Frank:
As you are likely aware, Yamana has a total of 12, 7th Generation COW application blocks covering 27,000 square kilometers (2.7 million hectares)on Kalimantan. My latest information is that the 7th Generation applications have been passed by the Minister of Mines to the legislature. There is talk that the applications may be signed by October of this year. I stress that while I find this credible -- ie. that the 7th Generation will be signed in a timely fashion with no major changes to what we have already seen and found acceptable (which includes no "special" piece for government or government insiders), I am NOT forecasting that this is the way it will go. I wouldn't do it for a Canadian or US government, and I certainly couldn't for Indonesia. (Ironically perhaps, my experience with the Indonesian government is a lot more positive than one would glean from the press. Biased? Perhaps. But they've not treated us badly; we do not pay bribes and they've generally kept their word. Our relations with the department and senior officials has always been reasonable and I do not see a significant change post-Bre-X. But that is a topic for another time.)
From our perspective, we have still got a lot of work to do on the ground there and, beyond the "comfort" having the COWs signed gives us and a portion of our shareholders, we are in no short-term rush to see the them signed. The fall would be just great, as would anytime over the next six months or so.
By the way, I am going to PNG next month and expect to be in Bali at an Indonesian mining conference in early October. I'll keep in touch as best I can.
Also, Vic Bradley (President and CEO) and I are going to the Northern Miner Conference at the Hotel Vancouver next week if anyone wants to drop by.
And in passing, watch for another press release tomorrow -- if all goes well. I'm pulling it together now.
I hope this helps.
Cheers,
Greg |
