Indo news.
Regarding Busang Gold Mine: Bob Hasan Enters, Stock Proportion Changes
@Body Jakarta -- The development of the gold mining plan in Busang, East Kalimantan is still continuing. The issue of national businessman Bob Hasan entering this gold mine venture, according to a few sources, is true. The objective, to help settle the matter of what's going to happen to the plan handling the Busang gold reserve.
"Mr. Bob through PT Nusantara Ampera Bhakti (Nusamba) has now joined with PT Askatindo," said the source to reporters on Wednesday (1/15) in Jakarta. PT Askatindo is the company that so far has held the Mining Rights for Busang II and III. This company together with Bre-X applied for a working contract for the mineral mining in the location of the gold reserve.
Still according to the source, Nusamba's entrance into PT Askatindo whose stocks are owned by H Sjakerani was through injection of fresh funds. It wasn't mentioned how mush fresh funds were from Bob. But it was explained that the agreement regarding Nusamba's entrance into PT Askatindo was done on New Year's Night 1997. Other than that, with Bob's entrance, the ownership of stock in the company that holds the Mining Rights, is now PT Askatindo 50 percent and Nusamba 50 percent.
In keeping up with the case, it's understandable Nusamba's entrance is just an effort on the part of PT Askatindo to strengthen its position in taking stock in the Busang gold mining operation. According to the scenario so far, although holding the Mining Rights, but PT Askatindo may not receive an ownership part. That's due to the entrance of Barrick.
Other than that, according to government relations, a part of the stock in the Busang gold mine doesn't actually show PT Askatindo's position. To this moment, the only stock division is Barrick 67.5 percent, Bre-X 22.5 percent, and the government 10 percent. Although so, the suggestion of stock division to this moment has not been agreed upon by involved partied.
Still according to that source, PT Askatindo and Nusamba, who to this moment hold the mining rights, hope to get a share of 10 percent. While the rest of 90 percent, the share owners in the mining right holder company are handing it completely to the parties who are involved.
Until this news was written Bob Hasan has not been able to be contacted. According to one of Bob Hasan's trusted men, the national businessman is in the USA. "Mr. Bob left for America on Sunday (12/1). He will be back around January 18," he said.
Bob Hasan's entrance in the conflict of the Busang gold mine development seems not just to store fresh funds, but also to have stock ownership in the company holding the mining rights. There is another objective, said the source, that Bob Hasan was assigned to replace Placer Domes, a mining company from the USA to handle the problem of planning the Busang gold mine.
Bob's invitation was bought line and sinker. According to the source, Placer Domes was willing to work together with Bre-X to develop the Busang gold reserve. Other than that, Placer Domes also gives interesting offers. "Placer Domes is willing to give 40 percent of the stock to the Indonesian", said the source. While Placer Domes and Bre-X will each have 30 percent.
The remaining 40 percent, for the Indonesian's seems to be separated between the Indonesian government of 10 percent, and 10 percent also goes to the mining rights holder (PT Askatindo and NAB-red). That's why there are still 20 percent which can be bought by Indonesian investors, both private and government subsidized.
Then what about Baroque's position? Until now it's still not clear yet. What's clear is that world class mining companies from Canada till not has not come to an agreement with Bre-X regarding the suggestion for stock distribution which was recommended by the government. ris |
