Heaptalk, Jakarta – Archi Indonesia, a giant pure-play gold mining company, plans to drive mining exploration to find a new mining resource. In addition, the Firm revealed that Processing Plant capacity will be enhanced in the following five years.
Managed by Archi’s subsidiaries – PT Meares Soputan Mining (MSM) and PT Tambang Tondano Nusajaya (TTN) – Toka Tindung Gold Mining that lies in North Sulawesi successfully recorded a steady production since the resource was opened in 2011. Since 2016, Toka Tindung has produced more than 200-kilo ounces of gold (equivalent to 6.2 tons) every year, with the highest record reached 270-kilo ounces of gold (equivalent to 8.4 tons).
At the end of December 2020, Joint Ore Reserve Committee Code (JORC) estimated that Toka Tindung posses 3.9 million ounces of gold ore reserve (equivalent to 121 tons). The Committee also revealed that the exploration of the mining place was only around 10% of the concession area that has a total area of 40,000 hectares. The tremendous numbers of unexplored areas, further, inspired Archi to leverage mining exploration activities by targeting Near-mine, Western Corridor, ad Greenfields project areas. A study conducted by Energy and Mineral Technology International (ENMITI) verified by SRK Consulting Group (SRK), an independent industry consultant, found that exploration in the project series is expected will increase the number of new gold ore reserve between 5.3 to 13 million ounces.
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Conforming to the Group’s plan, namely to boost mining exploration activities and raise the business prospect, Archi will raise the capacity of the gold ore Processing Plant from 3.6 million tons per year to 8 million tons per year in late 2025. The plan of capacity enhancement will allow Archi to produce more than 450-kilo ounces of gold (equal to more than 14 tons) per year.
Currently, Archi focuses on their goal, mainly to be listed on the Indonesia Stock Exchange (IDX), which was officially announced in the Group’s public expose a few weeks ago. In the process of conducting Initial Public Offering (IPO), the submission of a Registration statement was run seamlessly, so as on the last Friday (18/06) the Firm has received an Effective Statement from Indonesia Financial Service Authority (OJK). Archi is planned will officially offer its stocks to the public on 28 June 2021 with the issuer code is ARCI. The initial price of ARCI’s stock will be set at the price of Rp750 per share.
See also: Archi Plans to Launch the IPO, Aims to Raise IDR 3,97 Trillion
Listed in IDX, Archi plans to sell 3,7 billion common stocks that represented 15% of capital that was placed and deposited after IPO. For the activity, Archi pointed PT Citigroup Sekuritas Indonesia, PT Credit Suisse Sekuritas Indonesia, PT Mandiri Sekuritas, PT BNI Sekuritas, and PT UOB Kay Hian Sekuritas as Archi’s Managing Underwriter.
Listed on IDX, Archi will utilize the fresh fund to enhance operational and common working capital, while capital expenditure for business expansion and operational will be financed from the Company’s internal cash. Archi Vice President Rudy Suhendra stated that the goal of conducting IPO is to develop and accelerate business growth and enhance Good Corporate Governance (GCG).
