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Tuesday August 28, 9:29 AMIndonesia's Antam H1 profit jumps on metal priceJAKARTA, Aug 28 (Reuters) - Indonesia's state owned miner, PT Aneka Tambang Tbk , reported on Tuesday its first half net profit rose more than five-fold, boosted by soaring metal prices.The firm's net profit surged to 2.87 trillion rupiah ($306.1 million) from 515.2 billion a year ago, while sales revenue rose more than quadrupled to 4.1 trillion rupiah. The company did not elaborate, but a rally in metal prices has benefited many mining companies. Antam, 65 percent owned by the Indonesian government, is involved in exploration and production of nickel ore, smelting of ferro-nickel, exploration, production and refining of gold, silver, bauxite and iron sands. Nickel at the London Metal Exchange closed at $27,700 per tonne on Friday, well below its highs earlier in the year. The metal used in stainless steel manufacture hit a record high of $51,650 a tonne on May 9. Antam has also suffered production problems. The firm had said its ferronickel output in the second quarter rose a lower-than-expected 6 percent because of a leak in its third smelter. Antam produced 4,394 tonnes of ferronickel in April-June, and may not meet its 2007 production target of 20,000 tonnes as smelter repairs could take longer than anticipated. ($1=9,375 rupiah) |
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