Over the Years
A Contract of Work (CoW) is granted to PT Danau Toba 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.
The Company’s name PT Danau Toba Mining is changed to PT Horas Nauli.
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.
PT Newmont Horas Nauli has changed its name to PT Agincourt Resources to continue the development of the Martabe Project, still majority-owned by Newmont East Asia.
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.
Twenty-five environmental studies are 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. This year is the transfer process from Oxiana to G-Resources.
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.
Completion of project construction is followed by plant commissioning and commencement of operations. The first gold is poured on 24 July 2012. A 5% share transfer takes place between PT Agincourt Resources and the Governments of South Tapanuli Regency and North Sumatra Province.
Following appropriate due process, 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.
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 mills a record 5.35 Mt to produce 355,000 ounces of gold. The exploration and resource development program increase available Mineral Resources to 8.9 million ounces of gold and Ore Reserves to 4.8 million ounces of gold.
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. Strategic growth is supported through exploration and development. In December 2018, majority ownership of the Company is transferred with the acquisition of 95% of shares by PT Danusa Tambang Nusantara, owned by PT United Tractors Tbk (60%) and PT Pamapersada Nusantara (40%).
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. These results are achieved without compromising other important operational outcomes such as safety and the protection of the environment. Sustainability remains a major focus.
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. Achieve a new record for tonnes milled of 6.1Mt – slightly higher than in 2019. No Lost Time injuries recorded at Martabe for 3 years.
The Company is able to achieve efficient, effective and innovative product results through the Martabe Improvement Program (MIP).
10 Years of Advancing Sustainability
Sustainability is a fundamental business principle for PT Agincourt Resources. Operating responsibility towards society and the environment and accountability for our actions are critical to achieving a better future. In seeking to establish those goals, PT Agincourt Resources maintains its commitment to advancing sustainable development.