Antam plans to explore for new gold reserves in W. Java

IDX-listed mining company PT Aneka Tambang Tbk (Antam) said it is seeking for a permit from the Ministry of Forestry to carry out new exploration activities at its concession in Pongkor, West Java.

Antam Corporate Secretary Trenggono Sutioso was quoted by liputan6.com as saying Thursday that the exploration program will encompass forest area, but outside the National Park forest conservation area.

He said that the exploration program is necessary for Antam to obtain new reserves as the current 3.3 million of ore reserves in Pongkor is projected to be depleted by 2019. He added that production rate at Pongkor has started to decline.

Antam has a 5,000-ha concession area, but only 500-ha has so far been exploited.

Antam, which also owns the Cibaliung gold mine in West Java, has set gold production target of 2.45 tons this year, up from 2.21 tons last year. (*)