Archipelago gets new CEO

By Nellawati

LSX-listed Archipelago Resources plc announced on Thursday the appointment of Colin Sutherland as company CEO and Managing Director, and Darjoto Setyawan as non-executive director.

Sutherland (aged 42) has extensive experience across all aspects of financial management, the company said. Prior to joining Archipelago, Sutherland was Chief Financial Officer for Timmins Gold Corporation. Previously, he acted as Chief Financial Officer for Aurico Gold, Inc. and Mexgold Resources, Inc. In addition to financial management roles, Sutherland acted as President and CEO for Nayarit Gold, Inc. and then Capital Gold Corporation between 2007 and 2011. He has also held senior roles with Royal Bank of Canada, Pricewaterhouse Coopers and Deloitte & Touche. He is a Chartered Accountant and holds a Bachelor of Business Administration.

Meanwhile, Darjoto (aged 55) has more than 17 years of experience in the mining industry. He has been employed with the Rajawali Group since 1996 and has held the role of Managing Director - Mining and Resources since 2005. He was the President Director of the Bentoel Group, a subsidiary of Rajawali, from 1996 to 2006 and continued from 2006 to 2009 as the President Commissioner of the Bentoel Group. Setyawan is also responsible for Rajawali's external relations including those related to Government officials and agencies. He has also served as a member of the board on a number of companies where the Rajawali Group has an interest, including PT. Nusantara Infrastructure and the Semen Gresik Group.

Archipelago is a producing mining company listed on the AIM market of the London Stock Exchange. Archipelago's principal activities are gold mining and exploration in Indonesia (as the 95% owner of the producing Toka Tindung Gold Mine in North Sulawesi, Indonesia). In 2013, Archipelago expects to produce between 140,000 and 155,000 Au Eq oz at a cash cost of between US$620 and US$680 per ounce (net of silver credits).

Editing by Reiner Simanjuntak