JAKARTA - PT Kapuas Prima Coal Tbk (ZINC) has budgeted US$3-4 million for the development and exploration of the company's mine.
Currently the company has a mining area of 5,569 ha which produces lead concentrates, zinc concentrates, and silver, although only 390 ha have been explored.
As of August 2020, the company's galena resources reached 23.33 million tonnes, up from 14.44 million tonnes in 2018.
"The amount of ZINC's galena resources and reserves has met the Joint Ore Reserves Committee (JORC) standards," said ZINC CFO Hendra Susanto William in an official statement received by IDNFinancials.com, Tuesday (15/9).
"We are grateful for the latest assessment of our resources, which serve both as a positive sentiment for the sustainability of the company's business and an additional value for our shareholders."
ZINC has constructed two smelters, one each for lead and zinc. The lead smelter is expected to commence operation in the first quarter of 2021, while the zinc smelter is expected to commence operation in 2022.
"We believe that these two commodities have positive prospects, due to large demand in the domestic market which usually relies on imported commodities every year," Mr William said. (MS)