidence
keuangan atau kelompok aset keuangan telah that a financial asset or Group of financial
mengalami penurunan nilai. Aset keuangan atau assets is impaired. A financial asset or a group
kelompok aset keuangan diturunkan nilainya dan of financial assets is impaired and impairment
kerugian penurunan nilai terjadi hanya jika losses are incurred only if there is objective
terdapat bukti objektif bahwa penurunan nilai evidence of impairment as a result of one or
merupakan akibat dari satu atau lebih peristiwa more events that occurred after the initial
yang terjadi setelah pengakuan awal aset recognition of the asset (a loss event) and that
(peristiwa kerugian) dan peristiwa kerugian (atau loss event (or events) has an impact on the
peristiwa) tersebut memiliki dampak pada estimated future cash flows of the financial
estimasi arus kas masa datang atas aset asset or group of financial assets that can be
keuangan atau kelompok aset keuangan yang reliably estimated.
dapat diestimasi secara andal.
Untuk kategori pinjaman yang diberikan dan For the loans and receivables category, the
piutang, jumlah kerugian diukur sebesar selisih amount of the loss is measured as the
antara nilai tercatat aset dan nilai kini dari difference between the asset’s carrying amount
estimasi arus kas masa datang diestimasi (tidak and the present value of estimated future cash
termasuk kerugian kredit masa depan yang flows (excluding future credit losses that have
belum terjadi) yang didiskonto menggunakan not been incurred) discounted at the financial
suku bunga efektif awal dari aset tersebut. Nilai asset’s original effective interest rate. The
tercatat aset dikurangi dan jumlah kerugian diakui carrying amount of the asset is reduced and the
pada laporan laba rugi konsolidasian. Jika amount of the loss is recognised in the
pinjaman yang diberikan memiliki tingkat bunga consolidated profit or loss. If a loan has a
mengambang, tingkat diskonto yang digunakan floating interest rate, the discount rate for
untuk mengukur kerugian penurunan nilai adalah measuring any impairment loss is the current
tingkat bunga efektif saat ini yang ditentukan effective interest rate determined under the
dalam kontrak. Untuk alasan praktis, Grup dapat contract. As a practical expedient, the Group
mengukur penurunan nilai berdasarkan nilai may measure impairment on the basis of an
wajar instrumen dengan menggunakan harga instrument’s fair value using an observable
pasar yang dapat diobservasi. market price.

Re


(continued)
h. Penurunan nilai aset keuangan (lanjutan) h. Impairment of financial assets (continued)
Jika, pada periode selanjutnya, jumlah penurunan If, in a subsequent period, the amount of the
nilai berkurang dan penurunan tersebut dapat impairment loss decreases and the decrease
dihubungkan secara objektif dengan peristiwa can be related objectively to an event occurring
yang terjadi setelah penurunan nilai diakui after the impairment was recognised (such as
(misalnya meningkatnya peringkat kredit debitur), an improvement in the debtor’s credit rating),
pemulihan atas jumlah penurunan nilai yang telah the reversal of the previously recognised
diakui sebelumnya diakui pada laporan laba rugi impairment loss is recognised in the
konsolidasian. consolidated profit or loss.
i. Kas dan setara kas i. Cash and cash equivalents
Pada laporan arus kas konsolidasian, kas dan In the consolidated statement of cash flows,
setara kas mencakup kas, kas di bank, simpanan cash and cash equivalents include cash on
yang sewaktu-waktu bisa dicairkan, investasi hand, cash in banks, deposits held at call with
lancar jangka pendek lainnya dengan yang jatuh banks and other short-term highly liquid
tempo dalam waktu tiga bulan atau kurang. investments with original maturities of three
months or less.
j. Piutang usaha dan piutang lain-lain j. Trade and other receivables
Piutang usaha merupakan jumlah yang terutang Trade receivables are amounts due from
dari pelanggan atas penjualan mineral atau jasa customers for minerals sold or refining services
pengolahan mineral yang dilakukan dalam performed in the ordinary course of business. If
kegiatan usaha normal. Jika piutang diperkirakan collection is expected in one year or less, they
dapat ditagih dalam waktu satu tahun atau are classified as current assets. If not, they are
kurang, piutang usaha diklasifikasikan sebagai presented as non-current assets.
aset lancar. Jika tidak, piutang usaha disajikan
sebagai aset tidak lancar.
Piutang usaha dan piutang lain-lain pada awalnya Trade and other receivables are recognised
diakui sebesar nilai wajar dan selanjutnya diukur initially at fair value and subsequently measured
pada biaya perolehan diamortisasi dengan at amortised cost using the effective interest
menggunakan metode bunga efektif, apabila method, if the impact of discounting is
dampak pendiskontoan signifikan, dikurangi significant, less any provision for impairment.
provisi atas penurunan nilai.
Kolektibilitas piutang usaha dan piutang lain-lain The collectibility of trade and other receivables
ditinjau secara berkala. Piutang yang diketahui is reviewed on an ongoing basis. Receivables
tidak tertagih, dihapuskan dengan secara which are known to be uncollectible are directly
langsung dengan mengurangi nilai tercatatnya. written off by reducing the carrying amount. An
Akun penyisihan digunakan ketika terdapat bukti allowance account is used when there is
yang objektif bahwa Grup tidak dapat menagih objective evidence that the Group will not be
seluruh nilai terutang sesuai dengan persyaratan able to collect all amounts due according to the
awal piutang. Kesulitan keuangan signifikan yang original terms of the receivables. Significant
dialami debitur, kemungkinan debitur dinyatakan financial difficulties of the debtor, probability that
pailit atau melakukan reorganisasi keuangan dan the debtor will enter bankruptcy or financial
gagal bayar atau menunggak pembayaran reorganisation and default or delinquency in
merupakan indikator yang dianggap dapat payments are considered indicators that the
menunjukan adanya penurunan nilai piutang. trade receivable is impaired. The amount of the
Jumlah penurunan nilai adalah sebesar selisih impairment provision is the difference between
antara nilai tercatat aset dan nilai kini dari the asset’s carrying amount and the present
estimasi arus kas masa depan pada tingkat suku value of estimated future cash flows, discounted
bunga efektif awal. Provisi atas penurunan nilai at the original effective interest rate. Provision
piutang dibebankan ke laba rugi konsolidasian. for impairment of receivables are charged to
Arus kas terkait dengan piutang jangka pendek consolidated profit or loss. Cash flows relating
tidak didiskontokan apabila efek diskonto tidak to short-term receivables are not discounted if
material. the effect of discounting is immaterial.



(continued)
j. Piutang usaha dan piutang lain-lain (lanjutan) j. Trade and other receivables (continued)
Piutang lain-lain dari pihak berelasi pada awalnya Other receivables from related parties are
disajikan sebagai aset tidak lancar kecuali jika initially presented as non-current assets unless
ada alasan tertentu untuk disajikan sebagai aset there are specific reasons for them to be
lancar pada laporan posisi keuangan presented as current assets in the consolidated
konsolidasian. statement of financial position.
k. Persediaan k. Inventories
Persediaan dicatat pada nilai terendah antara Inventories are stated at the lower of cost or net
harga perolehan atau nilai realisasi bersihnya. realisable value. Cost is determined by the
Harga perolehan ditentukan dengan weighted-average method. The cost of finished
menggunakan metode rata-rata tertimbang. goods and work in process comprises materials,
Harga perolehan barang jadi dan barang dalam labour and an appropriate proportion of directly
proses terdiri dari biaya bahan baku, tenaga kerja attributable fixed and variable overheads. Net
serta alokasi biaya overhead langsung maupun realisable value is the estimate of the selling
tidak langsung baik yang bersifat tetap maupun price in the ordinary course of business less
variabel. Nilai realisasi bersih adalah estimasi applicable variable selling expense.
harga penjualan dalam kegiatan usaha normal
dikurangi beban penjualan variabel.
l. Aset tetap l. Property, plant and equipment
Tanah disajikan sebesar nilai wajar. Penilaian Land is shown at fair value. Valuations are
atas aset tersebut dilakukan secara berkala untuk performed with sufficient regularity to ensure
memastikan bahwa nilai wajar aset yang that the fair value of a revalued asset does not
direvaluasi tidak berbeda secara material dengan differ materially from its carrying amount. All
jumlah tercatatnya. Aset tetap lainnya disajikan other property, plant and equipment is stated at
sebesar harga perolehan dikurangi dengan historical cost less accumulated depreciation
akumulasi penyusutan dan akumulasi kerugian and accumulated impairment losses. Historical
penurunan nilai. Harga perolehan termasuk cost includes expenditure that is directly
pengeluaran yang dapat diatribusikan secara attributable to the acquisition of the items.
langsung atas perolehan aset tersebut.
Biaya-biaya setelah pengakuan awal diakui Subsequent costs are included in the asset’s
sebagai bagian nilai tercatat aset atau sebagai carrying amount or recognised as a separate
aset yang terpisah, sebagaimana mestinya, asset, as appropriate, only when it is probable
hanya jika besar kemungkinan Grup mendapat that future economic benefits associated with
manfaat ekonomis di masa depan berkenaan the item will flow to the Group and the cost of
dengan aset tersebut dan biaya perolehan aset the item can be measured reliably. The carrying
dapat diukur dengan andal. Nilai tercatat dari amount of replaced part is derecognised. All
komponen yang diganti dihapuskan. Biaya other repairs and maintenance are charged to
perbaikan dan pemeliharaan dibebankan ke consolidated profit or loss during the financial
dalam laporan laba rugi konsolidasian pada period in which they are incurred.
periode ketika biaya-biaya tersebut terjadi.
Biaya perizinan awal yang dikeluarkan untuk Initial legal costs incurred to obtain legal rights
memperoleh hak secara hukum diakui sebagai are recognised as part of the acquisition cost of
bagian dari biaya perolehan atas tanah dan the land and these costs are not depreciated.
biaya-biaya ini tidak didepresiasi. Biaya terkait Cost related to renewal of land rights are
perpanjangan hak atas tanah diakui sebagai aset recognised as intangible assets and amortised
tak berwujud dan diamortisasi selama periode during the period of land rights.
hak atas tanah.

Re


(continued)
l. Aset tetap (lanjutan) l. Property, plant and equipment (continued)
Kenaikan nilai tercatat yang timbul dari revaluasi Increases in the carrying amount arising on
tanah dikreditkan pada penghasilan komprehensif revaluation of land are credited to other
lainnya dan disajikan sebagai “surplus revaluasi comprehensive income and shown as “asset
aset” di ekuitas. Penurunan yang menghapus revaluation surplus” in equity. Decreases that
nilai kenaikan yang sebelumnya dicatat atas aset offset previous increases of the same asset are
yang sama dibebankan di penghasilan charged in other comprehensive income and
komprehensif lainnya dan didebitkan terhadap debited against “asset revaluation surplus” in
“surplus revaluasi aset” di ekuitas; penurunan equity; all other decreases are charged to
lainnya dibebankan pada laporan laba rugi consolidated profit or loss.
konsolidasian.
Keuntungan atau kerugian bersih dari pelepasan Net gains or losses on disposals are determined
ditentukan dengan membandingkan nilai sisa by comparing the proceeds with the carrying
dengan nilai tercatat dan diakui dalam amount and are recognised within “other
“penghasilan lain-lain, bersih” di laba rugi income, net” in the consolidated profit or loss.
konsolidasian.
Tanah tidak disusutkan. Penyusutan aset tetap Land is not depreciated. Depreciation on other
lainnya dihitung dengan menggunakan metode fixed assets is calculated using the straight-line
garis lurus untuk mengalokasikan harga method to allocate their cost to their residual
perolehan sampai dengan nilai sisanya selama values over their estimated useful lives, as
masa manfaat yang diestimasi, sebagai berikut: follows:
Tahun/
Years
Prasarana 4 - 30 Land improvements

Bangunan 10 - 20 Buildings
Pabrik, mesin dan peralatan 8 - 34 Plant, machinery and equipment
Kendaraan 4-8 Vehicles
Peralatan dan perabotan kantor 4-8 Furniture, fixtures and office equipment
Nilai sisa aset, masa manfaat dan metode The assets’ residual values, useful lives and
penyusutan direviu dan jika perlu disesuaikan, depreciation method are reviewed and adjusted
pada setiap akhir periode pelaporan. if appropriate, at the end of each reporting
period.
Jika aset yang direvaluasi dijual, jumlah yang When revalued assets are sold, the amounts
dicatat di dalam ekuitas dipindahkan ke saldo included in equity are transferred to retained
laba. earnings.
Akumulasi biaya konstruksi bangunan, pabrik dan The accumulated costs of the construction of
pemasangan mesin dikapitalisasi sebagai aset buildings and the installation of machinery are
dalam penyelesaian. Biaya tersebut direklasifikasi capitalised as construction in progress. These
ke akun aset tetap pada saat proses konstruksi costs are reclassified to property, plant and
atau pemasangan selesai. Penyusutan dimulai equipment when the construction or installation
pada saat aset tersebut siap untuk digunakan is complete. Depreciation is charged from the
sesuai dengan tujuan yang diinginkan date the assets are ready for use in the manner
manajemen. intended by management.



(continued)
l. Aset tetap (lanjutan) l. Property, plant and equipment (continued)
Biaya bunga dan biaya pinjaman lainnya, seperti Interest and other borrowing costs, such as
biaya diskonto pinjaman baik yang secara discount fees on loans either directly or
langsung atau tidak langsung digunakan untuk indirectly used in financing the construction of a
pendanaan konstruksi aset kualifikasian, qualifying asset, are capitalised up to the date
dikapitalisasi hingga aset tersebut selesai when construction is complete. For borrowings
dikonstruksi. Untuk biaya pinjaman yang dapat that are directly attributable to a qualifying
diatribusikan secara langsung pada aset asset, the amount to be capitalised is
kualifikasian, jumlah yang dikapitalisasi determined as the actual borrowing cost
ditentukan dari biaya pinjaman aktual yang terjadi incurred for the year, less any income earned
selama tahun berjalan, dikurangi penghasilan on the temporary investment of such
yang diperoleh dari investasi sementara atas borrowings. For borrowings that are not directly
dana hasil pinjaman tersebut. Untuk pinjaman attributable to a qualifying asset, the amount to
yang tidak dapat diatribusikan secara langsung be capitalised is determined by applying a
pada suatu aset kualifikasian, jumlah yang capitalisation rate to the amount expended on
dikapitalisasi ditentukan dengan mengalikan the qualifying assets. The capitalisation rate is
tingkat kapitalisasi terhadap jumlah yang the weighted-average of the total borrowing
dikeluarkan untuk memperoleh aset kualifikasian. costs applicable to the total borrowings
Tingkat kapitalisasi dihitung berdasarkan rata- outstanding for the year, other than borrowings
rata tertimbang biaya pinjaman yang dibagi made specifically for the purpose of obtaining a
dengan jumlah pinjaman yang tersedia selama qualifying asset.
tahun berjalan, selain pinjaman yang secara
spesifik diambil untuk tujuan memperoleh suatu
aset kualifikasian.
m. Penurunan nilai aset nonkeuangan m. Impairment of non-financial assets
Aset yang memiliki masa manfaat yang tidak Assets that have an indefinite useful life – for
terbatas – misalnya goodwill atau aset tak example, goodwill or intangible assets not ready
berwujud yang tidak siap untuk digunakan – tidak for use – are not subject to amortisation but are
diamortisasi namun diuji penurunan nilainya tested annually for impairment, or more
setiap tahun atau lebih sering apabila terdapat frequently if events or changes in circumstances
peristiwa atau perubahan pada kondisi yang indicate that they might be impaired. Assets that
mengindikasikan kemungkinan penurunan nilai. are subject to amortisation are reviewed for
Aset yang diamortisasi diuji ketika terdapat impairment whenever events or changes in
indikasi bahwa nilai tercatatnya mungkin tidak circumstances indicate that the carrying amount
dapat dipulihkan. Penurunan nilai diakui jika nilai may not be recoverable. An impairment loss is
tercatat aset melebihi jumlah terpulihkan. Jumlah recognised for the amount by which the asset’s
terpulihkan adalah yang lebih tinggi antara nilai carrying amount exceeds its recoverable
wajar aset dikurangi biaya untuk menjual dan nilai amount. The recoverable amount is the higher
pakai aset. Dalam menentukan penurunan nilai, of an asset’s fair value less costs to sell and
aset dikelompokkan pada tingkat yang paling value-in-use. For the purposes of assessing
rendah dimana terdapat arus kas yang dapat impairment, assets are grouped at the lowest
diidentifikasi. Aset nonkeuangan selain goodwill levels for which there are separately identifiable
yang mengalami penurunan nilai diuji setiap cash flows. Non-financial assets other than
tanggal pelaporan untuk menentukan apakah goodwill that suffer impairment are reviewed for
terdapat kemungkinan pemulihan penurunan a possible reversal of the impairment at each
nilai. reporting date.
Pemulihan rugi penurunan nilai untuk aset selain Reversal on impairment loss for assets other
goodwill, diakui jika dan hanya jika, terdapat than goodwill would be recognised, if and only
perubahan estimasi yang digunakan dalam if, there has been a change in the estimates
menentukan jumlah terpulihkan aset sejak used to determine the asset’s recoverable
pengujian penurunan nilai terakhir kali dilakukan. amount since the last impairment test was
Pembalikan rugi penurunan nilai tersebut diakui carried out. Reversal on impairment losses will
langsung dalam laporan laba rugi konsolidasian. be immediately recognised in the consolidated
Rugi penurunan nilai yang diakui atas goodwill profit or loss. Impairment losses relating to
tidak dibalik lagi. goodwill would not be reversed.

Re


(continued)
n. Utang usaha n. Trade payables
Utang usaha adalah kewajiban membayar Trade payables are obligations to pay for goods
barang atau jasa yang telah diterima dalam or services that have been acquired in the
kegiatan usaha normal dari pemasok, termasuk ordinary course of business from suppliers,
sehubungan dengan pembelian aset tetap. Utang including acquisitions of property, plant and
usaha diklasifikasikan sebagai liabilitas jangka equipment. Trade payables are classified as
pendek jika pembayarannya jatuh tempo dalam current liabilities if payment is due within one
waktu satu tahun atau kurang. Jika tidak, utang year or less. If not, they are presented as non-
tersebut disajikan sebagai liabilitas jangka current liabilities.
panjang.
Utang usaha pada awalnya diakui sebesar nilai Trade payables are recognised initially at fair
wajar dan selanjutnya diukur pada biaya value and subsequently measured at amortised
perolehan diamortisasi dengan menggunakan cost using the effective interest method.
metode bunga efektif.
o. Pinjaman o. Borrowings
Pada saat pengakuan awal, pinjaman diakui Borrowings are recognised initially at fair value,
sebesar nilai wajar, dikurangi dengan biaya-biaya net of transaction costs incurred. Borrowings
transaksi yang terjadi. Selanjutnya, pinjaman are subsequently carried at amortised cost; any
diukur sebesar biaya perolehan diamortisasi; difference between the proceeds (net of
selisih antara penerimaan (dikurangi biaya transaction costs) and the redemption value is
transaksi) dan nilai pelunasan dicatat pada recognised in the consolidated profit or loss
laporan laba rugi selama periode pinjaman over the year of the borrowings using the
dengan menggunakan metode bunga efektif. effective interest method.
Biaya yang dibayar untuk memperoleh fasilitas Fees paid on the establishment of loan facilities
pinjaman diakui sebagai biaya transaksi pinjaman are recognised as transaction costs of the loan
sepanjang besar kemungkinan sebagian atau to the extent that it is probable that some or all
seluruh fasilitas akan ditarik. Dalam hal ini, biaya of the facility will be drawndown. In this case,
memperoleh pinjaman ditangguhkan sampai the fee is deferred until the drawdown occurs.
penarikan pinjaman terjadi. Sepanjang tidak To the extent that there is no evidence that it is
terdapat bukti bahwa besar kemungkinan probable that some or all of the facility will be
sebagian atau seluruh fasilitas akan ditarik, biaya drawndown, the fee is capitalised as a pre-
memperoleh pinjaman dikapitalisasi sebagai payment for liquidity services and amortised
pembayaran di muka untuk jasa likuiditas dan over the year of the facility to which it relates.
diamortisasi selama periode fasilitas yang terkait.
Biaya pinjaman yang terjadi untuk konstruksi aset Borrowing costs incurred for the construction of
kualifikasian, dikapitalisasi selama periode waktu any qualifying asset are capitalised during the
yang dibutuhkan untuk menyelesaikan konstruksi period of time that is required to complete and
aset dan mempersiapkannya sampai dapat prepare the asset for its intended use or sale.
digunakan sesuai tujuan yang dimaksudkan atau Other borrowing costs are expensed in the
untuk dijual. Biaya pinjaman lainnya dibebankan consolidated profit or loss.
pada laporan laba rugi konsolidasian.
Pinjaman diklasifikasikan sebagai liabilitas jangka Borrowings are classified as current liabilities
pendek kecuali Grup memiliki hak tanpa syarat unless the Group has an unconditional right to
untuk menunda pembayaran liabilitas selama defer the settlement of the liability for at least
paling tidak dua belas bulan setelah tanggal twelve months after the reporting date.
pelaporan.



(continued)
p. Modal saham p. Share capital
Biaya tambahan yang secara langsung dapat Incremental costs directly attributable to the
diatribusikan kepada penerbitan saham biasa issuing of new ordinary shares or options are
atau opsi disajikan pada ekuitas sebagai shown in equity as a deduction, net of tax from
pengurang penerimaan, setelah dikurangi pajak. the proceeds.
q. Transaksi-transaksi dengan pihak berelasi q. Transactions with related parties
Grup telah melakukan transaksi dengan pihak- The Group has entered into transactions with
pihak berelasi, sesuai dengan PSAK 7. related parties as defined under SFAS 7.
Berdasarkan Peraturan OJK No. VIII.G.7, entitas Based on OJK Regulation No. VIII.G.7,
berelasi dengan Pemerintah merupakan entitas Government-related entities include any entity
yang dikendalikan, dikendalikan bersama, atau that is controlled or jointly controlled, or
dipengaruhi secara signifikan oleh Pemerintah. significantly influenced by the Government.
r. Biaya tangguhan r. Deferred charges
Biaya yang dikeluarkan dalam jumlah signifikan Significant expenditures incurred which are
yang diperkirakan memiliki masa manfaat lebih considered to have a benefit of more than one
dari satu tahun, ditangguhkan dan diamortisasi year, are deferred and amortised by applying
dengan menggunakan metode garis lurus the straight-line method over the year expected
berdasarkan taksiran masa manfaatnya. to benefit from such expenditures.
s. Aset eksplorasi dan evaluasi s. Exploration and evaluation assets
Aktivitas eksplorasi dan evaluasi meliputi Exploration and evaluation activity involves the
pencarian sumber daya mineral setelah Grup search for mineral resources after the Group
memperoleh hak hukum untuk mengeksplorasi has obtained legal rights to explore in a specific
suatu wilayah tertentu, penentuan kelayakan area, determination of the technical feasibility
teknis dan penilaian komersial atas sumber daya and assessment of the commercial viability of
mineral teridentifikasi. an identified resource.
Pengeluaran eksplorasi dan evaluasi meliputi Exploration and evaluation expenditure

biaya yang berhubungan langsung dengan: comprises costs that are directly attributable to
the following:
- Perolehan hak untuk eksplorasi; - Acquisition of rights to explore;

- Kajian topografi, geologi, geokimia dan - Topographical, geological, geochemical
geofisika; and geophysical studies;
- Pengeboran eksplorasi; - Exploratory drilling;
- Pemaritan dan pengambilan contoh; dan - Trenching and sampling; and
- Aktivitas yang terkait dengan evaluasi - Activities involved in evaluating the
kelayakan teknis dan komersial atas technical feasibility and commercial viability
penambangan sumber daya mineral. of extracting mineral resources.
Pengeluaran eksplorasi dan evaluasi yang Exploration and evaluation expenditure related
berhubungan dengan suatu area of interest to an area of interest is written off as incurred,
dibebankan pada saat terjadinya, kecuali biaya unless it is capitalised and carried forward, on
tersebut dikapitalisasi dan ditangguhkan, an area of interest basis, provided that one of
berdasarkan area of interest, apabila memenuhi the following conditions is met:
salah satu dari ketentuan berikut ini:

Re


(continued)
s. Aset eksplorasi dan evaluasi (lanjutan) s. Exploration and evaluation assets

(continued)
(i) Hak untuk mengeksplorasi dan (i) The rights of tenure of an area are current
mengevaluasi suatu area masih berlaku dan and it is considered probable that the costs
biaya-biaya yang telah dikeluarkan tersebut will be recouped through successful
diharapkan dapat diperoleh kembali melalui development and exploitation of the area of
keberhasilan pengembangan dan eksploitasi interest or, alternatively, by its sale; or
area of interest tersebut atau melalui
penjualan area of interest tersebut; atau
(ii) Kegiatan eksplorasi dalam area of interest (ii) Exploration activities in the area of interest
tersebut belum mencapai tahap yang have not yet reached the stage which
memungkinkan penentuan adanya cadangan would permit a reasonable assessment of
terbukti yang secara ekonomis dapat the existence or otherwise of economically
diperoleh, serta kegiatan yang aktif dan recoverable reserves and active and
signifikan dalam atau berhubungan dengan significant operations in or in relation to the
area of interest tersebut masih berlanjut. area of interest are continuing.
Biaya yang dikapitalisasi mencakup biaya-biaya Capitalised costs include costs directly related
yang berkaitan langsung dengan aktivitas to exploration and evaluation activities in the
eksplorasi dan evaluasi pada area of interest relevant area of interest and exclude physical
yang relevan, tidak termasuk aset berwujud yang assets, which are recorded in property, plant
dicatat sebagai aset tetap. Biaya umum dan and equipment. General and administrative
administrasi dialokasikan sebagai aset eksplorasi costs are allocated to an exploration or
atau evaluasi hanya jika biaya tersebut berkaitan evaluation asset only to the extent that those
langsung dengan aktivitas operasional pada area costs can be related directly to operational
of interest yang relevan. activities in the relevant area of interest.
Pengeluaran eksplorasi dan evaluasi yang Capitalised exploration and evaluation

dikapitalisasi dihapusbukukan ketika kondisi expenditure is written off where the above
tersebut di atas tidak lagi terpenuhi. conditions are no longer satisfied.
Aset eksplorasi dan evaluasi teridentifikasi yang Identifiable exploration and evaluation assets
diperoleh dalam suatu kombinasi bisnis pada acquired in a business combination are
awalnya diakui sebagai aset pada nilai wajar recognised initially as assets at fair value on
pada saat akusisi dan selanjutnya diukur pada acquisition and subsequently at cost less
biaya perolehan dikurangi kerugian penurunan impairment charges. Exploration and evaluation
nilai. Pengeluaran eksplorasi dan evaluasi yang expenditure incurred subsequent to the
terjadi setelah perolehan aset eksplorasi dalam acquisition of an exploration asset in a business
suatu kombinasi bisnis dicatat dengan mengacu combination is accounted for in accordance with
pada kebijakan akuntansi di atas. the accounting policy outlined above.
Oleh karena aset eksplorasi dan evaluasi belum As exploration and evaluation assets are not
dapat digunakan, maka aset tersebut tidak available for use, they are not depreciated.
disusutkan.
Aset eksplorasi dan evaluasi diuji penurunan Exploration and evaluation assets are assessed
nilainya ketika fakta dan kondisi mengindikasikan for impairment if facts and circumstances
adanya penurunan nilai. Aset eksplorasi dan indicate that impairment may exist. Exploration
evaluasi juga diuji penurunan nilainya ketika and evaluation assets are also tested for
terjadi penemuan cadangan komersial, sebelum impairment once commercial reserves are
aset tersebut ditransfer ke “properti found, before the assets are transferred to
pertambangan - tambang dalam “mining properties - mines under development”.
pengembangan”.



(continued)
s. Aset eksplorasi dan evaluasi (lanjutan) s. Exploration and evaluation assets

(continued)
Pengeluaran yang terjadi sebelum entitas Expenditure incurred before the entity has
memperoleh hak hukum untuk mengeksplorasi obtained the legal right to explore a specific
suatu area spesifik dibiayakan pada saat area is expensed as incurred.
terjadinya.
t. Properti pertambangan t. Mining properties
Biaya pengembangan yang dikeluarkan oleh atau Development expenditure incurred by or on

atas nama Grup diakumulasikan secara terpisah behalf of the Group is accumulated separately
untuk setiap area of interest pada saat cadangan for each area of interest in which economically
terpulihkan yang secara ekonomis dapat recoverable resources have been identified.
diidentifikasi. Biaya tersebut termasuk biaya yang Such expenditure comprises costs directly
dapat diatribusikan secara langsung pada attributable to the construction of a mine and the
konstruksi tambang dan infrastruktur terkait, tidak related infrastructure and excludes physical
termasuk biaya aset berwujud dan hak atas tanah assets and land rights, which are recorded as
yang dicatat sebagai aset tetap. property, plant and equipment.
Ketika keputusan pengembangan telah diambil, Once a development decision has been taken,
jumlah tercatat aset eksplorasi dan evaluasi pada the carrying amount of the exploration and
area of interest tertentu dipindahkan sebagai evaluation assets in respect of the area of
“tambang dalam pengembangan” pada akun interest is transferred to “mines under
properti pertambangan dan digabung dengan development” within mining properties and
pengeluaran biaya pengembangan selanjutnya. aggregated with the subsequent development
expenditure.
“Tambang dalam pengembangan” direklasifikasi “Mines under development” are reclassified as

ke “tambang yang berproduksi” pada akun “mines in production” within mining properties at
properti pertambangan pada akhir tahap the end of the commissioning phase, when the
commissioning, ketika tambang tersebut mampu mine is capable of operating in the manner
beroperasi sesuai dengan maksud manajemen. intended by management.
“Tambang dalam pengembangan” tidak No depreciation is recognised for “mines under

disusutkan sampai direklasifikasi menjadi development” until they are reclassified as
“tambang yang berproduksi”. “mines in production”.
Ketika timbul biaya pengembangan lebih lanjut When further development expenditure is
atas properti pertambangan setelah dimulainya incurred on a mining property after the
produksi, maka biaya tersebut akan dicatat commencement of production, the expenditure
sebagai bagian dari “tambang yang berproduksi” is carried forward as part of “mines in
apabila terdapat kemungkinan besar tambahan production” when it is probable that additional
manfaat ekonomis masa depan sehubungan future economic benefits associated with the
dengan biaya tersebut akan mengalir ke Grup. expenditure will flow to the Group. Otherwise,
Apabila tidak, biaya tersebut dibebankan sebagai such expenditure is classified as a cost of
biaya produksi. production.

Re


(continued)
t. Properti pertambangan (lanjutan) t. Mining properties (continued)
“Tambang yang berproduksi” (termasuk biaya “Mines in production” (including reclassified

eksplorasi, evaluasi dan pengembangan, serta exploration, evaluation and development
pembayaran untuk memperoleh hak expenditure and payments made to acquire
penambangan dan sewa) diamortisasi dengan mineral rights and leases) are amortised using
menggunakan metode unit produksi berdasarkan the units-of-production method on the basis of
cadangan terbukti dan cadangan terduga, proved and probable reserves, with separate
dengan perhitungan terpisah yang dibuat untuk calculations being made for each area of
setiap area of interest. interest.
Properti pertambangan teridentifikasi yang Identifiable mining properties acquired in a

diperoleh melalui suatu kombinasi bisnis pada business combination are initially recognised as
awalnya diakui sebagai aset sebesar nilai assets at their fair value. Development
wajarnya. Pengeluaran pengembangan yang expenses incurred subsequent to the
terjadi setelah akuisisi properti pertambangan acquisition of the mining properties are
dicatat berdasarkan kebijakan akuntansi yang accounted for in accordance with the policy
dijelaskan di atas. outlined above.
“Tambang dalam pengembangan” dan “tambang “Mines under development” and “mines in
yang berproduksi” diuji penurunan nilainya production” are tested for impairment in
dengan mengacu pada kebijakan akuntansi accordance with the policy in Note 2m.
dalam Catatan 2m.
u. Provisi atas pengelolaan dan reklamasi u. Provision for environmental and reclamation
lingkungan hidup costs
Grup memiliki kewajiban tertentu untuk The Group has certain obligations for the
merestorasi dan merehabilitasi daerah restoration and rehabilitation of mining areas
pertambangan serta penarikan aset sesudah and the retirement of assets following the
produksi selesai. Provisi atas pengelolaan dan completion of production. Provision for
reklamasi lingkungan hidup diakui ketika: Grup environmental and reclamation costs is
memiliki kewajiban hukum atau konstruktif masa recognised when: the Group has a present legal
kini sebagai akibat peristiwa masa lalu; terdapat or constructive obligation as a result of past
kemungkinan penyelesaian kewajiban tersebut events; it is probable that an outflow of
memerlukan keluarnya sumber daya; dan jumlah resources will be required to settle the
kewajiban tersebut dapat diukur secara andal. obligation; and the amount can be reliably
Kewajiban tersebut diukur sebesar nilai kini dari estimated. Such obligations are measured at
perkiraan pengeluaran yang diperlukan untuk the present value of the expenditure expected
menyelesaikan kewajiban dengan menggunakan to be required to settle the obligation using the
tingkat diskonto sebelum pajak, yang pre-tax discount rate that reflects the current
mencerminkan penilaian pasar terkini atas nilai market assessment of the time value of money
waktu uang dan risiko yang terkait dengan and the risks specific to the obligation. Changes
kewajiban tersebut. Perubahan taksiran biaya in the estimated restoration and environmental
restorasi dan lingkungan hidup yang akan terjadi expenditures to be incurred are accounted for
dihitung secara prospektif berdasarkan sisa umur on a prospective basis over the remaining mine
tambang. life.



(continued)
v. Pendapatan dan beban v. Revenue and expenses
Pendapatan diakui bila besar kemungkinan Revenue is recognised to the extent that it is
manfaat ekonomi akan diperoleh Grup dan probable that the economic benefits will flow to
jumlahnya dapat diukur secara andal. the Group and the revenue can be reliably
Pendapatan diukur pada nilai wajar pembayaran measured. Revenue is measured at the fair
yang diterima, tidak termasuk diskon, rabat dan value of the consideration received, excluding
Pajak Pertambahan Nilai (“PPN”). discounts, rebates and Value Added Tax
(“VAT”).
Penjualan dari produk diakui sebagai pendapatan The sale of a product is recognised as revenue
pada saat pengalihan risiko kepemilikan kepada when the risks of ownership are transferred to
pelanggan dan bila kondisi berikut terpenuhi: the customer and when the following conditions
are met:
- Bentuk dari produk telah sesuai untuk - The product is in a suitable form for delivery
pengiriman serta tidak terdapat proses lebih and no further processing is required by the
lanjut yang diperlukan oleh produsen; producer;
- Kuantitas serta kualitas dari produk dapat - The quantity and quality of the product can
ditentukan dengan cukup akurat; be determined with reasonable accuracy;
- Produk telah diserahkan kepada pelanggan - The product has been dispatched to the
serta tidak lagi di bawah pengendalian fisik customer and is no longer under the
dari produsen atau hak kepemilikannya telah physical control of the producer or
diserahkan kepada pelanggan; dan ownership of the product has been passed
to the customer; and
- Harga jual dapat ditentukan dengan cukup - The selling price can be determined with
akurat. reasonable accuracy.
Terpenuhinya kondisi tersebut tergantung The satisfaction of these conditions depends on

persyaratan penjualan dengan setiap pelanggan. the terms of trade with individual customers.
Secara umum risiko dan manfaat dianggap telah Generally the risks and rewards are considered
berpindah ke pelanggan ketika terjadi transfer to be transferred to the customer when the title
kepemilikan dan risiko kerugian yang diasuransi. and insurable risk of loss are transferred.
Perjanjian penjualan tertentu atas feronikel diakui Certain ferronickel sale agreements provide for
dengan menggunakan harga penjualan the provisional pricing of sales at the time of
sementara pada saat tanggal pengiriman. Harga shipment. The final pricing is based on the
final ditentukan berdasarkan harga nikel London London Metal Exchange (“LME”) nickel price
Metal Exchange (“LME”) yang biasanya berkisar and normally ranges from 30 to 180 days after
antara 30 sampai 180 hari setelah pengiriman ke shipping to customers. Such a provisional sale
pelanggan. Penjualan jenis ini mengandung contains an embedded derivative which is
instrumen derivatif melekat yang berhubungan closely related and not recorded separately
erat dan tidak dicatat secara terpisah dari kontrak from the host sales contract. At the reporting
utama penjualan. Pada tanggal pelaporan, harga date, the provisionally priced ferronickel sales
penjualan feronikel sementara disesuaikan are adjusted to the latest forecasted LME nickel
dengan harga LME nikel perkiraan terakhir, price in a subsequent period, with the
dengan melakukan penyesuaian atas penjualan. adjustments recorded in sales.
Harga jual emas dan perak pada umumnya Sales of gold and silver are priced generally
didasarkan atas harga yang ditetapkan oleh based on the London Bullion Market
London Bullion Market Association pada tanggal Association’s quoted price at the date of the
transaksi. transaction.

Re


(continued)
v. Pendapatan dan beban (lanjutan) v. Revenue and expenses (continued)
Pendapatan dari jasa terdiri dari pendapatan dari Revenue from services comprises revenue from
jasa pemurnian, jasa pertambangan dan sewa providing refinery services, mining services and
alat berat. Ketika hasil dari transaksi pemberian heavy equipment rental. When the outcome of a
jasa dapat diukur secara andal, pendapatan transaction involving the rendering of services
terkait dengan transaksi tersebut harus diakui can be estimated reliably, revenue associated
dengan acuan tingkat penyelesaian atas with the transaction shall be recognised by
transaksi pada saat akhir periode pelaporan. reference to the stage of completion of the
Hasil dari transaksi dapat diukur dengan andal transaction at the end of the reporting period.
ketika seluruh kondisi berikut terpenuhi: The outcome of a transaction can be estimated
reliably when all of the following conditions are
fulfilled:
x Jumlah dari pendapatan dapat diukur x The amount of revenue can be measured
dengan andal; reliably;
x Adanya kemungkinan manfaat ekonomis x It is probable that the economic benefits
terkait transaksi yang akan mengalir ke associated with the transaction will flow to
Grup; the Group;
x Tingkat penyelesaian atas transaksi pada x The stage of completion of the transaction
akhir periode pelaporan dapat diukur secara at the end of the reporting period can be
andal; dan measured reliably; and
x Biaya-biaya yang dikeluarkan untuk transaksi x The costs incurred for the transaction and
dan biaya-biaya untuk menyelesaikan the costs to complete the transaction can
transaksi dapat diukur dengan andal. be measured reliably.
Ketika hasil transaksi penjualan jasa tidak dapat When the outcome of a transaction involving the
diestimasi dengan andal, pendapatan yang diakui rendering of services cannot be estimated
hanya sebesar beban yang telah diakui yang reliably, revenue is recognised only to the extent
dapat diperoleh kembali. of the recognised expenses that are
recoverable.
Beban diakui pada saat terjadinya. Expenses are recognised as incurred.
w. Transaksi entitas sepengendali w. Transactions among entities under common

control
Kombinasi bisnis entitas sepengendali dibukukan Business combinations between entities under
menggunakan metode penyatuan kepemilikan common control are accounted for using the
(pooling-of-interest). pooling-of-interests method.
Selisih antara imbalan yang dialihkan yang The difference between the consideration
diterima dengan nilai tercatat setiap transaksi received and the carrying value of each
restrukturisasi antara entitas sepengendali restructuring transaction among entities under
dibukukan sebagai bagian tambahan modal common control is recorded as part of additional
disetor dalam bagian ekuitas di laporan posisi paid-in capital in the equity section of the
keuangan konsolidasian. consolidated statement of financial position.
x. Perpajakan x. Taxation
Beban pajak terdiri dari pajak kini dan pajak The tax expense comprises current and
tangguhan. Pajak diakui dalam laporan laba rugi deferred tax. Tax is recognised in the
konsolidasian, kecuali jika pajak tersebut terkait consolidated profit or loss, except to the extent
dengan transaksi atau kejadian yang diakui di that it relates to items recognised in other
penghasilan komprehensif lain atau langsung comprehensive income or directly in equity. In
diakui ke ekuitas. Dalam hal ini, pajak tersebut this case, the tax is also recognised in other
masing-masing diakui dalam penghasilan comprehensive income or directly in equity,
komprehensif lain atau ekuitas. respectively.



(continued)
x. Perpajakan (lanjutan) x. Taxation (continued)
Beban pajak kini dihitung berdasarkan peraturan The current income tax charge is calculated on
perpajakan yang berlaku pada tanggal pelaporan the basis of the tax laws enacted at the
keuangan, di mana Perusahaan dan entitas anak reporting date in the countries where the
beroperasi dan menghasilkan pendapatan kena Company and its subsidiaries operate and
pajak. Manajemen secara periodik mengevaluasi generate taxable income. Management
posisi yang dilaporkan di Surat Pemberitahuan periodically evaluates the positions taken in tax
Tahunan (“SPT”) sehubungan dengan situasi di returns with respect to situations in which
mana aturan pajak yang berlaku membutuhkan applicable tax regulations are subject to
interpretasi. Jika perlu, manajemen menentukan interpretation. Management establishes
provisi berdasarkan jumlah yang diharapkan akan provisions where appropriate on the basis of the
dibayar kepada otoritas pajak. amounts expected to be paid to the tax
authorities.
Pajak penghasilan tangguhan diakui, untuk Deferred income tax is recognised, on

semua perbedaan temporer antara dasar temporary differences arising between the tax
pengenaan pajak aset dan liabilitas dengan nilai bases of assets and liabilities and their carrying
tercatatnya pada laporan keuangan amounts in consolidated financial statements.
konsolidasian. Namun, liabilitas pajak However, deferred tax liabilities are not
penghasilan tangguhan tidak diakui jika berasal recognised if they arise from the initial
dari pengakuan awal goodwill atau jika timbul dari recognition of goodwill or if it arises from initial
pengakuan awal atas aset atau kewajiban pada recognition of an asset or liability in a
transaksi selain kombinasi bisnis yang pada saat transaction other than a business combination
transaksi tersebut tidak mempengaruhi laba rugi that at the time of the transaction affects neither
akuntansi dan laba rugi kena pajak. Pajak accounting nor taxable profit or loss. Deferred
penghasilan tangguhan ditentukan dengan income tax is determined using tax rates that
menggunakan tarif pajak yang telah berlaku atau have been enacted or substantially enacted as
secara substantif telah berlaku pada tanggal at the reporting dates and is expected to apply
pelaporan dan diharapkan diterapkan ketika aset when the related deferred income tax asset is
pajak penghasilan tangguhan direalisasi atau realised or the deferred income tax liability is
liabilitas pajak penghasilan tangguhan settled.
diselesaikan.
Aset pajak penghasilan tangguhan diakui hanya Deferred tax assets are recognised only to the
jika besar kemungkinan jumlah penghasilan kena extent that it is probable that future taxable profit
pajak di masa depan akan memadai untuk will be available against which the temporary
dikompensasi dengan perbedaan temporer yang differences can be utilised.
masih dapat dimanfaatkan.
Atas perbedaan temporer dalam investasi pada Deferred income tax is provided on temporary
entitas anak dan asosiasi dibentuk pajak differences arising on investments in
penghasilan tangguhan, kecuali untuk liabilitas subsidiaries and associates, except for deferred
pajak penghasilan tangguhan dimana saat income tax liability where the timing of the
pembalikan perbedaan sementara dikendalikan reversal of the temporary difference is controlled
oleh Grup dan sangat mungkin perbedaan by the Group and it is probable that the
temporer tersebut tidak akan dibalik di masa temporary difference will not be reversed in the
mendatang. foreseeable future.
Aset dan liabilitas pajak penghasilan tangguhan Deferred income tax assets and liabilities are
dapat salinghapus apabila terdapat hak yang offset when there is a legally enforceable right
berkekuatan hukum untuk melakukan saling to offset current tax assets against current tax
hapus antara aset pajak kini dengan liabilitas liabilities and when the deferred income taxes
pajak kini dan apabila aset dan liabilitas pajak assets and liabilities relate to income taxes
penghasilan tangguhan dikenakan oleh otoritas levied by the same taxation authority on either
perpajakan yang sama, baik atas entitas kena the same taxable entity or different taxable
pajak yang sama ataupun berbeda dan adanya entity where there is an intention to settle the
niat untuk melakukan penyelesaian saldo-saldo balances on a net basis.
tersebut secara neto.

Re


(continued)
y. Imbalan kerja y. Employee benefits
i. Kewajiban pensiun i. Pensions obligations
Grup memiliki berbagai program pensiun The Group has various pensions schemes
sesuai dengan undang-undang dan in accordance with prevailing labor-related
peraturan ketenagakerjaan yang berlaku dan laws and regulations and the Group’s
kebijakan Grup. Grup memiliki program policy. The Group has both defined benefit
imbalan pasti dan iuran pasti. Program and defined contribution plans. A defined
pensiun imbalan pasti adalah program pension benefit plan is a pension plan that
pensiun yang menentukan jumlah imbalan defines an amount of pension benefit to be
pensiun yang akan diberikan, biasanya provided, usually as a function of one or
berdasarkan pada satu faktor atau lebih more factors, such as age, years of service
seperti usia, masa kerja atau kompensasi. or compensation. A defined pension
Program pensiun iuran pasti adalah sebuah contribution plan is a pension plan under
program pensiun dimana Grup akan which the Group pays fixed contributions
membayar iuran tetap kepada sebuah entitas into a separate entity (a pension fund) and
yang terpisah (dana pensiun) dan tidak will have no legal or constructive
memiliki kewajiban hukum atau konstruktif obligations to pay further contributions if the
untuk membayar kontribusi lebih lanjut fund does not hold sufficient assets to pay
apabila dana pensiun tersebut tidak memiliki all employees the benefits relating to
aset yang memadai untuk membayar seluruh employee service in the current and prior
imbalan karyawan yang berhubungan years.
dengan pelayanan yang diberikan oleh
karyawan pada tahun kini dan sebelumnya.
Kewajiban program pensiun imbalan pasti The liability recognised in the consolidated
yang diakui di laporan posisi keuangan statement of financial position in respect of
konsolidasian adalah nilai kini kewajiban defined benefit pension plans is the present
imbalan pasti pada tanggal laporan posisi value of the defined benefit obligation at the
keuangan konsolidasian dikurangi nilai wajar consolidated statement of financial position
aset program. Kewajiban imbalan pasti date, less the fair value of plan assets. The
dihitung setiap tahun oleh aktuaris defined benefit obligation is calculated
independen dengan menggunakan metode annually by independent actuaries using
projected-unit-credit. Nilai kini kewajiban the projected-unit-credit method. The
imbalan pasti ditentukan dengan present value of the defined benefit
mendiskontokan estimasi arus kas keluar di obligation is determined by discounting the
masa depan dengan menggunakan tingkat estimated future cash outflows using the
bunga obligasi pemerintah (dengan interest rates of government bonds
pertimbangan saat ini tidak terdapat pasar (considering that currently there is no deep
aktif untuk obligasi korporat berkualitas market for high-quality corporate bonds)
tinggi) dalam mata uang yang sama dengan that are denominated in the currency in
mata uang imbalan yang akan dibayarkan which the benefit will be paid and that have
dan waktu jatuh temponya kurang lebih terms to maturity approximating the terms
sama dengan kewajiban yang bersangkutan. of the related pension liability.
Biaya jasa kini dari program pensiun imbalan The current service cost of the defined
pasti diakui pada beban imbalan kerja dalam benefit plan is recognised in the
laporan laba rugi konsolidasian yang consolidated profit or loss in employee
mencerminkan peningkatan kewajiban benefit expense, which reflects the
imbalan pasti yang dihasilkan dari jasa increase in the defined obligations resulting
karyawan dalam tahun berjalan. from employee service in the current year.
Keuntungan dan kerugian dari kurtailmen Gains or losses on the curtailment or

atau penyelesaian program manfaat pasti settlement of a defined benefit plan are
diakui di laba rugi konsolidasian ketika recognised in the consolidated profit or loss
kurtailmen atau penyelesaian tersebut when the curtailment or settlement occurs.
terjadi.



(continued)
y. Imbalan kerja (lanjutan) y. Employee benefits (continued)
i. Kewajiban pensiun (lanjutan) i. Pension obligations (continued)
Biaya jasa lalu diakui secara langsung di Past-service costs are recognised
laporan laba rugi konsolidasian. immediately in the consolidated profit or
loss.
Keuntungan atau kerugian aktuarial yang Remeasurement gains or losses arising

timbul dari penyesuaian pengalaman dan from experience adjustments and changes
perubahan asumsi aktuarial dibebankan atau in actuarial assumptions are charged or
dikreditkan ke ekuitas di penghasilan credited to equity in other comprehensive
komprehensif lain pada periode terjadinya. income in the period in which they arise.
ii. Imbalan pelayanan kesehatan pascakerja ii. Post-retirement healthcare benefits
Grup menyediakan imbalan kesehatan The Group provides post-retirement

pascakerja untuk para pensiunan yang healthcare benefits to its entitled retirees.
berhak. Hak atas imbalan ini pada umumnya The entitlement to these benefits is usually
diberikan apabila karyawan bekerja sampai based on the employees remaining in
usia pensiun dan memenuhi masa kerja service up to retirement age and the
minimum tertentu. Akrual atas perkiraan completion of a minimum service period.
biaya imbalan ini diakui sepanjang masa The expected costs of these benefits are
kerja karyawan, dengan menggunakan accrued over the year of employment,
metode akuntansi yang sama dengan using an accounting method similar to that
metode yang digunakan dalam perhitungan for defined benefit pension plans. These
program pensiun imbalan pasti. Kewajiban obligations are valued annually by
ini dinilai setiap tahun oleh aktuaris independent qualified actuaries.
independen yang memenuhi kualifikasi.
iii. Pesangon pemutusan kontrak kerja iii. Termination benefits
Pesangon pemutusan kontrak kerja terutang Termination benefits are payable when
ketika Grup memberhentikan hubungan kerja employment is terminated by the Group
sebelum usia pensiun normal atau ketika before the normal retirement date or
seorang pekerja menerima penawaran whenever an employee accepts voluntary
mengundurkan diri secara sukarela dengan redundancy in exchange for these benefits.
kompensasi imbalan pesangon. Pesangon A liability for a termination benefit will be
pemutusan kontrak kerja diakui saat yang recognised at the earlier of when the Group
mana yang lebih cepat antara ketika Grup can no longer withdraw the offer of the
sudah tidak dapat menarik penawaran atas termination benefit and when the Group
pesangon pemutusan kontrak kerja dan recognises any related restructuring costs.
ketika Grup mengakui biaya restrukturisasi Any benefit that requires future service is
terkait. Semua imbalan yang membutuhkan not a termination benefit. In case an offer is
adanya pelayanan kerja di masa mendatang made to encourage voluntary redundancy,
bukan merupakan pesangon pemutusan the termination benefits are measured
kontrak kerja. Pada situasi di mana suatu based on the number of employees
penawaran diajukan agar karyawan sukarela expected to accept the offer. Benefits
mengundurkan diri, pesangon pemutusan falling due more than twelve months after
kontrak kerja diukur berdasarkan jumlah the reporting date are discounted to their
karyawan yang diharapkan menerima present value.
penawaran tersebut. Imbalan yang jatuh
tempo lebih dari dua belas bulan setelah
periode pelaporan didiskontokan ke nilai
masa kini.

Re


(continued)
y. Imbalan kerja (lanjutan) y. Employee benefits (continued)
iv. Imbalan pascakerja lainnya iv. Other post-employment benefits
Grup juga memberikan imbalan pascakerja The Group also provides other post-
lainnya kepada semua karyawan tetapnya. employment benefits for all of its
Kewajiban imbalan pascakerja lainnya dicatat permanent employees. The liability in
berdasarkan perhitungan aktuaria dengan respect of other post-employment benefits
menggunakan metode projected-unit-credit is recorded based on actuarial calculations
yang dilakukan oleh aktuaris independen. using the projected-unit-credit method by
independent actuaries.
Imbalan yang diberikan adalah imbalan pasti This benefit scheme is a defined benefit
yang berkaitan dengan kematian, cacat tetap, arrangement providing for death,
dan imbalan pensiun yang tergantung dari permanent disability and retirement
lamanya masa kerja. Grup mengakui benefits depending on the periods of
timbulnya biaya pada saat Grup menerima completed service. The Group recognises
manfaat ekonomis dari jasa yang diberikan the expense for the benefits when the
karyawan. Group receives the economic benefits
arising from services provided by its
employees.
z. Biaya emisi saham z. Share issuance costs
Biaya emisi saham disajikan sebagai pengurang Share issuance costs are presented as a
akun tambahan modal disetor. deduction from the additional paid-in capital
account.
aa. Laba per saham aa. Earnings per share
Laba per saham dasar dihitung dengan membagi Basic earnings per share are calculated by
laba yang dapat diatribusikan kepada pemegang dividing the profit attributable to the equity
saham Perusahaan dengan jumlah rata-rata holders of the Company by the weighted
tertimbang saham biasa yang beredar pada tahun average number of ordinary shares outstanding
berjalan. for the year.
Laba per saham dilusian dihitung dengan Diluted earnings per share is calculated by
menyesuaikan rata-rata tertimbang jumlah saham adjusting the weighted average number of
biasa yang beredar untuk mengasumsikan ordinary shares outstanding to assume the
konversi seluruh potensi saham biasa yang dilutif. conversion of all dilutive potential ordinary
shares.
Pada tanggal 31 Desember 2018 dan 2017, tidak As at December 31, 2018 and 2017, there were
ada efek yang berpotensi menjadi saham biasa. no existing instruments which could result in
Oleh karena itu, laba per saham dilusian sama the issue of additional ordinary shares.
dengan laba bersih per saham dasar. Therefore, diluted earnings per share is
equivalent to basic earnings per share.



(continued)
ab. Segmen operasi ab. Operating segments
Sebuah segmen operasi adalah sebuah An operating segment is a component of an

komponen dari entitas yang: entity:
a. Terlibat dalam aktivitas bisnis yang mana a. That engages in business activities from
memperoleh pendapatan dan menimbulkan which it may earn revenues and incur
beban (termasuk pendapatan dan beban expenses (including revenue and
terkait dengan transaksi dengan komponen expenses related to transactions between
lain dari entitas yang sama); different components within the same
entity);
b. Hasil operasinya dikaji ulang secara reguler b. Whose operating results are regularly
oleh pengambil keputusan operasional untuk reviewed by the entity’s chief operating
membuat keputusan tentang sumber daya decision-maker to make decisions about
yang dialokasikan pada segmen tersebut dan resources to be allocated to the segment
menilai kinerjanya; dan and to assess its performance; and
c. Tersedia informasi keuangan yang dapat c. For which discrete financial information is
dipisahkan. available.
Grup melakukan segmentasi pelaporan The Group segments its financial reporting
berdasarkan informasi keuangan yang digunakan based on the financial information used by the
oleh pengambil keputusan operasi utama dalam chief operating decision-maker in evaluating
mengevaluasi kinerja segmen dan menentukan the performance of segments and in the
alokasi sumber daya yang dimilikinya. Direksi allocation of resources. Directors are the
adalah pengambil keputusan operasional Grup. Group’s chief operating decision-maker. The
Segmentasi berdasarkan sifat usaha. Seluruh segments are based on the nature of business.
transaksi antar segmen telah dieliminasi. All transactions between segments have been
eliminated.
Pendapatan, beban, hasil, aset dan liabilitas Segment revenue, expenses, results, assets
segmen termasuk item-item yang dapat and liabilities include items directly attributable
diatribusikan langsung kepada suatu segmen to a segment, as well as those that can be
serta item-item yang dapat dialokasikan dengan allocated on a reasonable basis to that
dasar yang sesuai dengan segmen tersebut. segment. They are determined before intra-
Segmen ditentukan sebelum saldo dan transaksi group balances and intra-group transactions
antar perusahaan dieliminasi sebagai bagian dari are eliminated as part of the consolidation
proses konsolidasi. process.
ac. Distribusi dividen ac. Dividend distribution
Distribusi dividen kepada pemegang saham Dividend distribution to the Company’s

Perusahaan diakui sebagai liabilitas dalam shareholders is recognised as a liability in the
laporan keuangan konsolidasian Grup pada tahun Group’s consolidated financial statements in
dimana dividen dideklarasikan dan telah disetujui the year in which the dividends are declared
oleh pemegang saham Perusahaan. and approved by the Company’s shareholders.

Re

3. PENGGUNAAN PERTIMBANGAN, ESTIMASI DAN 3. MANAGEMENT’S USE OF JUDGMENTS,

ASUMSI OLEH MANAJEMEN ESTIMATES AND ASSUMPTIONS
Penyusunan laporan keuangan konsolidasian Grup The preparation of the Group’s consolidated
mensyaratkan manajemen untuk membuat financial statements requires management to make
pertimbangan, estimasi dan asumsi yang judgments, estimates and assumptions that affect
mempengaruhi jumlah yang dilaporkan atas the reported amounts of revenues, expenses, assets
pendapatan, beban, aset dan liabilitas, serta and liabilities and the disclosure of contingent
pengungkapan liabilitas kontinjensi, pada akhir liabilities, at the end of the reporting period.
periode pelaporan. Namun, ketidakpastian estimasi However, uncertainty about these estimates and
dan asumsi ini dapat menyebabkan hasil yang assumptions could result in outcomes that require a
memerlukan penyesuaian material atas nilai tercatat material adjustment to the carrying amounts of
aset atau liabilitas yang terpengaruh di masa assets or liabilities affected in future periods.
mendatang.
Pertimbangan, estimasi dan asumsi berikut ini dibuat The following judgments, estimates and
oleh manajemen dalam rangka penerapan kebijakan assumptions were made by management in the
akuntansi Grup yang memiliki pengaruh paling process of applying the Group’s accounting policies
signifikan atas jumlah yang diakui dalam laporan that have the most significant effects on the amounts
keuangan konsolidasian. recognised in the consolidated financial statements.
a. Estimasi dan asumsi akuntansi yang penting a. Critical accounting estimates and
assumptions
i. Estimasi masa manfaat aset tetap i. Estimating the useful lives of property,
plant and equipment
Grup mengestimasi masa manfaat aset The Group’s estimates of the useful lives of
tetapnya berdasarkan ekspektasi utilisasi its property, plant and equipment are based
aset yang sesuai dengan rencana dan on expected asset utilisation as anchored
strategi usaha setelah mempertimbangkan on business plans and strategies that also
perkembangan teknologi di masa depan dan consider expected future technological
perilaku pasar. Estimasi dari masa manfaat developments and market behaviour. The
aset tetap didasarkan atas penelaahan Grup estimation of the useful lives of property,
secara kolektif terhadap praktek industri, plant and equipment is based on the
evaluasi teknis internal dan pengalaman Group’s collective assessment of industry
untuk aset yang sejenis. Estimasi masa practice, an internal technical evaluation
manfaat ditelaah paling sedikit setiap akhir and experience with similar assets. The
tahun pelaporan dan diperbaharui jika estimated useful lives are reviewed at least
ekspektasi berbeda dari estimasi each financial year end and are updated if
sebelumnya dikarenakan pemakaian dan expectations differ from previous estimates
kerusakan fisik, keusangan secara teknis due to physical wear and tear, technical or
atau komersial dan keterbatasan hukum atau commercial obsolescence and legal or
pembatasan lainnya atas penggunaan dari other limitations on the use of the assets. It
aset. Hasil operasi di masa depan dapat is possible that future results of operations
dipengaruhi secara material oleh perubahan- could be materially affected by changes in
perubahan dalam estimasi yang diakibatkan the estimates brought about by changes in
oleh perubahan faktor-faktor yang the factors mentioned above.
disebutkan di atas.
Jumlah dan waktu pencatatan beban untuk The amounts and timing of recorded
setiap tahun akan terpengaruh oleh expenses for any year will be affected by
perubahan atas berbagai faktor dan situasi changes in these factors and
tersebut. Pengurangan estimasi masa circumstances. A reduction in the estimated
manfaat dari aset tetap Grup akan useful lives of the Group’s property, plant
meningkatkan beban operasi dan and equipment will increase the recorded
menurunkan nilai aset tidak lancar yang operating expenses and decrease non-
dicatat. current assets.



ASUMSI OLEH MANAJEMEN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
(lanjutan) assumptions (continued)
ii. Penurunan nilai atas goodwill, aset ii. Impairment of goodwill, non-financial
nonkeuangan dan aset tetap assets and property, plant and
equipment
Jumlah nilai yang dapat dipulihkan kembali The recoverable amount of a cash-
dari sebuah aset atau kelompok aset generating asset or group of assets is
penghasil kas diukur berdasarkan nilai yang measured at the higher of its fair value less
lebih tinggi antara nilai wajar dikurangi biaya costs of disposal or value in use. The
untuk menjual atau nilai pakai. Penentuan determination of fair value less cost to sell
nilai wajar dikurangi biaya untuk menjual dan and value in use requires management to
nilai pakai mengharuskan manajemen untuk make estimates and the assumptions about
membuat estimasi dan asumsi tentang expected production and sales volumes,
ekspektasi produksi dan volume penjualan, commodity prices (considering current and
harga komoditas (dengan historical prices, price trends and related
mempertimbangkan harga saat ini dan masa factors), mineral resources and reserves,
lalu, tren harga dan faktor-faktor terkait), operating costs, closure and rehabilitation
sumber daya dan cadangan mineral, biaya costs and future capital expenditure. These
operasi, biaya penutupan dan rehabilitasi estimates and assumptions are subject to
serta belanja modal di masa depan. Estimasi risk and uncertainty; hence there is a
dan asumsi ini memiliki risiko dan possibility that changes in circumstances
ketidakpastian, sehingga ada kemungkinan will alter these projections, which may have
bahwa perubahan situasi akan mengubah an impact on the recoverable amount of the
proyeksi ini, yang selanjutnya dapat assets. In such circumstances, some or all
mempengaruhi jumlah terpulihkan aset. of the carrying value of the assets may be
Dalam keadaan seperti itu, beberapa atau further impaired or the impairment charge
semua nilai tercatat aset mungkin akan reduced with the impact recorded in the
mengalami tambahan penurunan nilai atau consolidated profit or loss.
beban penurunan nilai berkurang dengan
dampak yang dicatat dalam laporan laba rugi
konsolidasian.
iii. Estimasi beban pensiun dan imbalan iii. Estimation of pension cost and other
kerja lainnya employee benefits
Beban dari program pensiun imbalan pasti The cost of the defined benefit plan and the
dan nilai kini dari kewajiban pensiun present value of the pension obligation are
ditentukan dengan menggunakan metode determined using the projected-unit-credit
projected-unit-credit. Penilaian aktuaris method. Actuarial valuation includes
mencakup penentuan asumsi yang making various assumptions, which consist
bervariasi yang antara lain terdiri dari, tingkat of, among other things, discount rates,
diskonto, tingkat kenaikan kompensasi dan rates of compensation increases and
tingkat kematian. Setiap perubahan dari mortality rates. Any changes in these
asumsi tersebut akan berdampak terhadap assumptions will impact the carrying
nilai tercatat dari kewajiban pensiun. Oleh amount of pension obligations. Due to the
karena kompleksitas dari penilaian yang complexity of the valuation, the underlying
dilakukan, asumsi terkait dan sifatnya yang assumptions and its long-term nature, a
jangka panjang, kewajiban imbalan pasti defined benefit obligation is highly sensitive
sangat sensitif terhadap perubahan asumsi. to changes in assumptions.
Meskipun Grup berkeyakinan bahwa asumsi While the Group believes that its
Grup sudah memadai dan tepat, perbedaan assumptions are reasonable and
signifikan dalam pengalaman aktual Grup appropriate, significant differences in the
atau perubahan signifikan dalam asumsi Group’s actual experience or significant
dapat mempengaruhi secara material beban changes in its assumptions may materially
dan kewajiban pensiun dan imbalan kerja affect the costs and obligations of pension
jangka panjang lainnya. Semua asumsi and other long-term employee benefits. All
ditelaah pada setiap tanggal pelaporan. assumptions are reviewed at each
reporting date.

