Ancora unit inks deal to supply explosive materials for Asmin
Friday, October 21 2011 - 01:02 AM WIB
PT Multi Nitrotama Kimia (MNK), a subsidiary of mining company PT Ancora Indonesia Resources Tbk, has secured contract to supply explosive materials and related products such as ammonium nitrate and accessories to mining firm PT Asmin Koalindo Tuhup.
The contract which last for about three years is worth US$25 million. The value of the transaction represents 50 percent of MNK's equity.
The trade of ammonium nitrate and its derivative products is the core business of MNK, therefore it does not need to require approval from Ancora Resources shareholders. (romel)