Antam is already drafting a work plan for the gold-rich block in Intan Jaya regency, as the miner waits for its parent company, state-owned mining holding MIND ID, to hand over the block, according to the company.

MIND ID’s president director had previously confirmed the handover plan on Sept 29. The holding company estimates the block to contain 8.6 million ounces of gold resources.

“This will, of course, be a new hope for Antam,” Antam corporate secretary Kunto Hendrapawoko told The Jakarta Post on Friday

Antam’s takeover of the Wabu Block is expected to further consolidate the company’s gold business, which contributes over 60 percent of its annual revenue, thereby making gold Antam’s best-selling product. The miner also produces nickel, bauxite, silver and coal.

Antam’s revenue fell 36 percent yoy to Rp 9.2 trillion (US$627.6 million) in the January-June period, led by the plummeting sales of nickel ore, which used to be the company’s third best-selling product until Indonesia banned the export of such ores starting January this year.

Meanwhile, its net profits sank 80 percent yoy to Rp 84.8 billion in the same period.

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