Newmont to resume exploration at Elang
Thursday, October 14 2010 - 04:51 AM WIB
Copper and gold miner PT Newmont Nusa Tenggara (NNT) will re-start exploration at its Elang prospect in Sumba island, West Nusa Tenggara early next year after it has secured forestry permit from the Ministry of Forestry, a company official said on Thursday.
Senior Manager External Relations Arif Perdanakusumah said that the permit was issued last week.
In May 2010, NNT President Martiono Hadianto said that the company needed US$3 billion to develop the Elang copper reserve, which has estimated sufficient reserves for production until 2060.
NNT plans to develop four mines including Elang after 2017 in Sumbawa island, where it already operates the Batu Hijau copper and gold mine.
NNT is a unit of US giant mining firm Newmont Mining Corp.(denny)