MILESTONES
OUR STORY
Over the Years
1997
A Contract of Work (CoW) is granted to PT Danau Toba Mining, majority-owned by Normandy Mining, for mineral exploration and gold mining. The CoW area overlaps the Districts of North Tapanuli, Central Tapanuli, South Tapanuli and Mandailing Natal and the city of Padangsidimpuan.
2001
The Company’s name PT Danau Toba Mining is changed to PT Horas Nauli.
2003
PT Newmont Horas Nauli has changed its name to PT Horas Nauli as the holder of the Martabe CoW, majority-owned by Newmont East Asia.
2006
PT Agincourt Resources has changed its name to PT Newmont Horas Nauli to continue the development of the Martabe Project, still majority-owned by Newmont East Asia.
2007
Oxiana becomes the beneficial owner of the Martabe Project through the acquisition of PT Agincourt Resources. Following a review of a Definitive Feasibility Study, the Board of Oxiana approves development of the Martabe Gold and Silver Mine Project in December 2007.
2009
Twenty-five environmental studies were completed for the project. Key documents and government approvals are obtained, including a Feasibility Study, Environmental Impact Assessment and a construction permit. Construction activities commence, including road access, laydown and camp areas and preparation for plant site construction.
2011
Construction activity reaches a peak with more than 4,000 workers at the site, 40% of whom were recruited locally. Construction of the Tailing Storage Facility is approved.
2012
Completion of project construction is followed by plant commissioning and commencement of operations. Commissioning approval for mine discharge is received from the Tapanuli Regency. The first gold is poured on 24 July 2012. A 5% share transfer agreement between PT Agincourt Resources and the Governments of South Tapanuli Regency and North Sumatra Province is signed on 24 July 2012.
2016
Following the successful completion and submission of appropriate documentation, approval for mining at Barani and Ramba Joring pits is issued by the Indonesian Government in March 2016. Mining at the Barani pit commences. G-Resources as the main shareholder of PT Agincourt Resources is replaced by a consortium comprising EMR Capital, a specialist mining private equity fund, Farallon Capital, a global financial investor, and Robert Hartono & Michael Bambang Hartono.
2017
Mining commences at the Ramba Joring Pit. The end of 2017 sees the most successful production and exploration results in PT Agincourt Resources’s history. The operation milled a record 5.35 Mt to produce 355,000 ounces of gold. The exploration and resource development program included 120k metres drilled by up to 15 rigs with Mineral Resources increasing to 8.9 million ounces of gold and Ore Reserves increasing to 4.8 million ounces of gold. Strong operating cash flows, increased reserves and a longer mine life enabled the Company to refinance its US$425 million senior debt with a longer tenor, lower interest rates and more favourable terms and conditions.
2018
Production results again exceed key records set in preceding years. A record 5.57 Mt of ore is processed to produce 410,387 ounces of gold, a 15% increase from 2017. An All In Sustaining Cost (AISC) of US$367 per ounce supports a Net Profit after Tax of US$167 million. Strategic growth is supported by a successful exploration program, government approval to mine the Tor Uluala deposit, and ongoing development of sulphide processing projects. In December 2018, there was a smooth transition in majority ownership of the Company with the acquisition of 95% of shares by PT Danusa Tambang Nusantara, owned by PT United Tractors Tbk (60%) and PT Pamapersada Nusantara (40%).
2019
Another record-breaking year for ore processing, PT Agincourt Resources milled 6.0 Mt of ore to produce 391,031 ounces of gold, while maintaining a low In-Sustaining Cost of US$443/oz. We have achieved these results without compromising other important operational outcomes such as safety and the protection of the environment. Sustainability has remained our major focus.
2020
A successful year during the COVID-19 Pandemic, achieving the dual objectives of (a) maintaining the health and safety of our personnel, and (b) continuing to operate for the benefit of all our stakeholders. Achieved record for tonnes milled of 6.1Mt slightly higher than in 2019. No Lost time injuries at Martabe for 3 years.
2021
The Company was able to achieve efficient, effective and innovative product results through the Martabe Improvement Program (MIP).
2022
10 Years of Advancing Sustainability
Sustainability is a fundamental business principle for PT Agincourt Resources. Operating responsible procedures for society and the environment in mining and being accountable for the action is the essence of achieving a better future. Aimed to establish those goals, PT Agincourt Resources remarks a spirit to advancing sustainable development in many aspects related.