Antam says construction of Cibaliung gold mine 60% complete

State-owned nickel and gold miner PT Aneka Tambang (Antam) said Thursday that the construction of its Cibaliung gold mine in Banten province has been 60 percent completed, the company?s senior officer said.

CEO Alwinsyah Lubis said that Cibaliung gold mine would start production in mid-2010 with an initial production of around 800 kg per year.

The company said earlier that the mine will reach a full production of about 2,000 kg (64,300 ounces) per annum in 2011. The mine is expected to produce for six years.

Meanwhile, the company?s Pongkor gold mine in West Java is expected to produce 2.5 tons of gold next year, the same with this year?s production production, he added.

The Pongkor gold mine's life may have been extended by another five years through 2019 as the company has managed to increase the mine?s total reserves and resources. As result of detailed exploration activities, total reserves and mineral resources at Pongkor have increased by 34% to 5.3wmt with 1.17 million ounces. (bernard)