ASIA gets IUP for Sulawesi nickel mine
Friday, May 7 2010 - 12:52 AM WIB
IDX-listed minnow PT Asia Natural Resources Tbk (ASIA) reported on Thursday it has been granted mining license permit (Izin usaha Pertambangan , IUP) to mine for nickel in Southeast Sulawesi through its subsidiary PT Tekonindo.
Under the new Mining law, all concession holders must convert their permit into IUPs.
The Company claimed that the mine has resource potential of 70 million tonnes.
The Company said it would soon seek funding to start developing the mine.
It did not give further detail. (alex)