Eben Sirait's Contact Details

Eben Sirait's Company Details

Nusantara Resources

, , Australia • 11 - 50 Employees
Mining & Metals

Nusantara Resources (ASX: NUS) is an Australian mining company which listed on the ASX in August 2017, with a vision of becoming a significant Asia-Pacific gold producer.Nusantara has a 100% interest in the Awak Mas Gold Project, via local subsidiary PT Masmindo Dwi Area, situated 40km from the coast in South Sulawesi Province, Indonesia. The Project has a 2.0 Moz Mineral Resource and a 1.0 Moz Ore Reserve and is held under a 7th generation Contract of Work (CoW). The recent CoW amendment provides for no divestment requirements until the end of the 10th year, at international fair market value, ensuring secure tenure until 2050, with options to extend. Discovered in 1988, the Project has had some 135km of drilling with over 1,150 diamond drill holes drilled. It currently hosts an open pit Indicated and Inferred Resource of 45.3 Mt at 1.4 g/t Au for 2.00 Moz (0.5 g/t Au cut-off grade, US$1400/oz optimisation shell) prepared in accordance with JORC 2012 (May 2018) and a Probable Reserve of 26.9 Mt at 1.32 g/t Au for 1.14 Moz (0.5 g/t Au cut-off grade, US$1250/oz optimisation shell). The CoW area has significant exploration potential with exciting early results from recently recommenced exploration after 18 years.A Definitive Feasibility Study (DFS) was completed in October 2018, confirming a robust, long-life and low-cost gold project. The DFS reported an 11-year mining operation with an upfront capex of US$146M, pre-production mining expenditure of US$16M and AISC of US$758/oz. This results in a Project NPV of US$152M and an IRR of 20.3% generating US$39M per year of after-tax cash.In December 2018, an investment agreement was executed with Indonesian group Indika Energy, giving them 20% ownership of Nusantara Resources and provision for further ownership of the project. As a strategic partner, Indika brings Indonesian operating and business experience to the Project.A final investment decision is expected in late 2019 with production expected in late 2021