Antam cooperates with pawnshop operator to expand gold sales

By Ruli Setiawan

IDX-listed mining company PT Aneka Tambang Tbk (Antam) has signed an MoU with state-owned pawnshop operator PT Pegadaian in a cooperation that is expected to help expand the gold sales of the former company.

Antam said in a statement that the MoU was signed on Sunday by company President Director Tedy Badrujaman and Pegadaian?s President Director Riswinandi. Under the cooperation, Antam will capitalize on Pegadaian?s outlets across the country in a bid to help increase the sales of its certified gold products.

Gold sales have become Antam?s largest source of revenue since last year, accounting for 70 percent of revenue, after the government introduced a ban on export of nickel ores. Ferronickel accounted for about 26 percent of total revenue last year.

Antam produces gold from its Pongkor and Cibaliung mines in West Java. The company also processed gold purchased from other producers. The company has set gold sales volume this year at around 10 tons.

Antam said has previously opened 13 gold boutiques located in Jakarta (2 outlets), Bandung, Surabaya (2 outlets), Makassar, Palembang, Semarang, Balikpapan, Banjarmasin, Medan, Denpasar and Yogyakarta. Antam also innovates its gold business by offering gold with batik motifs and gold depository services.

Editing by Reiner Simanjuntak