Singapore: Bangalore-based Mineral Enterprises Ltd will start production of gold and mineral resources from its mine in Indonesia next month, its Managing Director, Mr Basant Poddar, told PTI in Singapore today.
The Central Kalimantan mine on the Borneo island, would produce 600 kg of gold a year, 50,000 kg a year of zircon, and 5,000 kg a year each of rutile and elleminate, he said on the sidelines of Indian iron ore summit being held in Singapore.
The company has invested $10 million to develop the 100 sq km mine under a 50-year concession agreement with the Indonesian Government.
He said the mine was being managed by the company’s Singapore subsidiary, which manages and trades in mineral resources.
Mineral Enterprises had established the Singapore subsidiary four years ago and has plans to list it on the Singapore Exchange as regional business develops, said Mr Poddar, who is also a Vice-President of the Federation of Indian Mineral Industries.
Increasing number of Indian mineral mining companies were planning to invest in mines outside the country, especially coal, he said. “There is a huge demand for coal in India, and hence the need to invest in overseas resources,” he added.
The companies should also use Singapore’s globally-linked financial network to grow into international markets, he said.
PTI