One Asia claims economic interest over Pani gold project
Monday, December 30 2013 - 02:49 AM WIB
ASX-listed One Asia Resources Ltd announced on Monday that a move reportedly made by village cooperatives KUD Dharma Tani to have signed an agreement with a subsidiary of IDX-listed mining firm PT J Resources Asia Pasifik to operate the Pani gold concession in Pohuwatu Regency, Gorontalo Province, was illegal.
One Asia said that the company holds the economic interest of the Pani gold concession following long-standing legally binding contractual agreement made with KUD Dharma Tani as its joint venture partner.
The company was responding to December 24 media reports including this portal, giving indications that KUD Dharma Tani has signed an agreement with PT Puncak Emas Gorontalo, the subsidiary of J Resources.
?It is widely known that the KUD and One Asia Resources its local subsidiaries and associated companies have longstanding agreements in place in relation to that IUP. All agreements with the KUD remains in place and are legally binding on the KUD,? One Asia said in a statement filed with the ASX.
A subsidiary of One Asia Resources already has formed a Joint Venture company with the KUD for the development of mining at Pani, it added.
?We believe that the current media reports indicate that some KUD officials do not understand their contractual obligations. One Asia Resources will work with the KUD, as we have done over many years, to amend this misunderstanding. One Asia Resources is also liaising with local authorities and its advisors to ensure that the relevant KUD officials honor those contractual obligations,? the statement explained.
It pointed out that a regional legislative council (DPRD) hearing was held on December 27, 2013 to address the latest actions of the KUD. This hearing was led by the Head of Commission 3 responsible for mining affairs and 2 other council members and the Head of Mines & Energy for the Regency. The council members agreed that the KUD were wrong on the signing an MOU with a subsidiary of PT J Resources Asia Pasifik. The KUD was requested to attend the hearing, but since KUD personnel were not present the DPRD will now demand for the KUD to honor the Agreements in place with One Asia.
Editing by Reiner Simanjuntak