• Antam has allocated US$148.5mn for its smelter grade alumina project located in Mempawah, West Kalimantan. The company will establish a JV company with Hanzhou Jinjian Group (HJG) to share the burden of the US$900mn project cost. The project will be financed by both equity and loans financing where total loans will reach 70% of total investment cost and the balance will be raised from equity injection in equal portion for Antam and HJG.
• Antam expects this 1mn ton annual capacity project to commence in 2014 or at the same time with the company’s target on smelter project in Halmahera.
• Meanwhile for the chemical grade alumina project at Tayan, the company and its partners have established a JV company and will soon announce EPC later this month.
• All-in-all, mentioned projects will be a revenue booster in the medium term as currently Antam still has to rely on its revenue from nickel products and gold. The company cash position stood at Rp2.8tn in 2009 or 27.9% of its total assets, enabling Antam to have a flexibility to finance its projects.
• Currently ANTM is trading at 2010F PER of 19.6x and EV/EBITDA of 10.4x, Buy.
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