PT ANTAM (Persero) Tbk is evaluating alternative gold export markets to India in a bid to increase the company’s revenue. Possible markets include Malaysia, Singapore, United Arab Emirates and several African countries.

The evaluation follows the challenges of continuing gold exports to India, which was the company’s main gold export market in 2015.

ANTAM’s president director Tedy Badrujaman said, “The substantial gold sales increase in 2015 was an anomaly in line with the significant gold export to India following the ASEAN-India Free Trade Agreement. Having said that 2016 sales will be impacted by limitations on Indian gold imports, which have been applied to every importer since the end of last year.

“Nonetheless, our 2016 gold sales target of 11.5 tonnes remains the company’s record high, notwithstanding our 2015 gold sales. We are confident that our strategy in penetrating new gold export markets will augment our gold sales.”

At the end of the first half of 2016, in line with the lower Rupiah exchange rate against the US Dollar compared with the exchange rate at the end of 2015, ANTAM receives benefits from foreign exchange gain. As well, the current gold price of US$1350 per ounce over the 2015 gold price of US$1190.75 is also expected to contribute positively to ANTAM in 2016.

Meantime, ANTAM, PT Freeport Indonesia (PTFI) and PT Smelting (PTS) have signed an MoU regarding the development of an Anode Slime Processing and Precious Metal Refinery (PMR) plant. Through the MoU, ANTAM and PTFI will evaluate ANTAM’s participation in the proposed project.

The signing of the MoU is one of ANTAM’s inorganic growth initiatives in the gold business. It is also one of the company’s risk diversification measures to ensure gold feed to be further processed as well as providing synergy with ANTAM’s London Bullion Market Association accredited Precious Metals Processing and Refinery Business Unit.