As Antam had only spent 22% of its 2010F capex or around US$40mn in 1H10, the company plans to allocate the remaining US$140mn of its capex in 2H10. Antam added that the capex will be allocated for its existing gold mine project, Cibaliung, and preparation for its chemical grade alumina project in Tayan, West Kalimantan.
Cibaliung is scheduled to start its contribution in 2H10 with 500kg output and help Antam to produce 3tons of gold this year.
Antam has not released its 1H10 results and from its operational data released last month, we foresee the company to post a strong QoQ performance in its net income.
Currently, ANTM is trading at 2011F PER of 11.2x and EV/EBITDA of 5.8x, Buy.
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