Cakra Minerals takes over offtake rights from Dunestone
Monday, March 24 2014 - 07:26 AM WIB
By Alexander Ginting
IDX-listed mining firm PT Cakra Minerals Tbk. announced on Monday that it has completed taking over exclusive rights owned by mineral trading firm Dunestone Development SA.
The company did not give further detail, bur earlier reports said that Cakra planned to takeover 100 percent shares of Dunestone, which is owned by Saudi Arabian national Rami Kuwatly Sadek.
Dunestone has exclusive right to offtake mineral ores from three undisclosed mines. The reports also said that Cakra will pay US$50 million for the acquisition.