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UPDATE 1-Indonesia's Antam to up Stake in Eramet Nickel Project
JAKARTA, Sep. 25 -- Indonesian state miner PT Aneka Tambang Tbk (ANTM.JK) will boost its stake to 40 percent in a nickel project run by Eramet (ERMT.PA) in eastern Indonesia, from 10 percent currently, Antam's president director said on Friday.
Eramet, the world's sixth-largest nickel producer, is exploring the Weda Bay large nickel deposit in eastern Indonesia.
"We have an agreement with Eramet to increase our stake up to 40 percent," Antam's President Director Alwin Syah Loebis told Reuters.
"The process can start gradually next year after a feasibility study," he said, declining to disclose the source of financing for the plan.
Shares in Antam closed up 1.11 percent at 2,275 rupiah, compared to a 1.81 percent gain in the broader market .JKSE.
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