UT: Exploration of one block in Sumbawa gold mine completed
Saturday, November 5 2016 - 02:35 AM WIB
IDX-listed heavy equipment and mining firm PT United Tractors Tbk (UT) said that exploration activity at one block at is gold mine in Sumbawa, West Nusa Tenggara Province, has been completed.
?Exploration in one block of the total (planned) eight blocks has been completed,? said UT Finance Director Iwan Hadiantoro to Petromindo.com on Friday.
He said that the result of exploration at the gold mine, run by indirect subsidiary PT Sumbawa Jutaraya, has found gold reserves of about 350,000-400,000 oz. The company hopes further exploration activities at the mine, which was acquired in February of last year, would find greater gold reserves.
Iwan said the company plans to start construction of required infrastructure facilities such as road, processing plant, and jetty next year, in the hope it could start production at the end of 2017 or early 2018.
Editing by Reiner Simanjuntak