Antam?s net income rises 55 percent
Tuesday, March 19 2013 - 02:04 AM WIB
ASX-listed mining concern PT Aneka Tambang (Antam) said its audited net income for 2012 rose 55 percent to Rp2.99 trillion from the level in 2011, despite lower global commodity prices.
The company said on Monday that the higher net income was due to gain on fair value adjustment following Antam?s acquisition of a further 7.5 percent interest in PT Nusa Halmahera Minerals, which operates the Gosowong gold mine in North Halmahera , North Maluku Province .
The acquisition was part of Antam?s management effort to strengthen the company?s gold portfolio. PT Nusa Halmahera Minerals paid Rp375 billion in dividend income for Antam in 2012.
In 2012, Antam increased its gold production volume over 2011 by 7 percent. The increased production was supported with a 69 percent higher production at the company?s Cibaliung gold mine, which was only operational in 2010.
Antam?s gold and refining business segment contributed 38 percent to total sales last year. In the future, gold will further increase its importance toward the company?s sales as Antam increases its 2013 gold production target to 3 tons from the 2012 gold production of 2.8 tons. Antam will also further diversify its product portfolio this year as the company plans to begin the commissioning phase of the Tayan Chemical Grade Alumina plant in October.
Editing by Reiner Simanjuntak