Re


iii. Estimasi beban pensiun dan imbalan iii. Estimation of pension cost and other
kerja lainnya (lanjutan) employee benefits (continued)
Beban dari program pensiun imbalan pasti The cost of the defined benefit plan and the
dan nilai kini dari kewajiban pensiun present value of the pension obligation are
ditentukan dengan menggunakan metode determined using the projected-unit-credit
projected-unit-credit. Penilaian aktuaris method. Actuarial valuation includes
mencakup penentuan asumsi yang making various assumptions, which consist
bervariasi yang antara lain terdiri dari, tingkat of, among other things, discount rates,
diskonto, tingkat kenaikan kompensasi dan rates of compensation increases and
tingkat kematian. Setiap perubahan dari mortality rates. Any changes in these
asumsi tersebut akan berdampak terhadap assumptions will impact the carrying
nilai tercatat dari kewajiban pensiun. Oleh amount of pension obligations. Due to the
karena kompleksitas dari penilaian yang complexity of the valuation, the underlying
dilakukan, asumsi terkait dan sifatnya yang assumptions and its long-term nature, a
jangka panjang, kewajiban imbalan pasti defined benefit obligation is highly sensitive
sangat sensitif terhadap perubahan asumsi. to changes in assumptions.
Meskipun Grup berkeyakinan bahwa asumsi While the Group believes that its
Grup sudah memadai dan tepat, perbedaan assumptions are reasonable and
signifikan dalam pengalaman aktual Grup appropriate, significant differences in the
atau perubahan signifikan dalam asumsi Group’s actual experience or significant
dapat mempengaruhi secara material beban changes in its assumptions may materially
dan kewajiban pensiun dan imbalan kerja affect the costs and obligations of pension
jangka panjang lainnya. Semua asumsi and other long-term employee benefits. All
ditelaah pada setiap tanggal pelaporan. assumptions are reviewed at each
reporting date.
iv. Estimasi cadangan mineral iv. Mineral reserve estimates
Cadangan terbukti dan terkira merupakan Proven and probable reserves are
estimasi jumlah hasil yang dapat estimates of the amount of output that can
dieksploitasi secara ekonomis dan legal dari be economically and legally exploited from
properti pertambangan Grup. Grup the Group’s mining properties. The Group
menentukan dan melaporkan cadangan determines and reports their mineral
mineral berdasarkan prinsip-prinsip yang reserves under the principles incorporated
terkandung dalam the Code for Reporting of in the Code for Reporting of Mineral
Mineral Resources and Ore Reserves (the Resources and Ore Reserves (the “JORC
“JORC Code”) of the Australasian Joint Ore Code”) of the Australasian Joint Ore
Reserves Committee (“JORC”). Dalam Reserves Committee (“JORC”). In order to
memperkirakan cadangan mineral diperlukan estimate mineral reserves, assumptions are
beberapa asumsi seperti faktor geologi, required about a range of geological,
teknis dan ekonomi, termasuk jumlah, teknik technical and economic factors, including
produksi, rasio pengupasan tanah, biaya quantities, production techniques, stripping
produksi, biaya transportasi, permintaan ratio, production costs, transportation costs,
komoditas, harga komoditas dan nilai tukar commodity demand, commodity prices and
mata uang. exchange rates.
Estimasi jumlah dan/atau nilai kandungan Estimating the quantity and/or mineral
cadangan mineral memerlukan ukuran, content of mineral reserves requires the
bentuk dan kedalaman body atau lahan size, shape and depth of mineral bodies or
mineral yang ditentukan dengan melakukan fields to be determined by analysing
analisa data geologis seperti sampel geological data such as drilling samples.
pengeboran. Proses ini mungkin This process may require complex and
memerlukan pertimbangan geologis yang difficult geological judgments to interpret
kompleks dan sulit dalam the data.
menginterpretasikan data.



iv. Estimasi cadangan mineral (lanjutan) iv. Mineral reserve estimates (continued)
Karena asumsi-asumsi ekonomi yang Because the economic assumptions used

digunakan untuk membuat estimasi atas to estimate reserves change from period to
jumlah cadangan berubah dari waktu ke period and because additional geological
waktu dan karena adanya data geologi data is generated during the course of
tambahan yang dihasilkan selama periode operations, estimates of reserves may
operasi, maka jumlah estimasi cadangan change from period to period. Changes in
dapat berubah dari waktu ke waktu. the reported reserves may affect the
Perubahan cadangan yang dilaporkan dapat Group’s financial results and financial
mempengaruhi hasil keuangan dan posisi position in a number of ways, including the
keuangan Grup dalam berbagai bentuk, following:
diantaranya:
a. Nilai aset tercatat dapat terpengaruh a. Assets carrying values may be

akibat perubahan estimasi arus kas affected due to changes in the
masa depan. estimated future cash flows.
b. Penyusutan, deplesi dan amortisasi b. Depreciation, depletion and
yang dibebankan dalam laporan laba amortisation charged to consolidated
rugi konsolidasian dapat berubah jika profit or loss may change where such
biaya tersebut ditentukan berdasarkan charges are determined on the units-
basis satuan unit produksi, atau jika of-production basis, or where the
terdapat perubahan masa manfaat useful economic lives of assets
ekonomis aset. change.
c. Pembongkaran, restorasi lokasi dan c. Decommissioning, site restoration and
provisi lingkungan dapat berubah karena environmental provisions may change
perubahan estimasi cadangan yang where changes in estimated reserves
dapat mempengaruhi ekspektasi akan affect expectations about the timing or
waktu atau biaya kegiatan-kegiatan cost of these activities.
tersebut.
d. Nilai tercatat aset/liabilitas pajak d. The carrying value of deferred tax
tangguhan dapat berubah karena assets/liabilities may change due to
perubahan estimasi pemulihan manfaat changes in estimates of the likely
pajak. recovery of the tax benefits.
Sehubungan dengan perolehan tambahan In relation to the acquisition of an additional

7,5% kepemilikan saham di PT Nusa 7.5% share ownership in PT Nusa
Halmahera Mineral (“NHM”) pada bulan Halmahera Mineral (“NHM”) in December
Desember 2012, manajemen juga 2012, management also performed an
melakukan estimasi atas potensi sumber estimation of potential gold resources held
daya emas yang ada di NHM pada setiap by NHM at each reporting date (Note 35l).
tanggal pelaporan (Catatan 35l).
v. Provisi atas rehabilitasi tambang v. Provision for mine rehabilitation
Kebijakan akuntansi Grup untuk pengakuan The Group’s accounting policy for the
provisi atas penutupan dan rehabilitasi recognition of mine closure and
tambang membutuhkan estimasi dan asumsi rehabilitation provisions requires significant
yang signifikan, seperti persyaratan hukum estimates and assumptions, such as
dan regulasi yang relevan, besarnya lahan requirements of the relevant legal and
terganggu yang mungkin terjadi, serta waktu, regulatory framework, the magnitude of
cakupan dan biaya yang dibutuhkan untuk possible land disturbance and the timing,
kegiatan penutupan dan rehabilitasi. extent and costs of required closure and
Ketidakpastian ini dapat menimbulkan rehabilitation activity. These uncertainties
perbedaan antara jumlah biaya aktual yang may result in future actual expenditure that
terjadi di masa depan dengan jumlah yang differs from the amounts currently provided.
dicadangkan saat ini. Provisi yang diakui The provision recognised for each site is
untuk setiap lokasi secara berkala ditinjau periodically reviewed and updated based
dan diperbaharui berdasarkan fakta-fakta on the facts and circumstances available at
dan keadaan pada saat itu. that time.

Re


vi. Biaya eksplorasi dan evaluasi vi. Exploration and evaluation expenditure
Kebijakan akuntansi Grup untuk biaya The Group’s accounting policy for
eksplorasi dan evaluasi menimbulkan exploration and evaluation expenditure
adanya beberapa biaya yang dikapitalisasi results in certain items of expenditure being
untuk sebuah area of interest yang dianggap capitalised for an area of interest where it is
dapat dipulihkan lewat kegiatan eksploitasi di considered likely to be recoverable by
masa depan atau lewat penjualan atau future exploitation or sale or where the
dimana kegiatan belum mencapai tahap activities have not yet reached a stage
yang memungkinkan penilaian yang wajar which permits a reasonable assessment of
atas adanya cadangan. Kebijakan ini the existence of reserves. This policy
mengharuskan manajemen untuk membuat requires management to make certain
estimasi dan asumsi tertentu untuk peristiwa estimates and assumptions as to future
dan keadaan di masa depan, khususnya events and circumstances, in particular
tentang apakah operasi produksi yang whether an economically viable production
ekonomis dapat dilaksanakan. Setiap operation can be established. Any such
perkiraan dan asumsi tersebut dapat estimates and assumptions may change as
berubah seiring tersedianya informasi baru. new information becomes available. If, after
Jika setelah biaya tersebut dikapitalisasi having capitalised the expenditure under
sesuai kebijakan Grup namun kecil the policy, a judgment is made that
kemungkinan pemulihan atas biaya tersebut recovery of the expenditure is unlikely, the
akan terjadi, biaya yang dikapitalisasi terkait relevant capitalised amount will be written
akan dihapus pada laporan laba rugi off to consolidated profit or loss.
konsolidasian.
b. Pertimbangan penting dalam penentuan b. Critical judgments in applying the entity’s

kebijakan akuntansi entitas accounting policies
i. Penentuan mata uang fungsional i. Determination of functional currency
Dalam proses penerapan kebijakan In the process of applying the Group’s

akuntansi Grup, manajemen harus membuat accounting policies, management has to
pertimbangan dalam penentuan mata uang make a judgment on the determination of
fungsional dari setiap entitas anggota Grup, the functional currency of each of the
yang memiliki pengaruh signifikan terhadap Group’s entities which have significant
jumlah yang dicatat dalam laporan keuangan effects on the amounts recognised in
konsolidasian. consolidated financial statements.
Mata uang fungsional dari masing-masing The functional currency of each entity
entitas di dalam Grup adalah mata uang within the Group is the currency of the
masing-masing dari lingkungan ekonomi primary economic environment in which
utama dimana entitas tersebut beroperasi. each entity operates. Key factors are the
Faktor utama adalah mata uang yang currency that mainly influences the sales
mempengaruhi secara signifikan terhadap prices for goods and services of the country
harga jual barang dan jasa dari negara yang whose competitive forces and regulations
kekuatan persaingan dan peraturannya mainly determine the sales prices of its
sebagian besar menentukan harga jual goods and services; and the currency that
barang dan jasa; dan mata uang yang mainly influences labor, material and other
terutama mempengaruhi tenaga kerja, costs. Other factor is the currency in which
material dan biaya lain. Faktor lainnya funds from financing activities are
adalah mata uang atas dana yang dihasilkan generated.
dari kegiatan pembiayaan.




kebijakan akuntansi entitas (lanjutan) accounting policies (continued)
ii. Ketidakpastian kewajiban perpajakan ii. Uncertainty of tax exposures
Pertimbangan dan asumsi dibutuhkan dalam Judgments and assumptions are required
menentukan beban yang dapat dikurangkan to determine the deductibility of certain
dalam mengestimasi provisi pajak expenses during the estimation of the
penghasilan Grup. Secara khusus, provision for income taxes for the Group. In
perhitungan beban pajak penghasilan Grup particular, the calculation of the Group’s
melibatkan penafsiran terhadap peraturan income tax expenses involves the
perpajakan dan peraturan lainnya. Terdapat interpretation of applicable tax laws and
banyak transaksi dan perhitungan yang regulations. There are many transactions
pajaknya tidak pasti dalam kegiatan usaha and calculations for which the ultimate tax
normal. determination is uncertain during the
ordinary course of business.
Semua pertimbangan dan estimasi yang All judgments and estimates taken by
dibuat manajemen seperti yang diungkapkan management as discussed above may be
di atas dapat dipertanyakan oleh Direktorat challenged by the Directorate General of
Jenderal Pajak (“DJP”) atau Auditor Taxation (“DGT”) or the Government
Pemerintah. Sebagai akibatnya, terjadi Auditors. As a result, the ultimate tax
ketidakpastian dalam penentuan kewajiban determination becomes uncertain. The
pajak. Resolusi dari posisi pajak Grup dapat resolution of tax positions taken by the
berlangsung bertahun-tahun dan sangat sulit Group can take several years to complete
untuk memprediksi hasil akhirnya. Apabila and it is difficult to predict the ultimate
terdapat perbedaan perhitungan pajak outcome. If the final tax outcome of these
dengan jumlah yang telah dicatat, perbedaan matters is different from the amounts
tersebut akan berdampak pada pajak initially recorded, such differences will have
penghasilan dan pajak tangguhan dalam an impact on the income tax and deferred
periode dimana penentuan pajak tersebut income tax provision in the period in which
dibuat. this determination is made.
Asumsi pembentukan laba kena pajak di Assumptions about the generation of future
masa depan bergantung pada estimasi taxable profits depend on management’s
manajemen untuk arus kas di masa depan. estimates of future cash flow. These
Hal ini bergantung pada estimasi produksi, depend on the estimates of future
volume penjualan barang atau jasa, harga production, sales volumes or sales of
komoditas, cadangan, biaya operasi, biaya services, commodity prices, reserves,
penutupan dan rehabilitasi tambang, belanja operating costs, closure and rehabilitation
modal, dividen dan transaksi manajemen costs, capital expenditure, dividends and
lainnya di masa depan. other capital management transactions.
Aset pajak tangguhan, termasuk yang timbul Deferred tax assets, including those arising
dari rugi fiskal dan perbedaan temporer, from unrecouped tax losses and temporary
diakui hanya apabila dianggap lebih mungkin differences, are recognised only where it is
daripada tidak bahwa mereka dapat considered more likely than not that they
dipulihkan, dimana hal ini tergantung pada will be recovered, which is dependent on
kecukupan pembentukan laba kena pajak di the generation of sufficient future taxable
masa depan. profit.

Re



kebijakan akuntansi entitas (lanjutan) accounting policies (continued)
iii. Biaya pengembangan iii. Development expenditure
Kegiatan pengembangan dimulai setelah Development activities commence after the

dilakukan pengesahan proyek oleh tingkat project has been sanctioned by the
manajemen yang berwenang. Manajemen appropriate level of management.
membuat pertimbangan untuk menentukan Judgment is applied by management in
kapan suatu proyek layak dikembangkan determining when a project is economically
secara ekonomis. Dalam membuat viable. In exercising this judgment,
pertimbangan tersebut, manajemen perlu management is required to make certain
membuat estimasi dan asumsi tertentu estimates and assumptions similar to those
seperti yang dijelaskan di atas untuk biaya described above for capitalised exploration
eksplorasi yang dikapitalisasi. Setiap expenditure. Any such estimates and
estimasi dan asumsi tersebut dapat berubah assumptions may change as new
seiring tersedianya informasi baru. Jika information becomes available. If after
setelah memulai kegiatan pengembangan having commenced the development
ada penilaian bahwa terdapat penurunan activity, a judgment is made that a
nilai biaya pengembangan, jumlah yang development asset is impaired, the
sesuai hal tersebut akan dihapus di dalam appropriate amount will be written-off to
laporan laba rugi konsolidasian. consolidated profit or loss.
iv. Nilai wajar sehubungan akuisisi ICA iv. Fair valuation in connection with ICA
acquisition
Pada tanggal 29 Mei 2018, Perusahaan, On May 29, 2018, the Company, SDK and
SDK, dan ICA mengadakan Perjanjian Jual ICA entered into Conditional Share
Beli Saham Bersyarat (“CSPA”) (Catatan 4) Purchase Agreement (“CSPA”) (Note 4) in
sehubungan dengan akuisisi Perusahaan relation to the Company’s acquisition of
atas kepemilikan saham SDK di ICA. SDK’s shares in ICA.
Pada tanggal 31 Desember 2018, As at December 31, 2018, the Company,

Perusahaan, SDK dan ICA telah memenuhi SDK and ICA have fulfilled and completed
dan menyelesaikan CSPA. Lebih lanjut, the CSPA. Further, the Company and SDK
Perusahaan dan SDK telah menandatangani signed a Deed of Transfer of Sale Shares
Akta Pemindahan Hak atas Saham yang on the 46.12% interest of SDK in ICA,
Dijual atas 46,12% kepemilikan saham SDK making the Company to obtain control over
di ICA sehingga Perusahaan memiliki ICA (Note 4).
pengendalian atas ICA (Catatan 4).
Grup mengakui keuntungan atas akuisisi The Group recognised a gain on the
ICA. Penentuan nilai wajar dari bisnis ICA acquisition of ICA. Fair valuation of ICA’s
melibatkan pertimbangan dan asumsi business involves significant judgment and
signifikan seperti yang diungkapkan dalam estimates as disclosed in Note 4.
Catatan 4.


4. KOMBINASI BISNIS – AKUISISI ICA 4. BUSINESS COMBINATION – ICA ACQUISITION
Pada tanggal 29 Mei 2018, Perusahaan, SDK dan On May 29, 2018, the Company, SDK and ICA
ICA menandatangani CSPA yang menyepakati entered into a CSPA which agreed that SDK would
bahwa SDK akan melepaskan seluruh sahamnya di divest all of its shares in ICA to the Company with
ICA kepada Perusahaan dengan persyaratan dan certain terms and obligations, among others the
kondisi tertentu, antara lain persetujuan dari masing- approvals of each shareholder, the Ministry of
masing pemegang saham, Kementerian Energi dan Energy and Mineral Resources, the Ministry of Law
Sumber Daya Mineral (“ESDM”), Kementerian Hukum and Human Right, the Investment Coordinating
dan Hak Asasi Manusia, Badan Koordinasi Board and ICA’s lenders.
Penanaman Modal dan pemberi pinjaman kepada
ICA (kreditur ICA).
Pokok-pokok kesepakatan dalam CSPA diantaranya The subjects of the CSPA include the payments of
mencakup pembayaran kewajiban kepada kreditur, ICA’s loans, tax dues, environment expenses,
kewajiban pajak, pengelolaan lingkungan, perbaikan repairs and maintenance expenses, as well as the
pabrik, termasuk pemberian paten milik SDK kepada transfer of SDK’s patents rights for its production
ICA untuk proses produksi dan produk yang telah processes and products registered to ICA in 36
terdaftar di 36 negara. countries.
Berdasarkan Keputusan Sirkular Para Pemegang Based on Circular Resolution of the Shareholders
Saham ICA tertanggal 25 September 2018, of ICA dated September 25, 2018, the Company
Perusahaan dan SDK menyetujui hal-hal berikut: and SDK approve the following:
- Peningkatan modal dasar ICA dari sebelumnya - Increase of the authorised capital of ICA from
sebesar AS$200.000.000 menjadi US$200,000,000 to become US$300,000,000.
AS$300.000.000.
- Peningkatan modal disetor dan modal - Increase of the issued and paid-up capital of
ditempatkan ICA dari sebelumnya sebesar ICA from US$188,500,000 to become
AS$188.500.000 menjadi AS$279.867.000 US$279,867,000 through the issuance of new
melalui penerbitan saham baru sebanyak 91.367 91,367 shares (equivalent to US$91,367,000)
lembar (setara dengan AS$91.367.000) yang that is subscribed by SDK by way of debt-to-
diambil oleh SDK dengan cara konversi utang equity conversion against certain portion of
menjadi ekuitas atas sejumlah tertentu dari hak amounts due from ICA to SDK arising from the
tagih yang dimiliki oleh SDK terhadap ICA existing Shareholder Loan Facility
sehubungan dengan Perjanjian Fasilitas Agreements.
Pinjaman Pemegang Saham yang masih ada.
Konversi utang menjadi ekuitas yang dilakukan oleh The debt-to-equity conversion undertaken by SDK
SDK mengubah komposisi kepemilikan ekuitas dari changed the composition of equity interest held by
pemegang saham ICA. Kepemilikan Perusahaan di ICA’s shareholders. The Company’s equity interest
ICA terdilusi dari 80% menjadi 53,88% sedangkan in ICA was diluted from 80% to become 53.88%
kepemilikan SDK di ICA naik dari 20% menjadi while SDK’s equity interest in ICA was increased
46,12%. from 20% to become 46.12%.
Pada tanggal 28 Desember 2018, Perusahaan dan On December 28, 2018, the Company and SDK
SDK telah menandatangani Notice of Satisfaction on signed Notice of Satisfaction on All Conditions
All Conditions Precedent to Completion (“Closing Precedent to Completion (“Closing Document”) and
Document”) dan juga Akta Pemindahan Hak atas Deed of Transfer of Sale Shares on the Company’s
Saham yang Dijual untuk akuisisi Perusahaan atas acquisition of 46.12% equity interest of SDK in ICA,
46,12% kepemilikan saham SDK di ICA dengan for a total purchase consideration of US$1. The
jumlah imbalan pembelian sebesar AS$1. Grup Group holds 100% ownership in ICA after this
memiliki 100% kepemilikan di ICA setelah akuisisi acquisition of additional interest and therefore, no
kepemilikan tambahan ini sehingga tidak ada non-controlling interests in ICA on both the
kepentingan nonpengendali ICA baik pada tanggal acquisition date (December 28, 2018) and as at
akuisisi (28 Desember 2018) maupun tanggal 31 December 31, 2018.
Desember 2018.

Re

4. KOMBINASI BISNIS – AKUISISI ICA (lanjutan) 4. BUSINESS COMBINATION – ICA ACQUISITION

(continued)
Dengan ditandatanganinya Closing Document atas Following the signing of the Closing Document in the
CSPA dan Akta Pemindahan Hak atas Saham yang CSPA as well as the Deed of Transfer of Sale
Dijual, maka perjanjian-perjanjian penting Shares, the significant agreements associated with
sehubungan dengan proyek kerja sama alumina dan the alumina project and Joint Venture Agreement
Perjanjian Ventura Bersama (“JVA") antara (“JVA”) between the Company, ICA and SDK were
Perusahaan, ICA dan SDK dinyatakan berakhir, terminated, with details as follows:
dengan rincian sebagai berikut:
- JVA tertanggal 31 Maret 2006 dan dinyatakan - JVA dated March 31, 2006, and as restated on
kembali pada tanggal 31 Agustus 2010; August 31, 2010;
- Perjanjian jual beli untuk bauksit yang sudah - Sales and purchase agreement for washed
dicuci tertanggal 1 Desember 2010; bauxite, dated December 1, 2010;
- Perjanjian Offtake tertanggal 1 Desember 2010; - Offtake agreement, dated December 1, 2010;
- Perjanjian Teknologi Manufakturing dan - Manufacturing Technology and Technical
Pemberian Bantuan Teknikal tertanggal 11 Operational Assistance (“MTTOA”) agreement,
Desember 2010; dated December 11, 2010;
- Perjanjian Layanan Konsultasi tertanggal 3 - Consulting Services agreement, dated
Februari 2012; February 3, 2012;
- Perjanjian Lisensi Merek tertanggal 1 Juni 2014; - Trademark License agreement, dated June 1,
dan 2014; and
- Perjanjian pinjaman Performance Support - Performance Support agreement, dated
tertanggal 11 Desember 2015; December 11, 2015.
Grup berkeyakinan dapat menjalankan pabrik alumina The Group believes it will be able to run ICA's
ICA guna menghasilkan produk yang dapat bersaing alumina plant to produce products that can compete
dan meningkatkan keberadaan Grup, baik di pasar as well as to increase its presence in both national
nasional maupun internasional di masa mendatang. and international markets in the future. The Group
Grup membutuhkan pabrik alumina ICA untuk needs ICA's alumina plant to comply with the Mining
memenuhi ketentuan dalam UU Minerba mengenai Law on the requirement to increase the minerals
peningkatan nilai tambah dan penjualan ekspor added value of minerals and export sales of
mineral. minerals.
Sehubungan dengan keuntungan dari pembelian In relation to the gain on bargain purchase
dengan diskon yang diakui dari akuisisi ICA, Grup recognised from the acquisition of ICA, the Group
berkeyakinan bahwa semua bukti yang tersedia telah believes that it has used all of the available evidence
digunakan pada tanggal akuisisi dan menilai kembali at the date of acquisition and re-assessed the
metode akuntansi dalam kombinasi bisnis. Grup telah accounting method for business combination. The
mengidentifikasi dan mengukur kembali aset Group has re-assessed identifiable assets acquired
teridentifikasi yang diperoleh dan liabilitas yang diambil and liabilities assumed from ICA at its fair value. As
alih dari ICA pada nilai wajarnya. Sebagai bagian dari part of this exercise, the Group engaged Kantor
exercise ini, Grup menggunakan Kantor Jasa Penilai Jasa Penilai Publik (“KJPP”) Ruky, Safrudin dan
Publik (“KJPP”) Ruky, Safrudin dan Rekan, penilai Rekan, an independent appraiser registered with
independen yang terdaftar di OJK, untuk menghitung OJK, to estimate the fair value of the Group’s
estimasi nilai wajar dari kepemilikan ekuitas Grup yang previously held equity interest and the fair value of
sebelumnya dimiliki dan nilai wajar dari aset identifiable assets acquired and liabilities assumed.
teridentifikasi yang diperoleh dan liabilitas yang diambil
alih.
Sehubungan dengan penilaian wajar, Grup dan KJPP In relation to the fair valuation, the Group and KJPP
Ruky, Safrudin dan Rekan menggunakan asumsi kunci Ruky, Safrudin dan Rekan used the following key
berikut: assumptions:
Periode arus kas 2019-2044 Cash flow period

Volume produksi 105,000 ton - 200,000 ton Production volume
Harga jual US$504 - US$1,224 Sales price
Tingkat diskonto 9.86% Discount rate



(continued)
Keuntungan dari pembelian dengan diskon yang Gain on bargain purchase resulted from the
timbul dari akuisisi ICA sebesar Rp541.021.164 telah acquisition of ICA amounted Rp541,021,164 was
dicatat dalam laporan laba rugi konsolidasian. recorded in the consolidated profit or loss. This
Transaksi ini menghasilkan keuntungan dari transaction resulted in a gain on bargain purchase
pembelian dengan diskon karena (i) Grup hanya primarily because (i) the Group only pays US$1 to
membayar AS$1 untuk mengakuisi sisa 46.12% acquire the remaining SDK's 46.12% ownership in
kepemilikan SDK di ICA; dan (ii) sebelum akuisi, SDK ICA; and (ii) prior to the acquisition, SDK had funded
telah mendanai ICA untuk membayar 20% dari ICA to repay 20% of ICA's bank loans totalling to
pinjaman bank ICA senilai JPY2,2 milyar (setara JPY 2.2 billion (equivalent to Rp296.5 billion) as well
dengan Rp296,5 milyar) serta menghapus atau as waived or assumed ICA's various financial
menanggung berbagai kewajiban keuangan ICA liabilities to SDK and its vendors.
kepada SDK dan pemasoknya.
Tabel berikut ini merupakan rekonsiliasi arus kas yang The following table is the reconciliation of cash flow
dibayarkan dan diperoleh dalam kombinasi bisnis. payment to and received from the business
combination.
28 Desember/
December 28, 2018
Imbalan kas yang dibayar 14 Cash consideration

Saldo kas yang diperoleh (284,520,948) Balance of cash acquired
Arus kas masuk – aktivitas investasi (284,520,934) Cash inflow – investing activities
Tabel berikut ini merangkum harga perolehan atas The following table summarises the consideration
100% kepemilikan di ICA dan jumlah aset yang paid for 100% equity interest in ICA and the amount
diperoleh dan liabilitas yang diambil-alih pada tanggal of the assets acquired and liabilities assumed
akuisisi. recognised at the acquisition date.
28 Desember/
December 28, 2018
Kas yang dibayar 14 Cash paid

Nilai wajar atas kepemilikan di ICA Fair value of equity interest in ICA
sebelum kombinasi bisnis 715,825,038 held before the business combination
Jumlah imbalan 715,825,052 Total consideration
Tabel berikut ini merangkum jumlah yang diakui atas The following table summarises the recognised
aset teridentifikasi yang diperoleh dan liabilitas yang amount of identifiable assets acquired and liabilities
diambil alih pada tanggal akuisisi. assumed at the acquisition date.
Nilai wajar/
Fair value
Kas dan setara kas 284,520,948 Cash and cash equivalents

Piutang usaha 51,645,881 Trade receivables
Persediaan 235,166,706 Inventories
Pajak dibayar dimuka - pajak lain-lain 3,412,668 Prepaid taxes - other taxes
Biaya dibayar dimuka 951,629 Prepaid expenses
Aset lancar lain-lain 13,306,872 Other current assets
Aset tetap, bersih 4,244,642,525 Property, plant and equipment, net
Biaya tangguhan 63,767,505 Deferred charges
Pajak dibayar dimuka - pajak penghasilan badan 104,740,716 Prepaid taxes - corporate income taxes
Utang usaha (507,353,912) Trade payables
Beban akrual (192,421,833) Accrued expenses
Utang pajak – pajak lain-lain (29,757,491) Taxes payable – other taxes
Liabilitas derivatif (949,716) Derivative liability
Utang lain-lain (15,564,049) Other payables
Pinjaman bank yang jatuh tempo dalam satu tahun (460,029,915) Current maturities of bank loans
Kewajiban pascakerja - pensiun (3,695,697) Post-employment benefit obligations - pensions
Pinjaman bank, setelah dikurangi bagian Bank loans, net of current
yang jatuh tempo dalam satu tahun (461,134,429) maturities
Liabilitas jangka panjang lainnya (2,025,356,619) Other non-current liabilities
Jumlah aset teridentifikasi neto 1,305,891,789 Total identifiable net assets

Re


(continued)
Biaya yang terkait dengan akuisisi sebesar Acquisition-related costs of Rp30,028,420 have
Rp30.028.420 telah dibebankan pada “beban umum been charged to “general and administrative
dan administrasi” dalam laporan laba rugi expenses” in the consolidated profit or loss.
konsolidasian.
Grup mengakui kerugian sebesar Rp143.539.657 dari The Group recognises a loss of Rp143,539,657 from
dampak dilusi saham dan hasil pengukuran nilai wajar dilution of shares and measurement of fair value of
atas porsi kepemilikan ekuitas di ICA yang telah the previously held equity interests in ICA before the
dimiliki sebelum kombinasi bisnis. Kerugian ini business combination. This loss is included within
disertakan pada “penghasilan lain-lain, bersih” dalam “other income, net” in the consolidated profit or loss.
laporan laba rugi konsolidasian.
Jika ICA dikonsolidasi sejak 1 Januari 2018, maka Had ICA been consolidated from January 1, 2018,
laporan laba rugi konsolidasian akan menunjukkan the consolidated profit loss would show proforma
penjualan proforma sebesar Rp25.295.022.755 dan revenue of Rp25,295,022,755 and proforma profit
laba sebelum pajak proforma sebesar before tax of Rp1,245,928,394.
Rp1.245.928.394.
Akuisisi ICA telah dilakukan sesuai dengan peraturan The acquisition of ICA has been conducted in
yang dikeluarkan oleh OJK. accordance with the regulations issued by the OJK.
Tabel berikut ini merupakan rekonsiliasi keuntungan The following table is the reconciliation of gain on
dari pembelian dengan diskon, imbalan, aset bargain purchase, consideration, identifiable net
teridentifikasi neto dan pos komprehesif lain assets and other comprehensive items with respect
sehubungan dengan akuisisi ICA pada tanggal to the acquisition of ICA at the acquisition date.
akuisisi.
28 Desember/
December 28, 2018
Kepemilikan ekuitas di ICA yang telah Previously held equity interest in ICA
dimiliki sebelum kombinasi bisnis before the business combination
- Nilai tercatat (859,364,695) Carrying amount -
- Nilai wajar 715,825,038 Fair value -
Kerugian dari dampak dilusi saham dan Loss from dilution of shares and
hasil pengukuran nilai wajar, bersih (143,539,657) measurement of fair value, net
Nilai wajar atas aset teridentifikasi neto ICA (100%) 1,305,891,789 Fair value of ICA’s identifiable net assets (100%)
Imbalan atas 100% kepemilikan di ICA (715,825,052) Consideration for 100% equity interest in ICA
Keuntungan dari pembelian

dengan diskon, bruto 590,066,737 Gain on bargain purchase, gross
Pos laba komprehensif lain yang direklasifikasi ke Other comprehensive income items reclassified to
laba rugi sehubungan dengan kepemilikan ekuitas profit or loss related to the previously held
yang telah dimiliki sebelum kombinasi bisnis 94,494,084 interest before the business combination

dengan diskon, bersih 541,021,164 Gain on bargain purchase, net
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS

2018 2017
Kas Cash on hand

Rupiah 461,052 468,469 Rupiah
Dolar AS 47,425 139,030 US Dollar
Yen Jepang 23,368 18,525 Japanese Yen
Renminbi China 537 13,382 Chinese Renminbi
532,382 639,406


5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
2018 2017
Kas di bank Cash in banks

Entitas berelasi dengan
Pemerintah (Catatan 31): Government-related entities (Note 31):
Rupiah 1,224,027,257 792,530,521 Rupiah
Dolar AS 1,070,237,852 553,612,984 US Dollar
Yen Jepang 110,720 185,081 Japanese Yen
Dolar Australia 16,777 51,660 Australian Dollar
2,294,392,606 1,346,380,246
Pihak ketiga: Third parties:

Dolar AS US Dollar
Standard Bank PLC. 48,238,813 40,907,776 Standard Bank PLC.
PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk
("Danamon") 18,382,257 10,663,054 ("Danamon")
Citibank N.A. ("Citibank") 11,721,299 10,966,173 Citibank N.A. ("Citibank")
Mizuho Bank, Ltd (“Mizuho”) 3,060,643 - Mizuho Bank, Ltd (“Mizuho”)
PT Bank ICBC Indonesia ("ICBC") 27,213 25,635 PT Bank ICBC Indonesia ("ICBC")
PT Bank Maybank Indonesia Tbk PT Bank Maybank Indonesia Tbk
("Maybank") 25,007 18,962 ("Maybank")
PT Bank Sumitomo Mitsui PT Bank Sumitomo Mitsui
Indonesia ("BSMI") 9,041 7,644 Indonesia ("BSMI")
PT Bank UOB Indonesia ("UOB") - 274,144 PT Bank UOB Indonesia ("UOB")
81,464,273 62,863,388
Rupiah Rupiah
PT Bank Central Asia Tbk ("BCA") 130,479,013 53,087,158 PT Bank Central Asia Tbk ("BCA")
PT Bank Permata Tbk ("Permata") 32,479,161 35,233,145 PT Bank Permata Tbk ("Permata")
Danamon 2,661,698 2,623,584 Danamon
PT Bank Panin Tbk ("Panin") 347,848 22,510 PT Bank Panin Tbk ("Panin")
Citibank 28,614 29,186 Citibank
PT Bank Mizuho Indonesia ("BMI") 23,179 - PT Bank Mizuho Indonesia ("BMI")
PT Bank Pembangunan PT Bank Pembangunan
Daerah Kalimantan Barat 5,389 4,503 Daerah Kalimantan Barat
UOB - 1,230,910 UOB
166,024,902 92,230,996
Dolar Australia Australian Dollar

Citibank 306,677 317,140 Citibank
Yen Jepang Japanese Yen

BMI 6,771,202 - BMI
Mizuho 94,158 - Mizuho
6,865,360 -
Renminbi China Chinese Renminbi

Industrial and Commercial Industrial and Commercial
Bank of China 212,908 64,145 Bank of China
Deposito berjangka Time deposits

Rupiah 1,749,268,977 4,048,181,699 Rupiah
Jumlah 4,299,068,085 5,550,677,020 Total

Re

5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
Kisaran tingkat suku bunga deposito berjangka adalah The range of interest rates on time deposits is as
sebagai berikut: follows:
2018 2017
Rupiah 3.50% - 7.65% 4.25% - 7.00% Rupiah
Tingkat suku bunga yang diperoleh dari penempatan The interest rates on cash in bank and time deposits
kas di bank dan deposito berjangka pada entitas with Government-related entities are comparable to
berelasi dengan Pemerintah sebanding dengan those offered by third parties.
tingkat bunga yang diperoleh dari pihak ketiga.
6. PIUTANG USAHA 6. TRADE RECEIVABLES

2018 2017

Dolar AS US Dollar
CNMC International Trade., Ltd. 172,215,074 - CMNC International Trade., Ltd.
Pohang Iron & Steel Co. 100,262,737 107,494,163 Pohang Iron & Steel Co.
Guang Ching Nickel & Stainless St. 75,259,058 - Guang Ching Nickel & Stainless St.
Trafigura Pte. Ltd. 66,274,618 - Trafigura Pte. Ltd.
Golden Harbour International PTE 56,076,844 - Golden Harbour International PTE
Jindal Stainless Limited 52,203,502 83,963,533 Jindal Stainless Limited
Cronimet Ferroleg Gmbh 50,563,778 - Cronimet Ferroleg Gmbh
PT Indonesia Tsingshan PT Indonesia Tsingshan
Stainless Steel 41,332,646 - Stainless Steel
Yieh United Steel Corp. 17,334,677 68,722,809 Yieh United Steel Corp.
Tisco Trading (H.K.) Ltd. 1,726,577 317,689,188 Tisco Trading (H.K.) Ltd.
Fujian Newmark Industrial Co., Ltd. 1,656,679 47,658,543 Fujian Newmark Industrial Co., Ltd.
Yuyao Hualun Yuyao Hualun
Import & Export Co., Ltd. 1,019,092 50,031,274 Import & Export Co., Ltd.
Dexin Development (H.K.) Ltd. - 30,839,315 Dexin Development (H.K.) Ltd.
Raznoimport Nickel Ltd. - 40,132,877 Raznoimport Nickel Ltd.
Binzhou Sheng Chao Trading Co., Ltd. - 34,215,689 Binzhou Sheng Chao Trading Co., Ltd.
SeAH CSS Corp. - 33,779,316 SeAH CSS Corp.
Sinosteel Resources Co., Ltd. - 33,126,486 Sinosteel Resources Co., Ltd.
Lain-lain (masing-masing
dibawah Rp30.000.000) 167,092,412 104,962,679 Others (each below Rp30,000,000)
803,017,694 952,615,872
Rupiah Rupiah
dibawah Rp30.000.000) 169,416,304 61,389,347 Others (each below Rp30,000,000)
972,433,998 1,014,005,219
Provisi atas penurunan nilai - pihak ketiga (49,644,124) (44,969,621) Provision for impairment - third parties
Piutang usaha - pihak ketiga, bersih 922,789,874 969,035,598 Trade receivables - third parties, net
Pihak berelasi (Catatan 31): Related parties (Note 31):

Rupiah 1,105,746 577,076 Rupiah
Dolar AS - 1,555,482 US Dollar
Piutang usaha - pihak berelasi 1,105,746 2,132,558 Trade receivables - related parties
Piutang usaha, bersih 923,895,620 971,168,156 Trade receivables, net


6. PIUTANG USAHA (lanjutan) 6. TRADE RECEIVABLES (continued)
Umur piutang usaha adalah sebagai berikut: The aging of trade receivables is as follows:
2018 2017
Lancar 823,318,504 901,770,557 Current

Jatuh tempo: Overdue:
1 sampai 30 hari 35,285,951 39,480,415 1 to 30 days
31 sampai 90 hari 19,470,246 24,426,735 31 to 90 days
Lebih dari 90 hari 95,465,043 50,460,070 Over 90 days
973,539,744 1,016,137,777
Provisi atas penurunan nilai - pihak ketiga (49,644,124) (44,969,621) Provision for impairment - third parties
Piutang usaha, bersih 923,895,620 971,168,156 Trade receivables, net
Pada tanggal 31 Desember 2018, piutang usaha As at December 31, 2018, trade receivables of
sebesar Rp100.577.116 (2017: Rp69.397.599) telah Rp100,577,116 (2017: Rp69,397,599) were past
jatuh tempo namun tidak mengalami penurunan nilai. due but not impaired. These relate to a number of
Piutang tersebut berasal dari sejumlah pelanggan independent customers for whom there was no
yang tidak memiliki sejarah gagal bayar. Termasuk recent history of default. Including in these
dalam saldo piutang ini, terdapat dua (2) pelanggan receivables balance, there were two (2) customers
yang telah jatuh tempo lebih dari 90 hari dengan total which past due more than 90 days with total
nilai piutang sebesar AS$5.702.844 (setara receivables of US$5,702,844 (equivalent to
Rp82.582.884) dimana pelanggan membayar secara Rp82,582,884) for which the collections of their
cicilan dalam 9 bulan ke depan. receivables are on installment basis for the next 9
months.
Pada tanggal 31 Desember 2018 dan 2017, piutang As at December 31, 2018 and 2017, trade
usaha masing-masing sebesar Rp49.644.124 dan receivables of Rp49,644,124 and Rp44,969,621,
Rp44.969.621 telah jatuh tempo dan mengalami respectively, were past due and impaired. The
penurunan nilai. Piutang individual yang diturunkan individually impaired receivables mainly related to
nilainya terutama terkait dengan pelanggan Grup, the Group's customers, which are unexpectedly in
yang secara tidak terduga mengalami situasi ekonomi difficult economic circumstances.
yang sulit.
Piutang usaha merupakan piutang tanpa bunga. Trade receivables are non-interest bearing. Due to
Karena jatuh temponya yang pendek, jumlah tercatat the short-term nature of trade receivables, their
piutang usaha kurang lebih sama dengan nilai carrying amounts approximate their fair values.
wajarnya.
Berdasarkan penelaahan terhadap status piutang Based on the review of the status of the individual
usaha masing-masing pelanggan pada tanggal receivable accounts at the reporting date,
pelaporan, manajemen berkeyakinan bahwa provisi management believes that the provision for
atas penurunan nilai telah memadai untuk menutup impairment is sufficient to cover possible losses from
kemungkinan kerugian atas tidak tertagihnya piutang the uncollectible receivables.
usaha.
Mutasi provisi atas penurunan nilai piutang usaha The movement of provision for impairment of third
pihak ketiga adalah sebagai berikut: parties trade receivables is as follows:
2018 2017
Saldo awal 44,969,621 33,317,668 Beginning balance

Penambahan 4,674,503 11,651,953 Additions
Saldo akhir 49,644,124 44,969,621 Ending balance

Re

7. PERSEDIAAN 7. INVENTORIES
2018 2017
Persediaan produk: Products inventory:

Emas dan perak 917,137,439 659,158,639 Gold and silver
Bijih nikel 274,747,468 149,688,250 Nickel ore
Feronikel 111,294,639 26,903,731 Ferronickel
Alumina 91,848,937 - Alumina
Bijih bauksit 71,614,799 44,978,028 Bauxite ore
Presipitat emas dan perak 30,812,507 29,570,532 Gold and silver precipitates
Logam mulia lainnya 5,310,524 6,699,718 Other precious metals
Batubara 4,801,771 5,592,819 Coal
1,507,568,084 922,591,717
Suku cadang dan bahan pembantu 328,378,247 245,282,093 Spare parts and supplies
Bahan baku 114,042,149 57,167,047 Raw materials
Barang dalam proses 106,272,733 43,975,328 Work-in-process
548,693,129 346,424,468
Provisi atas penurunan nilai persediaan (28,529,672) (11,231,103) Provision for impairment of inventories
Persediaan, bersih 2,027,731,541 1,257,785,082 Inventories, net
Biaya persediaan yang diakui sebagai beban dan The cost of inventories recognised as expense and
termasuk dalam “beban pokok penjualan” pada included in “cost of goods sold” in the consolidated
laporan laba rugi konsolidasian adalah profit or loss amounting to Rp15,143,137,345 (2017:
Rp15.143.137.345 (2017: Rp6.889.811.919). Rp6,889,811,919).
Persediaan nikel, emas, perak, suku cadang dan Inventories of nickel, gold, silver, spare parts and
bahan pembantu telah diasuransikan terhadap risiko supplies were insured against the risk of physical
kerugian akibat kerusakan fisik dan pencurian dengan damage and theft under blanket policies with a total
nilai pertanggungan keseluruhan sebesar insurance coverage of US$96,190,305, or equivalent
AS$96.190.305 atau setara dengan Rp1.392.931.813 to Rp1,392,931,813 (2017: Rp1,114,033,299).
(2017: Rp1.114.033.299). Manajemen berkeyakinan Management believes that the insurance coverage
bahwa nilai pertanggungan asuransi telah cukup is adequate to cover possible losses arising from
untuk menutup kemungkinan kerugian yang timbul such risks.
atas risiko tersebut.
Mutasi dari provisi atas penurunan nilai persediaan Movement of provision for impairment of inventories
adalah sebagai berikut: is as follows:
2018 2017
Saldo awal (11,231,103) (3,663,060) Beginning balance

Penambahan (17,298,569) (7,568,043) Additions
Saldo akhir (28,529,672) (11,231,103) Ending balance
Pada tahun yang berakhir 31 Desember 2018, tidak For the year ended December 31, 2018, addition
terdapat penambahan pemulihan provisi penurunan provision for inventory impairment was recorded in
nilai persediaan terkait suku cadang yang bergerak relation to slow-moving spare parts.
lambat.


8. PIUTANG LAIN-LAIN 8. OTHER RECEIVABLES
2018 2017
Piutang dari penjualan saham Receivable from the sale of
PT Dairi Prima Mineral PT Dairi Prima Mineral
(“DPM”) (Catatan 35c) 511,317,391 776,429,594 (“DPM”) shares (Note 35c)
Piutang dari Dexin Development 33,136,542 - Receivables from Dexin Development
Bunga deposito 6,036,164 8,119,014 Time deposits interests
Piutang karyawan 5,169,949 6,050,679 Employee receivables
Klaim asuransi - 11,204,223 Insurance claims
Lain-lain 25,366,583 46,734,399 Others
581,026,629 848,537,909
Provisi atas penurunan nilai (74,941,943) (52,929,869) Provision for impairment
Jumlah piutang lain-lain, bersih 506,084,686 795,608,040 Total other receivables, net
Dikurangi bagian lancar (51,014,028) (406,181,959) Less current portion
Bagian jangka panjang 455,070,658 389,426,081 Non-current portion
Mutasi provisi atas penurunan nilai piutang lain-lain Movement of provision for impairment of other
adalah sebagai berikut: receivables is as follows:
2018 2017

Penambahan 22,012,074 42,545,033 Additions
Pada tanggal 31 Desember 2018, piutang dari Dexin As at December 31, 2018, receivables from Dexin
Development senilai Rp33.136.542 masih dalam Development amounting to Rp33,136,542 were in
proses negosiasi terkait penyelesaian piutang the process of negotiation for the collection of the
tersebut. receivables.
9. KAS YANG DIBATASI PENGGUNAANNYA 9. RESTRICTED CASH

2018 2017
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk (“BRI”) 88,889,174 2,023,326 (Persero) Tbk (“BRI”)
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk (“BNI”) 14,803,952 14,167,204 (Persero) Tbk (“BNI”)
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk
(“Mandiri”) 1,875,013 673,408 (“Mandiri”)
105,568,139 16,863,938
Bank Perkreditan Rakyat Bestari 2,787,730 2,722,161 Bank Perkreditan Rakyat Bestari
Panin - 1,983,968 Panin
2,787,730 4,706,129
Jumlah 108,355,869 21,570,067 Total
Pada tanggal 31 Desember 2018, kas yang dibatasi As at December 31, 2018, restricted cash placed in
penggunaannya pada BNI senilai Rp14.054.797 BNI amounting to Rp14,054,797 (include interest) to
(termasuk bunga) digunakan untuk memenuhi cover CSD’s 2011-2018 mine closure guarantee,
jaminan atas penutupan tambang CSD tahun 2011- and Rp749,155 for an environmental reclamation
2018 dan Rp749.155 untuk jaminan reklamasi guarantee for the years 2016-2020.
lingkungannya tahun 2016-2020.

Re

9. KAS YANG DIBATASI PENGGUNAANNYA 9. RESTRICTED CASH (continued)

(lanjutan)
penggunaannya pada BRI sebesar Rp2.095.893 BRI amounting to Rp2,095,893 is in related to the
sehubungan dengan jaminan atas reklamasi guarantee for environmental reclamation and mine
lingkungan dan penutupan tambang di Sarolangun, closure costs in Sarolangun, Jambi and the
Jambi dan jaminan kesungguhan IUP ICR dan commitment guarantee in relation to the IUP of ICR
Rp86.793.281 untuk memenuhi jaminan atas and Rp86,793,281 is placed to cover Pongkor’s
penutupan tambang Pongkor mine closure guarantee.
penggunaannya pada Mandiri sehubungan dengan Mandiri is in relation to the tender administrative
kelengkapan administratif proses lelang. requirement.
Pada tanggal 31 Desember 2018 dan 2017, kas yang As at December 31, 2018 and 2017, restricted cash
dibatasi penggunaannya pada Bank Perkreditan placed in Bank Perkreditan Rakyat Bestari is in
Rakyat Bestari sehubungan dengan jaminan atas relation to the guarantee for the environmental
biaya reklamasi lingkungan ARI di Tanjung Pinang. reclamation cost of ARI in Tanjung Pinang.
penggunaaannya pada Panin sehubungan dengan Panin is a collateral for the short-term bank loan of
jaminan atas pinjaman bank jangka pendek SDA dari SDA from Panin.
Panin.
10. INVESTASI 10. INVESTMENTS

2018 2017
Investasi pada entitas asosiasi Investments in associate
NHM 1,011,568,910 1,684,568,175 NHM
PT Borneo Alumina Indonesia ("BAI") 79,017,869 - PT Borneo Alumina Indonesia ("BAI")
PT Menara Antam Sejahtera ("MAS") 4,542,201 2,403,823 PT Menara Antam Sejahtera ("MAS")
PT Nasional Hijau Lestari ("NHL") 1,956,438 3,583,908 PT Nasional Hijau Lestari ("NHL")
PT Antamloka Halimun Energi ("AHE") 50,000 50,000 PT Antamloka Halimun Energi ("AHE")
PT Nikel Halmahera Timur ("NHT") 27,500 27,500 PT Nikel Halmahera Timur ("NHT")
1,097,162,918 1,690,633,406
Investasi pada ventura bersama Investment in a joint venture
ICA - 835,350,024 ICA
Jumlah 1,097,162,918 2,525,983,430 Total
a. Investasi pada entitas asosiasi a. Investments in associate

2018 2017
Saldo awal 3,549,033,285 3,601,232,873 Beginning balance

Bagian keuntungan 55,017,500 128,552,890 Share of profit
Penghasilan komprehensif lain (296,832) 331,094 Other comprehensive income
Dividen (225,334,558) (185,263,592) Dividends
Penambahan investasi, bersih 80,051,000 15,000,000 Addition of investments, net
Penjualan investasi - (10,819,980) Sale of investments
3,458,470,395 3,549,033,285
Akumulasi amortisasi aset Accumulated asset amortisation

berdasarkan nilai wajar based on fair value
Saldo awal (1,814,142,698) (1,476,859,752) Beginning balance
Amortisasi (502,907,598) (337,282,946) Amortisation
Saldo akhir (2,317,050,296) (1,814,142,698) Ending balance
Akumulasi rugi penurunan Accumulated impairment

nilai investasi losses of investments
Saldo awal (44,257,181) (44,257,181) Beginning balance
Pemulihan - - Reversal
Saldo akhir (44,257,181) (44,257,181) Ending balance
Nilai tercatat investasi 1,097,162,918 1,690,633,406 Carrying amount of investments


10. INVESTASI (lanjutan) 10. INVESTMENTS (continued)
a. Investasi pada entitas asosiasi (lanjutan) a. Investments in associate (continued)
Sifat investasi pada entitas asosiasi adalah The nature of investments in associate is as
Metode
% kepentingan/ Sifar dari hubungan/ pengukuran/
Nama entitas/ Lokasi bisnis/ % interest held Nature of Measurement
Name of entities Place of business 2018 2017 relationship method
NHM Indonesia 25% 25% Catatan/Note 1 Ekuitas/Equity

MJIS Indonesia 34% 34% Catatan/Note 2 Ekuitas/Equity
MAS Indonesia 25% 25% Catatan/Note 3 Ekuitas/Equity
NHT Indonesia 50% 50% Catatan/Note 4 Ekuitas/Equity
AHE Indonesia 25% 25% Catatan/Note 5 Ekuitas/Equity
NHL Indonesia 25% 25% Catatan/Note 6 Ekuitas/Equity
BAI Indonesia 40% 100% Catatan/Note 7 Ekuitas/Equity
PT Antam Niterra
Haltim (“ANH”) Indonesia 30% 25% Catatan/Note 8 Ekuitas/Equity
Catatan 1: NHM mengoperasikan tambang emas bawah Note 1: NHM operates a gold underground mine at North
tanah di Kabupaten Halmahera Utara, Provinsi Halmahera Regency, North Maluku Province.
Maluku Utara.
Catatan 2: PT Meratus Jaya Iron & Steel (“MJIS”) Note 2: PT Meratus Jaya Iron & Steel (“MJIS”) operates a
mengoperasikan pabrik sponge iron di sponge iron plant at Tanah Bumbu Regency,
Kabupaten Tanah Bumbu, Provinsi Kalimantan South Kalimantan Province. As at December 31,
Selatan. Pada tanggal 31 Desember 2018 dn 2018 and 2017, the carrying amount of investment
2017, nilai tercatat investasi di MJIS adalah in MJIS was RpNil because the Group’s share of
RpNihil karena bagian Grup atas kerugian MJIS losses in MJIS has exceeded its interest in MJIS.
telah melebihi kepentingannya di MJIS.
Catatan 3: MAS memiliki dan mengelola gedung Note 3: MAS owns and manages an office building at
perkantoran di Jakarta Selatan. South Jakarta.
Catatan 4: NHT mengoperasikan tambang nikel di Note 4: NHT operates a nickel mine at North Halmahera
Kabupaten Halmahera Utara, Provinsi Maluku Regency, North Maluku Province. NHT was
Utara. NHT didirikan pada tahun 2014. established in 2014.
Catatan 5: AHE bergerak di bidang kelistrikan, yang Note 5: AHE engages in the electricity sector, including
mencakup konsultasi, konstruksi, perawatan dan consultancy, construction, maintenance and
pengembangan teknologi terkait pembangkit development of technology relating to electricity.
listrik. AHE didirikan pada tahun 2015. AHE was established in 2015.
Catatan 6: JAP, entitas anak ARI, berubah nama menjadi Note 6: JAP, a subsidiary of ARI, changed its name to
PMLI pada tahun 2017 diikuti dengan divestasi PMLI in 2017 and subsequently followed by
75% kepemilikan saham ARI di PMLI. Pada divestment of 75% share ownership of ARI in
tahun 2018, PMLI berubah nama menjadi NHL PMLI. In 2018, PMLI changed its name to NHL
tanpa perubahan komposisi kepemilikan saham. with no changes in the shareholders composition.
NHL bergerak di bidang jasa pengolahan limbah NHL engages in the mine waste management
pertambangan. services.
Catatan 7: BAI bergerak di bidang perindustrian, jasa dan Note 7: BAI engages in industrial, services and trade
perdagangan. Pada tahun 2018, IMC dan BEI sectors. In 2018, IMC and BEI sold their
melakukan penjualan kepemilikan atas saham respective ownership of BAI’s shares to Inalum
BAI kepada Inalum dan Perusahaan masing- and the Company of 60% and 40%, respectively.
masing 60% dan 40%.
Catatan 8: ANH bergerak di bidang pertambangan mineral. Note 8: ANH engages in mineral mining.
Semua entitas asosiasi adalah perusahaan All of the associates are private companies and
swasta tertutup dan tidak terdapat harga pasar there are no quoted market prices available for
kuotasian yang tersedia atas saham perusahaan their shares.
tersebut.
Lihat Catatan 35l untuk harga pembelian Refer to Note 35l for the contingent purchase
kontinjensi terkait dengan investasi Grup di NHM. price relating to the Group’s interest in NHM.

Re

a. Investasi pada entitas asosiasi (lanjutan) a. Investments in associates (continued)
Berikut ini merupakan ringkasan atas informasi Set out below is the summarised financial
keuangan dari NHM, entitas asosiasi yang information for NHM, a material associate of the
material bagi Grup, yang dicatat dengan Group, which is accounted for using the equity
menggunakan metode ekuitas: method:
2018 2017
Ringkasan laporan posisi Summarised statements

keuangan of financial position
Kas dan setara kas 489,605,601 713,830,672 Cash and cash equivalents
Aset lancar lain-lain (kecuali kas) 762,398,692 475,066,317 Other current assets (excluding cash)
Jumlah aset lancar 1,252,004,293 1,188,896,989 Total current assets
Liabilitas keuangan Financial liabilities

(kecuali utang usaha) 304,325,829 333,158,561 (excluding trade payables)
Liabilitas lancar lain-lain Other current liabilities
(termasuk utang usaha) 51,124,278 64,657,707 (including trade payables)
Jumlah liabilitas lancar 355,450,107 397,816,268 Total current liabilities
Aset tidak lancar 1,763,330,229 2,689,449,447 Non-current assets
Liabilitas tidak lancar 406,416,388 546,695,470 Non-current liabilities
Aset bersih 2,253,468,027 2,933,834,698 Net assets
Summarised statements
Ringkasan laporan laba rugi dan of profit or loss and other
penghasilan komprehensif lain comprehensive income
Pendapatan 4,076,788,013 5,342,086,770 Revenue
Depresiasi dan amortisasi (521,181,337) (1,574,423,416) Depreciation and amortisation
Pendapatan keuangan 28,407,389 12,686,107 Finance income
Beban keuangan (4,531,828) (13,472,961) Finance costs
Laba sebelum pajak penghasilan 315,700,975 839,761,675 Profit before income tax
Beban pajak penghasilan (93,542,085) (330,958,191) Income tax expense
Laba tahun berjalan 222,158,890 508,803,484 Profit for the year
(Rugi)/penghasilan komprehensif lain (1,187,328) 1,324,328 Other comprehensive (loss)/income
Jumlah penghasilan komprehensif 220,971,562 510,127,812 Total comprehensive income
Dividen entitas asosiasi (225,334,558) (185,263,592) Associate’s dividends


Rekonsiliasi atas ringkasan informasi keuangan Reconciliation of the summarised financial

yang disajikan untuk NHM dengan nilai tercatat information presented for NHM to the carrying
dari kepentingan Grup di NHM adalah sebagai amount of the Group’s interest in NHM is as
berikut: follows:
2018 2017
Aset bersih awal 2,933,834,697 3,164,761,254 Opening net assets
Pembagian dividen (901,338,232) (741,054,369) Dividends distribution

Laba tahun berjalan 222,158,890 508,803,484 Profit for the year
(Rugi)/penghasilan komprehensif lain (1,187,328) 1,324,328 Other comprehensive (loss)/income
Aset bersih akhir 2,253,468,027 2,933,834,697 Closing net assets
Kepentingan pada entitas asosiasi (25%) 563,367,007 733,458,674 Interest in associates (25%)
Kenaikan nilai wajar 317,769,433 820,677,031 Fair value uplift
Goodwill 174,689,651 174,689,651 Goodwill
Akumulasi penurunan nilai atas investasi (44,257,181) (44,257,181) Accumulated impairment of investment
Nilai tercatat 1,011,568,910 1,684,568,175 Carrying value
Efektif tanggal 20 Desember 2012, Perusahaan Effective from December 20, 2012, the
memperoleh tambahan 7,5% kepemilikan di NHM Company acquired an additional 7.5% interest
sehingga menambah total kepemilikan menjadi in NHM, which increased the total interest held
25%. Berdasarkan laporan penilai independen to 25%. Based on the independent appraisal
Suwendo Rinaldy & Rekan tanggal 23 November report dated November 23, 2012 of Suwendo
2012, nilai wajar investasi saham NHM untuk Rinaldy & Rekan, the fair value of the
porsi 17,5% adalah sebesar Rp2.519.675.988. investment in NHM for the 17.5% portion
Selisih lebih sebesar Rp2.484.007.689 antara amounting to Rp2,519,675,988. The excess,
nilai wajar dan nilai tercatat dari investasi ini amounting to Rp2,484,007,689, between fair
dicatat sebagai keuntungan atas penyesuaian value and the initial cost of the investment, was
nilai wajar dalam laporan laba rugi konsolidasian. recorded as a gain on a fair value adjustment in
the consolidated profit or loss.
Selama tahun 2018 dan 2017, dividen yang During 2018 and 2017, the dividend distributed
didistribusikan oleh NHM kepada Perusahaan by NHM to the Company amounted to
adalah masing-masing sebesar AS$16.111.148 US$16,111,148 (equivalent to Rp225,334,558)
(setara Rp225.334.558) dan AS$13.769.108 and US$13,769,108 (equivalent to
(setara Rp185.263.592). Rp185,263,592), respectively.
Pada tanggal 27 Maret 2017, 29 April 2017 dan On March 27, 2017, April 29, 2017, and
16 Oktober 2017. Perusahaan menerima kas October 16, 2017, the Company received cash
dividen masing-masing sebesar AS$1.069.322 dividends amounting to US$1,069,322
(setara Rp14.199.377), AS$4.233.185 (setara (equivalent to Rp14,199,377), US$4,233,185
Rp56.292.354) dan AS$7.446.601 (setara (equivalent to Rp56,292,354) and
Rp101.452.861), setelah NHM melakukan offset US$7,446,601 (equivalent to Rp101,452,861),
atas dividen dengan kewajiban kontinjensi respectively, after NHM had offset the dividends
Perusahaan sebesar AS$1.000.000 (setara with the Company’s contingent liability
Rp13.319.000). amounting to US$1,000,000 (equivalent to
Rp13,319,000).
Pada tanggal 30 April 2018 dan 25 Juni 2018. On April 30, 2018 and June 25, 2018, the
Perusahaan menerima pembayaran dividen Company received dividends payment
masing-masing sebesar AS$8.391.163 (setara amounting to US$8,391,163 (equivalent to
Rp116.444.170) and AS$7.319.985 (setara Rp116,444,170) and US$7,319,985 (equivalent
Rp103.248.388), setelah NHM melakukan offset to Rp103,248,388), respectively, after NHM had
atas dividen dengan kewajiban kontinjensi offset the dividends with the Company’s
Perusahaan sebesar AS$400.000 (setara contingent liability amounting to US$400,000
Rp5.642.000). (equivalent to Rp5,642,000).

Re

Tidak ada penurunan nilai atas investasi di NHM There were no impairments on investment in
di tahun 2018. NHM in 2018.
Asumsi kunci yang digunakan dalam pengujian The key assumptions used in the impairment
penurunan nilai investasi di NHM pada tanggal 31 test for investment in NHM as at December 31,
Desember 2018 dan 2017 adalah sebagai 2018 and 2017, are as follows:
berikut:
2018 2017
Periode arus kas 2019-2020 2018-2020 Cash flow period

Harga emas per troy ons US$1,264 - US$1,304 US$1,290 - US$1,319 Gold prices per troy ounce
Tingkat diskonto 5.58% 5.62% Discount rate
Ringkasan informasi keuangan atas investasi The summarised financial information of other
pada entitas asosiasi lainnya yang tidak material investments in associates which are not
bagi Grup untuk tahun yang berakhir 31 material to the Group for the the years ended
Desember 2018 dan 2017 adalah sebagai December 31, 2018 and 2017 is as follows:
berikut:
(Rugi)/laba dari (Rugi)/laba

operasi yang komprehensif Jumlah (rugi)/laba
berkelanjutan/ lainnya/Other komprehensif/
(Loss)/income from comprehensive Total comprehensive
continuing operations (loss)/income (loss)/income
31 Desember 2018 December 31, 2018

- MAS 8,553,512 - 8,553,512 MAS -
- NHT - - - NHT -
- AHE - - - AHE -
- BAI (2,455,326) - (2,455,326) BAI -
- NHL (6,509,875) - (6,509,875) NHL -
- MJIS (13,283,421) - (13,283,421) MJIS -
- ANH (36,285,587) - (36,285,587) ANH -
31 Desember 2017 December 31, 2017

- MAS 7,792,661 - 7,792,661 MAS -
- NHT - - - NHT -
- AHE - - - AHE -
- NHL (2,384,486) - (2,384,486) NHL -
- MJIS (20,428,578) - (20,428,578) MJIS -
- ANH - - - ANH -


b. Investasi pada ventura bersama b. Investment in a joint venture

2018 2017
Saldo awal 835,350,024 1,136,694,848 Beginning balance

Bagian kerugian (72,338,449) (279,538,798) Share of loss
Penghasilan komprehensif lain 1,853,108 1,113,245 Other comprehensive income
Selisih kurs karena penjabaran
laporan keuangan 94,500,012 (22,919,271) Difference in foreign currency translation
Adjustment for fair value of
Penyesuaian nilai wajar kepemilikan previously held equity interest
sebelum kombinasi bisnis (143,539,657) - before business combination
Kombinasi bisnis diperoleh
secara bertahap (715,825,038) - Business combination achieve in stages
Saldo akhir - 835,350,024 Ending balance
Berikut ini merupakan ringkasan informasi Set out below is the summarised financial
keuangan dari ICA, ventura bersama yang information for ICA, a material joint venture of
material bagi Grup yang dicatat dengan the Group, which is accounted for using the
menggunakan metode ekuitas pada tanggal dan equity method as at and for the year ended
untuk tahun yang berakhir 31 Desember 2017. December 31, 2017.
Informasi serupa untuk tahun 2018 tidak Similar information for 2018 is not presented
diungkapkan karena ICA telah dikonsolidasi because ICA has been consolidated with the
secara utuh ke laporan keuangan konsolidasian Group’s consolidated financial statements (refer
Grup (lihat Catatan 4). to Note 4).
2017
Ringkasan laporan posisi keuangan of financial position
Kas dan setara kas 63,769,291 Cash and cash equivalents

Aset lancar lain-lain (kecuali kas) 120,929,015 Other current assets (excluding cash)
Jumlah aset lancar 184,698,306 Total current assets
Financial liabilities
Liabilitas keuangan (kecuali utang usaha)- 375,486,083 (excluding trade payables)
Liabilitas lancar lain-lain Other current liabilities
(termasuk utang usaha) 303,089,813 (including trade payables)
Jumlah liabilitas lancar 678,575,896 Total current liabilities
Aset tidak lancar 3,110,179,984 Non-current assets
Liabilitas keuangan- 1,568,738,686 Financial liabilities

Liabilitas tidak lancar lain-lain 3,376,178 Other non-current liabilities
Total liabilitas tidak lancar 1,572,114,864 Total non-current liabilities
Aset bersih- 1,044,187,530 Net assets

Re

b. Investasi pada ventura bersama (lanjutan) b. Investment in a joint venture (continued)
2017
Aset bersih- 1,044,187,530 Net assets
Ringkasan laporan laba rugi dan of profit or loss and other
penghasilan komprehensif lain comprehensive income
Pendapatan- 335,145,705 Revenue
Depresiasi dan amortisasi (63,815,460) Depreciation and amortisation
Pendapatan keuangan 605,822 Finance income
Beban keuangan (102,957,480) Finance costs
Rugi sebelum pajak penghasilan (301,822,533) Loss before income tax
Beban pajak penghasilan (47,600,964) Income tax expense
Rugi tahun berjalan (349,423,497) Loss for the year
Penghasilan komprehensif lain 1,391,556 Other comprehensive income
Jumlah rugi komprehensif (348,031,941) Total comprehensive loss
Rekonsiliasi atas ringkasan informasi keuangan Reconciliation of the summarised financial

yang disajikan untuk ICA dengan nilai tercatat information presented for ICA to the carrying
dari kepentingan Grup di ICA adalah sebagai amount of the Group’s interest in ICA is as
berikut: follows:
2017
Aset bersih awal 1,420,868,560 Opening net assets
Rugi tahun berjalan (349,423,497) Loss for the year

Penghasilan komprehensif lain 1,391,556 Other comprehensive income
Selisih kurs karena penjabaran
laporan keuangan (28,649,089) Difference in foreign currency translation
Aset bersih akhir 1,044,187,530 Closing net assets
Kepentingan pada ventura bersama (80%) 835,350,024 Interest in a joint venture (80%)
Goodwill - Goodwill
Nilai tercatat 835,350,024 Carrying value
c. Investasi pada entitas anak c. Investment in subsidiaries
Informasi terkait entitas anak Perusahaan Information regarding the Company’s

diungkapkan pada Catatan 1b. Pada tanggal 31 subsidiaries is disclosed in Note 1b. As at
Desember 2018 dan 2017, tidak ada entitas anak December 31, 2018 and 2017, there were no
yang dimiliki Perusahaan dengan kepentingan subsidiaries owned by the Company with
nonpengendali yang material. material non-controlling interests.


