6 November 2016
Newcrest Mining Limited and Indonesia’s State-Owned Mining Company Antam have entered into a strategic alliance to undertake exploration for gold and copper deposits in several prospective areas in Indonesia.
The alliance, signed in Sydney in the presence of Indonesia’s Trade Minister, Enggartiasto Lukita, and Thomas Lembong, Chair of Indonesia’s Investment Coordinating Board, demonstrates the increasing cooperation between the two companies.
Over the previous year the two companies have cooperated on preliminary studies following the execution of a Heads of Agreement in late 2015. Today they signalled their firm intent to continue their cooperation on exploration in Indonesia.
Newcrest is a longstanding investor in Indonesia with Antam through the Gosowong Gold mine in North Halmahera District, North Maluku Province through their ownership of the operating company PT Nusa Halmahera Minerals (PTNHM).
Australia’s Ambassador, Paul Grigson, who was present at the signing, welcomed the development. “Investment both ways is a recognition that our two economies have much to offer each other.”
Economic issues have come to the fore in the bilateral relationship with the reinvigorating of Indonesia Australia Comprehensive Economic Partnership (IACEPA) Negotiations earlier this year.
“More investment means shared prosperity,” said Mr Grigson. “Ultimately that means more jobs in both countries.”
Mr Lembong described the alliance as a model for strategic partnerships between and Australia and Indonesia.