Indo Mines gets approval for Jogjakarta iron project
Thursday, October 25 2012 - 02:57 AM WIB
ASX-listed Indo Mines Limited said that the Indonesian ministry of energy and mineral resources had approved PT Jogja Magasa Iron?s (JMI) application for commencement of the construction phase of the Jogjakarta iron project within its contract of works area.
Indo Mines Ltd, through its joint venture company PT Jogja Magasa Iron, owns a 70 percent interest in the Jogjakarta iron project, which is located approximately 30 kilometers from the province?s capital city of Jogjakarta.
The decree of approval received from the ministry is effective and retroactive from 26 April 2012 and is valid for a period of thirty six (36) months from that date, the company said in a press statement on Thursday.
The construction approval, which follows the granting of the AMDAL (Assesment of Environmental Impact) earlier this year, enables JMI to commence site construction of the Jogjakarta iron project. The Project will follow a gradual implementation to achieve 2 million tons of iron concentrate production per annum before moving downstream into the manufacture of pig iron.
This approval is a major milestone for the company, completing the government approvals required to commence construction of the commercial scale facility.
Editing by Benget Besalicto Tnb.