OREMAVEN
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2026-11-06
◂ Monitor ATM ASX

PT ANTAM (Persero) Tbk

Producer · Gold · Nickel · Bauxite · ID Rating locked: sign in to view v8 · atm-20261024t191007-full
Last 2026-11-05
A$1.115
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1M
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1Y
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Fair value
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Mkt cap
A$5.4B
EV
A$5.4B
Cash
A$750.2M
Debt
A$466.8M
2 newer ASX announcements not yet reflected in this valuation

People, delivery and responsibility

Management background checks

Evidence through 2026-11-02

Research assessment

Executive team

Rating locked: sign in to viewTeam rating and score are available to subscribers

ANTAM’s six-person board combines military/public-sector leadership, technical resource and operations experience, finance and portfolio management, law/human capital, and audit/commercial backgrounds. The issuer reported 9M26 net profit of Rp9.66 trillion, up 46% year over year. The most material personal adverse record identified is President Director Untung Budiharto’s final military-court conviction in the Tim Mawar case for unlawful deprivation of liberty involving nine activists; the reviewed record does not establish his involvement in the 13 activists who remained missing. I Dewa Wirantaya and Hartono were reported as witnesses in separate ANTAM investigations, not as accused persons in the reviewed evidence. Most career and company-performance evidence is issuer-reported, results are not individually attributed, and this is screening-level diligence.

Decision-relevant facts

Material summary

Individual involvement and employer context shown separately

Untung Budiharto

President Director

Current
Full background report for Untung Budiharto
LegalDocumented · High materiality

Appeal conviction for unlawful deprivation of liberty in the Tim Mawar case

A 1999 military court judgment identifies Untung Budi Harto as Defendant V and Unit I commander and describes his participation in group operations involving abduction and detention of nine named activists. Hukumonline’s later account says the appeal court convicted 11 defendants, changed Untung’s sentence to 2 years 10 months and removed the dismissal sanction; it reports the judgment was final and the sentence served. ICTJ/KontraS distinguishes those nine detained activists from 13 activists who remained missing; the reviewed evidence does not establish Untung’s role in the missing-person cases.

Individual involvement documented · Court records connect him to the unlawful detention operation; no broader role in disappearance of the 13 still-missing activists is established by the reviewed sources.

Indonesia: Derailed — Transitional Justice in Indonesia Since the Fall of Soeharto · distinction between nine detained and 13 still missing
Role FitAnalyst Inference · Medium materiality

Military and public-sector leadership precedes ANTAM presidency

ANTAM reports that Untung graduated from the Military Academy in 1988 and held senior military and government roles, including Commander of Kodam Jaya (2022–23), President Commissioner of Transjakarta (2023–25) and roles at BNPT and Basarnas. ANTAM says he became President Director on 15 December 2025. The biography supports leadership experience but does not document mining operating or capital-allocation results before ANTAM.

Responsibility not applicable · The career chronology is company-reported; individual performance in the prior public roles was not independently assessed.

Company SuccessIssuer Reported · Medium materiality

ANTAM reported stronger 9M26 financial results during his presidency

ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, EBITDA of Rp13.48 trillion and sales of Rp88.48 trillion. His President Director tenure began in December 2025, so the nine-month period partly overlaps his tenure. The release is issuer-reported and does not isolate personal contribution or separate commodity, mix and execution effects.

Role overlaps event; causation unproven · The role overlaps only part of the reporting period; no personal causation is established.

Evidence gaps · 3
  • His mining-industry tenure before appointment and independently measured outcomes in prior military/government roles were not established.
  • The historical court record concerns nine activists detained; reviewed sources do not establish his involvement in the 13 activists who remained missing.
  • No exhaustive legal, sanctions, professional-discipline or referee check was performed.

