Press Release: Antam?s 2003 ore reserves and mineral resources estimation

Press release from Antam, JAKARTA, 27 April 2004

PT Antam Tbk (ASX ? ATM; JSX ? ANTM) is pleased to announce the results of its wholly-owned ore reserves and mineral resources estimation as at December 31, 2003. Antam?s Competent Person prepares a report on its reserves annually, in accordance with the Australian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code). The report does not include reserve and resources estimations of joint ventures and early-stage exploration projects.

During 2003, Antam continued to focus exploration activities on lateritic nickel, gold as well as bauxite in Indonesia. Total exploration expenditures, excluding joint ventures, decreased 9% to Rp51 billion or 2.8% of the export revenues of 2002. Antam?s policy is to spend up to 5% of the previous year?s export revenues on exploration, should the circumstance warrant.

Antam?s exploration unit, Geomin, spent Rp35.2 billion on nickel exploration, Rp5.8 billion on gold exploration and Rp1.2 billion on bauxite exploration, with the biggest expense attributed to fieldwork such as drilling and test pitting. Geomin did not perform any iron sands exploration and as such there were no expenses. Antam?s operating mines also conducted exploration and geological work at Antam?s operating mines and the expense for this work was included as part of the operating costs of the mine.

Geomin focused its lateritic nickel exploration activities at Halmahera, North Maluku and at Bahubulu and other areas in Southeast Sulawesi. Antam also focused on bauxite exploration at Tayan, West Kalimantan and on gold exploration at Pongkor, West Java. The majority of the activities were intended to increase the mineral resource classification in accordance with mine planning.

In this table we can see the increase due to augmenting ore estimations from the least accurate category of inferred, which is not included in these tables. This table indicates all of Antam?s estimated mineral resources and ore reserves, except for inferred resources.

Mineral Resources and Ore Reserves Table*

Commodity	Ore Quantity (?000 WMT) 2002	Ore Quantity (?000 WMT) 2003	Change From last Year	2003 Production (?000 WMT)	Replacement Vs Extraction (Approximate)
Saprolite Nickel	64,260	90,210	40%	3,307	9 times
Limonite Nickel	76,510	184,560	141%	1,088	169 times
Gold	6,628	6,244	-6%	409	0.06 times
Bauxite	109,701	113,070	3%	1,263	4 times
Iron Sands	10,290	3,250	-68%	245	-28 times

*Based on the Competent Person?s Report. Figure as per December 31, 2003 (does not include inferred resources)

In this table we only focus on Antam?s ore reserves, which have been taken from the table above. Ore reserves are measurements of economically mineable ore, in order to production years remaining if Antam was to stop exploration work. It is important to realize that Antam?s ore reserves will increase as its vast resources are estimated in considering of the economics and become reserves:

Proved and Probable Reserves Table*

Commodity	Ore Reserves Quantity (?000 WMT) 2002	Ore Reserves Quantity (?000 WMT) 2003	Change From last Year	Estimated Rate of Annual Production (?000 WMT)	Estimated Remaining Years with No Further Exploration**
Saprolite Nickel	64,260	90,210	40%	3,307	10***
Limonite Nickel	76,510	184,560	141%	1,088	14
Gold	6,628	6,244	-6%	409	14
Bauxite	109,701	113,070	3%	1,263	62^^
Iron Sands	10,290	3,250	-68%	245	6.5

*Based on the Competent Person?s Report. Figures as per December 31, 2003 (does not include inferred resources)

**This is estimation and is not meant to suggest with certainty the mine life of Antam?s operations, which may have a longer or shorter duration.

***After 2006, Antam?s production will increase by approximately 1,000,000t for FeNi III. The figure does not take the production increase into as reserves and resources may change by 2006 and Antam will source third party ore for FeNi III.

^^Estimation does not include extraction for the Tayan Project.

Note:

Proved ore reserves are the most accurate ore estimation followed by probable reserves. A proved ore reserve is the economically mineable part of a measured mineral resources. It takes into consideration not only the geology but also mining, metallurgical, economic, marketing, legal, environmental, social, and governmental factors. A measured mineral resource is the most accurate geological estimation, followed by an indicated mineral resources. An inferred mineral resource is the least accurate estimation.

NICKEL

Saprolite Nickel (High Grade) ? Antam?s total estimated proved and probable saprolite ore reserves declined slightly to 34 million wet metric tones (WMT) with 2.36% contained nickel and total estimated resources decreased 16% to 115 million WMT with 2.42% contained nickel. The accuracy of the estimations of reserves and resources improved as Antam augmented the classifications in several areas. As well, Antam made new discoveries in Southeast Sulawesi.

The classification of all the saprolite nickel ore at the Pomalaa, Gebe, and Gee mines was augmented to proved reserves, the most accurate measurement. As such, the estimated volume decreased slightly for each area. Almost half of the saprolite nickel ore at the Tanjung Buli mine was classified as proved reserves, an increase over 2002.

