PT Agis, Chinese firm enter mining business
Tuesday, December 20 2011 - 02:04 AM WIB
PT Agis Tbk and Fujian Xinjifu Enterprise of China have agreed to establish a joint venture to jointly tap into Indonesia?s mineral resources, according to a joint press statement issued in Jakarta last week.
PT Agis will have a 51 percent stake in the joint venture which will have a paid-up capital of US$50 million, while the Fuzhou, Fujian-based company, which is engaged in mining operation, will hold the remaining 49 percent.
The company also signed cooperation agreements last week with GMG International Engineering and Equipement Co., Ltd and Sterling GoldhII Sdn. Bhd in gold mining operations.
GMG International Engineering & Equipment Co., Ltd. is a subsidiary of China?s state stated owned company engaged in mining operation, while GMG International Egineering and Equipment is one of state electricity company PLN?s partners. (romel)