Full background report

Untung Budiharto

President Director

Career chronology

  • From 15 December 2025: PT ANTAM (Persero) Tbk — President Director. 2025 Annual Report (p.168); Minutes of ANTAM Annual GMS for FY2025 (p.2)

  • 2023–2025: Transjakarta — President Commissioner. 2025 Annual Report (p.168)

  • Before 2025; multiple dates listed in issuer biography: Indonesian Army / public service — Senior military and government roles including Commander, Kodam Jaya; BNPT Secretary-General; Basarnas operations roles. 2025 Annual Report (p.168)

Contributions and company outcomes

ANTAM reported stronger 9M26 financial results during his presidency

1 January–30 September 2026 · issuer reported · medium materiality

ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, EBITDA of Rp13.48 trillion and sales of Rp88.48 trillion. His President Director tenure began in December 2025, so the nine-month period partly overlaps his tenure. The release is issuer-reported and does not isolate personal contribution or separate commodity, mix and execution effects.

Attribution: Role overlaps event; causation unproven. The role overlaps only part of the reporting period; no personal causation is established.

Relevance: Relevant current performance context, but not evidence of sole or attributable CEO delivery.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary)

Litigation and enforcement

Appeal conviction for unlawful deprivation of liberty in the Tim Mawar case

1997–2000 proceedings; final appeal 24 October 2000 · documented · high materiality

A 1999 military court judgment identifies Untung Budi Harto as Defendant V and Unit I commander and describes his participation in group operations involving abduction and detention of nine named activists. Hukumonline’s later account says the appeal court convicted 11 defendants, changed Untung’s sentence to 2 years 10 months and removed the dismissal sanction; it reports the judgment was final and the sentence served. ICTJ/KontraS distinguishes those nine detained activists from 13 activists who remained missing; the reviewed evidence does not establish Untung’s role in the missing-person cases.

Attribution: Individual involvement documented. Court records connect him to the unlawful detention operation; no broader role in disappearance of the 13 still-missing activists is established by the reviewed sources.

Relevance: Material integrity and governance history for a current state-controlled miner CEO; historical conviction is documented, with scope carefully bounded.

Military High Court II Jakarta judgment PUT.25-16/K-AD/MMT-II/IV/1999 (pp.53, 62, 99); MA Akhirnya Membuka Informasi Proses Hukum “Tim Mawar” (appeal outcome and finality); Indonesia: Derailed — Transitional Justice in Indonesia Since the Fall of Soeharto (distinction between nine detained and 13 still missing)

Suitability for the current role

Military and public-sector leadership precedes ANTAM presidency

1988–15 December 2025 · analyst inference · medium materiality

ANTAM reports that Untung graduated from the Military Academy in 1988 and held senior military and government roles, including Commander of Kodam Jaya (2022–23), President Commissioner of Transjakarta (2023–25) and roles at BNPT and Basarnas. ANTAM says he became President Director on 15 December 2025. The biography supports leadership experience but does not document mining operating or capital-allocation results before ANTAM.

Attribution: Responsibility not applicable. The career chronology is company-reported; individual performance in the prior public roles was not independently assessed.

Relevance: Relevant leadership breadth, with limited direct mining track record established by the sources reviewed.

2025 Annual Report (p.168)

Evidence gaps

  • His mining-industry tenure before appointment and independently measured outcomes in prior military/government roles were not established.

  • The historical court record concerns nine activists detained; reviewed sources do not establish his involvement in the 13 activists who remained missing.

  • No exhaustive legal, sanctions, professional-discipline or referee check was performed.

I Dewa Wirantaya

Director of Downstream Strategy and Operation

Current
Full background report for I Dewa Wirantaya
LegalDocumented · Medium materiality

KPK summoned him as a witness in the Antam/Loco Montrado anode investigation

RMOL reported that KPK summoned I Dewa Wirantaya as a witness on 9 June 2023 in an investigation into alleged anode-processing corruption involving ANTAM and Loco Montrado, concerning suspect Siman Bahar. A separate ANTAM manager, Dody Martimbang, was named as a suspect and his conviction was later affirmed. In April 2026 KPK stopped the investigation of Siman after his death while saying the corporate case continued. The sources do not identify Dewa as a suspect or defendant; the summons is not evidence of wrongdoing.

