MacMahon shareholders approve AMNT transaction

IDX-listed PT Medco Energi Internasional Tbk said that shareholders of ASX-listed civil engineering and contract mining company MacMahon Holdings Ltd (MAH) have approved a proposed 44.3 percent acquisition of MAH by gold and copper firm PT Amman Mineral Nusa Tenggara (AMNT).

Medco co-owns AMNT (formerly known as PT Newmont Nusa Tenggara), which operates the Batu Hijau gold mine in Indonesia?s West Nusa Tenggara Province.

?The shareholders of MacMahon Holdings Limited (MAH) ? voted to approve the proposed 44.3 percent acquisition of MAH by AMNT, by far the single largest stake in MAH,? Medco said in a statement Friday.

?In return, MAH will acquire the mobile equipment of AMNT and provide contract mining services for AMNT?s Batu Hijau mine,? it added.

MAH is a leading provider of diverse and comprehensive package of mining services to blue chip clients in Australia, Indonesia and other parts of the world. It has extensive experience in both surface and underground mining.

MAH and AMNT signed a binding agreement in May, under which MAH will acquire mining equipment from AMNT, AMNT would become a significant shareholder in Macmahon, and Macmahon would be awarded a life of mine contract to provide certain earthmoving and mining services at AMNT?s copper-gold mine in Indonesia including the giant Batu Hijau mine.

Editing by Reiner Simanjuntak