Ausenco Wins Martabe Mine Deal

14 July 2009 (Last Updated July 14th, 2009 18:30)

Australian engineering company Ausenco said its minerals division has secured an engineering, procurement and construction management (EPCM) services contract for the $250m Martabe gold and silver project in North Sumatra, Indonesia. The value of the contract is expected to be between

Australian engineering company Ausenco said its minerals division has secured an engineering, procurement and construction management (EPCM) services contract for the $250m Martabe gold and silver project in North Sumatra, Indonesia.

The value of the contract is expected to be between A$25m and A$50m.

The Martabe project is expected to produce about 250,000oz of gold and three million ounces of silver at the start of production.

Ausenco CEO Zimi Meka said he is pleased to see the contract coming back to the company after deferral in late 2008 by Oz Minerals.

“Our team has extensive knowledge of the Martabe project, acquired through our previous work as EPCM contractor,” Meka said.

The Martabe project was recently sold by Oz Minerals to China Sci-Tech Holdings for $211m (A$268.7m). It was reported that CSH has sold the asset to Smart Rich Energy Finance, which renamed it G-Resources.

Ausenco and its partner PT Agincourt Resources are finalising the EPCM contract, which is expected to be signed this month.