Eager to add to its ground position in Indonesia, Teck (TSE) has applied for new Contracts of Work (CoW) and will make security deposits totalling US$7.5 million.
Teck and Australian partner Meekatharra Minerals reached an agreement in 1994 to explore for and develop mineral deposits in Indonesia. Each company will hold a 45% interest in the CoWs, with Indonesian-based PT Austindo holding a 10% share.
Teck has already put up a deposit of $1.2 million for the first CoW, comprising 2,560 sq. km northeast of the Busang discovery of Bre-X Minerals. The property lies on the same linear belt that contains the Mt. Muro deposit owned by Aurora, the Kelian deposit owned by CRA and the Busang project.
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