Antam Receives State Capital Funds Amounting To Rp3.5 Trillion

Jakarta (Antara Bali) - PT Aneka Tambang (Antam) has received state capital participation funds in the form of rights issue amounting to Rp3.5 trillion.

Antam President Director Tedy Badrujaman said in a press statement here on Monday that the government had disbursed Rp3.5 trillion as capital participation in Antam's right issue.

With the disbursement, the government has proven that it supports the development of mining in Indonesia. The government support is also there for a law on mineral and coal which encourages industry to produce high value added products.

"The rights issue process proceeded well. Several main investors have also expressed interest in carrying out its right in the right issue," he added.

He said the total funds obtained from the right issue were valued at Rp5.4 trillion. Of this, Rp3.5 trillion will be used for funding the development of the first phase of ferronickel projects which would increase the company's ferronickel production capacity by 13,500 - 15,000 tons of nickel in the ferronickel (TNi) per year.

 The remaining funds will be used to finance the working capital with regard to the Antam operational activities and to fund the company's business expansion to increase the production capacity. (WDY)