According to Jardine Cycle & Carriage’s filing, DTN has entered into a conditional sale and purchase agreement (SPA) with PT J Resources Nusantara (JRN) to acquire 2.3 million shares in ASA, which represents a 99.99996% stake in ASA’s total issued share capital.
PT Danusa Tambang Nusantara (DTN), the indirect subsidiary of Singapore-listed Jardine Cycle & Carriage Limited, is proposing to acquire shares in PT Arafura Surya Alam (ASA). ASA is an Indonesian incorporated company that is intended to be a gold mining company. The company holds a mining business license - operation production for a single mining block, the Doup Block, which measures 4,000 hectares in North Sulawesi, Indonesia.
Doup Block consists of Benteng, Panang and associated satellite deposits that have a combined JORC compliant proven and probable ore reserves of 1.6 million ounces of gold deposit contained within a measured, indicated and inferred mineral resource of 3.1 million ounces of gold. JORC refers to the Joint Ore Reserves Committee.
