State-ownwed diversified miner PT Aneka Tambang (Antam) has allocated US$723 million (Rp11.46 trillion) in Capital Expenditure (Capex) that will be used for gold, bauxite, and nickel exploration over the next five years.
Abdul Bari, General Manager of Antam, said that the company is maintaining the ratio of exploration budget to fixed income above 1 percent of total production income.
“This is a forecast plan for how we achieve 15-20 percent of the mandate submitted by the Ministry of Energy and Mineral Resources,” Bari said on Monday, November 25, 2024.
He cited that for gold resources, Antam is targeting an increase of up to 15 percent in five years. Meanwhile, its reserves are still around 10 percent behind the projection.
As for nickel, it is targeted to reach 15 percent of the estimate with reserves of up to 26 percent of the National Reserve Ownership.
Meanwhile, for bauxite, both resources and reserves are targeted to increase by 15 percent in the next five years.
Previously, Antam had signaled the acquisition of a gold mine. Bari said that Antam plans to explore and acquire mines, both domestically and abroad.
Currently, Antam has studied various prospects related to the acquisition of domestic gold mines. However, until now the company has not been able to divulge which mining areas to acquire.
