Brazil's Vale, the world's second-largest miner, has backed a potentially large Indonesian copper/gold project that could see it spend $40 million to acquire a 60 percent stake.
Project manager, Australian-listed Intrepid Mines Ltd, said Vale had been granted an option to take up the stake in the Tujuh Bukit sulphide copper-gold project in east Java. Intrepid and its Indonesian partner, PT Indo Multi Niaga, will retain the remaining 40 percent interest.
Intrepid said Tujuh Bukit has a potentially large gold-silver-copper system underneath a near-surface gold-silver oxide cap. Intrepid and PT IMN would retain sole rights to the oxide gold-silver deposit.
Drilling in the copper-gold zone has intercepted wide zones of mineralisation, including one hole intercepting 627 metres of 0.5 grams per tonne gold and 0.5 percent copper per tonne.
Source: Reuters
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