JAKARTA - PT Ancora Indonesia Resources Tbk (OKAS) CEO Rolaw P. Samosir said the company was still studying funding sources for the development of a gold mine in Lombok.
“We will start production [from the Lombok mine] in late 2020,” said Mr Samosir as quoted by Kontan.co.id, Wednesday (19/3).
Mr Samosir added that OKAS requires funds of US$ 20 million to 25 million to develop the mine. The company will possibly seek loans to obtain the funds.
OKAS’s gold mine in Lombok has a width of 10,088 hectares and consists of three sites: Raja, Selodong, and Macanggah. The Raja site has gold reserves of 322,000 troy ounces. (MS)