ANTAM Signs An Agreement To Conduct A Feasibility Study Of Joint Developing A Stainless Steel Facility

ANTAM's President Director, Mr. Dedi Aditya Sumanagara, said,

"This agreement is part of our efforts to continuously explore ways to increase shareholder value by moving away from exporting raw materials and increasing processing activities."

ANTAM and Tsingshan will form a consortium to conduct the feasibility study, to apply for mining permits and prepare the ancillary agreements. The cost of the feasibility study and the other preparatory work will not exceed US$2 million.

Under the agreement, a joint venture company will only be incorporated upon satisfactory result of the feasibility study, which will have to be completed by August 2008.