One Asia, Provident conclude JV arrangements over Pani gold project
Tuesday, March 10 2015 - 05:13 AM WIB
ASX-listed One Asia Resources Ltd has completed talks with Provident Capital Partners Ltd to restructure joint venture arrangements over the Pani gold project in Sulawesi.
The proposed terms will see One Asia?s interests in the Pani IUP transferred into a special purpose vehicle (SPV) along with a commitment of cash from both One Asia and Provident, with the ultimate ownership of the SPV being 66.6 percent Provident and 33.3 percent One Asia.
?The SPV will investigate the optimal development and processing options for Pani working in co-operation with the local community through the KUD Dharma Tani Marisa (KUD),? said ASX-listed investment firm Lion Selection Group. One Asia is Lion?s largest investment.
One Asia is an unlisted company focused on two advanced exploration gold projects, Pani and Awak Mas, on the Indonesian island of Sulawesi.
Lion announced December 2 of last year that its investee One Asia Resources has entered into arrangements with Provident Capital Partners Pte Ltd (Provident) to acquire 20 percent of One Asia upon successful restructuring of the Pani IUP arrangements.
The Pani gold project in Gorontalo Province has been a center of dispute among members of the Dharma Tani cooperatives, which holds the IUP permit over the Pani concession, as one group proposed One Asia to be its partner while another proposed PT Puncak Emas Gorontalo, a unit of IDX-listed J Resources Asia Pasifk Tbk.
Lion said in the statement that the dispute is expected to be settled by the local court.
Editing by Reiner Simanjuntak