Sumitomo Metal enters RI<\/p>\n
TOKYO (AFP): Japan's Sumitomo Metal Mining Co. Ltd. is to buy
\na direct stake in the Batu Hijau copper and gold deposit in
\nIndonesia from Sumitomo Corp., the Nihon Keizai Shimbun said
\nyesterday.<\/p>\n
But a company official told AFP no decision had yet been
\nreached.<\/p>\n
\"We will probably provide technical assistance to the project,
\nbut it is not decided whether we will buy a stake,\" a Sumitomo
\nMetal Mining official said.<\/p>\n
The major business daily said Sumitomo Metal Mining would take
\na stake of \"several percent\" in the copper and gold mining
\nproject led jointly by Sumitomo Corp. and Newmont Gold Co. of the
\nUnited States.<\/p>\n
Batu Hijau deposit is located on Indonesia's Sumbawa Island.
\nSumitomo Corp. has a 35 percent stake in the deposit, Newmont
\nGold 45 percent and an Indonesian company PT Pukuafu Indah the
\nremaining 20 percent.<\/p>\n
Total development cost of the project is put at US$1.5
\nbillion, with production planned from late 1999, according to the
\nnewspaper.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/sumitomo-metal-enters-ri-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}