Archipelago Resources to produce 140 ounces of gold this year
Monday, March 19 2012 - 02:53 AM WIB
London-listed mining firm Archipelago Resources Plc said the company plans to produce some 140 ounces of gold this year from its mining site in North Sulawesi and all of the products would be exported to Singapore.
?This year?s gold production would be still likely about 140 ounces of gold,? the source of the company told Petromindo.com, adding that the company started operation last year with all its ores sent PT Antam Tbk's refinery to be processed into gold.
?We don?t export ores. We sell gold after being processed in the refinery at PT Antam,? the source said.
The company said that it has signed a contract with buyer in Singapore to purchase the gold from Archipelago.
The company website says Archipelago Resources plc (Archipelago) is a UK incorporated company formed in 2002 to acquire, explore, develop and mine gold and other metal deposits in Southeast Asia region. Archipelago?s registered office is in London but the Company is managed from Perth, Western Australia and all project development personnel are located at the Company?s principal project at Toka Tindung in North Sulawesi, Indonesia.
Editing by David Mustakim