JAKARTA. PT Indika Energy Tbk (INDY) is soon to be the sole controller of PT Masmindo Dwi Area’s (MDA) shares, a gold mining company, following the acquisition of MDA’s majority shares of 75% previously claimed by Nusantara Resources Limited (NUS).
PT Masmindo Dwi Area is a joint venture established by INDY and NUS, an Australian mining company, with a 25% and a 75% portion, respectively. Acquiring 75% of NUS’s portion means that INDY would own 100% of MDA’s shares by the end of this transaction. For additional details, Masmindo Dwi Area is a company that focuses on gold mining. Its known project is the Awak Mas project, located in Luwu Regency, South Sulawesi.
“We are currently in the process of completing the FEED (Front End Engineering Design) stage.” Ricky Fernando, Head of Corporate Communication of INDY, confirms, as quoted in Bisnis yesterday (22/9).
INDY schedules the Awak Mas gold mining project to commence production in 2024, generating 100,000 ounces of gold per year. (AM/ZH)