AMNT completes acquisition of Macmahon

By Romel S. Gurky

ASX-listed civil engineering company and contract mining firm Macmahon Holdings Limited (MAH) said Tuesday that Indonesian gold and mining firm PT Amman Mineral Nusa Tenggara (AMNT) has completed the acquisition of about 44 percent shares in MAH.

?All conditions precedent have now been satisfied and that the AMNT transaction completed earlier today,? MAH said in a statement.

AMNT operates the Batu Hijau gold and copper mine in Indonesia?s West Nusa Tenggara Province. The company, formerly known as PT Newmont Nusa Tenggara, is co-owned by IDX-listed energy firm PT Medco Energi Internasional Tbk.

MAH and AMNT signed a binding agreement in May, under which Macmahon will acquire mining equipment from AMNT, AMNT would become a significant shareholder in MAH, and MAH would be awarded a life of mine contract to provide certain earthmoving and mining services at AMNT?s Batu Hijau mine.

MAH said in the Tuesday statement it has issued 954,064,924 new fully paid ordinary shares as contemplated by the Transaction Implementation Deed (bringing the total number of fully paid ordinary shares on issue to 2,154,985,818);

The condition precedent to the Mining Services Contract at Batu Hijau is now satisfied and Phase 1 of that contract is operational; Macmahon Indonesia has acquired title to the mobile mining equipment it will use to perform services under the Mining Services Contract; AMNT?s nominees, Alex Ramlie and Arief Sidarto, have been appointed as directors of MAH, the statement said.

Editing by Reiner Simanjuntak