Lembaga dan Profesi Penunjang

Daf t ar Isi | Contents

Ikht isar Keuangan

1 Financial Highlights

Ikht isar Produksi, Penjualan dan Biaya

3 Production, Sales and Costs Snapshot

Laporan Tahunan dan inf ormasi lain t ent ang Ant am dapat diperoleh di:

Cadangan M ineral yang Berkualit as Tinggi

4 High Quality Ore Reserves and Resources

Annual Reports and other information can be obtained from:

Prof il Perseroan

6 Who We Are

Visi, M isi, dan St rat egi Perusahaan

8 Vision, Mission and Corporate Strategy

Sekret aris Perusahaan | Corporate Secretary

Perist iw a Pent ing Tahun 2002 12 Significant Events of 2002

Gedung Aneka Tambang

Sambut an Komisaris 14 Letter from the Board of Commissioners

Jl. Let jen. T.B. Simat upang No. 1

Waw ancara dengan Direksi 19 An Interview with the Board of Directors

Lingkar Selat an, Tanjung Barat Jakart a 12530, Indonesia

Analisis dan Diskusi M anajemen 30 Management Discussion and Analysis

Tel

: (62- 21) 780 5119

Usaha Pat ungan dan Pengembangan Perusahaan 50 Joint Ventures and Corporate Development

Fax

: (62- 21) 781 2822

Pengembangan M asyarakat dan Lingkungan 56 Environment and Community Development

e- mail : corsec@ ant am.com

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).

It is the mission of this Annual Report to create a clear and positive picture of the company without distorting the truth, to keep our stakeholders informed.

1994 - 2002*

Deskripsi | Description

(dalam miliar rupiah) | (in billion Rupiah)** Penjualan Bersih | Net Sales

374.71 233.36 Laba Kot or | Gross Profit

66.37 Laba Usaha | Income from Operations

36.48 Laba sebelum bunga, pajak, | Earning Before Interest, Tax,

51.39 Laba sebelum bunga dan pajak | Earning Before Interest and Tax

depresiasi dan amort isasi | Depreciation and Amortization

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

8.74 2.73 3.68 3.68 Taksiran Pajak Penghasilan | Provision for Income Tax

- Tahun Berjalan | - Current

53.04 57.87 11.31 3.92 2.85 9.88 - Dit angguhkan | - Deferred

32.79 18.70 9.83 8.32 13.30 1.72 Laba Bersih | Net Income

Jumlah Akt iva | Total Assets

660.24 663.15 Jumlah Kew ajiban | Total Liabilities

392.97 419.03 Jumlah Ekuit as | Total Stockholders’ Equity

267.27 244.12 M odal Kerja Bersih | Net Working Capital

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

99.52 N/A

N/A N/A

Jumlah Saham Beredar (ribu lembar) | Outstanding Shares ( in thousands)

100 100 Laba Usaha per Saham | Income from Operations per Share

72.96 Laba Bersih per Saham (Rupiah penuh) | Net Income per Share (full Rupiah)

(Rupiah penuh) | (full Rupiah)

Imbal Hasil Rat a- rat a Invest asi | Return on Invesment

23.18% 13.36% Imbal Hasil Rat a- rat a Ekuit as | Return on Equity

11.43% 6.19% Imbal Hasil Rat a- rat a Tot al Akt iva | Return on Assets

4.42% 2.48% Rasio Lancar | Current Ratio

99.98% 115.99% Rasio Kew ajiban Terhadap Ekuit as | Debt to Equity Ratio

147.03% 171.65% Rasio Kew ajiban Terhadap Tot al Akt iva | Debt to Assets Ratio

59.52% 63.19% M arjin laba kot or | Gross Margin

41.32% 28.44% M arjin Laba Usaha | Operating Margin

28.95% 15.63% M arjin Laba Bersih | Net Margin

* Ikht isar Laporan Keuangan t ahun 1994 s.d 1999 disajikan kembali | Financial Highlights for 1994 - 1999 as restated ** Kecuali dit ent ukan lain | Unless stated otherwise

IKHTISAR

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

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

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

Financial Highlights • Higher prices increase US Dollar export revenues by 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.

• Antam becomes one of three Indonesian companies to be fully listed on a stock exchange outside of Indonesia.

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

Laba Usaha

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

(Rp Billion)

adanya kenaikan gaji.

• 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.

• 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.

