Antam says Cibaliung gold project to start production in 2010
Monday, March 16 2009 - 06:55 AM WIB
IDX-listed miner PT.Aneka Tambang Tbk (Antam) said Cibaliung gold project in Banten province will start commercial production in April-May 2010.
Director of Development Tato Miraza told reporters on Monday that the company will spend US$8 million to buy 95 percent stake in the project from Australian firm Arc Exploration and will spend another $35 million to bring the project into full capacity.
He said the acquisition process will be completed soon and construction will restart in July this year.
Arc had decided to sell the underground mining project to Antam as costs of development soared due to several technical failures.
The Cibaliung gold project has a mine life of 6 years with annual ore production of 220,000 tonnes and annual production of 70,700 oz gold equivalent. (bernard)