12 Largest Nickel Mining Companies in Indonesia

 

12 Largest Nickel Mining Companies in Indonesia-According to U.S. Geological Survey (USGS), in the year of 2024, total world's production of Nickel reached 3.7 million tons. Of all country producers in nickel production, Indonesia still becomes the main country producer of Nickel with total mined production of nickel reaching 2,200,000 tons in 2024. With this volume, Indonesia still become the world's largest country producer of Nickel in 2024. As the main producer of Nickel, Indonesia also has huge reserves of nickel with potential deposits of nickel reaching 55,000,000 tons.  

Commonly, the production of nickel in Indonesia cannot be separated from the role of the Indonesian mining companies. They have a tremendous impact on the production of nickel so far. Basically, these nickel mining companies have huge billion US Dollar of total assets and successfully gained million US Dollar (USD) of net income.  Here the rank of 12 Largest Nickel Mining Companies in Indonesia in 2023. All the data were obtained from the Annual Report of Indonesia’s Nickel Companies in 2023.

 

 

The Rank of 12 Largest Nickel Mining Companies in Indonesia Based on Total Assets in 2023

 

Rank	Name of Nickel Companies in Indonesia	Total Assets	Total Assets	Total Liabilities	Total Liabilities
		(Origin Currency)	(US Dollar)	(Origin Currency)	(US Dollar)
1	Merdeka Battery Materials	USD 3.2 billion	USD 3.2 billion	USD 0.95 billion	USD 0.95 billion
2	PT Vale Indonesia	USD 2.9 billion	USD 2.9 billion	USD 0.362 billion	USD 0.362 billion
3	Trimegah Bangun Persada (TBP Harita)	IDR 45.2 trillion	USD 2.8 billion	IDR 16.8 trillion	USD 1 billion
4	PT Aneka Tambang	IDR 42.8 trillion	USD 2.6 billion	IDR 11.6 trillion	USD 0.72 billion
5	PT Harum Energy	USD 1.6 billion	USD 1.6 billion	USD 0.458 billion	USD 0.458 billion
6	PT Timah	IDR 12.8 trillion	USD 0.8 billion	IDR 6.6 trillion	USD 0.4 billion
7	Resource Alam Indonesia	USD 0.22 billion	USD 0.22 billion	USD 0.061 billion	USD 0.061 billion
8	PT Central Omega Resources	IDR 2.5 trillion	USD 0.156 billion	IDR 2.1 trillion	USD 0.13 billion
9	PT Ifishdeco	IDR 1 trillion	USD 0.062 billion	IDR 286 billion	USD 0.017 billion
10	PT PAM Mineral	IDR 856 billion	USD 0.053 billion	IDR 111 billion	USD 0.0069 billion
11	PT GNI (Gunbuster Nickel Industry)	(No Data)	(No Data)	(No Data)	(No Data)
12	PT Bintang Delapan Mineral	(No Data)	(No Data)	(No Data)	(No Data)
Source: Annual Report 2023
Currency Rate: 1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Using Currency Rate
No Data: The Data can't be found because of Closed Company Status (No Public Company)

 

The table above showed the rank of nickel companies based on total assets. Furthermore, the table above showed the total assets and total liabilities of the Nickel companies in 2023 obtained from the balance sheet of the annual report of 2023.

 

The Rank of 12 Largest Nickel Mining Companies in Indonesia Based on Net Income in 2023

 

Rank	Name of Nickel Companies in Indonesia	Total Revenue	Total Revenue	Net Income	Net Income
		(Origin Currency)	(US Dollar)	(Origin Currency)	(US Dollar)
1	Trimegah Bangun Persada	IDR 23.8 trillion	USD 1.48 billion	IDR 7 trillion	USD 0.43 billion
2	PT Vale Indonesia	USD 1.2 billion	USD 1.2 billion	USD 0.27 billion	USD 0.27 billion
3	PT Harum Energy	USD 0.925 billion	USD 0.925 billion	USD 0.195 billion	USD 0.195 billion
4	PT Aneka Tambang	IDR 41 trillion	USD 2.5 billion	IDR 3 trillion	USD 0.18 billion
5	Merdeka Battery Materials	USD 1.3 billion	USD 1.3 billion	USD 33.3 million	USD 33.3 million
6	Resource Alam Indonesia	USD 0.294 billion	USD 0.294 billion	USD 0.026 billion	USD 26 million
7	PT Ifishdeco	IDR 1.4 trillion	USD 0.087 billion	IDR 220 billion	USD 13 million
8	PT Central Omega Resources	IDR 811 billion	USD 0.05 billion	IDR 30 billion	USD 1.8 million
9	PT PAM Mineral	IDR 1.1 trillion	USD 0.068 billion	IDR 27 billion	USD 1.68 million
10	PT Timah	IDR 8.3 trillion	USD 0.5 billion	(IDR - 449 billion)	(USD -0.03 billion)
11	PT GNI (Gunbuster Nickel Industry)	(No Data)	(No Data)	(No Data)	(No Data)
12	PT Bintang Delapan Mineral	(No Data)	(No Data)	(No Data)	(No Data)
Source: Annual Report 2023
Currency Rate: 1 US Dollar (USD) = 16,000 Indonesian Rupiah (IDR)
Origin Currency: Currency officially used in Annual Report of 2023
US Dollar: Converted Currency from Origin Currency to US Dollar Using Currency Rate
No Data: The Data can't be found because of Closed Company Status (No Public Company)

