Merukh buys Avocet gold assets in Indonesia, Malaysia
Monday, May 10 2010 - 02:09 AM WIB
PT Merukh Enterprises through its subsidiary PT Lebong Tandai, has reached deal with UK miner Avocet Mining Plc to acquire the latter?s gold mining assets in Indonesia and Malaysia for US$250 million, local media reported.
Merukh Enterprises is a company controlled by Indonesian mining magnate Jusuf Merukh
CEO Rudy Merukh said the company now controlled 100 percent stake at PT Avocet Bolaang Mongondow (ABM), which operates a gold mine in Lanut, North Sulawesi. North Lanut mine produced 41,000 ounces of gold in 2009. Prior to acquisition Lebong Tandai has 20 percent stake in ABM.
Merukh also said that the Company would also control 100 percent stake in Avocet?s Penjom mine in peninsular Malaysia.
The report said that Merukh Enterprises will consolidate the assets and would seek listing at Hong Kong Stock Exchange. (*)