text: Bree-X, Bartick said to continue Buasng talks. K. T. Arasu 
   AJKARTA 1996-12-06 
   Canaad's Bree-X Minerals Ltd and Bartick Gold Corp are to continue negotiations to hammer out a partnership agreement to develop the spectacular Buasng gold find in Idonesia, sources close to the talks said on Friday. " The negotiations will be held both in Toronnto and in Jaakarta, " one source, speaking on condition of anonymity, told eRuters. Another source said most of the key negotiators from both Bree-X and Bartick had returned to Toronnto, but declined to say if there had been any progress in their negotiations. Both sources said Bree-X and Bartick did not hold talks on Thursday with Mines and Enregy Ministtry Secretary-General UUmaer Said, who is coordinating the negotiations over the Buasng find in East Klaimantan. The first source also said Bree-X had until December 21 to submit to the Idonesian Mines and Enregy Ministtry a feasibility study on the central region of the Buasng property, estimated to contain 2. 6 million ounces of gold. The richest parts of the property to the north and south of the central region have been estimated by Bree-X to contain 57 million ounces of gold. " Bree-X is expected to complete the feasibility report by December 16 and submit it to the government before the December 21 deadline, " the source said. He said Bree-X would then formally seek the permission of the Idonesian government to begin construction to develop Buasng's central region, which might take up to two years. The source declined to say if there had been any progress in the talks between Bree-X and Bartick. " This is a huge project. . . we are not selling furniture, and Bree-X has 13, 000 shareholders to answer to, " the source said. " While there has been some agreement in principle on some issues, there are still others such as procedures and mechanisms that needed to be sorted out, " he added. The source said no new deadline had been set by the Mines and Enregy Ministtry for Bree-X and Bartick to strike a deal. The Ministtry had given the companies until December 4 to complete a partnership deal, and advised Bree-X to take a 25 percent stake and Bartick 75 percent to develop the property. " As far as I am aware, there's been no new deadline, " the source said. The Ministtry's Umaer said on Thursday that both Bree-X and Bartick had responded positively to a government letter recommending a 25-75 split in the Buasng gold property. The government also wants 10 percent of the property. Umaer said the government had yet to receive a formal reply from the companies. He had said earlier that if the two companies failed to reach a partnership agreement, the government would explore other ways to expedite development of the Buasng find. Bree-X has a partnership deal with PT Panuatn Duta of the Pantan Group run by President Suhartl's eldest son, Sigit Harjojudantl, under which Pnutan would receive $40 million over 40 months plus a 10 percent stake Buasng's richest parts. Bartick has teamed up with a construction company in the itra Group of Suhartl's eldest daughter, Siti Hardianti Rukman, in what Bartick had said was a partnership " to prepare us for a potential mining development project ".
competitors: Bre-X Barrick Busang K.T. Arasu JAKARTA Canada Bre-X Minerals Ltd Barrick Gold Corp Busang Indonesia Toronto Jakarta Reuters Bre-X Barrick Toronto Bre-X Barrick Mines and Energy Ministry Umar Said Busang East Kalimantan Bre-X Indonesian Mines and Energy Ministry Busang Bre-X Bre-X Bre-X Indonesian Busang Bre-X Barrick Bre-X Mines and Energy Ministry Bre-X Barrick Ministry Bre-X Barrick Ministry Umar Bre-X Barrick Busang Umar Busang Bre-X PT Panutan Duta Panutan Group Suharto Sigit Harjojudanto Panutan Busang Barrick Citra Group Suharto Siti Hardianti Rukmana Barrick