China-based Tianshan Aluminum Group Co., Ltd. had signed a letter of intent (LOI) with an unnamed Indonesian mining holding company and its controller to acquire 49% shares of a bauxite miner.
According to the LOI, Tianshan will acquire a minimum of 49% of shares of the Indonesian bauxite company from direct or indirect acquisitions. This move will help Tianshan to expand its cooperation with the mining company on stable bauxite supply and sales in the future.
The bauxite mine covers about 30,000 hectares and owns three bauxite mining certificates which were issued by Indonesia’s Ministry of Energy and Mineral Resources.
Tianshan Aluminum signs LOI to acquire 49% shares in Indonesian bauxite mine
24 Aug 2021 16:38 reported by Ellen Huang
- A
- A
- A