Austindo gets fresh fund to finance Banten gold project
Friday, March 9 2007 - 01:03 AM WIB
Australian mining firm Austindo Resources Corp. NL announced on Friday it had undertaken placement of ordinary shares to raise A$5.16 million funds, which would be used to finance its troubled Cibaliung gold project in Banten.
The company also announced earlier this week that it would US$20 million Convertible Notes to further support the project?s development.
Austindo?s Cibaliung gold project had been hit by some technical difficulties, including delay in decline development that had caused costs to soar and gold pour commencement postponed.
Austindo holds 89.75 percent stake in the project, while state miner PT. Aneka Tambang holds the balance. (alex)