mineral54

PETROMINER No. 08/August 15, 2014

In the second quarter of 2014 Martabe Gold Mine disclosed that its mining and ore processing plant had been

in accordance with the plan and able to maintain the cost of production at low level. AISC was at US$709 per ounce, lower than the WGC benchmark. Dur-ing the second quarter 70 135 ounces of gold was produced. Until the middle of this year Martabe Gold Mine has pro-duced 134 937 ounces of gold, equiva-lent to annual production of 270 000 ounces. The amount has exceeded the current annual gold target of 230 000 to 250 000 ounces.

whilst capital expenditure is estimated to be approximately US$60 million—this includes some minor land acquisi-tion costs and lifts for the tailings stor-age facility.

Coordinator of advocacy of PWYP In-donesia Aryanto Nugroho said, although the operating costs are maintained at a low level, the Company must also con-sider the environmental standard and the safety of workforce in the mining operations on a consistent basis. The principle permit obtained by Martabe to develop a dam of tailings storage facility should be followed by the management of tailings with safety based on the stan-dards on specified threshold.

In response to the company’s CSR activities that have been carried out, Aryanto gave a positive appreciation on the effort of the company to empower the communities and he hoped the ac-tivities can take place on a participatory, measurable and sustainable basis and there should be coordination with the local government in order to avoid any overlapping development, planning and budgeting.

“In the meantime the local govern-ment as one of the shareholders of Mar-tabe Gold Mine should be able to convey information to the community and the public concerning the revenues from Martabe Gold Mine, either of dividend or of fund from production split (DBH) provided by the Central Government. It is important in considering that Local Government as a Public Administrator has the obligation to proactively pro-vide information as referring to in Law No.14/2008 on Transparency of Public Information, so any asymmetric infor-mation between the community and the mining industry can be minimized from the beginning,” added Aryanto. (W18)

the information to public concerning the company’s achievement of production and the payment of taxes and non-taxes shows that Martabe commits to keep their operation transparent to related stakeholders. “The company can become a good model for other companies in ef-fort to create a mutual trust among the government, companies and communi-ties,” she said.

She hopes, with the production ca-pacity and revenue contribution to the State that have been increasing, in the future Martabe Gold Mine can become a company that will submit its reports

Martabe Gold Mine,Accountability Triggers Great Result

President Director of G-Resources Martabe Gold Mine Peter Albert said, “Our production form quarter to quarter give us a confidence we could achieve our 2014 target. Also with operational cost which we tried always below WGC guidance. Above all, we keep prioritizing safety and environmental stability in our daily operation, we continue to demon-strate Martabe’s position as one of the world’s leading gold mines.”

In a response, Maryati Abdullah, the Coordinator of Publish What You Pay Indonesia, said that the publication of

based on EITI (Extractive Industry Transparency Initiative) along with Martabe’s commitment to be transpar-ent company in the sector of extractive industry. In Indonesia EITI is regulated under Presidential Regulation (Decree) No.26 Year 2010.

Capital spent through the quarter, including for the cost of tailings storage facility but excluding the regional explo-ration cost was approximately US$15 million. The cost of exploration activities was initially set up at US$17 million, and later on it was lowered to US$15 million

Martabe Gold Mine.