Project development and contracting company Leighton Holdings Ltd
(ASX:LEI) says its subsidiary Leighton Asia has signed an addendum lifting the four year suspension of the Toka Tindung gold project in North Sulawesi, Indonesia.
Leighton says the agreement allows Leighton Asia to recommence work on a $125 million contract for the provision of mining services at the project.
Leighton Asia Managing Director Hamish Tyrwhitt says the commencement of this project has diversified Leighton into a new commodity and further increased its work in hand to in excess of $4 billion.
The company says the resources at Toka Tindung total 1.75 million ounces of gold of which 1.1 million ounces of gold will be mined over the contract term.
Leighton says mobilisation will commence immediately with initial civil works to start on site in May 2010 and mining operations to start in July 2010.
Leighton Holdings posted profit of $440 million for the year to June 30, 2009.
