Aneka Tambang ferronickel production up 107% in Q1

ANTAM’s mining site (Image credit: ANTAM)

JAKARTA (RambuEnergy.com)- PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM), Indonesia’s state-owned nickel and gold producer, recorded a growth in operating performance and company’s main commodity sales within first quarter of 2018 (1Q18), which surpasses production and sales achievements in first quarter 2017 (1Q17).

In the first quarter, Aneka Tambang, also known as ANTAM, posted ferronickel production volume in the amount of 6,088 ton nickel in ferronickel, representing an increase of 107% from 1Q17 amount of 2,934 TNi.

The company’s ferronickel sales in 1Q18 also rose by 109% compared to 1Q17, reached in total of 5,363 TNi in ferronickel.

As for gold commodities, the total volume of gold production from Pongkor and Cibaliung reached up to 539 kg with the total sales volume of 6,945 kg or increased by 226% compared to 1Q17 in the amount of 2,127 kg.

This upgrade aligned with the company strategy for market development for both domestic and overseas as well as innovation in Logam Mulia product.

“Our positive operational and sales performance growth in 1Q18 aligned with our effort to strengthen ANTAM’s financial company structure which contributed a positive outcome for shareholders through the increase of production and sales, as well as maintaining the lower cash cost,” ANTAM’s President Director, Arie Prabowo Ariotedjo said.

“These endeavours became the guarantee of ANTAM’s long-term profitability,” he noted.

In March 2018, ANTAM received the extension of export recommendation for low grade nickel ore (<1.7%) in amount of 2.7 million wet metric ton (wmt) and washed bauxite with Al2O3 grade in amount of 840 thousand wmt from the Ministry of Energy and Mineral Resources (MEMR) for the period of 2018-2019.

In the previous year, ANTAM received an export recommendation for low-grade nickel ore in total of 3.9 million wmt, which consisted of 2.7 million wmt accepted in March and 1.2 million wmt accepted in October 2017. Meanwhile, for the washed bauxite, the export recommendation granted in March 2017.

Together with the export recommendation for low-grade nickel ore, ANTAM could reach production volume up to 2.11 million wmt in 1Q18 that raised 301%, with the sales volume of 1.15 million wmt, growing significantly 2,171% compared with 1Q17 sales volume of 50,500 wmt.

In addition, bauxite commodity also delivered positive contribution in 1Q18 period. The bauxite production volume posted 200,300 wmt which improved by 116%, with the sales volume of 61,380 wmt, that increased by 37% compared to 1Q17 achievements.

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