Herald stops work on Indo project
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Thursday, 15 January, 2009 - 14:19
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.
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