11. ASET TETAP 11. PROPERTY, PLANT AND EQUIPMENT

31 Desember/December 31, 2018
Surplus
Saldo awal/ revaluasi/ Saldo akhir/
Beginning Revaluation Penambahan/ Pengurangan/ Pemindahan/ Akuisisi(1)/ Ending
balance surplus Additions Disposals Transfers Acquisition(1) balance
Harga perolehan Cost

Tanah 2,493,885,972 424,522,833 20,971,911 - 270,701,684 - 3,210,082,400 Land
Prasarana 3,300,484,056 - 17,759,097 (1,087,937) 418,627,800 122,760,285 3,858,543,301 Land improvements
Bangunan 678,856,989 - 2,638,933 (8,494,661) 60,731,688 56,932,190 790,665,139 Buildings
Pabrik, mesin Plant, machinery
dan peralatan 12,454,376,846 - 46,680,998 - 27,586,949 4,041,432,719 16,570,077,512 and equipment
Kendaraan 93,657,939 - 7,411,159 (3,584,087) - 1,551,648 99,036,659 Vehicles
Peralatan dan Furniture, fixtures
perabotan kantor 167,372,475 - 30,625,197 (616,512) - 15,337,705 212,718,865 and office equipment
Aset dalam
penyelesaian 2,590,938,560 - 2,210,313,342 (22,154,805) (777,648,121) 6,627,978 4,008,076,954 Construction in progress
21,779,572,837 424,522,833 2,336,400,637 (35,938,002) - 4,244,642,525 28,749,200,830
Akumulasi Accumulated
penyusutan depreciation
Prasarana 2,332,236,602 - 315,481,325 (1,087,937) - - 2,646,629,990 Land improvements
Bangunan 353,406,153 - 50,776,230 (506,000) - - 403,676,383 Buildings
dan peralatan 4,760,807,018 - 557,361,180 (6,600) - - 5,318,161,598 and equipment
Kendaraan 83,274,811 - 3,708,275 (1,422,655) - - 85,560,431 Vehicles
perabotan kantor 141,550,046 - 10,508,406 (345,164) - - 151,713,288 and office equipment
7,671,274,630 - 937,835,416 (3,368,356) - - 8,605,741,690
penurunan nilai 15,303,408 - - - - - 15,303,408 impairment losses
Nilai buku bersih 14,092,994,799 20,128,155,732 Net book value

Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Pemindahan/ Ending
balance Additions Disposals Transfers balance

Tanah 2,459,438,014 34,317,014 - 130,944 2,493,885,972 Land
Prasarana 3,056,725,371 4,183,881 - 239,574,804 3,300,484,056 Land improvements
Bangunan 662,663,958 14,424,026 - 1,769,005 678,856,989 Buildings
dan peralatan 7,384,650,437 37,547,156 (492,302) 5,032,671,555 12,454,376,846 and equipment
Kendaraan 92,099,582 2,868,000 (1,309,643) - 93,657,939 Vehicles
perabotan kantor 158,733,721 8,551,331 (533,776) 621,199 167,372,475 and office equipment
Aset dalam
penyelesaian 6,060,235,412 1,805,470,655 - (5,274,767,507) 2,590,938,560 Construction in progress
19,874,546,495 1,907,362,063 (2,335,721) - 21,779,572,837
penyusutan depreciation
Prasarana 2,084,018,760 248,217,842 - - 2,332,236,602 Land improvements
Bangunan 316,799,994 36,606,159 - - 353,406,153 Buildings
an peralatan 4,289,102,651 472,196,669 (492,302) - 4,760,807,018 and equipment
Kendaraan 79,702,267 4,882,187 (1,309,643) - 83,274,811 Vehicles
perabotan kantor 130,673,402 11,410,420 (533,776) - 141,550,046 and office equipment
6,900,297,074 773,313,277 (2,335,721) - 7,671,274,630
penurunan nilai 15,303,408 - - - 15,303,408 impairment losses
Nilai buku bersih 12,958,946,013 14,092,994,799 Net book value
Pada tahun yang berakhir 31 Desember 2018, Grup For the year ended December 31, 2018, the Group
mencatat Rp424.522.833 surplus revaluasi tanah recorded land revaluation surplus of Rp424,522,833
berdasarkan hasil penilaian yang dilakukan oleh KJPP based on the results of valuation carried out by
Doli Siregar & Rekan, penilai independen yang KJPP Doli Siregar & Rekan, an independent valuer
terdaftar di OJK, dengan menggunakan pendekatan registered with the OJK, on the basis of the market
data pasar, sebagaimana tercantum dalam data approach, as stated in its reports dated
laporannya tertanggal 15 Februari 2019. Nilai wajar February 15, 2019. Fair value of land revaluation is
revaluasi tanah dikategorikan sebagai nilai wajar classified as fair value level 3 in the fair value
tingkat 3 dalam hirarki nilai wajar. hierarchy.
(1)
Akuisisi ICA (Catatan 4) / ICA acquisition (Note 4)

Re

11. ASET TETAP (lanjutan) 11. PROPERTY, PLANT AND EQUIPMENT (continued)
Pada tanggal 31 Desember 2018, Perusahaan As at December 31, 2018, the Company owns 56
memiliki 56 bidang tanah dengan Hak Guna plots of land with “Hak Guna Bangunan” titles which
Bangunan yang akan jatuh tempo pada tanggal yang will expire on various dates ranging from one to
berbeda dengan rentang satu sampai tiga puluh thirty years. Referencing the historical practices,
tahun. Mengacu pada praktek di masa lampau, management believes that there will be no
manajemen berkeyakinan bahwa tidak akan ada difficulties in obtaining the extension of the land
kesulitan dalam memperpanjang hak atas tanah ini rights as the plots of land were acquired legally and
karena tanah tersebut diperoleh secara legal dan are supported by sufficient evidence of ownership.
dilengkapi dengan bukti kepemilikan yang cukup.
Pada tanggal 31 Desember 2018, aset tetap Grup As at December 31, 2018, the Group’s property,
telah diasuransikan terhadap risiko bencana alam, plant and equipment were covered by insurance
kebakaran, kerusuhan, sabotase, kekerasan dan against risks of loss due to natural disaster, fire,
penghentian operasi dengan nilai pertanggungan riots, sabotage, vandalism and business
keseluruhan sebesar AS$1.421.092.015 atau setara interruptions with a total coverage of
dengan Rp20.578.833.466 (2017: AS$1.136.969.835 US$1,421,092,015 or equivalent to
atau setara dengan Rp15.403.668.679), yang Rp20,578,833,466 (2017: US$1,136,969,835 or
menurut pendapat manajemen memadai untuk equivalent to Rp15,403,668,679), which is
menutup kemungkinan terjadinya kerugian yang considered adequate by management to cover
timbul dari risiko-risiko tersebut. possible losses arising from such risks.
Pada tanggal 31 Desember 2018, jika tanah dicatat As at December 31, 2018, if land was stated on the
sebesar harga perolehan, jumlahnya adalah historical cost basis, the amounts would be
Rp454.904.286 (2017: Rp163.230.691). Rp454,904,286 (2017: Rp163,230,691).
Biaya penyusutan aset tetap dialokasikan sebagai Depreciation expenses of property, plant and
berikut: equipment was allocated as follows:
2018 2017
Beban pokok penjualan (Catatan 26) 916,326,341 750,894,871 Cost of goods sold (Note 26)
Beban usaha (Catatan 27) 17,854,753 19,267,050 Operating expenses (Note 27)
Aset eksplorasi dan evaluasi, Exploration and evaluation assets,
properti pertambangan dan mining properties and
aset dalam penyelesaian 3,654,322 3,151,356 construction in progress
Jumlah 937,835,416 773,313,277 Total
Aset dalam penyelesaian merupakan proyek yang Construction in progress represents projects that
belum selesai pada tanggal pelaporan. Aset dalam have not been completed at the reporting dates.
penyelesaian pada tanggal 31 Desember 2018 Construction in progress as at December 31, 2018 is
terutama terdiri dari Proyek Pabrik Feronikel mainly comprised of the East Halmahera Ferronickel
Halmahera Timur (“P3FH”) dan sarana dan Plant Project (“P3FH”) and mining facilities and
pengembangan tambang di Pomalaa dan Pongkor. development in Pomalaa and Pongkor. These
Aset dalam penyelesaian tersebut diperkirakan akan constructions in progress are estimated to be
selesai antara tahun 2018 dan 2019 dengan completed between 2018 and 2019 with the
persentase penyelesaian pada tanggal 31 Desember percentage of completion as of December 31, 2018,
2018 berkisar antara 13,17% - 99,05%. between 13.17% - 99.05%.
Pada tahun yang berakhir 31 Desember 2018, Grup For the year ended December 31, 2018, the Group
mengkapitalisasi biaya pinjaman sebesar capitalised borrowing costs amounting to
Rp8.358.847 (2017: Rp10.535.822), atas aset Rp8,358,847 (2017: Rp10,535,822) on qualifying
kualifikasian. Biaya pinjaman dikapitalisasi pada assets. Borrowing costs were capitalised at the
tingkat bunga rata-rata tertimbang dari pinjaman weighted-average rate of its general borrowings of
umum sebesar 1,78% (2017: 3,5%). 1.78% (2017: 3.5%).
Pada tahun 2018 dan 2017, manajemen berkeyakinan In 2018 and 2017, management believes that
bahwa provisi atas penurunan nilai aset tetap telah provision for impairment in the value of the property,
memadai. plant and equipment is adequate.


11. ASET TETAP (lanjutan) 11. PROPERTY, PLANT AND EQUIPMENT (continued)
Untuk tahun yang berakhir 31 Desember 2018 dan For the years ended December 31, 2018 and 2017,
2017, tidak ada aset tetap tertentu yang dilepas dan there were no property, plant and equipment
dihapus pada nilai tercatatnya. disposed and written off at their net carrying values.
Pada tanggal 31 Desember 2018, bangunan, pabrik, As at December 31, 2018, the Group's buildings,
mesin dan peralatan Grup (termasuk aset dalam plant, machinery and equipment (including
penyelesaian) dengan nilai tercatat sebesar construction in progress), with a carrying value
Rp15.646.981.624 memiliki nilai wajar sebesar amounting to Rp15,646,981,624 has a fair value
Rp20.144.403.466. Nilai wajar bangunan, mesin dan amounting to Rp20,144,403,466. Fair value of
peralatan (termasuk aset dalam penyelesaian) Grup buildings, plant, machinery and equipment (including
dikategorikan sebagai nilai wajar tingkat 2 dalam construction in progress) is classified as fair value
hirarki nilai wajar. Tidak ada perbedaan yang level 2 in the fair value hierarchy. There is no
signifikan antara nilai wajar dan nilai tercatat atas aset significant difference between the fair value and the
tetap selain bangunan, pabrik, mesin dan peralatan carrying value of property, plant and equipment
Grup (termasuk aset dalam penyelesaian). other than buildings, plant, machinery and
equipment (including construction in progress).
Pada tanggal 31 Desember 2018, Grup memiliki aset As at December 31, 2018, the Group has property,
tetap yang telah disusutkan penuh dan masih plant and equipment that has been fully depreciated
digunakan masing-masing sebesar Rp5.094.332.760 and is still being used, totalling Rp5,094,332,760
(2017: Rp3.705.741.318). (2017: Rp3,705,741,318).
12. PROPERTI PERTAMBANGAN 12. MINING PROPERTIES
31 December/December 31, 2018

Beginning Penambahan/ Pemindahan/ Ending
balance Additions Transfers balance
Perusahaan The Company
Tambang berproduksi dan Producing and
dalam pengembangan: developing mines:
Tanjung Buli 312,044,058 - - 312,044,058 Tanjung Buli
Tayan 236,862,627 - - 236,862,627 Tayan
Pongkor 220,402,449 - - 220,402,449 Pongkor
Mornopo 111,477,255 - - 111,477,255 Mornopo
Pakal 83,700,660 - - 83,700,660 Pakal
Tapunopaka 72,738,544 - - 72,738,544 Tapunopaka
Pulau Maniang 55,491,489 - - 55,491,489 Maniang Island
Kijang 39,610,464 - - 39,610,464 Kijang
Cikidang 5,546,530 - - 5,546,530 Cikidang
Pulau Gee 1,609,960 - - 1,609,960 Gee Island
1,139,484,036 - - 1,139,484,036
Entitas Anak Subsidiaries
Cibaliung 470,480,892 1,416,126 - 471,897,018 Cibaliung
Pulau Gag 98,418,769 - - 98,418,769 Gag Island
Cibodas 1,816,096 - - 1,816,096 Cibodas
Sarolangun 1,034,104 - - 1,034,104 Sarolangun
Kijang 484,105 - - 484,105 Kijang
587,172,102 1,416,126 - 588,588,228

Dikurangi: Less:
Akumulasi amortisasi (614,064,415) (66,292,177) - (680,356,592) Accumulated amortisation
nilai - Cibaliung (178,759,702) - - (178,759,702) losses - Cibaliung
(792,824,117) (66,292,177) - (859,116,294)

Properti pertambangan,
bersih 933,832,021 868,955,970 Mining properties, net

Re

12. PROPERTI PERTAMBANGAN (lanjutan) 12. MINING PROPERTIES (continued)

Beginning Penambahan/ Pemindahan/ Ending
balance Additions Transfers balance
Perusahaan The Company
Tanjung Buli 312,044,058 - - 312,044,058 Tanjung Buli
Tayan 220,872,945 15,989,682 - 236,862,627 Tayan
Pongkor 220,402,449 - - 220,402,449 Pongkor
Mornopo 111,477,255 - - 111,477,255 Mornopo
Pakal 83,700,660 - - 83,700,660 Pakal
Tapunopaka 72,738,544 - - 72,738,544 Tapunopaka
Pulau Maniang 49,645,875 5,845,614 - 55,491,489 Maniang Island
Kijang 39,610,464 - - 39,610,464 Kijang
Pulau Gee 1,609,960 - - 1,609,960 Gee Island
1,117,648,740 21,835,296 - 1,139,484,036
Entitas Anak Subsidiaries

Cibaliung 452,525,953 5,862,667 12,092,272 470,480,892 Cibaliung
Pulau Gag - - 98,418,769 98,418,769 Gag Island
Cibodas 1,816,096 - - 1,816,096 Cibodas
Sarolangun 1,034,104 - - 1,034,104 Sarolangun
Kijang 484,105 - - 484,105 Kijang
470,798,394 5,862,667 110,511,041 587,172,102

Dikurangi: Less:
Akumulasi amortisasi (556,171,655) (57,546,206) (346,554) (614,064,415) Accumulated amortisation
nilai - Cibaliung (178,759,702) - - (178,759,702) losses - Cibaliung
(734,931,357) (57,546,206) (346,554) (792,824,117)

Properti pertambangan,
bersih 853,515,777 933,832,021 Mining properties, net
Amortisasi properti pertambangan dibebankan Amortisation of mining properties was charged to

seluruhnya ke biaya produksi untuk tahun yang production cost for the years ended December 31,
berakhir 31 Desember 2018 dan 2017. 2018 and 2017.
Pada tanggal 31 Desember 2018 dan 2017, As at December 31, 2018 and 2017, management
manajemen berkeyakinan bahwa provisi atas believes that the provision for impairment in the
penurunan nilai properti pertambangan telah value of mining properties is adequate.
memadai.
Untuk tahun yang berakhir 31 Desember 2018, tidak For the year ended December 31, 2018, there were
ada biaya pinjaman yang dikapitalisasi sebagai no borrowing costs capitalised as mining properties
properti pertambangan (2017: Rp12.959.604). (2017: Rp12,959,604).


13. ASET EKSPLORASI DAN EVALUASI 13. EXPLORATION AND EVALUATION ASSETS
Perusahaan: The Company:

Sangaji 162,143,324 - - - 162,143,324 Sangaji
Papandayan 92,918,404 - - - 92,918,404 Papandayan
Mandiodo 92,428,258 - - - 92,428,258 Mandiodo
Tapunopaka 84,389,159 - - - 84,389,159 Tapunopaka
Mempawah 73,759,445 1,125,860 - - 74,885,305 Mempawah
Landak 48,360,027 - - - 48,360,027 Landak
Munggu Pasir 26,858,129 6,600 - - 26,864,729 Munggu Pasir
Bahubulu 25,913,658 - - - 25,913,658 Bahubulu
Lain-lain 16,476,572 - - - 16,476,572 Others
623,246,976 1,132,460 - - 624,379,436
Entitas Anak: Subsidiaries:

Meliau 34,796,682 - - - 34,796,682 Meliau
Cibaliung 7,278,793 3,715,050 - - 10,993,843 Cibaliung
42,075,475 3,715,050 - - 45,790,525
Aset eksplorasi dan Exploration and

evaluasi 665,322,451 670,169,961 evaluation assets

Perusahaan: The Company:

Sangaji 162,143,324 - - - 162,143,324 Sangaji
Papandayan 92,918,404 - - - 92,918,404 Papandayan
Mandiodo 92,428,258 - - - 92,428,258 Mandiodo
Tapunopaka 84,389,159 - - - 84,389,159 Tapunopaka
Mempawah 72,655,671 1,103,774 - - 73,759,445 Mempawah
Landak 48,360,027 - - - 48,360,027 Landak
Munggu Pasir 26,858,129 - - - 26,858,129 Munggu Pasir
Bahubulu 25,913,658 - - - 25,913,658 Bahubulu
Pongkor 19,828,533 - (19,828,533) - - Pongkor
Pomalaa 19,736,288 - (19,736,288) - - Pomalaa
Lain-lain 16,138,756 337,816 - - 16,476,572 Others
661,370,207 1,441,590 (39,564,821) - 623,246,976
Entitas Anak: Subsidiaries:

Pulau Gag 83,818,771 14,599,998 - (98,418,769) - Gag Island
Meliau 34,796,682 - - - 34,796,682 Meliau
Cibaliung 19,371,065 - - (12,092,272) 7,278,793 Cibaliung
137,986,518 14,599,998 - (110,511,041) 42,075,475
Aset eksplorasi dan Exploration and

evaluasi 799,356,725 665,322,451 evaluation assets
Pada tanggal 31 Desember 2018 dan 2017, As at December 31, 2018 and 2017, management
manajemen berkeyakinan bahwa tidak diperlukan believes that provision for impairment in the value of
adanya provisi atas penurunan nilai aset eksplorasi the exploration and evaluation assets is not
dan evaluasi. necessary.
Untuk tahun yang berakhir pada tanggal 31 Desember For the year ended December 31, 2018, there were
2018, tidak ada biaya pinjaman yang dikapitalisasi no borrowing costs capitalised as exploration and
sebagai aset eksplorasi dan evaluasi (2017: RpNihil). evaluation assets (2017: RpNil).

Re

14. GOODWILL 14. GOODWILL
2018 2017

CTSP 83,614,545 83,614,545 CTSP
APN 44,658,887 44,658,887 APN
BEI 32,439,844 32,439,844 BEI
MCU 19,689,730 19,689,730 MCU
GK 16,307,000 16,307,000 GK
196,710,006 196,710,006
Akumulasi rugi penurunan nilai Accumulated impairment losses

CTSP 83,614,545 83,614,545 CTSP
APN 4,651,968 4,651,968 APN
BEI 4,110,719 4,110,719 BEI
MCU 2,573,347 2,573,347 GK
94,950,579 94,950,579
Nilai buku bersih 101,759,427 101,759,427 Net book value
Pengujian penurunan nilai atas goodwill dilakukan Goodwill is tested for impairment annually (as at
secara tahunan (pada tanggal 31 Desember) atau December 31) or more frequently when
dapat lebih sering apabila terdapat peristiwa yang circumstances indicate a potential impairment. The
mengindikasikan adanya potensi penurunan nilai. Group’s impairment test for goodwill is based on a
Grup melakukan uji penurunan nilai atas goodwill fair value less costs to sell calculation that uses a
berdasarkan perhitungan nilai wajar dikurangi biaya discounted cash flow model, which is classified as
untuk menjual dengan menggunakan model arus kas fair value level 3 in the fair value hierarchy.
yang didiskontokan, yang dikategorikan sebagai nilai
wajar tingkat 3 dalam hirarki nilai wajar.
Pada tanggal 31 Desember 2018, manajemen As at December 31, 2018, management is of the
berpendapat bahwa tidak terdapat fakta dan kondisi opinion that there are no facts and circumstances
selama tahun berjalan yang mengindikasikan adanya during the year that indicate goodwill is impaired so
penurunan nilai atas goodwill sehingga tidak that the impairment test for goodwill is not
diperlukan pengujian penurunan nilai. necessary.
Asumsi utama yang digunakan dalam pengujian The key assumptions used in the impairment test as
penurunan nilai pada tanggal 31 Desember 2018 at December 31, 2018 were as follows:
APN BEI MCU GK
Periode arus kas 2019-2047 2020-2036 2020-2041 2020-2034 Cash flows period
Tingkat diskonto 10.00% 8.26% 8.26% 8.26% Discount rate
Tingkat pertumbuhan 2.5% 2.5% 2.5% 2.5% Growth rate
Headroom 1,353,313,482 386,912,556 155,468,921 40,144,276 Headroom
Tingkat diskonto adalah biaya modal rata-rata The discount rate is the annual weighted average
tertimbang tahunan yang berlaku untuk masing- cost of capital that is applicable for each subsidiary
masing anak perusahaan selama periode arus kas. over the cash flows period.
Tingkat pertumbuhan adalah tingkat rata-rata The growth rate is the average annual growth rate
pertumbuhan tahunan selama periode arus kas over the cash flows period based on current industry
berdasarkan pada tren industri saat ini. trends.


15. UTANG USAHA 15. TRADE PAYABLES

2018 2017
Pihak ketiga 429,241,388 327,219,276 Third parties

Pihak berelasi (Catatan 31) 728,749,573 479,165,925 Related parties (Note 31)
Jumlah 1,157,990,961 806,385,201 Total
Utang usaha berdasarkan mata uang asal terdiri dari: Trade payables based on its original currencies
consist of the following:
2018 2017
Rupiah 852,006,954 723,683,768 Rupiah

Euro 173,000,627 14,799,911 Euro
Yen Jepang 79,378,814 534,511 Japanese Yen
Dolar AS 52,826,621 67,318,985 US Dollar
Dolar Australia 452,971 42,078 Australian Dollar
Pound Sterling Inggris 265,723 5,948 British Pound Sterling
Dolar Singapura 59,251 - Singapore Dollar
Jumlah 1,157,990,961 806,385,201 Total
16. BEBAN AKRUAL 16. ACCRUED EXPENSES
2018 2017
Contractors’ and
Jasa kontraktor dan konsultan 356,180,830 224,420,885 consultants’ service fees
Biaya proyek P3FH 221,077,458 - Construction P3FH project cost
Bunga 25,416,690 14,615,098 Interests
Biaya eksploitasi 19,256,706 16,828,940 Exploitation costs
Sewa 6,832,158 13,559,055 Rent
Retribusi daerah 6,636,533 2,511,594 Local retribution
Pembelian bahan baku 3,516,683 41,804,757 Materials purchases
di bawah Rp2.000.000) 118,027,239 74,554,779 Others (each below Rp2,000,000)
Jumlah 756,944,297 388,295,108 Total
17. PERPAJAKAN 17. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes

2018 2017
Pajak penghasilan badan 507,008,558 247,306,564 Corporate income tax

PPN 1,083,998,624 504,991,958 VAT
Jumlah 1,591,007,182 752,298,522 Total
Dikurangi bagian lancar (1,083,998,624) (504,991,958) Less current portion
Bagian tidak lancar 507,008,558 247,306,564 Non-current portion

Re

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)
b. Utang pajak b. Taxes payable

2018 2017
Pajak penghasilan badan 8,405,083 162,486 Corporate income tax
Pajak lain-lain: Other taxes:

Pasal 21 44,273,276 3,392,155 Article 21
Pasal 22 1,032,303 15,911,441 Article 22
Pasal 23 32,771,205 4,825,744 Article 23
Pajak bumi dan bangunan 3,108,727 6,078,864 Land and building tax
PPN 34,228,672 5,898,260 VAT
Jumlah pajak lain-lain 115,414,183 36,106,464 Total other taxes
c. Beban pajak penghasilan c. Income tax expense
2018 2017
Pajak kini 293,740,296 52,725,661 Current tax

Penyesuaian pajak dari Adjustments in respect of
tahun sebelumnya 9,519,244 - prior year
Pajak tangguhan 87,815,673 265,167,594 Deferred tax
Beban pajak penghasilan 391,075,213 317,893,255 Income tax expense
Pajak atas laba Grup sebelum pajak berbeda dari The tax on the Group’s profit before tax differs
nilai teoritis yang mungkin muncul apabila from the theoretical amount that would arise
menggunakan tarif pajak yang berlaku terhadap using the tax rate applicable to profits on the
laba pada entitas konsolidasian dalam jumlah consolidated entities as follows:
sebagai berikut:
2018 2017
Laba sebelum pajak Consolidated profit before

penghasilan konsolidasian 1,265,501,806 454,396,524 income tax
Pajak dihitung dengan Tax calculated
tarif pajak yang berlaku 316,375,452 113,599,131 at applicable tax rates
Dampak pajak penghasilan dari: Tax effects of:
- Bagian kerugian entitas asosiasi Share of loss of associates -
dan ventura bersama 130,057,137 121,958,925 and joint venture
- Penghasilan tidak kena pajak (41,466,320) (66,777,814) Non-taxable income -
- Beban yang tidak dapat dikurangkan
untuk tujuan perpajakan 94,865,144 17,504,681 Non-deductible expenses -
- Koreksi rugi fiskal (17,637,799) (61,987) Fiscal losses adjustment -
- Penyesuaian aset pajak tangguhan 34,617,646 131,670,319 Deferred tax assets adjustment -
- Penyesuaian pajak tahun sebelumnya 9,519,244 - Adjustment in respect of prior year -
- Keuntungan akuisisi anak perusahaan
dengan diskon (135,255,291) - Gain on bargain purchase subsidiary -
Beban pajak penghasilan 391,075,213 317,893,255 Income tax expense


c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara laba sebelum pajak The reconciliation between profit before income
penghasilan seperti yang disajikan dalam laba tax as shown in profit or loss and estimated
rugi dan taksiran laba fiskal Perusahaan untuk taxable income of the Company for the years
tahun yang berakhir pada tanggal 31 Desember ended December 31, 2018 and 2017, is as
2018 dan 2017 adalah sebagai berikut: follows:
2018 2017
Laba sebelum pajak Consolidated income

penghasilan konsolidasian 1,265,501,806 454,396,524 before income tax
Laba sebelum pajak Income before
penghasilan - entitas anak 2,009,138 206,068,531 income tax - subsidiaries
Laba sebelum pajak Income before

penghasilan - Perusahaan 1,267,510,944 660,465,055 income tax - the Company
Koreksi fiskal: Fiscal corrections:

Kewajiban pensiun dan Pensions and other post-retirement
imbalan pascakerja lainnya (8,922,028) 196,158 benefits obligations
Provisi atas pengelolaan Provision for environmental
lingkungan hidup dan reklamasi - 9,046,494 and reclamation cost
Liabilitas imbalan karyawan
jangka pendek 91,822,992 9,441,164 Short-term employee benefits liabilities
Depreciation of
Penyusutan aset tetap (209,859,126) (505,137,450) property, plant and equipment
Provisi atas penurunan
nilai persediaan 10,420,675 - Provision for inventory impairment
Provisi atas penurunan Provision for impairment
nilai piutang - efek diskonto (64,911,518) 121,725,928 of receivables - discounting impact
Provisi atas penurunan nilai piutang 6,550,156 3,697,147 Provision for receivables impairment
Beban yang tidak dapat dikurangkan Non-deductible expenses
untuk tujuan perpajakan 182,026,748 43,032,592 for tax purpose
Bagian kerugian entitas asosiasi Share of loss of associates
dan ventura bersama 520,228,548 487,835,700 and joint venture
Akuisisi anak perusahaan (541,021,164) - Acquisition of subsidiary
Penghasilan kena pajak final (159,787,190) (254,591,982) Income subject to final tax
(173,451,907) (84,754,249)
Estimated taxable income
Taksiran laba fiskal Perusahaan 1,094,059,037 575,710,806 of the Company
Penggunaan rugi fiskal tahun lalu - (365,696,138) Utilisation of fiscal loss
1,094,059,037 210,014,668
Perhitungan pajak penghasilan Computation of corporate income tax

pada tarif 25% (273,514,759) (52,503,667) at 25% tax rate
Dikurangi pajak penghasilan

dibayar di muka: Less prepaid income taxes:
Pasal 22 354,665,805 183,796,617 Article 22
Pasal 23 100,135,139 1,681,146 Article 23
Pasal 25 79,919,831 - Article 25
534,720,775 185,477,763

Re

c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
2018 2017
Lebih bayar pajak Corporate income tax

penghasilan badan - Perusahaan: overpayment - the Company:
Tahun berjalan (261,206,016) (132,974,096) Current year
Restitusi di tahun berjalan 98,808,309 142,445,749 Restitution in the current year
Penyesuaian tahun lalu 9,519,244 - Adjustment in respect of prior period
Pemindahbukuan 2,561,715 - Overbooking
Saldo awal tahun (235,032,016) (244,503,669) Beginning of the year

penghasilan badan - Perusahaan (385,348,764) (235,032,016) overpayment - the Company

penghasilan badan - entitas anak (121,659,794) (12,274,548) overpayment - subsidiaries
Lebih bayar pajak penghasilan Corporate income tax

badan - konsolidasian (507,008,558) (247,306,564) overpayment - consolidated
Kurang bayar pajak Corporate income tax

penghasilan badan - Perusahaan - - underpayment - the Company
Kurang bayar pajak Corporate income tax

penghasilan badan - entitas anak 8,405,083 162,486 underpayment - subsidiaries
Kurang bayar pajak penghasilan Corporate income tax

badan - konsolidasian 8,405,083 162,486 underpayment - consolidated
Akumulasi rugi fiskal, yang dapat The accumulated fiscal losses carried forward,
dikompensasikan dengan penghasilan kena pajak which can be offset against future taxable
di masa mendatang, berasal dari tahun-tahun income, were from the following fiscal years:
pajak berikut:
2018 2017
Anak Anak
Perusahaan/ perusahaan/ Perusahaan/ perusahaan/
The Company Subsidiaries The Company Subsidiaries
2014 , bersih setelah koreksi 2014, net after
audit dan penggunaan audit and utilisation
rugi fiskal - 153,151,259 - 171,612,645 of fiscal loss
2015 , bersih setelah koreksi 2015, net after
2016, bersih setelah koreksi 2016, net after
2017 - 72,699,440 - 94,607,034 2017
2018 - 48,899,682 - - 2018
Jumlah - 293,697,608 - 335,455,722 Total


d. Aset pajak tangguhan d. Deferred tax assets
Jumlah rugi fiskal adalah berdasarkan The amount of fiscal loss is based on preliminary
perhitungan sementara. Jumlah ini mungkin akan calculations. The amounts may be adjusted when
disesuaikan ketika SPT dilaporkan ke atau the Annual Tax Returns are filed to or assessed
diperiksa oleh otoritas pajak. by the tax authorities.
2018
Dibebankan ke
Dikreditkan/ penghasilan
(dibebankan) komprehensif
ke laporan lain/
laba rugi/ Charged to
Saldo awal/ Credited/ other Saldo akhir/
Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Difference between commercial

Perbedaan nilai buku aset tetap and tax basis of property,
komersial dan fiskal 27,310,726 (77,363,868) - (50,053,142) plant and equipment
Pensiun dan kewajiban Pensions and other post-
pascakerja lainnya 102,898,478 (2,131,980) 1,302,350 102,068,848 retirement obligations
Provision for impairment
Provisi atas penurunan of receivables-
nilai piutang - efek diskonto 30,431,482 (14,590,341) - 15,841,141 discounting impact
nilai persediaan 2,807,776 4,193,708 - 7,001,484 on inventories
jangka pendek 6,780,871 22,955,748 - 29,736,619 benefits liabilities
Bunga yang masih harus dibayar 35,629,809 8,797,363 - 44,427,172 Accrued interest
Provisi untuk pengelolaan Provision for environmental and
dan reklamasi lingkungan hidup 8,138,519 - - 8,138,519 reclamation costs
Provisi atas penurunan Provision for
nilai piutang 11,235,645 295,005 - 11,530,650 receivables impairment
Provisi penurunan nilai investasi 20,903,636 (20,903,636) - - on investments
Provisi atas penurunan nilai Provision for impairment
aset lain-lain 25,872,808 - - 25,872,808 on other assets
Rugi fiskal 34,599,260 (9,067,672) - 25,531,588 Fiscal loss carried forward
Jumlah 306,609,010 (87,815,673) 1,302,350 220,095,687 Total
2017
Dibebankan ke
Dikreditkan/ penghasilan
(dibebankan) komprehensif
ke laporan lain/
laba rugi/ Charged to
Saldo awal/ Credited/ other Saldo akhir/
Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Difference between commercial

Perbedaan nilai buku aset tetap and tax basis of property,
komersial dan fiskal 151,841,197 (124,530,471) - 27,310,726 plant and equipment
Pensiun dan kewajiban Pensions and other post-
pascakerja lainnya 91,580,226 182,807 11,135,445 102,898,478 retirement obligations
Provisi atas penurunan of receivables-
nilai piutang - efek diskonto - 30,431,482 - 30,431,482 discounting impact
nilai persediaan 915,765 1,892,011 - 2,807,776 on inventories
jangka pendek 4,420,580 2,360,291 - 6,780,871 benefits liabilities
Bunga yang masih harus dibayar 25,558,174 10,071,635 - 35,629,809 Accrued interest
Provisi untuk pengelolaan Provision for environmental and
dan reklamasi lingkungan hidup 5,876,895 2,261,624 - 8,138,519 reclamation costs
Provisi atas penurunan Provision for
nilai piutang 8,329,417 2,906,228 - 11,235,645 receivables impairment
Provisi penurunan nilai investasi 20,903,636 - - 20,903,636 on investments
Provisi atas penurunan nilai Provision for impairment
aset lain-lain 24,961,920 910,888 - 25,872,808 on other assets
Rugi fiskal 226,253,349 (191,654,089) - 34,599,260 Fiscal loss carried forward
Jumlah 560,641,159 (265,167,594) 11,135,445 306,609,010 Total

Re

d. Aset pajak tangguhan (lanjutan) d. Deferred tax assets (continued)
Aset pajak tangguhan memiliki saldo sebesar The deferred tax assets include an amount of
Rp25.531.588 (2017: Rp34.599.260) yang Rp25,531,588 (2017: Rp34,599,260) which
berasal dari kompensasi rugi pajak Grup. Grup relates to the Group’s tax loss carried. The
menyimpulkan bahwa aset pajak tangguhan Group has concluded that the deferred tax
dapat dipulihkan dengan menggunakan perkiraan assets will be recoverable using the estimated
pendapatan kena pajak di masa depan future taxable income based on the approved
berdasarkan rencana bisnis dan anggaran Grup business plans and budgets of the Group.
yang telah disetujui.
Manajemen berkeyakinan bahwa aset pajak Management believes that deferred tax assets
tangguhan yang timbul dari perbedaan waktu arising from temporary differences are realisable
dapat direalisasikan pada tahun-tahun in future years.
mendatang.
e. Sengketa pajak e. Tax disputes
Untuk tahun yang berakhir 31 Desember 2018, For the year ended December 31, 2018, the
Grup menerima Surat Ketetapan Pajak Lebih Group received the following Tax Overpayment
Bayar (“SKPLB”) dan Surat Ketetapan Pajak Assessment Letters (“SKPLB”) and Tax
Kurang Bayar (“SKPKB”) berikut: Underpayment Assessment Letters (“SKPKB”):
- SKPLB terkait pajak penghasilan badan tahun - SKPLB with regard to the Company’s
2016 Perusahaan senilai Rp98.808.309. corporate income tax for the 2016 fiscal
Perusahaan telah menerima hasil restitusi year amounting to Rp98,808,309. The
pajak di bulan Mei 2018. Pada bulan Juli Company received the tax refund in May
2018, Perusahaan mengajukan keberatan 2018. In July 2018, the Company filed an
atas Rp122.692.483 atas koreksi pajak dari objection on Rp122,692,483 tax audit
hasil audit dan menerima koreksi pajak corrections and accepted Rp38,076,976 tax
sebesar Rp38.076.976. Tidak ada dampak audit corrections. No profit and loss impact
laba rugi karena koreksi pajak tersebut hanya because the tax audit corrections were
berdampak ke rugi fiskal yang sebelumnya made to tax losses carried forward which
tidak diakui sebagai aset pajak tangguhan. was not recognised as a deferred tax asset.
- SKPKB terkait pajak penghasilan pasal 26 - SKPKB with regard to the Company’s
tahun 2016 senilai Rp26.068.312. income tax article 26 amounting to
Perusahaan telah menerima hasil Rp26,068,312. The Company accepted the
pemeriksaan tersebut dan tidak mengajukan tax audit result and did not file an objection.
keberatan. Perusahaan telah membayar The Company has paid the tax bill in May
tagihan pajak tersebut pada bulan Mei 2018 2018 and recognised this payment as
dan mengakui pembayaran tersebut sebagai expenses in the consolidated profit or loss.
beban pada laporan laba rugi konsolidasian.
- SKPKB terkait PPN untuk masa Januari - SKPKB regarding VAT covering fiscal
hingga Desember 2016 senilai period January until December 2016
Rp113.086.263. Pada bulan Juli 2018, amounting to Rp113,086,263. In July 2018,
Perusahaan mengajukan keberatan kepada the Company filed an objection to the Large
Kantor Pelayanan Pajak Wajib Pajak Besar Taxpayer Office, South Jakarta, on the tax
Tiga, Jakarta Selatan, atas koreksi audit corrections deemed based on merely
pemeriksaan yang hanya berdasarkan reconciliation approach instead of
perhitungan rekonsiliasi dan bukan underlying material evidences (e.g. payment
berdasarkan bukti material (misal: dokumen documents).
pembayaran).
- SKPLB terkait PPN untuk masa Januari - SKPLB regarding VAT covering fiscal period
hingga Desember 2016 senilai January until December 2016 amounting to
Rp123.248.380. Perusahaan menggunakan Rp123,248,380. The Company used this
SKPLB ini untuk mengkompensasi SKPKB SKPLB to compensate SKPKB regarding
PPN untuk masa Januari hingga Desember VAT covering fiscal period January until
2016. Sisa lebih bayar sebesar Rp10.162.117 December 2016. The remaining
belum diterima oleh Perusahaan sampai overpayment of Rp10,162,117 has not been
dengan tanggal laporan keuangan received by the Company as at the date of
konsolidasian . these consolidated financial statements.


e. Sengketa pajak (lanjutan) e. Tax disputes (continued)
Di tahun 2014, Perusahaan menerima Surat In 2014, the Company received the 2014
Pemberitahuan Pajak Terutang Pajak Bumi dan Notifications of Tax Due for Land and Property
Bangunan (“SPPT PBB”) Tubuh Bumi Operasi Tax (“SPPT PBB”) of for the body of earth for
Produksi dan PBB Onshore di Tanjung Buli tahun operation-production and onshore area for
2014 dengan nilai tagihan, masing-masing Tanjung Buli amounting to Rp30,997,736 and
sebesar Rp30.997.736 dan Rp683.934. Rp683,934, respectively. The Company had
Perusahaan telah membayar kedua tagihan paid the tax bills in 2014 and recognised these
pajak tersebut di tahun 2014 dan mengakui payments as expenses in its consolidated profit
pembayaran tersebut sebagai beban pada or loss for the year ended December 31, 2014.
laporan laba rugi konsolidasian pada tahun yang The Company then filed an objection to the Tax
berakhir 31 Desember 2014. Perusahaan Services Office of Tobelo. In April 2015, the
kemudian mengajukan surat keberatan kepada Company received decrees from the DGT
Kantor Pelayanan Pajak Pratama Tobelo. Di April Regional Office of North and Central Sulawesi,
2015, Perusahaan menerima SK dari DJP Gorontalo and North Maluku, rejecting the
Regional Sulawesi Utara dan Tengah, Gorontalo objection for the 2014 property and land tax of
dan Maluku Utara yang menolak keberatan PBB body of earth and granting the 2014 property
Tubuh Bumi tahun 2014 dan menerima sebagian and land tax of onshore area partially to
keberatan PBB Onshore tahun 2014 menjadi Rp683,770. In July 2015, the Company filed an
sebesar Rp683.770. Di bulan Juli 2015, appeal to the decree to the Tax Court. As of
Perusahaan telah mengajukan banding terhadap December 31, 2018, the Tax Court had not
keputusan tersebut di Pengadilan Pajak. Pada issued any ruling on the appeal.
tanggal 31 Desember 2018, Pengadilan Pajak
belum mengeluarkan keputusan atas banding
tersebut.
Pada bulan November 2017, Perusahaan In November 2017, the Company filed an
mengajukan keberatan kepada Kantor Pelayanan objection to the Large Tax Services Office III.
Pajak Besar III. Keberatan tersebut timbul akibat The objection was due to the tax audit
koreksi pemeriksaan terhadap PPN masukan corrections applied to the VAT-in of the North
Unit Bisnis Maluku Utara untuk periode Juli- Maluku Business Unit for the period of July-
Desember 2015 senilai Rp4.911.928. PPN December 2015, amounting to Rp4,911,928.
masukan ini dinilai tidak dapat dikreditkan These VAT-in were deemed uncreditable
walaupun Perusahaan melakukan kegiatan regardless the fact that the Company
usaha pengolahan feronikel yang terintegrasi dan conducted an integrated ferronickel processing
menggunakan bijih nikel Unit Bisnis Maluku plant which consumed the nickel ores mined
Selatan serta telah mendapatkan izin dari DJP from the North Maluku Business Unit and was
untuk melakukan pemusatan PPN. Sampai granted permission by the DGT to centralise its
dengan 31 Desember 2018, DJP belum VAT reporting. As of December 31, 2018, DGT
mengeluarkan keputusan atas keberatan ini. has not issued any decision on the Company’s
objection.
f. Administrasi f. Administration
Berdasarkan undang-undang Perpajakan yang Under the taxation laws of Indonesia,

berlaku di Indonesia, perusahaan yang companies which are domiciled in Indonesia
berdomisili di Indonesia menghitung dan calculate and pay tax on the basis of self
membayar sendiri besarnya jumlah pajak yang assessment. The DGT may assess or amend
terutang. DJP dapat menetapkan atau mengubah tax liabilities within five years of the time the tax
liabilitas pajak dalam batas waktu lima tahun becomes due.
sejak saat terutangnya pajak.

Re

18. PINJAMAN BANK JANGKA PENDEK 18. SHORT-TERM BANK LOANS

2018
Jumlah tercatat/Carrying amount
Mata uang asal
(nilai penuh)/ Setara Rupiah/
Kreditur/ Mata uang asal/ Original currency Equivalent
Creditors Original currency (full amount) in Rupiah
Pihak ketiga/Third party:

Panin Rupiah 3,900,000 3,900,000
Pihak berelasi (Catatan 31)

/Related party (Note 31):
Mandiri Dolar AS/US Dollar 100,000,000 1,448,100,000
Jumlah/Total 1,452,000,000
2017
Mata uang asal
(nilai penuh)/ Setara Rupiah/
Kreditur/ Mata uang asal/ Original currency Equivalent
Creditors Original currency (full amount) in Rupiah
Pihak ketiga/Third party:

Panin Rupiah 6,020,000 6,020,000
Pihak berelasi (Catatan 31)

/Related parties (Note 31):
Mandiri Dolar AS/US Dollar 100,000,000 1,354,800,000
BRI Dolar AS/US Dollar 100,000,000 1,354,800,000
Nilai wajar pinjaman bank jangka pendek mendekati The fair value of short-term bank loans
dengan jumlah tercatatnya karena pinjaman jatuh approximates their carrying amount since the
tempo kurang dari satu tahun. maturity of the loans is less than one year.
a. BRI a. BRI
Perusahaan memeroleh fasilitas pinjaman modal The Company has US$200,000,000 working
kerja dari BRI dengan batas maksimum capital loan facility from BRI with availability
AS$200.000.000 dengan jangka waktu fasilitas period up to July 15, 2019.
sampai 15 Juli 2019.
Perusahaan telah melakukan penarikan atas The Company made US$100,000,000

fasilitas pinjaman tersebut sebesar drawdown from the loan facility in 2017 and fully
AS$100.000.000 di tahun 2017 dan telah dilunasi repaid the loan in April 2018.
di bulan April 2018.
b. Mandiri b. Mandiri
Perusahaan memperoleh fasilitas pinjaman The Company has US$200,000,000 working

modal kerja dari Mandiri dengan batas capital loan facility from Mandiri with availability
maksimum kredit AS$200.000.000 dengan period up to May 30, 2019. In 2017, drawdown
jangka waktu fasilitas sampai 30 Mei 2019. Di amounting to US$100,000,000 has been fully
2017, ada penarikan AS$100.000.000 dan telah repaid in March 2018.
dibayar pada bulan Maret 2018.


18. PINJAMAN BANK JANGKA PENDEK (lanjutan) 18. SHORT-TERM BANK LOANS (continued)
b. Mandiri (lanjutan) b. Mandiri (continued)
Di bulan April 2018, Perusahaan melakukan In April 2018, the Company drew down
penarikan atas fasilitas pinjaman sebesar US$100,000,000 from the credit facility. The
AS$100.000.000. Pinjaman modal kerja ini jatuh loan matures on April 9, 2019. The interest rate
tempo pada tanggal 9 April 2019 dengan tingkat at December 31, 2018, was 2.60% per annum.
suku bunga sebesar 2,60% per tahun pada
tanggal 31 Desember 2018.
Rasio keuangan yang dipersyaratkan Financial ratios required under the loan
berdasarkan perjanjian pinjaman adalah sebagai agreement are as follows:
berikut:
1. Perbandingan antara pinjaman berbunga 1. The ratio of interest bearing debt (excluding
(tidak termasuk hutang usaha, namun trade payables but including syariah
mencakup pembiayaan bank syariah) funding) to total equity shall be a maximum
terhadap total ekuitas maksimal 3 kali. of 3 times.
2. Perbandingan antara jumlah dari EBITDA 2. The ratio of the total EBITDA plus cash on
ditambah dengan saldo kas dan bank hand and cash in banks to total matured
dengan pokok hutang jatuh tempo ditambah debt and interest shall not be less than
beban bunga jatuh tempo minimal 1,25 kali. 1.25 times.
3. Mempertahankan ekuitas lebih besar dari 3. Maintain equity to be greater than
Rp7.000.000.000. Rp7,000,000,000.
Pada tanggal 31 Desember 2018 dan 2017, As at December 31, 2018 and 2017, the
Perusahaan telah memenuhi seluruh batasan Company has complied with all loan covenants.
pinjaman yang diwajibkan.
c. Panin c. Panin
SDA memperoleh Rp50.000.000 fasilitas SDA has Rp50,000,000 working capital loan
pinjaman modal kerja dari Panin yang digunakan facility from Panin which is used for work
untuk kontrak jasa pekerjaan antara SDA dengan services contract between SDA and the
Perusahaan. Company.
Pada tanggal 31 Desember 2018, saldo pinjaman At December 31, 2018, the outstanding loan
ini adalah Rp3.900.000 (2017: Rp6.020.000) balance was Rp3,900,000 (2017: Rp6,020,000)
dengan suku bunga Jakarta Interbank Offered with interest rate of the one month Jakarta
Rate (“JIBOR”) satu bulan ditambah 3% per Interbank Offered Rate ("JIBOR") plus 3% per
tahun. Pada tahun 2018, SDA telah melakukan annum. In 2018, SDA paid Rp2,120,000 of the
pelunasan sebesar Rp2.120.000 dan sisa loan and fully repaid the remaining balance in
saldonya dibayar penuh di bulan Januari 2019. January 2019.
Perjanjian fasilitas kredit modal kerja tersebut The above working capital loan credit facility
dijamin melalui piutang usaha terkait kontrak jasa agreement is secured by trade receivables
pekerjaan antara SDA dengan Perusahaan dan relating to work service contracts between SDA
rekening bank SDA yang ditempatkan di Panin and the Company and SDA’s bank accounts
yang digunakan untuk menerima pembayaran placed in Panin which are used to receive
dari Perusahaan. payment from the Company.

Re

19. UTANG OBLIGASI 19. BONDS PAYABLE
2018
Mata uang asal
(nilai penuh)/
Mata uang asal/ Original currency
Original currency (full amount)
Utang pokok/Principal
Obligasi Berkelanjutan I Antam dengan tingkat bunga
tetap Tahap I tahun 2011 (“obligasi”)/Antam Continuation
Bonds I with fixed interest rate Phase I year 2011 (“bonds”) Rupiah 2,100,000,000
2,100,000,000
Biaya emisi obligasi yang belum diamortisasi/

Unamortised bonds issuance costs
Saldo awal/Beginning balance (7,791,354)
Akumulasi amortisasi/Accumulated amortisation 5,644,020
(2,147,334)
Dikurangi bagian lancar/Net of current portion -
Bagian tidak lancar/Non-current portion 2,097,852,666
2017
Mata uang asal
(nilai penuh)/
Mata uang asal/ Original currency
Original currency (full amount)
Obligasi/bonds Rupiah 3,000,000,000
3,000,000,000
Biaya emisi obligasi yang belum diamortisasi/

Unamortised bonds issuance costs
(3,159,240)
Dikurangi bagian lancar/Net of current portion (899,594,174)


19. UTANG OBLIGASI (lanjutan) 19. BONDS PAYABLE (continued)
Pada tanggal 2 Desember 2011, Perusahaan On December 2, 2011, the Company issued bonds
menerbitkan obligasi dengan nilai pokok sebesar with a total principal amount of Rp3,000,000,000.
Rp3.000.000.000. Bunga terutang setiap kuartal, yaitu Interest is payable quarterly every March 14, June
setiap tanggal 14 Maret, 14 Juni, 14 September dan 14, September 14 and December 14. Bonds series
14 Desember. Obligasi seri A dan seri B akan jatuh A and series B will mature on December 14, 2018,
tempo masing-masing pada tanggal 14 Desember and December 14, 2021, respectively. The
2018 dan 14 Desember 2021. Rincian obligasi adalah breakdown of the bonds is as follows:
sebagai berikut:
Seri/ Tingkat bunga/ Jangka waktu/ Utang pokok/

Series Coupon rates Maturities Principal
A 8.38% 7 tahun/years 900,000,000

B 9.05% 10 tahun/years 2,100,000,000
Dalam rangka Penawaran Umum Obligasi In regard to the Public Offering of Continuation
Berkelanjutan, Permata bertindak sebagai Wali Bonds, Permata acts as the Trustee or the institution
Amanat atau badan yang diberi kepercayaan untuk that is entrusted to represent the interests of the
mewakili kepentingan para pemegang obligasi sesuai bond holders following the provisions of the Bonds
dengan ketentuan dalam Akta Perjanjian Trusteeship Agreement Deed No. 48 dated
Perwaliamanatan Obligasi No. 48 tanggal 30 September 30, 2011, Amendment I of Bonds
September 2011, Perubahan I Akta Perjanjian Trusteeship Agreement Deed No. 49 dated October
Perwaliamanatan Obligasi No. 49 tanggal 28 Oktober 28, 2011 and Amendment II of Bonds Trusteeship
2011 dan Perubahan II Akta Perjanjian Agreement Deed No. 52 dated November 28, 2011,
Perwaliamanatan Obligasi No. 52 tanggal 28 of Fathiah Helmi, S.H., Notary in Jakarta, between
November 2011 yang ketiganya dibuat di hadapan the Company and the Trustee. As a Trustee,
Fathiah Helmi, S.H., Notaris di Jakarta, antara Permata has stated firmly that it is not affiliated with
Perusahaan dengan Wali Amanat. Sebagai Wali the Company, either directly or indirectly.
Amanat, Permata telah menyatakan dengan tegas
bahwa tidak mempunyai hubungan afiliasi dengan
Perusahaan, baik langsung maupun tidak langsung.
Obligasi tersebut dicatatkan di IDX dan telah The bonds are listed on the IDX and have been
mendapatkan peringkat idA- (Stable Outlook) dari PT rated idA- (Stable Outlook) by PT Pemeringkat Efek
Pemeringkat Efek Indonesia (“Pefindo”) berdasarkan Indonesia (“Pefindo”) in its rating report released on
laporan pemeringkat pada tanggal 14 September September 14, 2018.
2018.
Dana hasil obligasi digunakan untuk investasi rutin di The bonds proceeds were used for routine
unit-unit bisnis Perusahaan, renovasi dan modernisasi investments at the Company's business units,
pabrik feronikel di Pomalaa serta untuk pembukaan renovation and modernisation of the ferronickel plant
tambang nikel di Maluku Utara, Sulawesi Tenggara, in Pomalaa and for the opening of nickel mines in
dan tambang bauksit di Kalimantan Barat. North Maluku, Southeast Sulawesi, and a bauxite
mine in West Kalimantan.
Pada tanggal 14 Desember 2018, Perusahaan telah On December 14, 2018, the Company has fully
melakukan pelunasan atas Obligasi Seri A. repaid the Series A Bond.

Re

19. UTANG OBLIGASI (lanjutan) 19. BONDS PAYABLE (continued)
Selama jangka waktu obligasi, Perusahaan During the terms of the bonds, the Company has the
berkewajiban, antara lain, mempertahankan rasio obligation to, among other things, meet certain
keuangan tertentu dan mempertahankan kepemilikan financial ratios and maintain the direct and/or
langsung dan/atau tidak langsung oleh Pemerintah indirect shareholding in the Company by the
Republik Indonesia di Perusahaan paling sedikit Government of the Republic of Indonesia at not less
sebesar 51% dari jumlah saham yang telah than 51% of the number of shares that have been
ditempatkan dan disetor penuh oleh Perusahaan. issued and fully paid. Without the written consent of
Tanpa persetujuan tertulis dari Wali Amanat, the Trustee, the Company will not conduct a merger
Perusahaan tidak akan melakukan penggabungan or acquisition with another company that does not
atau peleburan dengan perusahaan lain yang tidak comply with the intents and purposes of the
sesuai dengan maksud dan tujuan dalam AD Company's AA, unless this is required by applicable
Perusahaan, kecuali disyaratkan oleh peraturan yang regulations or court decisions.
berlaku atau putusan pengadilan.
Perusahaan tidak akan: mengurangi modal dasar, The Company will not: reduce its authorised capital,
modal ditempatkan dan modal disetor; menjaminkan issued capital and paid-in capital; pledge assets and
aset; memberikan pinjaman atau jaminan kepada provide loans or guarantees to third parties without
pihak ketiga tanpa persetujuan tertulis dari Wali the written consent of the Trustee. Application for
Amanat. Permohonan persetujuan tertulis kepada written consent of the Trustee will not be rejected for
Wali Amanat tidak akan ditolak tanpa alasan yang no apparent or fair reason.
jelas dan wajar.
Rasio keuangan yang dipersyaratkan berdasarkan The financial ratios required under the Trusteeship
Perjanjian Perwaliamanatan adalah sebagai berikut: Agreement are as follows:
a. Rasio pinjaman yang dikenakan bunga (tidak a. The ratio of total interest-bearing debts
termasuk utang usaha, namun mencakup (excluding trade payables but including syariah
pembiayaan bank syariah) terhadap total ekuitas funding) to total equity shall not exceed 3 times;
tidak lebih dari 3 kali;
b. Rasio jumlah dari EBITDA ditambah dengan b. The ratio of the total of EBITDA plus cash on
saldo kas dan bank terhadap pokok utang jatuh hand and cash in banks to total matured debt
tempo ditambah beban bunga jatuh tempo tidak and interest shall not be less than 1.25 times;
boleh kurang dari 1,25 kali;
c. Ekuitas lebih besar dari Rp7.000.000.000. c. The equity shall be greater than
Rp7,000,000,000.
Pada tanggal 31 Desember 2018 dan 2017, As at December 31, 2018 and 2017, the Company
Perusahaan telah memenuhi seluruh batasan utang has complied with all debt covenants.
yang diwajibkan.
Pada tanggal 31 Desember 2018, nilai wajar utang As at December 31, 2018, the fair value of bonds
obligasi adalah Rp2.039.100.000 (2017: Rp payable is Rp2,039,100,000 (2017:
3.022.536.000). Nilai wajar ditentukan berdasarkan Rp3,022,536,000). The fair values are based on
harga yang dikeluarkan oleh Indonesia Bonds Pricing prices released by Indonesia Bonds Pricing Agency
Agency (“IBPA”) yang termasuk nilai wajar level 1 (“IBPA”) which are within level 1 of the fair value
pada hirarki nilai wajar. hierarchy.


20. PINJAMAN INVESTASI 20. INVESTMENT LOANS

2018
Mata uang asal
(nilai penuh)/
Kreditur/ Mata uang asal/ Original currency Setara Rupiah/
Creditors Original currency (full amount) Rupiah equivalent
Milik perusahaan/Owned by the Company:
LPEI Indonesia Eximbank (“LPEI”) Dolar AS/US Dollar 107,031,250 1,549,919,531
Maybank Dolar AS/US Dollar 85,500,000 1,238,125,500
BNI Dolar AS/US Dollar 82,000,000 1,187,442,000
ICBC-BCA Dolar AS/US Dollar 60,125,000 870,670,125
ICBC Dolar AS/US Dollar 29,968,750 433,977,469
BSMI Dolar AS/US Dollar 12,203,982 176,725,863
5,456,860,488
Milik entitas anak/owned by the subsidiaries:

Japan Bank for International Yen Jepang/
Cooperation (“JBIC”) Japanese Yen 4,215,369,600 552,698,601
Mizuho Yen Jepang/
Japanese Yen 1,967,172,480 257,926,015
Sumitomo Mitsui Trust Bank, Ltd. Yen Jepang/
(“Sumitomo”) Japanese Yen 843,073,920 110,539,728
921,164,344
6,378,024,832
Upfront fees yang belum diamortisasi/Unamortised upfront fees

(6,678,293)
Dikurangi bagian lancar/Net of current portion (1,121,605,386)
2017
Mata uang asal
(nilai penuh)/
Kreditur/ Mata uang asal/ Original currency Setara Rupiah/
Creditors Original currency (full amount) Rupiah equivalent
LPEI Dolar AS/US Dollar 115,625,000 1,566,487,500
Maybank Dolar AS/US Dollar 92,500,000 1,253,190,000
ICBC Dolar AS/US Dollar 32,375,000 438,616,500
BSMI Dolar AS/US Dollar 17,094,778 231,600,052
BMI Dolar AS/US Dollar 15,000,000 203,220,000
3,693,114,052
Upfront fees yang belum diamortisasi/Unamortised upfront fees

(6,659,500)
Dikurangi bagian lancar/Net of current portion (486,103,998)

Re

20. PINJAMAN INVESTASI (lanjutan) 20. INVESTMENT LOANS (continued)
Nilai wajar atas pinjaman investasi pada tanggal The fair value of the investment loans at the
pelaporan adalah sebagai berikut: reporting dates is as follows:
2018 2017
LPEI 1,584,227,231 1,596,875,938 LPEI

Maybank 1,238,125,500 1,274,572,288 Maybank
BNI 1,187,442,000 - BNI
ICBC-BCA 870,670,125 - ICBC-BCA
JBIC 552,698,601 - JBIC
ICBC 443,583,625 447,125,263 ICBC
Mizuho 257,926,015 - Mizuho
BSMI 181,229,263 238,201,947 BSMI
Sumitomo 110,539,728 - Sumitomo
Nilai wajar pinjaman ditentukan dengan metode The fair value of investment loans are based on
pendiskontoan arus kas dengan tingkat bunga 4,81% discounted cash flows using a borrowing rate of
(2017: 5,25%) yang termasuk dalam nilai wajar level 3 4.81% (2017: 5.25%) and are within level 3 of the
pada hirarki nilai wajar. fair value hierarchy.
a. BMI a. BMI
Pada tanggal 18 April 2013, Perusahaan On April 18, 2013, the Company entered into a
mengadakan perjanjian kredit dengan BMI. credit agreement with BMI.
Berdasarkan perjanjian kredit tersebut, BMI Based on the credit agreement, BMI provided
memberikan fasilitas pinjaman kredit sebesar the Company with a credit loan facility
AS$75.000.000. Pinjaman ini digunakan untuk amounting to US$75,000,000. The proceeds of
keperluan pendanaan perusahaan secara umum. the loan were used for funding of general
purpose corporate financing.
Jangka waktu pinjaman tersebut selama lima The tenor of the loan is five years consisting of
tahun dengan satu tahun masa tenggang dan a one year grace period and four years principal
empat tahun masa pembayaran pokok. Tingkat repayment period. The interest rate is three (3)
bunga yang dikenakan sebesar London Interbank months’ London Interbank Offered Rate
Offered Rate (“LIBOR”) tiga (3) bulan ditambah (“LIBOR”) plus 1.8%. The interest is payable in
1,8%. Bunga dibayarkan setiap tiga bulan. quarterly basis.
Pinjaman ini jatuh tempo pada tanggal 18 April The loan is due on April 18, 2018 and had been
2018 dan telah dilunasi pada tanggal tersebut. fully repaid on the due date.
b. BSMI b. BSMI
Pada tanggal 21 Juni 2013, Perusahaan On June 21, 2013, the Company obtained an
memperoleh fasilitas pinjaman investasi dari investment loan facility from BSMI with a
BSMI dengan batas kredit maksimum sebesar maximum credit limit amounting to
AS$75.000.000. Pembayaran pokok pinjaman US$75,000,000. The payments of the loan
dicicil setiap semesteran, dengan masa tenggang principal are to be made on a semi-annual
satu tahun untuk pembayaran pokok. Pada basis, with a one year grace period on principal
tanggal 3 Juli 2013, Perusahaan melakukan repayments. On July 3, 2013, the Company
penarikan dari fasilitas pinjaman ini sebesar made a drawdown from the loan facility
AS$34.244.778 dengan suku bunga 4,56% per amounting to US$34,244,778 with an interest
tahun. rate of 4.56% per annum.
Pada tanggal 31 Desember 2018, jumlah yang As at December 31, 2018, the outstanding loan
masih terutang dari fasilitas pinjaman ini adalah amount of this loan facility is US$12,203,982
sebesar AS$12.203.982 (2017: AS$17.094.778). (2017: US$17,094,778).


b. BSMI (lanjutan) b. BSMI (continued)
Batasan pinjaman yang disyaratkan berdasarkan Loan covenants required under the loan
perjanjian pinjaman adalah sebagai berikut: agreement were as follows:
1. Utang terhadap jumlah ekuitas tidak lebih 1. Debts to total equity should not exceed 2.5
dari 2,5 kali; times;
2. Net worth tidak kurang dari 2. Net worth should not be less than
Rp7.000.000.000; dan Rp7,000,000,000; and
3. Debt Service Coverage Ratio minimal 1,25 3. Debt Service Coverage Ratio minimum at
kali. 1.25 times.
c. LPEI dan ICBC c. LPEI and ICBC
Pada tanggal 23 Mei 2014, Perusahaan On May 23, 2014, the Company obtained a loan
memperoleh fasilitas pinjaman dari LPEI untuk facility from LPEI to finance capital
pembiayaan pengeluaran modal. Batas expenditures. The loan has a maximum credit
maksimum fasilitas pinjaman ini adalah sebesar facility of US$100,000,000 with an interest rate
AS$100.000.000 dengan suku bunga 5,00% per of 5.00% per annum, which was fully
tahun yang telah ditarik seluruhnya oleh drawndown by the Company on September 25,
Perusahaan pada tanggal 25 September 2014. 2014. The loan is payable in quarterly
Pembayaran pinjaman ini dicicil setiap triwulan, installments, with a two-year grace period on
dengan dua tahun masa tenggang untuk principal repayments.
pembayaran pokok.
Pada tanggal 24 Maret 2015, Perusahaan On March 24, 2015, the Company obtained a
memperoleh fasilitas pinjaman kedua dari LPEI. second loan facility from LPEI. The loan has a
Batas maksimum fasilitas pinjaman tersebut maximum credit facility of US$60,000,000 with
adalah sebesar AS$60.000.000 dengan suku an interest rate of 5.00% per annum, which was
bunga 5,00% per tahun yang telah ditarik fully drawndown by the Company in 2015. The
seluruhnya oleh Perusahaan di tahun 2015. loan is payable in quarterly installments, with a
Pembayaran pinjaman ini dicicil setiap triwulan, one and a half year grace period on the
dengan satu setengah tahun masa tenggang principal repayment.
untuk pembayaran pokok.
Pada tanggal 23 November 2015, LPEI As at November 23, 2015, LPEI assigned the
mengalihkan pinjaman investasi Perusahaan Company’s investment loan amounting to
sejumlah AS$35.000.000 kepada ICBC, sesuai US$35,000,000 to ICBC, based on a Sale and
dengan Perjanjian Jual Beli dan Pengalihan Purchase and Assignment of Debt Agreement
Hutang yang dinyatakan dalam Akta Notaris No. which was stated in Notarial Deed No. 63 of
63 oleh Mellyani Noor Shandra S.H. Berdasarkan Mellyani Noor Shandra S.H. Based on this
perjanjian ini, tidak ada perubahan mengenai agreement, there is no change of interest rate,
tingkat suku bunga, jangka waktu dan batasan due date and loan covenants required under the
pinjaman yang disyaratkan. credit agreement.
Pada tanggal 1 Maret 2017, terdapat perubahan As at March 1, 2017, the interest rate has
tingkat suku bunga dari 5% menjadi 5,25% per changed from 5% up to 5.25% per annum. As
tahun. Pada tanggal 31 Desember 2018, jumlah at December 31, 2018, the total outstanding
yang masih terutang dari fasilitas pinjaman ini loan amount of this credit facility is
adalah AS$137.000.000 (2017: US$137,000,000 (2017: US$148,000,000), and
AS$148.000.000), jumlah pinjaman dari LPEI dan the loans to LPEI and ICBC were
ICBC, masing-masing, adalah AS$107.031.250 US$107,031,250 and US$29,968,750,
dan AS$29.968.750. respectively.

