Barrick eyeing Sumatra gold concessions

Canadian firm Barrick Gold Corporation has applied for a contract of work (CoW) to explore gold in Sumatra, the senior officer said.

?The draft contract is being formulated but no discussion (on the terms of the contract) has been held yet. Barrick only asked for a CoW for a concession in Bengkulu ,? Director of Mineral and Coal Resources at the Ministry of Energy and Mineral Resources MS Marpaung told Petromindo.Com on Wednesday.

The CoW is the type of contract awarded by the government to foreign mining investors under the Mining Law No. 11/67. The House of Representatives and the government are now debating a new law to replace the 1967 law.

Under the new law, the government may apply a different type of contract but many mining investors still prefer CoW.

Meanwhile, an official at the ministry who is well informed about the Barrick request said the mining firm were looking for concessions in Bengkulu and Jambi. (godang)