Here I have got a tip from Mr. Hacon: "See news article today in...

Here I have got a tip from Mr. Hacon:
"See news article today in Indonesia Today news:

Regards,
Martin

TUESDAY, 13 DECEMBER 2011 08:12 WRITTEN BY HATMAN BINTANG


Jogja Iron Project | Indomines.com.au


Theindonesiatoday.com - PT Sampoerna Strategic, part of Sampoerna Group, lines up with Mitsui and Tata Steel to become partner of Indo Mines Ltd in Yogyakarta iron project.

Director Bambang Sulistyo told Bisnis-Jateng.com, regional newswire of Bisnis Indonesia, that the company has intended to invest in PT Jogja Magasa Iron, subsidiary of Indo Mines Ltd.

He said the approach, so far, is still in early discussion stage before moving closer to the project due diligence.

As an update, Regency of Kulonprogo has approved JMI’s plan to establish its own port in the area to support the iron ore shipment. Regency’s Secretary, Budi Wibowo, told local newspaper Kedaulatan Rakyat that the port establishment will make the company’s transportation much easier, without necessarily disturbing fishermen’s boats at Tanjung Adikarta Port.

Meanwhile, the regency also has advised PT Angkasa Pura to use Temon District as the area for Kulonprogo International Airport instead of Panjatan District as it lies within JMI’s Working Area.

A feasibility study for the Jogjakarta Iron Project has been completed, confirming robust cash margin, Indo Mines Ltd said in August.

The project, located 30-KM from Jogjakarta, was awarded to Indo Mines in 2008 under a contract of work (CoW). The company has 70% interest in the project, with the 30% JV partner, PT Jogja Magasa Mining.

Indo Mines said the staged development of the project is initially focused on the production of 2 million tons per annum of iron concentrate, whilst finalizing the technical design of a 1 million tons per annum pig iron plant with the large technology provider Outotec.

Key project economics include capital cost (inclusive of contingency and working capital) of US$158.3 million, operating costs (cash cost) of US$24.2 million, and IRR (before tax) of 44.5%. "At spot iron ore pricing and forex rates, the project has an IRR of 83.1% before tax," said Indo Mines in a briefing to investors. ([email protected])"

@ hotfire
Saturday my holiday trip will start. But the wether in Sydney is not so good??