Out of Coal Comes Gold

Summary

Coal mining companies are seeking fortunes in the gold mining business. The business expansion took place domestically and abroad. PT Dian Swastatika Sentosa Tbk is among coal miners who hunt for gold mines overseas. Through its subsidiary Golden Investment Australia II Pte. Ltd, the DSSA-coded company, in collaboration with EMR Capital, established a joint venture called Mining Gold Group Ply Ltd. It acquired the Ravenswood gold mine in Australia, owned by Carpentaria Gold Pty Ltd.

In the domestic market, PT Indika Energy Tbk has been operating Awak Mas gold mine in South Sulawesi since 2022, managing the pit with a 1.1 million ounce of reserves through Nusantara Resources Ltd. Another company is PT Ancora Indonesia Resources Tbk, which started the gold mining business this year after acquiring a 100 percent stake in Southern Arc Minerals Inc. With US$ 2 million of funds, Ancora controls the Indotan Lombok Pte Ltd mine in West Lombok. This year, PT United Tractors Tbk also started the exploration of the Martabe gold mine in North Sumatra.

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