ANTM - 30-ton annual gold deal with PTFI

ANTM - 30-ton annual gold deal with PTFI Aneka Tambang (ANTM) and Freeport Indonesia (PTFI) have agreed on a 30-ton annual gold sales deal, formalized in a contract signed in Jakarta on November 7, 2024. By mid-December, production of gold bars will begin, starting at 500 kg and gradually increasing. PTFI President Director Tony Wenas emphasized ANTM's priority in sales to fulfill internal demand, which is projected at 37-38 tons for the year. ANTM has already reached 28 tons by September, with PTFI committed to prioritizing production for ANTM. (Source : Kontan) Comment : This deal helps ANTM secure a stable gold supply, which is crucial as production at its Pongkor mine declines due to nearing the end of its mine life. This partnership with Freeport supports ANTM's goal to sustain gold sales and meet high demand in the Indonesian market. In the future, we anticipate ANTM may also reduce costs related to gold imports. We are still assessing the potential impact, but overall, this is positive news.