• Antam and PT Inco Tbk. agree to jointly develop strategically located nickel resources as cost effective ore feed for Antam’s

ferronickel smelters.

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

M arjin Laba Usaha

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

Operating Margin

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

appointment of an Independent Commissioner and an improved

audit system.

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

hingga t ahun 2005.

• Important repairs performed to delay a major overhaul on the

FeNi II smelter to 2005.

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

0 ekspor bijih nikel kadar t inggi meningkat 25%.

• Exports of a new nickel product, low grade saprolite ore, commence to Australia; high grade nickel ore exports increase 25%.

Imbal Hasil Rat a- rat a Ekuit as

Return on Equity

• Pemilihan skema Export Credit Agency (ECA) untuk mendanai proyek ekspansi pabrik

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

pendanaan.

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

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

principle acceptance for loan insurance.

10.47 10 • 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.

• Pongkor adds to Antam’s international accreditation with receipt

0 of ISO 14001 for environmental management.

2 ANTAM

Ikht isar Produksi, Penjualan, dan Biaya Production, Sales and Costs Snapshot

Produksi dan Penjualan

Production and Sales

VOLUM E PRODUKSI Sat uan | Unit

1998 PRODUCTION VOLUME Feronikel

Ferronickel M et ric Ton Ni

Bijih Nikel Nickel Ore - Saprolit

Saprolite - - Limonit

Limonite - - Tot al bijih nikel

Total Nickel Ore - Emas

Gold kg

Perak t .oz

Silver kg

Bauxite Pasir Besi

Bauksit w mt

Iron Sands VOLUM E PENJUALAN

SALES VOLUME Ekspor

Export Feronikel

Ferronickel M et ric Ton Ni

Bijih Nikel Nickel Ore - Saprolit

Saprolite - - Limonit

Limonite - - Tot al bijih nikel

Total Nickel Ore - Emas

Gold kg

Perak t .oz

Silver Kg

Bauksit w mt

Bauxite Dalam Negeri

Domestic Sales Emas

t .oz

Gold kg

Perak t .oz

Silver kg

Pasir Besi w mt

Iron Sands Feronikel

Ferronickel M et ric Ton Ni

HASIL PENJUALAN SALES REVENUE Ekspor

Export USD 000

Tot al Hasil Penjualan Rp jut a

1,021,911 Total Sales Revenue

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

Cash Cost, Production Cost and Average Selling Price

CASH COST Feronikel

BIAYA TUNAI Sat uan

2.42 1.78 1.72 1.38 0.91 Ferronickel Bijih Nikel

USD/Lb

Nickel Ore - Saprolit

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/w mt

98.99 Gold Bauksit

USD/t .oz

9.08 7.27 7.15 5.96 3.84 Bauxite Pasir Besi

USD/w mt

Iron Sands BIAYA PRODUKSI

Rp/w mt

PRODUCTION COST Feronikel

2.62 1.92 1.89 1.52 1.00 Ferronickel Bijih Nikel

USD/Lb

Nickel Ore - Saprolit

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/w mt

Gold Bauksit

USD/t .oz

9.42 7.54 7.48 6.27 4.00 Bauxite Pasir Besi

USD/w mt

Iron Sands Kurs rat a- rat a

Rp/w mt

Avg.exchange rate HARGA JUAL RATA- RATA

Rp/USD

AVERAGE SELLING PRICE Feronikel

3.05 2.63 3.73 2.89 2.08 Ferronickel Bijih Nikel

USD/Lb

Nickel Ore - Saprolit

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/w mt

Gold Perak

USD/t .oz

4.77 4.45 4.99 5.40 6.23 Silver Bauksit

USD/t .oz

11.06 11.24 11.25 11.21 11.00 Bauxite Pasir Besi

USD/w mt

Rp/w mt

Iron Sands

ANTAM

3 Laporan Tahunan 2002 Annual Report

Cadangan M ineral yang Berkualit as Tinggi High Quality Ore Reserves and Resources

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

Nikel

Nickel

Sumber Daya | Resources Lokasi

Cadangan | Reserves

Saprolit | Saprolite Limonit | Limonite Location

Saprolit | Saprolite

Limonit | Limonite

M eas+ Ind.

Inf erred

1.50 0.12 M eas+ Ind.