The amount of saprolite nickel reserves at the exploration are of Other Prospects of Buli increased to 19.3 million WMT due to augmenting a portion of the estimation from the resources category at Blok A/Blok PAP5, as Antam prepares to open its 5th nickel mine, Mornopo, in 2005. the resources of this area were also augmented, with a larger portion classified as measured and indicated resources instead of the least accurate measurement of inferred resources. As a result, the total estimated amount of resources declined to 97.5 million WMT. There were no new discoveries made at Other Prospects of Buli.

Antam made new discoveries of nickel at Tapunopaka and Mandiodo, which are located near the Bahubulu/Southeast Sulawesi exploration area, resulting in measured and indicated resources doubling in this area to 17.5 million WMT.

Limonite Nickel (Low Grade) ? Antam?s estimated total proved and probable limonite ore reserves increased 24% to 22 million WMT with 1.42% contained nickel and total resources increased slightly to 251 million WMT with 1.47% contained nickel. Like with saprolite the accuracy of the estimations of reserves and resources improved and Antam made new discoveries in Southeast Sulawesi.

At Pomalaa, proved reserves of limonite ore were estimated at total of 1 million tones; last year Pomalaa did not have a limonite ore estimate. The estimation was made as Antam began to market low grade saprolite ore, which was previously considered waste. The estimate of the small amount of limonite reserves at the Gebe mine declined. At the Tanjung Buli mine, Antam augmented a small portion of its estimation to proved reserves, with the total amount of reserves also increasing slightly.

Like with saprolite, at the exploration area of Other Prospects of Buli, Antam?s reserves of limonite increased over 2002, while a larger portion of Antam?s limonite resources were classified as measured and indicated. As a result of improving the accuracy of the measurement, the total amount of limonite resources in the Other Prospects of Buli area declined compared to 2002.

The biggest change in Antam?s limonite resources is due to new discoveries at Tapunopaka and Mandiodo, with Antam?s measured and indicated resources increasing from 34 million WMT to 103 million WMT.

GOLD

Antam?s proved and probable gold ore reserves at the Pongkor mine increased to 5.8 million WMT as a portion of the measured and indicated resources were classified as reserves after estimating in consideration of the economics. The estimation indicates a slightly reduced average gold grade of 10.4 grams per ton (g/t) and silver of 118.5 g/t, resulting in estimated metal of 1,698,100 t.oz of gold and 19,368,300 t.oz of silver. Pongkor?s total resources decreased, due to reclassifying a portion as reserves, to 0.8 million WMT. Antam?s Geomin unit made no new discoveries at the Pongkor site. Antam also has a small amount of proved gold ore reserve at the Cikidang mine in West Java, previously held by Antam?s subsidiary International Antam Resources (IAL). Antam disposed of IAL at the end of 2003 but a JORC-compliant estimation of the Cikidang reserves has not been carried out in 2003.

BAUXITE

Antam?s estimated total proved ore reserves of washed bauxite jumped to 61.5 million WMT with 16.68% silica and 46.52% alumina as a large portion of the measured and indicated resources at the exploration area of Tayan, West Kalimantan were upgraded to reserves after estimating in consideration of the economics. Tayan?s reserves were estimated at 58.8 million WMT. Antam estimated a portion of the Tayan bauxite resources as reserves as a Bankable Feasibility Study was completed regarding the Tayan Chemical Grade Alumina project and the degree of confidence that the ore can be mined economically increased. The estimated measured and indicated resources of washed bauxite at Tayan declined to 51.5 million WMT with 10.38% silica and 46.86% alumina. The proved ore reserves estimation at Antam?s Kijang mine increased slightly to 2.8 million WMT as Antam measured the reserves according to new, lower quality specifications (specifically a higher silica content) as agreed to by Antam?s customers.

IRON SANDS

Unlike 2002, all of Antam?s iron sands were estimated as reserves. Total reserves decreased by 32% to 3.3 million WMT of concentrate with a mean iron content of 46.8%. As the resources at Kutoarjo were re-estimated as reserves in consideration of the economics, there were no estimates of iron sand resources. Antam?s iron sands estimations were performed for two mine locations. Kutoarjo in Central Java and Lumajang in East Java. Kutoarjo has estimated total reserves of 2.5 million WMT of concentrate and Lumajang has estimated total reserves of 0.7 million WMT of concentrate. Total reserves and resources dropped as, in 2003 Antam stopped mining activity at Cilacap and the exploration license at Wates expired, therefore the mineral reserves and resources from there properties were not included in Antam?s 2003 ore estimation.

For further information: Mr Dohar Siregar, Corporate Secretary, Tel: (6221)-7805119, Email: corsec@antam.com. (*)