Newcrest to mine gold in 1999

Newcrest to mine gold in 1999

JAKARTA (JP): Gold mining company PT Nusa Halmahera Mineral
said on Monday it would start gold production in its contract
area on the island of Halmahera in Maluku in the middle of next
year.

Nusa Halmahera, 90 percent owned by Newcrest Mining Ltd of
Australia and 10 percent by state general mining firm PT Aneka
Tambang, said it had found a deposit of at least 800,000 tons of
gold ores in its 800-hectare Gosowang contract area. Each ton of
ore is thought to contain 23 grams of gold.

Newcrest Mining director Bruce Price said in the provincial
capital of Ambon during a company presentation to Governor Saleh
Latuconsina that gold production in the area would last for
between four to five years.

Price was quoted by Antara as saying that Nusa Halmahera spent
US$40 million on exploration and would spend a further $62
million installing production facilities. (jsk)