Gencor to mine in RI

Gencor to mine in RI

JOHANNESBURG (Reuter): South African mining house Gencor Ltd
said it hoped to reach an agreement within weeks with Indonesia's
state mining company PT Aneka Tambang on exploring and developing
nickel deposits on Halmahera island.

"We are in discussions and we are optimistic that an agreement
of principle, a letter of intent, will be reached within the next
few weeks," a Gencor spokesman told Reuters.

Last month Aneka Tambang vice-president Aditya Sumanagara said
he expected a deal with Gencor to be reached soon.

The Gencor spokesman said the two parties were in the process
of defining what the joint venture project would entail and
whether or not it was necessary to bring in a third party.

"But there is nothing concrete yet and it all depends on the
discussions over the next few weeks," he said.

Asked about Gencor's talks over a venture with a Cuban mining
company, the spokesman said, "We're optimistic that a decision
will be taken in the near future."