Lembaga dan Profesi Penunjang

Jat idiri Perusahaan

Corporate Identity

Nama Perusahaan

Name of Corporation

Alamat |

Address

Pembent ukan Perusahaan

Founded

5 Juli 1968 |

July 5, 1968

Gedung Aneka Tambang, Jl. Let jen. T.B. Simat upang No.1, Lingkar Selat an, Tanjung Barat ,

Jakart a 12530, Indonesia

Telepon |

Telephone

: (62- 21) 789- 1234 (Hunt ing), (62- 21) 781- 2635 (Hunt ing) Faksimili |

Facsimile

: (62- 21) 789- 1224

Telex : 66209 ATKJKT IA

Homepage : w w w.ant am.com E- mail : corsec@ ant am.com Perusahaan Perseroan (Persero)

PT Ant am Tbk

Berkedudukan di Jakart a

Perusahaan Perseroan (Persero)

PT Antam Tbk

Incorporated in Jakarta

65% Pemerint ah Republik Indonesia

G

overnment of the Republic of Indonesia

35% Publik |

Public

Bergerak dalam bidang usaha pert ambangan berbagai jenis bahan galian sert a menjalankan usaha bidang indust ri, perdagangan, pengangkut an dan jasa yang berkait an dengan pert ambangan berbagai jenis bahan galian t ersebut .

A leading Indonesian diversified mining and minerals processing company, Antam’s businesses are vertically integrated from exploration and mining through to processing, marketing, and trading.

M odal Dasar Rp 3.800 miliar

M odal dit empat kan dan diset or penuh Rp 953,8 miliar

Authorized Capital Rp 3,800 billion

Issued and Fully Paid Capital Rp 953.8 billion

Bidang Usaha

Line of Business

Kepemilikan

Ownership

Lembaga dan Prof esi Penunjang

Institutions and Supporting Professionals

AUDITOR | AUDITORS

Praset io, Sarw oko & Sandjaja Wisma 46, Kot a BNI, Levels 25- 28 Jl. Jend. Sudirman Kav. 1 Jakart a 10220 Ph: (62- 21) 575.7999 Fax: (62- 21) 574.4521 Websit e: w w w.ey.com

BIRO ADM INISTRASI EFEK SECURITIES ADMINISTRATION AGENCIES

PT Dat indo Ent rycom Wisma Diners Club Annex Jl. Jend. Sudiman Kav 34- 35 Jakart a 10220 Ph: (62- 21) 570.9009 Fax: (62- 21) 570.9026 e- mail: deone@ indosat .net .id Websit e: w w w.dat indo.com

Comput ershare Regist ry Services Pt y. Lt d. Level 3, 60 Carringt on St . Sydney, NSW 1115 Aust ralia Ph: (61- 2) 8234.5000 Fax: (61- 2) 8234.5050 (61- 2) 8234.5180 Websit e: w w w.comput ershare.com

BANK | BANKERS

Bank M andiri Bank BNI

Bank Rakyat Indonesia Bank Cent ral Asia

N.M . Rot hschild & Sons (Aust ralia) Limit ed ABN- Amro Bank NV

ING Indonesia Bank Cit ibank

AGEN LOKAL DI AUSTRALIA LOCAL AGENT IN AUSTRALIA

Roger Penman WHK Aust ralia

15t h Floor, 309 Kent St reet Sydney NSW 2000 Aust ralia Ph: (61- 2) 9262.2155 Fax: (61- 2) 9262.2190 e- mail: mail@ w hk.com.au Websit e: w w w.w hk.com.au

KANTOR REGISTRASI DI AUSTRALIA REGISTERED OFFICE IN AUSTRALIA

WHK Aust ralia

15t h Floor, 309 Kent St reet Sydney NSW 2000 Aust ralia Ph: (61- 2) 9262.2155 Fax: (61- 2) 9262.2190 e- mail: mail@ w hk.com.au Websit e: w w w.w hk.com.au

Laporan Tahunan dan inf ormasi lain t ent ang Ant am dapat diperoleh di: Annual Reports and other information can be obtained from:

Sekret aris Perusahaan | Corporate Secretary

Gedung Aneka Tambang Jl. Let jen. T.B. Simat upang No. 1 Lingkar Selat an, Tanjung Barat Jakart a 12530, Indonesia Tel : (62- 21) 780 5119 Fax : (62- 21) 781 2822 e- mail : corsec@ ant am.com Daf t ar Isi |

Contents

Ikht isar Keuangan 1 Financial Highlights

Ikht isar Produksi, Penjualan dan Biaya 3 Production, Sales and Costs Snapshot Cadangan M ineral yang Berkualit as Tinggi 4 High Quality Ore Reserves and Resources

Prof il Perseroan 6 Who We Are

Visi, M isi, dan St rat egi Perusahaan 8 Vision, Mission and Corporate Strategy Perist iw a Pent ing Tahun 2002 12 Significant Events of 2002

Sambut an Komisaris 14 Letter from the Board of Commissioners Waw ancara dengan Direksi 19 An Interview with the Board of Directors Analisis dan Diskusi M anajemen 30 Management Discussion and Analysis Usaha Pat ungan dan Pengembangan Perusahaan 50 Joint Ventures and Corporate Development

Pengembangan M asyarakat dan Lingkungan 56 Environment and Community Development Sumber Daya M anusia 60 Human Resources

Inf ormasi Pemegang Saham 72 Shareholders’ Information Ringkasan bagi Pemegang Saham 2002 78 Shareholders’ Sum-Up 2002

Laporan Keuangan Konsolidasi 79 Consolidated Financial Statements

Laporan t ahunan ini memberikan gambaran yang jelas, posit if dan benar mengenai perusahaan sebagai informasi yang perlu diket ahui pihak yang t erkait (st akeholders).

Deskripsi |

Description

2 0 02 2 0 01 2 0 0 0 1 9 9 9 1 9 9 8 1 9 9 7 1 9 9 6 1 9 9 5 1 9 9 4 (dalam miliar rupiah) |

(in billion Rupiah)**

Penjualan Bersih |

Net Sales

1,711.40 1,735.22 1,566.31 966.15 1,021.91 449.55 358.56 374.71 233.36

Laba Kot or |

Gross Profit

456.57 644.13 706.03 418.42 571.16 197.27 124.54 154.85 66.37

Laba Usaha |

Income from Operations

289.62 471.02 537.28 318.02 475.33 146.17 87.82 108.46 36.48

Laba sebelum bunga, pajak, |

Earning Before Interest, Tax,

depresiasi dan amort isasi |

Depreciation and Amortization

400.14 604.59 661.64 392.47 386.54 149.24 125.87 139.74 51.39

Laba sebelum bunga dan pajak |

Earning Before Interest and Tax

252.61 471.56 540.85 315.18 321.72 103.85 84.35 102.31 32.71

Beban Bunga |

Interest Expense

13.20 19.00 25.42 29.04 54.56 30.93 50.54 60.62 10.02

Penghasilan Bunga |

Interest Income

39.02 51.29 32.46 33.65 120.98 8.74 2.73 3.68 3.68

Taksiran Pajak Penghasilan |

Provision for Income Tax

- Tahun Berjalan |

- Current

81.79 148.35 173.87 53.04 57.87 11.31 3.92 2.85 9.88

- Dit angguhkan |

- Deferred

(5.56) 0.72 (6.51) 32.79 18.70 9.83 8.32 13.30 1.72

Laba Bersih |

Net Income

202.02 358.16 383.15 234.35 310.32 60.40 24.30 29.23 14.77

Jumlah Akt iva |

Total Assets

2,487.11 2,555.51 2,516.34 2,055.25 1,940.27 1,560.12 723.24 660.24 663.15

Jumlah Kew ajiban |

Total Liabilities

542.08 629.58 757.00 598.01 585.42 508.89 443.63 392.97 419.03

Jumlah Ekuit as |

Total Stockholders’ Equity

1,939.34 1,919.73 1,750.31 1,447.65 1,344.21 1,047.55 279.62 267.27 244.12

M odal Kerja Bersih |

Net Working Capital

857.54 894.67 763.04 452.50 472.13 451.90 0.08 (0.02) 18.06

Penyert aan Saham |

Investment in Shares of Stock

30.93 30.93 30.93 30.93 30.93 5.75 5.75 -

-Arus Kas dari Akt ivit as Operasi |

Cash Flow from Operations

303.74 385.51 692.87 254.35 521.75 99.52 N/A N/A N/A

Jumlah Saham Beredar (ribu lembar) |

Outstanding Shares ( in thousands)

1,907,692 1,230,769 1,230,769 1,230,769 1,230,769 1,230,769 100 100 100

Laba Usaha per Saham |

Income from Operations per Share

(Rupiah penuh) |

(full Rupiah)

151.82 382.71 446.53 258.39 386.20 208.22 175.64 216.93 72.96

Laba Bersih per Saham (Rupiah penuh) |

Net Income per Share (full Rupiah)

105.90 291.00 311.31 190.40 252.14 86.04 48.61 58.45 29.55

Imbal Hasil Rat a- rat a Invest asi |

Return on Invesment

11.09% 20.70% 27.10% 19.94% 24.22% 14.59% 13.72% 23.18% 13.36%

Imbal Hasil Rat a- rat a Ekuit as |

Return on Equity

10.47% 19.52% 23.96% 16.79% 25.95% 13.42% 8.89% 11.43% 6.19%

Imbal Hasil Rat a- rat a Tot al Akt iva |

Return on Assets

8.13% 14.12% 16.76% 11.73% 17.73% 7.04% 3.51% 4.42% 2.48%

Rasio Lancar |

Current Ratio

314.79% 306.45% 252.93% 245.95% 298.58% 278.09% 100.07% 99.98% 115.99%

Rasio Kew ajiban Terhadap Ekuit as |

Debt to Equity Ratio

27.95% 32.80% 43.25% 41.31% 43.55% 48.58% 158.66% 147.03% 171.65%

Rasio Kew ajiban Terhadap Tot al Akt iva |

Debt to Assets Ratio

21.80% 24.64% 30.08% 29.10% 30.17% 32.62% 61.34% 59.52% 63.19%

M arjin laba kot or |

Gross Margin

26.68% 37.12% 45.08% 43.31% 55.89% 43.88% 34.73% 41.32% 28.44%

M arjin Laba Usaha |

Operating Margin

16.92% 27.14% 34.30% 32.92% 46.51% 32.51% 24.49% 28.95% 15.63%

M arjin Laba Bersih |

Net Margin

11.80% 20.64% 24.46% 24.26% 30.37% 13.43% 6.78% 7.80% 6.33%

* Ikht isar Laporan Keuangan t ahun 1994 s.d 1999 disajikan kembali | Financial Highlights for 1994 - 1999 as restated

2 0 02

• Program pengurangan biaya berhasil menghemat Rp 19 miliar (USD 2 jut a).

