· Despite its previous bid in the divestment program, Antam said that the company has no interest in acquiring ownership in Newmont, including in Newmont Nusa Tenggara’s IPO plan in 1Q11. Antam preferred to put more focus on its existing projects, which are Cibaliung gold mine, chemical grade alumina and FeNI IV.
· This statement erases possibilities that Antam may stand as a bidder in Newmont’s IPO where previously the Ministry of SOE encourages the company to bid Newmont.
· There is no impact on this news as we foresee that Antam also views Newmont’s IPO price may double from the previous offer in the divestment program.
· Currently, ANTM is trading at 2011F PER of 11.0x and EV/EBITDA of 5.7x, Buy.
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