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December 7, 2007 |
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ANEKA TAMBANG: Expects 2008 Nickel Output to Increase by 6.3% PT Aneka Tambang Tbk expects its ferro-nickel output to rise by 6.3% next year as it gradually lifts the output of its damaged smelter, Reuters reports. According to the report, Antam expects to produce 17,000 tonnes on ferro-nickel in 2008 compared to an estimated 16,000 tonnes this year. In October, the report recounts, Antam cut its ferro-nickel production forecast for 2007 to 16,000 from 20,000 tonnes due to a leak in its new nickel. As reported by The Troubled Company Reporter-Asia Pacific on June 21, 2007, Aneka had a metal leakage in its third smelter FeNi III. The leak from the furnace wall occurred on June 16 and lasted for 90 minutes. It prompted Antam to reduce the power load at the smelter to prevent damage and for safety reasons. Company Director Darma Ambiar told Reuters that Antam is aiming to produce 15 tonnes of gold a year by 2017, from around 3 tonnes a year currently, to reduce its reliance on nickel output. The company expects the contribution from nickel to its revenue to come down to 60-70 %within the next 10 years, compared to more than 90% currently, Reuters adds. About Aneka Tambang PT Aneka Tambang Tbk -- http://www.antam.com/ -- mines, processes, develops, and explores natural deposits. The company operates six mines. They are located in Riau (bauxite), Sulawesi and Maluku (nickel), Central Java (iron sand), and WestJava (gold). The company also operates a precious metal refinery and a geology unit in Jakarta. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 24, 2007, Moody's Investors Service has put on review for possible upgrade the B1 corporate family rating of PT Aneka Tambang (Persero) Tbk. On Dec. 4, 2006, that Standard & Poor's Ratings Services raised its long-term corporate credit rating on Indonesian state-owned miningcompany PT Antam Tbk. to 'B+' from 'B'. The outlook is stable. At the same time, Standard & Poor's also raised to 'B+', from 'B', the rating on the senior unsecured notes issued by Antam Finance Ltd. and guaranteed by Antam. |
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