Catalyst eyeing W. Java iron sand concession
Tuesday, April 12 2011 - 05:27 PM WIB
LA-based firm Catalyst Resource Group on Tuesday announced that it has signed a Letter of Intent with Bumi Pertiwi Makmur Sejahtera (BPMS), an Indonesian company, to cooperate in the extraction and processing of iron sand in West Java.
BPMS currently owns an iron sand mine and can secure additional mining rights in an area of about 1,200 hectares in Sukabumi District. The estimated capacity of the iron sand in discussion is approximately 100 million metric tons onshore and 500 million metric tons offshore, the company said.
The company has sixty days to complete further due diligence of BPMS, including analysis of iron sand samples, before signing a definitive agreement for the closing of the transaction.(alex)