G-Resources’ Indonesian subsidiary PT Agincourt Resources has entered into a refining agreement with PT Antam (Persero) Tbk for its business unit Logam Mulia to refine gold and silver produced from the Martabe project in North Sumatra. This marks another milestone reached by G-Resources before gold production begins in the first quarter of 2012.
G-Resources’ CEO Peter Albert says, “The signing of our refining agreement with Antam is another key step in preparing for production next year. Antam will refine our gold and silver dore bullion into high purity gold bars and silver bars for sale on the international precious metals market.”
Antam is a 60% Indonesia state-owned company publicly listed in Indonesia and Australia. Logam Mulia has been accredited by the London Bullion Market Association and provides refining services for a number of gold mining companies operating in Indonesia.
Martabe has a resource base of 7.46 million ounces of gold and 72.6 million ounces of silver. With construction well under way, Martabe is expected to start production at an annual rate of 250,000 ounces of gold and 2-3 million ounces of silver at an estimated low cash cost of less than US$250/ounce of gold.