Antam cuts gold production forecast, ups nickel, bauxite production
Monday, March 20 2006 - 06:50 AM WIB
State nickel and gold miner PT. Aneka Tambang Tbk said it would increase saprolitic nickel ore to 3.5 wet metric tone this year from 31 million wmt planned earlier and to increase bauxite ore production from to 2 million wmt from 1.5 wmt tones planned.
The company said in a statement released in the Jakarta Stock Exchange Monday that the increase in nickel and bauxite production was planned to anticipate declining gold production, which is estimated to reach only 2,360 kilograms this year from 2,911 kilograms last year.
The company said it had redesigning mining plan at its Pongkir underground mine in West Java to enhance production and safety.
Antam also estimated that its 2006 cash cost for gold would increase significantly to US$314 per ounce, compared to $250 per troy ounce last year. (alex)