Bumi Resources spends US$971,674 for TBSA
Friday, August 24 2012 - 03:22 AM WIB
Indonesia-listed PT Bumi Resources Minerals Tbk spent US$971,674 in July of this year to finance exploitation activities of its subsidiary Tamagot Bumi SA (TBSA), which holds an ore mining concession in Mauritius, North Africa.
Bumi Resources Minerals Corporate Secretary Muhammad Sulthon said in a statement to the Indonesia Stock Exchange Thursday that to date, exploitation activities carried out by TBSA have reached the stage of construction of site facilities such as site laboratory, weighbridge, and port facilities such as ship loader. TBSA has also carried out explosion and mining activities at several points in the concession area.
In addition, the company, which partners with Mine Geo, has taken iron ore sample from drilling holes, crusher unit, and has made ore sample database.
The company has obtained permit from the local authority to carry out mining activities and construction of 23.5 km access road from mining location to public road. TBSA has obtained permit to transport, store, and use explosive materials.
TBSA obtained exploitation permit from the Mauritania government in January 2012. The company has set a target for the concession to produce 600,000 tons of iron ore this year.
Editing by Reiner Simanjuntak