Sigmagold completes acquisition of second gold mine
Tuesday, December 5 2017 - 09:27 AM WIB
IDX-listed gold mining firm PT Sigmagold Inti Perkasa Tbk announced Tuesday it has completed acquisition of a second mine in West Sumatra Province.
The company said in a statement that the acquisition process was completed after the West Sumatra provincial administration issued the IUP Production and Operation mining license for the 2,500-ha gold mine.
Sigmagold, however, said that it has returned the first gold mine in Pasaman Regency, West Sumatra, to its previous owner due to ?obstacles? in the field which has prevented the company from the operating the mine. The company said that the owner of the first and second mine is the same. As such it used the payment made in the first transaction for the acquisition of the second mine.
The company two years ago acquired the Pasaman gold mine as it diversified into gold mining. Earlier this year, the company said it was hoping to start production activity at the Pasaman mine in the second semester of this year.
Elsewhere, Sigmagold said that following the completion of the acquisition of the second gold mine, the company will start pre-production activities including the development of infrastructure such as road and processing facility.
Edting by Reiner Simanjuntak