Vanguard signs east Indonesian mining concession

Vanguard signs east Indonesian mining concession
15 September 2014

Vanguard Mining Corporation has agreed with Yupolo Resources to buy 80 per cent of equity interest in the company and co-develop a 3500ha gypsum and limestone concession in Nusa Tenggara Timur, Indonesia.

It is expected that the gypsum deposits will be in excess of 30Mt, while the limestone deposits are approximately 400Mt. The proposed mining concession is just 4km from the newly expanded Menanga Sea Port.  Both the companies are jointly planning to develop this concession in four stages.

“We are pleased to have reached this milestone in officially signing the definitive agreement with Vanguard Mining Corporation to develop this concession and are confident that our products will be able to meet part of the growing demand of gypsum, limestone, clinker and cement for the domestic as well as the export markets, said Choky Simanjuntak, Chairman and CEO of Yupolo Resources.

“We are delighted to partner with Yupolo Resources to develop this mine and believe that the mineral quality and favorable logistics at this location will make our products very competitive in the regional Southeast Asian markets, said Quang Le, Executive Vice Chairman of VNMC.”

Published under Cement News