1.50 0.12 Inf erred

2.60 3,000 1.65 0.16 Pulau Gee (Daerah

1.50 0.12 Tot al

– 1,000 1.57 0.20 Buli) | Gee Island

M eas+ Ind.

– – – – (Buli Area)

Inf erred

– 1,000 1.57 0.20 Tg. Buli & (Daerah

– – – – Buli) | Tg. Buli

1.51 0.16 M eas+ Ind.

– – – – (Buli Area)

1.51 0.16 Inf erred

– – – – Daerah Prospek Lain

1.51 0.16 Tot al

2.60 21,010 1.61 0.17 di Area Buli | Other

Proved

M eas+ Ind.

2.40 185,200 1.40 0.16 Prospects of Buli Area

1.42 0.18 Inf erred

2.43 206,210 1.42 0.16 Bahubulu - Sulawesi

1.42 0.18 Tot al

2.44 34,000 1.50 0.11 Tenggara | Bahubulu-

Proved

M eas+ Ind.

– – – – Southeast Sulawesi

Probable

Inf erred

2.44 34,000 1.50 0.11 Grand Tot al

Emas

Gold

Sumber Daya | Resources Lokasi

Cadangan | Reserves

Bijih Emas | Gold Ore Location

Klasifikasi

Bijih Emas | Gold Ore

Kadar | Grade (g/t)

Kadar | Grade (g/t) (‘000 toz)

Ag Au Ag Pongkor

M eas+ Ind.

Inf erred

M eas+ Ind.

Probable

Inf erred

– – – Grand Tot al

Bauksit

Bauxite

Sumber Daya | Resources Lokasi

Cadangan | Reserves

Bauksit Tercuci | Washed Bauxite Location

Klasifikasi

Bauksit Tercuci | Washed Bauxite

T- Si02

R- Si02

T- Si02 R- Si02 Fe203 AI203

10.00 52.90 M eas+ Ind.

Inf erred

10.00 52.90 Tot al

Proved

M eas+ Ind. 108,080.0

Probable

Inf erred

12.84 3.20 14.25 47.20 Grand Tot al

Tot al

Tot al 108,080.0

Pasir Besi

Iron Sands

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

w mt (‘000) Grand Tot al

(‘000) m3

(‘000) w mt

(‘000) m3

50.7 5,500 * Tidak ada dalam laporan compet ent person | Not in competent person’s report.

Laporan Tahunan 2002 Annual Report

4 ANTAM

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 Trenggono Sut ioso Reporting on Identified Mineral Resources and Ore Reserves.

31 M aret 2003 | March 31, 2003

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

Enjay Supriadi dikenal sebagai pengusaha sepat u yang

Enjay Supriadi is known as a successful shoe

berhasil di desanya, di dekat t ambang emas Pongkor.

businessman in his village near Pongkor gold

Usahanya berkembang cepat , dari usaha kecil hingga

mine. Enjay’s business has grown rapidly from a

menjadi indust ri rumah t angga. “Saya mengaw alinya

small business into a home industry. “I started

sebagai t ukang sepat u. Saat usaha makin maju, saya

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

perlu t ambahan modal. Program PUKK dari Ant am

so did my financial need. Antam’s community

memodali saya dengan uang Rp 4 jut a dit ambah alat

developmen t program gave me four million

mesin press dan bahan baku senilai Rp 20 jut a.

Rupiah for cash plus a press machine and raw

Dengan majunya usaha, lebih banyak orang bisa saya

materials worth nearly twenty million. As my

t ampung unt uk bekerja. Sungguh saya sepert i t ak

business grows, I can hire more people. I still

percaya, t ekad unt uk meningkat kan penghasilan

cannot believe that my obsession in improving

keluarga dan kaw an- kaw an di kampung, sekarang

the economics of my family and fellow villagers

dapat t erlaksana.”

has now come true.”

