JAKARTA: PT Agis Tbk mining business unit acquired gold mines in West Sumatra, measuring 2,500 hectares in line with the company's diversification plans.
Agis Corporate Secretary Mohammad Noor Syahriel said that the company through its subsidiary PT Agis Resources signed a conditional sale and purchase agreement (CSPA) with the owner of a gold mining concession in West Sumatra on December 14.
"PT Agis Resources will hold a majority or more than 60% of the company's shares. The mining license (IUP) covers an area of over 2,500 hectares," he said in a press release (12/17).
Thus, Agis Resources will acquire two gold mines in West Sumatra.
Previously, the subsidiary also has 5,000 hectares of mining land which be jointly worked on with China state-owned affiliated enterprise.
In addition, Agis Resources also plans to develop smelting steel plant.
Agis Resources is a joint venture of TMPI-coded company with Fujian Xinjifu Enterprise from China with share ownership of 51% and 49% respectively.
During this year, Agis revenue is dependent on the electronic sales and distribution. (T07/msw)