PRESS RELEASE: Antam's latest ore reserves and mineral resources estimation
Friday, May 24 2002 - 07:10 AM WIB
PT Antam Tbk is pleased to announce the results of its latest ore reserves and mineral resources estimation. The information below is a summary of a comprehensive report prepared annually in accordance the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code), as at December 31, 2001.
NICKEL
Saprolitic Nickel (High Grade) - Antam estimated total proved and probable saprolitic ore reserves at 32,430,000 wmt with 2.42% contained nickel and total indicated and measured mineral resources of 30,360,000 wmt with 2.55% contained nickel. As well, Antam estimated inferred saprolitic resources at 78,600,000 wmt with 2.4% contained nickel.
Limonitic Nickel (Low Grade) - Antam estimated total proved and probable limonitic ore reserves at 20,970,000 wmt with 1.46% contained nickel and total indicated and measured mineral resources of 57,550,000 wmt with 1.55% contained nickel. As well, Antam estimated inferred limonitic resources at 102,900,000 wmt with 1.4% contained nickel.
Antam?s Pomalaa nickel mine in Southeast Sulawesi had estimated total proved and probable ore reserves of 2,210,000 wmt. Currently producing around 700,000 wmt of ore, this leaves Pomalaa with approximately three years of remaining mine production. Going forward, the vast deposits in Buli, Halmahera, North Maluku (where the Gee and Tanjung Buli mines are located), will largely feed the ferronickel smelters at Pomalaa. Discussions are currently underway towards an agreement for the extraction of approximately 10,000,000 wmt of ore from a tenement adjacent to Pomalaa.
GOLD
Antam estimated total proved and probable ore reserves of 4,278,520 wmt, with an average gold grade of 12.65 grams per ton (gpt) and silver of 135.83 gpt, resulting in estimated metal of 1,533,720 t.oz. of gold and 16,465,540 t.oz. of silver. Antam estimated total indicated and measured mineral resources of 1,344,650 wmt with an average gold grade of 9.81 gpt and silver 125.99 gpt resulting in estimated metal of 383,210 t.oz. gold and 4,921,910 t.oz. silver. Antam estimated total inferred resources of 363,000 wmt with an average gold grade of 10.2 gpt and silver 184.5 gpt resulting in estimated metal of 107,400 t.oz. gold and 1,937,000 t.oz silver.
BAUXITE
Kijang ? Antam estimated total proved ore reserves of exportable grade washed red bauxite of 2,052,760 wmt with 7.29% silica and 52.87% alumina. Estimated total measured mineral resources of washed white bauxite were 302,310 wmt with 9.49% silica and 58.09% alumina.
Tayan ? Antam estimated total indicated and measured mineral resources of washed bauxite of 100,850,000 wmt with 3.12% reactive silica and 47.42% alumina.
IRON SANDS
Antam estimated total proved and probable ore reserves of 23,517,000 m3 with a mean iron content of 50.5% and estimated iron sands concentrate of 5,900,000 wmt total indicated mineral resources of 16,835,000 m3 with a mean iron content of 50.7% and estimated iron sands concentrate of 5,500,000wmt.
Mine Life Estimation:
| Commodity | Estimated Reserves and Resources*(?000 wmt) | Yearly Rate of Production(wmt) | Remaining Years of Mine Life |
| Saprolite | 62,790 | 2,250,000 | 28 |
| Limonite | 78,520 | 1,600,000 | 49 |
| Gold | 5,623 | 400,000 | 14 |
| Bauxite | 103,205 | 1,000,000 | 103 |
| Iron Sands | 11,400 | 500,000 | 23 |
*from the Competent Person?s Report as at December 31,2002; figures do not include inferred resources, nor the reserves or resources from Obi, Cikidang, Kendawangan or any tenement held by a joint venture.
In 2001, Antam produced 2,498,163 wmt of saprolitic nickel ore, a 19% increase over 2000 and 1,120,978 wmt of limonitic nickel ore, a 20% increase over 2000. Antam also produced 413,099 wmt of gold ore, a 13% increase. As well Antam produced 7% more bauxite at 1,237,006 wmt and iron sands production decreased 4% to 469,377 wmt.
Antam is a diversified, vertically integrated mining company with nickel and gold as its main products and is one of Indonesia?s leading mining operations. With over 30 years of mining experience, Antam is one of the world?s lowest cost producers of its core products, nickel and gold.
For further information please contact: Mr Dohar Siregar, Corporate Secretary; Tel: (6221) 780 5119; Fax: (6221) 781 2822. (*)