Sumitomo in mine deal<\/p>\n
TOKYO (Reuter): Japan's Sumitomo Corp said yesterday that it
\nand Newmont Mining Corp of the United States had signed an
\nagreement to develop the Batu Hijau copper\/gold deposit in
\nIndonesia.<\/p>\n
In March, Sumitomo and Newmont announced they had signed an
\nagreement in principle to develop, finance and operate the Batu
\nHijau deposit, which has estimated resources of 11.2 billion
\npounds of copper and 14.7 million ounces of gold.<\/p>\n
\"The two companies officially signed an agreement on the
\ncopper\/gold project today,\" Sumitomo said in a statement.<\/p>\n
Newmont is to own a 45 percent stake in the project and
\nSumitomo 35 percent, while an Indonesian partner will hold the
\nremaining 20 percent.<\/p>\n
The project's cost is estimated at more than $1.5 billion, the
\nJapanese trading house said.<\/p>\n
\"Copper consumption in Asia is growing at around eight percent
\nper year, and the high growth is likely to remain,\" Sumitomo said
\nin the statement.<\/p>\n
\"The Batu Hijau copper\/gold deposit project in Indonesia is
\nexpected to be a key center of copper supply in this region,\" the
\ntrading house said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sumitomo-in-mine-deal-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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