Antam drops plan to sell stake in IARL

State-owned mining company PT Aneka Tambang had decided to revoke plan to sell its majority stake in Canada-based International Antam Resources Ltd (IARL) this year.

Company President Dedi Aditya Sumanagara said the plan to sell the 62 per cent stake was cancelled because of difficulties in the procedure such over agreement by minority shareholders and taxation problem.

Antam earlier planned to sell a 62 per cent stake in IARL which holds licenses for general mining including a gold mine in Cikidang, West Java.

IARL reported assets valued at Can$7.1 million by the end of 2001.(*)