Gold Mining in Indonesia.
Gold Mining in Indonesia.
Gold Mining in Indonesia is the fifth in a new series of in-depth country mining reports produced by GFMS in collaboration with local industry experts. The latest report offers readers an up-to-date and independent view of the mining industry in Indonesia, the largest island complex in the world, stretching for more than 5,000 kilometres east to west across an archipelago of 17,508 islands. The 40-page report describes both historic mine production (formal and informal) and future production levels expected in the country. It also lists the top domestic and international mining companies active in the region. Lastly, the report outlines the legal environment and tax regime and in particular explains the process of Mining Authorisation including Kuasa Pertambangan (a “KP” or “Mining Right”) and Contracts of Works. The report has been produced by London-based metals and mining consultants GFMS and locally based industry consultants,
PT Geomin International.
Main Highlights
Declining levels of mine production
Indonesian mine supply totalled an estimated 112 tonnes in 2004, ranking the country as the world’s eighth largest producer. At its peak in 2001, production exceeded 180 tonnes and in that year displaced China as the world’s fourth biggest producer. The dramatic 70 tonne decline in output implied from the statistics above was firstly, and most importantly, a result of last year’s slump in production at Grasberg, the country’s and the world’s biggest gold producing mine. A pit wall failure at the end of 2003 restricted access to high-grade areas of the open pit and output was essentially halved at the 100 tonne per annum mine. Secondly, investment levels over the last five years have been in sharp decline - since 1998 only three new mines have opened (Newmont’s Batu Hijau mine and Newcrest’s Gosowong and Toguraci) – and during the same period no less than five operating mines have closed due to the exhaustion of reserves.
Potential for new discoveries is significant
The country’s shrinking population of gold mines is not, however, a reflection of its resource potential. Indeed, Indonesia has some of the best geological prospectivitiy in the world and offers great potential for future exploration and development work. In a recent survey Indonesia’s potential mineral index, in terms of geological prospectivity, was equal to that of Russia, Peru, Chile and Nevada.
Concerning the noted slump in investment levels into the country, the decline in the gold price itself no doubt played an important role. In nominal terms, prices suffered five successive years of decline before bottoming out at $255.95/oz in April 2001. Nevertheless, the sheer scale of the exodus from the country suggests that there were other contributory factors.
By:
Maitreyanto
www.raupmas.com
Gold Mining in Indonesia is the fifth in a new series of in-depth country mining reports produced by GFMS in collaboration with local industry experts. The latest report offers readers an up-to-date and independent view of the mining industry in Indonesia, the largest island complex in the world, stretching for more than 5,000 kilometres east to west across an archipelago of 17,508 islands. The 40-page report describes both historic mine production (formal and informal) and future production levels expected in the country. It also lists the top domestic and international mining companies active in the region. Lastly, the report outlines the legal environment and tax regime and in particular explains the process of Mining Authorisation including Kuasa Pertambangan (a “KP” or “Mining Right”) and Contracts of Works. The report has been produced by London-based metals and mining consultants GFMS and locally based industry consultants,
PT Geomin International.
Main Highlights
Declining levels of mine production
Indonesian mine supply totalled an estimated 112 tonnes in 2004, ranking the country as the world’s eighth largest producer. At its peak in 2001, production exceeded 180 tonnes and in that year displaced China as the world’s fourth biggest producer. The dramatic 70 tonne decline in output implied from the statistics above was firstly, and most importantly, a result of last year’s slump in production at Grasberg, the country’s and the world’s biggest gold producing mine. A pit wall failure at the end of 2003 restricted access to high-grade areas of the open pit and output was essentially halved at the 100 tonne per annum mine. Secondly, investment levels over the last five years have been in sharp decline - since 1998 only three new mines have opened (Newmont’s Batu Hijau mine and Newcrest’s Gosowong and Toguraci) – and during the same period no less than five operating mines have closed due to the exhaustion of reserves.
Potential for new discoveries is significant
The country’s shrinking population of gold mines is not, however, a reflection of its resource potential. Indeed, Indonesia has some of the best geological prospectivitiy in the world and offers great potential for future exploration and development work. In a recent survey Indonesia’s potential mineral index, in terms of geological prospectivity, was equal to that of Russia, Peru, Chile and Nevada.
Concerning the noted slump in investment levels into the country, the decline in the gold price itself no doubt played an important role. In nominal terms, prices suffered five successive years of decline before bottoming out at $255.95/oz in April 2001. Nevertheless, the sheer scale of the exodus from the country suggests that there were other contributory factors.
By:
Maitreyanto
www.raupmas.com
diposting oleh song pada
22.08
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