Aneka Tambang suffers losses of $31 million in 1st quarter
Saturday, June 17 2000 - 04:30 AM WIB
PT Aneka Tambang International Ltd. (Antam) suffered an after-tax loss of US$31 million in the first quarter of this year, said Antam president J. Scoot Drever.
Drever said the losses was precipitated by the fall in the company's cash flow by $588.911 million. The company's cash flow was drained by its processing plant in Cikadang, West Java.
Drever, however, said that the company would continue with its processing plant project, so that it would contribute significant revenue to the company in the future.
He noted that the new plant, when it's ready, would be able to process 1,125 ounces of gold and 32,151 ounces of silver.
It would cost the company $250 to process one ounce of gold equivalent and $26 to process one ounce of silver equivalent.
Drever noted that the projected income from the sales of gold and silver would be $312 and $52.1 per ounce of gold and silver respectively.
The Cikadang gold mine can produce up to 8,000 tons of gold and silver ore. (*)