Antam to acquire bauxite mines and develop aluminum project
Tuesday, September 7 2004 - 03:16 AM WIB
Publicly listed mining company PT Antam plans to acquire bauxite mines from other companies and to develop aluminum mining project to further diversify its mining operation, Koran Tempo daily reported on Tuesday.
The company's corporate secretary Dohar Siregar said in Jakarta on Tuesday that the company was still studying the
possibility of acquiring bauxite mines to take advantage of the current surge in the prices of the commodity.
"We have the budget. The acquisition will be carried out later this year or next year," he said.
In addition, Antam was also still negotiating with a Japanese investor to develop its aluminum project in West Kalimantan, especially related to the Japanese company's commitment to buy the aluminum product.
Antam will have 40 percent share in the project which will be worth US$220 million. The other 60 percent will be given to its investors. (*)