JAKARTA – PT Masmindo Dwi Area (MDA), a subsidiary of PT Indika Energy Tbk (INDY), has appointed Macmahon Holding Limited as the mining contractor for its gold mining project.

The mine, located in Awak Mas, South Sulawesi, will be developed under a contract valued at AUD 463 million, according to Adi Pramono, Corporate Secretary of INDY, in an official statement.

The contract will span seven years, with an option to extend for an additional five years.

“The appointment of this mining services contractor is part of the company’s strategy, particularly for MDA, to execute the Awak Mas gold project,” Adi explained.

According to data from idnfinancials.com, INDY has strong cash reserves, with cash and cash equivalents amounting to IDR 10.7 trillion as of September 30, 2024. The company reported revenues of IDR 27.02 trillion in the first nine months of 2024, with a net profit of IDR 521 billion. (KR/ZH)