Interra’s initial investment is for around 40% of the JV Company for US$282,000. The entire cost of the the joint-venture is estimated at US$4.8 million, and Interra’s share is estimated at US$1.92 million.
Interra Resources announced it has entered into a joint venture with two Indonesian companies, PT Mitra Investindo (MITI) and PT Prima Aset Lestari (PAL) on October 9 to form a new joint venture company in Indonesia called PT Mitra Biomass Internasional.
MITI is listed Jakarta Stock Exchange and it operates a fleet of vessels catering to different sectors of the logistics sector. PAL is a private company whose shareholders are Akbar Rival and Edy Sumarso who own 60% and 40% respectively of PAL. The JV Company is a foreign investment limited liability company incorporated in Indonesia, which will build and operate a wood pellet plant in Sumatra.
