Newcrest's RI gold study

Newcrest's RI gold study

MELBOURNE (Reuters): Newcrest Mining Ltd said yesterday it expects an environmental impact and feasibility study on its high grade Gosowong gold mine project in Indonesia to be submitted to the government before the end of February 1998.

Newcrest has said it hopes to produce 150,000 ounces of gold annually from the mine at an average cash cost of US$150 an ounce.

"Newcrest is now able through its Indonesian subsidiary PT Nusa Halmahera Minerals and its Indonesian partner, PT Aneka Tambang to formally submit the Gosowong feasibility study and environmental impact study," Newcrest said.

Acceptance of the studies and final board approval are the last key steps necessary for development of the A$90 million project, the company said.