Publicly listed state-owned metal miner PT Aneka Tambang (Antam) plans to set around Rp 1.5 trillion (US$105 million) in capital expenditure (capex) this year, mostly to build two smelter megaprojects.

Antam finance director Anton Herdianto said on Thursday most of the funds were slated for two smelter megaprojects, while the remainder would be for exploration activity, subsidiaries and regular investments.

“We are still revising the 2020 capex in relation to COVID-19. It is awaiting shareholder approval,” he said after an annual shareholders meeting (RUPST), adding that Rp 180 billion had been absorbed as of the first quarter.

Antam produces silver, gold, nickel and bauxite, the raw material used to produce aluminum. The company is also developing a $289 million nickel smelter in East Halmahera, North Maluku and a $900 million alumina refinery in Mempawah, West Kalimantan.

The publicly listed miner announced it would pay out Rp 67.84 billion in dividends for its shareholders, which is mainly state-owned mining holding company MIND.ID.

The dividends represent 35 percent of Antam’s profit booked last year. The mineral miner’s profits plunged 88.2 percent to Rp193.85 billion in 2019, compared to the previous year.

Anton added that buying back company shares was “not a priority at the moment” as Antam felt its shares were not being undervalued. Buybacks have been trending among publicly listed companies over the past few months in improving share value.

Antam commerce director Aprilandi Hidayat Setia said sales were affected by the lockdown in India, which is one of the company’s major export markets.

In response, the metal miner has shifted more exports to China and plans to “re-enter the European market,” he said.

Antam shares, listed at the Indonesia Stock Exchange (IDX) as ANTM, fell 2.52 percent on Thursday against the benchmark Jakarta Composite Index’s (JCI) fall of 1.34 percent.