PT Aneka Tambang Tbk (ANTM) plans to allocate capital expenditure (capex) this year, amounting to Rp2.84 trillion.

Antam's 2020 annual report published on Wednesday (17/3) explained that this capex budget allocation is in line with the outlook for global economic recovery and the positive outlook for commodity absorption growth and future price levels to optimize its potential momentum of existing growth.

The details of the use of capex are routine investments of Rp474.50 billion to improve the optimization of mining and factory production assets and support the company's investment in business development of Rp2.34 trillion.

The company focuses the development investment on supporting the continued activities of construction of strategic projects, including completion of the construction of the East Halmahera Ferronickel Plant (P3FH), construction of supporting infrastructure for the Haltim ferronickel factory, keeping the supply of electricity for the factory, continuing the construction phase at the SGAR Mempawah Project, and initiating other strategic investment.

Meanwhile, the allocation for capital expenditure in 2021 for postponed expenses is Rp19.51 billion.

"The projection of Antam's capital expenditure in 2021 is dynamic and open to adjusting the business dynamics and strategies for future business development needs of the company," Antam's 2020 financial report showed.

Amid the new normal conditions for the Covid-19 pandemic, Antam realized a capital expenditure of Rp718.24 billion, with details of Rp149.09 billion for routine investment to support smooth production operations and Rp538.19 billion for investment in strategic development and financial support to support the subsidiary operations. Antam also spent Rp30.96 billion for deferred costs.