The Indonesian state-owned and public listed metal miner PT Aneka Tambang, ANTAM, aims to invest $105 million (Rp 1.5 trillion) in capital expenditure this year to build two smelter megaprojects.
On 11th June’20, Anton Herdianto, Director of Finance, Antam, said: “Most of the funds were slated for two smelter megaprojects, while the remainder would be for exploration activity, subsidiaries and regular investments.”
He said post an annual shareholders meeting: “We are still revising the 2020 CAPEX concerning COVID-19. It is awaiting shareholder approval. Rp 180 billion had been absorbed as of the first quarter.”
Antam produces bauxite, the raw material used to produce aluminium and other metals. The company is also developing a $900 million alumina refinery in Mempawah, West Kalimantan and a $289 million nickel smelter in East Halmahera, North Maluku.
The public-listed metal miner made public that it would pay out Rp 67.84 billion in dividends for its shareholders.
The dividends incorporate 35% of Antam’s profit booked last year. The mineral miner’s profits sink 88.2% to Rp193.85 billion in 2019, compared to the previous year.
Antam’s Finance Director added: “Buying back company shares was not a priority at the moment as Antam felt its shares were not being undervalued. Buybacks have been trending among publicly listed companies over the past few months in improving share value.”
Aprilandi Hidayat Setia, Commerce Director, Antam said: “Sales were affected by the lockdown in India, which is one of the company’s major export markets.”
As a comeback, the metal miner has shifted more exports to China and plans to “re-enter the European market,” he said.
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