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Selasa, 05 April 2011

Aneka Tambang: Key takeaways from management meeting (ANTM, Rp2,300, Neutral, TP: Rp2,400) - Mandiri

�� Due to technicality problem, coal fired power plant project is no longer relevant to be used for the furnace or smelters. Coal fired power plants can only be used for supporting needs. Fuel will remain contributing significant portion to total energy mix to support its base load power generation for the smelters
�� Antam has sent request for proposal (RFP) to more than 20 international/local financial institutions regarding the funding of its FeNi IV project in Halmahera
�� Antam has signed the MoU with PT PLN to build around 280MW power plant and develop the infrastructure for FeNi IV project in Halmahera, which it might cost around US$500-600mn out of total project cost of US$1.6bn. From 280 MW, coal fired power plant project contributes around 80MW for the supporting needs
�� Antam expects total routine capex around US$450-500mn in FY11F including the refurbishment or upgrading FeNi I and FeNi II plants. It will take around 4 months shut down
�� Ground breaking for the Chemical Grade Alumina (CGA) project is next week. Antam confirmed that JBIC has verbally approved the funding for CGA project while waiting for the ongoing corporate guarantee approval from several ministers in regard to the loan disbursement.
�� Antam forecast ferronickel production will be flat at 18k tons, nickel ore will increase to 7.8mn wmt and gold production around 3.7tons. Antam guided us that ferronickel price this year should be above US$9/lb or on average around US$10/lb.
�� Currently we have Neutral rating on ANTM. In short term ANTM is traded attractively at 10.1xPER11F

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