https://www.engineeringnews.co.za

Shareholders to vote on Awak Mas funding

26th February 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – The shareholders of ASX-listed Nusantara will gather in April to vote on a $40-million project equity deal with strategic partner Indika Group to develop the Awak Mas gold project, in Indonesia.

Nusantara in December last year signed a non-binding term sheet with Indika that would see the project partner gain an eventual 40% interest in the gold project.

The first stage investment would see Indika contribute $15-million in funding for an initial 25% interest in Awak Mas, while a second stage funding of $25-million would secure a further 15% interest.

A previously completed definitive feasibility study into the gold project estimated that it could produce 100 000 oz/y over an 11-year period, with a capital cost of $146-million forecast.

Nusantara on Wednesday said that early capital pre-development activities at Awak Mas had now started, while the front-end engineering and design (FEED) contract negotiations were advancing.

The award of the FEED contract was a condition of the Stage 1 investment, and Nusantara anticipated that the contract would be awarded in the first quarter of this year.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.048 0.807s - 140pq - 2rq
Subscribe Now