Aussie firm in Indonesian molybdenum exploration venture

Australian electronics distributor firm Richfield Group Limited announced on Tuesday that it had agreed to acquire 75 percent shares of Victory West Pty. Ltd., a company having right to exploration and exploitation of molybdenum in Indonesia

Victory West through its Indonesian subsidiaries had acquired five exploration-mining leases where previous exploration works had been carried out by Rio Tinto with expenditure of US$20.5 million. The company did not disclose the prospects? location.(alex)