Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk completed the acquisition of an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million.
March 01, 2022
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Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk (IDX:MDKA) agreed to acquire an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million on January 31, 2022. $52 million consideration comprises: $26 million in cash payable by Merdeka, with $21 million payable upfront and the balance one year later and $26 million payable by Andalan with $21 million being paid up front (to be satisfied by $20 million in unencumbered and tradable Merdeka shares and $1 million in cash), with the balance one year later in cash (subject to any adjustment or cash top-up). The deal is expected to close on February 28, 2022. Taylor Collison acted as corporate advisor and Thomson Geer acted as legal advisor to Lion Group. On March 2, 2022, Lion Selection Group received $22 million cash, $20 million of Merdeka shares and $10 million deferred cash Due on 28 January 2023.
Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk (IDX:MDKA) completed the acquisition of an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million on March 2, 2022.
PT Merdeka Copper Gold Tbk is an Indonesia-based metal and mineral mining holding company. The Company explores, extracts and produces gold, silver, copper and other minerals. The Companyâs operations include Tujuh Bukit Gold Mine and Wetar Copper Mine. The Tujuh Bukit Gold Mine has an area of approximately 4,998 hectares (ha) in the production forest area in Sumberagung Village, Pesanggaran District, Banyuwangi Regency. The Wetar Copper Mine is located on Wetar Island, Southwest Maluku, and occupies an operating area of approximately 2,733 ha. Its Seven Hills Copper project is an underground copper mine in Banyuwangi. Its Pani Gold Project is located in Gorontalo, Sulawesi, which is Indonesia's primary gold mine. Its AIM (Acid, Iron, Metal) Project is a mineral processing plant in Morowali, Central Sulawesi. The Company's subsidiaries include PT Bumi Suksesindo, PT Merdeka Mining Servis, Eastern Field Developments Ltd. and other.
Andalan International Pte Ltd and PT Merdeka Copper Gold Tbk completed the acquisition of an unknown minority stake in Pani IUP Project from Lion Manager Pty Ltd for $52 million.