Ausenco signs EPCM contract for N. Sumatra gold project

Australian diversified engineering services firm Ausenco Limited said on Wednesday that its subsidiary Ausenco Minerals had signed the Engineering, Procurement and Construction Management (EPCM) contract to develop the Martabe project in North Sumatra

?The short time it has taken to finalise the EPCM contract since we were selected as preferred contractor in mid July is testament to the strong working relationship we have with the team from PT Agincourt Resources (PTAR) and Martabe?s new parent company owner ? G-Resources,? Ausenco CEO Zimi Meka said.

?Engineering and procurement activities are already mobilized and site work will recommence in the next few weeks,? he 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.

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