Sumatra Copper to relinquish Nusa Palapa concession
Monday, October 27 2014 - 04:05 AM WIB
ASX-listed Sumatra Copper & Gold said it was planning to relinquish 17,350 hectares of concession belonging to its majority-owned subsidiary PT Nusa Palapa Minerals.
The company said in a quarterly report released on Monday that Nusa Palapa, which is 99.95 percent owned by Sumatra Copper & Gold, with the remainder held by local businessman Adi Adriansyah Sjoekri, holds a total of 24,850 Ha concession area in Duo Koto, Rao, and South Rao Districts of Pasaman Regency, West Sumatra Province, based on an IUP for Exploration permit issued in 2012.
?Sumatra Copper & Gold is recommending relinquishing an area comprising 17,350 Ha belonging to PT Nusa Palapa Minerals, (with) the retained area to become 7,500 Ha,? the company said in the quarterly report on Monday.
Elsewhere, the company said that during the previous six months the it relinquished three tenements including PT Jambi Gold, PT Kotanopan Mining, and PT Mandailing Mining. The projects are located in the central and southern parts of Sumatra, a region known for substantial mineral endowment.
Tenement status for PT Lebong Gold is currently being discussed with the Indonesian Ministry of Energy and Mineral Resources, and the Investment Coordinating Board (BKPM), the company added.
Editing by Reiner Simanjuntak