ANTAM

5 Laporan Tahunan 2002 Annual Report

Prof il Perseroan

Who We Are

D engan pengalaman selama lebih dari 3 dekade sebagai

W ith over three decade’s experience as a low cost

salah sat u produsen t ambang dunia berbiaya rendah,

mineral producer, we are a limited liability state

akt ivit as Ant am t elah t erint egrasi secara vert ikal, mulai

corporation that is vertically integrated to undertake

dari eksplorasi, penambangan, peleburan, pemurnian

all stages of the mining process from exploration,

sampai dengan pemasaran. M elalui empat unit bisnis

mining, smelting, and refining through to marketing.

st rat egis dan sembilan t ambang yang t elah beroperasi,

With four strategic business units and nine operating

produk Ant am meliput i f eronikel, bijih nikel (kadar

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

t inggi, kadar rendah, dan saprolit kadar rendah), emas,

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

perak, bauksit dan pasir besi. Unit Bisnis Pengolahan

bauxite and iron sands. Our precious metals refinery

dan Pemurnian Logam M ulia memproduksi emas dan

produces top quality gold and silver, both for Antam

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

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

perusahaan lain di Indonesia sebagai bagian dari jasa

companies in Indonesia. Our exploration division

yang menghasilkan pendapat an bagi perseroan. Unit

meets the challenge of augmenting our existing

ek sp l o r asi An t am m en j aw ab t an t an g an g u n a

reserves by running several campaigns over our 2.7

meningkat kan cadangan sumber daya yang t elah ada

million hectares of licensed territories.

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.

In 1997, we were partially privatized and listed our shares on the domestic stock markets. Antam is 35%

Pada 1997 Antam diprivatisasi dan mencatatkan sahamnya

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

pada Bursa Efek Jakart a dan Surabaya. Saham Ant am 35%

the Australian Stock Exchange and in July 2002

di mi l i ki ol eh publ i k. Pada t ahun 1999 Ant am j uga

augmented our listing status to the more stringent

mencat at kan sahamnya di Bursa Efek Aust ralia (Aust ralian

ASX Listing. We became one of only three Indonesian

St ock Exchange - ASX) dan pada bulan Juli 2002 st at us

companies to be fully listed on a stock exchange

Ant am di ASX dit ingkat kan menjadi ASX List ing, yang

outside of Indonesia and must meet international

menjadikan Ant am harus memat uhi regulasi yang lebih

standards of governance and transparency.

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.

Di samping kebanggaan Ant am sebagai salah sat u Badan Usaha M ilik Negara, seiring dengan masuknya Ant am ke

Laporan Tahunan 2002 Annual Report

6 ANTAM

ANTAM 7

Laporan Tahunan 2002 Annual Report

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.

• Responsible environmental management.

Visi 2010 Vision 2010

M enjadi perusahaan pert ambangan berst andar To be a mining company of international

int ernasional yang memiliki keunggulan

standards with a competitive advantage in

kompet it if di pasar global.

the global market.

M isi Mission

M enghasilkan produk- produk berkualit as t inggi, To provide high quality products of nickel,

gold and industrial minerals with the mengut amakan keselamat an dan kesehat an kerja

yait u nikel, emas dan mineral lain, dengan

utmost concern for work safety and health sert a memperhat ikan kelest arian lingkungan

as well as environmental conservation

Beroperasi secara ef isien

To operate in the most efficient manner

(Berbiaya rendah)

(low cost operations)

M emaksimalkan shareholders dan

To maximize shareholder and

st akeholders value

stakeholder value

To enhance employees’ welfare Berpart isipasi di dalam upaya menyejaht erakan

M eningkat kan kesejaht eraan karyaw an

To participate in efforts to improve the

masyarakat di sekit ar daerah operasi

social welfare of communities in the

pert ambangan

vicinity of the mining areas

St rat egi Perusahaan

Corporate Strategy

• M em an f aat kan keu n g g u l an p en g al am an d an

• To maximize the advantages of the Company’s

ko m p et en si secar a m aksi m al u n t u k keg i at an

expertise and core competencies regarding the

eksplorasi, pengembangan, produksi, dan pemasaran

exploration, production, development and marketing

komodit as nikel, dan emas, sert a mineral lainnya.

of nickel, gold and other industrial minerals.

• M eningkat kan kegiat an eksplorasi, khususnya unt uk

• To improve exploration activities, for nickel and

komodit as nikel dan emas, sert a memelihara kerja sama

gold in particular, and foster good relationships with

yang baik dengan pemerint ah daerah set empat dalam

those local governments where mining occurs.

melaksanakan set iap kegiat an usaha pert ambangan.

• To establish strategic alliances with world-class

• M el akukan al i ansi st rat egi s dengan perseroan-

mining companies through joint ventures and

perseroan pert ambangan kelas dunia melalui kerja

mergers and acquisitions to access new technologies

sam a p at u n g an , m er j er, d an aku i si si u n t u k

that can be applied to enhance competitiveness and

memperoleh t eknologi baru yang akan meningkat kan

accelerate business development.

daya saing sert a mempercepat pengembangan usaha.

