Ausenco preferred for Martabe US$250 million project

Global diversified engineering services group, Ausenco Limited, announced today that its mineral business had been selected as preferred contractor to provide EPC management services for the US$250 million Martabe gold project in North Sumatra.

"We're extremely pleased to be working with PT Agincourt Resources and Martabe's new parent company owner---G-Resources---on such a significant project," Zimi Meka, CEO of Ausenco said in a statement.

Meka said he was pleased to see the gold and silver project return to Ausenco, following its deferral in late 2008 by the mine's previous owner OZ Minerals.

Both companies are in the final stages of documenting the EPCM contract, which should be formally signed by late this month. The Martabe project is expected to produce approximately 250,000 ounces of gold and 3 million ounces of silver in the early years of the mine life. 

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Sci-Tech approves Martabe gold acquisition

Shareholders of China Sci-Tech Holdings Ltd have voted in favor of the acquisition of the Martabe gold project in North Sumatra, Indonesia, from Oz Minerals for US$211 million. 

In addition, Oz Minerals will be reimbursed by China Sci-Tech for an estimated expenditure of US$7.5 million spent on the project between April 1st and the completion date. China Sci-Tech will fund the purchase from cash on hand and completion of the transaction and transfer of cash consideration is expected early next week. 

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