Antam¡¯s sales fall 35%, but bauxite & alumina show a rise

Publicly listed diversified mining company Aneka Tambang (Antam) reported that its first-quarter sales dropped by nearly 35 percent year-on-year (y-o-y).

However, Antam’s bauxite production rose by 186 percent y-o-y to 115,340 wmt, as the company has been aggressively boosting the commodity’s production in preparation of the company’s Tayan Grade Chemical Alumina plant.

The $490 million Tayan refinery was commissioned in October last year, and is expected to launch operations soon, with output set at between 125,000 tons and 130,000 tons of alumina throughout this year, before increasing to 300,000 tons next year.

This year, Antam plans to allocate Rp 2.8 trillion for capital expenditure (capex), compared to Rp 2 trillion last year, as more projects come onstream.

Antam’s shares, traded on the Indonesia Stock Exchange (IDX) under the ticker symbol ANTM, closed at 1,150 on Friday, a 2.3 percent decline from the previous closing session.

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