Sihayo Pungkut CoW

Sihayo is located in Mandailing Natal, North Sumatra, Indonesia. This coincides with the geologically prolific Trans Sumatra Fault Zone (“TSFZ”) and the associated Neogene Magmatic Arc, which is the result of an oblique collision of two tectonic plates and associated subduction. The TSFZ hosts a number of significant gold projects including the Martabe project located approximately 50 kilometres northwest of the CoW.

The Sihayo Pungkut JV 7th generation COW was issued to PTSM on 19 February 1998. The initial COW covered an area of 201,600 ha. Two partial relinquishments in 1999 and 2000 resulted in a reduction down to the current area of 66,200 ha. The COW was converted into operation production phase on 7 December 2017, which runs until 6 October 2049. At the end of this phase, Sorikmas has the right to two 10-year extensions under prevailing Indonesian mining law.