HK firm acquires stake at E. Nusa Tenggara iron project
Tuesday, November 4 2008 - 01:24 PM WIB
Hong Kong Exchange-listed firm Sun International Group announced recently that its wholly-owned subsidiary had signed deal to acquire 54 percent stake at Gold Track Mining and Resources Ltd, a company with mining interest in Indonesia.
The company said that it would pay the subscription from the US$1 million it previously loaned to Gold Track.
Gold Track is an investment holding company having 95% equity interests in PT. Tomico
Resources, which in turn have 100% indirect and beneficial interest in PT. Kapitalindo Management by share pledge arrangement. Kapitalindo owns an iron prospect located in Ende Flores, East Nusa Tenggara with an aggregate mining area of 4,413 hectares.
According to the information provided by Gold Track, the Mine is estimated to have iron reserves of approximately 80.60 million tones.(alex)