Pegadaian To Buy 1.3 Tonnes Of Gold From Antam

Jakarta, Sept 12 (ANTARA) - State-owned pawn company PT Pegadaian has set itself a target of purchasing 2.5 tonnes of gold ingots from state mining firm PT Aneka Tambang (Antam) this year. Nearly 1.2 tonnes of the gold ingots have been purchased and the remaining 1.3 tonnes will be bought this month. "Last year, we bought 1.3 tonnes. And this year we will buy 2.5 tonnes," PT Pegadaian President Director Suwhono said at the State Enterprises Ministry building here on Friday. He stated Pegadaian would partner with Antam in the sale and purchase of gold ingots, which were certified by the London Bullion Market Association (LBMA). Under the cooperation agreement, Antam will supply gold certified by LBMA to Pegadaian as per the prevailing daily prices. Pegadaian will then sell the gold through its outlets across Indonesia, Suwhono added. Pegadaian is one of Antam`s major gold ingot buyers. In mid-2010, Pegadaian bought gold (147 kg) from Antam for the first time. "The volume of gold we purchased reached almost 1 tonne in 2011," Suwhono noted. Earlier, Antam President Director Alwinsyah Lubis said Antam would be able to expand its gold bullion distribution to previously untouched regions of the country through its collaboration with PT Pegadaian. He explained that Antam decided to collaborate with Pegadaian in the wake of increased demand for the commodity. This year, Pegadaian expects to sell 2.5 tonnes of gold, of which 1 tonne has already been sold for Rp550 billion.