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Tuesday, 29th April 2008 (5291 views)

The Martabe gold project in Indonesia has been granted its final approval by the country's government, paving the way for a US$310 million (£157 million) mining operation at the site, it has been reported.

Oxiana, the company developing the project, said it had received construction permits from the Indonesian authorities and that work on the property would start "shortly", according to the Sydney Morning Herald.

It added that power supply arrangements for Martabe were being finalised and that it had entered discussions with the state-owned energy supplier.

Martabe is located on the north-west portion of the island of Sumatra. According to the newspaper, Oxiana expects it to yield around 200,000 ounces of gold per annum over a nine-year mine life.

The company said that sustainable development will also be a key element of the Martabe development, in order to maximise the benefits of the project for local people.

Approximately 1,200 people are expected to work on developing the Martabe property and around 70 per cent of these will be employed from local communities.

 

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