Wavenet closing in on Kilau Borneo?s acquisition
Tuesday, February 7 2012 - 07:47 AM WIB
Australia-listed mining company Wavenet International Ltd is in the process of acquiring up to 80% stake in PT Kilau Borneo, which manages a high grade polymetallic (gold, silver, copper, lead, zinc) project in Kalimantan.
Called the Putussibau Polymetallic project, it is within a 516 mining concession area in Kapuas Hulu, West Kalimantan.
A legal due diligence, carried out on the request of Wavenet, revealed that Kilau Bornoe is now currently in the process of securing a Forest Borrow-Use Permit, as part of its concession area overlaps with a timber concession, to clear up future activities.
The MoU for the acquisition was signed on July 14 between Wavenet and Kilau Borneo with a sum of $150,000 payable to the latter.
Editing by Dadan Wijaksana