Release: Antam buys back US$5M of its US$200M bond

Jakarta, August 10, 2004 -- PT Antam Tbk (ASX - ATM; JSX - ANTM) is pleased to announce it has redeemed US$5 million nominal value of the US$200 million Eurobond 7-year Notes issued in September 2003 by its subsidiary Antam Finance Limited (AFL), which mature September 2010, and pay a semi-annual coupon of 7.375 percent. The redemption occurred after Antam purchased the Notes on the open market and then had the Notes cancelled. The buyback lowered. Antam?s bond-related, debt to US$195 million and reduced associated interest charges.

The proceeds of the AFL Notes, which are guaranteed by Antam, were loaned to Antarn to fund the construction of its ferronickel expansion, FeNi III, which will more than double Antam?s ferronickel capacity to 26,000 tons per year after construction is complete in the beginning of 2006. (end of release)