Individual involvement documented · The reviewed report documents witness status only. Later conviction reporting concerns Dody, and SP3 concerns Siman; neither is attributed to Dewa.

Role FitAnalyst Inference · Medium materiality

Engineering, economics and mine-safety experience align with a downstream strategy remit

ANTAM reports a PhD in economics/business, master’s degrees in physical engineering and management, and a mechanical engineering degree. Its biography lists Vale roles including General Manager, Health, Safety and Operational Risk in 2020–21. The June 2026 GMS assigned him to a downstream strategy/operations portfolio. This supports relevant operations and commercial breadth, but source coverage does not establish individual delivery metrics.

Responsibility not applicable · Career, degrees and certifications are issuer-reported and were not verified with awarding bodies or employers.

Evidence gaps · 4
  • The selected company roster title differs slightly from the June 2026 minutes wording (“Downstream Strategy & Downstream Operations”); role scope appears similar, but no separate dated title-change notice was reviewed.
  • Independent evidence of individual operational, financial or safety outcomes in prior roles was not located.
  • Witness status is the only personal connection found in the anode case; the outcome of the continuing corporate prosecution is beyond his individual role.
  • No exhaustive legal, sanctions or credential verification was performed.

Full background report

I Dewa Wirantaya

Director of Downstream Strategy and Operation

Career chronology

Contributions and company outcomes

ANTAM reported higher profit and EBITDA in 9M26

1 January–30 September 2026 · issuer reported · low materiality

ANTAM reported 9M26 profit of Rp9.66 trillion (+46%) and EBITDA of Rp13.48 trillion (+45%). Dewa’s revised board appointment was recorded at the June 2026 GMS, so only part of the period overlaps the role; the issuer release does not attribute the results to him.

Attribution: Role overlaps event; causation unproven. Only the post-appointment portion overlaps his current directorship; personal causation is not established.

Relevance: Useful current company context, not a personal performance measure.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary)

Litigation and enforcement

KPK summoned him as a witness in the Antam/Loco Montrado anode investigation

2017 matter; witness summons 9 June 2023; later case outcomes through 28 April 2026 · documented · medium materiality

RMOL reported that KPK summoned I Dewa Wirantaya as a witness on 9 June 2023 in an investigation into alleged anode-processing corruption involving ANTAM and Loco Montrado, concerning suspect Siman Bahar. A separate ANTAM manager, Dody Martimbang, was named as a suspect and his conviction was later affirmed. In April 2026 KPK stopped the investigation of Siman after his death while saying the corporate case continued. The sources do not identify Dewa as a suspect or defendant; the summons is not evidence of wrongdoing.

Attribution: Individual involvement documented. The reviewed report documents witness status only. Later conviction reporting concerns Dody, and SP3 concerns Siman; neither is attributed to Dewa.

Relevance: Relevant compliance context for a current director whose 2023 public title was operations and production; the underlying matter predates that 2023 summons and individual culpability is not established.

Giliran Direktur Operasi dan Produksi Antam Dewa Bagus Sugata Dipanggil KPK (witness summons and distinction from suspect); PT DKI Kuatkan Vonis Eks Pejabat Antam di Kasus Korupsi Anoda Logam (Dody Martimbang judgment; not Dewa); KPK Hentikan Penyidikan Kasus Korupsi untuk Tersangka Siman Bahar (Siman Bahar SP3); KPK Pastikan Usut Korporasi di Kasus Antam Tetap Berjalan (corporate investigation continues)

Suitability for the current role

Engineering, economics and mine-safety experience align with a downstream strategy remit

Education through 2019; Vale roles through 2021; ANTAM director appointment 10 June 2026 · analyst inference · medium materiality

ANTAM reports a PhD in economics/business, master’s degrees in physical engineering and management, and a mechanical engineering degree. Its biography lists Vale roles including General Manager, Health, Safety and Operational Risk in 2020–21. The June 2026 GMS assigned him to a downstream strategy/operations portfolio. This supports relevant operations and commercial breadth, but source coverage does not establish individual delivery metrics.

