Indonesia's state-owned company PT Antam and Newcrest Mining Limited have entered a strategic alliance agreement to explore gold and copper deposits in multiple prospective areas in the country.
Under the agreement, key locations being explored include West Java, East Java, South Sumatera, Nusa Tenggara, North Sulawesi, Halmahera and Mollucas Islands.
Every project of merit found in this exploration will be developed through a separate joint-venture agreement between the parties.
Antam president director Tedy Badrujaman and Newcrest chief development officer Michael Nossal signed the strategic alliance agreement (SAA) at Sydney, Australia.
SAA concludes the series of negotiations after the parties signed the binding heads of agreement on 16 November 2015.
Badrujaman said: “Antam’s cooperation with Newcrest reflects our undertaking to expand our asset base and to add value to Indonesia’s vast mineral reserves and resources.
“We are also pleased to strengthen our partnership with Newcrest, which will take advantage of the current positive momentum of the mining industry.”
Nossal stated: “Newcrest has a proud exploration and operating history in Indonesia. We also have a long and successful working relationship with Antam in Indonesia through PT Nusa Halmahera Minerals (PTNHM), which manages the Gosowong gold mine in the North Halmahera District of North Maluku Province.
“We are hopeful that this new agreement with Antam will result in opportunities that will allow Newcrest and Antam to grow their businesses in the country.”
Under the agreement, both parties will work together to identify and examine opportunities in these locations.
Antam and Newcrest also agreed to share and exchange mining and other related information.