Indonesian gold miner Wilton Resources has inked an investment agreement with Chinese state- owned miner Yunnan Chihong Resources Exploration & Development, and will start operations at a pilot project in the third quarter this year, it said yesterday .
The agreement will be finalised 100 days later, and will detail the two miners' investments in constructing a mining, processing and smelting facility at four prospect areas within Wilton's 3,000ha Ciemas gold concession area in West Java.
The firms also plan to conduct exploration at other plots within the permit zone. Yunnan Chihong is a subsidiary of Yunnan Metallurgical Group which mines aluminium, gold, manganese, titanium, silicon, zinc and lead.
Wilton plans to tap Yunnan's resources and expertise for its maiden mining project, said Mr Wijaya Lawrence, the company's executive chairman and president.
Mr Wang Feng, chairman of Yunnan Chihong, said: "The Ciemas gold project has significant gold resources and much potential for further resources to be defined. The signing of the agreement is an important first step for the cooperation between our two companies."