Asia Natural plans to diversify into gold mine in East Nusa Tenggara

IDX-listed mining commodities trading firm PT Asia Natural Resources Tbk is seeking to enter the gold mining business to help improve its performance, Investor Daily reported Saturday.

The paper quoted company Director and Corporate Secretary, Domi Dominicus Y. Mere as saying the firm was eying to develop the gold mine concession owned by PT Kajoran Patra Utama in Alor, East Nusa Tenggara.

He said that Asia Natural was considering forming partnership with other firms including PT Agung Lestari and PT Buana Santalum in developing the gold mine. He added that the company was seeking to expand the IUP mining business permit of the mine from exploration status to production operation.

Asia Natural President Director Paulus Junanda said that the Alor gold mine was located on a 4,000 hectares concession, with estimated reserves of 60,000 troy ounces of gold.

Last year, Asia Natural formed cooperation with China?s Wuhan Shipbuilding Trading in a coal trading business for a year. But the venture didn?t go well among others due to falling coal prices, leading the company to stop the partnership this year. Asia Natural is also engaged in iron ore trading. (*)