Perth, Sep 14, 2009 (ABN Newswire) - AUDIO: Victory West Moly (ASX:VWM) is a Perth based mining company with molybdenum interests in Indonesia. The Company recently announced a major development related to its 5 molybdenum concessions on the island of Sulawesi in Indonesia, at a time of strong upward price movement for the metal.
Joining me is Victory West Moly's Luke Martino.
After looking for acquisitions in Alaska, you've decided to concentrate on your core molybdenum interests in Indonesia.
That is correct, The board is very focused on what we see is a world class molybdenum play and project on the island of Sulawesi in Indonesia and it is so important that we need to devote all our resources to it, but you will be amazed at the size and scope of this project as it has the calibre of a world class project.
To what extent has the newly revamped Indonesian Government regulations for the mining industry helped, as I understand it has devolved more planning powers away from Jakarta?
That is correct Brian, it is a very important step in the Indonesian mining law that we have got to at this point in time. Quite fortunately it has changed at a time that is very positive for ourselves. The law has changed to a more provincial allocation of the title and we are fortunate to be one of the first international companies to receive what are called the IUPs, and this is the new mining land rights in Indonesia. So, from that point of view it is a major step that we have announced to the market that we have 5 IUPs for our concessions and they are a lot better security and one of the best titles in Indonesia at the moment.
Victory West Moly Limited Luke Martino Company Secretary TEL: +61-8-9381-5819 FAX: +61-8-9388-3701