Singapore firm acquires 6.89% shares in Merdeka Copper

By Romel S. Gurky

Singapore-registered company Merdeka Mining Partners Ltd has recently acquired a total 6.89 percent shares in IDX-listed gold mining firm PT Merdeka Copper Gold Tbk.

Merdeka Copper said in a statement Monday that the Singapore firm acquired the shares from PT Trimitra Karya Jaya, Madeleine Partners Limited and Goldstar Tri Investment Limited in two transactions on August 3 and September 6.

The 245.91 million shares were bought at a price of Rp 1,900 each, resulting in total transaction value of Rp 467.22 billion, the statement said.

PT Bumi Suksesindo, a subsidiary of Merdeka, owns the Tujuh Bukit concession. According to 2012 JORC, the Tujuh Bukit mine holds ore reserves of 90 million tons in its oxide layer. The project is expected to produce 90,000 ounces of gold and 300,000 oz of silver per year from late 2016 or early 2017 to 2025.

Editing by Reiner Simanjuntak