Aspartus acquires Gunung Mas coal mine
Saturday, July 2 2011 - 02:08 AM WIB
London exchange listed firm Aspartus Resources Plc announced Friday that it has agreed to purchase 49% of the entire enlarged capital of Principal Resources Limited (Principal), a British Virgin Islands company for US$490.
Principal in turn has signed a sale and purchase agreement to acquire 80% of the entire share capital of P.T. Gunung Mas Karunia Mining, an Indonesian company, which is subject to certain conditions including due diligence.
P.T. Gunung has been issued with exploration licences for coal mining concessions in Indonesia.
It is understood that further exploration and funding will be required to assess the potential and establish any meaningful production and for this reason the Company is unable to provide further information at this stage regarding the potential of this investment. (denny)