Sale of gold-silver mine complete

EMR Capital says that the sale of the Martabe gold-silver mine in North Sumatra to PT Danusa Tambang Nusantara is now complete.

  • Staff Reporter
  • 06 December 2018
  • 18:04
  • News
Sale of gold-silver mine complete

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Martabe is one of Asia's largest gold mines and in 2017 produced 355,000 ounces of gold and 2.8 million ounces of silver at an all-in sustaining cost of $406 per ounce of gold.
 
In March 2016, a consortium led by the Melbourne-based private equity firm EMR bought the mine for $775 million.
 
This week, EMR chief executive Jason Chang said the group was pleased to complete the transaction and highlighted the growth achieved by EMR at Martabe.
 
"The management team and all employees at Martabe did an outstanding job during EMR's ownership of the operation. During this time, throughput and gold and silver production increased substantially, reserves doubled, and the mine's AISC is now amongst the lowest in the world," he said.
 
"We are currently assessing a number of other investment opportunities in Indonesia and will continue to grow investor value across our expanding project portfolio using our industry experience, expertise and networks."
 
EMR currently manages investments worldwide across its four key commodity areas of gold, copper, hard coking coal and potash.

 

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