Central Omega buys out iron ore miner
Monday, February 10 2014 - 01:19 PM WIB
IDX-listed PT Central Omega Resources Tbk announced on Monday that it and it subsidiary PT Mulia Pacific Resources has bought out iron ore miner PT Citra Sindo Utama for Rp 300 million.
The firm, in a report filed with the Indonesian Stock Exchange, said that following the transaction, it now has 99 percent of Citra Sindo, while the remaining 1 percent is held by Mulia Pacific.
In a presentation obtained on Friday, Central Omega said that Citra Sindo is expected to start producing iron concentrate in June of this year, with full-year production target of 325,000 tons.
Citra, which operates a 625 ha iron ore concession in West Singkep, Lingga Regency, Riau Islands Province, is projected to nearly double its concentrate production next year to 600,000 tons.
Editing by Johannes Simbolon