• Kenaikan harga telah meningkatkan pendapatan ekspor dalam dolar Amerika sebesar 10%.

• Ant am menjadi salah sat u dari t iga perusahaan Indonesia yang t ercat at secara penuh

dalam bursa ef ek di luar Indonesia.

• M arjin operasi Ant am masih cukup baik sebesar 17% dan memperoleh kas bersih dari

hasil operasi sebesar Rp 304 miliar (USD 33 jut a), meskipun kehilangan subsidi BBM dan

adanya kenaikan gaji.

• M enandat angani kerja sama dengan PT Inco Tbk. unt uk pengembangan sumber daya

nikel di lokasi st rat egis, sebagai umpan bijih yang efisien unt uk pabrik feronikel Ant am.

• Kemajuan nyat a dalam penerapan t at a kelola perusahaan yang baik t ercermin dalam

pengangkat an Komisaris Independen dan penyempurnaan sist em int ernal audit .

• M elakukan perbaikan pada pabrik FeNi II unt uk dapat memundurkan jadwal

overhaul

hingga t ahun 2005.

• M elakukan ekspor perdana produk nikel baru, bijih saprolit kadar rendah, ke Aust ralia;

ekspor bijih nikel kadar t inggi meningkat 25%.

• Pemilihan skema

Export Credit Agency

(ECA) untuk mendanai proyek ekspansi pabrik

feronikel; ECA- Jerman, Hermes, memberikan perset ujuan prinsip guna menjamin

pendanaan.

• Perolehan akredit asi int ernasional Ant am bert ambah dengan penerimaan sert ifikasi ISO

14001 unt uk M anajemen Lingkungan bagi Unit Bisnis Pert ambangan Emas Pongkor.

Financial Highlights

IKHTISAR

KEUANGAN

Laba Usaha

Income from Operations

Imbal Hasil Rat a- rat a Ekuit as

Return on Equity

M arjin Laba Usaha

Operating Margin

600

'98 '99 '00 '01 '02

500

400

300

200

100

0 475.33

537.28

471.02

289.62 (Rp Billion)

318.02

50

40

30

20

10

0 46.51

32.92 34.30 27.14

16.92 (%)

'98 '99 '00 '01 '02

30

25

20

15

10

5

0 25.95

16.79 23.96

19.52

10.47 (%)

'98 '99 '00 '01 '02

• Cost reduction program saves Rp 19 billion (USD 2m).

• Higher prices increase US Dollar export revenues by 10%.

• Antam becomes one of three Indonesian companies to be fully

listed on a stock exchange outside of Indonesia.

• Antam achieves a healthy 17% operating margin and generates

Rp 304 billion (USD 33m) in cash from operations, despite

removal of fuel subsidy and salary increase.

• Antam and PT Inco Tbk. agree to jointly develop strategically

located nickel resources as cost effective ore feed for Antam’s

ferronickel smelters.

• Real progress on good corporate govern an ce in cludes the

appointment of an Independent Commissioner and an improved

audit system.

• Important repairs performed to delay a major overhaul on the

FeNi II smelter to 2005.

• Exports of a new nickel product, low grade saprolite ore, commence

to Australia; high grade nickel ore exports increase 25%.

• The Export Credit Agency (ECA) scheme is selected to finance

ferronickel expansion project; Germany’s ECA, Hermes, gives in

principle acceptance for loan insurance.

Ikht isar Produksi, Penjualan, dan Biaya

Production, Sales and Costs Snapshot

VOLUM E PRODUKSI Sat uan | Unit 2002 2001 2000 1999 1998PRODUCTION VOLUME

Feronikel Lbs Ni 19,409,474 22,711,995 22,290,913 20,328,801 18,631,244 Ferronickel

M et ric Ton Ni 8,804 10,302 10,111 9,221 8,451

Bijih Nikel Nickel Ore

- Saprolit w mt 3,253,338 2,498,163 2,107,514 2,094,467 2,039,810 Saprolite

-- Limonit w mt 1,152,676 1,120,978 931,355 1,140,818 1,193,564 Limonite

-- Tot al bijih nikel w mt 4,406,014 3,619,141 3,038,869 3,235,285 3,233,374 Total Nickel Ore

-Emas t .oz 122,591 127,928 129,278 95,038 50,444 Gold

kg 3,813 3,979 4,021 2,956 1,569

Perak t .oz 816,532 902,760 888,967 677,223 398,412 Silver

kg 25,397 28,079 27,650 21,064 12,392

Bauksit w mt 1,283,485 1,237,006 1,150,776 1,116,323 1,055,647 Bauxite

Pasir Besi w mt 378,587 469,377 489,126 584,428 560,524 Iron Sands

VOLUM E PENJUALAN SALES VOLUME

Ekspor Export

Feronikel Lbs Ni 18,137,409 22,628,220 22,462,873 20,150,227 18,981,778 Ferronickel

M et ric Ton Ni 8,227 10,264 10,189 9,140 8,610

Bijih Nikel Nickel Ore

- Saprolit w mt 2,422,979 1,968,472 1,238,366 1,035,465 1,227,218 Saprolite

-- Limonit w mt 1,004,976 821,858 799,417 992,272 1,102,455 Limonite

-- Tot al bijih nikel w mt 3,427,955 2,790,330 2,037,783 2,027,737 2,329,673 Total Nickel Ore

-Emas t .oz 57,228 58,900 127,478 90,761 57,453 Gold

kg 1,780 1,832 3,965 2,823 1,787

Perak t .oz 205,668 - 639,156 417,959 112,528 Silver

Kg 6,397 - 19,880 13,000 3,500

Bauksit w mt 1,260,007 1,217,843 1,237,359 1,025,616 1,047,874 Bauxite

Dalam Negeri Domestic Sales

Emas t .oz 74,365 79,284 6,655 5,273 9,356 Gold

kg 2,313 2,466 207 164 291

Perak t .oz 1,374,186 992,461 364,589 216,374 590,030 Silver

kg 42,742 30,869 11,340 6,730 18,352

Pasir Besi w mt 340,459 439,326 403,099 496,202 474,704 Iron Sands

Feronikel Lbs Ni 8,818 39,683 24,251 - - Ferronickel

M et ric Ton Ni 4 18 11 -

-HASIL PENJUALAN SALES REVENUE

Ekspor Rp jut a 1,375,197 1,397,988 1,486,445 902,244 914,922 Export

USD 000 149,946 136,485 174,552 119,783 93,353

Tot al Hasil Penjualan Rp jut a 1,711,400 1,735,224 1,566,309 966,145 1,021,911 Total Sales Revenue

BIAYA TUNAI Sat uan 2002 2001 2000 1999 1998 CASH COST

Feronikel USD/Lb 2.42 1.78 1.72 1.38 0.91 Ferronickel

Bijih Nikel Nickel Ore

- Saprolit USD/w mt 12.00 8.84 9.86 6.99 4.57 Saprolite

-- Limonit USD/w mt 4.50 3.44 3.22 2.49 1.61 Limonite

-Emas USD/t .oz 165.69 140.69 150.71 136.22 98.99 Gold

Bauksit USD/w mt 9.08 7.27 7.15 5.96 3.84 Bauxite

Pasir Besi Rp/w mt 75,833 58,072 54,719 34,833 27,645 Iron Sands

BIAYA PRODUKSI PRODUCTION COST

Feronikel USD/Lb 2.62 1.92 1.89 1.52 1.00 Ferronickel

Bijih Nikel Nickel Ore

- Saprolit USD/w mt 12.41 9.43 10.70 7.71 4.96 Saprolite

-- Limonit USD/w mt 4.89 3.90 3.75 2.94 1.86 Limonite

-Emas USD/t .oz 222.55 180.82 192.34 171.25 141.87 Gold

Bauksit USD/w mt 9.42 7.54 7.48 6.27 4.00 Bauxite

Pasir Besi Rp/w mt 80,417 61,013 57,995 37,204 29,408 Iron Sands

Kurs rat a- rat a Rp/USD 9,280 10,249 8,392 7,856 9,954 Avg.exchange rate

HARGA JUAL RATA- RATA AVERAGE SELLING PRICE

Feronikel USD/Lb 3.05 2.63 3.73 2.89 2.08 Ferronickel

Bijih Nikel Nickel Ore

- Saprolit USD/w mt 21.91 21.38 26.80 14.63 15.35 Saprolite

-- Limonit USD/w mt 8.20 4.61 7.49 4.68 4.64 Limonite

-Emas USD/t .oz 312.22 270.98 279.82 278.77 293.79 Gold

Perak USD/t .oz 4.77 4.45 4.99 5.40 6.23 Silver

Bauksit USD/w mt 11.06 11.24 11.25 11.21 11.00 Bauxite

Pasir Besi Rp/w mt 79,418 69,002 50,381 49,327 37,682 Iron Sands

Biaya Tunai, Biaya Produksi, dan Harga Jual Rat a- rat a

Cash Cost, Production Cost and Average Selling Price

Cadangan M ineral yang Berkualit as Tinggi

High Quality Ore Reserves and Resources

Cadangan | Reserves Sumber Daya | Resources

Pasir Besi | Iron Sands Pasir Besi | Iron Sands

Volume Fe Konsent rat | Concent rat e Volume Fe Konsent rat | Concent rat e

(‘000) m3 (%) (‘000) w mt (‘000) m3 (%) w mt (‘000)

