Ancora secures IUP OP permit for gold mine
Tuesday, February 26 2019 - 09:20 AM WIB
By Tri Subhki R
IDX-listed PT Ancora Indonesia Resources Tbk said its gold mining subsidiary PT Indotan Lombok Barat Bangkit (ILBB) has secured the IUP Production Operation (IUP OP) license. ILBB is expected to start production in 2020.
“We secured the IUP OP permit on January 14, 2019,” Rolaw P. Samosir, President Director of Ancora Indonesia Resources, said to petromindo.com on Monday.
Ancora acquired ILBB in late of 2017 from a Canadian mining company, Southern Arc Minerals Inc for US$2 million. It has 10,088 hectares of concession and three mine pits in Lombok Island, West Nusa Tenggara Province.
Rolaw stated that the company is currently seeking to obtain the so-called borrow and use permit of forest area (IPPKH) from the Ministry of Forestry and Environmental Affairs. “The process of IPPKH approval requires seven to nine months,” he said.
Based on the preliminary estimate, Raja pit has 320,000 troy ounces of gold resources, excluding the two other mines. The company will conduct JORC reporting this year after obtaining the IPPKH.
Rolaw mentioned that the commercial operation of the gold mine is expected in 2020. “It is estimated in the fourth quarter of 2020,” he said.
Editing by Reiner Simanjuntak