Asia Resources to get export quota for iron sand
Wednesday, November 28 2012 - 02:35 AM WIB
Hong Kong-listed Asia Resources Holdings Limited recently stated its subsidiary PT. Dampar Golden International (Dampar) had commenced its application for the ?grace period? to export processed iron sand under a quota system through the mine owner, PT Indo Modern Mining Sejahtera (Indo).
"As at the date hereof, PT. Dampar is still waiting for the allocation of the relevant quota from PT. Indo," the company said.
During the period under review, Dampar had also submitted an application to the local Government of Lumajang to apply for an IUP OPK mining licence for processing, which has still not yet been obtained.
Whilst the above two applications were in progress, the Group had decided to order additional machineries in order to improve the quality of the iron sand.
The ball mills and the additional weak magnetic separators are expected to improve the iron (?Fe?) content of the processed ore so as to increase the bargaining power in selling price.
The additional equipment will be shipped to Indonesia. Production using the new equipment is expected to commence in early 2013.
Dampar Golden International (DGI) is an indirect non wholly-owned subsidiary of the company with 55% shares owned by Mighty Kingdom Investments Limited, a wholly-owned subsidiary of the company, 40% by PT Indo Modern Mining Sejahtera (Indo) and 5% by Empire Bridge Assets Limited
Editing by Er Audy Zandri