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Wednesday, 23rd January 2008 (4359 views)

Development plans for Oxiana's Martabe gold mine are meeting targets, a new report notes.

According to Mineweb, the project - based in the North Sumatra region of Indonesia - is to begin construction in April, pending final approval from the country's government.

Annual production at the project is aimed at 200,000 ounces of gold, while two adjacent deposits are also expected to yield upside.

With a development cost of $310 million (£159.1 million) and estimated mining cash costs of $270 ounces, commissioning for the project is set for late 2009.

Meanwhile, development is also said to be on schedule for the south Australia Prominent Hill development and expansion of the west Australia Golden Grove output.

Oxiana describes Martabe as a "stand-out" undeveloped mineral project in Asia.

"The project is located close to existing infrastructure and facilities and is bisected by the Trans-Sumatra highway," states the company, which is listed on the Australian Stock Exchange.

 

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