Reuters reported that Indonesia's state owned miner PT Aneka Tambang Tbk has revised its nickel sales target up by nearly 6% for 2008 from an earlier target to boost revenue as nickel prices soften.

Mr Alwin Syah Loebis president director of Antam said that PT Antam now plans to sell 18,000 tonnes of ferronickel in 2008, up by 5.88% YoY from an initial target of 17,000 tonnes. He added that "We plan to increase ferronickel sales in anticipation of lower nickel prices."

Nickel prices at the London Metal Exchange have fallen by about 22% so far in 2008 on easing demand from stainless steel producers. Nickel MNI3, a raw material used in stainless steel, dropped to USD 20,500 a tonne from USD 21,000 on continuing concerns about demand from stainless steel producers, the biggest users of the metal.

Antam said that sales of ferronickel in the first half of 2008 rose by 18% YoY to 8,570 tonnes from 7,268 tonnes in the same period last year. Despite higher sales volume, its revenue in the first 6 months of 2008 fell by 7% YoY IDR 5.570 trillion as compared to a year ago.

Average prices of ferronickel received by the company in the first half of 2008 plunged by 31% YoY to USD 12.38 per pound as compared to USD 17.93 per pound in the same period last year.

Antam, which is 65 percent owned by the Indonesian government, is involved in the exploration and production of nickel ore, smelting of ferronickel, exploration and production of refining gold and silver, bauxite and iron sands.