Antam allocates $160m in capex this year

By Brigida Ernestina Elu Wea

IDX-listed state owned general mining firm PT Aneka Tambang Tbk has allocated US$160 million in capital expenditures (capex) this year.

Finance Director Dimas Wikan Pramudhito said the amount was lower than that of last year, citing that some projects being developed this year are carried over from last year.

Last year, he said, the firm spent Rp 226 billion for routine expenditures and Rp 1.7 trillion for projects.

This year?s capex will be spent for Halmahera Timur Ferronickel Plant Expansion (P3FH) project, Smelter-Grade Alumina Refinery project, and Anode Slime and Precious Metal project.

For P3FH project, the firm will use funds raised from rights issue amounting to Rp 5.3 trillion, which was received by the firm in December 2015 and remains unused.

?For the moment, we shall use the rights issue funds. No extra funds. Besides, we still have enough internal cash,? he said.

The firm also have enough funds to finance routine activities thanks to the availability of standby loans from local and foreign banks. For working capital, the firm has a standby loan worth $700 million.

Editing by Johannes Simbolon