Petrosea signs deal on Australian mine

Petrosea signs deal on Australian mine

JAKARTA: Publicly listed engineering construction and mining
company PT Petrosea has signed an agreement with Renison
Consolidated Mines NL to develop and operate a gold mine in Tom's
Gully, 90 kilometers southeast of Darwin, Australia.

The alliance, in the form of a 50-50 owned company Tom's Gully
Mining Pty. Ltd., is Petrosea's first mining venture outside
Indonesia, said the company's president director John Sheridan in
a statement.

Under the agreement, Petrosea is responsible for providing
underground mining expertise and capital equipment while Renison
provides the mining lease and process plant.

The gold production is expected to start in March 2006 as soon
as the processing plant is ready. It will produce around 45,000
ounces of gold from the 250,000 tons of processed ore annually.
-- JP