Archi Indonesia, Gold Mining Company Owned By Conglomerate Peter Sondakh Intensify Exploration In The West Corridor

Illustration. (Photo: Pixabay)

JAKARTA - PT Archi Indonesia Tbk (ARCI) is intensifying mining exploration in the West Corridor in order to increase its gold ore reserves. The company owned by Rajawali's boss, conglomerate Peter Sondakh, reports that it has conducted a feasibility study to accelerate the location of the Bima-Arjuna gold reserve to enter the production stage.

The two locations will provide additional high-grade ore at the gold processing plant in Toka Tindung, North Sulawesi. President Director and Chief Executive Officer (CEO) of Archi Indonesia Ken Crichton said the exploration program of the Lotus Archi brand gold producer has also identified several large high-grade targets that are very close to, but separate from the location of the Bima-Arjuna gold reserve, and drilling is ready to be carried out in the second semester of 2021.

"Our geological team has recognized the potential for the West Corridor to be as great as the current Toka Tindung mine in the East Corridor, where more than 6 million ounces of gold have been recovered there and 2 million ounces have been successfully mined since first production in 2011," said Ken in an official statement, quoted Tuesday, October 12.

The Toka Tindung gold mine is one of the largest gold mines with two Contracts of Work owned by Archi's wholly-owned Subsidiaries, PT Meares Soputan Mining (PT MSM) and PT Tambang Tondano Nusajaya (PT TTN).

"Archi plans to continue to drive its exploration activities, targeting the near-mine project areas, the West Corridor and Greenfields, which are expected to provide approximately 5.3 - 13.0 million ounces of additional gold ore reserves," said Ken.

In the first semester of 2021, Archi Indonesia produced 81.6-kilo ounces of gold. ARCI hopes to achieve gold production of around 138-kilo ounces - 148-kilo ounces in the second half of 202.

This target is higher than the realization of gold production in the second semester of 2020 of 120-kilo ounces. If the target is achieved, the total production for the full year 2021 at ARCI will be 220-kilo ounces – 230-kilo ounces.