Unionmet, China Tin in Belitung tin mine deal
Friday, March 4 2011 - 02:25 AM WIB
Singapore-listed firm Unionmet Limited reported on Thursday that it has signed deal with China Tin Group Co. Ltd to form joint venture to acquire tin mining concessions in Belitung Island .
Under the deal, the company disclosed, Unionmet will have 40 percent stake in a JV company formed with China Tin. The JV will be controlling 65 percent shares of PT. Yinchenindo Mining Industry, which in turn, will acquire 100 percent shares of PT Yinchenindo Belitung and PT Yinchen Tinindo Belitung, which, collectively, hold 11 tin mining rights, totalling approximately 1,200 hectares, in Belitung Island.
The company did not give detail about the tin mining concessions.(alex)