Indonesia Hulubalang Gold Mine Signed Construction and Mining Operation Contract with PowerChina

On August 20, 2023, PowerChina's international subsidiary in Indonesia successfully signed a contract with PT Bina Daya Lahan Pertiwi (referred to as 'BDLP') for the construction and mining operation of the Hulubalang gold mine.

The signing ceremony was hold in Jakarta, the capital of Indonesia. The representative of Power China’s Indonesian office, Mr. Zhao Fengjun, the Director and Legal Representative of BDLP, Mr. Rocky, as well as other shareholders, and Mr. Huang Heng, the Chairman of HOT (representing BDLP's Chinese investors and providing project technical support), attended the ceremony.

The Hulubalang gold mine is located in Paleleh Town, Buol County, Central Sulawesi Province, Indonesia, and is 100% owned by BDLP. The contract covers the first phase of mine construction and mining operation of Hulubalang gold mine.

"We are very pleased to witness the cooperation between BDLP and PowerChina at this moment. We appreciate the strong support from HOT and PowerChina for supporting the Hulubalang gold mine project. We have good reasons to believe that, with everyone's joint efforts and professional teamwork, the Hulubalang gold mine will unleash tremendous potential and become a super gold mine," said Mr. Li Shihong, the representative of BDLP's shareholders, at the ceremony.

Since entering the Indonesian market in 1995, PowerChina and its affiliated enterprises have deeply cultivated the market, gradually expanding their business to infrastructure fields such as rail transportation, highways, metallurgy, mining, industrial plants, and airports, with a cumulative total project value exceeding 2.8 billion USD. Currently, the iconic project under construction, the Jakarta-Bandung High-Speed Railway, represents a significant milestone in in the bilateral relationship between two countries and China's comprehensive industry chain construction.

Mr. Zhao Fengjun, the representative of PowerChina in Indonesia, stated during the ceremony: "The partnership between PowerChina and BDLP on the gold mine project is the first step of a strong alliance and win-win collaboration between the two parties. We will live up to the expectations, fulfill the project commitments, provide a satisfactory response to BDLP, and explore more allianced opportunities in the future."

Mr. Huang Heng, Chairman of HOT expressed, "The Hulubalang gold mine was once a key project of Dutch colonialists, with a history of over a hundred years. It has been inactive since World War II. Its tremendous potential still awaits discovery. The current exploration area accounts for less than 10% of the total mining area. In the upcoming comprehensive exploration work, we are confident that we can help Hulubalang become a world-class super gold mine."

This contract is a milestone development for the Hulubalang gold mine project, marking the transition from the exploration phase to the mine construction phase. This century-old gold mine is now revitalized and shines brightly.