Antam may launch rights issue for Freeport stake
Wednesday, August 10 2005 - 08:20 AM WIB
State-owned diversified miner PT Aneka Tambang Tbk (Antam) is considering a rights issue to finance its US$700 million bid for a stake in giant copper and gold miner PT Freeport Indonesia, a top executive said on Wednesday.
?Antam is considering a rights issue and it will be formulated by our financial advisor,? Antam president Aditya Sumanagara told reporters, adding that Antam will announce the appointed financial advisor in the next two days.
Antam is considering purchasing at last 9.36 percent shares in the local unit of U.S.-based Freeport McMoRan Copper and Gold Inc, which operates the world's second-largest copper mine, Grasberg, in rugged eastern province of Papua.
Elsewhere, Aditya said Antam is on schedule to recommence the operation of the second Ferronickel (FeNi II) plant in Pomalaa end of this month.
In April, Antam halted the commissioning of FeNi II for safety reasons. (dino)