Construction of a new gold mine on the Indonesian island of Sulawesi has been approved by joint-venture partners Newmont Gold (NYSE) and P.T. Tanjung Searpung of Jakarta.
The US$131-million project will produce an estimated 1.8 million oz. at an average operating cost of about US$150 per oz. during a 13-year period. Production is scheduled for the first quarter of 1996 at an annual rate of 140,000 oz.
Operator of the project is P.T. Newmont Minahasa Raya, in which Newmont has an 80% interest.
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