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: nasdaq who wrote (15887)	4/22/1997 6:23:00 AM
From: nasdaq	of 28369

NEWS...Indonesia says minority Busang stakes may change ============ Indonesia says minority Busang stakes may change Reuters Story - April 22, 1997 04:59 FINANCIAL BXM FCX V%REUTER P%RTR Jump to first matched term JAKARTA, April 22 (Reuter) - Indonesian Mines and Energy Minister Ida Bagus Sudjana said on Tuesday that the government was delaying approving ownership stakes in the controversial Busang gold property in East Kalimantan province. The official Antara news agency quoted Sudjana as saying in East Kalimantan province that government approval would be delayed until the results of an independent audit of the property were known. "We are leaving this problem until the results of the evaluation are known," he was quoted as saying by Antara. He added that details of the shareholding were with his ministry. Sudjana said while the stakes of the major partners would remain unchanged, those of minority stakeholders would change as they were divided further. He did not elaborate. Canada's Bre-X Minerals Ltd has a 45-percent stake in the Busang II and III sections, Freeport McMoRan Copper and Gold Inc of the United States has 15 percent and the Indonesian government 10 percent. PT Askatindo Karya Minerals and PT Amsya Lyna and their 50-percent partner, the Nusamba Group, own the remainder. Both Askatindo and Amsya are controlled by Kalimantan businessman Syakerani, while Nusamba is 80-percent owned by three foundations headed by President Suharto. Bre-X shocked the mining community last month by admitting that there was a possibility that the amount of gold at the Busang property had been overstated. It had earlier put gold reserves at 70.95 million ounces, which would have made it the biggest find of the century. Freeport has said its tests in Busang indicated the property might contain "insignificant" amounts of gold. Bre-X hired the Toronto-based Strathcona to make an independent audit to determine the amount of gold at Busang. The results are expected to be known early next month. Sudjana said on Tuesday that data on the amount of gold in the property already exists, but added that there should be an independent audit for comparisan. "The government hopes accurate data on the gold deposit in Busang could be obtained soon," he added. He said there could be differences in data on the amount of gold in Busang, adding that he could understand if Bre-X said it was disappointed over Freeport's annoucement of the results of its tests of the property. The differences could also be linked to business secrets, Sudjana was quoted as saying by Antara. He gave no details. Copyright 1997 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Search for: Instant Company Info Access Enter Stock Symbols (eg: IBM, T, GM) or Company Name. News: Search News \| Your Personal News Personal News Manager \| News by Industry Quotes (free): Quick Quote \| Mutual Funds \| Money Market Funds \| Corp Info What's Hot/What's Not \| Market at a Glance \| ADR Search Portfolio: Your Portfolio \| Corp Info Research Corner: IPOs \| ADR Search User Info: FAQ \| Register \| View Balance \| Update Account Info \| Mail \| Other About News Alert: Info \| Pricing \| What's New \| Sources Copyright c 1997 News Alert Inc. All rights reserved.

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