Re

c. LPEI dan ICBC (lanjutan) c. LPEI and ICBC (continued)
1. Utang terhadap jumlah ekuitas tidak lebih 1. Debt to total equity should not exceed 2.5
Rp7.000.000.000; dan Rp7,000,000,000; and
3. Debt Service Coverage Ratio minimal 1,25 3. Debt Service Coverage Ratio minimum of
kali. 1.25 times.
d. Maybank d. Maybank
Perusahaan memperoleh fasilitas pinjaman dari The Company has US$100,000,000 capital
Maybank untuk pembiayaan belanja modal expenditures loan facility from Maybank with
dengan batas maksimum fasilitas kredit ini adalah availability period up to June 11, 2025 with an
sebesar AS$100.000.000 dengan jangka waktu interest rate of 5.00% per annum for the first
fasilitas sampai 11 Juni 2025 dengan tingkat suku year and 5.25% per annum for the second year
bunga 5,00% per tahun untuk tahun pertama dan onwards. The payments of the loans principal
5,25% per tahun untuk tahun kedua dan are to be made on a quarterly basis, with a
seterusnya. Pembayaran pokok pinjaman dicicil nine-month grace period on principal
setiap triwulan, dengan masa tenggang sembilan repayments.
bulan untuk pembayaran pokok.
Pada tanggal 31 Agustus 2018, telah dilakukan On August 31, 2018, the credit facility has been
amandemen atas fasilitas kredit ini. Perubahan amended. The amended changes the interest
yang dilakukan ialah tingkat suku bunga yang rates from 5.25% to three (3) months’ LIBOR
semula 5,25% menjadi LIBOR tiga (3) bulan plus 2%. As at December 31, 2018, the
ditambah 2%. Pada tanggal 31 Desember 2018, outstanding loan amount of this credit facility is
jumlah yang masih terutang dari fasilitas US$85,500,000 (2017: US$ 92,500,000).
pinjaman ini adalah AS$85.500.000 (2017:
AS$92.500.000).
1. Utang terhadap jumlah ekuitas tidak lebih 1. Debt to total equity should not exceed 3
dari 3 kali; times;
Rp7.000.000.000; dan Rp7,000,000,000; and
kali. 1.25 times.


e. ICBC-BCA e. ICBC-BCA
Pada tanggal 28 Desember 2017, Perusahaan On December 28, 2017, the Company entered
menandatangani perjanjian kredit sindikasi into a syndicated loan agreement amounting to
dengan ICBC dan BCA sebesar AS$65.000.000 US$65,000,000 with floating rates of three (3)
dengan tingkat suku bunga mengambang months’ LIBOR plus 1.79% with ICBC and BCA
sebesar LIBOR tiga (3) bulan ditambah 1,79% to re-finance the Company’s general capital
untuk mendanai kembali belanja modal umum expenditures.
Perusahaan.
Pada tanggal 26 Maret 2018, Perusahaan On March 26, 2018, the Company entered into
mengadakan perjanjian swap untuk tingkat suku a interest rate swap agreement for the interest
bunga atas keseluruhan fasilitas pinjaman ini rate of the entire loan facility in managing
untuk mengelola eksposur risiko bunga sehingga interest risk exposure so that the interest
pembayaran bunga atas fasilitas pinjaman ini payment on this loan facility uses a fixed
menggunakan tingkat suku bunga tetap sebesar interest rate of 4.415% per annum.
4,415% per tahun.
Pada tanggal 19 Februari 2018, Perusahaan On February 19, 2018 the Company made a
melakukan penarikan kredit sebesar drawdown amounting to US$65,000,000. The
AS$65.000.000. Jangka waktu pengembalian tenor of the loan was three years with a
pinjaman adalah tiga tahun dengan opsi maximum extension option of 48 months. Loan
perpanjangan maksimal selama 48 bulan. repayments were scheduled to be made on a
Pembayaran kembali pinjaman dijadwalkan semi-annually (principal) and quarterly (interest)
setiap semester (pokok) dan triwulan (bunga). basis.
masih terutang dari fasilitas pinjaman ini adalah amount of this credit facility is US$60,125,000
AS$60.125.000 (2017: AS$nihil). (2017: US$nil).
Rp7.000.000.000; dan Rp7,000,000,000; and
kali. 1.25 times.
Pada tanggal 31 Desember 2018, Perusahaan As at December 31, 2018, the Company has
telah memenuhi seluruh batasan pinjaman yang complied with all loan covenants.
diwajibkan.
f. BNI f. BNI
Pada tanggal 3 Desember 2018, Perusahaan On December 3, 2018, the Company obtained a
memperoleh fasilitas pinjaman dari BNI untuk loan facility from BNI to refinance the bonds and
pembayaran obligasi dan pembiayaan belanja capital expenditures. The loan has a maximum
modal. Batas maksimum fasilitas kredit ini adalah credit facility of US$82,000,000 with floating
sebesar AS$82.000.000 dengan tingkat suku rates of three (3) months’ LIBOR plus 2%.
bunga mengambang sebesar LIBOR tiga (3)
bulan ditambah 2%.

Re

f. BNI (lanjutan) f. BNI (continued)
Pada tanggal 10 dan 12 Desember 2018, On December 10 and 12, 2018, the Company
Perusahaan melakukan penarikan pinjaman made drawdowns from the credit facility
masing-masing sebesar AS$62.543.433 dan amounting to US$62,543,433 and
AS$19.456.567. Jangka waktu pengembalian US$19,456,567. The tenor of the loan was
pinjaman adalah tujuh tahun sejak tanggal seven years since the signing date of the Credit
penandatanganan Perjanjian Kredit tertanggal 3 Agreement dated December 3, 2018. Loan
Desember 2018. Pembayaran kembali pinjaman repayments were scheduled to be made on
dijadwalkan setiap triwulan, dengan tiga bulan quarterly basis, with a three-month grace period
masa tenggang untuk pembayaran pokok. on principal repayments.
masih terutang dari fasilitas pinjaman ini adalah amount of this credit facility is US$82,000,000
AS$82.000.000 (2017: AS$nihil). (2017: US$nil).
Rp7.000.000.000; dan Rp7,000,000,000; and
kali. 1.25 times.
telah memenuhi seluruh batasan pinjaman yang complied with all loan covenants.
diwajibkan.
g. JBIC, Mizuho, Sumitomo g. JBIC, Mizuho, Sumitomo
Pada tanggal 13 Juni 2011, ICA menandatangani On June 13, 2011, ICA entered into a Common
Perjanjian Ketentuan Umum (Common Terms Terms Agreement (“CTA”), JBIC facility
Agreement) (“CTA”), perjanjian fasilitas JBIC, dan agreement, and commercial facility agreement
perjanjian fasilitas komersial dengan pihak-pihak with unrelated parties in connection with the
tidak berelasi dalam kaitannya dengan loan availments of ICA to finance the
ketersediaan pinjaman bagi ICA untuk membiayai construction of the chemical grade alumina
pembangunan pabrik chemical grade alumina plant and expenses in the normal course of
dan beban di kegiatan usaha normal ICA. ICA’s business.
Pada tanggal 31 Desember 2018 dan 2017 As at December 31, 2018 and 2017, the
seluruh fasilitas pinjaman telah ditarik penuh committed borrowing facilities had been fully
oleh ICA. ICA diharuskan membayar kembali drawn down by ICA. ICA is required to repay
pokok pinjaman dimulai dari tanggal 15 the principal of the loan from 15 December
Desember 2014 sampai dengan tanggal 15 2014 up to 15 December 2020.
Desember 2020.
Tingkat bunga pinjaman untuk fasilitas pinjaman The JBIC loan facility bears interest at the base
JBIC adalah base rate plus margin 1,35% per rate plus a margin of 1.35% per annum. The
tahun. Base rate merupakan tingkat suku bunga base rate represents the fixed interest rate
tetap yang ditentukan pada setiap penarikan which was determined on each facility
fasilitas. Base rate yang ditentukan untuk withdrawal. The base rate for the JBIC loan
fasilitas pinjaman JBIC adalah 0,3% sampai facility ranges from 0.3% to 0.7%. The
dengan 0,7%. Sedangkan tingkat bunga commercial loan facility bears interest at JPY-
pinjaman untuk fasilitas komersial adalah JPY- LIBOR-BBA plus a margin of 1.1% per annum.
LIBOR-BBA plus margin 1,1% per tahun. The interest payments are made on June 15
Pembayaran bunga dilakukan setiap tahun pada and December 15 of each year.
tanggal 15 Juni dan 15 Desember.


g. JBIC, Mizuho, Sumitomo (lanjutan) g. JBIC, Mizuho, Sumitomo (continued)
Rincian tanggal jatuh tempo dan jaminan The details of the maturities and collaterals
sehubungan dengan fasilitas pinjaman jangka relating to the long-term loans as at December
panjang pada tanggal 31 Desember 2018 dan 31, 2018 and 2017, are as follows:
2017 adalah sebagai berikut:
Jatuh Tempo/Maturities Jaminan/Collateral

Pinjaman untuk Investasi Loan for Investment
dan Modal Kerja and Working Capital
Fasilitas pinjaman JBIC 15 Desember/ Seluruh rekening bank atas nama JBIC facility loans
Fasilitas pinjaman komersial December 2014 - ICA pada Mizuho dan Mizuho Commercial facility loans
15 Desember/ Indonesia, seluruh hak titel, dan
December 2020 kepentingan dari Manufacturing Technology
and Technical and Operational
Assistance Agreement (“MTTOA”),
perjanjian Offtake, dan Offshore
account, saham ICA yang dimiliki
oleh Antam, hak-hak
menurut kontrak proyek dan
Japan Oil, Gas and Metals National
Corporation (“JOGMEC”) guarantee
jaminan dari Antam, serta
jaminan fidusia atas tagihan.
The entire bank accounts of the

Company in Mizuho and Mizuho Indonesia,
all rights, titles, and interests
of the Manufacturing Technology and
Technical and Operational Assistance
Agreement (“MTTOA”),
Offtake agreement, and the
the Offshore account, shares of the Company
owned by Antam, rights
under project contract and Japan, Oil,
Gas and Metals National Corporation
(“JOGMEC”) guarantee, guarantee
from Antam, and
fiduciary over account receivable.
Berikut ini adalah syarat-syarat pinjaman yang Below are the loan covenants which should be
harus dipenuhi oleh ICA: fullfilled by ICA:
kali; 1.1 times;
2. Minimum penyertaan modal pemegang 2. The minimum equity contribution from the
saham adalah AS$157.500.000; dan shareholder is US$157,500,000; and
3. Rasio dari pinjaman dari fasilitas JBIC dan 3. The ratio of the JBIC loan facility compared
fasilitas komersial adalah sama dengan atau to the commercial loan facility shall equal to
lebih kecil dari 1,5 kali. or less than 1.5 times.
Pada tanggal 27 September 2017 dan 15 On September 27, 2017, and December 15,
Desember 2017, ICA telah melakukan 2017, ICA made repayments for the JBIC and
pembayaran untuk fasilitas pinjaman JBIC dan commercial loans amounting to
komersial sebesar JPY6.578.617.500 atas JPY6,578,617,500 for the loan installments
cicilan pinjaman yang jatuh tempo pada 15 whose due dates were on December 15, 2016,
Desember 2016, 15 Juni 2017 dan 15 Desember June 15, 2017, and December 15, 2017.
2017.
Pada tanggal 19 Juni 2018 dan 17 Desember On June 19, 2018, and December 17, 2018,
2018, ICA telah melakukan pembayaran untuk ICA had made repayments for the JBIC and
fasilitas pinjaman JBIC dan komersial sebesar commercial loans amounting to
JPY3.947.170.500 atas cicilan pinjaman yang JPY3,947,170,500 for the loan installments
jatuh tempo pada 15 Juni 2018 dan 15 Desember whose due dates were on June 15, 2018 and
2018. December 15, 2018.

Re

g. JBIC, Mizuho, Sumitomo (lanjutan) g. JBIC, Mizuho, Sumitomo (continued)
Pada tanggal 23 Oktober 2018, SDK telah On October 23, 2018, SDK had made
melakukan pembayaran sukarela terkait dengan voluntarily repayments in respect of their pull
pelepasan kepemilikan pada ICA untuk fasilitas out from ownership in ICA for the JBIC and
pinjaman JBIC dan komersial sebesar commercial loans amounting to
JPY2.194.978.500. JPY2,194,978,500.
Pada tanggal 31 Desember 2018, ICA telah As at December 31, 2018, ICA has complied
memenuhi seluruh batasan pinjaman yang with all loan covenants.
diwajibkan.
21. PROVISI ATAS PENGELOLAAN DAN REKLAMASI 21. PROVISION FOR ENVIRONMENTAL AND
LINGKUNGAN HIDUP RECLAMATION COSTS
Mutasi provisi atas biaya pengelolaan dan reklamasi The movement in the provision for environmental
lingkungan hidup adalah sebagai berikut: and reclamation costs was as follows:
2018 2017

Realisasi (20,063,079) (19,854,083) Realisation
Akresi 16,904,917 20,724,257 Accretion
Penambahan dan perubahan asumsi 30,547,488 53,997,117 Additions and changes in assumptions
Dikurangi bagian lancar (25,909,091) (17,508,398) Less current portion
Bagian jangka panjang 277,340,285 258,351,652 Non-current portion
Pada setiap tanggal pelaporan, Grup menyesuaikan At each reporting date, the Group updates the
jumlah provisi atas biaya pengelolaan dan reklamasi provision for environmental and reclamation cost to
lingkungan hidup untuk mencerminkan luas area reflect the most recent disturbed area.
terganggu terbaru.
22. MODAL SAHAM DAN TAMBAHAN MODAL 22. SHARE CAPITAL AND ADDITIONAL PAID-IN
DISETOR CAPITAL
Modal saham ditempatkan dan disetor penuh pada The composition of issued and fully paid share
tanggal 31 Desember 2018 dan 2017 adalah sebagai capital as at December 31, 2018 and 2017, was as
berikut: follows:
Jumlah saham
ditempatkan Persentase
dan disetor penuh/ kepemilikan/
Number of shares Percentage of Jumlah/
Pemegang saham issued and fully paid ownership Amount Shareholders
Saham Preferen Preferred Share
(Saham Seri A Dwiwarna) (Series A Dwiwarna share)
Government of the
Pemerintah Republik Indonesia 1 0% 1 Republic of Indonesia
Saham Biasa (Saham Seri B) Common Shares (Series B shares)
Inalum 15,619,999,999 65% 1,561,999,999 Inalum
Ir. Hari Widjajanto, M.M. Ir. Hari Widjajanto, M.M.
(Direktur) 134,785 0% 13,479 (Director)
Tatang Hendra, S.T., M.Si. Tatang Hendra, S.T., M.Si.
(Direktur) 30,000 0% 3,000 (Director)
Dimas Wikan Pramuditho, Dimas Wikan Pramuditho,
B.Sc, MBA (Direktur) 7,500 0% 750 B.Sc, MBA (Director)
Masyarakat (masing-masing Public (each below 5%
kepemilikan di bawah 5%) 8,410,592,440 35% 841,059,244 ownership)
Jumlah 24,030,764,725 100% 2,403,076,473 Total


22. MODAL SAHAM DAN TAMBAHAN MODAL 22. SHARE CAPITAL AND ADDITIONAL PAID-IN
DISETOR (lanjutan) CAPITAL (continued)
Pada tanggal 29 November 2017, Perusahaan On November 29, 2017, the Company held an
mengadakan RUPSLB terkait perubahan kepemilikan EGMS regarding changes in ownership from the
saham dari Pemerintah Republik Indonesia menjadi Government of the Republic of Indonesia to Inalum.
Inalum sehingga komposisi kepemilikan modal yang The composition of the ownership of the Company’s
ditempatkan dan disetor penuh Perusahaan adalah issued and fully paid capital is Inalum (65%) and
Inalum (65%) dan pemegang saham publik (35%). public shareholders (35%).
Pemegang saham Seri A memperoleh hak istimewa The holder of series A shares has certain special
tertentu sebagai tambahan atas hak yang diperoleh rights in addition to the rights held by the holders of
pemegang saham Seri B. Hak istimewa tersebut series B shares. Those special rights include the
mencakup hak menyetujui (a) penunjukan dan rights to approve (a) the appointment and dismissal
pemberhentian anggota dewan komisaris dan direksi of members of the boards of commissioners and
dan (b) perubahan AD. directors, and (b) amendments to the AA.
Tambahan modal disetor pada tanggal 31 Desember Additional paid-in capital as at December 31, 2018
2018 dan 2017 adalah sebagai berikut: and 2017, was as follows:
Jumlah/Amount
Kelebihan penerimaan di atas Excess of proceeds from issuance
nilai nominal saham 4,315,106,749 of share capital over par value
Biaya emisi saham (69,103,441) Share issuance costs
Konversi tambahan modal disetor Conversion of additional paid-in
menjadi saham bonus (338,461,475) capital to bonus shares
Selisih lebih atas biaya perolehan Excess of value over
saham simpanan yang cost of treasury shares
didistribusikan sebagai bonus 5,956,658 distributed as bonus
Difference arising from restructuring
Selisih transaksi restrukturisasi transaction of entities
entitas sepengendali 21,334,633 under common control
Jumlah 3,934,833,124 Total
23. UTANG LAIN-LAIN 23. OTHER PAYABLES
2018 2017
Pinjaman dari investor untuk proyek kerjasama Loan from investor for mining
Pertambangan (Catatan 35q) 368,850,000 - cooperation project (Note 35q)
Pihak ketiga 66,403,992 59,654,341 Third parties
Jumlah 435,253,992 59,654,341 Total
24. PEMBAGIAN LABA TAHUN BERJALAN 24. DISTRIBUTION OF PROFIT FOR THE YEAR
Dalam RUPS tahunan Perusahaan pada tanggal 2 At the Company’s AGMS held on May 2, 2017,
Mei 2017, tidak ada deklarasi dividen dengan there was no dividend declared in consideration of
pertimbangan keperluan operasional dan pendanaan the operational needs and financing of supporting
infrastruktur pendukung proyek Grup. Penggunaan infrastructure of the projects of the Group. The
laba Grup pada tahun yang berakhir 31 Desember Group’s profit for the year ended December 31,
2016 dialokasikan sebagai saldo laba yang belum 2016 was allocated as unappropriated retained
ditentukan penggunaannya. earnings.
Dalam RUPS tahunan Perusahaan pada tanggal 12 At the Company’s AGMS held on April 12, 2018, the
April 2018, para pemegang saham menyetujui stockholders approved the declaration of cash
pembagian dividen kas dari laba bersih tahun 2017 dividend from 2017 net income totalling
sebesar Rp47.777.374 atau Rp1,99 (nilai penuh) per Rp47,777,374 or Rp1.99 (full amount) per share.
lembar.

Re

25. PENJUALAN 25. SALES
Rincian dari penjualan adalah sebagai berikut: The details of sales are as follows:
2018 2017
Produk pertambangan: Mining products:

Emas 16,693,420,547 7,375,497,384 Gold
Feronikel 4,662,078,954 3,222,629,518 Ferronickel
Bijih nikel 2,933,820,267 1,369,762,147 Nickel ore
Bijih bauksit 482,394,508 398,044,819 Bauxite ore
Perak 135,974,742 125,723,211 Silver
Batubara 52,628,457 25,836,010 Coal
Logam mulia lainnya 4,724,424 3,385,583 Other precious metals
24,965,041,899 12,520,878,672
Jasa: Services:
Pemurnian logam mulia dan Purification of precious metals
jasa lainnya 276,226,468 132,740,533 and other services
Jumlah 25,241,268,367 12,653,619,205 Total
Rincian penjualan di atas berdasarkan pelanggan The details of the above amounts of sales by
adalah sebagai berikut: customer are as follows:
2018 2017
Ekspor - pihak ketiga Export - third parties

Standard Bank PLC. 3,857,604,194 2,804,560,852 Standard Bank PLC.
Lain-lain (masing-masing dibawah Others (each less than
10% dari total penjualan) 7,088,438,285 5,735,085,102 10% of total sales)
10,946,042,479 8,539,645,954
Lokal - pihak berelasi (Catatan 31) 939,276,792 878,194,209 Domestic - related parties (Note 31)
Lokal - pihak ketiga Domestic - third parties

Individu 3,576,258,678 - Individual
Lain-lain (masing-masing dibawah Others (each less than
10% dari total penjualan) 9,779,690,418 3,235,779,042 10% of total sales)
Jumlah 25,241,268,367 12,653,619,205 Total
Penjualan kepada pihak berelasi ditetapkan Sales to related parties are set based on sales
berdasarkan kontrak penjualan dengan mengacu contracts with reference to the market price.
kepada harga pasar.


26. BEBAN POKOK PENJUALAN 26. COST OF GOODS SOLD
Berikut merupakan rekonsiliasi beban pokok The following is the reconciliation of the cost of
penjualan selama tahun berjalan: goods sold for the year:
2018 2017
Biaya produksi: Production costs:
Pembelian logam mulia 15,272,676,697 6,006,272,166 Purchases of precious metals
Pemakaian bahan bakar dan batubara 1,970,119,940 972,279,956 Fuels and coal used
Jasa transportasi dan Transportation and
penambangan bijih 924,801,488 475,199,937 ore mining fees
Penyusutan (Catatan 11) 916,326,341 750,894,871 Depreciation (Note 11)
Gaji, upah, bonus dan Salaries, wages, bonuses and
kesejahteraan karyawan 902,956,760 633,467,978 employee welfare
Pemakaian bahan 510,856,526 691,660,290 Materials used
Royalti 396,312,359 256,217,630 Royalties
Pajak dan retribusi 312,762,511 174,112,420 Tax and retribution
Sewa 306,862,934 162,092,410 Rent
Tenaga kerja tidak langsung 180,738,748 139,917,370 Indirect labor
Asuransi 94,527,336 101,051,571 Insurance
Pemeliharaan dan perbaikan 83,326,367 68,702,651 Repairs and maintenance
Keamanan 70,307,366 69,623,518 Security
Amortisasi 69,998,087 60,457,409 Amortisation
Reklamasi dan penutupan tambang 69,772,594 108,309,386 Reclamation and mine closure
Lain-lain (masing-masing Others (each below
dibawah Rp20.000.000) 168,716,649 147,587,733 Rp20,000,000)
22,251,062,703 10,817,847,296
Barang dalam proses (Catatan 7): Work-in-process (Note 7):

Awal tahun 43,975,328 42,332,945 Beginning of year
Akuisisi anak perusahaan 62,316,422 - Acquisition of a subsidiary
Akhir tahun (106,272,733) (43,975,328) End of year
19,017 (1,642,383)
Barang jadi (Catatan 7): Finished goods (Note 7):
Awal tahun 922,591,717 1,111,311,791 Beginning of year
Provisi penurunan nilai persediaan 6,877,894 4,801,772 Provision for impairment of inventories
Akuisisi anak perusahaan 91,848,937 - Acquisition of a subsidiary
Akhir tahun (1,507,568,084) (922,591,717) End of year
Jumlah 21,764,832,184 11,009,726,759 Total
Rincian pembelian barang dan jasa per pemasok, Details of purchase of goods and services per
dengan nilai transaksi lebih dari 10% dari jumlah supplier with transactions worth more than 10% of
penjualan adalah sebagai berikut: total sales are as follows:
2018 2017

YLG Bullion Singapore PTE LTD 8,616,266,549 1,628,949,501 YLG Bullion Singapore PTE LTD
Standard Bank PLC. 5,861,040,653 2,852,737,137 Standard Bank PLC.
Jumlah 14,477,307,202 4,481,686,638 Total

Re

27. BEBAN USAHA 27. OPERATING EXPENSES

2018 2017
Umum dan administrasi: General and administrative:

Gaji, upah, bonus dan Salaries, wages, bonuses and
kesejahteraan karyawan 444,633,847 292,147,044 employee welfare
Program tanggung jawab sosial Corporate social and environmental
dan lingkungan perusahaan 118,674,614 95,090,600 responsibilities program
Jasa profesional 68,879,696 30,023,544 Professional services
Perlengkapan kantor 52,822,997 44,405,845 Office supplies
Eksplorasi 51,683,863 75,000,694 Exploration
Perjalanan dinas 48,796,553 28,585,648 Business travel
Sewa 40,912,267 28,630,567 Rent
Penyisihan piutang lain-lain Provision of other receivables
- pihak berelasi 34,022,220 - - related-parties
Penyusutan (Catatan 11) 17,854,753 19,267,050 Depreciation (Note 11)
Reklamasi dan penutupan tambang 6,872,339 10,531,614 Reclamation and mine closure
Lain-lain (masing-masing Others (each below
dibawah Rp20.000.000) 206,836,320 170,686,444 Rp20,000,000)
1,091,989,469 794,369,050
Penjualan dan pemasaran: Selling and marketing:

Pengapalan dan asuransi 522,902,308 240,276,261 Freight and insurance
Biaya kantor perwakilan - Tokyo 8,815,555 8,640,817 Representative office expenses - Tokyo
531,717,863 248,917,078
Jumlah 1,623,707,332 1,043,286,128 Total
28. BEBAN KEUANGAN DAN PENDAPATAN 28. FINANCE COSTS AND FINANCE INCOME
KEUANGAN
2018 2017
Pendapatan keuangan: Finance income:

Pendapatan bunga dari Interest income on
deposito jangka pendek 163,547,193 259,842,315 short-term bank deposits
Jumlah 163,547,193 259,842,315 Total
Beban keuangan: Finance costs:

Beban bunga atas nilai piutang Interest expenses on receivables
- efek diskonto (26,686,577) (121,725,929) - discounting impact
Beban bunga dari pinjaman Interest expenses from
bank jangka pendek (51,670,613) (43,901,747) short-term bank loans
Beban bunga dari pinjaman Interest expenses from
bank jangka panjang (217,896,608) (199,184,015) long-term bank loans
Beban bunga dari pinjaman
utang obligasi (266,436,906) (266,369,419) Interest expenses from bonds payable
(562,690,704) (631,181,110)
Dikurangi: Less:
Jumlah yang dikapitalisasi pada aset kualifikasi 8,358,847 23,495,426 Amount capitalised on qualifying assets
Beban keuangan, bersih (554,331,857) (607,685,684) Finance costs, net


29. PENGHASILAN LAIN-LAIN, BERSIH 29. OTHER INCOME, NET
2018 2017

dengan diskon (Catatan 4) 541,021,164 - Gain on bargain purchase (Note 4)
Keuntungan dari pelepasan Gain from divestment of
saham (Catatan 35c) - 776,429,594 shares (Note 35c)
Pembalikan diskonto 64,844,710 - Unwinding of discount
Penerimaan dari denda keterlambatan proyek 35,919,913 99,711,448 Income from liquidated damages
Penerimaan dari klaim asuransi 21,919,500 31,360,961 Income from insurance claims
Rugi selisih kurs, bersih (251,889,369) (56,706,027) Loss on foreign exchange, net
Biaya pengecualian (91,159,488) - Exceptional costs
Kerugian atas kontrak pemurnian logam mulia - (111,607,140) Loss from precious metal refinery contract
Penyelesaian kasus Dian Nikel - (45,000,000) Settlement of Dian Nickel case
Lain-lain, bersih 3,129,736 (4,286,407) Others, net
Penghasilan lain-lain, bersih 323,786,166 689,902,429 Other income, net
30. LIABILITAS IMBALAN KARYAWAN 30. EMPLOYEE BENEFITS LIABILITY
Liabilitas imbalan karyawan jangka pendek Short-term employee benefits liability
Liabilitas imbalan karyawan jangka pendek meliputi Short-term employee benefits liability comprises
insentif yang masih harus dibayar kepada karyawan accrued incentives for employees which will be due
dalam periode kurang dari satu tahun. in less than one year.
Kewajiban pensiun dan pascakerja lainnya Pensions and other post-retirement obligations
Kewajiban pensiun dan pascakerja lainnya pada The pension and other post-retirement obligations
tanggal 31 Desember 2018 dihitung berdasarkan as at December 31, 2018 were calculated in
PSAK 24 “Imbalan Kerja” oleh aktuaris independen, accordance with SFAS 24 “Employee Benefits” by
PT Binaputera Jaga Hikmah, seperti yang disajikan an independent actuary, PT Binaputera Jaga
pada laporannya tertanggal 14 Januari 2019. Hikmah, as stated in its reports dated January 14,
2019.
Rincian kewajiban imbalan kerja adalah sebagai The details of employee benefit obligations are as
berikut: follows:
2018 2017
Imbalan pensiun 27,695,463 23,378,799 Pension benefits

Imbalan kesehatan pascakerja - - Post-employment medical benefits
Imbalan pascakerja lainnya 282,040,718 285,116,061 Other post-retirement benefits
Imbalan kerja jangka panjang lainnya 102,565,320 103,202,605 Other long-term employment benefits
Jumlah 412,301,501 411,697,465 Total
Rincian beban imbalan karyawan adalah sebagai The details of employee benefit expense are as
berikut: follows:
2018 2017
Imbalan pensiun (8,676,036) (5,672,488) Pension benefits

Imbalan kesehatan pascakerja 6,619,683 (10,914,992) Post-employment medical benefits
Imbalan pascakerja lainnya 35,413,954 35,252,545 Other post-retirement benefits
Imbalan kerja jangka panjang lainnya 10,739,351 21,713,658 Other long-term employment benefits
Jumlah 44,096,952 40,378,723 Total

Re

30. LIABILITAS IMBALAN KARYAWAN (lanjutan) 30. EMPLOYEE BENEFITS LIABILITY (continued)
(lanjutan) (continued)
Rincian pengukuran kembali atas kewajiban imbalan The details of remeasurement of employee benefit
karyawan adalah sebagai berikut: obligations are as follows:
2018 2017
Imbalan pensiun 17,354,539 14,104,262 Pension benefits

Imbalan kesehatan pascakerja (3,375,091) 14,386,962 Post-employment medical benefits
Imbalan pascakerja lainnya (8,770,048) 16,050,558 Other post-retirement benefits
Jumlah 5,209,400 44,541,782 Total
a. Imbalan pensiun a. Pension benefits
Perusahaan memperoleh persetujuan dari The Company received approval from the
Menteri Keuangan Republik Indonesia dengan Minister of Finance of the Republic of Indonesia
SK No. Kep-369/KM.17/1997 tanggal 15 Juli in his Decision Letter No. Kep-369/KM.17/1997
1997 yang telah diubah dengan SK No. Kep- dated July 15, 1997 as amended by Decision
348/KM.17/2000 tanggal 11 September 2000 Letter No. Kep-348/KM.17/2000 dated
untuk mendirikan Dana Pensiun Antam, yang September 11, 2000, to establish a separate
dikelola oleh pengurus yang terpisah, dimana trustee-administered pension fund, Dana
bagi seluruh karyawan yang telah memenuhi Pensiun Antam, from which all employees, after
persyaratan masa kerja tertentu, berhak serving a qualifying period, are entitled to
memperoleh imbalan pasti pada saat pensiun, receive defined benefits upon retirement,
cacat atau meninggal dunia. disability or death.
Jumlah yang diakui di laporan posisi keuangan The amounts recognised in consolidated
konsolidasian sebagai berikut: statement of financial position were as follows:
2018 2017
Nilai kini kewajiban yang didanai 935,354,814 918,749,205 Present value of funded obligations
Nilai wajar dari aset program (1,121,716,031) (1,172,095,205) Fair value of plan assets
Dampak atas pendanaan Impact of minimum funding
minimal pembatasan aset 186,361,217 253,346,000 assets ceiling
Defisit program yang didanai - - Deficit of funded plans

Nilai kini kewajiban yang Present value of unfunded
tidak didanai dari entitas anak 27,695,463 23,378,799 obligations of subsidiaries
Jumlah 27,695,463 23,378,799 Total


a. Imbalan pensiun (lanjutan) a. Pension benefits (continued)
Mutasi kewajiban imbalan pasti dan nilai wajar The movement in the defined benefits obligation
aset program adalah sebagai berikut: and fair value of plan assets is as follows:
Dampak atas
persyaratan
pendanaan/
pembatasan
aset/
Nilai kini Nilai wajar Impact of
kewajiban/ aset program/ minimum
Present Fair value funding
value of of plan Jumlah/ requirement/ Jumlah/
obligation assets Total assets ceiling Total
Per 1 Januari 2017 920,338,705 (1,087,890,823) (167,552,118) 189,583,933 22,031,815 As at January 1, 2017
Biaya jasa kini 13,925,320 - 13,925,320 - 13,925,320 Current service cost

Biaya jasa lalu (4,621,028) - (4,621,028) - (4,621,028) Past service cost
Biaya bunga dan hasil
pengembangan Interest cost and return
aset program 74,996,412 (89,973,192) (14,976,780) - (14,976,780) on plan assets
84,300,704 (89,973,192) (5,672,488) - (5,672,488)

Pengukuran kembali: Remeasurements:
– Laba/(rugi) dari perubahan Gain/(loss) from change -
asumsi keuangan 8,308,263 (57,966,068) (49,657,805) - (49,657,805) in financial assumptions
– Perubahan pada
pembatasan aset - - - 63,762,067 63,762,067 Change in asset ceiling -
8,308,263 (57,966,068) (49,657,805) 63,762,067 14,104,262

Kontribusi: Contributions:
– Pemberi kerja - (5,795,674) (5,795,674) - (5,795,674) Employers -
– Peserta - (944,920) (944,920) - (944,920) Plan participants -
Pembayaran manfaat oleh: Benefit paid by:

– Aset program (70,475,472) 70,475,472 - - - Plan assets -
– Grup (344,196) - (344,196) - (344,196) Group -
(70,819,668) 63,734,878 (7,084,790) - (7,084,790)
Per 31 Desember 2017 942,128,004 (1,172,095,205) (229,967,201) 253,346,000 23,378,799 As at December 31, 2017

Biaya jasa lalu (2,053,285) - (2,053,285) - (2,053,285) Past service cost
74,942,527 (83,618,563) (8,676,036) - (8,676,036)

– Laba dari perubahan Gain from change -
asumsi keuangan 9,871,812 74,467,510 84,339,322 - 84,339,322 in financial assumptions
– Perubahan pada
pembatasan aset - - - (66,984,783) (66,984,783) Change in asset ceiling -
9,871,812 74,467,510 84,339,322 (66,984,783) 17,354,539

– Peserta - (942,300) (942,300) - (942,300) Plan participants -
Pembayaran manfaat dari: Benefit paid by:

– Aset program (66,213,009) 66,213,009 - - - Plan assets -
– Grup (1,374,754) - (1,374,754) - (1,374,754) Group -
(67,587,763) 59,530,227 (8,057,536) - (8,057,536)
Akuisisi anak perusahaan 3,695,697 - 3,695,697 - 3,695,697 Acquisition of a subsidiary
Per 31 Desember 2018 963,050,277 (1,121,716,031) (158,665,754) 186,361,217 27,695,463 As at December 31, 2018

Re

Jumlah beban atas imbalan pensiun untuk tahun Pension benefits charged for the years ended
yang berakhir 31 Desember 2018 dan 2017 December 31, 2018 and 2017, were allocated
dialokasikan sebagai berikut: as follows:
2018 2017
Beban pokok penjualan (5,768,576) (3,796,029) Cost of goods sold

Beban umum dan administrasi (2,907,460) (1,876,459) General and administrative expenses
Jumlah (8,676,036) (5,672,488) Total
Hasil aktual aset program pada tahun yang The actual return on plan assets for the years
berakhir 31 Desember 2018 dan 2017 adalah ended December 31, 2018 and 2017, were
masing-masing sebesar Rp53.350.612 dan Rp53,350,612 and Rp75,308,748, respectively.
Rp75.308.748.
Pada tanggal pelaporan, aset program terdiri dari: As at the reporting dates, plan assets comprise
the following:
2018 2017
Nilai wajar/ Nilai wajar/
Fair value % Fair value %
Instrumen utang 385,249,003 34% 425,178,807 36% Debt instruments

Instrumen ekuitas 126,496,359 11% 84,718,145 7% Equity instruments
Properti 452,042,000 40% 451,427,000 39% Property
Reksadana 91,534,987 8% 99,346,773 8% Mutual fund
Lain-lain 66,393,682 7% 111,424,480 10% Others
Jumlah 1,121,716,031 100% 1,172,095,205 100% Total
Pada tanggal 31 Desember 2018 dan 2017, aset As at December 31, 2018 and 2017, the plan
program untuk program imbalan pensiun assets for the pension benefits plan are
diinvestasikan di saham dan obligasi Perusahaan invested in the Company’s shares and bonds
yang terdaftar di IDX masing-masing sebesar that are listed in IDX amounting to
Rp25.695.222 dan Rp26.677.672. Rp25,695,222 and Rp26,677,672, respectively.
Aset program Grup pada tanggal 31 Desember The Group’s plan assets as at December 31,
2018 sebesar Rp266.670.496 (2017: 2018 amounting to Rp266,670,496 (2017:
Rp232.607.137) merupakan investasi yang Rp232,607,137) represent investments in
ditempatkan pada saham, obligasi negara, stocks, government bonds, corporate bonds
obligasi perusahaan dan reksadana yang and mutual funds traded on the IDX.
diperdagangkan di IDX. Sedangkan aset program Meanwhile, plan assets amounting to
senilai Rp41.500.000 (2017: Rp95.500.000) Rp41,500,000 (2017: Rp95,500,000) represent
merupakan investasi yang memiliki tingkat investments in liquid investments, such as time
likuiditas yang tinggi, seperti deposito berjangka deposits and deposits on-call.
dan deposito on-call.
Asumsi utama yang digunakan untuk The principal actuarial assumptions used in
menentukan kewajiban imbalan pensiun determining the employee benefits obligation
karyawan adalah sebagai berikut: were as follows:



2018 2017

Kenaikan gaji di masa depan 8% 8% Future salary increases
Tingkat kematian tahunan - Mortality rate - active
karyawan aktif TMI 3 (2011) TMI 3 (2011) employees
Tingkat kematian tahunan - Group Annuity Group Annuity
pensiunan Mortality 1971 Mortality 1971 Mortality table - pensioners
Tingkat pengunduran diri 10% pada usia 25 tahun 10% pada usia 25 tahun Voluntary resignation
dan menurun secara linear dan menurun secara linear
menjadi 0% pada usia menjadi 0% pada usia
45 tahun dan 3% untuk 45 tahun dan 3% untuk
seterusnya/ 10% at age 25 seterusnya/10% at age 25
and reduced linearly to 0% and reduced linearly to 0%
at age 45 and flat rate of at age 45 and flat rate of
3% there after 3% there after
Usia pensiun normal 56 tahun/years 56 tahun/years Normal retirement age
Dampak atas perubahan 1% tingkat diskonto dan The effect of a 1% movement on the discount
kenaikan gaji di masa depan terhadap liabilitas rate and salaries growth rate to the pension
imbalan pensiun adalah sebagai berikut: benefits obligation is as follows:
Dampak terhadap liabilitas

Perubahan asumsi/ secara keseluruhan/
2018 Changes in assumptions Impact on overall liability
Tingkat diskonto/Discount rate Kenaikan/Increase by 1% Turun/Decrease by Rp8,786,344

Penurunan/Decrease by 1% Naik/Increase by Rp9,582,704
Tingkat kenaikan gaji/ Kenaikan/Increase by 1% Naik/Increase by Rp7,517,022

Salaries growth rate Penurunan/Decrease by 1% Turun/Decrease by Rp7,006,978


Tingkat kenaikan gaji/ Kenaikan/Increase by 1% Naik/Increase by Rp11,429,702

Salaries growth rate Penurunan/Decrease by 1% Turun/Decrease by Rp10,616,207
Melalui program pensiun imbalan pasti, program Through its defined benefits pension plan, post-
imbalan kesehatan pascakerja (Catatan 30b) dan employment medical benefits plan (Note 30b)
program imbalan pascakerja lainnya (Catatan and other post-retirement benefits plan (Note
30c), Grup terekspos oleh sejumlah risiko yang 30c), the Group is exposed to a number of risks
termasuk, namun tidak terbatas pada, hal berikut: which include, but are not limited to, the
following:
- Liabilitas program dihitung menggunakan - The plan liabilities are calculated using a
tingkat diskonto dengan mengacu pada discount rate set with reference to
tingkat pengembalian obligasi pemerintah. government bond yields. If plan assets
Jika hasil aset program tidak sebaik tingkat underperform this yield, this will create a
pengembalian ini, maka akan terjadi defisit deficit.
atas program.

Re

- Penurunan tingkat pengembalian obligasi - A decrease in government bond yield will

pemerintah akan meningkatkan liabilitas increase plan liabilities, although this will be
program, walaupun dampak dari risiko ini partially offset by an increase in the value
sebagian akan termitigasi dengan of debt instruments of the plan assets.
peningkatan nilai instrumen hutang di dalam
aset program.
Grup secara aktif memonitor kesesuaian antara The Group actively monitors how the duration
durasi dan tingkat pengembalian yang and the expected yield of the investments are
diharapkan dari investasi dengan arus kas keluar matching the expected cash outflows arising
yang diharapkan dari kewajiban pensiun. Tidak from the pension obligations. The Group has
terdapat perubahan dari proses pengelolaan not changed the processes used to manage its
risiko yang dilakukan Grup jika dibandingkan risks from previous years. The Group does not
dengan tahun sebelumnya. Grup tidak use derivatives to manage its risk. Investment
menggunakan derivatif untuk mengelola are well-diversified, so that the failure of any
risikonya. Investasi terdiversifikasi dengan baik, single investments would not have a material
sehingga gagalnya suatu investasi tidak akan impact on the overall assets. The Pension Fund
berdampak material terhadap aset secara spreads its investments proportionally in high
keseluruhan. Portofolio investasi Dana Pensiun liquid investments, investments traded in active
tersebar secara proporsional pada investasi market, private equity instruments and property.
dengan likuiditas tinggi, investasi yang
diperdagangkan pada pasar aktif, instrumen
ekuitas swasta dan properti.
Kontribusi dihitung secara tahunan oleh Dana Contributions are computed annually by the
Pensiun dimana karyawan berkontribusi 5% dari Pension Fund whereby the employee
gaji dasar pensiun dan Perusahaan berkontribusi contributes 5% of pension basic salary and the
30,46% (2017: 30,46%) dari gaji dasar pensiun. Company contributes 30.46% (2017: 30.46%)
of pension basic salary.
Kontribusi aktual oleh Perusahaan pada program Actual contributions by the Company to pension
pensiun untuk tahun yang berakhir 31 Desember plans for the years ended December 31, 2018
2018 dan 2017 masing-masing adalah and 2017 were Rp5,740,482 and Rp5,795,674,
Rp5.740.482 dan Rp5.795.674. respectively.
Pada tanggal 31 Desember 2018, rata-rata durasi As at December 31, 2018, the weighted
kewajiban imbalan pensiun pasti adalah 8,33 average duration of the defined pension benefit
tahun (2017: 8,92 tahun). obligation is 8.33 years (2017: 8.92 years).
Analisa jatuh tempo yang diharapkan dari Expected maturity analysis of undiscounted
imbalan pascakerja lainnya yang tidak terdiskonto other post-retirement is as follow:
Kurang dari 1-2 tahun/ 2-5 tahun/ Lebih dari

1 tahun/Less Between Between 5 tahun/
than a year 1-2 years 2-5 years Over 5 years Jumlah/Total
Imbalan pensiun 31,848,384 24,382,197 90,443,125 1,223,869,512 1,370,543,218 Pension benefits


b. Imbalan kesehatan pascakerja b. Post-employment medical benefits
Perusahaan menyediakan program imbalan The Company operates a post-employment

kesehatan pascakerja. Metode akuntansi dan medical benefits scheme. The method of
frekuensi penilaian dari imbalan ini sama seperti accounting and the frequency of valuations are
yang digunakan pada program pensiun imbalan similar to those used for defined benefit pension
pasti. Asumsi utama yang digunakan untuk schemes. The principal assumptions used in
menghitung imbalan sama dengan yang determining the benefits were similar to those
digunakan di imbalan pensiun, kecuali: used in pension benefits, except for the
following:
2018 2017
Kenaikan biaya kesehatan 6% 6% Health cost increase
Dampak atas perubahan 1% tingkat diskonto dan The effect of a 1% movement on the discount
tingkat kenaikan biaya kesehatan terhadap rate and increase in health cost rates to the
liabilitas imbalan kesehatan pascakerja adalah post-employment medical benefits obligation is
sebagai berikut: as follows:

2018 Change in assumptions Impact on overall liability

Tingkat kenaikan biaya kesehatan/ Kenaikan/Increase by 1% Naik/Increase by Rp110,817,297

Increase in health cost rate Penurunan/Decrease by 1% Turun/Decrease by Rp94,574,629


Tingkat kenaikan biaya kesehatan/ Kenaikan/Increase by 1% Naik/Increase by Rp122,952,547

Increase in health cost rate Penurunan/Decrease by 1% Turun/Decrease by Rp105,060,695
Jumlah yang diakui di laporan posisi keuangan The amounts recognised in the consolidated
konsolidasian ditentukan sebagai berikut: statements of financial position were
determined as follows:
2018 2017
Nilai kini kewajiban yang didanai 1,040,972,845 1,126,035,742 Present value of funded obligations
Nilai wajar dari aset program (1,097,612,354) (1,157,049,630) Fair value of plan assets
Dampak atas pendanaan Impact of minimum funding
minimal pembatasan aset 56,639,509 31,013,888 assets ceiling
Jumlah - - Total

Re

b. Imbalan kesehatan pascakerja (lanjutan) b. Post-employment medical benefits

(continued)
Mutasi kewajiban imbalan pasti dan nilai wajar The movement in the defined benefits obligation
aset program adalah sebagai berikut: and fair value of plan assets is as follows:
Dampak atas
persyaratan
pendanaan/
pembatasan
Nilai kini Nilai wajar aset/
kewajiban/ aset program/ Impact of
Present Fair value minimum funding
value of of plan Jumlah/ requirement/ Jumlah/
obligation assets Total assets ceiling Total
Per 1 Januari 2017 955,728,060 (1,151,965,529) (196,237,469) 196,237,469 - As at January 1, 2017

88,122,988 (99,037,980) (10,914,992) - (10,914,992)

– Rugi/(laba) dari perubahan Loss/(gain) from change -
asumsi keuangan 150,451,906 29,158,637 179,610,543 (165,223,581) 14,386,962 in financial assumptions
– Peserta - (1,157,324) (1,157,324) - (1,157,324) Plan participants -
Pembayaran dari
aset program: Benefit paid by plan:
– Pembayaran manfaat (68,267,212) 68,267,212 - - - Benefit payments -
(68,267,212) 64,795,242 (3,471,970) - (3,471,970)
Per 31 Desember 2017 1,126,035,742 (1,157,049,630) (31,013,888) 31,013,888 - As at December 31, 2017

88,901,466 (82,281,784) 6,619,682 - 6,619,682

– (Laba)/rugi dari perubahan (Gain)/loss from change -
asumsi keuangan (104,756,686) 75,755,974 (29,000,712) 25,625,621 (3,375,091) in financial assumptions
– Peserta - (1,081,531) (1,081,531) - (1,081,531) Plan participants -
Pembayaran dari
aset program: Benefit paid by plan:
– Pembayaran manfaat (69,207,677) 69,207,677 - - - Benefit payments -
(69,207,677) 65,963,086 (3,244,591) - (3,244,591)
Per 31 Desember 2018 1,040,972,845 (1,097,612,354) (56,639,509) 56,639,509 - As at December 31, 2018


b. Imbalan kesehatan pascakerja (lanjutan) b. Post-employment medical benefits

(continued)
Jumlah imbalan beban atas kesehatan Post-employment medical benefits charged for
pascakerja untuk tahun yang berakhir 31 the years ended December 31, 2018 and 2017,
Desember 2018 dan 2017 dialokasikan sebagai were allocated as follows:
berikut:
2018 2017
Beban pokok penjualan 4,401,336 (7,304,313) Cost of goods sold

Beban umum dan administrasi 2,218,346 (3,610,679) General and administrative expenses
Jumlah 6,619,682 (10,914,992) Total
Hasil aktual aset program pada tanggal 31 The actual return on plan assets as at
Desember 2018 turun sebesar Rp74.924.146 December 31, 2018 decrease amounted
(2017: naik sebesar Rp95.967.104). Rp74,924,146 (2017: increase amounted
Rp95,967,104).
Kontribusi aktual dari Perusahaan untuk program Actual contributions by the Company to post-
imbalan kesehatan pascakerja untuk tahun yang employment medical benefits plan for the years
berakhir 31 Desember 2018 dan 2017 adalah ended December 31, 2018 and 2017, were
masing-masing Rp2.163.060 dan Rp2.314.646. Rp2,163,060 and Rp2,314,646, respectively.
kewajiban imbalan kesehatan pascakerja adalah average duration of the post-employment
6,59 tahun (2017: 7,16 tahun). medical benefits obligation is 6.59 years (2017:
7.16 years).
Pada tanggal pelaporan, aset program terdiri dari: As at the reporting dates, plan assets comprise
the following:
2018 2017
Nilai wajar/ Nilai wajar/
Fair value % Fair value %
Instrumen ekuitas 92,339,662 8% 51,737,051 4% Equity instruments

Instrumen utang 385,067,062 35% 416,336,569 36% Debt instruments
Reksadana 215,012,599 19% 355,733,881 31% Mutual fund
Lain-lain 405,193,031 38% 333,242,129 29% Others
Jumlah 1,097,612,354 100% 1,157,049,630 100% Total
Pada tanggal 31 Desember 2018 dan 2017, aset As at December 31, 2018 and 2017, the
program Grup untuk program imbalan kesehatan Group’s plan assets for post-employment
diinvestasikan di saham dan obligasi Perusahaan medical benefits plan were invested in the
yang terdaftar di IDX sebesar Rp3.071.656 dan Company’s shares and bonds that are listed on
Rp12.130.166. the IDX amounting to Rp3,071,656 and
Rp12,130,166, respectively.
Aset program Grup pada tanggal 31 Desember The Group’s plan assets as at December 31,
2018 sebesar Rp696.747.703 (2017: 2018 amounting to Rp696,747,703 (2017:
Rp823.020.893) merupakan investasi yang Rp823,020,893) represent investment in stocks,
ditempatkan pada saham, obligasi negara, government bonds, corporate bonds and mutual
obligasi perusahaan dan reksadana yang funds traded on the IDX. Meanwhile, plan
diperdagangkan di IDX. Sementara itu, aset assets amounting to Rp270,800,000 (2017:
program senilai Rp270.800.000 (2017: Rp201,900,000) represent investment in liquid
Rp201.900.000) merupakan investasi yang investments such as time deposits and deposits
memiliki tingkat likuiditas yang tinggi, seperti on-call.
deposito berjangka dan deposito on-call.

Re

c. Imbalan pascakerja lainnya c. Other post-retirement benefits
Perusahaan juga menyediakan imbalan The Company also provides for other post-
pascakerja lainnya, seperti imbalan purna jasa, retirement benefits such as past-service
pesangon, kompensasi atas akumulasi cuti yang benefits, severance, compensation for
tidak digunakan, kompensasi untuk repatriasi, accumulated unused leave, compensation for
tunjangan kematian dan penghargaan khusus. repatriation, funeral allowance and special
Metode akuntansi dan frekuensi penilaian dari awards. The method of accounting and the
imbalan ini sama seperti yang digunakan pada frequency of valuations are similar to those
program pensiun imbalan pasti. Asumsi utama used for defined benefit pension schemes. The
yang digunakan untuk menghitung imbalan sama principal assumptions used in determining the
dengan yang digunakan di pensiun imbalan pasti, benefits were similar to those used for defined
kecuali: benefit pension scheme, except for the
following:
2018 2017
Dampak atas perubahan 1% tingkat diskonto The effect of a 1% movement on the discount
terhadap liabilitas imbalan pascakerja lainnya rate to the other post-retirement benefits
adalah sebagai berikut: obligations is as follows:




2018 2017
Nilai kini kewajiban 282,040,718 285,116,061 Present value of obligations


c. Imbalan pascakerja lainnya (lanjutan) c. Other post-retirement benefits (continued)
Mutasi kewajiban imbalan pasti adalah sebagai The movement in the defined benefit obligation
2018 2017
Biaya jasa kini 16,279,798 14,936,180 Current service cost

Beban bunga 19,134,156 20,316,365 Interest expense
35,413,954 35,252,545
Pengukuran kembali (8,770,048) 16,050,558 Remeasurements
Pembayaran manfaat (29,719,249) (18,411,539) Benefit payments
Jumlah beban atas imbalan pascakerja lainnya Other post-retirement benefits charged for the
untuk tahun yang berakhir 31 Desember 2018 years ended December 31, 2018 and 2017,
dan 2017 dialokasikan sebagai berikut: were allocated as follows:
2018 2017
Beban pokok penjualan 23,546,248 23,591,003 Cost of goods sold

Beban umum dan administrasi 11,867,706 11,661,542 General and administrative expenses
Jumlah 35,413,954 35,252,545 Total
Kontribusi aktual dari Perusahaan untuk imbalan Actual contributions by the Company to other
pascakerja lainnya untuk tahun yang berakhir 31 post-retirement benefits plan for the years
Desember 2018 dan 2017 adalah masing-masing ended December 31, 2018 and 2017 were
Rp29.719.249 dan Rp18.411.539. Rp29,719,249 and Rp18,411,539, respectively.
kewajiban imbalan pascakerja lainnya adalah average duration of other post-retirement
15,52 tahun (2017: 15,71 tahun). benefits obligations is 15.52 years (2017: 15.71
years).

Re

d. Imbalan kerja jangka panjang lainnya d. Other long-term employment benefits
Selain imbalan pensiun, imbalan kesehatan Apart from pension benefits, post-employment
pascakerja dan imbalan pascakerja lainnya, medical benefits and other post-employment
Perusahaan juga menyediakan imbalan kerja benefits, the Company also provides long-term
jangka panjang berupa tunjangan masa pra- employment benefits such as continuing salary
pensiun dan tunjangan jasa. Metode akuntansi before retirement age and service allowances.
dan frekuensi penilaian dari imbalan ini sama The method of accounting and the frequency of
seperti yang digunakan pada program pensiun valuations are similar to those used for defined
imbalan pasti. Asumsi utama yang digunakan benefit pension schemes. The principal
untuk menghitung imbalan sama dengan yang assumptions used in determining the benefits
digunakan di imbalan pascakerja lainnya were similar to those used in other post-
(Catatan 30c). retirement benefits (Note 30c).
Dampak atas perubahan 1% tingkat diskonto The effect of a 1% movement on the discount
terhadap liabilitas imbalan kerja jangka panjang rate to the other long-term employment benefits
lainnya adalah sebagai berikut: obligations is as follows:
Tingkat diskonto/Discount rate Kenaikan/Increase by 1% Turun/Decrease Rp5,326,329

Penurunan/Decrease by 1% Naik/Increase Rp5,915,182

Tingkat diskonto/Discount rate Kenaikan/Increase by 1% Turun/Decrease Rp5,579,826

Penurunan/Decrease by 1% Naik/Increase Rp6,263,656
2018 2017
Nilai kini kewajiban 102,565,320 103,202,605 Present value of obligations
Mutasi kewajiban imbalan pasti adalah sebagai The movement in the defined benefit obligation
2018 2017
Biaya jasa kini 3,835,340 14,459,120 Current service cost

Beban bunga 6,904,011 7,254,538 Interest expense
10,739,351 21,713,658
Pembayaran manfaat (11,376,636) (10,575,645) Benefit payments


d. Imbalan kerja jangka panjang lainnya d. Other long-term employment benefits

Jumlah beban atas imbalan pascakerja jangka Other long-term employment benefits charged
panjang lainnya untuk tahun yang berakhir 31 for the years ended December 31, 2018 and
Desember 2018 dan 2017 dialokasikan sebagai 2017, were allocated as follows:
berikut:
2018 2017
Beban pokok penjualan 7,140,446 14,530,780 Cost of goods sold

Beban umum dan administrasi 3,598,905 7,182,878 General and administrative expenses
Jumlah 10,739,351 21,713,658 Total
Rata-rata durasi kewajiban imbalan kerja jangka The weighted average duration of the other
panjang lainnya adalah 15,71 tahun. long-term employment benefits obligation is
15.71 years.
31. SIFAT DAN TRANSAKSI DENGAN PIHAK 31. NATURE OF RELATIONSHIPS AND
BERELASI DAN ENTITAS BERELASI DENGAN TRANSACTIONS WITH RELATED PARTIES AND
PEMERINTAH GOVERNMENT-RELATED ENTITIES
Perusahaan dikendalikan oleh Pemerintah Republik The Company is controlled by the Government of
Indonesia. the Republic of Indonesia.
Saldo dan transaksi dengan pihak berelasi dan entitas Balances and transactions with related parties and
berelasi dengan Pemerintah adalah sebagai berikut: Government-related entities are as follows:
2018 2017
Kas di bank (Catatan 5): Cash in banks (Note 5):

Mandiri 1,542,786,748 653,050,472 Mandiri
BRI 605,523,025 644,646,981 BRI
BNI 125,366,666 46,804,414 BNI
PT Bank Syariah Mandiri (“BSM”) 20,716,167 1,878,379 PT Bank Syariah Mandiri (“BSM”)
2,294,392,606 1,346,380,246
Deposito berjangka (Catatan 5): Time deposits (Note 5):
BRI 1,329,033,577 2,610,300,000 BRI
Mandiri 405,235,400 1,100,000,000 Mandiri
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk (“BTN”) 15,000,000 214,641,249 (Persero) Tbk (“BTN”)
BNI - 105,000,000 BNI
BSM - 18,240,450 BSM
1,749,268,977 4,048,181,699
4,043,661,583 5,394,561,945
Persentase terhadap jumlah aset 12.14% 17.97% Percentage of total assets
Piutang usaha (Catatan 6): Trade receivables (Note 6):

NHM - 1,555,482 NHM
Lain-lain (masing-masing di bawah Others (each below 0.5%
0,5% dari modal disetor) 1,105,746 577,076 of paid-in capital)
1,105,746 2,132,558

Re

PEMERINTAH (lanjutan) GOVERNMENT-RELATED ENTITIES (continued)
2018 2017
Kas yang dibatasi penggunaannya (Catatan 9): Restricted cash (Note 9):
BRI 88,889,174 2,023,326 BRI
BNI 14,803,952 14,167,204 BNI
Mandiri 1,875,013 673,408 Mandiri
105,568,139 16,863,938
Piutang lain-lain, bersih: Other receivables:

ICA - 1,452,303,541 ICA
MJIS 54,793,125 54,793,125 MJIS
54,793,125 1,507,096,666
Provisi atas penurunan nilai dan Provision for impairment and

dampak diskonto (54,793,125) (85,615,616) discounting impact
- 1,421,481,050
Belanja modal: Capital expenditures:

PT Wijaya Karya (Persero) Tbk PT Wijaya Karya (Persero) Tbk
("Wika") 1,764,896,068 1,029,095,599 ("Wika")
Persentase terhadap penambahan Percentage of additions to

aset tetap 73.17% 53.95% property, plant and equipment
Utang usaha (Catatan 15): Trade payables (Note 15):

PT Pertamina (Persero) 437,988,170 67,933,558 PT Pertamina (Persero)
Wika 261,485,061 388,859,781 Wika
BUMD Perdana Cipta Mandiri 14,310,204 - BUMD Perdana Cipta Mandiri
Lain-lain (masing-masing di bawah Others (each below 0.5%
0,5% dari modal disetor) 14,966,138 22,372,586 of paid-in capital)
728,749,573 479,165,925
Persentase terhadap jumlah liabilitas 5,37% 4.16% Percentage of total liabilities
Pinjaman bank jangka pendek (Catatan 18): Short-term bank loans (Note 18):
Mandiri 1,448,100,000 1,354,800,000 Mandiri
BRI - 1,354,800,000 BRI
1,448,100,000 2,709,600,000
Persentase terhadap jumlah liabilitas 10.67% 23.51% Percentage of total liabilities
Penjualan (Catatan 25): Sales (Note 25):

PT Pegadaian (Persero) 888,807,539 671,473,653 PT Pegadaian (Persero)
ICA 17,249,118 25,588,502 ICA
BSM 16,485,175 125,168,807 BSM
Lain - lain (masing-masing Others (each below 0.5%
di bawah 0,5% dari modal disetor) 16,734,960 55,963,247 of paid in capital)
939,276,792 878,194,209
Persentase terhadap jumlah penjualan 3.72% 6.94% Percentage of total sales


2018 2017
Pembelian barang/jasa: Purchase of goods/services:

PT Pertamina (Persero) 908,745,024 591,892,126 PT Pertamina (Persero)
Koperasi Karyawan dan Koperasi Karyawan dan
Pensiunan PT Antam Tbk 3,534,485 42,772,141 Pensiunan PT Antam Tbk
Lain - lain (masing-masing Others (each below 0.5%
di bawah 0,5% dari modal disetor) 5,096,922 27,128,942 of paid in capital)
917,376,431 661,793,209
Persentase terhadap jumlah beban Percentage of total cost of goods
pokok penjualan dan beban usaha 3.92% 5.49% sold and operating expenses
Jumlah kompensasi yang dibayarkan kepada Total compensation of key management personnel
manajemen kunci Perusahaan untuk tahun yang of the Company for the years ended December 31,
berakhir 31 Desember 2018 dan 2017 adalah sebagai 2018 and 2017, are as follows:
berikut:
2018
Direksi/ Dewan Komisaris/
Board of Directors Board of Commissioners
% dari total % dari total
biaya karyawan/ biaya karyawan/
% of total % of total
employee costs Rp employee costs Rp
Gaji 0.98 15,036,805 0.59 6,834,296 Salaries

Tantiem dan bonus 0.45 5,250,236 0.00 2,376,000 Tantiem and bonus
Jumlah 1.43 20,287,041 0.59 9,210,296 Total
2017
Direksi/ Dewan Komisaris/
Board of Directors Board of Commissioners
% dari total % dari total
biaya karyawan/ biaya karyawan/
% of total % of total
employee costs Rp employee costs Rp
Gaji 1.51 12,813,904 0.69 5,817,200 Salaries

Tantiem dan bonus - - - - Tantiem and bonus
Jumlah 1.51 12,813,904 0.69 5,817,200 Total
Manajemen menganggap Dewan Komisaris dan Management considers the members of the Boards
Direksi merupakan personel manajemen kunci of Commissioners and Directors as its key
Perusahaan. management personnel.
Oleh karena sifat dari hubungan pihak berelasi, Because of the nature of related party relationships,
terdapat kemungkinan bahwa syarat dan kondisi dari it is possible that the terms and conditions of the
transaksi di atas tidak sama dengan transaksi- above transactions are not the same as those that
transaksi yang terjadi dengan pihak yang tidak would result from transactions with non-related
berelasi. parties.

