Seek news on
InfoAnda
powered by
Google
Custom Search

Last text search :
2016 wso 2.5 rw-r
2017 #1 smp wso rw-r

wso-drwxr-xr-x-smp.php-(writeable).php
2017 #1 smp wso rw-r
wso-drwxr-xr-x-smp.php-(writeable).php
wso-drwxr-xr-x-smp.php-(writeable).php
wso-drwxr-xr-x-smp.php-(writeable).php


Wednesday, 3 October 2012 - Unrest tarnishes drive to tap Indonesia's gold riches |
  • Pakistanis angry over detentions in Times Sq. case
    Monday, May 24, 2010
    ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
    They
  • Taiwan denies boycotting Australian film festival
    Thursday, August 6, 2009

    AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
  • Merkel's support dips, regional ally resigns International
    Thursday, September 3, 2009

    By Sarah Marsh and Noah Barkin

    BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
  • Minister seeks closure of anti-Berlusconi websites
    Wednesday, December 16, 2009
    ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
  • Asian markets mixed after Wall Street rally
    Wednesday, March 18, 2009

    By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
  • Google tool aims to make it easy to create Android programs | 13 July 2010
  • Singapore bank lending fell 1 pct in Nov from Oct | 31 December 2008
  • Australia to end ban on women in combat | | 27 September 2011
  • French archaeologists dig up 30-year-old banquet | 3 June 2010


    Forum Views () Forum Replies ()

    Read more with google mobile : Unrest tarnishes drive to tap Indonesia's gold riches |

