Hanson seeks Chinese partner to develop iron ore, gold mine

By Hiski Darmayana

IDX-listed PT Hanson International Tbk, which is engaged in mineral mining and property development, plans to form cooperation with a Chinese investor to develop its iron ore concessions in Sukabumi, West Java.

The company, however, has yet to disclose the identity of the Chinese investor. ?What is certain, they will invest funds to help finance the development of our concessions. We could not yet disclose the size of the investment,? said Corporate Secretary Rony Agung following a shareholders meeting Monday.

The planned partnership will also include exploring gold potential at the company?s concessions. ?Our geologists are currently making estimate of the size of the gold reserves. This is also part of our cooperation with the Chinese investor,? Rony said.

Through subsidiary PT Binadaya Wiramaju, Hanson, holds three iron ore concessions in Sukabumi. But for this year, the company will still be focusing on its property business as source of income, putting aside the mining business due to the lingering weak commodity price environment and the recent government?s export ban on mineral ores.

Editing by Reiner Simanjuntak