Tembang gold project to begin construction in 2H 2013
Friday, April 26 2013 - 03:10 AM WIB
ASX-listed Sumatra Copper & Gold plc reported it has obtained the final permit from the Ministry of Forestry locally known as the Izin Pinjam Pakai permit for its Tembang gold and silver mine project in southern Sumatra.
The company said in a statement obtained Friday that the issuance of the forestry permit would pave the way for the construction of the project to start in the second half of this year.
?The award of this final permit represents one of the final remaining conditions precedent (CP?s) required to complete the US$35 million senior project finance facility with Credit Suisse announced on 21 February 2013 clearing the way for development of the Stage 1 Tembang Project to proceed,? the company added.
Sumatra?s Managing Director, Julian Ford, said that the Tembang project is targeted to begin production in 2014.
Editing by Reiner Simanjuntak