Re

Perusahaan menyediakan program dana pensiun dan The Company provides a post-employment benefit
program kesehatan pascakerja melalui Dana Pensiun plan and a post-employment healthcare benefit plan
Antam dan Yayasan Kesehatan Pensiunan Antam for employees through Dana Pensiun Antam and
(“Yakespen Antam”). Jumlah pembayaran yang Yayasan Kesehatan Pensiunan Antam (“Yakespen
dilakukan Perusahaan terkait dengan program ini Antam”). The total payments made by the Company
adalah sebagai berikut: related to these plans are as follows:
2018 2017
Kontribusi dibayarkan ke: Contribution paid to:
Dana Pensiun Antam 5,740,482 5,795,674 Dana Pensiun Antam
Yakespen Antam 2,163,060 2,314,646 Yakespen Antam
7,903,542 8,110,320
Sifat transaksi dan hubungan dengan pihak-pihak The nature of transactions and relationships with
yang berelasi entitas berelasi dengan Pemerintah related parties and Government-related entities are
adalah sebagai berikut: as follows:
Pihak berelasi dan entitas berelasi
dengan Pemerintah/Related parties Sifat hubungan/ Sifat transaksi/
and Government-related entities Nature of relationships Nature of transactions
Dana Pensiun Antam Penyelenggara program kewajiban pensiun Jasa penyelenggara program kewajiban
Perusahaan/Provider of the Company’s pensiun Perusahaan/Pension and other
pension benefit plan plan services
Yakespen Antam Penyelenggara program kesehatan pascakerja Jasa penyelenggara program kewajiban
Perusahaan/Provider of the Company’s pascakerja Perusahaan/Post-retirement
post-retirement healthcare benefit healthcare benefit plan services
Dewan Komisaris dan Direksi/Boards Manajemen kunci/Key management personnel Gaji dan imbalan kerja/Salaries and
of Commissioners and Directors employee benefits
Inalum Pemegang saham mayoritas/ Dividen/Dividend

Majority shareholder
PT Timah Tbk Entitas sepengendali/ Pelanggan logam mulia/Customer of precious

Entity under common control metal
PT Bukit Asam Tbk Entitas sepengendali/ Pelanggan logam mulia/Customer of precious

Entity under common control metal
PT Adhi Karya (Persero) Tbk Entitas berelasi dengan Pemerintah/ Jasa konstruksi/Construction services
Government-related entity
Mandiri Entitas berelasi dengan Pemerintah/ Bank dan deposito berjangka dan jaminan atas
Government-related entity pembelian bahan bakar dari Pertamina/
Cash in bank and time deposits and
guarantee for fuel purchases from
Pertamina
BNI Entitas berelasi dengan Pemerintah/ Bank dan deposito berjangka, pelanggan
Government-related entity logam mulia/Cash in bank and time deposits,
customer of precious metal
BRI Entitas berelasi dengan Pemerintah/ Bank dan deposito berjangka dan pelanggan
Government-related entity logam mulia/Cash in bank and time
deposits, customer of precious metal
BTN Entitas berelasi dengan Pemerintah/ Deposito berjangka/Time deposits

BSM Entitas berelasi dengan Pemerintah/ Bank dan deposito berjangka, pelanggan
Government-related entity logam mulia/Cash in bank and time deposits,
customer of precious metal
PT Barata Indonesia (Persero) Entitas berelasi dengan Pemerintah/ Pembelian barang dan jasa untuk
Government-related entity kegiatan produksi/Purchases of goods
and services for production activities
PT Dahana (Persero) Entitas berelasi dengan Pemerintah/ Pembelian barang untuk kegiatan produksi/
Government-related entity Purchases of goods for production activities


Pihak berelasi dan entitas berelasi
dengan Pemerintah/Related parties Sifat hubungan/ Sifat transaksi/
and Government-related entities Nature of relationships Nature of transactions
PT Pelindo II (Persero) Entitas berelasi dengan Pemerintah/ Jasa pengangkutan nikel/Transportation

Government-related entity service of nickel
PT Djakarta Lloyd (Persero) Entitas berelasi dengan Pemerintah/ Jasa pengangkutan nikel/Transportation
Government-related entity service of nickel
PT Garuda Indonesia (Persero) Tbk Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
Government-related entity metal
PT Semen Indonesia (Persero) Tbk Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Pos Indonesia (Persero) Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Badan Klarifikasi Indonesia (Persero) Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Pegadaian (Persero) Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Krakatau Steel (Persero) Tbk Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Pupuk Sriwidjaja Palembang Entitas anak dari Badan Usaha Milik Pelanggan logam mulia/Customer of precious
Negara (”BUMN”) yang dikendalikan metal
Pemerintah/State Owned Enterprise (“SoE”)’s
subsidiaries controlled by the Government
PT Perusahaan Gas Negara Tbk Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Pertamina (Persero) Entitas berelasi dengan Pemerintah/ Pembelian barang dan jasa untuk kegiatan
Government-related entity produksi, pelanggan logam mulia/Purchases
of goods and services for production
activities, customer of precious metal
PT Perusahaan Perdagangan Entitas berelasi dengan Pemerintah/ Pembelian barang untuk kegiatan produksi/
Indonesia (Persero) Government-related entity Purchases of goods for production activities
PT Nindya Karya (Persero) Entitas berelasi dengan Pemerintah/ Pembelian barang untuk kegiatan produksi/
Wika Entitas berelasi dengan Pemerintah/ Pembelian barang untuk kegiatan produksi/
BUMD Perdana Cipta Mandiri Entitas berelasi dengan Pemerintah/ Jasa pengangkutan/Transportation service
PT Pelindo (Persero) Tbk Entitas berelasi dengan Pemerintah/ Jasa pengangkutan/Transportation service
PT Biro Klasifikasi Indonesia (Persero) Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Jasa Marga (Persero) Tbk Entitas berelasi dengan Pemerintah/ Pelanggan logam mulia/Customer of precious
PT Reksa Griya Antam Entitas anak Dana Pensiun Antam/ Penyewaan ruang kantor, jasa pemeliharaan
Subsidiary of Dana Pensiun Antam dan kebersihan/Rental of office space,
maintenance and cleaning services
NHM Entitas asosiasi Perusahaan/ Pelanggan logam mulia/

Associate of the Company Customer of precious metal
MJIS Entitas asosiasi Perusahaan/ Pinjaman berbunga dengan pihak berelasi/

Associate of the Company Interest bearing loan to related party

Re

32. LABA BERSIH PER SAHAM DASAR DAN 32. BASIC AND DILUTED EARNINGS PER SHARE
DILUSIAN
2018 2017
Laba yang dapat diatribusikan

kepada pemilik entitas induk 874,425,030 136,506,782 Profit attributable to owners of the parent
Rata-rata tertimbang jumlah saham yang Weighted-average number of shares

beredar tahun berjalan (dalam ribuan) 24,030,765 24,030,765 outstanding for the year (in thousand)
Laba bersih per saham dasar yang dapat Basic earnings per share
diatribusikan kepada pemilik attributable to owners of
entitas induk (nilai penuh) 36.39 5.68 the parent (full amount)
Pada tanggal 31 Desember 2018 dan 2017, tidak As at December 31, 2018 and 2017, there was no
terdapat dilusi atas laba bersih per saham dasar. dilution to the basic earnings per share.
33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES
2018 2017
Mata uang asal Mata uang asal
(nilai penuh)/ Setara Rupiah/ (nilai penuh)/ Setara Rupiah/
Original currency Equivalent in Original currency Equivalent in
(full amount) Rupiah (full amount) Rupiah
Aset Assets
Kas dan Cash and
setara kas Dolar AS/US Dollar 79,535,222 1,151,749,550 45,513,390 616,615,402 cash equivalents
Dolar Australia/
Australian Dollar 31,677 323,454 34,867 368,800
Yen Jepang/
Japanese Yen 533,820 6,999,448 1,693,612 203,606
Renminbi Cina/
Chinese Renminbi 101,159 213,445 37,391 77,527
Piutang usaha Dolar AS/US Dollar 55,453,193 803,017,694 70,305,534 952,499,371 Trade receivables
Piutang lain-lain Dolar AS/US Dollar 33,584,113 486,331,540 157,881,778 2,138,982,330 Other receivables
Aset lancar lainnya Dolar AS/US Dollar 3,400,000 49,235,400 - - Other current assets
Jumlah aset 2,497,870,531 3,708,747,036 Total assets
Liabilitas Liabilities
Utang usaha Euro/Euro 10,446,898 173,000,627 915,065 14,799,911 Trade payables

Yen Jepang/
Japanese Yen 6,053,906 79,378,814 4,446,170 534,511
Dolar AS/US Dollar 3,647,995 52,826,621 4,968,924 67,318,985
Dolar Australia/
Australian Dollar 44,361 452,971 3,878 42,078
Pound Sterling Inggris/
British Pound Sterling 14,463 265,723 327 5,948
Dolar Singapura/
Singapore Dollar 5,588 59,251 - -
Beban akrual Dolar AS/US Dollar 16,774,925 242,917,686 476,516 6,455,840 Accrued expenses
Yen Jepang/
Japanese Yen - - 809 8,562
Pinjaman bank Dolar AS/US Dollar 476,367,807 6,898,282,211 472,103,229 6,396,054,546 Bank loans
Yen Jepang/
Japanese Yen 70,253,533 921,164,329 - -
Liabilitas jangka
pendek lainnya Dolar AS/US Dollar 64,426 932,959 - - Other current liabilities
Jumlah liabilitas 8,369,281,192 6,485,220,381 Total liabilities
Liabilitas bersih 5,871,410,661 2,776,473,345 Net liabilities


33. ASET DAN LIABILITAS MONETER DALAM MATA 33. MONETARY ASSETS AND LIABILITIES
UANG ASING (lanjutan) DENOMINATED IN FOREIGN CURRENCIES
(continued)
Perusahaan dipengaruhi oleh risiko kurs mata uang The Company is exposed to foreign exchange risk
asing terutama Dolar AS. arising from various currency exposures primarily
with respect to the US Dollar.
Pada tanggal 31 Desember 2018 dan 2017, apabila As at December 31, 2018 and 2017, if the monetary
aset dan liabilitas moneter dalam mata uang asing assets and liabilities in foreign currencies had been
dijabarkan dengan menggunakan kurs pada tanggal translated based on the exchange rates as at the
laporan, maka liabilitas bersih dalam mata uang asing date of this report, the net monetary liabilities would
akan turun masing-masing sekitar Rp5.722.770.416 have been lower by approximately Rp5,722,770,416
dan Rp2.823.391.895. and Rp2,823,391,895, respectively.
34. INFORMASI SEGMEN OPERASI 34. OPERATING SEGMENT INFORMATION
Manajemen telah menentukan segmen operasi Management has determined the operating
didasarkan pada laporan yang ditelaah oleh Direksi, segments based on reports reviewed by the Board
yang digunakan dalam mengambil keputusan of Directors that are used to make strategic
strategis. Direksi mempertimbangkan operasi bisnis decisions. The Board of Directors considers the
dari perspektif jenis bisnis dan geografis. Segmen business operations from both the business type
operasi Grup dapat dibedakan menjadi tiga kegiatan and geographical perspectives. The Group’s
usaha utama yaitu (a) nikel, (b) logam mulia dan business segments can be identified as three major
pemurnian serta (c) bauksit dan alumina. Seluruh business operations, consisting of (a) nickel, (b)
transaksi antar segmen telah di eliminasi. precious metals and refinery and (c) bauxite and
alumina. All transactions between segments have
been eliminated.
Direksi menggunakan ukuran penjualan bersih untuk The Board of Directors uses a measure of net sales
menilai kinerja segmen operasi. to assess the performance of the operating
segments.
Informasi menurut segmen untuk tahun yang berakhir Information concerning the segments for the years
31 Desember 2018 dan 2017 adalah sebagai berikut: ended December 31, 2018 and 2017, is as follows:
2018
Logam mulia Bauksit dan
dan pemurnian/ alumina/ Kantor
Nikel/ Precious metals Bauxite and Pusat/ Lain-lain/ Jumlah/
Nickel and refinery alumina Head Office Other Total
Penjualan bersih 7,595,899,222 16,942,643,141 482,394,508 - 220,331,496 25,241,268,367 Net sales
Hasil Outcome
Laba/(rugi) usaha 2,318,699,466 379,794,163 158,849,487 (774,518,207) (230,096,058) 1,852,728,851 Operating profit/(loss)
Pendapatan keuangan 1,447,231 7,219,887 114,469 152,908,471 1,857,135 163,547,193 Finance income
Beban keuangan (6,550,162) - - (547,728,458) (53,237) (554,331,857) Finance costs
Beban pajak
penghasilan, bersih - - - (391,075,213) - (391,075,213) Income tax expense, net
Penghasilan/(beban)
lain-lain, bersih, Other income/(expenses),
dan bagian kerugian net, and share of
entitas asosiasi loss of associates
dan ventura bersama 30,752,800 (81,810,564) 544,145,506 (721,945,061) 32,414,938 (196,442,381) and joint venture, net
Laba/(rugi) tahun berjalan 2,344,349,335 305,203,486 703,109,462 (2,282,358,468) (195,877,222) 874,426,593 Profit/(loss) for the year
Aset segmen 11,132,861,035 3,566,458,198 5,738,278,680 11,460,383,733 1,408,409,161 33,306,390,807 Segment assets
Liabilitas segmen 948,985,519 646,326,705 1,423,608,282 10,388,606,299 159,633,279 13,567,160,084 Segment liabilities
Perolehan aset tetap 49,438,106 280,416,969 56,607,964 1,920,723,737 29,213,861 2,336,400,637 Capital expenditures
Penyusutan Depreciation
dan amortisasi 527,216,535 374,751,018 14,975,180 9,088,900 82,495,064 1,008,526,697 and amortisation

Re

34. INFORMASI SEGMEN OPERASI (lanjutan) 34. OPERATING SEGMENT INFORMATION

(continued)
2017
dan pemurnian/ alumina/ Kantor
Nikel/ Precious metals Bauxite and Pusat/ Lain-lain/ Jumlah/
Nickel and refinery alumina Head Office Other Total
Penjualan bersih 4,592,391,665 7,633,961,128 398,044,819 - 29,221,593 12,653,619,205 Net sales
Hasil Outcome
Laba/(rugi) usaha 1,070,536,368 111,189,282 102,110,752 (518,733,112) (164,496,972) 600,606,318 Operating income/(loss)
Pendapatan keuangan 1,787,799 5,336,803 68,831 250,426,891 2,221,991 259,842,315 Finance income
Beban keuangan - - - (607,474,827) (210,857) (607,685,684) Finance costs
Beban pajak
penghasilan,bersih - - - (317,893,255) - (317,893,255) Income tax expense, net
Penghasilan/(beban)
lain-lain, bersih, Other income/(expenses),
dan bagian kerugian net, and share of
entitas asosiasi loss of associates
dan ventura bersama (25,858,472) (110,717,930) 3,493,972 343,769,431 (9,053,426) 201,633,575 and joint venture, net
Laba/(rugi) tahun berjalan 1,046,465,695 5,808,155 105,673,555 (849,904,872) (171,539,264) (136,503,269) Income/(loss) for the year
Aset segmen 10,987,681,519 3,608,869,652 721,622,088 13,425,153,752 1,270,946,441 30,014,273,452 Segment assets
Liabilitas segmen 721,802,055 346,969,540 84,781,988 10,304,833,385 65,482,967 11,523,869,935 Segment liabilities
Perolehan aset tetap 323,792,552 254,073,752 38,375,175 1,286,266,815 4,853,769 1,907,362,063 Capital expenditures
Penyusutan Depreciation
dan amortisasi 422,292,123 370,811,024 10,391,080 5,245,377 34,539,456 843,279,060 and amortisation
Informasi menurut segmen geografis untuk tahun The information for the geographical segment for the
yang berakhir 31 Desember 2018 dan 2017 adalah years ended December 31, 2018 and 2017 is as
dan pemurnian/ alumina/
Nikel/ Precious metals Bauxite and Lain-lain/ Jumlah/
Nickel and refinery alumina Other Total
2018 2018
Penjualan bersih: Net sales:
Ekspor 6,504,417,511 3,976,479,578 465,145,390 - 10,946,042,479 Export
Lokal 1,091,481,711 12,966,163,563 17,249,118 220,331,496 14,295,225,888 Local
Jumlah 7,595,899,222 16,942,643,141 482,394,508 220,331,496 25,241,268,367 Total
2017 2017
Penjualan bersih: Net sales:
Ekspor 4,503,445,238 3,661,515,012 372,456,317 2,229,387 8,539,645,954 Export
Lokal 88,946,427 3,972,446,116 25,588,502 26,992,206 4,113,973,251 Local
Jumlah 4,592,391,665 7,633,961,128 398,044,819 29,221,593 12,653,619,205 Total
35. PERJANJIAN PENTING, IKATAN DAN 35. SIGNIFICANT AGREEMENTS, COMMITMENTS

KONTINJENSI AND CONTINGENCIES
a. Kewajiban keuangan IUP a. Financial obligations under various IUP
Sebagai pemegang IUP, Grup berkewajiban As an IUP holder, the Group is obligated to pay
untuk membayar iuran konsesi untuk setiap concession fees per hectare of IUP explored,
hektar dari IUP yang dieksplorasi, dikembangkan developed and extracted to the State Office
dan dieksploitasi kepada Kas Negara. Besarnya Funds. The amount of concession fees is based
iuran konsesi tergantung dari jenis mineral dan on the type of mineral and the level of
tingkat produksinya. production.
b. Kewajiban pengelolaan lingkungan hidup b. Environmental matters
Kegiatan usaha Grup telah dan di masa The operations of the Group have been and
mendatang mungkin, dipengaruhi oleh may in the future be, affected from time to time
perubahan-perubahan dalam peraturan by changes in environmental regulations. The
pengelolaan lingkungan hidup. Kebijakan Grup Group’s policy is to comply with all applicable
adalah berusaha untuk memenuhi semua regulations issued by the Government of the
ketentuan yang berlaku yang dikeluarkan oleh Republic of Indonesia, by applying technically
Pemerintah Republik Indonesia dengan proven and economically feasible measures.
menerapkan ukuran yang secara teknis dapat
dibuktikan dan secara ekonomis memungkinkan.



KONTINJENSI (lanjutan) AND CONTINGENCIES (continued)
b. Kewajiban pengelolaan lingkungan hidup b. Environmental matters (continued)
(lanjutan)
Grup telah membentuk provisi atas taksiran The Group has recognised a provision for
kewajiban pengelolaan dan reklamasi lingkungan estimated environmental and reclamation costs
hidup (Catatan 21). (Note 21).
c. Kepemilikan Perusahaan pada entitas c. The Company’s ownership in joint mining
pertambangan patungan entities
Perusahaan mempunyai kepemilikan pada The Company has ownership interests in joint
entitas pertambangan patungan tanpa mining entities without any cash contributions
penyetoran kas (“free carried”) sebagai berikut: (“free carried”) as follows:
Persentase
kepemilikan (%)/
Percentage of Status pada tanggal 31 Desember 2018/
ownership (%) Status as at December 31, 2018
PT Sorikmas Mining 25 Konstruksi/Construction
PT Galuh Cempaka 20 Produksi/Production*
PT Gorontalo Minerals 20 Studi kelayakan/Feasibility study
PT Sumbawa Timur Mining 20 Eksplorasi/Exploration
PT Pelsart Tambang Kencana 15 Studi kelayakan/Feasibility study
PT Weda Bay Nickel 10 Konstruksi/Construction
* Tahap produksi dihentikan sementara karena proses penilaian * Production phase is temporarily suspended due to
kembali atas estimasi cadangan mineral. reassessment of mineral reserves estimates.
Perusahaan hanya akan melakukan penyetoran The Company will only contribute funds for the
dana untuk operasional perusahaan-perusahaan operations of the above companies in
di atas sesuai dengan persentase kepemilikan accordance with the Company’s ownership
Perusahaan bila telah memasuki tahap produksi. interest if they have entered the production
stage.
Perusahaan-perusahaan tersebut memiliki izin Those mining entities hold a Contract of Work
Kontrak Karya (”KK”) dengan Pemerintah (“CoW”) with the Government of the Republic of
Republik Indonesia. Indonesia.
Pada tanggal 29 Desember 2017, Perusahaan On December 29, 2017, the Company entered
menandatangani Perjanjian Pengalihan Hak Atas into a Share Transfer Agreement in connection
Saham sehubungan dengan penjualan atas 20% with the sale of 20% of the Company's free-
kepemilikan saham free-carried Perusahaan di carried issued in DPM to PT Bumi Resources
DPM kepada PT Bumi Resources Minerals Minerals at a purchase price of US$57,309,536.
dengan harga pembelian sebesar The Company recognised gain of
AS$57.309.536. Perusahaan mengakui Rp776,429,594 from this divestment in
keuntungan dari divestasi ini senilai December 2017.
Rp776.429.594 pada bulan Desember 2017.
d. Perjanjian penjualan d. Sales agreements
Grup mempunyai berbagai komitmen untuk The Group has various commitments to sell
menjual feronikel dan emas kepada beberapa ferronickel and gold to various third party
pelanggan pihak ketiga pada jumlah yang customers at specified agreed quantities based
disepakati oleh kedua belah pihak sesuai dengan on the agreements signed by both parties.
yang dinyatakan dalam perjanjian yang Generally, the selling price agreed with
ditandatangani dengan pelanggan tersebut. customers is based on international indices (for
Secara umum, harga jual yang disepakati dengan example nickel and precious metal price
pelanggan adalah harga berdasarkan indeks according to LME), as adjusted by certain
internasional (sebagai contoh harga nikel dan factors. The selling price adjustments vary
logam mulia menurut LME), disesuaikan dengan between customers, which depend on factors
faktor-faktor tertentu. Penyesuaian harga jual like the specification of requested products,
bervariasi antar pelanggan tergantung pada hal- handling costs, freight differentials, terms of
hal seperti spesifikasi produk yang diminta, biaya payment, etc. The products will be periodically
handling, perbedaan ongkos angkut, mekanisme delivered for periods ranging from one month to
pembayaran, dll. Penyerahan produk akan one year.
dilakukan secara berkala selama jangka waktu
tertentu berkisar antara satu bulan hingga satu
tahun.

Re


e. Proyek alumina e. Alumina project
Common Terms Agreement Common Terms Agreement
Pada tanggal 13 Juni 2011, ICA mengadakan On June 13, 2011, ICA entered into a Common
Common Terms Agreement (“CTA”) dengan JBIC Terms Agreement (“CTA”) with JBIC for a JBIC
untuk Fasilitas Pinjaman JBIC dan Mizuho dan Loan Facility and Mizuho and Sumitomo Ltd. for
Sumitomo Ltd. untuk Fasilitas Pinjaman a Commercial Loan Facility. The total amount of
Komersial. Jumlah dari Fasilitas Pinjaman JBIC the JBIC Loan Facility and Commercial Loan
dan Fasilitas Pinjaman Komersial masing-masing Facility is JPY15,795,000,000 and
sebesar JPY15.795.000.000 dan JPY10,530,000,000, respectively. ICA is
JPY10.530.000.000. ICA diwajibkan untuk required to repay all loan facilities commencing
melunasi semua fasilitas pinjaman dimulai dari on December 15, 2014 up to December 15,
tanggal 15 Desember 2014 sampai dengan 15 2020. The Company provided a guarantee for
Desember 2020. Perusahaan menyediakan repayment of ICA’s loan.
garansi untuk membayar pinjaman ICA.
Pada tanggal 28 September 2011, ICA On September 28, 2011, ICA entered into a
menandatangani Perjanjian Gadai Saham Pledge of Shares Agreement with the Company
bersama dengan Perusahaan dan BMI, dimana and BMI, whereby the Company agreed to,
Perusahaan setuju untuk menggadaikan seluruh among others, pledge all of its shares in ICA for
sahamnya di ICA kepada dan untuk kepentingan the interest of BMI, for and on behalf of the
BMI, untuk dan atas nama Para Pihak Finance Parties, as security for the full payment
Pembiayaan, sebagai jaminan atas pembayaran of the Secured Obligations.
Kewajiban yang Dijamin.
Perjanjian pemberian komitmen jaminan Agreement regarding entrustment of

guarantee commitment
Pada tanggal 13 Juni 2011, Perusahaan, SDK On June 13, 2011, the Company, SDK and
dan JOGMEC menandatangani Perjanjian JOGMEC entered into a Guarantee Agreement,
Penjaminan, dimana JOGMEC setuju untuk whereby JOGMEC agreed to guarantee the
menjamin pembayaran 80% dari pinjaman dari payment of 80% of loans from the Commercial
Fasilitas Pinjaman Komersial. Akibat jaminan Loan Facility. As a result of the JOGMEC
JOGMEC, Perusahaan sebagai penjamin, antara guarantee, the Company as a guarantor has to,
lain harus: among other responsibilities:
(i) Memastikan bahwa Perjanjian Penjaminan (i) Make sure that the Guarantee Agreement
tidak melanggar semua perundang- does not breach all applicable laws and
undangan dan peraturan yang berlaku regulations including environmental
termasuk peraturan lingkungan hidup; regulations;
(ii) Menjamin untuk tidak melakukan perubahan, (ii) Guarantee not to amend, terminate, cancel
pencabutan, pembatalan dan penundaan and suspend the Offtake Agreement, the
dari Perjanjian Offtake, Perjanjian Penjualan Sale and Purchase Agreement for Washed
dan Pembelian Washed Bauxite (“WBX”), Bauxite (“WBX”) and the Manufacturing,
dan Manufacturing, Technology and Technology and Technical and Operational
Technical and Operational Agreement; dan Agreement; and
(iii) Memenuhi penilaian kredit dan rasio (iii) Maintain the credit rating and financial
keuangan yang dipersyaratkan. ratios required.



e. Proyek alumina (lanjutan) e. Alumina project (continued)
Perjanjian Prioritas Priority Agreement
Pada tanggal 28 September 2011, ICA membuat On September 28, 2011, ICA entered into a
Perjanjian Prioritas dengan JOGMEC, Mizuho, Priority Agreement with JOGMEC, Mizuho, the
Perusahaan, dan SDK yang telah diamandemen Company, and SDK which has been amended
berdasarkan Perjanjian Perubahan dan based on Changes and Restatement
Pernyataan Kembali sehubungan dengan Agreement related to Priority Agreement dated
Perjanjian Prioritas tertanggal 19 Oktober 2018 October 19, 2018 which contains the following
yang memuat ketentuan penting berikut: significant provisions:
- Sampai dengan tanggal dimana kewajiban - Until the date on which the payment
pembayaran semua pokok, bunga dan obligations of all sums of principal, interest
jumlah apapun yang terutang oleh ICA and any other amounts payable by ICA to
kepada Pihak-Pihak Pembiayaan sesuai the Finance Parties pursuant to the
dengan Dokumen-dokumen Pembiayaan Finance Documents have been fully paid,
telah dibayar penuh, JOGMEC tidak boleh JOGMEC may not demand or receive
meminta atau menerima pembayaran dari payment from ICA or its shareholders
ICA maupun dari pemegang saham terkait relating to any claims, and any default
dengan segala klaim, dan pokok bunga yang interest due and owing to JOGMEC under
jatuh tempo dan terutang kepada pihak the JOGMEC Guarantee Entrustment
JOGMEC dibawah JOGMEC Guarantee Agreement (“JOGMEC Subordinated
Entrustment Agreement (“JOGMEC Guarantee Default Interest”), that is of a
Subordinated Guarantee Default Interest”), higher rate than the highest default interest
yang memiliki tingkat bunga yang lebih tinggi rate charged to ICA under the CTA.
daripada yang dikenakan kepada ICA
berdasarkan CTA.
- JOGMEC mengetahui bahwa JOGMEC - JOGMEC acknowledges that the JOGMEC
Subordinated Guarantee Default Interest Subordinated Guarantee Default Interest
harus tunduk kepada semua hak lain dari shall be subordinated to all other rights of
Para Pihak Pembiayaan di bawah Dokumen- the Finance Parties under the Finance
dokumen Pembiayaan. Documents.
- Pelepasan Showa Denko sebagai pihak - Discharge of SDK as part of parties on
dalam Perjanjian Prioritas awal (sebelum previous Priority Agreement (before
amandemen) amandment)
f. Peraturan kehutanan f. Forestry regulation

Pada tanggal 8 Juni 2016, Kementerian On June 8, 2016, the Ministry of Forestry issued
Kehutanan mengeluarkan Peraturan Menteri No. Ministerial Regulation No.
P.27/Menlhk/Setjen/Kum.1/7/2018 tentang P.27/Menlhk/Setjen/Kum.1/7/2018 concerning
Pedoman Pinjam Pakai Kawasan Hutan. Lease Guidelines of Forest Areas. Based on
Berdasarkan peraturan ini, perusahaan dapat this regulation, companies can be granted
diberikan izin penggunaan kawasan hutan forest area use permits (“IPPKH”) at the same
(“IPPKH”) paling lama sama dengan jangka time as the Company’s mining permit period for
waktu perizinan pertambangan perusahaan untuk mining exploration and production operations
kegiatan eksplorasi dan operasi produksi including facilities and infrastructure in forest
pertambangan termasuk pertambangan mineral areas if fulfilling a number of specified
dan batubara termasuk sarana dan prasarana requirements. IPPKH is granted for 2 (two)
pada kawasan hutan jika memenuhi sejumlah years for further exploration activities in the
persyaratan yang ditentukan. IPPKH diberikan production operation stage. One of the most
selama 2 (dua) tahun untuk kegiatan eksplorasi significant requirements, depending on the
lanjutan pada tahap operasi produksi. Salah satu location and purpose of the activities to be
persyaratan yang paling signifikan, tergantung carried out in the forest area, is the Company's
pada letak dan tujuan dari kegiatan yang akan obligation to provide replacement land or pay
dilakukan dalam kawasan hutan, adalah Non-Tax State Revenues ("PNBP") for trade
kewajiban perusahaan untuk memberikan lahan production operations.
pengganti atau membayar Penerimaan Negara
Bukan Pajak (“PNBP”) untuk kegiatan operasi
produksi perdagangan.

Re


f. Peraturan kehutanan (lanjutan) f. Forestry regulation (continued)
Pada tanggal 31 Desember 2018, Grup telah As at December 31, 2018, the Group has
melaksanakan ketentuan-ketentuan dalam implemented the requirements of this regulation
peraturan ini dan manajemen berkeyakinan and management believes that this regulation
bahwa peraturan ini tidak berdampak signifikan does not have a significant impact on the
terhadap operasi Grup. Group’s operations.
g. UU Minerba g. Mining Law
Pada tanggal 12 Januari 2009, Pemerintah On January 12, 2009, the Government of the
Republik Indonesia menerbitkan UU Minerba Republic of Indonesia issued a Mining Law
yang memuat ketentuan mengenai adanya containing certain provisions relating to the
kewajiban untuk memasok pasar dalam negeri, obligation to supply the domestic markets,
pembatasan luas kegiatan eksplorasi dan operasi limitations in the mining exploration area and
produksi pertambangan, kewajiban production activities and the requirement to
pembangunan fasilitas pengolahan dan build processing and refinery facilities within five
pemurnian di dalam negeri dalam jangka waktu years or up to 2014.
lima tahun atau sampai dengan tahun 2014.
Pada tanggal 1 Februari 2010, Pemerintah On February 1, 2010, the Government of the
Republik Indonesia telah menerbitkan PP No. 23 Republic of Indonesia issued the GR No. 23 Year
Tahun 2010, sebagaimana diubah oleh PP No. 1 2010, as lastly amended by GR No. 1 Year 2017
Tahun 2017 dan terakhir oleh PP No. 08 Tahun and GR No. 08 Year 2018, regarding the
2018, tentang Pelaksanaan Kegiatan Usaha Implementation of Mineral and Coal Business
Pertambangan Mineral dan Batubara (“PP No. Activities (“GR No. 1/2017”).
1/2017”).
PP No. 1/2017 antara lain mengatur tentang hal- GR No. 1/2017 regulates, among others, the
hal berikut: following matters:
- Mengubah jangka waktu permohonan - Change of the period for IUP and Special
perpanjangan IUP dan Izin Usaha Mining Business Permit (“IUPK”) extensions
Pertambangan Khusus (“IUPK”) menjadi to become five years prior to expiration of
paling cepat lima tahun sebelum berakhirnya the IUP/IUPK;
jangka waktu IUP/IUPK;
- Mengubah ketentuan tentang divestasi - Change of the provision regarding share
saham hingga 51% secara bertahap; divestment in stages up to 51%;
- Mengatur tentang penetapan harga patokan - The determination of benchmark prices in
untuk penjualan mineral dan batubara; the sales of minerals and coal;
- Menghapus ketentuan bahwa pemegang KK - Removal of provision which allows CoW
yang telah melakukan pemurnian dapat holders performing smelting activities to
melakukan penjualan hasil pengolahan export their products in certain quantities
dalam jumlah dan waktu tertentu; dan and periods; and
- Mengatur bahwa tatacara pelaksanaan - The stipulation that provisions for increasing
peningkatan nilai tambah dan penjualan added value of minerals and export sales of
ekspor mineral akan diatur lebih lanjut minerals shall be governed by Regulation of
dengan Peraturan Menteri. the Minister.



g. UU Minerba (lanjutan) g. Mining Law (continued)
Pemerintah telah menerbitkan Peraturan ESDM The Government has issued Ministry of Energy
No. 25 Tahun 2018 tentang Pengusahaan and Mineral Resources (“MoEMR”) Regulation
Pertambangan Mineral dan Batubara (”PerMen No. 25 of 2018 concerning Concession of
ESDM No. 25/2018”) sebagaimana diubah oleh Mineral and Coal Mining ("MoEMR No.
Peraturan Menteri Energi dan Sumber Daya 25/2018") as amended by Regulation of the
Mineral No. 50 Tahun 2018 yang mencabut Ministry of Energy and Mineral Resources No.
Peraturan Menteri Energi dan Sumber Daya 50 of 2018 which revokes Regulation of the
Mineral No. 5 Tahun 2017 (“PerMen ESDM No. Ministry of Energy and Mineral Resources No. 5
5/2017”) sebagaimana diubah terakhir oleh of 2017 ("MoEMR No. 5/2017") as last
Peraturan Menteri Energi dan Sumber Daya amended by Regulation of the Ministry of
Mineral No. 28 Tahun 2017 (“PerMen ESDM No. Energy and Mineral Resources No. 28 of 2017
28/2017”) tanggal 30 Maret 2017 mengenai ("MoEMR Resources No. 28/2017") dated
“Peningkatan Nilai Tambah Mineral melalui March 30, 2017 regarding "Increased Value of
Kegiatan Pengolahan dan Pemurnian Mineral di Mineral Additives through Mineral Processing
dalam Negeri”, dan Peraturan Menteri Energi dan and Purification Activities in the Country", and
Sumber Daya Mineral No. 6 Tahun 2017 Regulation of the Ministry of Energy and
(“PerMen ESDM No. 6/2017”) sebagaimana Mineral Resources No. 6 of 2017 ("MoEMR No.
diubah terakhir oleh Peraturan Menteri Energi 6/2017") as last amended by Regulation of the
dan Sumber Daya Mineral No. 35 Tahun 2017 Ministry of Energy and Mineral Resources No.
(“PerMen ESDM No. 35/2017”) tanggal 15 Mei 35 of 2017 ("MoEMR No. 35/2017") dated May
2017 mengenai “Tata Cara dan Persyaratan 15, 2017 concerning "Procedures and
Pemberian Rekomendasi Pelaksanaan Penjualan Requirements for Giving Recommendations for
Mineral ke Luar Negeri Hasil Pengolahan dan the Implementation of Overseas Mineral Sales
Permurnian”. Processed and Purified".
Pada tanggal 19 Februari 2018, Pemerintah On February 19, 2018, the Government
mencabut PerMen ESDM No.15/2017 dan revoked the MoEMR Regulation No. 15/2017
menetapkan PerMen ESDM No. 11/2018 tentang and stipulated Ministerial Regulation No.
Tata Cara Pemberian Wilayah, Perizinan, dan 11/2018 concerning Procedures for the
Pelaporan pada Kegiatan Usaha Pertambangan Granting Territory, Licensing and Reporting on
Mineral dan Batubara, sebagaimana terakhir the Business Activity of Mineral and Coal
diubah oleh Peraturan Menteri No. 51/2018 Mining Business Activities, as last amended by
tentang Perubahan atas Peraturan Menteri No. Ministerial Regulation No. 51/2018 concerning
11/2018. Amendment to Ministerial Regulation No.
11/2018.
Sampai dengan tanggal 31 Desember 2018, As at December 31, 2018, management is

manajemen terus memonitor perkembangan closely monitoring the progress of implementing
peraturan pelaksana UU Minerba secara ketat regulations for the Mining Law and is in the
dan masih dalam proses menganalisa dampak process of analysing the impact, if any, of the
dari UU Minerba terhadap Perusahaan, jika ada, Mining Law on the Company when these
pada saat peraturan-peraturan pelaksanaan ini implementing regulations are issued.
diterbitkan.

Re


h. Proyek Pembangunan Pabrik Feronikel h. East Halmahera Ferronickel Plant

Halmahera Timur Construction Project
Perusahaan telah menandatangani perjanjian The Company has entered into an agreement
terkait proyek P3FH untuk meningkatkan related to the P3FH project to increase the
kapasitas produksi feronikel perusahaan dengan efficiency of the ferronickel plant with the
rincian sebagai berikut: following details:
Pada tanggal 21 Desember 2016, Perusahaan On December 21, 2016, the Company with the
dengan Konsorsium Wika dan Kawasaki Heavy Unincorporated Consortium of Wika and
Industries, Ltd. menandatangani perjanjian terkait Kawasaki Heavy Industries, Ltd. entered into an
dengan engineering, pengadaan dan agreement for the latter related to the
pembangunan Pabrik Feronikel Halmahera Timur engineering, procurement and construction of
tahap I dengan kapasitas produksi 13.500 North Halmahera Ferronickel Plant phase I with
ton/tahun dengan nilai kontrak sebesar production capacity 13,500 tonnage/year with
Rp3.421.425.000. Perjanjian tersebut berlaku the contract amount Rp3,421,425,000. The
efektif mulai tanggal 31 Januari 2017. agreement is effective from January 31, 2017.
i. PerMen ESDM No. 7/2017 i. MoEMR Regulation No. 7/2017
PerMen ESDM No. 7/2017 yang terakhir diubah MoEMR No. 7/2017 which was last amended by
oleh PerMen No. 19/2018 merupakan perubahan PerMen No. 19/2018 is a change to the MoEMR
atas PerMen ESDM No. 17 Tahun 2010. Regulation No. 17/2010.
PerMen ESDM No. 7/2017 mengatur bahwa MoEMR Regulation No. 7/2017 regulates that
Harga Patokan Mineral Logam (“HPM”) dan Metal Mineral Benchmark Prices (“HPM”) and
Harga Patokan Batubara (“HPB”) harus dijadikan the Coal Benchmark Prices (“HPB”) should be
acuan bagi pemegang IUP/IUPK dan juga oleh used as a reference by holders of IUP/IUPK
Pemegang KK dan Perjanjian Karya and also parties to the CoW and Coal Contract
Pengusahaan Pertambangan Batubara dalam of Work for the sales of produced mineral/coal
menjual mineral/batubara yang diproduksi (including the sale to affiliates) both for export
(termasuk penjualan ke afiliasi) baik ekspor and domestic sales.
maupun dalam negeri.
HPM dan HPB ditetapkan oleh Direktur Jenderal HPM and HPB are determined by the Director
setiap bulannya berdasarkan mekanisme pasar General on a monthly basis pursuant to market
dan/atau sesuai dengan harga yang berlaku mechanisms or in accordance with prices
umum di pasar internasional dan merupakan generally applicable in the international market
harga batas bawah dalam perhitungan kewajiban which represent a floor price in the calculation
royalti. of royalty obligation.
Berdasarkan PerMen ESDM No. 7/2017, HPM Based on MoEMR Regulation No. 7/2017, HPM
dan HPB dihitung dalam mata uang Rupiah atau and HPB are calculated in Rupiah or US Dollar.
Dolar AS. Penentuan HPM dan HPB mengacu The determination of HPM and HPB follows the
pada formula HPM dan HPB yang formula of HPM and HPB which consider
mempertimbangkan berbagai variabel yang various factors, including but not limited to
antara lain meliputi namun tidak terbatas pada Mineral Prices Reference (“HMA”) and Coal
Harga Mineral Acuan (“HMA”) dan Harga Prices Reference (“HBA”). If the HMA and HBA
Batubara Acuan (“HBA”). Apabila HMA dan HBA have not been determined in the current month,
belum ditentukan pada bulan berjalan, maka the sales are made based on the HMA and
penjualan dilakukan berdasarkan HMA/HBA HBA of the preceding month.
bulan sebelumnya.
Manajemen berkeyakinan bahwa PerMen ESDM Management believes that the MoEMR
No. 7/2017 ini tidak berdampak signifikan Regulation No. 7/2017 does not have a
terhadap kegiatan usaha Grup. significant impact on the Group’s business
operations.



j. Peraturan mengenai peningkatan nilai tambah j. Regulation of increase in value-add from

mineral minerals
Pada tanggal 30 April 2018, PerMen ESDM No. On April 30, 2018, MoEMR Regulation No.
25/2018, diterbitkan sebagai peraturan 25/2018, was issued as an implementation
implementasi dari PP No. 1/2017. regulation of GR No. 1/2017.
Beberapa ketentuan penting dari peraturan ini Several key provisions of this regulation among
antara lain adalah sebagai berikut: others are as follows:
- Pemegang IUP Operasi Produksi (“IUP OP”), - Holders of IUP for Operation Production
IUPK OP, IUP OP khusus pengolahan (“IUP OP”), IUPK OP, IUP OP especially
dan/atau pemurnian wajib melakukan for processing and refinery are required to
pengolahan dan pemurnian hasil carry out the processing and refining of
penambangan sesuai batasan minimum mining products within the minimum limits
pengolahan dan/atau pemurnian. of processing and/or refinery.
- Pelaksanaan pengolahan dan pemurnian - The processing and refining process can
hasil penambangan dapat dilakukan sendiri be done independently or in cooperation
atau bekerjasama. with other parties.
- Pemegang IUP OP atau IUPK OP dapat - Holders of IUP OP or IUPK OP can sell
melakukan penjualan nikel dengan kadar <1.7% nickel or bauxite which has been
<1,7% atau bauksit yang telah dilakukan washed with a level of Al2O3 > 42% abroad
pencucian (washed bauxite) dengan kadar in a certain amount no later than January
Al2O3 > 42% ke luar negeri dalam jumlah 11, 2022, under these conditions:
tertentu paling lama sampai dengan tanggal
11 Januari 2022, dengan ketentuan:
a. Telah membangun fasilitas pemurnian; a. The holder has built a purification
dan facility; and
b. Membayar bea keluar. b. Pay the export duty.
- Pemegang KK Mineral Logam, IUP OP, IUPK - Holders of Mineral CoW, IUP OP, IUPK
OP, IUP OP khusus pengolahan dan/atau OP, IUP OP especially for processing
pemurnian, dan atau pihak lain dapat and/or refinery can export concentrate for a
melakukan penjualan konsentrat ke luar period 5 years from January 11, 2017 if
negeri untuk 5 tahun kedepan sejak 11 they meet certain requirements, as follows:
Januari 2017 jika memenuhi syarat tertentu, the holder is willing to change the form of
yaitu bersedia untuk mengubah KK menjadi their mining business from CoW into IUPK
IUPK OP (khusus untuk pemegang KK), OP (specific requirement for CoW holders),
memberikan komitmen pembangunan provide a commitment to build a refining
smelter dan membayar bea keluar sesuai facility and to pay export duties under the
dengan peraturan yang berlaku. prevailing laws and regulation.
- Penjualan ke luar negeri hanya dapat - Export can only be done after an export
dilakukan setelah mendapatkan rekomendasi recommendation from the MoEMR is
persetujuan ekspor dari Menteri ESDM. obtained.
Manajemen telah melakukan evaluasi atas Management has assessed the provisions in
ketentuan yang ada pada PerMen ESDM No. the MoEMR Regulation No. 25/2018 and is of
25/2018 dan berpendapat bahwa peraturan ini the opinion that this regulation will have a
akan berdampak positif terhadap kinerja positive impact on the financial performance of
keuangan Grup karena berdasarkan evaluasi the Group because, based on management’s
yang dilakukan oleh manajemen, Grup akan assessment, the Group will be able to meet the
dapat memenuhi persyaratan-persyaratan yang requirements stipulated in the MoEMR
diatur dalam PerMen ESDM No. 25/2018. Regulation No. 25/2018.

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k. Reklamasi tambang dan penutupan tambang k. Mine reclamation and mine closure
Pada tanggal 20 Desember 2010, Pemerintah On December 20, 2010, the Government of the
Republik Indonesia menerbitkan PP No. 78 yang Republic of Indonesia issued GR No. 78 which
mengatur tentang reklamasi dan kegiatan deals with reclamation and post-mining
pascatambang baik untuk pemegang IUP- activities for both IUP Exploration and IUP OP
Eksplorasi maupun IUP OP. Pemegang IUP holders. An IUP Exploration holder must,
Eksplorasi diwajibkan antara lain untuk among other requirements, include a
menyertakan rencana reklamasi dalam rencana reclamation plan in its exploration work plan
kerja dan anggaran eksplorasi dan menyediakan and budget and provide a reclamation
jaminan reklamasi dalam bentuk deposito guarantee in the form of a time deposit placed
berjangka yang ditempatkan pada bank milik at a state-owned bank.
Pemerintah.
Pada tanggal 2 Mei 2018, Pemerintah Republik On May 2, 2018, the Government of the
Indonesia menerbitkan Peraturan Menteri No. Republic of Indonesia issued Ministerial
26/2018 (“PerMen 26/2018”) tentang Kaidah Regulation No. 26/2018 (“PerMen 26/2018”)
Pelaksanaan Pertambangan Yang Baik dan concerning the Rules for the Implementation of
Pengawasan Pertambangan Mineral dan Good Mining and Supervision of Mineral and
Batubara yang antara lain mengatur aktivitas Coal Mining, which among other matters
reklamasi dan pascatambang untuk perusahaan regulates reclamation and post-mining activities
penambangan batubara dan mineral. Kemudian, for coal and mineral mining companies.
Pemerintah Republik Indonesia menerbitkan Subsequently, the Government of the Republic
Keputusan Menteri ESDM No. of Indonesia issued MoEMR Decree
1827K/30/MEM/2018 tentang Pedoman Kaidah No.1827K/30/ MEM/2008 concerning
Teknik Pelaksanaan Pertambangan Yang Baik. Guidelines for the Practice of Good Mining
Practices.
PerMen No. 26/2018 mengatur bahwa pemegang Ministerial Regulation No. 26/2018 stipulates
IUP OP diharuskan untuk memberikan jaminan that an IUP OP holder is required to provide a
reklamasi yang dapat berupa rekening bersama reclamation guarantee, which may be in the
atau deposito berjangka yang ditempatkan pada form of a joint account or time deposit placed at
bank milik Pemerintah, bank garansi atau a state-owned bank, a bank guarantee or an
cadangan akuntansi (jika memenuhi syarat). accounting reserve (if eligible). A reclamation
Jaminan reklamasi dalam bentuk cadangan guarantee in the form of an accounting reserve
akuntansi diperbolehkan bagi perusahaan can be provided by a mining company if the
pertambangan jika memenuhi kriteria berikut: following criteria are met:
x Terdaftar di IDX dan telah menempatkan x Registered on IDX and has placed more
lebih dari 40% dari total saham yang dimiliki; than 40% from total owned stock; and
dan
x Telah menerbitkan modal saham tidak x Has an issued share capital of not less
kurang dari AS$50.000.000 sesuai dengan than US$50,000,000 as stated in the
yang dinyatakan pada akta notaris. notarial deed.
Kewajiban untuk menyediakan jaminan reklamasi The requirement to provide reclamation and
dan jaminan pascatambang tidak membebaskan post-mine guarantees does not release the IUP
pemegang IUP dari kewajiban untuk melakukan holder from the requirement to perform
reklamasi dan kegiatan pascatambang. reclamation and post-mine activities.



k. Reklamasi tambang dan penutupan tambang k. Mine reclamation and mine closure
Berdasarkan peraturan ini, Perusahaan tidak lagi Based on this regulation, the Company is no
memenuhi kriteria untuk menyediakan jaminan longer eligible to provide a reclamation
reklamasi dalam bentuk cadangan akuntansi. guarantee in the form of an accounting reserve.
telah menempatkan jaminan reklamasi dalam placed reclamation guarantees in the form of
bentuk bank garansi, seperti yang disyaratkan bank guarantees, as required by Ministerial
oleh PerMen 7/2014, dengan rincian tiap wilayah Regulation 7/2014, with details for each area as
x UBPN Maluku Utara: total jaminan reklamasi x UBPN North Maluku: total reclamation
untuk tahun 2018 dengan nilai Rp5.311.761. guarantee amounting to Rp5,311,761 for
the year 2018.
x UBPN Sulawesi Tenggara: total jaminan x UBPN Southeast Sulawesi: total
reklamasi untuk tahun 2018 dengan nilai reclamation guarantee amounting to
Rp9.863.821. Rp9,863,821 for the year 2018.
x UBPB Tayan: total jaminan reklamasi untuk x UBPB Tayan: total reclamation guarantee
tahun 2018 dengan nilai Rp2.971.283. amounting to Rp2,971,283 for the year
2018.
x UBPE Pongkor: total jaminan reklamasi x UBPE Pongkor: total reclamation
untuk tahun 2018 dengan nilai Rp1.135.971. guarantee amounting to Rp1,135,971 for
the year 2018.
x CSD: total jaminan reklamasi untuk tahun x CSD: total reclamation guarantee
2018 dengan nilai Rp14.055.797. amounting to Rp14,055,797 for the year
2018.
x CTSP: total jaminan reklamasi untuk tahun x CTSP: total reclamation guarantee
2018 dengan nilai Rp897.520. amounting to Rp897,520 for the year 2018.
l. Perolehan investasi di NHM l. Acquiring interest in NHM
Pada tanggal 20 Desember 2012, Perusahaan On December 20, 2012, the Company acquired
menambah kepemilikannya di NHM sebesar a 7.5% additional interest in NHM, increasing
7,5%, sehingga kepemilikan Perusahaan naik the total interest held to 25%. Based on the
menjadi sebesar 25%. Berdasarkan Conditional Conditional Sale and Purchase Agreement, the
Sale and Purchase Agreement, jumlah yang consideration for the additional interest acquired
harus dibayarkan atas tambahan kepemilikan ini was US$130,000,000 with an additional
adalah sebesar AS$130.000.000 dan tambahan US$30,000,000 (contingent purchase price),
sebesar AS$30.000.000 (harga pembelian payable subject to a further 1 million ounces
kontinjensi), yang akan dibayarkan apabila (unaudited) of additional gold resources
terdapat tambahan sumber daya emas (terkira (indicated and/or measured) being defined up to
dan/atau terukur) sebesar 1 juta ons (tidak December 31, 2017, based on the JORC report
diaudit) sampai dengan tanggal 31 Desember issued by an independent consultant.
2017, berdasarkan laporan JORC yang
dikeluarkan oleh konsultan independen.
Pada tanggal 31 Desember 2013, Perusahaan As at December 31, 2013, the Company had
menilai kembali kemungkinan tambahan sumber reassessed the probability of additional gold
daya emas di NHM yang dilakukan oleh Competent resources being defined for NHM through an
Person berdasarkan JORC Code. Berdasarkan assessment by a Competent Person based on
penilaian tersebut, terdapat potensi tambahan the JORC Code. Based on the assessment,
sedikitnya 500.000 ons emas (tidak diaudit) di area there is at least a potential 500,000 ounces
konsesi NHM. Berdasarkan estimasi tersebut, (unaudited) of additional gold resources in NHM
Perusahaan mengakui harga pembelian kontinjensi concession areas. Based on this estimate, the
sebesar AS$15.000.000 atau setara dengan Company has recognised a contingent
Rp182.835.000 yang dicatat sebagai liabilitas purchase price amounting to US$15,000,000 or
jangka panjang lainnya di laporan posisi keuangan equivalent to Rp182,835,000 which was
konsolidasian di tahun 2013. recorded as other non-current liabilities in the
consolidated statement of financial position in
2013.

Re


l. Perolehan investasi di NHM (lanjutan) l. Acquiring interest in NHM (continued)
Pada tanggal 30 Maret 2015, seperti yang On March 30, 2015, as stated by Newcrest
dinyatakan oleh Newcrest Singapore Holdings Pte., Singapore Holdings Pte., Ltd the potential of
Ltd potensi penambahan sumber daya emas di additional gold resources in NHM’s concession
wilayah konsensi NHM pada tanggal 31 Desember area as at December 31, 2014 was 480,000
2014 adalah 480.000 ons emas (tidak diaudit). ounces (unaudited). The Company recognised
Pada tanggal 31 Desember 2015, Perusahaan the decline in the contingent liability so that as
telah mengakui penurunan pada kewajiban at December 31, 2015, the recorded contingent
kontinjensi menjadi AS$14.400.000 atau setara liability became US$14,400,000 or equivalent to
dengan Rp194.410.345. Rp194,410,345.
Pada tanggal 30 Maret 2016, Perusahaan telah On March 30, 2016, the Company entered into
menandatangani amandemen atas Conditional an amendment of the Conditional Sale and
Sale and Purchase Agreement. Berdasarkan Purchase Agreement. Based on the
amandemen perjanjian tersebut, harga pembelian amendment of the agreement, the contingent
kontinjensi dirubah menjadi sebesar purchase price was amended to
AS$20.000.000 yang akan dibayarkan apabila US$20,000,000 payable subject to a further
terdapat tambahan sumber daya emas (terkira 2.445 million ounces of additional gold
dan/atau terukur) sebesar 2,445 juta ons, resources (indicated and/or measured), based
berdasarkan laporan JORC yang dikeluarkan oleh on the JORC report issued by an independent
konsultan independen. consultant.
Perubahan harga pembelian kontinjensi Changes in the contingent purchase prices

berdasarkan amandemen atas Conditional Sale based on the amendment of the Conditional
and Purchase Agreement adalah sebagai berikut: Sale and Purchase Agreement are as follows:
x Tahun 2012: AS$30/ons x Year 2012: US$30/ounce

x Tahun 2013: AS$22,5/ons x Year 2013: US$22.5/ounce
x Tahun 2014: AS$22,5/ons x Year 2014: US$22.5/ounce
m. Fasilitas letter of credit dari Mandiri dan BRI m. Letter of credit facility from Mandiri dan BRI
Perusahaan memperoleh fasilitas letter of credit The Company obtained a letter of credit
dari Mandiri dan BRI dengan batas maksimum facilities from Mandiri and BRI with maximum
sebesar masing-masing AS$200.000.000. credit from each amounting to US$200,000,000.
Pada tanggal 31 Desember 2018, jumlah yang As at December 31, 2018, the outstanding
digunakan dari fasilitas ini adalah masing-masing amounts from these facilities are US$1,792,778
sebesar AS$1.792.778 dan AS$1.057.214. and US$1,057,214, respectively.



n. Heads of Agreement (HoA) antara Perusahaan n. Heads of Agreement (HoA) between the
dengan Newcrest Mining Ltd Company and Newcrest Mining Ltd
Pada tanggal 16 November 2015, Perusahaan On November 16, 2015, the Company entered
telah menandatangani Perjanjian Pendahuluan into a Heads of Agreement of Cooperation with
yang memuat kesepakatan kerjasama dengan Newcrest Mining Limited (“Newcrest”) for the
Newcrest Mining Limited (“Newcrest”) untuk identification of opportunities and development
mengidentifikasi peluang dan pengembangan of gold and associated minerals exploration in
potensi pertambangan emas dan eksplorasi several new prospective areas in Indonesia.
mineral pengikutnya pada beberapa area The areas covered in the agreement between
prospektif baru di Indonesia. Kerjasama antara the Company and Newcrest are West Java,
Perusahaan dan Newcrest tersebut mencakup East Java, South Sumatra, Nusa Tenggara,
area di Jawa Barat, Jawa Timur, Sumatera North Sulawesi, Halmahera and Maluku Islands.
Selatan, Nusa Tenggara, Sulawesi Utara dan Under the cooperation, the Company and
Kepulauan Halmahera dan Maluku. Melalui Newcrest agree to share information related to
kerjasama ini, Perusahaan dan Newcrest akan the technical, economic, legal and commercial
saling berbagi informasi yang terkait dengan feasibility of the opportunities within the agreed
kelayakan teknis, ekonomi, hukum dan komersial area for further exploration and potential
atas peluang proyek dalam area aliansi untuk development and future mining of gold and
eksplorasi dan pengembangan potensi lebih associated minerals.
lanjut serta pertambangan emas dan mineral
pengikutnya di masa depan.
Pada tanggal 6 November 2016, Perusahaan telah On November 6, 2016, the Company has
menandatangani Strategic Alliance Agreement entered Strategic Alliance Agreement (“SAA”)
(“SAA”) dengan Newcrest. SAA mengatur with Newcrest. SAA stipulates the agreement in
kerjasama secara lebih rinci, termasuk mengenai more detail, including establishment of an entity
pembentukan perusahaan yang akan digunakan to be jointly used by the Company and
bersama oleh Perusahaan dan Newcrest untuk ikut Newcrest to participate in the IUP auction
serta dalam proses lelang IUP. process.
o. Perjanjian pembelian bahan bakar dengan o. Fuel purchase agreement with Pertamina
Pertamina
Pada tanggal 1 Juni 2017, Perusahaan, On June 1, 2017, the Company entered into a
mengadakan perjanjian dengan Pertamina untuk fuel purchase agreement with Pertamina for the
periode 1 Juni 2017 hingga 31 Mei 2020. Harga period from June 1, 2017 to May 31, 2020. The
bahan bakar adalah harga pasar pada tanggal fuel price was based on the price published at
serah terima bahan bakar dari Pertamina kepada the date of the fuel handover from Pertamina to
Perusahaan. the Company.
Pada tahun yang berakhir 31 Desember 2018, For the year ended December 31, 2018, the fuel
jumlah pembelian bahan bakar dari Pertamina purchased from Pertamina amounted to
adalah Rp908.745.024 (2017: Rp591.892.126). Rp908,745,024 (2017: Rp591,892,126).

Re


p. Permasalahan hukum dengan PT Perusahaan p. Legal case with PT Perusahaan Toradja

Toradja
Pada tanggal 24 Februari 2017, Perusahaan On February 24, 2017, the Company received a
telah menerima gugatan dengan register perkara lawsuit with case registration number
no. 116/Pdt.G/2017/PN JKT.SEL, dengan PT 116/Pdt.G/2017/PN JKT.SEL, with PT
Perusahaan Toradja (“Perto”) (dahulu NV Perto) Perusahaan Toradja (“Perto”) (formerly NV
sebagai Penggugat dan Kementerian BUMN, Perto) as the Plaintiff and SoE Ministry, Energy
Kementerian ESDM dan Kementerian Keuangan and Mineral Resources Ministry and Finance
sebagai Tergugat II, III dan IV. Inti dari Ministry as Defendants II, III and IV. The
permasalahan gugatan adalah Perto mengklaim essence of the lawsuit is that Perto claims that
bahwa pemerintah melalui PT Nikel Indonesia the government through PT Nikel Indonesia
(sekarang Perusahaan) telah mengambil alih (now the Company) has taken over the mining
usaha pertambangan dan aset Perto di Pomalaa, business and Perto's assets in Pomalaa,
Sulawesi Tenggara dan belum diberikan ganti Southeast Sulawesi and has not been fully
kerugian secara penuh. Pokok gugatannya compensated. The objects of the lawsuit,
antara lain adalah: among others, are the following:
1. Menghukum Para Tergugat untuk memenuhi 1. To sentence the Defendants to fulfill the
hak, mengganti dan/atau membayar total right, to reimburse and/or pay the total of
kerugian materiil Penggugat sebesar the Plaintiff's material losses of
Rp107.889.043.233; Rp107,889,043,233;
2. Membayar nilai kerugian setara 2. Pay the loss amount equivalent to
Rp12.000.000; Rp12,000,000;
3. Menyatakan Sah dan Berharga Sita Jaminan 3. To declare the security seizures set upon
(conservatoir beslag) yang diletakkan the assets of the First Defendant as
terhadap aset-aset Tergugat I; dan legitimate; and
4. Menghukum Tergugat I untuk membayar 4. To sentence Defendant I to pay
sejumlah Rp100.000.000 atas biaya-biaya Rp100,000,000 for the costs incurred in the
yang ditimbulkan dalam Perkara. Case.
Putusan terhadap perkara ini telah dibacakan dan The verdict on this case was read and
memenangkan Perusahaan di bulan Agustus favourable to the Company. The decision in
2018. Adapun amar putusan adalah bahwa August 2018 that the Judge stated that the
Majelis Hakim menyatakan gugatan penggugat plaintiff’s claim could not be accepted (niet
tidak dapat diterima (niet ontvankelijk verklaard) ontvankelijk verklaard) with consideration
dengan pertimbangan karena gugatan penggugat because the plaintiff’s case was ne bis in idem.
ne bis in idem.
Perusahaan menerima pemberitahuan dari The Company has received the notification from
pengadilan bahwa Perto mengajukan banding the court that Perto has appealed against the
dan memori banding terhadap putusan court rulling.
pengadilan.
Perusahaan telah mengajukan kontra memori The Company has filed a counter appeal
banding perkara 116/Pdt.G/2017/PN.JKT.SEL against the case 116/Pdt.G/2017/PN.JKT.SEL
melalui Kepaniteraan Perdata Pengadilan Negeri through the Civil Registry of the South Jakarta
Jakarta Selatan. District Court.



p. Permasalahan hukum dengan PT Perusahaan p. Legal case with PT Perusahaan Toradja

Toradja (lanjutan) (continued)
Manajemen berkeyakinan perkara ini untuk tahap Management believes that this case at the
banding akan dimenangkan oleh Perusahaan appeal stage will be won by the Company
karena gugatan Penggugat seharusnya tidak because the Plaintiff’s lawsuit should not be
diterima dan ditolak disebabkan oleh: granted due to the following reasons:
1. Perkara mengenai permintaan ganti kerugian 1. The case concerning the indemnification
terkait dengan pengambil alihan usaha request related to the business takeover
tersebut sudah pernah disidangkan has been tried before in court proceedings
sebelumnya bahkan telah dilaksanakan and it has even been executed because the
karena gugatan Penggugat tidak dapat Plantiff’s lawsuit cannot be granted (Ne Bis
diterima (Ne Bis in Idem); dan in Idem); and
2. Buku empat dasawarsa Perusahaan yang 2. The Company’s four-decade book serves
menjadi dasar dari Penggugat menyatakan as the basis of the Plaintiff’s claims that the
Perusahaan melakukan pencemaran nama Company is defamatory, but this claim is
baik, namun hal tersebut prematur dan tidak premature and unfounded.
berdasar.
q. Rencana pengusahaan Wilayah Izin Usaha q. Business cooperation of Special Mining

Pertambangan Khusus di blok Bahodopi Business Licence Area in North Bahodopi
Utara dan blok Matarape Utara and Matarape blocks
Perusahaan menerima Surat Penunjukan The Company received Direct Appointment

Langsung No. 1282/30/DJB/2018 tertanggal 1 Letter No. 1282/30/DJB/2018 dated August 1,
Agustus 2018 dan No. 1393/30/DJB/2018 2018, and No. 1393/30/DJB/2018 dated August
tertanggal 21 Agustus 2018 dari Direktur Jendral 21, 2018, from Director of General and Coal, on
Mineral dan Batubara, atas nama Menteri ESDM behalf of the MoEMR, that in principle stipulate
yang pada intinya menyatakan Perusahaan lulus the Company has passed and was directly
dan ditunjuk langsung sebagai pemenang lelang appointed as the winner of the auction for nickel
di blok tambang nikel Bahodopi Utara di block of North Bahodopi in Morowali, Central
Morowali, Sulawesi Tengah, dan blok tambang Sulawesi, and the nickel block of Matarape in
nikel Matarape di Konawe Utara, Sulawesi North Konawe, Southeast Sulawesi.
Tenggara.
Menindaklanjuti surat tersebut, Perusahaan To follow up the letter, the Company made
melakukan pembayaran kepada Pemerintah payments to the Government of the Republic of
Republik Indonesia melalui Sistem Informasi Indonesia through the Online Non-Tax State
PNBP Online (SIMPONI) dengan pembayaran Revenues Information System (SIMPONI)
tagihan kepada Kementerian ESDM untuk payment was made to the MoEMR for the
pembayaran Kompensasi Data Informasi (“KDI”) payment of Compensation for Information Data
atas Wilayah Izin Usaha Pertambangan Khusus (“KDI”) funds on the Special Mining Business
(“WIUPK”) blok Bahodopi Utara dan blok Licence Area (“WIUPK”) to obtain North
Matarape masing-masing sebesar Bahodopi and Matarape blocks, amounted
Rp184.800.000 dan Rp184.050.000, sebagai Rp184,800,000 and Rp184,050,000,
salah satu syarat pengajuan permohonan IUPK respectively, as required to submit request for
Eksplorasi. IUPK Exploration.
Pada tanggal 31 Desember 2018, Kementerian As of December 31, 2018, the MoEMR is yet to
ESDM belum menerbitkan IUPK Eksplorasi atas issue the IUPK Exploration on the WIUPK of
WIUPK blok Bahodopi Utara dan blok Matarape. North Bahodopi and Matarape blocks. The
Perusahaan mencatat pembayaran tersebut pada Company recorded the payment in the
laporan posisi keuangan dalam “aset tidak lancar statement of financial position within “other non-
lain-lain” sampai IUPK Eksplorasi dikeluarkan. current assets” pending for the issuance of the
exploration of IUPK.

