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NEWS UPDATES 28 May 2009

Indonesia’s state miner to wrap up acquisitions in ’09

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Indonesian state-owned miner, PT Aneka Tambang Tbk, expects to complete its coal mine acquisitions this year and sees a jump of more than a third in gold output in 2010, Reuters quoted a senior Antam executive as saying Wednesday.

Antam's coal consumption is due to increase significantly with the completion of a new power plant near its nickel mine in Pomalaa, on Sulawesi island. Last year, it announced plans to acquire coal mines to help meet that demand.

"We are now in the due diligence process for five coal mines in Kalimantan, we cannot state the names yet," Loebis told reporters. He did not elaborate on how many of those mines the firm would acquire.

Antam, in which the state has a 65 percent stake, uses about 200,000 tonnes of coal a year in its ferro-nickel smelters, but annual consumption may rise to 2 million tonnes once the new power plant is completed.

Loebis also said that Antam would increase gold production to about 3.8-4.0 tonnes next year, from about 2.8 tonnes in 2009, as its recently acquired Cibaliung gold project in Banten province will start operating next year.

"Next year, the Cibaliung project will start to operate mid-year, and we expect an additional one tonne, so the output is expected to be about 3.8-4 tonnes next year," said Loebis.

On February 10, Antam announced that it had signed an agreement with ANZ Bank and Australian firm Arc Exploration Limited to arrange for the transfer of ownership of PT Cibaliung Sumber Daya, which operates Cibaliung gold project.

The Cibaliung gold project has a mine life of six years with annual ore production of 220,000 tonnes and production of gold equivalent of around 2.2 tonnes. It had estimated gold reserves of around 12.8 tonnes, or 412,000 ounces.

Antam, which has a stock market value of $1.77 billion, is involved in the exploration and production of nickel ore, bauxite and iron sands as well as smelting of ferro-nickel, exploration and production and refining gold and silver.




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