Newmont suspends exploration in Sumbawa
PT Newmont Nusa Tenggara, a subsidiary of Newmont Corporation, decided to temporarily stop its activities in Sumbawa island of West Nusa Tenggara province as 400 protesters burned down the company's exploration camp.Kasaan Mulyono, spokesperson at Newmont Nusa Tenggara (NNT), told Detik.com this morning that the exploration activities were stopped for security concern.
The Jakarta Post quoted Nunik Maulana, another spokesperson of NNT, saying some 50 people came to the area with gasoline and threatened to burn down the camp. No one was injured in the attack as the company were able to evacuate around 135 exploration workers earlier on Saturday after serious threats.
NNT is an Indonesian joint venture company owned 80% by Nusa Tenggara Partnership and 20% by PT Pukuafu Indah (Indonesia). Nusa Tenggara Partnership is owned 56.25% by Newmont Indonesia Limited and 43.75% by Nusa Tenggara Mining Corporation. It was formed in 1986 to explore and eventually exploit under contract to the Government of Republic of Indonesia a Contract of Work area located on Eastern NTB.
By December 2003, Batu Hijau's ore reserves were 1 billion tons containing 0.525% copper and 0.37 gram per ton gold. At the current production rate, Batu Hijau's mine life will continue until 2025.
While copper production decreased 22% in the fourth quarter at Batu Hijau due to declining grade and lower mill production, gold sales increased slightly to nearly 181,000 ounces at an average cost of $161 because of an 15% increase in ore grade.
For the year 2005, Batu Hijau reported 720,000 ounces of gold production at an cost of $152/ounce, up from 2004 production of 715,000 ounces at an average cost of $128/ounce. The 2006 guidance for Batu Hijau is 565 million pounds of copper at an average cost of 45-cents per pound, and 575,000 ounces of gold at an average cost of $145/ounce.
Newmont booked revenue of US$4.4 billion last year.
The Jakarta Post quoted Nunik Maulana, another spokesperson of NNT, saying some 50 people came to the area with gasoline and threatened to burn down the camp. No one was injured in the attack as the company were able to evacuate around 135 exploration workers earlier on Saturday after serious threats.
NNT is an Indonesian joint venture company owned 80% by Nusa Tenggara Partnership and 20% by PT Pukuafu Indah (Indonesia). Nusa Tenggara Partnership is owned 56.25% by Newmont Indonesia Limited and 43.75% by Nusa Tenggara Mining Corporation. It was formed in 1986 to explore and eventually exploit under contract to the Government of Republic of Indonesia a Contract of Work area located on Eastern NTB.
By December 2003, Batu Hijau's ore reserves were 1 billion tons containing 0.525% copper and 0.37 gram per ton gold. At the current production rate, Batu Hijau's mine life will continue until 2025.
While copper production decreased 22% in the fourth quarter at Batu Hijau due to declining grade and lower mill production, gold sales increased slightly to nearly 181,000 ounces at an average cost of $161 because of an 15% increase in ore grade.
For the year 2005, Batu Hijau reported 720,000 ounces of gold production at an cost of $152/ounce, up from 2004 production of 715,000 ounces at an average cost of $128/ounce. The 2006 guidance for Batu Hijau is 565 million pounds of copper at an average cost of 45-cents per pound, and 575,000 ounces of gold at an average cost of $145/ounce.
Newmont booked revenue of US$4.4 billion last year.
Labels: NEWMONT
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