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Antam sets capex at US$160 million in 2016

JAKARTA ( – Nickel and gold miner PT Aneka Tambang Tbk (IDX:ANTM) has set capital expenditure of US$160 million for 2016 which will be partly used to fund the company’s ongoing projects.

Finance Director of Antam Dimas Wikan Pramudhito said the capital expenditure will be used to fund a number of projects including the development of nickel smelter plant in Pomalaa, Southeast Sulawesi as well as Feronickel plant in East Halmahera.

The other projects being developed by the company is the Smelter Grade Alumina Refinery (SGAR) in Mempawah, West Kalimantan. In this project, the the company teamed up with aluminum producer PT Indonesia Asahan Aluminum and Alumunium Corporation of China.

In addition, Antam is also planning to collaborate with giant copper and gold producer PT Freeport Indoensia and PT Smelting to build Anode Slime and Preciuos Metal Refinery. To realize the plan, Antam will set up JV in fourth quarter this year.

Antam, said the company’s president director Teddy Badrujaman, that the company will have stakes in the range of 30-40 percent in the JV company.

In 2015, the company posted net loss of Rp1.44 trillion widened by 93 percent from Rp743.53 billion in previous year. Therefore, the company’s shareholders agreed not to pay dividend in the fiscal year. (*)

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