09:50 Indochina Gold Completes Arrangements For Myanmar Project
SINGAPORE (Dow Jones)--Indochina Goldfields Ltd. (T.ING) said it has
completed formal arrangements for the development of the Monywa copper mine
complex in north-central Myanmar.
In a news release, the company said contracts for finance, construction and
copper marketing were signed Tuesday by it and its 50% joint venture partner,
Mining Enterprise No. 1.
The company said Marubeni Corp. and Nissho Iwal Corp. will provide a $90
million loan for the project's first phase.
It said Chiyoda Corp. and Marubeni will design, construct and commission the
ore crushing, conveying and heap-leach facilities, as well as the solvent
extraction / electrowinning plant. Marubeni is also committed to purchase the
first seven years of copper production from the mine, it noted.
Indochina said the project is on track to start Phase I production in
mid-1998, and to reach full commercial production at an annual rate of 25,000
tonnes of LME Grade A copper cathode by year-end 1998.
The company said it has also initiated discussions to secure project
financing for construction of the Phase II expansion on the adjacent
Letpadaung ore body.
Indochina owns gold and copper properties and various mineral interests in
Indonesia, Kazakhstan, South Korea, Vietnam and Fiji. |
