WMN: Extension period agreed for completion of PT GFN acquisition

By Romel S. Gurky

ASX-listed Western Mining Network Limited (WMN) announced Friday it has agreed an additional extension period up to December 31, 2015 with the shareholders of PT Grafindo Nusantara (PT GFN) in respect of the Heads of Agreement for WMN to acquire 100 percent of PT GFN shares entered into on July 13, 2015.

This extension has been granted at nil cost to the company, WMN said in a statement.

WMN said late in October it hoped to complete the acquisition of PT GFN in November of this year.

PT GFN owns two graphite tenements in Jangkang district West Kalimantan. This opportunity adds to the portfolio of graphite mining assets of WMN as it builds an integrated carbon business with its South Korean partners. In combination with the Tamboli asset in Southeast Sulawesi, it strengthens the company?s long term plan to use Indonesian graphite to feed into a larger downstream business in Asia, the company has said.

Editing by Reiner Simanjuntak