Tech Pro to acquire E. Java iron ore mine
Monday, March 15 2010 - 06:41 PM WIB
Hong-Kong Stock Exchange-listed firm Tech Pro Technology Development Limited announced on Monday that its subsidiary Energy First International Limited (EFIL) has signed a non-binding MoU to acquire a stake in an iron ore mine in East Java.
The 2,100-hectare iron ore mine which is located in Jember is owned by PT Indo Modern Mining Sejahtera (IMMS).
Under the MoU signed between EFIL and individual named Lam Chong San, the latter will procure power of attorney from IMMS to form a JV Company in which the JV Company would obtain the exclusive management, trading, operation and import and export rights over Jember mine. (alex)