Cibaliung gold mine starts production
Tuesday, May 25 2010 - 07:37 AM WIB
State-owned mining company PT Aneka Tambang Tbk (Antam) announced on Tuesday that it has started gold production from its Cibaliung mine in Banten.
The company?s president director Alwin Syah Loebis said that the mine, which was acquired from Australian mining firm Arc Exploration last year, was operated by its subsidiary PT Cibaliung Sumberdaya.
Arc had decided to sell the underground mining project to Antam as costs of development soared due to several technical failures.
Antam expects to produce 500 kg (16,075 toz) in 2010 with full production of 2,000 kg (64,301 toz), he said.
The Cibaliung mine has an estimated mine life of six years with gold reserves of around 12,800 kg (411,530 toz) (denny)