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PT Aneka Tambang TBK (PT ANTAM Tbk.).

Article Excerpt
Background

PT ANTAM Tbk. was incorporated in Jakarta on July 5, 1968, with an authorized capital of Rp 3,800 billion and issued capital of Rp 953.8 billion fully paid up. It is owned 65% by the Government of Indonesia (GOI) and 35% by the public. It is a leading Indonesian company in diversified mining and mineral processing industry.

ANTAM is a vertically integrated, export oriented, diversified mining and metals company. With headquarter in Jakarta and operations spread throughout the mineral-rich Indonesian archipelago, ANTAM undertakes all activities from exploration, excavation, processing through to marketing of nickel ore, ferronickel, gold, silver, bauxite and iron sands.

The company has long term loyal blue chip customers in Europe, Australia and Asia. Due to the vastness of the company's licensed exploration areas as well as known large holdings of high quality reserves and resources, ANTAM has formed several joint ventures with international partners to profitably develop geological ore bodies into profitable mines. The company was formed in 1968 from the merger of several single-commodity state-owned mining companies.

ANTAM was first listed on the Jakarta and Surabaya Stock Exchanges when the government sold 35% of the company to the public in 1997. In 1999, ANTAM listed its shares as a Foreign Exempt Listing on the Australian Stock Exchange, augmenting to a full ASX Listing in 2002. In 2003, ANTAM conducted its maiden US$ bond issuance through its Mauritian Subsidiary Antam Finance Ltd. The bonds are listed on the Singapore Stock Exchange. The company's shares are actively traded on the Jakarta Stock Exchange, with the 35% public ownership mostly comprised of over 200 foreign institutional investors, mainly from the UK and USA.

Resources and Reserves decreased

ANTAM's estimates of its total mineral resources and ore reserves decreased in 2005. This is due to extraction as well as more detailed drilling activities, which increased the accuracy of the estimates. Increasing the accuracy of the estimates can either increase or decrease the estimated volume of an ore deposit.

ANTAM's exploration division, conducted exploration activities focused on nickel, gold and bauxite in Indonesia. The main objectives of the exploration activities are the discovery of new prospects or new resources and to improve the accuracy of reserve estimation through detailed exploration.

Nickel

In 2005, ANTAM conducted nickel exploration activities at Halmahera, including Gee and Pakal Islands, Southeast Sulawesi and Obi Island. The exploration included geological, geophysical, drilling, analytical and evaluation activities to improve the classification of known ore resources, with a view to supporting ANTAM's long term nickel developments, such as FeNi IV and the HPAL project. ANTAM will continue to focus activities at Halmahera and Sulawesi, to further delineate ANTAM's holdings of low-grade nickel ore (limonite), high-grade nickel ore (saprolite) and Low Grade Saprolite Ore (LGSO).

ANTAM...

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