Antam targets up to 56% increase in sales revenue this year

State owned mining company PT Aneka Tambang (Tbk) has targeted to book an increase of between 40 percent and 56 percent in sales revenue this year to between US$450 million and $500 million from about $320 million last year, Neraca reported on Wednesday.

PT Antam's president director D. Aditya Sumanegara said in Jakarta on Tuesday that the projected sharp increase in the sales revenue would be partly resulted from the increase in ferronickel production.

He said that the ferronickel production was projected to increase to 20,000 tons this year from about 7,000 tons last year following the opening of the company's third refinery plant FeNi III in Pomalaa, Southeast Sulawesi.

Aditya also predicted that the nickel prices would remain stable at between $6 and $6.5 per pound this year. According to him, the company's capital expenditure (Capex) will reach between $50 million and $60 million this year.

Antam also plans to distribute between 30 percent and 50 percent of its net profits as dividends this year. (*)