Archi Indonesia (ARCI) spent USD 4.01 million or IDR 60.2 billion in exploration funds. This fee is for exploration activities for the January-June 2023 period. Exploration activities are carried out by Meares Soputan Mining (MSM) and the Tondano Nusajaya Mine (TTN).
Exploration activities for the January-June 2023 period focus on mapping activities, soil sampling programs, and IP geophysics in the greenfield area, and semi-detailed to detailed mapping in the brownfield area of the western corridor project.
Exploration drilling activities and development of Gold Resources (Gold Resource Definition) in the western corridor project, and exploration drilling in the eastern corridor. Drilling activities for gold resources, and exploration using the diamond drilling (DD) drilling method, and reverse circulation (RC) were completed through agreements/contracts with PT Maxidrill Indonesia.
Archi owns 100 percent of the Toka Tindung Gold Mine, located approximately 35 km northeast of the capital Manado, North Sulawesi, via MSM, and TTN. The Toka Tindung Gold Mine consists of two long-term contracts of work covering a total area of 39,817 hectares spanning North Minahasa Regency and Bitung City, North Sulawesi.
The contract of work, valid until 2041, is held by MSM and TTN. In accordance with changes to the mining law, MSM and TTN were guaranteed two more contract extensions of work in the form of a Special Mining Business Permit (IUPK), each extension for a maximum period of 10 years.
Image source: EmitenNews.com
