ANTM - Proposes expansion into metal recycling, battery materials

ANTM - Proposes expansion into metal recycling, battery materials Aneka Tambang (ANTM) has submitted a proposal to expand its business scope through changes in its KBLI (Indonesian Standard Industrial Classification), reflecting its strategic push into downstream and green energy sectors. In the proposed changes, ANTM seeks to add new lines of business including: 1) Refining of gold and other precious metals; 2) Recycling of ferrous and non-ferrous industrial metals; 3) Processing of battery raw materials. (Source : Company) Comment : The proposal does not specify timeline, capex allocation, or partnership structure, and serves as a regulatory prerequisite prior to entering the new business areas. ANTM’s KBLI update supports its ongoing EV battery strategy, complementing existing upstream activities in nickel and partnerships with IBC-CBL. While aligned with long-term goals, near-term impact remains minimal pending RUPS approval and clarity on execution.