• Newsletter
  • Contact
  • Press Releases
Thursday, June 5, 2025
Stay Ahead with Heaptalk: Your Go-To Source for Business News
  • Login
  • Register
  • Whats on
  • News
  • Events
  • Technology
  • Industry
  • GovAct
  • Expert Talk
  • Insight
  • Sustainability
No Result
View All Result
Stay Ahead with Heaptalk: Your Go-To Source for Business News
  • Whats on
  • News
  • Events
  • Technology
  • Industry
  • GovAct
  • Expert Talk
  • Insight
  • Sustainability
No Result
View All Result
Stay Ahead with Heaptalk: Your Go-To Source for Business News
No Result
View All Result
Home News

Indonesia’s Archi records 24% surge in net profit for the first semester 2021

Wulan by Wulan
March 22, 2024
in News
0
Indonesia's Archi, a gold mining firm

The picture of Archi's Board of Director

Share on FacebookShare on Twitter

Heaptalk, Jakarta – Archi, Indonesia’s giant gold mining company, reports it has gained a consolidated revenue of US$142.4 million for the first semester of 2021, an increase of 9% compared with US$130.1 million in the first semester of 2020. By this revenue, the Company bags a net profit of US$32.6 million or jumped 24% from the first semester last year.

The factor that boosts the profit was mainly from the average gold selling price that rose 9% this year from US$1,656 per oz to US$1,802 per oz. In addition, the second-biggest gold mining firm in Southeast Asia also has managed to find the most effective ways to lower the mining cost by 16%, from US$3.35 per ton to US$2.83 per ton. Archi’s EBITDA for the first semester of 2021 also is up by 5% to US$75.5 million, compared to US$71.7 million in the first semester of 2020.

Archi’s President Director, Kenneth Ronald Kenney Crichton said, “Archi’s earnings results in the first semester of 2021 benefitted from higher gold price compared to the same period last year. We expect 2022 will be even better as our expanded gold processing plant achieves full efficiency and will directly result in higher gold production.”

World Ai Jakarta 2025
World Ai Jakarta 2025

Currently, the Group focuses to scale up its exploration activities in its Toka Tindung Gold Mine, which is operated under Archi’s wholly-owned Subsidiaries, PT Meares Soputan Mining (PT MSM), and PT Tambang Tondano Nusajaya (PT TTN), both in the Eastern Corridor and Western Corridor. The goal of these activities is to speed up the finding of new mineral resources and ore reserves, with the expectation can bring 5% to 10% growth over gold produced in the previous year.

The euphoria vibes to locate new mining resources was driven by the felicitous result shown by the previous exploration from the West Corridor in Bima. After the exploration process, the Company found out that the new place located approximately 15 km west of the Toka Pit, contains high-grade gold. This finding is hoped can jack up gold production from 81.6 koz in the first semester of 2021 to around 138 koz to 148 koz in the second semester of 2021 with the total gold production is about 220 koz to 230 koz for the full year 2021. The target in the second semester was far beyond the total of gold production in the same terms year on year which was only around 120 koz.

“Our exploration team is making excellent progress in the Western and Eastern Corridors, and we anticipate further success with encouraging early-stage results recently coming through. We are also very pleased with the high-grade results from our exploration drilling in the Bima gold deposit at Western Corridor, which will provide Archi’s additional new potential reserves in the future,”  said Kenneth.

The Company expects to fully support its capital expenditure requirements going forward from cash inflows from operating activities. As of 30th June 2021, the Company’s net cash position, excluding restricted cash was at US$16.1 million, lower compared to US$40.2 million as of 31st December 2020, primarily due to a significant increase in cash outflows for investing activities, mainly for the addition of fixed assets and mine properties. In early July 2021, the Company had used a US$59.3 million portion of the IPO proceeds to repay in part of long-term bank loans, which will be due in 2025. Therefore, Archi’s debt to equity (DER) ratio is now at 1.7 times, a significant improvement compared to 4.1x as of 31st December 2020.

Tags: archibusinessgold mineGold miningIndonesiaIPOProfit

Related Posts

Paving the Way for Expatriate Homeownership: Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

Paving the Way for Expatriate Homeownership: Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program

June 5, 2025
KL1 Phase 2 has been completed. Credit: Equinix

Equinix completes KL1 Phase 2 data center in Kuala Lumpur

June 2, 2025
Commemorating Professor Soemitro's 108th anniversary at Soemitro Center (05/29). Credit: Haris

Soemitro Center: A platform for Indonesia’s young economists

May 31, 2025
Lifree breathable adult diapers can help improve skin health. Credit: Haris

Unicharm research: Lifree improves quality of life for elderly

May 31, 2025
Xiaomi's premiumization strategy has yielded positive results in Q1 2025. Credit: Sinta

Applying premiumization strategy, Xiaomi gains 64.5% net profit jump in Q1 2025

May 31, 2025
Kaspersky appointed Defi Nofitra as first country manager for Indonesia. Credit: Kaspersky

Kaspersky appoints Defi Nofitra as first country manager for Indonesia

May 31, 2025
  • 32321

    New tech layoff chapter, Microsoft lays off thousands of its cloud unit ‘Azure’

    1 shares
    Share 0 Tweet 0
  • Nokia rolls out 6600 5G Ultra

    0 shares
    Share 0 Tweet 0
  • Performing a second layoff round, Morgan Stanley to reduce 3,000 workforces in Q2 2023

    1 shares
    Share 0 Tweet 0
  • TikTok Shop to reach a US$15 billion in its GMV transactions

    1 shares
    Share 0 Tweet 0
  • International Women’s Day – Opportunity for Businesses to Support Women in the Workplace

    0 shares
    Share 0 Tweet 0
the 10th world battery & energy industry expo 2025World Ai Jakarta 2025
Heaptalk business news logo

We Build an Ecosystem by Sharing Business News, Headlines and Expert Talks in Professional Perspective and Positive Point of View. Latest business news media headlines platform today.

Recent Posts

  • Paving the Way for Expatriate Homeownership: Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program
  • Equinix completes KL1 Phase 2 data center in Kuala Lumpur
  • Soemitro Center: A platform for Indonesia’s young economists
  • Unicharm research: Lifree improves quality of life for elderly
  • Applying premiumization strategy, Xiaomi gains 64.5% net profit jump in Q1 2025

Follow Us

Facebook
Twitter
LinkedIn Youtube Instagram RSS

Newsletter

  • About Us
  • Editorial
  • Newsletter
  • Contact
  • Privacy Policy
  • Cyber Media Guidelines
  • Disclaimer
  • SOP Perlindungan Wartawan

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • News
  • Technology
  • Industry
  • GovAct
  • Events
  • Whats on
  • Expert Talk
  • Insight
  • Sustainability
  • Newsletter
  • Press Releases
  • Login
  • Sign Up

© 2024 Heaptalk.com