Antam signs MoU with PT POS to expand gold business
Tuesday, October 27 2015 - 01:20 AM WIB
IDX-listed mining firm PT Aneka Tambang Tbk (Antam) signed Tuesday an MoU with state-owned postal firm PT POS Indonesia as the former company seeks to expand its domestic gold business by utilizing the latter?s network across the country.
?The cooperation will further maximize Antam?s gold market potential as the public will have easier access to purchase Antam?s gold products as well as delivery services to major cities,? said Tedy Badrujaman, President Director of Antam, which is a state-controlled company.
Antam explained that the collaboration between the company and PT POS Indonesia serves as the foundation of maximizing both companies? prospects. The synergy also delivers added value to the public by providing easier access in gold purchase throughout Indonesia. Further the public can also access Antam?s gold products at the company?s 11 Logam Mulia (LM) Boutiques in 9 major cities in Indonesia.
Antam said it aims for a 30-40 percent increase of domestic gold sales following the cooperation.
In addition, in line with gold business expansion, Antam said it plans to open additional Logam Mulia Gold Boutiques in potential major cities to increase sales and other business opportunities. Antam also offers precious metals depository services, BRANKAS, to provide a safe and easy access for gold investing to the public.
Gold remains one of Antam?s main commodities in addition to nickel and bauxite. Antam?s gold business is comprised of the Pongkor and Cibaliung gold mines, in West Java, as well as the Logam Mulia Precious Metals Processing and Refinery plant.
In 2014, Antam posted 9.9 tons of gold sales worth Rp4.93 trillion. Until first half of 2015, sales of gold including jewellery rose 180 percent over the same period last year to 10.9 tons, amounting Rp5.65 trillion.
Editing by Reiner Simanjuntak