Intrepid holds 80% economic interest in Tujuh Bukit

By Nur Azizah

Australia-listed miner Intrepid Mines Limited said new shareholders have joined the register of PT IMN, the company?s joint venture partner in Tujuh Bukit copper-gold project in East Java.

It said that the new shareholders collectively hold 80% of the expanded issued capital in PT IMN, which holds the Tujuh Bukit mining licences.

Under the terms of the Alliance Agreement between the parties, Intrepid holds an 80 percent economic interest in the Tujuh Bukit project, with PT IMN holding the remaining 20 percent.

Intrepid?s lead director Ian McMaster will immediately assume the role of Deputy Chairman, to facilitate negotiations.

Editing by Adianto P. Simamora