Gold price rises, Antam does not revise production

The price of gold in the spot market shows an upward trend compared to last year. But unfortunately, the momentum of the price increase did not make PT Aneka Tambang (Antam) willing to increase production.
Antam Secretary Aprilandi Hidayat Setia said that although the price of gold in the spot market is rising, Antam will not increase production from Antam's two mining areas in Cibaliung, Banten and Pongkor, Bogor, West Java.
"While not yet raising production, it is still in the range of 2 tons - 2.5 tons per year."
For Antam, of course with the increase in gold prices is expected to be a positive impact on revenue. Because the volatility of commodity prices is indeed one of the external factors that will affect Antam's revenue in the end.
"To be more competitive, Antam keeps the cash cost level low to improve financial performance, including the control of cash production costs," he explained.
As for the first half of 2017, Antam recorded a cash cost of US $ 840.74 per ounce troi, while the average selling price of gold was US $ 1,272.58 per ounce troi.