Jan 7, 2011

Antam considers gold miner takeover

Nickel and gold miner PT Aneka Tambang Tbk (Antam) is considering to acquire gold miner worth US$15 million-US$20 million, as part of 2011's investment target of Rp3 trillion.
Antam President Director Alwin Syah Loebis said the takeover is a strategy for Antam to jack up gold output. The company last year targeted 3 tons. But, if failed to reach the target.
"Realization of gold production in Cibaliung mine, Banten was 380 kg from the initial target of 500 kg," said Alwin as reported by Investor Daily today.
Antam is targeting to produce 3.7-3.8 tons gold this year. He said the company is eyeing gold miner in Java and Kalimantan.

Disclosure: No position at the stock mentioned above.
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