Antam goes ahead expansion project

JAKARTA (JP): State-controlled, publicly listed gold and nickel miner PT Aneka Tambang (Antam) said yesterday it would proceed with its ferronickel expansion project in Pomalaa, Southeast Sulawesi, despite the crisis.

The company said in a statement that it had appointed United Bank of Switzerland's Warburg Dillon Read as its financial advisor on the best available financing alternatives for the project.

It has also invited six contractors to bid for a contract to expand the facilities at its Pomalaa III ferronickel plant.

Although it did not name the contractors, it said the invitation for tender was for the engineering, procurement and construction of the project.

The contract is expected to be completed in 2000 and commissioned in 2001.

The plant is expected to increase the company's ferronickel production capacity to 24,000 metric tons per annum from the current 11,000 metric tons.

Ferronickel is a refined premium nickel alloy used in the manufacture of stainless steel. (rid)