Herald gets green tick of approval
Herald gets green tick of approval
Miningnews, 4 November 2005
HERALD Resources has received environmental approval for its Dairi zinc-lead project on the Indonesian
The company said environmental impact assessment (AMDAL), which is comprised of baseline environmental studies, proposals for mine, concentrator and infrastructure development, environmental management and monitoring plans had been approved by the Regent of Dairi.
The project is expected to cost around $US118 million to develop, with production put at around 220,000t of zinc concentrate and 100,000t of lead concentrate annually over a mine life of seven years. Cash operating costs have been put at $US0.31 per pound of zinc.
Herald had been looking to start construction by the end of the year with first production slated for the end of 2006.
A consortium of banks (lead by Macquarie Bank) mandated to provide senior finance facilities has been undertaking "very comprehensive" due diligence, with the work possibly completed by the end of the month.
The Dairi project is a joint venture between Herald (80%) and local Indonesian outfit PT Antam (20%).