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36. ASET DAN LIABILITAS KEUANGAN 36. FINANCIAL ASSETS AND LIABILITIES
Informasi di bawah ini adalah kategori aset dan The information given below relates to the Group’s
liabilitas keuangan dari Grup: financial assets and liabilities by category:
2018
Aset keuangan Liabilitas
yang diukur keuangan yang
pada nilai Liabilitas diukur pada nilai
wajar melalui keuangan wajar melalui
laporan yang diukur laporan
laba rugi/ pada biaya laba rugi/
Financial perolehan Financial
assets diamortisasi/ liabilities
Pinjaman carried at Financial carried at
dan piutang/ fair value liabilities fair value
Loans and through measured at through Jumlah/
receivables profit or loss amortised cost profit or loss Total
Aset keuangan Financial assets

Kas dan setara kas 4,299,068,085 - - - 4,299,068,085 Cash and cash equivalents
Piutang usaha 923,895,620 - - - 923,895,620 Trade receivables
Piutang lain-lain, lancar 51,014,028 - - - 51,014,028 Other receivables, current portion
Kas yang dibatasi penggunaannya 108,355,869 - - - 108,355,869 Restricted cash
Other receivables,
Piutang lain-lain, tidak lancar 455,070,658 - - - 455,070,658 non-current portion
Piutang derivatif - 4,363,484 - - 4,363,484 Derivative receivables
Jumlah 5,837,404,260 4,363,484 - - 5,841,767,744 Total

Utang usaha - - 1,157,990,961 - 1,157,990,961 Trade payables
Beban akrual - - 756,944,297 - 756,944,297 Accrued expenses
Pinjaman bank jangka pendek - - 1,452,000,000 - 1,452,000,000 Short-term bank loan
Liabilitas derivatif - - - 2,620,644 2,620,644 Derivative liabilities
Utang lain-lain - - 435,253,992 - 435,253,992 Other payables
Utang obligasi - - 2,097,852,666 - 2,097,852,666 Bonds payable
Pinjaman investasi - - 6,371,346,539 - 6,371,346,539 Investment loan
Liabilitas jangka panjang lainnya - - 18,180,335 - 18,180,335 Other non-current liabilities
Jumlah - - 12,289,568,790 2,620,644 12,292,189,434 Total
2017
Aset keuangan Liabilitas
yang diukur keuangan yang
pada nilai Liabilitas diukur pada nilai
wajar melalui keuangan wajar melalui
laporan yang diukur laporan
laba rugi/ pada biaya laba rugi/
Financial perolehan Financial
assets diamortisasi/ liabilities
Pinjaman carried at Financial carried at
dan piutang/ fair value liabilities fair value
Loans and through measured at through Jumlah/
receivables profit or loss amortised cost profit or loss Total
Aset keuangan Financial assets

Kas dan setara kas 5,550,677,020 - - - 5,550,677,020 Cash and cash equivalents
Piutang usaha 971,168,156 - - - 971,168,156 Trade receivables
Piutang lain-lain, lancar 406,181,959 - - - 406,181,959 Other receivables, current portion
Kas yang dibatasi penggunaannya 21,570,067 - - - 21,570,067 Restricted cash
- - - Other receivables,
Piutang lain-lain, tidak lancar 1,810,907,131 - - - 1,810,907,131 non-current portion
Jumlah 8,760,504,333 - - - 8,760,504,333 Total

Utang usaha - - 806,385,201 - 806,385,201 Trade payables
Beban akrual - - 388,295,108 - 388,295,108 Accrued expenses
Pinjaman bank jangka pendek - - 2,715,620,000 - 2,715,620,000 Short-term bank loan
Utang lain-lain - - 59,654,341 - 59,654,341 Other payables
Utang obligasi - - 2,996,840,760 - 2,996,840,760 Bonds payable
Pinjaman investasi - - 3,686,454,552 - 3,686,454,552 Investment loan
Liabilitas jangka panjang lainnya - - 3,762,043 - 3,762,043 Other non-current liabilities
Jumlah - - 10,657,012,005 - 10,657,012,005 Total


37. INFORMASI ARUS KAS 37. CASH FLOW INFORMATION

a. Transaksi non-kas a. Non-cash transactions
Tabel di bawah ini menunjukkan transaksi non The below table shows the Group’s non-cash
kas Grup selama tahun berjalan sebagai berikut: transactions during the year as follows:
2018 2017
Kenaikan piutang lain-lain dari Increase in other receivables from

pelepasan saham - 776,429,594 divestment of shares
Acquisition of property, plant
Aset tetap yang berasal dari kenaikan and equipment from
utang usaha 190,187,923 195,662,975 increase of trade payables
Decrease in long-term contingent
Penurunan kewajiban kontinjensi jangka liabilities through decrease
panjang melalui penurunan piutang dividen 5,642,000 13,319,000 in dividend receivables
Capitalisation of borrowing cost to
Kapitalisasi biaya pinjaman menjadi property, plant and equipment,
aset tetap, properti pertambangan mining properties and exploration
dan aset eksplorasi dan evaluasi 8,358,847 23,495,426 and evaluation assets
b. Rekonsiliasi liabilitas yang timbul dari b. Reconciliation of liabilities arising from

aktivitas pendanaan financing activities
Tabel di bawah ini menunjukkan rekonsiliasi The below table sets out a reconciliation of
liabilitas yang timbul dari pendanaan untuk tahun liabilities arising from financing activities for the
yang berakhir 31 Desember 2018 sebagai year ended December 31, 2018 as follows:
berikut:
Perubahan non-kas/
Non-cash changes
Pergerakan
kurs mata Amortisasi Akuisisi
uang asing/ upfront anak
Arus kas Arus kas Foreign fees/ Perusahaan/
Saldo awal/ masuk/ keluar/ exchange Amortised Acquisition Saldo akhir/
Beginning Cash Cash rates upfront of Ending
balance inflows outflows movement fees subsidiary balance
2018 2018
Pinjaman bank 2,715,620,000 4,150,225,894 (5,661,044,581) 247,198,687 - - 1,452,000,000 Bank loans
Utang obligasi 2,996,840,760 - (900,000,000) - 1,011,906 - 2,097,852,666 Bonds payable
Pinjaman investasi 3,686,454,552 2,071,972,675 (601,986,512) 291,407,108 2,334,373 921,164,344 6,371,346,540 Investment loans
Jumlah 9,398,915,312 6,222,198,569 (7,163,031,093) 538,605,795 3,346,279 921,164,344 9,921,199,206 Total
38. MANAJEMEN RISIKO KEUANGAN 38. FINANCIAL RISK MANAGEMENT

Berbagai aktivitas yang dilakukan membuat Grup The Group’s activities expose it to a variety of
menghadapi berbagai macam risiko keuangan, financial risks, including the effects of changes in
termasuk dampak perubahan harga komoditas dan commodity prices and foreign currency exchange
nilai tukar mata uang asing. Program manajemen rates. The Group’s overall risk management
risiko yang dimiliki Grup ditujukan untuk menghadapi program focuses on the unpredictability of financial
ketidakpastian yang dihadapi dalam pasar keuangan markets and seeks to minimise unforeseen effects
dan untuk meminimalkan dampak yang tidak on the financial performance of the Group.
diharapkan pada kinerja keuangan Grup.
Komite Manajemen Risiko, yang berada dibawah Risk Management Committee, under the direction of
Dewan Komisaris, memiliki peran dan tanggung jawab Board of Commissioners, is responsible for
untuk mendukung fungsi pengawasan Dewan supporting the supervisory function of the Board of
Komisaris, mengkaji ulang kerangka kerja manajemen Commissioners, reviewing the risk management
risiko agar selaras dengan tujuan Perusahaan dan framework in order to align it with the Company’s
memastikan efektivitas dari kinerja pelaksanaan objectives and ensuring the effectiveness of risk
manajemen risiko. management implementation performance.
Perusahaan melakukan integrasi dan penyelarasan The Company integrated its risk management
pengelolaan risiko terhadap strategi dan membentuk strategies and established the Task Force
Satuan Kerja Enterprise Risk Management (“ERM”) Enterprise Risk Management (“ERM”) that is directly
yang bertanggung jawab langsung kepada Direksi. responsible to the Board of Directors.

Re

38. MANAJEMEN RISIKO KEUANGAN (lanjutan) 38. FINANCIAL RISK MANAGEMENT (continued)
a. Risiko harga komoditas a. Commodity price risks
Piutang usaha Grup dari penjualan feronikel dan The Group's trade receivables from ferronickel
bijih nikel secara langsung berkaitan dengan and nickel ore sales are directly linked to LME
indeks harga nikel LME. Pada tanggal 31 price index. As at December 31, 2018, if the
Desember 2018, jika harga nikel LME LME nickel price had weakened/strengthened
melemah/menguat sebesar 5% (dengan semua by 5% (assuming all other variables remain
variabel lainnya dianggap tidak berubah), maka unchanged), the profit before income tax of the
laba sebelum pajak penghasilan Grup akan Group would have been lower/higher by
menurun/meningkat sekitar Rp29.163.980 (2017: approximately Rp29,163,980 (2017:
Rp32.759.963). Rp32,759,963).
b. Risiko mata uang dan tingkat suku bunga b. Foreign exchange and interest rate risks
Risiko mata uang Foreign exchange risks
Pendapatan dan posisi kas Grup sebagian besar The Group’s revenue and cash position are
dalam mata uang Dolar AS sedangkan sebagian mostly in US Dollars while most of the Group’s
besar beban operasi Grup dalam mata uang operating expenses are in Indonesian Rupiah.
Rupiah. Grup juga memiliki pinjaman signifikan In addition, the Group also has significant
dalam Dolar AS, maka Grup mempunyai borrowings in US Dollars. Thus, the Group
eksposur risiko melemahnya nilai Rupiah suffers from the negative effect of the
terhadap Dolar AS. Indonesian Rupiah weakening against the US
Dollar.
Pada tanggal 31 Desember 2018, jika nilai tukar As at December 31, 2018, if the Rupiah had
Rupiah melemah/menguat sebesar 5% terhadap weakened/strengthened by 5% against US
mata uang Dolar AS (dengan semua variabel Dollar (assuming all other variables remain
lainnya dianggap tidak berubah), maka laba unchanged), the profit before income tax of the
sebelum pajak penghasilan Grup akan menurun/ Group would have been lower/higher by
meningkat sekitar Rp293.570.533 (2017: approximately Rp293,570,533 (2017:
Rp139.852.614), terutama disebabkan oleh Rp139,852,614), mainly as a result of foreign
kerugian/keuntungan selisih kurs atas penjabaran exchange losses/gains on translation of the US
liabilitas bersih dalam mata uang Dolar AS. Dollar denominated net liabilities.
Risiko suku bunga Interest rate risk
Grup terpapar risiko tingkat bunga arus kas The Group is exposed to cash flow interest rate
terhadap pinjaman dengan suku bunga risks from its floating interest-bearing loan. The
mengambang. Grup menganalisis eksposur Group analyses its interest rate exposure on a
tingkat suku bunga secara dinamis. Berbagai dynamic basis. Various scenarios are simulated
skenario disimulasikan dengan taking into consideration refinancing, renewal of
mempertimbangkan pembiayaan kembali, existing positions, alternative financing and
pembaharuan posisi yang ada, serta alternatif hedging. Based on these scenarios, the Group
pembiayaan dan lindung nilai. Berdasarkan calculates the impact on profit or loss of a
skenario ini, Grup menghitung dampak laba atau defined interest rate shift.
rugi dari pergerakan tingkat suku bunga.
Pada tanggal 31 Desember 2018, jika suku As at December 31, 2018, if the loan interest
bunga pinjaman naik/turun sebesar 0,1% rates had increased/decreased by 0.1%
(dengan semua variabel lainnya dianggap tidak (assuming all other variables remain
berubah), maka laba sebelum pajak penghasilan unchanged), the profit before income tax of the
Grup akan menurun/meningkat sekitar Group would have been lower/higher by
Rp1.260.509 (2017: Rp407.851). approximately Rp1,260,509 (2017: Rp407,851).


b. Risiko mata uang dan tingkat suku bunga b. Foreign exchange and interest rate risks
Risiko suku bunga (lanjutan) Interest rate risk (continued)
Tabel di bawah ini menganalisis liabilitas The table below analyses the Group’s financial
keuangan Grup yang dikelompokkan liabilities into relevant maturity groupings based
berdasarkan periode yang tersisa sampai dengan on the remaining period of the contractual
tanggal jatuh tempo kontraktual. maturity date.
2018
Kurang Lebih dari
dari 1 tahun/ 1 tahun/
Below More than Jumlah/
1 year 1 year Total
Suku bunga mengambang Floating rate
Pinjaman investasi 838,527,055 3,378,874,914 4,217,401,969 Investment loan
2017
Kurang Lebih dari
dari 1 tahun/ 1 tahun/
Below More than Jumlah/
1 year 1 year Total
Suku bunga mengambang Floating rate
Pinjaman investasi 203,220,000 - 203,220,000 Investment loan
c. Risiko kredit c. Credit risk
Risiko kredit adalah risiko bahwa Grup akan Credit risk is the risk that the Group will incur a
mengalami kerugian yang ditimbulkan oleh loss arising from their customers’ or third
pelanggan atau pihak ketiga yang gagal parties’ failure to fulfil their contractual
memenuhi kewajiban kontraktualnya. Tidak ada obligations. There are no significant
konsentrasi risiko kredit yang signifikan. Grup concentrations of credit risk. The Group
mengelola dan mengendalikan risiko kredit manages and controls this credit risk by setting
dengan menetapkan batasan jumlah risiko yang limits on the amount of risk its is willing to
dapat diterima untuk masing-masing pelanggan accept for individual customers and by
dan memantau risiko terkait dengan batasan- monitoring exposures in relation to such limits.
batasan tersebut.
Grup yakin akan kemampuannya untuk terus The Group is confident in their ability to
mengendalikan dan mempertahankan eksposur continue to control and maintain minimal
yang minimal terhadap risiko kredit mengingat exposure to credit risk, since the Group has
Grup memiliki kebijakan yang jelas dalam clear policies on the selection of customers,
pemilihan pelanggan, perjanjian yang mengikat legally binding agreements in place for mineral
secara hukum untuk transaksi penjualan commodity sales transactions and historically
komoditas mineral, dan secara historis low levels of bad debts. The Group’s general
mempunyai piutang usaha bermasalah yang policy for mineral commodity sales to new and
rendah. Kebijakan umum Grup untuk penjualan existing customers is to select customers in a
komoditas mineral kepada pelanggan yang sudah strong financial condition and with a good
ada dan pelanggan baru adalah memilih reputation.
pelanggan dengan kondisi keuangan yang kuat
dan reputasi yang baik.
Eksposur maksimum atas risiko kredit untuk Grup The maximum exposure to credit risk for the
adalah sebesar nilai tercatat dari aset keuangan Group is equal to the carrying value of the
yang tertera pada laporan posisi keuangan financial assets as shown in the consolidated
konsolidasian. statements of financial position.

Re

c. Risiko kredit (lanjutan) c. Credit risk (continued)
Kualitas kredit aset keuangan yang tidak The credit quality of financial assets that are not
mengalami penurunan nilai dapat dinilai dengan impaired can be assessed with reference to
mengacu pada peringkat kredit eksternal sebagai external credit ratings, as follows:
berikut:
2018 2017
Kas di bank Cash in banks

Dengan pihak yang memiliki Counterparties with an external
peringkat kredit eksternal (Fitch) credit rating (Fitch)
AAA 130,479,013 54,617,843 AAA
A+ 12,056,590 11,312,499 A+
A 212,908 64,145 A
A- 9,949,182 - A-
BBB+ 48,238,813 40,907,776 BBB+
200,936,506 106,902,263

kredit eksternal (Pefindo) credit rating (Pefindo)
idAAA 2,327,233,604 1,393,048,260 idAAA
idAA+ 20,716,166 1,878,379 idAA+
idAA 347,848 22,510 idAA
2,348,297,618 1,394,949,149
peringkat kredit eksternal (Moody’s) credit rating (Moody’s)
WR 27,213 - WR
Dengan pihak yang tidak memiliki Counterparties without an

peringkat eksternal 5,389 4,503 external credit rating
Jumlah 2,549,266,726 1,501,855,915 Total
Deposito jangka pendek Short-term time deposits

Dengan pihak yang memiliki peringkat Counterparties with an external
idAAA 1,734,268,977 3,815,300,000 idAAA
idAA+ 15,000,000 - idAA+
idAA - 232,881,699 idAA
Jumlah 1,749,268,977 4,048,181,699 Total
Piutang usaha Trade receivables

Baa1 100,262,737 107,494,163 Baa1
Dengan pihak yang tidak memiliki Counterparties without an external

peringkat kredit eksternal 823,632,883 863,673,993 credit rating
Jumlah 923,895,620 971,168,156 Total
Piutang lain-lain Other receivables

Ba3 455,070,658 740,319,281 Ba3
Dengan pihak yang tidak memiliki Counterparties without an external

peringkat kredit eksternal 51,014,028 1,476,769,809 credit rating
Jumlah 506,084,686 2,217,089,090 Total


c. Risiko kredit (lanjutan) c. Credit risk (continued)
2018 2017
Kas yang dibatasi penggunaannya Restricted cash

Dengan pihak yang memiliki peringkat Counterparties with an external
idAAA 105,568,139 16,863,938 idAAA
idAA - 1,983,968 idAA
Dengan pihak yang tidak memiliki Counterparties without

peringkat eksternal 2,787,730 2,722,161 external credit rating
Jumlah 108,355,869 21,570,067 Total
d. Risiko likuiditas d. Liquidity risk

Pengelolaan risiko likuiditas dilakukan antara lain Prudent liquidity risk management includes
dengan memonitor profil jatuh tempo pinjaman managing the profile of borrowing maturities
dan sumber pendanaan, menjaga saldo and funding sources, maintaining sufficient cash
kecukupan kas dan surat berharga dan kesiapan and marketable securities and the ability to
untuk menjaga posisi pasar. Grup close out market positions. The Group’s ability
mempertahankan kemampuannya untuk to fund their borrowing requirements is
melakukan pembiayaan atas pinjaman yang managed by maintaining diversified funding
dimiliki dengan cara mencari berbagai sumber sources with adequately committed funding
fasilitas pembiayaan yang mengikat dari pemberi lines from high-quality lenders. The Group is
pinjaman yang andal. Grup mempunyai eksposur exposed to liquidity risk on account of their
risiko likuiditas dengan adanya pendanaan bonds and capital loans for their projects.
obligasi dan pinjaman modal untuk
pengembangan proyeknya.
Tanggal jatuh tempo kontraktual dari liabilitas The contractual due date of financial liabilities
keuangan seperti utang usaha, biaya masih such as trade payables, accrued liabilities, other
harus dibayar, utang lain-lain dan pinjaman bank payables and short-term bank loans are less
jangka pendek adalah kurang dari satu tahun, than one year, except for financial liabilities
kecuali untuk liabilitas keuangan seperti utang such as bonds payable and investment loans.
obligasi dan pinjaman investasi. Jumlah yang The amounts disclosed in the below are the
disajikan dalam tabel adalah arus kas yang tidak contractual undiscounted cash flows.
didiskonto.
Jatuh tempo kontraktual liabilitas keuangan (tidak didiskontokan)/
Contractual maturities of financial liabilities (undiscounted)
Antara Antara Antara
Kurang 3 bulan dan 1 dan 2 dan Lebih
dari 1 tahun/ 2 tahun/ 5 tahun/ dari
3 bulan/ Between Between Between 5 tahun/
Less than 3 months 1 and 2 and over Jumlah/
3 months and 1 year 2 years 5 years 5 years Total
2018 2018
Utang usaha 1,157,990,961 - - - - 1,157,990,961 Trade payables
Beban akrual 756,944,297 - - - - 756,944,297 Accrued expenses
Liabilitas derivatif 2,620,644 - - - - 2,620,644 Derivative liabilities
Utang lain-lain 435,253,992 - - - - 435,253,992 Other payables
Pinjaman bank
jangka pendek 1,453,045,850 - - - - 1,453,045,850 Short-term bank loans
Utang obligasi 47,512,500 142,537,500 190,050,000 2,282,131,250 - 2,662,231,250 Bonds payable
Pinjaman investasi 243,446,065 1,129,781,021 2,202,190,409 2,782,864,138 895,522,903 7,253,804,536 Investment loans
Liabilitas jangka Other non-current
panjang lainnya - - 18,180,335 - - 18,180,335 liabilities
Jumlah 4,096,814,309 1,272,318,521 2,410,420,744 5,064,995,388 895,522,903 13,740,071,865 Total
2017 2017
Utang usaha 806,385,201 - - - - 806,385,201 Trade payables
Beban akrual 388,295,108 - - - - 388,295,108 Accrued expenses
Utang lain-lain 59,654,341 - - - - 59,654,341 Other payables
Pinjaman bank
jangka pendek 2,719,772,135 6,353,368 - - - 2,726,125,503 Short-term bank loans
Utang obligasi 66,605,504 1,096,690,776 190,713,077 2,473,665,507 - 3,827,674,864 Bonds payable
Pinjaman investasi 89,580,082 585,029,959 531,022,652 1,685,471,666 1,658,527,635 4,549,631,994 Investment loans
Liabilitas jangka Other non-current
panjang lainnya - - 3,762,043 - - 3,762,043 liabilities
Jumlah 4,130,292,371 1,688,074,103 725,497,772 4,159,137,173 1,658,527,635 12,361,529,054 Total

Re

e. Manajemen risiko permodalan e. Capital risk management
Tujuan Grup mengelola permodalan adalah untuk The Group’s objectives when managing capital
melindungi kemampuannya dalam are to safeguard their ability to continue as a
mempertahankan kelangsungan usaha sehingga going concern in order to provide returns for
Grup dapat tetap memberikan imbal hasil bagi shareholders and benefits for other
pemegang saham dan manfaat bagi pemangku stakeholders and to maintain an optimal capital
kepentingan lainnya dan mempertahankan structure to reduce the cost of capital.
struktur permodalan yang optimal untuk
mengurangi biaya modal.
Untuk mempertahankan atau menyesuaikan In order to maintain or adjust their capital

struktur permodalannya, Grup dapat structure, the Group may adjust the amount of
menyesuaikan jumlah dividen yang dibayar dividends paid to shareholders, issue new
kepada pemegang saham, menerbitkan saham shares or sell assets to reduce debt.
baru atau menjual aset untuk mengurangi
liabilitas.
Konsisten dengan entitas lain dalam industri, Consistent with other entities in the industry, the
Grup memonitor modal dengan dasar rasio utang Group monitors capital on the basis of the debt-
terhadap modal. Rasio ini dihitung dengan to-equity ratio. This ratio is calculated as debt
membagi jumlah utang dengan total modal. divided by total capital. Debt is calculated as
Utang merupakan jumlah liabilitas pada laporan total liabilities as shown in consolidated
posisi keuangan konsolidasian. Modal terdiri dari statements of financial position. Total capital is
seluruh komponen ekuitas yang ada equity as shown in consolidated statements of
sebagaimana jumlah dalam laporan posisi financial position.
keuangan konsolidasian.
Pada tahun yang berakhir 31 Desember 2018 For the years ended December 31, 2018 and
dan 2017, Grup masih mempertahankan 2017, the Group still maintained their strategy,
strateginya yaitu mempertahankan rasio utang that is a maximum debt-to-equity ratio not
terhadap modal tidak melewati 2:1. exceeding 2:1.
Rasio utang terhadap modal pada tanggal 31 The debt-to-equity ratios as at December 31,
Desember 2018 dan 2017 adalah sebagai 2018 and 2017 are as follows:
berikut:
2018 2017
Jumlah liabilitas 13,567,160,084 11,523,869,935 Total liabilities

Jumlah ekuitas 19,739,230,723 18,490,403,517 Total equity
Rasio utang terhadap modal 0.69 0.62 Debt-to-equity ratio
f. Estimasi nilai wajar f. Fair value estimation
Nilai wajar adalah suatu jumlah dimana suatu Fair value is the amount for which an asset
aset dapat dipertukarkan atau suatu liabilitas could be exchanged or liability settled between
diselesaikan antara pihak yang memahami dan knowledgeable and willing parties in an arm's
berkeinginan untuk melakukan transaksi wajar. length transaction.


f. Estimasi nilai wajar (lanjutan) f. Fair value estimation (continued)
PSAK No. 60 “Instrumen Keuangan: SFAS No. 60 “Financial Instruments:

Pengungkapan” mensyaratkan pengungkapan Disclosures” requires the disclosure of fair value
nilai wajar dengan tingkat hierarki nilai wajar measurements by level of the following fair
sebagai berikut: value measurement hierarchy:
x Tingkat 1: harga kuotasian (tidak - Level 1: quoted prices (unadjusted) in
disesuaikan) dalam pasar aktif untuk liabilitas active markets for identical liabilities.
yang identik.
- Level 2: inputs other than quoted prices
x Tingkat 2: input selain harga kuotasian yang included within level 1 that are observable
termasuk dalam tingkat 1 yang dapat for the liability, either directly (as prices) or
diobservasi untuk liabilitas, baik secara indirectly (derived from prices).
langsung (misalnya harga) atau secara tidak
langsung (misalnya derivasi dari harga).
- Level 3: inputs for liabilities that are not
- Tingkat 3: input untuk liabilitas yang bukan based on observable market data
berdasarkan data pasar yang dapat (unobservable inputs).
diobservasi (input yang tidak dapat
diobservasi).
Manajemen berpendapat bahwa nilai tercatat Management considers that the carrying
aset dan liabilitas keuangan lancar yang dicatat amounts of current financial assets and
sebesar biaya perolehan diamortisasi dalam financial liabilities recorded at amortised cost in
laporan keuangan konsolidasian mendekati nilai the consolidated financial statements
wajarnya karena bersifat jangka pendek. approximate their fair values because of their
short term maturities.
39. IKHTISAR PERBEDAAN SIGNIFIKAN ANTARA 39. SUMMARY OF SIGNIFICANT DIFFERENCES

INDONESIA DAN DI AUSTRALIA ACCOUNTING STANDARDS (“FAS”) AND
AUSTRALIAN FAS
Laporan keuangan konsolidasian disusun The consolidated financial statements are prepared
berdasarkan SAK di Indonesia yang dalam hal-hal based on Indonesian FAS which, to some extent,
tertentu berbeda dengan SAK di Australia. Efektif differ from those in Australia (“Australian FAS”).
sejak tanggal 1 Januari 2005, Australia telah Effective from January 1, 2005, Australia has
menerapkan SAK Australia. Perbedaan yang implemented Australian FAS. Significant differences
signifikan antara SAK di Indonesia dan SAK di between Indonesian FAS and Australian FAS which
Australia yang relevan dengan Grup dijelaskan are relevant to the Group are explained as follows:
sebagai berikut:
a) SAK di Indonesia tidak memperkenankan a) Indonesian FAS do not allow amortisation of

amortisasi hak atas tanah kecuali dalam kondisi land-rights, with several exceptions under
tertentu. Pengecualian tersebut dalam hal certain circumstances. These certain
terdapat penurunan kualitas tanah, pemakaian circumstances relate to the impairment of the
tanah di daerah terpencil yang bersifat sementara quality of land, temporary use of land in remote
dan prediksi manajemen atas kepastian areas and management’s assessment that it is
perpanjangan hak kemungkinan besar tidak unlikely to obtain renewal of the land rights.
diperoleh.
Berdasarkan SAK di Australia, hak atas tanah Under Australian FAS, land rights are assessed
ditelaah apabila risiko dan hasil yang terkait if the risks and rewards incidental to the
dengan kepemilikan tanah secara substansi telah ownership of the land are substantially
ditransfer dari lessor kepada lessee dan dapat transferred by the lessor to the lessee and
diklasifikasikan sebagai sewa pembiayaan. SAK would be classified as a capital lease.
di Australia mengharuskan hak atas tanah yang Australian FAS require land rights that are valid
memiliki jangka waktu tertentu, walaupun dapat only for certain periods, although they could be
diperpanjang, harus diamortisasi selama jangka extended, to be amortised over the lease term
waktu hak atas tanah. Dampak amortisasi of the land rights. Impact of amortisation to
terhadap laba rugi konsoldiasian 2018 dan 2017 consolidated profit or loss in 2018 and 2017
masing-masing sebesar Rp228.516.325 dan amounting to Rp228,516,325 and
Rp278.973.970. Rp278,973,970, respectively.

Re


INDONESIA DAN DI AUSTRALIA (lanjutan) ACCOUNTING STANDARDS (“FAS”) AND
AUSTRALIAN FAS (continued)
b) Sejak tanggal 1 Januari 2011, tidak ada b) From January 1, 2011, there is no difference
perbedaan antara SAK di Indonesia dan Australia between Indonesian and Australian FAS in
terkait hal berikut. Sebelum 1 Januari 2011, SAK relation to the below. Prior to January 1, 2011,
di Indonesia memperbolehkan amortisasi goodwill Indonesian FAS allowed goodwill amortisation
dan pengakuan goodwill negatif. Jika imbalan and the recognition of negative goodwill. If the
yang dialihkan lebih rendah daripada nilai wajar cost of acquisition is less than the fair value of
aset neto teridentifikasi entitas yang diakuisisi, the net assets of the subsidiary acquired, the
nilai wajar dari aset nonmoneter dikurangkan fair value on non-monetary assets should be
secara proporsional sampai selisih tereliminasi. reduced proportionately until the difference is
Jika tidak tereliminasi penuh, sisa selisih diakui eliminated. If it is not possible to completely
sebagai goodwill negatif dan diperlakukan eliminate the difference by reducing the fair
sebagai penghasilan yang ditangguhkan dan value of non-monetary assets, the remaining
diamortisasi selama periode tertentu. Sejak 1 difference is recognised as a negative goodwill
Januari 2011, SAK di Indonesia tidak lagi and treated as deferred income and amortised
mengizinkan amortisasi goodwill dan over a certain period. From January 1, 2011,
mengharuskan goodwill negatif yang berasal dari Indonesian FAS no longer permits amortisation
kombinasi bisnis lalu dihentikan pengakuannya of goodwill and requires negative goodwill from
dengan melakukan penyesuaian terhadap saldo prior business combinations to be derecognised
laba awal tanggal 1 Januari 2011. by making an adjustment to the opening
retained earnings as at January 1, 2011.
c) Terdapat perbedaan tahun adopsi berdasarkan c) There are timing differences between FAS in
SAK di Indonesia dan Australia sehubungan Indonesia and Australia in relation to the
dengan PSAK 71 “Instrumen Keuangan” (setara adoption of SFAS 71 “Financial Instruments”
dengan IFRS 9), PSAK 72 “Pendapatan dari (equivalent to IFRS 9), SFAS 72 “Revenue from
Kontrak dengan Pelanggan” (setara dengan IFRS Contract with Customers” (equivalent to IFRS
15) yang berlaku efektif pada tahun buku dimulai 15) which are effective for the financial year
atau setelah 1 Januari 2018 di Australia dan 1 beginning on or after January 1, 2018 in
Januari 2020 di Indonesia dan PSAK 73 “Sewa” Australia and January 1, 2020 in Indonesia and
(setara dengan IFRS 16) yang berlaku efektif SFAS 73 “Leases” (equivalent to IFRS 16)
pada tahun buku dimulai atau setelah 1 Januari which are effective for the financial year
2019 di Australia dan 1 Januari 2020 di beginning on or after January 1, 2019 in
Indonesia. Grup tidak bermaksud untuk Australia and January 1, 2020, in Indonesia.
mengadopsi PSAK 71, PSAK 72 dan PSAK 73 The Group does not intend to adopt SFAS 71,
sebelum tanggal efektifnya untuk keperluan SFAS 72 and SFAS 73 before its effective date
penyusunan laporan keuangan konsolidasian for purposes of preparation of consolidated
berdasarkan SAK di Indonesia. financial statements based on Indonesian FAS.
Dampak dari penerapan IFRS 9 adalah tambahan Impact from implementation of IFRS 9 was
provisi penurunan nilai piutang usaha senilai additional provision of trade receivables
Rp600.291 karena menggunakan metode amounting to Rp600,291 using the expected
expected credit losses. Tidak ada dampak credit losses method. There was no material
material terhadap penerapan IFRS 15. impact related to implementation of IFRS 15.



Grup sedang mengkaji dampak dari standar dan The Group is assessing the impact of these new
interpretasi tersebut untuk keperluan penyusunan standards and interpretations for the purposes of
laporan keuangan konsolidasian berdasarkan SAK di preparation of consolidated financial statements
Australia sebagaimana dijabarkan di bawah ini: based on Australian FAS as set out below:
- PSAK 73 “Sewa” - SFAS 73 “Leases”
PSAK 73 disahkan di September 2017. Hal ini SFAS 73 was issued in September 2017. It will
akan berdampak pada hampir seluruh sewa yang result in almost all leases being recognised on
diakui di laporan posisi keuangan, karena the statement of financial position, as the
perbedaan antara sewa operasi dan pembiayaan distinction between operating and finance
dihapuskan. Dalam standar yang baru, sebuah leases is removed. Under the new standard, an
aset (hak guna atas barang yang disewakan) dan asset (the right to use the leased item) and a
liabilitas keuangan untuk membayar sewa diakui. financial liability to pay rentals are recognised.
Pengecualian hanya terdapat pada sewa jangka The only exceptions are short-term and low-
pendek dan yang bernilai rendah. value leases.
Perlakuan akuntansi untuk pesewa tidak akan The accounting for lessors will not significantly
berbeda secara signifikan. change.
Standar ini akan berdampak utama kepada The standard will affect primarily the accounting
perlakuan akuntansi Grup atas sewa operasi. for the Group’s operating leases. As at the
Pada tanggal pelaporan, Grup memiliki beberapa reporting date, the Group has several non-
komitmen sewa operasi yang tidak dapat cancellable operating lease commitments.
dibatalkan. Namun, Grup belum menentukan However, the Group has not yet determined to
sejauh mana komitmen tersebut akan berdampak what extent these commitments will result in the
kepada pengakuan aset dan liabilitas untuk recognition of an asset and a liability for future
pembayaran di masa depan dan bagaimana hal payments and how this will affect the Group’s
ini akan berdampak kepada laba dan klasifikasi profit and classification of cash flows.
arus kas Grup.
Beberapa komitmen dapat dicakup oleh Some of the commitments may be covered by
pengecualian untuk sewa jangka pendek dan the exception for short-term and low-value
yang bernilai rendah dan beberapa komitmen leases and some commitments may relate to
dapat berhubungan dengan pengaturan yang arrangements that will not qualify as leases
tidak memenuhi syarat sewa dalam PSAK 73. under SFAS 73.
Standar ini juga secara tidak langsung The standard also indirectly addresses the
membahas perlakuan akuntansi untuk pembelian accounting treatment for purchase of land
hak atas tanah. Basis of Conclusion IFRS 16 rights. The Basis of Conclusions of IFRS 16,
menekankan bahwa analisis dilakukan emphasised that the analysis should be based
berdasarkan substansi dari transaksi, bukan on the substance of the transaction, not on its
berdasarkan bentuk hukum, dan standar legal form, and relevant accounting standards
akuntansi yang relevan harus diterapkan dalam should be applied to account such transaction.
mencatat transaksi tersebut. Lebih lanjut, Furthermore, the transfer of control over an
beralihnya pengendalian atas aset merupakan asset is a key consideration in determining
pertimbangan yang penting dalam menentukan whether the transaction is an asset purchase or
apakah transaksi tersebut diklasifikasikan a lease. In most cases, the holders of land
sebagai pembelian aset atau sewa. Dalam rights can resell or pledge as collaterals, or
sebagian besar situasi, pemilik hak atas tanah extension approval by the government is not
dapat menjual kembali atau menggunakan hak substantial. These could indicate that control
atas tanah tersebut sebagai jaminan atau over the land rights was transferred and it could
kolateral, atau pengurusan perpanjangan hak resemble to purchase of land transaction rather
atas tanah tidak substansial. Hal ini dapat than lease of land transaction. SFAS 73
mengindikasikan bahwa pengendalian atas hak provides several transition reliefs which may
atas tanah telah beralih dan menyerupai transaksi impact not only the balances as at inception
pembelian tanah dan bukan transaksi sewa date but also affect the subsequent accounting
tanah. PSAK 73 memberikan beberapa for purchase of land rights.
kebebasan dalam transisi yang dapat
mempengaruhi tidak hanya saldo pada tanggal
awal, tetapi juga pencatatan selanjutnya untuk
pembelian hak atas tanah.

Re


Tabel-tabel berikut ini menyajikan rekonsiliasi The following tables set forth a reconciliation of the
laporan posisi keuangan konsolidasian Grup pada Group’s consolidated statement of financial
tanggal 31 Desember 2018 dan 2017 dan laporan position as at December 31, 2018 and 2017, and
laba rugi dan penghasilan komprehensif lain consolidated statement of profit or loss and other
konsolidasian untuk tahun yang berakhir 31 comprehensive income for the years ended
Desember 2018 dan 2017, untuk setiap kasus antara December 31, 2018 and 2017, in each case
laporan keuangan konsolidasian menurut SAK di between the Indonesian FAS and Australian FAS
Indonesia dan SAK di Australia. consolidated financial statements.
2018 2017
Standar Standar
Akuntansi Akuntansi
Australia/ Australia/
Rekonsiliasi/ Australian Rekonsiliasi/ Australian
IFAS Reconciliation FAS IFAS Reconciliation FAS
ASET ASSETS
ASET LANCAR CURRENT ASSETS

Kas dan setara kas 4,299,068,085 - 4,299,068,085 5,550,677,020 - 5,550,677,020 Cash and cash equivalents
Piutang usaha, bersih Trade receivables, net
- Pihak ketiga 922,789,874 (600,291) 922,189,583 969,035,598 - 969,035,598 Third parties -
- Pihak berelasi 1,105,746 - 1,105,746 2,132,558 - 2,132,558 Related parties -
Piutang lain-lain, bersih 51,014,028 - 51,014,028 406,181,959 - 406,181,959 Other receivables, net
Persediaan, bersih 2,027,731,541 - 2,027,731,541 1,257,785,082 - 1,257,785,082 Inventories, net
Pajak lain-lain 1,083,998,624 - 1,083,998,624 504,991,958 - 504,991,958 Other taxes
Biaya dibayar di muka 24,226,763 - 24,226,763 88,645,395 - 88,645,395 Prepaid expenses
Aset lancar lain-lain 88,507,975 - 88,507,975 222,489,185 - 222,489,185 Other current assets
Jumlah aset lancar 8,498,442,636 (600,291) 8,497,842,345 9,001,938,755 - 9,001,938,755 Total current assets
ASET TIDAK LANCAR NON-CURRENT ASSETS

Kas yang dibatasi
penggunaannya 108,355,869 - 108,355,869 21,570,067 - 21,570,067 Restricted cash
Piutang lain-lain, bersih Other receivables, net
- Pihak ketiga 455,070,658 - 455,070,658 389,426,081 - 389,426,081 Third parties -
- Pihak berelasi - - 1,421,481,050 - 1,421,481,050 Related parties -
Investasi pada entitas
asosiasi, bersih 1,097,162,918 - 1,097,162,918 1,690,633,406 - 1,690,633,406 Investments in associate, net
Investasi pada ventura Investment in a joint
bersama - - 835,350,024 - 835,350,024 venture
Piutang derivatif 4,363,484 - 4,363,484 - - - Derivative receivables
Property, plant and
Aset tetap, bersih 20,128,155,732 (732,153,656) 19,396,002,076 14,092,994,799 (503,638,021) 13,589,356,778 equipment, net
Properti pertambangan 868,955,970 - 868,955,970 933,832,021 - 933,832,021 Mining properties
Aset eksplorasi Exploration and evaluation
dan evaluasi 670,169,961 131,542,782 801,712,743 665,322,451 131,542,782 796,865,233 assets
Biaya tangguhan 100,095,911 - 100,095,911 25,463,937 - 25,463,937 Deferred charges
Pajak dibayar dimuka Prepaid taxes
Pajak penghasilan badan 507,008,558 - 507,008,558 247,306,564 - 247,306,564 Corporate income taxes
Goodwill 101,759,427 11,581,026 113,340,453 101,759,427 11,581,026 113,340,453 Goodwill
Aset pajak tangguhan 220,095,687 78,752,045 298,847,732 306,609,010 21,623,136 328,232,146 Deferred tax assets
Aset tidak lancar lain-lain 546,753,996 - 546,753,996 280,585,860 - 280,585,860 Other non-current assets
Jumlah aset tidak lancar 24,807,948,171 (510,277,803) 24,297,670,368 21,012,334,697 (338,891,077) 20,673,443,620 Total non-current assets
JUMLAH ASET 33,306,390,807 (510,878,094) 32,795,512,713 30,014,273,452 (338,891,077) 29,675,382,375 TOTAL ASSETS



2018 2017
Standar Standar
Akuntansi Akuntansi
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha Trade payables
- Pihak ketiga 429,241,388 - 429,241,388 327,219,276 - 327,219,276 Third parties -
- Pihak berelasi 728,749,573 - 728,749,573 479,165,925 - 479,165,925 Related parties -
Beban akrual 756,944,297 - 756,944,297 388,295,108 - 388,295,108 Accrued expenses
jangka pendek 118,518,440 - 118,518,440 27,736,785 - 27,736,785 benefit liabilities
Utang pajak Taxes payable
- Pajak penghasilan badan 8,405,083 - 8,405,083 162,486 - 162,486 Corporate income taxes -
- Pajak lain-lain 115,414,183 - 115,414,183 36,106,464 - 36,106,464 Other taxes -
Uang muka pelanggan 317,082,067 - 317,082,067 115,294,680 - 115,294,680 Advances from customers
Pinjaman bank
jangka pendek 1,452,000,000 - 1,452,000,000 2,715,620,000 - 2,715,620,000 Short-term bank loans
Liabilitas derivatif 2,620,644 - 2,620,644 - - - Derivative liabilities
Utang obligasi yang jatuh Current maturities
tempo dalam satu tahun - - - 899,594,174 - 899,594,174 of bonds payable
Pinjaman investasi yang jatuh Current maturities
tempo dalam satu tahun 1,121,605,386 - 1,121,605,386 486,103,998 - 486,103,998 of investment loans
Provisi atas pengelolaan
dan reklamasi lingkungan Current maturities of
hidup yang jatuh tempo provision for environmental
dalam satu tahun 25,909,091 - 25,909,091 17,508,398 - 17,508,398 and reclamation costs
Utang lain-lain 435,253,992 (4,449,723) 430,804,269 59,654,341 (4,449,723) 55,204,618 Other payables
Jumlah liabilitas
jangka pendek 5,511,744,144 (4,449,723) 5,507,294,421 5,552,461,635 (4,449,723) 5,548,011,912 Total current liabilities
LIABILITAS JANGKA
PANJANG NON-CURRENT LIABILITIES
Utang obligasi setelah
dikurangi bagian yang jatuh Bonds payable
tempo dalam satu tahun 2,097,852,666 - 2,097,852,666 2,097,246,586 - 2,097,246,586 net of current maturities
Pinjaman investasi setelah
dikurangi bagian yang jatuh Investment loan, net
tempo dalam satu tahun 5,249,741,153 - 5,249,741,153 3,200,350,554 - 3,200,350,554 of current maturities
Provisi atas
pengelolaan dan reklamasi
lingkungan hidup setelah
dikurangi bagian yang Provision for environmental
jatuh tempo dalam and reclamation costs net
satu tahun 277,340,285 - 277,340,285 258,351,652 - 258,351,652 of current maturities
Kewajiban pensiun dan
imbalan pascakerja Pensions and other
lainnya 412,301,501 - 412,301,501 411,697,465 - 411,697,465 post-retirement obligations
Liabilitas jangka
panjang lainnya 18,180,335 - 18,180,335 3,762,043 - 3,762,043 Other non-current liabilities
Jumlah liabilitas
jangka panjang 8,055,415,940 - 8,055,415,940 5,971,408,300 - 5,971,408,300 Total non-current liabilities
JUMLAH LIABILITAS 13,567,160,084 (4,449,723) 13,562,710,361 11,523,869,935 (4,449,723) 11,519,420,212 TOTAL LIABILITIES

Re


2018 2017
Standar Standar
Akuntansi Akuntansi
EKUITAS SHAREHOLDERS’ EQUITY
EKUITAS YANG DAPAT EQUITY ATTRIBUTABLE

DIATRIBUSIKAN KEPADA TO OWNERS OF
PEMILIK ENTITAS INDUK THE PARENT
Modal saham 2,403,076,473 - 2,403,076,473 2,403,076,473 - 2,403,076,473 Share capital
Tambahan modal
disetor, bersih 3,934,833,124 - 3,934,833,124 3,934,833,124 - 3,934,833,124 Additional paid-in capital, net
Komponen ekuitas lainnya: Other equity components:
Selisih kurs
karena penjabaran Difference in foreign
laporan keuangan 54,944,998 - 54,944,998 56,100,179 - 56,100,179 currency translation
Surplus revaluasi aset 2,755,178,114 (867,824,457) 1,887,353,657 2,330,655,281 (752,813,110) 1,577,842,171 Asset revaluation surplus
Saldo laba: Retained earnings:
Yang telah ditentukan
penggunaannya 9,113,209,777 - 9,113,209,777 11,613,209,777 - 11,613,209,777 Appropriated
Yang belum ditentukan
penggunaannya 1,477,969,267 361,396,086 1,839,365,353 (1,847,488,724) 418,371,756 (1,429,116,968) Unappropriated
Jumlah ekuitas yang dapat

diatribusikan kepada Total equity attributable to
pemilik entitas induk 19,739,211,753 (506,428,371) 19,232,783,382 18,490,386,110 (334,441,354) 18,155,944,756 owners of the parent
Kepentingan nonpengendali 18,970 - 18,970 17,407 - 17,407 Non-controlling interests
TOTAL SHAREHOLDERS’
JUMLAH EKUITAS 19,739,230,723 (506,428,371) 19,232,802,352 18,490,403,517 (334,441,354) 18,155,962,163 EQUITY
JUMLAH LIABILITAS TOTAL LIABILITIES AND

DAN EKUITAS 33,306,390,807 (510,878,094) 32,795,512,713 30,014,273,452 (338,891,077) 29,675,382,375 SHAREHOLDERS’ EQUITY
2018 2017
Standar Standar
Akuntansi Akuntansi
PENJUALAN 25,241,268,367 - 25,241,268,367 12,653,619,205 - 12,653,619,205 SALES
BEBAN POKOK
PENJUALAN (21,764,832,184) (223,907,246) (21,988,739,430) (11,009,726,759) (223,907,665) (11,233,634,424) COST OF GOODS SOLD
LABA KOTOR 3,476,436,183 (223,907,246) 3,252,528,937 1,643,892,446 (223,907,665) 1,419,984,781 GROSS PROFIT
BEBAN USAHA OPERATING EXPENSES

Umum dan administrasi (1,091,989,469) (4,609,079) (1,096,598,548) (794,369,050) (55,066,305) (849,435,355) General and administrative
Penjualan dan pemasaran (531,717,863) - (531,717,863) (248,917,078) - (248,917,078) Selling and marketing
Jumlah beban usaha (1,623,707,332) (4,609,079) (1,628,316,411) (1,043,286,128) (55,066,305) (1,098,352,433) Total operating expense
LABA USAHA 1,852,728,851 (228,516,325) 1,624,212,526 600,606,318 (278,973,970) 321,632,348 OPERATING INCOME)
(BEBAN)/PENGHASILAN
LAIN-LAIN OTHER (EXPENSES)/INCOME
Bagian kerugian
entitas asosiasi Share of loss of associates
dan ventura bersama (520,228,547) - (520,228,547) (488,268,854) - (488,268,854) and joint venture
Pendapatan keuangan 163,547,193 - 163,547,193 259,842,315 - 259,842,315 Finance income
Beban keuangan (554,331,857) - (554,331,857) (607,685,684) - (607,685,684) Finance costs
Penghasilan lain-lain, bersih 323,786,166 (600,291) 323,185,875 689,902,429 - 689,902,429 Other income, net
(Beban)/penghasilan
lain-lain, bersih (587,227,045) (600,291) (587,827,336) (146,209,794) - (146,209,794) Other (expenses)/income, net
LABA SEBELUM PROFIT BEFORE

PAJAK PENGHASILAN 1,265,501,806 (229,116,616) 1,036,385,190 454,396,524 (278,973,970) 175,422,554 INCOME TAX
Beban pajak penghasilan (391,075,213) 57,128,909 (333,946,304) (317,893,255) 55,976,916 (261,916,339) Income tax expense
LABA/(RUGI) TAHUN PROFIT/(LOSS)

BERJALAN 874,426,593 (171,987,707) 702,438,886 136,503,269 (222,997,054) (86,493,785) FOR THE YEAR



2018 2017
Standar Standar
Akuntansi Akuntansi

Pos yang tidak akan Items that will not be
direklasifikasi ke laba rugi: reclassified to profit or loss:
- Kenaikan nilai tanah Increase on land -
dari revaluasi 424,522,833 - 424,522,833 - - - from revaluation
- Bagian penghasilan
komprehensif lain dari entitas Share of other comprehensive -
asosiasi dan ventura income of associates and
bersama - pengukuran joint venture - remeasurement
kembali kewajiban pensiun of pensions and other
dan pascakerja lainnya 2,717,385 - 2,717,385 1,446,339 - 1,446,339 retirement obligation
- Pengukuran kembali Remeasurement of -
kewajiban pensiun dan pensions and other
pascakerja lainnya (5,209,400) - (5,209,400) (44,541,782) - (44,541,782) retirement obligations
- Dampak pajak pengukuran Tax effect on remeasurement -
kembali kewajiban of pensions and
pensiun dan pasca other retirement
kerja setelah pajak 1,302,350 - 1,302,350 11,135,445 - 11,135,445 obligations net of tax
Pos yang akan Items that will be

direklasifikasi ke laba rugi: reclassified to profit or loss:
- Selisih kurs penjabaran Difference in foreign -
laporan keuangan (1,155,181) - (1,155,181) (22,935,327) - (22,935,327) currency translation

TAHUN BERJALAN 422,177,987 - 422,177,987 (54,895,325) - (54,895,325) FOR THE YEAR
JUMLAH
PENGHASILAN/(RUGI) TOTAL COMPREHENSIVE
KOMPREHENSIF INCOME/(LOSS) FOR THE
TAHUN BERJALAN 1,296,604,580 (171,987,707) 1,124,616,873 81,607,944 (222,997,054) (141,389,110) YEAR
LABA/(RUGI)
TAHUN BERJALAN INCOME/(LOSS)
YANG DAPAT FOR THE YEAR
Pemilik entitas induk 874,425,030 (171,387,244) 703,037,786 136,506,782 (222,997,054) (86,490,272) Owners of the parent
Kepentingan nonpengendali 1,563 - 1,563 (3,513) - (3,513) Non-controlling interests
874,426,593 (171,387,244) 703,039,349 136,503,269 (222,997,054) (86,493,785)
JUMLAH
PENGHASILAN/(RUGI)
KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE
BERJALAN YANG DAPAT INCOME/(LOSS) THE YEAR
Pemilik entitas induk 1,296,603,017 (171,387,244) 1,125,215,773 81,611,457 (222,997,054) (141,385,597) Owners of the parent
Kepentingan nonpengendali 1,563 - 1,563 (3,513) - (3,513) Non-controlling interests
1,296,604,580 (171,387,244) 1,125,217,336 81,607,944 (222,997,054) (141,389,110)
LABA/(RUGI) BERSIH PER BASIC AND DILUTED

SAHAM DASAR DAN INCOME/(LOSS)
DILUSIAN YANG DAPAT PER SHARE
DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO
PEMILIK ENTITAS OWNERS OF PARENT
INDUK (nilai penuh) 36,39 29,26 5,68 (3,60) (full amount)
40. KEPENTINGAN NONPENGENDALI 40. NON-CONTROLLING INTERESTS
Saldo kepentingan nonpengendali pada tanggal 31 The balance of non-controlling interests as at

Desember 2018 dan 2017 merupakan bagian December 31, 2018 and 2017, represents the non-
kepentingan pemegang saham nonpengendali atas controlling shareholder’s share of ARI’s equity which
ekuitas ARI yang dimiliki oleh PT Minerina Adhikara. is owned by PT Minerina Adhikara.

Re
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SURAT PERNYATAAN TANGGUNG JAWAB ATAS

LAPORAN TAHUNAN PT ANEKA TAMBANG TBK
TAHUN BUKU 2018
DAN
SURAT PERNYATAAN DIREKSI TENTANG
TANGGUNG JAWAB ATAS MANAJEMEN RISIKO
DAN PENGENDALIAN INTERNAL PT ANEKA
TAMBANG TBK
DAN ENTITAS ANAK
Responsibility Statement Letter Pertaining to

The Annual Report of PT Aneka Tambang Tbk
for the Fiscal Year of 2018
and
The Statement of the Board of Directors Regarding the
Responsibility for the Risk Management
and Internal Control of
and Subsidiaries

750

751

752
Referensi Peraturan OJK

No. 29/POJK.04/2016:
Laporan Tahunan Emiten atau Perusahaan Publik
dan SEOJK No. 30/SEOJK.04/2016: Bentuk dan Isi Laporan Tahunan
Emiten atau Perusahaan Publik
OJK Reference No. 29/POJK.04/2016:
Annual Report of Public Company and SEOJK NO 30/SEOJK.04/2016:
Form and Content of Annual Report of Public Company
Halaman
Keterangan Description
Page
I. Ketentuan Umum I. General Provision
1. Laporan Tahunan Emiten atau Perusahaan Publik 3 1. Annual Report of a listed company is one of the
merupakan sumber informasi penting bagi investor most important sources as the base for investors
atau pemegang saham sebagai salah satu dasar or shareholders in making investment decision,
pertimbangan dalam pengambilan keputusan and is a means of monitoring issuers or public
investasi dan sarana pengawasan terhadap Emiten company.
atau Perusahaan Publik.
2. Seiring dengan perkembangan Pasar Modal dan 3 2. Along with the development of Capital Market and
meningkatnya kebutuhan investor atau pemegang the growing needs of investors or shareholders
saham atas keterbukaan informasi, Direksi dan regarding information disclosure, the Board of
Dewan Komisaris dituntut untuk meningkatkan Directors and the Board of Commissioners are
kualitas keterbukaan informasi melalui Laporan required to improve the quality of information
Tahunan Emiten atau Perusahaan Publik. disclosure through annual report.
3. Laporan Tahunan yang disusun secara teratur 3 3. Annual Report should be prepared in an orderly
dan informatif dapat memberikan kemudahan manner and should be informative to provide
bagi investor atau pemegang saham dalam conveniences for the investors or shareholders in
memperoleh informasi yang dibutuhkan. getting the information they need.
4. Surat Edaran Otoritas Jasa Keuangan ini 3 4. This Circular Letter of the Financial Service
merupakan pedoman bagi Emiten atau Perusahaan Agency serves a guidelines for Issuers or Public
Publik yang wajib diterapkan dalam menyusun Companies that should be applied in preparing
Laporan Tahunan. their Annual Report.
II. Bentuk Laporan Tahunan II. Format of Annual Report
1. Laporan Tahunan disajikan dalam bentuk dokumen 3 1. Annual Report should be presented in the printed
cetak dan salinan dokumen elektronik. format and in electronic document copy.
2. Laporan Tahunan yang disajikan dalam bentuk 3 2. The printed version of the Annual Report should
dokumen cetak, dicetak pada kertas yang ! ,.%*0! +* (%#$0ġ+(+.! ,,!. +" ü*! -1(%05Č
berwarna terang, berkualitas baik, berukuran A4, in A4 size, bound and can be reproduced in good
dijilid, dan dapat diperbanyak dengan kualitas quality.
yang baik.
3. Laporan Tahunan yang disajikan dalam bentuk 3 3. The Annual Report presented in electronic
salinan dokumen elektronik merupakan Laporan document format is the Annual Report converted
Tahunan yang dikonversi dalam format pdf. into pdf format.
III. Isi Laporan Tahunan III. Content Of Annual Report
1. Ketentuan Umum 1. General Provision
a. Laporan Tahunan paling sedikit memuat a. Annual Report should contain at least the
informasi mengenai: following information:
1) ikhtisar data keuangan penting; 28-31 āĩ /1)).5+"'!5ü**%(%*"+.)0%+*Ď
2) informasi saham (jika ada); 32-35 2) stock information (if any);
3) laporan Direksi; 114-137 3) the Board of Directors report;
4) laporan Dewan Komisaris; 38-113 4) the Board of Commissioners report;
Ćĩ ,.+ü()%0!*01!.1/$*1(%'Ď 138-271 Ćĩ ,.+ü(!+" //1!.+.1(%ƫ+),*5Ď
6) analisis dan pembahasan manajemen; 272-365 6) management discussion and analysis;
7) tata kelola Emiten atau Perusahaan Publik; 366-571 7) corporate governance applied by the
Issuer or Public Company;
8) tanggung jawab sosial dan lingkungan 572-600 8) corporate social and environmental
Emiten atau Perusahaan Publik; responsibility of the Issuer or Public
Company;

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9) laporan keuangan tahunan yang telah 601-748 9) audited annual report; and
diaudit; dan
10) surat pernyataan anggota Direksi dan 749-751 10) statement that the Board of Directors
anggota Dewan Komisaris tentang and the Board of Commissioners are fully
tanggung jawab atas Laporan Tahunan; responsible for the Annual Report;
b. Laporan Tahunan dapat menyajikan informasi 3 b. Annual Report may present the information in
!.1, #).Č #.ü'Č 0!(Č *ĥ01 form of images, charts, tables, and diagrams
diagram dengan mencantumkan judul dan/ are presented by mentioning the title and/or
atau keterangan yang jelas, sehingga mudah clear description, that is easy to read and be
dibaca dan dipahami; understood;
2. Uraian Isi Laporan Tahunan 2. Description of Content of Annual Report
a. Ikhtisar Data Keuangan Penting 30-31 a. Summary of Key Financial Information
Ikhtisar Data Keuangan Penting memuat Summary of Key Financial Information
informasi keuangan yang disajikan dalam +*0%*/ ü**%( %*"+.)0%+* ,.!/!*0! %*
bentuk perbandingan selama 3 (tiga) tahun +),.%/+*3%0$,.!2%+1/ăĨ0$.!!ĩü/(5!./
buku atau sejak memulai usahanya jika Emiten or since commencement of business if the
atau Perusahaan Publik tersebut menjalankan Issuers or the Public Company commencing
kegiatan usahanya kurang dari 3 (tiga) tahun, the business less than 3 (three) years, at least
paling sedikit memuat: contain:
1) pendapatan/penjualan; 3 1) income/sales;
2) laba bruto; 3 Ăĩ #.+//,.+ü0Ď
3) laba (rugi); 3 ăĩ ,.+ü0Ĩ(+//ĩĎ
4) jumlah laba (rugi) yang dapat 3 ąĩ 0+0( ,.+ü0 Ĩ(+//ĩ 00.%10(! 0+ !-1%05
diatribusikan kepada pemilik entitas induk holders of the parent entity and non-
dan kepentingan non pengendali; controlling interest;
5) total laba (rugi) komprehensif; 3 Ćĩ 0+0(+),.!$!*/%2!,.+ü0Ĩ(+//ĩĎ
6) jumlah laba (rugi) komprehensif yang 3 ćĩ 0+0( +),.!$!*/%2! ,.+ü0 Ĩ(+//ĩ
dapat diatribusikan kepada pemilik entitas attributable to equity holders of the
induk dan kepentingan non pengendali; parent entity and non controlling interest;
7) laba (rugi) per saham; 3 7) earning (loss) per share;
8) jumlah aset; 3 8) total assets;
9) jumlah liabilitas; 3 9) total liabilities;
10) jumlah ekuitas; 3 10) total equities;
11) rasio laba (rugi) terhadap jumlah aset; 3 āāĩ ,.+ü0Ĩ(+//ĩ0+0+0(//!0/.0%+Ď
12) rasio laba (rugi) terhadap ekuitas; 3 āĂĩ ,.+ü0Ĩ(+//ĩ0+!-1%0%!/.0%+Ď
13) rasio laba (rugi) terhadap pendapatan/ 3 āăĩ ,.+ü0Ĩ(+//ĩ0+%*+)!.0%+Ď
penjualan;
14) rasio lancar; 3 14) current ratio;
15) rasio liabilitas terhadap ekuitas; 3 15) liabilities to equities ratio;
16) rasio liabilitas terhadap jumlah aset; dan 3 16) liabilities to total assets ratio; and
17) informasi dan rasio keuangan lainnya yang 3 āĈĩ+0$!. %*"+.)0%+* * ü**%( .0%+/
relevan dengan Emiten atau Perusahaan relevant to the Issuer or Public Company
Publik dan jenis industrinya; and type of industry;
b. Informasi Saham 32-35 b. Stock Information
Informasi Saham (jika ada) paling sedikit Stock Information (if any) at least contains:
memuat:
1) saham yang telah diterbitkan untuk setiap 3 1) shares issued for each three-month period
masa triwulan (jika ada) yang disajikan %*0$!(/0ĂĨ03+ĩü/(5!./Ĩ%"*5ĩČ0
dalam bentuk perbandingan selama 2 least covering:
(dua) tahun buku terakhir, paling sedikit
meliputi:
a) jumlah saham yang beredar; 3 a) number of outstanding shares;
b) kapitalisasi pasar berdasarkan harga 3 b) market capitalization based on the
pada Bursa Efek tempat saham price at the Stock Exchange where
dicatatkan; the shares listed on;

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c) harga saham tertinggi, terendah, dan 3 c) highest share price, lowest share
penutupan berdasarkan harga pada price, closing share price at the Stock
Bursa Efek tempat saham dicatatkan; Exchange where the shares listed on;
dan and
d) volume perdagangan pada Bursa Efek 3 d) share volume at the Stock Exchange
tempat saham dicatatkan; where the shares listed on;
Informasi pada huruf a) diungkap oleh Emiten Information in point a) should be disclosed by
yang merupakan Perusahaan Terbuka yang the Issuer, the public company whose shares
sahamnya tercatat maupun tidak tercatat di is listed or not listed in the Stock Exchange;
Bursa Efek;
Informasi pada huruf b), c), dan huruf d) Information in point b), point c), and point
hanya diungkapkan jika Emiten merupakan d) only be disclosed if the Issuer is a public
Perusahaan Terbuka dan sahamnya tercatat di company whose shares is listed in the Stock
Bursa Efek; Exchange;
2) dalam hal terjadi aksi korporasi, seperti 210-223 2) in the event of corporate actions, including
pemecahan saham (stock split), stock split, reverse stock, dividend, bonus
penggabungan saham (reverse stock), share, and change in par value of shares,
dividen saham, saham bonus, dan then the share price referred to in point 1),
perubahan nilai nominal saham, informasi should be added with explanation on:
saham sebagaimana dimaksud pada
angka 1) ditambahkan penjelasan paling
sedikit mengenai:
a) tanggal pelaksanaan aksi korporasi; 3 a) date of corporate action;
b) rasio pemecahan saham (stock split), 3 b) stock split ratio, reverse stock,
penggabungan saham (reverse dividend, bonus shares, and change in
stock), dividen saham, saham bonus, par value of shares;
dan perubahan nilai nominal saham;
c) jumlah saham beredar sebelum dan 3 c) number of outstanding shares prior to
sesudah aksi korporasi; dan and after corporate action; and
d) harga saham sebelum dan sesudah 3 d) share price prior to and after
aksi korporasi; corporate action;
3) dalam hal terjadi penghentian sementara 336-337 3) in the event that the company’s shares
perdagangan saham (suspension), dan/ were suspended and/or delisted from
atau penghapusan pencatatan saham trading during the year under review, then
(delisting) dalam tahun buku, Emiten the Issuers or Public Company should
atau Perusahaan Publik menjelaskan provide explanation on the reason for the
alasan penghentian sementara suspension and/or delisting; and
perdagangan saham (suspension) dan/
atau penghapusan pencatatan saham
(delisting) tersebut; dan
4) dalam hal penghentian sementara N.A. 4) in the event that the suspension and/
perdagangan saham (suspension) dan/ or delisting as referred to in point 3)
atau penghapusan pencatatan saham 3/ /0%(( %* !û!0 1*0%( 0$! 0! +" 0$!
(delisting) sebagaimana dimaksud pada Annual Report, then the Issuer or the
angka 3) masih berlangsung hingga Public Company should also explain the
akhir periode Laporan Tahunan, Emiten corporate actions taken by the company
atau Perusahaan Publik menjelaskan in resolving the suspension and/or
tindakan yang dilakukan untuk delisting;
menyelesaikan penghentian sementara
perdagangan saham (suspension) dan/
atau penghapusan pencatatan saham
(delisting) tersebut;
c. Laporan Direksi 114-137 c. The Board of Directors Report
Laporan Direksi paling sedikit memuat: The Board of Directors Report should at least
contain the following items:
1) uraian singkat mengenai kinerja Emiten 3 1) the performance of the Issuer or Public
atau Perusahaan Publik, paling sedikit Company, at least covering:
meliputi:
a) strategi dan kebijakan strategis 3 a) strategy and strategic policies of the
Emiten atau Perusahaan Publik; Issuer or Public Company;
b) perbandingan antara hasil yang 3 b) comparison between achievement of
dicapai dengan yang ditargetkan; dan results and targets; and
c) kendala yang dihadapi Emiten atau 3 c) challenges faced by the Issuer or
Perusahaan Publik; Public Company;
2) gambaran tentang prospek usaha; 3 2) description on business prospects;

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3) penerapan tata kelola Emiten atau 3 3) implementation of good corporate
Perusahaan Publik; dan governance by Issuer or Public Company;
and
4) perubahan komposisi anggota Direksi dan 3 4) changes in the composition of the Board
alasan perubahannya (jika ada); of Directors and the reason behind (if
any);
d. Laporan Dewan Komisaris 38-113 d. The Board of Commissioners Report
Laporan Dewan Komisaris paling sedikit The Board of Commissioners Report should at
memuat: least contain the following items:
1) penilaian terhadap kinerja Direksi 3 1) assessment on the performance of the
mengenai pengelolaan Emiten atau Board of Directors in managing the Issuer
Perusahaan Publik; or the Public Company;
2) pengawasan terhadap implementasi 3 2) supervision on the implementation of the
strategi Emiten atau Perusahaan Publik; strategy of the Issuer or Public Company;
3) pandangan atas prospek usaha Emiten 3 3) view on the business prospects of the
atau Perusahaan Publik yang disusun oleh Issuer or Public Company as established
Direksi; by the Board of Directors;
4) pandangan atas penerapan tata kelola 3 4) view on the implementation of the
Emiten atau Perusahaan Publik; corporate governance by the Issuer or
Public Company;
5) perubahan komposisi anggota Dewan 3 5) changes in the composition of the Board
Komisaris dan alasan perubahannya (jika of Commissioners and the reason behind
ada); dan (if any); and
6) frekuensi dan cara pemberian nasihat 3 6) the frequency and procedure of providing
kepada anggota Direksi; advice to members of the Board of
Directors;
!ċ .+ü()%0!*01!.1/$*1(%' 138-271 !ċ .+ü(!+"0$! //1!.+.1(%ƫ+),*5
.+ü( )%0!* 01 !.1/$* 1(%' ,(%*# .+ü(!+"0$! //1!.+.1(%ƫ+),*5/$+1(
sedikit memuat: cover at least:
1) nama Emiten atau Perusahaan Publik 140 1) name of Issuer or Public Company,
termasuk apabila terdapat perubahan including change of name, reason of
nama, alasan perubahan, dan tanggal $*#!Č * 0$! !û!0%2! 0! +" 0$!
efektif perubahan nama pada tahun buku; change of name during the year under
review;
2) akses terhadap Emiten atau Perusahaan 140 2) access to Issuer or Public Company,
Publik termasuk kantor cabang atau %*(1 %*# .*$ +þ! +. .!,.!/!*00%2!
kantor perwakilan yang memungkinkan +þ!Č 3$!.! ,1(% * $2! !//
masyarakat dapat memperoleh informasi of information of the Issuer or Public
mengenai Emiten atau Perusahaan Publik, Company, which include:
meliputi:
a) alamat; 3 a) address;
b) nomor telepon; 3 b) telephone number;
c) nomor faksimile; 3 c) facsimile number;
d) alamat surat elektronik; dan 3 d) e-mail address; and
e) alamat Situs Web; 3 e) website address;
3) riwayat singkat Emiten atau Perusahaan 141-144 3) brief history of the Issuer or Public
Publik; Company;
4) visi dan misi Emiten atau Perusahaan 157-158 4) vision and mission of the Issuer or Public
Publik; Company;
5) kegiatan usaha menurut anggaran dasar 145-155 5) line of business according to the latest
terakhir, kegiatan usaha yang dijalankan Articles of Association, and types of
pada tahun buku, serta jenis barang dan/ products and/or services produced;
atau jasa yang dihasilkan;
6) struktur organisasi Emiten atau 155 6) structure of organization of the Issuer or
Perusahaan Publik dalam bentuk bagan, Public Company in chart form, at least 1
paling sedikit sampai dengan struktur 1 (one) level below the Board of Directors,
(satu) tingkat di bawah Direksi, disertai with the names and titles;
dengan nama dan jabatan;
Ĉĩ ,.+ü(%.!'/%Č,(%*#/! %'%0)!)10č 174-179 Ĉĩ 0$!ǫ+. +"%.!0+./,.+ü(!/%*(1 !č
a) nama dan jabatan yang sesuai dengan 3 a) name and short description of duties
tugas dan tanggung jawab; and functions;

