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Antam’s revenue jumped by 38 percent in 2017
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Hello Kitty minted gold bars are among Antam’s innovations for the international market. (Antam's Instagram/File)
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tate-owned diversified miner PT Aneka Tambang (Antam) recorded a 38 percent annual increase in its revenue throughout 2017 as it saw its nickel and bauxite ore sales skyrocket thanks to the government’s decision to relax its mineral export ban.
Since early 2017, the government has allowed mining firms to export low-grade nickel ore with content below 1.7 percent and washed bauxite with an aluminum oxide content of 42 percent or more in return for their commitment to establish a new smelter within five years.
Subsequently, Antam was able to produce 5.57 million wet metric tons (wmt) and sell 2.83 wmt of nickel ore in 2017, increases of 241 and 285 percent, respectively, over 2016.
At the same time, it produced 705,322 wmt and sold 838,069 wmt of bauxite ore, climbing by 192 percent and 181 percent, respectively.
“The positive growth in our operational performance contributed to a 38 percent increase in the company’s total revenue to Rp 12.55 trillion [US$921.1 million] in 2017,” Antam president director Arie Prabowo Ariotedjo said on Thursday.
However, Antam’s biggest source of revenue was gold sales, through which the company was able to collect Rp 7.37 trillion alone.
Antam only produced 1,967 kilograms of gold in 2017, down 11 percent year-on-year, but it was able to book a 29 percent increase in its gold sales to 13,202 kilograms.
Antam also produced 21,762 tons of nickel contained in ferronickel (TNi) and sold 21,813 TNi, up 7 percent and 4 percent, respectively. (bbn)
