Antam Buys 30 Tons Of Gold From Freeport Factory

JAKARTA - PT Aneka Tambang Tbk (Antam) and PT Freeport Indonesia have agreed on a gold sale and purchase agreement.

Through this agreement, Antam will become the gold offtaker produced by PT Freeport Indonesia.

President Director of Antam Niko Kanter said this collaboration is a tangible manifestation of the downstream program launched by the government.

"In this agreement, we agreed to (purchase) 30 tons of gold according to PTFI's capacity," Niko said in his remarks, Thursday, November 7.

Through collaboration with PTFI, Niko said this could reduce Antam's dependence on gold imports that had been carried out so far.

Not only that, this collaboration can also save the country's foreign exchange which was lost due to gold import activities.

"That's how many hundred trillions we can save as a country's foreign exchange," added Niko.

On the same occasion, PTFI President Director Tony Wenas said Freeport's precious metal refinery (PMR) in Gresik will start producing gold bullion in the second week of December.

The PMR is known to have a production capacity of 50 to 60 tons per year.

"The total that can be produced from PMR is 50-60 tons depending on the level of ore in the mine, the higher the level of ore, the more gold it can produce," explained Tony.

Tony said the sale and purchase contract would last for the next 5 years with a sale and purchase value of 12.5 billion US dollars or Rp200 trillion.

He also ensured that PTFI was ready to supply any gold needs of Antam.

"The scope is 30 tons that Antam will take off. If Antam needs more, we are ready," said Tony.