Austindo secures environmental permit for Banten gold project
Wednesday, May 11 2005 - 02:35 AM WIB
Australian mining firm Austindo Resources Limited is one step closer to commence construction of its Cibaliung gold mining project in Banten province after it had secured environmental permits from the Regent of Pandeglang, the company announced Tuesday.
?The approval allows the company to finalize other permits required by local regulatory authorities and reflects the achievement of a further crucial step towards construction of Cibaliung, which is due commence in June 2005,? the company said in an announcement.
Austindo, which has 83.76 percent shares in the gold project, plans to commence gold production from Cibaliung next year at an annualized rate of 70,000 ounces gold equivalent for at least 6 years.
The company had received US$26 million financial backing from ANZ investment Bank. Initial capital expenditure is expected at $34 million.(alex)