Paramount seeks funding for Gunung Rosa gold, copper project

By Ruli Setiawan

ASX-listed Paramount Mining Corporation Limited said Wednesday it is seeking funds or an investment partnership to help finance the development of its Gunung Rosa high-grade gold, copper, and base metals project in Indonesia?s Cianjur Regency, West Java Province.

The company said in a statement that it continued to operate the project within a limited budget. It did not provide further details.

The Cianjur Regency administration approved in September of last year the environmental impact assessment analysis or better known here as AMDAL document for the Gunung Rosa project, thus completing the final regulatory step before starting the underground mining and ore processing activities. Paramount said last year that it anticipated ore mining activity to start in early of 2015.

Editing by Reiner Simanjuntak