Antam reports lower 2009 ferronickel, gold output

IDX-listed state miner PT. Aneka Tambang Tbk's (Antam) unaudited 2009 ferronickel output decreased by 29 percent to 12,550 tons compared to same period of 2008.

The average realized nickel price decreased 33% over 2008 to US$6.63 per lbs., the firm said in a statement.

Antam?s ferronickel sales volume is also down by 17 percent to 14,191 tons compared to the same period of 2008.

In anticipation of higher demand, Antam targets ferronickel production to reach 18,500 tons in 2010 with sales target at 19,000 tons, it said.

In 2009, Antam produced 3,322,671 wmt of high grade nickel ore, an 18 percent decrease from the 2008 production. Production of low grade nickel ore also decreased by 3 percent over 2007 to 2,459,409 wmt.

Antam reported it produced 2,626 kg of gold, lower by 7 percent compared to the same period of 2008. Antam targets gold production of 2,580 kg of gold in 2010 with sales at 7,980 kg.

Despite gold lower production, sales rose 31 percent over 2008 to 12,893 in line with higher trading activities. The average price in 2009 rose 11 percent over 2008 to $970.97 per t.oz. (denny)