Australia`s Oxiana receives final approval for Martabe project in Indonesia
Sydney (ANTARA News) - Australian base metals miner Oxiana Ltd. said on Monday it has received final approval from Indonesian authorities for the Martabe gold project in the Indonesian province of North Sumatra.
A constriction permit had been issued by the Department of Energy and Mineral Resources, the company told Thomson Financial.
The mine will be Oxiana's first operation in Indonesia where it is actively pursuing other exploration and development opportunities.
The project will produce 200,000 ounces of gold and 2 million ounces of silver and is expected to cost $310 million to develop.
Plant construction is expected to be completed in the last quarter of 2009 with first production of gold and silver expected toward the end of next
year.
Oxiana acquired Martabe through its purchase of Australian-listed Agincourt Resources Ltd last year via a A$415 million ($388 million) scrip offer.
The company already has gold mines in Laos and Australia.
Oxiana is in the thick of a planned merger with Australian base metals miner Zinifex Ltd via a scrip offer, aimed at creating a A$12 billion mining group. (*)
A constriction permit had been issued by the Department of Energy and Mineral Resources, the company told Thomson Financial.
The mine will be Oxiana's first operation in Indonesia where it is actively pursuing other exploration and development opportunities.
The project will produce 200,000 ounces of gold and 2 million ounces of silver and is expected to cost $310 million to develop.
Plant construction is expected to be completed in the last quarter of 2009 with first production of gold and silver expected toward the end of next
year.
Oxiana acquired Martabe through its purchase of Australian-listed Agincourt Resources Ltd last year via a A$415 million ($388 million) scrip offer.
The company already has gold mines in Laos and Australia.
Oxiana is in the thick of a planned merger with Australian base metals miner Zinifex Ltd via a scrip offer, aimed at creating a A$12 billion mining group. (*)