 

The table above shows the business performance of nickel companies in 2023. We showed the total revenue and net income of Indonesia's Nickel company in the table. The data variable can be obtained from Income Statements of Annual Report of 2023.

 

 

Brief Description of 12 Largest Nickel Mining Companies in Indonesia

 

1. PT Aneka Tambang

PT Aneka Tambang TBK is one of the main nickel companies in Indonesia.  Geographically, the nickel operating segment from Aneka Tambang consists of ferronickel and nickel ore commodities. Geographically, Ferronickel is mined and produced in the Kolaka Nickel Mining Business Unit (UBP). Meanwhile, Nickel ore commodities are produced from nickel mines in Kolaka (Southeast Sulawesi) operated by UBP Nickel Kolaka, nickel mines in North Konawe (Southeast Sulawesi) operated by UBP Nickel North Konawe, nickel mines in East Halmahera (North Maluku) managed by UBP Nickel North Maluku, and nickel mines on Gag Island (West Papua) operated by the Antam's subsidiary company, namely PT Gag Nikel.

As of 2023, according to its annual report of 2023, the total production of ferronickel from Aneka Tambang reached 21,473 tons of nickel in Ferronickel (TNi) and nickel ore 13 million Wet Metric Tons (wmt). Furthermore, in 2024, total sales of Ferronickel Aneka Tambang reached 20,138 tons of nickel in Ferronickel (TNi) and ferronickel reached 11.71 million Wet Metric Tons (wmt). Meanwhile, total reserves of nickel ore of Aneka Tambang reached 489 million wet metric tons (wmt).

Financially, according to the annual report of 2023, Total Assets of Aneka Tambang reached IDR 42.8 trillion or equivalent to USD 2.6 billion with total liabilities reaching IDR 11.6 trillion or equivalent to USD 0.72 billion. In terms of business performance in 2023, the total revenue of Antam reached IDR 41 trillion or equivalent to USD 2.5 billion with net income of IDR 3 trillion or equivalent to USD 0.18 billion.

 

2. PT Vale Indonesia 

Vale Indonesia, formerly PT International Nickel Indonesia Tbk, is a nickel mining and processing company in Indonesia. Geographically, the nickel ore mining operations are located in Sorowako (East Luwu Regency, South Sulawesi), Bahadopi (Central Sulawesi), Polamaa and Sua-Sua (Southeast Sulawesi). Overall, all of the total concession area reached 118,017 hectares. Furthermore, in the year of 2023, the total nickel production of Vale Indonesia reached 70,728 metric tons and total sales of around 71,108 tons in 2023.

In terms of shareholders, to date, MIND ID (PT Mineral Industri Indonesia) and Vale Canada Limited (VCL) have joint control over PT Vale Indonesia. MIND ID holds the largest shareholding in the company with 34.00%, while Vale Canada Limited holds around 33.88%. Financially, in 2023, The Vale Indonesia had total assets of USD 2.9 billion and liabilities of USD 0.362 billion. In terms of business performance, the company generated USD 1.2 billion in revenue, with a net income of USD 0.27 billion.

 

3. PT Central Omega Resources 

 

PT Central Omega Resources was founded in 1995 as a finance-based company. After some dynamic conditions in its business condition, Central Omega Resources has finally entered nickel mining business since 2008 and in 2011, the company began exporting nickel ore to overseas countries. Geographically, Central Omega Resources has 3 mining location in Konawe Utara, Sulawesi Tenggara (managed by PT Bumi Konawe Abadi), Morowali Utara, Sulawesi Tengah (managed by PT Mulia Pacific Resources), and Morowali Utara, Sulawesi Tengah (managed by PT Itamatra Nusantara). Beside focussing on Nickel exploration, Omega Resources also has nickel smelters located in North Morowali Regency, Central Sulawesi managed by its subsidiary company, PT COR Industri Indonesia. Operationally, Central Omega Resources produced 1,284,679 tons of nickel in 2023 with total sales of nickel reaching 1,268,586 tons.

