ISDN to develop manganese mines in RI
Thursday, September 4 2014 - 12:57 AM WIB
SGX-listed integrated engineering company ISDN Holdings Ltd said it will provide financing and other management related services to Indonesian PT Gema Energy Indonesia and PT Bun Yan Hasanah in developing the latters? manganese mines in East Nusa Tenggara Province.
ISDN said in a statement Thursday that its subsidiary ISDN Resources Pte Ltd has signed a mining operation agreement with Gema and Bun Yan on September 3.
?Under the Agreements, ISDN Resource will share the profit from the mining operation with Gema and Bun Yan,? the statement said.
Gema and Bun Yan were incorporated in Indonesia in 2008 and 2011 respectively and their principal activities include mining of manganese ore from their mines as mentioned above and exports of manganese ore. The two companies have started small-scale mining operations since 2012.
?In conjunction with the agreements, ISDN Resource has negotiated with key shareholders of Gema and Bun Yan to grant options to ISDN Resource to purchase up to 80 percent of the total issued shares in Gema, Bun Yan and their three sister companies (which own nickel concessions in Indonesia), at an exercise price which will be based on factors existing at the time of the exercise,? the ISDN statement said.
Editing by Reiner Simanjuntak