Leighton gets Toka Tindung mining construction contract
Friday, August 12 2005 - 08:16 AM WIB
UK miner Archipelago Resources announced Friday it had awarded PT Leighton Contractors Indonesia, a unit of Australian contractor Leighton Group, the mining contract for the Toka Tindung Gold Project, North Sulawesi
Mobilisation of equipment to site and commencement of mining will follow project finance debt drawdown scheduled for the beginning of October 2005, said the company.
The Toka Tindung Gold Project has a resource of 1.75M ounces (ozs) of gold equivalent, of which at least 0.9M ozs will initially be mineable by open pit. Production is targeted at 160,000 ozs per annum for an initial 6 year mine life commencing in mid 2006.
Archipelago has 85 percent shares in Toka Tindung project. Archipelago is a mining company listed on the AIM market of the London Stock Exchange.(alex)