Attribution: Responsibility not applicable. Career, degrees and certifications are issuer-reported and were not verified with awarding bodies or employers.

Relevance: Relevant operational and economic background for downstream strategy; exact contribution and current portfolio results remain unmeasured.

2025 Annual Report (p.170); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Evidence gaps

  • The selected company roster title differs slightly from the June 2026 minutes wording (“Downstream Strategy & Downstream Operations”); role scope appears similar, but no separate dated title-change notice was reviewed.

  • Independent evidence of individual operational, financial or safety outcomes in prior roles was not located.

  • Witness status is the only personal connection found in the anode case; the outcome of the continuing corporate prosecution is beyond his individual role.

  • No exhaustive legal, sanctions or credential verification was performed.

Hartono

Director of Mineral Resources Management

Current
Full background report for Hartono
LegalDocumented · Medium materiality

Questioned as a witness in the 109-ton gold-management investigation

IPOL reported that the Attorney General’s Office examined Hartono as a witness on 7 September 2023 in an alleged gold-business governance matter covering 2010–22; the report said no suspects had been announced at that time. Later ANTARA reports describe convictions of six former ANTAM precious-metals unit officials and seven private parties. Hartono is not among the named defendants in those reports. His witness examination does not establish an allegation or culpability.

Individual involvement documented · Sources connect him to the investigation only as a witness. The later named defendants are distinct people; no personal charge or conviction against Hartono is established in reviewed materials.

Role FitAnalyst Inference · Medium materiality

Geology, resource-management and exploration roles align with current portfolio

ANTAM reports a Geological Engineering degree, a master’s in Mining and Mineral Resources Development and a Qualified Registered Geologist credential. Its career history includes Geomin exploration leadership, Gag Nikel, nickel business-unit management and operations/production leadership before the 2026 title change. These are issuer-reported qualifications and roles, not independently validated credentials or quantified results.

Responsibility not applicable · Company biography supports chronology; credentials and individual outcomes were not independently checked.

Evidence gaps · 4
  • The IPOL article was accessible only via indexed text after a direct-page timeout; the witness lead should be treated with that source limitation.
  • The 2010–22 gold investigation overlaps a long ANTAM career, but sources reviewed do not establish Hartono’s role in the alleged transactions; later convicted defendants were other people.
  • Credential standing and independent individual operating, safety and environmental outcomes were not verified.
  • No exhaustive litigation, sanctions or regulator-register check was performed.

Full background report

Hartono

Director of Mineral Resources Management

Career chronology

  • Director from 15 June 2023; title revised June 2026: PT ANTAM (Persero) Tbk — Director of Mineral Resources Management; formerly Director of Operations & Production. 2025 Annual Report (p.171); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

  • 2013–2023; exact transitions not fully stated: PT ANTAM / PT Sumberdaya Arindo / PT Gag Nikel — Geomin VP Exploration; Nickel Business Unit General Manager; Gag Nikel VP; Sumberdaya Arindo President Director. 2025 Annual Report (p.171)

Contributions and company outcomes

ANTAM reported higher profit and EBITDA in 9M26

1 January–30 September 2026 · issuer reported · low materiality

ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46%, and EBITDA of Rp13.48 trillion, up 45%. His current Mineral Resources Management title was formalized in June 2026; the period partly overlaps his director tenure but the release does not isolate contribution.

Attribution: Role overlaps event; causation unproven. The director role overlaps part of the reporting period; causation is not established.

Relevance: Current performance context for a resource-management executive, with attribution limited.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary)

Industrial safety

ANTAM reported zero fatalities and four medical-treatment cases in 2025

2025 · issuer reported · low materiality

The annual report lists zero fatalities and four Medical Treatment Cases for 2025 and reports a TRIR of 0.03. Hartono’s ANTAM operational leadership overlaps the year, but these are company-wide metrics; the report does not connect a specific safety result or incident to him.

