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Jakarta Post

Antam eyes Papua mine amid dwindling gold reserves

  • Norman Harsono

    Jakarta

Jakarta   /   Wed, October 28 2020   /  01:00 am
An employee shows two bars of gold produced by State-owned diversified mining company PT Aneka Tambang (Antam).(kompas.com/Garry Andrew Lotulung)

State-owned miner PT Aneka Tambang (Antam) has set its sights on acquiring the lucrative Wabu Block gold mine in Papua to replenish the company’s dwindling gold reserves. 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 maki...