Macro enters sale agreement to acquire Gunung Sungkai
Monday, August 27 2012 - 04:14 AM WIB
Australia-listed firm Macro Corporation Limited through its wholly owned subsidiary Macro Resources Pty Ltd has entered into a conditional agreement for the acquisition of the entire issued and paid up capital of PT Gunung Sungkai (GS) which holds the exploration rights to an area of 5,000ha in Malinau Selatan, South Kalimantan.
The company said in the statement that under the terms of the sale agreement, the total purchase consideration is US$6 million.
The sale agreement is conditional upon approval by the company?s shareholders at general meeting and the company?s re-compliance with ASX Listing Rules.
The company is in the final stages of negotiation to engage PT. SRK Consulting Indonesia (?SRK?), an Indonesia subsidiary of an independent Australian-based international consulting firm to provide focused advice to make an estimate of the target quantity and quality of the coal deposits and prepare a preliminary cost and pricing model for the coal.
It said that SRK will also review previous exploration data to form a view on the resource potential and determine what additional work may be required to release a JORC compliant resource estimate, which the company will decide in due course.
Editing by Adianto P. Simamora