Bumi to buy Sulawesi gold mines
Saturday, August 6 2005 - 12:12 AM WIB
Indonesian top coal mininghouse PT.Bumi Resources Tbk. is expanding its arm by buying two Sulawesi gold mines, company president said, Bloomberg reported on Friday.
President Ari Hudaya said Bumi would spend $14 million to buy the and would sign a purchase agreement early next week for one of the two mines and the second will be signed by December.
He did not give detail, but earlier, Bumi announced it would buy stake at PT.Citra Palu Minerals (CPM), which has concession in Central Sulawesi. CPM is controlled by Anglo-Australian miner Rio Tinto. The mine's development plan has been stucked for years as CPM had not been given permission to mine the gold which is located in forest conservation area. (*)