JAKARTA – PT Indika Energy Tbk (INDY) has appointed Macmahon Holding Limited to develop the Awak Mas gold mining project in South Sulawesi. The Awak Mas gold mine spans a concession area of 14,390 hectares.

Adi Pramono, Corporate Secretary of INDY, announced that the mining services contract is valued at USD 463 million for a seven-year term, with an option to extend for another five years.

"The mining contract will commence in the middle of this year," he stated on Monday (13/1).

Macmahon was appointed as the contractor for this gold mining project through INDY’s subsidiary, PT Masmindo Dwi Area (MDA). Macmahon is listed on the Australian Securities Exchange (ASX) under the code MAH.

The appointment of Macmahon is part of MDA’s strategy to develop the Awak Mas gold project, a greenfield project that was gradually acquired starting in December 2018 and fully owned by October 2021.

Currently, the project is in the development phase, including land acquisition of 1,400 hectares and phased construction. The project has potential resources of 2.29 million ounces, potential reserves of 1.45 million ounces, and a gold grade of 1.33 g/t. (LK/ZH)