JAKARTA. PT Aneka Tambang Tbk (ANTM) or Antam and PT Freeport Indonesia (PTFI) have signed a sale and purchase agreement of gold with purity level of 99.99% to reinforce domestic gold supply chain.

With this collaboration, Freeport will provide raw materials for PTFI, which will then be processed by Antam to be precious metal products.

Nico Kanter, President Director of Antam, mentioned that this collaboration is a synergy within the mining industry holding of MIND ID, in order to increase gold downstreaming capacity.

“The synergy of raw material supply from PTFI is Antam’s commitment to improve its gold and precious metal business to meet the public demand for gold investment,” added Kanter in the official statement.

The amount of gold supplied by Freeport for Antam is 30 tons per annum, with purity level of 99.99%. The gold will then be processed in refinery plant to produce Antam’s precious metals.

“Antam’s precious metal and gold products will then be prioritised for the allocation of sales stock in Precious Metal and Gold Boutique across Indonesia,” added Kanter. (KR/ZH)