Newmont's gold yields surge in first quarter<\/p>\n
JAKARTA (JP): Private gold mining company PT Newmont Minahasa
\nRaya (PTMNR) reported an increase in gold production to 58,000
\nounces in the first quarter of this year, 49 percent more than
\nthe 39,000 ounces produced in the same period last year.<\/p>\n
Company general manager Paul Lahti said the increase was due
\nto growing mining and processing operations and the improved
\ninfrastructure in the Messa area of North Sulawesi.<\/p>\n
\"The increase in production has also helped to offset the
\nnegative impact of the depressed gold price market,\" Lahti said.<\/p>\n
Lahti said the company intended to stick to its planned mining
\nand processing operations.<\/p>\n
\"Hopefully, by virtue of trickle down economics, local
\nbusinesses will continue to benefit from our operation. Newmont
\npurchases many of its supplies and materials for daily operations
\nlocally,\" Lahti said.<\/p>\n
Lahti added that the company's commitment to developing
\nbusiness and infrastructure in the local area, and initiatives to
\nprovide basic foodstuffs to lower income residents would continue
\nas planned.<\/p>\n
He said that a public market and terminal facility had just
\nbeen constructed. \"Construction of a community health center and
\na school library is currently underway,\" he added.<\/p>\n
Newmont Minahasa is 80 percent owned by Newmont Gold Company
\nof the United States. The remaining 20 percent is owned by local
\ncompany PT Tanjung Serapung.<\/p>\n
PT Newmont Nusa Tenggara also reported that 40 percent of the
\nconstruction works for a gold and copper mining project in
\nJereweh district, Sumbawa, West Nusa Tenggara, had been completed
\ndespite the monetary crisis.<\/p>\n
Construction of the Benete port, township and access road had
\nbeen completed and an electricity supply installed, the company
\nreported.<\/p>\n
A meeting to discuss how to lessen the blow to the local
\neconomy resulting from a decline in required labor in the next
\nphase of the project took place between the company and the West
\nNusa Tenggara administration.<\/p>\n
Four thousand six hundred workers are currently employed by PT
\nFluor Daniel Indonesia, Newmont's construction contractor, in the
\nBatu Hijau area of the island.<\/p>\n
PT Newmont Nusa Tenggara, established in 1986, is 45 percent
\nowned by Newmont Gold Company. Sumitomo Corp. of Japan holds a 35
\npercent stake and the remainder is owned by PT Pukuafu Indah, a
\nlocal company controlled by businessman Jusuf Merukh.<\/p>\n
The construction phase on the project is expected to last for
\napproximately 36 months. The mine will have a production period
\nof between 22 and 30 years and a production capacity of 120,000
\ntons of ore per day, 1,589 tons concentrate production per day,
\ncopper production of 203,000 tons per year, gold production of
\n14.1 tons per year and silver production of 45.6 tons per year.
\n(gis)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/newmonts-gold-yields-surge-in-first-quarter-1447893297",
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"sponsor": "Okusi Associates",
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