Antam, Newcrest focus gold search in E. Java, Nusa Tenggara
Tuesday, September 19 2017 - 01:21 AM WIB
IDX-listed mining firm PT Aneka Tambang Tbk (Antam) and partner ASX-listed Newcrest Mining Ltd are currently focusing their joint gold exploration activities in East Java and Nusa Tenggara regions, Bisnis Indonesia reported on Tuesday.
?Exploration activities are currently focused in East Java and Nusa Tenggara regions. There are a number of prospects in the two regions,? said Antam Corporate Secretary Aprilandi H. Setia.
He said that if the exploration activities end up with positive results, the two companies will form a joint venture to develop the prospects.
Antam in November of last year signed a strategic alliance to search for new gold and copper deposits in several areas in Indonesia including West Java, East Java, South Sumatera, Nusa Tenggara, North Sulawesi, Halmahera and Mollucas Islands.
The new JV will be similar to the current JV between the two companies. Antam holds a 25 percent stake in North Maluku gold mining firm PT Nusa Halmahera Minerals, while the remaining 75 percent is held by Newcrest.
Antam has been intensifying efforts to find new reserves, as its gold reserves in Pongkor mine, West Java, are expected to start to deplete in 2019-2020.(*)