Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Sumbawa Timur Mining (STM) has announced the discovery of the Onto copper and gold deposit in Indonesia.
The Company is a joint venture between Eastern Star Resources Pty Ltd (80%), a subsidiary of Vale (NYSE: VALE), and Indonesian mining company ANTAM (20%).
STM has been conducting exploration activities within the Hu’u Project in West Nusa Tenggara since 2010 and 64 diamond drill holes have been completed.
It is a ‘world-class discovery that positions the company to be a leading copper producer in Indonesia,’ STM said in a media release.
The December 2019 resource estimate reports a total Indicated resource of 0.76 billion tonnes @ 0.93% of copper and 0.56 g/t of gold and a total Inferred resource of 0.96 billion tonnes @ 0.87% of copper and 0.44 g/t of gold.
“The Onto deposit discovery demonstrates the value and opportunity associated with the Hu’u Project,” STM president Bede Evans said in the media release.
“With the project now in the feasibility study in exploration stage, we look forward to advancing the project with the aim of developing a world-class mining operation.”
