Arc, Anglo American end strategic alliance agreement
Wednesday, May 21 2014 - 01:15 AM WIB
ASX-listed gold explorer Arc Exploration Ltd announced Wednesday that its strategic alliance agreement (SAA) with Anglo American in West Papua and Papua Provinces in Indonesia has expired.
?The company?s Strategic Alliance with Anglo American for the acquisition of new projects in the Provinces of Papua and West Papua has expired,? the company said in a statement.
The statement further said that the three existing tenements in West Papua remain governed under the terms of the SAA. ?The parties will conduct a review of the three tenements,? it said, but added that this does not affect the existing Trenggalek gold and copper joint venture with Anglo American in East Java Province.
The two companies formed the SAA five years ago with a focus to explore for large copper-gold porphyry deposits in the provinces of Papua and West Papua. In July 2010, the agreement was extended to 2014.
The two companies have obtained three exploration titles around the Aisasjur project area in West Papua, in which Arc has a 20 percent interest.
Editing by Reiner Simanjuntak