Newmont set to start exploration work at Elang block
Saturday, December 20 2014 - 07:23 AM WIB
Gold and copper giant PT Newmont Nusa Tenggara (NTT) plans to carry out exploration block at Elang, Rinti, and North Lunyuk blocks in West Sumbawa, West Nusa Tenggara Province, next year, Kontan reported Saturday.
The paper quoted Senior Manager Operation at NTT, Wudi Raharjo as saying that the company has allocated US$5 million spending to finance the exploration programs.
He said that considering the current drop in gold and copper prices as well as other uncertainties related to the latest mining regulatins issued by the government, the spending budget is quite considerable.
Newmont currently produces gold and copper concentrates from its Batu Hijau mine in West Sumbawa regency. The mine projected to start the final phase of production period in 2017-2027, the paper said as its existing contract is set to expire in 2030. (*)