PT Ancora Indonesia Resources Tbk ( OKAS ) gold mining project in West Lombok will enter a new phase in the first quarter of 2023. OKAS Main Director, Rolaw P. Samosir said, his party would start work on the Joint Ore Reserves Committee (JORC) for the gold mine in March 2023. This activity, said Rolaw, will produce more accurate information on the number of reserves. "The activity is to carry out additional drilling ," he told Kontan.co.id, Monday (6/2).
As is known, the mining business permit (IUP) of OKAS' subsidiary, namely PT Indotan Lombok Barat Bangkit (ILBB), for a gold mine in West Lombok was declared valid and legally enforceable in August 2022. This policy was set forth in the decision to cancel the business license revocation of a subsidiary company numbered 20220829-08-01-0003. According to estimates, mining JORC activities in West Lombok will cost around IDR 40 billion - IDR 45 billion. It's just that, OKAS admitted that they could not confirm exactly how much money was needed to fund these activities.
Taking a peek at the company's interim financial reports, OKAS still has Cash and Bank End of Period of US$ 4.52 million as of last September 30, equivalent to approximately Rp. 65.63 billion if US$ 1 is assumed to be equivalent to Rp. 14,500. The amount of cash increased by 9.14% compared to the Cash and Bank position at the Beginning of the Period (2022) which amounted to US$ 4.14 million. For a bit of information, OKAS posted profit for the period attributable to owners of the parent entity, aka a net profit of US$ 6.81 million in January-September 2022 after previously posting a net loss of US$ 3.87 million in January-September 2021.
This achievement was achieved in line with the increase in revenue inscribed by the company. Just so you know, the company's interim financial report states that OKAS' net sales rose 48.58% on an annual basis or year-on-year (yoy) from the original US$ 77.30 million in January-September 2021 to US$ 114.85 million in January -September 2022. Rolaw said, currently his party is preparing for JORC. He estimates that JORC activities will take approximately 9 months. "(JORC activities) will be continued with the construction of infrastructure and factories (gold processing)," he added. According to the plan, OKAS will start construction of the factory in the first quarter of 2024. If nothing goes wrong, construction of the factory is scheduled to be completed in the second quarter of 2025.
Source: https://industri.kontan.co.id/news/ancora-indonesia-resources-okas-bakal-mulai-jorc-tambang-emas-di-maret-2023
