Still Buried in the Ground, Here's the Estimated Gold Reserves in Dompu, Indonesia

Compiled from several sources, here are some of Indonesia's largest gold mines, some of which are operated by gold mining companies listed on the Indonesia Stock Exchange.

1. Freeport

Who isn't familiar with this giant gold mine in Papua? According to Freeport data, each ton of concentrate contains 26.5% copper. Each ton of concentrate contains 39.34 grams of gold. Furthermore, each ton of concentrate contains 70.37 grams of silver.

These reserves will continue to exist until Freeport's contract expires in 2041. There are even more copper and gold reserves beneath, amounting to around 2 billion tons, which could continue to be mined until 2052, if Freeport's contract is extended by the Indonesian government.

2. Martabe

This gold mine in North Sumatra has been under the control of PT United Tractors Tbk (UNTR) since last August. With the acquisition, UNTR officially became a 95% shareholder of PT Agincourt Resources, which manages the Martabe gold mine. UNTR is also a subsidiary of the Astra Group. Production at the Martabe gold mine is in the range of 300,000-350,000 ounces per year.

3. Merdeka

PT Merdeka Cooper Gold Tbk (MDKA) is considered a new player in the mineral mining sector. The company, owned by Saratoga, is targeting increased production of minerals, including gold, silver, and copper, this year.

Merdeka Cooper Gold Corporate Secretary, Adi Adriansyah Sjoekri, stated that this year's gold production target is 180,000 ounces to 200,000 ounces.

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This gold production also increased from the company's 2018 production of 167,506 ounces. This production increase was supported by an increase in oxide layer production at the Tujuh Bukit mine, from 4 million tons to 8 million tons.

4. Renuka

PT Renuka Coalindo Tbk (SQMI) previously operated in the coal sector, but recently also mined gold. The company was officially acquired by Wilton Resources Holding Pte. Ltd. (WRH), which currently holds 96.95% ownership.

Starting in 2019, the company produced gold in ore form. The company's gold production target is expected to reach 185,000 troy ounces per year and improve its financial performance.

Since 2018, the company's revenue has been solely contributed by the management mining support service business at the Ciomas Gold Project, which will be owned directly by the company. This mine, located in West Java, has total reserves of 26 tons of gold content.

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