Cakra Mineral acquires Kalimantan zirconium mine
Thursday, April 3 2014 - 01:39 AM WIB
By Alexander Ginting
IDX-listed mining firm PT Cakra Mineral Tbk reported on Wednesday that it has acquired 55 percent shares of West Kalimantan zirconium miner PTTakarasInti Lestari.
The company said the payment for the acquisition was converted from down payment it gave to the company.
According to previous reports Takaras is a producing mine and is currently constructing facilities to refine its zirconium production.
Takaras has signed long-term offtake agreement with the company?s mineral trading subsidiary Dunestone Development SA.
Editing by Reiner Simanjuntak