Newcrest gets four mining concessions in Indonesia<\/p>\n
MELBOURNE (Reuter): Newcrest Mining Ltd. said yesterday the
\nthree sixth generation contracts of work for gold exploration it
\nsigned in Jakarta on Monday brought to four its mining
\nconcessions in Indonesia.<\/p>\n
The three new concessions are located in Halmahera, East
\nSumbawa and West Sumatra and the existing one in North Sulawesi,
\nNewcrest added.<\/p>\n
It said the signing of these contracts meant that Newcrest had
\nfirm title to a total of 34,700 sq km of geologically promising
\nmagmatic arcs.<\/p>\n
"These arcs are known to host some of the largest porphyry
\ngold\/copper and epithermal gold deposits in SE Asia, including Ok
\nTedi, Grosberg, Batu Hijau, Gunung Pongkor and Porgera," the
\ncompany said. Newcrest has Indonesian partners in all areas.<\/p>\n
At Halmahera (17,000 sq km) PT Aneka Tambang, the Indonesian
\nstate-owned mining company, has a 10 percent interest with the
\nright to purchase on additional 7.5 percent on commercial terms.<\/p>\n
In East Sumbawa (3,000 sq km) and in West Sumatra (6,000 sq
\nkm) PT Austindo Mining Corporation (PT AMC), a company wholly
\nowned by the Tahija family, has a 10 percent interest.<\/p>\n
In North Sulawesi (8,700 sq km), 5th generation CoW, the
\ncompany also has a joint venture with PT AMC (10 percent) and in
\ncertain more copper-prospective areas Cyprus Amax Minerals Co is
\nearning a 45 percent interest from Newcrest.<\/p>\n
In Halmahera, at Gosowong, Newcrest and its JV partner have
\nalready discovered a high grade resource of one million tons.<\/p>\n
This resource is situated only eight kilometers from the coast
\nnear a disused timber track at an altitude of 250 metres above
\nsea level, Newcrest said.<\/p>\n
Engineering scoping studies have been carried out and the
\nsigning of the CoW should allow the timely progress to a full
\nfeasibility study, the company said.<\/p>\n
"Scoping work carried out to date indicates a mine with a
\ntreatment rate of about 200,000 tons per annum producing an
\naverage of 150,000 ounces of gold per annum over an initial four
\nyear mine life," it said.<\/p>\n
In Jakarta, PT Timah announced that its affiliated company PT
\nKutaraja Tembaga Raya (KTR) was one of 65 contractors awarded the
\nCoWs on Monday.<\/p>\n
The CoW for PT KTR, which is 75 percent owned by Phelps Dodge
\nAustralia and 25 percent owned by PT Timah, covers three block
\nareas of 562,560 hectares in regencies of Aceh Tengah and Pidie
\nin Aceh province for exploration and mining of fold and its
\nassociated minerals.<\/p>\n
Timah and Phelps, which received preliminary survey permits in
\nJanuary, this year, had conducted airborne and ground surveys
\nsince than, the company said in a statement.<\/p>\n
Timah, which is listed on Jakarta, Surabaya and London stock
\nexchanges, said that the result of the preliminary survey had
\nbeen very encouraging and the joint venture company was ready to
\nstart further exploration programs.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/newcrest-gets-four-mining-concessions-in-indonesia-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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