• To restructure the operating units and human

• M erest rukt urisasi unit - unit bisnis dan sumber daya

resources to improve accountability and efficiency

m an u si a u n t u k m em per bai ki aku n t abi l i t as dan

and accelerate the Company’s value enhancement.

ef isiensi guna meningkat kan nilai perseroan.

Laporan Tahunan 2002 Annual Report

8 ANTAM

Dohar Siregar, Sekret aris Perusahaan, sedang menjelaskan act ion plan Ant am menuju Visi 2010.

Dohar Siregar, Corporate Secretary, explains the corporate action plan for Antam’s Vision 2010.

• M emperkuat daya saing dengan mempert ahankan

• To stren gthen competitive advan tages, while

keunggulan sebagai salah sat u penghasil nikel dan

upholding the position as one of the world’s low-

emas berbiaya t erendah di dunia melalui peningkat an

cost nickel and gold producers, through improved

ef i si ensi operasi (out sourci ng, perbai kan proses,

operational efficiencies (by way of outsourcing,

memperkecil aset ), memelihara ket ersediaan informasi

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

pasar/ i ndust ri yang mut akhi r, dan secara t erus-

reduction), enhanced knowledge of current market/

menerus melakukan benchmark t erhadap pesaing

industry information, continuous benchmarking

lainnya, sert a proakt if meningkat kan cit ra perseroan.

and actively refining the Company’s image.

• M eningkat kan kualit as produk dengan memperhat ikan

• To enhance the product quality with due concern

kelest arian lingkungan, keselamat an kerja, communit y

for environmental preservation, workers’ safety,

development , dan berusaha memuaskan pelanggan

community development, and steadfast attention

dengan pengiriman t epat w akt u, sert a memenuhi

to customer satisfaction through timely delivery

t unt ut an perubahan pasar yang dinamis.

and compliance with market demands.

• M engembangkan kemampuan dan kompet ensi unt uk

• To develop the employees’ abilities and competencies

meningkat kan kualit as dan produkt ivit as karyaw an.

to enhance their quality and productivity.

• M engel ol a ri si ko f l ukt uasi harga komodi t as dan

• To carefully manage the risks of fluctuating commodity

pert ukaran m at a uang secara hat i - hat i m el al ui

prices and currency exchange rates through the

penerapan st rat egi keuangan yang t epat .

application of an appropriate financial strategy.

• M el aksan akan p r i n si p - p r i n si p good cor por at e

• To implement good corporate governance principles

governance dan mengembangkan budaya perseroan

and further develop an adaptive corporate culture.

yang adapt if .

ANTAM

9 Laporan Tahunan 2002 Annual Report

Operasi pada Prospek

Current Operations and

CoW Base M et als Prospect PT Dairi Prima M ineral

Bauxit e M ine Kijang, Bint an Island

CoW Gold Prospect PT Sorikmas M ining

Bauxit e Resources Tayan

CoW Diamonds M ine PT Galuh Cempaka

CoW Gold Prospect PT Pelsart Tambang Kencana

G. Subang

Cilacap

Gold Prospect Gunung Liman

Kuda Project

Gold Prospect

Iron Sands M ine

Iron Sands M ine

Papandayan

Kut oarjo

Lumajang

Gold Prospect Gunung Lawu

Laporan Tahunan 2002 Annual Report

10 ANTAM

Cadangan dan Sumber Daya M ineral* Mineral Resources and Ore Reserves*

Saat Ini dan

Komodit as

Jumlah

Perkiraan Umur Produksi**

Total

Estimated Remaining** Production (Years)

M asa Depan

Nikel | Nickel

Saprolit | Saprolitic 64,260,000 wmt

Limonit | Limonitic 76,510,000 wmt

Emas Gold 6,628,000 wmt 17

Future Prospects

Bauksit

Bauxite 109,701,000 wmt 110

Pasir Besi Iron Sands 10,290,000 wmt

27 M

* 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 el di Pomala ’s Report. Figures as per December 31, 2002 (does

not include inferred resources).

enter into an MoU to develop M

** This is purely illustrative and is not meant to suggest with certainty the mine

life of Antam ’s operations.

Pomalaa.

