Antam Q1 gold sales volume reaches 3 tons

IDX-listed mining firm PT Aneka Tambang Tbk (Antam) saw its gold sales volume in the first quarter of this year reached 3 tons, or more than a quarter of this year?s sales volume target of 10 tons, Kontan reported on Tuesday.

While did not providing comparative figure for same period of last year, the paper quoted Antam Finance Director Dimas W. Pramudhito as saying that gold has become the largest contributor to the company?s revenue since last year, instead of ferronickel and nickel which were the largest contributors in the previous years.

Last year, gold accounted for about 70 percent of sales revenue, while ferronickel about 26 percent. The company has no longer been able to export nickel ores following the introduction of export ban on mineral ores in 2014.

Antam produces gold from its Pongkor and Cibaliung mines in West Java.

Dody Martimbang, a General Manager at Antam?s precious metal unit, said that about 60 percent of the company?s gold sales are derived from the export market particularly India. He said that there has been strong demand for gold from India so far this year, saying that gold sales volume this year may reach 12 tons, or exceeding the 10 tons target.(*)