Austindo Resources Corporation NL is poised to begin construction at its flagship Cibaliung old project in Java, Indonesia. The project is a joint venture between Austindo, which holds 83.76 percent, and its Indonesian partner PT Antam Tbk (owner of the remaining 16.24 percent). The partners will be tapping into a reserve base of 1.388 million tonnes at the gold equivalent grade of 10.5 grams/tonne for 467,000 contained ounces. The six-year project has an estimated capital expenditure of 37 million US dollars with an operating expenditure of less than 200/oz US dollars.
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