Antam in talks to acquire five gold mining companies
Saturday, June 2 2007 - 02:36 AM WIB
State-owned mining company PT Aneka Tambang (Antam) is currently in talks to buy five gold mining companies in a bid to increase the company's depleting gold reserves, Kontan reported Saturday.
"There are five gold mining companies currently under study to be acquired," the company's director for development, Darma Ambiar said in Jakarta recently.
He, however, refused to unveil the names of the companies, saying that those companies are located in Indonesia and overseas.
According to him, Antam needs to acquire mining companies in order to increase the company's gold reserves. At present, Antam 's revenues mainly come from its nickel mines.
Darma, however, said that Antam would acquire the gold mining companies only if it would be allowed to buy at least 20 percent of their shares. By owning at least 20 percent of the shares, Antam will have an equal right with the existing shareholders who act as the operator of the mines.
"We don't want to receive dividends only. We want also to involve in operation," he said.
Meanwhile the company's president director Dedi Aditya Sumanagara said that the company had sent a letter to copper and gold mining company PT Newmont Nusa Tenggara recently, expressing its intention to buy a part of its shares.
He said that no response had be made by Newmont. But he emphasized that Antam would buy the company's shares only if the company would be allowed to buy at least 20 percent. (*)