A Substantial Increase in Reserves in Gosowong Gold Mine

Ministry of Energy and Mineral Resources Accepts PTNHM’s Feasibility Study Report

Gosowong Gold Mine is operated by PT Nusa Halmahera Minerals (PTNHM) and its shares are currently owned 100% by national companies, as 75% of the total shares are owned by Indotan Group while the rest 25% are owned by PT Aneka Tambang Tbk. (Antam).

The future life of Gosowong Gold Mine is believed to expand by an additional 5 years. Such a longer mine life is revealed based on an increase in reserves from the findings of new resources in the Contract of Work area of PTNHM, which is located in North Halmahera Regency, North Maluku Province.

According to Ahmad Raymond Trilaksana, Competent Person of Underground Gold Reserves Estimation (CPI) and also a representative of PT Antam in PTNHM, the revision of the feasibility study of PTNHM accepted by the Ministry of Energy and Mineral Resources (KESDM) is a kind of professional confidence that makes PTNHM, including PT Antam, feel more confident in such an increase in new resources.

This year (2021), PTNHM submitted a revision document of Feasibility Study to Directorate General of Minerals and Coal at the Ministry of Energy and Mineral Resources (KESDM). The Ministry already accepted and technically and economically approved the Feasibility Study revision document and asked PTNHM to follow up.

This reassured the previous statement of PT Antam in expressing its optimism over the future of Gosowong Gold Mine. “In accordance with all the prospects expressed in the LOPP (A Senior Management Meeting in PTNHM on the planning of long term mining), we are extremely convinced of a promising future of PTNHM,” said the then General Manager of Geomin Exploration Unit of PT Antam, Tri Hartono, who was also the Director of Development of PTNHM, in October 2020.

Meanwhile, General Manager for Exploration at PT Indotan, Mukhlis Saputro, who is also the Competent Person Exploration – Gold (CPI) gave information that PTNHM has been highly aggressive in conducting explorations throughout 2020-2021 by using 9 drill rig units at the surface and 4 drill rig units underground. The main drilling target in the exploration activity is to continue with underground exploration in Kencana and Toguraci mines.

Denny Lesmana, PTNHM’s Deputy General Manager for Planning and Production, who is also the Competent Person Resources Estimation – Gold (CPI), said that based on the result of drilling activities until August 2021 it is predicted that there will be a significant increase in additional resources that can be included in a report by the end of this year (December 2021). The result of drilling can extend the mine life by more than 5 years.

In addition to epithermal deposit target, as a part of the company’s long term planning PTNHM also conducts explorations on the porphyry deposit as indicated in Toguraci area and other areas.

Gold reserves of PTNHM Gosowong currently increase compared to two years ago.

Ahmad Raymond added that the current two active mines in Gosowong, namely Kencana and Toguraci, still offer an excellent prospect in the future. Total reserve based on the document of Feasibility Study Revision in 2021 is 860 thousand ounces or equivalent to 26.9 tons of gold. “When referring to the mining plan target of PTNHM, that is, 180 thousand ounces per year and with the increase in new resources, it means that the current Gosowong mine life is more than 5 years. The amount of resources and reserves may change in accordance with the result of the exploration, both ongoing and future,” he explained.

PTNHM continues to do extra work to reach the targeted production amidst various pressures due to Covid-19 pandemic. Health Protocols have been kept in place and put into a priority. This pandemic has launched a tremendous challenge in the operation of Gosowong Gold Mine considering the total number of human resources of PTNHM of more than 2,300 people with most of them are from North Maluku Province (mainly from North Halmahera Regency) and the rest are from various areas across Indonesia.