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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Turk who wrote (3880)1/20/1997 6:06:00 AM
From: Frank Sprenger   of 28369
 
If deadline failes, indonesia will have full right to Busung

JAKARTA, Jan 20 (Reuter) - Indonesia's Mines and Energy
Minister Ida Bagus Sudjana has given Canada's Bre-X Minerals Ltd

and Barrick Gold Corp one month to settle with
their local partners in the huge Busang gold find, according to
a letter to the two companies.

In the letter sent on January 17 -- a copy of which was
obtained by Reuters on Monday -- Sudjana said if Bre-X and
Barrick failed to meet the deadline, all discussions between
them and the government would be cancelled. The government would
then have full right to manage Busang II and III.

The letter was addressed to Bre-X vice-chairman John
Felderhof and Barrick chief executive officer and chairman,
Peter Munk.

The letter was a reply to the joint submission made by Bre-X
and Barrick dated December 16 outlining their agreement to
jointly develop the richest ore area, contained in Busang II and
Busang III.

Bre-X has estimated the Busang property in East Kalimantan
province on Borneo contains at least 57 million ounces of gold.

Bre-X and Barrick have agreed to split the property 22.5 and
67.5 percent respectively, with the balance going to the
Indonesian government.

"In one month, your companies should be able to settle a
partnership agreement with your legal partners and then should
with your respective partners report in writing to the
government of Indonesia that you have reached an agreement
without government intervention," the letter said.

"If in that one month that agreement mentioned is not
achieved, then everything that had been discussed previously
will be cancelled, and the government will have full right to
further manage Busang II and III," it said.

Monday will be another interesting day for BRE-X traders
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