Stratos to acquire majority interest in a Sumatra tin project
Saturday, October 27 2012 - 05:27 AM WIB
ASX-listed Stratos Resources Ltd announced that it has agreed to acquire a 60% interest in the Yinchen Tin Project on Belitung Island.
James Thompson, Director of Stratos Resources said that ?the opportunity to acquire a majority interest in the Yinchen Tin Project on Belitung Island is an exciting development for us. The near term production characteristics of the project, historic production levels of 1-2% of global tin production and experienced investment and off-take partners of the caliber of Tennant Metals and Metalcorp provide our shareholders with a compelling investment opportunity. This is a significant step in the company?s development.?
The Yinchen Tin Projects is a significant tin project based on Belitung island that has historically produced 1-2% annual global tin production.
Belitung island has a long mining history and culture where Billition, the precursor Billition, first commenced mining is the 1800s. Belitung and Bangka are the 2 key tin production regions in Indonesia producing over 90% of Indonesia?s Tin.
Stratos Resources is an Australian mineral exploration company seeking to generate shareholder wealth by identifying, acquiring and developing mineral projects in any jurisdiction that possess the potential for cashflow and growth.
Editing by Adianto P. Simamora