Sumatra Copper targets first production in Q1 2014
Monday, December 3 2012 - 05:18 AM WIB
ASX-listed Sumatra Copper & Gold plc announced that the company targeted the first production in first quarter 2014 after the government of Indonesia has in principle approved forest permitting process for its 100%-owned Tembang Project, located in southern Sumatra.
It said that the Director General of Forestry has approved all aspects for the Forestry permitting process and made a recommendation to the Minister of Forestry for the granting of an In-Principle Forestry Permit (?in Principle Pinjam Pakai? or ?Borrow and Use Permit?)
The Company expects to be able to meet all conditions stipulated in the In-principle Pinjam Pakai and is targeting the first quarter 2013 for the Final Pinjam Pakai.
It said that once the Final Pinjam Pakai is granted the minimum development time to production will be 9 months.
?As the Final Pinjam Pakai is now expected in the first quarter 2013, the target production date for Tembang is now the first quarter 2014, although the timing remains a function of the grant date of the Final Pinjam Pakai,? the company said in the statement.
Editing by Adianto P. Simamora