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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Rick McDougall who wrote (3706)1/16/1997 5:29:00 AM
From: Frank Sprenger   of 28369
 
Mines minister meets Suharto, no comment on Busang

Reuters Story - January 16, 1997 05:04

JAKARTA, Jan 16 (Reuter) - Indonesian Mines and Energy
Minister Ida Bagus Sudjana met President Suharto on Thursday as
speculation mounted over the future of the huge Busang gold find
on Borneo.

Mining analysts said they expected Busang was the major
topic of conversation, but Sudjana avoided journalists at the
presidential palace and was not available for comment later.

This was the first formal meeting between Sudjana and
Suharto since Canadian mining company Placer Dome Inc
made a US$5.0 billion merger offer to Bre-X Minerals Ltd
.

Placer chief executive officer John Willson said in Toronto
on Tuesday that his company's offer was in the hands of Suharto
and top Indonesian ministers.

Bre-X and Barrick Gold Corp have already announced
an agreement to split the major part of the Busang gold find in
East Kalimantan province on a 22.5-67.5 basis with 10 percent
going to the Indonesian government.

This agreement is also before the Indonesian government for
approval. A response from the government had been expected this
week.

Bre-X estimates the Busang find contains at least 57 million
ounces of gold, currently worth more than $21 billion.

Further complicating the issue is a C$2.0 billion (US$1.48
billion) lawsuit filed in Canada by Indonesian businessman Jusuf
Merukh, who claims 40 percent of the Busang find.

Indonesian timber baron Muhammad "Bob" Hassan, a close
associate of President Suharto, bought into a local company with
a stake in Busang this week.
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