Garibaldi Thohir and Edwin Soeryadjaya capitalized on the rally, raising IDR4.7 trillion (US$280 million) through the September IPO of their gold miner Merdeka Gold Resources, as reported by Forbes.
Garibaldi Thohir speaks during an interview with Xinhua in Jakarta, Indonesia, Dec. 20, 2023. Photo by Xinhua via AFP |
Its Pani gold mine on Sulawesi island, with reserves of nearly 5 million ounces, ranks among Indonesia’s largest.
Thohir ranks 19th in wealth in Indonesia with a net worth of $3.8 billion, while Edwin ranks 45th with $1.2 billion.
Thohir is a significant shareholder of Alamtri Resources Indonesia, one of the world’s top coal exporters. Edwin’s family also have stakes in Alamtri.
Shares of Archi Indonesia, one of the country’s biggest gold producers controlled by Peter Sondakh, have jumped more than fourfold over the past year, adding about $1 billion to his wealth and taking his fortune to $3.1 billion.
Sondakh is head of Rajawali Corpora, an investment firm founded in 1984 whose portfolio includes hotels, media and mining.
He controls the Four Seasons in Jakarta and the St. Regis in Jakarta and Bali.
Anthoni Salim and Agoes Projosasmito, investors in coal producer Bumi Resources and its gold and copper arm Bumi Resources Minerals, have also benefited.
Bumi Resources’ shares surged following its November acquisition of Australian gold miner Wolfram for AUD63 million ($41 million).
Salim is the fifth richest person in Indonesia with a net worth of $13.6 billion, while Projosasmito ranks 13th with a wealth of $5 billion.
Spot gold price has risen by more than 60% since the beginning of the year to around $4,337 per ounce, with Goldman Sachs forecasting it to reach $4,900 next year.
Indonesia’s 50 richest saw their aggregate wealth reaching a new record of $306 billion this year, driven by a 17% in the benchmark stock index.
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