PT Antam (Persero) Tbk

ANTAM Strengthens Position as Low Cost Ferronickel Producer in the World
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Jakarta, February 28, 2017 - PT ANTAM (Persero) Tbk (ASX -ATM; IDX – ANTM; ANTAM) is pleased to announce the Company strengthens position as one of the low cost ferronickel producer in the world with an unaudited cash cost of US$3.39 per pound in 2016. ANTAM’s unaudited 2016 cash cost was 21% lower over 2015 cash cost of US$4.31 per lb. Inline with the increasing trend of global nickel price, supported with the closure of several nickel mines in Philippines, ANTAM is confident to improve the profit margins from its nickel business in 2017. ANTAM’s positive outlook in 2017 from its nickel business is also supported with the Company’s higher target of ferronickel production of 24,100 tonnes of nickel contained in ferronickel (TNi), a 19% increase over 2016 production of 20,293 TNi.

ANTAM’s President Director Tedy Badrujaman said:
" Our unaudited 2016 ferronickel cash cost of US$3.39 per lb. remains very competitive in 2016. Our 2016 cash cost is lower than the average cash cost of global ferronickel producer of US$4.82 per lb., based on a recent study by Wood Mackenzie. This also places ANTAM as the second lowest cost ferronickel producer in the world. Inline with continued efficiency efforts and the operation of the coal fired power plant in Pomalaa, we expect our ferronickel cash cost may further decrease in 2017 and increase profitability. "

ANTAM Strengthens Position as Low Cost Ferronickel Producer in the World

Throughout 2016, ANTAM’s efficiency initiatives resulted in Rp48.7 billion of savings or 134% of internal target of Rp36.4 billion. The largest efficiency resulted from Southeast Sulawesi Nickel Mining Business Unit with efficiency of Rp18 billion. ANTAM’s efficiency effort included lower use of plant consumables, efficiency in fuel consumption and using locally made spare parts.

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