Nusantara’s new CFO to drive Indonesian gold project financing

Special Report: Nusantara’s drive to secure finance for its flagship Awak Mas gold project has been boosted by the appointment of experienced banker Matthew Doube as its CFO.

His appointment follows the company securing a $US15m ($21m) investment – enough to conclude financing for Stage 1 early works – from Indonesian integrated energy company and major shareholder PT Indika Energy for a 25 per cent stake in the project.

Nusantara (ASX:NUS) managing director Neil Whitaker welcomed Doube’s appointment.

“Between the existing and deep banking relationships that we are able to access via our partner Indika, and Matthew’s recent and hands on working knowledge of corporate finance from working in the banking sector, we are strongly positioned to further advance financing of the Awak Mas gold project,” he said.

The company is looking to secure debt finance for the proposed 127,000oz per annum project in Indonesia ahead of starting construction in 2021 and first commissioning in 2022.

Proven financing track record

Doube is a highly regarded resources investment banker with more than 15 years’ of experience across capital raising, financing, mergers and acquisition as well as strategic advisory.

His proven track record has seen him advise on over $20bn of public market resources transactions.

Most recently, Doube was head of corporate finance for Adani Global and held key roles with Standard Chartered Bank, Gryphon Partners and the Macquarie Group prior to that.

He has also been based in Asia for the last seven years and has built extensive relationships with regional banks, funds and financiers.

Doube will drive Nusantara’s funding process alongside Indika and advisor Noah’s Rule.

High-grade gold hits de-risk project

Close spaced drilling at Awak Mas appears to be achieving its goal of de-risking the project ahead of construction.

The company noted last week that drilling had intersected multiple broad zones up to 43m thick with highlights such as 5m at 7.18 grams per tonne (g/t) gold from 17m including a top hit of 1m at 19g/t gold and 21m at 2.4g/t gold from 27m including 1m at 8.99g/t gold.

Once close space drilling is completed, Nusantara will test shallow targets neighbouring the Salu Bulo planned pit that have the potential to add near surface, high grade ounces.

This article was developed in collaboration with Nusantara, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.