Grand Tot al 21,325 48.9 4,790 16,835 50.7 5,500

Pasir Besi

Iron Sands

Cadangan | Reserves Sumber Daya | Resources

Lokasi Bauksit Tercuci | Washed Bauxite Bauksit Tercuci | Washed Bauxite

Location wmt T- Si02 R- Si02 Fe203 AI203 wmt T- Si02 R- Si02 Fe203 AI203

(‘000) % % % % (‘000) % % % %

Kijang Proved 1,318.7 7.80 – 10.00 52.90 M eas+ Ind. 302.3 9.49 – 2.37 58.09

Probable – – – – – Inf erred – – – – –

Tot al 1,318.7 7.80 – 10.00 52.90 Tot al 302.3 9.49 – 2.37 58.09

Tayan Proved – – – – – M eas+ Ind. 108,080.0 12.84 3.20 14.25 47.20

Probable – – – – – Inf erred – – – – –

Tot al – – – – – Tot al 108,080.0 12.84 3.20 14.25 47.20

Grand Tot al 1,318.7 7.80 – 10.00 52.90 108,382.3 12.83 3.20 14.22 47.23

Klasifikasi

Classification

Klasifikasi

Classification

Bauksit

Bauxite

Cadangan | Reserves Sumber Daya | Resources

Lokasi Bijih Emas | Gold Ore Bijih Emas | Gold Ore

Location wmt Kadar | Grade (g/t) (‘000 toz) wmt Kadar | Grade (g/t) (‘000 toz)

(‘000) Au Ag Au Ag (‘000) Au Ag Au Ag

Pongkor Proved 2,173.3 12.69 133.13 785.7 8,243.3 M eas+ Ind. 1,848.7 9.60 122.90 515.9 6,570.3 Probable 2,605.3 11.00 129.50 816.4 9,587.5 Inf erred 363.0 10.00 184.00 107.5 1,936.5 Tot al 4,778.6 11.80 131.20 1,602.1 17,830.8 Tot al 2,211.7 9.66 132.93 623.4 8,506.8

Cikidang* Proved 52.8 16.26 96.68 23.7 141.1 M eas+ Ind. – – – – –

Probable 92.3 11.53 56.27 29.4 143.6 Inf erred – – – – –

Tot al 145.1 13.25 70.97 53.2 284.8 Tot al – – – – –

Grand Tot al 4,923.7 11.84 129.43 1,655.3 18,115.6 2,211.7 9.66 132.93 623.4 8,506.8

Klasifikasi

Classification

Emas

Gold

Klasifikasi

Classification

Cadangan | Reserves Sumber Daya | Resources

Lokasi Saprolit | Saprolite Limonit | Limonite Saprolit | Saprolite Limonit | Limonite

Location wmt Ni wmt Ni Co wmt Ni wmt Ni Co

(‘000) (%) (‘000) (%) (%) (‘000) (%) (‘000) (%) (%)

Pomalaa Proved 660 2.35 – – – M eas+ Ind. – – – – –

Probable 2,050 2.35 – – – Inf erred – – – – –

Tot al 2,710 2.35 – – – Tot al – – – – –

Gebe Proved 850 2.43 800 1.50 0.12 M eas+ Ind. 2,000 2.60 3,000 1.65 0.16

Probable 420 2.42 400 1.50 0.12 Inf erred – – – – –

Tot al 1,270 2.42 1,200 1.50 0.12 Tot al 2,000 2.60 3,000 1.65 0.16

Pulau Gee (Daerah Proved 1,600 2.32 – – – M eas+ Ind. – – 1,000 1.57 0.20

Buli) | Gee Island Probable 1,700 2.32 – – – Inf erred – – – – –

(Buli Area) Tot al 3,300 2.32 – – – Tot al – – 1,000 1.57 0.20

Tg. Buli & (Daerah Proved 1,500 2.48 500 1.51 0.16 M eas+ Ind. – – – – –

Buli) | Tg. Buli Probable 11,300 2.48 7,000 1.51 0.16 Inf erred – – – – –

(Buli Area) Tot al 12,800 2.48 7,500 1.51 0.16 Tot al – – – – –

Daerah Prospek Lain Proved – – – – – M eas+ Ind. 18,830 2.60 21,010 1.61 0.17

di Area Buli | Other Probable 14,850 2.56 8,800 1.42 0.18 Inf erred 108,300 2.40 185,200 1.40 0.16

Prospects of Buli Area Tot al 14,850 2.56 8,800 1.42 0.18 Tot al 127,130 2.43 206,210 1.42 0.16

Bahubulu - Sulawesi Proved – – – – – M eas+ Ind. 8,500 2.44 34,000 1.50 0.11

Tenggara | Bahubulu- Probable – – – – – Inf erred – – – – –

Southeast Sulawesi Tot al – – – – – Tot al 8,500 2.44 34,000 1.50 0.11

Grand Tot al 34,930 2.49 17,500 1.46 0.17 137,630 2.43 244,210 1.43 0.16

Klasifikasi

Classification

Klasifikasi

Classification

Per t anggal 31 Desember 2002 | As at December 31, 2002

* Tidak ada dalam laporan compet ent person | Not in competent person’s report.

Competent Person

Jumlah cadangan (sumber daya mineral) yang t ercant um dalam laporan t ahunan ini dihit ung berdasarkan inf ormasi yang akurat oleh Saudara Trenggono Sut ioso, karyaw an t et ap perusahaan, yang merupakan anggot a The Aust ralasian Inst it ut e of M ining and M et allurgy dan cukup berpengalaman sebagai seorang compet ent person sesuai dengan ket ent uan yang berlaku dalam hal pelaporan cadangan dan sumber daya mineral dari Aust ralasian Code f or Report ing on Ident if ied M ineral Resources and Ore Reserves.

Where in the Annual Report there are statements that relate to Antam‘s

Mineral Resources or Ore Reserves, they are based on and accurately reflect

information that has been compiled by Mr. Trenggono Sutioso. Mr. Sutioso

is a permanent employee of Antam and a member of the Australasian

Institute of Mining and Metallurgy and has the appropriate experience to be

considered a Competent Person as defined in the Australasian Code for

Reporting on Identified Mineral Resources and Ore Reserves.

Trenggono Sut ioso 31 M aret 2003 |

March 31, 2003

Enjay Supriadi is known as a successful shoe

businessman in his village near Pongkor gold

mine. Enjay’s business has grown rapidly from a

small business into a home industry. “I started

off as a mere shoe maker. As my business grew,

so did my financial need. Antam’s community

developmen t program gave me four million

Rupiah for cash plus a press machine and raw

materials worth nearly twenty million. As my

business grows, I can hire more people. I still

cannot believe that my obsession in improving

the economics of my family and fellow villagers

has now come true.”

PENERIM A BANTUAN PUKK

SMALL BUSINESS LOAN RECIPIENT

Nama

| Name

: Enjay Supriadi

Umur

| Age

: 38

t ahun|

years old

Alamat

| Address

: Kampung Cibeber,

Desa Curug Bitung

Nanggung, Bogor

Pekerjaan

| Occupation :

Pemilik usaha sepat u

Shoe business owner

Prof il Perseroan

Who We Are

W

ith over three decade’s experience as a low cost

mineral producer, we are a limited liability state

corporation that is vertically integrated to undertake

all stages of the mining process from exploration,

mining, smelting, and refining through to marketing.

With four strategic business units and nine operating

mines, we produce ferronickel, nickel ore (high grade,

low grade and low grade saprolite), gold, silver,

bauxite and iron sands. Our precious metals refinery

produces top quality gold and silver, both for Antam

an d as a reven ue- gen eratin g service for other

companies in Indonesia. Our exploration division

meets the challenge of augmenting our existing

reserves by running several campaigns over our 2.7

million hectares of licensed territories.

In 1997, we were partially privatized and listed our

shares on the domestic stock markets. Antam is 35%

held by the public. In 1999, we listed our shares on

the Australian Stock Exchange and in July 2002

augmented our listing status to the more stringent

ASX Listing. We became one of only three Indonesian

companies to be

fully

listed on a stock exchange

outside of Indonesia and must meet international

standards of governance and transparency.

D

engan pengalaman selama lebih dari 3 dekade sebagai salah sat u produsen t ambang dunia berbiaya rendah, akt ivit as Ant am t elah t erint egrasi secara vert ikal, mulai dari eksplorasi, penambangan, peleburan, pemurnian sampai dengan pemasaran. M elalui empat unit bisnis st rat egis dan sembilan t ambang yang t elah beroperasi, produk Ant am meliput i f eronikel, bijih nikel (kadar t inggi, kadar rendah, dan saprolit kadar rendah), emas, perak, bauksit dan pasir besi. Unit Bisnis Pengolahan dan Pemurnian Logam M ulia memproduksi emas dan p er ak b er k u al i t as t i n g g i b ag i An t am d an b ag i perusahaan lain di Indonesia sebagai bagian dari jasa yang menghasilkan pendapat an bagi perseroan. Unit ek sp l o r asi An t am m en j aw ab t an t an g an g u n a meningkat kan cadangan sumber daya yang t elah ada m el al ui usaha ekspl orasi di dal am w i l ayah kuasa pert ambangan Ant am seluas 2,7 jut a hekt are.

