Hartawan completes W. Java gold mine acquisition

By Alexander Ginting

SGX-listed firm Hartawan Holdings Limited announced on Friday that it has completed the acquisition of two gold mining concessions in West Java through reverse take over worth S$300 million.

Under the deal, Hartawan acquired Wilton Resources Holdings Pte. Ltd. through issuance of 1.5 billion shares at S$0.20 (Singapore 20 cents) each to Wijaya Lawrence and Ngiam Mia Je Patrick. Lawrence and Patrick now hold a combined stake of 68.77 percent of the enlarged share capital in Hartawan.

To better reflect the new core business activities in gold mining, the name of the company has been changed to Wilton Resources Corporation Limited.

Lawrence has been appointed as the new Executive Chairman of Wilton. According to the company, Wilton has two concession blocks in Sukabumi Regency, West Java Province called Ciemas Project; containing Proved and Probable ore reserves estimated at 557,000oz of gold, and Measured and Indicated resources estimated at 656,000oz of gold as at 31 May 2013

Production of gold ore is expected to commence in 2014 , the company said without giving further detail.

Editing by Reiner Simanjuntak