BSI completes construction of Tumpang Pitu gold mine

PT Bumi Suksesindo (BSI) has completed construction work at the Tumpang Pitu gold mine in Banyuwangi, East Java, paving the way for the company to start production activity.

This was said BSI Senior Manager for External Affairs Bambang Wijonarko as quoted by TimesIndonesia late Sunday following a ceremony held to mark the completion of the construction process.

BSI, which is a subsidiary of IDX-listed PT Merdeka Copper Gold Tbk, has previously said it planned to start production at the Tumpang Pitu mine in the latter part of this year. According to 2012 JORC, the Tumpang Pintu gold mine holds ore reserves of 90 million tons in its oxide layer. The project is expected to produce 90,000 ounces of gold and 300,000 oz of silver per year from late 2016 to 2025. The local administration holds a 10 percent participating interest in the project.(*)