Indo Mines set to realize production of Jogja project by mid-2013
Monday, February 6 2012 - 10:01 AM WIB
Australian-listed Indo Mines Limited expects the entrance of new shareholder Rajawali Group and the appointment of consultant Credit Suisse (Australia) Limited to help it develop its Jogjakarta iron project and commence production in mid-2013.
The Credit Suisse has been mandated to assist the company, a statement said, as the exclusive lead arranger, manager or principal counterparty (as applicable) in relation to financing undertaken in relation to the project.
?With the appointment of Credit Suisse and the introduction of the Rajawali Group as a substantial shareholder of Indo Mines, we are confident of securing the necessary funds to undertake development of the Project to enable production to commence mid-2013,? Managing Director Martin Hacon said in the statement.
Indo Mines also reported the completion of a deal under which the Rajawali Group became the owner of 19.9% stake in the company for US$13.2 million. Following the deal, the company also announced Hendra Surya as the Rajawali Group-nominated Board appointee.
Editing by Dadan Wijaksana