Bumi to spend $10m to complete gold projects FS

JSX listed company PT.Bumi resources said it would spend US$10 million to develop its two gold mining projects in Sulawesi.

?Bumi is allocating $8 million to finance feasibility study of PT. Gorontalo Mineral and $2 million for Citra Palu Mineral,? said Corporate Secretary Geroad Yusuf.

He said feasibility studies for both projects were underway. He did not give further detail. The project is located in Gorontalo province.

Bumi bought 80 percent stake in Gorontalo Minerals last year from BHPBilliton for US$8 million.

Bumi controls 90 percent stake in PT. Citra Palu Mineral, a gold project located in central Sulawesi. Citra Palu previous owner Rio Tinto gave up the project, as it was located at Poboya Forestry Park, where open pit mining is not allowed. The plan to develop CPM?s gold project is also heavily resisted by local and national NGOs. (godang)