Newmont increases ownership at Martabe gold project

US Mining giant Newmont mining corp. said on Wednesday it had increased ownership of Martabe gold project in North Sumatra by 5 percent to 95 percent, with an option to acquire the remaining 5% minority interest in 2005.

Newmont controlled 90 percent of Martabe gold project through acquisition of Australian miner Normandy Mining in 1992. Indonesian company Austindo Nusantara Jaya, which is controlled by the Tahija family held the remaining 10 percent interest in the project.

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. (alex)