BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: David Graham who wrote (8076)	3/26/1997 11:26:00 AM
From: Nugget	of 28369

Yesterday's news: Dow Jones Business News -- March 25, 1997 Indonesia OKs Bre-X,68 Other Mining Contracts Of Work AP-Dow Jones News Service JAKARTA -- Indonesian President Suharto has given the nation's Minister of Mines and Energy Ida Bagus Sudjana the authority to approve 68 Contracts of Work for mining in Indonesia, an official at the Ministry told Dow Jones Tuesday. He said among the contracts which have been approved is that of Bre-X Minerals Ltd. (BXMNF) and its partners to develop the Busang gold deposit in East Kalimantan, the official said Tuesday. 'Yes, they (68 contracts of work) include the one for Bre-X,' said an official at the office of the Director General of General Mining. Bre-X along with partners Freeport-McMoRan Copper & Gold Inc. and private Indonesian companies PT Askatindo Karya Mineral and PT Amsya Lyna received government approval last month to form a joint venture to develop Busang. Suharto's approval of Bre-X's contract, however, follows a drawn out battle for control of Busang, which included North American mining giants Barrick Gold Corp. and Placer Dome Inc. Bre-X was threatened on a number of occasions by the Ministry during the past year with having its contract application terminated. Indonesian President Suharto has given the nation's Minister of Mines and Energy Ida Bagus Sudjana the authority to approve mining contracts for Bre-X Minerals Ltd. (BXMNF) and 68 other projects. Bre-X and its partners have been given the go-ahead to develop the Busang gold deposit in East Kalimantan. (In a headline timed at 0629 GMT (01:29 a.m. EDT) and a subsequent item timed at 0702 GMT (02:02 a.m. EDT), it was reportedly incorrectly that there were 67 mining contracts in addition to that approved for Bre-X and its partners.) Included among the 68 other contracts which received President Suharto's approval were a slew of projects involving major Canadian mining companies. These companies make up what is known as the sixth generation of contracts for work licenses. Barrick, which lost its bid for Busang, received the approval for five projects in Indonesia by Suharto. These include a nickel and two gold projects in Irian Jaya; a gold mine in Aceh, Sumatra; and another gold mine in Nusa Tengarra. Calgary-based Indomin received approval for four Indonesian projects. These included gold and general mineral projects in East Kalimantan and Central Sulawesi; a diamond mine in South Kalimantan; and a general mining project in Irian Jaya. Placer Dome meanwhile is set to embark on a gold project in Central Kalimantan, while Minorca Resources Ltd. will develop a gold mine in Aceh.

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