Austindo commences Banten gold project construction works
Monday, November 21 2005 - 11:32 PM WIB
Australian miner Austindo Resources Corp. NL announced on Tuesday that construction works has commenced at its Cibaliung gold project in Banten province, marked by traditional ground breaking ceremony at the site of the portal to the underground mine.
The company said that the ceremony, which was held last week was attended by over 200 people including local community leader, government officials and company representatives.
The company had bought used processing plant from Australia to be relocated to Cibaliung. The project would commence production in the fourth quarter of 2006 at 70,000 ounces PA.
The project cost is initially estimated at US$34 million.
The Cibaliung project is being developed by PT Cibaliung Sumberdaya ? a joint venture company in which Austindo is entitled to an 83.76 percent interest and the state-owned diversified miner PT Antam Tbk holds a 16.24 percent interest. (alex)