Herald stops work on Indo project

Herald Resources has stopped port and road construction activities due to a protracted delay in gaining forestry approval for its Dairi zinc-lead project in Indonesia.

In a brief statement the company said its decision had no material impact on the project schedule, which was entirely dependent on receiving forestry approval.

The company was the centre of a bidding way for most of 2008 between consortium Antam-Zhongjin and PT Bumi Resources Tbk.

Bumi won the takeover battle and has some 83 per cent interest in Herald.

Both suitors were seeking to gain control of the $230 million Dairi.