Archi to increase gold output next year

By Thomas Sembiring

IDX-listed PT Archi Indonesia, which operates gold mines in North Sulawesi, aims to increase gold production next year to up to 240,000 oz, or 20 percent higher than the 200,000 oz target for this year.

?Target for next year will be probably around 230,000-240,000 oz,? said Edwin Gunawan, Archi Finance Director, on Monday.

Edwin said the company expects revenue and net profit this year to increase by around 20 percent from last year?s US$200 million and $40 million, respectively, in line with the recent rise in the price of the commodity.

Meanwhile, Archi Corporate Secretary Edgar Affandi said that the higher production next year will be supported by new exploration finds at the Araren Pit operated by subsidiary PT Tambang Tondano Nusajaya (TTN).

Archi operates two gold mining subsidiaries in North Sulawesi including TTN and PT Meares Soputan, which according to Edgar have combined reserves of 2 million tons.

Editing by Reiner Simanjuntak