JAKARTA - PT Archi Indonesia Tbk (ARCI) consolidated revenue in the first half of 2021 was recorded at US$142.4 million, an increase of 9% compared to US$130.1 million in the first half of 2020. This increase was mainly driven by the increase in the average selling price of gold to US$1,802 per ounce compared to US1,656 per ounce.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 5% to US$75.5 million, while net income increased 24% to US$32.6 million over the same period last year.
For information, gold ore processed reached 1.75 million ounces, an increase of 3% compared to 1.70 million tons in the same period last year. The average grade of gold ore processed was lower from 1.81 g/t to 1.66 g/t. As a result, gold production was 6% lower to 81.6 kilo ounces compared to 86.4 kilo ounces in the same period last year.
“Archi's financial performance in the first half of 2021 benefited from higher gold prices compared to the same period last year. Our operations during this period completed the development of advanced mining and waste removal activities from the higher gold Araren Pit, where we have successfully transitioned from stage 3 to stage 5,” explained Kenneth Ronald Kennedy Crichton, President Director of Archi Indonesia in an official statement.
With gold production of 81.6 kilo ounces in the first half, the Company expects to achieve gold production of between 138 kilo ounces – 148 kilo ounces in the second half of this year (gold production in the second half of 2020 is 120 kilo ounces), bringing the total production gold for the full year 2021 to 220 kilo ounces – 230 kilo ounces, based on Archi's current mining plans, reflecting growth of 5% – 10% of total gold production last year. (LM)