Anglo American enters JV with ARX

By Harry Roy Gunawan

ASX-listed Arc Exploration Limited (ARX ) said that Anglo American Indonesia (Anglo American) has entered into a Joint Venture with ARX to earn an interest in its copper-gold Trenggalek Project in East Java.

ARX currently holds a 95% interest in Trenggalek in joint venture with P.T. Sumber Mineral Nusantara.

The joint venture among others says Anglo American has the right to earn a 51% interest by sole funding US$ 10 million before 1 October 2016.

Anglo American?s decision was made following extensive due diligence over several months including completion of high resolution airborne magnetic and radiometric surveys over the entire 300 Km2 Exploration IUP tenement and follow up geochemical sampling, geological mapping and alteration studies in priority areas.

Managing Director, Mr. John Carlile,?We are delighted to extend our relationship with the Anglo American group ? one of the world?s major diversified mining companies.The airborne surveys and ground follow up funded by Anglo American over the past few months have revealed a number of interesting targets that suggest potential for substantial porphyry copper-gold mineralization at depth.

Editing by Adianto P. Simamora