Simagold to complete mine acquisition this semester

By Thomas Sembiring

IDX-listed gold mining company PT Simagold Inti Perkasa Tbk hopes to be able to complete this semester the acquisition of a gold mine in Pasaman Regency, West Sumatra.

Noor Syahriel said that its subsidiary PT Inexco Jaya Makmur (IJM) is expected to sign the sale and purchase agreement (SPA) in the very near future. ?It?s still in CSPA, but in the near future the SPA will be finalized,? he told Petromindo.com last week.

Simagold already owns a gold mine in Pasaman operated by another subsidiary PT Inti Bumi Sejahtera Mandiri (ISBM). Once the acquisition by IJM has been completed, Simagold will operate a combined 7,500 hectares gold mines in Pasaman.

Simagold previously said it was hoping to be able to obtain the environmental impact assessment (or also known as Amdal) approval from the government this month to allow it to proceed with further exploration work at its gold concession in West Sumatra.

The company was also seeking to upgrade its current IUP mining license to production operation IUP mining license for a 20-year period of operation. This process has been delayed due to regional election last year.

Editing by Reiner Simanjuntak