Friday, April 19, 2024

Agincourt commits Rp457 B for Martabe Gold Mine closure by 2033

Reading Time: 2 minutes
Audina Nur

Journalist

Editor

Interview

Mining company PT Agincourt Resources has allocated a commitment of approximately US$29 million or equivalent to Rp457.91 billion for the closure of the Martabe Gold Mine area in North Sumatra, after the contract ends in 2033.

These post-mining closure calculations are based on the latest figures from 2020. “We already have an updated plan for the mine closure in 2020, with an estimated cost of around US$29 million that we will allocate for post-mining activities approximately 10 years from now,” said Environmental Manager of PT Agincourt Resources, Mahmud Subagya, on the sidelines of the National ESG Seminar in Jakarta on Friday, January 26, 2024.

Mahmud added that data for mine closure guarantees have begun to be submitted to the Ministry of Energy and Mineral Resources (ESDM). This data will be submitted up to 3 years before the mine closure. Up to now, according to Mahmud, the company has reclaimed approximately 40 hectares of mining land, out of a concession area of around 608 hectares as of December 2023.

The Martabe Gold Mine area is based on a sixth-generation 30-year contract with the Indonesian government, which will expire in 2033. The total area covers 130,252 hectares or 1,303 km², including North Sumatra’s regencies of South Tapanuli, Central Tapanuli, North Tapanuli, and Mandailing Natal.

The operational area of the Martabe Gold Mine in South Tapanuli regency covers an area of 509 hectares as of January 2022. The Martabe Gold Mine began full production on July 24, 2012, and has a resource base of 6.2 million ounces of gold and 59 million ounces of silver as of September 30, 2023. The operational capacity of the Martabe Gold Mine is more than 7 million tons of ore per year to produce more than 200,000 ounces of gold and 1-2 million ounces of silver per year.

Audina Nur

Journalist

 

Editor

 

Interview

SUBSCRIBE NOW
We will provide you with an invoice for your reimbursable expenses.

Free

New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.

Premium

$550 USD/Year

or

$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email inquiry@ibp-media.com

Add keywords to your market watch and receive notification:
No topics
Schedule a free consultation with us:

We’ll contact you for confirmation.

FURTHER READING

PT MRT Jakarta sealed on Wednesday, April 17, 2024, a partnership agreement with Sojitz Corporation for the Phase 2A construction of railway tracks and signaling systems from the Hotel Indonesia turnabout  to Kota, valued at IDR 4.7 trillion (about US$ 290 million).
PT Asuransi Allianz Life Indonesia (Allianz Life) and PT Bank HSBC Indonesia (Bank HSBC) on Thursday, April 18, 2024, launched a financial protection product − the Premier Legacy Assurance − in the form of inheritance to support customers’ prosperous family life in the future.
Coordinating Minister of Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has announced that the government is prepared to provide incentives to attract investments from Apple Inc., akin to those in India and Thailand.
Abu Dhabi Islamic Bank (ADIB) is reportedly in talks to acquire a stake in PT Bank Syariah Indonesia (BRIS) worth approximately US$1.1 billion (IDR 17.98 trillion).
PT Harum Energy (HRUM) is about to release a maximum of 49 percent of its shares in subsidiaries in the nickel business, PT Harum Nickel Perkasa (HNP) and PT Tanito Harum Nickel (THN), to Chinese stainless steel smelting giant Eternal Tsingshan Group.
PT Atlantis Subsea Indonesia (ATLA) made a remarkable debut on the Indonesia Stock Exchange (BEI) on April 16, 2024, raising IDR 120 billion (US$7 million), and thus becoming the 21st issuer on the exchange this year.