Ausenco preferred EPCM contractor for $250 million Martabe project

Global diversified engineering services group, Ausenco Limited said Tuesday that its Ausenco Minerals unit had been selected as preferred contractor to provide Engineering, Procurement and Construction Management (EPCM) services for the US$250 million Martabe project in North Sumatra .

Ausenco CEO Zimi Meka said he was pleased to see the gold and silver project return to Ausenco, following its deferral in late 2008 by the mine?s previous owner OZ Minerals.

?We are extremely pleased to be working with PT Agincourt Resources (PTAR) and Martabe?s new parent company owner - G-Resources - on such a significant project,? Meka said.

The Martabe project belongs to PTAR, which used to be owned by Australian copper and gold miner OZ Minerals. Oz sold its stake in PTAR earlier this year to G-Resources as part of its debt reduction program.

Meka said Ausenco has already started mobilising its project team and expects to re-commence work on site by August.

Ausenco and PTAR are in the final stages of documenting the EPCM contract, which should be formally signed by late July.

The Martabe project is expected to produce approximately 250,000 ounces of gold and 3,000,000 ounces of silver in the early years of the mine life. (denny)