PT Agincourt Resources plans to reduce the volume of gold production in 2023 in order to realize the principles of sustainable mining. Deputy President Director of PT Agincourt Resources Ruli Tanio said, this year, his party is targeting 200 thousand ounces of gold production from the Martabe Gold Mine in Tapanuli, North Sumatra. This figure is lower than the actual production in 2022 which reached 286 thousand ounces.
"This year we are trying to figure 200 thousand ounces, a decrease from last year's around 286 thousand ounces," he said when met at the Alana Hotel, Yogyakarta, quoted Monday (3/4/2023). He revealed that the reduction in the rate of gold production from the Martabe Mine was expected to improve the quality of several other aspects, such as staff training, standard operating procedures (SOPs), and others. Nevertheless, Ruli is optimistic that PT Agincourt Resources still has a higher net profit compared to the previous year. According to him, the movement of the gold price which is predicted to be better this year will allow his party to achieve the financial target even though the production rate has decreased.
Meanwhile, he said that the achievement of gold production at the Martabe Mine until now was still in line with Agincourt's expectations. Throughout the first quarter of 2023, the Martabe Mine was able to produce as many as 50 thousand ounces of gold or around 2.5 percent of this year's production target. “Currently the commodity price of gold is good. We are optimistic that this year will be better than last year. The price may be in the range of US$1,800 per ounce," he continued.
