W. Sumatra iron ore mine to start production in 2012
Monday, November 14 2011 - 11:09 PM WIB
Singapore-listed firm Magnus Energy Group Ltd reported on Monday that its iron ore mining in Aie Dingin, West Sumatra is scheduled to commence operations next year.
According to the company, the iron ore project has moved to the final stage of pre-production and construction has reached PIT 1 of the Aie Dingin Project with overall progress of the roadwork has reached 18% completion
The company did not give the mine?s production estimate.
The mine is operated by PT Denichi Amina Selaras, which is 80 percent owned by Hudson Minerals Holdings Pte Ltd. Magnus will have 20.928% equity interest in Hudson upon conversion of a A$2.5 million convertible loan. (alex)