G-Resources, Thiess sign Martabe earthworks contract deal

Hong Kong Stock Exchange-listed firm G-Resources Group Ltd said on Monday that its unit PT Agincourt Resources has signed the plant site bulk earthworks contract for the Martabe gold and silver project in North Sumatra with PT Thiess Contractors Indonesia.

The total contract value is US$15.16 million. Under the contract Thiess commenced mobilization of labour and equipment for the Martabe Project in September 2009 and earthworks started at the Martabe site in October 2009, the company said.

The Martabe Project is expected to commence production in the first quarter of 2011. It is expected to produce approximately 250,000 ounces of gold and 3,000,000 ounces of silver each year in the early years of the mine life, it said. (denny)