Newmont Horas Nauli plans to finish feasibility study by 2005
Saturday, October 16 2004 - 02:56 AM WIB
Gold mining company PT Newmont Horas Nauli (PT NHN), one of the subsidiaries of the U.S. mining giant Newmont Ltd. in Indonesia, is aiming to complete its feasibility study at Batang Toru, South Tapanuli regency in North Sumatra province by 2005, the Investor Daily Indonesia newspaper reported in its Saturday edition.
Currently, PT NHN is still exploring the area for gold deposits.
"Actually, the provincial authorities have been pressuring us to start production. But it is not easy. We are still doing exploration to find gold deposits with low costs. After this, we are hoping to complete the feasibility study by 2005. Then only, we will begin gold production, if the gold deposits are found," Newmont Group?s manager external relations Kasan Mulyono said in Jakarta on Thursday.
Kasan didn?t disclose how much gold deposits or reserves his company found in that area. (*)