Company Announcement: Tembang Project Update
Sumatra Copper & Gold plc has previously provided guidance to the market that it was targeting the end of March 2013 to secure the grant of the Final Forestry Permit or Pinjam Pakai for its flagship Tembang Gold-Silver Project in Indonesia. The Company advises that the approval of the Pinjam Pakai will likely be delayed by a couple of weeks and Sumatra has now set a target date of April 2013 for completion of this key approval. As a result of a Ministerial Decree Number 14, 2013 concerning a second amendment of the Pinjam Pakai guidelines on 20 February 2013, Forestry Permits can now be granted for the life of the mine rather than 5 years as originally advised by the Company in its ASX Announcement of 13 February 2013.
In light of these amendments, the Company has amended its Permit Application to cover a period of 10 years in line with the current life-of-mine plan for the Tembang Project. While these minor amendments have caused a slight delay in the permit process, the Company believes that the favourable outcome of these amendments for the Tembang Project is worth the minor delay incurred. The Company does not expect any delays to its overall development timetable or planned production date as this minor delay can be accommodated within the current development schedule. Sumatra remains on track to complete the balance of its debt and equity funding package in April/May 2013, putting it on track to commence on-site construction activities in the second half of 2013 and maintain its target date of 2014 for first production from the Tembang Project.
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