Newcrest spends US$40.4m for exploration
Newcrest spends US$40.4m for exploration
JAKARTA (JP): The Indonesian subsidiaries of Australia's
Newcrest Mining Ltd. has spent US$40.4 million to survey and
explore gold resources across the country, a company official
said over the weekend.
The project manager of PT Newcrest Nusa Sulawesi (NNS), Paul
D., said the company had been actively exploring gold resources
in the country for six years but so far, no production had been
made.
Paul made the remarks in a meeting to explain NNS's activities
to North Sulawesi governor E.E. Mangindaan in the provincial town
of Gorontalo.
Paul was quoted by Antara as saying that Newcrest had
contracts of works (COWs) to develop gold resources in West
Sumatra, Sumbawa of West Nusa Tenggara, North and Central
Sulawesi, Halmahera and Maluku.
The COWs for the development of gold resources in West
Sumatra, Sumbawa, Halmahera are part of 65 Sixth Generation COWs
signed last April; while the contract to develop gold resources
in North Sulawesi and Central Sulawesi is part of seven Fifth
Generation COWs awarded in 1994.
The West Sumatra contract areas are being explored by PT
Newcrest Sumatra Minerals, a joint venture with PT Austindo
Nusantara Jaya (ANJ) of the Tahija's family, which own 10 percent
stake.
The Sumbawa resource is being explored by PT Newcrest Sumbawa
Jaya, a joint venture with the Tahijas, who own 10 percent of the
share.
The Halmahera resource is being developed by PT Nusa Halmahera
Minerals, a joint venture with the publicly listed state mining
company PT Aneka Tambang, which has a 10 percent stake.
The North and Central Sulawesi contract area is 90 percent
owned by Newcrest and 10 percent by the Tahija family.
Paul told the governor that Newcrest Nusa Sulawesi had been
exploring gold resource on 766,100 hectares in the Gorontalo and
Bolaang Mongondow regencies, North Sulawesi and the Bual Toli-
Toli regency, Central Sulawesi.
He said the exploration could take three years and, if the
exploration was successful, the company could start feasibility
studies and construction. Production was expected to start four
years after the exploration is completed, he said. (jsk)