Pada 1997 Antam diprivatisasi dan mencatatkan sahamnya pada Bursa Efek Jakart a dan Surabaya. Saham Ant am 35% di mi l i ki ol eh publ i k. Pada t ahun 1999 Ant am j uga mencat at kan sahamnya di Bursa Efek Aust ralia (Aust ralian St ock Exchange - ASX) dan pada bulan Juli 2002 st at us Ant am di ASX dit ingkat kan menjadi ASX List ing, yang menjadikan Ant am harus memat uhi regulasi yang lebih ket at . Ant am merupakan salah sat u dari t iga perusahaan Indonesia yang mencat at kan saham secara penuh di bursa saham luar negeri yang mengharuskan perseroan wajib memat uhi st andar t at a kelola perusahaan dan t ingkat t ransparansi bert araf int ernasional.

bu r sa sah am , pan dan gan per ser oan m u l ai l ebi h berorient asi ke pasar modal. Ant am membedakan prinsip ant ara perusahaan yang dijalankan oleh negara dan perusahaan yang di m i l i ki ol eh negara. M eski 65% kep em i l i kan An t am d i p eg an g o l eh Pem er i n t ah , pengelolaan perseroan dilakukan berdasarkan kaidah bisnis. Tujuan Ant am adalah mencipt akan nilai bagi seluruh pemegang saham dan t idak hanya mengikut i arahan dari negara sem at a. St rat egi Ant am unt uk m eni ngkat kan ni l ai bagi pem egang saham adal ah m enurunkan bi aya sei ri ng usaha bert um buh guna mencipt akan keunt ungan yang berkelanjut an.

Ant am memiliki manajemen yang kuat , fokus, berorient asi ke masa depan, dan memiliki sumber daya manusia yang kompet en di bidangnya; berbiaya rendah, dengan kualit as produk yang t inggi dan pelanggan yang loyal. Ant am m em i l i ki ki nerj a usaha yang sel al u m enghasi l kan keunt ungan dengan t et ap konsist en memenuhi t unt ut an st andar int ernasional unt uk pembangunan masyarakat set empat dan pengelolaan lingkungan; sert a prospek bisnis yang cerah di masa depan dengan t ersedianya cadangan mineral yang besar dan berkualit as, yang belum semuanya dimanf aat kan. Ant am menaw arkan peluang bisnis yang mengunt ungkan bagi calon invest or dan mit ra bisnis pat ungan.

Ant am merupakan invest asi jangka panjang yang

bagus dan menarik dalam usaha pert ambangan

karena memiliki:

• Pengal am an sel am a l ebi h dari 3 dekade dal am kegiat an operasi yang berhasil dan mengunt ungkan. • M anajemen, st rat egi dan perencanaan yang solid

dengan t arget yang realist ik.

• Produk berbiaya rendah dan berkualit as t inggi dengan pelanggan loyal berjangka panjang.

• Kem am p u an yan g an d al u n t u k m en car i d an mengembangkan cadangan mineral menjadi t ambang yang mengunt ungkan.

• Proyek- proyek yang layak dan berkesinambungan. • Prospek masa depan yang cerah dengan cadangan

berkualit as t inggi dalam jumlah besar yang belum semuanya dikembangkan.

• Kom i t m en t erhadap pri nsi p- pri nsi p t at a kel ol a perusahaan yang baik.

• Hubungan ant arpegaw ai dan dengan masyarakat yang baik.

• M anajemen lingkungan hidup yang bert anggung jaw ab.

Although we our proud our past, when we became

publicly listed we began to better orient ourselves to

the capital market. We make a distinction between

state-run and state-held. We are 65% held by the

government but that does not mean we are civil

servants. Our main goal is creating shareholder value,

not following the directives of the state. Our general

strategy to increase shareholder value is to lower costs

w h ile p r o fit a b ly ex p a n d in g o p er a t io n s in a

sustainable manner.

We h a v e s t r o n g , f o c u s e d , f u t u r e - o r i e n t e d

management and skilled people; low- cost,

high-quality products and long- term loyal customers; a

proven record of profitable performan ce while

upholding international standards of community

development and environmental management; and

good future prospects with vast quality mineral

reserves yet to be developed. We offer highly viable

opportu n ities to poten tia l in vestors a n d join t

venture partners.

Antam is a good, solid, long term mining

investment because:

• More than 3 decades of successful, profitable

operation.

• Solid management, strategy and future planning

with realistic goals.

• Low-cost high-quality products and long-term

loyal customers.

• Proven ability to locate and develop deposits into

profitable well run mines.

• Viable, sustainable projects.

• Good future prospects with vast quality reserves

yet to be developed.

• Adh eren ce t o prin ciples of good corpora t e

governance.

• Solid employee and community relations.

• M em an f aat kan keu n g g u l an p en g al am an d an ko m p et en si secar a m aksi m al u n t u k keg i at an eksplorasi, pengembangan, produksi, dan pemasaran komodit as nikel, dan emas, sert a mineral lainnya.

• M eningkat kan kegiat an eksplorasi, khususnya unt uk komodit as nikel dan emas, sert a memelihara kerja sama yang baik dengan pemerint ah daerah set empat dalam melaksanakan set iap kegiat an usaha pert ambangan.

• M el akukan al i ansi st rat egi s dengan perseroan-perseroan pert ambangan kelas dunia melalui kerja sam a p at u n g an , m er j er, d an aku i si si u n t u k memperoleh t eknologi baru yang akan meningkat kan daya saing sert a mempercepat pengembangan usaha.

• M erest rukt urisasi unit - unit bisnis dan sumber daya m an u si a u n t u k m em per bai ki aku n t abi l i t as dan ef isiensi guna meningkat kan nilai perseroan.

•

To maximize the advantages of the Company’s

expertise and core competencies regarding the

exploration, production, development and marketing

of nickel, gold and other industrial minerals.

•

To improve exploration activities, for nickel and

gold in particular, and foster good relationships with

those local governments where mining occurs.

•

To establish strategic alliances with world-class

mining companies through joint ventures and

mergers and acquisitions to access new technologies

that can be applied to enhance competitiveness and

accelerate business development.

•

To restructure the operating units and human

resources to improve accountability and efficiency

and accelerate the Company’s value enhancement.

St rat egi Perusahaan

Corporate Strategy

To be a mining company of international

standards with a competitive advantage in

the global market.

M enjadi perusahaan pert ambangan berst andar

int ernasional yang memiliki keunggulan

kompet it if di pasar global.

Visi 2010

Vision 2010

M isi

Mission

M enghasilkan produk- produk berkualit as t inggi,

yait u nikel, emas dan mineral lain, dengan

mengut amakan keselamat an dan kesehat an kerja

sert a memperhat ikan kelest arian lingkungan

Beroperasi secara ef isien

(Berbiaya rendah)

M emaksimalkan

shareholders

dan

st akeholders value

M eningkat kan kesejaht eraan karyaw an

Berpart isipasi di dalam upaya menyejaht erakan

masyarakat di sekit ar daerah operasi

pert ambangan

To provide high quality products of nickel,

gold and industrial minerals with the

utmost concern for work safety and health

as well as environmental conservation

To operate in the most efficient manner

(low cost operations)

To maximize shareholder and

stakeholder value

To enhance employees’ welfare

• M emperkuat daya saing dengan mempert ahankan keunggulan sebagai salah sat u penghasil nikel dan emas berbiaya t erendah di dunia melalui peningkat an ef i si ensi operasi (out sourci ng, perbai kan proses, memperkecil aset ), memelihara ket ersediaan informasi pasar/ i ndust ri yang mut akhi r, dan secara t erus-menerus melakukan benchmark t erhadap pesaing lainnya, sert a proakt if meningkat kan cit ra perseroan.

• M eningkat kan kualit as produk dengan memperhat ikan kelest arian lingkungan, keselamat an kerja, communit y development , dan berusaha memuaskan pelanggan dengan pengiriman t epat w akt u, sert a memenuhi t unt ut an perubahan pasar yang dinamis.

• M engembangkan kemampuan dan kompet ensi unt uk meningkat kan kualit as dan produkt ivit as karyaw an.

• M engel ol a ri si ko f l ukt uasi harga komodi t as dan pert ukaran m at a uang secara hat i - hat i m el al ui penerapan st rat egi keuangan yang t epat .

• M el aksan akan p r i n si p - p r i n si p good cor por at e governance dan mengembangkan budaya perseroan yang adapt if .

•

To stren gthen competitive advan tages, while

upholding the position as one of the world’s

low-cost nickel and gold producers, through improved

operational efficiencies (by way of outsourcing,

b u sin ess p r o cess im p r o v em en t s a n d a sset

reduction), enhanced knowledge of current market/

industry information, continuous benchmarking

and actively refining the Company’s image.

•

To enhance the product quality with due concern

for environmental preservation, workers’ safety,

community development, and steadfast attention

to customer satisfaction through timely delivery

and compliance with market demands.

•

To develop the employees’ abilities and competencies

to enhance their quality and productivity.

•

To carefully manage the risks of fluctuating commodity

prices and currency exchange rates through the

application of an appropriate financial strategy.

•

To implement good corporate governance principles

and further develop an adaptive corporate culture.

Dohar Siregar, Sekret aris Perusahaan, sedang menjelaskan act ion plan

Ant am menuju Visi 2010.

