Antam's unit, Gold Refiners tie up
Friday, March 16 2001 - 04:00 AM WIB
PT Logam Mulia, a subsidiary of state owned general mining company PT Aneka Tambang (Antam), signed on Thursday a memorandum of understanding with Australian Gold Refiners (AGM) to cooperate in developing the former's gold refinery business.
The agreement was signed by Antam's president Dedi Aditya Sumanegara and AGR's associate director Daerrel Trainor.
Dedi said under the cooperation agreement, AGR would provide assistance in case Logam Mulia was faced with technical difficulties or could not fulfill the demand of its buyers.
As a mattter of fact, Trainor said, the cooperation between both companies dated back to 1987.
AGM had also assisted Logam Mulia in improving the latter's efficiency and security system, Trainor said.
AGM, which was formerly called Perth Mint, operates gold refinery plants in Perth, West Australia and in Port Moresby, Papua New Guinea, as well as a gold manufacturing factory in Melbourne, Australia. The 100-year old firm now produces 240 tons of gold per year.
Logam Mulia, which is now 71 years old, has the refinery capacity of 40 tons per year.
Antam also signed cooperation agreements on Thursday with state-owned auction firm Perum Pegadaian and the Association of Indonesian Gold and Jewelry Entrepreneurs (AEPI) allowing the latter both to market Antam's products. (Amoros)