Zurily Resources acquires shares in Paramount
Monday, November 5 2012 - 07:46 AM WIB
Singapore commodity trading company, Zurily Resources and Trading Pte Ltd acquired 16.65 percent shares of Paramount Mining Corporation.
Paramount in its statement said that Zurily Resources currently holds 52 million shares in Paramount with agreement signed in Oct 25, 2012.
Paramount earlier announced the conclusion of a cooperation agreement between Zurily Resources and Trading Pte Ltd, and their Indonesian joint venture companies PT Paramindo and PT Paramindo Energi (Paramindo Group).
Under the agreement, Zurily gives Paramindo Group first right of negotiation to acquire Indonesian resource and infrastructure projects that are introduced to Paramindo Group by Zurily, for a period of twelve months.
In return, Paramindo Group grants Zurily first right to negotiate off-take agreements related to those projects, based on international benchmark pricing and terms.
Editing by Adianto P. Simamora