Garda Tujuh hopes to conclude gold mine acquisition in Sudan next year
Wednesday, October 4 2017 - 01:18 AM WIB
IDX-listed coal mining company PT Garda Tujuh Buana Tbk hopes to conclude its planned acquisition of a gold mine in Sudan, Africa, in the third quarter of next year.
?It is expected that in the third quarter of 2018 the transfer of the asset is completed,? the company said in a filing on Monday with the Indonesia Stock Exchange.
Garda Tujuh is teaming up with a company called Masicott Trading Ltd in the gold mine acquisition. The company said that exploration activities are in progress over a 300 sq km area covering 11 blocks in the coal concession. No further details were provided.
Garda Tujuh first announced the acquisition plan at the end of 2014. The company said at the time that it was also looking to acquire bauxite mines in Sudan as proposed by Masicott.
Editing by Reiner Simanjuntak