Antam reports higher 2006 production, sales

JSX-listed state miner PT. Aneka Tambang Tbk. reported on Thursday its fourth quarter sales revenue increased 106% to Rp2,170 billion over previous year?s same period due to higher sales prices and volume.

During 2006, Antam?s preliminary sales revenue reached Rp5, 571 billion (US$=Rp.9,100), a 69% increase compared to 2005, with nickel segment contributed 84% while for gold segment contributed 13%.

During the last quarter of 2006, production of ferronickel increased 36% to 4,551 tonnes as Antam switched on FeNi III smelter in October. Total production in 2006 reached 14,474 tonnes, a 97% jump compared to 2005. 2006 Average ferronickel sales prices reached US$10.14 per pound versus $6.45 in the previous year.

The 2006 preliminary cash cost of producing ferronickel was US$4.40 per lbs., an increase of 13% due to higher materials costs as well as higher annual employee bonuses.

In 2007 Antam expects to produce between 20,000-22,000 tones of ferronickel.

Antam operates nickel mines in South east Sulawesi

The company also reported gold production from Pongkor mine increased by 29% to 719 kg during the quarter, inline with the successful implementation of the redesign of the mine. Total gold production in 2006 was similar to 2005, reached 2,873 kgs, exceeded the internal target of 2,591 kgs. (alex)