ANTAM reports solid performance
Friday, June 14 2013 - 01:45 AM WIB
ASX-listed mining company PT ANTAM said on Friday that its performance remains solid amid concerns over weak commodity prices as the company continues to focus on key growth projects and cost reduction programs.
?We are currently confronting a dramatic change in our industry and in the global competitive environment, and that requires us to remain competitive,? said ANTAM?s President Director Tato Miraza.
As at the end of May 2013, the constructions of ANTAM?s main projects, namely the Tayan Chemical Grade Alumina (CGA) project, the East Halmahera Ferronickel project, as well as the Expansion of Pomalaa Ferronickel Plant project which also includes the development of Pomalaa coal fired power plants were progressing on track. ?The Tayan CGA project is on track for commissioning in October this year, three months earlier than the contractual schedule of January 2014,? Tato said.
The total EPC progress of the Tayan CGA project reached 94 percent. As for the East Halmahera Ferronickel project, the project?s EPC construction was 5 percent complete with the EPC progress of the Expansion of Pomalaa Ferronickel Plant project reached 25 percent as at the end of May 2013.
?In terms of cost reduction, we have secured cheaper fuel price and are currently negotiating further discounts to widen the margin of our ferronickel business,? Tato said.
He explained ANTAM has started the operations of the new, more efficient 2x17MW electric generators for the Pomalaa ferronickel smelters. ?We will also further lower the ferronickel cash cost in 2014 following the operations of the 2x30MW coal fired power plant which is currently under construction.?
Antam said gold production from Pongkor and Cibaliung totaled 1,089.1 kg from January-May 2013 or 37 percent of the year?s target. Until the end of May 2013, ANTAM?s ferronickel production reached 8,488 tons nickel contained in ferronickel (TNi) or 47 percent of the 2013 target.
During the same period, nickel ore production reached 5,261,005 wmt or 40 percent of 2013 target Gold sates during January-May 2013 already amounted to 5,152.54 kg or 68 percent of 2013 internal target. Ferronickel sates from January-May 2013 amounted to 7,028 TNi or 39 percent of 2013 target, whilst nickel ore sates amounted to 4,001,501 wmt or 35 percent of the year?s target.
Editing by Reiner Simanjuntak