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b) foto terbaru; 3 b) latest photograph;
c) usia; 3 c) age;
d) kewarganegaraan; 3 d) citizenship;
e) riwayat pendidikan; 3 e) education;
f) riwayat jabatan, meliputi informasi: 3 f) history position, covering information
on:
(1) dasar hukum penunjukan sebagai 3 (1) legal basis for appointment as
anggota Direksi pada Emiten member of the Board of Directors
atau Perusahaan Publik yang to the said Issuer or Public
bersangkutan; Company;
(2) rangkap jabatan, baik sebagai 3 (2) dual position, as member of the
anggota Direksi, anggota Dewan Board of Directors, member of
Komisaris, dan/atau anggota the Board of Commissioners, and/
komite serta jabatan lainnya (jika or member of committee, and
ada); dan other position (if any); and
(3) pengalaman kerja beserta periode 3 (3) working experience and period in
waktunya baik di dalam maupun and outside the Issuer or Public
di luar Emiten atau Perusahaan Company;
Publik;
g) pendidikan dan/atau pelatihan yang 3 g) competency enhancement education
telah diikuti anggota Direksi dalam and/or training program for member
meningkatkan kompetensi dalam of the Board of Directors during the
tahun buku (jika ada); dan year under review (if any); and
$ĩ $11*#* Ƶü(%/% !*#* *##+0 3 $ĩ %/(+/1.! +" þ(%0%+* 3%0$
Direksi lainnya, anggota Dewan other members of the Board of
Komisaris, dan pemegang saham Directors, members of the Board
utama (jika ada) meliputi nama pihak of Commissioners, and major
5*#0!.ü(%/%Ď shareholders (if any) including name
+"0$!þ(%0! ,.05Ď
ĉĩ ,.+ü( !3* +)%/.%/Č ,(%*# /! %'%0 168-173 ĉĩ 0$! ǫ+. +" ƫ+))%//%+*!./ ,.+ü(!/Č 0
memuat: least include:
a) nama; 3 a) name;
b) foto terbaru; 3 b) latest photograph;
c) usia; 3 c) age;
d) kewarganegaraan; 3 d) citizenship;
e) riwayat pendidikan; 3 e) education;
f) riwayat jabatan, meliputi informasi: 3 f) history position, covering information
on:
(1) dasar hukum penunjukan sebagai 3 (1) legal basis for the appointment
anggota Dewan Komisaris yang as member of the Board of
bukan merupakan Komisaris Commissioners who is not
Independen pada Emiten Independent Commissioner at the
atau Perusahaan Publik yang said Issuer or Public Company;
bersangkutan;
(2) dasar hukum penunjukan pertama 3 ĨĂĩ (!#( /!/ "+. 0$! ü./0
kali sebagai anggota Dewan appointment as member of the
Komisaris yang merupakan Board of Commissioners who also
Komisaris Independen pada Independent Commissioner at the
Emiten atau Perusahaan Publik said Issuer or Public Company;
yang bersangkutan;
(3) rangkap jabatan, baik sebagai 3 (3) dual position; as member of the
anggota Dewan Komisaris, Board of Commissioners, member
anggota Direksi, dan/atau of the Board of Directors, and/or
anggota komite serta jabatan member of committee and other
lainnya (jika ada); dan position (if any); and
Publik;

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g) pendidikan dan/atau pelatihan yang 3 g) competency enhancement education
telah diikuti anggota Dewan Komisaris and/or training program for member
dalam meningkatkan kompetensi of the Board of Commissioner during
dalam tahun buku (jika ada); the year under review (if any);
$ĩ $11*#* Ƶü(%/% !*#* *##+0 3 $ĩ þ(%0%+*3%0$+0$!. )!)!./+" 0$!
Dewan Komisaris lainnya dan Board of Commissioners, and major
pemegang saham utama (jika ada) shareholders (if any) including name
)!(%,10% *) ,%$' 5*# 0!.ü(%/%Ď +"0$!þ(%0! ,.05Ď*
dan
i) pernyataan independensi Komisaris 3 i) statement of independence of
Independen dalam hal Komisaris Independent Commissioner in
Independen telah menjabat lebih dari the event that the Independent
2 (dua) periode (jika ada); Commissioner has been appointed
more than 2 (two) periods (if any);
9) dalam hal terdapat perubahan susunan N.A. 9) in the event that there were changes
anggota Direksi dan/atau anggota Dewan in the composition of the Board of
Komisaris yang terjadi setelah tahun buku Commissioners and/or the Board of
berakhir sampai dengan batas waktu Directors occurring between the period
penyampaian Laporan Tahunan, susunan after year-end until the date the Annual
yang dicantumkan dalam Laporan Report submitted, then the last and
Tahunan adalah susunan anggota Direksi the previous composition of the Board
dan/atau anggota Dewan Komisaris yang of Commissioners and/or the Board of
terakhir dan sebelumnya; Directors shall be stated in the Annual
Report;
10) jumlah karyawan dan deskripsi sebaran 192-194 10) number of employees and description of
tingkat pendidikan dan usia karyawan distribution of education level and age of
dalam tahun buku; the employee in the year under review;
11) nama pemegang saham dan persentase 220-222 11) names of shareholders and ownership
kepemilikan pada akhir tahun buku, yang ,!.!*0#! 0 0$! !* +" 0$! ü/( 5!.Č
terdiri dari: including:
a) pemegang saham yang memiliki 3 ĩ /$.!$+( !./$2%*#ĆŌĨü2!,!.!*0ĩ
5% (lima persen) atau lebih saham or more shares of Issuer or Public
Emiten atau Perusahaan Publik; Company;
b) anggota Direksi dan anggota Dewan 3 b) Commissioners and Directors who
Komisaris yang memiliki saham own shares of the Issuers or Public
Emiten atau Perusahaan Publik; dan Company; and
c) kelompok pemegang saham 3 c) groups of public shareholders, or
masyarakat, yaitu kelompok groups of shareholders, each with
pemegang saham yang masing- (!//0$*ĆŌĨü2!,!.!*0ĩ+3*!./$%,
masing memiliki kurang dari 5% shares of the Issuers or Public
(lima persen) saham Emiten atau Company;
Perusahaan Publik;
12) jumlah pemegang saham dan persentase 222 12) number of shareholders and ownership
kepemilikan per akhir tahun buku ,!.!*0#! 0 0$! !* +" 0$! ü/( 5!.Č
!. /.'*'(/%ü'/%č based on:
a) kepemilikan institusi lokal; 3 a) ownership of local institutions;
b) kepemilikan institusi asing; 3 b) ownership of foreign institutions;
c) kepemilikan individu lokal; dan 3 c) ownership of local individual; and
d) kepemilikan individu asing; 3 d) ownership of foreign individual;
13) informasi mengenai pemegang saham 222 13) information on major shareholders and
utama dan pengendali Emiten atau controlling shareholders the Issuers of
Perusahaan Publik, baik langsung maupun Public Company, directly or indirectly, and
tidak langsung, sampai kepada pemilik also individual shareholder, presented in
individu, yang disajikan dalam bentuk the form of scheme or diagram;
skema atau bagan;
14) nama entitas anak, perusahaan asosiasi, 233-239 14) name of subsidiaries, associated
perusahaan ventura bersama dimana companies, joint venture controlled by
Emiten atau Perusahaan Publik memiliki Issuers or Public Company, with entity,
pengendalian bersama entitas, beserta percentage of stock ownership, line of
persentase kepemilikan saham, bidang business, total assets and operating status
usaha, total aset, dan status operasi of the Issuers of Public Company (if any);
Emiten atau Perusahaan Publik tersebut
(jika ada);
Untuk entitas anak, ditambahkan informasi 3 For subsidiaries, include the addresses of
mengenai alamat entitas anak tersebut; the said subsidiaries;

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15) kronologi pencatatan saham, jumlah 34-35 15) chronology of share listing, number of
saham, nilai nominal, dan harga penawaran shares, par value, and bid price from
dari awal pencatatan hingga akhir tahun the beginning of listing up to the end
buku serta nama Bursa Efek dimana +" 0$! ü**%( 5!.Č * *)! +" 0+'
saham Emiten atau Perusahaan Publik Exchange where the Issuers of Public
dicatatkan (jika ada); Company shares are listed;
16) kronologi pencatatan Efek lainnya selain 35, 228 16) chronology of securities listing in addition
Efek sebagaimana dimaksud pada angka to the said security in point 15), which
15), yang paling sedikit memuat nama at least should contain the name of
Efek, tahun penerbitan, tanggal jatuh the Securities, year of issuance, date
tempo, nilai penawaran, dan peringkat of maturity, bid price, and rating of the
Efek (jika ada); securities (if any);
17) nama dan alamat lembaga dan/atau 246-247 17) name and address of capital market
profesi penunjang pasar modal; supporting institutions and/or
professionals;
18) dalam hal terdapat profesi penunjang 246-247 18) in the event that the capital market
pasar modal yang memberikan jasa secara supporting professionals provide services
berkala kepada Emiten atau Perusahaan on a regular basis to the Issuer or the
Publik, diungkapkan informasi mengenai Public Company, then information on
jasa yang diberikan, komisi (fee), dan the services provided, fee and period of
periode penugasan; dan assignment should be disclosed; and
āĊĩ ,!*#$.#* *ĥ01 /!.0%ü'/% 5*# 248-256 āĊĩ 3. / * ĥ+. !.0%ü0%+* +" *0%+*(
diterima Emiten atau Perusahaan Publik and international scales bestowed on the
baik yang berskala nasional maupun Issuer or Public Company during the last
internasional dalam tahun buku terakhir ü/(5!.Ĩ%"*5ĩČ+2!.%*#č
(jika ada), yang memuat:
a) nama penghargaan dan/atau 3 ĩ *)!+"3. * ĥ+.!.0%ü0%+*Ď
/!.0%ü'/%Ď
b) badan atau lembaga yang 3 b) organization/institution that gives the
memberikan; dan awards; and
c) masa berlaku penghargaan dan/atau 3 ĩ 3. ĥ!.0%ü0! 2(% %05 ,!.%+ Ĩ%"
/!.0%ü'/%Ĩ'(1 ĩĎ any);
f. Analisis dan Pembahasan Manajemen 272-365 f. Management Discussion and Analysis
Analisis dan pembahasan manajemen memuat Management Analysis and Discussion Annual
analisis dan pembahasan mengenai laporan should contain discussion and analysis on
keuangan dan informasi penting lainnya ü**%( /00!)!*0/ * +0$!. )0!.%(
dengan penekanan pada perubahan material information emphasizing material changes
yang terjadi dalam tahun buku, yaitu paling that occurred during the year under review, at
sedikit memuat: least including:
1) tinjauan operasi per segmen operasi 279-297 1) operational review per business segment,
sesuai dengan jenis industri Emiten according to the type of industry of the
atau Perusahaan Publik, paling sedikit Issuer or Public Company including:
mengenai:
a) produksi, yang meliputi proses, 3 a) production, including process,
kapasitas, dan perkembangannya; capacity, and growth;
b) pendapatan/penjualan; dan 3 b) income/sales; and
ĩ ,.+ü0%(%0/Ď 3 ĩ ,.+ü0%(%05Ď
2) kinerja keuangan komprehensif yang 298-309 Ăĩ +),.!$!*/%2! ü**%( ,!."+.)*!
mencakup perbandingan kinerja keuangan analysis which includes a comparison
dalam 2 (dua) tahun buku terakhir, !03!!*0$!ü**%(,!."+.)*!+"0$!
penjelasan tentang penyebab adanya (/0 Ă Ĩ03+ĩ ü/( 5!./Č * !4,(*0%+*
perubahan dan dampak perubahan +*0$!1/!/* !û!0/+"/1$$*#!/Č
tersebut, paling sedikit mengenai: among others concerning:
a) aset lancar, aset tidak lancar, dan total 3 a. current assets, non-current assets,
aset; and total assets;
b) liabilitas jangka pendek, liabilitas 3 b) short term liabilities, long term
jangka panjang, dan total liabilitas; liabilities, total liabilities;
c) ekuitas; 3 c) equities;
d) pendapatan/penjualan, beban, laba 3 d) sales/operating revenues, expenses
(rugi), penghasilan komprehensif lain, * ,.+ü0Ĩ(+//ĩČ+0$!.+),.!$!*/%2!
dan total laba (rugi) komprehensif; revenues, and total comprehensive
dan ,.+ü0Ĩ(+//ĩĎ*
e) arus kas; 3 !ĩ /$ý+3/Ď

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3) kemampuan membayar utang dengan 309 3) the capacity to pay debts by including the
menyajikan perhitungan rasio yang computation of relevant ratios;
relevan;
4) tingkat kolektibilitas piutang Emiten atau 309-310 4) accounts receivable collectability of the
Perusahaan Publik dengan menyajikan Issuer or Public Company, including the
perhitungan rasio yang relevan; computation of the relevant ratios;
5) struktur modal (capital structure) dan 310-311 5) capital structure and management policies
kebijakan manajemen atas struktur modal concerning capital structure, including the
(capital structure) tersebut disertai dasar basis for determining the said policy;
penentuan kebijakan dimaksud;
6) bahasan mengenai ikatan yang material 312 6) discussion on material ties for the
untuk investasi barang modal dengan investment of capital goods, including the
penjelasan paling sedikit meliputi: explanation on at least:
a) tujuan dari ikatan tersebut; 3 a) the purpose of such ties;
b) sumber dana yang diharapkan untuk 3 ĩ /+1.!+""1* /!4,!0! 0+"1(ü((0$!
memenuhi ikatan tersebut; said ties;
c) mata uang yang menjadi denominasi; 3 c) currency of denomination; and
dan
d) langkah yang direncanakan Emiten 3 d) steps taken by the Issuer of Public
atau Perusahaan Publik untuk Company to protect the position of a
melindungi risiko dari posisi mata related foreign currency against risks;
uang asing yang terkait;
7) bahasan mengenai investasi barang 312-316 7) discussion on investment of capital goods
modal yang direalisasikan dalam tahun 3$%$3/.!(%6! %*0$!(/0ü/(5!.Č0
buku terakhir, paling sedikit meliputi: least include:
a) jenis investasi barang modal; 3 a) type of investment of capital goods;
b) tujuan investasi barang modal; dan 3 b) objective of the investment of capital
goods; and
c) nilai investasi barang modal yang 3 c) value of the investment of capital
dikeluarkan; goods;
8) informasi dan fakta material yang terjadi 316 8) material Information and facts that
setelah tanggal laporan akuntan (jika occurring after the date of the
ada); +1*0*0Ě/.!,+.0Ĩ%"Ƭ*5ĩĎ
9) prospek usaha dari Emiten atau 316-321 9) information on the prospects of the
Perusahaan Publik dikaitkan dengan Issuer or the Company in connection with
kondisi industri, ekonomi secara umum industry,economy in general, accompanied
dan pasar internasional disertai data with supporting quantitative data if there
pendukung kuantitatif dari sumber data is a reliable data source;
yang layak dipercaya;
10) perbandingan antara target/proyeksi 312-316 10) comparison between target/projection at
pada awal tahun buku dengan hasil yang beginning of year and result (realization),
dicapai (realisasi), mengenai: concerning:
a) pendapatan/penjualan; 3 a) income/sales;
b) laba (rugi); 3 ĩ ,.+ü0Ĩ(+//ĩĎ
c) struktur modal (capital structure); 3 c) capital structure; or
atau
d) hal lainnya yang dianggap penting 3 d) others that deemed necessary for the
bagi Emiten atau Perusahaan Publik; Issuer or Public Company;
11) target/proyeksi yang ingin dicapai Emiten 314-316 11) target/projection at most for the next
atau Perusahaan Publik untuk 1 (satu) one year of the Issuer or Public Company,
tahun mendatang, mengenai: concerning:
a) pendapatan/penjualan; 3 a) income/sales;
b) laba (rugi); 3 ĩ ,.+ü0Ĩ(+//ĩĎ
c) struktur modal (capital structure); 3 c) capital structure; or
d) kebijakan dividen; atau 3 d) dividend policy;
e) hal lainnya yang dianggap penting 3 e) or others that deemed necessary for
bagi Emiten atau Perusahaan Publik; the Issuer or Public Company;

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12) aspek pemasaran atas barang dan/atau 319-321 12) marketing aspects of the company’s
jasa Emiten atau Perusahaan Publik, paling products and/or services the Issuer or
sedikit mengenai strategi pemasaran dan Public Company, among others marketing
pangsa pasar; strategy and market share;
13) uraian mengenai dividen selama 2 (dua) 322 13) description regarding the dividend policy
tahun buku terakhir (jika ada), paling 1.%*# 0$! (/0 Ă Ĩ03+ĩ ü/( 5!./Č 0
sedikit: least:
a) kebijakan dividen; 3 a) dividend policy;
b) tanggal pembayaran dividen kas dan/ 3 b) the date of the payment of cash
atau tanggal distribusi dividen non dividend and/or date of distribution
kas; of non-cash dividend;
c) jumlah dividen per saham (kas dan/ 3 c) amount of cash per share (cash and/
atau non kas); dan or non cash); and
d) jumlah dividen per tahun yang 3 d) amount of dividend per year paid;
dibayar;
14) realisasi penggunaan dana hasil 322-324 āąĩ 1/! +" ,.+!! / ".+) 1(% û!.%*#/Č
Penawaran Umum, dengan ketentuan: under the condition of:
a) dalam hal selama tahun buku, Emiten 3 a) during the year under review, on
memiliki kewajiban menyampaikan which the Issuer has the obligation
laporan realisasi penggunaan to report the realization of the use of
dana, maka diungkapkan realisasi proceeds, then the realization of the
penggunaan dana hasil Penawaran cumulative use of proceeds until the
Umum secara kumulatif sampai year end should be disclosed; and
dengan akhir tahun buku; dan
b) dalam hal terdapat perubahan 3 b) in the event that there were changes
penggunaan dana sebagaimana in the use of proceeds as stipulated
diatur dalam Peraturan Otoritas Jasa in the Regulation of the Financial
Keuangan tentang Laporan Realisasi Services Authority on the Report
Penggunaan Dana Hasil Penawaran of the Utilization of Proceeds from
Umum, maka Emiten menjelaskan 1(% û!.%*#Č 0$!* //1!. /$+1(
perubahan tersebut; explain the said changes;
15) informasi material (jika ada), antara lain 324-331 15) material information (if any), among
mengenai investasi, ekspansi, divestasi, others concerning investment, expansion,
penggabungan/peleburan usaha, akuisisi, divestment, acquisition, debt/capital
restrukturisasi utang/modal, transaksi restructuring, transactions with related
Ƶü(%/%Č * 0.*/'/% 5*# )!*#* 1*# ,.0%!/ * 0.*/0%+*/ 3%0$ +*ý%0 +"
benturan kepentingan, yang terjadi pada interest that occurred during the year
tahun buku, antara lain memuat: under review, among others include:
a) tanggal, nilai, dan objek transaksi; 3 a) transaction date, value, and object;
b) nama pihak yang melakukan transaksi; 3 b) name of transacting parties;
ĩ /%"0$11*#*Ƶü(%/%Ĩ&%' ĩĎ 3 c) nature of related parties (if any);
d) penjelasan mengenai kewajaran 3 d) description of the fairness of the
transaksi; dan transaction; and
e) pemenuhan ketentuan terkait; 3 e) compliance with related rules and
regulations;
16) perubahan ketentuan peraturan 331-332 16) changes in regulation which have a
perundang-undangan yang berpengaruh /%#*%ü*0 !û!0 +* 0$! //1!. +. 1(%
/%#*%ü'* 0!.$ , )%0!* 01 Company and impacts on the company (if
Perusahaan Publik dan dampaknya any); and
terhadap laporan keuangan (jika ada); dan
17) perubahan kebijakan akuntansi, alasan dan 332-335 17) changes in the accounting policy, rationale
dampaknya terhadap laporan keuangan * %),0+*0$!ü**%(/00!)!*0Ĩ%"
(jika ada); any);
g. Tata Kelola Emiten atau Perusahaan Publik 356-571 g. Corporate Governance of the Issuer or Public
Company
Tata kelola Emiten atau Perusahaan Publik Corporate Governance of the Issuer or Public
paling sedikit memuat uraian singkat Company contains at least:
mengenai:
1) Direksi, mencakup antara lain: 408-427 1) the Board of Directors, covering:
a) tugas dan tanggung jawab masing- 414-416 a) the tasks and responsibilities of each
masing anggota Direksi; member of the Board of Directors;

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b) pernyataan bahwa Direksi memiliki 411 b) statement that the Board of Directors
pedoman atau piagam (charter) has already have board manual or
Direksi; charter;
c) prosedur, dasar penetapan, struktur, 451-453 c) procedure, legal basis, structure, and
dan besarnya remunerasi masing- amount of remuneration of each
masing anggota Direksi, serta member of the Board of Directors,
hubungan antara remunerasi dengan relation between remuneration and
kinerja Emiten atau Perusahaan performance of the Issuer or Public
Publik; Company;
d) kebijakan dan pelaksanaan tentang 429-442 d) the policies and the frequency of the
frekuensi rapat Direksi, termasuk meeting of the Board of Directors,
rapat bersama Dewan Komisaris, dan including the joint meeting with Board
tingkat kehadiran anggota Direksi of Commissioners, and attendance of
dalam rapat tersebut; member of the Board of Directors in
the said meeting;
e) informasi mengenai keputusan RUPS 1 389 e) information on the resolution from
(satu) tahun sebelumnya, meliputi: the AGM of the previous 1 (one) year,
covering:
(1) keputusan RUPS yang 3 (1) AGM resolutions that were
direalisasikan pada tahun buku; .!(%6! 1.%*# 0$! ü/( 5!.Ď
dan and
(2) alasan dalam hal terdapat 3 (2) explanation for the unrealized
keputusan yang belum resolution;
direalisasikan;
f) informasi mengenai keputusan RUPS 384-389 f) information regarding the AGM
pada tahun buku, meliputi: resolution in the year under review,
including:
(1) keputusan RUPS yang 3 (1) AGM resolutions that were
direalisasikan pada tahun buku; .!(%6! 1.%*# 0$! ü/( 5!.Ď
dan and
(2) alasan dalam hal terdapat 3 (2) explanation for the unrealized
keputusan yang belum resolution;
direalisasikan; dan
g) penilaian terhadap kinerja komite 427 g) assessment on the performance of
yang mendukung pelaksanaan tugas the committee under the Board of
Direksi; Directors;
2) Dewan Komisaris, mencakup antara lain: 390-407 2) the Board of Commissioners, among
others include:
a) tugas dan tanggung jawab Dewan 396-397 a) duties and responsibilities of the
Komisaris; Board of Commissioners;
b) pernyataan bahwa Dewan Komisaris 395-396 b) statement that the Board of
memiliki pedoman atau piagam Commissioner has already have the
(charter) Dewan Komisaris; board manual or charter;
c) prosedur, dasar penetapan, struktur, 451-453 c) procedure, legal basis, structure, and
dan besarnya remunerasi masing- amount of remuneration for each
masing anggota Dewan Komisaris; member of Board of Commissioners;
d) kebijakan dan pelaksanaan tentang 429-442 d) policies and frequency of meeting of
frekuensi rapat Dewan Komisaris, the Board of Commissioners, including
termasuk rapat bersama Direksi, dan meeting with the Board of Directors,
tingkat kehadiran anggota Dewan and attendance of each member of
Komisaris dalam rapat tersebut; the Board of Commissioners in the
said meetings;
e) kebijakan Emiten atau Perusahaan 445-450 e) policies of the Issuer or Public
Publik tentang penilaian terhadap Company regarding the assessment
kinerja anggota Direksi dan anggota on the performance of the Board of
Dewan Komisaris dan pelaksanaannya, Directors and Board of Commissioners
paling sedikit meliputi: and the implementation, at least
covering:
(1) prosedur pelaksanaan penilaian 3 (1) procedure for the implementation
kinerja; of performance assessment;
(2) kriteria yang digunakan; dan 3 (2) criteria for assessment; and
(3) pihak yang melakukan penilaian; 3 (3) assessor;

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f) penilaian terhadap kinerja komite 464,471,480 f) assessment on the performance of
yang mendukung pelaksanaan tugas the committees under the Board of
Dewan Komisaris; dan Commissioners; and
g) dalam hal Dewan Komisaris tidak N.A. g) in the event that the Board of
membentuk Komite Nominasi dan Commissioners does not establish
Remunerasi, dimuat informasi paling the Nomination and Remuneration
sedikit mengenai: Committee, than should contain at
least:
(1) alasan tidak dibentuknya komite; - (1) reason not to establish the
dan committee; and
(2) prosedur nominasi dan - (2) procedure of nomination and
remunerasi yang dilakukan dalam remuneration performed in the
tahun buku; year under review;
3) Dewan Pengawas Syariah, bagi Emiten N.A. 3) Sharia Supervisory Board, for Issuer or
atau Perusahaan Publik yang menjalankan Public Company that conduct business
kegiatan usaha berdasarkan prinsip based on sharia law, as stipulated in the
syariah sebagaimana tertuang dalam articles of association, at least containing:
anggaran dasar, paling sedikit memuat:
a) nama; - a) name;
b) tugas dan tanggung jawab Dewan - b) duty and responsibility of Sharia
Pengawas Syariah; dan Supervisory Board; and
c) frekuensi dan cara pemberian - c) frequency and procedure in providing
nasihat dan saran serta pengawasan advice and suggestion, as well as the
pemenuhan Prinsip Syariah di compliance of Sharia Principles by
Pasar Modal terhadap Emiten atau the Issuer or Public Company in the
Perusahaan Publik; Capital Market;
4) Komite Audit, mencakup antara lain: 459-465 4) Audit Committee, among others covering:
a) nama dan jabatannya dalam 459-461 a) name and position in the committee;
keanggotaan komite;
b) usia; 459-461 b) age;
c) kewarganegaraan; 459-461 c) citizenship;
d) riwayat pendidikan; 459-461 d) education background;
e) riwayat jabatan, meliputi informasi: 459-461 e) history of position; including:
(1) dasar hukum penunjukan sebagai 3 (1) legal basis for the appointment as
anggota komite; member of the committee;
(2) rangkap jabatan, baik sebagai 3 (2) dual position, as member of
anggota Direksi, dan/atau of Board of Directors, and/or
anggota komite serta jabatan member of committee, and other
Publik;
f) periode dan masa jabatan anggota 459 "ĩ ,!.%+ * 0!.)/ +" +þ! +" 0$!
Komite Audit; member of Audit Committee;
g) pernyataan independensi Komite 462 g) statement of independence of the
Audit; Audit Committee;
h) kebijakan dan pelaksanaan tentang 463-464 h) policies and implementation of the
frekuensi rapat Komite Audit dan frequency of meeting of the Audit
tingkat kehadiran anggota Komite Committee and attendance of
Audit dalam rapat tersebut; member of Audit Committee;
i) pendidikan dan/atau pelatihan yang 459-461 i) education and/or training during the
telah diikuti dalam tahun buku (jika year under review (if any); and
ada); dan
j) pelaksanaan kegiatan Komite Audit 463 j) the activities of the Audit Committee
pada tahun buku sesuai dengan yang in the year under review, in accordance
dicantumkan dalam pedoman atau with the Audit Committee Charter;
piagam (charter) Komite Audit;

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5) komite lain yang dimiliki Emiten atau 466-473, 5) other committee of the Issuer or the Public
Perusahaan Publik dalam rangka 474-481 Company formed to support the function
mendukung fungsi dan tugas Direksi dan/ and duty of the Board of Directors
atau Dewan Komisaris, seperti Komite and/or the Board of Commissioners,
Nominasi dan Remunerasi, mencakup such as Nomination and Remuneration
antara lain: Committee, containing:
a) nama dan jabatannya dalam 466, 474 a) name and position in the Committee;
keanggotaan komite;
b) usia; 467-468 b) age;
476-477
c) kewarganegaraan; 467-468 c) citizenship;
476-477
d) riwayat pendidikan; 467-468 d) education background;
476-477
e) riwayat jabatan, meliputi informasi: 467-468 e) history of position, including:
476-477
anggota komite; member of the committee;
(2) rangkap jabatan, baik sebagai 3 (2) dual position, as member of
anggota Direksi, dan/atau of Board of Directors, and/or
anggota komite serta jabatan member of committee, and other
Publik;
f) periode dan masa jabatan anggota 466, 474 "ĩ ,!.%+ * 0!.)/ +" +þ! +" 0$!
komite; member of Audit Committee;
g) uraian tugas dan tanggung jawab; 469-470, 479 g) description of duty and responsibility;
h) pernyataan bahwa telah memiliki 469-478 h) statement that the Committee has
pedoman atau piagam (charter) already have the Charter;
komite;
i) pernyataan independensi komite; 468-469,478 i) statement of independence of the
Committee;
j) kebijakan dan pelaksanaan tentang 470-471, j) policies and frequency of meeting
frekuensi rapat komite dan tingkat 479-480 of the committee, and attendance of
kehadiran anggota komite dalam each member of the committee in the
rapat tersebut; said meetings;
k) pendidikan dan/atau pelatihan yang 467-468 k) education and/or training during the
telah diikuti dalam tahun buku (jika 476-477 year under review (if any); and
ada); dan
l) uraian singkat pelaksanaan kegiatan 472, 481 l) brief description on the activities of
komite pada tahun buku; the committee;
6) Sekretaris Perusahaan, mencakup antara 482-487 6) Corporate Secretary, including:
lain:
a) nama; 484 a) name;
b) domisili; 484 b) domicile;
c) riwayat jabatan, meliputi informasi: 484 c) history of position, including:
Sekretaris Perusahaan; dan Corporate Secretary; and
Publik;
d) riwayat pendidikan; 484 d) education background;
e) pendidikan dan/atau pelatihan yang 485 e) education and/or training during the
diikuti dalam tahun buku; dan year under review; and

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f) uraian singkat pelaksanaan tugas 485-487 f) brief description on the
Sekretaris Perusahaan pada tahun implementation of duties of the
buku; Corporate Secretary in the year under
review;
7) Unit Audit Internal, mencakup antara lain: 488-497 7) Internal Audit Unit, among others
including:
a) nama kepala Unit Audit Internal; 490 a) name of Head of Internal Audit Unit;
b) riwayat jabatan, meliputi informasi: 490 b) history of position, including:
kepala Unit Audit Internal; dan Head of Internal Audit Unit; and
Publik;
ĩ '1(%ü'/% 01 /!.0%ü'/% /!#% 492-493 ĩ -1(%ü0%+* +. !.0%ü0%+* /
profesi audit internal (jika ada); internal auditor (if any);
d) pendidikan dan/atau pelatihan yang 492 d) education and/or training during the
diikuti dalam tahun buku; year under review;
e) struktur dan kedudukan Unit Audit 489 e) structure and position of Internal
Internal; Audit Unit;
f) uraian tugas dan tanggung jawab; 493 f) description of duties and
responsibilities;
g) pernyataan bahwa telah memiliki 494 g) statement that the Internal Audit Unit
pedoman atau piagam (charter) Unit has already have Internal Audit Unit
Audit Internal; dan charter; and
h) uraian singkat pelaksanaan tugas Unit 495-496 h) brief description on the
Audit Internal pada tahun buku; implementation of duty of Internal
Audit Unit during the year under
review;
8) uraian mengenai sistem pengendalian 498-501 8) description on internal control system
internal (internal control) yang diterapkan adopted by the Issuer or Public Company,
oleh Emiten atau Perusahaan Publik, at least covering:
paling sedikit mengenai:
a) pengendalian keuangan dan 500-501 ĩ ü**%(* +,!.0%+*(+*0.+(Č*
operasional, serta kepatuhan terhadap compliance to the other prevailing
peraturan perundang-undangan rules; and
lainnya; dan
b) tinjauan atas efektivitas sistem 496-497 ĩ .!2%!3+*0$!!û!0%2!*!//+"%*0!.*(
pengendalian internal; control systems;
9) sistem manajemen risiko yang diterapkan 502-513 9) risk management system implemented by
oleh Emiten atau Perusahaan Publik, the company, at least includes:
paling sedikit mengenai:
a) gambaran umum mengenai sistem 502-507 a) general description about the
manajemen risiko Emiten atau company’s risk management system
Perusahaan Publik; the Issuer or Public Company;
b) jenis risiko dan cara pengelolaannya; 508-511 b) types of risk and the management;
dan and
c) tinjauan atas efektivitas sistem 513 ĩ .!2%!3 0$! !û!0%2!*!// +" 0$! .%/'
manajemen risiko Emiten atau management system applied by the
Perusahaan Publik; Issuer or Public Company;
10) perkara penting yang dihadapi oleh 543-544 10) important cases faced by the Issuer or
Emiten atau Perusahaan Publik, entitas Public Company, subsidiaries, current
anak, anggota Direksi dan anggota Dewan members of the Board of Commissioners
Komisaris (jika ada), antara lain meliputi: and the Board of Directors, among others
include:
a) pokok perkara/gugatan; 543-544 a) substance of the case/claim;
b) status penyelesaian perkara/gugatan; 543-544 b) status of settlement of case/claim;
dan and
c) pengaruhnya terhadap kondisi Emiten 543-544 c) potential impacts on the condition of
atau Perusahaan Publik; the Issuer or Public Company;

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11) informasi tentang sanksi administratif 544 11) information about administrative
yang dikenakan kepada Emiten atau sanctions imposed to Issuer or Public
Perusahaan Publik, anggota Dewan Company, members of the Board
Komisaris dan Direksi, oleh otoritas Pasar of Commissioners and the Board of
Modal dan otoritas lainnya pada tahun Directors, by the Capital Market Authority
buku (jika ada); * +0$!.10$+.%0%!/ 1.%*#0$!(/0ü/(
year (if any);
12) informasi mengenai kode etik Emiten atau 526-529 12) information about codes of conduct of
Perusahaan Publik meliputi: the Issuer or Public Company, includes:
a) pokok-pokok kode etik; 528 a) key points of the code of conduct;
b) bentuk sosialisasi kode etik dan upaya 527 b) socialization of the code of conduct
penegakannya; dan and enforcement; and
c) pernyataan bahwa kode etik berlaku 163-167 c) statement that the code of conduct
bagi anggota Direksi, anggota Dewan is applicable for the Board of
Komisaris, dan karyawan Emiten atau Commissioners, the Board of
Perusahaan Publik; Directors, and employees of the Issuer
of Public Company;
13) informasi mengenai budaya perusahaan 322 13) information about corporate culture (if
(corporate culture) atau nilai-nilai any) of the Issuer or Public Company;
perusahaan (jika ada);
14) uraian mengenai program kepemilikan 322 14) description of employee or management
saham oleh karyawan dan/atau stock ownership program of the Issuer or
manajemen yang dilaksanakan Emiten Public Company, among others contains:
atau Perusahaan Publik (jika ada), antara
lain mengenai:
a) jumlah saham dan/atau opsi; 322 a) number of share and/or option;
b) jangka waktu pelaksanaan; 322 b) period;
c) persyaratan karyawan dan/atau 322 c) requirement for eligible employee
manajemen yang berhak; dan and/or management; and
d) harga pelaksanaan; 322 d) exercised price;
15) uraian mengenai sistem pelaporan 538-542 15) description of whistleblowing system at
pelanggaran (whistleblowing system) di the Issuer or Public Company (if any),
Emiten atau Perusahaan Publik (jika ada), among others include:
antara lain meliputi:
a) cara penyampaian laporan 539-540 a) mechanism for violation reporting;
pelanggaran;
b) perlindungan bagi pelapor; 542 b) protection for the whistleblower;
c) penanganan pengaduan; 541 c) handling of violation reports;
d) pihak yang mengelola pengaduan; 539 d) unit responsible for handling of
dan violation report; and
e) hasil dari penanganan pengaduan, 542 e) results from violation report handling,
paling sedikit meliputi: at least includes:
(1) jumlah pengaduan yang masuk 3 (1) number of complaints received
dan diproses dalam tahun buku; * ,.+!//! 1.%*# 0$! ü/(
dan year; and
(2) tindak lanjut pengaduan; 3 (2) follow up of complaints;
16) penerapan atas Pedoman Tata Kelola 549-554 16) implementation of the Guidelines
Perusahaan Terbuka bagi Emiten yang of Corporate Governance for Public
menerbitkan Efek Bersifat Ekuitas atau Companies for Issuer issuing Equity-based
Perusahaan Publik, meliputi: Securities or Public Company, including:
a) pernyataan mengenai rekomendasi 549-554 a) statement regarding recommendation
yang telah dilaksanakan; dan/atau that have been implemented; and/or
b) penjelasan atas rekomendasi yang 549-554 b) description of recommendation that
belum dilaksanakan, disertai alasan have not been implemented, along
dan alternatif pelaksanaannya (jika with the reason and alternatives of
ada); implementation (if any);
h. Tanggung Jawab Sosial dan Lingkungan 572-600 h. Social and Environmental Responsibility of the
Emiten atau Perusahaan Publik Issuer or Public Company

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1) Informasi mengenai tanggung jawab sosial 1) Information on social and environmental
dan lingkungan Emiten atau Perusahaan responsibility of the Issuer or Public
Publik meliputi kebijakan, jenis program, Company that covers policies, types of
dan biaya yang dikeluarkan, antara lain programs, and cost, among others related
terkait aspek: to:
a) lingkungan hidup, antara lain: 583-589 a) environment, among others:
(1) penggunaan material dan energi 585 (1) the use of environmentally
yang ramah lingkungan dan dapat friendly and recyclable materials
didaur ulang; and energy;
(2) sistem pengolahan limbah Emiten 586 (2) the waste treatment systems of
atau Perusahaan Publik; the Issuer or Public Company;
(3) mekanisme pengaduan masalah 545 Ĩăĩ )!$*%/) "+. ü((%*# +),(%*0
lingkungan; dan on environmental issues; and
Ĩąĩ /!.0%ü'/% % % *# (%*#'1*#* 252-256 Ĩąĩ !*2%.+*)!*0(!.0%ü0%+*/Ď
yang dimiliki;
b) praktik ketenagakerjaan, kesehatan, 589-593 b) employment practices, occupational
dan keselamatan kerja, antara lain: health and safety, among others:
(1) kesetaraan gender dan 581-582 (1) gender equality and equal work
kesempatan kerja; opportunity;
(2) sarana dan keselamatan kerja; 589-591 (2) work and safety facilities;
(3) tingkat perpindahan (turnover) 592 (3) employee turnover;
karyawan;
(4) tingkat kecelakaan kerja; 590-591 (4) work incident rate;
(5) pendidikan dan/atau pelatihan; 592 (5) education and/or training;
(6) remunerasi; dan 592 (6) remuneration; and
(7) mekanisme pengaduan masalah 592 ĨĈĩ )!$*%/) "+. ü((%*# +),(%*0
ketenagakerjaan; on employment issues;
c) pengembangan sosial dan 595-600 c) social and community development,
kemasyarakatan, antara lain: among others:
(1) penggunaan tenaga kerja lokal; 194 (1) the use of local work force;
(2) pemberdayaan masyarakat 597 (2) empowerment of local
sekitar Emiten atau Perusahaan communities among others
Publik antara lain melalui through the use of raw material
penggunaan bahan baku yang produced by the community or
dihasilkan oleh masyarakat atau by providing education;
pemberian edukasi;
(3) perbaikan sarana dan prasarana 600 (3) improvement of public social
sosial; facilities and infrastructure;
(4) bentuk donasi lainnya; dan 599-600 (4) other form of donation; and
(5) komunikasi mengenai kebijakan 583 (5) dissemination of the policies and
dan prosedur anti korupsi di procedures of anti-corruption at
Emiten atau Perusahaan Publik, the Issuers or Public Company,
serta pelatihan mengenai anti and training on anti-corruption (if
korupsi (jika ada); any);
d) tanggung jawab barang dan/atau 593-594 d) products and/or services
jasa, antara lain: responsibilities, among others:
(1) kesehatan dan keselamatan 594 (1) consumers’ health and safety;
konsumen;
(2) informasi barang dan/atau jasa; 147-155 (2) products and/or services
dan information; and
(3) sarana, jumlah, dan 545 (3) facilities, number, and resolution
penanggulangan atas pengaduan of consumer complaint.
konsumen.

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2) Dalam hal Emiten atau Perusahaan 3 2) In the event that the Issuer or the Public
Publik menyajikan informasi mengenai Company imparts information on social
tanggung jawab sosial dan lingkungan and environmental responsibility as
sebagaimana dimaksud pada angka 1) referred to in point 1) in separate report
pada laporan tersendiri seperti laporan such corporate social and environmental
tanggung jawab sosial dan lingkungan responsibility report, or sustainability
atau laporan keberlanjutan (sustainability report, then the Issuers or the Public
report), Emiten atau Perusahaan Publik Company is excluded from disclosing
dikecualikan untuk mengungkapkan information on social and environmental
informasi mengenai tanggung jawab responsibility in Annual Report; and
sosial dan lingkungan dalam Laporan
Tahunan; dan
3) Laporan sebagaimana dimaksud pada 3 3) The said report in point 2) should be
angka 2) disampaikan kepada Otoritas submitted to the Financial Service
Jasa Keuangan bersamaan dengan Authority along with the Annual Report;
penyampaian Laporan Tahunan;
i. Laporan Keuangan Tahunan yang Telah 601-748 i. Audited Annual Financial Statement
Diaudit
Laporan keuangan tahunan yang dimuat 604-605 Financial Statements included in Annual
dalam Laporan Tahunan disusun sesuai dengan Report should be prepared in accordance
Standar Akuntansi Keuangan di Indonesia dan with the Financial Accounting Standards in
telah diaudit oleh Akuntan. Laporan keuangan Indonesia and audited by an Accountant. The
dimaksud memuat pernyataan mengenai /% ü**%( /00!)!*0 /$+1( ! %*(1 !
pertanggungjawaban atas laporan keuangan 3%0$ /00!)!*0 +" .!/,+*/%%(%05 "+. ü**%(
sebagaimana diatur dalam peraturan report as stipulated in the legislations in
perundang-undangan di sektor Pasar Modal the Capital Markets sector governing the
yang mengatur mengenai tanggung jawab responsibility of the Board of Directors on
Direksi atas laporan keuangan atau peraturan 0$! ü**%( .!,+.0 +. 0$! (!#%/(0%+*/ %* 0$!
perundang-undangan di sektor Pasar Modal Capital Markets sector governing the periodic
yang mengatur mengenai laporan berkala reports of securities company in the event the
Perusahaan Efek dalam hal Emiten merupakan Issuer is a Securities Company; and
Perusahaan Efek; dan
j. Surat Pernyataan Anggota Direksi dan 749-751 j. Letter of Statement of the Board of Directors
Anggota Dewan Komisaris tentang Tanggung and the Board of Commissioners regarding
Jawab atas Laporan Tahunan the Responsibility for Annual Reporting
Surat pernyataan anggota Direksi dan anggota 749-751 Letter of statement of the Board of Directors
Dewan Komisaris tentang tanggung jawab and the Board of Commissioners regarding
atas Laporan Tahunan disusun sesuai dengan the responsibility for Annual Reporting should
format Surat Pernyataan Anggota Direksi dan be prepared according to the format of letter
Anggota Dewan Komisaris tentang Tanggung of statement of member of Board of Directors
Jawab atas Laporan Tahunan sebagaimana and the Board of Commissioners regarding
tercantum dalam Lampiran yang merupakan the responsibility for Annual Reporting as
bagian tidak terpisahkan dari Surat Edaran attached in the Attachment, which is an
Otoritas Jasa Keuangan ini. integral part of this Circulation Letter of the
Financial Services Authority.

768
Kriteria Annual Report Awards 2018

2018 Annual Report Award Criteria
Halaman
Kriteria dan Penjelasan Criteria and Explanations
Page
I. Umum I. General
1. Laporan tahunan disajikan dalam bahasa Indonesia 3 1. The Annual Report shall be written in good and
yang baik dan benar dan dianjurkan menyajikan juga correct Indonesian, and is recommended to be
dalam bahasa Inggris presented in English
2. Laporan tahunan dicetak dengan kualitas yang baik 3 2. The Annual Report shall be printed with good quality
dan menggunakan jenis dan ukuran huruf yang mudah using readable type and size of fonts
dibaca
3. Laporan tahunan mencantumkan identitas perusahaan 3 3. The Annual Report shall present clear identity of the
dengan jelas company
4. Nama perusahaan dan tahun annual report 4. ƫ+),*5*)!* 0$!**1(.!,+.0ü**%(5!.
ditampilkan di: shall be presented on:
a. Sampul muka; a. Front Cover;
b. Samping; b. Side Cover;
c. Sampul belakang; dan c. Back Cover; and
d. Setiap halaman. d. Every page
5. Laporan tahunan ditampilkan di website perusahaan 3 5. The Annual Report shall be posted in the company’s
Mencakup laporan tahunan terkini dan paling kurang website
4 tahun terakhir. Including the latest annual report as well as those for
the last four years, at least.
II. Ikhtisar Data Keuangan Penting II. Key Financial Highlights
1. Informasi hasil usaha perusahaan dalam bentuk 30-31 1. Income statement in comparison for 3 (three)
perbandingan selama 3 (tiga) tahun buku atau ü**%(5!./+./%*!0$!+))!*!)!*0+"
sejak memulai usahanya jika perusahaan tersebut business if the company has been running its business
menjalankan kegiatan usahanya selama kurang dari 3 activities for less than 3 (three) years
(tiga) tahun
Informasi memuat antara lain: Information contains the following:

a. Penjualan/pendapatan usaha; 3 a. Income;
b. Laba (rugi): 3 ċ .+ü0Ĩ(+//ĩč
• Diatribusikan kepada pemilik entitas induk; dan • Attributable to equity holders of the parent
• Diatribusikan kepada kepentingan entity; and
nonpengendali; • Attributable to non controlling interest;
c. Penghasilan komprehensif periode berjalan : 3 ċ +0(+),.!$!*/%2!,.+ü0Ĩ(+//ĩč
• Diatribusikan kepada pemilik entitas induk; dan • Attributable to equity holders of the parent
• Diatribusikan kepada kepentingan entity; and
nonpengendali; dan • Attributable to non controlling interest;
d. Laba (rugi) per saham. 3 d. Earning (loss) per share.
Catatan: Apabila perusahaan tidak memiliki entitas Note: If the company does not have subsidiaries,
anak, perusahaan menyajikan laba (rugi) dan 0$!,.+ü0Ĩ(+//ĩ* +0$!.+),.!$!*/%2!%*+)!%/
penghasilan komprehensif periode berjalan secara presented in total.
total.
2. Informasi posisi keuangan perusahaan dalam bentuk 30-32 2. %**%(,+/%0%+*%*+),.%/+*"+.ăĨ0$.!!ĩü**%(
perbandingan selama 3 (tiga) tahun buku atau years or since the commencement of business if the
sejak memulai usahanya jika perusahaan tersebut company has been running its business activities for
menjalankan kegiatan usahanya selama kurang dari 3 less than 3 (three) years
(tiga) tahun
Informasi memuat antara lain: Information contains the following:

a. Jumlah investasi pada entitas asosiasi; 3 a. Total investment on associates;
b. Jumlah aset; 3 b. Total assets
c. Jumlah liabilitas; dan 3 c. Total liabilities; and
d. Jumlah ekuitas. 3 d. Total equity.
3. Rasio keuangan dalam bentuk perbandingan selama 31 3. %**%(.0%+%*+),.%/+*"+.ăĨ0$.!!ĩü**%(
3 (tiga) tahun buku atau sejak memulai usahanya jika years or since the commencement of business if the
perusahaan tersebut menjalankan kegiatan usahanya company has been running its business activities for
selama kurang dari 3 (tiga) tahun less than 3 (three) years
Informasi memuat 5 (lima) rasio keuangan yang *"+.)0%+*+2!./ĆĨü2!ĩü**%(.0%+/Č3$%$

umum dan relevan dengan industri perusahaan. are generally applied and relevant to the company’s
industry.

769
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4 *"+.)/%$.#/$) ()!*01'0!( *#.ü' 32-35 4 Share price information in tables and charts
a. Jumlah saham yang beredar; 3 a. Number of shares outstanding;
b. Informasi dalam bentuk tabel yang memuat: 3 b. The table forms contain the following information:
• Kapitalisasi pasar berdasarkan harga pada • Market capitalization based on share price on
Bursa Efek tempat saham dicatatkan; the Stock Exchange where the shares are listed;
• Harga saham tertinggi, terendah, dan • Highest, lowest and closing share price based
penutupan berdasarkan harga pada Bursa Efek on share price on the Stock Exchange where
tempat saham dicatatkan; dan the shares are listed; and
• Volume perdagangan saham pada Bursa Efek • Trading volume of shares on the Stock
tempat saham dicatatkan. Exchange where the shares are listed.
ċ *"+.)/% ()!*01'#.ü'5*#)!)10,(%*# 3 c. The graph forms contain at least the following
kurang: information:
• Harga penutupan berdasarkan harga pada • The closing price of shares based on share price
Bursa Efek tempat saham dicatatkan; dan on the Stock Exchange where the shares are
• Volume perdagangan saham pada Bursa Efek listed; and
tempat saham dicatatkan. • Trading volume of shares on the Stock
Exchange where the shares are listed
Untuk setiap masa triwulan dalam 2 (dua) tahun buku +.!$-1.0!.%*0$!(0!/0ĂĨ03+ĩü**%(5!./ċ

terakhir.
Catatan: apabila perusahaan tidak memiliki Note: Should be disclosed if the company does not
kapitalisasi pasar, informasi harga saham, dan volume have market capitalization, share price, and share
perdagangan saham, agar diungkapkan. trading volume.
5. Informasi mengenai obligasi, sukuk atau obligasi 35 5. Information regarding outstanding bonds, sukuk or
konversi yang masih beredar dalam 2 (dua) tahun +*2!.0%(!+* /Č%*ĂĨ03+ĩ(0!/0ü**%(5!./
buku terakhir
Informasi memuat: Information contains:

a. Jumlah obligasi/sukuk/obligasi konversi yang 3 a. Number of outstanding bonds, sukuk or
beredar (outstanding); convertible bonds;
b. Tingkat bunga/imbalan; 3 b. Interest rate/yield;
c. Tanggal jatuh tempo; dan 3 c. Maturity date; and
d. Peringkat obligasi/sukuk tahun 2015 dan 2016. 3 d. Rating of bonds/sukuk in 2015 and 2016.
Catatan: apabila perusahaan tidak memiliki obligasi/ Note: Should be disclosed if the company does not
sukuk/obligasi konversi, agar diungkapkan. have outstanding bonds, sukuk or convertible bonds.
III. Laporan Dewan Komisaris dan Direksi 36-137 III. Board of Commissioners and Board of Directors’
Report
1. Laporan Dewan Komisaris 38-113 1. Board of Commissioners’ Report
Memuat hal-hal sebagai berikut: Contain the following:

a. Penilaian atas kinerja Direksi mengenai 3 a. Assessment on the performance of the Board of
pengelolaan perusahaan dan dasar penilaiannya; Directors in managing the company and the basis
3 for such evaluation;
b. Pandangan atas prospek usaha perusahaan yang b. Views on the business prospects of the company
disusun oleh Direksi dan dasar pertimbangannya; 3 as prepared by the Board of Directors and the
basis for such consideration;
c. Pandangan atas penerapan/pengelolaan c. Views on the implementation/management of the
whistleblowing system (WBS) di perusahaan dan 3 company's whistleblowing system (WBS), and the
peran Dewan Komisaris dalam WBS tersebut; dan role of the Board of Commissioners in the WBS; and
d. Perubahan komposisi Dewan Komisaris (jika ada) d. Changes in the composition of the Board of
dan alasan perubahannya. Commissioners (if any) and the reason for such
changes.
2. Laporan Direksi 114-137 2. Board of Directors' report

a. Analisis atas kinerja perusahaan, yang mencakup 3 a. Analysis of the company's performance, covering
antara lain: among others:
• kebijakan strategis; • strategic policies;
• perbandingan antara hasil yang dicapai dengan • comparison between targets and achievements;
yang ditargetkan; dan and
• kendala-kendala yang dihadapi perusahaan dan • challenges faced by the company and initiatives
langkah-langkah penyelesaiannya; to deal with those challenges;
b. Analisis tentang prospek usaha; 3 b. Analysis on business prospects;
c. Perkembangan penerapan tata kelola perusahaan 3 c. Developments in the implementation of GCG
pada tahun buku; dan 1.%*#0$!ü/(5!.Ď*
d. Perubahan komposisi anggota Direksi (jika ada) 3 d. Changes in the composition of the Board of
dan alasan perubahannya. Directors (if any) and the reason for such changes.

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Page
3 Tanda tangan anggota Dewan Komisaris dan anggota 749-750 3 Signatures of members of the Board of
Direksi Commissioners and Board of Directors

a. Tanda tangan dituangkan pada lembaran a. Signatures on a separate page;
tersendiri; 3
b. Pernyataan bahwa Dewan Komisaris dan Direksi b. Statement of responsibility of the Board of
bertanggung jawab penuh atas kebenaran isi 3 Commissioners and Board of Directors for the
laporan tahunan; accuracy of the contents of the Annual Report;
c. Ditandatangani seluruh anggota Dewan Komisaris c. Signed by all members of the Board of
dan anggota Direksi dengan menyebutkan nama Commissioners and Board of Directors by stating
dan jabatannya; dan 3 their names and position; and
d. Penjelasan tertulis dalam surat tersendiri dari d. Written explanation in separate letter from
yang bersangkutan dalam hal terdapat anggota the person(s) concerned in the event that
Dewan Komisaris atau anggota Direksi yang tidak 3 member(s) of Board of Commissioners or Board
menandatangani laporan tahunan, atau penjelasan of Directors fail to sign the annual report; or:
tertulis dalam surat tersendiri dari anggota yang written explanation in separate letter from other
lain dalam hal tidak terdapat penjelasan tertulis member(s) in the event that there is no written
dari yang bersangkutan. explanation from the person(s) concerned.
IV. .+ü(!.1/$* 138-271 IV. ƫ+),*5.+ü(!
1. Nama dan alamat lengkap perusahaan 140 1. Name and complete address of the company
Informasi memuat antara lain: nama dan alamat, kode Information contains, among others, name and
pos, no. Telp, no. Fax, email, dan website. address, post code, telephone number, fax, email and
website.
2. Riwayat singkat perusahaan 141-144 2. Brief history of the company
Mencakup antara lain: tanggal/tahun pendirian, nama, Contain among others: date/year of establishment,
perubahan nama perusahaan (jika ada), dan tanggal name of the company, change of name (if any), and
efektif perubahan nama perusahaan. !û!0%2! 0!+"0$!$*#!+"*)!ċ
Catatan: apabila perusahaan tidak pernah melakukan Note: to be disclosed if the company never had a
perubahan nama, agar diungkapkan change of name
3. Bidang usaha 145-155 3. Line of business
Uraian mengenai antara lain: Description of, among others:

a. Kegiatan usaha perusahaan menurut anggaran 3 a. The line of business as stated in the latest Articles
dasar terakhir; of Association;
b. Kegiatan usaha yang dijalankan; dan 3 b. Business activities; and
c. Produk dan/atau jasa yang dihasilkan. 3 ċ .+ 10* ĥ+./!.2%!/+û!.! ċ
4 Struktur Organisasi 156 4 Organization structure
Dalam bentuk bagan, meliputi nama dan jabatan Diagram of organization structure, containing name
paling kurang sampai dengan struktur satu tingkat di and position of personnel up to one level below
bawah Direksi. Director, at least
5. Visi, Misi, dan Budaya Perusahaan 157-167 5. Vision, Mission and Corporate Culture
Mencakup: Covers:
a. Visi perusahaan; 3 a. Vision;
b. Misi perusahaan; 3 b. Mission;
c. Keterangan bahwa visi dan misi tersebut telah 3 c. Statement that the vision and mission have
direviu dan disetujui oleh Direksi/Dewan Komisaris been reviewed and approved by the Board of
pada tahun buku; dan ƫ+))%//%+*!./ĥ%.!0+./%*0$!ü/(5!.Ď*
d. Pernyataan mengenai budaya perusahaan 3 d. Statement on the corporate culture.
(corporate culture) yang dimiliki perusahaan.
6. Identitas dan riwayat hidup singkat anggota Dewan 168-173 6. .+ü(!/+")!)!./+"0$!ǫ+. +"ƫ+))%//%+*!./
Komisaris
Informasi memuat antara lain: Contain information on:

a. Nama; 3 a. Name;
b. Jabatan dan periode jabatan (termasuk jabatan 3 b. Position and period in position (including
pada perusahaan atau lembaga lain); position(s) held at other company/institution);
c. Umur; 3 c. Age;
d. Domisili; 3 d. Domicile;
e. Pendidikan (Bidang Studi dan Lembaga 3 !ċ 10%+*Ĩ/01 5ü!( * ! 10%+*%*/0%010%+*ĩĎ
Pendidikan);
f. Pengalaman kerja (Jabatan, Instansi, dan Periode 3 f. Work experience (position, company, and period in
Menjabat); dan position); and
g. Riwayat penunjukkan (periode dan jabatan) 3 g. History of assignments (period and position) as
sebagai anggota Dewan Komisaris di Perusahaan member of the Board of Commissioners at the
sejak pertama kali ditunjuk. +),*5/%*!0$!ü./0,,+%*0)!*0ċ

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7. Identitas dan riwayat hidup singkat anggota Direksi 174-179 7. .+ü(!/+")!)!./+"0$!ǫ+. +"%.!0+./
a. Nama; 3 a. Name;
b. Jabatan dan periode jabatan (termasuk jabatan 3 b. Position and period in position (including
pada perusahaan atau lembaga lain); position(s) held at other company/institution);
c. Umur; 3 c. Age;
d. Domisili; 3 d. Domicile;
e. Pendidikan (Bidang Studi dan Lembaga 3 !ċ 10%+*Ĩ/01 5ü!( * ! 10%+*%*/0%010%+*ĩĎ
Pendidikan);
f. Pengalaman kerja (Jabatan, Instansi, dan Periode 3 f. Work experience (position, company, and period in
Menjabat); dan position); and
g. Riwayat penunjukkan (periode dan jabatan) 3 g. History of assignments (period and position) as
sebagai anggota Direksi di Perusahaan sejak member of the Board of Directors at the company
pertama kali ditunjuk. /%*!0$!ü./0,,+%*0)!*0ċ
8. Jumlah karyawan (komparatif 2 tahun) dan data 191-209 8. Total number of employees (comparative for 2 years)
pengembangan kompetensi karyawan yang and data on employee competence development
mencerminkan adanya kesempatan untuk masing- ,.+#.)/.!ý!0%*#!-1(+,,+.01*%0%!/"+.!$(!2!(
masing level organisasi of the organization
Informasi memuat antara lain: Information contains, among others:

a. Jumlah karyawan untuk masing-masing level 3 a. Number of employees at each level of the
organisasi; organization;
b. Jumlah karyawan untuk masing-masing tingkat 3 b. Number of employees by education;
pendidikan;
c. Jumlah karyawan berdasarkan status kepegawaian; 3 c. Number of employees by employment status;
d. Data pengembangan kompetensi karyawan yang 3 d. Data on employee competence development
telah dilakukan pada tahun buku yang terdiri dari ,.+#.)/ 1.%*#0$!ü/(5!.Č+*!.*%*#
pihak (level jabatan) yang mengikuti pelatihan, jenis position of participants, type of training, and
pelatihan, dan tujuan pelatihan; dan purpose of training; and
e. Biaya pengembangan kompetensi karyawan yang 3 e. The costs of employee competence development
telah dikeluarkan pada tahun buku. ,.+#.)/%*0$!ü/(5!.ċ
9. Komposisi Pemegang saham 210-224 9. Shareholders composition
Mencakup antara lain: Covering among others:

a. Rincian nama pemegang saham yang meliputi 3 a. Names of the 20 largest shareholders and their
20 pemegang saham terbesar dan persentase shareholding percentage;
kepemilikannya;
b. Rincian pemegang saham dan persentase 3 b. Details of shareholders and shareholding
kepemilikannya meliputi: percentage:
• Nama pemegang saham yang memiliki 5% atau • Names of shareholders with 5% or more
lebih saham; dan shareholding; and
• Kelompok pemegang saham masyarakat • Group of public shareholders with individual
dengan kepemilikan saham masing-masing shareholding of less than 5% each.
kurang dari 5%.
c. Nama Direktur dan Komisaris serta persentase 3 c. Names of Director and Commissioner with direct
kepemilikan sahamnya secara langsung dan tidak or indirect share-ownership and the percentage of
langsung. such shareholding.
Catatan: apabila Direktur dan Komisaris tidak Note: should be disclosed if the Director and
memiliki saham langsung dan tidak langsung, agar Commissioner does not own shares, directly or
diungkapkan. indirectly.
10. Daftar entitas anak dan/atau entitas asosiasi 233-239 10. List of subsidiaries and/or associated entities
Dalam bentuk tabel memuat informasi antara lain: Intable form, containing:
a. Nama entitas anak dan/atau asosiasi; 3 a. Name of subsidiary and/or associated entity;
b. Persentase kepemilikan saham; 3 b. Share-ownership percentage;
c. Keterangan tentang bidang usaha entitas anak 3 c. Line of business of subsidiary and/or associated
dan/atau entitas asosiasi; dan entity; and
d. Keterangan status operasi entitas anak dan/atau 3 d. Operational status of subsidiary and/or associated
entitas asosiasi (telah beroperasi atau belum entity (in commercial operation/not yet in
beroperasi). commercial operation).
11. Struktur grup perusahaan 239 11. Corporate group structure
Struktur grup perusahaan dalam bentuk bagan yang Diagram of corporate group structure involving
menggambarkan entitas induk, entitas anak, entitas relationship of the parent company, subsidiary,
asosiasi, joint venture, dan special purpose vehicle associated entity, joint venture, and special purpose
(SPV). vehicle (SPV).

