Antam continues with bond sales plan despite uncertainties

State owned mining company PT Aneka Tambang (Antam) will go ahead with its plan to sell rupiah-denominated bonds this year despite uncertainties in the world economy, Kontan reported on Saturday.

?As the bond offering schedule has been fixed, we will continue with the plan,? Antam?s president director Alwin Syah Lubis said.

The company said earlier that it plans to offer bonds worth up to Rp 4 trillion (about US$456 million). The bonds would be issued in two stages. In the first stage of the bonds which would be worth between Rp 1.5 trillion and Rp 2 trillion would be issued in November.

Antam has named Deuthsche Bank, Standard Chartered and Mandiri Securities to help arrange the bond offering. Proceeds from the bond offering would be used to finance the expansion of the company?s nickel mines, Alwin said.

Alwin acknowledged that the global economic slowdown especially in Europe might affect the company?s exports because the region is one of the company?s main export destinations. In addition to Europe, Antam also exports is mineral products to China and South Korea. (*)