Indo Mines completes placement, finalizing 2013 plan
Wednesday, January 30 2013 - 05:22 AM WIB
ASX-listed, Indonesia-focused miner Indo Mines Limited announced it has completed the placement of 250 million ordinary shares to the Rajawali Group at A$0.20 per share to raise $50 million in the last quarter of 2012.
Rajawali Group now holds a 57.12 percent interest in the company.
Meanwhile for 2013, the miner said that a business plan is currently being finalized that will include a phased implementation of the 2 million ton per annum concentrate and pig iron project.
Since the completion of the placement, a number of key appointments have been made within the Company?s 70 percent owned subsidiary, PT Jogja Magasa Iron (JMI) to strengthen the local capabilities within that group.
Editing by Dadan Wijaksana