Drilling at the Montong Botek high grade gold and copper porphyry target in Lombok has returned the longest mineralized intercept to date, which includes 0.25 g/t gold over 576.95 meters, New York's International Business Times reported Tuesday (8/4/08).
Southern Arc Minerals, which is developing the site as part of the Selodong Intrusive Complex (SIC) prospect, said the intercept included sections grading at 0.34 g/t gold over 113.9 meters, 0.30 g/t gold over 106.6 meters and 0.45 g/t gold over 52 meters.
The hole that returned the intercept was drilled 150 meters northwest of historic drilling to test for extensions of high grade mineralization encountered in previous work, the company said.
Returns from these holes had included 0.42 g/t gold over 442.2 meters, 0.40 g/t gold over 384.65 meters and 0.51 g/t gold over 363.50 meters.
Southern Arc said it plans to continue drilling at SIC, with further testing planned for lateral and depth extensions at Montong Botek, as well as the Blongas I and Blongas II zones.
A total of 12 other targets will also be tested by the company's three drill rigs, it added.
The SIC prospect covers an area of seven km by three km on the southeast portion of Southern Arc's property on Lombok.
Berau Coal to invest $120M to double production
PT Berau Coal said it will invest up to $120 million over a period of five years to double its annual coal production to 30 million tons, Asia Pulse reported Wednesday (9/4/08).
Company president Bob Kamandanu said in the past several years the company recorded an annual increase of 3 million tons in coal production.
The fifth largest coal producer in the country has coal mines in three locations in its 118,400 hectare concession in the regency of Berau in East Kalimantan.
Kamamdanu said the company will open four new mines and build new infrastructure that will cost around $120 million.
Kamandanu added that parent company, PT Armadian Tritunggal, is likely to delay its plan to offer its shares through an initial public offering this year and would fund expansion out of cash reserves, Reuters reported.
Berau, which has 299 million tons of coal in its reserves, produced and sold 12 million tons of coal last year, and for this year Kamandanu said the company planned to produce 15 million tons and to set aside half a million tons for stocks.
Avocet to spend $20M exploring gold deposits
British-based gold mining company Avocet has set aside $20 million in funds to finance exploration of gold deposits in different areas in Indonesia this year, its president director said, Antara reported Friday (11/04/08).
"We will do it in North Sulawesi, South Sulawesi, East Kalimantan, West Kalimantan and Papua," Dean P Stuart said.
Avocet will increase the amount of its investment in Indonesia if the results of the explorations showed good prospects, he said.
The company is currently producing 70,000 ounces of gold a year from its gold mining concession in North Lanut, North Sulawesi.
IFC to invest $10M-$20M in 3 SE Asia mining projects
The International Finance Corporation, the private financial arm of the World Bank, plans to invest between $10 million to $20 million in three junior energy and mining companies to help develop projects in Southeast Asia within the next year, a senior official said, Dow Jones reported Wednesday (9/4/08).
"We are currently negotiating three equity investments for junior exploration companies in oil and gas, and mining," Karsten Fuelster, senior investment officer at the oil and gas, mining and chemicals department in Southeast Asia, said on the sidelines of the Asian Mining Congress in Singapore.
IFC finances and invests in private-sector businesses and projects in developing countries to aid in poverty reduction and economic development.
In 2007, its worldwide portfolio rose to $25.4 billion from $21.6 billion in 2006.
The three projects comprise an oil and gas project in Indonesia, a mining project in Papua New Guinea and a mining project in the Philippines, Fuelster said.
All three projects are potentially large developments that may require investments of several hundred million dollars if they come to development, he added.
IFC aims to hold a 5% to 15% stake in the companies.
At the moment, the projects are at the exploratory stage, with feasibility studies still underway, said Fuelster.