Aussie?s APAC to acquire W. Sumatra iron ore project
Monday, June 28 2010 - 08:19 AM WIB
Australian-listed firm APAC Coal Ltd announced Monday that it has entered into a conditional sale and purchase agreement (SPA) to acquire 51,000 shares representing 51 percent stake in Singaporean private limited firm Hudson Pte Ltd.
The purchase price is A$6.092 million.
According to APAC, Hudson Minerals Holdings Pte Ltd executed a cooperation agreement on Feb. 25, 2009 with IR Zukriansyah, the vendor of PT Denichi Amina Selaras (DAS), to acquire an 80 percent interest in the iron ore mining concession owned by DAS in Air Dingin, Padang, West Sumatra.
APAC Coal is a subsidiary of Singapore listed Magnus Energy Group. APAC Coal has a 30 year concession to explore for coal over a 23,124 ha parcel of land at its PT Batubara Selaras Sapta tenement in East Kalimantan (denny)