Tolu Minerals Limited has secured a A$23.75 million investment from Indonesian-listed firms PT Petrindo Jaya Kreasi Tbk and PT Petrosea Tbk, marking a significant step in advancing the Tolukuma gold project in Papua New Guinea.
The investment will be made through the subscription of 14,615,385 new shares at A$1.625 each via a convertible note, subject to shareholder approval. The funds are expected to be remitted in April 2026, with conversion into equity anticipated following a shareholder meeting scheduled no later than end-May 2026.
Once completed, Petrindo and Petrosea are set to become cornerstone investors in Tolu Minerals Limited.
The company said the proceeds will support mine expansion and infrastructure development at the Tolukuma gold mine, including roadway construction, materials handling systems and additional operational facilities.
Planned investments include the development of access roads to multiple exploration licences, a crushing and batching plant, and expanded warehousing and maintenance areas. Additional works will also cover near-mine haulage and the establishment of accommodation facilities for operational personnel.
Tolu Minerals Managing Director and Chief Executive Officer Chris Muller said the entry of the two Indonesian firms reflects growing regional interest in Papua New Guinea’s mining sector and will support the company’s plan to restart operations.
The company is targeting the resumption of mining at Tolukuma in the first quarter of 2027.
Separately, Tolu Minerals said it has begun discussions with Petrindo and Petrosea on potential commercial arrangements, including the provision of mining and infrastructure services. These may cover previously announced major infrastructure works such as exploration drives, dewatering systems, ore haulage and underground tailings storage.
Petrindo and Petrosea, both listed in Indonesia, operate across mining, engineering and energy sectors, with Petrosea already providing services in Papua New Guinea.
The transaction underscores increasing cross-border investment flows within Southeast Asia’s resources sector, particularly into Papua New Guinea’s gold assets.
