Medco eyeing gold mine acquisition
Friday, September 9 2011 - 03:00 AM WIB
PT Medco Energi Mining Internasional, a mining unit of IDX-listed energy firm PT Medco Energi Internasional Tbk is scouting for greenfield gold mining concessions for acquisition.
CEO Arie Prabowo Ariotedjo said on Thursday that the company is eyeing gold projects in Maluku and Sulawesi. He did not give further detail.
Arie said that previously Medco failed in a tender held by UK-listed mining firm Avocet Mining Plc. to buy gold mines in North Lanut, North Sulawesi, and in Penjom, Malaysia .
Medco is expanding its portfolio in mining, including coal. The company has two coal concessions with the first mine in Nunukan expected to start production in 2012 at initial rate of 500,000 tonnes per annum.
Arie said that the company has earmarked US$18 million to develop Nunukan coal mine and acquisition. (giok)