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AnisJ
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Indonesia expects to give Oxiana mining permit.

JAKARTA , April 9 (Reuters)

- Indonesia expects to give Australian mining firm Oxiana Resources Ltd (OXR.AX: Quote, Profile, Research) a permit, possibly by this month, to develop a gold mining project on Sumatra island , a senior mining official said on Wednesday.

  • Oxiana, which is looking to expand in Southeast Asia, has said it expects to spend about $310 million digging a new gold and silver mine in Indonesia.

    "We are working on giving Oxiana a permit. I don't see any problem issuing a permit, possibly by this month," Simon Sembiring, director general of mining at the mining and energy ministry, told Reuters by telephone.

  • Oxiana hopes that its Martabe project in North Sumatra will yield 200,000 ounces of gold and 2 million ounces of silver a year for at least nine years from an open pit design, which will hinge on receiving mining permits.

    Indonesia's forestry laws ban open pit mining in protected forests, and mining investors need a licence from the forestry ministry to clear land for projects.

    But under a presidential decree issued on Feb. 4, mining firms, including open-pit miners, will be able to pay between 1.8 million and 2.4 million rupiah ($195-$260) per hectare (2.5 acres) for forest land. Green groups have criticised the decree.

    About a dozen mining companies have been permitted to operate in protected forest areas. They include Freeport McMoran Copper and Gold Inc. (FCX.N: Quote, Profile, Research) and PT International Nickel Indonesia INCO.JK, which is majority owned by Brazil's Vale (VALE5.SA: Quote, Profile, Research)(RIO.N: Quote, Profile, Research) through Canada's Inco Ltd.

    (Reporting by Muklis Ali, editing by Ed Davies)

    Source: www.reuters.com/article/market(...)idUSJAK2928020080409


  • Is the INDOnesian government doing a sale out of its national treasures .... ???

  • Which party involved is going to benefit of this ???



  • 'Ahu kura ahia, mansia nia'

    Nemesis
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    They have to do something to get cash, but open pit-mining is a really good way to destroy the environment. Can't they think of anything else? Emoticon: Eerie


    Amore, more, ore, re, probantur amicitiae. Si hoc legere scis nimium eruditiones habes.

    AnisJ
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    On 11-04-2008 19:36 Nemesis wrote:
  • They have to do something to get cash,
  • but open pit-mining is a really good way to destroy the environment.
  • Cant they think of anything else? Emoticon: Eerie


  • By putting soil back .... and restoring the 'original landscape' !!!
    If the Germans are able to do it , why not INDOnesia; or is 'fast profit' the goal INDOnesia is aiming for .......


  • 'Ahu kura ahia, mansia nia'


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