Delay may cost Antam $30 million
Thursday, February 10 2000 - 04:00 AM WIB
State-owned general mining compant PT Aneka Tambang (Antam) may suffer loss of at least US$30 million if the construction of its ferronickel processing mill in Sulawesi is delayed, the company's top executive said in Jakarta on Wednesday.
Antam president Teddy Aditya Sumanegara said that the construction of its Ferronickel III plant, which was initially scheduled for June or July this year, had been delayed for difficulties in securing the financing for the project.
"The delay might result in a potential loss of about $30 million", Teddy told reporters following a hearing with the House of Representative commission VIII.
Mitsui Co. Ltd of Japan won the tender for the construction of the project in early 1998, outbidding seberl other major companies including ABB, Krupp Polysius. Costain, Bectel and KEC/Kvaerner.
However, Mitsui suffered difficulties in raising the funding for the project due to political uncertainties in the counntry in the last two years.(*)