Kazakhstan to invest $8 billion in NTB

Kazakhstan will invest about Rp 8 trillion (about Rp 8 trillion) to develop gold and copper mining in Lombok and Sumbawa islands, Astaga.com reported on Friday.

Yusuf Merukh, the chief commissioner of PT Newmont Nusa Tenggara, said that the investment was part of the cooperation signed by Kazakhstan's vice mining minister, Uzhkenov and Waldemer K Mueller, the chairman of managing director of Kiintas Geology Pty Ltd of Australia, and the provincial government.

Merukh sad that Kazakhstan would have a 80 percent interest in the gold and copper mining, while its local partner and the provincial administration will have 10 percent respectively. He, however, did not mention the role of the Australian firm in the mining project.

"After 11 years of operation, the ownership of Kazakhstan will be reduced to 41 percent to allow the local partners to become the majority shareholders in the mining project," he said.

Merukh said that in Lombok, gold and copper are found in Sekotong and Mount Rinjani. The gold deposits in Sekotong are estimated to reach 16 million ounces, while that in Rinjani will be higher than those in Batu Hijau, Sumbawa.

According to Merukh, the Batu Hijau location has estimated gold reserve of about 390 tons and copper of about 4.8 tons. (*)