Antam goes ahead expansion project

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)