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PrintAneka Tambang, a state gold and nickel miner, has allocated $200 million for capital expenditure in 2014, cutting its investment sharply from this year’s Rp 5 trillion.
The capital expenditure excludes acquisition costs the company may incur as it plans to acquire gold-mining companies in order to raise its production.
Tato Miraza, president director of the company, said that next year’s investment will be partly used to finance expansion plans.
The company is currently seeking to increase the value of nickel production from its nickel ore mine in Pomalaa, Kolaka in Southeast Sulawesi.
An Antam subsidiary, Feni Haltim, is focusing on the expansion of its ferronickel ore mines located in East Halmahera in North Maluku.
Valued at $1.6 billion, the mining operations is expected to produce 27,000 tons of nickel a year and will be operational by the end of 2014.
Antam is also considering listing other subsidiaries — GAG Nikel, Cibailung Sumber Daya and Marga Cipta Utama — on the Indonesia Stock Exchange (IDX).
“We will look at the rules, and if it’s possible, we will list our companies in the stock exchange.” Tato said,
Antam’ shares were unchanged at Rp 1,500 on the IDX on Thursday.
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