Indonesia export ban hits PT Antam sales
PERTH (miningweekly.com) – Indonesia-focused diversified junior PT Antam has reported a 31% decline in its net sales during the first quarter of 2014, as Indonesia’s ban on mineral exports took effect.
The miner noted that net sales for the three months to March reached Rp2.3-trillion, resulting in the miner posting a loss of Rp272.6-billion during the first quarter.
“The first quarter of 2014 was very challenging for us, given the implementation of the ore export ban coupled with continued low average selling prices,” president director Tato Miraza said.
“Nonetheless, the ore ban policy has boosted commodity price levels and significantly tilted the balance of global commodity supply and demand, notably nickel, beginning in the second quarter of 2014.
“As a result, we are confident the company’s 2014 annual fiscal performance will remain positive despite lackluster performance in the first quarter,” Miraza said.
Despite the negative impact of the mineral ban, PT Antam reported a significant increase in production across all its commodities during the three months to March.
The ASX-listed miner reported on Tuesday that ferronickel sales increased by 46% during the first quarter, compared with the previous corresponding quarter in 2013, while bauxite production jumped 186% on the previous corresponding period as commercial operations at the chemical grade alumina plant was declared.
Gold also made an appearance in PT Antam’s portfolio, with first quarter gold sales amounting to around 50%, or Rp1.16-trillion, of the company’s total commodity sales.
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