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Antam Flags 20% Revenue Jump Due to Surge in Sales
Elizabeth Gloria | January 25, 2012

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Indonesian state-controlled gold miner Aneka Tambang’s revenue may have jumped 20 percent last year on strong ferronickel and gold sales, a top executive said on Wednesday.

At the Jakarta-based company known as Antam, revenue may have increased past Rp 10 trillion ($1.1 billion) in 2011, president director Alwinsyah Lubis said.

“Our unaudited revenue may be more than Rp 10 trillion,’’ he said, without offering any more information.

Ferronickel sales probably rose to 19,000 tons last year from 18,000 tons in 2010 while gold sales surged to 8 tons from 7 tons in the same time frame, Lubis said. He added that ferronickel sales comprised 42 percent of Antam’s total revenue in 2011.

In 2010, the company recorded Rp 8.74 trillion in revenue and Rp 1.68 trillion in net income, according to company data.

Lubis said in November that Antam was now working on a big ferronickel smelter project in eastern Indonesia.

Valued at $1.6 billion, it is part of the company’s expansion efforts to comply with a new government regulation that requires miners to process minerals for export by 2014.

Once the plant commences operations at the end of 2014, it would be capable of producing 27,000 tons of nickel annually. The plant is set to be operated by Antam’s unit Feni Haltim in Buli, Lubis said last year.

Buli is a village on Halmahera Island in Maluku. The project in Buli includes a $600 million, 275-megawatt power plant that will be built and operated by state utility company Perusahaan Listrik Negara, Lubis said last year.

A law will require companies by 2014 to add value to natural resources before being exported in a bid to advance industrial activity.

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