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Ancora to start production from Lombok gold mine in 2020

21 March 2019 02:25 PM  Company: PT. Ancora Indonesia Resources Tbk[OKAS]
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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)

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