AMNT delivers lower copper, gold output
Tuesday, November 7 2017 - 04:43 AM WIB
Gold and copper mining firm PT Amman Mineral Nusa Tenggara (AMNT) saw lower copper and gold production in the first six months of this year.
Anthony R. Mathias, Chief Financial Officer of IDX-listed energy company PT Medco Energi Internasional Tbk, which co-owns AMNT, said on Monday that copper output in the first semester of this year stood at only 141.3 million lbs, while gold production at 163,300 oz.
He did not provide comparative figures, but acknowledged that that the production level in the first semester of this year was lower than production levels in the past.
Medco last year acquired AMNT, formerly known as PT Newmont Nusa Tenggara, which operates the Batu Hijau mine in Sumbawa, West Nusa Tenggara Province.
Medco said in April it has set lower production guidance this year, with copper output projected to reach 300-310 million lbs, while gold production projected at 400-420 thousand oz.
Last year, output stood at 477 million lbs, while gold production reached 798,000 oz.
Elsewhere, Anthony said that AMNT will increase future production through the upcoming development of the Elang block, which has copper resources estimated at 12,944 million lbs, and gold resources of 19,712 koz. The block has the potential to provide copper output of up to 300-430 million lbs and gold output of 350-600 koz.
Editing by Reiner Simanjuntak