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Antam to use FTA for gold business

The Jakarta Post | 21 June 2016

Economy in brief: Antam to use FTA for gold business

JAKARTA: Diversified miner Aneka Tambang (Antam) hopes to utilize a free trade agreement (FTA) scheme to expand its gold business.

In a statement submitted to the Indonesia Stock Exchange (IDX), state-owned Antam says it is currently exploring the possibility of penetrating East Asia markets using the FTA scheme. Its processing and purification of precious metals unit will be the one handling the expansion.

The statement also says it will offer jewelry products that will be combined with batik-encrusted gold bars. According to Antam’s financial report, gold sales accounted for almost 80 percent of its sales in the first quarter, equal to Rp 1.58 trillion (US$119.56 million).

“We are certain that we can maintain the gold business because our precious metals have been certified by the London Bullion Market Association,” Antam president director Tedy Badrujaman said in the statement.

Antam’s latest exploration report shows that it carried out its gold mine explorations in Pongkor, West Java, throughout May.

 source: The Jakarta Post