JAKARTA, January 21, 2008 (ANTARA) -- PT International Nickel Indonesia Tbk ("PT Inco" or the "Company") has requested a meeting with the Department of Energy and Mineral Resources ("DEMR") to discuss the Company's obligation under its modified and extended Contract of Work with the Government of the Republic of Indonesia to construct a processing facility at Bahodopi.
The Company recently received a report prepared by an independent consultant. The report reviewed various options regarding the Bahodopi property and concluded that, while the ore may be well suited for a ferro-nickel processing facility, such a project would not be economically feasible based on current circumstances. One of the purposes of the meeting will be to discuss the results of the study with the DEMR.
The Company proposes to conclude an agreement with the Government of the Republic of Indonesia to allow it to commence mining operations at Bahodopi and to construct a high pressure acid leach processing facility at Sorowako in substitution for the Company's undertaking in the Contract of Work to construct a processing facility at Bahodopi. Under the company's proposal, ore from Bahodopi would be combined with ore from the Sorowako area to feed both the existing pyrometallurgical processing facility in Sorowako and the proposed high pressure acid leach processing facility. The Company would also continue its exploration program at Bahodopi and continue to study options for developing a processing facility there in the future.
To carry out these proposals, The Company will need to proceed with feasibility studies on the proposed high pressure acid leach processing facility t be located in Sorowako. It will also need to conclude agreements with the Government of the Republic of Indonesia and secure necessary permits to support a significant capital investment. Any decision to proceed with an investment will require the approval of the Board of Directors and Board of Commissioners of the Company.
For further information:
Media Relations : Janus Siahaan (6221) 524 9000
Investor Relations : Indra Ginting (6221) 524 9002
Or: www.pt-inco.co.id
The Company recently received a report prepared by an independent consultant. The report reviewed various options regarding the Bahodopi property and concluded that, while the ore may be well suited for a ferro-nickel processing facility, such a project would not be economically feasible based on current circumstances. One of the purposes of the meeting will be to discuss the results of the study with the DEMR.
The Company proposes to conclude an agreement with the Government of the Republic of Indonesia to allow it to commence mining operations at Bahodopi and to construct a high pressure acid leach processing facility at Sorowako in substitution for the Company's undertaking in the Contract of Work to construct a processing facility at Bahodopi. Under the company's proposal, ore from Bahodopi would be combined with ore from the Sorowako area to feed both the existing pyrometallurgical processing facility in Sorowako and the proposed high pressure acid leach processing facility. The Company would also continue its exploration program at Bahodopi and continue to study options for developing a processing facility there in the future.
To carry out these proposals, The Company will need to proceed with feasibility studies on the proposed high pressure acid leach processing facility t be located in Sorowako. It will also need to conclude agreements with the Government of the Republic of Indonesia and secure necessary permits to support a significant capital investment. Any decision to proceed with an investment will require the approval of the Board of Directors and Board of Commissioners of the Company.
For further information:
Media Relations : Janus Siahaan (6221) 524 9000
Investor Relations : Indra Ginting (6221) 524 9002
Or: www.pt-inco.co.id
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