CoW Base M et als Prospect PT Dairi Prima M ineral

CoW Gold Prospect PT Sorikmas M ining

Bauxit e Resources Tayan

CoW Gold Prospect PT Pelsart Tambang Kencana

Gold Prospect Gunung Liman G. Subang

Kuda Project

CoW Diamonds M ine PT Galuh Cempaka

Iron Sands M ine Kut oarjo Cilacap

Gold Prospect Papandayan

Operasi pada

Prospek

Current Operations and

Iron Sands M ine Lumajang Gold Prospect

Gunung Lawu Bauxit e M ine

PT Weda Bay

Nickel Resources Tanjung Buli

CoW Nickel Resources PT Gag Nickel

Nickel M ine Gebe

Nickel Resources Obi Island, Nort h M aluku

CoW Gold Prospect PT Sumbawa Timur Nickel Resources

M aniang - Sout heast Sulawesi

Saat Ini dan

M asa Depan

Future Prospects

27 M

2

el di Pomala

enter into an MoU to develop

M

Pomalaa.

Cadangan dan Sumber Daya M ineral*

Mineral Resources and Ore Reserves*

Komodit as Jumlah Perkiraan Umur Produksi**

Total Estimated Remaining** Production (Years)

Nikel |

Nickel

Saprolit |Saprolitic 64,260,000 wmt 18

Limonit | Limonitic 76,510,000 wmt 50

Emas

Gold

6,628,000 wmt 17

Bauksit

Bauxite

109,701,000 wmt 110

Pasir Besi

Iron Sands

10,290,000 wmt 21

* Berdasarkan laporan compet ent person. Cadangan dan sumber daya (t idak t ermasuk

inferred resources) per 31 Desember 2002.

** Hanya merupakan indikasi semat a, t idak menunjukkan kepast ian umur produksi.

* Based on Competent Person’s Report. Figures as per December 31, 2002 (does not include inferred resources).

** This is purely illustrative and is not meant to suggest with certainty the mine life of Antam’s operations.

Perist iw a Pent ing Tahun

Significant Events of

2002

Pawn shops an n oun ce the sign in g of a Memoran dum of Understanding with the Jakarta Futures Exchange and PT Pacific 2000 Futures.

30

January

Penandat anganan Kesepakat an K e r j a B e r s a m a a n t a r a m a n a j em en A n t a m d en g a n Per p a n t a m seb a g a i ser i k a t pekerja di Ant am.

Joint Work Agreement signed between the management of An t a m a n d t h e An e k a T a m b a n g E m p l o y e e s Association, or PERPANTAM.

February

April

A n t a m m e n y e l e sa i k a n perbai kan t erencana m et al hol e Pabri k FeNi II.

Antam completes planned repairs to the metal hole of FeNi II.

Antam and PT Inco Tbk. enter into a Memorandum of Understanding to form a joint venture to develop nickel reserves in East Pomalaa, Southeast Sulawesi.

Hermes secara prinsip menyet ujui skema ECA unt uk mengeluarkan kredit ekspor guna menjamin pendanaan proyek FeNi III melalui sindikasi bank yang dipimpin IKB Deut sche Indust riebank (IKB).

Antam is notified of the in principle acceptance for German Export Credit

19

June

19

June

Ant am menj adi sal ah sat u dari t iga perusahaan Indonesia yang t er cat at secar a pen u h dal am bursa ef ek di l uar negeri .

An t a m b e c o m e s a n AS X Li s t i n g a n d o n e o f t h r e e In don esian compan ies to be f u l l y l i s t e d o n a s t o c k e x c h a n g e o u t s i d e o f In don esia.

1

July

Pembagian saham bonus yang berasal dari kapit alisasi agio saham sejak t ahun 1997. Set iap kepemilikan 100 lembar saham akan diberikan 55 saham bonus yang merupakan saham baru.

Antam issues a free bonus share to existing shareholders using a ratio where for every 100 shares, shareholders receive 55 new shares.

30

July

Pen an dat an gan an Not a K e s e p a h a m a n

(M em or an du m of Un der st an di n g - M o U) kont rak berj angka emas ant ara Ant am, Pegadaian, Bursa Berjangka Jakart a (BBJ) dan Paci f i c 2 0 0 0 Fut ures.

An t a m a n d St a t e

11

27

M ay

Penandat anganan M oU antara Antam dan PT Inco Tbk. u n t u k m en g em b an g kan c a d a n g a n n i k e l d i Pom al aa Timur.

29

Pemegang saham Ant am d a l a m R U P S - L B m en yet u j u i r en can a penj ami nan sebagi an aset Ant am ser t a ad an ya b at as m aksi m u m dividen 30% dari laba bersih guna pendanaan pem bangunan Proyek FeNi III.

Pem egan g sah am An t am dal am RUPS Ta h u n a n m en y et u j u i p em b ag i an d i vi d en kas seb esar Rp 179,08 miliar at au Rp 93,87 per lembar saham at au set ara dengan 50% l aba bersi h yang di bagi kan set el ah di l akukannya pem bagi an saham bonus.

Du rin g An ta m’s Ex tra ordin a ry Gen era l Meetin g, sh a reh olders approve to collateralize certain a s s e t s a n d t o lim it t h e c a s h dividend to a maximum of 30% o f n e t p r o f it , t o s e c u r e t h e financing to develop FeNi III.

During Antam’s Annual General Meeting, shareholders approve to pay a cash dividend in the amount of Rp 179.08 billion, or 50% of 2001 net profit, equal to Rp 93.87 per share.

Pen an dat an gan an M oU an t ar a An t am dengan Depart emen Kelaut an dan Perikanan unt uk pengembangan usaha kelaut an dan peri kanan di pul au Gebe dal am rangka kegiat an pasca t ambang.

Antam and the Department of Marine Affairs and Fisheries signs a Memorandum of Un derstan din g to develop sea an d fishery resources on Gebe Island.

24

July

Pabri k FeNi beroperasi kem bal i secar a pen u h set el ah An t am d an Serikat Pekerja mencapai kesepakat an ber sam a u n t u k m e n g a k h i r i pemogokan selama 5 hari.

An tam an d the labor u n ion a t SBU Nickel come to an agreement and resume operations after a 5 day strike.

April

29

An t am m em u t u skan u n t u k m en ggu n akan skem a pi n j am an dar i si n di kasi ban k yan g di pi m pi n I KB m el al u i skem a Kr edi t Ek sp o r Je r m a n ( ECA ) , H e r m e s, u n t u k m e n d a n a i p em b a n g u n a n p a b r i k FeN i I I I . Ko n st r u k si p a b r i k a k a n di ban gu n ol eh RW E Sol u t i on s Jer m an .

An tam con firms plan to fin an ce its FeNi III project with Hermes to issue ex port credit to in sure fun din g arranged by IKB with smelter con struction by RWE In dustry Solution s of German y.

16

August

Ant am m eneri m a penghargaan Best Annual Report 2001 yang di sel enggarakan ol eh Bursa Ef ek Jakart a, Badan Pengaw as Pasar M odal , dan badan l ai n yang t erkai t .

An tam receives a top award for its an n ual report du rin g t h e Best An n u a l Report s 2 0 01 , h o s t e d b y t h e J a k a r t a S t o c k Exchan ge, Market Supervisory Agen cy an d other in stitution s.

20

August

Direkt ur Ut ama Ant am, D. Adit ya Sumanagara dianugerahi penghargaan sebagai Best CEO 2001 ol eh surat kabar bi sni s t erkem uka Indonesi a, Bisnis Indonesia.

An ta m’s Presiden t Director is recogn ized a m o n g st t h e Best CEOs 2 0 01 b y Bisn is In don esia n ewspaper.

27

August

An t am m en er i m a penghargaan sebagai

Best BUM N 2 0 02 A w a rd u n t u k i m p l em en t asi Good Corporat e Governance

(GCG), sem en t ar a Direkt ur Ut ama Ant am m e n e r i m a penghargaan sebagai

Best CEO 2002 dalam kegiat an BUM N Expo 2002.

7

Oct ober

Dilakukan sw it ch on at as Pabrik FeNi II set elah dilakukannya perbaikan dinding t anur (spot lining) selama 8 hari.

Antam completes 8- day repair job on the protective, heat- resistant lining of its second ferronickel smelter, FeNi II.

11

Oct ober

14

Oct ober

31

July

its new audit committee and internal audit as part of ongoing commitment to corporate governance best practices.

Unit Bisnis Pert ambangan Emas Po n g k o r m em en u h i k r i t er i a st andar l i ngkungan yang ket at dengan peneri m aan sert i f i kasi I SO1 4 0 01 u n t u k M an aj em en Lingkungan.

Antam’s Pongkor gold meets r i g o r o u s i n t e r n a t i o n a l environmental standards and receives the ISO 14001 Green D o v e A w a r d f o r Environmental Management. Antam obtains Best State-owned Company 2002 Award for Good

Corporate Governance and for the best President Director during the BUMN Expo 2002.

30

Oct ober

Antam tercantum dalam daftar majalah Forbes sebagai salah sat u dar i 2 0 0 per u sah aan terbaik di seluruh dunia dengan aset dibawah USD 1 miliar.

An t a m a d m it t ed t o t h e Forbes 200 list of the best companies throughout the wo r ld wit h t o t a l a sset s under USD 1 billion.

12

November

Ant am menerima penghargaan Adit ama (Emas) unt uk Unit Bisnis Pert ambangan Nikel Pomalaa dan Prat am a (Perunggu) unt uk Uni t Bi sni s Pert ambangan Emas Pongkor unt uk Keselamat an dan Kesehat an Kerja.

Antam’s SBU Gold and SBU Nickel receive the bronze and gold certificates respectively fo r w o r k sa fet y a n d h ea lt h fr o m t h e Department of Energy and Mineral Resources.

Pe n a n d a t a n g a n a n Piagam Komit e Audit d an Pi ag am Au d i t I n t e r n a l y a n g m er u p akan l an g kah l an j u t an p en er ap an GCG di Ant am.

