Korean firm in gold exploration JV in Jambi
Monday, May 12 2003 - 04:03 AM WIB
South Korean company Global Project Cp. Ltd has agreed to cooperate with the Jambi provincial administration to jointly explore for gold in the province?s Bungo, Marangin and Sarolangun regencies, Kompas daily reported on Monday.
Under the cooperation agreement signed with the local authority in Jambi on Saturday, the Korean company and the local authorities would form a joint venture called PT Jambi Mineral to jointly explore the gold mining areas.
Global Project will own 75 percent of the joint venture which will have an initial capital of about Rp 10 billion, while the local authorities will hold the remaining 25 percent.(*)