J Resources forms JV to develop Pani gold concession
Tuesday, February 18 2014 - 03:43 AM WIB
IDX-listed mining firm PT J Resources Asia Pasifik Tbk announced Monday its subsidiary PT Puncak Emas Gorontalo has formed a joint venture with local village cooperatives KUD Dharma Tani to develop the Pani gold concession in Pohuwatu Regency, Gorontalo Province.
The company said that the joint venture firm is called PT Puncak Emas Tani Sejahtera (PETS), in which KUD Dharma Tani owns 51 percent shares, while Puncak Emas Gorontalo holds the remainder.
The Pani gold concession is estimated to have reserves of 1.9 million ounces of gold.
Puncak Emas and KUD Dharma Tani signed an MoU for the joint development of the concession late last year, which was immediately protested by ASX-listed One Asia Resources, which claims interest over the concession.
One Asia said earlier this month that the move by KUD Dharma Tani to form partnership with J Resources was a breach of existing contract with the Australian firm. One Asia CEO and Managing Director Stephen Walters said that his company has already been engaged in partnership with Dharma Tani, giving One Asia a 49 percent interest in the project. He added that One Asia has so far invested about US$10 million in the project.
Editing by Reiner Simanjuntak