Agis to produce gold in third quarter 2013
Tuesday, June 25 2013 - 01:43 AM WIB
IDX-listed PT Agis Tbk, an electronics distribution and services firm, will start producing gold in the third quarter of this year as it has concluded the acquisition of a gold concession in a diversification move.
The company plans to acquire two gold concessions, each with an acreage of 5,000 ha and 2,000 ha, in West Sumatra. Agis has completed the acquisition of a 65 percent stake in the first concession, and is in the process of completing the acquisition of the second one. The combined concessions is expected to produce
The combined 7,000 ha of two gold concessions is expected to produce 6,000 tons of alluvial gold per day, or 2.1 million tons per year.
?Although the exploration has been concluded, but we cannot expose the alluvial gold reserve in the concessions to the public yet,? Corporate Secretary Mohammad Noor Syahriel told Petromindo.com.
The company, which initiated the acquisition process in the mid-2012, will sell the alluvial gold to the domestic market.
Editing by Tri Subhki Rakhmatullah