Indonesian state-owned miner, PT Aneka Tambang Tbk (ANTM.JK: Quote), expects its acquisition of coal mine interests to be completed this year, president director Alwinsyah Loebis said on Wednesday.
We are now in the due diligence process for five coal mines in Kalimantan, we cannot state the names yet, Loebis told reporters. He did not elaborate on how many of those mines the firm would acquire.
He also said that Antam would increase gold production to about 3.8 tonnes next year, from about 2.8 tonnes in 2009.
Antam, which has a stock market value of $1.77 billion, is involved in the exploration and production of nickel ore, bauxite and iron sands as well as smelting of ferro-nickel, exploration and production and refining gold and silver. (Reporting by Andreas Ismar; Writing by Tyagita Silka; Editing by Sara Webb)
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