Martabe gold mine acquisition to be completed end March

The acquisition of PT Agincourt Resources, which owns the Martabe gold mine in North Sumatra, by a consortium that includes Indonesian business tycoons is expected to be completed by the end of March 2016.

This was said by Agincourt Corporate Communications Senior Manager, Katarina Hardono as reported by Kontan and Bisnis Indonesia on Friday. Katarina said that the acquisition process is currently being finalized. ?All are still being processed. We can not provide other information yet,? she said.

HK-listed G Resources announced in November of last year it would sell its entire 95 percent stake in Agincourt for US$775 million including assumed debt to a consortium 61.4 percent owned by Australia-based fund management company EMR Capital, 20.6 percent by US-based investment firm Farralon Capital, 11 percent by firm owned by Indonesian business tycoon Martua Sitorus (the co-owner of agribusiness giant Wilmar International), and 7 percent by investment firm controlled by Robert Budi Hartono and Michael Hartono (the controlling owners of Djarum Group, one of the world?s largest cigarette maker).

EMR Capital is led by Owne Hegarty, Vice Chairman of G-Resources.

According to G-Resources? annual report for the year ended December 31, 2014, the Martabe Mine had a resource base of 7.4 million ounces of gold and 70 million ounces of silver, and more than 275,000 ounces of gold and over 2.2 million ounces of silver were produced at the Martabe Mine in 2014. (*)