Antam Eyes Gold Mines as Far as Arabia

PT Aneka Tambang Tbk (Antam) is currently aggressively seeking new sources of gold reserves, including exploring opportunities abroad. This follows the thinning gold reserves at the Gold Mining Business Unit (UBPE) Pongkor.

Originally, Antam’s President Director Untung Budiharto revealed that gold production from UBPE Pongkor is currently below 1 tonne per year, even just around 450 kilograms (kg) per year.

“We are currently only able to produce below 1 tonne, sir, even 450 kg per year, sir, so this is very minimal and Pongkor is the only gold mine owned by Antam, sir,” Untung stated during a Hearing with Commission VI of the House of Representatives (DPR RI) recently.

Therefore, to meet production needs, Antam has so far relied on various sources. Ranging from buyback programmes, purchases from domestic refineries, to imports from abroad if there is a supply shortage.

On the other hand, the company has also been assigned to conduct exploration of new reserve sources domestically. This activity will begin with social studies in several regions, including East Java.

“However, the time cannot be quick, sir. If I ask, it will take 5 years before it can be mined, sir, to obtain the reserves and resources there,” he said.

In addition to domestic exploration activities, Antam is also preparing several other strategies to strengthen gold reserves. One of them is exploring expansion of exploration abroad, including in Saudi Arabia.

“And exploring foreign exploration opportunities that we are currently doing in Saudi Arabia. This strategy is designed to balance the optimisation of existing assets with opening new growth opportunities,” Untung said.