Papua: Indonesia's Island with the Largest Gold Ore Reserves

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Adi Ahdiat 19/05/2023 16:20 WIB

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According to data from the Ministry of Energy and Mineral Resources (ESDM), Papua Island holds the largest gold ore reserves in Indonesia, accounting for approximately 52% of the national total.

Indonesia's Gold Ore Reserve Volume by Island (2020)

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Papua: Indonesia's Island with the Largest Gold Ore Reserves

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Indonesia's Gold Ore Reserve Volume by Island (2020)

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Indonesia is one of the countries with the largest gold reserves in the world.

According to data from the Ministry of Energy and Mineral Resources (ESDM), Indonesia's gold ore reserves are most abundant in Papua Island.

In the report *Indonesia's Gold-Silver Investment Opportunities*, the Ministry of ESDM stated that Papua Island had almost 1.9 billion tons of gold ore reserves in 2020. This amount is equivalent to approximately 52% of the total national gold ore reserves.

Besides Papua, regions with gold ore reserves exceeding 500 million tons are Sulawesi and Nusa Tenggara. Meanwhile, Maluku has the least gold reserves, with details as shown in the graph.

Gold is one of the investment assets favored by many people because its price tends to increase in the long term.

This is evident from data from PT Aneka Tambang (Antam). In the last five years, the price of Antam gold has grown by 60.7%, from Rp670,000/gram (May 4, 2018) to Rp1,077,000/gram (May 4, 2023).

A similar trend occurred globally. In the last decade, the standard London gold price grew by about 34%, from USD 1,487/troy ounce (April 2013) to USD 1,999/troy ounce (April 2023).

In its April 2023 edition of the *Commodity Markets Outlook* report, the World Bank projects that global gold prices will rise this year.

"The gold price (London) is expected to average USD 1,900 per troy ounce in 2023, about 6% higher than in 2022," said the World Bank in its report.

According to the World Bank, the increase in gold prices this year is influenced by the weakening of the US dollar, high inflation rates, and the ongoing Russia-Ukraine war.

This condition is assumed to encourage investors to buy gold, an investment asset considered low-risk.

"In the long term, inflation rates and interest rates will be key factors influencing gold prices," said the World Bank.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."