PT Antam expands resources

PT Aneka Tambang is planning to expand its mineral resources business beyond nickel, which currently accounts for almost 90% of the company’s revenues. Depleting reserves at the company’s existing nickel mines have prompted the company to look to other commodity sectors. PT Antam has begun the process of acquiring coal concessions to secure supply for its new power plants and for the company’s business expansion into the coal sector. Antam is also undertaking a project that could produce 300,000tns per annum of sponge iron with a total investment of USD 65 million. To undertake these projects, Antam will partner a number of big mining companies, including BHP Billiton and Russal. It also seeks to expand its downstream business by establishing alumina and stainless steel processing plants. Antam is set to finalize a financial agreement with Japan based lender the Japan Bank for International Cooperation to build a chemical grade alumina plant in Tayan. The USD 450 million plant is scheduled to start producing in 2012 with an initial output of 300,000tns/yr. The acquisition of coal concessions is in part aimed at providing up to five million tons of coal for two power plants at the company’s mining site in Pomalaa by 2012.
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