Financially, in 2023, according to its annual report of 2023, Central Omega Resources has total assets of IDR 2.5 trillion or equivalent to USD 0.156 billion and total liabilities IDR 2.1 trillion or equivalent to USD 0.13 billion. In terms of business performance in 2023, Central Omega has total revenue IDR 811 billion or equivalent to USD 0.05 billion and net income of IDR 30 billion or equivalent toUSD 0.0018 billion.

 

4. PT Ifishdeco 

 

Ifishdeco is Indonesia's Nickel Mining established on June 9th, 1971. Geographically, Ifishdeco has a nickel mining area located in Ngapaha Village and its surrounding areas, Sub District Tinanggea, South Konawe Regency, Southeast Sulawesi. In the year 2023, Ifishdeco has Nickel Ore Production reaching 2,942,647 tons with successful total sales of 2,086,082 tons.

Financially, according to its annual report of 2023, IfishDeco has total assets of IDR 1 trillion or equivalent to USD 0.062 billion. Meanwhile, total liabilities of IfishDeco reached IDR 286 billion or equivalent to USD 0.017 billion. In terms of business performance in 2023, IfishDeco successfully gained total revenue of IDR 1.4 trillion or equivalent to USD 0.087 billion with net income of IDR 220 billion or equivalent to USD 0.013 billion.

 

5. PT Resource Alam Indonesia Tbk 

 

Resource Alam Indonesia has some mining sites across Simpang Pasir, Bayur, Tani Bakni, Gunung Pinang, Loa Janan, Perangat, dan Maukiri. Besides focusing on coal industry, PT Resource Alam Indonesia Tbk (Rain Tbk) or KKGI began expanding into the nickel mining business by acquiring PT Buton Mineral Indonesia (BMI) and PT Bira Mineral Nusantara (BMN) focussing on Nickel Mining Contractor and Trader Services business.

 

Financially, according to its annual report of 2023, Total assets of Resources Alam reached USD 0.22 billion with total liabilities of USD 0.061 billion. In terms of business performance, Resource Alam Indonesia gained revenue of USD 0.294 billion in 2023. Furthermore, this company   earned net income around USD 0.026 billion in 2023.

 

6. PT Timah Tbk

 

PT Timah is Indonesia's tin state-owned enterprise which does the integrated tin mining business covering exploration, mining, processing, and marketing.  Beside focusing on exploring the Tin mining business, PT Timah also explored and mined Nickel in Indonesia through its subsidiary company, namely PT Timah Investasi Mineral. As of 2023, The nickel ore production of PT Timah reached 262,311 tons and total sales of nickel ore reached 273,254 tons. Geographically, the Nickel mining sites of PT Timah are located in Kabaena District, Bombana Regency, Southeast Sulawesi Province with a total area of 300 hectares (ha).

Financially, according to the balance sheet of the annual report of 2023, PT Timah's total assets were IDR 12.8 trillion or equivalent to USD 0.8 billion with total liabilities of IDR 6.6 trillion or equivalent to USD 0.4 billion. In terms of business performance, total revenue of PT Timah reached IDR 8.3 trillion or equivalent to USD 0.5 billion but suffered a net loss of IDR 449 billion or equivalent to USD 0.03 billion.

 

7. PT Trimegah Bangun Persada (Harita Group)

 

PT Trimegah Bangun Persada or known as Harita Nickel was established on September 6th, 2004. Commonly, Harita Nickel has main operation in Nickel ore mining, including metal ore mining, which is carried out through underground mining, open-cast mining, seabed mining, and others. Geographically, the nickel ore mining and Nickel smelter of Harita Nickel is located in South Halmahera Regency, North Maluku Province. Overall, in 2023, total volume sales of nickel ore from Harita Nickel in 2023 reached 15.38 million wet metric tons (wmt) increased by 97.9% from 7.77 million wet metric tons (wmt) compared to 2022.

Financially, as of 2023, according to the annual report, Harita Nickel has total assets of IDR 45.2 trillion or equivalent to USD 2.8 billion with total liabilities IDR 16.8 trillion or equivalent to USD 1 billion. In terms of business performance in 2023, total revenue of Harita Nickel reached IDR 23.8 trillion or equivalent to USD 1.48 billion with successfully gained net income of IDR 7 trillion or equivalent to USD 0.43 billion.

 

8. PT PAM Mineral

PAM Mineral was established on 15 January 2008 and the company owns a nickel mining concession area located on the coast of Central Sulawesi, Laroenai Village, Bungku District and Langgikima District, North Konawe Regency, Southeast Sulawesi with an area of 576 hectare (ha) with operational land covering 198 hectares. Operationally in 2023, total Nickel ore production of PAM Mineral reached 1,799,925 wet metric tons (wmt).

