Antam lowers gold sales target this year

By Cepi Setiadi

IDX-listed mining company PT Aneka Tambang Tbk (Antam) sets a lower gold sales target this year at 10.4 tons from 14 tons last year following the introduction of tighter import procedure at its key export market of India.

?Last year we could export to India as much as 7.94 tons, but since they have applied new regulation regarding mineral import, we are lowering our target,? Antam Corporate Secretary Tri Hartono told Petromindo.com recently, without elaborating about the regulatory changes.

Tri said that the company is now looking for new export markets outside India including China, Malaysia, and other Asian countries.

According to Tri, this year Antam aims to produce 2.45 million tons of gold from its main gold mines in Cibaliung and Pongkor, West Java. Aside from own production, the company also purchases refined gold from Straits Bullion in Singapore and several gold producers such as G-Resources for trading activity.

Editing by Reiner Simanjuntak