Archipelago Resources brings in engineer to start Toka Tindung construction
11 November 2009
Archipelago Resources, the mining group working in South East Asia, has agreed a provisional deal over the construction of its 85% owned Toka Tindung Gold Project in North Sulawesi, Indonesia.
The company has signed letters of intent with PT McConnell Dowell Indonesia over a range of mechanical refurbishment, structural, electrical and project management work ahead of plans to start production by early in the fourth quarter of 2010.
The mechanical refurbishment team has already mobilised to site and started work in the company's mechanical, sand blasting and paint respray workshops. The other teams are due to kick off work in the coming weeks and months.
So far, Archipelago has been funding the construction activities with existing working capital, but in recent weeks it has been working closely with a number of banks interested in providing project finance.
The Toka Tindung Gold Project has a resource of 1.75 million ounces of gold equivalent, of which at least 1.1 million ounces will initially be mineable by open pit. When in operation the project will produce at an average annualised production rate of 160,000 ounces of gold equivalent per year for at least six years together with an additional two years processing lower grade stockpiles.
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