Antam appoints Macquarie as financial advisor for gold mine acquisition plan

State-owned miner PT Aneka Tambang Tbk (Antam) has finally appointed Macquarie Securities as its financial advisor for gold mining acquisition plans either at home or abroad, Investor Daily reported Friday.

 

“We have appointed Macquarie Securities as advisor for the acquisition plan,” said Antam’s president director Deddy Aditya Soemanegara in Jakarta Thursday.

 

Macquarie Securities defeated Citigroup, Credit Suisse and HSBC Securities in the selection process.

 

He said that the appointed advisor would recommend which gold mining firms eligible for acquisition, the estimated amount of funds needed for the acquisition and the sources of funds.

 

According to Deddy, three months after the appointment of the financial advisor, the company is expected to find out which gold mining firms could be acquired. “We will not know the funds needed for the acquisition until we know the size of the mining,” he said, adding Antam estimated the funds at between US$500 and $1.5 billion..

 

Antam plans to acquire several gold mines to replace its gold mine in Pongkor, West Java , whose deposit is projected to run out in five years. (*)