Newmont to close Indonesian gold mine in 2003

摘要

Indonesian gold miner PT Newmont Minahasa Raya will cease operations in 2003 due to a depletion of ore reserves at its mini in North Sulawesi.The US-owned company will enter negotiations with the Indonesian government to free itself from a contract of work (CoW) due to run until 2026, but does not envisage any problems as the decision to close the mine is based purely on the exhaustion of the existing ore body. A Newmont official reiterated, however, that the company would not attempt to develop the associated 100,000 oz Lobongan gold reserve due to the preponderance of illegal mining in the region.