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Petrosea (PTRO) Pursues Gold Project Mining Contract

Fri 07 Oct 2022, 10:00 AM



Mining contractor pt Petrosea Tbk. (PTRO) continues to strive to develop its business by carrying out a number of expansions, such as gold mining.

Head of Corporate Secretary of PTRO Anto Broto said, currently there are various strategic initiatives that petrosea continues to implement which have been proven to have supported the company in recording solid performance on an ongoing basis.

"The business expansion carried out by Petrosea also continues to strengthen the company's optimism to develop into a sustainable resource company that supports the development of the mining sector in Indonesia," he said in a press statement, Thursday (29/9/2022).

One form of business expansion in the coal sector is the signing of a mining service agreement with PT Indo Bara Pratama in September 2022 with a value of IDR 2.89 trillion and a period of five years.

Meanwhile, in the gold sector, one of the realizations of the implementation of Petrosea's diversification strategy is the acquisition of a contract from PT Santana Rekso Nindhana for EPCM services in a tailings management project at a gold mine owned by PT Nusa Halmahera Minerals (NHM) in July 2022, with a contract value of IDR 3.6 trillion for five years including infrastructure development.

"Until now, the company continues to accelerate the completion of the tailings infrastructure construction so that it is targeted to enter the production stage in the near future. In the future, Petrosea is expected to work on other gold mining service projects in Indonesia," he said.

In the nickel sector, Petrosea has signed a contract with PT Cipta Djaya Selaras Mining for pit-to-port mining services and mining infrastructure development with a contract value of IDR 1.58 trillion for four years.

The project has entered the stage of completion of construction for road and infrastructure construction with a production target by the end of 2022.

In carrying out its business, Petrosea is fully supported by Haji Romo Nitiyudo Wachjo who is the majority shareholder of one of the largest gold mines in Indonesia, PT Nusa Halmahera Minerals and PT Caraka Reksa Optima who is the main shareholder of PT Petrosea Tbk.

"In the future, Petrosea's strategy is to continue to carry out business diversification into other mineral sectors through the provision of mining and engineering services, procurement & construction (EPC) on an ongoing basis," added Anto.

In addition, Petrosea's long-term strategy is to reposition from previously a mining contractor to a mine owner in order to strengthen the company's performance and provide added value for all stakeholders in the future.

Recently, PTRO has also completed the mandatory share tender offer process carried out by PT Caraka Reksa Optima (CARA) as the main shareholder of Petrosea has ended on September 23, 2022, where the results of the mandatory tender offer reached 89.90 perden shares.

After the mandatory tender offer period ends, petrosea's shareholder composition becomes PT Caraka Reksa Optima which owns 89.80 percent of the shares and the public which owns 10.20 percent of the shares.


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