Signing Contract Work Pt Jogja Magasa Iron

On this day Tuesday, 4 November 2008 has made the signing Contract of Work between the Government of the Republic of Indonesia and PT Jogja Iron Magasa to exploit mineral sand iron in Kulon Progo, Yogyakarta Province to develop the "Integrated Iron Making Industry."

The paper contract is the first time in Java and is the first investment since the economic crisis and of regional autonomy.

Script Contract of Work has received a recommendation from the Investment Coordinating Board, and has consulted with the House of Representatives of the Republic of Indonesia.

The composition of ownership of shares of PT Jogja is Magasa Iron Mining Magasa PT Yogyakarta (Indonesia) 30% and Indo Mines Limited (Australia) as much as 70%.

Backup iron in the sand iron at 33.6 million tons with production Fe about 1 million tons per year. Backup iron from iron sand concentrate. This project will be mine mineral sand iron (iron sand) with a system of mine to be processed through a process of concentration and smelting to produce Pig iron (pig iron) with Fe content of> 94%.

The company will start mining activities in 2011 and began producing Pig iron in the year 2012. In Phase Construction, the company will absorb the local labor and as many as 5,000 people in the early stages of production will employ local labor as much as 3000.

Total investment of USD 1.1 billion, including the stock pile EUR 5 million, installation of rail (sliding Railway) EUR 6 million, generating electricity, 350 MW worth EUR 350 million and the port facilities and EUR 10 million mining investment of USD 600 million. It is expected that this project will contribute to the State Revenue from the tax approximately EUR 20 million / year, anymore free of USD 11.25 million / year, funding for local EUR 7 million / year operating and Expenditure EUR 55 million / year.

PT Jogja Magasa Iron in 10 years will be the first to contribute to the regional (district) of 1.5% of sales each for Regional Development and Community Development, and after 10 years increased to 2%.


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