G-Resources sells Martabe gold mine
Tuesday, November 24 2015 - 02:18 AM WIB
HK-listed G Resources announced Monday it has agreed to sell the Martabe gold mine in North Sumatra for US$775 million including assumed debt to a consortium comprising among others companies linked to Indonesian tycoons.
The company said in a statement that it had signed a sale and purchase agreement on November 3 with the buyer, a consortium 61.4 percent owned by Australia-based fund management company EMR Capital, 20.6 percent by US-based investment firm Farralon Capital, 11 percent by firm owned by Indonesian business tycoon Martua Sitorus (the co-owner of agribusiness giant Wilmar International), and 7 percent by investment firm controlled by Robert Budi Hartono and Michael Hartono (the controlling owners of Djarum Group, one of the world?s largest cigarette maker).
EMR Capital is led by Owne Hegarty, Vice Chairman of G-Resources.
G-Resources, through its subsidiaries, owns 95 percent of PT Agincourt Resources, which owns the Martabe gold mine.
According to G-Resources? annual report for the year ended December 31, 2014, the Martabe Mine had a resource base of 7.4 million ounces of gold and 70 million ounces of silver, and more than 275,000 ounces of gold and over 2.2 million ounces of silver were produced at the Martabe Mine in 2014.
Editing by Reiner Simanjuntak