Attribution: Role overlaps event; causation unproven. No individual act, control failure or causal contribution is established.

Relevance: Relevant oversight context for an executive with an operations background; not a personal safety record.

2025 Annual Report (p.859)

Environmental record

ANTAM reported two Gold PROPER awards for 2022–23

2022–2023 · issuer reported · low materiality

ANTAM reported Gold PROPER recognition for its Nickel Mining Business Unit and Precious Metal Processing & Refinery Business Unit and quoted Hartono. The source describes company/unit awards and does not isolate his personal contribution.

Attribution: Role overlaps event; causation unproven. The release quotes him but does not establish that he personally caused the awards.

Relevance: Limited positive environmental-management context for the current resource-management director.

ANTAM Receives Two GOLD PROPER 2023 (award release)

Litigation and enforcement

Questioned as a witness in the 109-ton gold-management investigation

2010–2022 alleged events; witness examination 7 September 2023; convictions reported May 2025 · documented · medium materiality

IPOL reported that the Attorney General’s Office examined Hartono as a witness on 7 September 2023 in an alleged gold-business governance matter covering 2010–22; the report said no suspects had been announced at that time. Later ANTARA reports describe convictions of six former ANTAM precious-metals unit officials and seven private parties. Hartono is not among the named defendants in those reports. His witness examination does not establish an allegation or culpability.

Attribution: Individual involvement documented. Sources connect him to the investigation only as a witness. The later named defendants are distinct people; no personal charge or conviction against Hartono is established in reviewed materials.

Relevance: Relevant governance context given his later operating/director roles; individual involvement beyond witness evidence remains unproven.

Penyidikan Komoditi Emas, Direktur Operasi dan Produksi PT Antam Dapat Giliran Diperiksa Kejagung (indexed article text; witness examination and stated status); Enam terdakwa korupsi tata kelola emas Antam divonis 8 tahun penjara (named former ANTAM defendants); Tujuh pihak swasta divonis 6–9 tahun penjara di kasus korupsi emas (named private-party convictions)

Suitability for the current role

Geology, resource-management and exploration roles align with current portfolio

1996–2026 · analyst inference · medium materiality

ANTAM reports a Geological Engineering degree, a master’s in Mining and Mineral Resources Development and a Qualified Registered Geologist credential. Its career history includes Geomin exploration leadership, Gag Nikel, nickel business-unit management and operations/production leadership before the 2026 title change. These are issuer-reported qualifications and roles, not independently validated credentials or quantified results.

Attribution: Responsibility not applicable. Company biography supports chronology; credentials and individual outcomes were not independently checked.

Relevance: Strong apparent technical fit for resource management at a diversified miner, with evidence mainly issuer-reported.

2025 Annual Report (p.171); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Evidence gaps

  • The IPOL article was accessible only via indexed text after a direct-page timeout; the witness lead should be treated with that source limitation.

  • The 2010–22 gold investigation overlaps a long ANTAM career, but sources reviewed do not establish Hartono’s role in the alleged transactions; later convicted defendants were other people.

  • Credential standing and independent individual operating, safety and environmental outcomes were not verified.

  • No exhaustive litigation, sanctions or regulator-register check was performed.

Arini Kasmira

Director of Finance and Risk Management

Current
Full background report for Arini Kasmira
Role FitAnalyst Inference · Medium materiality

Portfolio-management and finance experience support current finance remit

MIND ID’s 2023 annual report says Arini Kasmira had served as Division Head of Portfolio Management since 21 March 2023; ANTAM’s 2026 GMS appointed her Director of Finance and Risk Management. PT Solusi Bangun Indonesia’s 2020 report identifies her as Finance Group Head. Her self-reported profile gives additional finance roles and qualifications, but dates differ from the MIND ID source and are not independently confirmed.

Responsibility not applicable · Issuer records establish the portfolio/finance roles; LinkedIn details are self-reported and conflicting on the MIND ID start date and end date.

