Agis appoints Chinese firm as mining contractor
Monday, October 29 2012 - 04:54 AM WIB
IDX-listed PT Agis Tbk (TMPI), through its subsidiary PT Agis Resources, has named Chinese company China Coal Geology Mining (CCGM) as an exclusive contractor to carry out mining activities at the company?s gold mine in West Sumatera.
Agis? corporate secretary Noor Syahriel said that CCGM would involve in mining activities and in the construction of infrastructure facilities in the West Sumatera gold mine.
Syahriel said in a press statement on Monday that Agis had recently acquired a 60 percent stake in the gold mine.
He noted that with the appointment of the Chinese company, which has long experience in gold mining, Agis would be able to reduce mining risks.
CCGM would also provide the financing for the construction of mining infrastructure on the 5,000 hectare gold mine, Syahriel said.
CCGM is a subsidiary of China National Administration of Coal Geology which is based in China.
TMPI is an Indonesia-based holding company which has investment in distribution and retail of consumer electronics, home appliances, computing and multimedia devices, and telecommunication products and services.
Editing by Benget Besalicto Tnb.