Nickel Resources Tanjung Buli

Nickel M ine Gee- Halmahera

CoW Nickel Resources PT Gag Nickel

PT Weda Bay

Nickel M ine Gebe

Nickel Resources Obi Island, Nort h M aluku

Nickel Resources M aniang - Sout heast Sulawesi

CoW Gold Prospect PT Sumbawa Timur

ANTAM

11 Laporan Tahunan 2002 Annual Report

Perist iw a Pent ing Tahun

Significant Events of

30 January

11 February

29 April

29 April

Pen an dat an gan an Not a

A n t a m m e n y e l e sa i k a n Pabri k FeNi beroperasi Kesepahaman

Penandat anganan Kesepakat an

perbai kan t erencana met al kem bal i secar a pen u h (M em or an du m of

Kerja Bersama antara

m a n a j em en A n t a m d en g a n

Un der st an di n g - M o U)

hol e Pabri k FeNi II.

set el ah An t am d an

Serikat Pekerja mencapai kont rak berj angka emas

Per p a n t a m seb a g a i ser i k a t

kesepakat an ber sam a ant ara Ant am, Pegadaian,

pekerja di Ant am.

Antam completes planned untuk mengakhiri Bursa Berjangka Jakart a

(BBJ) dan Paci f i c 2 0 0 0 repairs to the metal hole of

Joint Work Agreement signed

pemogokan selama 5 hari.

between the management of

Fut ures.

An t a m a n d t h e An e k a

FeNi II.

An tam an d the labor

u n ion a t SBU Nickel An t a m a n d St a t e

Tambang Employees

come to an agreement Pawn shops an n oun ce the sign in g of a Memoran dum of

Association, or PERPANTAM.

and resume operations Understanding with the Jakarta Futures Exchange and PT Pacific

after a 5 day strike. 2000 Futures.

27 M ay

19 June

Penandat anganan M oU

Hermes secara prinsip menyet ujui skema

antara Antam dan PT Inco Tbk.

ECA unt uk mengeluarkan kredit ekspor

u n t u k m en g em b an g kan

guna menjamin pendanaan proyek FeNi

cadangan nikel di

III melalui sindikasi bank yang dipimpin

Pom al aa Timur.

IKB Deut sche Indust riebank (IKB). Antam is notified of the in principle

acceptance for German Export Credit Agency (ECA), Hermes, to issue export credit to insure the funding from a consortium

Antam and PT Inco Tbk. enter into a Memorandum of Understanding to form a of banks led by IKB Deutsche Industriebank (IKB), for Antam ’s ferronickel expansion joint venture to develop nickel reserves in East Pomalaa, Southeast Sulawesi.

project, FeNi III.

19 June

1 July

Pemegang saham Ant am d a l a m

Ant am menj adi sal ah sat u dari R U P S - L B m en yet u j u i r en can a

Du rin g An ta m ’s Ex tra ordin a ry

t iga perusahaan Indonesia yang penj ami nan sebagi an aset Ant am

Gen era l Meetin g, sh a reh olders

t er cat at secar a pen u h dal am ser t a ad an ya b at as m aksi m u m

approve to collateralize certain

bursa ef ek di l uar negeri . dividen 30% dari laba bersih guna

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%

pendanaan pem bangunan Proyek

An t a m b e c o m e s a n AS X FeNi III.

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.

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

fully listed on a stock RUPS Ta h u n a n m en y et u j u i

Pem egan g sah am An t am dal am

During Antam ’s Annual General

exchange outside of p em b ag i an d i vi d en kas seb esar

Meeting, shareholders approve to

In don esia. Rp 179,08 miliar at au Rp 93,87 per

pay a cash dividend in the amount

of Rp 179.08 billion, or 50% of

lembar saham at au set ara dengan

2001 net profit, equal to Rp 93.87

50% l aba bersi h yang di bagi kan

per share.

set el ah di l akukannya pem bagi an saham bonus.

24 July

30 July

Pen an dat an gan an M oU an t ar a An t am Pembagian saham bonus yang berasal dari kapit alisasi agio saham sejak dengan Depart emen Kelaut an dan Perikanan

t ahun 1997. Set iap kepemilikan 100 lembar saham akan diberikan 55 saham unt uk pengembangan usaha kelaut an dan

bonus yang merupakan saham baru.

peri kanan di pul au Gebe dal am rangka kegiat an pasca t ambang.

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

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.

