Top 10 Nickel Stocks in Indonesia

Jakarta, Pintu News – The nickel industry in Indonesia is at a strategic point. With Indonesia being one of the largest nickel producers in the world, nickel mining companies that are listed on the Indonesia Stock Exchange (IDX) or have significant activities are the target of investors who want to take advantage of the electric vehicle (EV) and downstream trends. Here are 10 leading nickel stocks in Indonesia worth keeping an eye on-from large companies to nickel “pure plays”.

1. PT Aneka Tambang Tbk (ANTM)

The company, also known as Antam, is one of the major players in the nickel industry as well as other commodities such as gold and bauxite. Antam has nickel mining units in Sulawesi and Maluku and is also involved in downstream battery feedstock projects through cooperation with major producers. Antam has become an important foothold in the national nickel supply chain, in line with the policy to ban the export of raw nickel ore. Its performance and diversification strategy make ANTM attractive to investors who want exposure to nickel as well as other metals.

2. PT Vale Indonesia Tbk (INCO)

Vale Indonesia is an integrated nickel mining company operating in Sulawesi. As a subsidiary of a Brazilian mining conglomerate, Vale Indonesia produces nickel matte which is then exported under long-term contracts. The company has the capacity and strategic mine locations to be considered one of the top-tier nickel issuers in Indonesia. With strong export performance and operational excellence, INCO is often on the radar of nickel investors.

3. PT Trimegah Bangun Persada Tbk (NCKL)

Also known as Harita Nickel, NCKL is a relatively ” pure-play ” nickel company in the nickel sector. Its main business focus includes nickel ore panning and processing, including HPAL smelter technology for EV battery feedstock production. In the first semester of 2025, NCKLL managed to record promising revenue and net profit. For investors looking for specific exposure to nickel growth and battery raw materials, NCKL could be a prime option.

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4. PT Harum Energy Tbk (HRUM)

Although originally engaged in coal, Harum Energy is now venturing into the nickel sector as part of its business diversification. This change is in line with the downstream trend of nickel and the increasing global demand for EV batteries. HRUM has quite attractive growth potential as its “entry” into nickel is still relatively early. However, as a company that is not yet “fully nickel”, HRUM has transformation risks that must be monitored.

5. PT Ifishdeco Tbk (IFSH)

Ifishdeco is one of the smaller issuers on the IDX engaged in nickel ore mining in Southeast Sulawesi. Despite its smaller size compared to larger companies, Ifishdeco has shown strong sales growth in recent years. This makes IFSH attractive as a “medium player” with possibly greater upside potential. However, liquidity and business risk should also be taken into account.

6. PT Resource Alam Indonesia Tbk (KKGI)

Resource Alam Indonesia was initially engaged in the coal sector, but is now expanding into nickel mining as a diversification strategy. This expansion is aimed at capturing opportunities in the critical metals and clean energy sectors. Although still in the early stages of developing its nickel activities, KKGI could be an attractive option for long-term investors seeking growth. However, as the transformation stage is still early, the risks are also relatively higher.

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7. PT Central Omega Resources Tbk (DKFT)

DKFT is a company that has been operating in mining for a long time and started to focus on nickel ore and ferronickel. With certain smelter capacity and mine locations in Sulawesi, DKFT is considered as one of the undervalued nickel issuers worth considering. For investors who have a medium horizon and are looking for alternatives with attractive valuations, DKFT is worth considering. However, it needs to ensure that its smelter projects and operational licenses are running smoothly.

8. PT Bintang Delapan Mineral

Although not as popular as other large issuers, Bintang Delapan Mineral has a large nickel concession in Morowali, Central Sulawesi. The company plays a key role in the nickel supply chain through mining and processing activities. For investors looking for a “small player” with growth potential in the nickel sector, this company could be interesting. However, its financial data and liquidity need to be checked carefully as it is still below the scale of larger companies.

9. PT PAM Mineral Tbk (NICL)

PAM Mineral (code NICL) is a relatively newly listed nickel issuer focused on nickel mining and smelter development. With ambitious production and expansion targets, NICL offers exposure to the nickel downstream trend. However, as a new company and with a smaller business size, the risks are also greater than established players. Investors who have a tolerance for risk and want early exposure may consider NICL.

10. PT Timah Tbk (TINS)

Although known as a tin mining company, Timah Tbk is also engaged in other metals including nickel. Its business diversification makes TINS an alternative option in the nickel sector. Since its main business is still tin and nickel is just one of its commodities, its exposure to nickel may not be as big as other nickel-specific issuers. But for investors looking for a mining company with a broader metals portfolio, TINS could be considered.

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