News

January 30, 2008

Archipelago Poised For Success On More Than One Front This Year

By Charles Wyatt

“I always said you needed plenty of patience in this game,” comments a cheerful sounding Colin Loosemore from his Perth office, “ but this is taking it to the limit.” He is referring to the delay encountered by his company, AIM listed Archipelago Resources, in getting permission from the Indonesian government to develop its Toka Tindung gold mine in North Sulawesi. “It is not as if we have failed any tests: in fact we have passed them all with flying colours”, goes on Colin, “and we have the support of the regional government as confirmed last month when the Parliament of North Minahasa Regency issued a decree ratifying its vote in support of the project.”

What Archipelago is still awaiting is the environmental approval from the provincial government which will set everything in motion. Presumably this decree will add to the pressure, but no date has been fixed and Colin is loath to make any predictions. He does point out, though, that as all technical aspects of Toka Tindung have already been accepted by the State Ministry for the Environment, he can reasonably hope that this decree will jerk the Minister into action. In the meantime he claims...