Avocet eyeing another Indonesian gold projects acquisition

London-based gold miner Avocet Mining PLC said on Wednesday its was looking to add more Indonesian gold exploration projects portfolio in Indonesia in addition to its North Lanut gold project in North Sulawesi.

?New property acquisitions nearby (North Lanut old project) and elsewhere in Indonesia are also the subject of serious negotiation,? Avocet said in a report to London Stock Exchange on Wednesday. But the company did not disclose the detail of planned acquisition targets.

Avocet acquired 80 percent stake in North Lanut project from Newmont Mining Corp., and plans first production in the second half of next year at 50,000 ounces per annum with a total cash cost of below US$200 per ounce. ?All required approvals have now been received from the various state and federal government agencies, and the project is progressing on schedule and within budget,? Avocet said.

Meanwhile, the company said, that potential to increase reserves in North Lanut still possible, but all exploration activities had been put on hold as the focus remained on getting the North Lanut project under construction and into operation.(robert)