Govt to award 5 working deals on general mining<\/p>\n
JAKARTA (JP): The government will award five working contracts
\nfor general mining in Irian Jaya, North Sulawesi and South and
\nNorth Sumatra to foreign joint ventures by the mid of this month,
\na business leader said.<\/p>\n
Beni N. Wahyu, secretary general of the ASEAN Federation of
\nMining Associations (AFMA), told reporters here yesterday that
\nthe contracts will be awarded to PT Ingold Antares, PT Eastern
\nIrja Mining Corp., PT Newcrest Nusa Sulawesi, PT Paragon Perdana
\nMining and PT Miwah Tambang Emas.<\/p>\n
Beni, who is also president of Ingold Antares, said that his
\ncompany will be awarded a contract for exploration and production
\nof copper and gold in a concession area in Irian Jaya.<\/p>\n
Ingold Antares is a joint venture between Ingold Ltd. of
\nCanada and PT Kalirindo Gunung Minerals, he said.<\/p>\n
Eastern Irja Mining Corp. -- a joint venture between Eastern
\nMining Co, PT Setdco Ganesha, PT Bakrie Investindo and PT
\nFreeport Indonesia -- will also get a contract for the
\nexploration and mining of copper and gold in Irian Jaya, Beni
\nsaid.<\/p>\n
He said Newcrest Nusa Sulawesi will search for copper and gold
\nin North Sulawesi. Newcrest Nusa is a joint venture between
\nNewcrest Mining Ltd. of Australia and PT Austindo Nusantara Jaya.<\/p>\n
Paragon Perdana Mining, a joint venture between Hong Kong's
\nParagon Resources Ltd. and PT Keikan Perdana, will search for
\nzeolite in South Sumatra, he said.<\/p>\n
He added that Miwah Tambang Emas, a joint venture between
\nAustralia's Highlands Gold Pty. Ltd. and PT Marhuama Subur Gunung
\nMinerals, will look for gold in Aceh.<\/p>\n
\"We have been informed that the contracts will be signed
\nbefore Indonesia's Independence Day on Aug. 17,\" Beni said.<\/p>\n
Application<\/p>\n
In addition to the planned contracts, Beni said that the
\nMinistry of Mines and Energy is now scrutinizing the applications
\nof more than 20 other investors for general mining activities in
\nthe country.<\/p>\n
Minister of Mines and Energy IB Sudjana told members of the
\nHouse of Representatives (DPR) recently that Indonesia has thus
\nfar signed 127 contracts for general mining since 1967.<\/p>\n
\"But out of the 127 contracts, 64 have terminated operation
\ndue to failure in exploration and various financial problems,\" he
\ntold DPR's Commission VI recently. He added that only 10
\ncontracts were still operating.<\/p>\n
Beni said yesterday that one of the major problems faced by
\ninvestors in mining are the high risks of exploration.<\/p>\n
\"In addition, mining is a time-consuming business with a slow
\nyield which requires a high level of investment,\" he said.
\n\"Strong financing backing is key to the business,\" he argued.<\/p>\n
Beni, accompanied by AFMA's chairman M. Simatupang, briefed
\nreporters yesterday in conjunction with the federation's plan to
\nhold its 4th Asia-Pacific mining conference and exhibition the
\nJakarta Hilton Convention Center from Oct. 26 to Oct. 29.<\/p>\n
Simatupang said that Sudjana is scheduled to officially open
\nthe conference, which is expected to attract 400 participants
\nfrom foreign countries. (fhp)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/govt-to-award-5-working-deals-on-general-mining-1447893297",
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"sponsor": "Okusi Associates",
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