Pemegang saham yang t erhormat ,

Tah u n 2 0 02 An t am m en gh adapi ber bagai m acam t ant angan, di ant aranya perseroan harus menghadapi kebijakan penghapusan subsidi BBM seiring dengan usaha pemerint ah unt uk mengurangi pengeluaran negara. Sebagai akibat nya, t ot al biaya produksi meningkat , dan pada akhirnya berdampak negat if pada penurunan laba perseroan. Sem ent ara i t u, beberapa m asal ah yang menghambat produksi sepert i perbaikan pabrik FeNi II dan pem ogokan karyaw an j uga t urut m enekan ki nerj a perseroan. Di lain pihak, penguat an rupiah juga berdampak negat if pada pendapat an perseroan yang mengandalkan pasar ekspor sebagai pasar ut ama. Namun demikian, dengan adanya peningkat an harga komodit as, penerimaan pendapatan perseroan dari hasil penjualan tidak mengalami penurunan yang berart i.

Sement ara it u, kondisi lingkungan ekst ernal perusahaan juga masih belum menunjukkan adanya perbaikan. M asih belum keluarnya Indonesia dari krisis ekonomi yang dimulai

Sambutan Komisaris

Letter from the Board of

Commissioners

Dear Shareholders,

Antam faced various challenges during the year 2002.

The company had to cope with the government’s

removal of fuel subsidies, which increased total

production costs, an d resulted in lower profits.

Required repairs and maintenance to the FeNi II

smelter and a labor strike at Pomalaa contributed to

lower produ ction a n d a decrea se in compa n y

performance. The stronger Rupiah lowered revenues,

which are mostly US dollar denominated exports,

however higher prices offset any signifcant revenue

decrease compared to the previous year.

sejak tahun 1997, tersendatnya usaha untuk menegakkan kepast ian hukum dan pemberant asan korupsi sangat menghambat masuknya invest asi asing ke Indonesia sehingga t urut menyebabkan dampak negat if t erhadap perekonomian secara keseluruhan. Selain itu, Indonesia juga dihadapkan pada masalah dampak implementasi otonomi daerah yang seringkali menyebabkan adanya bent uran ket ent uan perundangan di pusat dan daerah. Kejadian pengeboman di Bali pada bulan Oktober 2002 juga turut menambah dampak negat if t erhadap perekonomian Indonesia secara keseluruhan.

Sebagaimana para pemegang saham ketahui, semua kondisi di atas menyebabkan timbulnya komplikasi tantangan bagi Antam. Meski begitu, Komisaris melihat bahwa jajaran Direksi dan karyawan t elah berupaya keras unt uk menghadapi seluruh tantangan ini dengan berpegang pada prinsip untuk memaksimalkan nilai pemegang saham (shareholders’ value). Perbaikan pabrik FeNi II yang bersifat sement ara, dilakukan unt uk memanfaat kan peluang harga nikel yang saat i ni sedang membai k sehi ngga perbai kan yang menyeluruh (overhaul) dapat dit unda sampai 2005. Bersama dengan kont rak t oll smelt ing feronikel dengan Pamco Jepang, t ot al produksi masih dapat memenuhi permint aan konsumen sehingga Ant am masih t et ap dipercaya sebagai produsen feronikel yang berkualitas serta memiliki komit men pengiriman yang t epat wakt u.

Upaya lain dari manajemen yang mendapat dukungan penuh Komisaris adalah program pengurangan biaya (cost reduct i on program - CRP) yan g ber t u j u an u n t u k mempert ahankan posisi perusahaan sebagai salah sat u perusahaan t ambang berbiaya rendah (low cost producer).

Komisaris berkeyakinan bahwa di samping usaha- usaha unt uk meningkat kan pert umbuhan, Ant am juga harus berfokus pada usaha peningkatan efisiensi dan produktivitas yang bermuara pada peningkat an perolehan laba. Oleh karena it u, Komisaris sangat mendukung rencana kerja sama Ant am dengan PT Inco Tbk. unt uk mengembangkan sumber daya nikel di Pomalaa Timur yang bert ujuan unt uk menambah cadangan dan menurunkan biaya produksi bijih nikel sebagai umpan pabrik feronikel di Pomalaa.

Tant angan lain yang muncul di t ahun 2002 adalah pengembangan usaha perseroan melalui realisasi proyek FeNi III yang sampai saat ini masih berada dalam t ahap penyelesaian financial closure sehingga konstruksi proyek belum dapat dimulai pada t ahun 2002. Proyek FeNi III merupakan proyek st rat egis bagi Ant am sehingga harus direalisasikan, meskipun pencarian dana bagi proyek ini sangat sulit . Walaupun demikian, Komisaris memberikan dukungan penuh kepada Direksi untuk bersikap hati- hati di dalam penyelesaian proyek FeNi III yang sangat bermanfaat bagi pertumbuhan dan kelangsungan usaha Antam.

faced various problems with the implementation

of region al auton omy, which often resulted in

conflicts between the regulations of the central and

regional governments. As well, the Bali bombings

in October amplified the negative conditions of

the Indonesian economy.

Such conditions led to complicated challenges for

Antam. The Commissioners are of the opinion that

the Board of Directors and all the employees met

t h e s e c h a lle n g e s w it h a v ie w t o in c r e a s e

shareholders’ value. The temporary repairs on FeNi

II smelter were conducted to postpone an overhaul

on that facility to 2005, so as to keep operating

during an expected period of rising nickel prices.

In combination with toll smelting, total production

will meet customers’ demands, so Antam will retain

its reputation as a producer of quality products that

is committed to on time deliveries.

The management’s cost reduction program (CRP)

had the full support of the Commissioners. The CRP

is aimed at maintaining the company’s position as

a low cost producer. The Commissioners believe that

in addition to concentrating on growth, Antam must

also focus on efforts to improve efficiency and

productivity, which will lead to increased profits.

Fu rt h er, t h e Com m ission ers fu lly su pport t h e

planned cooperation between Antam with PT Inco

Tbk. to develop nickel resources in East Pomalaa,

adjacent to Pomalaa. The agreement is aimed at

increasing available reserves and decreasing the cost

of produ cin g th e n ickel ore feed for An ta m’s

ferronickel smelters.

Another challenge in 2002 was the construction of the

FeNi III nickel expansion project, which did not begin

as the company was in the final stage of achieving

financial closure. FeNi III is strategic to Antam’s

profit a ble growt h a n d fu t u re opera t ion s a n d

difficulties in securing funds for the project must be

overcome. Nevertheless, the Commissioners gave its

full support to take prudent measures to complete

the project.

The Commissioners view the preliminary approval

for funding from the bank syndication led by IKB

Deu t sch e In du st rieba n k, wit h loa n a ssu ra n ce

provided by Germany’s export credit agency Hermes,

as a remarkable vote of confidence for the company.

The loan approval, received in mid- 2002, indicates

both the feasibility of the project and strength of

the company.

Dari kiri ke kanan | From left to right:

Ir. Supriat na Suhala, M Sc, Komisaris | Commissioner

Yap Tjay Soen, M BA, Komisaris Independen | Independent Commissioner

Komisaris berpendapat bahwa persetujuan sindikasi perbankan yang dipimpin IKB Deutsche Industriebank guna pendanaan proyek FeNi III dengan skema ECA Hermes Jerman merupakan sinyal akan kelayakan proyek serta kepercayaan investor kepada perusahaan.

Tant angan lain yang dihadapi Ant am adalah adanya perubahan regulasi pemerint ah yang harus diant isipasi perseroan. Kit a semua harus mengakui bahw a selama beberapa tahun belakangan ini tidak terdapat investasi satu pun di indust ri pert ambangan. Bagi Ant am, berlarut nya penyelesaian masalah perundangan, khususnya yang terkait dengan indust ri pert ambangan sepert i Rancangan UU Pert ambangan yang baru unt uk menggant i UU No. 11 t ahun 1967 t ent ang Pokok- pokok Pert ambangan dan UU No. 41 t ahun 1999 t ent ang Kehut anan yang sangat m em per sem pi t r u an g u sah a per t am ban gan , t el ah menyebabkan banyaknya proyek kerja sama t ert unda. Sikap para invest or yang mengambil posisi “w ait and see”

t elah mempersulit akses kepada sumber dana unt uk proyek kerja sama, sehingga diperlukan usaha yang lebih keras unt uk menarik mit ra kerja sama st rat egis.

Komisaris berpendapat bahwa Ant am t idak berdiam diri melihat masih st agnannya kemajuan revisi perundang-undangan di bidang pert ambangan dan kehut anan, yang t erlihat dari beberapa kemajuan yang diperoleh dari hasil kerja sama st rat egis. Namun Komisaris juga mengingat kan bahwa set iap proyek kerja sama st rat egis yang dilakukan Ant am hendaknya harus mempert imbangkan nilai t ambah dan manfaat yang diperoleh sehingga t idak merugikan perusahaan dalam jangka panjang.

Ket idakpercayaan invest or akan pelaporan keuangan beberapa perusahaan akibat skandal finansial dunia sepert i Enron dan Worl dcom meni mbul kan t ant angan l ai n t er h adap An t am ber u pa pen i n gkat an t at a kel ol a perusahaan yang baik (good corporat e governance - GCG).