Laporan Tahunan 2002 Annual Report

12 ANTAM

31 July

16 August

20 August

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

Direkt ur Ut ama Ant am, D. Adit ya Sumanagara 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

Ant am m eneri m a penghargaan Best Annual

dianugerahi penghargaan sebagai Best CEO 2001 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

Report 2001 yang di sel enggarakan ol eh Bursa

ol eh surat kabar bi sni s t erkem uka Indonesi a, 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

Ef ek Jakart a, Badan Pengaw as Pasar M odal ,

dan badan l ai n yang t erkai t .

Bisnis Indonesia.

di ban gu n ol eh RW E Sol u t i on s Jer m an .

An ta m’s Presiden t Director is recogn ized An tam con firms plan to fin an ce its FeNi III project with

An tam receives a top award for its an n ual

a m o n g st t h e Best CEOs 2 0 01 b y Bisn is Hermes to issue ex port credit to in sure fun din g arranged by

report du rin g t h e Best An n u a l Report s

In don esia n ewspaper. IKB with smelter con struction by RWE In dustry Solution 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

of German y.

other in stitution s.

27 August

7 Oct ober

An t am m en er i m a penghargaan sebagai Best BUM N 2 0 02 Award untuk

i m p l em en t asi Good Corporat e Governance (GCG), sem en t ar a Direkt ur Ut ama Ant am menerima penghargaan sebagai Best CEO 2002 dalam kegiat an BUM N Expo 2002.

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

Antam obtains Best State-owned Company 2002 Award for Good Corporate Governance and for the best President Director during

Antam completes 8- day repair job on the protective, heat- resistant lining of its second the BUMN Expo 2002.

ferronickel smelter, FeNi II.

11 Oct ober

14 Oct ober

Pe n a n d a t a n g a n a n Unit Bisnis Pert ambangan Emas Piagam Komit e Audit

Po n g k o r m em en u h i k r i t er i a d an Pi ag am Au d i t

st andar l i ngkungan yang ket at Internal yang

dengan peneri m aan sert i f i kasi m er u p akan l an g kah

I SO1 4 0 01 u n t u k M an aj em en l an j u t an p en er ap an

Lingkungan. GCG di Ant am. Antam’s Pongkor gold meets Antam creates

rigorous international separate charters for

environmental standards and its new audit committee and internal audit as part of ongoing commitment

receives the ISO 14001 Green to corporate governance best practices.

Dove Award for Environmental Management.

30 Oct ober

12 November

Ant am menerima penghargaan Adit ama (Emas) Antam tercantum dalam daftar

unt uk Unit Bisnis Pert ambangan Nikel Pomalaa majalah Forbes sebagai salah

dan Prat am a (Perunggu) unt uk Uni t Bi sni s sat u dar i 2 0 0 per u sah aan

Pert ambangan Emas Pongkor unt uk Keselamat an terbaik di seluruh dunia dengan

dan Kesehat an Kerja. aset dibawah USD 1 miliar.

Antam’s SBU Gold and SBU Nickel receive An t a m a d m it t ed t o t h e

the bronze and gold certificates respectively Forbes 200 list of the best

fo r w o r k sa fet y a n d h ea lt h fr o m t h e companies throughout the

Department of Energy and Mineral Resources. wo r ld wit h t o t a l a sset s

under USD 1 billion.

ANTAM

13 Laporan Tahunan 2002 Annual Report

Laporan Tahunan 2002 ANTAM Annual Report 14

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.

Meanwhile, external conditions did not improve much over 2001. The protracted economic turmoil, which began in 1997, as well as stagnancy in law en fo r cem en t r efo r m a n d t h e er a d ica t io n o f corruption, were major factors impeding foreign investment to Indonesia and interfered with efforts to revive the economy in general. Indonesia also

Laporan Tahunan 2002 ANTAM Annual Report 14

ANTAM 15 Laporan Tahunan 2002 Annual Report

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 Prof . Dr. Ir. Firman M .U. Tamboen, M .Eng , Komisaris Ut ama | President Commissioner Ir. S. Suryant oro, M Sc. , Komisaris | Commissioner

Laporan Tahunan 2002 ANTAM Annual Report 16

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 “wait 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 perusahaan 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.

Plant operator Abdul Rodjak reads the percentage of solids in the slurry.

ANTAM 17 Laporan Tahunan 2002 Annual Report

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 .