Antam's first-half revenue jumps 226 percent

State-owned mining company PT Aneka Tambang (Antam) recorded a 226 percent increase in revenue during the first half of the year on the back of the sharp increase in nickel price.

 

The company said that its revenue during the first six months of this year reached about Rp 6.86 trillion as against Rp 2.10 trillion in the first half of  last year.

 

The average nickel price rose to $19.55 per pound in the first half of this year from $7.54 per pound in the same period of last year.

 

During the first half of 2007, its ferronickel production amounted to 8,746 tons, a 28 percent increase compared to the same period of last year.

 

Production of high grade nickel ore increased 100 percent to 1.9 million wet metric tons (wmt) as Antam ramped up production at Pomalaa and Buli to meet customer’s demand.

 

Antam expects production of high grade nickel ore at Pomalaa and Buli to reach 1.6 million wmt and 2.3 million wmt respectively this year. Production of high grade nickel ore at Antam’s new mine of Mornopo was 13 percent higher at 253,494 wmt.

 

Meanwhile, gold production in the first half of 2007 amounted to 1,460 kg, a 14 percent increase compared to the same period of last year. Despite higher production volume, gold sales volume decreased by 5 percent to 1,125 kg. The average selling price of gold which reached US$664.52 per t.oz.

 

The ferronickel contributed about 50 percent of Antam's total revenue, with nickel ores contributing 43 percent while gold was the next largest contributor with a 5 percent contribution. The other mineral products such as silver and bauxite contributed the balance. (denny)