Placer Dome?s S. Kalimantan gold JV remains stalled
Saturday, February 23 2002 - 05:15 AM WIB
The proposed joint venture between Canadian miner Placer Dome and Australian miner Pelsart Resources Group for gold exploration in South Kalimantan remained stalled, a Placer Dome Indonesia official was quoted by Patts as saying Friday.
The official cited the lack of resolution of the existing Forestry Act No. 41/99 that prohibits open pit mining in the protected forest for hindering the progress.
Pelsart Resources signed a farm-in and joint venture agreement with Southkal Resources, a wholly owned subsidiary of Placer Dome Inc of Canada concerning Meratus and Kusan contract of works (CoWs), both of which are located in South Kalimantan, on September 19, 2001.
The agreement provides Placer Dome an opportunity to earn a maximum of 60 percent interest in the project by funding all exploration works in the CoW and defining a sizeable and economically robust mineral deposit. (*)