Arini Kasmira profile · profile search result
Company SuccessIssuer Reported · Medium materiality

ANTAM reported stronger 9M26 financial performance

ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, sales of Rp88.48 trillion and operating cash flow of Rp5.06 trillion. Arini was appointed Finance and Risk Director on 10 June 2026, so most of the reporting period predates her appointment. The results are issuer-reported and do not establish individual contribution.

Role overlaps event; causation unproven · Only the post-appointment period overlaps her role; no personal causation is established.

Evidence gaps · 4
  • MIND ID’s 2023 report records her portfolio role from 21 March 2023, while her self-reported profile says Jan 2022–Jul 2026; exact title and cessation date are unresolved.
  • No independently verified degree or professional registration records were located.
  • The 9M26 results mostly predate her June 2026 appointment; individual finance/risk outcomes are not yet established.
  • Targeted public searches did not identify relevant individual allegations, but no exhaustive legal, sanctions, litigation or credential screening was performed.

Full background report

Arini Kasmira

Director of Finance and Risk Management

Career chronology

Education and qualifications

Accounting and finance qualifications are self-reported

Dates not established · self reported · low materiality

Arini’s LinkedIn profile search result lists an accounting degree from Andalas University, an MSc in Finance and Investment from the University of Liverpool and Harvard Business School executive education. These credentials were not independently verified; the issuer annual reports reviewed do not provide this full education list.

Attribution: Responsibility not applicable. Qualifications are sourced to a self-reported profile and were not checked with awarding bodies.

Relevance: Relevant to role fit but lower-confidence than her issuer-documented finance appointments.

Arini Kasmira profile (profile search result)

Contributions and company outcomes

ANTAM reported stronger 9M26 financial performance

1 January–30 September 2026 · issuer reported · medium materiality

ANTAM reported 9M26 net profit of Rp9.66 trillion, up 46% year over year, sales of Rp88.48 trillion and operating cash flow of Rp5.06 trillion. Arini was appointed Finance and Risk Director on 10 June 2026, so most of the reporting period predates her appointment. The results are issuer-reported and do not establish individual contribution.

Attribution: Role overlaps event; causation unproven. Only the post-appointment period overlaps her role; no personal causation is established.

Relevance: Relevant portfolio/finance context but weak evidence of her own performance in the ANTAM role.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Suitability for the current role

Portfolio-management and finance experience support current finance remit

2020–June 2026 · analyst inference · medium materiality

MIND ID’s 2023 annual report says Arini Kasmira had served as Division Head of Portfolio Management since 21 March 2023; ANTAM’s 2026 GMS appointed her Director of Finance and Risk Management. PT Solusi Bangun Indonesia’s 2020 report identifies her as Finance Group Head. Her self-reported profile gives additional finance roles and qualifications, but dates differ from the MIND ID source and are not independently confirmed.

Attribution: Responsibility not applicable. Issuer records establish the portfolio/finance roles; LinkedIn details are self-reported and conflicting on the MIND ID start date and end date.

Relevance: Relevant finance and portfolio background for the current remit; the chronology and qualifications remain only partly corroborated.

PT Solusi Bangun Indonesia 2020 Annual Report (pp.17–19); MIND ID 2023 Annual Report (p.113); Arini Kasmira profile (profile search result)

Evidence gaps

  • MIND ID’s 2023 report records her portfolio role from 21 March 2023, while her self-reported profile says Jan 2022–Jul 2026; exact title and cessation date are unresolved.

  • No independently verified degree or professional registration records were located.

  • The 9M26 results mostly predate her June 2026 appointment; individual finance/risk outcomes are not yet established.

  • Targeted public searches did not identify relevant individual allegations, but no exhaustive legal, sanctions, litigation or credential screening was performed.

Ratih Dewihandajani L.

