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Jakarta Post

State miner Antam 'strikes gold' in third quarter

  • Viriya P. Singgih

    The Jakarta Post

Jakarta   /   Wed, November 1, 2017   /   12:23 pm
State miner Antam 'strikes gold' in third quarter The interior of a PT Aneka Tambang (Antam) office (Tempo/Dasril Roszandi)

State-owned miner PT Aneka Tambang (Antam) has recorded a 7.9 percent annual increase in net revenues in the first nine months of this year to Rp 6.96 trillion (US$513.37 million), with 55 percent coming from gold sales.

Between January and September, Antam produced 47,358 ounces of gold and sold 223,962 ounces, seeing a year-on-year decline in production of 4.47 percent and 13.65 percent in sales.

At the same time, the diversified miner was able to boost production and sales of its nickel ore, following the government’s decision to relax the mineral export ban earlier this year.

Read also: Antam aims to export 6 million tons of low-grade nickel

In late March, Antam obtained the first permit to export 2.7 million wet metric tons (wmt) of nickel ore with content below 1.7 percent, in accordance with the total capacity of its three ferronickel plants in Pomalaa, Southeast Sulawesi.

Hence, Antam’s nickel ore production skyrocketed by 217.3 percent to 3.5 million wmt as of September, while it saw significant growth in nickel ore sales of 226.4 percent to 2.06 million wmt, worth Rp 956 billion.

Of its total nickel ore sales, 1.9 million wmt was exported and a mere 156,798 wmt was distributed to the domestic market.

Meanwhile, of its total nickel ore production, 1.48 million wmt was high-grade nickel ore, which was used to produce 15,813 tons of nickel contained in ferronickel (TNi), a year-on-year growth in production of 9.86 percent.

Antam sold 12,816 TNi worth Rp 1.74 trillion, or 25 percent of its total third-quarter revenues. (bbn)

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