Oxiana is currently constructing the Martabe gold operation in Northern Sumatra, Indonesia, at an estimated capital cost of US$310 million. Mining will be via open-pit and is initially based on a resource of 6 million ounces of gold and 60 million ounces of sliver. Planned annual production from Martabe will be 200,000oz of gold and 2 million ounces of silver. Commissioning and early production is on schedule for late 2009 with the first full year of production in 2010. Initial mine life at Martabe is 9 years with potential for extensions to the deposit in the near mine environment and for the discovery of further deposits in the greater 1600km2 Contract of Work area held by Oxiana.

Oxiana is an international mining and exploration company listed on the Australian Stock Exchange.

Shareholder and Court approvals for a merger between Oxiana and fellow Australian based miner Zinifex Limited were obtained last week. The new Company, which will be re-named OZ Minerals – drawing on the heritage of both Oxiana and Zinifex – subject to the approval of shareholders at an extraordinary General Meeting to be held on 18 July 2008, is now Australia’s third largest diversified mining company and the world’s second largest producer of zinc as well as a substantial producer of copper, lead, gold and silver.

With a strong production base, attractive development pipeline, prospective exploration portfolio and a sound financial position, the merged Company is well-positioned to succeed, especially in the current environment defined by growing world-wide demand for all basic commodities.

The company currently has five mining operations located in Australia and Asia, three new mining projects in development and a large portfolio of exploration projects throughout Australia, Asia and North America.

Antam (ASX: ATM, IDX: ANTM) is a major diversified Indonesian mining company. It is 65% owned by the Government of Indonesia, with the balance of its equity listed on the Indonesia and Australian Stock Exchanges. Antam’s market capitalisation, based on 100% of its shares on issue, is US$3.3 billion. Antam’s activities are vertically integrated through exploration, development, mining, refining and processing, and marketing. Its current operations include activities in precious metals, nickel and bauxite. Antam operates the Pongkor gold underground mine in West Java, Indonesia.