Antam renews cooperation agreement with Bali Silversmiths

State owned mining firm PT Antam Tbk announced on Friday the signing of an extension of one-year cooperation agreement to supply raw materials to the Bali Celuk Silversmith Cooperative (KPPC).

Antam's silver is refined along with other gold and silver products by Antam's Precious Metals Processing and Refining Business Unit, better known as Logam Mulia. Logam Mulia's products are accredited by the London Bullion Market Association and can be recognized by the "LM" trademark.

For the last three years Logam Mulia has refined an average 150 tons of silver per year. Of this amount, 125 tons is processed on behalf of Antam's clients operating in Indonesia, while 25 tons of the refined silver originates from Antam's Pongkor gold mine in Bogor,

West Java.

The annual demand from the jewelry and handicraft industry in Indonesia is estimated to exceed 100 tons. To fulfill the needs of KPPC Bali, Antam will continue to provide 500kg of pure silver per month. The price of "LM" silver is based on the London Metal Exchange (LME), however, as part of the agreement, KPPC will receive a very competitive price.(alex)