Oz Minerals puts N. Sumatra gold project under review

Australian mining firm Oz Minerals said on Monday it would review some of its mining development projects including the Martabe Gold Project in North Sumatra.

The company said that the current environment of volatile exchange rates, low and volatile commodity prices and tight credit markets were the reasons it undertook a thorough review of all capital and operational expenditures.

Oz?s initial plan is to start Martabe production late 2009 with annual output of 200,000 oz of gold and 2 million oz of silver. Estimated capital cost to develop the project is US$310 million. (alex)