Antam has spent Rp 1.1 trillion for capex in H1
Friday, July 26 2013 - 01:17 AM WIB
State mining firm PT Antam (Persero) Tbk announces on Friday that the company has spent Rp1.1 trillion for capital expenditure (capex) during the first half of 2013. Approximately 76 percent of the capex was spent for development capex, 16% for routine capex and the remaining for deferred expenses mostly related to exploration activities.
The largest spending in 1H13 was toward the development of the Pomalaa Ferronickel Plants Expansion Project at Rp322 billion and East Halmahera Ferronickel Project at Rp200 billion. In terms of routine capex, major spending occurred in Gold Mining Business Unit with total capex spending of Rp105 billion, spending at Precious Metals Processing and Refinery Business Unit of Rp24 billion and spending at Southeast Sulawesi Nickel Mining Business Unit of Rp 17 billion.
Antam?s President Director Tato Miraza said, ?Our first half of 2013 capex spending reflects the company?s growth mode. We are committed toward our growth efforts and will remain prudent in realizing our development projects and conducting exploration activities to maximize shareholder value during current non conducive price environment.?
In 2013, Antam allocates Rp5.95 trillion for capex. Antam?s 1 H13 realized capex at merely 18 percent of the 2013 total capex is in line with the company?s efficiency programs focusing on key corporate initiatives. Two of Antam?s main projects of the East Halmahera Ferronickel project and the Expansion of Pomalaa Ferronickel Plant project focused only on preliminary works during first half.
As of the end of June 2013, the constructions of Antam main projects, namely the Tayan Chemical Grade Alumina (CGA) project, the East Halmahera Ferronickel project and the Expansion of Pomalaa Ferronickel Plant project which also includes the development of Pomalaa coal-fired power plants were progressing on track. The total EPC progress of the Tayan CGA project reached 95 percent. As for the East Halmahera Ferronickel project, the EPC progress was 5 percent and the EPC progress of the Expansion of Pomalaa Ferronickel Plant project has reached 27%.
Editing by Tri Subhki Rakhmatullah