Baik Komisaris maupun Direksi sepakat , bahwa masalah t at a kelola perusahaan merupakan hal yang pent ing unt uk dilakukan secara serius. Pada tahun 2002, pemegang saham Ant am menyet ujui pengangkat an komisaris independen yan g akan m en gepal ai kom i t e au di t . An t am j u ga meningkat kan st at us pencat at an perseroan di ASX. Komisaris juga berbangga hat i akan penandat anganan Piagam Komit e Audit dan Piagam Audit Int ernal bersama Direksi guna meningkat kan fungsi pengawasan t erhadap manajemen. Komisaris berkeyakinan bahw a hal- hal semacam ini pent ing unt uk memast ikan bahw a aset perusahaan t et ap t erjaga dan dikelola dengan baik. Usaha-usaha peningkat an t at a kelola perUsaha-usahaan ini disadari merupakan suatu proses yang berkesinambungan meskipun

Another challenge for Antam were certain

non-conducive government regulations and legislation

that have halted investment in the mining industry

o v er t h e p a st sev era l y ea rs. Fo r An t a m , t h e

p r o lo n g ed p er io d w it h o u t r eso lu t io n t o t h e

legislation problems, in cludin g an out of date

mining law and an overly restrictive forestry law,

have postponed a number of large joint venture

projects. The wait and see stance taken by investors

makes financing joint venture projects and finding

new strategic partners very difficult.

Despite the slow pace of revising certain laws and

regulations, the Commissioners appreciate that Antam

itself did not sit idle and certain joint ventures made

progress. An tam’s man agemen t tries its best to

continuously seek new opportunities in consideration

of long term added value and benefits.

In vestors’ distrust with corporation s followin g

financial scandals throughout the world, such as

with Enron and Worldcom, made the challenge of

fu rth er improvin g corporate govern an ce more

significant. Both the Commissioners and the Board

o f Dir ect o r s a g r ee t h a t im p r o v ed co r p o r a t e

governance is crucial and it must be implemented

serio u sly. In 2 0 0 2 , sh a reh o ld ers ra t ified t h e

appointment of an independent commissioner, who

will chair the new audit committee. As well, Antam’s

listing status on the Australian Stock Exchange

(ASX) was augmented to ASX Listing, which will

among other things, further increase transparency.

Th e Commission ers a re plea sed with th e n ew

Abdul Rodjak, operat or pabrik, sedang membaca persen solid lumpur.

charters for the Audit Committee and Internal Audit,

which should improve supervision of management

and ensure the company’s assets are well maintained

a n d m a n a ged efficien t ly. Th e Com m ission ers

recogn ize that even though An tam has become

somewhat of a benchmark in Indonesia, efforts to

improve corporate governance must be continuous.

Antam is currently preparing for the closure of the

67 year old Kijang bauxite mine, the 25 year old

Gebe nickel mine, and the Cilacap iron sands mine.

The Commissioners support management’s plans,

which consider Antam’s social responsibilities and

are designed in terms of sustainable development.

The plans ensure Antam’s total production level will

not be disrupted following mine closure.

The Commissioners are pleased with the number and

variety of accreditations and commendations attained

by Antam during 2002. Though it is acceptable for

the management to be proud of such achievements,

the Commissioners would like to remind management

that future achievements must be even better. The

awards should be a motivation for all An tam’s

employees to continuously improve performance.

The estimation of the Commissioners is that Antam

successfully met the challenges of 2002 with a view

to maximizing shareholders’ value. The Commissioners

gave and shall continue to give their full support to

management by providing strategic direction. Future

challenges will be even more difficult to surpass if the

Indonesian business climate does not soon improve.

However, the Commissioners believe Antam will be

able to maintain and improve its performance on the

foundation of its competent, dedicated and reliable

management and human resources.

Sincerely yours,

Prof. Dr. Ir. Firman M . U. Tamboen, M . Eng

Komisaris Utama President Commissioner

Ir. Supriatna Suhala, M Sc

Komisaris Commissioner

Ir. S. Suryantoro, M Sc

Komisaris Commissioner

Yap Tjay Soen, M BA

Komisaris Independen Independent Commissioner pada saat ini Ant am sudah menjadi acuan dalam hal t at a

kelola perseroan yang baik.

Pada kesempat an ini, Komisaris juga perlu mengedepankan kebi j akan pasca t am bang. Ant am saat i ni sedang mempersiapkan penut upan t ambang bauksit di Kijang, Kepulauan Riau yang t elah berumur 67 t ahun, t ambang nikel yang t elah berumur 25 t ahun di Gebe, sert a t ambang pasir besi di Cilacap. Komisaris mendukung rencana yang t elah dipersiapkan manajemen dalam masalah pasca t ambang sebagai bagian dari t anggung jaw ab sosial ber skal a n asi on al yan g t i dak l epas dar i kon sep pembangunan yang berkelanjut an. Komisaris menghargai upaya manajemen yang dilakukan unt uk memast ikan kegiat an operasi berjalan normal seiring dengan rencana penut upan t ambang- t ambang t esebut .

Komisaris berbangga hat i at as berbagai penghargaan yang diterima oleh Antam dalam berbagai aspek sepanjang tahun 2002. M eski sudah sepant asnya manajemen berbesar hat i at as pencapaian prest asi yang diperoleh, Komisaris t idak lupa mengingatkan bahwa pencapaian di masa depan harus lebih baik dari saat ini. Penghargaan yang dit erima just ru menjadi cambuk bagi seluruh jajaran insan Ant am unt uk t erus memperbaiki dan meningkat kan kinerjanya.

Komisaris berpendapat bahw a Ant am t elah berhasil mengat asi t ant angan yang muncul pada t ahun 2002 dengan berori ent asi pada usaha peni ngkat an ni l ai . Komisaris mendukung segala keput usan dan upaya yang t elah diambil oleh manajemen dengan berbagai arahan yang diberikan. Tant angan pada masa depan akan semakin sulit unt uk dihadapi jika iklim bisnis di Indonesia masih juga belum kondusif. Namun, Komisaris t et ap yakin bahwa Ant am akan dapat mempert ahankan dan meningkat kan kinerjanya dengan dukungan manajemen sert a sumber daya m an u si a yan g kom pet en , ber dedi kasi , ser t a berint egrit as t inggi.

Pada t anggal 19 Juni 2002, para pemegang saham Ant am mengesahkan Yap Tjay Soen menjadi anggot a Komisaris sebagai Komisaris Independen Ant am yang pert ama. Proses pemilihan komisaris independen berjalan t ransparan mel al ui Ernst & Young yang membent uk komit e pemilihan yang diket uai Jos Luhukay, sebagai ket ua komit e, yang dit unjuk pada RUPS Tahunan Ant am t ahun 2001. Curriculum Vit ae singkat Yap Tjay Soen

On June 19, 2002 Antam’s shareholders

appointed Mr. Yap Tjay Soen as Antam’s

first Independent Commissioner. Dr. Jos

Lu h u k a y o f Er n s t & Yo u n g w a s

approved during the Annual General

Me e t in g o f 2 0 01 , t o h e a d t h e

nomination committee that managed

the transparent process which selected

Mr Ya p a s th e best ca n dida te. The

fo llo w in g is Mr Ya p Tja y So en ’s

Curriculum Vitae.

Prof il Komisaris Independen Ant am |

Profile of Antam’s Independent Commissioner

YAP TJAY SOEN

adalah sebagai berikut :

31 Desember 2002 | December 31, 2002

Ir. D. Adit ya Sumanagara 155,000

Ir. Harsojo Dihardjo 155,000

Drs. Ki Agus Umar Tochf a 155,000

Ir. Subagyo 155,000

Drs. Ismail Tangka 231,725

* Tidak ada komisaris yang memiliki saham Antam | No member of the BOC had shares of Antam.

** Pada t ahun 2002, direksi menerima masing- masing 55 lembar saham set iap 100 lembar saham yang dimiliki pada saat Ant am mengeluarkan saham bonus | In 2002, each director received 55 new shares for every 100 shares owned when Antam issued a bonus share.

Pendidikan |

Education

Bachelor of Engineering, 1976, M cGill Universit y, M ont real, Canada M BA, 1980, M cGill Universit y, M ont real, Canada

Pengalaman Kerja |

Work Experience

1976- 1978 : Union M iniere Explorat ion Lt d, M echanical Engineer

1980- 1988 : Cit ibank (Indonesia), Vice President

1989- 1998 : ASTRA

(1989- 1992) PT Toyot a Ast ra M ot or, Direct or (1992- 1993) Ast ra Credit Companies, COO (1993- 1998) Aut o 2000 Group, CEO

1998- 1999 : Asia Food & Propert ies (Singapore), COO

1999- 2001 : Bank Int ernat ional Indonesia, Deput y President Direct or

2002- Present : PT Tuban Pet rochemical Indust ries, President Direct or

Waw ancara dengan

Direksi

An Interview with the

Board of Directors

T

ahun 2002 merupakan t ahun yang sulit bagi Ant am saat perseroan harus melakukan berbagai upaya unt uk meningkat kan nilai bagi pemegang saham. Berikut ini merupakan laporan Direksi yang berbent uk w aw ancara:

T

Bagaimana gambaran umum kondisi perusahaan t ahun 2002?

J

Diakui bahw a kinerja perseroan pada t ahun 2002 m en gal am i pen u ru n an di ban di n gkan t ah u n 2 0 01 . M eski p u n d em i ki an , secar a kesel u r u h an Di r eksi menganggap bahw a hasi l yang di capai cukup bai k mengingat besarnya t ant angan yang dihadapi, baik secara int ernal maupun ekst ernal.

Kebijakan pemerint ah unt uk mencabut subsidi BBM pada akhir 2001 t elah meningkat kan biaya produksi t erut ama biaya produksi f eronikel yang secara langsung berakibat pada menurunnya perolehan laba perseroan. Ant am t elah mengant isipasi hal ini melalui implement asi program CRP yang berhasi l m enghem at kas perusahaan sebesar Rp 19 miliar (USD 2 jut a).

