ANTM Aneka Tambang Tbk

Antam Takes Over Cibaliung Gold Mine

Thursday, 9 July 2009 15:55:27

StockWatch (Jakarta) - State mining company PT Aneka Tambang Tbk (Antam) has finalized the acquisition of PT Cibaliung Sumber Daya, the company which operates Cibaliung gold mine in Pandeglang (Banten Province). Antam's corporate secretary Bimo Budi Satriyo said in a press release received by e-Bursa.com today (Thursday 9/7) that Antam has decided to continue the operation of Cibaliung gold mine. He said the company expects to start early production in the second half of 2010.

According to him, Cibaliung's gold production is estimated at 500 kg (16,000 toz) in 2010 and is expected to begin full production at 2,000 kg (64,300 toz) in 2011. He said Cibaliung gold mine has mining age of six years with estimated gold reserve of 12,800 kg (411,500 toz). (yan/bd)