Newmont to spend $1.8 million for new exploration activities

PT Newmont Nusa Tenggra (PTNNT) will spend another US$1.8 million to carry out exploration activities and hope to find more copper deposits in its mine concession areas in Dodo and Risti in the district of West Sumbawa, West Nusa Tenngara, Investor reported on Friday.

?We hope that the copper deposits in the Dodo and Risti will be as much as in the Batu Hijau area,? NNT?s president Robert J. Gallagher was quoted as saying by the newspaper.

He said that the companies had carried out drilling activities in 14 areas in which the last one was carried out in West Elang, with the depth of 900 meters. He acknowledged that the company had not yet found the actual volume of the copper deposits.

?Perhaps, we will find whether it is economically feasible within the next few years,? he said, adding that production activities would be carried out if the area contained copper and gold ores with high grade.

NNT which is jointly owned by PT Newmont Indonesia (45 percent), PT Nusa Tenggara Mining Corporation (35 percent) and PT Pukuafu Indah (20 percent) began production activities at its Batu Hijau mining site in 2000.

In 2003, the company produced 634 million pounds, down from previous year?s production of 658 million pounds.(*)