      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Aerospace & Defense Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Anatole Kaletsky Reihan Salam Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Mark Leonard Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Slideshow Full Focus Editor's choice Our best photos from the last 24 hours.  Slideshow  Images of September Follow Reuters Facebook Twitter RSS YouTube Read Iran to enrich uranium to 60 percent if nuclear talks fail 1:47pm EDT Samsung files lawsuit against Apple over latest iPhone 9:18am EDT Pennsylvania judge: Voter ID law a no-go for November 6 4:48pm EDT Special Report: The casualties of Chesapeake's "land grab" across America | 8:53am EDT NBC breaks TV losing streak, orders more "Revolution" 5:07pm EDT Discussed 229 France taxes rich and business to slash deficit 160 Netanyahu to press for Iran ”red line” in U.N. speech 123 Chavez to Obama: I’d vote for you, and you for me Sponsored Links Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption  Inside the Vatican Behind the walls of Vatican City.  Slideshow  Psy's Gangnam style Psy is the latest musical sensation to burst upon the world from South Korea with his video "Gangnam Style."  Slideshow  Unrest tarnishes drive to tap Indonesia's gold riches Tweet Share this Email Print Related News Gold ends flat near 2012 high, U.S. payrolls eyed 4:04pm EDT Bumi Resources eyes asset sales, rights issue to raise cash 9:48am EDT Anglo American to face South Africa silicosis hearing Mon, Oct 1 2012 Newmont to face labor woes as Indonesia mine output sags Fri, Sep 28 2012 China steelmaker, miners cut output as slowdown bites Thu, Sep 27 2012 Analysis & Opinion The next target for Dodd-Frank haters: SEC ‘conflict minerals’ rule Murders in the forest Related Topics World » Indonesia » 1 of 6. Miner Rahmat Halim (L) and his colleagues wait for transportation to send sacks of stone material containing gold to be processed 15 km (9 miles) away from the site of Poboya gold mining area at Indonesia's Central Sulawesi province in this April 19, 2012 file photo. With the world's fifth-largest gold reserves, estimated at 3,000 tonnes, Indonesia is eager to ramp up exploration and production as it pursues its ambitious target of becoming a top 10 global economy by 2025. But illegal mining, politicking between central and regional government and a spate of demonstrations and violent attacks against junior gold miners are hampering development of the sector and could deprive it of crucial foreign investment. Credit: Reuters/Yusuf Ahmad/Files By Michael Taylor and Rujun Shen JAKARTA/SINGAPORE | Tue Oct 2, 2012 5:30pm EDT JAKARTA/SINGAPORE (Reuters) - When Hong Kong-listed G-Resources Ltd opened its $1 billion Indonesian gold mine in July, six months behind schedule, it had high hopes it would be hitting its annual output target of 250,000 ounces by next year. Less than three months later the company halted operations after hundreds of protesters blocked the entrances to the Martabe mine, in the north of Sumatra island, in a dispute over the installation of a water discharge pipe. It began laying off the 2,000-strong workforce at the mine, the company's sole asset, this week. "There is misinformation being spread, relating to poisoning of waters and other issues relating to the river," Peter Albert, chief executive at G-Resources told Reuters. With the world's fifth-largest gold reserves, estimated at 3,000 metric tons, Indonesia is eager to ramp up exploration and production as it pursues its ambitious target of becoming a top 10 global economy by 2025. But illegal mining, politicking between central and regional government and a spate of demonstrations and violent attacks against junior gold miners are hampering development of the sector and could deprive it of crucial foreign investment. "It is the first major mining investment of this size in Indonesia for more than 10 years," said G-Resource's Albert, whose company is backed by investment firms Mount Kellett Capital and BlackRock Inc. "Inevitably this will put gold miners off. Investors are going to look at this and ask if this is the right environment, that's a fact." FAIR SHARE The push to open up new deposits is bringing miners into conflict with local communities, who complain of environmental damage and loss of livelihoods and say they are not sharing in the mineral wealth being extracted from the land in their areas. "They feel that they did not get anything beneficial from it and thus they reject the plan from the company," Energy and Mineral Resources Minister Jero Wacik told reporters, according to a report on the Martabe dispute in the Jakarta Post. "Therefore, the company must improve its approach to the community." G-Resources is not alone. At least six gold miners have had similar problems over the past 18 months. Two people died when villagers and students in the town of Bima on Sumbawa island rioted earlier this year - forcing the government to revoke an exploration permit for a joint venture of Arc Exploration Limited, a small Australian-listed firm. Back in north Sumatra, security guards could only stand and watch as hundreds of protesters burned buildings at a project run by Sihayo Gold, another Australian company. "No specific demands - rather that 'we want you to leave the area'," said Sihayo Chief Executive Paul Willis, adding that illegal miners had stirred up the trouble. "It wasn't anything out of the horror movies. It's a challenge that you just have to deal with. It's best described as: that's Indonesia." LAND DISPUTES With spot gold prices rising from about $300 an ounce 10 years ago to more than $1,700 an ounce today, mining the precious metal in Indonesia should still be a very attractive prospect, despite the risks involved. Indonesia is already the world's seventh largest gold producer, with foreign-owned miner currently responsible for the majority of the country's annual output of 111 metric tons in 2011. But land disputes are common in the world's fourth most populous country, where the mining industry now accounts for around 12 percent of GDP. "There is a challenge faced by all mining companies in Indonesia - rising anti-mine or pro-environment sentiment," said Anton Alifandi, analyst for Southeast Asia at business risk consultancy Control Risks. "With foreign mining companies there is an extra layer in that sometimes people or stakeholders play the nationalist card." Many Indonesians who live on or near mine sites believe they have a right to plunder the land for minerals. Although the central government has banned small-scale gold mining, local officials and police often have interests or turn a blind eye to the practice, which provides a livelihood for thousands of otherwise impoverished families but poses a major threat to their health and the environment. Thirty-year-old Taofic began his career as a gold miner earlier this year, on the edge of a vast Borneo rainforest. "I came here to look for quick money," he said, sitting on a motorcycle that, like many other miners, he uses to roam a sandy, moon-like landscape about two-thirds the size of Manhattan. "But the work is much harder than rice farming at home and the income is very uncertain." FALLING PRODUCTION Indonesia produced 45.8 metric tons of gold in the first half of 2012, down 23 percent on the year due to output disruptions and lower ore grades at key gold mines, according to Thomson Reuters GFMS, a metals consultancy. Gold production in 2012 is likely to fall 14 percent year-on-year, but is expected to rebound back to 2011 levels next year, GFMS added. Global gold output was 2,818 metric tons last year. Indonesia's overall gold output figures are mostly due to larger miners such as Newcrest Mining, Newmont Mining Corp and Freeport McMoRan Copper & Gold Inc's giant Grasberg gold and copper mine in west Papua. Freeport McMoRan, like a number of the bigger operators in Indonesia, has spent millions of dollars on development projects such as building roads and schools, but has frequently been embroiled in local disputes. The Grasberg mine, which holds the world's biggest gold reserves, suffered a months-long strike over pay last year and the Arizona-based miner also has to cope with a separatist movement that has long pushed for a greater share of resources. The company estimates that as many as 6,000 people, both Papuans and Indonesians from other parts of the country, are panning gold along the tailing river near its mine or living around the site. "(It is) the residue coming out of our mill, so it's residue that we cannot extract anymore," Riza Pratama, corporate social responsibility officer told Reuters on the sidelines of a conference on illegal mining in Jakarta earlier this year. "They sell to gold shops in Timika, so some of those gold shops are probably making money. It is very well organized." For the smaller players, the risks posed by uncertain regulation, illegal mining and local unrest are making it harder to sustain their operations, as G-Resources problems show. "Even though geologically it is quite an attractive place to produce, each of these risks essentially increases the cost of doing business, and the risk of sustaining the operations," said Mike Elliot, global mining & metals leader at Ernst & Young. (Editing by Alex Richardson) World Indonesia Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

