Sign up | Log in



Home  >>  Daily News  >>  Indonesia News  >>  Commodities   >>   Indonesia’s state miner to wrap up acquisitions in ’09

NEWS UPDATES 28 May 2009

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

Related Stories
May 22, 2009
Indonesia to keep cap on tin output

May 10, 2009
Malaysia’s planter to invest in Indonesia

May 9, 2009
Newmont clearing shares of Indonesian unit

May 6, 2009
Lenders to release stake in Newmont Indonesia’s unit

May 5, 2009
Indonesia oil firm expands into gold, coal

April 30, 2009
Indonesia awards 11 new oil, gas blocks

April 28, 2009
Thai firm to open new Indonesian mine by Q3

April 27, 2009
Indonesia govt, Newmont in talks on divestment

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.




Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below 





1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

| Terms of Use | Site Map | Privacy Policy  | DISCLAIMER |

Version 5.0
Copyright © 2006-2020 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand