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Reserve and Resources

Reserve and Resources

As a mining-based company, exploration is a key factor in maintaining the business sustainability given the nonrenewable characteristic of mineral deposit. Despite having a vast and high quality reserves and resources, particularly for nickel and bauxite commodities, in 2018 ANTAM continued its exploration activities to ensure the Company’s sustainability through Geomin unit by focusing on efforts to enhance and obtain gold resources.

ANTAM reports its exploration results and the estimated ore reserves and mineral resources based on the reporting standard issued by the Joint Ore Reserves Committee (JORC), whose members comprise of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists, and the Minerals Council of Australia. Therefore, on the basis of the estimate made by this JORC 2012 Code, ANTAM’s estimated reserves is comparable to other global mining company. Moreover, ANTAM’s estimated reserves and resources is prepared in compliance with Indonesia Mineral Reserve Committee (KCMI) 2011 Code. ANTAM’s exploration activities is also supported by the development of an integrated Geospatial & Geology Database system.

The Company’s exploration cost in 2018 amounted to Rp32.71 billion, or 73% higher compared with exploration costs in 2017 of Rp18.95 billion in line with the Company’s commitment to strengthen its portfolio of mineral reserves and sources. In this year, exploration activities were focused on finding new gold reserves and resources.

ANTAM's current mineral reserves and resources are as follows:

 

Mineral Ore Reserves*

Commodity

Reserves Ore Quantity

2017 2018
Nickel Ore (in million WMT) 333 438
Gold Ore (in thousand DMT) 2,658 4,526
Bauxite Ore (in million WMT) 46 31

 

Proven And Probable Reserves*

Commodity

Resources Ore Quantity

2017 2018
Nickel Ore (in million WMT) 1,356 1,334
Gold Ore (in thousand DMT) 5,980 9,789
Bauxite Ore (in million WMT) 567 578

 

* Based on the Competent Person’s report. Figures as of December 31, 2018. Estimations at this table including nickel figure from PT Gag Nikel, bauxite resources estimations at PT Borneo Edo International, PT Mega Citra Utama, PT Dwimitra Enggang Khatulistiwa and PT Gunung Kendaik, gold resources and reserves estimations at PT Cibaliung Sumberdaya.

 

For the latest information on ANTAM's exploration activities click Exploration Reports.

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