Antam to reduce stake in Antam Resources

Publicly listed general mining company PT Aneka Tambang (Antam) has planned to gradually reduce its stake in its unit International Antam Resources Limited (IARL) to 20 percent from 80 percent at present, Antam president director D. Aditya Sumanagara said over the weekend.

IARL is listed on a Canadian bourse.

Aditya said Antam was undertaking due diligence on IARL as part of its plan to restructure IARL.

He said Antam would find it difficult to get enough funds from the sales of IARL shares on the Canadian stock exchange. He said the unfavorable social and political condition in Indonesia had caused IARL less attractive.

Antam is majority owned by the Indonesian government, and is still seeking investors to develop an alumina project in West Kalimantan. (*)