Agis, Fujian Xinjifu in mining business venture
Monday, March 5 2012 - 07:23 PM WIB
Indonesia-listed electronic equipments distributor PT Agis Tbk (Agis) reported that it has teamed up with Chinese firm Fujian Xinjifu Enterprise Co to set up an Indonesian subsidiary PT Agis Resources, which will venture into mining business.
Under the deal that was signed on March 5, 2012, Agis controls 51 percent of the JV with the Chinese company controlling the balance. Paid capital for the venture is set at US$50 million, which will be paid in stages.
With the JV signed, Agis Resources will acquire an alluvial gold mine in West Sumatra with the aim of bringing the mine into production in the second half of 2012. Agis did not give further detail about the mine.
Agis also said that the JV will also examine possibility of acquisition of other gold mine concessions in West Sumatra.
Agis is controlled by conglomerate Tommy Winata.
Editing by David Mustakim