Hi moorookamick and all,Great post and a TU from me.I had dinner...

Hi moorookamick and all,

Great post and a TU from me.

I had dinner last night with a couple of mining guys including one that has spent a lot of time in Indonesia and Irian Jaya. He tells me that current government has got the boxing gloves on big time with the big mining companies and it is causing all kinds of headaches. Newmont copper is running out of storage space for un-processed ore and the French company Eramet Nickel is postponing a big project. Production at Grasberg is also being effected I’m not sure why as I believe Freeport are the 25% owner of PT Smelting in Gresik Indonesia. Apparently it’s becoming difficult to get thinks like tractor parts etc. into the country. Reading between the lines it sounds like the Indonesian government really want to make the point about adding value to their basic resources. I can’t say I blame them at least in principal it’s a pity we don’t have a few politicians with similar Orchestra Stalls here in Australia!

By the time our lot wake up here in Oz the quarry known as Australia will be 80% foreign owned. Having said that though one does wonder if they managed to squander away all the benefits and more during the last twenty years of minerals boom why should I expect more from them in the future.

However; I digress, I agree with your numbers for possible production. They have the runs on the board already with an average grade of 13.1 grams / tonne for 65,000 ounces of past production.

I just hope the local negotiating team can resolve the remaining issues for the final ministerial approval for the mine to get back into full swing. Hopefully this will be June this year and before the need arises to replenish the company coffers.

By the way just in case people didn’t spot this in the Asia Miner we got a mention a couple of days back.

http://www.asiaminer.com/news/latest-news/5627-indonesia-kingsrose-permitting-delayed.html#.U3wzItKKCM8

I remain optimistic for the Gold price later this year and will be watching if the silver price fixing changes anything dramatically around the 14th of August.

Now I don’t generally go in for the conspiracy theories; however; knowing what happened with LIBOR in London I keep something of an open mind. This German TV piece is interesting I’m not sure if it’s one of their major services or not. If nothing else I think it should at least arouse a few questions from those sitting on the opposite benches to Angela Dorothea Merkel in regard to the repatriation of their Gold reserves from the USA.


https://www.youtube.com/watch?v=TYjtLPcPEj4

As always just shared information offered in good faith please do your own full and due diligence before committing your over taxed hard earned money.

Cheers and very best regards: Andy