Vanguard signs agreement to acquire RI gypsum, limestone mine

By Romel S. Gurky

US-based Vanguard Mining Corporation (VNMC) announced Tuesday that the company has signed a definitive agreement to acquire an 80 percent equity interest in Yupolo Resources, an Indonesian mining company, in exchange for a combination of cash and stock, and co-develop a 3,500-hectare gypsum and limestone concession in East Nusa Tenggara Province.

VNMC said it expected to close this transaction within 45 days after the signing of this definitive agreement, subject to additional satisfactory due diligence review.

The gypsum deposits at this concession are of high quality (purity of 85 - 95% CaSO4.2H2O) and estimated to be in excess of 30 million metric tons while the limestone deposits are approximately 400 million metric tons, the company said.

Located in the District of East Solor, Solor Island, Regency of East Flores, the proposed mine spot of the concession is only four kilometers from the new expanded Menanga Sea Port.

Editing by Reiner Simanjuntak