WMN executes agreements with Milestone
Monday, July 21 2014 - 10:23 AM WIB
ASX-listed Western Mining Network Limited (WMN) is pleased to announce that it has executed the following agreements with Milestone Link Pte Ltd (Milestone), allowing the former to take over a majority stake in two mining firms in Indonesia, owned by Milestone.
Subject to Australian Stock Excange (ASX) and any other regulatory approvals, the transaction will ultimately give WMN a 75% interest in PT. Mekongga Sejahtera and 99% interest in PT. Eagle Rich Nusantara.
Mekongga holds an exploration license for 98.4 ha expiring on March 17, 2017 issued by the regent of Kolaka, located in Tamboli, Kolaka, South East Sulawesi and Eagle is a company that plans to own an industrial estate and a graphite beneficiation plant in South East Sulawesi Province.
In light of the significant development in the Tamboli Project, WMN is terminating its Strategic Alliance Agreement with Aleph Advisory Asia Pte Ltd.
Editing by Johannes Simbolon