JAKARTA - Archi Indonesia (Archi), one of the largest pure-play gold mining companies in Indonesia, plans to encourage mining exploration activities to find new reserves, and will double the capacity of its Processing Plant in the next 5 years.
The Toka Tindung Gold Mine, which is located in North Sulawesi and managed through Archi's wholly owned subsidiaries, namely PT Meares Soputan Mining (“PT MSM”) and PT Tambang Tondano Nusajaya (“PT TTN”), has successfully recorded significant growth in production volume. stable since starting gold production for the first time in 2011 and has managed to produce more than 200 kilo ounces (equivalent to 6.2 tons) of gold per year since 2016, and recorded a record high production of 270 kilo ounces (equivalent to 8.4 tons) gold.
In order to align the Company's plans to encourage mining exploration activities and improve the Company's business prospects, Archi will also increase the capacity of its current gold ore processing plant, from 3.6 million tons per year (by the end of 2020) to 8.0 million tons. per year by the end of 2025. This planned capacity increase will allow Archi to achieve production of more than 450 kilo ounces (equivalent to over 14 tonnes) of gold per year.
Currently, Archi is in the process of conducting an Initial Public Offering (“IPO”) on the Indonesia Stock Exchange (“IDX”), which was officially announced in the Company's Public Expose a few weeks ago. Archi targets to be listed as a public company on June 28, 2021 with issuer code 'ARCI' and an initial share price of IDR 750 per share.
Through the IPO, Archi will release a maximum of 3,725,250,000 shares of common stock, representing a maximum of 15% of the Company's issued and paid-up capital after the Initial Public Offering. (LM)