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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: alan holman who wrote (27777)	3/9/1998 10:42:00 PM
From: alan holman	Read Replies (1) \| Respond to of 28369

Indonesia Newmontproject on schedule -paper Reuters Story - March 09, 1998 21:55 %ID %EMRG %GDM %GOL %MET %JP %US NEM 8053.T V%REUTER P%RTR JAKARTA, March 10 (Reuters) - Construction of $1.9 billion gold and copper mining projects on an eastern Indonesian island was on schedule and about 20 percent complete, the Indonesian Observer newspaper reported on Tuesday. It quoted Sutan Simanjuntak, director of PT Newmont Nusa Tenggara, as saying on Monday about 37.9 percent of the total investment had been allocated for the project in Batu Hijau on the island of Sumbawa, east of Bali. "All the necessary major components have been obtained and they only need to be installed," said Simanjuntak. He brushed aside suggestions that development activities had been slow at the project, the paper said. "It was only in last May we received our construction licence from the government," said Simanjuntak, adding that the mine was expected to begin producing gold in 2000. The paper gave no further details and company officials could not be reached for comment. Newmont Nusa Tenggara is a subsidiary of Newmont Gold Corp of the United States. Newmont Nusa Tenggara owns 45 percent of the Batu Hijau project, Sumitomo Corp of Japan has 35 percent and Indonesian company PT Pukuafu Indah the rest. Newmont said Batu Hijau contains reserves of 12.1 million ounces of gold and 10.6 billion pounds of copper. The mine is expected to produce an average of 550,000 ounces of gold a year and 270,000 tonnes of copper over a 20-year mine life. Newmont Gold is 94 percent owned by Newmont Mining Corp. -- Jakarta newsroom (6221) 384-6364; fax: (6221) 344-8404 -- Email: jakarta.newsroomreuters.com