Gold and nickel miner PT Aneka Tambang Tbk (Antam) plans to spend Rp3 trillion capital expenditure (capex) next year. Most of the spending will be driven by internally generated cash flow.
"We have determined that our capex in 2011 is Rp3 trillion," said Antam President Director Alwin Syah Lubis said recently.
The company aims to spend the capex for several projects such as chemical grade alumina Tayan which will be constructed next year.
Antam also plans to build US$1 billion smelter grade alumina project, US$1.4 billion Halmahera project, and US$140 million Mandiono project. In 2011, Antam targets to produce 18,000 tons ferronickel from 18,500 tons estimated in 2010.
Disclosure: No position at the stock mentioned above.
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