BRMS: China NFC interested to help develop copper, gold project
Thursday, July 3 2014 - 05:27 AM WIB
NFC's Vice President Ma Jinping, signed a Letter of Intent on 24 June 2014, which highlights NFC's interest to cooperate with BRMS to develop such mineral project, BRMS said in a statement Thursday. ?Currently, no specific cooperation is stated in the Letter of Intent as NFC is still reviewing the data on the Gorontalo's project,? the statement said.
Suseno Kramadibrata, BRMS' CEO, said, "Two months after signing the Letter of Intent, NFC must submit a more specific cooperation scheme to us in the effort to monetize the Gorontalo's copper & gold reserves. This involves, among others, (i) ways to raise the funds for the respective capital expenditures, (ii) selection of vendors for the engineering, procurement & construction contracts, (iii) identifying the offtakers for the final outputs to be produced."
Seno further added, "Obviously, we will make sure that the final cooperation agreement will be beneficial for both NFC and BRMS. It must add significant value to our shareholders. Otherwise, we can always pursue opportunities of teaming up with other parties to develop the Gorontalo's project."
BRMS currently owns 80 percent stake of PT Gorontalo Minerals (GM), which holds the Contract of Work to mine the copper and gold concession in Gorontalo, Sulawesi. The remaining 20 percent stake is held by IDX-listed PT Aneka Tambang Tbk. Such Contract of Work includes a mining area of 36,070 hectares in Bone Bolango Regency in Gorontalo.
Mineral Resources Cu-Au from Sungai Mak and Cabang Kiri for a total of 292 million tons averaging of 0.50% Cu and 0.47 g/t Au was estimated following JORC (2004, Ed) in August 2012 by the SRK Consulting Pty Ltd, Perth, Australia. (
NFC is one of the largest mining and construction company in nonferrous metals industry in China. NFC currently owns and operates numbers of copper and zinc-lead mines, open pit and underground mines, in numbers of countries including in China, Mongolia and Myanmar. NFC's also operates integrated smelting facilities with total capacity of up to 210,000 tons / year. NFC is publicly listed in Shenzhen Stock Exchange.
Editing by Reiner Simanjuntak