Hal lain yang mempengaruhi kinerja t ahun 2002 adalah t urunnya produksi dua komodit as ut ama Ant am yakni f eronikel dan emas. Unt uk menghindari berhent inya operasi yang berkepanjangan dari pabrik f eronikel pada saat meningkat nya harga jual, manajemen memut uskan unt uk melakukan perbaikan pada pabrik FeNi II. Ant am juga t elah meningkat kan gaji karyaw an peringkat V ke baw ah sebesar 45- 50%, dan peringkat IV ke at as (st af ) sebesar 18- 35%, unt uk memelihara hubungan indust rial yang baik dengan serikat pekerja. Unt uk komodit as emas, penurunan kadar bijih yang diolah menyebabkan t arget produksi t ahun lalu sedikit lebih rendah. Unt uk komodit as bijih nikel, penjualan ekspor mengalami peningkat an set elah Ant am membuka t ambang nikel keempat nya, Tanjung Buli, pada pert engahan 2001. Namun dengan adan ya ken ai kan dar i h ar ga j u al n i kel dan em as, pendapat an perseroan dalam rupiah relat if st abil meski t erjadi penguat an rupiah.

Pada t ahun 2002, Ant am menjual jenis komodit as nikel baru yait u bijih saprolit kadar rendah (low grade saprolit e ore - LGSO). Penjualan LGSO, meski kecil, menunjukkan komit men Ant am unt uk t erus mencari sumber- sumber p en d ap at an b ar u seb ag ai b ag i an d ar i u p aya memaksimalkan nilai bagi pemegang saham.

T

he year 2002 is one where Antam continued to

make the tough decisions and take the necessary

a ct ion t o m eet t h e ch a llen ge of m a x im izin g

shareholders’ value. What follows is an

interview-style report of the Board of Directors:

Q

How would you summarize the compan y’s

performan ce in 2002?

A

Despite lower profit compared to 2001, the

directors feel that overall the company performed

well in terms of meeting the internal and external

challenges of maximizing value.

The government policy to remove fuel subsidies in

late 2001 increased production costs, especially for

ferronickel, and had a direct impact, which resulted

in lower profits. In anticipation of this challenge we

implemented a cost reduction program for 2002 that

saved Rp 19 billion (USD 2.0m).

Lower production of our main commodities, gold and

ferronickel influenced results. Ferronickel production

decreased as we performed repairs on FeNi II to delay

a necessary overhaul until 2005 and so prevent a

lengthy shutdown during an environment of rising

nickel prices. To maintain good relations with the

newly unionized labor force, we raised salaries for

level V workers and below from 45-50% and for level

IV and above (staff) from 18-35%. Gold production

decreased slightly due to lower grades of ore.

Meanwhile, we increased our high grade nickel ore

exports after opening a fourth nickel mine, Tanjung

Buli, in mid-2001. Despite higher gold and nickel

prices, due to lower production and a stronger Rupiah,

o u r r ev en u es, w h ich a r e la r g ely US d o lla r

denominated remained stable.

To maintain our diversified product base, we introduced

a new nickel product called Low Grade Saprolite Ore

(LGSO). Although a small contribution to revenues LGSO

sales represent Antam’s efforts to uncover new market

opportunities and sources of revenue.

M eski indust ri pert ambangan Indonesia masih mengalami st agnasi pada t ahun 2002, t idak sepert i perusahaan t ambang lain di Indonesia, Ant am just ru meningkat kan alokasi anggaran unt uk eksplorasi menjadi Rp 47 miliar (USD 5 jut a). Selain it u, dit engah banyaknya proyek t ambang di Indonesia yang t ert unda, Ant am melakukan penandat anganan not a kesepahaman (M emorandum of Underst anding - M oU) dengan mit ra dari Korea unt uk proyek ekspl orasi emas di Jaw a sert a M oU dengan PT Inco Tbk. unt uk mengembangkan sumber daya nikel di Pomalaa Timur sehingga Ant am dapat memperoleh umpan pabrik feronikel yang lebih murah. Hasil dari kerja sama st rat egi s yang di l akukan Ant am, di ant aranya dengan New crest dalam PT Nusa Halmahera M inerals yang m enghasi l kan di vi den sebesar Rp 6,6 m i l i ar (USD 700.000). Sel ai n i t u kerj a sam a dengan BM Diamonds, meski masih dalam t ahap pengembangan, t elah melakukan penjualan int an pert ama bagi Indonesia. Ant am juga mengambil bagian dalam bidding penjualan sebagian saham pemerint ah di Kalt im Prima Coal (KPC). Proyek FeNi III menjadi f okus ut ama Direksi dimana m an aj em en t el ah m en gam bi l kepu t u san den gan m em p er t i m b an g kan p r i n si p p er t u m b u h an d an prof it abilit as sert a memaksimalkan imbal hasil bagi pemegang saham.

Unt uk orient asi jangka panjang, Ant am berf okus pada peningkat an t at a kelola perusahaan dan t elah menunjuk seorang komisaris independen pada RUPS bulan Juni 2002. Ant am juga melakukan peningkat an pada sist em audit dan penyempurnaan pada beberapa pedoman

Rp 47 billion (USD 5m). While many projects in

Indonesia were on care and maintenance, we forged

ahead and signed a Memorandum of Understanding

with a Korean counterpart for gold exploration in

Java and another with PT Inco Tbk. to jointly develop

nickel resources as inexpensive feedstock for our

ferronickel smelters. As proof of the value of our

joint venture strategy, Antam’s alliance with Newcrest

t o produ ce gold a t Gosowon g, wit h PT Nu sa

Halmahera Minerals, resulted in the payment of

Rp 6.6 billion (USD 700,000) in dividends and a joint

venture with BM Diamonds, although still at the

developmen t stage, made the first ever sale of

Indonesian diamonds. To explore every opportunity

to create value Antam participated in the bidding

process for the divestmen t of an in terest in a

profitable Indonesian coal mine called PT Kaltim

Prima Coal (KPC). The development of our nickel

expansion project was a main focus for the directors

w it h im p o r t a n t d ecisio n s t a ken in ca r efu l

con sideration of growth an d profitability an d

maximizing future returns to shareholders.

Dari kiri ke kanan | From left to right:

kebijakan perusahaan. Pada bulan Juli, Ant am menjadi sal ah sat u dar i t i ga per u sah aan I n don esi a yan g mencat at kan sahamnya secara penuh di bursa asing seiring dengan perubahan st at us Ant am di ASX. Sebagai kon seku en si n ya, An t am h ar u s m em at u h i st an dar ket erbukaan, t ransparansi dan t at a kelola yang lebih ket at , set ara dengan perusahaan kelas dunia lain yang mencat at kan sahamnya di ASX.

Secar a u m u m , m eski An t am m en gh adapi ban yak t ant angan di t ahun 2002, hasi l yang t el ah di capai menunjukkan bukt i bahw a Ant am selalu berupaya keras unt uk meningkat kan nilai pemegang saham.

T

Apakah produksi dan penjualan perseroan mencapai t arget ?

J

An t am ber h asi l m en capai sel u r u h t ar get yan g dit et apkan, kecuali unt uk komodit as f eronikel, karena adanya perbaikan t erencana unt uk pabrik FeNi II pada bulan April- M ei 2002 sert a pemogokan karyawan di bulan April dan komodit as emas, karena rendahnya kadar bijih emas yang diolah. Produksi f eronikel t urun 15% menjadi 8.804 t on Ni, 202 t on Ni diant aranya diproduksi melalui perjanjian t oll smelt ing dengan Pamco, sement ara ekspor t urun 20% . Produksi dan penjualan emas t urun 4% sement ara unt uk bauksit naik 4%.

Di sisi lain, Ant am berhasil meningkat kan produksi bijih nikel sebesar 22% dibandingkan t ahun 2001, karena meningkat nya produksi t ambang Gee dan Buli. Ekspor bijih nikel kadar t inggi naik 23% dan cukup membant u unt uk mengurangi dampak dari penurunan produksi feronikel. Secara keseluruhan, didukung adanya perbaikan harga jual rat a- rat a komodit as nikel dan emas pada t ahun 2002, dan disert ai dengan peningkat an ekspor bijih nikel, pendapat an ekspor Ant am dal am mat a uang asi ng meningkat 11% menjadi USD 150 jut a pada 2002.

T

M engapa laba perusahaan t urun sangat drast is dan apa yang Ant am lakukan unt uk mengat asi akibat dari kenaikan biaya?

J

Laba bersih Ant am t urun 43% dari Rp 358 miliar (USD 35 jut a) pada t ahun 2001 menjadi Rp 202 miliar (USD 22 jut a). M eskipun perolehan laba bersih ini t urun secara signif ikan dibandingkan t ahun 2001, namun di lain pihak dapat diart ikan bahw a Ant am masih dapat memperoleh laba bersih di t engah kondisi perekonomian yang t idak mendukung pada t ahun 2002. Harga Pokok Penjualan (HPP) Ant am naik 15% menjadi Rp 1.255 miliar (USD 135 jut a) akibat kenaikan harga BBM mengikut i harga int ernasional, kenaikan biaya jasa penambangan

With a long term view, imperative to running a

mining company, we continued to focus on improving

corporate governance and at our Annual General

Meetin g in Jun e, we appoin ted an in depen den t

commissioner. We improved our audit system and

revamped certain corporate policies. As well, in July

we became one of only three Indonesian companies

to be fully listed on a foreign exchange, when our

status was changed to ASX Listing on the Australian

Stock Exchange, requiring us to adhere to more

stringent standards of transparency and governance

that world class companies must follow. Despite the

challenges in 2002, we continuously endeavored to

maximize shareholders’ value.

Q

Were production an d sales results on target?

A

We met all of our targets except for ferronickel,

due to plan n ed repairs to FeNi II, which were

advanced to April-May 2002 and a five day strike in

April and for gold, due to lower than expected grades

of ore. Contained nickel in ferronickel production

decreased by 15% to 8,804 tonnes, of which 202

tonnes was produced via toll smelting with Pamco,

and exports decreased 20%. Gold production and

sales were down by 4% while bauxite was up by 4%.

Meanwhile, our nickel ore production increased by

22% compared to