Intrepid?s JV suspends operation at Tujuh Bukit project
Saturday, July 21 2012 - 01:59 AM WIB
Australia-listed miner Intrepid Mines Limited said that its Indonesian joint venture (JV) partner, PT Indo Multi Niaga ("PT IMN") has suspended operations at copper-gold Tujuh Bukit project in East Java.
IMN has also requested several members of senior management, including all expatriate employees seconded to PT IMN from Intrepid, to leave site and this has occurred.
?This interruption will impact the company?s timetable for delivery of an updated porphyry resource estimate and, futher, may impact work on updated oxide resources,? Intrepid said in the statement to its shareholders.
There are no explanations as to why IMN suspended operations at Tujuh Bukit project.
Intrepid said that it is in compliance with, and has always been in compliance with, all of its obligations under the joint venture agreements in place and applicable law, adding that the project expenditure, solely funded by Intrepid to date, in compliance with the joint venture agreement, is US$95 million.
Intrepid is attempting to establish discussions with both the new and original PT IMN shareholders regarding arrangements which would allow the resumption of drilling activity at the earliest opportunity.
Editing by Adianto P. Simamora