Agencies

Agencies
Jakarta

Publicly-listed state mining company PT Aneka Tambang predicts
its revenue will be flat this year because the rupiah's
appreciation will offset the results of a slight increase in
production expected this year.

Aneka Tambang's president director Dedi Aditya Sumanegara said
Thursday that this year's revenue will be around last year's
value of Rp 1.7 trillion (US$206 million).

Dedi didn't give a forecast for the company's net profit this
year. Last year, its profit reached Rp 202 billion, against a Rp
358.2 billion profit the previous year.

The company exports most of its products, mainly nickel and
gold.

The rupiah has gained around 8 percent against the dollar so
far this year, which will hurt Aneka Tambang's revenue in terms
of the rupiah.

The rupiah's rise will neutralize the impact of between a 5
percent and 10 percent increase in Aneka Tambang's total output
this year.

Dedi said the company will produce 100,000 tons of nickel, one
million tons of bauxite and 4.2 tons of gold this year.

He added the company will also manage to prevent its revenue
from falling if nickel prices don't fall below $3.4 and $3.5 per
pound.

Meanwhile, the company's shareholders agreed on Thursday to
distribute 33 percent of its 2002 profit in dividends.

The firm will pay a dividend of Rp 65.6 billion, or Rp 34.42 a
share, compared to a Rp 46.77 per share dividend in 2001.

The company will use part of the remaining two-thirds of the
profit to fund the expansion of its ferronickel plant in Pomalaa,
Southeast Sulawesi, according to the statement distributed after
the shareholders meeting.

The expansion plan will double its output to 26,000 tons per
year.

The shareholders also approved the appointment of Kurniadi as
finance director, replacing Ki Agus Umar Tochfa. Arwinsyah Lubis
was appointed as director of operations, Syahrir Ika becomes
director of general affairs and Darma Amya was appointed director
of development.