Aneka Tambang ready to process output from Martabe project

PT Aneka Tambang (Antam) said its subsidiary PT Logam Mulia is ready to process gold and copper output from G-Resources' Martabe gold and copper project in North Sumatera.

Both parties are expected to sign cooperation agreement in October this year, the company?s President Director, Alwinsyah Loebis, said.

?PT Logam Mulia has a cooperation commitment with G-Resources to process Martabe project output. Their maiden production has been delayed. Therefore the finalization of the talk has also delayed. However, in principle, we are ready,? said Alwinsyah.

Vice president for processing unit of Logam Mulia, Herman Djazi, said that both parties have been discussing technical aspects of the cooperation.

The Hong Kong-listed G-Resources plans to invest around US$ 576 million in developing the Martabe project, from exploration to production.

Initially, the company plans to commence production at the end of this year, however, due to expected rainy season to peak at year-end, the company decided to delay the maiden production at end quarter one 2012.

G-Resources targets to produce 250,000 ounces of gold and 2-3 million ounces of copper per annum. The production target is only from one pit, which is expected to last for nine years. (giok)