Indonesia's Antam Q1 ferronickel, gold output falls
04.22.09, 12:09 AM EDT
forbes.com
JAKARTA, April 22 (Reuters) - Indonesian state-owned miner, PT Aneka Tambang Tbk, said on Wednesday its first-quarter ferronickel output fell by 24 percent from a year ago on slowing demand because of the global financial crisis.
The company produced 3,296 tonnes of tonnes of ferronickel in the January to March period, compared to 4,362 tonnes in the same period last year, Bimo Satryo, Antam's corporate secretary said.
'Demand for nickel is slowing,' said Satryo, adding the decline was in line with a lower production target this year.
The first-quarter output was 27 percent of its ferronickel production target for this year of 12,000 tonnes.
In 2008, Antam produced 17,566 tonnes of ferronickel.
Nickel prices have slumped about 77 percent to $11,575 a tonne since hitting a record high of $51,800 in May 2007 on a drop of demand from stainless steel producers due to the global economic crisis.
Antam's gold output also fell 23.6 percent to 714.74 kg in the first quarter of this year, compared to 935 kg in the same period last year.
The company plans to produce 2,821 kg this year, down from 2,980 kg in 2008.
Antam, which is 65 percent owned by the Indonesian government, is involved in the exploration and production of nickel ore, bauxite and iron sands as well as smelting of ferro-nickel, exploration and production and refining gold and silver.
(Reporting by Fitri Wulandari; Editing by Ed Davies)
((fitri.wulandari@reuters.com; Reuters Messaging: fitri.wulandari.reuters.com@reuters.net; +62 21 384 6364 ext 904)) Keywords: ANTAM INDONESIA/OUTPUT
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