Archi aims to increase Toka Tindung gold output this year

By Cepi Setiadi

PT Archi Indonesia (Archi), an Indonesian based pure gold mining company, aims to produce around 200,000 ouces of gold from Toka Tindung gold mine project in North Sulawesi, Indonesia this year.

Bambang Setiawan, President Commissioner of the company told Petromindo.com on Thursday that this target is slightly higher compared to realized output last year of around 150,000 ounces.

"The gold price is showing good performance hence we try to increase the output," Bambang said, adding that currently the project has around 1.5 million ounces gold reserves.

"We can maintain the reserves for about 8 years mine life with the average production of 200,000 ounces annually," said Bambang, a former Director General of Mineral and Coal at Ministry of Energy and Mineral Resources.

Archi has 100 percent stake in Toka Tindung Project, a gold and silver mine in North Sulawesi, Indonesia and 15.75 percent effective interest in the Wonogiri Project, a gold and copper mine in Central Java. In January 2011, Toka Tindung Project commenced its ore mining and poured its first gold dore bar at their processing plant in April 2011. Since then, they have increased its gold production and reached 147,000 ounces in 2013.

Editing by Reiner Simanjuntak