Archi Indonesia stops mining activities in one of its subsidiaries

PT Archi Indonesia Tbk (ARCI), the gold and silver mining company owned by Peter Sondakh, announced the termination of mining activities in a pit owned by one of its subsidiaries, PT Tambang Tondano Nusajaya (TTN) in North Sulawesi.

Rudy Suhendra, Deputy President Director ARCI, said the mining pit was temporarily closed due to high rainfall which resulted in land subsidence, damage to roads and river bodies. In addition, the mine working wall in one of the pits belonging to TTN was damaged due to the entry of river water into the pit.

“This incident has the potential to hamper mining activities in the related pit and the company’s cash flow during the repair process,” said Suhendra through information disclosure on the Indonesia Stock Exchange.

Currently, said Suhendra, the company has coordinated with a number of parties to overcome the impact of the pit damage. He admitted that there were no fatalities or injuries as a result of the damage to the mining pit.

According to data from idnfinancials.com, ARCI’s share price in today’s trading weakened 5.66% or 30 points to the level of IDR500 as of 10.13 WIB. Since being listed on the IDX, the company’s share price has fallen 32.67% or 245 points from IDR750 per share.

Source: https://www.idnfinancials.com/news/41722/archi-indonesia-stops-mining-activities-subsidiaries