BM Diamondcorp sells Papua mineral sands project
Saturday, May 22 2004 - 02:23 AM WIB
Canadian junior miner BM Diamondcorp Inc.(BDI) announced Thursday that it has signed an agreement to sell its 60 percent interest in the undeveloped Kumamba heavy mineral sands project in Papua province to Aperio International BVI Limited.
BDI's Indonesian partner PT Indo Mineratama (PTIM) had also agreed to sell its 10 percent interest at the same time.
The combined 70 percent was sold in exchange for a 2 percent gross production royalty on any mineral sales from the Kumamba property and Aperio assuming all outstanding and future property payments and commitments to the Indonesian government. (alex)