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Indonesia's Antam collars first profit in 3 years

Higher nickel production lifts state-owned miner

JAKARTA -- Indonesian state-owned miner Aneka Tambang, better known as Antam, said Wednesday it earned a net profit in 2016 after two years of losses thanks to increased nickel production and higher prices.

But the profit of 64 billion rupiah ($4.8 million) was only a small fraction of the 2.2 trillion rupiah in losses Antam racked up during 2014 and 2015 after the government's ban on raw mineral exports devastated the company's fortunes. Uncertainty over the impact of a new regulation that potentially lets Antam resume exports also has weighed on the company's stock price, which recently hit a five-month low.

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