Vanguard Mining Corporation (VNMC) has signed an agreement with Indonesia’s PT Mega Kencana Persada to acquire a 75% equity interest in a limestone concession. The 330 ha. site is located in Panyabungan Sub-district in North Sumatra Province, Indonesia. The limestone deposit is estimated at around 150 million t, although this is subject to an independent technical verification. The mine will enable VNMC to produce a range of limestone products, such as quicklime, hydrated lime, precipitated calcium carbonate and nano-precipitated calcium carbonate.
The purchase is in line with VNMC’s plans to increase its portfolio of mineral asset holdings. The company has a number of mineral assets in Southeast Asia, such as a limestone mine in Vietnam and manganese, limestone, copper and gold operations in Indonesia. It is looking into potential mineral sites in other regions.
VNMC will acquire the 75% equity interest with a combination of stock and cash amounting to US$4.75 million, subject to due diligence.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/asia-pacific-rim/18062014/vncm_to_purchase_equity_interest_in_indonesian_limestone_concession_368/