Antam hopeful to set up new JV with Newcrest

IDX-listed mining firm PT. Antam Tbk is hopeful it could set up a new joint venture (JV) company with ASX-listed Newcrest Mining Ltd to develop gold deposits in Indonesia, Bisnis Indonesia reported on Wednesday.

The paper quoted Antam Corporate Secretary Trenggono Sutioso as saying that if the strategic alliance agreement (SAA) signed on November 6 by the two companies to explore for gold and copper deposits in Indonesia end up with positive results worth for further development, Antam and Newcrest will set up a new JV.

?If the SAA is successful in finding potential that can be further developed, it will be followed with setting up a new joint venture company,? he said.

Trenggono said that the new JV will be similar to the current JV between the two companies. Antam holds a 25 percent stake in North Maluku gold mining firm PT Nusa Halmahera Minerals, while the remaining 75 percent is held by Newcrest. (*)