The exploration of the Ancora Indonesia gold mine (OKAS) will begin after Ied

The exploration of the Ancora Indonesia gold mine (OKAS) will begin after Lebaran
PT Ancora Indonesia Resources Tbk continues to oversee the agenda of working on a gold mine project in West Lombok.If nothing gets in the way, the issuer codedOKASsharesplans to start theexplorationdrillingprocessfor the preparation of the Joint Ore Reserves Committee (JORC) document after this year’s Eid.

President Director of OKAS, Rolaw P. Samosir, said that the determination of the boundaries of the work area for an area of ​​172.51 hectares whose operations have been approved by the Ministry of Environment and Forestry (KLHK) in the Borrowing and Use of Forest Areas Permit (IPPKH) was completed this March.”Socialization to the community has also been carried out,” added Rolaw to Kontan.co.id, Saturday (27/3).

To note, referring to Kontan.co.id previous reports, OKAS is working on a gold mining business through its subsidiary, PT Indotan Lombok Barat Bangkit (ILBB).In January 2019, ILBB also obtained a Production Operation Mining Business Permit (IUP OP) from the Ministry of Energy and Mineral Resources (ESDM).The IUP OP is valid for 20 years and can be extended for 2×10 years.

The ILBB gold mine project in West Lombok has obtained a Borrowing and Use of Forest Area Permit (IPPKH) for Production Operation activities from the Ministry of Environment and Forestry on December 13, 2019.It’s just that, the determination of the boundaries of his work area has been stalled due to the Covid-19 pandemic.

After the work area boundaries are determined, theexplorationdrillingprocess iscarried out for the purposes of making the Joint Ore Reserves Committee (JORC) document.Note, the JORC document itself is needed to increase the level of certainty and accuracy of data on the level of reserves and mineral and coal resources before the construction and production process is carried out.

Rolaw estimates that thedrillingprocessand completion of the JORC report will take 6-9 months.Thus, the construction of the gold processing facility is expected to begin next year.

In total, OKAS has allocated around US $ 2 million-US $ 3 million for the West Lombok gold mining project this year.The fund will utilize a portion of OKAS ‘capital expenditure (capex) this year of US $ 8 million-US $ 10 million.

Source:https://industri.kontan.co.id/news/eksplorasi-tambang-emas-ancora-indonesia-okas-akan-dimulai-setelah-lebaran