Agis acquires gold mine in West Sumatra

Jakarta (ANTARA News) - Agis subsidiary PT Agis Resources has signed a Conditional Sale and Purchase Agreement to acquire the majority stake at a company holding a gold concession in West Sumatra.

Agis corporate secretary Mohammad Noor Syahriel said under the agreement signed on Dec 14 , Agis Resources will own more than 60 percent of the gold mine.

"The concession covers more than 2,500 hectares," Mohammad Noor said in a statement here on Monday.

With acquisition, Agis Resources will control two gold mines in West Sumatr4a, he said.

"Agis Resources is expected to stat operations in the mining sector and will contribute income to Agis," he said.

Agis Resources is a joint venture between Agis and Fujian Xinjifu Enterprise Group Co. Ltd from China.

Agis Resources also plans to expand operation into steel smelting plant business.

(SYS/H-ASG/O001)

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