Victory West talking with Chinese firm on Sulawesi molybdenum project
Tuesday, September 1 2009 - 02:48 AM WIB
Australian firm Victory West Moly Limited (VWM) said on Tuesday that it is continuing discussion with Chinese firm to develop Malala molybdenum project in Central Sulawesi.
?Continuing discussions with Chinese and other interested parties concerning the project and or partnership with Victory West as it establishes the status and integrity as a major molybdenum explorer and producer in Indonesia,? the company said.
The company did not give further details.
Victory West has converted its mining contract from Kontrak Pertambangan or KP (Mining Authoriziation) to Izin Usaha Pertambangan or IUP (Mining Permit) for the project in compliance with the new Coal and Mineral Law of 2009.
VWM has acquired five molybdenum leases in Toli-toli, Central Sulawesi, where previous exploration works had been carried out by Rio Tinto with total expenditure of US$20.5 million. (denny)