Antam and subsidiary renew management services agreement
Friday, January 18 2002 - 07:06 AM WIB
CDNX listed mining firm International Antam Resources Ltd (IAL) announced on Friday that it had negotiated with its parent company state mining firm PT Aneka Tambang a temporary extension to the service contract governing the mining, processing and refining of gold and silver ore from the IAL?s underground mine at Cikidang, West Java.
As a condition of the extension, IAL will pay PT Aneka Tambang total cash costs of US $215 per ounce gold equivalent outturned from the Logam Mulia refinery in Jakarta.
The extension of the contract is reviewable on an ongoing basis and will not exceed 6-months from the December 31st, 2001 termination date.
?This interim agreement re-establishes the IAL's source of cash flow and provides additional time to examine alternatives by which IAL may continue the operations? said the company in a statement,
International Antam Resources Ltd is a gold and silver producer carrying on mining and mineral exploration in Indonesia. (robert)