Director of Human Capital and Corporate Transformation

Current
Full background report for Ratih Dewihandajani L.
Role FitAnalyst Inference · Medium materiality

Legal, corporate-secretary and human-capital experience align with transformation remit

ANTAM’s 2025 report says Ratih held MIND ID legal/corporate-secretary and human-capital roles and Vale legal/corporate-secretary positions before becoming ANTAM Director of Human Capital in June 2025. It reports a law degree, management/finance degree and LLM in International Business Law. The June 2026 GMS records the title as Human Capital and Corporate Transformation. This supports relevant governance and people experience; credentials were not independently verified.

Responsibility not applicable · Career history and education are issuer-reported; no independent review of employment performance or credentials was performed.

Evidence gaps · 4
  • Exact chronology across MIND ID, Vale and legal-firm roles is incomplete; the issuer sources are not a full employment register.
  • The Vale contract renegotiation leadership claim is self-reported and not independently corroborated.
  • No individual HR, workforce, safety, environment or transformation outcome series was reviewed.
  • No exhaustive professional-discipline, litigation, sanctions or credential check was performed.

Full background report

Ratih Dewihandajani L.

Director of Human Capital and Corporate Transformation

Career chronology

Personal achievements

Self-reported role in Vale contract renegotiation lacks independent attribution

By 2014 · self reported · low materiality

Ratih’s LinkedIn profile search result says she led Vale’s Contract of Work renegotiation completed by 2014 and describes it as the first to comply. The direct profile was inaccessible and no independent source connecting her personally to that outcome was located; this is recorded as a self-reported claim, not a verified individual achievement.

Attribution: Responsibility unresolved. Only the self-reported profile supports personal attribution; no independent corroboration was located.

Relevance: Potentially relevant Indonesian mining-sector legal experience, but evidence is thin and excluded from the material summary.

Ratih Dewihandajani L. profile (profile search result)

Contributions and company outcomes

ANTAM reported stronger 9M26 financial results during her board tenure

1 January–30 September 2026 · issuer reported · low materiality

ANTAM reported 9M26 profit growth of 46% and EBITDA growth of 45%. Ratih’s director tenure began in June 2025 and overlaps the reporting period, but the earnings release provides no evidence of her individual contribution to company results.

Attribution: Role overlaps event; causation unproven. The board role overlaps the reporting period; no personal contribution to financial results is isolated.

Relevance: Limited company-level context; not a measure of human-capital or transformation delivery.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Suitability for the current role

Legal, corporate-secretary and human-capital experience align with transformation remit

1995–June 2026 · analyst inference · medium materiality

ANTAM’s 2025 report says Ratih held MIND ID legal/corporate-secretary and human-capital roles and Vale legal/corporate-secretary positions before becoming ANTAM Director of Human Capital in June 2025. It reports a law degree, management/finance degree and LLM in International Business Law. The June 2026 GMS records the title as Human Capital and Corporate Transformation. This supports relevant governance and people experience; credentials were not independently verified.

Attribution: Responsibility not applicable. Career history and education are issuer-reported; no independent review of employment performance or credentials was performed.

Relevance: Relevant legal/governance and people background for current HR/transformation portfolio.

2025 Annual Report (p.169); MIND ID 2021 Annual Report (p.184); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Evidence gaps

  • Exact chronology across MIND ID, Vale and legal-firm roles is incomplete; the issuer sources are not a full employment register.

  • The Vale contract renegotiation leadership claim is self-reported and not independently corroborated.

  • No individual HR, workforce, safety, environment or transformation outcome series was reviewed.

  • No exhaustive professional-discipline, litigation, sanctions or credential check was performed.

Handi Sutanto

Director of Corporate Strategy Business Development and Commercial

Current
Full background report for Handi Sutanto
Role FitAnalyst Inference · Medium materiality

Finance, audit and commercial roles support current strategy and business-development remit

ANTAM reports that Handi held senior finance/control roles, served as SVP Commercial and Transformation, and worked in audit management at PwC Indonesia and PwC Dallas before his June 2025 director appointment. His degree is reported as B.Econ from Atma Jaya. The 2026 GMS uses the expanded corporate-strategy/business-development/commercial title. Career and education are issuer-reported; results and credentials were not independently validated.

