United Tractors (UNTR) Gold & Nickel Sales Soar at the Start of the Year
Sat 05 Apr 2025, 10:52 AM
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Astra Group mining issuer, PT United Tractors Tbk. (UNTR) recorded an increase in annual gold and nickel sales volume throughout January-February 2025.
In UNTR's monthly report, UNTR management explained that the company's gold sales volume through Agincourt Resources and Sumbawa Jutaraya reached 37,770 GEOs ( gold equivalent ounces ) during the January-February 2025 period.
On a monthly basis, UNTR's gold sales volume in February 2025 jumped from 18,000 GEOs in January 2025 to 20,000 GEOs in February this year.
UNTR also recorded nickel sales reaching 360,589 wet metric tons throughout January-February 2025. These sales consisted of 98,000 wmt saprolite and 263,000 wmt limonite.
Meanwhile, on an annual basis, UNTR's nickel sales rose 121.16% to 260,589 wmt in the first two months of 2025, compared to the same period in 2024 of 163,043 wmt.
UNTR President Director Frans Kesuma said in his annual report that gold prices continued to rise and reached their highest level in history at USD 2,690 per troy ounce in October 2024.
By the end of the year, the price of gold closed at USD 2,648 per troy ounce in December 2024, up 30.2% compared to the price in January 2024 of USD 2,034.
"The increase in gold prices was triggered by geopolitical tensions, continued demand from central banks, US monetary easing by lowering interest rates which weakened the dollar and lowered US bond yields," said Frans.
On the other hand, he continued, nickel prices did not show significant movement with an average price of USD 16,814 per ton in 2024. Nickel prices had touched a high of USD 19,587 per ton in May 2024, but then fell again.
Throughout 2024, nickel prices fell by 4.1%, from US$16,104 per ton in January 2024 to USD 15,445 per ton in December 2024.
"Nickel mining production and production from Indonesian nickel smelters have increased very high, causing oversupply and impacting on falling prices," he said.
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