Solid Foundation for Future Growth
PT Rajawali Corpora wholly owns PT Archi Indonesia (Archi Group), a “Mid-Tier” gold mining group with a geographical focus in Indonesia. Archi Group has 100% stake in the Toka Tindung Project – a gold and silver mine in North Sulawesi.
Mining rights of the Toka Tindung Project is via two Contract of Work (CoW) companies, namely PT Meares Soputan Mining and PT Tambang Tondano Nusajaya, both of which are located in North Sulawesi, Indonesia. The two CoW’s have approximately 40 thousand hectares in total and the contracts are in force until their expiry in 2041, with possible further extensions of 2 x 10 year periods.
Not long after being acquired by the Rajawali Group in 2010, the Toka Tindung Project mined its first gold ores from the first of its five open pits in January 2011 and poured its first doré bars in April 2011 using its wholly owned and operated processing plant and smelter facility. The bullion is refined under contract at the PT Antam (Persero) Tbk refinery in Jakarta returning “good delivery” metals for sale on international markets.
Up to December 2016, The Toka Tindung Project had produced ~0.9 million ounces of gold and still has significantly more in store due to its’ ongoing successful exploration programs consistently discovering more gold than being mined over the last six years.
As at 30 June 2016, the Toka Tindung Project estimated a JORC Compliant ~3.5 million gold equivalent ounces in Mineral Resources and ~2.0 million gold equivalent ounces in Ore Reserves – all of these Ore Reserves are accessible by standard open-pit mining techniques and estimated using a gold price of $1,250 per ounce. In 2016 the direct gold mining and processing costs as defined by the World Gold Council, the C1 Cash Costs, were comfortably within the Industry’s lowest cost quartile.
We continue to optimize our assets full value, systematically reducing operational costs through continuous improvement, exploration and evaluation of potential new resources, with an eye on increase growth through acquisition and asset development that are prospective, productive, and Indonesia focused, and, last but not least, to continue to operate with safety, social responsibility, and environment standards that meet and/or exceed international standards.