Financially, according to annual reports of 2023, total assets of PAM Mineral reached IDR 856 billion or equivalent to USD 0.053 billion with total liabilities of IDR 111 billion or equivalent to USD 0.0069 billion. In terms of business performance in 2023, PAM Mineral successfully gained total revenue of IDR 1.1 trillion or equivalent to USD 0.068 billion with total net income of IDR 27 billion or equivalent to USD 1.68 million.

 

9. Harum Energy

Harum Energy was founded on October 12th, 1995. In terms of the nickel business, geographically, the nickel mining exploration site of Harum Energy is located in East Halmahera (POS) and Central Sulawesi. Meanwhile, the refining location of nickel is located at Weda Bay Industrial Park (Central Halmahera) and Central Sulawesi. Operationally, in 2023, Harum Energy successfully produced total Nickel Pig Iron (NPI) reaching 188,596 tons with total sales of Nickel Pig Iron (NPI) of Harum Energy reaching 180,019 tons. Financially, Harum Energy reported revenue of USD 0.925 billion and a net income of USD 0.195 billion in 2023. In addition, according to the balance sheet on the annual report of 2023, total assets of Harum Energy reached USD 1.6 billion with total liabilities USD 0.458 billion.

 

10. Merdeka Battery Materials

Merdeka Battery Materials was established on August 20th, 2019.  Geographically, Merdeka Battery Materials managed Sulawesi Cahaya Mineral Mine (SCM Mine), one of the world’s largest nickel resources located in Konawe, Southeast Sulawesi. SCM Mine contains approximately 13.8 million tonnes of nickel (1.22% Ni grade) and 1.0 million tonnes of cobalt (0.08% Co grade).  As of 2023, Merdeka Battery Material successfully gained total nickel production of 65,117 tons and total sales of Nickel reaching 64,526 tons.

Financially, in 2023, according to the annual report of 2023, total assets of Merdeka Battery Mineral was around USD 3.2 billion with total liabilities of USD 0.95 billion. In terms of business performance in 2023, Merdeka Battery Mineral successfully gained total revenue of USD 1.3 billion with net income of USD 33.3 million.

 

11. PT GNI (Gunbuster Nickel Industry)

PT Gunbuster Nickel Industry is one of the leading Nickel ore-based smelting in Indonesia established in 2019. Mechanically, the nickel smelting project of Gunbuster Nickel Industry implements the process of Rotary Kiln Electric Furnace (RKEF) technology by developing 24 lines of production with an annual production capacity of 1.8 million Nickel Pig Iron (NPI).

 

12. PT Bintang Delapan Mineral

Bintang Delapan group is a diverse mining company. Furthermore, Bintang Delapan Group has a partnership with Tsingshan Holding Group, Chinese stainless steel and nickel industry company, founded in 1988 by Xiang Guangda, to build Indonesia Morowali Industrial Park (IMIP) nickel processing facility in Central Sulawesi. Functionally, Indonesia Morowali Industrial Park is still the largest nickel processing site in Indonesia.

 

The Histogram Rank of 10 Largest Nickel Companies in Indonesia Based on Total Assets in 2023

 

Reference of 12 Largest Nickel Companies in Indonesia

 

U.S. Geological Survey (USGS). 2025.Nickel Statistics and Information. Accessed via https://www.usgs.gov/centers/national-minerals-information-center/nickel-statistics-and-information  on March 29th, 2025.

PT Aneka Tambang. 2025. Annual Report 2023. Accessed via https://www.antam.com/en/reports on March 30th, 2025.  

Merdeka Battery Materials. 2025. Annual Report 2023. Accessed via https://merdekabattery.com/en/investor/reports/annual-report   on March 30th, 2025.    

Trimegah Bangun Persada. 2025. Annual Report 2023. Accessed via https://tbpnickel.com/investor-relations/annual-report  on March 30th, 2025.    

PT Vale Indonesia. 2025. Annual Report 2023. Accessed via https://vale.com/indonesia/annual-and-sustainability-reports   on March 30th, 2025.    

PT Harum Energy. 2025. Annual Report 2023. Accessed via https://www.harumenergy.com/annual-report on March 30th, 2025.  

PT PAM Mineral. 2025. Annual Report 2023. Accessed via https://pammineral.co.id/prospektus-laporan-tahunan/  on March 30th, 2025.    

PT Timah. 2025. Annual Report 2023. Accessed via https://timah.com/blog/report/annual-report.html   on March 30th, 2025.    

PT Central Omega Resources. 2025. Annual Report 2023. Accessed via https://www.centralomega.com/investor/report/annual-report   on March 30th, 2025.     

PT Ifishdeco. 2025. Annual Report 2023. Accessed via https://www.ifishdeco.com/id/laporan-tahunan/  on March 30th, 2025.    

Resource Alam Indonesia. 2025. Annual Report 2023. Accessed via https://raintbk.com/laporan-keuangan/  on March 30th, 2025.