Merdeka Copper Gold receives forestry permit
Wednesday, March 2 2016 - 02:06 PM WIB
IDX-listed PT Merdeka Copper Gold Tbk announced on Wednesday that its subsidiary, PT Bumi Sukesindo, received on Feb. 29 the IPPKH permit to use forest areas for its mining operation in Banyawangi regency, East Java province.
The firm said the permit received from the National Investment Coordinating Board (BKPM) covers 798.14 ha of forest in Genteng area of the regency . The permit is valid until Jan. 24, 2030 and will automatically expire if not extended.
Thanks to the IPPKH permit, Bumi Suksesindo has been now allowed to use all forest areas that it needs for its future production operation.
In 2014, the firm received the IPPKH permit from the Ministry of Forestry to use 194.72 ha of forest area. Combined with the new IPPKH permit, the firm has been allowed to use a total of around 994 ha forest areas.
Bumi Suksesindo holds permit for the Bukit Tujuh concession. According to 2012 JORC, the Bukit Tujuh mine holds ore reserves of 90 million tons in its oxide layer. The project is expected to produce 90,000 ounces of gold and 300,000 oz of silver per year from late 2016 to 2025
Editing by Johannes Simbolon