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Economy in brief: Antam announces deal with Oz’s Newcrest

State-owned diversified miner PT Aneka Tambang (Antam) announced on Monday its cooperation with Australia-based Newcrest Mining Ltd. to identify the potential of developing gold and other mineral resources in several areas in Indonesia.

The cooperation would cover sites in West Java, East Java, South Sumatra, Nusa Tenggara, North Sulawesi and Maluku and its Halmahera archipelago, a company statement read. It further outlined that in the cooperation Antam and Newcrest would share information regarding the technical, economic, legal and commercial feasibility of the projects to enable further exploration and development of gold mining.

“We hope that promising new prospects in gold will be found through the cooperation,” Antam president director Tedy Badrujaman was quoted as saying in the statement. However, none of the firm’s officials were available to elaborate further on the details of the cooperation. Tedy expressed the hope that the joint forces could boost Antam’s gold portfolio and business expansion.

Antam will continue to rely on gold to offset its declining business in the nickel sector next year. The publicly listed company is setting its gold production target at 2,450 kg next year, higher than the 2,347 kilograms this year despite a lower gold sales projection of 10,053 kilograms next year from the estimated 16,313 kilograms this year.

Apart from gold production from its Pongkor and Cibaliung mines, Antam also refines bullion from other parties, which make its sales volume far higher than its production volume.

Source : www.thejakartapost.com, Tuesday 17 November 2015