Responsibility not applicable · The issuer biography provides the chronology; exact tenure dates and independent outcome measures are limited.

Evidence gaps · 4
  • Exact month the PT International Mineral Capital presidency ended is not specified; no continuing conflict is established in reviewed sources.
  • Individual contribution to ANTAM’s 9M26 commercial, financing or transformation outcomes was not isolated.
  • Degree, professional qualifications and exact prior-employer dates were not independently checked.
  • No exhaustive legal, sanctions, litigation or professional-discipline search was performed.

Full background report

Handi Sutanto

Director of Corporate Strategy Business Development and Commercial

Career chronology

  • From 12 June 2025; expanded title in June 2026 GMS: PT ANTAM (Persero) Tbk — Director of Corporate Strategy Business Development and Commercial. 2025 Annual Report (p.172); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

  • 2021–2025; exact transitions not all stated: PT ANTAM (Persero) Tbk — SVP Commercial and Transformation; SVP Accounting/Tax; VP Finance Control. 2025 Annual Report (p.172)

  • 2015–2021: PwC Indonesia / PwC Dallas — Audit Manager / Senior Manager. 2025 Annual Report (p.172)

Contributions and company outcomes

ANTAM reported higher 9M26 profit and EBITDA during his director tenure

1 January–30 September 2026 · issuer reported · low materiality

ANTAM reported net profit of Rp9.66 trillion (+46%) and EBITDA of Rp13.48 trillion (+45%) for 9M26. Handi joined the board in June 2025; the release does not isolate the strategy/commercial director’s contribution from commodity prices, production mix or other factors.

Attribution: Role overlaps event; causation unproven. Role overlaps the reporting period; individual contribution is not established.

Relevance: Current operating context for the commercial/strategy remit, not a personal performance measure.

ANTAM’s Performance Continues to Strengthen, 9M26 Net Profit Growth 46% to Rp9.66 Trillion (9M26 earnings release; headline and financial summary); 2025 Annual Report (p.172)

Governance and interests

Prior affiliate directorship is listed through 2025; end date is not specified

2022–2025 · issuer reported · low materiality

ANTAM’s 2025 report lists Handi as President Director of PT International Mineral Capital during 2022–25 and also states he had no other concurrent positions. The report does not specify the end month of the affiliate role; the reviewed sources do not establish a post-appointment conflict.

Attribution: Responsibility unresolved. The issuer disclosure establishes a historical affiliate role but does not resolve its precise end date or identify a continuing conflict.

Relevance: A limited disclosure-chronology point; no current conflict is inferred.

2025 Annual Report (p.172)

Suitability for the current role

Finance, audit and commercial roles support current strategy and business-development remit

2011–June 2026 · analyst inference · medium materiality

ANTAM reports that Handi held senior finance/control roles, served as SVP Commercial and Transformation, and worked in audit management at PwC Indonesia and PwC Dallas before his June 2025 director appointment. His degree is reported as B.Econ from Atma Jaya. The 2026 GMS uses the expanded corporate-strategy/business-development/commercial title. Career and education are issuer-reported; results and credentials were not independently validated.

Attribution: Responsibility not applicable. The issuer biography provides the chronology; exact tenure dates and independent outcome measures are limited.

Relevance: Relevant finance, audit and commercial background for the current portfolio.

2025 Annual Report (p.172); Minutes of ANTAM Annual GMS for FY2025 (pp.14–17)

Evidence gaps

  • Exact month the PT International Mineral Capital presidency ended is not specified; no continuing conflict is established in reviewed sources.

  • Individual contribution to ANTAM’s 9M26 commercial, financing or transformation outcomes was not isolated.

  • Degree, professional qualifications and exact prior-employer dates were not independently checked.

  • No exhaustive legal, sanctions, litigation or professional-discipline search was performed.