Prosperity teams up with local firm to acquire mining licenses

Australian mining firm Prosperity Resources Limited announced on Monday it has executed a co-operation agreement with PT Dana Mitra Utama (DMU) of Jakarta to apply for Mining Licenses (KP), acquire KP companies, develop, exploit, transport and sell mineral deposits in the Indonesian archipelago.

DMU is controlled by businessman Jopie Widjaja.

Under the deal, DMU will provide Prosperity with proposals and an assessment of the KP Areas and KP Companies within Indonesia that may yield sufficient mineral resources that Prosperity may be interested in pursuing and/or acquiring.

Both companies have established a local Joint Venture company in which Prosperity will hold 90 percent stake. (denny)