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Tuesday, 10th February 2009 (2174 views)

PT Aneka Tambang (Antam) has announced that it has agreed a new deal to purchase a gold property in west Java.

Under the heads of agreement with ANZ Bank and Arc Exploration, the state-owned mining company will acquire Cibaliung gold project in Pandeglang regency, Banten province.

The mine in west Java is currently owned by Australian firm Arc Exploration through its 95 per cent-owned Cibaliung Sumber Daya subsidiary and ownership of the unit will be transferred if the deal goes ahead.

Antam currently owns the remaining five per cent of Cibaliung Sumber Daya and the Cibaliung gold project has estimated gold reserves of 12.8 tonnes of ore, or 412,000 ounces of gold.

The company stated that the change of ownership of the mine is expected to reach completion within the next four to six months and has been agreed following cost over-runs and funding difficulties at the Cibaliung gold project.

Founded in 1968 and listed on the Indonesian and Australian Stock Exchanges, Antam is a mining business with an extensive portfolio of exploration, mining, smelting and refining activities.

 

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