Newmont extends N. Sumatra exploration period for one more year

PT. Newmont Horas Nauli (NHN), a unit of US giant miner Newmont Mining Corp. had decided to extend exploration period in its North Sumatra gold project in order to identify more reserves, a NHN official was quoted by Kompas daily as saying.

NHN spokesperson Surya Atmadja said that the exploration work would be extended until May 2004.

Newmont earlier said it planned to commence Martabe production in 2008. Reports said Martabe currently hosts an inferred gold resource of approximately 2.2 million ounces. (*)