Reliance mulls possible sale of assets in RI
Tuesday, March 26 2013 - 02:42 AM WIB
TSX-listed Reliance Resources Ltd said it was considering the possibility of selling (partial or full) of some of its mining assets in Indonesia after having been approached by prospective investors.
?Reliance?s portfolio of exploration assets in Indonesia are highly prospective and have significant unlocked value. The company has received a number of approaches regarding a possible sale (partial or full) of these assets. Joint Venture options have also been presented to the company,? Reliance said in a statement obtained Monday.
?These opportunities are being pursued and carefully assessed, and given the company's portfolio of five mineral tenements covering some 68,000 acres on the islands of Sulawesi and Halmahera , Reliance has plenty of scope to further realize value through the sale or joint venture of some of these assets. Negotiations are ongoing and the company will update shareholders when appropriate,? it added.
Elsewhere, Reliance said that recent emphasis has been placed on officially transitioning the Tanoyan property from exploration to exploitation status. Consultants have been engaged for environmental and mining studies. Initial presentation and consultations with the regional government has been completed and the process is on track. Good progress has also been made in processing the forestry permits for the Anggrek and Roko properties and both permits have reached the penultimate stage within the Ministry of Forestry in Jakarta.
Editing by Reiner Simanjuntak