Start digging: Indonesia plans a sharp expansion in gold output
Article Abstract:
Indonesia hosts several large gold mines, with the biggest anticipating even richer lodes farther down, and new mines by 1998 could make the country the world's seventh-largest gold producer. A total of eight mines are operating in 1995, producing 52.633 tonnes of gold in 1994/95, and seven more could raise that past 100 tonnes within the decade. Changes to corporate taxes and other legislation have encouraged more exploration, and the country's proven reserves are estimated at 5000 tonnes, with 60% of the gold undiscovered.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1995
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Kalimantan's victim
Article Abstract:
The death of Bre-X Minerals Ltd. geologist Mike de Guzman near the gold deposit that he discovered in Busang, Indonesia has forced investors to reconsider the potential benefits of the project. Investors are wary and are questioning the results of sampling done by geologists. Investors are also wary of the political storm raging around the discovery of the gold deposit. The result is that the company's share price started to drop in February 1997 and continue to drop as investors continue to sell their share of the company.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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Gold sealed
Article Abstract:
Bre-X Minerals will retain a 45% interest in the Busang gold deposit in East Kalimantan, Indonesia, with two Indonesian companies and their partners holding 30%, the Indonesian government 10% and Freeport-McMoRan Copper and Gold 15%. The latter company will operate the mine, which is set to produce 4 million oz a year. It is possible that Freeport will eventually absorb Bre-X, a very small Canadian company, in a share swap deal. Freeport will provide an initial $400 million for the development of the deposit.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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