SYDNEY (Yosefardi) – PT Saratoga Investama Sedaya Tbk has boosted its ownership in Sihayo Gold Limited to 13% from previous 9.4%.
Edwin Suryadjaya’s Saratoga and Provident Group have indicated their support for ongoing funding requirement for Sihayo Gold Ltd’s Pungkut project in North Sumatra.
Other than completing permits and approvals required to achieve a construction permit, Sihayo gold said initial discussions commenced with potential providers of project finance to be further developed this year.
Aneka Tambang (ANTM) is main partner of Sihayo Gold in the project with 25% interest. Edwin and Provident, meanwhile, are key shareholders of Sihayo Gold Ltd.
Construction capital estimate for the project is US$58.7 million, while the estimated Pre-tax NPV is around US$57.5 million at gold price of US$1400 per ounce. Gold price has been hovering below US$1250 per ounce in the past few months.