Leo Investments to acquire SE Sulawesi nickel mine
Monday, January 18 2010 - 12:10 PM WIB
IDX-listed firm PT Leo Investments Tbk announced on Monday it has signed a Heads of Agreement to acquire 100 percent shares of PT Arga Morini Indonesia, a company which has an nickel concession in Kabaena island, Bau Bau regency, South East Sulawesi.
The Company said the mine has been in operations and has minimum resources of 500,000 tonnes with nickel content of 1.6 percent.
The company said the mine could produce 150,000 tonnes of ore to be exported to China and Japan.
The Company said it would conduct due diligence on the mine before making final decision. (alex)