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12. Kronologi penerbitan saham (termasuk private 34-35 12. Chronology of share listing (including private
placement) dan/atau pencatatan saham dari awal placement) and/or share listing from the share
penerbitan sampai dengan akhir tahun buku %//1*!1,0+0$!!* +"0$!ü/(5!.
Mencakup antara lain: Covers, among others:

a. Tahun penerbitan saham, jumlah saham, nilai 3 a. Year of share issuance, number of shares issued,
nominal saham, dan harga penawaran saham untuk ,.2(1!Č* /$.!+û!.,.%!Č"+.!$/!,.0!
masing-masing tindakan korporasi (corporate corporate action;
action);
b. Jumlah saham tercatat setelah masing-masing 3 b. Total number of shares outstanding following the
tindakan korporasi (corporate action); dan corporate action; and
c. Nama bursa dimana saham perusahaan dicatatkan. 3 c. The stock exchange where the shares are listed.
Catatan: apabila perusahaan tidak memiliki kronologi Note: should be disclosed if the company does not
pencatatan saham, agar diungkapkan. have a chronology of share listing.
13. Kronologi penerbitan dan/atau pencatatan efek 35, 210-224 13. Chronology of other securities issuance and/or listing
lainnya dari awal penerbitan sampai dengan akhir ".+)0$!0%)!+"%//1*!1,1*0%(0$!!* +"0$!ü/(
tahun buku year

a. Nama efek lainnya, tahun penerbitan efek lainnya, 3 a. Name of security instrument, year of issuance,
tingkat bunga/imbalan efek lainnya, dan tanggal interest rate/yield of securities, and maturity date;
jatuh tempo efek lainnya;
b. Nilai penawaran efek lainnya; 3 ċ û!.%*#,.%!+"+0$!./!1.%0%!/Ď
c. Nama bursa dimana efek lainnya dicatatkan; dan 3 c. The stock exchange where the securities are listed;
and
d. Peringkat efek. 3 d. Rating of securities.
Catatan: apabila perusahaan tidak memiliki kronologi Note: should be disclosed if the company does not
penerbitan dan pencatatan efek lainnya, agar have chronology of other securities issuance/listing
diungkapkan
14. Nama dan alamat lembaga dan/atau profesi 246-247 14. Name and address of supporting institutions and/or
penunjang professionals
Informasi memuat antara lain: Covers, among others:

a. Nama dan alamat BAE/pihak yang 3 a. Name and address of the company's Share
mengadministrasikan saham perusahaan; Registrar;
b. Nama dan alamat Kantor Akuntan Publik; dan 3 b. Name and address of Public Accountant Firm; and
c. Nama dan alamat perusahaan pemeringkat efek. 3 c. Name and address of rating agencies.
15. Penghargaan yang diterima dalam tahun buku terakhir 248-256 15. Ƶ3. /.!!%2! 1.%*#0$!ü/(5!.Č+.2(%
*ĥ01/!.0%ü'/%5*#)/%$!.('1 ()0$1* !.0%ü0%+*%*0$!ü/(5!.Č0+0$*0%+*(*
buku terakhir baik yang berskala nasional maupun international levels
internasional
Informasi memuat antara lain: Covers, among others:

ċ ),!*#$.#* *ĥ01/!.0%ü'/%Ď 3 ċ )!+"3. * ĥ+.!.0%ü0%+*Ď
ċ $1*,!.+(!$*,!*#$.#* *ĥ01/!.0%ü'/%Ď 3 b. Year received/issued;
ċ ǫ *,!)!.%,!*#$.#* *ĥ01/!.0%ü'/%Ď 3 c. Name of institution that issued the award/
dan !.0%ü0%+*Ď*
ċ /!.('1Ĩ1*01'/!.0%ü'/%ĩċ 3 ċ (% %05,!.%+ Ĩ!.0%ü0%+*ĩċ
16. Nama dan alamat entitas anak dan/atau kantor 237-238, 257 16. Name and address of subsidiaries and/or branch
cabang atau kantor perwakilan (jika ada) +þ!/+..!,.!/!*00%2!+þ!/Ĩ%"*5ĩ
Memuat informasi antara lain: Covers information on:

a. Nama dan alamat entitas anak; dan 3 a. Name and address of subsidiaries; and
b. Nama dan alamat kantor cabang/perwakilan. 3 ċ )!* .!//+".*$ĥ.!,.!/!*00%2!+þ!ċ
Catatan: apabila perusahaan tidak memiliki entitas Note: should be disclosed if the company does not
anak, kantor cabang, dan kantor perwakilan, agar $2!/1/% %.5Č.*$+þ!+..!,.!/!*00%2!
diungkapkan +þ!ċ

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17. Informasi pada Website Perusahaan 258-259 17. Information in the corporate website
Meliputi paling kurang: Covers at the very least:

a. Informasi pemegang saham sampai dengan 3 a. Information of shareholders up to the individual
pemilik akhir individu; ultimate shareholder;
b. Isi Kode Etik; 3 b. Contents of the Code of Conduct;
c. Informasi Rapat Umum Pemegang Saham (RUPS) 3 c. Information on the General Meeting of
paling kurang meliputi bahan mata acara yang Shareholders (GMS), covering at least agenda
dibahas dalam RUPS, ringkasan risalah RUPS, of the GMS, summary of GMS resolutions, and
dan informasi tanggal penting yaitu tanggal information of pertinent dates, namely the dates
pengumuman RUPS, tanggal pemanggilan RUPS, of GMS announcement, GMS invitation, GMS event,
tanggal RUPS, tanggal ringkasan risalah RUPS and announcement of summary GMS resolutions;
diumumkan;
d. Laporan keuangan tahunan terpisah (5 tahun 3 ċ Ƶ**1(ü**%(/00!)!*0/Ĩ(/0Ć5!./ĩĎ
terakhir);
!ċ .+ü(!3*+)%/.%/ *%.!'/%Ď * 3 !ċ .+ü(!/+"0$!ǫ+. +"ƫ+))%//%+*!./*
Directors; and
f. Piagam/Charter Dewan Komisaris, Direksi, Komite- 3 f. Board manual/Charter of the BoC. BoD,
komite, dan Unit Audit Internal. Committees and Internal Audit Unit.
18. Pendidikan dan/atau pelatihan Dewan Komisaris, 18. Training and education for Board of Commissioners,
Direksi, Komite-komite, Sekretaris Perusahaan, dan Board of Directors, Committees, Corporate Secretary,
Unit Audit Internal and Internal Audit Unit
Meliputi paling kurang informasi (jenis dan pihak yang Cover at least information of type of training and
relevan dalam mengikuti): participant of:
a. Pendidikan dan/atau pelatihan untuk Dewan 168-173 a. Training and/or education for Board of
Komisaris; Commissioners;
b. Pendidikan dan/atau pelatihan untuk Direksi; 174-179 b. Training and/or education for Board of Directors;
c. Pendidikan dan/atau pelatihan untuk Komite 460-461 c. Training and/or education for Audit Committee;
Audit;
d. Pendidikan dan/atau pelatihan untuk Komite 467-468 d. Training and/or education for Nomination and
Nominasi dan Remunerasi; Remuneration Committee;
e. Pendidikan dan/atau pelatihan untuk Komite 475-477 e. Training and/or education for other Committee(s);
Lainnya;
f. Pendidikan dan/atau pelatihan untuk Sekretaris 465 f. Training and/or education for Corporate Secretary;
Perusahaan; dan and
g. Pendidikan dan/atau pelatihan untuk Unit Audit 492 g. Training and/or education for Internal Audit Unit.
Internal.
yang diikuti pada tahun buku. 1.%*#0$!ü/(5!.ċ
Catatan: apabila tidak terdapat pendidikan dan/atau Note: should be disclosed if there are no training and/
pelatihan pada tahun buku, agar diungkapkan +.! 10%+* 1.%*#0$!ü/(5!.
V. Analisa dan Pembahasan Manajemen atas Kinerja 272-365 V. Management Discussion and Analysis on the
Perusahaan Company Performance
1. Tinjauan operasi per segmen usaha 279-297 1. Operation review per business segment
Memuat uraian mengenai: Includes analysis on:

a. Penjelasan masing-masing segmen usaha. 3 a. Elaboration on each business segment.
b. Kinerja per segmen usaha, antara lain: 3 b. Performance of each business segment, among
others:
• Produksi; • Production;
• Peningkatan/penurunan kapasitas produksi; • Increase/Decrease of production capacity;
• Penjualan/pendapatan usaha; dan • Sales/income; and
đ .+ü0%(%0/ċ đ .+ü0%(%05ċ
2. Uraian atas kinerja keuangan perusahaan 298-309 2. !/.%,0%+*+*0$!ƫ+),*5Ě/ü**%(,!."+.)*!
Analisis kinerja keuangan yang mencakup An analysis comparing the performance of the
perbandingan antara kinerja keuangan tahun yang current year and that of the previous year (in the
bersangkutan dengan tahun sebelumnya dan form of narration and tables) and the reasons for the
penyebab kenaikan/penurunan suatu akun (dalam increase/decrease of the accounts, including in:
bentuk narasi dan tabel), antara lain mengenai:
a. Aset lancar, aset tidak lancar, dan total aset; 3 a. Current assets, non-current assets, and total
assets;
b. Liabilitas jangka pendek, liabilitas jangka panjang 3 b. Short-term liabilities, long-term liabilities, and total
dan total liabilitas; liabilities;
c. Ekuitas; 3 c. Equity;
d. Penjualan/pendapatan usaha, beban, laba (rugi), 3 ċ (!/ĥ+,!.0%*#.!2!*1!/Č!4,!*/!/Č.+ü0Ĩ+//ĩČ
penghasilan komprehensif lain, dan penghasilan other comprehensive income, comprehensive
komprehensif periode berjalan; dan income for the current year; and
e. Arus kas. 3 !ċ ƫ/$ý+3/ċ

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3. Bahasan dan analisis tentang kemampuan membayar 309-310 3. Discussion and analysis on solvability and level of
utang dan tingkat kolektibilitas piutang perusahaan, the company receivables collectibility, by presenting
dengan menyajikan perhitungan rasio yang relevan relevant ratio calculation in line with the company’s
sesuai dengan jenis industri perusahaan type of industry
Penjelasan tentang: Explanation on:

a. Kemampuan membayar hutang, baik jangka 3 a. Solvability, both short term and long term; and
pendek maupun jangka panjang; dan
b. Tingkat kolektibilitas piutang. 3 b. Level of receivables collectibility.
4. Bahasan tentang struktur modal (capital structure) 310-311 4. Discussion on capital structure, and management
dan kebijakan manajemen atas struktur modal (capital policy on capital structure
structure policy)
Penjelasan atas: Explanation of:

a. Rincian struktur modal (capital structure) yang 3 a. Details of capital structure comprising of interest-
terdiri dari utang berbasis bunga/sukuk dan bearing debts/sukuk and equity;
ekuitas; dan
b. Kebijakan manajemen atas struktur modal (capital 3 b. Capital structure policies; and
structure policies); dan
c. Dasar pemilihan kebijakan manajemen atas 3 c. Basis for the determination of capital structure
struktur modal. policies.
5. Bahasan mengenai ikatan yang material untuk 312 5. Discussion on material commitments of capital
investasi barang modal (bukan ikatan pendanaan) investments (instead of funding commitments) in the
pada tahun buku terakhir (/0ü/(5!.

a. Nama pihak yang melakukan ikatan; 3 a. Parties in the commitments;
b. Tujuan dari ikatan tersebut; 3 b. Objectives of the commitments;
c. Sumber dana yang diharapkan untuk memenuhi 3 c. Sources of funds to meet the commitments;
ikatan-ikatan tersebut;
d. Mata uang yang menjadi denominasi; dan 3 d. Denomination currency of commitments; and
e. Langkah-langkah yang direncanakan perusahaan 3 e. Initiatives taken to mitigate exchange rate risk.
untuk melindungi risiko dari posisi mata uang
asing yang terkait.
Catatan: apabila perusahaan tidak mempunyai ikatan Note: should be disclosed if the company does not
terkait investasi barang modal pada tahun buku have any material commitment for capital investments
terakhir agar diungkapkan. %*0$!ü/(5!.ċ
6. Bahasan mengenai investasi barang modal yang 312 6. Discussion on capital investment realized at the latest
direalisasikan pada tahun buku terakhir ü**%(5!.

a. Jenis investasi barang modal; 3 a. Type of capital investment;
b. Tujuan investasi barang modal; dan 3 b. Objectives of capital investment; and
c. Nilai investasi barang modal yang dikeluarkan 3 c. Nominal value of capital investment realized in the
pada tahun buku terakhir. (/0ü/(5!.ċ
Catatan: apabila tidak terdapat realisasi investasi Note: should be disclosed if there are no capital
barang modal, agar diungkapkan. investment.
7. Informasi perbandingan antara target pada awal 312-316 7. Information on the comparison between initial target
tahun buku dengan hasil yang dicapai (realisasi), dan 00$!!#%**%*#+"ü**%(5!.* 0$!.!(%60%+*
target atau proyeksi yang ingin dicapai untuk satu and target or projection for the next year concerning
tahun mendatang mengenai pendapatan, laba, dan %*+)!Č,.+ü0Č,%0(/0.101.!Č* +0$!./
lainnya yang dianggap penting bagi perusahaan. +*/% !.! /%#*%ü*00.#!0"+.0$!+),*5ċ

a. Perbandingan antara target pada awal tahun buku 3 ċ ƫ+),.%/+*+"0.#!0/00$!!#%**%*#+"ü/(
dengan hasil yang dicapai (realisasi); dan year and achievements; and
b. Target atau proyeksi yang ingin dicapai dalam 1 3 b. Targets or projections set for the next 1 (one) year.
(satu) tahun mendatang.
8. Informasi dan fakta material yang terjadi setelah 316 8. Information and material facts following the date of
tanggal laporan akuntan accounting report (Subsequent events)
Uraian kejadian penting setelah tanggal laporan !/.%,0%+*+"/%#*%ü*0!2!*0/"+((+3%*#0$! 0!

akuntan termasuk dampaknya terhadap kinerja dan of accounting report including its impact on business
risiko usaha di masa mendatang. risk and performance in the future.
Catatan: apabila tidak ada kejadian penting setelah Note: should be disclosed if there are no subsequent
tanggal laporan akuntan, agar diungkapkan. events.

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9. Uraian tentang prospek usaha perusahaan 316-319 9. Business prospects
Uraian mengenai prospek perusahaan dikaitkan Description on business prospects related to the
dengan industri dan ekonomi secara umum disertai general industry and economy including quantitative
data pendukung kuantitatif dari sumber data yang supporting data from reliable resources
layak dipercaya.
10. Uraian tentang aspek pemasaran 319-321 10. Marketing aspects
Uraian tentang aspek pemasaran atas produk dan/ Description on marketing aspects of the company’s
atau jasa perusahaan, antara lain strategi pemasaran products and/or services, among others marketing
dan pangsa pasar. strategy and market shares
11. Uraian mengenai kebijakan dividen dan jumlah dividen 322 11. Description on dividend policy and total cash
kas per saham dan jumlah dividen per tahun yang dividend per share and total dividend per year
diumumkan atau dibayar selama 2 (dua) tahun buku that are published or disbursed during last 2 (two)
terakhir ü**%(5!./
Memuat uraian mengenai: Contain information on:

a. Kebijakan pembagian dividen; 3 a. Dividend payout policy;
b. Total dividen yang dibagikan; 3 b. Total dividend disbursement;
c. Jumlah dividen kas per saham; 3 c. Total cash dividend per share;
d. Payout ratio; dan 3 d. Payout ratio; and
e. Tanggal pengumuman dan pembayaran dividen 3 e. Announcement date and cash dividend payout for
kas. untuk masing-masing tahun. each year.
Catatan: apabila tidak ada pembagian dividen, agar Note: To disclose if there are no dividend
diungkapkan alasannya. disbursement and its reasons.
12. Program kepemilikan saham oleh karyawan dan/atau 322 12. Employee/Management Share Ownership Program
manajemen yang dilaksanakan perusahaan (ESOP/ Ĩĥ ĩ/0%((+*#+%*#%*0$!ü/(5!.
MSOP) yang masih ada sampai tahun buku
Memuat uraian mengenai: Contain information on:

a. Jumlah saham ESOP/MSOP dan realisasinya; 3 a. Number of ESOP/MSOP shares and its execution;
b. Jangka waktu; 3 b. Period;
c. Persyaratan karyawan dan/atau manajemen yang 3 c. Eligible employee/management; and
berhak; dan
d. Harga exercise. 3 d. Exercise price.
Catatan: apabila tidak memiliki program dimaksud, Note: should be disclosed if there are no such
agar diungkapkan. programs
13. Realisasi penggunaan dana hasil penawaran 322-324 13. !(%60%+*+"%*%0%(,1(%+û!.%*#,.+!! /Ĩ%*0$!
umum (dalam hal perusahaan masih diwajibkan event of the company is obligated to submit the
menyampaikan laporan realisasi penggunaan dana) report)
Memuat uraian mengenai: Covers the following:

a. Total perolehan dana; 3 a. Total proceeds;
b. Rencana penggunaan dana; 3 b. Proceeds utilization plan;
c. Rincian penggunaan dana; 3 c. Proceeds utilization details;
d. Saldo dana; dan 3 d. Proceeds balance; and
e. Tanggal persetujuan RUPS/RUPO atas perubahan 3 e. The date of GMS/GMB resolution on the change of
penggunaan dana (jika ada). proceeds utilization (if any).
Catatan: apabila tidak memiliki informasi realisasi Note: should be disclosed if there are no such
penggunaan dana hasil penawaran umum, agar information of realization of proceeds of public
diungkapkan. +û!.%*#ċ
14. Informasi transaksi material yang mengandung 325-331 14. 0!.%(0.*/0%+*%*"+.)0%+*3%0$+*ý%0+"
benturan kepentingan dan/atau transaksi dengan interest and/or transaction with related parties
,%$'ü(%/%

a. Nama pihak yang bertransaksi dan sifat hubungan 3 a. Name of transacting parties and the nature of
ü(%/%Ď related parties;
b. Penjelasan mengenai kewajaran transaksi; 3 b. Description of the transaction fairness;
c. Alasan dilakukannya transaksi; 3 c. Transaction background;
d. Realisasi transaksi pada periode tahun buku 3 ċ .*/0%+*.!(%60%+*00$!(/0ü**%(5!.Ď
terakhir;
e. Kebijakan perusahaan terkait dengan mekanisme 3 e. Company policy related with transaction review
review atas transaksi; dan mechanism; and
f. Pemenuhan peraturan dan ketentuan terkait. 3 f. Compliance to relevant regulations and provisions.
Catatan: apabila tidak mempunyai transaksi dimaksud, Note: To disclose if there are no transactions.
agar diungkapkan.

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15. Uraian mengenai perubahan peraturan perundang- 331-332 15. Description on changes in laws and regulations during
undangan terhadap perusahaan pada tahun buku 0$!ü/(5!.0$0%),0! +*0$!+),*5
terakhir
Uraian memuat antara lain: Covers information on:

a. Nama peraturan perundang-undangan yang 3 a. Name of regulations; and
mengalami perubahan; dan
b. Dampaknya (kuantitatif dan/atau kualitatif) 3 b. The impact (quantitative and/or qualitative) on the
0!.$ ,,!.1/$*Ĩ&%'/%#*%ü'*ĩ01 +),*5Č+./00!)!*0+"0$!%*/%#*%ü*0%),0
,!.*50*$3 ),'*50% '/%#*%ü'*ċ
Catatan: apabila tidak terdapat perubahan peraturan Note: To disclose if there are no changes in the laws
perundang-undangan pada tahun buku terakhir, agar * .!#1(0%+*/0$0$2!/%#*%ü*0%),0/
diungkapkan.
16. Uraian mengenai perubahan kebijakan akuntansi yang 332-335 16. Description on the changes in accounting policy
diterapkan perusahaan pada tahun buku terakhir %),(!)!*0! 50$!+),*500$!(/0ü**%(5!.
Uraian memuat antara lain: Descriptions include among others:

a. Perubahan kebijakan akuntansi; 3 a. Changes in accounting policy;
b. Alasan perubahan kebijakan akuntansi; dan 3 b. Reasons for the change; and
c. Dampaknya secara kuantitatif terhadap laporan 3 ċ 1*0%00%2!%),0+*0$!ü**%(/00!)!*0/
keuangan.
Catatan: apabila tidak terdapat perubahan Note: To disclose if there are no changes in
kebijakan akuntansi pada tahun buku terakhir, agar +1*0%*#,+(%%!/ 1.%*#0$!ü/(5!.
diungkapkan.
17. Informasi kelangsungan usaha 335-336 17. Information on business continuity
Pengungkapan informasi mengenai: Disclosures on:
ċ (ġ$(5*#!.,+0!*/%!.,!*#.1$/%#*%ü'* 3 ċ %#*%ü*0%//1!/+*0$!+),*51/%*!//
terhadap kelangsungan usaha perusahaan pada +*0%*1%0500$!(/0ü**%(5!.Ď
tahun buku terakhir;
b. Assessment manajemen atas hal-hal pada angka 1; 3 b. Management assessment on point 1; and
dan
c. Asumsi yang digunakan manajemen dalam 3 c. Assumption implemented by the management in
melakukan assessment. conducting the assessment.
Catatan: apabila tidak terdapat hal-hal yang Note: if there are no issues that potentially have
!.,+0!*/%!.,!*#.1$/%#*%ü'*0!.$ , /%#*%ü*0%*ý1!*!/0+0$!+),*5Ě/1/%*!//
kelangsungan usaha perusahaan pada tahun buku +*0%*1%0500$!(/0ü**%(5!.Č0+ %/(+/!0$!
terakhir, agar diungkapkan asumsi yang mendasari basis of management assumption in ensuring that
manajemen dalam meyakini bahwa tidak terdapat hal- 0$!.!.!*+%//1!/0$0,+0!*0%((5$2!/%#*%ü*0
$(5*#!.,+0!*/%!.,!*#.1$/%#*%ü'*0!.$ , %*ý1!*!/0+0$!+),*5Ě/1/%*!//+*0%*1%0500$!
kelangsungan usaha perusahaan pada tahun buku (/0ü**%(5!.ċ
terakhir.
VI. Good Corporate Governance VI. Good Corporate Governance
1. Uraian Dewan Komisaris 390-407 1. Description on the Board of Commissioners
Uraian memuat antara lain: Covers the following:

a. Uraian tanggung jawab Dewan Komisaris; 396-399 a. Board of Commissioners responsibilities;
b. Penilaian atas kinerja masing-masing komite yang 464, 471, 480 b. Assessment of performance of committees under
berada di bawah Dewan Komisaris dan dasar the Board and the basis for such assessment; and
penilaiannya; dan c. Board Charter disclosures (Board of
c. Pengungkapan mengenai Board Charter 395-396 Commissioners work guidelines and procedures)
(pedoman dan tata tertib kerja Dewan Komisaris).
2. Komisaris Independen (jumlahnya minimal 30% dari 392-394 2. Independent Commissioners (at least 30% of the total
total Dewan Komisaris) personnel of the Board of Commissioners)
Meliputi antara lain: Covers the following:

a. Kriteria penentuan Komisaris Independen; dan 3 a. Assignment criteria of Independent
Commissioners; and
b. Pernyataan tentang independensi masing-masing 3 b. Independency statement of each Independent
Komisaris Independen. Commissioner.
3. Uraian Direksi 408-427 3. Description on the Board of Directors
Uraian memuat antara lain: Covers information on, among others:

a. Ruang lingkup pekerjaan dan tanggung jawab 412-416 a. Duties and responsibilities of each member of the
masing-masing anggota Direksi; Board of Directors;
b. Penilaian atas kinerja komite-komite yang berada 427 b. Assessment of performance of committees under
di bawah Direksi (jika ada); dan the Board (if any); and
c. Pengungkapan mengenai Board Charter 411 c. Board Charter disclosures (Board of Directors
(pedoman dan tata tertib kerja Direksi). work guidelines and procedures)

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4. Penilaian Penerapan GCG untuk tahun buku 2018 yang 445-450 4. GCG implementation assessment for 2018, at least for
meliputi paling kurang aspek Dewan Komisaris dan aspects of the Board of Commissioners and/or Board
Direksi of Directors

a. Kriteria yang digunakan dalam penilaian; 3 a. Assessment criteria;
b. Pihak yang melakukan penilaian; 3 b. Assessor;
c. Skor penilaian masing-masing kriteria; 3 c. Assessment score on each criteria;
d. Rekomendasi hasil penilaian; dan 3 d. Recommendations on results of assessment; and
e. Alasan belum/tidak diterapkannya rekomendasi. 3 e. Reasons for the delay or non implementation of
such recommendations.
Catatan: apabila tidak ada penilaian penerapan GCG Note: should be disclosed if there are no GCG
untuk tahun buku 2015, agar diungkapkan. //!//)!*0"+.ü/(ĂĀāĆċ
5. Uraian mengenai kebijakan remunerasi bagi Dewan 451-453 5. Description of the remuneration policy for the Board
Komisaris dan Direksi of Commissioners and Board of Directors
Mencakup antara lain: Covers the following:

a. Pengungkapan prosedur pengusulan sampai 3 a. Disclosure of procedure for the proposal and
dengan penetapan remunerasi Dewan Komisaris; determination of remuneration for the Board of
Commissioners;
b. Pengungkapan prosedur pengusulan sampai 3 b. Disclosure of procedure for the proposal and
dengan penetapan remunerasi Direksi; determination of remuneration for the Board of
Directors;
c. Struktur remunerasi yang menunjukkan komponen 3 c. Remuneration structure showing the remuneration
remunerasi dan jumlah nominal per komponen components and amounts per component for each
untuk setiap anggota Dewan Komisaris; member of the Board of Commissioners;
d. Struktur remunerasi yang menunjukkan komponen 3 d. Remuneration structure showing the remuneration
remunerasi dan jumlah nominal per komponen components and amounts per component for each
untuk setiap anggota Direksi; member of the Board of Directors;
e. Pengungkapan indikator untuk penetapan 3 e. Disclosure of indicators for the remuneration of
remunerasi Direksi; dan the Board of Directors; and
f. Pengungkapan bonus kinerja, bonus non kinerja, 3 f. Disclosure of performance bonus, non-
dan/atau opsi saham yang diterima setiap anggota performance bonus, and/or share option received
Dewan Komisaris dan Direksi (jika ada). by each members of the Board of Commissioners
and Directors (if any).
Catatan: apabila tidak terdapat bonus kinerja, Note: should be disclosed if there are no performance
bonus non kinerja, dan opsi saham yang diterima bonus, non-performance bonus, and/or share
setiap anggota Dewan Komisaris dan Direksi, agar option received by each members of the Board of
diungkapkan. Commissioners and Directors.
6. Frekuensi dan Tingkat Kehadiran Rapat yang dihadiri 429-442 6. Meeting frequency and attendance of Board of
mayoritas anggota pada rapat Dewan Komisaris Commissioners (at least once in 2 months), Board
(minimal 1 kali dalam 2 bulan), Rapat Direksi (minimal of Directors (at least once in a month), and joint
1 kali dalam 1 bulan), dan Rapat Gabungan Dewan meetings of BoC and BoD (at least once in 4 months)
Komisaris dengan Direksi (minimal 1 kali dalam 4
bulan)
Informasi memuat antara lain: Covers among others:

a. Tanggal Rapat; 3 a. Date;
b. Peserta Rapat; dan 3 b. Attendance; and
c. Agenda Rapat. 3 c. Agenda.
untuk masing-masing rapat Dewan Komisaris, Direksi, of each of the meetings of BoC, BoD and Joint
dan rapat gabungan. Meetings of BoC and BoD.
7. Informasi mengenai pemegang saham utama dan 32, 239 7. Information on majority and controlling shareholders,
pengendali, baik langsung maupun tidak langsung, direct or indirect, up to the ultimate individual
sampai kepada pemilik individu shareholder
Dalam bentuk skema atau diagram yang memisahkan Diagram with separate illustration for majority
pemegang saham utama dengan pemegang saham shareholders and controlling shareholders
pengendali.
Catatan: yang dimaksud pemegang saham utama Note: majority shareholders are parties that own,
adalah pihak yang, baik secara langsung maupun directly or indirectly, at least 20% of the voting rights
tidak langsung, memiliki sekurang-kurangnya 20% of the total share with voting rights issued by the
(dua puluh perseratus) hak suara dari seluruh saham company, but is not the controlling shareholder
yang mempunyai hak suara yang dikeluarkan oleh
suatu Perseroan, tetapi bukan pemegang saham
pengendali.

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8. !*#1*#',*$11*#*ü(%/%*0.*##+0 454 8. %/(+/1.!+"þ(%0%+*!03!!*)!)!./+"0$!
Direksi, Dewan Komisaris, dan Pemegang Saham Board of Directors, Board of Commissioners and
Utama dan/atau pengendali Majority/Controlling Shareholders

ċ 11*#*ü(%/%*0.*##+0%.!'/% !*#* 3 ċ Ƶþ(%0%+*!03!!*)!)!.+"0$!ǫ+. +"
anggota Direksi lainnya; Directors with fellow members of the Board of
Directors;
ċ 11*#*ü(%/%*0.*##+0%.!'/% * 3 ċ Ƶþ(%0%+*!03!!*)!)!.+"0$!ǫ+.
anggota Dewan Komisaris; of Directors with members of the Board of
Commissioners;
ċ 11*#*ü(%/%*0.*##+0%.!'/% !*#* 3 ċ Ƶþ(%0%+*!03!!*)!)!.+"0$!ǫ+.
Pemegang Saham Utama dan/atau Pengendali; of Directors with Majority and/or Controlling
Shareholder;
ċ 11*#*ü(%/%*0.*##+0!3*+)%/.%/ 3 ċ Ƶþ(%0%+*!03!!*)!)!.+"0$!ǫ+. +"
dengan anggota Komisaris lainnya; dan Commissioners with fellow members of the Board
of Commissioners; and
!ċ 11*#*ü(%/%*0.*##+0!3*+)%/.%/ 3 !ċ Ƶþ(%0%+*!03!!*)!)!.+"0$!ǫ+. +"
dengan Pemegang Saham Utama dan/atau Commissioners with Majority and/or Controlling
Pengendali. Shareholder.
ƫ00*č,%(0% ')!),1*5%$11*#*ü(%/% +0!č/$+1( ! %/(+/! %"0$!.!.!*+þ(%0%+*

dimaksud, agar diungkapkan. relationship
9 Komite Audit 459-465 9 Audit Committee
Mencakup antara lain: Includes the following:

a. Nama, jabatan, dan periode jabatan anggota 3 a. Name, position and tenure of audit committee
komite audit; members;
b. Riwayat pendidikan (Bidang Studi dan Lembaga 3 ċ 10%+*-1(%ü0%+*/Ĩ/01 5ü!( *
Pendidikan) dan pengalaman kerja (Jabatan, institution) and work experience (position,
Instansi, dan Periode Menjabat) anggota komite company and tenure) of audit committee
audit; members;
c. Independensi anggota komite audit; 3 c. Independency of audit committee members;
d. Uraian tugas dan tanggung jawab; 3 d. Duties and responsibilities;
e. Uraian pelaksanaan kegiatan komite audit pada 3 e. Brief report of audit committee activity; and
tahun buku; dan
f. Frekuensi pertemuan dan tingkat kehadiran komite 3 f. Meeting frequency and attendance of audit
audit. committee.
10. Komite Nominasi dan/atau Remunerasi 466-473 10. Nomination and/or Remuneration Committee

a. Nama, jabatan, dan riwayat hidup singkat anggota 3 ċ )!Č,+/%0%+** .%!",.+ü(!/+")!)!./+"
komite nominasi dan/atau remunerasi; the Nomination and/or Remuneration Committee;
b. Independensi komite nominasi dan/atau 3 b. Independency of Nomination and/or Remuneration
remunerasi; Committee;
c. Uraian tugas dan tanggung jawab; 3 c. Duties and responsibilities ;
d. Uraian pelaksanaan kegiatan komite nominasi dan/ 3 ċ ǫ.%!".!,+.0+"+))%00!!0%2%05%*0$!ü/(5!.Ď
atau remunerasi pada tahun buku;
e. Frekuensi pertemuan dan tingkat kehadiran komite 3 e. Meeting frequency and attendance;
nominasi dan/atau remunerasi;
f. Pernyataan adanya pedoman komite nominasi 3 f. Statement of committee charter; and
dan/atau remunerasi; dan
g. Kebijakan mengenai suksesi Direksi. 3 g. Policies on Director succession.
11. Komite-komite lain di bawah Dewan Komisaris yang 474-481 11. Other committees under the Board of Commissioners
dimiliki oleh perusahaan

a. Nama, jabatan, dan riwayat hidup singkat anggota 3 ċ )!Č,+/%0%+** .%!",.+ü(!+")!)!./+"
komite lain; committee;
b. Independensi komite lain; 3 b. Independency of committee;
c. Uraian tugas dan tanggung jawab; 3 c. Duties and responsibilities ;
d. Uraian pelaksanaan kegiatan komite lain pada 3 ċ ƫ+))%00!!0%2%05%*0$!ü/(5!.Ď*
tahun buku; dan
e. Frekuensi pertemuan dan tingkat kehadiran komite 3 e. Committee meeting frequency and attendance.
lain.

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12. Uraian tugas dan Fungsi Sekretaris Perusahaan 482-487 12. Description of duties and functions of Corporate
Secretary
Mencakup antara lain: Information on, among others:

a. Nama, dan riwayat jabatan singkat sekretaris 3 a. Name and brief work experience of Corporate
perusahaan; Secretary;
b. Domisili; 3 b. Domicile;
c. Uraian tugas dan tanggung jawab; dan 3 c. Duties and responsibilities; and
d. Uraian pelaksanaan tugas sekretaris perusahaan 3 d. Report of activities of Corporate Secretary in the
pada tahun buku. ü/(5!.ċ
13. Uraian mengenai unit audit internal 488-497 13 Description on Internal Audit Unit

a. Nama ketua unit audit internal; 3 a. Name of internal audit unit head;
b. Jumlah pegawai (auditor internal) pada unit audit 3 b. Total employees (internal auditors) in internal audit
internal; unit;
ċ !.0%ü'/%/!#%,.+"!/%1 %0%*0!.*(Ď 3 ċ ƫ!.0%ü0%+*+*%*0!.*(1 %0,.+"!//%+*Ď
d. Kedudukan unit audit internal dalam struktur 3 d. Internal audit unit composition in the company’s
perusahaan; structure;
e. Uraian pelaksanaan kegiatan unit audit internal 3 e. Brief report on internal audit unit activity
pada tahun buku; dan implementation; and
f. Pihak yang mengangkat dan memberhentikan 3
ketua unit audit internal. f. The parties responsible to appoint/terminate the
internal audit unit head.
14. Akuntan Publik 522-524 14. Public Accountant
Informasi memuat antara lain: Includes the following:

a. Nama dan tahun akuntan publik yang melakukan 3 a. Name and year of public accountant that audits
audit laporan keuangan tahunan selama 5 tahun 0$!**1(ü**%(/00!)!*0/%*0$!(/0Ć5!./Ď
terakhir;
b. Nama dan tahun Kantor Akuntan Publik yang 3 b. Name and year of Public Accountant Firm that
melakukan audit laporan keuangan tahunan 1 %0/0$!**1(ü**%(/00!)!*0/%*0$!(/0Ć
selama 5 tahun terakhir; years;
c. Besarnya fee untuk masing-masing jenis jasa yang 3 c. The amount of fee for each service provided by
diberikan oleh Kantor Akuntan Publik pada tahun ,1(%+1*0*000$!(/0ü**%(5!.Ď*
buku terakhir; dan
d. Jasa lain yang diberikan Kantor Akuntan Publik 3 d. Other services provided by the accountant
dan akuntan publik selain jasa audit laporan ,.0".+)0$!1 %0/!.2%!+"**1(ü**%(
keuangan tahunan pada tahun buku terakhir. /00!)!*0/00$!(/0ü**%(5!.ċ
Catatan: apabila tidak ada jasa lain dimaksud, agar Note: to disclose if there are no other services
diungkapkan. rendered
15. Uraian mengenai manajemen risiko perusahaan 502-513 15. Description on risk management of the company

a. Penjelasan mengenai sistem manajemen risiko 3 a. Explanation on risk management system
yang diterapkan perusahaan; implemented by the company;
b. Penjelasan mengenai hasil reviu yang dilakukan 3 b. Explanation on risk management system
atas sistem manajemen risiko pada tahun buku; !û!0%2!*!//!2(10%+*Ď
c. Penjelasan mengenai risiko-risiko yang dihadapi 3 c. Explanation on risks faced by the company; and
perusahaan; dan
d. Upaya untuk mengelola risiko tersebut. 3 d. Risk mitigation.
16. Uraian mengenai sistem pengendalian intern 498-501 16. Description of internal control system

a. Penjelasan singkat mengenai sistem pengendalian 3 a. Brief explanation on internal control system,
intern, antara lain mencakup pengendalian )+*#+0$!./+*ü**%(* +,!.0%+*(+*0.+(Ď
keuangan dan operasional;
b. Penjelasan kesesuaian sistem pengendalian intern 3 b. Explanation on internal control system alignment
dengan kerangka yang diakui secara internasional with international standard framework (COSO –
(COSO – internal control framework); dan internal control framework); and
c. Penjelasan mengenai hasil reviu yang dilakukan 3 c. Explanation on internal control system
atas pelaksanaan sistem pengendalian intern pada !û!0%2!*!//!2(10%+*ċ
tahun buku.

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17 Uraian mengenai corporate social responsibility yang 574-581 17. Description of corporate social responsibility related
terkait tata kelola Tanggung jawab sosial: to organizational governance of social responsibility:
a. Informasi komitmen pada tanggung jawab sosial 3 a. Information on Company’s commitment to social
responsibility;
b. Informasi mengenai methoda dan lingkup due 3 b. Information on methods and scope of
diligent terhadap dampak sosial, ekonomi dan due diligence on the social, economic and
(%*#'1*#* .%'0%ü0/,!.1/$* environmental impacts of Company’s activities;
c. Informasi tentang stakeholder penting yang 3 ċ *"+.)0%+*+*/%#*%ü*0/0'!$+( !./0$0.!
terdampak atau berpengaruh pada dampak dari %),0! 5Č+.$2%*#*%*ý1!*!0+0$!%),0
kegiatan perusahaan of, the Company’s activities;
d. Informasi tentang isu isu penting sosial ekonomi 3 ċ *"+.)0%+*+*/%#*%ü*0/+%(Č!+*+)%*
dan lingkungan terkait dampak kegiatan environmental issues related to impact of the
perusahaan Company’s activities;
e. Informasi tentang lingkup tanggung jawab sosial 3 e. Information on the scope of the Company’s
perusahaan baik yang merupakankan kewajiban corporate social responsibility, both obligatory as
maupun yang melebihi kewajiban well as beyond obligatory;
f. Informasi tentang strategi dan program 3 f. Information on the Company’s strategy and work
kerja perusahaan dalam menangani isu isu programs in the management of social, economic
sosial, ekonomi dan lingkungan dalam upaya and environmental issues, as a form of stakeholder
stakeholders engagement dan meningkatkan engagement and in creating value for stakeholders
value untuk stakeholder dan shareholder and shareholders;
g. Informasi tentang berbagai program yang melebihi 3 g. Information on programs that are beyond the
tanggung jawab minimal perusahaan yang relevan minimum obligatory level for the Company as
dengan bisnis yang dijlaankan relevant with its business activities;
h. Informasi tentang pembiayaan dan anggaran 3 h. Information on the funding and budgeting of
tanggung jawab sosial social responsibility programs.
terkait core subject Hak Azasi Manusia to core subject - Human Rights:
a. Informasi tentang komitmen dan kebijakan 3 a. Information on commitment and policies related to
tanggung jawab sosial core subject Hak Azasi social responsibility core subject - Human Rights;
Manusia
b. Informasi tentang rumusan perusahaan lingkup 3 ċ *"+.)0%+*+*ƫ+),*5Ě/ !ü*%0%+*+*0$!/+,!
tanggung jawab sosial core subject Hak Azasi of social responsibility core subject - Human
Manusia Rights;
c. Informasi tentang perencanaan corporate social 3 c. Information on the planning of CSR initiatives in
responsibility bidang Hak Azasi Manusia the area of Human Rights;
d. Informasi tentang pelaksanaan inisiatif CSR bidang 3 d. Information on the execution of CSR initiatives in
Hak Azasi Manusia the area of Human Rights;
e. Informasi tentang capaian dan penghargaan 3 e. Information on achievements and awards for CSR
inisiatif CSR bidang Hak Azasi Manusia initiatives in the area of Human Rights.
19 Uraian mengenai corporate social responsibility yang 583 19. Description of corporate social responsibility related
terkait core subject Operasi yang adil to core subject - fair operating practices:
a. Informasi tentang komitmen dan kebijakan 3 a. Information on commitment and policies related
tanggung jawab sosial core subject Operasi yang to social responsibility core subject - fair operating
adil practices;
b. Informasi tentang rumusan perusahaan lingkup 3 ċ *"+.)0%+*+*ƫ+),*5Ě/ !ü*%0%+*+*0$!/+,!
tanggung jawab sosial core subject operasi yang of social responsibility core subject - fair operating
adil practices;
c. Informasi tentang perencanaan corporate social 3 c. Information on the planning of CSR initiatives
responsibility bidang operasi yang adil related to fair operating practices;
d. Informasi tentang pelaksanaan inisiatif CSR bidang 3 d. Information on the execution of CSR initiatives
operasi yang adil related to fair operating practices;
e. Informasi tentang capaian dan penghargaan 3 e. Information on achievements and awards for CSR
inisiatif CSR bidang operasi yang adil initiatives related to fair operating practices.

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20 Uraian mengenai corporate social responsibility 583-589 20. Description of corporate social responsibility related
yang terkait dengan lingkungan hidup, penyampaian to the environment:
informasi tentang;
a. Informasi tentang komitmen dan kebijakan 3 a. Information on commitment and policies on
lingkungan environment;
b. Informasi tentang dampak dan resiko lingkungan 3 ċ *"+.)0%+*+*/%#*%ü*0!*2%.+*)!*0(%),0
penting yang terkait secara langsung atau tidak and risks, both directly or indirectly related to the
langsung dengan perusahaan Company;
c. Informasi tentang target/rencana kegiatan pada 3 c. Information on 2018 activity target/plan
tahun 2018 yang ditetapkan manajemen; established by the Management;
d. Informasi tentang kegiatan yang dilakukan 3 d. Information on environment-related activities or
dan terkait program lingkungan hidup yang programs undertaken as related to the Company’s
berhubungan dengan kegiatan operasional operational activities;
perusahaan
e. Informasi tentang pelaksanaan inisitaif CSR terkait 3 e. Information on the execution of CSR initiatives
lingkungan hidup related to the environment;
f. Informasi tentang capaian dampak kuantitatif 3 f. Information on the quantitative impact or
atas kegiatan tersebut; dan, seperti penggunaan achievement of such CSR initiatives, such as the
material dan energi yang ramah lingkungan dan use of environmental-friendly and recyclable
dapat didaur ulang, sistem pengolahan limbah material and energy, waste processing system,
perusahaan, mekanisme pengaduan masalah mechanism for environment-related complaints,
lingkungan, pertimbangan aspek lingkungan dalam consideration of environmental aspects in the
pemberian kredit kepada nasabah, dan lain-lain. granting of credit to creditors, and others.
#ċ !.0%ü'/% %% *#(%*#'1*#*5*# %)%(%'%ċ 3 #ċ *2%.+*)!*0ġ.!(0! !.0%ü0%+*ċ
yang terkait dengan ketenagakerjaan, kesehatan, dan to labor practices, covering information on, among
keselamatan kerja, mencakup antara lain informasi others:
tentang:
a. Kebijakan dan komitmen tanggung jawab sosial 3 a. Commitment and policies on social responsibility
perusahaan core subjeck ketenagakerjaan core subject - labor practices;
b. Informasi lingkup dan perumusan tanggung jawab 3 ċ *"+.)0%+*+*/+,!* !ü*%0%+*+"/+%(
sosial bidang ketenagakerjaan responsibility related to labor practices;
c. Informasi terkait target/rencana kegiatan pada 3 c. Information on 2018 activity target/plan
tahun 2018 yang ditetapkan manajemen; dan established by the Management;
d. Kegiatan yang dilakukan dan dampak kuantitatif 3 d. Information on initiatives undertaken and the
atas kegiatan tersebut quantitative impact of such initiatives;
e. Informasi terkait praktik ketenagakerjaan, 3 e. Information related to labor practices and work
kesehatan, dan keselamatan kerja, seperti health and safety, such as gender equality and
kesetaraan gender dan kesempatan kerja, sarana equal work opportunity, work health and safety
dan keselamatan kerja, tingkat turnover karyawan, equipment, employee turnover rate, work accident
tingkat kecelakaan kerja, remunerasi, mekanisme rate, employee remuneration, mechanism for labor-
pengaduan masalah ketenagakerjaan, dan lain-lain. related complaints, and others.
terkait dengan tanggung jawab kepada konsumen, to consumer issues, covering among others:
Mencakup antara lain:
a. Target/rencana kegiatan yang pada tahun 2018 3 a. Information on 2018 activity target/plan
ditetapkan manajemen; dan established by the Management;
b. Kegiatan yang dilakukan dan dampak atas 3 b. Initiatives undertaken and the impact of such
kegiatan tersebut initiatives;
c. Terkait tanggung jawab produk, seperti kesehatan 3 c. Information related to product stewardship, such
dan keselamatan konsumen, informasi produk, as consumer health and safety issues, product
sarana, jumlah dan penanggulangan atas information, mechanism, number and resolution of
pengaduan konsumen, dan lain-lain. consumer complaints, and others.

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yang terkait dengan pengembangan sosial dan to community involvement and development,
kemasyarakatan, mencakup antara lain informasi covering among others:
tentang:
a. Kebijakan dan komitmen tanggung jawab sosial 3 a. Commitment and policies on social responsibility
perusahaan core subjeck pengembangan sosial core subject - community involvement and
dan kemasyarakatan development;
b. Informasi tentang isu isu sosial yang relevan 3 b. Information on social issues relevant to the
dengan perusahaan Company;
c. Informasi tentang resiko sosial yang dikelola 3 c. Information on social risks managed by the
perusahaan Company;
d. Informasi lingkup dan perumusan tanggung 3 ċ *"+.)0%+*+*/+,!* !ü*%0%+*+"/+%(
jawab sosial bidang pengembangan sosial dan responsibility related to community involvement
kemasyarakatan and development;
e. Target/rencana kegiatan pada tahun 2018 yang 3 e. Information on 2018 activity target/plan
ditetapkan manajemen; established by the Management;
f. Kegiatan yang dilakukan dan dampak atas 3 f. Initiatives undertaken and the impact of such
kegiatan tersebut; dan initiatives;
g. Biaya yang dikeluarkan 3 g. Budget spent;
h. Terkait pengembangan sosial dan kemasyarakatan, 3 h. Information related to community involvement
seperti penggunaan tenaga kerja lokal, and development, such as use of local workers,
pemberdayaan masyarakat sekitar perusahaan, empowerment of surrounding communities,
perbaikan sarana dan prasarana sosial, bentuk improvement of public facilities or infrastructure,
donasi lainnya, komunikasi mengenai kebijakan other forms of donations, communications on anti-
dan prosedur anti korupsi, pelatihan mengenai anti corruption policies and procedures, training on
korupsi, dan lain-lain. anti-corruption, and others.
24. Perkara penting yang sedang dihadapi oleh 543-544 24. %#*%ü*0(%0%#0%+*1..!*0(5"! 50$!
perusahaan, entitas anak, serta anggota Dewan company, subsidiaries, and members of the Board of
Komisaris dan anggota Direksi yang menjabat pada Commissioners and Board of Directors that served
periode laporan tahunan the position at the annual report period

a. Pokok perkara/gugatan; 3 a. The principal litigation/claims;
b. Status penyelesaian perkara/gugatan; 3 b. Settlement status of litigation/claims;
c. Risiko yang dihadapi perusahaan dan nilai nominal 3 c. Impact to the company’s condition; and
tuntutan/gugatan; dan
d. Sanksi administrasi yang dikenakan kepada 3 d. Administration sanctions charged to the company,
perusahaan, anggota Dewan Komisaris dan Direksi, members of the Board of Commissioners and
oleh otoritas terkait (pasar modal, perbankan Board of Directors, by relevant authorities (capital
dan lainnya) pada tahun buku terakhir (atau ).'!0Č*'%*#* +0$!./ĩ00$!(/0ü/(5!.
terdapat pernyataan bahwa tidak dikenakan sanksi (or a statement of no administration sanction
administrasi). being charged)
Catatan: dalam hal perusahaan, entitas anak, anggota Note: To disclose in the event of no litigation
Dewan Komisaris, dan anggota Direksi tidak memiliki
perkara penting, agar diungkapkan.
25. Akses informasi dan data perusahaan 545 25. Access to company information and data
Uraian mengenai tersedianya akses informasi dan data Description on the availability of company information
perusahaan kepada publik, misalnya melalui website and data for public access, including dissemination
(dalam bahasa Indonesia dan bahasa Inggris), media through company website (in Bahasa and English),
massa, mailing list, buletin, pertemuan dengan analis, mass media, mailing list, bulletin, analyst gatherings,
dan sebagainya. and others.
26. Bahasan mengenai kode etik 526-529 26. Discussion on code of conduct
Memuat uraian antara lain: Includes the following:

a. Pokok-pokok kode etik; 3 a. Contents of Code of Conduct;
b. Pengungkapan bahwa kode etik berlaku bagi 3 b. Disclosure of code of conduct application in all
seluruh level organisasi; level of organization;
c. Penyebarluasan kode etik; 3 c. Code of conduct dissemination;
d. Sanksi untuk masing-masing jenis pelanggaran 3 d. Sanctions on code of conduct violations; and
yang diatur dalam kode etik (normatif); dan
e. Jumlah pelanggaran kode etik beserta sanksi yang 3 !ċ 1)!.+"2%+(0%+** /*0%+*%*0$!(/0ü/(
diberikan pada tahun buku terakhir. year.
Catatan: apabila tidak terdapat pelanggaran kode etik Note: should be disclosed if there are no violations of
pada tahun buku terakhir, agar diungkapkan. + !+"+* 10%*0$!(/0ü/(5!.ċ

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27. Pengungkapan mengenai whistleblowing system 538-542 27. Disclosure on whistleblowing system
Memuat uraian tentang mekanisme whistleblowing Includes the following mechanism of whistleblowing
system antara lain: system:
a. Penyampaian laporan pelanggaran; 3 a. Violations report submission;
b. Perlindungan bagi whistleblower; 3 b. Whistleblowers protection;
c. Penanganan pengaduan; 3 c. Claims handling;
d. Pihak yang mengelola pengaduan; dan 3 d. Claims managers; and
e. Jumlah pengaduan yang masuk dan diproses pada 3 e. Total claims registered; and
tahun buku terakhir; dan
f. Sanksi/tindak lanjut atas pengaduan yang telah 3 "ċ *0%+*/ĥ.!,+.0,.+!//! 00$!(/0ü/(5!.
selesai diproses pada tahun buku. including its follow up measures.
Catatan: apabila tidak terdapat pengaduan yang Note: should be disclosed if there is no report and
masuk dan telah selesai diproses pada tahun buku "+((+31,0%+*%*0$!(/0ü/(5!.ċ
terakhir, agar diungkapkan.
28. Kebijakan mengenai keberagaman komposisi Dewan 443-444 28. Diversity of the Board of Commissioners and Board of
Komisaris dan Direksi Directors Composition
Uraian kebijakan tertulis Perusahaan mengenai Description of written policy regarding diversity of
keberagaman komposisi Dewan Komisaris dan Direksi the Board of Commissioners and Board of Directors
dalam pendidikan (bidang studi), pengalaman kerja, composition regarding education, work experience,
usia, dan jenis kelamin. age, and gender
Catatan: apabila tidak ada kebijakan dimaksud, agar Note: to disclose the reasons and considerations, if
diungkapkan alasan dan pertimbangannya. there is no policy applied
VII. Informasi Keuangan VII. Financial Information
1. Surat Pernyataan Direksi dan/atau Dewan Komisaris 602-603 1. Board of Directors and/or Board of Commissioners’
tentang Tanggung Jawab atas Laporan Keuangan Statements regarding the Responsibility for the
Financial Statements
Kesesuaian dengan peraturan terkait tentang Conformity with related regulations regarding the
Tanggung Jawab atas Laporan Keuangan. Financial Statements Responsibility
2. Opini auditor independen atas laporan keuangan 604-605 2. * !,!* !*01 %0+.+,%*%+*+*ü**%(/00!)!*0/
3. Deskripsi Auditor Independen di Opini 604-605 3. Independent Auditor Description in the Opinion
Deskripsi memuat tentang: Description contains the following:

a. Nama dan tanda tangan; a. Name & signatures;
b. Tanggal Laporan Audit; dan b. Audit Report date; and
c. Nomor ijin KAP dan nomor ijin Akuntan Publik. c. License of Public Accountant Firm and license of
Public Accountant
4. Laporan keuangan yang lengkap 606-747 4. ƫ+),.!$!*/%2!ü**%(/00!)!*0/
Memuat secara lengkap unsur-unsur laporan ƫ+),.!$!*/%2!(5+2!./0$!ü**%(/00!)!*0/

keuangan: elements:
a. Laporan posisi keuangan; 3 ċ 00!)!*0/+"ü**%(,+/%0%+*Ď
b. Laporan laba rugi dan penghasilan komprehensif 3 b. Statements of comprehensive income and other
lain; comprehensive income;
c. Laporan perubahan ekuitas; 3 c. Statements of changes in equity;
d. Laporan arus kas; 3 ċ 00!)!*0/+"/$ý+3/Ď
e. Catatan atas laporan keuangan; 3 !ċ +0!/0+ü**%(/00!)!*0/Ď
f. Informasi komparatif mengenai periode 3 f. Comparative information on previous periods; and
sebelumnya; dan
g. Laporan posisi keuangan pada awal periode 3 #ċ 00!)!*0/+"ü**%(,+/%0%+*00$!!#%**%*#
sebelumnya ketika entitas menerapkan suatu of previous periods upon the application of
kebijakan akuntansi secara retrospektif atau retrospective accounting policy by the entity or
membuat penyajian kembali pos-pos laporan .!,.!/!*00%+*+"ü**%(/00!)!*0/,+/0%*#/Č
'!1*#*Č01'!0%'!*0%0/)!.!'(/%ü'/%,+/ġ +..!(//%ü0%+*/+",+/0%*#/%*0$!ü**%(
pos dalam laporan keuangannya (jika relevan). statements (if relevant).
5. !.* %*#*0%*#'0,.+ü0%(%0/ 609-610 5. .+ü0%(%05(!2!(+),.%/+*
Perbandingan kinerja/laba (rugi) tahun berjalan ƫ+),.%/+*+"1..!*0,.+ü0Ĩ(+//ĩ3%0$0$!,.!2%+1/

dengan tahun sebelumnya year

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6. Laporan Arus Kas 612 6. Statements of Cash Flows
Memenuhi ketentuan sebagai berikut: Conformity to the following provisions:

a. Pengelompokan dalam tiga kategori aktivitas: a. Grouping into three category of activities of
operasi, investasi, dan pendanaan; +,!.0%+*/Č%*2!/0)!*0Č* ü**%*#Ď
b. Penggunaan metode langsung (direct method) b. Direct method application in the statements of
untuk melaporkan arus kas dari aktivitas operasi; /$ý+3/".+)+,!.0%+*/0%2%05Ď
c. Pemisahan penyajian antara penerimaan kas dan c. Separation of presentation between cash in and
atau pengeluaran kas selama tahun berjalan pada or cash out during current year in the operation,
aktivitas operasi, investasi dan pendanaan; dan %*2!/0)!*0* ü**%*#0%2%0%!/Ď
d. Pengungkapan transaksi non kas harus d. Disclosure of non cash transaction shall be stated
dicantumkan dalam catatan atas laporan %*0$!*+0!/0+ü**%(/00!)!*0/ċ
keuangan.
7. Ikhtisar Kebijakan Akuntansi 621-647 7. Summary of accounting policies
Meliputi sekurang-kurangnya: Including at least:

a. Pernyataan kepatuhan terhadap SAK; a. Compliance statement to SAK;
b. Dasar pengukuran dan penyusunan laporan ċ ǫ/%/+")!/1.!)!*0* "+.)1(0%+*+"ü**%(
keuangan; statements;
c. Pajak penghasilan; c. Recognition of income and expense;
d. Imbalan kerja; dan ċ ),(+5!!!*!ü0/Ď*
e. Instrumen Keuangan. e. Financial instrument.
8. Pengungkapan transaksi pihak berelasi 713-717 8. Disclosure of related parties transactions
Hal-hal yang diungkapkan antara lain: The disclosures includes:

a. Nama pihak berelasi, serta sifat dan hubungan a. Name of related parties, and the nature and
dengan pihak berelasi; relationship with related parties;
b. Nilai transaksi beserta persentasenya terhadap b. Transaction values and its percentage to total
total pendapatan dan beban terkait; dan income and expense; and
c. Jumlah saldo beserta persentasenya terhadap c. Total balance and its percentage to total assets or
total aset atau liabilitas terkait. liabilities.
9. Pengungkapan yang berhubungan dengan perpajakan 677-683 9. Disclosure related to taxes
Hal-hal yang harus diungkapkan: The disclosures shall includes:

ċ !'+*/%(%/%ü/'( *,!.$%01*#*!*,&' a. Fiscal reconciliation and current tax expense
kini; calculation;
b. Penjelasan hubungan antara beban (penghasilan) b. Explanation of relationship between tax expenses
pajak dan laba akuntansi; Ĩ%*+)!ĩ* +1*0%*#,.+ü0Ď
c. Pernyataan bahwa Laba Kena Pajak (LKP) hasil c. Statement that Taxable Income as a result of
rekonsiliasi dijadikan dasar dalam pengisian SPT reconciliation is use as the basis in completing the
Tahunan PPh Badan tahun 2016; 2016 Annual corporate income tax return;
d. Rincian aset dan liabilitas pajak tangguhan yang d. The details of deferred tax assets and liabilities
diakui pada laporan posisi keuangan untuk setiap .!+#*%6! %*0$!ü**%(,+/%0%+*/00!)!*0/
periode penyajian, dan jumlah beban (penghasilan) for every presentation period, and total deferred
pajak tangguhan yang diakui pada laporan laba tax expenses (income) recognized in the income
rugi apabila jumlah tersebut tidak terlihat dari statements if the total are not visible from the total
jumlah aset atau liabilitas pajak tangguhan yang deferred tax assets or liabilities recognized in the
diakui pada laporan posisi keuangan; dan ü**%(,+/%0%+*/00!)!*0/Ď*
e. Pengungkapan ada atau tidak ada sengketa pajak. e. Disclosure of availability or un-availability of tax
disputes.

785
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10. Pengungkapan yang berhubungan dengan aset tetap 671-673 10. %/(+/1.!.!(0! 0+ü4! //!0/
Hal-hal yang harus diungkapkan: The disclosures shall includes:

a. Metode penyusutan yang digunakan; a. Used depreciation method;
b. Uraian mengenai kebijakan akuntansi yang dipilih b. Description on accounting policies selected
antara model revaluasi dan model biaya; between revaluation model and cost model;
ċ !0+ ! */1)/%/%#*%ü'*5*# %#1*'* ċ %#*%ü*0)!0$+ /* //1),0%+*/1/! %*
dalam mengestimasi nilai wajar aset tetap (untuk !/0%)0%+*+"ü4! //!0/"%.2(1!Ĩ"+..!2(10%+*
model revaluasi) atau pengungkapan nilai wajar )+ !(ĩ+. %/(+/1.!+"ü4! //!0/"%.2(1!Ĩ"+.
aset tetap (untuk model biaya); dan cost model); and
d. Rekonsiliasi jumlah tercatat bruto dan akumulasi d. Reconciliation of gross total recorded and
penyusutan aset tetap pada awal dan akhir 1)1(0%+*+"ü4! //!0/ !,.!%0%+*0
periode dengan menunjukkan: penambahan, the beginning and end of period by presenting:
,!*#1.*#* *.!'(/%ü'/%ċ %0%+*Č ! 10%+** .!(//%ü0%+*ċ
11 Pengungkapan yang berhubungan dengan segmen 719-720 11 Disclosure related to operations segments
operasi
The disclosures shall includes:
Hal-hal yang harus diungkapkan: a. General information covering factors used to
a. Informasi umum yang meliputi faktor-faktor yang identify reported segments;
%#1*'*1*01')!*#% !*0%ü'/%/!#)!*5*# ċ *"+.)0%+*+*/!#)!*0Ě/.!,+.0! ,.+ü0(+//Č
dilaporkan; assets, and liabilities;
b. Informasi tentang laba rugi, aset, dan liabilitas c. Reconciliation of segment’s total revenues,
segmen yang dilaporkan; /!#)!*0Ě/.!,+.0! ,.+ü0(+//Č/!#)!*0Ě///!0/Č
c. Rekonsiliasi dari total pendapatan segmen, laba segment’s liabilities, and segment’s other material
rugi segmen yang dilaporkan, aset segmen, elements to related total in entity; and
liabilitas segmen, dan unsur material segmen
lainnya terhadap jumlah terkait dalam entitas; dan d. Disclosure of entity level, which covers information
d. Pengungkapan pada level entitas, yang meliputi on products and/or services, geographic areas and
informasi tentang produk dan/atau jasa, wilayah main customers.
#!+#.ü/ *,!(*##*10)ċ
12. Pengungkapan yang berhubungan dengan Instrumen 735-741 12. Disclosure related to Financial Instruments
Keuangan
The disclosures shall includes:
Hal-hal yang harus diungkapkan: a. Accounting requirements, conditions and policies
a. Rincian instrumen keuangan yang dimiliki "+.!2!.5ü**%(%*/0.1)!*0/#.+1,Ď
!. /.'*'(/%ü'/%*5Ď ċ %**%(%*/0.1)!*0(//%ü0%+*Ď
b. Nilai wajar dan hirarkinya untuk setiap kelompok ċ %.2(1!+"!2!.5ü**%(%*/0.1)!*0#.+1,Ď
instrumen keuangan; d. Risk management objectives and policies;
c. Penjelasan risiko yang terkait dengan instrumen !ċ 4,(*0%+*+*.%/'/.!(0! 0+ü**%(
keuangan: risiko pasar, risiko kredit dan risiko instrument: market risk, credit risk and liquidity
likuiditas; risk; and
d. Kebijakan manajemen risiko; dan "ċ %/'*(5/%/.!(0! 0+ü**%(%*/0.1)!*0%*
e. Analisis risiko yang terkait dengan instrumen quantitative way.
keuangan secara kuantitatif.
13. Penerbitan laporan keuangan 602-605 13. Financial statements publication
Hal-hal yang diungkapkan antara lain: The disclosures includes:

a. Tanggal laporan keuangan diotorisasi untuk terbit; ċ 0!+"ü**%(/00!)!*0/10$+.%6! "+.
dan publication; and
b. Pihak yang bertanggung jawab mengotorisasi ċ .0%!/.!/,+*/%(!0+10$+.%6!0$!ü**%(
laporan keuangan. statements.

786
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2018 Laporan Tahunan
Annual Report

Mengatasi Tantangan dan Mencapai Tujuan
Shifting Paradigm to Overcome Challenges and Achieving Goals

Gedung Aneka Tambang Tower A
Lingkar Selatan, Tanjung Barat
Jakarta 12530, Indonesia
Tel. : (62-21) 789 1234
Fax.: (62-21) 789 1224
Email: corsec@antam.com

ANTM - Annual Report - 2018 PDF

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2018 Laporan Tahunan

Perubahan Paradigma untuk

PT ANEKA TAMBANG Tbk

Tahun 2018 merupakan tahun emas bagi usia dan

Pandangan atas Prospek Usaha 103

ANTAM Laporan Tahunan 2018 Annual Report

Laporan Tahunan 2018 Annual Report ANTAM

ANTAM Laporan Tahunan 2018 Annual Report

Laporan Tahunan 2018 Annual Report ANTAM

11*#*Ƶü(%/%*0. 454 Akuntan Publik 522

ANTAM Laporan Tahunan 2018 Annual Report

Pelaksanaan Tanggung Jawab 583

Laporan Tahunan 2018 Annual Report ANTAM

ANTAM Remains Recorded the ANTAM Receives Three Green

ANTAM Laporan Tahunan 2018 Annual Report

ANTAM’s Innovative Gold Products Positive Market Appreciation on

ƵƵ !ü**!/0$!Ƶġ!.%!/ ANTAM as a Part of Indonesia and

ANTAM Wins the CGPI Award

Laporan Tahunan 2018 Annual Report ANTAM

01 Kiprah 50 Tahun ANTAM

Pada 5 Juli 2018, PT Aneka Tambang Tbk

Sejak terbentuk tahun 1968, selama lima

ANTAM Laporan Tahunan 2018 Annual Report

Sejak terbentuk tahun 1968, selama lima dekade, ANTAM

ANTAM berterima kasih kepada semua pihak yang telah mendukung

On July 5, 2018, PT Aneka Tambang Tbk was pleased to announce ANTAM’s

In the downstream activities of the nickel segment, ANTAM currently

Laporan Tahunan 2018 Annual Report ANTAM

02 Kinerja Keuangan ANTAM Tahun 2018 &

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Pertumbuhan kinerja keuangan ANTAM yang positif terutama disebabkan dari

Komposisi Penjualan Distribusi Penjualan ƵƵ !0.+ü0%*ĂĀāĉ

Feronikel & Bijih Nikel

ANTAM Laporan Tahunan 2018 Annual Report

ƵƵ Ě/ ü**%( ,!."+.)*! #.+30$ %* ĂĀāĉ 1.644

2016 2017 2018

Laporan Tahunan 2018 Annual Report ANTAM

03 ANTAM Kembali Mencatatkan Capaian Tertinggi

2.342 2.210 2.207 1.967 1.957

ANTAM Laporan Tahunan 2018 Annual Report

04 ANTAM Raih Tiga PROPER Hijau dan Tiga

Pencapaian PROPER ini merupakan apresiasi atas komitmen ANTAM untuk

Predikat PROPER Hijau diperoleh Unit Bisnis Pertambangan Emas (UBP

Sedangkan predikat PROPER Biru diraih oleh Unit Bisnis Pertambangan

The PROPER Awards are a recognition of ANTAM’s commitment to

Laporan Tahunan 2018 Annual Report ANTAM

05 ANTAM Kembali Menjadi Salah Satu Produsen

!((1%!ü/%!*/% *%*+2/%!.'!(*&10*/!.0'!0!./! %*$*'1%&%$*%'!(!.'1(%0/%'Č,!*%*#'0*

Biaya Tunai Produksi Feronikel Dunia

7,00 Rata-Rata Biaya Tunai Global

ANTAM Laporan Tahunan 2018 Annual Report

06 ANTAM Melakukan Inovasi Desain

Pada tahun 2018, ANTAM melalui Unit Bisnis Pengolahan dan

Peluncuran desain dan kemasan emas baru ini juga merupakan

In 2018, ANTAM, through its Precious Metals Processing and

$!+*!/%#*%ü*0 %û!.!*!+"0$%/! %0%+*+"ƵƵ ġ #+(

Laporan Tahunan 2018 Annual Report ANTAM

07 Inovasi Produk Emas Motif Batik Indonesia

Emas Batangan Batik Indonesia Seri II

Emas batangan Batik Indonesia Seri II memiliki perbedaan unik dibandingkan

* Ƶ,.%( ĂĀāĉČ ƵƵ Č 0$.+1#$ 0$! .!%+1/ !0(/ .+!//%*# * !ü*!.5

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ANTAM Laporan Tahunan 2018 Annual Report

11#Ƶü(%/%*0. 454 Akuntan Publik 522

ƵƵ !ü!/0$!Ƶġ!.%!/ ANTAM as a Part of Indonesia and

ƵƵ )!00' ,!.01)1$* '%!.& +,!./% '!1# 5# /%#%ü'*

Komposisi Penjualan Distribusi Penjualan ƵƵ !0.+ü0%*ĂĀāĉ

ƵƵ Ě/ ü%( ,!."+.)! #.+30$ % ĂĀāĉ 1.644

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$!+!/%#%ü0 %û!.!!+"0$%/! %0%+*+"ƵƵ ġ #+(

* Ƶ,.%( ĂĀāĉČ ƵƵ Č 0$.+1#$ 0$! .!%+1/ !0(/ .+!//%# !ü*!.5

$! * +!/%ǫ0%'!.%!/ #+( ./3%((!1%-1!(5 %û!.!!0+0$!ü./0/!.%!/ċ

+2!)!.ĂĀāĉČƵƵ Č0$.+1#$%0/.!%+1/ !0(/.+!//%#* !ü!.5ǫ1/%!//%0Ĩǫ ĩ 0$!

ƵƵ +,!.0!/0$!+(5#+( ,.+!//%#* .!ü!.5,(0%* * +!/%0$0%/!.0%ü! 50$!+ +ǫ1((%+

11 !ü%*# Pembayaran Pokok Obligasi

!ü%#0/,+'+'(%#/%!.%ƵƵƵ %('1' !#/'!),%&)

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