Laverton gets RI permit

Sat, 29 Mar 1997 | Source: REUTERS

SYDNEY (Reuter): Laverton Gold NL said on Thursday it has secured a large area of exploration ground surrounding its Rawas gold mine in Indonesia.

Laverton said it has been granted a second Contract of Work at Rawas by the Indonesian government after a two-year wait.

The contract covers over 1,620 square km of prospective ground surrounding the Rawas mine, located in South Sumatra, the company said.

The Rawas mine was commissioned last January and is forecast by Laverton to produce about 75,000 ounces of gold a year at an average cash cost of US$235 an ounce.

Laverton earlier this week proposed merging with Consolidated Gold Fields Ltd to create a single company with an immediate production portfolio of 130,000 ounces of gold a year.

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