    Other News on Wednesday, 3 October 2012
    Libya yet to work out U.S. cooperation in Benghazi probe |
    Greece pushes for austerity deal as time runs short |
    Assad rejected leaders' bid for peace in Syria: former PM |
    Unrest tarnishes drive to tap Indonesia's gold riches |
    Venezuelan vote a high-stakes affair for Chavez allies |
    Colombia's Santos to spend two-three days in hospital after cancer surgery |
    Mali Islamists execute accused murderer in Timbuktu |
    Google withdraws U.S. patent complaint against Apple |
    Permira takes the lead in Ancestry sale talks: sources |
    U.S. bank website hackers used advanced botnets, diverse tools |
    U.S. market players urge caution on designing kill switches |
    Oracle's Ellison: focus on Cloud, not acquisitions |
    Mobile computing wars pose tough choices for Internet publishers |
    NBC breaks TV losing streak, orders more Revolution |
    Deadhouse art show unites paintings, headstones |
    Russia's Lavrov says reset with U.S. cannot last forever |
    Two car bombs hit main square in government controlled Aleppo |
    U.S. had early indications Libya attack tied to organized militants |
    Probe into fatal Hong Kong ferry collision may take six months |
    Chavez calls for pre-dawn turnout at Venezuela vote |
    HP's profitable printers to buy Whitman time |
    Renesas to post $1.1 billion special loss on job redundancy scheme |
    Lenovo to open first U.S. PC plant, operation to start in 2013 |
    Nokia mulls selling its headquarters |
    Elpida says court again delays ruling on restructuring plans |
    Oracle's Ellison focused on Cloud, not deals |
    Samsung allowed to sell Galaxy Tab in U.S. as court lifts ban |
    Video shows new judge Nicki Minaj in heated exchange at Idol auditions |
    Grohl says Foo Fighters not splitting, on hiatus |
    Lena Dunham vows to put some color into Girls |
    Magician David Blaine readies for million-volt stunt in New York |
    Film composer Williams wins two UK classical awards |
    Suicide car bombers strike in heart of Aleppo, 48 dead |
    Butler stole papers pope wanted destroyed: police |
    Netanyahu-Barak spat stokes early Israel vote talk |
    Iranian police clash with protesters over currency plunge |
    African troops comb Kismayu for bombs after Somali rebel retreat |
    Mortar from Syria kills five family members in Turkey |
    South Africa wildcat strikes spread to more mines |
    Quake hits Indonesia's Sumatra island, no casualties |
    Kyrgyz police repel protesters seeking ouster of government |
    NATO chief Rasmussen given another year in office |
    Cyber attackers disrupt Internet in Iran: official |
    Citrix, Palo Alto Networks strike strategic partnership |
    Sensata temporarily suspends operations at South Korea unit |
    India court halts execution of government order banning 3G pacts |
    A Minute With: Tim Burton about his new Frankenweenie film |
    Me and My Money: Macy Gray |
    Damon Albarn backs drive to find younger opera fans |
    ABBA musuem to open in Swedish capital in 2013 |
    Greece at new risk of being pushed off euro
    Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
    Female Breasts Are Bigger Than Ever
    AMD Trinity Accelerated Processing Units Now in Volume Production
    The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
    AMD to Start Production of piledriver
    Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
    Islamists Protest Lady Gaga's Concert in Indonesia
    Japan Successfully Broadcasts an 8K Signal Over the Air
    ECB boosts loans to 1 trillion Euro to stop credit crunch
    Egypt : Mohammed Morsi won with 52 percent
    What do you call 100,000 Frenchmen with their hands up
    AMD Launches AMD Embedded R-Series APU Platform
    Fed Should not Ignore Emerging Market Crisis
    Fed casts shadow over India, emerging markets
    Why are Chinese tourists so rude? A few insights

    [InfoAnda] [Home] [This News]



    USD EUR - 1 year graph

    BlogMeter 1.01