Magnus slashes investment in W. Sumatra iron mining
Thursday, April 7 2011 - 02:17 AM WIB
Singapore-listed firm Magnus Energy Group announced on Wednesday that its Australia-listed subsidiary APAC Coal Limited has revised down acquisition plan of Hudson ineral Holdings Pte from 51 percent to 21 percent.
Hudson is a Singapore-incorporated company which has a 80 percent stake at PT Denichi Amina Selaras, which owns an iron ore mining concession in Padang, West Sumatra.
Under the revised deal, APAC will issue A$2.5 million convertible loan which can be converted into 21 percent shares of Hudson.(alex)