In the fourth quarter of 2013 Rajawali Corpora, owned by businessman Peter Sondakh, finalized the USD $541 million acquisition of gold miner Archipelago Resources Plc (listed on the London Stock Exchange). Previously Rajawali Corpora already owned a 53 percent stake in Archipelago Resources. This company is engaged in gold exploration in North Sulawesi (Toka Tindung) as well as in the Philippines and Vietnam. The Toka Tindung gold mine in North Sulawesi holds gold reserves of 3 million tons (grade: 1.33 grams per ton) and 2 million tons (grade: 1.7 gram per ton). The company’s markets are mainly in the UK, Australia, Indonesia and Singapore. Rajawali Corpora will now restructure Archipelago Resources into Archi Indonesia.

To list a miner on the IDX implies risks as the global mining industry has had to cope with falling prices amid sluggish economic growth worldwide. Furthermore, the Indonesian rupiah exchange rate has been depreciating against the US dollar and this trend is expected to continue ahead. A weak rupiah will limit profit margins of Indonesian miners.

Other companies that are expected to conduct an IPO on the IDX this year are the Blue Bird Group, Soechi Lines Indonesia, Imack Pratama Industri, Intan Baruprana Finance, and Karisma Aksara Mediatama.