Toka Tindung Project
Title to the Toka Tindung Project is via two Contract of Works, PT Meares Soputan Mining and PT Tambang Tondano Nusajaya in North Sulawesi, Indonesia. The Toka Tindung gold mine has a current 2.7 million gold equivalent ounces resources and 1.3 million gold equivalent ounces reserves (as at 30 June 2014). In 2011, it successfully commissioned the mine and its processing facility, with first gold pour occuring on 1 April 2011.
PT Meares Soputan Mining (MSM)
MSM entered into a Contract of Work (CoW) with the Indonesian Government on 2 December 1986 for the general survey, exploration, feasibility study, construction and operation in areas within the concession area. The work area covers approximately 8,969 hectares. With commercial production commenced in 2011, MSM’s CoW term is for 20 years and is valid until 5 March 2031.
PT Tambang Tondano Nusajaya (TTN)
TTN entered into a Contract of Work (CoW) with the Indonesian Government on 28 April 1997 for the exploration, development, and mining of minerals found in the concession area. The work area covers approximately 30,848 hectares. With commercial production commenced in 2011, TTN’s CoW term is for 20 years and is valid until 10 March 2031.
A gold and copper advanced development project that has completed its positive scoping study on March 2014. It is located 30 km south of Solo city, Central Java, Indonesia. It operates under mining license (IUP) by PT Alexis Perdana Mineral (APM) with total concession area of 3,928.71 ha. It has granted exploration license in 2009 for 6 years and exploitation license is expected in January 2015 with initial validity up to 20 years (including a two year construction period), and extendable twice for up to 10 years per extension. Royalties paid to the government are based on the type and amount of gold produced ranging from 1-2% of the selling price. Wonogiri Project has estimated gold resources of 1.0 million oz as at 22 November 2013.